K-State Athletics, Inc. Auditors Report and Financial Statements June 30, 2013 and 2012
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1 K-State Athletics, Inc. Auditors Report and Financial Statements June 30, 2013 and 2012
2 JUNE 30, 2013 and 2012 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT FINANCIAL STATEMENTS Statements of Financial Position Statements of Activities and Changes in Net Assets For year ended June 30, For year ended June 30, Statements of Cash Flows Notes to Financial Statements SUPPLEMENTARY INFORMATION Supplementary Statement of Activities by Program For year ended June 30, For year ended June 30,
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6 STATEMENTS OF FIANCIAL POSITION FOR THE YEARS ENDED JUNE 30, 2013 JUNE 30, 2012 CURRENT ASSETS Cash-On Hand $ 17, $ 17, Cash-Landmark National Bank 36, , Cash-Kansas State Bank 1,104, ,098, Cash-KSU Controller 42,696, ,835, ,854, ,980, KSU Foundation Investments 5,204, ,071, Accounts Receivable 80, , Tickets Receivable 148, , Contract Buyout Short Term 333, , Pledges Receivable 1,266, ,903, Prepaid Expenses & Other 77, , Total Current Assets 50,964, ,835, ASSETS LIMITED AS TO USE Pledges Receivable 11,485, ,892, Cash-KSU Controller Reserved 14,445, ,010, KSU Foundation Investments 17,240, ,280, Bond Covenant Reserves 21,082, ,673, Key Employee Cash Value Life Insurance 377, , Contributed Cash Value Life Insurance 1,767, ,661, ,399, ,885, FIXED ASSETS Fixed Assets 16,833, ,546, Less: Accumulated Depreciation (10,541,213.83) (9,235,459.53) 6,292, ,310, OTHER ASSETS Contract Buyout Long Term 277, , Bond Issuance Costs (Net of amortization of $535, and $423,877.11, respectively) 953, ,065, Discount on Bond Payable 1,349, ,659, ,581, ,308, TOTAL ASSETS $ 126,236, $ 161,339, See Notes to Financial Statements - 4 -
7 STATEMENTS OF FIANCIAL POSITION FOR THE YEARS ENDED JUNE 30, 2013 JUNE 30, 2012 CURRENT LIABILITIES Accounts Payable $ 1,618, $ 747, Accrued Payroll 396, ,214, Accrued Compensated Absences 1,900, ,249, Accrued Interest 1,607, ,258, Other Accrued Liabilities - 84, Deferred Revenues 75, , Ticket Deposits 10,460, ,349, Current Maturities of Bonds Payable 2,305, ,920, Total Current Liabilities 18,363, ,896, LONG-TERM LIABILITIES Bonds Payable 80,735, ,040, Premium on Bonds Payable 2,223, ,416, Other Long-Term Liabilities 382, , Total Long-Term Debt 83,340, ,828, NET ASSETS Unrestricted (18,638,647.08) 30,430, Temporarily Restricted 30,948, ,153, Permanently Restricted 12,222, ,030, ,532, ,613, TOTAL LIABILITIES AND NET WORTH $ 126,236, $ 161,339, See Notes to Financial Statements - 5 -
8 STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2013 ACTIVITY FROM OPERATIONS Temporarily Restricted Restricted Permanently Restricted Unrestricted Grand Total REVENUES, GAINS & OTHER SUPPORT Ticket Sales $ 15,380, $ - $ - $ 15,380, Guarantees 7, , Big Twelve/NCAA Distributions 23,886, ,886, Program/Video/Media Guide Sales 48, , Radio and TV Contracts 3,712, ,712, Concessions 456, , Parking 707, , Student Fees 500, , Contributions 17,465, , , ,970, Interest Income 128, , State appropriations 778, , Big Twelve/NCAA Reimbursement 895, , License royalties/commissions 2,316, ,316, Investment Market Increase 233, , , Investment Revenue 185, , , ,027, Other revenue 746, , Subtotal 67,448, ,594, , ,250, NET ASSETS RELEASED FROM RESTRICTIONS 982, (982,135.81) ,431, , , ,250, OPERATING EXPENSES Salaries 23,620, ,620, Insurance 877, , Telephone 290, , Interest Expense 3,328, ,328, Travel: Staff 582, , Team 7,191, ,191, Recruiting 1,014, ,014, Guarantees 2,021, ,021, Athletic aid 5,735, ,735, Maintenance 945, , Equipment 1,660, ,660, Depreciation 1,305, ,305, Outside Printing 398, , Game Day Services 758, , Officials 510, , Institutional Support fee 296, , Outside Medical Expenses 86, , Operational expenses 7,456, ,456, Endowment funds transferred to other departments - 23, , , ,080, , , ,118, CHANGE IN OPERATIONAL NET ASSETS 10,350, , , ,131, See notes to financial statements
