Financial Statements

June 30, 2018 and 2017 (in thousands)

Current Assets
Cash and cash equivalents Note 2$133,66229,86189,97626,013
Investments Note 3380,782-367,818-
Accounts and loans receivable, net Note 4388,37628,853354,66131,934
Other assets4,5527244,646539
Total Current Assets929,09959,438838,38858,486
Noncurrent Assets
Investments Note 32,399,0171,847,5502,239,6231,689,100
Assets held under split-interest agreements -42,573-42,750
Accounts and loans receivable, net Note 455,175151,08042,88090,994
Other assets19,9858,40623,6028,017
Capital assets, net Note 53,603,0911,4353,530,5621,583
Total Noncurrent Assets6,077,2682,051,0445,836,6671,832,444
Total Assets$7,006,3672,110,4826,675,0551,890,930
Deferred Outflows
Loss on bond refundings$58,727-54,427-
PERA pension-related Note 15448,973-641,350-
Alternate medicare plan-related Note 159,977-11,141-
Other postemployment benefits related Note 721,079---
Total Deferred Outflows538,756-706,918-
Total Assets and Deferred Outflows$7,545,1232,110,4827,381,9731,890,930
Current Liabilities
Accounts payable$137,9645,222129,89413,775
Accrued expenses Note 6119,711-265,292-
Compensated absences Note 616,155-16,483-
Unearned revenue Note 8178,788-169,497-
Early retirement incentive program Note 151,686-1,624-
Split-interest agreements-2,619-2,604
Custodial funds-16,660-15,719
Commercial paper Note 940,000---
Bonds, capital leases, and notes payable Note 985,353-80,746-
Other liabilities Note 1047,525-46,575-
Total Current Liabilities$627,18224,501710,11132,098
Noncurrent Liabilities
Compensated absences Note 6$233,581-210,275-
Unearned revenue Note 88,763-9,328-
Early retirement incentive program Note 152,391-2,978-
Split-interest agreements-20,319-21,060
Custodial funds-418,292-379,744
Bonds, capital leases, and notes payable Note 91,693,295-1,599,450-
Other postemployment benefits Note 7795,147-343,570-
Alternate medicare plan Note 1573,211-74,723-
Net pension liability Note 152,206,541-2,049,366-
Other liabilities Note 1032,3202,29314,0422,115
Total Noncurrent Liabilities5,045,249440,9044,303,732402,919
Total Liabilities$5,672,431465,4055,013,843435,017
Deferred Inflows
PERA pension-related Note 15$95,564-9,629-
Alternate medicare plan-related Note 155,863-89-
Other postemployment benefits related Note 7117,695---
Total Deferred Inflows220,851-9,718-
Total Liabilities and Deferred Inflows$5,893,282465,4055,023,561435,017
Net Position
Net investment in capital assets$1,912,4931,4351,949,4351,583
Restricted for nonexpendable purposes (endowments)
Academic support14,13062,42021,16954,832
Scholarships and fellowships11,180186,17313,883172,818
Capital and other1,59030,8621,15829,734
Total restricted for nonexpendable purposes Note 1148,618606,41258,390546,822
Restricted for expendable purposes
Academic support38,863307,48041,193235,019
Student loans and services17,388-37,370-
Scholarships and fellowships45,420186,52742,155164,248
Auxiliary enterprises236,494-169,020-
Total restricted for expendable purposes686,109970,307536,860847,611
Unrestricted Note 11(995,379)66,923(186,273)59,897
Total Net Position$1,651,8411,645,0772,358,4121,455,913


