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

UNIVERSITY OF COLORADO FOUNDATIONFuture payments and interest are due under the capital lease asfollows at:June 30, 2007Total minimum lease payments required $ 6,851,094Less amount representing interest (2,266,513)Present value of minimum lease payments $ 4,584,581Minimum lease payments due in each of the next five years andfor the period thereafter are as follows:Years ending June 30:2008 $ 846,6172009 876,2502010 906,9192011 938,6612012 971,514Thereafter 2,311,133Total minimum lease payments $ 6,851,094At June 30, 2007, the book value and accumulated depreciationof property and equipment under the capital lease totaled$5,750,000 and $2,720,250, respectively.10. NET ASSETSRestricted net assets are comprised of the following at:June 30, 2007 2006Temporarily restricted:Academic $ 90,867,882 $ 69,063,547Athletics 3,789,721 3,683,820Faculty and staff compensation 16,960,123 13,498,060Financial aid 131,100,292 108,015,652Land, buildings, and equipment 56,279,685 26,662,273Library 7,547,161 5,727,334Other academic purposes 40,123,729 28,970,576Professorship chairs 122,230,633 88,291,666Research 54,206,804 44,260,276Total temporarily restricted $ 523,106,030 $ 388,173,204Permanently restricted:Academic $ 17,990,257 $ 13,835,504Athletics 459,126 459,126Faculty and staff compensation 12,850,973 14,330,215Financial aid 66,860,174 62,255,599Land, buildings, and equipment 140,861 140,717Library 5,901,169 5,744,949Other academic purposes 15,724,292 12,617,601Professorship chairs 86,902,656 73,426,803Research 22,309,417 23,698,008Total permanently restricted $ 229,138,925 $ 206,508,52211. NET ASSETS RELEASED FROMPURPOSE RESTRICTIONSTemporarily restricted net assets were released from purposerestrictions at:June 30, 2007 2006Academic $ 12,268,922 $ 14,124,250Athletics 4,281,275 3,536,109Faculty and staff compensation 1,625,815 1,425,326Financial aid 9,640,856 10,798,685Land, buildings, and equipment 6,106,049 4,826,063Library 515,803 323,883Other academic purposes 3,059,858 2,822,211Professorship chairs 4,494,129 4,290,528Research 8,628,198 9,324,01750,620,905 51,471,072Distributed to other charitableentities 121,950 2,042,907Total net assets released $ 50,742,855 $ 53,513,97912. COMMITMENTS AND CONTINGENCIESEMPLOYEE BENEFIT PLANThe Foundation sponsors a 401(k) plan for the benefit of itsemployees. Under the 401(k) plan, the Foundation matchesemployee contributions up to 6 percent of the employee’s salary.For the fiscal years ended June 30, 2007 and 2006, theFoundation’s matching contributions were $461,943 and$396,758, respectively.GUARANTEESThe Foundation assists the University by guaranteeing primaryresidence loans, through a local federal credit union, for qualifiedUniversity full-time tenured and tenure-track faculty membersunder a program called the Faculty Housing Assistance Program(FHAP). The Foundation guarantees up to $80,000 for eachqualified loan. As of June 30, 2007, the Foundation has guaranteedeight FHAP loans totaling $395,000. As a condition of theguarantees made by the Foundation, the sponsoring institutionhas required the Foundation to maintain a designated cash balanceof approximately $250,000. This balance is included inother assets.LEGALThe Foundation has been involved in various claims and otherlegal proceedings that arise from time to time in the ordinarycourse of business. The Foundation does not believe such matterswill have a material adverse effect on its financial position,changes in net assets or cash flows.13. RELATED PARTY TRANSACTIONSIn addition to amounts and transactions disclosed in the precedingnotes and financial statements, the following is a summary ofrelated party transactions between the Foundation and theUniversity. These transactions have been summarized below byfinancial statement classification as reported in the statement ofactivities.– 34 –