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Annualreport2020.Pdf TableTable ofof ContentsContents 1 INDEPENDENT1 INDEPENDENT AUDITORS’ AUDTIORS’ REPORT REPORT 3 MANAGEMENT’S3 MANAGEMENT’S DISCUSSION DISCUSSION AND ANALYSIS AND ANALYSIS 19 FINANCIAL20 FINANCIAL STATEMENTS STATEMENTS 24 NOTES24 TONOTES FINANCIAL TO FINANCIAL STATEMENTS STATEMENTS 67 SCHEDULES67 SCHEDULES OF REQUIRED OF REQUIRED SUPPLEMENTARY SUPPLEMENTARY INFORMATION INFORMATION INSIDE BACK COVER BOARDINSIDE OF REGENTS AND ADMINISTRATIVE OFFICERS BACK COVER BOARD OF REGENTS AND ADMINISTRATIVE OFFICERS University Facts FISCAL YEAR FISCAL YEAR FISCAL YEAR 2020 2015 2010 Academic Year Academic Year Academic Year 2019-2020 2014-2015 2009-2010 STUDENTS Autumn Enrollment (headcount) Undergraduate 42,544 39,331 34,972 Graduate 14,628 13,333 11,996 Professional 2,209 2,006 1,913 TOTAL 59,381 54,670 48,881 Professional and Continuing Education - Course and Conference Registrations 90,714 76,245 63,178 Number of Degrees Awarded Bachelor’s 11,508 10,145 9,290 Master’s 4,957 4,117 3,269 Doctoral 845 838 703 Professional 598 554 523 TOTAL 17,908 15,654 13,785 FACULTY1 4,864 4,561 4,169 FACULTY AND STAFF2 31,093 27,264 24,741 RESEARCH FUNDING - ALL SOURCES (in thousands of dollars) $ 1,631,329 $ 1,308,801 $ 1,317,614 SELECTED REVENUES (in thousands of dollars) Net Patient Service and Other Medical-Related Revenues3 $ 2,949,012 $ 2,283,022 $ 1,473,779 Gifts, Grants and Contracts 1,762,883 1,444,765 1,314,485 Tuition and Fees4 1,058,271 914,419 527,958 Auxiliary Enterprises and Other Revenues 719,578 614,185 315,363 State Appropriations (Operating) 415,030 255,156 347,425 Investment Income 207,993 227,404 308,752 SELECTED EXPENSES (in thousands of dollars) Medical-Related3 $ 2,577,507 $ 2,068,491 $ 1,043,171 Instruction, Academic Support, and Student Services 2,121,064 1,640,377 1,291,234 Institutional Support and Physical Plant 936,834 767,784 525,273 Research and Public Service 873,225 765,036 733,769 Auxiliary Enterprises 589,895 291,628 165,612 CONSOLIDATED ENDOWMENT FUND5 (in thousands of dollars) $ 3,560,000 $ 3,076,000 $ 1,830,000 SQUARE FOOTAGE6 (in thousands of square feet) 27,202 22,326 18,526 1. Prior to 2018, this number represents headcount for core faculty (Professorial, Instructional and Research). Starting in 2018, this number represents full time faculty from all campuses including the Medical Centers. 2. Full time equivalents – restated (historically) using centralized data source and enterprise definitions 3. Includes Valley Medical Center in 2020 and 2015 only 4. Net of scholarship allowances of $198.8 million in 2020, $142.7 million in 2015 and $82.5 million in 2010 5. Stated at fair value 6. Gross square footage, all campuses KPMG LLP Suite 2900 1918 Eighth Avenue Seattle, WA 98101 Independent Auditors’ Report The Board of Regents University of Washington: Report on the Financial Statements We have audited the accompanying financial statements of the business-type activities and the discretely presented component unit of the University of Washington (the University), which comprise the statements of net position as of June 30, 2020 and 2019, and the related statements of revenues, expenses and changes in net position, and cash flows for the years then ended, and the related notes to the financial statements, which collectively comprise the University’s basic financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express opinions on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and the discretely presented component unit of the University of Washington as of June 30, 2020 and 2019, and the respective changes in financial position and, where applicable, cash flows thereof for the years then ended in accordance with U.S. generally accepted accounting principles. KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Emphasis of Matter As discussed in note 1 to the financial statements, the financial statements of the University of Washington, an agency of the state of Washington, are intended to present the financial position, the changes in financial position and, where applicable, cash flows of only the respective portion of the governmental activities, the business type activities, each major fund, and the aggregate remaining fund information of the state of Washington that are attributable to the transactions of the University of Washington and its discretely presented component unit. They do not purport to, and do not, present fairly the financial position of the state of Washington as of June 30, 2020 and 2019, the changes in its financial position, or, where applicable, its cash flows for the years then ended in accordance with U.S. generally accepted accounting principles. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information U.S. generally accepted accounting principles require that the management’s discussion and analysis on pages 3 through 18, and the schedules of required supplementary information on pages 67 through 72, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the University of Washington’s basic financial statements. The accompanying information under the table of contents titled “University Facts” is presented for purposes of additional analysis and are not a required part of the basic financial statements. This information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Seattle, Washington October 23, 2020 2 MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT’S DISCUSSION AND ANALYSIS The discussion and analysis below provides an overview of School of Medicine programs, primarily Lab Medicine. the financial position and activities of the University of These were offset by a decrease in Housing and Food Washington (“University”) for the fiscal years ended June 30, Services revenues of $38 million due to impacts from the 2020 and 2019, with comparative financial information for pandemic on demand for housing and retail operations, as 2018. This discussion has been prepared by management, well as lower revenues from other auxiliary operations. and since it includes highly summarized data, should be read in conjunction with the financial statements and Operating Expenses accompanying notes to financial statements that follow
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