2018 Supplement Financial Report

A public university governed by the Board of Regents, State of Iowa An enterprise fund of the State of Iowa 2017-2018 Supplement to the Comprehensive Annual Financial Report For the fiscal year ended June 30, 2018 A public university governed by the Board of Regents, 2017-2018 State of Iowa An Enterprise Fund Supplement to the of the State of Iowa Annual Financial Report For the fiscal year ended June 30, 2018 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 16-25 Statement of Changes in Net Position - Current Restricted Funds ..................................... 4 26-31 Summary Statement of Changes in Net Position - Auxiliary Enterprises ............................ 5 32 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, 2018 and 2017 2018 2017 ASSETS Current Assets: Cash and cash equivalents $ 33,660,739 23,920,025 Investments 97,863,559 90,679,531 Accounts receivable, net 6,559,560 7,911,718 Notes receivable, net 1,758,617 1,801,036 Interest receivable 709,247 583,876 Due from government agencies 3,743,668 4,575,269 Prepaid expenses and other current assets 3,717,083 4,090,801 Inventories 2,297,996 1,442,114 Total Current Assets 150,310,469 135,004,370 Noncurrent Assets: Investments 19,635,883 25,870,721 Notes receivable, net 7,034,467 7,204,143 Prepaid expenses 820,946 872,735 Capital assets, Nondepreciable 9,854,463 27,929,079 Capital assets, Depreciable, net 399,134,676 388,615,626 Total Noncurrent Assets 436,480,435 450,492,304 Total Assets 586,790,904 585,496,674 DEFERRED OUTFLOWS OF RESOURCES Pension related deferred outflows 6,999,312 6,191,660 Other post employment benefits related deferred outflows 667,378 - Total Deferred Outflows of Resources 7,666,690 6,191,660 LIABILITIES Current Liabilities: Accounts payable 8,207,060 10,344,223 Salaries and wages payable 1,491,188 944,352 Unpaid claims and contingent liabilities 1,733,111 1,499,456 Unearned revenue 4,449,658 5,082,315 Interest payable 2,108,048 2,211,171 Other long-term liabilities 5,931,487 5,206,934 Long-term debt 12,259,948 10,201,653 Deposits held in custody for others 6,254,492 5,675,878 Total Current Liabilities 42,434,992 41,165,982 Noncurrent Liabilities: Other long-term liabilities 31,686,080 31,027,248 Other post employment benefits 23,824,836 15,939,954 Long-term debt 117,018,694 126,906,502 Total Noncurrent Liabilities 172,529,610 173,873,704 Total Liabilities 214,964,602 215,039,686 DEFERRED INFLOWS OF RESOURCES Pension related deferred inflows 387,865 192,920 NET POSITION Net investment in capital assets 291,589,577 289,270,677 Restricted Nonexpendable Scholarships and fellowships 615,895 615,895 Expendable Scholarships and fellowships 281,798 259,855 Loans 2,917,070 3,034,415 Capital projects 2,318,334 4,986,536 Debt service 31,217,887 33,700,558 Other 660,393 710,312 Unrestricted 49,504,173 43,877,480 Total Net Position $ 379,105,127 376,455,728 1 UNIVERSITY OF NORTHERN IOWA FOUNDATION Combined Statements of Financial Position June 30, 2018 and 2017 ASSETS 2018 2017 Current Assets: Cash and cash equivalents $ 1,297,910 3,966,136 Investments 15,352,861 13,955,778 Pledges receivable, net 2,692,097 2,797,944 Other receivables 179,222 176,969 Other 150,935 163,807 Total Current Assets 19,673,025 21,060,634 Noncurrent Assets: Pledges receivable, less current portion 4,304,236 4,704,011 Long-term investments 133,532,937 123,948,981 Life insurance cash value 1,479,653 1,472,030 Building, equipment and leasehold improvements, net 151,223 192,032 Other 872,283 57,018 Total Noncurrent Assets 140,340,332 130,374,072 Total Assets $ 160,013,357 151,434,706 LIABILITIES AND NET ASSETS Current Liabilities: Accounts payable, accrued expenses and other liabilities $ 656,744 759,237 Annuities payable 269,688 252,703 Annuity trusts payable 87,163 87,163 Unitrusts payable 45,524 74,828 Total Current Liabilities 1,059,119 1,173,931 Noncurrent Liabilities: Annuities payable, less current portion 1,357,765 1,485,398 Annuity trusts payable, less current portion 564,327 587,807 Unitrusts payable, less current portion 216,798 346,641 Total Noncurrent Liabilities 2,138,890 2,419,846 Total Liabilities 3,198,009 3,593,777 Net Assets: Unrestricted 8,932,279 7,822,368 Temporarily restricted 45,316,373 44,501,682 Permanently restricted 102,566,696 95,516,879 Total Net Assets 156,815,348 147,840,929 Total Liabilities and Net Assets $ 160,013,357 151,434,706 2 UNIVERSITY OF NORTHERN IOWA Statement of Revenues, Expenses and Changes in Net Position Years Ended June 30, 2018 and 2017 2018 2017 REVENUES Operating Revenues: Tuition and fees, net of scholarship allowances of $29,328,890 for 2018 and $27,887,729 for 2017 $ 67,961,186 66,908,025 Federal grants and contracts 13,480,630 13,493,398 State and local grants and contracts 2,395,237 2,313,573 Nongovernmental grants and contracts 4,781,511 4,435,154 Sales and services of educational activities 5,655,563 6,611,381 Interest on student loans 144,314 211,196 Other operating revenue 675,173 745,911 Auxiliary enterprises 60,558,630 62,830,797 Total Operating Revenues 155,652,244 157,549,435 EXPENSES Operating Expenses: Instruction 80,901,677 84,157,892 Research 2,454,788 2,807,731 Public service 20,535,785 21,158,018 Academic support 24,957,576 24,453,665 Student services 10,106,466 11,500,806 Institutional support 24,849,345 27,154,337 Operation and maintenance of plant 23,527,282 21,447,650 Scholarships and fellowships 6,143,564 5,860,458 Depreciation/amortization 19,112,827 18,534,457 Other operating expenses 263,616 185,557 Auxiliary enterprises 55,824,400 53,724,329 Total Operating Expenses 268,677,326 270,984,900 Operating (Loss) (113,025,082) (113,435,465) NONOPERATING REVENUES (EXPENSES): State appropriations 101,377,509 101,899,530 Federal grants and contracts 11,657,278 10,790,666 Nonfederal gifts, grants and contracts 3,956,027 3,269,948 Investment income 2,619,365 3,089,487 Interest on indebtedness (5,290,179) (5,227,863) Gain/(Loss) on disposal of capital assets 813,071 (13,343) Other nonoperating expense (480,451) (296,872) Net Nonoperating Revenues 114,652,620 113,511,553 Income Before Other Revenues 1,627,538 76,088 OTHER REVENUES: Capital appropriations 3,660,840 19,220,339 Capital gifts, grants and contracts 2,570,423 6,285,081 Total Other Revenues 6,231,263 25,505,420 Change in Net Position 7,858,801 25,581,508 NET POSITION Net position, beginning of year, restated

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