VII.c UNIVERSITY OF SOUTH FLORIDA A COMPONENT UNIT OF THE STATE OF FLORIDA STATEMENT OF NET ASSETS FOR FISCAL YEAR ENDED JUNE 30, 2004 UNAUDITED

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1 STATEMENT OF NET ASSETS FOR FISCAL YEAR ENDED JUNE 30, 2004 EXHIBIT A Page 1 of 2 ASSETS USF COMPONENT USF UNITS COMBINED CURRENT ASSETS: Cash and Cash Equivalents $ 209, $ 18,133, $ 18,343, Investments 241,122, ,190, ,312, Receivable, Net 98,723, ,309, ,032, Due From Other State Universities 231, , Due From State 59,879, ,879, Inventories 274, , , Loans and Notes Receivable, Net 2,029, , ,595, Other Assets 539, ,150, ,689, Total Current Assets 403,009, ,369, ,379, NON-CURRENT ASSETS: Restricted Cash and Cash Equivalents 30, , Restricted Investments 31,678, ,107, ,786, Loans and Notes Receivable, Net 6,893, , ,222, Other Assets 240, ,705, ,945, Buildings, Equipment, and Other Depreciable Capital Assets, Net 532,062, ,837, ,899, Land and Other Nondepreciable Capital Assets 50,765, ,097, ,862, Total Noncurrent Assets 621,670, ,076, ,068,746, TOTAL ASSETS $ 1,024,680, $ 564,445, $ 1,589,125,959.46

2 STATEMENT OF NET ASSETS FOR FISCAL YEAR ENDED JUNE 30, 2004 EXHIBIT A Page 2 of 2 USF COMPONENT USF UNITS COMBINED LIABILITIES Current Liabilities: Accounts Payable $ 15,779, $ 35,935, $ 51,715, Accrued Salaries and Wages 15,655, ,440, ,095, Deposits Payable 20,237, ,237, Due to Other State Universities 164, , Deferred Revenues 37,916, ,207, ,124, Obligations Under Securities Lending Agreements 56,642, ,642, Obligations Under Reverse Repurchase Agreements 5,568, ,568, Other Current Liabilities 250, , , Long-Term Liabilities - Current Portion: Bonds and Revenue Certificates Payable 3,057, ,545, ,602, Installment Purchase Notes Payable 618, , Capital Leases 965, , ,020, Accrued Self-Insurance Claims 1,998, ,998, Compensated Absences Liability 4,255, ,255, Total Current Liabilities 163,109, ,500, ,610, Noncurrent Liabilities Bonds and Revenue Certificates Payable 54,958, ,445, ,403, Installment Purchase Notes Payable 1,195, ,195, Capital Leases 80,740, , ,884, Accrued Self-Insurance Claims 9,210, ,210, Compensated Absences Liability 42,432, ,432, Other Liabilities - 2,629, ,629, Total Noncurrent Liabilities 188,537, ,219, ,757, TOTAL LIABILITIES $ 351,647, $ 181,720, $ 533,367, NET ASSETS: Invested in Capital Assets, Net of Related Debt 443,471, ,025, ,497, Restricted: Nonexpendable: Endowment - 314,547, ,547, Expendable: Debt Service 442, , Loans 10,925, ,925, Capital Projects 76,810, ,810, Other Restricted Net Assets 25,153, ,153, Unrestricted 116,229, ,152, ,381, Total Net Assets 673,032, ,725, ,055,758, Total Liabilities and Net Assets $ 1,024,680, $ 564,445, $ 1,589,125,959.46

