F INANCIAL S TATEMENTS

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1 F INANCIAL S TATEMENTS Georgia Tech Athletic Association Years Ended June 30, 2007 and 2006 With Management s Discussion and Analysis and Report of Independent Auditors

2 Audited Financial Statements Years Ended June 30, 2007 and 2006 Contents Introduction... i Management s Discussion and Analysis...1 Report of Independent Auditors...12 Audited Financial Statements Balance Sheets...13 Statements of Revenues, Expenses, and Changes in Net Assets...14 Statements of Cash Flows...15 Notes to Financial Statements...17

3 Introduction The Georgia Tech Athletic Association (the Association) is a nonprofit corporation organized in 1934 to administer the intercollegiate athletic programs of the Georgia Institute of Technology (Georgia Tech) and is governed by a Board of Trustees appointed by the President of Georgia Tech. The Georgia Tech intercollegiate athletic program consists of teams that participate in 17 varsity sports. The primary purpose of the Association is to promote the educational programs of Georgia Tech through student body participation in healthful exercises, athletic games, and contests. Although the Association is a separate, cooperative organization, its role of providing the intercollegiate athletic programs at Georgia Tech is functionally indistinguishable from the role that athletic departments of other major U.S. universities provide for their respective universities. Georgia Tech enjoyed another successful year athletically, highlighted by a first ever NCAA team championship in women s tennis as well as seven of its teams advancing to NCAA championships and its football team playing in a bowl game for its 10 th consecutive year. On the academic front, during the school year, 114 recent and former Student-Athletes graduated from Georgia Tech. Of those graduating from the Bachelor s program, 53% did so with honors. All of Tech s teams exceeded the NCAA standard in the most recent Academic Progress Rate (APR). Organizationally the athletic association went through a significant change in year. The implementation of a new financial model, which includes the rollout of the TECH Fund, combined with the increased institutional and student-based support, has set the ground work for long-term fiscal stability. The TECH Fund was established to tie season tickets in various seating areas of Bobby Dodd Stadium and Alexander Memorial Coliseum to minimum giving levels in order to obtain the seats to stimulate increased annual contributions to the Association. Overall, contributors have responded positively to these changes. It was a busy year for Georgia Tech off the court and field as Georgia Tech served as the host for the 2007 NCAA Final Four. This was Georgia Tech s third Final Four in six years. Georgia Tech also hosted the 2007 NCAA Men s Golf East Regional Tournament and one of the 16 NCAA regional tournaments in women s tennis. Georgia Tech also is proud of the accomplishments the following honors bestowed upon its coaches and athletes: 1 NCAA Player of the Year 2 National recognition awards 3 ACC Players of the Year 6 ACC Champions i

4 4 ACC Postgraduate Scholarship Recipients 4 Academic All-Americans 17 All-Americans 1 NCAA Coach of the Year During the fiscal year ended June 30, 2007, the Georgia Tech Athletic Association (the Association) and the AT Fund continued their efforts on wrapping up the Building A Competitive Advantage fundraising campaign while beginning the President s Campaign This new campaign represents a seven-year initiative that has a goal of raising $1,000,000,000 of which $100,000,000 pertains to athletics. The funds raised for athletics will provide program support, fund various projects to improve our athletic facilities and increase the endowed scholarship fund. As of June 30, 2007, $1,795,072 had been received towards the new basketball practice facility and $5,427,400 in contributions had been received towards athletic endowments. No other major capital projects were initiated this year, although there were some minor additions to capital assets. ii

5 Management s Discussion and Analysis For the Year Ended June 30, 2007 The administration of the Georgia Tech Athletic Association (the Association) is pleased to offer the readers of the Association s financial statements this overview and analysis of financial performance during the fiscal year ended June 30, This overview, discussion, and analysis meets the requirements of Governmental Accounting Standards Board, Statement No. 35, Basic Financial Statements and Management s Discussion and Analysis for Public Colleges and Universities, and has been prepared by management along with the financial statements and related footnote disclosures. The discussion and analysis focuses on current activities, resulting change, and current-known facts from the financial statements included therein. The Alexander-Tharpe Fund, Inc. (the AT Fund) contributes funds, as available, to the Association to support student athletes. This support includes financial assistance in the form of scholarships, program support, and facilities improvements. Due to their interrelationship, the AT Fund is included in the Association s financial statements as a blended-component unit. Beginning with the fiscal year ended June 30, 2005, the Association met the requirements under Governmental Accounting Standards Board, Statement No. 39, Determining Whether Certain Organizations Are Component Units, to be reported as a component unit of Georgia Institute of Technology (Georgia Tech) and is included in Georgia Tech s combined financial statements as a discretely presented component unit. The balance sheets, statements of revenues, expenses, and changes in net assets, and the statements of cash flows are designed to provide information that will assist in understanding the financial condition, health, and performance of the Association by presenting financial information in a form similar to that used by corporations. The Association s net assets are one indicator of the Association s financial health. Over time, increases or decreases in net assets are indicators of the changes in the Association s financial health when considered with nonfinancial facts such as student participation levels, team success, alumni and fan support, revenues, and condition of assets. The balance sheets include all assets and liabilities. They are prepared under the accrual basis of accounting, whereby the revenues and assets are recognized when the service is provided and expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. The statements of revenues, expenses, and changes in net assets present the revenues earned and the expenses incurred during the year. Activities are reported as either operating or non-operating. The financial reporting model classifies endowment and quasi-endowment proceeds as non-operating revenues. As a result, the financial statements may show operating losses that are then offset by non-operating revenues from a total financial perspective. The utilization of long-lived assets, referred to as capital assets, is reflected in the financial statements as depreciation, which amortizes the cost of an asset over its expected useful life. 1

