California State University, Stanislaus Foundation Financial Statements (With Supplementary Information) and Independent Auditor s Report

Size: px
Start display at page:

Download "California State University, Stanislaus Foundation Financial Statements (With Supplementary Information) and Independent Auditor s Report"

Transcription

1 Financial Statements (With Supplementary Information) and Independent Auditor s Report June 30, 2017 and 2016

2 Index Page Independent Auditor s Report 2 Financial Statements Statements of Financial Position 4 Statements of Activities 5 Statements of Functional Expenses 7 Statements of Cash Flows 9 Notes to Financial Statements 10 Supplementary Information Schedule of Net Position 23 Schedule of Revenues, Expenses and Changes in Net Position 24 Other Information 25 1

3 Independent Auditor s Report The Board of Directors California State University, Stanislaus Foundation Report on the Financial Statements We have audited the accompanying financial statements of California State University, Stanislaus Foundation (a California State University Auxiliary Organization), which comprise the statement of financial position as of June 30, 2017, and the related statements of activities, functional expenses and cash flows for the year then ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the 2017 financial statements referred to above present fairly, in all material respects, the financial position of California State University, Stanislaus Foundation as of June 30, 2017, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. 2

4 Prior Period Financial Statements The financial statements of California State University, Stanislaus Foundation as of and for the year ended June 30, 2016 were audited by other auditors, whose report dated September 15, 2016 expressed an unmodified opinion on those statements. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the 2017 financial statements as a whole. The supplementary information included on pages 23 to 36 is presented for purposes of additional analysis and is not a required part of the 2017 financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2017 financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2017 financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the 2017 financial statements or to the 2017 financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the 2017 financial statements as a whole. Los Angeles, California September 14,

5 Statements of Financial Position June 30, 2017 and 2016 Assets Current assets Cash and cash equivalents $ 1,595,295 $ 1,731,326 Interest receivable 5,382 2,784 Due from related parties 500 7,661 Prepaid expenses 2,500 1,178 Current portion of pledges receivable, net 466, ,903 Total current assets 2,070,149 2,044,852 Restricted cash endowment, campus programs 272,655 1,049,303 Restricted investments endowment, campus programs 14,551,997 12,417,210 Restricted investments custodial accounts 53,078 43,679 Beneficial interest in charitable remainder trust 748,782 83,056 Pledges receivable, net 2,285,323 1,527,273 Total $ 19,981,984 $ 17,165,373 Liabilities and Net Assets Current liabilities Accounts payable and accrued liabilities $ 10,132 $ 18,605 Due to related parties 58,938 39,626 Total current liabilities 69,070 58,231 Commitments and contingencies Net assets Unrestricted Undesignated 538, ,120 Board designated 160, ,128 Total unrestricted 699, ,248 Temporarily restricted 9,699,805 8,164,563 Permanently restricted 9,514,035 8,501,331 Total net assets 19,912,914 17,107,142 Total $ 19,981,984 $ 17,165,373 See Notes to Financial Statements. 4

6 Statements of Activities Year Ended June 30, Temporarily Permanently Unrestricted restricted restricted Total Revenue and other support Contributions $ 161,506 $ 1,781,909 $ 949,369 $ 2,892,784 Event income and inkind support 286, ,909 Investment return, net 116,755 1,240,892 1,357,647 Other 340, ,413 Transfers in (out) 211,039 (274,374) 63,335 Net assets released from restriction 1,500,197 (1,500,197) Total revenue and other support 2,329,807 1,535,242 1,012,704 4,877,753 Expenses Program services Designated 50,481 50,481 Scholarships 925, ,856 Campus 336, ,292 Total program services 1,312,629 1,312,629 Supporting services General and administrative 565, ,250 Fundraising 194, ,102 Total expenses 2,071,981 2,071,981 Change in net assets 257,826 1,535,242 1,012,704 2,805,772 Net assets, beginning 441,248 8,164,563 8,501,331 17,107,142 Net assets, end $ 699,074 $ 9,699,805 $ 9,514,035 $ 19,912,914 See Notes to Financial Statements. 5

7 Statements of Activities Year Ended June 30, Temporarily Permanently Unrestricted restricted restricted Total Revenue and other support Contributions $ 92,004 $ 1,189,653 $ (39,651) $ 1,242,006 Event income and inkind support 243, ,517 Investment return, net 17,800 (612,033) (594,233) Other 386,350 (1,978) 384,372 Transfers in (out) (136,681) 136,681 Net assets released from restriction 1,231,792 (1,231,792) Total revenue and other support 1,591,265 (275,952) (39,651) 1,275,662 Expenses Program services Designated 18,115 18,115 Scholarships 698, ,556 Campus 375, ,100 Total program services 1,091,771 1,091,771 Supporting services General and administrative 609, ,746 Fundraising 140, ,078 Total expenses 1,841,595 1,841,595 Change in net assets (250,330) (275,952) (39,651) (565,933) Net assets, beginning 691,578 8,440,515 8,540,982 17,673,075 Net assets, end $ 441,248 $ 8,164,563 $ 8,501,331 $ 17,107,142 See Notes to Financial Statements. 6

8 Statements of Functional Expenses Year Ended June 30, 2017 Designated Program services Scholarships Campus programs Supporting services General and administrative Fundraising Total expenses Accounting and legal $ $ $ $ 389,051 $ $ 389,051 Advertising 13, ,150 Awards, gifts and donations 50,481 49, ,810 Bank and investment fees ,905 3,452 14,520 Campus reimbursements 2, , ,292 Contractual services 13,607 13,607 Dues and subscriptions 1,854 1,100 2,954 Hospitality 21, ,801 24,824 Inkind donations ,301 74,073 Insurance , ,874 Minor equipment 12,471 12,471 Postage and freight Printing 1,060 3,448 9,867 14,375 Professional development 3, ,865 Repairs and maintenance 24, ,995 33,264 Space rental 12, ,173 Software 11,875 11,875 Student assistance (scholarships) 925,856 78,221 1,004,077 Supplies and services 71, , ,177 Taxes and fees 3,438 7,639 11,077 Telephone Travel 28,849 1,580 30,429 Total $ 50,481 $ 925,856 $ 336,292 $ 565,250 $ 194,102 $ 2,071,981 See Notes to Financial Statements. 7

9 Statements of Functional Expenses Year Ended June 30, 2016 Designated Program services Scholarships Campus programs Supporting services General and administrative Fundraising Total expenses Accounting and legal $ $ $ $ 395,606 $ $ 395,606 Advertising 9, ,782 Awards, gifts and donations 18, , ,710 Bank and investment fees ,264 2,285 12,872 Campus reimbursements 170, ,275 Contractual services 6,000 2,218 8,218 Dues and subscriptions 568 1,100 1,668 Hospitality 21,097 5,016 26,113 Inkind donations 11,985 67,450 79,435 Insurance , ,400 Minor equipment 5,817 5,817 Miscellaneous 2, ,276 Postage and freight 1, ,399 Printing 1,149 5,956 2,926 10,031 Professional development 6, ,454 Repairs and maintenance ,012 Student assistance (scholarships) 698,556 87, ,682 Supplies and services 96, , ,742 Taxes and fees 91 1,444 6,546 8,081 Telephone Travel 8, ,750 Total $ 18,115 $ 698,556 $ 375,100 $ 609,746 $ 140,078 $ 1,841,595 See Notes to Financial Statements. 8

10 Statements of Cash Flows Years Ended June 30, 2017 and Cash flows from operating activities Change in net assets $ 2,805,772 $ (565,933) Adjustments to reconcile change in net assets to net cash provided by operating activities (Gains) losses on investments (1,132,267) 865,336 Change in discount of pledges receivable 79,409 (99,142) Changes in operating assets and liabilities Interest receivable (2,598) (1,550) Due from related parties 7,161 (3,911) Prepaid expenses (1,322) 235 Pledges receivable (1,002,028) 430,482 Beneficial interest in charitable remainder trust (665,726) 7,054 Accounts payable and accrued liabilities (8,473) 4,314 Due to related parties 19,312 (10,501) Net cash provided by operating activities 99, ,384 Cash flows from investing activities Purchases of investments (8,774,750) (3,468,111) Proceeds from sale of investments 7,762,831 3,190,198 Net cash used in investing activities (1,011,919) (277,913) Net increase (decrease) in cash and cash equivalents (912,679) 348,471 Cash and cash equivalents, beginning 2,780,629 2,432,158 Cash and cash equivalents, end $ 1,867,950 $ 2,780,629 Cash and cash equivalents consist of the following Cash and cash equivalents $ 1,595,295 $ 1,731,326 Restricted cash endowment, campus programs 272,655 1,049,303 $ 1,867,950 $ 2,780,629 See Notes to Financial Statements. 9

