VII.b. USF FOUNDATION STATEMENT OF NET ASSETS FOR FISCAL YEAR ENDED JUNE 30 UNAUDITED ASSETS Fiscal Year 2004 Fiscal Year 2003

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1 EXHIBIT G USF FOUNDATION STATEMENT OF NET ASSETS ASSETS Fiscal Year 2004 Fiscal Year 2003 CURRENT ASSETS: Cash and Cash Equivalents $ 78,931 $ 1,165,527 Investments 48,799,161 50,845,409 Receivable, Net 24,058,017 27,215,436 Total Current Assets 72,936,109 79,226,372 NON-CURRENT ASSETS: Restricted Investments 271,962, ,549,712 Other Assets 81,705,000 46,775,000 Capital Assets, Net 740, ,442 Land and Other Nondepreciable Capital Assets 29,038,369 22,753,179 Total Noncurrent Assets 383,446, ,942,333 TOTAL ASSETS $ 456,382,211 $ 426,168,705 LIABILITIES Current Liabilities: Accounts Payable 17,937,003 11,303,313 Long-Term Liabilities - Current Portion: Bonds Payable 80, ,334 Revenue Certificates Payables 965,000 1,090,334 Total Current Liabilities 18,982,003 12,558,981 Noncurrent Liabilities Bonds Payable 1,000,000 1,074,666 Revenue Certificates Payables 115,445, ,244,666 Total Noncurrent Liabilities 116,445, ,319,332 TOTAL LIABILITIES 135,427, ,878,313 NET ASSETS: Invested in Capital Assets, Net of Related Debt 5,041,417 5,132,044 Restricted: Nonexpendable: Endowment 314,360, ,660,971 Unrestricted 1,553,041 4,497,377 Total Net Assets 320,955, ,290,392 Total Liabilities and Net Assets $ 456,382,211 $ 426,168,705

2 EXHIBIT H USF FOUNDATION STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS Fiscal Year 2004 Fiscal Year 2003 REVENUES Operating Revenues: Gifts and Donations $ 24,965,564 $ 21,955,054 TOTAL OPERATING REVENUES 24,965,564 21,955,054 EXPENSES Operating Expenses: Compensation & Employee Benefits 13,807,011 13,752,864 Services & Supplies 25,634,662 15,826,811 Scholarships & Fellowships 2,999,496 3,314,936 Depreciation Expense 102, ,834 Other Operating Expenses TOTAL OPERATING EXPENSES 42,543,757 33,007,445 OPERATING INCOME (LOSS) (17,578,193) (11,052,391) NON-OPERATING REVENUES (EXPENSES) Investment Income 41,742,759 10,549,255 Other Non-Operating Revenue 500,250 4,124,858 Other Non-Operating Expenses (12,936) Net Non-operating Revenues 42,243,009 14,661,177 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 24,664,816 3,608,786 Increase ( Decrease) In Net Assets 24,664,816 3,608,786 Net Assets, Beginning of Year 296,290, ,960,266 Adjustment to Beginning Net Assets (7,278,660) Adjusted Restated Beginning Net Assets 296,290, ,681,606 Net Assets, End of Year $ 320,955,208 $ 296,290,392

3 USF Foundation Financial Statements Variance Report EXHIBIT I Statement of Revenues, Expenses, and Changes in Net Assets 1. Gifts and Donations Revenues increased by 13.7% or $3,011,000, due to fundraising efforts and the improved economy. 2. Services and Supplies This increased by 62.0% or $9,808,000 due to a combination of factors. Transfers to USF for costs related to two new buildings totaled $8.1 million. The remainder of the change was due to a general increase in volume of expenditures to support University activities. This contributed to an overall increase in expenditures of 28.9%, or $9,536, Investment Income The large increase of 295.7%, or $31,194,000, was due primarily to an improvement in the investment markets and a consequent increase in the fair market value of investments. 4. Other Non-Operating Revenue This represents income received on capital leases. The decrease in this line of 87.9%, or $3,625,000, resulted from a significant change in the value of the interest rate swaps related to these leases and the Certificates of Participation. 5. Net Assets, End of Year There was a net increase of 8.3%, or $24,665,000, as a result of the items noted above. Statement of Net Assets 1. Other Assets This consists of the capital leases related to the Certificates of Participation. The increase of 74.7% is due to the addition of two new leases, for the Greek Housing residence halls and the new Athletics facility. 2. Land and Other Non-Depreciable Assets Increased by 27.6% or $6,285,000 as new construction continues on Maple Apartments. 3. Accounts Payable Increased by 58.7% or $6,634,000 primarily as a result of three items. These were the amount payable to USF for a new building, approximately $4.5 million, and an amount still payable on the Athletics facility of $2.5 million. In addition, there was a decrease in the interest rate swap liability of $1.7 million. 4. Unrestricted Net Assets - Decreased by 65.5% or $2,944,000, as moneys that were held for a building were transferred to USF.