6 Management s Discussion and Analysis (continued) The statements of cash flows present information on the ability of the Association to meet its financial obligations in the form of cash inflows and outflows summarized by operating, capital and non-capital financing, and investing activities. Financial Highlights No major projects were started in fiscal year although significant changes occurred in the balance sheet due to the wrapping up of the Competitive Advantage Campaign. Condensed Financial Information The condensed balance sheets are shown below: Condensed Balance Sheets June 30, 2007, 2006, and Assets Current assets $ 11,155,112 $ 9,796,001 $ 13,221,385 Noncurrent assets: Capital assets, net 98,435, ,178, ,438,994 Investments 80,967,857 68,152,231 61,369,437 Other 11,399,799 10,939,170 10,648, ,802, ,269, ,456,445 Total assets $ 201,957,770 $ 191,065,542 $ 190,677,830 Liabilities and net assets Current liabilities $ 17,450,762 $ 16,841,374 $ 11,158,673 Noncurrent liabilities 105,030, ,094, ,994,692 Total liabilities 122,480, ,935, ,153,365 Net assets: Deficit in capital assets, net of related debt (5,103,357) (3,195,249) (945,636) Unrestricted 4,343,212 9,706,609 15,356,392 Restricted for: Nonexpendable 16,466,611 13,669,608 12,467,317 Expendable 63,770,532 46,948,959 43,646,392 Total net assets 79,476,998 67,129,927 70,524,465 Total liabilities and net assets $ 201,957,770 $ 191,065,542 $ 190,677,830 The primary components of current assets are cash and cash equivalents and pledges and accounts receivables. Cash and cash equivalents consist of cash in the Association s bank accounts and the fair value of highly liquid short-term investments. Pledges receivable relate primarily to pledges received from the Competitive Advantage Campaign and scholarship endowments. Accounts receivable includes conference distributions, as well as other miscellaneous receivables. The increase in current assets is due to the increase in short-term investments used to fund annual debt service and scholarships. 2

7 Management s Discussion and Analysis (continued) Assets Noncurrent Assets The primary components of noncurrent assets are long-term investments held by the Foundation and capital assets. Investments held by the Foundation include endowments, quasi-endowments, and other investments and are recorded at fair value. The amount held by the Foundation at June 30, 2007, 2006, and 2005, totaled $80,967,857, $68,152,231, and $61,369,437, respectively. Investments representing primarily endowments and quasi-endowments totaled $69,836,799, $59,460,698, and $55,173,942 at June 30, 2007, 2006, and 2005, respectively. These endowments have increased in value by 17.5% over the prior year. This net increase results from a 21.1% increase in the fair value of the endowments as a result of the increase in the overall stock market offset in part by a 8% decrease resulting from distributions for scholarships. The investments held by the Foundation have performed in line with the Standard & Poor s 500 Index gain of 20.6% and exceeded the policy portfolio goal of 16.1%. Charitable remainder trusts represent the present value of qualified, irrevocable trusts created by our contributors from which the AT Fund benefits partially or entirely. The decrease of 14% over the prior year is due to the net affect of a new trust, retirement of several trusts, as well as the change in market value of existing trusts. Capital assets includes buildings, building improvements, equipment, and construction in progress net of related accumulated depreciation and totaled $98,435,002, $102,178,140, and $105,483,994 at June 30, 2007, 2006, and 2005, respectively. The decrease over the prior year is due primarily to depreciation expense. Liabilities Current Liabilities The primary components of current liabilities are accounts payable and accrued liabilities, deposits received for football and basketball tickets, deferred revenues, and the current portion of long-term liabilities. Accounts payable and accrued liabilities totaled $6,959,943, $3,365,830, and $3,045,890 at June 30, 2007, 2006, and 2005, respectively, for goods and services received prior to the end of the fiscal year. The increase of $3,594,113 (or 107%) is primarily due to an outstanding line of credit at year end. Deposits received for football and basketball tickets represent payments received for future seasons. Deposits received totaled $8,082,575, $9,125,964, and $5,565,801 at June 30, 2007, 2006, and 3005, respectively. The decrease of $1,043,389 or 11% is reflective of a delayed ticket deadline due to the upstart of the TECH Fund. Deferred revenues represent payments received for services and goods related to a future period. Deferred revenues totaled $456,265, $2,494,100, and $767,501 at June 30, 2007, 2006, and 2005, respectively. The decrease of $2,067,835 or 83% is related to the recognition of revenues 3

