Finance and Administration - Board of Trustees - The University of ...

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Finance and Administration Committee - V. Annual Report of the Treasurer, 2011 - InformationTable 1. Condensed Statements of Net Assets($thousands)ASSETS:Current assetsCapital assets, netOther assetsTOTAL ASSETSLIABILITIES:Current liabilitiesNoncurrent liabilitiesTOTAL LIABILITIESNET ASSETS:Invested in capital assets, net of related debtRestricted – nonexpendableRestricted – expendableUnrestrictedTOTAL NET ASSETS2011$ 538,6021,728,4081,330,5503,597,560331,767703,8561,035,6231,198,045426,959479,175457,758$2,561,9372010$ 497,9161,609,6561,154,6053,262,177301,910694,863996,7731,075,557408,475419,862361,510$2,265,404Figure A. Allocations of Unrestricted Net Assets - University($millions)350300250200150100500Renewals & ReplacementsQuasi-EndowmentsWorking CapitalPlant ConstructionFY 2011FY 2010Renewals and replacements increased from 2010 to 2011 due tounspent educational and general dollars with the expectationthat fiscal years 2012 and 2013 would be leaner.EncumbrancesDebt RetirementAuxiliariesUndesignated3increased due to increases in the book value of investments aswell as increases in the market value and increased depositsfor investing from a component unit, the University ofTennessee Foundation.The increase in net capital assets between fiscal years is a resultof additions to the university’s capital assets. More detailedinformation about the university’s capital assets is presented inthe Capital Asset and Debt Administration section of this report.Current liabilities increased due to an increase in deferredrevenue associated with the Tennessee Solar Institute eventhough accounts payable decreased. Noncurrent liabilitiesincreased slightly between fiscal years due to increased depositsheld in custody for component units even though long-termliabilities decreased due to the retirement of Tennessee StateSchool Bond Authority debt by the university.More detailed information about the university’s debt is presentedin the Capital Asset and Debt Administration of this report.The restricted-expendable net assets increased between fiscalyears as a result of accumulated private dollars for scholarshipsand fellowships, instructional department uses and otherrestricted purposes and market increases. These funds will bespent in future years.Many of the university’s unrestricted net assets have beendesignated for specific purposes such as repairs and replacementof capital assets, future debt service, quasi-endowments, andcapital projects. Figure A (above, right) shows the allocations.THE STATEMENT OF REVENUES,EXPENSES, AND CHANGES IN NET ASSETSThe statement of revenues, expenses, and changes in net assets(page 6, Table 2) presents the operating results of the university,as well as the nonoperating revenues and expenses. Annual stateappropriations, while budgeted for operations, are considerednonoperating revenues according to accounting principlesgenerally accepted in the United States of America.The university had the following significant changes in revenuesbetween fiscal years:Net tuition and fees increased from 2010 to 2011 as a resultof a 9% fee increase. However, this increase in tuition andfee revenue was partially offset by current and new studentsreceiving funds from the Tennessee Education LotteryScholarship Program which reduces tuition and fees and isshown as grants and contracts revenue.Operating grants and contracts increased $54 million from 2010to 2011 with the addition of ARRA competitive awards andother large awards.Auxiliary revenues increased $5.3 million, primarily inresidence halls and athletics.In fiscal year 2011, state appropriations increased $63 millionwhich represented a 14 % increase in state appropriationsmostly due to the state giving the university one-timeappropriations in lieu of ARRA-State Fiscal Stabilization Funds.Nonoperating gifts decreased $9.3 million from 2010 to 2011while capital grants and gifts increased $9 million for the sametime period.The increase in investment income was due to an increase inendowment income and an overall increase in the capital markets.The decrease in capital appropriations for 2011 consisted ofanother year of no state appropriations for new buildings andlimited dollars for capital maintenance.Additions to permanent endowments remained almost the samefrom 2010 to the 2011 fiscal year.537
Finance and Administration Committee - V. Annual Report of the Treasurer, 2011 - InformationTable 2. Condensed Statements of Revenues, Expensesand Changes in Net Assets ($thousands)OPERATING REVENUES:Net tuition and feesGrants and contractsAuxiliaryOtherTOTAL OPERATING REVENUESOperating expensesOPERATING LOSSNONOPERATING REVENUESAND EXPENSES:State and local appropriationsGiftsInvestment incomeOtherTOTAL NONOPERATING REVENUES2011$ 316,045448,903184,11385,201$ 1,034,2621,782,288$(748,026)$ 540,01332,487129,975220,790923,2652010$ 279,638395,316178,84585,009$ 938,8081,683,195$(744,387)$ 477,12041,844117,281182,409818,654Figure B. Revenues by Source ($millions)7006005004003002001000State AppropriationsGrants and ContractsNet Tuition and FeesFor the year ended June 30, 2011, approximately 75% of UT’srevenue was attributed to state and local appropriations, grantsand contracts, and tuition and fees.Other Operating RevenueGiftsFY 2011AuxiliariesFY 2010Other Nonoperating Revenue3INCOME (LOSS) BEFORE OTHERREVENUES, EXPENSES, GAINS, ORLOSSESOTHER REVENUES, EXPENSES,GAINS, OR LOSSES:Capital appropriationsCapital grants and giftsAdditions to permanent endowmentsOtherTOTAL OTHER REVENUES, EXPENSES,GAINS, OR LOSSES175,23966,22332,22015,1357,716121,29474,26791,55023,26616,758883132,457Other operating expenses increased between fiscal years dueto availability of one time funds to fund maintenance costs andequipment purchases and the Solar Institute.Scholarship expenses increased due to departments awardingmore aid to students compared to the previous fiscal year.CAPITAL ASSET AND DEBTADMINISTRATIONINCREASE (DECREASE) IN NET ASSETSNET ASSETS AT BEGINNING OF YEARNET ASSETS AT END OF YEAR$ 296,5332,265,404$2,561,937$ 206,7242,058,680$2,265,404CAPITAL ASSETSAt June 30, 2011, the University of Tennessee had $1,728,407,603.85invested in capital assets, net of accumulated depreciation.Depreciation charges totaled $98,549,195.45 for the currentfiscal year. Details of these assets are shown below (Table 4).REVENUESThe following is a graphic illustration (Figure B) of revenuesby source (both operating and nonoperating), which were usedto fund the university’s activities for the years ended June 30,2011, and June 30, 2010.EXPENSESOperating expenses can be displayed in two formats, naturalclassification and functional classification. Both formats aredisplayed in Table 3 on the opposite page (in thousands ofdollars).The university had the following significant changes inexpenses between fiscal years:The increase in salary and benefit expenses from 2011 to 2010is due to the increases in staff in the instruction, research, andauxiliary functions.Employee benefit expenses increased slightly between fiscalyears mainly as a result of increasing the number of employeesand increases in health insurance premiums.Major capital additions for UT during 2010-2011 include the $23million Ayres Hall Renovation, the $10.7 million Joint Institutefor Neutron Sciences building, the $4.8 million purchase ofShelbourne Towers, and a $21 million phase of Neyland StadiumTable 4. Schedule of Capital Assets, Net of Depreciation($thousands)LandLand improvements & infrastructureBuildingsWorks of art/historical treasuresEquipmentSoftwareLibrary holdingsProjects in progressTotal2011$ 64,32026,8331,147,6983,493149,5769,17075,378251,940$1,728,4082010$ 60,12125,2551,093,497528145,8768,16870,692205,519$1,609,656638
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