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Financial Report 2013-2014

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Financial Report 2013-2014 Financial Report 2013-2014 - i - - ii - Table of Contents Governors and Trustees ........................................................................................................................................................... iv Letter from the Senior Vice President for Finance and Treasurer .......................................................................................... 1 Independent Auditors’ Report ................................................................................................................................................. 2 Management’s Discussion and Analysis (Unaudited) ............................................................................................................. 5 Basic Financial Statements Statement of Net Position .............................................................................................................................................. 16 Statement of Revenues, Expenses, and Changes in Net Position ................................................................................ 18 Statement of Cash Flows ................................................................................................................................................ 20 Notes to the Financial Statements 1. Summary of Significant Accounting and Reporting Policies ........................................................................... 22 2. Merger of Rutgers, The State University of New Jersey and the University of Medicine and Dentistry of New Jersey (UMDNJ) .................................................................. 26 3. Cash and Cash Equivalents and Investments ................................................................................................... 28 4. Accounts Receivable and Allowance for Doubtful Accounts ........................................................................... 31 5. Patient Service Revenues ................................................................................................................................... 31 6. Capital Assets ..................................................................................................................................................... 32 7. Accounts Payable and Accrued Expenses .......................................................................................................... 33 8. Noncurrent Liabilities ........................................................................................................................................ 33 9. Commercial Paper .............................................................................................................................................. 34 10. Long-Term Liabilities ......................................................................................................................................... 35 11. Derivative Financial Instruments ...................................................................................................................... 45 12. Commitments .................................................................................................................................................... 47 13. Natural Expenses by Functional Classification ................................................................................................. 48 14. Employee Benefits .............................................................................................................................................. 49 15. Compensated Absences ..................................................................................................................................... 51 16. Risk Management ............................................................................................................................................... 52 17. Contingencies ..................................................................................................................................................... 53 18. One Washington Park ....................................................................................................................................... 53 19. Component Unit – Rutgers University Foundation ........................................................................................ 54 20. Component Unit – University Physician Associates of New Jersey, Inc. and Affiliate ................................... 60 21. Subsequent Event ............................................................................................................................................... 62 Supplementary Information Schedules of Net Position – Piscataway and Newark Centers of University Behavioral Health Care ........................ 63 Schedules of Revenues, Expenses, and Changes in Net Position – Piscataway and Newark Centers of University Behavioral Health Care .............................................................. 64 University Administrative Officers ......................................................................................................................................... 65 - iii - Governors and Trustees During the Year Ended June 30, 2014 Board of Governors Gerald C. Harvey, Chair Martin Perez Joseph T. Cashin, Greg Brown. Vice Chair Dudley H. Rivers, Jr. Student Representative Robert L. Barchi, ex officio Joseph J. Roberts, Jr. Anthony J. DePetris Richard W. Roper Margaret T. Derrick Kenneth M. Schmidt OFFICERS OF THE BOARD Lora L. Fong Candace L. Straight J. Michael Gower, Treasurer Mark P. Hershhorn Ann B. Gould, Leslie A. Fehrenbach, Secretary M. William Howard, Jr. Faculty Representative Kimberlee M. Pastva, Ralph Izzo Samuel Rabinowitz, Associate Secretary Gordon A. MacInnes Faculty Representative Board of Trustees Dorothy W. Cantor, Chair M. Wilma Harris Joseph J. Roberts, Jr. Sandy J. Stewart, Vice Chair Mark P. Hershhorn Alejandro Roman Steven M. Darien, Vice Chair Carleton A. Holstrom, Emeritus Louis A. Sapirman Robert L. Barchi, ex officio M. William Howard, Jr. Sidney D. Seligman Michael W. Azzara John D. Hugelmeyer Richard H. Shindell Felix M. Beck, Emeritus Frank B. Hundley Susan Stabile Gregory Bender Ralph Izzo Dorothy M. Stanaitis, Emerita William E. Best Paul B. Jennings, Emeritus Robert L. Stevenson Floyd H. Bragg, Emeritus Nimesh S. Jhaveri Candace L. Straight Greg Brown Roberta Kanarick Abram J. Suydam, Emeritus Dominick J. Burzichelli Tilak Lal Heather C. Taylor John Herbert Carman, Emeritus Robert A. Laudicina, Emeritus Anne M. Thomas, Emerita Peter Cartmell, Emeritus Walter L. Leib, Emeritus Michael R. Tuosto, Emeritus Mary J. Chyb, Emerita Richard A. Levao, Emeritus Lucas J. Visconti Kevin J. Collins, Emeritus Jennifer Lewis-Hall Ronald D. Wilson Hollis A. Copeland Debra Ann Lynch Justine Yu Anthony Covington Gordon A. MacInnes Alan M. Crosta, Jr. Duncan L. MacMillan Asha Samant, Margaret T. Derrick Rashida V. MacMurray-Abdullah Faculty Representative Marisa A. Dietrich Amy B. Mansue Menahem Spiegel, Carleton C. Dilatush, Emeritus Iris Martinez-Campbell Faculty Representative Mary I. DiMartino Carol Ann Monroe Kristine Baffo, James F. Dougherty Robert E. Mortensen Student Representative Robert P. Eichert, Emeritus Patricia Nachtigal, Emerita Sharon A. Vaz, Evelyn S. Field, Emerita Gene O'Hara, Emeritus Student Representative Lora L. Fong John A. O’Malley Jeanne M. Fox, Emerita Dean J. Paranicas, Emeritus Albert R. Gamper, Jr. Daniel J. Phelan OFFICERS OF THE BOARD Ronald J. Garutti Jose A. Piazza J. Michael Gower, Treasurer Ronald W. Giaconia, Emeritus George A. Rears Leslie A. Fehrenbach, Secretary Rochelle Gizinski, Emerita Norman Reitman, Emeritus Kimberlee M. Pastva, Evangeline Gomez James H. Rhodes Associate Secretary Leslie E. Goodman, Emeritus Dudley H. Rivers, Jr. - iv - - 1 - KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative (“KPMG International”), a Swiss entity. - 2 - - 3 - - 4 - Management’s Discussion and Analysis June 30, 2014 The following management’s discussion and analysis (MD&A) provides a comprehensive overview of the financial position of Rutgers, the State University of New Jersey (the university) at June 30, 2014 and its changes in financial position for the fiscal year then ended with fiscal year 2013 data presented for comparative purposes for the statement of net position only. The fiscal year 2013 data was calculated by adding the activities of the units of the University of Medicine and Dentistry (UMDNJ) that were integrated with the university on July 1, 2013. Management has prepared the basic financial statements and related footnote disclosures along with this MD&A in accordance with generally accepted accounting principles as defined by the Governmental Accounting Standards Board for public colleges and universities. This MD&A should be read in conjunction with the audited financial statements and related footnotes of the university, which directly follow the MD&A. On August 22, 2012, the Governor of New Jersey signed the New Jersey Medical and Health Sciences Education Restructuring Act (Chapter 45, P.L. 2013) (the Act); which was passed by the New Jersey Senate and Assembly on June 28, 2013. The Act integrates all units of the University of Medicine and Dentistry of New Jersey, except University Hospital in Newark and the School of Osteopathic Medicine in Stratford, into Rutgers effective July 1, 2013. On July 1, 2013 the units transferred from UMDNJ were incorporated with the Rutgers School of Nursing, Ernest Mario
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