9 STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2013 Unrestricted Temporarily Restricted Restricted Permanently Restricted Grand Total CHANGE IN OPERATIONAL NET ASSETS 10,350, , , ,131, ACTIVITY FROM FACILITY CONSTRUCTION REVENUES, GAINS & OTHER SUPPORT Contributions-Basketball Training Facility - 2,117, ,117, Contributions-Football West Side Stadium - 12,147, ,147, Subtotal - 14,264, ,264, NET ASSETS RELEASED FROM RESTRICTIONS 58, (58,178.72) , ,206, ,264, CHANGE IN FACILITY CONSTRUCTION NET ASSETS 58, ,206, ,264, CHANGE IN TOTAL NET ASSETS BEFORE TRANSFERS TO THE STATE 10,408, ,795, , ,396, TRANSFER OF ASSETS TO THE STATE Basketball Training Facility (6,776,513.35) - - (6,776,513.35) Football West Stadium Center (51,068,555.01) - - (51,068,555.01) Rowing Practice Facility (1,126,965.26) - - (1,126,965.26) Tennis Facility (505,500.00) - - (505,500.00) CHANGE IN TOTAL NET ASSETS (49,068,927.25) 14,795, , (34,081,213.19) NET ASSETS, BEGINNING OF YEAR 30,430, ,153, ,030, ,613, NET ASSETS, END OF YEAR $ (18,638,647.08) $ 30,948, $ 12,222, $ 24,532, See notes to financial statements
10 STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2012 ACTIVITY FROM OPERATIONS Temporarily Restricted Restricted Permanently Restricted Total Grand Total REVENUES, GAINS & OTHER SUPPORT Ticket Sales $ 14,913, $ - $ - $ 14,913, Guarantees 510, , Big Twelve/NCAA Distributions 21,952, ,952, Program/Video/Media Guide Sales 26, , Radio and TV Contracts 3,862, ,862, Concessions 453, , Parking 675, , Student Fees 640, , Contributions 14,252, , , ,806, Interest Income 58, , State appropriations 1,004, ,004, Big Twelve/NCAA Reimbursement 883, , License royalties/commissions 1,976, ,976, Investment revenue 426, , , ,138, Other revenue 654, , Subtotal 62,292, , , ,557, NET ASSETS RELEASED FROM RESTRICTIONS 4,505, (4,511,568.04) 6, ,798, (3,547,581.62) 307, ,557, OPERATING EXPENSES Salaries 19,773, ,773, Insurance 807, , Telephone 291, , Interest Expense 1,862, ,862, Travel: Staff 519, , Team 4,974, ,974, Recruiting 1,000, ,000, Guarantees 1,981, ,981, Athletic aid 5,496, ,496, Maintenance 1,013, ,013, Equipment 1,743, ,743, Depreciation 1,255, ,255, Outside Printing 338, , Game Day Services 607, , Officials 501, , Institutional Support fee 180, , Outside Medical Expenses 208, , Operational expenses 7,347, ,347, Investment Market Decrease 301, ,075, ,376, ,205, ,075, ,281, CHANGE IN OPERATIONAL NET ASSETS 16,592, (4,623,237.49) 307, ,276, See notes to financial statements
11 STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2012 Restricted Total Temporarily Permanently Grand Total CHANGE IN OPERATIONAL NET ASSETS 16,592, (4,623,237.49) 307, ,276, ACTIVITY FROM FACILITY CONSTRUCTION REVENUES, GAINS & OTHER SUPPORT Contributions-Basketball Training Facility - 2,990, ,990, Contributions-Football West Side Stadium - 13,843, ,843, Subtotal - 16,833, ,833, NET ASSETS RELEASED FROM RESTRICTIONS 12,033, (12,033,100.80) ,033, ,800, ,833, CHANGE IN FACILITY CONSTRUCTION NET ASSETS 12,033, ,800, ,833, CHANGE IN TOTAL NET ASSETS BEFORE TRANSFERS TO THE STATE 28,625, , , ,110, TRANSFER OF ASSETS TO THE STATE Basketball Training Facility (12,061,302.64) - - (12,061,302.64) Football West Stadium Center (146,478.60) - - (146,478.60) Tennis Facility (750,000.00) - - (750,000.00) Frank Myers Field (936,679.40) - - (936,679.40) RV Christian Track Complex (80,517.87) - - (80,517.87) CHANGE IN TOTAL NET ASSETS 14,650, , , ,135, NET ASSETS, BEGINNING OF YEAR, AS RESTATED 15,779, ,976, ,722, ,478, NET ASSETS, END OF YEAR $ 30,430, $ 16,153, $ 12,030, $ 58,613, See notes to financial statements
12 STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2013 JUNE 30, 2012 CASH FLOWS FROM OPERATING ACTIVITIES Cash contributions $ 29,489, $ 23,276, Cash from sale of contributed securities 6,205, ,035, Cash ticket sales 16,446, ,010, Cash receipts from all other revenue items 35,241, ,034, Cash payments for fund-raising expenses (1,972,264.50) (2,125,733.73) Cash payments to suppliers for goods and services (28,583,689.67) (24,760,302.48) Cash payments to employees for services (25,438,185.91) (19,185,110.72) Net cash provided by (used in) operating activities 31,389, ,285, CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets (1,173,313.38) (1,307,492.79) Facility Construction Expenditures (59,477,533.62) (13,974,978.51) Net (increase) in cash-ksu controller reserved (11,434,787.59) (2,593,485.93) Cash to and from KSU foundation investments (4,405,330.00) 3,087, Net cash provided by (used in) investing activities (76,490,964.59) (14,788,936.30) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bonds - 55,966, Net decrease (increase) in bond reserve accounts 44,590, (46,266,903.63) Payments on long-term debt and current maturities (1,920,000.00) (1,290,000.00) Payments of bond issuance costs - (599,464.95) Payments from contract buyout 305, (916,669.00) Net cash provided by (used in) financing activities 42,975, ,893, NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,125,888.60) 21,390, CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 45,980, ,589, CASH AND CASH EQUIVALENTS - END OF YEAR $ 43,854, $ 45,980, See notes to financial statements
