FINANCIAL REPORT UNIVERSITY OF NORTH TEXAS DENTON, TEXAS. GRETCHEN M. BATAILLE, President

Transcription

1 FINANCIAL REPORT of the UNIVERSITY OF NORTH TEXAS DENTON, TEXAS GRETCHEN M. BATAILLE, President For the year ended August 31, 2006

2 TABLE OF CONTENTS Letter of Transmittal...1 Organizational Data...3 Statements Statement of Net Assets Statement of Revenues, Expenses and Changes in Net Assets Statement of Cash Flows Schedules 1A Notes to Schedule of Expenditures of Federal Awards B Schedule of State Grant Pass Throughs From/To State Agencies A Miscellaneous Bond Information B Changes in Bonded Indebtedness C Debt Service Requirements D Analysis of Funds Available for Debt Service E Defeased Bonds Outstanding F Early Extinguishment and Refunding Reconciliation of Cash in State Treasury...21

3 November 20, 2006 Dr. Gretchen M. Bataille President University of North Texas Denton, Texas Dear Dr. Bataille: We are pleased to submit the Annual Financial Report of the University of North Texas for the year ended August 31, 2006, in compliance with TEX. GOV T CODE ANN and in accordance with the requirements established by the Comptroller of Public Accounts. Due to the significant changes related to Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements and Management s Discussion and Analysis for State and Local Governments, the Comptroller of Public Accounts does not require the accompanying annual financial report to be in compliance with GAAP. The financial report will be considered for audit by the State Auditor as part of the audit of the State of Texas Comprehensive Annual Financial Report; therefore, an opinion has not been expressed on the financial statements and related information contained in this report. If you have any questions, please contact Ginny Anderson at (940) Liz Linder may be contacted at (940) for questions related to the Schedule of Expenditures of Federal Awards. Sincerely, Phillip C. Diebel Vice President for Finance & Business Affairs

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5 UNIVERSITY OF NORTH TEXAS ORGANIZATIONAL DATA August 31, 2006 BOARD OF REGENTS Marjorie Craft...(Term expires )...Desoto Burle Pettit...(Term expires )... Lubbock John Robert Bobby Ray...(Term expires )...Plano Rice Tilley...(Term expires )...Fort Worth Gayle Strange...(Term expires )...Denton Robert A. Nickell...(Term expires )...Dallas Charles Mitchell...(Term expires )...Mesquite C. Dan Smith...(Term expires )...Plano Al Silva...(Term expires )... San Antonio OFFICERS OF THE BOARD John Robert Bobby Ray...Chairman Gayle Strange... Vice Chairman Jana Dean...Secretary ADMINISTRATIVE OFFICERS Lee Jackson...Chancellor Phillip C. Diebel... Vice Chancellor for Finance Virginia E. Anderson... System Controller Page 3

6 UNIVERSITY OF NORTH TEXAS (752) Statement of Net Assets For the Year Ended August 31, 2006 Current Year Prior Year ASSETS Current Assets Cash and Cash Equivalents Cash on Hand $ 114, $ 81, Cash in Bank (9,704,360.82) (6,234,224.88) Reimbursement Due from Treasury 12,594, ,844, Cash in State Treasury 20,414, ,971, Cash Equivalents 90,709, ,354, Short Term Investments 281, ,298, Restricted: Cash and Cash Equivalents Cash on Hand 5, , Cash in Bank (60,812.43) (236,182.13) Cash in State Treasury - - Cash Equivalents 568, ,276, Short Term Investments - 2,189, Legislative Appropriations 32,668, ,509, Receivables from: Federal 10,172, ,883, Other Intergovernmental 299, , Interest and Dividends 1,774, ,023, Accounts Receivable 23,914, ,602, Gifts Receivable 462, , Other Receivables - - Due From Other Agencies 134, , Due From Other Components 5,743, ,002, Consumable Inventories 1,660, ,645, Merchandise Inventories 681, ,098, Loans and Contracts 6,578, ,076, Other Current Assets 13,007, ,208, Total Current Assets 212,021, ,443, Non-Current Assets Restricted: Cash and Cash Equivalents Cash in Bank - - Cash in State Treasury - - Cash Equivalents - - Investments 22,432, ,847, Loans and Contracts 1,724, ,603, Investments 125,183, ,660, Gift Receivables 3,313, ,679, Capital Assets: Non-Depreciable Land and Land Improvements 37,210, ,022, Construction in Progress 12,538, ,870, Library Books - 22,161, Other Capital Assets 23,033, , Depreciable Buildings and Building Improvements 387,210, ,062, Less Accumulated Depreciation (198,639,208.01) (191,290,480.47) Infrastructure 7,789, ,789, Less Accumulated Depreciation (7,443,004.47) (7,080,988.95) Facilities and Other Improvement 12,490, ,061, Less Accumulated Depreciation (6,844,047.44) (6,564,713.32) Furniture and Equipment 65,901, ,602, Less Accumulated Depreciation (44,338,009.01) (43,082,427.62) Page 4

