Indiana State University Financial Report

Transcription

1 Indiana State University 1988 Financial Report For the year ending June 30, 1988

2 llu I illllthiiiiiinpntll.ptthllludhylltnoiflr.t nlll11 Vlu 1'11 ltll11lf01iiipiiiii' 1\fltlt 111d Itt I Uftl, lnd l ' ' '" lin lvi ' lly, '1111 lllltlt I ltulllll' 11 mn

3 Indiana State University 1988 Financial Report For the year ending June 30, 1988

4 October 24, 1988 Dr. Richard G. Landini, President Indiana State University I am pleased to submit the annual financial report on Indiana State University, covering the fiscal year ended June 30, The University's accounts are maintained in accordance with the principles of Fund Accounting. Accounts are separately maintained for each fund. However, in the accompanying financial statements, all fund accounts that have similar characteristics have been combined into fund groups. Audits are performed on a regular basis by the State Board of Accounts for all State and Federal monies. The State Board of Accounts has completed the audit for fiscal year ending June 30, 1988, and has issued an unqualified opinion. The audit is conducted under requirements set forth by the AICPA, NACUBO, and the U.S. Department of Education guide on audits of Student Financial Assistance. This report is a complete and permanent record of the financial status of the University for the period stated. Respectfully, Donald M. Hilt Vice President for Business Affairs and Treasurer 2

5 BOARD OF TRUSTEES DAN R. WINCHELL PRESIDENT Indianapolis, Indiana Term BILL C. ANTHIS VICE PRESIDENT Fort Wayne, Indiana Term ALICE L. PAYNE ASSISTANT SECRETARY Indianapolis, Indiana Term ROBERT D. GREEN Vincennes, Indiana Term TIMOTHY J. O'NEILL Indianapolis, Indiana Term PATRICIA J. FOUTY SECRETARY Terre Haute, Indiana Term REX E. BREEDEN Columbus, Indiana Term ANGELA J. KOEHLER Evansville, Indiana Term DONALD E. SMITH Terre Haute, Indiana Term UNIVERSITY OFFICIALS RICHARD G. LANDINI President Indiana State University RICHARD M. CLOKEY Vice President for Academic Affairs PAUL T. EDGERTON Vice President for Student Affairs ORIN L. DAHL Vice President for Development and Public Affairs DONALD M. HILT Vice President for Business Affairs and Treasurer 3

6 Current Fund Dollar Year Ended June 30, 1988 Revenues Expenditures - 3~ Other Educational 3~ and General Sponsored Research and Programs a~ Sponsored Research a~ and Programs Student Aid 17~ Auxiliary Enterprises 14~ Sales & Services Institutional Support 20~ Student Fees 13~ Operation and Maintenance of Plant 22~ Auxiliary Enterprises Governmental Appropriation Instructional, Departmental Research and Support

7 FINANCIAL STATEMENTS NEW ACADEMIC BUILDING

8 INDIANA STATE UNIVERSITY Balance Sheet Year Ended June 30, 1988 Current Funds Auxiliary Assets Unrestricted Designated Enterprises Restricted Total Cash and Investments $ 7,665,851 $ 3,318,410 $ 2,433,451 $ $ 13,417,712 Cash and Investments Held by Trustee Accrued Interest 401,457 28, ,030 Accounts Receivable-Net 1,567,129 1,673,897 1,906,710 1,436,054 6,583,790 Notes Receivable Net and Accrued Interest Inventories 604, , ,589 1,336,655 Prepaid Expenses 294, ,996 Due From Other Funds 819, ,890 Campus Land Educational Buildings Heating Plant and Tunnels Auxiliary Enterprise Buildings Educational Equipment Auxiliary Enterprise Equipment Communications Equipment Total Assets 11,353,621 5,579,075 4,514,323 1,436,054 22,883,073 Liabilities and Fund Balances Accounts Payable 127,958 36,675 83,399 7, ,359 Accrued Payroll and Deductions 6,299,672 22,373 22,507 6,344,552 Deposits 5, , ,083 Accrued Vacation 1,111, ,371 1,357,961 Due To Other Funds 1,310, ,890 2,130,102 Notes Payable Bonds Payable Deferred Income 61,987 2,242 43, ,793 Other 11,710 4,354 37,547 53,611 Funds Held in Custody for Others Total Liabilities 7,605,888 1,361, , ,271 10,531,461 Fund Balances Allocated 3,681, , , ,783 5,642,841 Unallocated 66,354 3,691,422 2,950,995 6,708,n1 Total Fund Balance 3,747,733 4,217,734 3,837, ,783 12,351,612 Total Liabilities and Fund Balances $ 11,353,621 $ 5,579,075 $ 4,514,323 $ 1,436,054 $ 22,883,073 See accompanying notes to the financial statements.

