University of South Florida System and DSO/Component ... DSO/Component Unit Quarterly Financial...
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University of South Florida System and DSO/Component Unit Quarterly Financial Reports
QUARTER 1 FOR FISCAL YEAR 2014-2015
Period Ended September 30, 2014
INDEX University of South Florida System .................................................................. 2-4
USF Foundation ................................................................................................ 5-7
USF Alumni Association .................................................................................. 8-10
USF Financing Corporation .............................................................................. 11-13
University Medical Service Association, Inc. ................................................... 14-16
USF Medical Services Support Corporation ..................................................... 17-19
USF Research Foundation ................................................................................. 20-22
USF Health Professions Conferencing Corporation ......................................... 23-25
Sun Dome, Inc. .................................................................................................. 26-28
FY 2015 QUARTER 1 REPORT – SEPTEMBER 30, 2014
(In thousands)
2014 2013ACTUAL ACTUAL $ %
ASSETS
Current AssetsCash and Cash Equivalents $16,294 $118,430 $(102,136) (86)%Investments 550,938 387,948 162,990 42 %Receivables 97,165 99,257 (2,092) (2)%Due from Primary and Component Units 80,800 48,867 31,933 65 %Other Current Assets 1,947 2,107 (160) (8)%Total Current Assets $747,144 $656,609 $90,535 14 %
Noncurrent AssetsRestricted Cash and Cash Equivalents $8,596 $26,531 $(17,935) (68)%Restricted Investments 40,245 33,192 7,053 21 %Capital Assets 1,346,128 1,350,537 (4,409) (0)%
Less: Accumulated Depreciation (586,493) (573,041) (13,452) (2)%Non-Depreciable Items (CIP, Land, etc.) 33,835 47,756 (13,921) (29)%Loans and Notes Receivable, net of allowance 4,570 4,318 252 6 %Other 242 262 (20) (8)%Total Noncurrent Assets $847,123 $889,555 $(42,432) (5)%
Total Assets $1,594,267 $1,546,164 $48,103 3 %
LIABILITIES
Current LiabilitiesAccounts Payable $19,795 $17,149 $2,646 15 %Accrued Salaries and Benefits 7,670 17,965 (10,295) (57)%Due to Primary and Component Units 33,042 44,455 (11,413) (26)%Unearned Revenue 29,358 41,296 (11,938) (29)%Other Current Liabilities 22,162 25,298 (3,136) (12)%Total Current Liabilities $112,027 $146,163 $(34,136) (23)%
Noncurrent LiabilitiesLong Term Debt $25,377 $28,242 $(2,865) (10)%Compensated Absences 63,598 57,663 5,935 10 %Other Noncurrent Liabilities 96,369 75,799 20,570 27 %Total Noncurrent Liabilities $185,344 $161,704 $23,640 15 %
Total Liabilities $297,371 $307,867 $(10,496) (3)%
NET POSITION $1,296,896 $1,238,297 $58,599 5 %
Total Liabilities & Net Assets $1,594,267 $1,546,164 $48,103 3 %
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
University of South Florida System
BALANCE SHEET
3 Months Ended September 30,Variance
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(In thousands)2014 2013
ACTUAL ACTUAL $ %REVENUES Tuition & Fees, net $113,399 $111,681 $1,718 2 %State Appropriations 78,693 70,409 8,284 12 %Contracts & Grants 77,718 71,313 6,405 9 %Federal & State Financial Aid 47,207 52,266 (5,059) (10)%Program Revenue / Sales / Services 51,966 62,849 (10,883) (17)%Noncapital Grants and Donations 10,035 6,096 3,939 65 %Investment Income (Loss) (1,867) 7,197 (9,064) (126)%Other Revenues 1,246 1,861 (615) (33)%Total Revenues $378,397 $383,672 $(5,275) (1)%
EXPENSESSalaries & Benefits $173,330 $165,703 $7,627 5 %Scholarships & Fellowships 39,035 41,555 (2,520) (6)%Services and Supplies 66,181 51,451 14,730 29 %Utilities and Communications 7,525 7,710 (185) (2)%Interest Paid on Debt 86 46 40 87 %Depreciation/Amortization 11,765 12,805 (1,040) (8)%Other expenses 4,238 23,128 (18,890) (82)%Total Expenses $302,160 $302,398 $(238) (0)%
Operating Profit $76,237 $81,274 $(5,037) (6)%
Non Operating State Capital Appropriations $43,842 $37,511 $6,331 17 %Capital Grants, Contracts, Donations & Fees 324 152 172 113 %Transfer to/from Primary Government / Other SUS 1,603 34 1,569 4,615 %
INCREASE (DECREASE) in Net Position $122,006 $118,971 $3,035 3 %
Variance
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
University of South Florida System
INCOME STATEMENT
3 Months Ended September 30,
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(In thousands)
2014 2013ACTUAL ACTUAL $ %
BEGINNING CASH $579,261 $471,050 $108,211 23 %
Cash Flow from Operating Activities Tuition & Fees $95,339 $92,036 $3,303 4 % Contracts and Grants 71,219 72,592 (1,373) (2)% Program Revenue / Sales / Services 42,266 55,360 (13,094) (24)% Other Operating Activities 1,009 1,297 (288) (22)% Operating Expenses (298,597) (264,299) (34,298) (13)%Net Cash Flow from Operating Activities $(88,764) $(43,014) $(45,750) (106)%
Cash Flow from Financing Activities State Appropriations $85,144 $70,592 $14,552 21 % Federal and State Financial Aid 47,207 52,266 (5,059) (10)% Noncapital Grants, Contracts and Donations 6,667 4,101 2,566 63 % Acquisition / Construction of Capital Asset (6,260) (754) (5,506) (730)% Principal & Interest Payments (16) (117) 101 86 % Capital Grants, Contracts, Donations and Fees (78) 152 (230) (151)% Other Financing Activities (5,221) 4,629 (9,850) (213)%Net Cash Flow from Financing Activities $127,443 $130,869 $(3,426) (3)%
Cash Flow from Investing ActivitiesInvestment Income (1,867) 7,197 (9,064) (126)%Net Cash Flow from Investing Activities $(1,867) $7,197 $(9,064) (126)%
ENDING CASH $616,073 $566,102 $49,971 9 %
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
University of South Florida System
STATEMENT OF CASH FLOWS
3 Months Ended September 30,Variance
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STATEMENT OF FINANCIAL POSITION
AuditedCurrent Year Prior Year
9/30/2014 6/30/2014 $ %
AssetsCash and cash equivalents 1,948,788$ 471,291$ 1,477,497 313%Operating investment pool 66,891,399 67,160,852 (269,453) 0%Contributions receivable, net 40,297,970 38,102,797 2,195,173 6%Accrued interest & other receivables, net 969,411 1,031,866 (62,455) -6%Endowment investment pool 437,962,554 449,776,558 (11,814,004) -3%Remainder interest trusts 1,630,476 1,682,855 (52,379) -3%Funds held in trust by others 13,302,990 10,790,396 2,512,594 23%Books and art objects 3,127,509 3,121,509 6,000 0%Land, buildings, and equipment, net 467,955 473,230 (5,275) -1%Real estate held for resale 684,113 684,113 - 0%
Total assets 567,283,165$ 573,295,467$ (6,012,302)$ -1%
Liabilities and Net AssetsLiabilities:Accounts payable and accrued expenses 4,335,592$ 4,602,733$ (267,141) -6%Annuities and life income trusts payable 706,683 718,187 (11,504) -2%Amounts due to third-party beneficiaries 25,635,320 26,618,252 (982,932) -4%Due to the University of South Florida 1,055,201 641,738 413,463 64%Total liabilities 31,732,796 32,580,910 (848,114) -3%
Net Assets:Unrestricted net assets 9,922,713 9,462,510 460,203 5%Temporarily restricted net assets 195,758,077 204,147,099 (8,389,022) -4%Permanently restricted net assets 329,869,579 327,104,948 2,764,631 1%Total net assets 535,550,369 540,714,557 (5,164,188) -1%
Total liabilities and net assets 567,283,165$ 573,295,467$ (6,012,302)$ -1%
Records of the University of South Florida are subject to disclosure under the Florida Public Records law unless exempt by law. Documents made or received by a USF Foundation agent in connection with the transaction of business by the USF Foundation are confidential and exempt from F.S. 119 pursuant to F.S. 1004.28(5) and in
accordance with the USF Foundation Policy on Confidentiality of USF Foundation Documents.
