LIFE UNIVERSITY, INC. CERTIFICATE OF COMPLIANCE REQUlRED BY SECTION 8.11 (B) OF THE LOAN AGREEMENT
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1 LIFE UNIVERSITY, INC. CERTIFICATE OF COMPLIANCE REQUlRED BY SECTION 8.11 (B) OF THE LOAN AGREEMENT Pursuant to Section 8.11 (b) of the Loan Agreement dated as of August 1, 2008 between Life University, Inc. (the "University") and Wells Fargo Bank, National Association, as dissemination agent, I, William D. Jarr, hereby certify that I am the duly appointed as the Executive Vice President for Finance of the University, and further certify on behalf of the University, that I am familiar with the terms of the. Loan Agreement dated as of August 1, 2008 as amended June 1, 2010 and December 1, 2012 (the "Loan Agreement") between the University and the Development Authority of the City of Marietta and to the best of my knowledge after due investigation, that during the period ended or as of June 30, 2016 there did not exist any Event of Default nor did the University have knowledge of any such Event of Default. IN WITNESS WHEREOF, the undersigned has hereunto set his hand as Executive Vice President for Finance of the University this 20th day of July 201. ATLANTA: l
2 LIFE UNIVERSITY, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED June 30, 2016 Revenues: For the year ended June 30, 2016 tuition and fees including scholarships were approximately 2.46 million less than budget, primarily attributable to the doctorate enrollment being below the budgeted amount for summer 2015, fall 2015 and spring 2016 quarters. Tuition and fees including scholarships totaled million or approximately S million over the preceding year. Total revenues were less than budget by S million and 2.41 million over the previous year. Expenses: Operating expenses before depreciation and interest expense were million and produced a budget surplus of approximately 3.44 million at June 30, 2016 which was largely a result of managing expense control. Decrease from Operations: The overall impact of revenue and expense control resulted in a favorable budget variance of 1.64 million and a 993,822 decrease in net assets after debt service interest and depreciation. Cash and Investments: Cash and investments (including Title IV funds availability) grew by approximately 2.73 million over the preceding year. Summary of Ratio Analysis at June 30, Days Cash on Hand Debt Service Coverage Long-Term Indebtedness Trade Payables Less than 60 Days vs required 1.40 vs required.36 vs.15 required % vs % required
3 LIFE UNIVERSITY, INC. STATEMENTS OF ACTIVITIES For the Period Ended June 30, 2016 Temporarily Permanently Y-T-D VARIANCE PY T D Y-T-D Unrestricted Restricted Restricted BUDGET + ( ) Revenues, Gains and Other Support Student tuition and fees: College of Chiropractic 49,961,583 51,299,245 51,299,245 53,644,369 (2,345, 124) Non-chiropractic graduate 1,370,303 1,766,931 1,766,931 1, 762,095 4,836 Undergraduate 7,287,696 7,488,433 7,468,433 7,B6Z,945 (374,512) Institutional scholarships and tuition discounts (2,748,441) (2,898,967} (2,898, 967) (3, 148,770) 249,803 Private contributions 577,666 1,128, , ,242 4, , ,653 Interest and dividend lncome 177, , ,008 28,760 15, ,000 34,883 Net realized and unrealized gains (losses) from investments 97,095 40,010 33, 723 6,287 40,010 Clinic receipts 453, , , ,368 (390,680) Sales and services of auxiliary enterprises 3,050,355 3, 144,637 3, 144,637 2,780, ,709 Net Assets Release from Restrictions Total revenues, gains and other support 100% Operating Expenses Educational and general: Instructional and Research 18,434,021 20,260,014 20,260,014 22,569,516 2,309,502 Academic support 2,437,550 2,946,227 2,946,227 J,375, ,221 Student services 7,772, 764 8,429,955 8,429, 955 8,769, ,050 Institutional support 14,902,024 13,709,761 13, 709,781 13,223, 119 {486,662) aper at ions and maintenance of plant 4,282,202 4,424,210 4,424,210 4,654, ,372 Scholarships 232, ,624 67, , ,192 