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Drexel University and Subsidiaries Drexel University and Subsidiaries Financial Statements and Schedule of Expenditures of Federal Awards and Reports in Accordance with Uniform Guidance For the Year Ended June 30, 2019 EIN # 23-1352630 Drexel University and Subsidiaries Table of Contents June 30, 2019 Page(s) I. Financial Statements Report of Independent Auditors ................................................................................................................. 1-2 Consolidated Financial Statements ............................................................................................................ 3-6 Notes to Consolidated Financial Statements ............................................................................................ 7-59 Schedule of Expenditures of Federal Awards ........................................................................................ 60-87 Notes to Schedule of Expenditures of Federal Awards ................................................................................88 II. Internal Control and Compliance Report of Independent Auditors on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ......................................................... 90-91 Report of Independent Auditors on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control over Compliance in Accordance with the Uniform Guidance ........................................................................ 92-94 III. Schedule of Findings and Questioned Costs Schedule of Audit Findings and Questioned Costs ................................................................................. 95-97 Summary Schedule of Prior Audit Findings ............................................................................................... 100 Management’s View and Corrective Action Plan ................................................................................ 101-102 I. Financial Statements Report of Independent Auditors To the Board of Trustees Drexel University Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Drexel University and its subsidiaries (the “University”), which comprise the consolidated statements of financial position as of June 30, 2019 and 2018, and the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on the consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the University’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the University’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Drexel University and its subsidiaries as of June 30, 2019 and 2018, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us Other Matters Other Information Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The accompanying schedule of expenditures of federal awards for the year ended June 30, 2019 is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and is not a required part of the consolidated financial statements. The information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated financial statements. The information has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated, in all material respects, in relation to the consolidated financial statements taken as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 24, 2019 on our consideration of the University’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters for the year ended June 30, 2019. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on the effectiveness of internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the University’s internal control over financial reporting and compliance. October 24, 2019 Philadelphia, Pennsylvania 2 Drexel University and Subsidiaries Consolidated Statements of Financial Position June 30, 2019 and 2018 ($’s in thousands) 2019 2018 Assets: Cash, cash equivalents, and restricted cash Operating$ 45,087 $ 45,666 Restricted 12,668 12,611 Accounts receivable 118,332 173,419 Contributions receivable, net 87,393 100,653 Loans receivable 23,402 28,714 Prepaid expenses and other assets 32,000 33,529 Malpractice insurance trust 13,208 8,972 Beneficial interests in trusts 43,595 45,473 Investments 812,120 778,369 Land, buildings and equipment, net 972,039 952,536 Total assets $ 2,159,844 $ 2,179,942 Liabilities: Accounts payable$ 69,253 $ 60,660 Accrued liabilities 124,082 105,437 Deposits and deferred revenue 153,897 170,958 Capital lease obligations 6,846 2,613 Government advances for student loans 29,199 29,096 Accrued retirement obligations 45,948 48,568 Bonds and notes payable 445,527 424,521 Total liabilities 874,752 841,853 Net Assets: Without donor restrictions 590,213 655,993 With donor restrictions 694,879 682,096 Total net assets 1,285,092 1,338,089 Total liabilities and net assets $ 2,159,844 $ 2,179,942 The accompanying notes are an integral part of these consolidated financial statements. - 3 - Drexel University and Subsidiaries Consolidated Statement of Activities For the Year Ended June 30, 2019 ($’s in thousands) Without Donor With Donor Restrictions Restrictions Total Operating Revenues and releases: Tuition and fees, room and board$ 665,764 $ - $ 665,764 Grants and contracts 111,794 14,009 125,803 Physician services 90,682 90,682 Auxilliary enterprises 20,792 20,792 Commonwealth appropriations 9,165 9,165 Contributions 4,566 7,072 11,638 Allocation of endowment spending from financial capital 9,893 19,676 29,569 Investment income, net 2,594 414 3,008 Other income 28,019 393 28,412 Total revenues 943,269 41,564 984,833 Net assets released from restrictions 52,734 (52,734) - Total revenues
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