8 Management s Discussion and Analysis (continued) received for future building projects, as well as the decline of gifts received which were designated for a future year. The current portion of the debt obligations represents the portion of the Association s long-term debt which is payable within the next fiscal year. Noncurrent Liabilities Long-term debt and other obligations include notes and bonds obligations for which the principal is due more than one year from the balance sheet date. Long-term debt primarily relates to the 2001 Series Revenue Bonds issued in December This tax-exempt bond issuance was utilized to refinance existing debt with financial institutions and to provide the funding to rebuild the Chandler Baseball Stadium and upgrade and expand Bobby Dodd Stadium at Grant Field. The total long-term portion of debt obligations outstanding at June 30, 2007, 2006, and 2005, totaled $105,030,010, $107,094,241, and $108,994,692, respectively. On March 16, 2004, the Association and AT Fund entered into a master agreement with UBS AG, Stamford Branch, an investment bank, to enter into a swaption. A swaption is an option to enter into an interest rate swap on the 2001 Series Revenue Bonds at a future date. In exchange for entering into the swaption, the Association and the AT Fund received a net swaption premium of $2,367,000. The swaption premium is recorded as a deferred liability and is being amortized into income as a component of interest expense over the remaining life of the bonds and has an unamortized value on the balance sheet of $2,105,657. Net Assets Net assets represent the difference between the Association s assets and liabilities. Total net assets at June 30, 2007, 2006 and 2005, were $79,476,998, $67,129,927, and $70,524,465, respectively, which represents in increase in the current year of $12,347,071, related primarily to increases in market growth of invested assets. Approximately 5.4% of the total net assets relate to unrestricted reserves for sport operations, scholarships, and debt service. Restricted nonexpendable net assets consist of endowment gifts with specific restrictions on spending the principal given. Restricted expendable net assets primarily consist of gifts related to the quasi-endowment established by the gifts received from the Candler Estate. Unrestricted net assets represent those balances from operational activities that have not been restricted by parties external to the Association such as donors. This includes funds that have been designated by the governing board for specific purposes as well as amounts that have been contractually-committed for goods and services that have not yet been received. 4

9 Management s Discussion and Analysis (continued) The condensed statements of revenues, expenses, and changes in net assets are shown below: Condensed Statements of Revenues, Expenses, and Changes in Net Assets Years Ended June 30, 2007, 2006, and Operating revenues: Ticket sales $ 10,856,128 $ 8,782,288 $ 8,487,060 Atlantic Coast Conference revenue distributions 9,407,941 9,521,217 8,748,841 Contributions 5,498,256 7,860,322 7,305,828 Event related 11,135,161 5,170,144 5,515,896 Other 3,726,542 3,512,585 3,099,468 Total operating revenues 40,624,028 34,846,556 33,157,093 Operating expenses: Salaries and benefits 15,650,153 14,788,103 13,986,009 Programs and facilities 17,839,096 16,368,882 15,262,122 General and administrative 5,725,059 5,724,156 6,066,893 Depreciation 4,745,392 4,657,751 4,706,126 Total operating expenses 43,959,700 41,538,892 40,021,150 Operating loss (3,335,672) (6,692,336) (6,864,057) Nonoperating revenues (expenses): Investment income 1,698, , ,737 Permanent endowment contributions 2,797,004 1,202, ,062 Increase in fair value of investments 12,537,084 7,415,726 5,226,854 Interest on long-term debt (5,646,775) (5,730,877) (5,564,946) Debt service contributions to other affiliated organizations (514,093) (496,640) (528,610) Restricted contributions 4,810,707 Total nonoperating revenues 15,682,743 3,297, ,097 Increase (decrease) in net assets 12,347,071 (3,394,538) (6,350,960) Net assets, beginning of year 67,129,927 70,524,465 76,875,425 Net assets, end of year $ 79,476,998 $ 67,129,927 $ 70,524,465 5

10 Management s Discussion and Analysis (continued) Operating Revenues Ticket sales are generated from support of our various sports through paid admissions to primarily home events. Football ticket sales increased 19% due to a price increase, hosting Notre Dame in addition to a relatively strong home schedule. Men s basketball increased 37% due to a price increase and number of games due to a scheduling conflict, and women s basketball decreased 15% due to decreased attendance and schedule. Baseball and Volleyball both increased due to an increase in season ticket sales. The components of ticket sales for the years ended June 30, 2007 and 2006, are as follows: Football $ 7,645,213 $ 6,451,563 Men s basketball 3,015,635 2,207,015 Women s basketball 18,505 21,877 Baseball 165,208 91,978 Volleyball 11,567 9,855 Total $ 10,856,128 $ 8,782,288 The Atlantic Coast Conference (ACC) distributions include all revenues collected by the ACC on behalf of its 12 members in 2007 and 12 members in These revenues are reduced by the ACC office s operating budget and contingency before being divided evenly among the twelve schools. Such revenues include television rights fees, radio fees, sponsorships, tournaments, and excess bowl revenues. Contributions include unrestricted and restricted contributions. In 2007, contribution revenues decreased $2,362,066 over the prior year. This decrease was due primarily to a decline in unrestricted contributions as a reflection of the start of the TECH Fund. Contribution revenues in 2005 included $1,562,756 of contributions related to the Competitive Advantage Campaign, compared to $1,628,204 in This decrease of $65,448 from 2005 to 2006 is a result of decreasing campaign pledges as the Association is concluding the final year of a five-year initiative. In addition to ticket sales, other revenues are generated which are driven by the events themselves. The components of event related revenues for the years ended June 30, 2007 and 2006, respectively, are as follows: Premium lease fees $ 7,127,049 $ 2,044,924 Radio rights fees 994, ,208 Sponsorships 949, ,086 Concessions 419, ,524 Licensing fees 150, ,000 Guarantees football 1,134, ,821 Guarantees basketball Guarantees other 346,663 13, ,581 Total event related $ 11,135,161 $ 5,170,144 6

