Lsu Foundation
Total Page:16
File Type:pdf, Size:1020Kb
ss^q L5U FOUNDATION Consolidated Financial Statements June 30, 2009 Under provisions of state law, this report is a public document. Acopy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, v^'here appropriate, at the office of the parish clerk of court. Release Date ///W^^ LSU FOUNDATION CONSOl^roATED FINANCIAL STATEMENTS JUNE 30,2009 CONTENTS Face Independent Auditors' Report 1 Financial Statements Consolidated Statements of Financial Position 2-3 Consolidated Statements of Activities 4- 5 Consolidated Statements of Cash Flows 6-7 Notes to Consolidated Financial Statements 8-22 Snpplemental Information Independent Auditors* Refjort on Supplemental Information 23 Annual Financial Statement Reporting Packet Formatted for Inclusion in the Annual Financial Statements of the Louisiana State University System 24-45 119131 Postlethwaite ^vlJlJi ^ Netterville A PfofewiorKil Accounlir>g Corporation Asiociatod OfficBi in Pfincipol Citwt o( lK« United Stata www.pncpa.com INDEPENDENT AUDITORS' REPORT The Board of Directors LSU Foimdation Baton Rouge, Louisiana We have audited the accompanying consolidated statements of financial position of the LSU Foundation, the LSU Proj>erty Foundation, the LSU Marine Property Foundation, the LSU Museum, LLC, and the Stephenson Disaster Management Institute Fihns, LLC as of June 30, 2009 and 2008, and the related consolidated statements of activities and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion on these consolidated financial statements based cm 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 audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes the consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the LSU Foundation, the LSU Property Foundation, the LSU Marine Property Foundation, the LSU Museum, LLC, and the Stephenson Disaster Management Institute Films, LLC as of June 30,2009 and 2008, and the consolidated statements of their activities and their cash flows for the years then ended in confonnity with accounting principles generally accepted in the United States of America. VQxM>duuou;t\ /\/2u^^ Baton Rouge, Louisiana October 5, 2009 8550UnitedPlazaBlvd, Suite 1001 • Baton Rouge, LA 70809 • Tel: 225.922.4600 • Fax: 225.922.4611 LSU FOUNDATION BATON ROUGE, LOUISIANA CONSOLIDATED STATEMENTS OF FINANCUL POSITION JUNE 30,2009 and 2008 ASSETS 2009 2008 CURRENT ASSETS Cash and cash equivalents $ 12,433,821 $ 707,261 Restricted cash 13,637,608 22,187,175 Investments 4,855,029 18,490,241 Accrued interest receivable 957,354 1,894,182 Accounts receivable, net 95,017 238,167 Unconditional promises to give, net 10,331,058 11,006,637 Deferred charges and prepaid expenses 254,349 8,800 Total cunent assets 42,564,236 54,532,463 NONCURRENT ASSETS Restricted assets: bivestments 344,635,321 391,609,033 Investments - split-interest agreements 1,995,782 2,082,825 Assets held in split-interest agreements 529,535 702,435 Beneficial interest in split-interest agreements 395,082 512,477 Investment in partnership 18,836,471 19,366,959 Unconditional promises to give, net 21,684,437 28,959,126 Property and equipment, net 14,904,418 13,196,387 Other noncurrent assets 568,538 413,512 Total noncurrent assets 403,549,584 456,842,754 Total Assets $ 446,113,820 $ 511,375,217 The accompanying notes are an integral part of these statements. -2- LIABILITIES AND NET ASSETS 20D9 2008 CURRENT LIABILITIES Accounts payable and accrued liabilities $ 3,265,836 $ 2,198,193 Current portion of amounts held in custody for others 8,266,347 8,932,225 Compensated absences payable 228,618 233,157 Current portion of bonds payable 628395 628395 Line of credit 6,08 UOO - Other current liabilities 3SM0 200,177 Total current liabilities 18,509376 12,192,147 NONCURRENT LLABILITIES Amounts held in custody for others 71,273,940 73,009,214 Refundable advances 5,038,730 3,761,046 Line of credit - 6,081,300 Bonds payable, net of current portion 7,526,605 8,156,605 Total noncurrent liabilities 83,839,275 91,008,165 Total liabilities 102,348,651 103,200,3)2 NET ASSETS Unrestricted: Unrestricted - general 2.317,610 2,639,398 Board designated endowments 8,942,552 11,050,279 Net assets