LIFE UNIVERSITY, INC. CERTIFICATE OF COMPLIANCE OF BUDGET WITH COVENANT RATIOS
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1 OFFICE OF EXECUTIVE VICE PRESIDENT FOR FINANCE LIFE UNIVERSITY, INC. CERTIFICATE OF COMPLIANCE OF BUDGET WITH COVENANT RATIOS I, William D. Jarr, hereby certify that I am the duly appointed and the Executive Vice President for Finance of Life University, Inc. (the "University"), and further certify on behalf of the University, that I am familiar with the terms of the Loan Agreement dated as of August 1, 2008, as amended June 1, 2010 and December 1, 2012 (the "Loan Agreement") between the University and the Development Authority of the City of Marietta and to the best of my knowledge the Board approved University budget for the fiscal years ended June 30, 2018 and 2019 are in compliance with the Debt Service Coverage Ratio requirements of Section 8.09(a) and the Days' Cash on Hand and Long-Term Indebtedness Ratio requirements of Section 8.09(b) of the Loan Agreement based on the rates, fees and charges to be instituted and the operating expenses projected for the fiscal years then ended. IN WITNESS WHEREOF, the undersigned has hereunto set his hand as Executive Vice President of Finance of the University this 15th day of May, LIFE UNIVER ~ By: 1269 Barclay Circle * Marietta, GA * (770) *
2 Statements of Operations: Cash Flow 2018 Budget By Academic and Non-Academic Area 4/25/2017 6:46 Summer Fall Winter Spring 17/18 First 17 /18 Second 17/18 Third 17/18 Fourth Fiscal Year DRAFT Qtr Budget Qtr Budget Qtr Budget Qtr Budget 2018 Budget FY 2017 Variance Enrollment: D.C. Summer Fall Winter Spring Undergrad 1,556 1,655 1,652 1,594 Masters Revenue College of Chiropractic $12,351,687 $13,137,560 $13,113,745 $ 12,653,335 $ 51,256,327 $54,035,035 (2,778,708) Undergraduate 1,615,489 2,408,951 2,309,339 2,165,073 8,498,851 7,654, ,276 Masters Program 439, , , ,019 2,144,498 1,658, ,832 Institutional Scholarships and Disc1 (787,193) (787,193) (787,193) (787,191) (3,148,770) (3,148,770) 0 Other: Grants, Federal Work Stud'J 378, , , ,792 1,515,172 1,615,172 (100,000) Gifts, Donations 150, , , , , ,000 (250,000) Interest and Dividends 62,500 62,500 62,500 62, , , ,000 Clinic Receipts 203, , , , , ,109 a Auxiliary/Departmental Revenue 1,098,559 1,098,559 1,396,270 1,396,270 4,989,658 2,841,527 2,148,131 Total Revenue $15,513,198 $17,223,680 $17,383,392 $ 16,800,575 $ 66,920,845 $66,471, ,530 Net Operating Expenses Instructional and Research $ 5,357,085 $ 5,459,312 $ 6,189,119 $ 6,131,138 $ 23, 136,654 $23,405,528 (268,874) Public Service 156, , , , , ,276 (158,078) Academic Support 842, ,931 1,074, ,443 3,654,495 3,872,375 (217,880) Student Services 2,252,742 2,265,117 2,511,618 2,504,565 9,534,042 9,369, ,823 Institutional Support 3,105,832 3,201,329 3,137,769 2,889,602 12,334,532 13,299,892 (965,360) Operations and Maintenance of Pl, 1,119,455 1,144,557 1,225,234 1,217,189 4,706,435 4,802,795 (96,360) Scholarships 82,704 82,704 82,704 82, , ,817 (0) Auxiliary 1,280,051 1,346,533 1,380,965 1,381,514 5,389,063 3,271,371 2,117,692 Debt Service Interest 1,156,653 1,156,212 1,155,766 1,155,316 4,623,947 4,657,945 {33,998l Total Net Operating Expense $15,353,678 $15,633,278 $16,941,358 $ 16,458,868 $64,387,183 $63,845, ,964 Net Operating Cash Flow $ 159,520 $ 1,590,402 $ 442,034 $ 341,707 $ 2,533,663 $ 2,626,096 (92,434) Depreciation 1,050,000 1,050,000 1,050,000 1,050,000 4,200,000 5,300,000 {1,100,000} Change in Net Assets $ (890,480) $ 540,402 $ (607,966) $ (708,293) $ (1,666,338) $ (2,673,904) 1,007,566 Capital Equip/Improvement $ 1,072,500 $ 322,500 $ 322,500 $ 322,500 $ 2,040,000 $ 2,040,000 0 Debt Service/Lease $ 305,709 $ 305,994 $ 306,342 $ 306,572 $ 1,224,617 $ 1,368,857 (144,240) Commons Write Off 307, , , ,433 1,229,730 1,229,730