Variance
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Current Year Prior Year9/30/2014 9/30/2013 $ %
Revenues:
Contributions, gifts and bequests 12,452,044$ 4,280,871 8,171,173 191% Fundraising activities 882,407 351,429 530,979 151% Investment income 1,414,144 979,959 434,186 44% Campaign support 1,592,057 1,339,989 252,068 19% Other - %
Total revenues 16,340,652 6,952,247 9,388,405 135%
Expenditures:
Program services: Salaries and benefits 3,817,841 3,723,310 94,531 3% Scholarships/fellowships 2,578,332 2,225,546 352,786 16% Contractual services 1,436,707 1,072,606 364,101 34% Supplies 814,424 763,091 51,333 7% Transfers to state - other 301,288 19,295 281,993 1461% Gift in kind transfers 321,740 1,439,165 (1,117,425) -78% Travel, meals & auto 503,837 624,285 (120,448) -19% Community relations 125,198 133,321 (8,123) -6% Depreciation 5,275 5,499 (223) -4% Repairs and maintenance 338,598 323,013 15,585 5% Provision for doubtful accounts 63,730 (607,073) 670,803 110% Other 658,836 562,342 96,494 -80%
Total program service expense 10,965,807 10,284,400 681,407 7%
Fundraising & operating costs: Salaries and benefits 718,585 822,864 (104,279) -13% Contractual services 271,767 212,424 59,343 28% Other transfers and expenses 790,032 812,151 (22,119) -3%
Total fundraising & operating expense 1,780,383 1,847,439 (67,056) -4%
Total expenditures 12,746,191 12,131,839 614,351 5%
Change in net assets before change in market value 3,594,461 (5,179,592) 8,774,053 169%
Changes in market value:Unrealized investment income gain (10,727,832) 18,527,954 (29,255,786) -158%Realized investment income gain 1,969,183 6,137,115 (4,167,932) -68%Total changes in market value (8,758,649) 24,665,069 (33,423,718) -136%Change in net assets (5,164,188)$ 19,485,477 (24,649,665) -127%
STATEMENT OF CHANGES IN NET ASSETS
Records of the University of South Florida are subject to disclosure under the Florida Public Records law unless exempt by law. Documents made or received by a USF Foundation agent in connection with the transaction of business by the USF Foundation are confidential and exempt from F.S. 119 pursuant to F.S. 1004.28(5) and in accordance with the USF Foundation Policy on Confidentiality of USF Foundation Documents.
Fiscal Year 2014Variance
Year-to-Date
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Current Year Prior Year9/30/2014 6/30/2014 $ %
Change in Net Assets (5,164,188) 40,199,689 (45,363,877) (113)%
Operating ActivitiesDepreciation 5,275 24,374 (19,099) (78)%Investment (gains) losses, net 6,095,436 (68,901,173) 74,996,609 109 % Change in assets/liabilities:
Contributions receivable (2,195,173) 3,455,929 (5,651,102) (164)%Other receivables 62,455 3,177,450 (3,114,995) (98)%Books and art objects (6,000) 81,575 (87,575) (107)%Accounts payable & accrued expenses (267,141) (4,468,560) 4,201,419 94 %Annuities & life income trusts payable (11,504) 310,158 (321,662) (104)%Amts due to third-party beneficiaries (982,932) 1,693,220 (2,676,152) (158)%Due to University of South Florida 413,463 (59,222) 472,685 798 %Gift of real estate/Impairment loss on real estate 1,232 (1,232) (100)%
Net cash flow from operating activities (2,050,308.58) (24,485,328) 21,288,890 87 %
Investing ActivitiesProceeds from sale of investments 6,494,521 182,161,817 (175,667,296) (96)%Purchases of investments (1,389,138) (155,910,728) 154,521,590 99 %Interest & dividends reinvested (1,577,577) (5,436,427) 3,858,850 71 %Repayment of loans to the University of South Florida 117,886 Net cash flow from investing activities 3,527,806 20,932,548 17,404,742 (83)%
Financing ActivitiesProceeds from contributions restricted for long-term investment - 2,460,060 (2,460,060) (100)%Net cash flow from investing activities - 2,460,060 2,460,060 (100)%
Net increase in cash 1,477,497 (1,092,720) 2,570,217 235 %
Cash at the beginning of the year 471,291 1,564,011 (1,092,720) (70)%
Cash at the end of the year 1,948,788 471,291 1,477,497 314 %
STATEMENT OF CASH FLOWS
Variance
Records of the University of South Florida are subject to disclosure under the Florida Public Records law unless exempt by law. Documents made or received by a USF Foundation agent in connection with the transaction of business by the USF Foundation are confidential and exempt from F.S. 119 pursuant to F.S. 1004.28(5) and in accordance with the USF Foundation Policy on Confidentiality of USF
Foundation Documents.
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September 30, 2014 June 30, 2014 Variance $ Variance %
ASSETS
Cash and cash equivalents 186,703 154,315 32,388 21%
Pooled investments within Foundation 838,392 838,392 ‐ 0%
Accounts receivable 41,381 55,112 (13,731) ‐25%
Prepaid expenses 16,127 35,437 (19,310) ‐54%
Total assets 1,082,603 1,083,256 (653) 0%
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable and accrued expenses 32,690 91,045 (58,355) 64%
Due to Foundation 33,219 33,219 ‐ 0%
Due to USF 57,411 25,211 32,200 ‐128%
Deferred revenue 84,050 130,635 (46,585) 36%
Total liabilities 207,370 280,110 (72,740) 26%
Net Assets:
Unrestricted net assets 875,233 803,146 72,087 9%
Total liabilities and net assets 1,082,603 1,083,256 (653) 0%
Reserve: Principle 838,392 838,392
Reserve: Market Adjustment 141,564 128,385
Total Reserve 979,956 966,777
University of South Florida Alumni Association, Inc.