11 Notes to Financial Statements June 30, 2017 and 2016 Note 1 Organization and summary of significant accounting policies Business activity California State University, Stanislaus Foundation (the Foundation ), is a nonprofit 501(c)(3) California corporation, incorporated in the State of California on August 19, The Foundation was formed and operates as a nonprofit auxiliary organization of California State University, Stanislaus ( CSU Stanislaus or the University ), which is located in Turlock, California. CSU Stanislaus also operates a campus in Stockton, California. The Foundation conducts fundraising activities and endowments for the benefit of CSU Stanislaus. Basis of accounting The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Financial statement presentation The Foundation reports information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Unrestricted Net assets that represent expendable funds available for operations, which are not otherwise limited by donor restrictions. Temporarily restricted Net assets that consist of contributed funds subject to donorimposed restrictions contingent upon specific performance of a future event or a specific passage of time before the Foundation may spend the funds. Permanently restricted Net assets that are subject to irrevocable donor restrictions requiring that the assets be maintained in perpetuity usually for the purpose of generating investment income to fund current operations. Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits and all highly liquid investments with an initial maturity at date of purchase of three months or less. Pledges receivable Pledges that are expected to be collected within one year are recorded at their net realizable value. Pledges that are expected to be collected in future years are discounted to present value at a rate of 4.25% per annum. After pledges are originally recorded, an allowance for uncollectible pledges may be established based on specific circumstances. The allowance is based on experience and other circumstances. Receivables are considered impaired if full principal payments are not received in accordance with the contractual terms. It is the Foundation's policy to charge off uncollectible receivables when management determines the receivable will not be collected. Investments The Foundation carries investments in marketable securities with readily determinable fair values and all investments in debt securities at their fair values in the statements of financial position. The fair value is determined using quoted market prices. Alternative investments, for which quoted market prices are not readily available, are valued at fair value by the investment manager based on factors deemed relevant by the manager including, but not limited to, market conditions, purchase price, estimated liquidation value, restrictions on transfer and meaningful third party transactions in the private market. Because of the inherent uncertainty of valuations, the estimated 10

12 Notes to Financial Statements June 30, 2017 and 2016 fair values may differ significantly from the values that would have been used had a ready market for such investments existed or had such investments been liquidated, and those differences could be material. Unrealized gains and losses are included in the change in net assets in the statements of activities as investment return. Revenue recognition All contributions are considered available for the Foundation s general programs unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor are reported as temporarily or permanently restricted support and increase the respective class of net assets. Contributions received with temporary restrictions that are met in the same reporting period are reported as unrestricted support and increase unrestricted net assets. Investment income that is limited to specific uses by donor restrictions is reported as increases in unrestricted net assets if the restrictions are met in the same reporting period as the income is recognized. Contributed services The Foundation recognizes the fair value of contributed services received if such services require specialized skills that are provided by individuals possessing those skills that would typically be purchased if not contributed. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Fair value measurements The Foundation values its financial assets and liabilities based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in inactive markets; or modelderived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. The carrying value of cash and cash equivalents, receivables and payables approximates fair value as of June 30, 2017 and 2016, due to the relatively short maturities of these instruments. The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at June 30, 2017 and

13 Notes to Financial Statements June 30, 2017 and 2016 Mutual funds and equity securities: Valued at the closing price reported on the active market on which the individual securities are traded. Hedge funds: Valued at the partner s reported capital account balance, which approximates fair value. Charitable remainder trusts: The Foundation has been named in two trust documents as having a remainder interest. The trust payout amounts are estimated based upon life expectancy of the beneficiaries and discounted to the present value of future estimated payments. See Note 7 for present value and life expectancy assumptions related to the charitable remainder trusts. Functional allocation of expenses The costs of providing programs and other activities have been summarized on a functional basis in the statements of activities. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Income taxes The Foundation is a nonprofit organization that is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the Revenue Taxation Code of California. Accordingly, no provision for income taxes is included in the accompanying financial statements. The Foundation has no unrecognized tax benefits at June 30, 2017 and The Foundation s federal and state income tax returns prior to fiscal years 2014 and 2013, respectively, are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. If applicable, the Foundation recognizes interest and penalties associated with tax matters as part of income tax expense and includes accrued interest and penalties with accrued expenses in the statements of financial position. Reclassifications Certain reclassifications of 2016 amounts have been made to conform with the 2017 presentation. Subsequent events The Foundation has evaluated subsequent events through September 14, 2017, which is the date the financial statements were available to be issued. Note 2 Cash and cash equivalents The Foundation maintains its cash in bank deposit accounts that are insured by the Federal Deposit Insurance Corporation ( FDIC ) up to a limit of $250,000 per depositor. At June 30, 2017, the Foundation s deposits with financial institutions held uninsured cash of $0. In addition, the Foundation has deposited cash in the State Treasury s Local Agency Investment Fund ( LAIF ). Deposits in LAIF are carried at fair value as reported by LAIF and are not insured by the federal government nor the State of California. 12

14 Notes to Financial Statements June 30, 2017 and 2016 Cash and cash equivalents consist of the following: Deposits with financial institutions $ 159,360 $ 601,086 Investments in cash equivalents 224, ,750 Investments in LAIF 1,483,773 2,053,793 Total $ 1,867,950 $ 2,780,629 Investments in LAIF As of June 30, 2017 and 2016, there are investments in LAIF, which is a voluntary program created by statute as an alternative for California's local governments and special districts that allows the opportunity to participate in a major investment portfolio. I t i s under the administration of the California State Treasurer s Office and is used to fund the Organization s operating deficit. The amounts held in LAIF are considered liquid and, therefore, treated as a cash equivalent. Realized gains, losses and interest income are included in investment return in the statements of activities. The Foundation s investments in LAIF are measured and reported at fair value based on quoted prices for similar assets in an active market (Level 2). Restricted cash The Foundation holds monies representing permanently and temporarily restricted assets by donor stipulation for the purpose of an endowment fund and campus programs. The cash restriction amounts as of June 30, 2017 and 2016 for endowments are $272,655 and $1,049,303, respectively. Restricted cash is not maintained in separate accounts but is combined with unrestricted cash in the LAIF investment fund and cash equivalents in various investment accounts. Note 3 Investments Investment return consists of the following for the years ended June 30, 2017 and 2016: Realized gains (losses) $ 454,378 $ (588,611) Unrealized gains (losses) 677,889 (276,725) Capital gains distributed 34, ,854 Investment fees (82,887) (69,888) Dividends 251, ,206 Interest 22,247 8,931 Total $ 1,357,647 $ (594,233) 13

15 Notes to Financial Statements June 30, 2017 and 2016 Commitments and redemptions schedule for those investments valued based on net asset values are as follows: Fair value at Unfunded Redemption Redemption June 30, 2017 commitment frequency notice period PA Hedged Equity [a] $ 26,621 none quarterly 65 days Ironwood Hedged Funds [b] $ 907,585 none semiannually 95 days ACL Alternative Fund [c] $ 171,316 none daily daily Fair value at Unfunded Redemption Redemption June 30, 2016 commitment frequency notice period PA Hedged Equity [a] $ 985,585 none quarterly 65 days Ironwood Hedged Funds [b] $ 1,003,405 none semiannually 95 days ACL Alternative Fund [c] $ 184,489 none daily daily [a] PA Hedged Equities are invested in fund of funds. [b] Ironwood Hedged Funds are invested in fundamental equity long/short, risk and event arbitrage, distressed and stressed securities, convertible bond arbitrage, other arbitrage and private investments. [c] ACL Alternative Fund are invested for capital appreciation through various strategies. Note 4 Fair value measurements At June 30, 2017, investments consist of the following: 2017 Level 1 Level 2 Level 3 Total Mutual funds Large cap domestic $ 289,747 $ $ $ 289,747 Large cap international 2,737,815 2,737,815 Large cap emerging markets 801, ,199 Mid cap domestic 584, ,354 Fixed income domestic 4,406,776 4,406,776 Fixed income international 1,289,143 1,289,143 Equity securities Large cap domestic 2,764,290 2,764,290 Mid cap domestic 626, ,229 Alternative investments Hedge funds 1,105,522 1,105,522 Subtotal 13,499,553 1,105,522 14,605,075 Charitable remainder trust 748, ,782 Investment in LAIF 1,483,773 1,483,773 Total $ 13,499,553 $ 1,483,773 $ 1,854,304 $ 16,837,630 14

16 Notes to Financial Statements June 30, 2017 and 2016 At June 30, 2016, investments consist of the following: 2016 Level 1 Level 2 Level 3 Total Mutual funds Large cap domestic $ 861,582 $ $ $ 861,582 Large cap international 3,299,238 3,299,238 Large cap emerging markets 583, ,270 Mid cap domestic 1,871 1,871 Mid cap international 438, ,538 Small cap domestic 592, ,511 Small cap international 253, ,024 Fixed income domestic 2,478,103 2,478,103 Fixed income international 466, ,363 Equity securities Large cap domestic 655, ,918 Large cap international developed 67,039 67,039 Mid cap domestic 430, ,722 Mid cap international developed 31,422 31,422 Mid cap emerging markets 10,410 10,410 Small cap domestic 71,573 71,573 Small cap international developed 45,826 45,826 Alternative investments Hedge funds 2,173,479 2,173,479 Subtotal 10,287,410 2,173,479 12,460,889 Charitable remainder trust 83,056 83,056 Investment in LAIF 2,053,793 2,053,793 Total $ 10,287,410 $ 2,053,793 $ 2,256,535 $ 14,597,738 Changes in the fair value of Level 3 investments for the years ended June 30, 2017 and 2016 are as follows: Fair value, beginning $ 2,256,535 $ 2,488,342 Withdrawals (1,017,095) (89,000) Unrealized losses (50,862) (135,753) Change in value of charitable remainder trust 665,726 (7,054) Total $ 1,854,304 $ 2,256,535 15

