FY 2005 - University of Missouri System

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G overning Board and Administrative StaffUNIVERSITY OF MISSOURIBOARD OF CURATORSThomas E. Atkins, PresidentAngela M. Bennett, Vice PresidentMarion H. CairnsJohn M. Carnahan IIIAnne C. ReamDoug RussellCheryl D. S. WalkerDon WalsworthDavid G. WasingerMaria C. Curtis, Student RepresentativeGENERAL OFFICERSElson S. Floyd, PresidentMarvin E. Wright, General CounselJohn C. Gardner, Vice President for Research and Economic DevelopmentSteven Graham, Associate Vice President for Academic AffairsR. Kenneth Hutchinson, Vice President for Human ResourcesStephen C. Knorr, Vice President for Government RelationsNatalie Krawitz, Vice President for Finance and AdministrationJames H. Ross, Chief Executive Officer of University of Missouri Health CareBrady Deaton, Chancellor, Columbia CampusStephen W. Lehmkuhle, Interim Chancellor, Kansas City CampusJohn F. Carney III, Chancellor, Rolla CampusThomas F. George, Chancellor, St. Louis CampusFINANCE STAFFNatalie Krawitz, Vice President for Finance and AdministrationJane E. Closterman, ControllerShirley S. DeJarnette, TreasurerCuba Plain, Director Budget Planning and Development2 0 0 5 F i n a n c i a l R e p o r t : U n i v e r s i t y o f M i s s o u r ia c o m p o n e n t u n i t o f t h e S t a t e o f M i s s o u r i
Management’s Discussion and Analysis (unaudited)F o r t h e y e a r s e n d e d J u n e 3 0 , 2 0 0 5 a n d 2 0 0 4The following Management’s Discussion and Analysis (“MD&A”) provides an overview of the financial position andactivities of the University of Missouri (the “University”) for the fiscal year ended June 30, 2005 and 2004, and shouldbe read in conjunction with the financial statements and notes. This overview is required by Governmental AccountingStandards Board (“GASB”) principles, GASB Statement No. 35, Basic Financial Statements – and Management’sDiscussion and Analysis – for Public Colleges and Universities.UNIVERSITY ACCOUNTING AND FINANCIAL REPORTINGThis report includes five financial statements: the Statements of Net Assets, the Statements of Revenues, Expensesand Changes in Net Assets and the Statements of Cash Flows for the University of Missouri System and AggregateDiscretely Presented Component Units; and the Statements of Net Assets Held for Pension Benefits and the Statementsof Changes in Net Assets Held for Pension Benefits for the University of Missouri Retirement Trust. The financialstatements of the University are prepared in accordance with accounting principles generally accepted in the UnitedStates of America as prescribed by GASB. A summary of significant accounting policies followed by the Universityis included in Note 1 to the financial statements of this report. A more detailed unaudited financial report that includesinformation on each campus is available at the University of Missouri, 118 University Hall, Columbia, MO 65211.STATEMENTS OF NET ASSETSThe Statements of Net Assets present the financial position of the University at the end of the fiscal year and include allassets and liabilities of the University. Assets and liabilities are generally measured using current values, with certainexceptions, such as capital assets which are stated at cost less accumulated depreciation, and long-term debt which isstated at cost. A summary of the University’s assets, liabilities and net assets at June 30, 2005, 2004 and 2003, is asfollows (in thousands of dollars):Fiscal Year2005Fiscal Year2004Fiscal Year2003Assets:Current Assets $ 816,846 $ 596,448 $ 660,794Long-Term Investments -Endowed and Quasi-Endowed Investments 744,372 709,227 633,939Other Investments 387,926 504,110 336,935Capital Assets, Net 1,795,513 1,700,324 1,542,432Other Noncurrent Assets 86,702 70,806 77,870Total Assets $ 3,831,359 $ 3,580,915 $ 3,251,970Liabilities:Current Liabilities $ 404,328 $ 370,280 $ 377,931Noncurrent Liabilities 622,997 631,587 517,975Total Liabilities 1,027,325 1,001,867 895,906Net Assets:Invested in Capital Assets, Net of Related Debt 1,226,962 1,147,472 1,074,585Restricted -Nonexpendable 555,658 484,370 421,521Expendable 335,469 305,656 317,398Unrestricted 685,945 641,550 542,560Total Net Assets 2,804,034 2,579,048 2,356,064Total Liabilities and Net Assets $ 3,831,359 $ 3,580,915 $ 3,251,9702 0 0 5 F i n a n c i a l R e p o r t : U n i v e r s i t y o f M i s s o u r ia c o m p o n e n t u n i t o f t h e S t a t e o f M i s s o u r i
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FY 2005 - University of Missouri System

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