2019 Supplement Financial Report

2018-2019 Supplement to the Comprehensive Annual A public university governed by the Financial Report Board of Regents, State of Iowa For the fiscal year ended June 30, 2019 An enterprise fund of the State of Iowa A public university governed by the Board of Regents, 2018-2019 State of Iowa An enterprise fund Supplement to the of the State of Iowa Annual Financial Report For the fiscal year ended June 30, 2019 Prepared by: Financial Accounting and Reporting Services Table of Contents ............................................................................................................................................... Page University Statement of Net Position ..................................................................................... 1 Foundation Combined Statements of Financial Position ....................................................... 2 University Statement of Revenues, Expenses and Changes in Net Position ........................ 3 Foundation Combined Statements of Activities ..................................................................... 4-5 University Statement of Cash Flows ...................................................................................... 6-7 ................................................................................................................................ Schedule Statement of General Fund Revenue .................................................................................. 1 9 Statement of Current Funds Expenditures .......................................................................... 2 10-15 Statement of Changes in Net Position - Other Funds Unrestricted ..................................... 3 16-24 Statement of Changes in Net Position - Current Restricted Funds ..................................... 4 25-30 Summary Statement of Changes in Net Position - Auxiliary Enterprises ............................ 5 31 Statement of Changes in Net Position - Residence System................................................ 6 33 Statement of Revenues and Expenditures - Residence System ......................................... 7 34-35 Statement of Changes in Net Position - Intercollegiate Athletics ......................................... 8 36-37 Statement of Changes in Net Position - J.W. Maucker Union ............................................. 9 38 Statement of Changes in Net Position - Field House ........................................................ 10 39 Statement of Changes in Net Position - Gallagher-Bluedorn Performing Arts Center ...... 11 40 Statement of Changes in Net Position - Recreation Services ........................................... 12 41 Statement of Changes in Net Position - Health Services .................................................. 13 42 Statement of Changes in Net Position - Bookstore ........................................................... 14 43 Statement of Changes in Net Position - Miscellaneous Auxiliary Enterprises ................... 15 44 Statement of Changes in Net Position - Student Loans .................................................... 16 45 Statement of Changes in Net Position - Endowment Funds ............................................. 17 47 Statement of Changes in Net Position - Plant Funds ........................................................ 18 48-49 Statement of Changes in Capital Assets ........................................................................... 19 50-52 Schedule of Investments ................................................................................................... 20 53 Schedule of Inventories ..................................................................................................... 21 54 ............................................................................................................................................... UNIVERSITY OF NORTHERN IOWA Statement of Net Position June 30, 2019 and 2018 2019 2018 ASSETS Current Assets: Cash and cash equivalents $ 20,973,657 33,660,739 Investments 123,548,573 97,863,559 Accounts receivable, net 6,275,330 6,559,560 Notes receivable, net 1,447,226 1,758,617 Interest receivable 745,221 709,247 Due from government agencies 3,516,103 3,743,668 Prepaid expenses 4,569,427 3,717,083 Inventories 2,275,700 2,297,996 Total Current Assets 163,351,237 150,310,469 Noncurrent Assets: Investments 14,375,645 19,635,883 Notes receivable, net 5,789,001 7,034,467 Prepaid expenses 963,530 820,946 Capital assets, Nondepreciable 11,533,270 9,854,463 Capital assets, Depreciable, net 389,736,061 399,134,676 Total Noncurrent Assets 422,397,507 436,480,435 Total Assets 585,748,744 586,790,904 DEFERRED OUTFLOWS OF RESOURCES Pension related deferred outflows 6,185,059 6,999,312 Other post employment benefits related deferred