11 Management s Discussion and Analysis (continued) Premium lease fees are contributions tied to seat location in areas with upgraded benefits in the Bobby Dodd Stadium and the Alexander Memorial Coliseum and totaled $7,127,049 and $2,044,924 for the years ended June 30, 2007 and 2006, respectively. The significant increase was due to the expanded inventory under the TECH Fund program. Radio rights fees and sponsorships include revenues generated by the Association s advertising efforts in all forms to include facility signage, print, radio and apparel-related licensing. Concessions represents the commissions that the Association receives from the third party contractor that operates the concessions at all Association venues. Guarantees include a set fee or a portion of the revenues collected at away games in which Georgia Tech participates and are intended to offset the costs associated with traveling to the away game site. The policy of the ACC is to share revenues for football and men s basketball only. There are corresponding guarantee expenses reported as well that will reflect the amount the Association pays to its opponents. In addition, guarantees are received from non-conference opponents and are negotiated on a team by team basis. Quite often, these opponents and guarantees are negotiated three to ten years in advance. The increase of $321,608 from prior year was primarily due to the Georgia Tech versus Georgia game being played in Athens in November If the game had been played in Atlanta, the Association would have not received a $300,000 guarantee. The decrease in men s basketball is related to the elimination of a home contest due to scheduling conflicts. Other revenues totaled $3,726,542 and $3,512,585 for the years ended June 30, 2007 and 2006, respectively, and were comprised of the following: Student athletic fees $ 2,327,210 $ 2,098,406 Institutional support 725, ,575 Handling charges 285, ,729 Special events 256, ,873 Miscellaneous 131,564 86,002 Total other $ 3,726,542 $ 3,512,585 Student athletic fees increased primarily due to the Student Fee Committee voting during the year ended June 30, 2006, to increase the student athletic fee by $3.00 per student per semester for the year ended June 30, This increase brought the student athletic fee up to $63.00 per semester which is one of the lowest in Georgia Tech s peer group. Institutional support revenues represent the amount of out-of-state related tuition that Georgia Tech has not charged the Association in an effort to support Title IX funding challenges. The increase of $103,853 in 2007 represents an increased amount of funding granted as well as the increased value due to rising scholarship costs. The decrease in other revenues is due primarily to the decrease in special events income as a result of hosting the Men s NCAA Final Four in 2007 while in 2006, we hosted the NCAA Men s Basketball Regional Tournament and the Regional and Super Regional Baseball Tournaments. 7

12 Management s Discussion and Analysis (continued) Operating Expenses Salaries and Benefits represent the expenses associated with salaries and associated costs of benefits. These expenses for the years ended June 30, 2007 and 2006 increased 5.8% due to increased salaries and the rising cost of benefits. These expenses for the years ended June 30, 2007 and 2006, were comprised of the following: Salaries full-time employees $ 12,211,134 $ 11,716,231 Salaries contract labor and part-time employees 733, ,568 Pension benefits 711, ,714 Insurance benefits 1,203,386 1,093,838 Payroll taxes 786, ,752 Other expenses 5,000 5,000 Total salaries and benefits $ 15,650,153 $ 14,788,103 The increase in full-time employee salaries of $494,903 over the prior year was due to a Board of Regents salary increase of 2.5% plus performance related changes in Football and Men s Basketball. This category represents our full-time staff that are eligible for benefits. The category of contract labor and part-time employees consists of staff used as tutors, freelance videographers, and students working in the Association. This group of employees is not eligible for benefits. Pension benefits, insurance benefits and other are expenses associated with the full-time employee compensation with increases primarily modeling the increased compensation. Payroll taxes are the expenses associated with full- and part-time employees and increased less than 1% of total salaries. Program and facilities expenses include sport programs, direct support of those programs by other departments, and the maintenance of the facilities in which these programs perform. These expenses increased 7.9% from 2006 to Programs and facilities expenses for the years ended June 30, 2007 and 2006, were comprised of the following Scholarships $ 6,267,728 $ 6,276,702 Guarantees 2,360,291 2,046,787 Travel 2,671,449 2,303,427 Events and other services 1,928,320 1,560,249 Recruiting 1,300,282 1,125,767 Utilities 1,100,372 1,234,506 Operation, maintenance, and plant 1,479,124 1,109,934 Uniforms and equipment 731, ,510 Total program and facilities $ 17,839,096 $ 16,368,882 8