4 EXHIBIT J ALUMNI ASSOCIATION STATEMENT OF NET ASSETS ASSETS Fiscal Year 2004 Fiscal Year 2003 CURRENT ASSETS: Cash and Cash Equivalents $ 0 $ 9,452 Investments 388, ,772 Receivable, Net 71,025 46,690 Other Assets 27,687 18,085 Total Current Assets 486, ,999 NON-CURRENT ASSETS: Restricted Investments 1,869,590 1,460,679 Capital Assets, Net 1,585 2,219 Total Noncurrent Assets 1,871,175 1,462,898 TOTAL ASSETS $ 2,358,005 $ 1,901,897 LIABILITIES Current Liabilities: Accounts Payable 151,794 90,710 Deferred Revenue 576, ,508 Total Current Liabilities 728, ,218 Noncurrent Liabilities Other Liabilities Total Noncurrent Liabilities - - TOTAL LIABILITIES 728, ,218 NET ASSETS: Invested in Capital Assets, Net of Related Debt 1,585 2,219 Restricted: Nonexpendable: Endowment 186, ,524 Unrestricted 1,441,553 1,155,936 Total Net Assets 1,629,697 1,329,679 Total Liabilities and Net Assets $ 2,358,005 $ 1,901,897

5 EXHIBIT K ALUMNI ASSOCIATION STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS Fiscal Year 2004 Fiscal Year 2003 REVENUES Operating Revenues: Gifts and Donations $ 1,359,461 $ 1,270,571 TOTAL OPERATING REVENUES 1,359,461 1,270,571 EXPENSES Operating Expenses: Compensation & Employee Benefits 568, ,451 Services & Supplies 715, ,370 Scholarships & Fellowships 42,295 24,182 Depreciation Expense TOTAL OPERATING EXPENSES 1,327,610 1,413,637 OPERATING INCOME (LOSS) 31,851 (143,066) NON-OPERATING REVENUES (EXPENSES) Investment Income 268,167 9,329 Net Non-operating Revenues 268,167 9,329 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 300,018 (133,737) Transfers To/From Component Units/ Primary Gov (28,519) Total Other Revenues (Expenses) - (28,519) Increase ( Decrease) In Net Assets 300,018 (162,256) Net Assets, Beginning of Year 1,329,679 1,440,832 Adjustment to Beginning Net Assets 51,103 Adjusted Restated Beginning Net Assets 1,329,679 1,491,935 Net Assets, End of Year $ 1,629,697 $ 1,329,679

6 USF Alumni Association Financial Statements Variance Report Statement of Revenues, Expenses, and Changes in Net Assets EXHIBIT L 1. Gift and Donations There was an increase of 7.0% or $89,000 from 2003 to 2004, primarily as a result of an increase in receipts from the state license plate program, with the introduction of the new USF logo. 2. Total Operating Expenses These decreased by 6.1% overall, or $86,000. There was a change in components of expenses such as compensation, services and supplies, which reflects how they budget to pay their expenses from state and external sources. 3. Investment Income This increased by $259,000, due primarily to fair market value increases in the investments they hold at the USF Foundation. 4. Net Assets, End of Year Net Assets increased by 22.6% or $300,000, as a result of the items noted above. Statement of Net Assets VII.b 1. Restricted Investments These increased by 28.0% or $409,000, due to fair market value increases as noted above, and additional amounts invested during the year. 2. Total Assets - This increased by 24.0% or $456,000, again due primarily to the increase in investment values. 3. Current Liabilities The increase of 27.3% or $156,000 reflects additional life memberships deferred and a change in the timing of some payables.