13 STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2013 JUNE 30, 2012 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY OPERATIONS Operating income (loss) $ 25,396, $ 29,110, ADJUSTMENTS TO RECONCILE OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Depreciation 1,305, ,255, Amortization of bond issuance costs 111, , Discount on Bonds Payable 310, , Amortization of bond premium (193,157.80) (182,769.42) Loss on the sale of assets - 25, Changes in Investment Market (687,198.86) 1,376, Non cash contributions (478,064.19) (940,512.98) Non cash expenses 364, , Changes in: Accounts Receivable 29, , Tickets Receivable (46,617.69) (9,504.09) Pledges Receivable 4,044, (5,290,757.78) Prepaid Expenses & Other 257, , Key Employee Cash Value Life Insurance (10,404.98) (10,511.87) Contributed Cash Value Life Insurance (105,930.27) (96,885.14) Accounts Payable 871, (84,915.11) Accrued Payroll (1,818,116.52) 588, Accrued Compensated Absences 650, (107,948.43) Accrued Interest 349, , Other Accrued Liabilities (84,043.82) 84, Deferred Revenues 1, , Ticket Deposits 1,110, ,104, Other Long-Term Liabilities 10, , Net cash provided by (used in) operating activities $ 31,389, $ 29,285, SUPPLEMENTAL INFORMATION Interest Paid $ 2,862, $ 784, See notes to financial statements
14 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations K-State Athletics, Inc. (KSA) is a not-for-profit entity, organized under the laws of the State of Kansas. It was formed to provide an intercollegiate athletic program for the students, faculty, alumni, guests and visitors of Kansas State University (University). K-State Athletics, Inc. s primary source of revenue is derived from athletic event ticket sales, conference distributions, contributions and game guarantees. K-State Athletics, Inc. has agreed to operate as a department of the University and be subject to the regulations and administrative policies of the University. 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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Organization considers all highly liquid demand deposit accounts to be cash equivalents. These include cash funds held in agency by the Kansas State University Division of Financial Services plus cash in demand deposit accounts and certificates of deposit at other financial institutions. Accounts Receivable Accounts receivable are stated at cost, and are written off when management estimates that they will not be collected. The allowance for doubtful accounts is estimated at zero, based on a minimal history of incurring bad debts
15 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Pledges Receivable Unconditional promises to give cash and other assets are accrued at estimated fair value at the date each promise is received. The gifts are reported as restricted support if they are received with donor stipulations that limit the use of the donated asset. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified as unrestricted net assets and are reported as an increase in unrestricted net assets. The allowance for doubtful accounts is estimated by identifying specific pledges that are in doubt and applying a historical percentage to the remaining pledges. Inventories Consumable athletic equipment and supplies are treated as expenditures in the period in which they are acquired. Fixed Assets Equipment and furniture are stated at cost, if purchased, or fair value, if contributed, and are depreciated straight-line over the estimated useful life of ten years. The title rights to buildings and leasehold improvements constructed and financed by K-State Athletics, Inc. on property owned by the State of Kansas immediately transfer to the State. Management has chosen not to capitalize and amortize the leasehold improvements over the estimated useful life of the assets. The statement of changes in net assets includes $59,477, and $13,974, of transfers to the State of Kansas for capital expenditures related to leasehold improvements, for the years ended June 30, 2013 and Contributed Life Insurance Policies When donors contribute life insurance policies to K-State Athletics, Inc., these policies are valued on the financial statements at their cash surrender value. Changes in cash surrender value are recognized as period contributions revenue. Associated promises to pay premiums (pledge) on these policies are valued at zero. Management has adopted this policy due to the complexity of determining fair value of the policies and in valuing the present value of future promises to pay premiums,
