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Financial Report 2015-2016

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Financial Report 2015-2016 Financial Report 2015-2016 - i - - ii - Table of Contents Governors and Trustees ........................................................................................................................................................... iv Letter from the Executive Vice President for Finance and Administration, and University Treasurer ................................ 1 Independent Auditors’ Report ................................................................................................................................................. 2 Management’s Discussion and Analysis (unaudited) .............................................................................................................. 5 Basic Financial Statements Statements of Net Position ............................................................................................................................................. 18 Statements of Revenues, Expenses, and Changes in Net Position ............................................................................... 20 Statements of Cash Flows ............................................................................................................................................... 22 Notes to the Financial Statements 1. Summary of Significant Accounting and Reporting Policies ........................................................................... 24 2. Adoption of Accounting Pronouncements ....................................................................................................... 28 3. Cash and Cash Equivalents and Investments ................................................................................................... 29 4. Accounts Receivable and Allowance for Doubtful Accounts ........................................................................... 37 5. Net Patient Service Revenues ............................................................................................................................ 38 6. Capital Assets ..................................................................................................................................................... 39 7. Accounts Payable and Accrued Expenses .......................................................................................................... 40 8. Noncurrent Liabilities ........................................................................................................................................ 40 9. Commercial Paper .............................................................................................................................................. 41 10. Long-Term Liabilities ......................................................................................................................................... 42 11. Derivative Financial Instruments ...................................................................................................................... 48 12. Commitments .................................................................................................................................................... 50 13. Natural Expenses by Functional Classification ................................................................................................. 51 14. Employee Benefits .............................................................................................................................................. 53 15. Compensated Absences ..................................................................................................................................... 59 16. Risk Management ............................................................................................................................................... 60 17. Contingencies ..................................................................................................................................................... 61 18. One Washington Park ....................................................................................................................................... 61 19. Component Unit – Rutgers University Foundation ........................................................................................ 62 20. Component Unit – University Physician Associates of New Jersey, Inc. and Affiliate ................................... 67 Required Supplementary Information (unaudited) Schedules of Employer Contributions ........................................................................................................................... 70 Schedules of Proportionate Share of the Net Pension Liability ................................................................................... 70 University Administrative Officers ......................................................................................................................................... 71 - iii - Governors and Trustees During the Year Ended June 30, 2016 Board of Governors Greg Brown, Chair Martin Perez Samuel Rabinowitz, Kenneth M. Schmidt, Vice Chair Joseph M. Rigby Faculty Representative Dudley H. Rivers, Jr. Alexandra M. Williams, Mark A. Angelson Richard W. Roper Student Representative Robert L. Barchi, ex officio Sandy J. Stewart Dorothy W. Cantor Candace L. Straight OFFICERS OF THE BOARD Margaret T. Derrick William M. Tambussi J. Michael Gower, Treasurer Lora L. Fong Kimberlee M. Pastva, Mark P. Hershhorn Ann B. Gould, Interim Secretary Susan M. McCue Faculty Representative Board of Trustees Frank B. Hundley, Chair Ronald W. Giaconia, Emeritus James H. Rhodes William E. Best, Vice Chair Rochelle Gizinski, Emerita Alejandro Roman Heather C. Taylor, Vice Chair Evangeline Gomez Carole Sampson-Landers Leslie E. Goodman, Emeritus Richard H. Shindell Michael W. Azzara M. Wilma Harris Susan Stabile Rahn Kennedy Bailey Robert A. Hering, Emeritus Dorothy M. Stanaitis, Emerita Robert L. Barchi, ex officio Carleton A. Holstrom, Emeritus Robert L. Stevenson, Emeritus Felix M. Beck, Emeritus Paul B. Jennings, Emeritus Abram J. Suydam, Emeritus Gregory Bender Nimesh S. Jhaveri Kate Sweeney Dominick J. Burzichelli Roberta Kanarick Anne M. Thomas, Emerita John Herbert Carman, Emeritus Tilak Lal Edgar Torres Peter Cartmell, Emeritus Robert A. Laudicina, Emeritus Michael R. Tuosto, Emeritus Mary J. Chyb, Emerita Walter L. Leib, Emeritus Ronald D. Wilson Kevin J. Collins, Emeritus Richard A. Levao, Emeritus Hollis A. Copeland Jennifer Lewis-Hall Asha Samant, Anthony J. Covington Debra Ann Lynch Faculty Representative Alan M. Crosta, Jr. Duncan L. MacMillan, Emeritus Menahem Spiegel, Steven M. Darien Rashida V. MacMurray-Abdullah Faculty Representative Marisa A. Dietrich Amy B. Mansue Diana Gonzalez, Carleton C. Dilatush, Emeritus Robert E. Mortensen Student Representative Mary I. DiMartino Patricia Nachtigal, Emerita Christina G. McGinnis, Teresa A. Dolan Gene O'Hara, Emeritus Student Representative James F. Dougherty Dean J. Paranicas, Emeritus Norman H. Edelman Daniel J. Phelan OFFICERS OF THE BOARD Robert P. Eichert, Emeritus Jose A. Piazza J. Michael Gower, Treasurer Jeanne M. Fox, Emerita George A. Rears Kimberlee M. Pastva, Ronald J. Garutti Norman Reitman, Emeritus Interim Secretary - iv - Executive Vice President for Finance and Administration and University 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 November 28, 2016 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, 2016, the third 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 Executive Vice President for Finance and Administration, and University 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, 2016 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, 2016 and 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 2016, the financial reporting entity of Rutgers included 34 degree granting schools, of which 25 offered
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