3 UNIVERSITY OF SOUTH FLORIDA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS FOR FISCAL YEAR ENDED JUNE 30, 2004 EXHIBIT B Page 1 of 2 USF COMPONENT USF UNITS COMBINED REVENUES Operating Revenues: Student Tuition & Fees, Net of Scholarship Allowance of $ 22,471,122 $ 111,551, $ 111,551, Federal Grants and Contracts 156,285, ,285, State and Local Grants and Contracts 35,041, ,041, Nongovernmental Grants and Contracts 88,632, ,304, ,937, Sales & Services of Educational Department 423, , Sales & Services of Auxiliary Enterprise 68,029, ,029, Sales & Services of Component Units - 134,882, ,882, Royalties and Licensing fees - 1,467, ,467, Gifts and Donations - 26,325, ,325, Interest on Loans Receivable 97, , Other Operating Revenue 6,769, ,654, ,424, TOTAL OPERATING REVENUES 466,831, ,634, ,465, EXPENSES Operating Expenses: Compensation and Employee Benefits 489,978, ,711, ,690, Services and Supplies 157,191, ,058, ,249, Utilities 16,823, , ,909, Scholarships and Fellowships 36,630, ,041, ,672, Depreciation Expense 35,733, ,649, ,383, Self Insurance Claims & Expenses 5,835, ,835, TOTAL OPERATING EXPENSES 742,193, ,547, ,740, OPERATING INCOME (LOSS) (275,362,220.07) (16,912,682.00) (292,274,902.07) NON-OPERATING REVENUES (EXPENSES) State Appropriations 293,485, ,485, Investment Income 3,196, ,397, ,594, Other Non-Operating Revenue 271, ,868, ,140, Interest on Asset-Related Debt (4,870,423.97) - (4,870,423.97) Other Non-Operating Expenses (5,598,772.66) (2,144,955.00) (7,743,727.66) Net Non-operating Revenues 286,483, ,121, ,605, Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 11,121, ,208, ,330,275.35

4 UNIVERSITY OF SOUTH FLORIDA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS FOR FISCAL YEAR ENDED JUNE 30, 2004 EXHIBIT B Page 2 of 2 USF COMPONENT USF UNITS COMBINED Capital Appropriations 45,950, ,950, Capital Grants, Contracts, and Donations 11,780, ,780, Transfers To/From Primary Government (177,472.74) - (177,472.74) Total Other Revenues (Expenses) 57,553, ,553, Increase ( Decrease) In Net Assets 68,675, ,208, ,883, Beginning Net Assets 604,357, ,516, ,874, Net Assets, End of Year $ 673,032, $ 382,725, $ 1,055,758,128.51

5 STATEMENT OF NET ASSETS FOR FISCAL YEAR ENDED JUNE 30 EXHIBIT C Page 1 of 2 ASSETS FY2004 FY2003 CURRENT ASSETS: Cash and Cash Equivalents $ 209, $ 2,322, Investments 241,122, ,780, Receivable, Net 98,723, ,305, Due From Other State Universities 231, , Due From State 59,879, ,262, Inventories 274, ,251, Loans and Notes Receivable, Net 2,029, ,604, Other Assets 539, , Total Current Assets 403,009, ,018, NON-CURRENT ASSETS: Restricted Cash and Cash Equivalents 30, ,217, Restricted Investments 31,678, ,452, Loans and Notes Receivable, Net 6,893, ,934, Other Assets 240, , Buildings, Equipment, and Other Depreciable Capital Assets, Net 532,062, ,259, Land and Other Nondepreciable Capital Assets 50,765, ,719, Total Noncurrent Assets 621,670, ,839, TOTAL ASSETS $ 1,024,680, $ 881,858,163.00

6 STATEMENT OF NET ASSETS FOR FISCAL YEAR ENDED JUNE 30 EXHIBIT C Page 2 of 2 FY2004 FY2003 LIABILITIES Current Liabilities: Accounts Payable $ 15,779, $ 19,314, Accrued Salaries and Wages 15,655, ,460, Deposits Payable 20,237, ,897, Due to Other State Universities 164, , Deferred Revenues 37,916, ,992, Obligations Under Securities Lending Agreements 56,642, ,396, Obligations Under Reverse Repurchase Agreements 5,568, ,502, Other Current Liabilities 250, ,593, Long-Term Liabilities - Current Portion: Bonds and Revenue Certificates Payable 3,057, ,923, Installment Purchase Notes Payable 618, , Capital Leases 965, , Accrued Self-Insurance Claims 1,998, ,837, Compensated Absences Liability 4,255, ,129, Total Current Liabilities 163,109, ,360, Noncurrent Liabilities Bonds and Revenue Certificates Payable 54,958, ,039, Installment Purchase Notes Payable 1,195, , Capital Leases 80,740, ,185, Accrued Self-Insurance Claims 9,210, ,651, Compensated Absences Liability 42,432, ,511, Total Noncurrent Liabilities 188,537, ,139, TOTAL LIABILITIES $ 351,647, $ 277,500, NET ASSETS: Invested in Capital Assets, Net of Related Debt 443,471, ,168, Restricted: Nonexpendable: Endowment - - Expendable: Debt Service 442, , Loans 10,925, ,793, Capital Projects 76,810, ,971, Other Restricted Net Assets 25,153, ,110, Unrestricted 116,229, ,185, Total Net Assets 673,032, ,357, Total Liabilities and Net Assets $ 1,024,680, $ 881,858,163.00