7 EXHIBIT M UNIVERSITY MEDICAL SERVICE ASSOCIATION STATEMENT OF NET ASSETS ASSETS Fiscal Year 2004 Fiscal Year 2003 CURRENT ASSETS: Cash and Cash Equivalents $ 9,066,929 $ 1,389,893 Investments 1,003,210 1,896,548 Receivable, Net 18,300,052 18,472,188 Other Assets 348, ,346 Total Current Assets 28,719,016 22,147,975 NON-CURRENT ASSETS: Restricted Investments 26,318,807 27,720,130 Loans and Notes Receivable, Net 328,814 1,976,648 Capital Assets, Net 3,803,162 3,635,000 Total Noncurrent Assets 30,450,783 33,331,778 TOTAL ASSETS $ 59,169,799 $ 55,479,753 LIABILITIES Current Liabilities: Accounts Payable 8,459,699 6,588,455 Accrued Salaries and Wages 2,288,751 1,443,071 Deferred Revenue 96, ,398 Other Current Liabilities 757,961 Long-Term Liabilities - Current Portion: Capital Leases 9,320 8,606 Total Current Liabilities 10,853,968 8,990,491 Noncurrent Liabilities Capital Leases 7,494 16,815 Other Liabilities 2,379,937 1,791,809 Total Noncurrent Liabilities 2,387,431 1,808,624 TOTAL LIABILITIES 13,241,399 10,799,115 NET ASSETS: Invested in Capital Assets, Net of Related Debt 1,406,410 1,059,809 Unrestricted 44,521,990 43,620,829 Total Net Assets 45,928,400 44,680,638 Total Liabilities and Net Assets $ 59,169,799 $ 55,479,753

8 EXHIBIT N UNIVERSITY MEDICAL SERVICE ASSOCIATION STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS Fiscal Year 2004 Fiscal Year 2003 REVENUES Operating Revenues: Nongovernmental Grants and Contracts $ 28,086,837 $ 38,777,062 Sales & Services of Educational Department 91,445,986 84,797,925 Other Operating Revenue 2,768, ,303 TOTAL OPERATING REVENUES 122,300, ,072,290 EXPENSES Operating Expenses: Compensation & Employee Benefits 82,216,732 87,425,107 Services & Supplies 39,107,393 36,251,449 Depreciation Expense 1,175, ,354 TOTAL OPERATING EXPENSES 122,499, ,655,910 OPERATING INCOME (LOSS) (198,924) (583,620) NON-OPERATING REVENUES (EXPENSES) Investment Income 1,446, ,920 Net Non-operating Revenues 1,446, ,920 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 1,247, ,300 Increase ( Decrease) In Net Assets 1,247, ,300 Net Assets, Beginning of Year 44,680,638 43,214,592 Adjustment to Beginning Net Assets 1,179,746 Adjusted Restated Beginning Net Assets 44,680,638 44,394,338 Net Assets, End of Year $ 45,928,400 $ 44,680,638