16 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes K-State Athletics, Inc. is a not-for-profit corporation exempt from federal income taxes under Code Section 501 (c) (3) of the Internal Revenue Code. The corporation has adopted the application of the uncertain tax position provisions of FASB ASC 740, Income Taxes. The organization evaluates its uncertain tax positions using the provisions of FASB ASC 450, Contingencies. Accordingly, a loss contingency would be recognized when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. As of June 30, 2013 and 2012, there were no uncertain tax positions identified. K-State Athletics, Inc. is no longer subject to tax examinations by tax authorities for Forms 990, Return of Organization Exempt from Income Tax, for fiscal years before July 1, Deferred Revenues Deferred revenues consist of advanced payments received for special events scheduled in future fiscal years. Revenue is recognized in the fiscal year the event occurs. Ticket Deposits Ticket deposits consist of payments received for athletic events scheduled in subsequent fiscal years. Revenue is recognized in the year in which the athletic event occurs. Fundraising Expenses Included under operating expenses in the statement of activities is fundraising expenses in the amount of $1,972, and $2,125,733.73, for the years ended June 30, 2013 and NOTE 2: CASH ON DEPOSIT WITH KSU CONTROLLER The Kansas State University Office of the Controller holds in agency the operating cash on behalf of K-State Athletics, Inc. These funds are pooled with other local agencies affiliated with the University, such as the K-State Student Union, to increase the potential earnings on the accounts. The Office of the Controller distributes the pools investment income monthly based upon the average balance of the participants
17 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 3: KSU FOUNDATION INVESTMENTS K-State Athletics, Inc. has investments held in trust by the Kansas State University Foundation. Investments are accounted for in accounts specified by K-State Athletics, Inc. Endowment accounts can only be withdrawn when donor restrictions are met. Other accounts can be withdrawn on demand without restriction. NOTE 4: PLEDGES RECEIVABLE (UNCONDITIONAL PROMISE TO GIVE) At June 30, 2013 and 2012, unconditional promises to give of $13,860, and $17,683, have been discounted at 3.25% to their present values on the statement of financial position and reported as $12,752, and $16,796,117.09, respectively. The KSA estimates present value payments of the unconditional promises to give as of June 30, 2013 will be received as follows: FISCAL YEAR END AMOUNT June 30, ,091, June 30, ,318, June 30, ,067, June 30, ,238, June 30, , Thereafter 717, Total $ 13,150, Pledges receivable are stated net of an allowance for write-offs of $398, and $634, at June 30, 2013 and 2012 respectively. NOTE 5: CONDITIONAL PROMISES TO GIVE Conditional promises are not reported on the financial statements due to the unknown occurrence of a specified future and uncertain event. At June 30, 2013 and 2012, donors had notified K-State Athletics, Inc. of conditional promises in the amounts of $14,163, and $12,173,723.37, respectively in the form of bequests
18 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 6: CASH VALUE LIFE INSURANCE (UNCONDITIONAL PROMISES TO GIVE) At June 30, 2013 and 2012, donors have assigned ownership of their life insurance policies to K-State Athletics, Inc. and committed to unconditional promises to continue paying the policy premiums. The face values of the assigned policies are $12,496, and $12,407,114.18, respectively. The cash surrender values of these policies are $1,767, and $1,661,569.34, as of June 30, 2013 and NOTE 7: CONTRACT BUYOUT RECEIVABLE Contract buyout receivable is the amount due from a coach who resigned before the end of his contract. Buyout payments are scheduled to be received over next two fiscal years. NOTE 8: ASSETS LIMITED AS TO USE Pledges receivable, cash-ksu Controller reserves, and KSU Foundation investments are limited as to use in amounts equal to their corresponding temporary and