relating to partnership investment 18,836,471 19,366,959 Temporarily restricted 124,648,487 188,996,670 Permanently restricted 189,020,049 186,121,599 Total net assets 343,765,169 408,174,905 Total Liabilities and Net Assets 446.113,820 511,375,217 -3 LSU FOUNDATION BATON ROUGE, LOUISIANA CONSOLIDATED STATEMENTS OF ACTIVITIES YEARS ENDED JUNE 30,2009 and 2008 2009 2008 Changes in unrestricted net assets: Contributions $ 701,506 $ 723,949 Service fee 966,735 822.547 Earnings allocation 1.197,972 3,599372 Loss on disposition of property and equipment (2,090) - Total unrestricted revenues 2,864,123 5,145,868 Net assets released from restrictions: Satisfaction of program expenses 23,789,624 25,032,102 Total unrestricted revenues and other support 26,653,747 30,177,970 Expenses: Amounts paid to benefit Louisiana State University for: f*rojects specified by donors 19.868,567 22,788.685 Projects specified by the Board of Directors 1,757,115 1,419,907 Total program expenses 21,625,682 24,208392 Supporting services: Salaries and benefits 5,456,789 5,188,998 Occupancy 137,088 137,049 Office operations 704,274 569,237 Travel 120.883 194.522 Professional services 663,526 554.815 Dues and subscriptions 87,049 69,829 Meetings and development 715,969 403,054 Depreciation 102,490 134315 Total supporting services 7,988,068 7,251,819 Total expenses 29,613,750 31,460.411 Increase (decrease) in unrestricted net assets (2,960,003) (U82.441) The accompanying notes are an integral part of these statements. -4- LSU FOUNDATION BATON ROUGE. LOUISIANA CONSOLIDATED STATEMENTS OF ACTIVITIES YEARS ENDED JUNE 30. 2009 and 2008 2009 2008 Changes in temporarily restricted net assets: Contributions $ 16,851.887 $ 31,829,994 Earnings allocation (56,224,843) (18,798,498) Changes in value of split interest agreements (332,194) - Loss on the disposition of property and equipment (853,409) (168,900) Total temporarily restricted revenues (40,558,559) 12.862.596 Net assets released from restrictions: Satisfaction of program expenses (23,789,624) (25,032,102) Increase (decrease) in temporarily restricted net assets (64348,183) (12,169,506) Changes in permanently restricted net assets: Contributions 2,719.804 12,251,203 Earnings allocation 178,646 674.934 Increase in permanently restricted net assets 2,898.450 12,926,137 Increase (decrease) in net assets (64,409,736) (525.810) Net assets - beginning of year 408,174,905 408,700,715 Net assets - end of year $ 343,765,169 $ 408,174,905 The accompanying notes are an integral part of these statements. -5- LSU FOUNDATION BATON ROUGE. LOUISIANA CONSOUDATED STATEMENTS OF CASH FLOWS YEARS ENDED JUNE 30.2009 and 2008 2009 2008 CASH FLOWS FROM OPERATING ACnVITIES Contributions received $ 25,646,811 $ 24,998,127 Service fees received 966,735 822,547 Interest and dividends received 11,495,633 19,748,670 Grants paid to benefit Louisiana State University (21,625,682) (24,208.592) Cash paid for suRjorting services (6,534,249) (5,775,596) Interest expense (440,722) (453,937) Net cash provided by operating activities 9,508,526 15,131,219 CASH FLOWS FROM INVESTING ACTIVmES Purchases of property and equipment (2,865,469) (7,046,675) Proceeds from sales of property and equipment 9,700 19,812 Purchases of investments (116,807358) (127,667,486) Proceeds from sales and maturities of investments 112,186,612 106,695307 Net (decrease) increase in fimds held in custody and refimdable advances (1,123,468) 6,447,045 Net cash used in investing activities (8,599,983) (21,551,997) CASH FLOWS FROM FINANCING ACnVITIES Contributions restricted for endowment purposes 2,719,804 12,251,203 Proceeds from line of credit - 6,081300 Principal payments on bonds (630,000) (3.155,000) Investment gains restricted fcff endowmait purposes 178,646 674,934 Net cash provided by financing activities 2,268,450 15,852,437 NET CHANGE IN CASH AND CASH EQUIVALENTS 3,176,993 9.431,659 CASH AND CASH EOUIVALENTS AT BEGINNING OF YEAR 22,894,436 13,462,777 CASH AND CASH EOUIVALENTS AT END OF YEAR $ 26,071,429 $ 22,894^436 The accon^anymg notes are an mtegral part ot these statements. -6- LSU FOUNDATION BATON ROUGE. LOUISIANA CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED JUNE 30,