9 Loan Endowment Agency Funds Funds Funds $ 843,830 $ 908,152 $ 679,255 $ 1,662 6,197 3,280 1,237 31,552 9,670 4,684,766 8,875 5,531, , ,205 Plant Funds 12,382,070 7,464,507 86, ,588 10,820 1,310,212 15,442,828 77,033,123 10,222,650 59,599,207 40,420,397 5,242,632 3,625, ,246, ,340 18,713 2,360,000 49,700, , ,205 52,060,000 5,531, , ,531, , ,092, ,094, ,186,205 $ 5,531,495 $ 954,776 $. 692,205 $ 233,246,205 ===== 7

10 INDIANA STATE UNIVERSITY Statement of Changes in Fund Balances Year Ended June 30, 1988 Current Funds Auxiliary Revenues and Other Additions Unrestricted Designated Enterprises Restricted Total Current Fund Revenues $ 74,836,551 $ 3,785,511 $ 22,832,929 $ 101,454,991 Governmental Appropriations Governmental Grants and Contracts $ 8,089,560 8,089,560 Private Gifts, Grants and Contracts 1,018,072 1,018,072 Student Fees Loan Interest Investment Income Debt Service Deposits Addition to Plant Retirement of Indebtedness Other Total Revenues and Other Additions 74,836,551 3,785,511 22,832,929 9,107, ,562,623 Expenditures and Other Deductions Educational and General 73,682,195 3,682,437 8,984,097 86,348,729 Auxiliary Enterprises 22,919,619 22,919,619 Indirect Costs Recovered 295, ,823 Loan Cancellations Scholarships and Awards Plant and Equipment Debt Service Deposits Retirement of Indebtedness Interest on Indebtedness Indebtedness Proceeds Retirement of Plant Other Total Expenditures and Other Deductions 73,682,195 3,682,437 22,919,619 9,279, ,564,171 Transfers From (To) Other Funds Mandatory {22,222) (408,385) (430,607) Non-Mandatory (1,511,833) 407, , ,858 (439,784) Net Transfers (1,534,055) 407,241 69, ,858 (870,391) Net Increase (Decrease) for the Year (379,699) 510,315 (17,125) 14, ,061 Fund Balance July 1, ,127,432 3,707,419 3,854, ,213 12,223,551 Reclassification Fund Balance July 1, 1987 Restated 4,127,432 3,707,419 3,854, ,213 12,223,551 Fund Balance June 30, 1988 $ 3,747,733 $ 4,217,734 $ 3,837,362 $ 548,783 $ 12,351,612 See accompanying notes to the financial statements.

11 Plant Funds Loan Endowment Retirement of Investment Funds Funds Unexpended Indebtedness in Plant Total $ 1,505,553 $ 1,505,553 $ 189,823 23,911 $ 782,321 $ 106, , , ,253 85,213 43,462 53, , ,004 6,450,366 6,450,366 9,411,666 9,411,666 2,880,000 2,880,000 29,883 13,190 4,068,257 4,068, , ,491 5,677,063 6,981,370 12,398,064 25,056, , ,383 5,435,583 5,435, , ,356 2,880,000 2,880,000 3,581,877 3,581,877 2,965,000 2,965, , , , ' ' , ,144 5,603,939 6,642,980 3,340,449 15,587,368 22, , ,385 12,256 6, , ,724 34,478 6, , , , , , ,390 9,057,615 10,293,238 5,428, ,777 10,129,337 7,126, ,469, ,724,557 3,168,410 3,168,410 5,428, ,777 13,297,747 7,126, ,469, ,892,967 $ 5,531,337 $ 954,671 $ 14,194,980 $ 7,464,507 $ 159,526,718 $ 181 '186,205