permanently restricted net assets. Limited to use classification is first applied to pledges receivables by program or endowment, then to investments held by the KSU Foundation in separate program or endowment accounts, and then to general cash deposits not specifically segregated. Bond covenant cash reserves are deposits held at UMB Bank limited as to use by bond covenants for facilities construction or bond repayment. Bond covenants for the debt service and debt service reserve accounts are described in Note 9. K-State Athletics, Inc. is the owner of a key employee life insurance policy. The policy is limited as to use because ownership of the policy is required to be assigned to the key employee upon his retirement as additional compensation. As the cash value of the policy increases additional accrued compensation is recorded under the classification of Other Long- Term Liabilities. Contributed donor life insurance policies cash surrender values are limited to use by the donors pledge commitments to continue paying life insurance premiums
19 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 9: DEBT SERVICE AND DEBT SERVICE RESERVE ACCOUNTS In accordance with the loan agreements, detailed in Note 11, with the Kansas Development Finance Authority, K-State Athletics, Inc. has the required amount on deposit with UMB Bank as of June 30, 2013 and These amounts consist of project/debt service accounts and debt service reserve accounts. The balances as of June 30, 2013 and 2012 were $12,780, and $57,399, of project/debts service accounts and $8,302, and $8,274, of debt service reserve accounts, respectively. NOTE 10: ENDOWMENT FUNDS K-State Athletics, Inc. follows the investment and endowment pool policies of the KSU Foundation, a separate audited entity. The endowment investment policies of the KSU Foundation are governed by policies and procedures established by the Asset Management Committee of the KSU Foundation. This committee is a subcommittee of the Board of Directors of the KSU Foundation s board of trustees, in collaboration with staff and consultants. KSU Foundation staff implements policies through: (1) the selection of investment strategies; (2) the hiring, monitoring and changing of investment managers; and (3) re-balancing the portfolios. Investment results are monitored by the committee quarterly through manager and portfolio performance and due diligence reporting and annually through outside auditing of the KSU Foundation s accounts and procedures. The specific return objectives, risk parameters and spending policies of K-State Athletics, Inc. are adopted to be in compliance with the KSU Foundation s policies and procedures for endowment and investment management. K-State Athletics, Inc. has approximately 130 individual endowment funds established for a variety of purposes that are held and managed by the KSU Foundation. As required by Generally Accepted Accounting Principles (GAAP), net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions
20 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 10: ENDOWMENT FUNDS (Continued) K-State Athletics, Inc., in conjunction with the KSU Foundation, has interpreted the State of Kansas 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 donor-restricted endowment funds, absent explicit donor stipulations to the contrary. As a result of this interpretation, K-State Athletics, Inc. has classified 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 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 donor-restricted 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 K- State Athletics, Inc. in a manner consistent with the standard of prudence prescribed by UPMIFA. In accordance with UPMIFA, K-State Athletics, Inc. and the KSU Foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1. The duration and preservation of the fund; 2. The purposes of K-State Athletics, Inc. and the donor-restricted 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; and 7. The investment policies of the KSU Foundation From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or UPMIFA requires K-State Athletics, Inc. and the KSU Foundation to retain as a fund of perpetual duration. In accordance with GAAP, deficiencies of this nature that are reported in unrestricted net assets were $57, and $290, as of June 30, 2013 and 2012, respectively. These deficiencies resulted from unfavorable market fluctuations that occurred shortly after the investment of new permanently restricted contributions and continued appropriation for certain programs that was deemed prudent by K-State Athletics, Inc. and the KSU Foundation