Operating Balance Sheet
Confidential
For internal use only
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Actual Prior Year Actual Prior Year
Sep‐14 Sep‐13 Variance $ Variance % YTD YTD Variance $ Variance %
REVENUES:Annual Membership 26,885 27,100 (215) ‐1% 96,667 86,317 10,350 12%
Life Membership 1,208 892 316 35% 4,772 3,368 1,404 42%
License Plates 29,425 32,950 (3,525) ‐11% 103,096 117,429 (14,333) ‐12%
Foundation support 100,000 ‐ 100,000 100% 300,000 200,000 100,000 50%
Credit Cards 20,168 20,166 2 0% 60,500 69,178 (8,678) ‐13%
Other Royalty* 12,863 12,864 (1) 0% 40,323 36,696 3,627 10%
Investment Income ‐ ‐ ‐ 0% 30,683 26,730 3,953 15%
Sponsorships 15,000 1,042 13,958 1340% 15,000 3,126 11,874 380%
Advertising 1,384 503 881 175% 11,869 11,254 615 5%
Event Revenue 9,850 2,600 7,250 279% 9,850 2,600 7,250 279%
Gifts 2,139 3,186 (1,047) ‐33% 5,854 5,913 (59) ‐1%
Travel 153 ‐ 153 100% 2,240 1,191 1,049 88%
Merchandise 1,788 1,520 268 18% 2,046 5,804 (3,758) ‐65%
Fund transfers to endowment (20,619) (22,811) 2,192 ‐10% (20,619) (22,811) 2,192 ‐10%
Total Operating Revenue 200,244 80,012 120,232 150% 662,281 546,795 115,486 21%
EXPENSES
Salaries 118,019 105,974 (12,045) ‐11% 340,142 332,255 (7,887) ‐2%
Membership and membership services 29,065 8,731 (20,334) ‐233% 87,929 24,812 (63,117) ‐254%
Printing/Duplicating 23,175 5,394 (17,781) ‐330% 24,150 6,219 (17,931) ‐288%
Event Services 15,809 7,920 (7,889) ‐100% 41,964 23,199 (18,765) ‐81%
Professional Services 3,710 14,830 11,120 75% 18,858 34,158 15,300 45%
Postage 14,884 1,620 (13,264) ‐819% 22,901 7,710 (15,191) ‐197%
Travel 694 1,321 627 47% 5,535 6,628 1,093 16%
Advertising & Marketing 4,866 6,004 1,138 19% 10,758 10,626 (132) ‐1%
Insurance 8,894 4,110 (4,784) ‐116% 13,341 12,325 (1,016) ‐8%
Community Relations (359) 1,142 1,501 131% 5,832 4,784 (1,048) ‐22%
Other Services 2,228 150 (2,078) ‐1385% 5,598 2,524 (3,074) ‐122%
Telephone 89 762 673 88% 207 2,667 2,460 92%
Professional Dues & Fees ‐ 199 199 100% 3,204 1,603 (1,601) ‐100%
Repairs & Maintenance 851 ‐ (851) 100% 1,277 846 (431) ‐51%
Office Supplies 234 233 (1) 0% 381 585 204 35%
Miscellaneous 5,291 124 (5,167) ‐4167% 8,117 6,383 (1,734) ‐27%
Total Operating Expenses 227,450 158,514 (68,936) ‐43% 590,194 477,324 (112,870) ‐24%
NET INCOME FROM OPERATIONS (27,206) (78,502) 51,296 65% 72,087 69,471 2,616 4%
Change in net assets 72,087
Net assets, beginning 803,146
Net assets, end 875,233
‐
* Other Royalties contain revenue from CGM and Liberty Mutual.
University of South Florida Alumni Association, Inc.
Current Month Totals
Summary of Revenues and Expenses
September 30, 2014
Year to Date Totals (75%)
Confidential
For internal use only
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September 30, 2014 June 30, 2014 Variance $ Variance %
Operating activities
Change in net assets 72,087$ –$
Adjustments to reconcile change in net assets to net cash
provided by operating activities:
Changes in assets and liabilities:
Accounts receivable 13,731 27,991
Prepaid expenses 19,310 (15,833)
Due to University of South Florida 32,200 (2,765)
Due to University of South Florida Foundation, Inc. – (48,648)
Accounts payable and accrued expenses (58,355) 6,531
Deferred revenue (46,585) (8,691)
Net cash provided by operating activities 32,388 (41,415)
Change in cash and cash equivalents 32,388 (41,415)
Cash and cash equivalents, beginning of year 154,315 195,730
Cash and cash equivalents, end of year 186,703$ 154,315$ 32,388$ 21%
University of South Florida Alumni Association, Inc.
