Building the Future Transforming Lives Annual - University of ...

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Independent Auditors’ ReportThe Board of DirectorsUniversity of Colorado FoundationBoulder, ColoradoWe have audited the accompanying consolidated statements of financial position of the Universityof Colorado Foundation (the “Foundation”) as of June 30, 2007 and 2006, and the related consolidatedstatements of activities and cash flows for the years then ended. These financial statements arethe responsibility of the Foundation’s management. Our responsibility is to express an opinion onthese financial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. An auditincludes consideration of internal control over financial reporting as a basis for designing audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinionon the effectiveness of the Foundation’s internal control over financial reporting. Accordingly, weexpress no such opinion. An audit also includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements, assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.In our opinion, the consolidated financial statements referred to above present fairly, in all materialrespects, the financial position of the University of Colorado Foundation as of June 30, 2007 and2006, and the changes in its net assets and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.Anton Collins Mitchell LLPSeptember 27, 2007Accountants & Consultants17th & Grant Building 303 East 17th Avenue, Suite 600 Denver, Colorado 80203303.830.1120 Fax 303.830.8130
UNIVERSITY OF COLORADO FOUNDATIONConsolidated Statements of Financial PositionAs of June 30, 2007 2006AssetsCurrent assets:Cash and cash equivalents $ 17,080,409 $ 8,919,737Accounts receivable, net 363,666 1,397,039Accrued interest and dividends receivable 152,278 142,981Contributions receivable, net 20,202,777 12,811,637Other assets 327,674 411,743Total current assets 38,126,804 23,683,137Noncurrent assets:Contributions receivable, net 21,442,264 11,965,635Investments, including $21,138,060 of securities on loan at June 30, 2007 882,361,338 697,468,889Investments held as collateral for loaned securities 22,298,616 –Assets held under split-interest agreements 51,143,405 47,908,838Beneficial interest in charitable remainder trusts held by others 3,806,541 3,917,873Beneficial interest in perpetual trusts held by others 197,917 197,917Cash restricted for bond fund requirements – 5,994,750Property and equipment, net 4,477,282 65,165,283Other assets – 1,432,525Total noncurrent assets 985,727,363 834,051,710Total assets $ 1,023,854,167 $ 857,734,847Liabilities and Net AssetsCurrent liabilities:Accounts payable and accrued liabilities $ 1,588,941 $ 3,169,657Accounts payable and accrued liabilities–University 6,205,129 2,828,329Liability for return of collateral on securities loaned 22,298,616 –Deposits held for others 88,269 481,067Liabilities under split-interest agreements 3,434,186 3,265,199Custodial funds 9,395,789 5,586,185Deferred revenue 1,097,497 528,991Capital lease liability 345,691 280,213Bonds payable – 1,000,000Total current liabilities 44,454,118 17,139,641Noncurrent liabilities:Funds held in trust for others 2,553,863 2,292,675Liabilities under split-interest agreements, net of current portion 26,571,302 26,306,410Custodial funds, net of current portion 132,173,756 106,779,078Deferred revenue, net of current portion 177,965 139,175Capital lease liability, net of current portion 4,238,890 4,555,975Bonds payable, net of current portion – 67,030,441Total noncurrent liabilities 165,715,776 207,103,754Total liabilities 210,169,894 224,243,395Commitments and contingenciesNet assets:Unrestricted 61,439,318 38,809,726Temporarily restricted 523,106,030 388,173,204Permanently restricted 229,138,925 206,508,522Total net assets 813,684,273 633,491,452Total liabilities and net assets $ 1,023,854,167 $ 857,734,847See accompanying notes to consolidated financial statements.– 23 –
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