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ANNUAL FINANCIAL REPORT 2020 Grand Valley State University

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ANNUAL FINANCIAL REPORT 2020 Grand Valley State University GRAND VALLEY STATE UNIVERSITY ANNUAL FINANCIAL REPORT 2020 Grand Valley State University Financial Report with Additional Information June 30, 2020 Grand Valley State University Contents Report Letter 1-2 Administrative Officers 3 Management’s Discussion and Analysis - Unaudited 4-15 Financial Statements Statement of Net Position 16 Statement of Revenue, Expenses, and Changes in Net Position 17 Statement of Cash Flows 18-19 Statement of Fiduciary Net Position - Employee Benefit Plans 20 Statement of Changes in Fiduciary Net Position - Employee Benefit Plans 20 Notes to Financial Statements 21-65 Required Supplemental Information 66 Professional Support Staff Employees’ Retirement Plan: Schedule of Changes in the Plan’s Net Pension Liability and Related Ratios 67 Schedule of Investment Returns 68 Schedule of Employer Contributions 68 Maintenance, Grounds, Service Employee’s Retirement Plan: Schedule of Changes in the Plan’s Net Pension Liability and Related Ratios 70 Schedule of Investment Returns 71 Schedule of Employer Contributions 71 Other Postemployment Benefits Schedule of Changes in the Plan’s OPEB Liability and Related Ratios 73 Independent Auditor's Report To the Board of Trustees Grand Valley State University Report on the Financial Statements We have audited the accompanying financial statements of Grand Valley State University (the "University"), a component unit of the State of Michigan, and its pension trust funds as of and for the years ended June 30, 2020 and 2019 and the related notes to the financial statements, which collectively comprise Grand Valley State University's basic financial statements, as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these 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 financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these 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 audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. The financial statements of Grand Valley University Foundation, a blended component unit, were not audited under Government Auditing Standards. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the 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 entity’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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Grand Valley State University and its pension trust funds as of June 30, 2020 and 2019 and the respective changes in its financial position and, where applicable, cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note 1 to the financial statements, the COVID-19 pandemic has impacted the operations of the University. Our opinion is not modified with respect to this matter. 1 To the Board of Trustees Grand Valley State University Other Matter Required Supplemental Information Accounting principles generally accepted in the United States of America require that the required supplemental information, as identified in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, which considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplemental information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 6, 2020 on our consideration of Grand Valley State University's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is 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 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 Grand Valley State University's internal control over financial reporting and compliance. November 6, 2020 2 Grand Valley State University Administrative Officers As of June 30, 2020 Board of Trustees Megan S. Sall, Chair Susan M. Jandernoa, Vice Chair Victor M. Cardenas Randall S. Damstra Elizabeth C. Emmitt Mary L. Kramer John G. Russell Kate Pew Wolters Board of Trustees – Honorary Life Members Donna K. Brooks Dorothy A. Johnson John C. Kennedy Executive and Board Officers Philomena V. Mantella, President Maria C. Cimitile, Provost and Executive Vice President for Academic and Student Affairs Jesse M. Bernal, Vice President for Inclusion and Equity and Executive Associate for Presidential Initiatives Lynn M. Blue, Vice President for Enrollment Development Thomas A. Butcher, Vice President and General Counsel Karen M. Loth, Vice President for Development Matthew E. McLogan, Vice President for University Relations and Secretary, Board of Trustees Gregory J. Sanial, Vice President for Finance & Administration and Treasurer, Board of Trustees Craig Wieschhorster, Associate Vice President for Business & Finance and Assistant Treasurer, Board of Trustees 3 Grand Valley State University Management’s Discussion and Analysis – Unaudited As management of Grand Valley State University, we offer readers of the university’s annual report this narrative overview and analysis of the financial activities of the university for the fiscal year ended June 30, 2020. Financial and Enrollment Highlights for the Year Ended June 30, 2020 For the year ended June 30, 2020, the university was impacted by the outbreak of the novel coronavirus (COVID- 19), which was declared a global pandemic by the World Health Organization in March 2020. Due to the pandemic, emergency funding was made available under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, the Higher Education Emergency Relief Fund (“HEERF”), and Federal Emergency Management Agency (“FEMA”). Some of the financial highlights below refer to the impact of COVID-19. Additional COVID-19 impacts and measures taken are disclosed in Note 1 in the financial statements. The financial statements, which follow this Management’s Discussion and Analysis, include these significant financial highlights for the 2020 fiscal year as follows: Enrollment remained steady overall with FYES (fiscal year equated students) slightly decreasing from 22,511 to 21,992. Fall semester headcount dropped by 2.6 percent from 24,677 to 24,033. Operating revenue decreased by 3.9 percent or $14.8 million. An increase in tuition revenue of $5.1 million was substantially offset by higher scholarship allowances of $4.9 million. Due to COVID-19, the university incurred decreases in various revenue sources including $9.0 million for housing and dining refunds (replaced with HEERF funding), $1.6 million in lost bookstore sales, $2.1 million in canceled study abroad fees, and $1.9 million in conference event cancellations. State appropriations decreased
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