Auxiliary enterprises expenses 3,089,842 3,439,442 3,439,442 3,808, ,308 Public Service 144,275 Total operating expenses 3,443,258 93% Increase (Decrease) from Operations B,603,806 8,735,995 8,002, ,061 26,360 7,081, 157 1,654, % Dtner Changes {Gain) /Loss on sale of assets (1,762) (7,040) (7,040) 7,040 Debt Service Interest 4,777,220 4,722,663 4,722,663 4,704,736 (17,927) Change in split interest agreement Total other changes Change in Net Assets 3,828,348 4,020,372 3,286, ,061 26,360 2,376,421 1,643,951 Depreciation and Amortization expense 5,388,402 5,014, 194 5,014, 194 5,300,000 Net Change in Net Assets Changes in cash flow after debt service Capital Expenditures - Prior Year Capital Expenditures current Year (1,045,977) (1,045,977) (2,040,000) Depreciation and Amortization expense 5,388,402 5,014,194 5,014, 194 Debt Service Principal Changes in cash flow 'lfter debt service NOTE: May & June Village activity not included Perkins Allowance adjustment not included ISL Allowance adjustment not included FSL Allowance Adjustment not included Pledge Allowance adjustment not included Pledge PV calculation adjustment not Included PTO adjustment not Included AJP Accrual (currently have 550,00 recorded}
4 LIFE UNIVERSITY, INC. STATEMENTS OF FINANCIAL POSITION For the Period Ended June 30, 2016 Y-T-D PY-T-D Assets C2sh and cash equivalents Investments Title IV Funds Available Student accounts receivable s 16,592,536 7,584,306 1,619, , ,590,274 7,484,392 2,995, ,159 Pledges receivable 1,808,524 2, 115,566 Other receivables 720, ,936 Other assets Notes Receivable Deposits with trustee 1,365,648 1,664,606 82,539 1,231, ,051 78,239 Deposit with Trustee - Debt Service Reserve Deposit with Trustee - Repairs 6,304, ,507 6,302, ,406 Intangible assets 1,071,347 1, 153,213 CIP 2,599, ,596 Property and equipment, net 72,643,615 77,466,751 Total Assets 114,701, ,042,679 Liabilities and Net Assets Accounts payable and accrued expenses Student predeposits and refunds 7,205, ,339 s 5, 998, ,468 Deferred revenue 408, ,002 Other payables 55,000 20,000 Notes payable 66, 145, , 116,380 Total Liabilities 74,218,028 73,803,919 Net Assets Unrestricted: 32,000,655 32,554,903 Temporarily restricted 6,683,851 5,861,839 Permanently restricted 1,798,962 1,822,018 Total net assets 40,483,467 s 40,238,760 Total Liabilities and net assets 114, 701, ,042,679 NOTE: May & June Village activity not included Perkins Allowance adjustment not included ISL Allowance adjustment not included FSL Allowance Adjustment not included Pledge Allowance adjustment not included Pledge PV calculation adjustment not included PTO adjustment not included A/P Accrual (currently have 550,00 recorded)
5 June 30, June 30, Cash Flows From Operating Activitie~ Change in net assets (993,822) (949,842) Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization 5,014, 194 5,397,692 Net realized and unrealized (gain) loss on investments 33,723 (99,417) Provision for present value of pledges receivable (128,683) (128,683) Provision for uncollectible pledge receivable 84,435 84,434 Provision for uncollectible notes receivable 703, , 963 Gifts restricted for long-term investments (26,360) (10,375) Decrease (increase) in operating assets: Pledges receivable 368, ,482 Other receivables 631,156 (554,404) Other assets (134,631) (688, 160) Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 2,.&74,318 77,671 Other liabilities 46,254 (24,499) Net cash provided by operating activities 8,273, 155 4,747,862 Cash Flows From Investing Activities Purchase of property and equipment (2, 143,842) (3,100,112) Purchase of investments (878,982) (1,208,613) Proceeds from sale of investments 478, ,036 Increase (decrease) in: Cash restricted to investment Deposits with trustee (67,111) (59,909) Notes receivable, net 911,851 (2,581,643) Net cash (used in) investing activities (1,699,874) (6,052,241) Cash Flows From Financing Activities Gifts restricted for long-term investments (275,180) 12,095 Payments on long-term debt (914,689) (904,061) Proceeds from a note payable 270,000 Net cash (used in) financing activities (1, 189,869) (621,966) Net Increase in Cash 5,383,412 (1, 926,345) Cash and Cash Equivalents, beginning of year 12,828,132 14, 754,477 Casfi ana <::asfi Equivalents, ena or year 18,211,544 s 12,828,132 Supplemental Cash Flow Disclosures Cash paid for interest 4,722,663 s 4,776,348 Non-Cash Investing Activities Assets acquired from capital lease obligation s