9 EXHIBIT O University Medical Service Association Financial Statements Variance Report Statement of Revenues, Expenses, and Changes in Net Assets 1. Nongovernmental Grants and Contracts Decreased by $10,690,000 or 27.6%. This is a result of the discontinuance of Moffitt s practice to pay physician salaries to USF through UMSA. These amounts are now paid directly to USF and resulted in a decrease of approximately $960,000 per month in grant revenue. 2. Sales and Services of Component Units This line reflects patient service revenue and shows an increase of $6,648,000 or 7.8% from the prior year. Relative Value Units (billing units for medical procedures according to the Medicare standard) increased approximately 6.6% from the prior year. 3. Compensation and Employee Benefits Decreased by $5,208,000 or 6.0%. This decrease can be directly attributed to the change in the Moffitt practice of payment to physicians as mentioned above. 4. Services and Supplies Increased by $2,856,000 or 7.9 % over the prior year. The main reason for this increase in expenses is that an additional $1,549,000 was recognized as a provision for bad debts. Statement of Net Assets VII.b 1. Cash and Cash Equivalents Increased by $7,677,000 from previous year. There are a number of reasons for the increase in cash. A FICA refund of $1,900,000 was received in In addition, UMSA received $3,751,000 related to payments received for the State of Florida s Medicaid Upper Payment Limit (UPL) program. This cash is restricted, as these funds must be transferred to the College of Medicine in accordance with the purpose of the UPL program. There is approximately $784,000 in cash that was received from an assessment on patient service revenue of the Department of Interdisciplinary Oncology. These funds are also restricted as they are to be used to further oncology research at the Moffitt Cancer Center per agreement. 2. Investments These decreased by $893,338 or 47.1%. Investments were liquidated in order to provide working capital for use in UMSA operations. 3. Loans and Notes Receivable Decrease of $1,648,000 or 83.4% from the previous year. This was actually a long-term receivable for the FICA refund mentioned above which was paid in Accounts Payable The increase of $1,871,000 or 28.4% was mainly due to the accrual of the $3,751,000 related to the Medicaid Upper Payment Limit program. 5. Accrued Salaries and Wages Increased by $845,680 mainly due to the timing of the year-end payroll accrual.

10 EXHIBIT P USF MEDICAL SERVICES SUPPORT CORPORATION STATEMENT OF NET ASSETS ASSETS Fiscal Year 2004 Fiscal Year 2003 CURRENT ASSETS: Cash and Cash Equivalents $ 5,346,722 $ 4,683,299 Receivable, Net 2,051,451 2,023,702 Other Assets 221, ,910 Total Current Assets 7,620,152 7,029,911 NON-CURRENT ASSETS: VII.b Total Noncurrent Assets - - TOTAL ASSETS $ 7,620,152 $ 7,029,911 LIABILITIES Current Liabilities: Accounts Payable 992, ,268 Accrued Salaries and Wages 2,151,388 2,037,823 Total Current Liabilities 3,144,373 2,879,091 Noncurrent Liabilities Total Noncurrent Liabilities - - TOTAL LIABILITIES 3,144,373 2,879,091 NET ASSETS: Unrestricted 4,475,779 4,150,820 Total Net Assets 4,475,779 4,150,820 Total Liabilities and Net Assets $ 7,620,152 $ 7,029,911

11 EXHIBIT Q USF MEDICAL SERVICES SUPPORT CORPORATION STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS Fiscal Year 2004 Fiscal Year 2003 REVENUES Operating Revenues: Sales & Services of Component Units $ 37,437,091 $ 34,334,818 TOTAL OPERATING REVENUES 37,437,091 34,334,818 EXPENSES Operating Expenses: Compensation & Employee Benefits 25,493,098 23,946,780 Services & Supplies 11,619,034 9,632,601 TOTAL OPERATING EXPENSES 37,112,132 33,579,381 OPERATING INCOME (LOSS) 324, ,437 NON-OPERATING REVENUES (EXPENSES) Net Non-operating Revenues - - Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 324, ,437 Increase ( Decrease) In Net Assets 324, ,437 Net Assets, Beginning of Year 4,150,820 2,751,081 Adjustment to Beginning Net Assets 644,302 Adjusted Restated Beginning Net Assets 4,150,820 3,395,383 Net Assets, End of Year $ 4,475,779 $ 4,150,820

12 EXHIBIT R USF Medical Services Support Corp Financial Statements Variance Report Statement of Revenues, Expenses, and Changes in Net Assets VII.b 1. Total Operating Revenues Operating Revenues increased by $3,012,000 or 8.8 % from the previous year. There were two factors which contributed to this increase. The first was the increase of $1,442,000 or 5.4% in services revenue that correlates to an increase in the cost to provide clinical services for the USF Faculty Practice Plan. The second is an increase of $1,661,000 or 21.3% in Continuing Professional Education Revenue. There were approximately 210 more programs offered in the current year than in the prior year. 2. Total Operating Expenses The increase of 10.5% or $3,533,000 roughly correlates to the increase in operating revenues. Services and Supplies expense includes an increase of $1,543,000 in Continuing Professional Education expenses.