17 Notes to Financial Statements June 30, 2017 and 2016 Note 5 Related party transactions The Foundation enters into transactions with related parties, including: California State University, Stanislaus ( CSU Stanislaus ) California State University, Stanislaus Auxiliary and Business Services ( ABS ) Associated Students Incorporated of California State University, Stanislaus ( ASI ) University Student Union of California State University, Stanislaus ( USU ) Transactions with related parties consist of the following for the year ended June 30, 2017: CSU Stanislaus ABS ASI USU Total Due from related parties $ 500 $ $ $ $ 500 Due to related parties (58,364) (285) (289) (58,938) Salaries of personnel 1,709 1,709 Administrative fees, other reimbursements 1,374, ,786 1,018 1,381,151 Gifts to other auxiliaries 51,089 51,089 Payments received for services, space, and programs (94,788) (8,000) (5,102) (107,890) Transactions with related parties consist of the following for the year ended June 30, 2016: CSU Stanislaus ABS ASI USU Total Due from related parties $ 7,661 $ $ $ $ 7,661 Due to related parties (39,192) (334) (100) (39,626) Salaries of personnel 6,182 6,182 Administrative fees, other reimbursements 914,254 2,126 10,803 1, ,165 Gifts to other auxiliaries 84,216 84,216 Payments received for services, space, and programs (17,801) (32,000) (11,447) (10,728) (71,976) Notes 6 Pledges receivable Pledges receivable consist of the following: Due in less than one year $ 507,691 $ 334,515 Due in one to five years 1,571, ,784 Due in more than five years 1,375,000 1,375,000 Gross pledges receivables 3,454,017 2,399,299 Less allowance for doubtful pledges (188,541) (135,851) Less discount on pledges receivable (513,681) (434,272) 2,751,795 1,829,176 Less current portion (466,472) (301,903) Pledges receivable, net $ 2,285,323 $ 1,527,273 16

18 Notes to Financial Statements June 30, 2017 and 2016 Note 7 Charitable remainder trust and irrevocable trust The Foundation has been named in a trust document as having both a charitable remainder trust and irrevocable trust. The charitable remainder trust is expected to be received within one year. Beneficial interest in charitable remainder trust consists of the following: Expected future payout $ 247,446 $ 132,975 Unamortized discount (49,919) Net present value $ 247,446 $ 83,056 The change in value has been recorded in temporarily restricted contributions in the statements of activities for the years ended June 30, 2017 and The irrevocable trust is expected to pay out at some time in the future, estimated to be approximately 24 years from June 30, The Foundation s interest in the irrevocable trust has been discounted to present value at a rate of 4.25% per annum as follows: Expected future payout $ 1,350,016 $ Unamortized discount (848,680) Net present value $ 501,336 $ The change in value has been recorded in temporarily restricted contributions in the statements of activities for the year ended June 30, Note 8 Board designated funds The Board of Directors has designated unrestricted net assets for the following purposes: Foundation reserve fund $ 160,128 $ 160,128 17

19 Notes to Financial Statements June 30, 2017 and 2016 Note 9 Restricted net assets Temporarily restricted net assets consist of the following: Time and performance restriction pledges receivable $ 1,623,007 $ 1,563,676 Scholarships 1,686,105 1,743,153 Campus programs 1,932,134 1,821,837 Designated fund 15,386 14,830 Beneficial interest in charitable remainder trust 247,446 83,056 Interest in irrevocable trust 501,336 Scholarships, programs and institutional support, endowment 3,694,391 2,874,677 Scholarships, programs and institutional support, endowment pledges receivable 63,334 Total $ 9,699,805 $ 8,164,563 Permanently restricted net assets consist of the following: Endowment pledges receivable $ 1,100,287 $ 202,164 Scholarships, programs and institutional support, endowment 8,413,748 8,299,167 Total $ 9,514,035 $ 8,501,331 Note 10 Endowment The Foundation holds one hundred and thirteen individual endowments consisting of donordesignated funds established for the purpose of supporting education programs and providing scholarships to students of the University. The endowments are managed in a unitized investment pool and investment earnings and related expenses are allocated based upon each individual endowment s unit market value. Net assets associated with the endowment funds are classified and reported based on the existence or absence of donorimposed restrictions. The Foundation holds three types of endowment funds: permanently restricted endowments, term endowments, and quasiendowments. Term endowments and quasiendowments are classified as temporarily restricted net assets until their donor or time restriction is met. These funds are classified as endowments as the donor restrictions limit the disbursement of the funds. The Board of Directors of the Foundation has interpreted the Uniform Prudent Management of Institutional Funds Act ( UPMIFA ) as requiring the preservation of the fair value of the original gift as of the gift date of the donorrestricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Foundation classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent

20 Notes to Financial Statements June 30, 2017 and 2016 endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donorrestricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Foundation in a manner that is consistent with the standard of prudence prescribed by UPMIFA. In accordance with UPMIFA, the Foundation considers the following factors in making a determination to appropriate or accumulate donorrestricted endowment funds: 1. The duration and preservation of the fund 2. The purposes of the Foundation and the donorrestricted endowment fund 3. General economic conditions 4. The possible effect of inflation and deflation 5. The expected total return from income and the appreciation of investments 6. Other resources of the Foundation 7. The investment policies of the Foundation The Finance and Investment Committee of the Board of Directors is charged with the responsibility of managing the investment of endowment assets for the Foundation. The objective in management of these funds is to achieve an average annual rate of return, over a period of ten years, of the Consumer Price Index plus 5% net of all investment management fees. The Finance and Investment Committee of the Board of Directors portfolio objective is capital preservation through diversification. Diversification is obtained through the use of multiple asset classes, as well as multiple investments within these asset classes. Asset classes that may be used include (but are not limited to) domestic and international corporate stocks and bonds, hedge funds, cash equivalents, and government issued debt securities. The investment strategy is implemented through the selection of external advisors and managers with the expertise and successful histories in the management of specific asset classes. The Foundation s investment policy includes an endowment spending rate of 35% of the endowments funds market value over a 16quarter moving average. This spending rate constitutes the Board of Directors annual appropriation for spending endowment earnings. The intent of this policy is to provide a stable cash flow to support operations while preserving the purchasing power of the endowment. From timetotime, the fair values of endowment assets may, due to unfavorable market fluctuations, fall below the level that donors required to be retained as a fund of perpetual duration. In accordance with generally accepted accounting principles, declines of this nature are reported as losses in unrestricted assets. As values recover, the increases are reported as unrestricted gains. Deficiencies of this nature, which were reported in unrestricted net assets, were $272,741 and $337,239 as of June 30, 2017 and 2016, respectively. These deficiencies resulted from unfavorable market fluctuations that occurred after the investment of permanently restricted contributions and continued appropriations for certain programs by the Foundation. 19

21 Notes to Financial Statements June 30, 2017 and 2016 At June 30, 2017, the endowment net assets composition by type of fund consisted of the following: Temporarily Permanently Unrestricted restricted restricted Total Permanently restricted donor endowment funds (272,741) 1,518,629 9,086,535 10,332,423 Term restricted donor endowment funds 487, ,109 Quasiendowment funds 602,378 1,688, ,500 2,718,531 Total $ 329,637 $ 3,694,391 $ 9,514,035 $ 13,538,063 At June 30, 2016, the endowment net assets composition by type of fund consisted of the following: Temporarily Permanently Unrestricted restricted restricted Total Permanently restricted donor endowment funds $ (337,239) $ 871,197 $ 8,121,331 $ 8,655,289 Term restricted donor endowment funds 476, ,765 Quasiendowment funds 536,302 1,590, ,000 2,506,353 Total $ 199,063 $ 2,938,013 $ 8,501,331 $ 11,638,407 The changes in endowment net assets for the year ended June 30, 2017, consisted of the following: Temporarily Permanently Unrestricted restricted restricted Total Endowment net assets, beginning $ 199,063 $ 2,938,013 $ 8,501,331 $ 11,638,407 Contributions, net 949, ,369 Investment income 66, , ,656 Unrealized gains 626, ,275 Management fees (194,512) (194,512) Allocation to Underwater endowment 64,498 (127,833) 63,335 Program and scholarship expenditures (188,774) (188,774) Transfers in 3,642 3,642 Endowment net assets, ending $ 329,637 $ 3,694,391 $ 9,514,035 $ 13,538,063 The changes in endowment net assets for the year ended June 30, 2016, consisted of the following: Temporarily Permanently Unrestricted restricted restricted Total Endowment net assets, beginning $ 391,531 $ 3,744,796 $ 8,540,982 $ 12,677,309 Contributions, net (39,651) (39,651) Investment loss (30,744) (7,335) (38,079) Unrealized losses (522,146) (522,146) Management fees (5,397) (172,552) (177,949) Program and scholarship expenditures (156,327) (105,247) (261,574) Transfers in Endowment net assets, ending $ 199,063 $ 2,938,013 $ 8,501,331 $ 11,638,407 20