Operating Cash Flow
Confidential
For internal use only
[ Page 10 of 28 ]
2014 2013 $ %
Assets
Cash 2,641$ 2,641$ –$ 0 %
Restricted cash and cash equivalents 25,475,346 15,706,804 9,768,542 62 %
Due from related parties 36,093,282 49,467,907 (13,374,625) (27)%
Accounts receivable 727 789 (62) (8)%
Equity investment (207,632) (249,110) 41,478 17 %
Security pledged to counterparty 7,970,000 8,470,000 (500,000) (6)%
Deferred charges, net of accumulated amortization of
$2,191,500 and $2,109,759, respectively 1,268,239 1,344,953 (76,714) (6)%
Construction in progress – – - %
Capital assets, net of accumulated depreciation of
$49,508,196 and $40,114,573, respectively 316,654,374 325,524,383 (8,870,008) (3)%
Total assets 387,256,977$ 400,268,366$ (13,011,390)$ (3)%
Liabilities and net assets
Liabilities:
Accounts payable –$ 222,467$ (222,467)$ (100)%
Interest payable 3,369,471 3,390,051 (20,580) (1)%
Due to related parties 1,572,367 547,531 1,024,836 187 %
Interest rate swaps payable 19,229,580 22,261,344 (3,031,764) (14)%
Long-term debt 363,290,550 374,093,442 (10,802,892) (3)%
Total liabilities 387,461,968 400,514,835 (13,052,867) (3)%
Net assets (deficit):
Unrestricted net assets (deficit) (204,991) (246,469) 41,478 17 %
Total liabilities and net assets (deficit) 387,256,977$ 400,268,366$ (13,011,390)$ (3)%
Period Ending September 30, Variance
USF Financing Corporation and
USF Property Corporation
Consolidated Statements of Financial Position
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2014 2013 $ %
Revenues
Operating revenues:
University of South Florida housing system lease revenue 15,614,140$ 15,601,087$ 13,054$ 0 %
University of South Florida athletics system lease revenue 677,962 304,081 373,882 123 %
University of South Florida arena revenue 436,422 505,227 (68,805) (14)%
Medical Services Support Corporation lease revenue 1,230,773 1,382,644 (151,872) (11)%
Health Professions Conferencing Corporation lease revenue 487,296 488,779 (1,483) (0)%
Total operating revenues 18,446,593 18,281,818 164,775 1 %
Expenses
University of South Florida housing system operating expenses 4,824,544$ 5,347,658$ (523,114)$ (10)%
Management expense 135,013 133,001 2,012 2 %
Interest expense 3,820,370 3,605,168 215,202 6 %
Amortization of deferred charges 20,432 20,950 (519) (2)%
Amortization of deferred charges due to refunding of debt – 338,062 (338,062) (100)%
Depreciation expense 2,348,767 2,335,320 13,446 1 %
General and administrative expense 462,385 525,353 (62,968) (12)%
Total expenses 11,611,510 12,305,511 (694,001) (6)%
Other revenues (expenses)
Change in interest in equity investment -$ -$ -$ %
Change in fair value of interest rate swaps 2,361,060 2,742,067 (381,007) (14)%
Transfer to affiliates to offset the change in fair value
of interest rate swaps and other expenses (9,196,825) (8,719,273) (477,552) (5)%
Interest income 681 899 (218) (24)%
Total other expenses (6,835,083) (5,976,307) (858,777) (14)%
Change in unrestricted net assets – (0) 0 100 %
Unrestricted net assets, beginning of year (204,991) (246,469) 41,478 17 %
Unrestricted net assets (deficit), end of year (204,991)$ (246,469)$ 41,478$ 17 %
3 Months Ending September 30,
USF Financing Corporation and
USF Property Corporation
Consolidated Statements of Activities and Changes in Net Assets
Variance
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2014 2013 $ %
Operating activities
Change in net assets –$ –$ –$ %
Adjustments to reconcile change in net assets to net cash
provided by operating activities:
Amortization of deferred charges 20,432 20,950 (518) (2)%
Deferred charges written off - 338,062 (338,062) (100)%
Depreciation of capital assets 2,348,767 2,335,320 13,447 1 %
Net amortization of premiums and discounts on COPs (25,585) (25,585) 0 0 %
Change in fair value of interest rate swap (2,361,060) (2,742,067) 381,007 14 %
Change in interest in equity investment - - - %
Changes in operating assets and liabilities:
Due from related parties 10,932,752 (17,052,158) 27,984,910 164 %
Accounts receivable 74 (325) 399 123 %
Accounts payable (1,000) (327,094) 326,094 100 %
Interest payable (2,603,354) (2,617,256) 13,902 1 %
Due to related parties 1,251,985 245,590 1,006,395 410 %
Net cash provided by (used in) operating activities 9,563,011 (19,824,563) 29,387,574 148 %
Investing activities
Capital expenditures (225,442) (152,323) (73,119) (48)%
Purchases of investments (37,101,413) (23,542,731) (13,558,682) (58)%
Proceeds from sales or maturities of investments 37,478,843 31,692,192 5,786,651 18 %
Net cash provided by (used in) investing activities 151,989 7,997,138 (7,845,149) (98)%
Financing activities
Deferred charges on debt issuances - (187,575) 187,575 100 %
Proceeds from issuances of long-term debt - 82,505,000 (82,505,000) (100)%
Principal paid due to refunding of debt - (62,505,000) 62,505,000 100 %
Principal paid on debt (8,715,000) (7,815,000) (900,000) (12)%
Security pledged to counterparty (1,000,000) (170,000) (830,000) (488)%
Net cash provided by (used in) financing activities (9,715,000) 11,827,425 (21,542,425) (182)%
Change in cash and cash equivalents 0 – 0 %
Cash and cash equivalents, beginning of year 2,641 2,641 - 0 %
Cash and cash equivalents, end of year 2,641$ 2,641$ 0$ 0 %
USF Financing Corporation and
USF Property Corporation
Consolidated Statements of Cash Flows
3 Months Ending September 30, Variance
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(In thousands) SEP 30 SEP 302014 2013 $ %
ASSETS
Current AssetsCash and Cash Equivalents $8,870 $16,325 $(7,455) (46)%Investments 39,403 37,532 1,871 5 %Receivables 23,429 22,878 550 2 %Due from Primary Unit and Other Component Uni 4,323 3,634 689 19 %Inventories 154 158 (3) (2)%Other: Prepaid 1,737 1,408 329 23 %Total Current Assets $77,916 $81,935 $(4,019) (5)%
Noncurrent AssetsOther Noncurrent Assets
Other: Notes Receivable, Deposits 1,176 3,205 (2,029) (63)%Capital Assets
Depreciables (Buildings and other Fixed Assets) 25,944 24,702 1,242 5 % Less Accumulated Depreciation (24,413) (23,522) (891) (4)%Non-Depreciables (Construction in Process, Lan 1,702 871 831 95 %
Total Noncurrent Assets $4,410 $5,256 $(847) (16)%
Total Assets $82,325 $87,191 $(4,866) (6)%
LIABILITIES
Current LiabilitiesAccounts Payable $3,076 $3,268 $(192) (6)%Accrued Salaries and Benefits 1,528 4,812 (3,284) (68)%Due to Primary Unit and Other Component Units 5,333 6,792 (1,459) (21)%Deferred Revenue 1,310 730 579 79 %Other: 423 480 (56) (12)%Total Current Liabilities $11,671 $16,082 $(4,412) (27)%
Noncurrent LiabilitiesOther $54 $47 $6 14 %Total Noncurrent Liabilities $54 $47 $6 14 %
Total Liabilities $11,724 $16,130 $(4,405) (27)%
NET ASSETS $70,601 $71,061 $(461) (1)%
Total Liabilities & Net Assets $82,325 $87,191 $(4,866) (6)%
BALANCE SHEET
Variance
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
UNIVERSITY MEDICAL SERVICE ASSOCIATION
[ Page 14 of 28 ]
(In thousands)
2014 2013 2015 2014 2015ACTUAL ACTUAL $ % FORECAST ACTUAL $ % PLAN