6 Ratio Analysis: "Days" Cash on Hand Jun-16 Jun-15 -~--- Cash and Investments 16,592,536 12,590,274 Title IV Funds Available 1,619,008 2,995,397 Investments 7,584,306 7,484,392 25, 795,851 23,070,063 Restricted Cash (2,042,293) (3,000,000) 23,753,558 20,070,063 Operating Expenses 63,626,337 61,787'126 Principal 855, ,000 Depreciation and Amortization (5,014, 194) (5,388,402) Interest from Cap I Fund Change in PV of Deferred Comp Provision for Doubtful Accounts 59,467, , 178, , ,654 Days Cash on Hand Requirement 'fi~ } <
7 This and the following tabs support calculations related to bond covenant compliance. Debt Service Coverage Ratio Defined as "the ratio of (i} Revenues Available for Debt Service to (ii) the Debt Service Requirement Revenues Available for Debt Service Operating Revenues Jun-16 61,899,094 Jun-15 60,227,071 Operating Expenses: Total operating expenses less: Interest on Long-Term Indebtedness Amortization of financing charges Depreciation 63,626,337 4,722,663 5,014, 194 9,736,857 53,889,480 61,787, 126 4,777,220 5,388,402_ 10, 165,622 51,621, 504 Revenues Available for Debt Service 8,009,614 8,605,568 Debt Service Requirement Payments of principal and interest on bonds Payments on other long-term indebtedness 5,559, ,092 5,709,829 5,533,488 5, 533, Requirement 1.20 Requirement
8 Long-term Indebtedness Cover.age Ratio June 30, 2016 Jun-16 Jun-15 Unrestricted Cash and Investments Cash Title IV Funds Available Investments Restricted Cash 16,592,536 1,619,008 7,584,306 (2,04 2, 29 3) 23, 753,558 12,590,274 2,995,397 7,484,392 (3,000,000) 20,070,063 Long-term Indebtedness 66,145,174 67, 116, Required Required -----
9 The Bond Agreement requires that 90% of trade payables be less than 60 days and that this must be tested annually by the auditors Jun-16 Jun-i 5 A/P greater than 60 days per aging 11,040 52,209 Total A/P (after adjustment) per detail 560, 114 1,218,309 % less than 60 days 98.03% 95.71% Minimum Requirement 90.00% 90.00% Difference 8.03% 5.71%
10 Life University Enrollment Report Summer 2016 New Students Fall Winter Spring Summer Total Annual w New Students Fall Winter Spring Summer Total Annual Headcount: Fall Winter Spring Summer FTE Students Fall Winter Spring Summer Headcount: Fall Winter Spring Summer Total Annual FTE Students Fall Winter Spring Summer Total Annual New Students Fall Winter Spring Summer Total Annual w New Students Fall Winter Spring Summer Total Annual Headcount: Fall Winter Spring Summer Total Annual Headcount: Fall Winter Spring Summer Total Annual FTE Students Fall Winter Spring Summer Total Annual FTE Students Fall Winter Spring Summer Total Annual Prepared by OIR Summer 2016 Census Date: Tuesday, July 19, 2016
11 Life University Enrollment Report Summer 2016 Enrollment Enrollment Change /SU 12/SU 13/5U 14/SU 15/SU % 4% 3% 2% 1% 0% -1% -2% -3% _3% 11/SU 12/SU 13/SU 14/SU 15/SU 16/SU ~Total Enrollment -... Enrollment Change Full Time Equivalent Change in FTE 16/SU 8% 15/SU 14/SU 13/SU 12/SU 11/SU Graduate Undergraduate coc Total FTE 6% 4% 2% 0% -2% -4% -6% -8% 11/SU 12/SU 13/SU 14/SU 15/SU 16/SU Average change in FTE New Student Enrollment Change Credit Hours Sold 6% 4% -2% -4% -6% 11/SU 12/SU 13/SU 14/SU 15/SU 16/SU AVERAGE ~ Credit Hours -variance Enrollment Change... linear (Variance) Prepared by OIR Summer 2016 Census Date: Tuesday, July 19, 2016
LIFE UNIVERSITY, INC. CERTIFICATE OF COMPLIANCE REQUIRED BY SECTION 8.11 (B) OF THE LOAN AGREEMENT
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