22 Notes to Financial Statements June 30, 2017 and 2016 Note 11 Net asset transfers Certain donor agreements were revised authorizing additions and reductions to permanently restricted endowments, resulting in an increase and decrease in permanently restricted net assets of $949,369 and $(39,651) for the years ended June 30, 2017 and 2016, respectively. Note 12 Risks and uncertainties The Foundation invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect account balance and the amounts reported on the statements of financial position. 21

23 Supplementary Information

24 Schedule of Net Position June 30, 2017 (for inclusion in the California State University) Assets Current assets: Cash and cash equivalents $ 159,383 Shortterm investments 1,483,773 Accounts receivable, net 5,882 Capital leases receivable, current portion Notes receivable, current portion Pledges receivable, net 466,472 Prepaid expenses and other current assets 2,500 Total current assets 2,118,010 Noncurrent assets: Restricted cash and cash equivalents 224,794 Accounts receivable, net Capital leases receivable, net of current portion Notes receivable, net of current portion Student loans receivable, net Pledges receivable, net 2,285,323 Endowment investments 12,168,913 Other longterm investments 2,436,162 Capital assets, net Other assets 748,782 Total noncurrent assets 17,863,974 Total assets 19,981,984 Deferred outflows of resources: Unamortized loss on debt refunding(s) Net pension liability Others Total deferred outflows of resources Liabilities Current liabilities: Accounts payable 69,070 Accrued salaries and benefits Accrued compensated absences, current portion Unearned revenue Capital lease obligations, current portion Longterm debt, current portion Claims liability for losses and loss adjustment expenses, current portion Depository accounts Other current liabilities Total current liabilities 69,070 Noncurrent liabilities: Accrued compensated absences, net of current portion Unearned revenue Grants refundable Capital lease obligations, net of current portion Longterm debt, net of current portion Claims liability for losses and loss adjustment expenses, net of current portion Depository accounts Other postemployment benefits obligations Net pension liability Other liabilities Total noncurrent liabilities Total liabilities 69,070 Deferred inflows of resources: Service concession arrangements Net pension liability Unamortized gain on debt refunding(s) Nonexchange transactions Others Total deferred inflows of resources Net position: Net investment in capital assets Restricted for: Nonexpendable endowments 9,514,035 Expendable: Scholarships and fellowships 1,686,105 Research Loans Capital projects Debt service Others 8,013,700 Unrestricted 699,074 Total net position $ 19,912,914 See Independent Auditor s Report. 23

25 Schedule of Revenues, Expenses, and Changes in Net Position Year Ended June 30, 2017 (for inclusion in the California State University) Revenues: Operating revenues: Student tuition and fees, gross $ Scholarship allowances (enter as negative) Student tuition and fees (net of scholarship allowances of $ 0) Grants and contracts, noncapital: Federal State Local Nongovernmental Sales and services of educational activities Sales and services of auxiliary enterprises, gross Scholarship allowances aux ent (enter as negative) Sales and services of auxiliary enterprises (net of scholarship allowances of $ 0) Other operating revenues 627,322 Total operating revenues 627,322 Expenses: Operating expenses: Instruction 151,935 Research Public service Academic support 26,551 Student services 80,071 Institutional support 798,514 Operation and maintenance of plant 10,833 Student grants and scholarships 1,004,077 Auxiliary enterprise expenses Depreciation and amortization Total operating expenses 2,071,981 Operating income (loss) (1,444,659) Nonoperating revenues (expenses): State appropriations, noncapital Federal financial aid grants, noncapital State financial aid grants, noncapital Local financial aid grants, noncapital Nongovernmental and other financial aid grants, noncapital Other federal nonoperating grants, noncapital Gifts, noncapital 2,892,784 Investment income (loss), net 222,228 Endowment income (loss), net 1,135,419 Interest expense Other nonoperating revenues (expenses) excl. interagency transfers Other nonoperating revenues (expenses) interagency transfers Net nonoperating revenues (expenses) 4,250,431 Income (loss) before other revenues (expenses) 2,805,772 State appropriations, capital Grants and gifts, capital Additions (reductions) to permanent endowments Increase (decrease) in net position 2,805,772 Net position: Net position at beginning of year, as previously reported 17,107,142 Restatements Net position at beginning of year, as restated 17,107,142 Net position at end of year $ 19,912,914 See Independent Auditor s Report. 24

26 Other Information June 30, 2017 (for inclusion in the California State University) 1 Noncurrent restricted cash and cash equivalents at June 30, 2017: Portion of restricted cash and cash equivalents related to endowments $ 218,808 All other restricted cash and cash equivalents 5,986 Total restricted cash and cash equivalents $ 224, Composition of investments at June 30, 2017: Current Unrestricted Current Restricted Total Current Noncurrent Unrestricted Noncurrent Restricted Total Noncurrent Total State of California Surplus Money Investment Fund (SMIF) $ $ $ $ $ $ $ State of California Local Agency Investment Fund (LAIF) 1,435,912 47,861 1,483,773 1,483,773 Corporate bonds 371, , ,771 Wachovia Short Term Fund Wachovia Medium Term Fund Wachovia Equity Fund CSU Consolidated Investment Pool (includes SWIFT and 0948 SMIF) Common Fund Short Term Fund Common Fund Others Debt securities Fixed income securities (Treasury notes, GNMA's) Certificates of deposit Notes receivable Mutual funds 10,721,338 10,721,338 10,721,338 Money market funds 3,910 3,910 3,910 Repurchase agreements Commercial paper Asset backed securities Mortgage backed securities Municipal bonds US agency securities US treasury securities Equity securities 2,402,534 2,402,534 2,402,534 Exchange traded funds Alternative investments: Inverse floaters Interestonly strips Agency passthrough Private equity (including limited partnerships) Alternative investments Hedge funds 1,105,522 1,105,522 1,105,522 Managed futures Real estate investments (including REITs) Commodities Derivatives Other alternative investment types Other external investment pools: Other major investments: Total investments 1,435,912 47,861 1,483,773 14,605,075 14,605,075 16,088,848 Less endowment investments (enter as negative number) (12,168,913) (12,168,913) (12,168,913) Total investments, net of endowments $ 1,435,912 $ 47,861 $ 1,483,773 $ $ 2,436,162 $ 2,436,162 $ 3,919,935 See Independent Auditor s Report. 25

27 Other Information June 30, 2017 (for inclusion in the California State University) 2.2 Investments held by the University under contractual agreements at June 30, 2017 : Portion of investments in note 2.1 held by the University under contractual agreements: $ 2.3 Restricted current investments at June 30, 2017 related to: Endowment investment in LAIF $ 47,861 Total restricted current investments at June 30, 2017 $ 47, Restricted noncurrent investments at June 30, 2017 related to: Endowment Investments $ 12,168,913 Campus Program Investments 1,383,084 Scholarship Investments 1,000,000 Economic Department Investment Fund Student education 53,078 Total restricted noncurrent investments at June 30, 2017 $ 14,605,075 See Independent Auditor s Report. 26

28 Other Information June 30, 2017 (for inclusion in the California State University) 2.5 Fair value hierarchy in investments at June 30, 2017: Fair Value Measurements Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Net Asset Value (NAV) State of California Surplus Money Investment Fund (SMIF) $ $ $ $ $ State of California Local Agency Investment Fund (LAIF) 1,483,773 1,483,773 Corporate bonds 371, ,771 Wachovia Short Term Fund Wachovia Medium Term Fund Wachovia Equity Fund CSU Consolidated Investment Pool (includes SWIFT and 0948 SMIF) Common Fund Short Term Fund Common Fund Others Debt securities Fixed income securities (Treasury notes, GNMA's) Certificates of deposit Notes receivable Mutual funds 10,721,338 10,721,338 Money market funds 3,910 3,910 Repurchase agreements Commercial paper Asset backed securities Mortgage backed securities Municipal bonds US agency securities US treasury securities Equity securities 2,402,534 2,402,534 Exchange traded funds Alternative investments: Inverse floaters Interestonly strips Agency passthrough Private equity (including limited partnerships) Alternative investments Hedge funds 1,105,522 1,105,522 Managed futures Real estate investments (including REITs) Commodities Derivatives Other alternative investment types Other external investment pools: Other major investments: Total investments $ 16,088,848 $ 13,499,553 $ 1,483,773 $ 1,105,522 $ See Independent Auditor s Report. 27

29 Other Information June 30, 2017 (for inclusion in the California State University) 3.1 Composition of capital assets at June 30, 2017: Beginning Balance Prior Period Adjustments Reclassifications Beginning Balance Restated Additions Reductions Transfers Ending Balance Nondepreciable/Nonamortizable capital assets: Land and land improvements $ $ $ $ $ $ $ $ Works of art and historical treasures Construction work in progress (CWIP) Intangible assets: Intangible assets Rights and easements Patents, copyrights and trademarks Internally generated intangible assets in progress Licenses and permits Other intangible assets: Total intangible assets Total nondepreciable/nonamortizable capital assets Depreciable/Amortizable capital assets: Buildings and building improvements Improvements, other than buildings Infrastructure Leasehold improvements Personal property: Equipment Library books and materials Intangible assets: Intangible assets Software and websites Rights and easements Patents, copyrights and trademarks Licenses and permits Other intangible assets: Total intangible assets Total depreciable/amortizable capital assets Total capital assets See Independent Auditor s Report. 28