7 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS FOR FISCAL YEAR ENDED JUNE 30 EXHIBIT D Page 1 of 2 FY2004 FY2003 REVENUES Operating Revenues: Student Tuition & Fees, Net of Scholarship Allowance $ 111,551, $ 87,518, Federal Grants and Contracts 156,285, ,871, State and Local Grants and Contracts 35,041, ,226, Nongovernmental Grants and Contracts 88,632, ,557, Sales & Services of Educational Department 423, ,239, Sales & Services of Auxiliary Enterprise 68,029, ,125, Interest on Loans Receivable 97, , Other Operating Revenue 6,769, ,548, TOTAL OPERATING REVENUES 466,831, ,446, EXPENSES Operating Expenses: Compensation and Employee Benefits 489,978, ,960, Services and Supplies 157,191, ,959, Utilities 16,823, ,506, Scholarships and Fellowships 36,630, ,339, Depreciation Expense 35,733, ,178, Self Insurance Claims & Expenses 5,835, TOTAL OPERATING EXPENSES 742,193, ,944, OPERATING INCOME (LOSS) (275,362,220.07) (248,497,664.70) NON-OPERATING REVENUES (EXPENSES) State Appropriations 293,485, ,903, Investment Income 3,196, ,955, Other Non-Operating Revenue 271, ,352, Interest on Asset-Related Debt (4,870,423.97) (4,865,172.19) Other Non-Operating Expenses (5,598,772.66) (29,435,599.83) Net Non-operating Revenues 286,483, ,910, Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 11,121, ,412,637.90

8 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS FOR FISCAL YEAR ENDED JUNE 30 EXHIBIT D Page 2 of 2 FY2004 FY2003 Capital Appropriations 45,950, ,534, Capital Grants, Contracts, and Donations 11,780, ,234, Transfers To/From Primary Government (177,472.74) - Transfers To/From Other SUS Universities (696,356.95) Total Other Revenues (Expenses) 57,553, ,072, Increase ( Decrease) In Net Assets 68,675, ,485, Beginning Net Assets 604,357, ,872, Net Assets, End of Year $ 673,032, $ 604,357,445.73

9 STATEMENT OF CASH FLOWS FOR FISCAL YEAR ENDED JUNE 30 EXHIBIT E Page 1 of 1 CASH FLOWS FROM OPERATING ACTIVITIES FY2004 FY2003 Difference Tuition and Fees $ 106,860,173 $ 89,531,012 $ 17,329,160 Grants and Contracts 247,309, ,704, (20,394,370.53) Sales and Services of Educational Departments 423, ,239, (815,918.78) Sales and Services of Auxiliary Enterprises 62,913, ,125, (23,211,563.09) Interest on Loans Receivable 68, , (345,605.72) Other Operating Receipts 24,133, (12,447,084.09) 36,580, Payments to Employees (479,886,623.58) (450,001,322.26) (29,885,301.32) Payments to Suppliers for Goods and Services (177,490,934.50) (136,024,927.83) (41,466,006.67) Payments to Students for Scholarships and Fellowships (36,630,990.14) (41,339,216.84) 4,708, Payments on Self-Insurance Claims (5,115,329.34) (14,807.00) (5,100,522.34) Net Loans Issued to Students 217, , (368,655.33) Other Operating Expenses 0.00 (39,641,237.66) 39,641, Net Cash Used by Operating Activities (257,197,004.77) (233,868,401.13) (23,328,603.64) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations 293,485, ,903, (4,418,469.66) Operating Subsidies and Transfers (203,953.47) (488,573.45) 284, Funds Held for Others (812,380.01) 11,470, (12,282,650.20) Other Receipts 271, (140,594.58) 411, Other Expenses (5,256,390.11) (57,013.25) (5,199,376.86) Net Cash Provided by Noncapital Financing Activities 287,483, ,687, (21,204,224.25) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from Capital Debt & New Lease Obligation 37,040, ,817, ,222, Capital Appropriations 33,345, ,605, (260,614.00) Capital Grants and Contracts 11,780, ,234, ,545, Capital Subsidies and Transfers 1,866, (8,659,256.07) 10,526, Other Receipts for Capital Projects 571, ,995, (6,424,345.18) Purchase or Construction of Capital Assets (107,775,754.00) (51,273,546.38) (56,502,207.62) Principal Paid on Capital Debt and Lease (4,502,859.90) (12,466,218.48) 7,963, Interest Paid on Asset Related Debt and Lease (4,870,423.97) (4,688,892.91) (181,531.06) Net Cash Used by Capital and Related Financing Activities (32,544,720.27) (10,434,466.78) (22,110,253.49) CASH FLOWS FROM INVESTMENT ACTIVITIES Net Purchase of Investments (17,734,446.50) (115,899,500.05) 98,165, Investment Income 7,692, ,033, (1,340,851.97) Net Cash Used by Investing Activities (10,042,289.23) (106,866,490.81) 96,824, Net Decrease in Cash and Cash Equivalents (12,300,404.84) (42,481,525.04) 30,181, Cash and Cash Equivalents, Beginning of Year 12,540, ,021, (42,481,525.04) Cash and Cash Equivalents, End of Year $ 239,787 $ 12,540,192 $ (12,300,405)