21 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 10: ENDOWMENT FUNDS (Continued) Changes in Endowment Net Assets for the Fiscal Years ending June 30, 2012 and Unrestricted Temporarily Restricted Permanently Restricted Total Endowment net assets: June 30, 2011 $ (13,380.21) $ 3,742, $ 11,722, $ 15,452, Investment Return: Investment Income: - 192, , , Net Realized and Unrealized Gains/Losses (1,352,820.08) (1,352,820.08) Loss to Unrestricted (277,164.21) 277, Total Investment Return (277,164.21) (882,948.25) 120, (1,039,194.85) Contributions - 373, , , Appropriation of Endowment assets for expenditure - (1,048,777.12) - (1,048,777.12) Other Changes - (891.94) 6, , Endowment net assets: June 30, 2012 $ (290,544.42) $ 2,183, $ 12,030, $ 13,923, Investment Return: Investment Income: - 532, , , Net Realized and Unrealized Gains/Losses 687, , Recovery of Loss to Unrestricted 233, (233,368.98) - - Total Investment Return 233, , , ,326, Contributions - 3, , , Appropriation of Endowment assets for expenditure - (376,963.99) - (376,963.99) Endowment transferred to KSU Music - (23,871.85) (13,972.50) (37,844.35) Endowment net assets: June 30, 2013 $ (57,175.44) $ 2,772, $ 12,222, $ 14,937, Total endowment funds do not include income from pledges receivable that are recognized in the period pledged
22 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 11: LONG-TERM DEBT At June 30, 2013 and 2012, long-term debt consisted of the following: DESCRIPTION Bonds, KDFA Series 2002 (E) $ 6,225, $ 5,915, Unearned Interest Discount 1,349, ,659, Bonds, KDFA Series 2011 (A1) 20,025, ,225, Bonds, KDFA Series 2011 (A2) 1,765, ,485, Bonds, KDFA Series 2012 (B1) 30,035, ,035, Bonds, KDFA Series 2012 (B2) 23,640, ,640, Less: Current maturities (2,305,000.00) (1,920,000.00) TOTALS $ 80,735, $ 83,040, On March 1, 2002, K-State Athletics, Inc. entered into a loan agreement with the Kansas Development Finance Authority for a promissory note in the amount of $3,495, Concurrent with this loan agreement, the KDFA issued zero-coupon revenue bonds in the amount of $7,575, K-State Athletics, Inc. used the note proceeds to finance construction of athletic facilities and refund the 1998 series bonds. At June 30, 2013 and 2012, the amount of unamortized bond issuance costs related to the 2002 issue was $35, and $44,189.74, respectively. The note payable to Kansas Development Finance Authority contains principal and interest payments which mirror related KDFA bond issues. The principal and interest is payable annually beginning July 1, 2015 through July 1, The loan balance securing the underlying Series 2002E, dated 3/1/2002, 5.0%-5.4% interest is as follows, matures 7/1/ Bond Face Amount $7,575, $7,575, Unearned Interest Discount (1,349,638.36) (1,659,691.05) $6,225, $5,915, On March 1, 2011, K-State Athletics, Inc. refunded bonds issued in 1998 and entered into a loan agreement with the Kansas Development Finance Authority for a promissory note in the amount of $25,000, Concurrent with this loan agreement, the KDFA issued revenue bonds in the amount of $25,000, K-State Athletics, Inc. used the note proceeds to finance construction of athletic facilities. At June 30, 2013 and 2012, the amount of unamortized bond issuance costs related to the 2011 issue was $384, and $437, respectively. The note payable to Kansas Development Finance Authority contains principal and interest payments which mirror related KDFA bond issues. The principal and interest is payable annually beginning July 1, 2011 through July 1, These bonds were issued at a premium of $322, This premium is being amortized over the life of the bonds
23 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 11: LONG-TERM DEBT (Continued) The remaining premium as of June 30, 2013 and 2012 was $53, and $153, respectively Series 2011A-1, dated 03/16/2011, 2.0%-5.25% int., matures 7/1/2031 $20,025, $21,225, Series 2011A-2, dated 03/16/2011, 0.7%-2.25% int., matures 7/1/2014 1,765, ,485, TOTAL $21,790, $ 23,710, On March 1, 2012, K-State Athletics, Inc. entered into a loan agreement with the Kansas Development Finance Authority for a promissory note in the amount of $53,675, Concurrent with this loan agreement, the KDFA issued revenue bonds in the amount of $53,675, K-State Athletics, Inc. used the note proceeds to finance construction of athletic