30 Other Information June 30, 2017 (for inclusion in the California State University) Less accumulated depreciation/amortization: (enter as negative number, except for reduction, enter as positive number) Buildings and building improvements Improvements, other than buildings Infrastructure Leasehold improvements Personal property: Equipment Library books and materials Intangible assets: Intangible assets Software and websites Rights and easements Patents, copyrights and trademarks Licenses and permits Other intangible assets: Total intangible assets Total accumulated depreciation/amortization Total capital assets, net $ $ $ $ $ $ $ $ 3.2 Detail of depreciation and amortization expense for the year ended June 30, 2017: Depreciation and amortization expense related to capital assets Amortization expense related to other assets Total depreciation and amortization $ $ 4 Longterm liabilities activity schedule Balance June 30, 2016 Prior Period Adjustments Reclassifications Balance June 30, 2016 (Restated) Additions Reductions Balance June 30, 2017 Current Portion Longterm Portion Accrued compensated absences $ $ $ $ $ $ $ $ $ Claims liability for losses and loss adjustment expenses Capital lease obligations: Gross balance Unamortized net premium / (discount) on capital lease obligations Total capital lease obligations Longterm debt: Auxiliary revenue bonds Other bonds (nonrevenue bonds) Commercial paper Notes payable related to SRB Other: (list by type) Total Unamortized net bond premium / (discount) Unamortized loss on refunding (DO NOT USE) Total longterm debt Total longterm liabilities $ $ $ $ $ $ $ $ $ See Independent Auditor s Report. 29

31 Other Information June 30, 2017 (for inclusion in the California State University) 5 Future minimum lease payments Capital lease obligations related to SRB All other capital lease obligations Total capital lease obligations Year Ending June 30: Principal SRB Interest SRB Principal and Interest SRB Principal Only Interest Only Principal and Interest Other Principal Interest Principal and Interest 2018 $ $ $ $ $ $ $ $ $ Total minimum lease payments $ $ $ $ $ $ $ $ $ Less: amounts representing interest Present value of future minimum lease payments Unamortized net premium / (discount) on capital lease obligation Total capital lease obligations Less: current portion Capital lease obligations, net of current portion $ 6 Longterm debt schedule Auxiliary revenue bonds All other longterm debt Total longterm debt Year ended June 30: Principal Only Interest Only Principal and Interest Principal Only Interest Only Principal and Interest Principal Only Interest Only Principal and Interest 2018 $ $ $ $ $ $ $ $ $ Total minimum debt payments $ $ $ $ $ $ $ $ $ Less: amounts representing interest Present value of future minimum payments Unamortized net bond premium / (discount) Total longterm debt Less: current portion Longterm debt, net of current portion $ See Independent Auditor s Report. 30

California State University, Stanislaus Auxiliary and Business Services

California State University, Stanislaus Auxiliary and Business Services Financial Statements (With Supplementary Information) and Independent Auditor s Report June 30, 2017 and 2016 Index Page Independent Auditor s Report 2 Financial Statements Statements of Financial Position

More information

California State University, Stanislaus Foundation

California State University, Stanislaus Foundation California State University, Stanislaus Foundation Financial Statements and Supplemental Information Year Ended June 30, 2018 CALIFORNIA STATE UNIVERSITY, STANISLAUS FOUNDATION Financial Statements and

More information

California State University, Northridge Foundation Financial Statements (With Supplementary Information) and Independent Auditor's Report

California State University, Northridge Foundation Financial Statements (With Supplementary Information) and Independent Auditor's Report Financial Statements (With Supplementary Information) and Independent Auditor's Report Index Page Independent Auditor's Report 2 Financial Statements Statement of Financial Position 4 Statement of Activities

More information

Financial Statements and Supplemental Information

Financial Statements and Supplemental Information California State University San Marcos Foundation Financial Statements and Supplemental Information Years Ended June 30, 2015 and 2014 CPAs AND BUSINESS CONSULTANTS Financial Statements and Supplemental

More information

California State University, Northridge Foundation Financial Statements (With Supplementary Information) and Independent Auditor's Report

California State University, Northridge Foundation Financial Statements (With Supplementary Information) and Independent Auditor's Report Financial Statements (With Supplementary Information) and Independent Auditor's Report Index Page Independent Auditor's Report 2 Financial Statements Statements of Financial Position 4 Statements of Activities

More information

Financial Statements and Supplemental Information

Financial Statements and Supplemental Information California State University, Bakersfield Foundation Financial Statements and Supplemental Information CPAs AND BUSINESS CONSULTANTS Financial Statements and Supplemental Information Table of Contents Page

More information

University Student Union California State University, Northridge

University Student Union California State University, Northridge Financial Statements (With Supplementary Information) and Independent Auditor's Report June 30, 2016 and 2015 Index Page Independent Auditor's Report 2 Financial Statements Statements of Financial Position

More information

Financial Statements and Supplemental Information

Financial Statements and Supplemental Information California State University San Marcos Foundation Financial Statements and Supplemental Information Years Ended June 30, 2016 and 2015 CPAs AND BUSINESS CONSULTANTS Financial Statements and Supplemental

More information

University Student Union California State University, Northridge

University Student Union California State University, Northridge Financial Statements (With Supplementary Information) and Independent Auditor's Report June 30, 2017 and 2016 Index Page Independent Auditor's Report 2 Financial Statements Statements of Financial Position

More information

University Student Union of California State University, Stanislaus. Financial Statements and Supplemental Information

University Student Union of California State University, Stanislaus. Financial Statements and Supplemental Information University Student Union of California State University, Stanislaus Financial Statements and Supplemental Information Years Ended June 30, 2013 and 2012 Financial Statements and Supplemental Information

More information

California State University San Marcos Foundation

California State University San Marcos Foundation California State University San Marcos Foundation Financial Statements and Supplemental Information Years Ended June 30, 2018 and 2017 Financial Statements and Supplemental Information Years Ended June

More information

Associated Students, California State University, Northridge, Inc.

Associated Students, California State University, Northridge, Inc. Associated Students, California State University, Northridge, Inc. Financial Statements (With Supplementary Information) and Independent Auditor's Report June 30, 2018 and 2017 Index Page Independent Auditor's

More information

Associated Students, California State University, Bakersfield, Inc. Financial Statements and Supplemental Information

Associated Students, California State University, Bakersfield, Inc. Financial Statements and Supplemental Information Associated Students, California State University, Bakersfield, Inc. Financial Statements and Supplemental Information Years Ended June 30, 2015 and 2014 Financial Statements and Supplemental Information

More information

Associated Students, California State University, Northridge, Inc.

Associated Students, California State University, Northridge, Inc. Associated Students, California State University, Northridge, Inc. Financial Statements (With Supplementary Information) and Independent Auditor's Report June 30, 2016 and 2015 Index Page Independent Auditor's

More information

CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FOUNDATION

CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FOUNDATION FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2012 FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2012 CONTENTS Page Independent Auditors' Report... 1 Statement of Financial Position... 2 Statement of Activities...

More information

North Campus - University Park Development Corporation Financial Statements (With Supplementary Information) and Independent Auditor's Report

North Campus - University Park Development Corporation Financial Statements (With Supplementary Information) and Independent Auditor's Report North Campus - University Park Development Corporation Financial Statements (With Supplementary Information) and Independent Auditor's Report Index Page Independent Auditor's Report 2 Financial Statements

More information

CONTENTS. Independent Auditors Report Consolidated Statements of Financial Position Consolidated Statements of Activities...

CONTENTS. Independent Auditors Report Consolidated Statements of Financial Position Consolidated Statements of Activities... CONTENTS Independent Auditors Report... 1-2 Consolidated Statements of Financial Position... 3 Consolidated Statements of Activities... 4-5 Consolidated Statements of Cash Flows... 6 Notes to the Consolidated

More information

CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FOUNDATION

CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FOUNDATION FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2013 FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2013 CONTENTS Page Independent Auditor s Report... 1 Statement of Financial Position... 3 Statement of Activities...

More information

California State University, Stanislaus Auxiliary and Business Services. Financial Statements and Supplemental Information

California State University, Stanislaus Auxiliary and Business Services. Financial Statements and Supplemental Information California State University, Stanislaus Auxiliary and Business Services Financial Statements and Supplemental Information Years Ended June 30, 2014 and 2013 Financial Statements and Supplemental Information

More information

CONTENTS. Independent Auditors Report Statements of Financial Position Statements of Activities Statements of Cash Flows...