7 Current Year Prior Year Vehicles, Boats and Aircraft 6,222, ,044, Less Accumulated Depreciation (3,592,838.79) (3,160,819.58) Other Capital Assets 56,329, ,639, Less Accumulated Depreciation (30,401,317.10) (28,108,792.18) Other Non-Current Assets 316, , Total Non-Current Assets 470,437, ,878, Total Assets 682,458, ,322, LIABILITIES Current Liabilities Payables From: Accounts Payable 6,361, ,633, Payroll Payable 28,114, ,723, Other Payables 1,884, , Due to Other Funds - - Due to Other Agencies ,354, (1) Due to Other Components 1,555, ,825, Deferred Revenues 101,026, ,580, Notes and Loans Payable - - Revenue Bonds Payable 6,635, ,550, Employees Compensable Leave 778, , Capital Lease Obligations - 13, Liabilities Paid from Restricted Assets - - Funds Held for Others 2,098, , Other Current Liabilities 2,592, ,660, Total Current Liabilities 151,047, ,147, Non-Current Liabilities Notes and Loans Payable - - (1) Contra-Due to Other Components-CP 7,554, ,316, Revenue Bonds Payable 150,380, ,685, Employee's Compensable Leave 6,448, ,015, Capital Lease Obligations - - Funds Held for Others 200, (836,366.82) Other Non-Current Liabilities - - Total Non-Current Liabilites 164,582, ,180, Total Liabilities 315,630, ,328, NET ASSETS Invested in Capital Assets, Net of Related Debt 152,898, ,289, Restricted for: Debt Retirement 267, ,901, Capital Projects 2,532, ,740, Employee Benefits - - Funds Held as Permanent Investments - Non-Expendable 13,567, ,292, Expendable 2,180, ,497, Other Restricted 20,416, ,158, Unrestricted 174,966, ,113, Total Net Assets 366,828, ,993, Total Liabilities and Net Assets $ 682,458, $ 636,322, (1) Commercial Paper was incorrectly reported as a current liability on the 2005 Statement of Net Assets; it is correctly reported as a non-current liability in 2006 and the prior year balance re-stated as non-current. Amounts reported as Due to Other Components on the 2005 Statement of Net Assets have also been re-stated in 2006 as a contra-liability to non-current notes and loans payable-cp. Page 5

8 UNIVERSITY OF NORTH TEXAS ADMINISTRATION (752) Combined Statement of Revenues, Expenses and Changes in Net Assets Current Year Prior Year OPERATING REVENUES Sales of Goods and Services: Tuition and Fees - Non-Pledged $ 64,121, $ 60,372, Tuition and Fees - Pledged 119,246, ,710, Discounts and Allowances (24,646,047.39) (19,164,002.82) Professional Fees - Non-Pledged - - Professional Fees - Pledged - - Discounts and Allowances - - Auxiliary Enterprises - Non-Pledged 1,289, ,393, Auxiliary Enterprises - Pledged 33,621, ,598, Discounts and Allowances (87,287.92) (102,147.29) Other Sales of Goods and Services - Non-Pledged 19,044, ,004, Other Sales of Goods and Services - Pledged - - Discounts and Allowances - - Federal Revenue - Operating 35,319, ,594, Federal Pass Through Revenue 2,098, ,341, State Grant Revenue 812, , State Grant Pass Through Revenue 9,891, ,898, Other Grants and Contracts - Operating 4,559, ,593, Other Operating Revenues 161, , Total Operating Revenues 265,431, ,662, OPERATING EXPENSES (1) Instruction 134,809, ,577, Research 11,659, ,653, Public Service 6,403, ,435, Academic Support 37,340, ,787, Student Services 42,140, ,531, Institutional Support 27,773, ,032, Operations and Maintenance of Plant 26,551, ,672, Scholarships and Fellowships 28,536, ,725, Auxiliary Enterprises 31,458, ,392, Depreciation 11,970, ,453, Total Operating Expenses 358,645, ,261, Operating Income (Loss) (93,213,576.77) (98,599,109.37) Page 6