REVENUES Net Patient Service $33,119 $31,143 $1,975 6 % $137,250 $130,083 $7,167 6 % $141,536Grants, Contracts & Awards 12,569 11,585 984 8 % 49,000 48,350 650 1 % 51,309UPL 1,485 1,176 309 26 % 5,250 6,096 (846) (14)% 4,962Meaningful Use 0 0 0 % 0 1,008 (1,008) (100)% 0Other Revenues 5,822 5,498 324 6 % 26,700 25,953 747 3 % 24,049Total Revenues $52,994 $49,401 $3,593 7 % $218,200 $211,490 $6,710 3 % $221,856
EXPENSESFaculty Support 25,308 23,380 $1,928 8 % 103,500 98,051 $5,449 6 % 105,131Housestaff Support 2,625 2,870 (245) (9)% 11,350 11,543 (193) (2)% 11,350Other Staff Support 6,559 6,375 183 3 % 26,250 24,446 1,804 7 % 26,510Contributions to MSSC 14,691 14,045 646 5 % 58,750 57,496 1,254 2 % 59,624Depreciation/Amortization 230 235 (5) (2)% 1,000 1,397 (397) (28)% 996Other Expenses 4,402 4,854 (452) (9)% 17,600 17,064 536 3 % 18,265Exit Costs on Behalf of MSSC 0 0 0 % 0 4,270 (4,270) (100)% 0Total Expenses $53,815 $51,759 $2,056 4 % $218,450 $214,267 $4,183 2 % $221,876
Operating Profit Before Non-Cash Changes $(820) $(2,357) $1,537 65 % $(250) $(2,778) $2,528 91 % $(20)
Unrealized Gain/Losses (329) 375 (705) (188)% 250 1,485 (1,235) (83)% 0Change in Fair Value of Swaps 0 0 0 % 0 0 0 % 0Total Non-Cash Changes $(329) $375 $(705) (188)% $250 $1,485 $(1,235) (83)% $0
NET OPERATING PROFIT $(1,150) $(1,982) $832 42 % $0 $(1,293) $1,293 100 % $(20)
Variance Variance
Fiscal Year Ended June 30,
INCOME STATEMENT
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
3 Months Ended Sep 30,
UNIVERSITY MEDICAL SERVICE ASSOCIATION
[ Page 15 of 28 ]
(In thousands)3 Mos Ended September 30,
2014 2015 2014 2015
ACTUAL FORECAST ACTUAL $ % PLAN
OPERATING ACTIVITIESNet Operating Profit $(1,150) $0 $(1,293) $1,293 100 % $(20)Changes in operating assets and liabilities (787) 3,200 (11,164) 14,364 129 % 3,960Adjustments for Non-Cash Activities:
Depreciation / Amortization 230 1,000 1,397 (397) (28)% 996Exit Costs on Behalf of MSSC 0 0 4,359Unrealized Gains 329 (250) (1,485) 1,235 83 % 0
Total Cash From Operating Activities $(1,377) $3,950 $(8,185) $12,135 148 % $4,936
INVESTING ACTIVITIES Capital Expenditures $(368) $(2,500) $(2,079) $(421) (20)% $(1,500)Purchases (Sales) of Investments 0 0 (1,049) 1,049 100 % 0
Total Cash From Investing Activities $(368) $(2,500) $(3,128) $628 20 % $(1,500)
FINANCING ACTIVITIES Proceeds of Long-Term Debt $0 $0 $0 $0 % $0Principal Paid on Debt 0 0 0 0 % 0
Total Cash From Financing Activities $0 $0 $0 $0 % $0
CHANGE IN CASH (1,745) 1,450 (11,313) 12,763 113 % 3,436
Cash, Beginning of Year 10,615 10,615 21,929 (11,313) (52)% 10,615Cash, End of Year $8,870 $12,065 $10,615 $1,450 14 % $14,051
Fiscal Year Ended June 30,
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
Variance
STATEMENT OF CASH FLOWS
UNIVERSITY MEDICAL SERVICE ASSOCIATION
[ Page 16 of 28 ]
USF MEDICAL SERVICES SUPPORT CORPORATION
(In thousands) September 30, September 30,2014 2013 $ %
ASSETS
Current AssetsCash and Cash Equivalents $1,950 1,562$ $389 25 %Receivables 0 222 (222) (100)%Due from Primary Unit and Other Component Units 5,125 6,410 (1,284) (20)%Inventories 1,154 1,042 112 11 %Other: Prepaid 1,035 987 47 5 %Total Current Assets $9,265 $10,223 $(958) (9)%
Noncurrent AssetsOther Noncurrent Assets $0 %
Other: Deposits 17 11 7 66 %Capital Assets 0 0
Depreciables (Buildings and other Fixed Assets) 81,391 80,092 1,299 2 % Less Accumulated Depreciation (21,649) (18,710) (2,939) (16)%Non-Depreciables (Construction in Process, Land, etc.) 46 3,379 (3,333) (99)%
Total Noncurrent Assets $59,806 $64,772 $(4,966) (8)%
Total Assets $69,070 $74,994 $(5,924) (8)%
LIABILITIES
Current LiabilitiesAccounts Payable $2,493 $3,406 $(914) (27)%Accrued Salaries and Benefits 4,433 4,834 (401) (8)%Due to Primary Unit and Other Component Units 2,124 7,519 (5,395) (72)%Deferred Revenue 111 0 111 %Other: 2,352 2,418 (66) (3)%Total Current Liabilities $11,511 $18,177 $(6,665) (37)%
Noncurrent LiabilitiesLong Term Debt 57,595 59,378 (1,783) (3)%Other $95 $43 $52 122 %Total Noncurrent Liabilities $57,690 $59,420 $(1,731) (3)%
Total Liabilities $69,201 $77,597 $(8,396) (11)%
NET ASSETS $(131) $(2,603) $2,472 95 %
Total Liabilities & Net Assets $69,070 $74,994 $(5,924) (8)%
BALANCE SHEET
Variance
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
[ Page 17 of 28 ]
(In thousands)
2014 2013 2015 2014 2015ACTUAL ACTUAL $ % FORECAST ACTUAL $ % PLAN
REVENUES Operating/payroll expenses funded by UMSA $15,934 $15,359 575 4 % $63,000 $62,765 235 0 % $59,503Other Revenues 0 4 (3) (89)% 0 5 (5) (100)% $3,449Total Revenues $15,934 $15,363 $571 4 % $63,000 $62,770 $230 0 % $62,951
EXPENSESFaculty support 17 30 (13) (43)% 70 152 (82) (54)% 69Housestaff support 12 13 (0) (3)% 50 50 0 1% 49Staff support 9,621 8,724 896 10% 37,800 36,664 1,136 3% 39,848Medical Materials/Supplies 2,314 2,334 (20) (1)% 9,750 10,100 (350) (3)% 8,833Interest Paid on Debt 634 645 (11) (2)% 2,500 2,624 (124) (5)% 2,501Depreciation/Amortization 752 861 (110) (13)% 3,008 3,132 (124) (4)% 3,000Other Expenses 2,627 2,805 (178) (6)% 9,800 9,476 324 3% 8,636
Total Expenses $15,977 $15,412 $565 4 % $62,978 $62,198 $780 1 % $62,936Operating Profit Before Non-Cash Changes $(43) $(49) $6 13 % $22 $572 $(550) (96)% $16
Unrealized Gains/Losses 0 0 0 % 0 0 0 % 0Gains/Losses on Transfer of Assets 0 0 0 % 0 0 0 % 0Change in Fair Value of Swaps 1,117 715 403 56% 1,100 1,491 (391) (26)% 0
Total Non-Cash Changes $1,117 $715 $403 56 % $1,100 $1,491 $(391) (26)% $0
NET OPERATING PROFIT $1,075 $666 $409 61 % $1,122 $2,062 $(940) (46)% $16
Variance Variance
Fiscal Year Ended June 30,
INCOME STATEMENT
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
3 Months Ended September 30,
USF MEDICAL SERVICES SUPPORT CORPORATION
[ Page 18 of 28 ]
(In thousands)3 Mos Ended September 30,
2014 2015 2014 2015ACTUAL FORECAST ACTUAL $ % PLAN
OPERATING ACTIVITIESNet Operating Profit $1,075 $1,122 $2,062 $(940) (46)% $16Changes in operating assets and liabilities (380) 250 (5,591) 5,841 104 % 200Adjustments for Non-Cash Activities:
Depreciation / Amortization 752 3,008 3,592 (584) (16)% 3,000Unrealized Gains 0 0 0 0 % 0
Total Cash From Operating Activities $1,446 $4,380 $63 $4,317 6,800 % $3,215
INVESTING ACTIVITIES Capital Expenditures $(66) $(1,000) $(3,843) $2,843 74 % $(1,500)Purchases (Sales) of Investments 0 0 0 0 % 0Total Cash From Investing Activities $(66) $(1,000) $(3,843) $2,843 74 % $(1,500)
FINANCING ACTIVITIES Proceeds of Long-Term Debt $0 $0 $4,253 $(4,253) (100)% $0Principal Paid on Debt (499) (1,760) (1,974) 214 11 % (1,824)Total Cash From Financing Activities $(499) $(1,760) $2,279 $(4,039) (177)% $(1,824)
CHANGE IN CASH 881 1,620 (1,501) 3,121 208 % (109)Cash, Beginning of Year 1,069 1,069 2,570 (1,501) (58)% 2,095Cash, End of Year $1,950 $2,689 $1,069 $1,620 151 % $1,986
STATEMENT OF CASH FLOWS
Variance
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
Fiscal Year Ended June 30,
USF MEDICAL SERVICES SUPPORT CORPORATION
[ Page 19 of 28 ]
USF Research Foundation, Inc.