CONTENTS. Independent Auditors Report Statements of Financial Position Statements of Activities Statements of Cash Flows... CONTENTS Independent Auditors Report... 1-2 Statements of Financial Position... 3 Statements of Activities... 4-5 Statements of Cash Flows... 6 Notes to the Financial Statements... 7-2 Supplementary Financial

More information

Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants

Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Associated Students of San Francisco State University (a California State University Auxiliary Organization)

More information

Associated Students, Inc. of California State University San Marcos Financial Statements and Supplemental Information Years Ended June 30, 2018 and

Associated Students, Inc. of California State University San Marcos Financial Statements and Supplemental Information Years Ended June 30, 2018 and Associated Students, Inc. of California State University San Marcos Financial Statements and Supplemental Information Years Ended June 30, 2018 and 2017 ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY

More information

California State University Bakersfield Foundation. FINANCIAL REPORT (Audited)

California State University Bakersfield Foundation. FINANCIAL REPORT (Audited) California State University Bakersfield Foundation FINANCIAL REPORT (Audited) JUNE 30, 2013 CALIFORNIA STATE UNIVERSITY, BAKERSFIELD, FOUNDATION FINANCIAL REPORT (Audited) JUNE 30, 2013 C O N T E N T S

More information

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS, INC.

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS, INC. CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS, INC. Financial Statements and Supplemental Schedules for the Year Ended June 30, 2017 and Independent Auditors Report TABLE OF CONTENTS Page FINANCIAL STATEMENTS

More information

CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay)

CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay) CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay) Financial Statements and Supplementary Information (With Independent Auditor s Report Thereon)

More information

Associated Students, Inc. of California State University San Marcos

Associated Students, Inc. of California State University San Marcos Associated Students, Inc. of California State University San Marcos Financial Statements and Supplemental Information Years Ended June 30, 2017 and 2016 ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY

More information

CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (A Component Unit of California State University, Los Angeles)

CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (A Component Unit of California State University, Los Angeles) CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (A Component Unit of California State University, Los Angeles) Independent Auditor s Report, Financial Statements and Supplementary Information Table

More information

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS, INC.

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS, INC. CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS, INC. Financial Statements and Supplemental Schedules for the Year Ended June 30, 2014 and Independent Auditors Report TABLE OF CONTENTS Page FINANCIAL STATEMENTS

More information

CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (a Component Unit of California State University, Los Angeles)

CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (a Component Unit of California State University, Los Angeles) CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (a Component Unit of California State University, Los Angeles) Independent Auditor s Report, Financial Statements And Supplementary Information For the

More information

California State University San Marcos Foundation. Financial Report June 30, 2012

California State University San Marcos Foundation. Financial Report June 30, 2012 California State University San Marcos Foundation Financial Report June 30, 2012 Contents Independent Auditor s Report 1 Financial Statements Statements of financial position 2 Statements of activities

More information

CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FOUNDATION

CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FOUNDATION FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2011 FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2011 CONTENTS Page Independent Auditors' Report... 1 Statement of Financial Position... 2 Statement of Activities...

More information

Associated Students of California State University, Sacramento Sacramento, California

Associated Students of California State University, Sacramento Sacramento, California Associated Students of California State University, Sacramento Sacramento, California FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITORS REPORT June 30, 2017 and 2016 TABLE OF

More information

Associated Students of California State University, Sacramento Sacramento, California

Associated Students of California State University, Sacramento Sacramento, California Associated Students of California State University, Sacramento Sacramento, California FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITORS REPORT June 30, 2018 and 2017 TABLE OF

More information

CONTENTS. Independent Auditors Report Statements of Financial Position Statements of Activities Statements of Cash Flows...

CONTENTS. Independent Auditors Report Statements of Financial Position Statements of Activities Statements of Cash Flows... CONTENTS Independent Auditors Report... 1 Statements of Financial Position... 2 Statements of Activities... 3-4 Statements of Cash Flows... 5 Notes to the Financial Statements... 6-19 Supplementary Financial

More information

VASIN, HEYN & COMPANY

VASIN, HEYN & COMPANY CALIFORNIA STATE UNIVERSITY, DOMINGUEZ HILLS Financial Statements and Supplemental Schedules for the Year Ended June 30, 2018 and Independent Auditors Report VASIN, HEYN & COMPANY A B O V E T H E B R I

More information

CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay)

CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay) CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay) Financial Statements and Supplementary Information Year Ended June 30, 2017 (With Independent

More information

Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants

Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Associated Students of San Francisco State University (a California State University Auxiliary Organization)

More information

CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FOUNDATION

CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FOUNDATION FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2010 FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2010 CONTENTS Page Independent Auditors' Report...1 Statement of Financial Position...2 Statement of Activities...3

More information

CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (A Component Unit of California State University, Los Angeles)

CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (A Component Unit of California State University, Los Angeles) CALIFORNIA STATE UNIVERSITY, LOS ANGELES FOUNDATION (A Component Unit of California State University, Los Angeles) Independent Auditor s Report, Financial Statements and Supplementary Information Table

More information

CONTENTS. Independent Auditors Report Consolidated Statements of Financial Position Consolidated Statements of Activities...

CONTENTS. Independent Auditors Report Consolidated Statements of Financial Position Consolidated Statements of Activities... Consolidated Financial Statements with Supplementary Information June 30, 2018 and 2017 CONTENTS Independent Auditors Report... 12 Consolidated Statements of Financial Position... 3 Consolidated Statements

More information

CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS FINANCING AUTHORITY. Financial Statements For The Year Ended June 30, 2017 and Independent Auditors Report

CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS FINANCING AUTHORITY. Financial Statements For The Year Ended June 30, 2017 and Independent Auditors Report CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS FINANCING AUTHORITY Financial Statements For The Year Ended June 30, 2017 and Independent Auditors Report TABLE OF CONTENTS Page FINANCIAL STATEMENTS Independent

More information

The Campanile Foundation. Financial Report June 30, 2012

The Campanile Foundation. Financial Report June 30, 2012 Financial Report June 30, 2012 Contents Independent Auditor s Report 1 Financial Statements Statements of financial position 2 Statements of activities 34 Statements of cash flows 5 Notes to financial

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO

ASSOCIATED STUDENTS, INC. CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO Financial Statements and Supplementary Information for the Year Ended June 30, 2016 and Independent Auditors Report TABLE OF CONTENTS Page FINANCIAL

More information

THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE

THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE Independent Auditor s Report, Management s Discussion and Analysis, Basic Financial Statements and Supplemental Schedules Table of Contents Page(s) Independent

More information

CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS FINANCING AUTHORITY. Financial Statements for the Year Ended June 30, 2015 and Independent Auditors Report

CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS FINANCING AUTHORITY. Financial Statements for the Year Ended June 30, 2015 and Independent Auditors Report CALIFORNIA STATE UNIVERSITY CHANNEL ISLANDS FINANCING AUTHORITY Financial Statements for the Year Ended June 30, 2015 and Independent Auditors Report TABLE OF CONTENTS Page FINANCIAL STATEMENTS Independent

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA ASSOCIATED STUDENTS, INC. CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA Financial Statements and Supplemental Schedules for the Year Ended June 30, 2016 and Independent Auditor s Report ASSOCIATED STUDENTS

More information

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, LOS ANGELES, INC. (a Component Unit of California State University, Los Angeles)

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, LOS ANGELES, INC. (a Component Unit of California State University, Los Angeles) CALIFORNIA STATE UNIVERSITY, LOS ANGELES, INC. (a Component Unit of California State University, Los Angeles) Independent Auditor's Report, Financial Statements and Supplementary Information June 30, 2018

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO

ASSOCIATED STUDENTS, INC. CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO Financial Statements and Supplementary Information for the Year Ended June 30, 2017 and Independent Auditors Report TABLE OF CONTENTS Page FINANCIAL

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA CALIFORNIA STATE POLYTECHNIC UNIVERSITY, POMONA Financial Statements and Supplemental Schedules for the Year Ended June 30, 2017 and Independent Auditor s Report ASSOCIATED STUDENTS INC. CALIFORNIA STATE

More information

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, LOS ANGELES, INC. (a Component Unit of California State University, Los Angeles)

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, LOS ANGELES, INC. (a Component Unit of California State University, Los Angeles) ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, LOS ANGELES, INC. (a Component Unit of California State University, Los Angeles) Independent Auditor's Report, Financial Statements and Supplementary

More information

CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay)

CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay) CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. (a Component Unit of California State University, East Bay) Financial Statements and Supplementary Information (With Independent Auditor s Report Thereon)

More information

The Campanile Foundation. Financial Report June 30, 2011

The Campanile Foundation. Financial Report June 30, 2011 Financial Report June 30, 2011 Contents Independent Auditor s Report 1 Financial Statements Statements of financial position 2 Statements of activities 34 Statements of cash flows 5 Notes to financial

More information

ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. Independent Auditor's Report, Financial Statements and Supplemental Information

ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. Independent Auditor's Report, Financial Statements and Supplemental Information CALIFORNIA STATE UNIVERSITY, SACRAMENTO Independent Auditor's Report, Financial Statements and Supplemental Information For the Fiscal Years Ended June 30, 2013 and 2012 FOR THE FISCAL YEARS ENDED JUNE

More information

The University Corporation. Financial Statements (With Supplementary Information) and Independent Auditor s Report. June 30, 2018

The University Corporation. Financial Statements (With Supplementary Information) and Independent Auditor s Report. June 30, 2018 Financial Statements (With Supplementary Information) and Independent Auditor s Report Index Page Independent Auditor s Report 2 Financial Statements Statements of Financial Position 4 Statements of Activities