3 Life University, Inc. Budget Assumptions 1. College of Chiropractic tuition will remain at three point five percent (3. 5%). Undergrad and Masters was adjusted to five percent (5%) an increase of one point five percent (1. 5%) from FY 2017 commencing July Enrollment levels are budgeted as follows: Summer Fall Winter Spring DC UG Masters New Students: DC UG Masters Institutional Scholarships and Discounts budgeted at $3.lM, a five point one percent (5.1%) of tuition 3. Gifts and Donations budgeted to generate $650,000 which represents a $250,000 decrease from prior year 4. Clinic Receipts - Neuro Life Institute - $377,615 C-HOP - $437, Auxiliary-The major components of auxiliary and departmental revenue are budgeted as follows: a. Life Village Retreat - $2.8M (a net 12.1 % increase) b. Vital Life Clinic - $1.4M c. Life Vision - $262,000 d. Life U Shop - $232,732 e. Post Grad - $197,000 f. Athletic Field Rental - $50, Budgeted total revenue $66.9M
4 University, Inc. Budget Assumptions A two percent (2.0%) compensation increase for faculty and staff has been budgeted to commence October Adjunct and overage rate adjustment based on a percent increase to market based rate to be achieved over a period not to exceed four years of approximately $260,000 per year. 3. Changes in payroll and operating expense by area Instructional: Operating Increase $64,627 Reallocation of Operating ($330,000) Public Service Payroll Reduction ($32,136) Operating Reduction ($408,285) Reallocation of Operating $281,183 Academic Support Payroll Increase $212,082 Operating Reduction ($37,300) Reallocation of Operating ($392,662) Student Services: Payroll Increase $373,163 Operating Reduction ($98,336) Reallocation of Operating ($110,005) Institutional Support Payroll Reduction ($273,251) Operating Reduction ($1,007,375) Reallocation of Operating $315,267 Operations and Maintenance of Plant Payroll Reduction ($117,860) Operating Increase $21,498 Auxiliary Payroll Increase $1,145,483 Operating Increase $972,209
5 Life University, Inc. Budget Assumptions FY Vital Life Clinic: Revenue Payroll Operating Net Loss $1,430,896 1,007, ,294 ($500,000) 5. Capital Expense budgeted at $2M 6. Contingency expense has been budgeted as follows: a. President b. Administrative Contingency c. Provost Contingency d. Academic Contingency $125,000 $200,000 $62,500 $50, Total operating expense budgeted at $64.4 M (Note: this does not include depreciation). Fifty-six point four percent (56.4%) of the total operating budget is related to Instructional and Research, Academic Support, and Student Services. Institutional Support comprises nineteen point two percent (19.2%) of expenses. 8. Debt service is budgeted at $5.8M which includes the bonds, 1450 Barclay Circle, and annual leases related to the Lupo Family turf field, and cafe com poster.
