Financial Statements

Statement of Net Position

STATEMENT OF NET POSITION as of June 30, 2018 (amounts expressed in thousands)
University of Florida Component Units


2018


2017
Direct-Support Organizations Health Science Center Affiliates Shands Hospital and Others
ASSETS
Current Assets:
Cash and Cash Equivalents (Note 1) $ 1,234 $ 6,810 $ 35,008 $ 104,924 $ 111,908
Investments (Note 5) 1,517,714 1,353,225 93,719 26,263 394,198
Accounts Receivable, Net (Note 6) 89,350 81,924 153,295 75,365 340,470
Loans and Note Receivable, Net (Note 6) 2,808 3,546 - - -
Due From State (Note 7) 88,357 76,102 - - 66
Due From Component Units/University (Note 8) 17,450 15,324 153,894 44,986 88,049
Inventories 3,947 4,258 181 - 39,153
Other Current Assets 2,250 1,884 15,391 1,849 55,551
Total Current Assets 1,723,110 1,543,073 451,488 253,387 1,029,395
Noncurrent Assets:
Restricted Cash and Cash Equivalents (Note 1) 5,082 15 9,990 - 26,005
Restricted Investments (Note 5) 116,222 91,290 1,842,321 15,023 546,486
Other Noncurrent Investments (Note 5) 153,325 174,163 - - -
Loans and Notes Receivable, Net (Note 6) 33,143 36,945 - - -
Depreciable Capital Assets, Net (Note 9) 1,842,199 1,822,070 192,179 54,020 1,223,430
Nondepreciable Capital Assets (Note 9) 105,330 70,181 65,353 36,285 107,984
Other Noncurrent Assets 74 74 - 2,060 124,985
Total Noncurrent Assets 2,255,375 2,194,738 2,109,843 107,388 2,028,890
TOTAL ASSETS 3,978,485 3,737,811 2,561,331 360,775 3,058,285
DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflows of Pension Resources (Note 11) 298,571 269,062 - - 51,955
Deferred Outflows of Other Postemployment Benefits Resources (Note 11) 16,260 - - - 2,392
Accumulated Decrease in Fair Value of Interest Rate Swap Agreements - - - - 35,073
Losses on Debt Refunding - - - - 336
TOTAL DEFERRED OUTFLOWS OF RESOURCES 314,831 269,062 - - 89,756
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 4,293,316 $ 4,006,873 $ 2,561,331 $ 360,775 $ 3,148,041
LIABILITIES
Current Liabilities:
Accounts Payable $ 88,841 $ 87,596 $ 22,765 $ 16,441 $ 288,195
Salary and Wages Payable 48,455 44,179 - 9,928 90,370
Due to Component Units/University (Note 8) 173,712 172,155 64,622 16,957 78,098
Unearned Revenue (Note 12) 63,846 63,814 65,142 376 -
Deposits Held in Custody 6,297 11,696 2 98 -
Other Current Liabilities - - 8,121 - -
Long-Term Liabilities- Current Portion: (Note 13)
Captial Improvement Debt Payable 9,302 8,917 - - -
Bonds Payable - - 5,250 3,118 21,570
Loans and Notes Payable 408 572 1,116 - -
Installment Purchase Agreements Payable 1,107 1,509 - - -
Capital Leases Payable 176 165 - 95 1,991
Compensated Absenses Payable 13,215 13,469 2,088 - -
Other Postemployment Benefits Payable 15,774 - - - -
Net Pension Liability (Note 15) 4,422 5,282 - - -
Liabilty for Self-Insured Claims - - 20,023 - 6,400
Total Current Liabilities 425,555 409,354 189,129 47,013 486,624
Noncurrent Liabilities: (Note 13)
Capital Improvement Debt Payable 128,813 138,443 - - -
Bonds Payable - - 76,025 50,128 1,047,690
Loans and Notes Payable 4,737 9,541 1,416 8,000 -
Installment Purchase Agreements Payable 505 1,620 - - -
Capital Leases Payable 2,167 2,344 - 340 6,822
Compensated Absences Payable 112,014 105,197 1,476 - -
Other Postemployment Benefits Payable 1,053,330 316,874 - - 6,825
Net Pension Liability (Note 15) 606,749 559,763 - - -
Liability for Self-Insured Claims - - - - 29,157
Other Noncurrent Liabilities 13,969 17,788 42,129 - 44,192
Total Noncurrent Liabilities 1,922,284 1,151,570 121,046 58,468 1,134,686
TOTAL LIABILITIES 2,347,839 1,560,924 310,175 105,481 1,621,310
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows of Pension Resources (Note 11) 33,549 7,330 - - 47,958
Deferred Inflows of Other Postemployment Benefits Resources (Note 11) 155,970 - - - 233
Accumulated Increase in Fair Value of Interest Rate Swap Agreements - - - - 2,862
Gains on Debt Refunding - - - - 2,528
TOTAL DEFERRED INFLOWS OF RESOURCES 189,519 7,330 - - 53,581
TOTAL LIABILITIES AND DEFERRED INFLOWS OF RESOURCES $ 2,537,358 $ 1,568,254 $ 310,175 $ 105,481 $ 1,674,891
NET POSITION
Net Investment in Capital Assets $ 1,800,313 $ 1,729,141 $ 114,290 $ 28,625 $ 289,034
Restricted:
Nonexpendable:
Endowment - - 1,398,931 - 243
Expendable:
Endowment - - 418,725 - 9,408
Loans 39,700 39,211 - - -
Capital Projects 171,029 138,334 - - -
Debt Service 4,289 3,399 - - -
Other (8,110) 367,131 146,872 - 174,567
Unrestricted (251,263) 161,403 172,338 226,669 999,898
TOTAL NET POSITION 1,755,958 2,438,619 2,251,156 255,294 1,473,150
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND NET POSITION