facilities. At June 30, 2013 and 2012, the amount of unamortized bond issuance costs related to the 2012 issue was $534, and $582, respectively. The note payable to Kansas Development Finance Authority contains principal and interest payments which mirror related KDFA bond issues. The principal and interest is payable annually beginning July 1, 2012 through July 1, These bonds were issued at a premium of $2,291, This premium is being amortized over the life of the bonds. The remaining premium as of June 30, 2013 and 2012 was $2,169, and $2,262, respectively Series 2012B-1, dated 03/01/2012, 3.0%-5.25% int., matures 7/1/2032 $30,035, $30,035, Series 2012B-2, dated 03/01/2012, 1.088%-4.233% int., matures 7/1/2025 _23,640, ,640, TOTAL $ 53,675, $ 53,675, The Organization is in compliance with the bond covenants as of June 30, 2013 and
24 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 11: LONG-TERM DEBT (Continued) Aggregate annual maturities of long-term debt at June 30, 2013 are as follows: FISCAL YEAR END INTEREST DUE PRINCIPAL DUE TOTAL JUNE 30, 2014 $ 3,175, $ 2,305, $ 5,480, JUNE 30, ,081, ,205, ,286, JUNE 30, ,009, ,280, ,289, JUNE 30, ,969, ,320, ,289, JUNE 30, ,923, ,365, ,288, JUNE 30, ,443, ,990, ,433, THEREAFTER 13,295, ,575, ,870, TOTALS $41,898, $83,040, $124,938, NOTE 12: LEASES K-State Athletics, Inc. leases certain equipment and facilities for various terms under longterm operating lease agreements. The leases expire at various dates through 2015, with some providing for renewal options for two additional years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other facilities or equipment. Lease expense totaled $226, and $246, during the year ended June 30, 2013 and 2012 respectively. Future minimum rental payments required under the operating lease agreements for the next five years are as follows: FISCAL YEAR END AMOUNT June 30, 2014 $ 82, June 30, , June 30, , Total $262,
25 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 13: RETIREMENT PLAN K-State Athletics, Inc. has a defined contribution retirement plan through the Teachers Insurance Annuity Association and College Retirement Equities Fund available to most permanent positions. For eligible employees, K-State Athletics, Inc. contributes 8.5% of annual compensation, subject to IRS limitations. Contributions to the plan were $901, and $886, for the years ended June 30, 2013 and NOTE 14: DEPOSITORY COVERAGE K-State Athletics, Inc. had funds on deposit with financial institutions in excess of FDIC coverage. Those deposits were adequately secured by securities obtained by the depository institution. Agency cash held by the Kansas State University Division of Financial Services is secured by a $55,000, line of credit drawable on the Federal Home Loan Bank. Demand deposits of $1,104, held by Kansas State Bank are secured by $250, of FDIC coverage while the remainder is secured by a $900, line of credit drawable on the Federal Home Loan Bank. NOTE 15: RELATED PARTIES K-State Athletics, Inc., along with other Kansas State University affiliates, is under common control of the State of Kansas. This relationship is predicated by the fact that all purchases and/or construction of permanent real property (i.e. buildings, land and improvements) are transferred to the State of Kansas upon payment of related expenditure. However, the purchases are made directly from the ultimate vendor and not the State of Kansas. These expenditures are neither expended nor capitalized on K-State Athletics, Inc. s records. They are accounted for on the Statements of Activities and Changes in Net Assets as a Transfer to State of Kansas. The amounts transferred to the State of Kansas are disclosed in Note 1, Fixed Assets. K-State Athletics, Inc. has various transactions with Kansas State University and its affiliates for various types of goods and services. The main revenues, which are disclosed in the Statements of Activities and Changes in Net Assets, are for Student Fees and State of Kansas appropriations that pass through Kansas State University. The majority of the expenditures are related to student/athlete tuition and fees, as well as housing and dining fees. The total expenditures to Kansas State University and its affiliates for the periods ending June 30, 2013 and 2012 are $9,533, and $7,074,656.91, respectively