9 Current Year Prior Year NONOPERATING REVENUES (EXPENSES) Legislative Appropriations (GR) 95,073, ,895, Additional Appropriations (GR) 22,743, ,668, State Grant Pass Through Revenue - - Gifts 9,255, ,198, Investment Income 9,104, ,474, Loan Premium/Fees on Securities Lending - - Investing Activities Expense - - Interest Expense and Fiscal Charges (8,712,264.24) (7,290,437.03) Borrower Rebates and Agent Fees - - Gain/(Loss) on Sale of Capital Assets (160,693.15) (309,487.40) Net Increase (Decrease) in Fair Value of Investments 1,086, , Settlement of Claims (576,529.62) (432,993.57) Other Nonoperating Revenues - Non-Pledged (486,309.91) 1,042, Other Nonoperating Revenues - Pledged - - Other Nonoperating Expenses 74, (8,713.13) Total Nonoperating Revenues /(Expenses) 127,402, ,736, Income/(Loss) before Other Revenues, Expenses, Gains, Losses and Transfers 34,188, ,137, OTHER REVENUES, EXPENSES, GAINS LOSSES AND TRANSFERS Capital Contributions 14, Capital Appropriations - HEAF (GR) 17,424, ,021, Additions to Permanent and Term Endowments 1,364, ,248, Special Items - - Extraordinary Items - - Interagency Transfers Cap Assets-Increase 609, Interagency Transfers Cap Assets-Decrease (216,203.96) (240,965.78) Transfers-In - 538, Transfers-Out (9,554,898.55) (6,105,687.79) Legislative Transfers-In 1,829, Legislative Transfers-Out (1,949,747.89) (433,812.12) Legislative Appropriation Lapses - (69,867.12) Plant Additions - - Capital Outlays - - Change in Bonds Payable - - Total Other Revenue, Expenses, Gain/Losses 9,522, ,957, and Transfers CHANGE IN NET ASSETS 43,710, ,095, Net Assets, Beginning 332,993, ,926, Restatements (9,875,962.50) (26,028,496.24) Net Assets, Beginning, as Restated 323,117, ,898, NET ASSETS, ENDING $ 366,828, $ 332,993, (1) See Note 1: Matrix of Operating Expenses Reported by Function on Page 8. Page 7

10 UNIVERSITY OF NORTH TEXAS (752) Note 1: Matrix of Operating Expenses Reported by Function Unaudited Public Academic Student Operating Expenses Instruction Research Service Support Services Cost of Goods Sold $ 5, $ - $ - $ 148, $ 9, Salaries and Wages 96,083, ,545, ,169, ,686, ,239, Payroll Related Costs 24,760, ,029, , ,109, ,777, Professional Fees & Svcs 893, , , , , Federal Pass-Thru Expense 54, , , State Grant Pass-Thru Exp Travel 1,144, , , ,674, ,912, Material and Supplies 6,294, ,308, , ,103, ,534, Communication & Utilities 645, , , , ,445, Repairs and Maintenance 507, , , , , Rentals and Leases 803, , , , , Printing and Reproduction 946, , , , , Depreciation Bad Debt Expense (4,206.03) , Interest Scholarships 1,098, , , , Claims and Losses Other Operating Expenses 1,574, , , ,810, ,408, Total Operating Expenses $ 134,809, $ 11,659, $ 6,403, $ 37,340, $ 42,140, Page 8