(In thousands) September 30, September 30,
2014 2013 $ %
ASSETS
Current Assets
Cash and Cash Equivalents $2,962 $2,166 $796 37 %
Investments 29,574 27,365 2,209 8 %
Receivables 1,395 1,476 (81) (5)%
Other Current Assets 508 46 462 998 %
Total Current Assets $34,440 $31,053 $3,387 11 %
Noncurrent Assets
Other Receivables $210 $0 210 100 %
Capital Assets 58,927 57,524 1,403 2 %
Less: Accumulated Depreciation (17,830) (15,105) (2,724) (18)%
Non-Depreciable Items (CIP, Land, etc.) 8,779 9,016 (237) (3)%
Other: Developer Rights to Research Park 7,660 7,776 (116) (1)%
Deferred Outflow - Interest Rate Swap 2,559 3,889 (1,330) (34)%
Total Noncurrent Assets $60,305 $63,100 $(2,794) (4)%
Total Assets & Deferred Outflow $94,745 $94,152 $593 1 %
LIABILITIES
Current Liabilities
Accounts Payable $548 $579 $(32) (5)%
Due to Primary Units and Other Component Units 6,769 6,668 101 2 %
Unearned Revenue 1,123 1,198 (75) (6)%
Other Current Liabilities 811 705 106 15 %
Total Current Liabilities $9,250 $9,149 $101 1 %
Noncurrent Liabilities
Revenue Bonds Payable $34,035 $35,665 $(1,630) (5)%
Interest Rate Swap Liabilities 2,559 3,889 (1,330) (34)%
Total Noncurrent Liabilities $36,594 $39,554 $(2,960) (7)%
Total Liabilities $45,844 $48,703 $(2,859) (6)%
NET POSITION $48,901 $45,449 $3,452 7.6 %
Total Liabilities & Net Position $94,745 $94,152 $593 1 %
BALANCE SHEET
Variance
FY 2015 QUARTER 1 REPORT - September 30, 2014
[ Page 20 of 28 ]
(In thousands)
2014 2013 2014 2015
ACTUAL ACTUAL $ % ACTUAL PLAN
REVENUES Rental Revenue $1,869 $1,865 $5 0 % $7,755 $7,698Intellectual Property (IP) Revenue 211 228 (17) (7)% 2,431 2,700Less - IP Revenue (on behalf of USF) (56) (144) 88 61 % (1,030) (750)Incubator Program Revenue 406 389 16 4 % 1,521 1,594NMR License Revenue 77 104 (27) (26)% 390 244Economic Development Grant 37 240 (203) (85)% 262 128
Other Revenues 31 14 17 125 % 171 108
Total Revenues $2,574 $2,695 $(121) (5)% $11,500 $11,722
EXPENSESSalaries & Benefits $284 $226 $58 25 % $1,044 $1,150
Contractual Services 46 105 (60) (57)% 149 191
Program Expense -IP, Incubator & Univ Support 187 125 62 50 % 1,368 1,595
Operations - Utilities / Repairs / Maintenance 716 844 (128) (15)% 2,972 3,308
Other Operating Expenses 9 23 (13) (58)% 272 47
Interest Expense 465 527 (62) (12)% 1,887 1,811
Depreciation & Amortization 718 701 17 2 % 2,823 2,913
Total Expenses $2,425 $2,550 $(125) (5)% $10,517 $11,015
OPERATING INCOME BEFORE NON-OPERATING REVENUE $149 $145 $4 3 % $984 $707
Investment Income (Loss) (335) 1,009 (1,344) (133)% 3,373 1,902Contribution Revenue - - - 435 -
Total Non-Operating Revenue $(335) $1,009 $(1,344) (133)% $3,808 $1,902
NET INCOME (Increase in Net Position) $(186) $1,155 $(1,340) (116)% $4,792 $2,609
Fiscal Year Ended June 30,
INCOME STATEMENT
FY 2015 QUARTER 1 REPORT - September 30, 2014
USF Research Foundation, Inc.
3 Months Ended September 30,
Variance
[ Page 21 of 28 ]
USF Research Foundation, Inc.