Operating Revenues
Student tuition (net of scholarship allowances of $194,754 in 2018 and $176,419 in 2017; net of bad debt of $2,579 in 2018 and $3,251 in 2017; pledged revenues of $959,996 in 2018 and $901,918 in 2017) Note 9, Note 12, and Note 13$959,996-901,918-
Student fees (net of scholarship allowances of $18,345 in 2018 and $18,026 in 2017; net of bad debt of $162 in 2018 and $154 in 2017; pledged revenues of $7,932 in 2018 and $662 in 2017) Note 9, Note 12, and Note 1389,562-90,676-
Fee-for-service contracts Note 12126,706-121,872-
Federal grants and contracts (pledged revenues of $177,426 in 2018 and $156,270 in 2017) Note 9731,884-695,067-
State and local grants and contracts (pledged revenues of $16,066 in 2018 and $13,268 in 2017) Note 969,853-60,309-
Nongovernmental grants and contracts205,661-187,823-
Sales and services of educational departments (net of bad debt of $40 in 2018 and $67 in 2017 Note 9222,618-207,273-
Auxiliary enterprises (net of scholarship allowances of $5,078 in 2018 and $4,244 in 2017; net of bad debt of $661 in 2018 and $986 in 2017; pledged revenues of $72,463 in 2018 and $74,832 in 2017) Note 9 and Note 13284,034-283,007-
Health services (net of bad debt of $42,843 in 2018 and $30,685 in 2017; pledged revenues of $10,375 in 2018 and $8,770 in 2017) Note 9 and Note 141,037,529-876,986-
Contributions Note 17-248,613-186,603
Other operating revenues (net of bad debt of $1,188 in 2018 and $2,472 in 2017; pledged revenues of $5,185 in 2018 and $5,832 in 2017) Note 9106,0404,186103,69713,250
Total Operating Revenues3,833,883252,7993,528,628199,853
Operating Expenses
Education and general
Public service131,790-116,661-
Academic support236,683-209,320-
Student services137,452-132,451-
Institutional support315,796193,075277,667171,183
Operation and maintenance of plant157,863-159,177-
Student aid29,564-21,688-
Total education and general expenses2,826,708193,0752,638,537171,183
Depreciation Note 5206,950148202,938933
Auxiliary enterprises463,862-413,393-
Health services Note 14952,782-833,184-
Total Operating Expenses4,450,302193,2234,088,052172,116
Operating Income (Loss)$(616,419)59,576(559,424)27,737
Nonoperating Revenues (Expenses)
Federal Pell Grant$57,021-49,957-
State appropriations Note 1215,651-15,325-
Investment income (net of investment expenses of $13,400 in 2018 and $9,905 in 2017)160,106129,588206,294156,572
Loss on disposal of capital assets(2,692)-(3,597)-
Interest expense on capital asset-related debt (including amortization of deferred loss of $9,467 in 2018 and $9,878 in 2017 Note 5(66,721)-(67,039)-
Bond issuance costs(2,350)-(579)-
Other nonoperating revenues (pledged revenues of $2,183 in 2018 and $1,704 in 2017) Note 931,601-17,041-
Total Nonoperating Revenues (Expenses)391,002129,588398,451156,572
Income (Loss) Before Other Revenues(225,417)189,164(160,973)184,309
Other Revenues
Capital student fee (net of scholarship allowance of $3,920 in 2018 and $1,975 in 2017; pledged revenue of $17,250 in 2018 and $10,203 in 2017) Note 9 and Note 1317,250-10,203-
Capital appropriations Note 123,643-33,441-
Capital grants and gifts17,038-10,194-
Transfers of permanent endowments(9,772)---
Total Other Revenues28,159-53,838-
Change in net position before special item(197,258)189,164(107,135)184,309
Special Item - Transfer from CUREF--(808)-
Change in net position after special item(197,258)189,164(107,943)184,309
Net Position, beginning of year2,358,4121,455,9132,512,9951,271,604
Cumulative effect of adoption of new accounting principle Note 1(509,313)-(46,640)-
Net Position, beginning of year, as restated1,849,0991,455,9132,466,3551,271,604
Net Position, End of Year$1,651,8411,645,0772,358,4121,455,913

Cash Flows from Operating Activities
Tuition and fees$1,177,1131,120,424
Grants and contracts995,884997,650
Sales and services of educational departments222,618207,273
Auxiliary enterprise charges300,377276,669
Health services989,732862,086
Other receipts144,618122,206
Payments to employees and benefits(3,236,673)(2,830,463)
Payments to suppliers(596,939)(575,428)
Payments for scholarships and fellowships(29,564)(21,688)
Total Cash Flows Provided by (Used for ) Operating Activities(32,834)158,729
Cash Flows from Noncapital Financing Activities
Federal Pell Grant57,02149,957
State appropriations15,65115,325
Gifts and grants for other than capital purposes198,386181,049
Endowment transfers(9,772)-
Agency transactions18231,237
Direct lending receipts396,662385,474
Direct lending disbursements(397,016)(386,128)
Total Cash Flows Provided by Noncapital Financing Activities261,114276,914
Cash Flows from Capital and Related Financing Activities
State capital contributions3,64333,441
Capital student fees17,25010,203
Proceeds from capital debt568,325141,437
Bond issuance costs paid(2,350)(579)
Principal paid on capital debt, leases and notes(382,160)(136,563)
Interest paid on capital debt, leases and notes(121,048)(77,601)
Proceeds from sale of capital assets10,00428,049
Purchases and construction of capital assets(266,983)(391,659)
Total Cash Flows Used for Capital and Related Financing Activities(173,319)(393,272)
Cash Flows from Investing Activities
Proceeds from sales and maturities of investments6,091,8644,526,658
Purchase of investments(6,199,235)(4,647,517)
Investment earnings96,09680,459
Total Cash Flows Used for Investing Activities(11,275)(40,400)
Net Increase in Cash and Cash Equivalents43,6861,971
Cash and cash equivalents, beginning of year89,97688,005
Cash and Cash Equivalents, End of Year$133,66289,976
Reconciliation of Operating Loss to Net Cash Provided by Operating Activities:
Operating loss$(616,419)(559,424)
Adjustments to reconcile operating loss to net cash provided by operating activities
Depreciation expense206,950202,938
Receipts of items classified as nonoperating revenues31,60117,041
Changes in assets, deferred outflows, liabilities, and deferred inflows
Other assets3,711(12,766)
PERA pension, AMP, and OPEB-related deferred outflows190,960(516,942)
Accounts payable(905)17,724
Accrued expenses(145,714)21,742
Unearned revenue8,7259,318
Compensated absences and other postemployment benefits(51,551)77,167
Net pension liability157,175873,775
Alternate medicare plan and early retirement incentive plan(2,037)13,863
Other liabilities21,280(2,534)
PERA pension, AMP, and OPEB-related deferred inflows207,700(14,112)
Net Cash Provided by (Used for) Operating Activities$(32,834)158,729
Noncash Transactions
Donations of capital assets $1,9612,126
Lease-financed acquisitions795295
Change in unrealized gains on investments64,992125,538
Amortization of premiums48,55316,042
Amortization of deferred loss(9,467)(8,150)

© Office of University Controller 2018

This report must be considered in its entirety.