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE UNIVERSITY, BAKERSFIELD. FINANCIAL REPORT (Audited)

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE UNIVERSITY, BAKERSFIELD. FINANCIAL REPORT (Audited) ASSOCIATED STUDENTS, INC. CALIFORNIA STATE UNIVERSITY, BAKERSFIELD FINANCIAL REPORT (Audited) JUNE 30, 2011 FINANCIAL REPORT (Audited) JUNE 30, 2011 C O N T E N T S INDEPENDENT AUDITOR S REPORT ON THE

More information

UNIVERSITY-STUDENT UNION AT CALIFORNIA STATE UNIVERSITY, LOS ANGELES (a Component Unit of California State University, Los Angeles)

UNIVERSITY-STUDENT UNION AT CALIFORNIA STATE UNIVERSITY, LOS ANGELES (a Component Unit of California State University, Los Angeles) CALIFORNIA STATE UNIVERSITY, LOS ANGELES (a Component Unit of California State University, Los Angeles) Independent Auditor s Report, Financial Statements and Supplementary Information June 30, 2017 and

More information

THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE

THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE Independent Auditor s Report, Management s Discussion and Analysis, Basic Financial Statements and Supplementary Schedules Table of Contents Page(s) Independent

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE UNIVERSITY, BAKERSFIELD. FINANCIAL REPORT (Audited)

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE UNIVERSITY, BAKERSFIELD. FINANCIAL REPORT (Audited) ASSOCIATED STUDENTS, INC. CALIFORNIA STATE UNIVERSITY, BAKERSFIELD FINANCIAL REPORT (Audited) JUNE 30, 2010 C O N T E N T S INDEPENDENT AUDITOR S REPORT ON THE FINANCIAL STATEMENTS 1 FINANCIAL STATEMENTS

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO

ASSOCIATED STUDENTS, INC. CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO Financial Statements and Supplementary Information for the Year Ended June 30, 2018 and Independent Auditors Report TABLE OF CONTENTS Page FINANCIAL

More information

THE UNIVERSITY FOUNDATION CALIFORNIA STATE UNIVERSITY, CHICO

THE UNIVERSITY FOUNDATION CALIFORNIA STATE UNIVERSITY, CHICO THE UNIVERSITY FOUNDATION CALIFORNIA STATE UNIVERSITY, CHICO Chico, California Financial statements and supplementary information with independent auditors report June 30, 2014 With Comparative Totals

More information

UNIVERSITY-STUDENT UNION AT CALIFORNIA STATE UNIVERSITY, LOS ANGELES (a Component Unit of California State University, Los Angeles)

UNIVERSITY-STUDENT UNION AT CALIFORNIA STATE UNIVERSITY, LOS ANGELES (a Component Unit of California State University, Los Angeles) CALIFORNIA STATE UNIVERSITY, LOS ANGELES (a Component Unit of California State University, Los Angeles) Independent Auditor s Report, Financial Statements and Supplementary Information June 30, 2015 and

More information

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. Independent Auditor's Report, Financial Statements and Supplemental Information

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. Independent Auditor's Report, Financial Statements and Supplemental Information CALIFORNIA STATE UNIVERSITY, SACRAMENTO Independent Auditor's Report, Financial Statements and Supplemental Information For the Fiscal Years Ended June 30, 2012 and 2011 FOR THE FISCAL YEARS ENDED JUNE

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO Financial Statements and Supplementary Information for the Year

ASSOCIATED STUDENTS, INC. CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO Financial Statements and Supplementary Information for the Year CALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO Financial Statements and Supplementary Information for the Year Ended June 30, 2010 and Independent Auditors Report, Report on Compliance Based

More information

CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. Financial Statements and Supplementary Information Years Ended June 30, 2012 and 2011

CAL STATE EAST BAY EDUCATIONAL FOUNDATION, INC. Financial Statements and Supplementary Information Years Ended June 30, 2012 and 2011 Financial Statements and Supplementary Information Years Ended June 30, 2012 and 2011 Table of Contents Page Independent Auditors Report 1 Management s Discussion and Analysis 3 Financial Statements: Statements

More information

CALIFORNIA STATE UNIVERSITY, BAKERSFIELD STUDENT UNION. FINANCIAL REPORT (Audited)

CALIFORNIA STATE UNIVERSITY, BAKERSFIELD STUDENT UNION. FINANCIAL REPORT (Audited) CALIFORNIA STATE UNIVERSITY, BAKERSFIELD STUDENT UNION FINANCIAL REPORT (Audited) JUNE 30, 2012 CONTENTS INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS 1 FINANCIAL STATEMENTS Statements of financial

More information

The Painted Turtle. Financial Statements and Independent Auditor's Report. December 31, 2016

The Painted Turtle. Financial Statements and Independent Auditor's Report. December 31, 2016 Financial Statements and Independent Auditor's Report Index Page Independent Auditor's Report 2 Financial Statements Statement of Financial Position 3 Statement of Activities 4 Statement of Functional

More information

Audited Financial Statements. December 31, Quigley & Miron

Audited Financial Statements. December 31, Quigley & Miron Audited Financial Statements December 31, 2015 Quigley & Miron Audited Financial Statements Table of Contents December 31, 2015 Page Number Independent Auditor s Report... 1 Audited Financial Statements

More information

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. June 30, 2011 and 2010

ASSOCIATED STUDENTS, INC. CALIFORNIA STATE UNIVERSITY, NORTHRIDGE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. June 30, 2011 and 2010 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION June 30, 2011 and 2010 (With Independent Auditors' Report Thereon) AUDIT REPORT June 30, 2011 and 2010 TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT

More information

CALIFORNIA STATE UNIVERSITY, CHANNEL ISLANDS FOUNDATION

CALIFORNIA STATE UNIVERSITY, CHANNEL ISLANDS FOUNDATION CALIFORNIA STATE UNIVERSITY, CHANNEL ISLANDS FOUNDATION Financial Statements and Supplementary Information for the Year Ended June 30, 2017 and Independent Auditors Report TABLE OF CONTENTS Page FINANCIAL

More information

RHODES COLLEGE CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. As of and for the years Ended June 30, 2016 and 2015

RHODES COLLEGE CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. As of and for the years Ended June 30, 2016 and 2015 CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION As of and for the years Ended June 30, 2016 and 2015 And Report of Independent Auditor TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITOR...

More information

Montclair State University Foundation, Inc. Financial Statements June 30, 2014 and 2013

Montclair State University Foundation, Inc. Financial Statements June 30, 2014 and 2013 Montclair State University Foundation, Inc. Financial Statements Independent Auditors Report To the Board of Trustees Montclair State University Foundation, Inc. Montclair, New Jersey We have audited the

More information

REPORT OF INDEPENDENT AUDITORS AND FINANCIAL STATEMENTS SCHOLARSHIP FOUNDATION OF SANTA BARBARA

REPORT OF INDEPENDENT AUDITORS AND FINANCIAL STATEMENTS SCHOLARSHIP FOUNDATION OF SANTA BARBARA REPORT OF INDEPENDENT AUDITORS AND FINANCIAL STATEMENTS SCHOLARSHIP FOUNDATION OF SANTA BARBARA June 30, 2018 and 2017 Table of Contents Report of Independent Auditors 1 2 PAGE Financial Statements Statements

More information

FINANCIAL REPORT FINANCIAL REPORT

FINANCIAL REPORT FINANCIAL REPORT 2016-17 FINANCIAL REPORT 2017-18 FINANCIAL REPORT 1 THE GEORGE WASHINGTON UNIVERSITY 2017 2018 FINANCIAL REPORT REPORT OF INDEPENDENT AUDITORS To the Board of Trustees of The George Washington University:

More information

Financial Statements and Independent Auditors Report. Arthritis Foundation, Inc. National Office

Financial Statements and Independent Auditors Report. Arthritis Foundation, Inc. National Office Financial Statements and Independent Auditors Report Arthritis Foundation, Inc. National Office Year Ended December 31, 2013 (With Summarized Financial Information for the Year Ended December 31, 2012)

More information

Montclair State University Foundation, Inc. Financial Statements. June 30, 2017 and 2016

Montclair State University Foundation, Inc. Financial Statements. June 30, 2017 and 2016 Montclair State University Foundation, Inc. Financial Statements Independent Auditors Report To the Board of Trustees Montclair State University Foundation, Inc. We have audited the accompanying financial

More information

THE MONMOUTH COLLEGE MONMOUTH, ILLINOIS FINANCIAL STATEMENTS. June 30, 2017 With Prior Year Summarized Comparative Information

THE MONMOUTH COLLEGE MONMOUTH, ILLINOIS FINANCIAL STATEMENTS. June 30, 2017 With Prior Year Summarized Comparative Information MONMOUTH, ILLINOIS FINANCIAL STATEMENTS June 30, 2017 With Prior Year Summarized Comparative Information TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 1-2 Statement of Financial Position...