13 EXHIBIT S RESEARCH FOUNDATION STATEMENT OF NET ASSETS ASSETS Fiscal Year 2004 Fiscal Year 2003 CURRENT ASSETS: Cash and Cash Equivalents $ 2,431,064 $ 3,359,348 Receivable, Net 1,376,701 1,501,680 Loans and Notes Receivable, Net 315,708 Other Assets 447, ,151 Total Current Assets 4,571,197 5,293,179 NON-CURRENT ASSETS: Restricted Investments 13,956,958 13,158,233 Capital Assets, Net 6,684,010 6,792,128 Land and Other Nondepreciable Capital Assets 10,059,211 8,384,270 Total Noncurrent Assets 30,700,179 28,334,631 TOTAL ASSETS $ 35,271,376 $ 33,627,810 LIABILITIES Current Liabilities: Accounts Payable 5,832,952 5,300,235 Deferred Revenue 8,535,026 8,185,316 Other Current Liabilities 198,268 Long-Term Liabilities - Current Portion: Bonds Payable 500,000 Total Current Liabilities 14,867,978 13,683,819 Noncurrent Liabilities Bonds Payable 11,000,000 11,500,000 Total Noncurrent Liabilities 11,000,000 11,500,000 TOTAL LIABILITIES 25,867,978 25,183,819 NET ASSETS: Invested in Capital Assets, Net of Related Debt 5,243,221 3,478,130 Unrestricted 4,160,177 4,965,861 Total Net Assets 9,403,398 8,443,991 Total Liabilities and Net Assets $ 35,271,376 $ 33,627,810

14 EXHIBIT T RESEARCH FOUNDATION STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS Fiscal Year 2004 Fiscal Year 2003 REVENUES Operating Revenues: Nongovernmental Grants and Contracts $ 12,217,499 $ 12,602,225 Royalties and Licensing fees 1,467,820 1,234,272 Other Operating Revenue 1,482,563 1,484,360 TOTAL OPERATING REVENUES 15,167,882 15,320,857 EXPENSES Operating Expenses: Compensation & Employee Benefits 264, ,300 Services & Supplies 13,854,199 14,251,218 Depreciation Expense 216, ,505 TOTAL OPERATING EXPENSES 14,335,410 14,822,023 OPERATING INCOME (LOSS) 832, ,834 NON-OPERATING REVENUES (EXPENSES) Investment Income 903, ,506 Other Non-Operating Revenue 1,368,720 1,369,701 Other Non-Operating Expenses (2,144,955) (1,519,735) Net Non-operating Revenues 126,935 88,472 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 959, ,306 Increase ( Decrease) In Net Assets 959, ,306 Net Assets, Beginning of Year 8,443,991 7,523,940 Adjustment to Beginning Net Assets 332,745 Adjusted Restated Beginning Net Assets 8,443,991 7,856,685 Net Assets, End of Year $ 9,403,398 $ 8,443,991

15 USF Research Foundation Financial Statements Variance Report Statement of Revenues, Expenses, and Changes in Net Assets EXHIBIT U 1. Total Operating Revenues Operating Revenues remained fairly constant, with a small decrease of 1.0%, or $153, Investment Income The increase of 278.7% or $665,000 reflects an increase in market value for investments held at the USF Foundation, and follows the overall market increase. 3. Other Non-Operating Expenses The increase of 41.1% or $625,000 dollars is primarily related to a non-cash transaction to change the fair value of an interest rate swap agreement. 4. Net Assets, End of Year Net Assets increased 11.4%, or $959,000, primarily as a result of the new construction and the change in market value on investments. Statement of Net Assets VII.b 1. Land and Other Non-Depreciable Assets Non-Depreciable Assets increased 20.0%, or $1,675,000, due to construction in progress on the new Research Park buildings.