outflows 1,491,488 667,378 Total Deferred Outflows of Resources 7,676,547 7,666,690 LIABILITIES Current Liabilities: Accounts payable 7,712,397 8,207,060 Salaries and wages payable 869,616 1,491,188 Unpaid claims and contingent liabilities 2,772,478 1,733,111 Unearned revenue 4,096,005 4,449,658 Interest payable 1,677,944 2,108,048 Other long-term liabilities 7,423,179 5,931,487 Long-term debt 13,121,380 12,259,948 Deposits held in custody for others 6,651,535 6,254,492 Total Current Liabilities 44,324,534 42,434,992 Noncurrent Liabilities: Other long-term liabilities 29,169,802 31,686,080 Other post employment benefits 23,803,141 23,824,836 Long-term debt 103,897,314 117,018,694 Total Noncurrent Liabilities 156,870,257 172,529,610 Total Liabilities 201,194,791 214,964,602 DEFERRED INFLOWS OF RESOURCES Pension related deferred inflows 939,574 387,865 Other post employment benefits related deferred inflows 2,851,848 - Total Deferred Inflows of Resources 3,791,422 387,865 NET POSITION Net investment in capital assets 296,991,150 291,589,577 Restricted Nonexpendable Scholarships and fellowships 615,895 615,895 Expendable Scholarships and fellowships 133,049 281,798 Loans 2,995,521 2,917,070 Capital projects 9,943 2,318,334 Debt service 30,437,616 31,217,887 Other 648,787 660,393 Unrestricted 56,607,117 49,504,173 Total Net Position $ 388,439,078 379,105,127 1 UNIVERSITY OF NORTHERN IOWA FOUNDATION Combined Statements of Financial Position June 30, 2019 and 2018 ASSETS 2019 2018 Current Assets: Cash and cash equivalents $ 4,142,887 1,297,910 Investments 13,757,904 15,352,861 Pledges receivable, net 2,322,237 2,692,097 Other receivables 109,632 179,222 Other 166,421 150,935 Total Current Assets 20,499,081 19,673,025 Noncurrent Assets: Pledges receivable, less current portion 4,341,570 4,304,236 Long-term investments 135,376,599 133,532,937 Life insurance cash value 1,424,166 1,479,653 Building, equipment and leasehold improvements, net 110,414 151,223 Other 904,614 872,283 Total Noncurrent Assets 142,157,363 140,340,332 Total Assets $ 162,656,444 160,013,357 LIABILITIES AND NET ASSETS Current Liabilities: Accounts payable, accrued expenses and other liabilities $ 625,758 656,744 Annuities payable 261,915 269,688 Annuity trusts payable 87,163 87,163 Unitrusts payable 50,417 45,524 Total Current Liabilities 1,025,253 1,059,119 Noncurrent Liabilities: Annuities payable, less current portion 1,298,113 1,357,765 Annuity trusts payable, less current portion 540,444 564,327 Unitrusts payable, less current portion 226,666 216,798 Total Noncurrent Liabilities 2,065,223 2,138,890 Total Liabilities 3,090,476 3,198,009 Net Assets: Without donor restrictions 9,641,892 9,543,068 With donor restrictions 149,924,076 147,272,280 Total Net Assets 159,565,968 156,815,348 Total Liabilities and Net Assets $ 162,656,444 160,013,357 2 UNIVERSITY OF NORTHERN IOWA Statement of Revenues, Expenses and Changes in Net Position Years Ended June 30, 2019 and 2018 2019 2018 REVENUES Operating Revenues: Tuition and fees, net of scholarship allowances of $28,510,621 for 2019 and $29,328,890 for 2018 $ 65,999,068 67,961,186 Federal grants and contracts 13,308,944 13,480,630 State and local grants and contracts 1,951,083 2,395,237 Nongovernmental grants and contracts 4,609,639 4,781,511 Sales and services of educational activities 5,236,235 5,655,563 Interest on student loans 83,586 144,314 Other operating revenue 1,588,105 675,173 Auxiliary enterprises 65,844,567 60,558,630 Total Operating Revenues 158,621,227 155,652,244 EXPENSES Operating Expenses: Instruction 80,498,985 80,901,677 Research 2,930,394 2,454,788 Public service 19,908,014 20,535,785 Academic support 24,512,568 24,957,576 Student services 10,235,429 10,106,466 Institutional support 26,465,594 24,849,345 Operation and maintenance of plant 26,533,442 23,527,282 Scholarships and fellowships 5,683,836 6,143,564 Depreciation/amortization 19,400,815 19,112,827 Other operating expenses 214,348 263,616 Auxiliary enterprises 61,223,473 55,824,400 Total Operating Expenses 277,606,898 268,677,326 Operating (Loss) (118,985,671) (113,025,082) NONOPERATING REVENUES (EXPENSES): State appropriations 103,414,372 101,377,509 Federal grants and contracts 11,190,012 11,657,278 Nonfederal gifts, grants and contracts 3,857,346 3,956,027 Investment income 4,852,700 2,619,365 Interest on indebtedness (3,075,139) (5,290,179) Gain/(Loss) on disposal of capital assets (201,465) 813,071 Other nonoperating income/(expense) 2,809,610 (480,451) Net Nonoperating Revenues 122,847,436 114,652,620 Income Before Other Revenues 3,861,765 1,627,538 OTHER REVENUES: Capital appropriations 3,580,380 3,660,840 Capital gifts, grants and contracts 1,891,806 2,570,423 Total Other Revenues 5,472,186 6,231,263 Change in Net

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