More information

CAPITAL UNIVERSITY Columbus, Ohio. FINANCIAL STATEMENTS June 30, 2017 and 2016

CAPITAL UNIVERSITY Columbus, Ohio. FINANCIAL STATEMENTS June 30, 2017 and 2016 Columbus, Ohio FINANCIAL STATEMENTS Columbus, Ohio FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION... 3 STATEMENTS OF ACTIVITIES...

More information

CAPITAL PUBLIC RADIO, INC. FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION June 30, 2018 and 2017

CAPITAL PUBLIC RADIO, INC. FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION June 30, 2018 and 2017 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION June 30, 2018 and 2017 CONTENTS INDEPENDENT AUDITOR'S REPORT 1-2 FINANCIAL STATEMENTS Statements of Financial Position 3 Statements of Activities 4-5

More information

THE COLORADO COLLEGE AND SUBSIDIARIES Colorado Springs, Colorado. FINANCIAL STATEMENTS June 30, 2015 and 2014

THE COLORADO COLLEGE AND SUBSIDIARIES Colorado Springs, Colorado. FINANCIAL STATEMENTS June 30, 2015 and 2014 Colorado Springs, Colorado FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... 1 FINANCIAL STATEMENTS Consolidated Statements of Financial Position... 3 Consolidated Statements of

More information

Oklahoma State University Foundation. Financial Report June 30, 2016

Oklahoma State University Foundation. Financial Report June 30, 2016 Oklahoma State University Foundation Financial Report June 30, 2016 Contents Independent auditor s report 1-2 Financial statements Consolidated statements of financial position 3 Consolidated statements

More information

Montclair State University Foundation, Inc. (A Component Unit of Montclair State University) Financial Statements. June 30, 2018 and 2017

Montclair State University Foundation, Inc. (A Component Unit of Montclair State University) Financial Statements. June 30, 2018 and 2017 Montclair State University Foundation, Inc. (A Component Unit of Montclair State University) Financial Statements Independent Auditors Report To the Board of Trustees We have audited the accompanying financial

More information

THE JEWISH COMMUNITY CENTER OF GREATER KANSAS CITY AND AFFILIATED ENTITY CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2016

THE JEWISH COMMUNITY CENTER OF GREATER KANSAS CITY AND AFFILIATED ENTITY CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2016 THE JEWISH COMMUNITY CENTER OF GREATER KANSAS CITY AND AFFILIATED ENTITY CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2016 Contents Page Independent Auditors Report... 1-2 Consolidated Financial Statements

More information

Emporia State University Foundation, Inc.

Emporia State University Foundation, Inc. Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Financial Statements Statements of Financial Position... 3 Statements of Activities... 4 Statements of Cash

More information

Report of Independent Auditors and Financial Statements for. Pacific Lutheran University

Report of Independent Auditors and Financial Statements for. Pacific Lutheran University Report of Independent Auditors and Financial Statements for Pacific Lutheran University May 31, 2015 and 2014 CONTENTS REPORT OF INDEPENDENT AUDITORS 1 2 PAGE FINANCIAL STATEMENTS Statement of financial

More information

NORTHEAST OHIO MEDICAL UNIVERSITY FOUNDATION FINANCIAL REPORT JUNE 30, 2016

NORTHEAST OHIO MEDICAL UNIVERSITY FOUNDATION FINANCIAL REPORT JUNE 30, 2016 FINANCIAL REPORT JUNE 30, 2016 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL STATEMENTS Statement of financial position 3 Statement of activities 4 Statement of cash flows 5 Notes to financial

More information

Financial Statements and Independent Auditors Report

Financial Statements and Independent Auditors Report Financial Statements and Independent Auditors Report Arthritis Foundation, Inc. National Office Year Ended December 31, 2014 (with Summarized Financial Information for the Year Ended December 31, 2013)

More information

The Bellin Health Foundation, Inc. Green Bay, Wisconsin. Financial Statements Years Ended September 30, 2017 and 2016

The Bellin Health Foundation, Inc. Green Bay, Wisconsin. Financial Statements Years Ended September 30, 2017 and 2016 Green Bay, Wisconsin Financial Statements Years Ended September 30, 2017 and 2016 Financial Statements Years Ended September 30, 2017 and 2016 Table of Contents Independent Auditor s Report... 1 Financial

More information

Financial Statements and Report of Independent Certified Public Accountants

Financial Statements and Report of Independent Certified Public Accountants Financial Statements and Report of Independent Certified Public Accountants National Foundation for the Centers for FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS NATIONAL

More information

THE RICHARD STOCKTON COLLEGE OF NEW JERSEY FOUNDATION (A COMPONENT UNIT OF THE RICHARD STOCKTON COLLEGE OF NEW JERSEY) FINANCIAL STATEMENTS

THE RICHARD STOCKTON COLLEGE OF NEW JERSEY FOUNDATION (A COMPONENT UNIT OF THE RICHARD STOCKTON COLLEGE OF NEW JERSEY) FINANCIAL STATEMENTS (A COMPONENT UNIT OF THE RICHARD STOCKTON COLLEGE OF NEW JERSEY) FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL

More information

CENTRAL PARK CONSERVANCY, INC. Financial Statements and Schedule. June 30, 2016 and 2015

CENTRAL PARK CONSERVANCY, INC. Financial Statements and Schedule. June 30, 2016 and 2015 Financial Statements and Schedule (With Independent Auditors Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154-0102 Independent Auditors Report The Board of Trustees Central Park Conservancy,

More information

THE GEORGE WASHINGTON UNIVERSITY. CONSOLIDATED FINANCIAL STATEMENTS For the years ended June 30, 2017 and 2016

THE GEORGE WASHINGTON UNIVERSITY. CONSOLIDATED FINANCIAL STATEMENTS For the years ended June 30, 2017 and 2016 CONSOLIDATED FINANCIAL STATEMENTS For the years ended June 30, 2017 and 2016 To the President and Board of Trustees of The George Washington University: Report of Independent Auditors We have audited the

More information

Financial Statements and Independent Auditors Report. National Foundation for the Centers for Disease Control and Prevention, Inc.

Financial Statements and Independent Auditors Report. National Foundation for the Centers for Disease Control and Prevention, Inc. Financial Statements and Independent Auditors Report National Foundation for the Centers for FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT NATIONAL FOUNDATION FOR THE CENTERS FOR DISEASE CONTROL

More information

Financial Statements and Report of Independent Certified Public Accountants. STOCKTON UNIVERSITY FOUNDATION (A Component Unit of Stockton University)

Financial Statements and Report of Independent Certified Public Accountants. STOCKTON UNIVERSITY FOUNDATION (A Component Unit of Stockton University) Financial Statements and Report of Independent Certified Public Accountants STOCKTON UNIVERSITY FOUNDATION TABLE OF CONTENTS Page Report of Independent Certified Public Accountants 1-2 Financial Statements

More information

West Virginia University Foundation, Inc.

West Virginia University Foundation, Inc. West Virginia University Foundation, Inc. AUDITED FINANCIAL STATEMENTS AND OTHER SUPPLEMENTARY INFORMATION With Reports of Independent Auditors WEST VIRGINIA UNIVERSITY FOUNDATION, INC. Audited Financial

More information

Stetson University, Inc. Financial Report June 30, 2014

Stetson University, Inc. Financial Report June 30, 2014 Financial Report June 30, 2014 Contents Independent Accountant s Report 1 2 Financial Statements Statements of financial position 3 Statements of activities 4 5 Statements of cash flows 6 7 Notes to financial

More information

Metropolitan Family Services. Audited Financial Statements June 30, 2013

Metropolitan Family Services. Audited Financial Statements June 30, 2013 Metropolitan Family Services Audited Financial Statements June 30, 2013 Contents Independent Auditor's Report 1 Financial Statements: Statements of Financial Position 2 Statements of Activities 3 4 Statements

More information

LOYOLA UNIVERSITY MARYLAND, INC. Financial Statements. May 31, 2016 and (With Independent Auditors Report Thereon)

LOYOLA UNIVERSITY MARYLAND, INC. Financial Statements. May 31, 2016 and (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 Balance Sheets 2 Statements of Activities 3 4 Statements of Cash Flows 5 6 27 KPMG

More information

San Marcos University Corporation. Financial Report June 30, 2013

San Marcos University Corporation. Financial Report June 30, 2013 San Marcos University Corporation Financial Report June 30, 2013 Contents Independent Auditor s Report 12 Financial Statements Statements of financial position 3 Statements of activities 4 Statements of

More information

THE GEORGE WASHINGTON UNIVERSITY. CONSOLIDATED FINANCIAL STATEMENTS For the years ended June 30, 2018 and 2017

THE GEORGE WASHINGTON UNIVERSITY. CONSOLIDATED FINANCIAL STATEMENTS For the years ended June 30, 2018 and 2017 CONSOLIDATED FINANCIAL STATEMENTS For the years ended June 30, 2018 and 2017 To the Board of Trustees of The George Washington University: Report of Independent Auditors We have audited the accompanying

More information

Stetson University, Inc. Financial Report June 30, 2017

Stetson University, Inc. Financial Report June 30, 2017 Financial Report June 30, 2017 Contents Independent auditor s report 1-2 Financial statements Consolidated statements of financial position 3 Consolidated statements of activities 4-5 Consolidated statements

More information