13 Management s Discussion and Analysis (continued) Scholarship expenses include the costs associated with the cost of attendance at Georgia Tech for student athletes receiving financial aid from the Association. These expenses decreased by $8,974 or less than 1% from 2006 to 2007 primarily due to in state versus out of state awards. Guarantee expenses include the costs associated with guaranteeing a sum or percentage of revenues collected at a home event to the opponent. The guaranteed amount is intended to offset the opponent s travel costs. The policy of the ACC is to share revenues for football and men s basketball only. There are corresponding guarantee revenues reported as well that will reflect the amount the Association receives from its opponents. In addition, guarantees are paid to non-conference opponents and are negotiated on a team by team basis. Quite often, these opponents and guarantees are negotiated two to ten years in advance. The small increase was primarily due to the Georgia Tech versus Georgia game being played in Atlanta in November 2005 which carried a guarantee of $300,000 which replaced an opponent in the prior year with a smaller guarantee. Travel expenses include the costs of staff and teams traveling primarily to competition events. While travel costs fluctuate annually depending on the opponents, the increase of 16% over the prior year is primarily due to location of opponents and increased fuel costs. These costs affect all forms of transportation and accommodations due to fuel prices and utility surcharges. Events and other services expenses include the costs associated with managing home events as well as costs associated with premium seating and sponsorships. Recruiting expenses include the costs of staff traveling for recruiting purposes as well as the cost of bringing in recruits, student athletes for official visits to Georgia Tech s campus. Costs include all reasonable modes of transportation, meals, and accommodations. These costs are driven by the number of available scholarships typically for the next two fiscal years. The increase of 15.5% in 2007 over 2006 is primarily related to the increased number of scholarships offered in fiscal years ending 2008 and Utilities expense leveled out in 2007 decreasing slightly over Continued efforts are being made to mitigate these costs through the installation of updated controls and conservation efforts to include the installation of a water recycling system for landscape use in Operation, maintenance, and plant expense increased in 2007 by 33% over 2006 due to the rising costs associated with aging facilities and expiring warranties. Uniforms and equipment expenses include the costs associated with supplying the teams with uniforms and equipment used in the field of play. These costs may rise and fall due to sponsorship changes, rotation of replacement uniforms, and roster sizes. These costs increased in 2007 by 2.8% over

14 Management s Discussion and Analysis (continued) General and administrative expenses include the costs incurred to manage and supplement sports programs as well as development costs to raise funds. These expenses increased slightly from 2006 to 2007 by less than 1% due to continued efforts to contain expenses through such actions as rebidding contracted services. Depreciation expense includes the depreciation of the Association s capital assets, including building improvements, furniture and fixtures, scoreboards and vehicles, and the amortization of certain bond-related items. The 1.9% decrease in 2007 over 2006 is related to a slightly greater rate of capital additions than retiring capital improvements. Nonoperating Revenues (Expenses) Nonoperating revenues (expenses) include income earned on investments, permanent endowment and restricted contributions, interest expense, changes in the net present value of charitable remainder trusts, and changes in the fair market value of the Association s investment portfolio. The condensed statements of cash flows are shown below: Condensed Statements of Cash Flows Years Ended June 30, 2007, 2006, and Cash flows from operating activities $ 1,377,031 $ 2,659,137 $ 3,358,782 Cash flows from noncapital financing activity 2,797,004 1,202, ,062 Cash flows used in capital and related financing activities (8,521,098) (9,194,584) (9,918,614) Cash flows from investing activities 6,975,556 1,913,639 (3,009,314) Net increase (decrease) in cash and cash equivalents 2,628,493 (3,419,517) (9,075,084) Cash and cash equivalents, beginning of year 3,915,819 7,335,336 16,410,420 Cash and cash equivalents, end of year $ 6,544,312 $ 3,915,819 $ 7,335,336 Cash flows from operations include receipts from customers, student fees, advertisers, donors, and conference distributions. The major uses of funds were payments to Georgia Tech for scholarship-related costs, as well as utilities and facility maintenance, employee payroll, operations, and other suppliers of operating needs. Cash flows from noncapital financing represent cash received for permanent endowment purposes. 10

15 Management s Discussion and Analysis (continued) Cash flows from capital and related financing activities are comprised of proceeds from debt issuance, construction costs of facilities improvements, and principal and interest payments on debt. Cash flows from investing activities are comprised primarily of proceeds from sales and maturities of investments, purchases of investments, and income earned on investments. During the fiscal year ended June 30, 2007, these activities reflected an overall increase in cash provided due to an increased basis for the withdrawal of income of 8% in 2007 which is the same as in In addition, there was an increase in earnings on investments due to a rebounding market and realization of some investment gains upon sale of investments. Outlook for the Future The level of program support, compensation increases, scholarship increases, and energy cost increases affect the Association s ability to support existing programs and expand or undertake new programs. Georgia Tech enrollment continues to be strong along with alumni and fan support. New facilities should enhance the ability of the Association to market programs and build a larger base of support. At the same time, investments in people and facilities must continue to remain competitive. Efforts continue to minimize expenses and increase efficiency in operations to meet future challenges. Future challenges include increasing scholarship costs at a rate of 10% per year, financial impact of the expansion that has resulted in expanded playing seasons and increased travel costs, and the increasing need for summer school due to the degree completion requirements. It will be incumbent upon the Association to explore new revenue opportunities as well as reductions in operating expenditures in order to remain a financially stable operation. 11

