UNCW Financial Update
Presentation to the Board of Trustees Audit Committee
January 14, 2016
Page 2
UNCW Financial Update
• FY 2015 Audited Financial Statements
Page 3
FY 2015 AUDITED STATEMENTS
Page 4
FY 2015 Financial Highlights
• State Auditor issued unqualified opinion
• No management letter comments or findings
• No material weaknesses in internal control over financial reporting
• Continued growth in net position, $19.1 million
– FY 2014 restated for GASB 68, Accounting and Financial Reporting for Pensions, which resulted in a decrease to FY 2014 net position of $18.7 million
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2015 Change in Net Position
in (000's)
Operating Income (Loss)
Operating Revenues
Operating Expense
Total Operating Loss
Nonoperating Revenues
Income Before Other Revenues
Other Revenues
Change in Net Position
Net Position July 1
Change in Net Position (above)
Net Position June 30
Net Position Adjustment
Restated Net Position June 30
Change in Net Position (%)
*Restated
FY 2013*
FY 2014*
FY 2015
$154,041
267,913
(113,872)
$158,088
273,028
(114,940)
$166,305
277,217
(110,912)
122,887
124,474
123,586
9,015
9,534
12,674
19,206
28,221
9,257
18,791
6,396
19,070
398,137
28,221
426,358
426,494
19,070
445,564
426,358
426,358
18,791
445,149
(18,655)
426,494
7.09%
0.03%
4.47%
445,564
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Net Position Increased $19.1 million
2015 Net Position $445,564
($ Thousands)
Restricted Nonexpendable $52,634 (12%)
Unrestricted
$89,064 (20%)
Invested in Capital Assets $269,028 (60%)
Restricted Expendable
$34,838 (8%)
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Unrestricted Net Position
Increased $7.0 million
Unrestricted Net Position
Unrestricted Trust
Housing
Union
Endowment
Auxiliary Operations
Food Service
Rec Ctr/Intramurals
Ed & Tech Fees
Parking
ITSD Communications
Overhead
Athletics
Other
Pension ‐ Prior Year Adj.
Pension ‐ Current Year Expense
Total
*Restated
FY15
FY14*
$ 31,325,690
21,448,296
14,205,574
10,588,524
5,854,503
5,083,027
4,376,157
4,055,743
2,682,768
2,286,614
2,272,574
1,447,440
3,755,987
$ 25,150,887
16,370,638
15,866,663
14,959,494
4,968,611
4,227,255
3,854,790
2,880,274
2,640,666
1,751,404
2,124,351
212,373
5,714,789
109,382,897
100,722,195
(18,655,440)
(1,663,168)
(18,655,440)
‐
$ 89,064,289
$ 82,066,755
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Diverse Revenue Sources
2015 Revenue by Source $308,168
($ Thousands)
Other Operating Revenues
$5,523 (2%) Capital/Noncapital Grants $28,363 (9%)
Investment Income, Net $5,676 (2%)
Capital/Noncapital Gifts, Net $3,328 (1%)
Non‐Federal Grants & Contracts $2,180 (1%)
Other Revenues $2,173 (1%)
State Appropriations
$100,846 (33%)
Residential Life, Net $22,193 (7%)
Sales & Services, Net
$49,060 (15%)
Federal Grants & Contracts
$6,247 (2%)
Additions to Endowments
$1,490 (<1%)
Student Tuition & Fees, Net
$103,282 (34%)
Dining, Net $13,302 (4%)
Parking, Net $3,119 (1%)
Recreational Services, Net $2,744 (1%)
Education Sales & Service, Net $4,107 (1%)
Other Sales & Services, Net $3,595 (1%)
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Total Expenses by Nature
2015 Expense by Nature $289,097
($ Thousands)
Supplies and Materials, $21,627 (7%)
Services
$51,856 (18%)
Salaries and Benefits $160,704 (56%)
Scholarships and
Fellowships
$18,978 (7%)
Utilities $8,024 (3%)
Depreciation
$16,029 (5%)
Interest $11,880 (4%)
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Total Expenses by Function
2015 Expense by Function $289,097
($ Thousands)
Research $10,203 (4%)
Public Service $3,192 (1%)
Academic Support $18,387 (6%)
Student Services $10,926 (4%)
Institutional Support $22,708 (7%)
Facilities $25,136 (9%)
Instruction $100,614 (35%)
Student Financial Aid $17,791 (6%)
Pension Expense $1,663 (1%)
Auxiliary Enterprises $50,569 (17%)
Interest $11,880 (4%)
Depreciation $16,029 (6%)
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Debt Summary 2006-15
$300
$250
254.2
249.1
244.1
233.4
237.3
232.1
2014
2015
$200
$ Millions
197.8
$150
145.0
140.7
2007
2008
$100
96.6
$50
$0
2006
2009
2010
Year
2011
2012
2013
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Financial Statement Audit Report
• Office of State Auditor financial statement audit link:
http://www.ncauditor.net/EpsWeb/Reports/Financial/FIN‐2015‐6060.pdf
• Distributed to external constituents and posted to UNCW Controller’s webpage: http://www.uncw.edu/controller/financial_reports.html