FY23 Online Annual Report - Flipbook - Page 16
FOUNDATION
FINANCIAL SUMMARY
CONDENSED STATEMENT
OF FINANCIAL POSITION
Assets
CONDENSED STATEMENT
OF ACTIVITIES
2022
2021
$3,585,655
$4,222,675
Accrued interest and
other receivables
$412,392
$226,946
Promises to give, net
$9,457,776
$6,290,701
$192,491,186
$207,009,784
$2,526,639
$3,092,847
Cash and cash
equivalents
Investments
Revenues
Gifts
$ 21,731,777
$ 67,577
$ 114,101
$ 8,465,081
$ 2,730,419
Net investment income
$ (25,538,221)
$ 36,908,657
Change in split interest
trusts
$ 224,895
$ (158,279)
$ 9,075,246
$ 61,326,675
Other income
Total Revenues
Construction in Progress
$1,235,945
$0
Other assets
$803,434
$857,173
Total Assets
$210,513,027
$221,700,126
Liabilities and
Net Assets
2022
$3,273,388
$2,307,236
Prepaid parking
and suites
$1,718,966
$1,235,945
Liability under split
interest trusts
$1,529,407
$1,910,897
$100,403
$130,775
2022
2021
Distribution of
scholarships and general
endowments
$ 7,039,892
$ 5,891,169
Distribution of funds for
academic programs
$ 2,581,386
$ 2,306,824
Distribution of funds for
athletic programs
$ 9,632,949
$ 3,443,313
Fundraising Expense
$ 2,508,337
$ 1,945,004
Administrative Expense
$ 2,540,991
$ 2,473,354
$0
$0
$ 24,303,555
$ 16,059,664
$ (15,228,309)
$ 45,267,011
$ 215,008,611
$ 169,741,600
$ 199,780,302
$ 215,008,611
Other
Trust earnings payable to
trust beneficiaries
Total Expenses
Other Noncurrent
Liabilities
Total Liabilities
Expenses
2021
Liabilities
Accounts payable
$4,110,560
$1,106,662
Change in Net Assets
$10,732,724
$6,691,515
Net Assets
(Beginning of Year)
Net Assets
Restricted
(Nonexpendable)
$120,109,501
$114,665,753
Restricted (Expendable)
$68,335,835
$82,493,954
$11,334,967
$17,848,904
Total Net Assets
$199,780,303
$215,008,611
Liabilities and Net
Assets
$210,513,027
$221,700,126
Unrestricted
16 | 2021–2022 ANNUAL REPORT
2021
$ 25,855,914
Non-cash gifts
Interest in
perpetual trusts
2022
Net Assets
(End of Year)
To present a picture of the fiscal year activities, the Foundation has provided
condensed statement information that departs from generally accepted
accounting principles (GAAP) in two ways. First, the accompanying condensed
financial statements include only summarized statements of financial position,
activities, and change of net assets. They do not include statements of cash
flows or the footnote disclosures. Second, the Foundation presented condensed
information which consolidates current and noncurrent assets and liabilities.
The Foundation’s financial statements undergo an annual audit that is
conducted by Eide Bailly LLP. They audited the financial statements for the
years ended June 30, 2021 and 2022, which are presented in conformity with
GAAP, and they expressed an unqualified opinion on these financial statements.
