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Financial Report 2014-2015

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Financial Report 2014-2015 Financial Report 2014-2015 - 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. Adoption of Accounting Pronouncements ....................................................................................................... 26 3. Cash and Cash Equivalents and Investments ................................................................................................... 27 4. Accounts Receivable and Allowance for Doubtful Accounts ........................................................................... 31 5. Patient Service Revenues ................................................................................................................................... 31 6. Capital Assets ..................................................................................................................................................... 32 7. Accounts Payable and Accrued Expenses .......................................................................................................... 32 8. Noncurrent Liabilities ........................................................................................................................................ 33 9. Commercial Paper .............................................................................................................................................. 33 10. Long-Term Liabilities ......................................................................................................................................... 34 11. Derivative Financial Instruments ...................................................................................................................... 45 12. Commitments .................................................................................................................................................... 47 13. Natural Expenses by Functional Classification ................................................................................................. 48 14. Employee Benefits .............................................................................................................................................. 49 15. Compensated Absences ..................................................................................................................................... 54 16. Risk Management ............................................................................................................................................... 55 17. Contingencies ..................................................................................................................................................... 56 18. One Washington Park ....................................................................................................................................... 56 19. Component Unit – Rutgers University Foundation ........................................................................................ 57 20. Component Unit – University Physician Associates of New Jersey, Inc. and Affiliate ................................... 62 Required Supplementary Information (Unaudited) Schedules of Employer Contributions ........................................................................................................................... 65 Schedules of Proportionate Share of the Net Pension Liability ................................................................................... 65 University Administrative Officers ......................................................................................................................................... 66 - iii - Governors and Trustees During the Year Ended June 30, 2015 Board of Governors Greg Brown, Chair Susan M. McCue Samuel Rabinowitz, Kenneth M. Schmidt, Vice Chair Martin Perez Faculty Representative Mark A. Angelson Dudley H. Rivers, Jr. Pamela A. Navrot, Robert L. Barchi, ex officio Richard W. Roper Student Representative Dorothy W. Cantor Candace L. Straight Anthony J. DePetris William M. Tambussi OFFICERS OF THE BOARD Margaret T. Derrick Ann B. Gould, J. Michael Gower, Treasurer Lora L. Fong Faculty Representative Leslie A. Fehrenbach, Secretary Mark P. Hershhorn Kimberlee M. Pastva, Gordon A. MacInnes Associate Secretary Board of Trustees Sandy J. Stewart, Chair Ronald W. Giaconia, Emeritus Sidney D. Seligman M. Wilma Harris, Vice Chair Rochelle Gizinski, Emerita Richard H. Shindell Frank B. Hundley, Vice Chair Evangeline Gomez Susan Stabile Michael W. Azzara Leslie E. Goodman, Emeritus Dorothy M. Stanaitis, Emerita Rahn Kennedy Bailey Carleton A. Holstrom, Emeritus Abram J. Suydam, Emeritus Robert L. Barchi, ex officio Paul B. Jennings, Emeritus Kate Sweeney Felix M. Beck, Emeritus Nimesh S. Jhaveri Heather C. Taylor Gregory Bender Roberta Kanarick Anne M. Thomas, Emerita William E. Best Tilak Lal Edgar Torres Dominick J. Burzichelli Robert A. Laudicina, Emeritus Michael R. Tuosto, Emeritus John Herbert Carman, Emeritus Walter L. Leib, Emeritus Laurel A. Van Leer Peter Cartmell, Emeritus Richard A. Levao, Emeritus Lucas J. Visconti Mary J. Chyb, Emerita Jennifer Lewis-Hall Ronald D. Wilson Kevin J. Collins, Emeritus Debra Ann Lynch Justine Yu Hollis A. Copeland Rashida V. MacMurray-Abdullah Anthony J. Covington Amy B. Mansue Robert A. Schwartz, Alan M. Crosta, Jr. Robert E. Mortensen Faculty Representative Steven M. Darien Patricia Nachtigal, Emerita Menahem Spiegel, Marisa A. Dietrich Gene O'Hara, Emeritus Faculty Representative Carleton C. Dilatush, Emeritus John A. O’Malley Francine M. Glaser, Mary I. DiMartino Dean J. Paranicas, Emeritus Student Representative Teresa A. Dolan Daniel J. Phelan James F. Dougherty Jose A. Piazza Norman H. Edelman George A. Rears OFFICERS OF THE BOARD Robert P. Eichert, Emeritus Norman Reitman, Emeritus J. Michael Gower, Treasurer Evelyn S. Field, Emerita James H. Rhodes Leslie A. Fehrenbach, Secretary Jeanne M. Fox, Emerita Alejandro Roman Kimberlee M. Pastva, Ronald J. Garutti Carole Sampson-Landers Associate Secretary - iv - Senior Vice President for Finance and Treasurer [email protected] Rutgers, The State University of New Jersey Phone: 848-932-4300 83 Somerset Street – Room 305 Fax: 732-932-4273 New Brunswick, New Jersey 08901-1281 December 17, 2015 President Robert L. Barchi The Board of Governors The Board of Trustees of Rutgers, The State University of New Jersey I am pleased to submit the Annual Financial Report of Rutgers, The State University of New Jersey for the year ended June 30, 2015, the second year following the consolidation with units formerly part of the University of Medicine and Dentistry of New Jersey. The report contains the KPMG LLP Independent Auditors’ Report on the University’s financial statements. The financial information presented in this report is designed to assist the reader in comprehending the scope of the University’s use of resources in meeting its primary missions of instruction, research, public service, and healthcare. The report sets forth the complete and permanent record of the financial status of the University for the year. Respectfully submitted, J. Michael Gower Senior Vice President for Finance & Treasurer - 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 (unaudited) June 30, 2015 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, 2015 and its changes in financial position for the fiscal year then ended with fiscal year 2014 data presented for comparative purposes. 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. In fiscal 2015, the financial reporting entity of Rutgers included 34 degree granting schools,
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