12 INDIANA STATE UNIVERSITY Statement of Current Fund Revenues, Expenditures and Other Changes Year Ended June 30, 1988 Auxiliary Revenues Unrestricted Designated Enterprises Restricted Total Governmental Appropriation $ 57,386,267 $ 118,615 $ 118,362 $ 57,623,244 Student Fees 15,412,554 2,438,940 3,763,499 21,614,993 Governmental Grants and Contracts $ 7,979,862 7,979,862 Private Gifts, Grants and Contracts 1,004,235 1,004,235 Sales and Services 479, ,563 18,572,963 19,317,371 Recovery of Indirect Costs 310, ,505 Investment Income 962, ,328 50,424 1,165,797 Contributions 134,134 22, , ,155 Other Revenue 151, , ,594 1,148,926 Total Revenues 74,836,551 3,785,511 22,832,929 8,984, ,439,088 Expenditures and Mandatory Transfers Educational and General- Instructional and Departmental Research and Activities 36,309, ,670 36,626,045 Public Service 644, , ,835 Academic Support 6,863, ,806 6,980,433 Sponsored Research and Other Sponsored Programs 3,776,840 3,776,840 Student Services 2,441,468 2,441,468 Operation and Maintenance of Plant 11 '156,264 2,408,288 Institutional Support 13,564,552 12,874, ,965 13,365,351 Student Aid 3,392, ,527 5,207,257 8,832,205 Educational and General Expenditures 73,682,195 3,682,437 8,984,097 86,348,729 Mandatory Transfers 22,222 22,222 Total Educational and General 73,704,417 3,682,437 8,984,097 86,370,951 Auxiliary Enterprises- Expenditures 22,919,619 22,919,619 Mandatory Transfers for Debt Service 408, ,385 Total Auxiliary Enterprises 23,328,004 23,328,004 Total Expenditures and Mandatory Transfers 73,704,417 3,682,437 23,328,004 8,984, ,698,955 Other Transfers and Additions (Deductions) Restricted Receipts (under) Transfers to Revenues Net Transfers From (To) (172,288) (172,288) (1,511,833) 407, , ,858 (439,784) Net Increase in Fund Balances $ (379,699) $ 510,315 $ (17,125) $ 14,570 $ 128,061 See accompanying notes to the financial statements.

13 INDIANA STATE UNIVERSITY NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies followed by Indiana State University are described below to enhance the usefulness of the financial statements to the reader. Fund Classifications To insure observance of limitations and restrictions placed on the use of the resources available to the University, the accounts are maintained in accordance with the principles of "Fund Accounting." These principles require that the resources be classified for accounting and reporting purposes into account groups in accordance with the activities or objectives specified for the resources. Accounts are separately maintained for each fund ; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been reported by fund group. Current Funds The current fund classification is divided into unrestricted, designated, auxiliary enterprises and restricted. These classifications reflect the restrictions placed upon the funds and their availability for current operations. Unrestricted funds, supported primarily by State appropriations and student fees, are under the budgetary control of the University Board of Trustees for use in achieving its educational purposes. Designated funds are set aside at the discretion of the Board of Trustees to support related activities. The operation of auxiliary enterprises is supplementary to the primary educational function of the University and is supported primarily by charges directly related to the cost of goods or services provided. Restricted funds may only be expended in compliance with the restrictions set forth by the donor, grantor or University policy. Restricted funds are not earned until all of the terms of the agreement under which they were given to the University have been met. Accordingly, the Statement of Current Fund Revenues, Expenditures and Other Charges recognize restricted revenues to the extent of expenditures. Loan Funds The loan fund grouping consists of funds available for loans to students, primarily the Perkins Loan program financed by the Federal Government. Federal provisions stipulate that the University match one-ninth of the Federal contributions. Also, a portion of the loan principal and interest (maximum of 20% per year) will be cancelled and absorbed by the Federal Government, if the recipient completes certain employment requirements. Interest is recorded on an accrual basis. 11