11 Operation and 2006 Institutional Maintenance of Scholarships Auxiliary Total Support Plant and Fellowships Enterprises Depreciation Expenditures $ 647, $ 252, $ - $ (2,462.19) $ - $ 1,061, ,287, ,828, , ,019, ,117, ,044, ,187, , ,803, ,376, ,628, , , , ,677, , , , , , ,632, ,540, ,558, , ,423, ,518, (633,402.18) 9,110, ,217, ,229, ,008, ,985, , ,270, ,498, , , , , ,189, , , , , ,303, ,970, ,970, , , ,285, (961.82) (961.82) ,221, ,600, ,744, , (71,002.15) 1,171, ,957, $ 27,773, $ 26,551, $ 28,536, $ 31,458, $ 11,970, $ 358,645, Page 9

12 UNIVERSITY OF NORTH TEXAS (752) Statement of Cash Flows Current Year Prior Year CASH FLOWS FROM OPERATING ACTIVITIES Proceeds from Tuition and Fees $ 165,413, $ 159,864, Proceeds Received from Customers 18,934, ,559, Proceeds from Sponsored Projects 47,543, ,765, Proceeds from Loan Programs 7,003, ,176, Proceeds from Auxiliaries 34,173, ,001, Proceeds from Other Revenues 140, Payments to Suppliers for Goods and Services (106,493,270.07) (94,869,061.61) Payments to Employees for Salaries and Benefits (224,922,542.82) (212,981,955.66) Payments for Loans Provided (7,626,270.74) (10,687,276.13) Payments for Other Expenses (26,684,400.03) (28,423,710.38) Net Cash Provided by Operating Activities $ (92,518,665.16) $ (67,595,328.02) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Proceeds from State Appropriations $ 114,093, $ 116,795, Proceeds from Debt Issuance - - Proceeds from Legislative Transfers - - Proceeds from Gifts 7,428, ,518, Proceeds from Endowments 1,364, ,248, Proceeds of Transfers from Other Agencies - 438, Proceeds of Transfers from Other Components 1,829, Proceeds from Other Revenues 1,146, ,042, Proceeds from Contributed Capital - - Payments of Principal on Debt Issuance - - Payments of Interest (178,027.30) - Payments of Other Costs of Debt Issuance - - Payments for Transfers to Other Agencies (2,204,511.30) (2,177,983.94) Payments for Transfers to Other Components (14,612,590.56) (6,259,733.41) Payments for Other Uses (559,227.81) (6,784,417.43) Net Cash Provided by Noncapital Financing Activities $ 108,308, $ 116,821, CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from State Appropriations - HEAF $ 12,988, $ 15,362, Proceeds from Disposal of Capital Assets - - Proceeds from Debt Issuance 45,257, Proceeds from Capital Contributions - - Proceeds of Transfers from Other Components - Commercial Paper 3,982, ,316, Payments for Additions to Fixed Assets (31,748,520.63) (29,314,391.13) Payments of Principal on Debt Issuance (32,123,242.11) (5,672,276.91) Payments of Interest on Debt Issuance (8,044,551.07) (7,349,008.93) Payments of Other Costs of Debt Issuance (557,605.37) (7,460.92) Payments for Transfers to Other Components - Commercial Paper (8,736,000.00) - Payments for Transfers to Other Components - HEAF - - Payments for Disposal of Capital Assets - (309,487.40) Net Cash Provided From Capital & Related Financing Activites $ (18,981,797.42) $ (19,973,453.53) Page 10