(In thousands)
2014 2014 2015
ACTUAL ACTUAL PLAN
OPERATING ACTIVITIESNet Income $(186) $4,792 $2,609Adjustments to reconcile net income to netcash provided by operating activities:
Adjustments for Non-Cash Revenue/Expenses:Depreciation / Amortization Expense 718 2,823 2,913Non Cash Expenses 25 401 13 Non Cash Investment Loss (Gain) 335 (3,373) (1,902)Non Cash Revenue (77) (762) (244)
Change in Assets and Liabilities (net) 797 (1,088) -
Total Cash Provided From Operating Activities $1,613 $2,792 $3,390
INVESTING ACTIVITIESCapital Expenditures ($90) $(1,159) ($820)Net Sales (Purchases) of Investments - - - Transfer from Venture Investment Fund - 420 500 Seed Capital Funding - (420) (500)
Total Cash Used for Investing Activities ($90) $(739) ($820)
FINANCING ACTIVITIESPrincipal Paid on Debt ($830) $(1,580) ($1,630)
Total Cash Used for Financing Activities ($830) $(1,580) ($1,630)
CHANGE IN CASH $692 $473 $940
Cash, Beginning of Year 2,270 $1,797 2,270Cash, End of Period $2,962 $2,270 $3,210
STATEMENT OF CASH FLOWS
3 Mos Ended Sept 30,
FY 2015 QUARTER 1 REPORT - September 30, 2014
Fiscal Year Ended June 30,
[ Page 22 of 28 ]
2014 2013 $ %
Assets
Current Assets
Cash and Cash Equivalents 1,362,800 592,642 770,158 130 %
Investments 8,174 8,090 84 1 %
Accounts receivable 1,558,067 1,654,344 (96,277) (6)%
Accrued receivable, University of South Florida/DSO 668,689 636,073 32,616 5 %
Prepaid Expenses 408,379 512,411 (104,032) (20)%
Other Current Assets 15,481 33,783 (18,302) (54)%
Total Current Assets 4,021,590 3,437,343 584,247 17 %
Restricted Cash - -
Property and equipment, net 23,976,168 27,692,950 (3,716,782) (13)%
Other Assets 14,423 16,268 (1,845) (11)%
Total Assets 28,012,181 31,146,561 (3,134,380) (10)%
Liabilities and Net Assets
Current Liabilities
Current Portion of Obligation under capital leases 2,514,471 2,452,871 61,600 3 %
Due to USF - LOC 1,500,000 1,500,000 - 0 %
Accounts payable 1,464,373 1,185,010 279,363 24 %
Accrued expenses - other 196,327 308,219 (111,892) (36)%
Accrued expenses - University of South Florida/DSO's 1,772,341 1,676,048 96,293 6 %
Refunds due to sponsors - 61,402 (61,402) (100)%
Deferred revenue 1,725,101 1,162,125 562,976 48 %
Total Current Liabilities 9,172,613 8,345,675 826,938 10 %
LT Obligation under capital leases 18,935,292 20,886,199 (1,950,907) (9)%
Deferred rent abatement 6,202 8,959 (2,757) (31)%
Deposits Payable - Non Current 4,402 4,402 - 0 %
Total Liabilities 28,118,509 29,245,235 (1,126,726) (4)%
Net Assets:
Unrestricted:
Operating (3,697,013) (3,083,278) (613,735) 20 %
Net investment in property and equipment 2,526,405 4,353,880 (1,827,475) (42)%
(1,170,608) 1,270,602 (2,441,210) (192)%
Temporarily restricted 1,064,280 630,723 433,557 69 %
Total net assets (106,328) 1,901,325 (2,007,653) (106)%
Total Liabilities and Net Assets 28,012,181 31,146,560 (3,134,379) (10)%
Variance
September 30, 2014 and 2013
USF HEALTH PROFESSIONS CONFERENCING CORPORATION
Statements of Financial Position
[ Page 23 of 28 ]
2014 2013 $ %
Support & Revenue
Contracts & Grants - Non USF 2,824,140 1,247,116 1,577,023 126 %
Net change in Temp Restricted Net Assets (783,298) 712,356 (1,495,654) (210)%
Contracts & Grants - USF 880,275 1,445,941 (565,666) (39)%
Program Registration & Exhibits 623,066 924,139 (301,073) (33)%
Rental Revenue 43,379 25,219 18,160 72 %
Investment Income 236 47 189 401 %
Rebates & Commissions 37,005 17,316 19,689 114 %
Total Support & Revenue before non-cash changes 3,624,803 4,372,134 (747,331) (17)%
Expenditures
Salaries & Benefits 668,649 1,006,237 (337,588) (34)%
Program Services 1,929,293 1,862,920 66,374 4 %
Rent, Utilities & Equipment Leases 612,829 523,568 89,260 17 %
Interest Paid on Debt 212,919 222,003 (9,084) (4)%
Total Expenditures before non-cash changes 3,423,690 3,614,728 (191,038) (5)%
Earnings before Depreciation and other non-cash changes 201,112 757,406 (556,294) (73)%
Non-Cash Changes
In Kind Donations (170,082) (511,371) 341,289 (67)%
Other: In Kind Donation Utilization 170,082 511,371 (341,289) (67)%
Depreciation Expense 926,953 1,083,457 (156,504) (14)%
Net Support & Revenue over (under) Expenditures -
Unrestricted (725,841) (326,051) (399,790) 123 %
Beginning Net Assets - Unrestricted (444,767) 1,596,653 (2,041,420) (128)%
Ending Net Assets - Unrestricted (1,170,608) 1,270,602 (2,441,210) (192)%
Beginning Net Assets - Temp Restricted 280,982 1,343,079 (1,062,097) (79)%
Change in Net Assets - Temp Restricted 783,298 (712,356) 1,495,654 (210)%
Ending Net Assets - Temp Restricted 1,064,280 630,723 433,557 69 %
Change in Net Assets 57,457 (1,038,407) 1,095,865 (106)%
Net Assets, beginning of year (163,786) 2,939,731 (3,103,517) (106)%
Net Assets, end of period (106,328) 1,901,324 (2,007,652) (106)%
Variance
USF HEALTH PROFESSIONS CONFERENCING CORPORATION
Statements of Activities
September 30, 2014 and 2013
[ Page 24 of 28 ]
2014 2013 $ %
Cash flows from Operating Activities
Increase (decrease) in net assets 57,457 (387,780) 445,237 (115)%
Adjustments to reconcile increase (decrease) in net assets to net cash
provided by (used in) operating activities:
Depreciation 926,953 1,083,457 (156,504) (14)%
Donation of property and equipment (130,818) - (130,818) %
Decrease (increase) in accounts receivable 193,468 391,090 (197,622) (51)%
Decrease (increase) in prepaid expenses (33,132) (69,237) 36,105 (52)%
Increase (decrease) in accounts payable and accrued expenses (481,770) (1,049,789) 568,019 (54)%
Increase (decrease) in refunds due to sponsors (58,878) 129 (59,007) (45,742)%
Increase (decrease) in deferred revenue 377,279 456,692 (79,413) (17)%
Net cash provided by (used in) operating activities 850,559 424,562 425,997 100 %
Cash flows from investing activities:
Purchases of property and equipment (90,712) (56,151) (34,561) 62 %
Vanguard ST Bond Index Fund 6 (46) 52 (113)%
Net cash provided by (used in) investing activities (90,706) (56,197) (34,509) 61 %
Cash flows from financing activities:
Principal payments under short term debt obligations (3,000) (257,600) 254,600 (99)%
Principal payments under equipment purchase contract (244,145) (240,717) (3,428) 1 %
Principal payments under capital lease obligation (68,681) (74,443) 5,762 (8)%
Principal payments DFO (160,129) (150,823) (9,306) 6 %
-
Net cash provided by (used in) financing activities (475,956) (723,584) 247,628 (34)%
-
Net increase (decrease) in cash and cash equivalents 283,897 (355,219) 639,116 (180)%
Cash and cash equivalents at beginning of year 1,078,903 947,861 131,042 14 %
Cash and cash equivalents at end of period 1,362,800 592,642 770,158 130 %
Variance
USF HEALTH PROFESSIONS CONFERENCING CORPORATION
Statements of Cash Flow
September 30, 2014 and 2013
[ Page 25 of 28 ]
Sun Dome, Inc.