14 Endowment and Similar Funds Endowment funds are subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and on ly the income may be expended. Term endowment funds ~re similar to endowment funds except that upon th e passage of a stated period of time or the occurrence of. a particular event, all or part of the principal may be expended. While funds fu~ctioning a~ endowments are als? 1~cluded, they have been established by the governing board, which may dec1de at any t1me to expend the pnnc1pal. Plant Funds The unexpended plant funds grouping of accounts provides the majority of control over acquiring, constructing, or improving the property of the University. Revenues are provided primarily by issuance of bonds, State appropriations and allocations from current funds. Reserve funds are maintained on the University records for retirement of indebtedness. These funds are deposited with a bank trustee as set forth in each series of bond indentures. The Investment in Plant Funds contains the University's plant assets, buildings and equipment and related liabilities. Agency Funds Agency funds are used to account for assets held by the University as custodian or fiscal agent for others. The majority of the individual accounts relate to student organizations. The transactions of these funds do not affect the Statement of Changes in Fund Balances. Financial Statements The financial statements have been prepared on the accrual basis of accounting with the following exceptions: 1. Employee sick leave costs are recorded when paid. 2. Unrestricted gifts are reported as current reserves in the period they are received rather than in the period they are used. 3. Interest expense on outstanding obligations is recorded when paid. 4. Depreciation of plant and equipment is not reported. The Statement of Current Operating Funds Revenues, Expenditures and Other Changes is a statement of financial activities of operating funds for the period reported. This statement does not present an operating net income for the period as would a statement of income and expense. The following valuations are included in the financial statement. 1. Investments in securities are reported at cost or fair market value at the time of donation. 2. Inventories are carried at cost. 3. Property, buildings, and equipment are stated at cost at the date of acquisition or fair market value at date of donation. 4. Student fees include $3,624,658 of remitted fees charged to Student Aid, of which $113,632 were for faculty, staff and dependents. 12

15 NOTE B. CASH AND INVESTMENTS The University maintains a cash and investment pool which is available for use by all funds. Each funds portion of this pool is displayed on the balance sheet as " Cash and Investments." In addition, investments are separately held by several of the University's funds. State statutes authorize the University to invest in obligations of the U.S. Treasury, its agencies, and instrumentalities, and repurchase agreements. The University has also been the recipient of stocks and bonds through endowments and scholarship funds. The University's investments are categorized to give an indication of the level of risk assumed at year-end. Investments at June 30, 1988, are stated at cost which approximates market. Category 1 includes investments that are insured and registered by use of a safekeeping receipt in the University's name. Category 2 includes uninsured and registered investments for which the securities are held by the University. Deposits are insured up to $100,000 by FDIC, and in excess of $100,000 by the Indiana Public Deposits fund. US Government Securities Stocks and Bonds Category 1 $ 15,493,153 $ 2 Total $ 15,493,153 55,552 55,552 Sub-Total!_15,493_,_153 $ 55,552 $ 15,548,705 Deposits Bank Deposits Certificates of Deposit Sub.:rotal Working Funds $ 3,228,864 9,042,000 $ 27,819, ,450 Total Cash and Investments $ 28,231,019 NOTE C. NOTES PAYABLE The $2,360,000 note payable for the student activities portion of the Health Professions and Physical Education Addition remains outstanding as of June 30, (See Note J). NOTE D. NEW BOND ISSUE-BOILER RETROFIT The Boiler Retrofit Bonds, Series 1987 ($2,965,000) were dated and issued on December 29, The bond proceeds along with certain other available funds from the University will finance the acquisition and construet+oo of certain equipment designed to improve, modernize and increase the fuel -efficiency of the boilers and auxiliary facilities which provide heat to the major portion of the campus. This series was issued as junior lien bonds secured by a pledge of student fees. NOTE E. BOOKSTORE OPERATING CHANGE On April30, 1988, the Barnes and Noble Corporation assumed operating control over the previously University operated bookstore. A physical inventory was conducted with Barnes and Noble buying substantially all the inventory. The bookstore operation remains in the current University-owned facility until a planned privately funded retail/food court facility is constructed on University property with expected occupancy in early