13 Current Year Prior Year CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from Sale of Investments $ 213,098, $ 41,714, Proceeds from Interest and Investment Income 8,353, ,164, Proceeds from Principal Payments on Loans - - Payments to Acquire Investments (238,677,582.94) (53,091,118.94) Net Cash Provided by Investing Activities $ (17,225,584.90) $ (6,211,692.12) Net Increase/(Decrease) in Cash and Cash Equivalents $ (20,417,905.83) $ 23,040, Cash and Cash Equivalents --September 1, 2005 and ,059, ,018, Restatements to Beginning Cash and Cash Equivalents - - Cash and Cash Equivalents --August 31, 2006 and 2005 $ 114,641, $ 135,059, Displayed as: Unrestricted Cash and Cash Equivalents (Statement of Net Assets) $ 114,128, $ 131,017, Short-term Investments (Statement of Net Assets) - Restricted Cash and Cash Equivalents (Statement of Net Assets) 513, ,041, Restricted Short-term Investments (Statement of Net Assets) - - $ 114,641, $ 135,059, Reconciliation of Operating Income to Net Cash Provided by Operating Activities Operating Income /Loss(-) $ (93,213,576.77) $ (98,599,109.37) Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities - - Depreciation $ 11,970, $ 11,453, Bad Debt Expense 1,285, , Operating Income and Cash Flow Categories Classification Differences Changes in Assets and Liabilities: (Increase) Decrease in Receivables 1,695, ,947, (Increase) Decrease in Inventories 402, , (Increase) Decrease in Loans & Contracts (565,577.96) (2,053,331.00) (Increase) Decrease in Other Assets - - (Increase) Decrease in Prepaid Expenses (785,425.79) (3,186,580.81) Increase (Decrease) in Payables (15,754,774.65) (1,102,844.92) Increase (Decrease) in Due to Other Components - - Increase (Decrease) in Deferred Income 2,446, ,983, Increase (Decrease) in Other Liablities - - Total Adjustments $ 694, $ 31,003, Net Cash Provided by Operating Activities $ (92,518,665.16) $ (67,595,328.02) Non Cash Transactions Net Increase (Decrease) in FMV of Investments $ 1,086, $ 500, Amortization of Investment Premiums/(Discounts) $ (318,551.13) $ (298,743.08) Donation of non-cash investment $ - $ - The accompanying Notes to the Combined Financial Statements are an integral part of the financial statements. Page 11

14 UNIVERSITY OF NORTH TEXAS (752) Notes to Schedule 1A - Schedule of Expenditures of Federal Awards Note 1: Nonmonetary Assistance N/A Note 2: Reconciliation Below is a reconciliation of the total of federal pass-through and federal expenditures as reported on the Schedule of Federal Financial Assistance to the total of federal revenues and federal grant pass-through revenues as reported in the general-purpose financial statements. Generally, federal funds are not earned until expended; therefore, federal revenues equal federal expenditures for the reporting period. Federal Revenues - per Statement of Revenues, Expenses, and Changes in Net Assets Federal Grants and Contracts $ 35,319, Federal Pass-Through Grants from Other State Agencies/Universities 2,098, Total Federal Revenues per Statement of Revenues, Expenses, and Changes in Net Assets $ 37,417, New Loans Processed: Federal Family Education Loan Program $ 124,661, Federal Perkins Loan Program 401, Total Pass Through and Expenditures per Federal Schedule $ 162,480, Note 3a: Student Loans Processed & Administrative Costs Recovered Federal Grantor/ Processed & Ending Balance CFDA Number/ New Loans Admin Costs Admin Costs of Previous Program Name Processed Recovered Recovered Years' Loans Department of Education Federal Family Education Loans $ 124,661, $ - $ 124,661, $ Federal Perkins Loan Program 401, , , ,798, Federal Direct Student Loans Total Department of Education $ 125,063, $ 107, $ 125,063, $ 1,798, General ledger reporting, billing and receiving, and some aspects of collections of the Perkins Loan program are outsourced to Campus Partners. Promissory note generation, final collection efforts, forbearance and deferment decisions are performed by UNT Financial Aid. Note 3b: Federally Funded Loans Processed and Administrative Cost Recovered N/A Note 4: Depository Libraries for Government Publications The University of North Texas participates as a depository library in the Government Printing Office's Depository Libraries for Government Publications Program, CFDA # The university is the legal custodian of government publications, which remain the property of the federal government. The publications are not assigned a value by the Government Printing Office. Note 5: Unemployment Insurance Funds N/A (Agency 320 only) Note 6: Rebates from the Special Supplemental Food Program for Women, Infant and Children (WIC) N/A (Agency 537 only) Note 7: Deferred Federal Revenue The University of North Texas does not report any Federal Deferred Revenue. Page 12