10 USF Financial Statements Variance Report EXHIBIT F Page 1 of 3 Statement of Revenues, Expenses, and Changes in Net Assets 1. Student Tuition and Fees Increased by 27.5% or $24,033,000 from the previous year. This is mainly due to two reasons. The first reason was that there was a tuition increase of 8.5%for all levels plus an additional increase of 6.5% for all levels except for the undergraduate in-state students. In addition to the tuition increase, there were $13.3 million in student fees that had been classified as Auxiliary Revenue and have now been reclassified as Student Tuition and Fees. 2. Grants and Contracts Revenue Increased by 1.2% or $3,304,000. While it appears that Private Grants and Contracts Revenue decreased, this is misleading as we determined that revenue being recognized on the Financial Statements as Private Grants and Contracts should have actually been recognized as State and Federal Grants and Contracts in the prior year. This was a financial statement mapping issue that was discovered during the implementation of our new Peoplesoft system and did not affect the reporting of these grants to the appropriate sponsors. 3. Sales and Services of Auxiliary Enterprises Decreased by 21.0% or $18,096,000 from the previous year. A major portion of this decrease can be attributed to the fact that the USF Bookstore is now a contract operation and the sales do not show up in the USF Financial Statements any longer. These revenues were approximately $15,000,000 in In addition, we moved student fees that had been classified as Auxiliary Revenue to Student Tuition and Fees. 4. Other Operating Revenue Increased by $5,222,000 from the previous year. $4,800,000 of this is revenue related to our Self-Insurance Plan. In the previous year, we recognized a Claim Settlement of approximately 3,600,000 against this revenue account and the Settlement should have been more appropriately recognized in expense. 5. Compensation and Employee Benefits Increased by 9.3% or $39,018,000 over the previous year. A portion of this increase can be attributed to the 2% across the board increase provided to USF staff on 12/1/03. In addition, any increase in compensated absences is reflected as additional compensation expense and the change in compensated absences was $7,588,000 from to Scholarships and Fellowships Decreased by $4,708,000 or 11.4%. This amount is misleading because of our reporting methodology. Scholarship and Fellowship expenses are actually reported in two places. That portion that is used to pay off Tuition and Fees is included as an offsetting expense to Tuition and Fees (and this amount increased). The amount recognized on this expense line is the amount that was actually paid out to students after payment of Tuition and Fees.