6 Statements of Operations: Cash Flow 2019 Budget By Academic and Non-Academic Area 4/25/2017 8:34 Summer Fall Winter Spring 18/19 First 18/19 Second 18/19 Third 18/19 Fourth Fiscal Year DRAFT Qtr Budget Qtr Budget Qtr Budget Qtr Budget 2019 Budget FY 2018 Variance Enrollment: D.C. Summer Fall Winter Spring Undergrad 1,554 1,657 1,649 1,591 Masters Revenue College of Chiropractic $12,691,805 $13,533,026 $13,467,688 $ 12,993,991 $52,686,510 $51,256,327 1,430,183 Undergraduate 1,837,554 3,163,285 3,113,526 2,971,356 11,085,721 8,498,851 2,586,870 Masters Program 583, , , ,541 2,891,117 2,144, ,619 Institutional Scholarships and Disci (875,000) (875,000) (875,000) (875,000) (3,500,000) (3,148,770) (351,230) Other: Grants, Federal Work Study 378, , , ,793 1,515,172 1,515,172 0 Gifts, Donations 150, , , , , ,000 0 Interest and Dividends 62,500 62,500 62,500 62, , ,000 0 Clinic Receipts 203, , , , , ,109 0 Auxiliary/Departmental Revenue 1,359,416 1,359,416 1,359,416 1,359,416 5,437,664 4,989, ,006 Total Revenue $16,392,628 $18,733,957 $18,616,333 $ 18,038,375 $71,781,293 $66,920,845 4,860,448 Net Operating Expenses Instructional and Research $ 5,514,929 $ 5,619,953 $ 6,364,153 $ 6,305,015 $23,804,050 $23,136, ,396 Public Service 158, , , , , ,198 11,869 Academic Support 874, ,562 1,112, ,985 3,793,363 3,654, ,868 Student Services 2,286,160 2,299,689 2,550,960 2,543,857 9,680,666 9,534, ,624 Institutional Support 3,249,193 3,345,316 3,284,482 3,029,969 12,908,960 12,334, ,428 Operations and Maintenance of Pie 1,140,604 1,166,167 1,248,451 1,240,245 4,795,467 4,706,435 89,032 Scholarships 84,358 84,358 84,358 84, , ,817 6,615 Auxiliary 1,304,286 1,372,961 1,407,995 1,408,555 5,493,797 5,389, ,734 Debt Service Interest 1 I 138,164 1,137,708 1,137,243 1,136,775 4,549,890 4,623,947 {74,057} Total Net Operating Expense $15,750,810 $16,040,185 $17,377,121 $ 16,884,576 $ 66,052,692 $64,387, 183 1,665,509 Net Operating Cash Flow $ 641,818 $ 2,693,772 $ 1,239,212 $ 1,153,799 $ 5,728,601 $ 2,533,663 3,194,939 Depreciation 1,250,000 1,250,000 1,250,000 1,250,000 5,000,000 4,200, ,000 Change in Net Assets $ (608,182) $ 1,443,772 $ (10,788) $ (96,201) $ 728,601 $ (1,666,338) 2,394,939 Capital Equip/Improvement $ 1,072,500 $ 322,500 $ 322,500 $ 322,500 $ 2,040,000 $ 2,040,000 0 Debt Service/Lease $ 331,337 $ 331,980 $ 332,619 $ 333,263 $ 1,329,199 $ 1,224, ,582 Note: The above schedule does not include increased revenues or costs associated with the new student housing or the expansion of Italy.