16 NOTE F. EMPLOYEE VACATION Accrued vacation was recorded for fiscal year The current vacation policy states that an employee cannot accrue more than 40 days vacation. Vacation can be taken as it is earned. NOTE G. RETIREMENT PLANS Substantially all permanent employees of the University are covered by either the independently administered Teachers Insurance and Annuity Association, the Indiana Teachers Retirement Fund, or the Indiana Public Employees Retirement Fund. The University 's total contribution to all retirement plans for the year ended June 30, 1988, was $4,879,153. The University has no future unfunded liability relating to the retirement programs. NOTE H. MEDICAL AND LIFE INSURANCE PLANS The University medical insurance plan is administered by Blue Cross/Blue Shield and includes a management program requ iring precertification to determine prospectively the medical necessity of hospitalizations and the appropriateness of lengths of stay. The coverage is administered through an Administrative Service Contract (ASO) with a monthly membership.retention (administrative) charge and an aggregate stop-loss provision. The University is on a self accounting basis for the monthly retention payments with annual audits. In addition, Indiana State University provides certain life insurance benefits for active and retired employees. The life insurance program is mandatory for all active employees. Substantially all of the employees may become eligible for the retired life insurance benefits if they reach normal retirement age while working for Indiana State University. The cost of providing these medical and life insurance benefits to both active and retired employees is $3,230,485 for the fiscal year NOTE I. RECLASSIFICATION The Indiana Legislature previously approved funding for major computer equipment purchases to be financed over six years. The University in prior years transferred a total of $1,096,860 from Unexpended Plant to Designated Fund to fund the initial equipment purchases. In order to properly reflect these transactions a " Due From" was recorded and the fund balance was restated for the Unexpended Plant Funds. In addition, $2,071,550 was reclassified from Agency Funds to Unexpended Plant to assist in financing future construction projects. The majority of these funds were accumulated over a number of years from refunds, rebates and reserves relating to various University insurance programs. NOTE J. SUBSEQUENT EVENTS Student Fee Bonds, Series D ($11,525,000) dated September 15, 1988, were issued October 13, The Series D bonds will provide the funds needed to retire $2,360,000 principal amount of interim debt received for partial construction of an addition to the Health Professions and Physical Education Building and finance the cost of construction and equipping a new academic building. A new Student Union Complex is in the final planning stages with an expected occupancy in early The project provides for the renovation of Gillum Residence Hall and attached dining halls and kitchen and construction of a new retail/food cou rt and adjoining plaza. The funding for the renovation of existing facilities will be derived from private gifts donated specifically for such project and from the proceeds of approximately $7.7 million of variable rate junior lien indebtedness anticipated to be issued by the University during the fiscal year. A private developer will finance the construction of the retail/food court facility. NOTE K. INTERRELATED ORGANIZATIONS The Indiana State University Foundation is a separate nonprofit organization that is exempt from federal income tax. It was formed in 1928 to assist in the support and development of the University. During calendar year 1987, the Indiana State University Foundation forwarded gifts to the University primarily for scholarships of $412,

17 AUDITORS' OPINION TO: THE OFFICIALS OF INDIANA STATE UNIVERSITY We have examined the balance sheet of Indiana State University, Terre Haute, lnd1ana, as of June 30, 1988 and the related statement of changes in fund balances and the st t ment of current funds revenues, expenditures, and other changes for the year th n end d Our examination was made in accordance with generally accepted auditing stand rds and accordingly, included such tests of the accounting records and such other audit1ng procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial pos1 tion of Indiana State University, Terre Haute, Indiana as of June 30, 1988 and the changes in its fund balance and its current funds revenues, expenditures, and other changes for the year then ended, in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year. November 3, 1988 STATE BOARD OF ACCOUNTS

18 INDIANA STATE UNIVERSITY Schedule of Auxiliary Enterprises Revenues and Expenditures Year Ended June 30, 1988 Revenues Auxiliary Student Memorial Facilities Housing Bookstore Union Communications Bond Fund Rent $ 5,966,113 Board 4,686,657 Sales $ Food 701, ,128 1,523,677 Vending and Concessions 93,965 1,455 67,706 Bookstore $ 2,920,214 Tickets and Fees Advertising Rentals 4,834 Commissions 544 2,005 38,845 1,356 Student Services Fees 528,937 1,069,474 Contributions Reimbursement 210,594 1, ,564 Interest Income 50, Government Appropriation Interest Subsidy 52,144 Class Dues 66,214 Other 967 8,293 (1,004) Total Revenues 11,762,821 2,933, ,622 2,267,597 1,135,688 Expenditures Personal Services 5,381, , , ,899 Supplies and Other Expenses 1,358, ,591 93,384 1,129,611 Repairs, Rehabilitation and Equipment 1,213,531 15,338 51' ,942 Food Supplies 1,506,066 83,110 Merchandise Purchases for Resale 1,478,189 Grants-In-Aid and Scholarships Debt Service Deposits 2,374, , ,256 Trustee Fee Deposits 7, Total Expenditu res 11,841,647 2,952,902 1,078,639 2,000,682 Transfers From (To) Other Funds Mandatory 212,842 (1,169,953) Non-Mandatory 473,650 8,063 (590,000) 34,265 Net Transfers 473, ,905 (590,000) (1 '135,688) Net Change in Fund Balances $ 394,824 $ (19,625) $ 3,888 $ (323,085) $