16 r Ernst & Young LLP Suite Ivan Allen Jr. Boulevard Atlanta, Georgia r Phone: (404) The Board of Directors Georgia Tech Athletic Association Report of Independent Auditors We have audited the accompanying balance sheets of the Georgia Tech Athletic Association (the Association) as of June 30, 2007, and the related statements of revenues, expenses, and changes in net assets, and cash flows for the year then ended. These financial statements are the responsibility of the management of the Association. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the Association for the year ended June 30, 2006, were audited by other auditors whose report dated November 10, 2006, expressed an unqualified opinion on those statements. We conducted our audit in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Association s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the 2007 financial statements referred to above present fairly, in all material respects, the financial position of the Association at June 30, 2007, and the changes in its net assets and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles. The management s discussion and analysis on pages 1 through 11 is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information, and express no opinion on it. October 29, 2007 ey A member firm of Ernst & Young Global Limited 12

17 Balance Sheets Assets Current assets: Cash and cash equivalents 6,544,312 June $ $ 3,915,819 Pledges receivable, net 2,066,187 3,168,525 Accounts receivable, net 1,799,039 2,081,233 Prepaid expenses and other assets 745, ,424 Total current assets 11,155,112 9,796,001 Noncurrent assets: Donated assets 55,317 49,946 Pledges receivable long-term 8,816,468 8,080,013 Investments held by Georgia Tech Foundation 80,967,857 68,152,231 Assets held under charitable remainder trusts 922,364 1,076,937 Capital assets, net 98,435, ,178,140 Other assets 1,605,650 1,732,274 Total noncurrent assets 190,802, ,269,541 Total assets $ 201,957,770 $ 191,065,542 Liabilities and net assets Current liabilities: Accounts payable and accrued expenses $ 4,532,806 $ 1,044,846 Accrued interest payable 1,382,323 1,381,990 Accrued vacation 1,044, ,994 Deposits received for football and basketball tickets 8,082,575 9,125,964 Deferred revenues 456,265 2,494,100 Notes payable current portion 26,979 25,480 Bonds payable current portion 1,925,000 1,830,000 Total current liabilities 17,450,762 16,841,374 Long-term liabilities: Notes payable long-term 936, ,734 Bonds payable long-term 104,093, ,131,507 Total long-term liabilities 105,030, ,094,241 Total liabilities 122,480, ,935,615 Net assets: Deficit in capital assets, net of related debt (5,103,357) (3,195,249) Unrestricted 4,343,212 9,706,609 Restricted nonexpendable 16,466,611 13,669,608 Restricted expendable 63,770,532 46,948,959 Total net assets 79,476,998 67,129,927 Total liabilities and net assets $ 201,957,770 $ 191,065,542 See accompanying notes. 13.

18 Statements of Revenues, Expenses, and Changes in Net assets Year Ended June Operating revenues: Ticket sales $ 10,856,128 $ 8,782,288 Atlantic Coast Conference revenue distributions 9,407,941 9,521,217 Contributions 5,498,256 7,860,322 Student athletic fees 2,327,210 2,098,406 Premium lease fees 7,127,049 2,044,924 Advertising and sponsorships 2,513,102 1,951,818 Guarantees 1,495,010 1,173,402 Institutional support 725, ,575 Other 673, ,604 Total operating revenues 40,624,028 34,846,556 Operating expenses: Salaries and benefits 15,650,153 14,788,103 Scholarships 6,267,728 6,276,702 General and administrative 5,725,059 5,724,156 Depreciation 4,745,392 4,657,751 Guarantees 2,360,291 2,046,787 Travel 2,671,449 2,303,427 Recruiting 1,300,282 1,125,767 Events and other services 1,928,320 1,560,249 Utilities 1,100,372 1,234,506 Operation, maintenance, and plant 1,479,124 1,109,934 Uniforms and equipment 731, ,510 Total operating expenses 43,959,700 41,538,892 Operating loss (3,335,672) (6,692,336) Nonoperating revenues (expenses): Investment income 1,698, ,298 Permanent endowment contributions 2,797,004 1,202,291 Increase in fair value of investments 12,537,084 7,415,726 Interest on long-term debt (5,646,775) (5,730,877) Debt service contributions to other affiliated organizations (514,093) (496,640) Change in net present value of charitable remainder trusts Restricted contributions 4,810,707 Total nonoperating revenues 15,682,743 3,297,798 Increase (decrease) in net assets 12,347,071 (3,394,538) Net assets: Beginning of year 67,129,927 70,524,465 End of year $ 79,476,998 $ 67,129,927 See accompanying notes. 14.

