UNCW Financial Update
Presentation to the Board of Trustees Audit Committee
February 13, 2014
Page 2
UNCW Financial Update
• FY 2013 Audited Financial Statements
• Associated Entities Financial Audits
Page 3
FY 2013 AUDITED STATEMENTS
Page 4
FY 2013 Financial Highlights
• State Auditor issued unqualified opinion
• No material deficiencies in internal controls ‐ on‐going effective internal control environment
• Continued growth in net position
Page 5
2013 Change in Net Position
in (000's)
Operating Income (Loss)
Operating Revenues
Operating Expense
Total Operating Income (Loss)
Nonoperating Revenues (Expenses)
Income (Loss) before other revenues,
expenses, gains and losses
Other revenues, expenses, gains and losses
Change in Net Position
Net Position July 1
Change in Net Position (above)
Net Position June 30
Change in Net Position (%)
*Restated.
FY 2011
FY 2012*
FY 2013
$140,028
254,608
(114,580)
$145,653
252,024
(106,371)
$154,112
267,650
(113,538)
122,572
110,638
121,862
7,993
4,267
8,324
11,952
19,945
24,445
28,712
19,207
27,531
351,039
19,945
370,984
370,984
28,712
399,696
399,696
27,531
427,227
5.68%
7.74%
6.89%
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Net Position Increased $27.5 MM
2013 Net Position $427,227
($ Thousands)
Restricted Nonexpendable $65,774 (15%)
Unrestricted $70,910 (17%)
Invested in Capital Assets $272,634 (64%)
Restricted Expendable $17,908 (4%)
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Unrestricted Net Position
Increased $10.9 MM
Unrestricted Net Position
Unrestricted Trust
Overhead
Housing
Union
Food Service
Rec Ctr/Intramurals
ITSD Communications
Ed & Tech Fees
Other
Total
FY12*
FY13 22,459,071
3,016,650
9,902,431
10,679,402
3,947,561
3,661,119
1,628,791
‐
4,668,956
59,963,981
24,364,679
2,639,248
9,710,320
15,066,414
3,717,953
3,283,614
1,794,360
1,602,820
8,730,915
70,910,321
Prior to FY13 Ed & Tech Fees were considered General Funds.
* Restated
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Diverse Revenue Sources
2013 Revenue by Source $306,676
($ Thousands)
Sales & Services, Net
$44,189 (14%)
Capital/Noncapital Grants $41,780 (14%)
State Appropriations & State Aid $96,879 (32%)
Investment Income
$8,561 (3%)
Other
$20,540 (7%)
Noncapital Gifts, Net
$2,973 (1%)
Non‐Federal Grants & Contracts $2,007 (1%)
Other Revenues $6,999 (2%)
Federal Grants & Contracts
$8,496 (3%)
Additions to Endowments
$1,750 (<0%)
Student Tuition & Fees, Net $93,042 (30%)
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Expenses by Nature
2013 Expense by Nature $279,145
($ Thousands)
Supplies and Materials $21,261 (8%)
Services $50,058 (18%)
Scholarships and Fellowships $17,661 (6%)
Salaries and Benefits $156,786 (56%)
Utilities $7,298 (3%)
Depreciation $14,586 (5%)
Interest $10,761 (4%)
* Fall 2012 undergrad headcount growth
Other $734 (<0%)
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ASSOCIATED ENTITIES FINANCIAL AUDITS FY 2013
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FY 2013 Associated Entities Audits
The UNCW Foundation
•
•
•
Unqualified opinion
No audit adjustments or uncorrected misstatements
No noted deficiencies in internal controls