19 Hulman Print Athletics Stadium Center Shop Other Total $ 5,966,113 4,686,657 $ 474,353 $ 24, 718 2,022,748 $ 11, ,375 $ 5,500 $ 23,675 56,025 1, , ,035 36,119 2,920, , , , , , , , ,509 2,008,356 69,024 87, 708 3,763, , ,087 (197) 62,178 1,016,449 10,986 61, ,358 86,531 (33) 8,775 27,620 27,620 1, ,583 2,660,512 59, , , ,490 22,832,929 1,028,621 8, , , ,513 8,366,529 1,004,028 37, , , ,197 5,063,251 49,002 4,624 19,081 94,995 14,533 1,656,212 1,589,176 1,478,189 1,086,022 1,086, , ,952 3,672,064 8,176 3,167, , , , ,243 22,919, , ,952 (408,385) 39_1~, 5_7_9 ~ 7_4~,4_5_0 89_,_31_8 (~3~, 3_7~5) 4_77~, 9_5_0 : : ~ : 391, , ,402 89,318 (3,375) 69,565 $ (115,582) $ 8,810 $ 3,726 $ 33,047 $ (3, 128) =$=~(=17=, 1=2~5) 17

20 INDIANA STATE UNIVERSITY Schedule of Changes in Retirement of Indebtedness Reserve Funds Held by Trustee Fund Additions Balance Investment July 1, 1987 Income Deposits Housing and Dining System Revenue Bonds, Series 1985 $ 815 $ 731 $ 2,077,240 lndebtness Reserve 2,312, ,344 Repair and Replacement Reserve 3,029, , ,000 Sub Total 5,342, ,650 2,374,240 Academic Facilities Bonds Student Fee Bonds, Series A of 1985 Student Fee Bonds, Series 306,674 7,058 1 '116,298 B of 1985 Student Fee Bonds, Series 230,643 5, ,552 C of ,395 6,766 1,136,284 Boiler Retrofit Bonds of ,069 Sub Total 831,712 19,132 3,146,203 Student Services Bonds Student Union 266,385 15, ,841 Gymnasium 46,933 Student Health Center 197,090 8, ,356 Hulman Center 441,331 31, ,952 Indiana Bond Bank, Series 1985B Stadium Refunding 152,774 Sub Total 951,739 55, ,923 Total $ 7,126,117 $ 531,004 $ 6,450,

21 Deductions Fund Retirement Interest Balance of Debt Expense Other June 30, 1988 $ 845,000 $ 1,463,850 $ (230,064) 168,303 $ 2,375, ,840 3,309, ,000 1,463, ,079 5,684, , , , , , , , , ,500 47, ,640,000 1,494, , , , ,717 5,581 41,352 75, , , , , ,441 45, , , ,480 1, ,380 $ 2,880,000 $ 3,581,877 $ 181 '103 $ 7,464,507

22 INDIANA STATE UNIVERSITY Schedule of Bonded Indebtedness Date of Original Retired To Retired Outstanding Issue Issue June 30, June 30, 1988 Housing and Dining System Revenue Bonds, Series 1985, 5.50% to 8.50% 8/1/85 $ 19,350,000 $ 2,055,000 $ 845,000 $ 16,450,000 Student Fee Bonds, Series, A, 5.25% to 8% 11/1/85 Student Fee Bonds, Series B, 8,060, , ,000 6,885, % to 8% 11/1/85 6,110,000 Student Fee Bonds, Series C, 430, ,000 5,225, % to 7.4% 8/1/86 Boiler Retrofit Bonds of ,980, ,000 8,400,000 5,50% to 6. 70% 12/29/87 2,965,000 2,965,000 Total Student Fee Bonds 26,115,000 1,000,000 1,640,000 23,475,000 Performance Facilities Bonds Student Union Refunding and Improvement Bonds, Series A, 2.875% 11/1/57 586, ,000 30,000 Gymnasium Bonds, 3.25 to 5% 9/1/60 1,500,000 1,500,000 Student Health Center First Mortgage Bonds, 4 to 6% Amphitheatre First Mortgage Bonds, 2/1/72 2,495, ,000 75,000 1,735, to 6.50% Student Union Refunding and 11/1/73 6,000,000 1,455, ,000 4,370,000 Improvement Bonds, Series B, 6.25 to 6.75% 11/1/76 3,000, ,000 70,000 2,455,000 Indiana Bond Bank, Series 1985B Stadium Refunding, 6.50% to 9.45% 12/1/85 1,305,000 45,000 45,000 1,215,000 Total Performance Facilities Bonds 14,886,000 4,716, ,000 9,775,000 GRAND TOTAL $ 60,351,000 $ 7,771,000 $ 2,880,000 $ 49,700,000

23 Indiana State University