16 EXHIBIT V SUNDOME STATEMENT OF NET ASSETS ASSETS Fiscal Year 2004 Fiscal Year 2003 CURRENT ASSETS: Cash and Cash Equivalents $ 1,209,786 $ 1,084,505 Investments 288,466 Receivable, Net 1,452, ,834 Inventories 20,224 36,005 Loans and Notes Receivable, Net 250,000 Other Assets 104,449 63,339 Total Current Assets 3,036,480 1,628,149 NON-CURRENT ASSETS: Capital Assets, Net 607, ,015 Total Noncurrent Assets 607, ,015 TOTAL ASSETS $ 3,644,391 $ 2,150,164 LIABILITIES Current Liabilities: Accounts Payable 2,560, ,222 Deposits Payable 881,680 Other Current Liabilities 317, ,609 Long-Term Liabilities - Current Portion: Capital Leases 46,447 51,389 Total Current Liabilities 2,924,234 1,451,900 Noncurrent Liabilities Loans and Notes Payable 250,000 Capital Leases 137,324 52,045 Other Liabilities 25,000 Total Noncurrent Liabilities 387,324 77,045 TOTAL LIABILITIES 3,311,558 1,528,945 NET ASSETS: Invested in Capital Assets, Net of Related Debt 332, ,581 Unrestricted 202,638 Total Net Assets 332, ,219 Total Liabilities and Net Assets $ 3,644,391 $ 2,150,164

17 EXHIBIT W SUNDOME STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS Fiscal Year 2004 Fiscal Year 2003 REVENUES Operating Revenues: Sales & Services of Component Units $ 5,999,504 $ 3,886,599 Other Operating Revenue 404, ,827 TOTAL OPERATING REVENUES 6,403,634 4,040,426 EXPENSES Operating Expenses: Compensation & Employee Benefits 2,361,205 1,984,149 Services & Supplies 4,127,045 2,455,517 Utilities 85,594 73,556 Depreciation Expense 154, ,869 TOTAL OPERATING EXPENSES 6,728,481 4,701,091 OPERATING INCOME (LOSS) (324,847) (660,665) NON-OPERATING REVENUES (EXPENSES) Investment Income 36,461 11,410 Net Non-operating Revenues 36,461 11,410 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses (288,386) (649,255) Increase ( Decrease) In Net Assets (288,386) (649,255) Net Assets, Beginning of Year 621,219 1,240,099 Adjustment to Beginning Net Assets 30,375 Adjusted Restated Beginning Net Assets 621,219 1,270,474 Net Assets, End of Year $ 332,833 $ 621,219

18 USF Sun Dome Financial Statements Variance Report EXHIBIT X Statement of Revenues, Expenses, and Changes in Net Assets 1. Total Operating Revenues The increase of 58.5% or $2,363,000 was due to the consolidation of Sun Dome with TSI, a wholly owned subsidiary of Sun Dome. TSI Operating Revenues totaled $2,373,000 for the nine months included in Total Operating Expenses Operating expenses also increased due to the consolidation, up by 43.1% or $2,027,000. The Sun Dome s operating expenses before consolidation showed a decrease of 7.1%, or $332,000. TSI operating expenses were $2,372, Net Assets, End of Year Net Assets decreased by 46.4% or $288,000, as a result of the items noted above. Statement of Net Assets 1. Receivable, net The increase of 831.8% or 1,296,000 is primarily represented by TSI receivables of approximately 1,208, Total Assets - This increased by 69.5% or $1,494,000, again due primarily to the consolidation. 3. Accounts Payable The increase of 535.1% or $2,158,000 reflects TSI additions of $1,813,000. The remainder of the increase is due to the timing of accrued expenses and a payable to the University for utilities and wages. 4. Deposits Payable Deposits payable decreased by 100.0% or $882,000. The deposits in 2003 were for tickets for the USF Athletic Center, and in 2004 all such deposits were transferred to USF prior to June 30, 2004.

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