15 UNIVERSITY OF NORTH TEXAS (752) Schedule 1B - Schedule of State Grant Pass-Throughs From/To State Agencies Pass-Through From: Department of State Health Services (Agency 537) Texas Teratogen Information Service $ 16, Texas Commission on Environmental Quality (Agency 582) Teaching Environmental Science 5, Texas Education Agency (Agency 701) Texas Academy of Math and Science 2,593, Texas Higher Education Coordinating Board (Agency 781) Texas Grant Program 6,665, Advanced Research Program 252, Teach for Texas Loan Repayment 150, Texas College Work Study Program 157, th Year Accounting Scholarship 10, Minority Health Research/Education 38, Total Pass-Throughs From Other Agencies $ 9,891, (Statement of Revenues, Expenses, and Changes in Net Assets) Pass-Through To: N/A Page 13

16 UNIVERSITY OF NORTH TEXAS (752) Schedule 2A - Miscellaneous Bond Information Scheduled Bonds Terms of Maturities First Issued Range of Variable First Last Call Description of Issue to Date Interest Rates Interest Rate Year Year Date Cons Univ Rev Bonds, Ser '94 $ 10,000, % % N/A /15/04 Cons Univ Rev Bonds, Ser '96 15,000, % % N/A /15/06 Rev Fin Sys Bonds, Ser '97 4,380, % % N/A /15/03 Rev Fin Sys Bonds, Ser '99 23,040, % % N/A /15/09 Rev Fin Sys Bonds, Ser '01 33,860, % % N/A /15/12 Rev Fin Sys Bonds, Ser '02 36,340, % % N/A /15/12 Rev Fin Sys Bonds, Ser '02A 9,500, % % N/A /15/12 Rev Fin Sys Bonds, Ser '03 31,180, % % N/A /15/13 Rev Fin Sys Bonds, Ser '03A 3,270, % % N/A /15/13 Rev Fin Sys Bonds, Ser '03B 4,980, % % N/A /15/13 Rev Fin Sys Bonds, Ser '05 42,890, % % N/A /15/15 Total $ 214,440, Page 14

17 UNIVERSITY OF NORTH TEXAS (752) Schedule 2B - Changes in Bonded Indebtedness Description of Issue Bonds Bonds Bonds Bonds Amounts Outstanding Bonds Matured Refunded or Outstanding Due Within 09/01/05 Issued or Retired Extinguished 08/31/06 One Year Cons Univ Rev Bonds, Ser '94 $ 5,910, $ - $ 525, $ 3,090, $ 2,295, $ - Cons Univ Rev Bonds, Ser '96 9,005, , ,300, Rev Fin Sys Bonds, Ser '97 1,040, ,040, Rev Fin Sys Bonds, Ser '99 17,655, , ,825, ,940, , Rev Fin Sys Bonds, Ser '01 32,735, , ,160, , Rev Fin Sys Bonds, Ser '02 32,050, ,360, ,690, ,400, Rev Fin Sys Bonds, Ser '02A 9,010, , ,645, , Rev Fin Sys Bonds, Ser '03 30,610, , ,025, , Rev Fin Sys Bonds, Ser '03A 3,270, ,270, Rev Fin Sys Bonds, Ser '03B 4,950, , ,915, , Rev Fin Sys Bonds, Ser '05-42,890, , ,075, ,545, Total $ 146,235, $ 42,890, $ 5,855, $ 26,255, $ 157,015, $ 6,635, * Footnotes: * Bond premiums, discounts and issuance costs were not individually greater than 10% of the par value of the bond issue; therefore, they are not capitalized and amortized over the life of the bonds. They were expensed at the time of the bond issue. Bonds Payable per Statement of Net Assets $ 157,015, Page 15