11 EXHIBIT F Page 2 of 3 7. Other Operating Expenses This amount was included as Services and Supplies expense in and reflects the expenses from our Self-Insurance Plan. 8. Investment Income This amount decreased by $5,758,000. This was mainly due to a decrease in our investment earnings through the State Treasurer. Our average interest rate decreased from 5.3% to 3.2%. 9. Other Non-Operating Revenue Decreased by $4,081,000 or 93.7%. There was a large Capital Donation recognized in this category in the previous year. These types of revenue have since been reclassified to the line Capital Grants, Contracts, and Donations. 10. Other Non-Operating Expenses Decreased by $23,837,000 or 81.0%. This can be attributed to two different factors. In , we recognized $5,556,000 in expense related to our settlement on disallowances of expenses from Granting Agencies. In addition, in , we recognized $16,285,000 in expenses from a clean-up of our Construction in Progress account. We had been carrying balances from projects that had already been completed and these amounts were not capitalizable and should have been expensed. 11. Capital Appropriations Increased by $7,416,000 or 19.3% from the previous year. The total appropriation included such projects as the Nursing/Health Care and Education Center for $16,300,000, Improvements in the Utilities Infrastructure for $10,125,000, and the Lakeland Joint Use Facility for $4,590, Capital Grants, Contracts, and Donations Increased by $7,546,000. Amounts received last year were recognized in Other Non-Operating Revenue. Statement of Net Assets 1. Current Assets Unrestricted Cash This amount decreased by $2,113,000 or 91% due to the University s use of Controlled Disbursement Accounts to minimize the amount of funds required to be maintained on hand for payment of expenditures. This is made possible by use of the State Treasury Investment Pool which provides immediate liquidity. 2. Current Assets - Investments Increased by $66,342,000 or 30.8%. A majority of this increase, $43,311,000, can be attributed to amounts recognized for Obligations under Securities Lending and Reverse Repurchase Agreements (These items are a combined $62,210,000). This is required by accounting guidelines to be recognized on the Statement of Net Assets. However, the same amount is recognized both as an asset and a liability and, therefore, has no effect on the net asset amount. The remaining amount is increases related to normal operating surplus. The total amount of investments after adjustments for Obligations under Securities Lending, Reverse Repurchase Agreements, and adjustment to Fair Market Value is

12 EXHIBIT F Page 3 of 3 $178,851,000. Of this amount, $15,920,000 is the investment balance for the Self- Insurance Fund, $13,682,000 is required by Statute as a reserve for State Appropriations, $8,357,000 is Student A&S Fees maintained by the University, $30,045,000 is in our Contract and Grant Overhead Accounts, and $11,606,000 can be attributed to various bond and maintenance reserve funds for Housing and Parking. 3. Accounts Receivable Increased by $33,418,000 or 51.2%. Grants Accounts Receivable increased by $16,568,000. In addition, $14,900,000 is due from the State for the Alzheimer s Center. Since USF is only the custodian for the Alzheimer Center funds, these amounts are considered to be an Accounts Receivable instead of Amounts Due USF from the State. 4. Due from Component Units This is an amount due from the USF Foundation for construction on the Alumni Center. 5. Supply Inventory Reduced by $1,977,000 or 87.8%. Since Barnes and Noble took over operation of the USF Bookstore, we no longer maintain the inventory on our financial statements. 6. Noncurrent Assets Restricted Cash Reduced by $10,188,000 or 99.7%. The amount for 2003 was mainly Federal Financial Assistance that we had received for payment to students that was not disbursed as of the end of that year. 7. Noncurrent Assets Restricted Investments Reduced by $9,774,000 or 23.6%. This is mainly due to the reclassification of A&S Fees from the Agency Fund to the Restricted Fund. Per GASB guidelines, we are required to show all Agency funds as Restricted Noncurrent funds, while we show all those restricted funds that we expect to expend within the next year as Current Cash or Investments. 8. Capital Assets Increased by $69,803,000 or 15.1%. This increase in capital assets can mainly be attributed to increases (before depreciation) of $46,404,000 in Buildings and $35,855,000 in Capital Lease Assets. 9. Deposits Payable Increased by $16,340,000. The majority of this increase is related to the need to recognize the liability to remit Alzheimer s Center construction money when it is received. 10. Deferred Revenue The reduction of $24,076,000 or 38.8% is due to a decrease in grant deferred revenue. 11. Capital Leases The increase of $34,555,000 or 74.8% is the recognition of Capital Leases related to the new Student Residence Halls brought on-line during

UNIVERSITY OF SOUTH FLORIDA A COMPONENT UNIT OF THE STATE OF FLORIDA STATEMENT OF NET POSITION June 30, 2013 UNAUDITED

UNIVERSITY OF SOUTH FLORIDA A COMPONENT UNIT OF THE STATE OF FLORIDA STATEMENT OF NET POSITION June 30, 2013 UNAUDITED A-1 June 30, 2013 University Component Units ASSETS Current Assets: Cash and Cash Equivalents $ 59,611,705 $ 29,273,548 Investments 369,884,804 123,236,099 Accounts Receivable, Net 69,012,540 83,802,242