26 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 NOTE 16: CONTRIBUTED GOODS AND SERVICES K-State Athletics, Inc. recognizes contribution revenue for certain goods and services received at the fair value of those goods and services. Those services include the following items: Management and general: Horses $ 273, $ 113, Building Stone - 321, Billboard Rental - 28, Equipment Rental 1, , Meals and Entertainment 22, , Medical Services 5, , Repairs and Maintenance 6, , Travel 14, , Livestock 92, , Grain - 47, Miscellaneous 61, , Total Contributed Services $ 478, $ 810, All contributed goods and services listed above meet the criteria for recognition. No services were volunteered in which the criteria for recognition were not met. NOTE 17: RECLASSIFICATIONS Certain balances for the year ended June 30, 2012 have been reclassified to correspond with the current year presentation for the year ended June 30, NOTE 18: SUBSEQUENT EVENTS In accordance with ASC 855, K-State Athletics, Inc. has evaluated events and transactions for potential recognition or disclosure through August 16, 2013, the date the financial statements were available to be issued. There were no material subsequent events that required recognition of additional disclosure in these financial statements
27 SUPPLEMENTARY INFORMATION
28 SUPPLEMENTARY STATEMENT OF ACTIVITIES BY PROGRAM FOR THE YEAR ENDED JUNE 30, 2013 ACTIVITY FROM OPERATIONS Unrestricted Football Men's Basketball Women's Basketball Other Sports Non-Program Specific Total REVENUES, GAINS & OTHER SUPPORT Ticket Sales $ 10,928, $ 3,911, $ 276, $ 263, $ - $ 15,380, Guarantees , , Big Twelve/NCAA Distributions 19,211, ,115, , ,886, Program/Video/Media Guide Sales 12, , , , , , Radio and TV Contracts ,712, ,712, Concessions , , Parking 422, , , , , Student Fees , , Contributions ,465, ,465, Interest Income , , State appropriations , , Big Twelve/NCAA Reimbursement - 151, , , , License royalties/commissions ,316, ,316, Investment Market Increase , , Investment Revenue , , Other revenue , , , Subtotal 30,575, ,417, , , ,846, ,448, NET ASSETS RELEASED FROM RESTRICTIONS 31, , , , , , ,606, ,424, , , ,462, ,431, OPERATING EXPENSES Salaries 6,392, ,966, ,423, ,396, ,440, ,620, Insurance , , Telephone 43, , , , , , Interest Expense ,328, ,328, Travel: Staff 126, , , , , , Team 3,523, ,361, , ,672, , ,191, Recruiting 362, , , , ,014, Guarantees 1,225, , , , ,021, Athletic aid 2,273, , , ,730, ,735, Maintenance 5, , , , Equipment 679, , , , , ,660, Depreciation ,305, ,305, Outside Printing 11, , , , , , Game Day Services 421, , , , , , Officials 175, , , , , Institutional Support fee , , Outside Medical Expenses 35, , , , , Operational expenses 593, , , , ,902, ,456, ,871, ,179, ,219, ,510, ,299, ,080, CHANGE IN OPERATIONAL NET ASSETS $ 14,735, $ 2,245, $ (2,723,453.08) $ (8,069,678.45) $ 4,163, $ 10,350, See auditors' report on supplementary information
29 SUPPLEMENTARY STATEMENT OF ACTIVITIES BY PROGRAM FOR THE YEAR ENDED JUNE 30, 2012 ACTIVITY FROM OPERATIONS Unrestricted Football Men's Basketball Women's Basketball Other Sports Non-Program Specific Total REVENUES, GAINS & OTHER SUPPORT Ticket Sales $ 10,723, $ 3,844, $ 221, $ 123, $ - $ 14,913, Guarantees 300, , , , Big Twelve/NCAA Distributions 14,499, ,697, ,755, ,952, Program/Video/Media Guide Sales 9, , , , , , Radio and TV Contracts ,862, ,862, Concessions - - 1, (131.59) 452, , Parking 385, , , , , Student Fees , , Contributions ,252, ,252, Interest Income , , State appropriations ,004, ,004, Big Twelve/NCAA Reimbursement , , License royalties/commissions ,976, ,976, Investment revenue , , Other revenue - - (405.34) - 655, , Subtotal 25,917, ,985, , , ,990, ,292, NET ASSETS RELEASED FROM RESTRICTIONS 11, , , , ,373, ,505, ,929, ,000, , , ,364, ,798, OPERATING EXPENSES Salaries 5,253, ,605, ,233, ,270, ,410, ,773, Insurance , , Telephone 42, , , , , , Interest Expense ,862, ,862, Travel: Staff 92, , , , , , Team 2,071, , , ,531, , ,974, Recruiting 295, , , , ,000, Guarantees 1,450, , , , ,981, Athletic aid 2,090, , , ,669, ,496, Maintenance 3, , , ,013, Equipment 495, , , , , ,743, Depreciation ,255, ,255, Outside Printing 10, , , , , Game Day Services 381, , , , , , Officials 178, , , , , Institutional Support fee , , Outside Medical Expenses 81, , , , , Operational expenses 493, , , , ,985, ,347, Investment Market Decrease , , ,942, ,211, ,650, ,144, ,255, ,205, CHANGE IN OPERATIONAL NET ASSETS $ 12,986, $ 4,788, $ (2,378,198.10) $ (7,913,415.06) $ 9,108, $ 16,592, See Auditors' report on supplementary information
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