18 UNIVERSITY OF NORTH TEXAS (752) Schedule 2C - Debt Service Requirements Description of Issue Year Principal Interest Revenue Bonds Cons Univ Rev Bonds, Ser ' $ - $ 91, , , , , ,295, , ,295, , Rev Fin Sys Bonds, Ser ' , , , , ,030, , ,940, , Rev Fin Sys Bonds, Ser ' , ,665, , ,635, ,030, ,589, ,155, ,538, ,280, ,480, ,240, ,262, ,850, ,733, ,945, , ,160, ,713, Rev Fin Sys Bonds, Ser ' ,400, ,378, ,445, ,336, ,490, ,287, ,545, ,235, ,605, ,179, ,065, ,839, ,490, ,412, ,650, , ,690, ,803, Rev Fin Sys Bonds, Ser '02A , , , , , , , , , , ,580, ,319, ,235, , , , ,645, ,820, Page 16

19 Description of Issue Year Principal Interest Revenue Bonds Rev Fin Sys Bonds, Ser ' , ,354, , ,336, , ,317, , ,298, , ,275, ,800, ,987, ,620, ,165, ,750, ,035, ,320, ,466, ,330, , ,025, ,776, Rev Fin Sys Bonds, Ser '03A , , , , , ,050, , ,220, , ,270, ,806, Rev Fin Sys Bonds, Ser '03B , , , , , , , , , , , ,364, , ,192, ,010, , ,360, , ,035, , ,915, ,658, Rev Fin Sys Bonds, Ser ' ,545, ,961, ,010, ,878, ,085, ,813, ,240, ,740, ,390, ,594, ,570, ,621, ,420, ,377, ,815, , ,075, ,558, Less Accretion: - - Total: $ 157,015, $ 87,090, * * In accordance with the State Comptroller's reporting requirements, the interest amounts on this schedule represent interest expense per the bond amortization schedules rather than interest on a full accrual basis. Page 17

20 UNIVERSITY OF NORTH TEXAS (752) Schedule 2D - Analysis of Funds Available for Debt Service Unaudited Pledged and Other Sources and Related Expenditures for FY 2006 Total Operating Pledged Expenses/ and Other Expenditures & Debt Service Refunded or Description of Issue Sources Capital Outlay Principal Interest * Extinguished Cons Univ Rev Bonds, Ser '94 & '96 $ 103,837, $ 28,623, $ 12,620, $ 3,351, $ 14,347, Rev Fin Sys Bonds, Ser '97, '99, '01, '02, '02A, '03, '03A, '03B & '05 54,165, , ,490, ,673, ,852, Total $ 158,003, $ 28,636, $ 32,110, $ 15,025, $ 36,200, * In accordance with State Comptroller reporting requirements, the interest amounts on this schedule represent interest expense per the bond amortization schedules rather that interest on a full accrual basis. Page 18

21 UNIVERSITY OF NORTH TEXAS (752) Schedule 2E - Defeased Bonds Outstanding Unaudited Year Par Value Description of Issue Refunded Outstanding Cons Univ Rev Bonds, Ser ' $ 3,090, Cons Univ Rev Bonds, Ser ' ,300, Rev Fin Sys Bonds, Ser ' ,040, Rev Fin Sys Bonds, Ser ' ,825, $ 26,255, Page 19

22 UNIVERSITY OF NORTH TEXAS (752) Schedule 2F - Early Extinguishment and Refunding For Refunding Only Amount Refunding Cash Flow Economic Extinguished Issue Increase Gain/ Description of Issue Category or Refunded Par Value (Decrease) (Loss) Cons Univ Rev Bonds, Ser '94 Advanced Refunding $ 3,090, $ 2,965, $ (184,146.36) $ 63, Cons Univ Rev Bonds, Ser '96 Advanced Refunding 8,300, ,965, (494,839.45) 326, Rev Fin Sys Bonds, Ser '97 Advanced Refunding 1,040, , (61,809.61) 4, Rev Fin Sys Bonds, Ser '99 Advanced Refunding 13,825, ,160, (1,190,141.76) 1,013, Total $ 26,255, $ 31,085, $ (1,930,937.18) $ 1,407, Page 20

23 UNIVERSITY OF NORTH TEXAS (752) Schedule 3 - Reconciliation of Cash in State Treasury Current Cash in State Treasury Unrestricted Restricted Year Total Local Revenue Fund 0258 $ 20,414, $ - $ 20,414, Total Cash in State Treasury (Statement of Net Assets) $ 20,414, $ 533, $ 20,414, Page 21