THE UNIVERSITY CORPORATION BUDGET & FINANCIALS Budget & - - PowerPoint PPT Presentation

THE UNIVERSITY CORPORATION BUDGET & FINANCIALS

Budget & Financial Presentation– June 30, 2014

The University Corporation (TUC)

 Non-profit California corporation; self-supporting auxiliary of CSUN

 Commercial Services

 Matador Bookstore  Campus Food Services

 Sponsored Programs Post-award Administration  Administrative Services

 Licensing of Campus Facilities  Real Estate Program and Faculty/Staff Housing Office  Financial Support Services - Agency Accounts, Quasi-Endowments, Centers,

and Workshops

 Programs and Marketing  Governed by a 17-member Board of Directors

 6 students, 6 faculty members, 2 administrators, and 3 community

representatives

 The University President serves as Chair

Support Provided to CSUN for13 -14 Total - $3,351,100

$- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000

$4,100 $10,600 $20,200 $21,400 $55,800 $57,100 $63,000 $63,500 $85,000 $122,200 $181,200 $463,000 $550,000 $1,654,000

14 -15 Budgeted Operating Revenue Total - $49,301,000

Sponsored Programs $31,000,000 63% Food Service Sales $15,002,000 30% Bookstore $1,159,000 2% Real Estate Rentals $853,000 2% Other Revenue $1,287,000 3%

14 -15 Budget Summary

Revenue Expenses Surplus

Operating units: Bookstore $ 1,159,000 $ (55,000) $ 1,104,000 Food Services 15,002,000 (12,291,000) 2,711,000 Real Estate 853,000 (782,000) 71,000 General & Administrative 1,287,000 (3,181,000) (1,894,000) Sponsored Programs 31,000,000 (28,474,000) 2,526,000 Less: Sponsored Programs IDC surplus available to campus

• (1,317,000)

(1,317,000) Surplus generated from operations 49,301,000 (44,783,000) 3,201,000 Additional reductions: Capital expenditures & principal payments on debt service

• (1,036,000) (1,036,000)

Contributions to campus:

• (1,250,000) (1,250,000)

Total additional reductions

• (2,286,000) (2,286,000)

Net surplus generated to replenish reserves $ 49,301,000 $ (47,069,000) $ 915,000

Sponsored Programs Activity

$- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000

03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14

$23,179,000 $24,428,000 $17,993,000 $17,517,000 $18,450,000 $18,689,000 $19,383,000 $23,803,000 $27,894,000 $30,862,000 $30,659,000

13-14 Sponsored Programs Activity Total - $30,659,000

Federal $27,111,000 88% State $1,352,000 5% Local $406,000 1% Other $1,790,000 6%

13-14 Sponsored Programs Federal Funds by Agency- $27,111,000

• Dept. of Education

$10,696,000 39% DHHS/NIH $8,291,000 31% NSF $4,359,000 16% Other $3,765,000 14%

13-14 Sponsored Programs Use of Indirect Cost

Total Recovered Indirect Cost 3,621,000 $ TUC - Sponsored Programs Dept. (626,000) TUC - Service Charge of 3.9% on Total SP Revenue (1,196,000) (Accounting, HR, Payroll, Administration) CSUN ORSP – Pre-Award Office (145,000) Other (4,000) Net Balance Available to Campus 1,650,000 $ TUC Contribution towards Pre-Award Position 50,000 TUC Contribution towards Study in ORSP Office 50,000 Total 1,750,000 $

Long Term Reserves - $7,400,000

Undesignated General Reserve - long term $1,932,000 Working Capital Reserve $2,000,000 Building Maintenance & Renovation Reserve $1,726,000 Sponsored Programs Reserve $742,000 Current Operations Reserve $600,000 Unplanned Capital Replacement Reserve $400,000

Short Term Reserves - $4,227,000

Future Student Housing Related Projects Reserve $3,115,000 Real Estate Reserve $458,000 Net Surplus Generated to Replenish Reserves $149,000 Approved Capital Projects Reserve - La Tienda Refurbishment Project $480,000 Repairs & Maintenance Reserve - Real Estate $25,000

Endowments - $9,992,000

Name Responsible Department Purpose Balance

Paul Edmundson Endowment Athletics Scholarships 19,000 American Legion Endowment Financial Aid Scholarships 16,000 CSUN General Scholarship Endowment Financial Aid Scholarships 84,000

• J. R. Simpson Endowment

Financial Aid Scholarships 1,612,300 Katherine Champlin Endowment Financial Aid Scholarships 10,100 President's Club Endowment Financial Aid Scholarships 27,700 Winnetka Women's Club Endowment Financial Aid Scholarships 33,100 Stanley Ross Endowment Geology Scholarships 6,600 Plant Operations Endowment Management Scholarships 18,800 Department of Marketing Endowment Marketing Scholarships 58,500 Stradivarius Fund Music Scholarships 1,191,100 Jenniellen Ferguson Endowment Political Science Scholarships 1,300 Parnell Simpson Endowment President's Office Campus/Pres. Designated 3,344,000 Leo Wolfson Scholarship Endowment Provost Office Scholarships 22,400

• Dr. John Gowan Endowment

Special Education Scholarships 11,200 Subtotal Endowments 6,456,100 The University Corporation Endowment Financial Aid Scholarships 62,100 Instructional Improvements Endowment Provost Office Faculty Awards 1,508,800 Students Projects Endowment

• Assoc. Students

Student Proects 589,100 Research and Grants Endowment Provost/ORSP Faculty Awards 1,375,900 Subtotal Quasi-Endowments 3,535,900 Total Endowments $ 9,992,000

ASSETS 2014 Current Assets: Cash and short-term investments 13,258,615 $ Grants and contracts receivable 4,516,162 Accounts and notes receivable, net 367,988 Inventory and prepaid expenses 331,503 Total current assets 18,474,268 Noncurrent assets: Note receivable 59,897 Investments 16,889,913 Capital assets, net of depreciation 18,943,862 Total noncurrent assets 35,893,672 Total assets 54,367,940 $ LIABILITIES AND NET ASSETS Current liabilities: Accounts payable and accrued liabilities 3,485,732 $ Deposits held in custody for others 2,142,065 Deferred revenue 3,177,833 Current portion of long term debt and capital leases 816,639 Total current liabilities 9,622,269 Noncurrent liabilities: Accrued compensated absences, net of current portion 132,572 Postretirement benefit payable, net of current portion 2,697,732 Noncurrent portion of long term debt and capital leases 12,202,069 Total noncurrent liabilities 15,032,373 Total liabilities 24,654,642 Net assets: Unrestricted 24,100,332 Temporarily restricted 1,749,173 Permanently restricted 3,863,793 Total net assets 29,713,298 Total liabilities and net assets 54,367,940 $ THE UNIVERSITY CORPORATION STATEMENTS OF FINANCIAL POSITION (BALANCE SHEET) June 30, 2014

Audited Financial Statements and Tax Returns are available on TUC website: http://www.csun.edu/tuc

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