19 Statements of Cash Flows Year Ended June Operating activities Receipts from customers $ 12,609,757 $ 15,242,452 Receipts from student fees 2,327,210 2,098,406 Receipts from conferences 9,474,656 9,521,217 Receipts from donors 5,380,261 7,312,504 Receipts from advertisers and sponsors 2,513,102 1,951,818 Receipts from premium lease fees 7,127,049 2,044,924 Payments to suppliers (15,962,940) (15,130,706) Payments to employees (14,246,625) (11,722,470) Payments to Georgia Institute of Technology (8,519,343) (9,451,612) Other receipts, net 673, ,604 Net cash provided by operating activities 1,377,031 2,659,137 Financing activities Noncapital financing activity: Contributions for endowment purposes 2,797,004 1,202,291 Net cash provided by noncapital financing activities 2,797,004 1,202,291 Capital and related financing activities: Purchases of capital assets (504,750) (1,161,755) Principal paid on debt (1,855,480) (1,779,481) Debt service payments to affiliated organizations (514,093) (496,640) Interest paid (5,646,775) (5,756,708) Net cash used in capital and related financing activities (8,521,098) (9,194,584) Investing activities Proceeds from sales and maturities of investments 11,729,219 7,975,156 Purchases of investments (6,452,479) (6,968,815) Investment income 1,698, ,298 Net cash provided by investing activities 6,975,556 1,913,639 Net increase (decrease) in cash and cash equivalents 2,628,493 (3,419,517) Cash and cash equivalents, beginning of year 3,915,819 7,335,336 Cash and cash equivalents, end of year $ 6,544,312 $ 3,915,

20 Statements of Cash Flows (continued) Year Ended June Reconciliation of operating loss to net cash provided by operating activities Operating loss $ (3,335,672) $ (6,692,336) Adjustments to reconcile operating loss to net cash provided by operating activities: Depreciation 4,745,392 4,657,751 Changes in assets and liabilities: Pledges receivable, net 365, ,390 Accounts receivable, net 282,194 (812,797) Donated assets (5,371) 18,589 Prepaid expenses and other assets (115,150) (247,505) Accounts payable and accrued expenses 3,487, ,283 Deposits received for football and basketball tickets (1,043,389) 3,560,163 Deferred revenues (2,037,835) 1,726,599 Net cash provided by operating activities $ 2,344,010 $ 2,659,137 Noncash capital and related financing activities Increase in accounts payable related to the purchase of capital assets $ 289,284 $ 98,516 Noncash investing activities Increase in fair value of investments $ 12,691,657 $ 7,278,556 Increase in present value of charitable remainder trust (154,573) 137,170 Total noncash investing activities $ 12,537,084 $ 7,415,726 See accompanying notes. 16.

21 Notes to Financial Statements June 30, Organization The Georgia Tech Athletic Association (the Association) operates sports, athletic facilities, and programs for the benefit of the Georgia Institute of Technology (Georgia Tech). The Alexander-Tharpe Fund, Inc. (the AT Fund) contributes funds, as available, to the Association to support student athletes. This support includes financial assistance in the form of scholarships, program support, and facilities improvements. Due to their interrelationship, the AT Fund is included in the Association s financial statements as a blended component unit. 2. Significant Accounting Policies Basis of Presentation The Association s financial statements have been prepared in accordance with the accounting principles generally accepted in the United States as prescribed by the Governmental Accounting Standards Board (GASB). The financial statements of the Association are prepared in accordance with Statements of Governmental Accounting Standards (SGAS) No. 35, Basic Financial Statements and Management s Discussion and Analysis f o r Public Colleges and Universities, as amended by SGAS No. 37, Basic Financial Statements and Management s Discussion and Analysis State and Local Governments: Omnibus an Amendment of GASB Statements No. 21 and No. 34, and SGAS No. 38, Certain Financial Statement Note Disclosures. The financial statement presentation required by these statements provide a comprehensive, entity-wide perspective of the Association s assets, liabilities, net assets, revenues, expenses, changes in net assets, and cash flows and replaces the fund-group perspective previously required. In addition, these statements require the Association to present a Management s Discussion and Analysis (MD&A). The MD&A is considered to be required supplemental information and precedes the financial statements. Reporting Entity In accordance with the criteria in SGAS No. 39, Determining Whether Certain Organizations Are Component Units, the Association qualifies for treatment as a component unit of Georgia Tech; therefore, the Association s financial statements are included in Georgia Tech s combined financial statements as a discretely presented component unit. 17

22 Notes to Financial Statements (continued) 2. Significant Accounting Policies (continued) Basis of Accounting For financial reporting purposes, the Association is considered a special-purpose government engaged only in business-type activities. Accordingly, the Association s financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an obligation has been incurred. In accordance with SGAS No. 20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting, the Association is required to follow all applicable GASB pronouncements. In addition, the Association should apply all applicable Financial Accounting Standards Board (FASB) statements and interpretations, Accounting Principles Board Opinions, and Accounting Research Bulletins of the Committee on Accounting Procedures issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements. The Association has elected not to apply FASB pronouncements issued after November 30, Cash and Cash Equivalents The Association considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Investments In accordance with SGAS No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, the Association is required to state certain investments at their fair value if the investment has a readily determinable market value. Investments received as gifts are recorded at their fair market or appraised value as of the date of the gift. Capital Assets Capital assets are recorded at cost. Depreciation is recorded on a straight-line basis over estimated useful lives ranging from five to 32 years. 18