7 Life University, Inc. Budget Assumptions College of Chiropractic tuition was adjusted to three percent (3. 0%) a point jive percent (0.5%) decrease from FY Undergrad and Masters was adjusted to four percent (4.0%) a decrease of one percent (1.0%) from FY 2018 commencing July Enrollment levels are budgeted as follows: Summer Fall Winter Spring DC UG Masters New Students: DC UG Masters Institutional Scholarships and Discounts - budgeted at $3.SM, a five point two percent (5.2 % ) of tuition 3. Gifts and Donations budgeted to generate $600, Clinic Receipts Neuro Life Institute - $377,615 C-HOP - $437, Auxiliary The major components of auxiliary and departmental revenue are budgeted as follows: a. Life Village Retreat - $2.8M b. Vital Life Clinic - S1.9M c. Life Vision - $262,000 d. Life U Shop - $232,732 e. Post Grad - $197,000 f. Athletic Field Rental - $50, Budgeted total revenue $71.7M
8 Life University, Inc. Budget Assumptions I. A two percent (2.0%) compensation increase for faculty and staff has been budgeted to commence October Adjunct and overage rate adjustment based on a percent increase to market based rate to be achieved over a period not to exceed four years of approximately $260,000 per year. 3. A two percent (2.0%) increase for operating expenses was budgeted. 4. Capital Expense budgeted at $2M 5. Contingency expense has been budgeted as follows: a. President b. Administrative Contingency c. Provost Contingency d. Academic Contingency $250,000 $400,000 $125,000 $50, Total operating expense budgeted at $66M (Note: this does not include depreciation). Fifty-seven point five percent (57.5%) of the total operating budget is related to Instructional and Research, Academic Support, and Student Services. Institutional Support comprises nineteen point five percent (19.5%) of expenses. 7. Debt service is budgeted at $5.8M which includes the bonds, 1450 Barclay Circle, and annual leases related to the Lupo Family turf field, and cafe com poster.
9 6/30/2019 6/30/2018 Assets Cash and cash equivalents $ 9,678,564 $ 9,539,623 Pledges receivable, net 792, ,101 Other receivables 498, ,247 Other assets 845, ,468 Notes receivable, net 1,632,071 1,767,336 Investments 11,300,992 11,012,979 Deposits with trustee 7,410,629 7,344,124 Debt issuance costs, net 843, ,152 Property and equipment, net 73,311,819 76,271,819 Investments permanently restricted for endowment 1,544,111 1,882,124 Total Assets $ 107,857,195 $ 111,104,975 Liabilities and Net Assets Liabilities Accounts payable and accrued expenses $ 7,494,376 $ 9,981,026 Student predeposits and refunds 370, ,993 Deferred revenue 145, ,456 Deferred Compensation 50,000 Notes payable, net 63,398,377 64,803,682 Total Liabilities 71,408,778 75,385,157 Net Assets Unrestricted 30,536,699 29,703,290 Temporarily restricted 4,367,607 4,134,403 Permanently restricted 1,544, 111 1,882,124 Total Net Assets 36,448,417 35,719,817 Total Liabilities and Net Assets $ 107,857,195 $ 111,104,
10 June 30, June 30, Cash Flows From Operating Activities Change in net assets s 728,601 $ (1,666,338) Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization 4,992,396 4,192,075 Net realized and unrealized (gain) loss on investments 114, ,376 Provision for present value of pledges receivable (128,683) (128,683) Provision for uncollectible pledge receivable 84,435 84,435 Provision for uncollectible notes receivable 703, ,642 Gifts restricted for long-term investments 338,013 8,770 Decrease (increase) in operating assets: Pledges receivable 518, ,117 Other receivables (22,584) (90,016) Other assets 80, ,325 Increase (decrease) in operating liabilities: Accounts payable and accrued expenses (2,486,650) 7,548 Other liabilities (42,845) 7,229 Net cash provided by operating activities 4,879,314 3,982,480 Cash Flows From Investing Activities Purchase of property and equipment (2,040,000) (2,040,000) Purchase of investments (852,940) (658,815) Proceeds from sale of investments 450, ,257 Increase (decrease) in: Cash restricted to investment Deposits with trustee (66,505) (64,568) Notes receivable, net (568,376) (869,780) Net cash provided by (used in) investing activities (3,077,565) (3,182,907) Cash Flows From Financing Activities Gifts restricted for long-term investments (338,015) (8,772) Payments on long-term debt (1,324,793) (1,225,279) Proceeds from a note payable Net cash (used in) financing activities (1,662,808) (1,234,051) Net Increase in Cash 138,941 (434,479) Cash and Cash Equivalents, beginning of year 9,539,624 9,974,103 Cash and Cash Equivalents, end of year s 9,678,565 $ 9,539,624 Supplemental Cash Flow Disclosures Cash paid tor interest s 4,549,890 s 4,623,947 Non-Cash Investing Activities Assets acquired from capital lease obligation
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