(numbers as shown) September 30, September 30,
2014 2013 $ %
ASSETS
Current Assets
Cash and Cash Equivalents $856,904 $1,899,195 $(1,042,291) (55)%
Accounts Receivable 94,069 308,520 (214,451) (70)%
Investments 0 0 0 %
Other 0 22,930 (22,930) (100)%
[Enter asset item here] 0 0 0 %
Total Current Assets $950,973 $2,230,645 $(1,279,672) (57)%
Noncurrent Assets
Restricted Cash and Cash Equivalents $0 $0 $0 %
Restricted Investments 0 0 0 %
Capital Assets 3,013,069 3,013,069 0 0 %
Less: Accumulated Depreciation (1,915,299) (1,738,235) (177,064) (10)%
Non-Depreciable Items (CIP, Land, etc.) 0 0 0 %
[Enter asset item here] 0 0 0 %
[Enter asset item here] 0 0 0 %
Total Noncurrent Assets $1,097,770 $1,274,834 $(177,064) (14)%
Total Assets $2,048,743 $3,505,479 $(1,456,736) (42)%
LIABILITIES
Current Liabilities
Accounts Payable $139,223 $145,831 $(6,608) (5)%
Due to Component Units 185,264 383,188 (197,924) (52)%
Deferred Revenue 321,226 167,501 153,725 92 %
Other 123,360 1,348,550 (1,225,190) (91)%
Total Current Liabilities $769,073 $2,045,070 $(1,275,997) (62)%
Noncurrent Liabilities
Long Term Debt $1,518,970 $1,518,970 $0 0 %
[Enter liability item here] 0 0 0 %
[Enter liability item here] 0 0 0 %
[Enter liability item here] 0 0 0 %
Total Noncurrent Liabilities $1,518,970 $1,518,970 $0 0 %
Total Liabilities $2,288,043 $3,564,040 $(1,275,997) (36)%
NET ASSETS $(239,300) $(58,561) $(180,739) (309)%
Total Liabilities & Net Assets $2,048,743 $3,505,479 $(1,456,736) (42)%
BALANCE SHEET
Variance
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
[ Page 26 of 28 ]
2015 2014 2014 2015
ACTUAL ACTUAL $ % ACTUAL $ % PLAN
REVENUES Event Fees $544,828 $723,838 $(179,010) (25)% $3,281,802 $(3,281,802) (100)% $4,445,000
Management Fees 40,000 0 40,000 % 409,884 (409,884) (100)% 400,000
Sponsorship & Commissions 21,383 5,942 15,441 260 % 173,056 (173,056) (100)% 150,000
Ticket Revenues 247,505 425,818 (178,313) (42)% 2,500,191 (2,500,191) (100)% 2,620,000
Parking Revenues 36,167 33,957 2,210 7 % 369,328 (369,328) (100)% 400,000
[Enter revenue item here] 0 0 0 % 0 0 % 0
Total Revenues $889,883 $1,189,555 $(299,672) (25)% $6,734,261 $(6,734,261) (100)% $8,015,000
EXPENSESSalaries & Wages $143,594 $140,893 $2,701 2 % $650,874 $(650,874) (100)% $680,000
Payroll Taxes & Benefits 48,634 43,998 4,636 11 % 182,676 (182,676) (100)% 170,000
Cost of Events 711,748 1,010,218 (298,470) (30)% 4,523,527 (4,523,527) (100)% 5,351,000
Repairs, Maintenance and Utilities 46,664 38,401 8,263 22 % 330,499 (330,499) (100)% 361,000
Operating & Administrative 40,321 38,821 1,500 4 % 400,368 (400,368) (100)% 302,000
Contracted Services 50,477 66,175 (15,698) (24)% 344,104 (344,104) (100)% 385,000
Depreciation/Amortization 0 59,158 (59,158) (100)% 236,631 (236,631) (100)% 238,000
[Enter expense item here] 0 0 0 % 0 0 % 0
Total Expenses $1,041,438 $1,397,664 $(356,226) (25)% $6,668,679 $(6,668,679) (100)% $7,487,000OPERATING PROFIT BEFORE NON-CASH CHANGES $(151,555) $(208,109) $56,554 27 % $65,582 $(65,582) (100)% $528,000
NON-OPERATING REVENUES/(EXPENSES)
Interest Expense (2,596) (2,611) 15 1 % (10,442) 1,741 17 % (10,000)
Net Transfers to USF - Arena Debt (2,712) 0 (2,712) % (300,233) (110,767) (37)% (411,000)
Total Non-Operating Revenues/(Expenses) $(5,308) $(2,611) $(2,697) (103)% $(310,675) $(109,026) (35)% $(421,000)
NET OPERATING PROFIT $(156,863) $(210,720) $53,857 26 % $(245,093) $(174,608) (71)% $107,000
Fiscal Year Ended June 30,
INCOME STATEMENT
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
Sun Dome, Inc.
3 Months Ended September 30,Variance Variance
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Sun Dome, Inc.
(In thousands)
2015 2014 2015
ACTUAL ACTUAL $ % PLAN
OPERATING ACTIVITIESNet Operating Profit $(156,863) $(245,093) $(174,608) (71)% $107,000Adjustments for Non-Cash Activities:
Depreciation / Amortization 0 236,631 (236,631) (100)% 238,000Net cash used in operating activities 0 (423,061) 423,061 100 % 0[Enter operating item here] 0 0 % 0[Enter operating item here] 0 0 0 % 0
Total Cash From Operating Activities $(156,863) $(431,523) $11,822 3 % $345,000
INVESTING ACTIVITIES Capital Expenditures $0 $0 $0 % $0Purchases (Sales) of Investments 0 0 0 % 0[Enter investing item here] 0 0 0 % 0[Enter investing item here] 0 0 0 % 0[Enter investing item here] 0 0 0 % 0
Total Cash From Investing Activities $0 $0 $0 % $0
FINANCING ACTIVITIES Proceeds of Long-Term Debt $0 $0 $0 % $0Principal Paid on Debt 0 0 0 % (150,000)Interest Paid 0 (10,442) 10,442 100 % 0Net transfers to USF for debt service on arena 0 (300,233) 300,233 100 % 0[Enter financing item here] 0 0 0 % 0
Total Cash From Financing Activities $0 $(310,675) $310,675 100 % $(150,000)
CHANGE IN CASH (156,863) (742,198) 322,497 43 % 195,000
Cash, Beginning of Year 738,327 1,480,525 (742,198) (50)% 1,579,000Cash, End of Year $581,464 $738,327 $(419,701) (57)% $1,774,000
STATEMENT OF CASH FLOWS
3 Mos Ended Sep. 30,
Variance
FY 2015 QUARTER 1 REPORT - SEPTEMBER 30, 2014
Fiscal Year Ended June 30,
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