23 Notes to Financial Statements (continued) 2. Significant Accounting Policies (continued) Assets Held Under Charitable Remainder Trusts Charitable remainder trusts are arrangements in which donors have established and funded trusts which specify distributions to designated beneficiaries over the terms of the trusts (generally over the lives of the beneficiaries). Upon termination of the trusts, the remaining assets of the trusts will be distributed to the Association. Charitable trusts are recorded at the present value of the estimated future benefits to be received when the trust assets are distributed to the Association. Net Assets The Association s net assets are classified as follows: Restricted Net Assets Nonexpendable: Nonexpendable restricted net assets consist of endowment and similar type funds in which donors or other outside sources have stipulated, as a condition of the gift instrument, that the principal is to be maintained inviolate and in perpetuity and invested for the purpose of producing present and future income, which may either be expended or added to principal. Restricted Net Assets Expendable: Restricted expendable net assets include resources in which the Association is legally or contractually obligated to spend resources in accordance with restrictions imposed by external third parties. Unrestricted Net Assets: Net assets that are not subject to donor or other outside sources imposed stipulations. Contributions In accordance with SGAS No. 33, Accounting and Financial Reporting for Nonexchange Transactions, the Association recognizes receivables and revenues from private donations that are voluntary nonexchange transactions when all applicable eligibility requirements are met. All contributions are available for unrestricted use unless specifically restricted by the donor. 19

24 Notes to Financial Statements (continued) 2. Significant Accounting Policies (continued) Postretirement Benefits Employees of the Association are eligible, upon retirement, for certain healthcare and life insurance benefits. Substantially all of the Association s employees may become eligible for these benefits if they reach normal retirement age while working for the Association or complete 15 years of service. At June 30, 2007 and 2006, 15 and 14 employees, respectively, were eligible for postretirement coverage. The postretirement health care benefits allow the retiree to continue the health care coverage that was provided as an active employee. The Association continues to pay the same premium amounts for retirees that it pays for active employees. The Association paid a total of $61,719 and $49,512 for retiree health insurance premiums for the years ended June 30, 2007 and 2006, respectively. In order for an employee to be eligible for postretirement health care benefits, the employee must have been employed 10 consecutive years, be at least 60 years of age and continue the benefits immediately upon retirement by paying the employee portion of the premium cost. The postretirement life insurance benefits allow the retiree to continue the life insurance policy that he or she was eligible for as an active employee by continuing to pay the insurance premiums. A portion of the postretirement life insurance benefits are paid by the retiree. Income Taxes The Internal Revenue Service has determined that the Association is exempt from federal income taxes under Section 501(a) of the Internal Revenue Code (the Code), as an organization described in a 501(c)(3)whereby only unrelated business income, as defined by Section 512(a)(1) of the Code, is subject to federal income tax. The Association currently has no unrelated business income. Accordingly, no provision for income taxes has been recorded. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. 20

25 Notes to Financial Statements (continued) 2. Significant Accounting Policies (continued) New Accounting Pronouncements In August 2004, the GASB issued SGAS No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, which establishes accounting and financial reporting standards for employer costs and obligations related to postemployment health care and other nonpension benefits (OPEB). This statement generally requires that state and local governmental employers account for and report the annual cost of OPEB and the outstanding obligations and commitments related to OPEB in essentially the same manner as they currently do for pensions. Annual OPEB costs for most employers will be based on actuarially determined amounts that, if paid on an ongoing basis, generally would provide sufficient resources to pay benefits as they come due. The provisions of SGAS No. 45 may be applied prospectively and do not require governments to fund their OPEB plans. An employer may establish its OPEB liability at zero as of the beginning of the initial year of implementation; however, the unfunded actuarial liability is required to be amortized over future periods. This statement also establishes disclosure requirements for information about the plans in which an employer participates, the funding policy followed, the actuarial valuation process and assumptions, and for certain employers, the extent to which the plan has been funded over time. The earliest that SGAS No. 45 provisions will be effective is for financial statement periods beginning after December 15, The Association s management has not yet determined the impact that implementation of SGAS No. 45 will have on the Association s financial statements. Effective July 1, 2005, the Association adopted certain requirements under SGAS No. 47, Accounting for Termination Benefits, which establishes accounting and financial reporting standards for termination benefits. In accordance with this statement, employers should recognize a liability and expense for voluntary termination benefits (for example, early-retirement incentives) when the offer is accepted and the amount can be estimated. A liability and expense for involuntary termination benefits (for example, severance benefits) should be recognized when a plan of termination has been approved by those with the authority to commit the government to the plan, the plan has been communicated to the employees, and the amount can be estimated. If a plan of involuntary termination requires that employees render future service in order to receive benefits, the employer should recognize a liability and expense for the portion of involuntary termination benefits that will be provided after completion of future service ratably over the employees future service period. The requirements of this statement are effective in two parts. For termination benefits provided through an existing defined benefit OPEB plan, the provisions of this statement should be implemented simultaneously with the requirements of SGAS No. 45. For all other termination benefits, this statement is effective for financial statements for periods beginning after June 15,

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