$ 4,293,316

$ 4,006,873

$ 2,561,331

$ 360,775

$ 3,148,041
The accompanying notes are an intergral part of these financial statements.

Statement of Net Position

STATEMENT OF NET POSITION as of June 30, 2018 (amounts expressed in thousands)
University of Florida Component Units


2018


2017
Direct-Support Organizations Health Science Center Affiliates Shands Hospital and Others
ASSETS
Current Assets:
Cash and Cash Equivalents (Note 1) $ 1,234 $ 6,810 $ 35,008 $ 104,924 $ 111,908
Investments (Note 5) 1,517,714 1,353,225 93,719 26,263 394,198
Accounts Receivable, Net (Note 6) 89,350 81,924 153,295 75,365 340,470
Loans and Note Receivable, Net (Note 6) 2,808 3,546 - - -
Due From State (Note 7) 88,357 76,102 - - 66
Due From Component Units/University (Note 8) 17,450 15,324 153,894 44,986 88,049
Inventories 3,947 4,258 181 - 39,153
Other Current Assets 2,250 1,884 15,391 1,849 55,551
Total Current Assets 1,723,110 1,543,073 451,488 253,387 1,029,395
Noncurrent Assets:
Restricted Cash and Cash Equivalents (Note 1) 5,082 15 9,990 - 26,005
Restricted Investments (Note 5) 116,222 91,290 1,842,321 15,023 546,486
Other Noncurrent Investments (Note 5) 153,325 174,163 - - -
Loans and Notes Receivable, Net (Note 6) 33,143 36,945 - - -
Depreciable Capital Assets, Net (Note 9) 1,842,199 1,822,070 192,179 54,020 1,223,430
Nondepreciable Capital Assets (Note 9) 105,330 70,181 65,353 36,285 107,984
Other Noncurrent Assets 74 74 - 2,060 124,985
Total Noncurrent Assets 2,255,375 2,194,738 2,109,843 107,388 2,028,890
TOTAL ASSETS 3,978,485 3,737,811 2,561,331 360,775 3,058,285
DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflows of Pension Resources (Note 11) 298,571 269,062 - - 51,955
Deferred Outflows of Other Postemployment Benefits Resources (Note 11) 16,260 - - - 2,392
Accumulated Decrease in Fair Value of Interest Rate Swap Agreements - - - - 35,073
Losses on Debt Refunding - - - - 336
TOTAL DEFERRED OUTFLOWS OF RESOURCES 314,831 269,062 - - 89,756
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 4,293,316 $ 4,006,873 $ 2,561,331 $ 360,775 $ 3,148,041
LIABILITIES
Current Liabilities:
Accounts Payable $ 88,841 $ 87,596 $ 22,765 $ 16,441 $ 288,195
Salary and Wages Payable 48,455 44,179 - 9,928 90,370
Due to Component Units/University (Note 8) 173,712 172,155 64,622 16,957 78,098
Unearned Revenue (Note 12) 63,846 63,814 65,142 376 -
Deposits Held in Custody 6,297 11,696 2 98 -
Other Current Liabilities - - 8,121 - -
Long-Term Liabilities- Current Portion: (Note 13)
Captial Improvement Debt Payable 9,302 8,917 - - -
Bonds Payable - - 5,250 3,118 21,570
Loans and Notes Payable 408 572 1,116 - -
Installment Purchase Agreements Payable 1,107 1,509 - - -
Capital Leases Payable 176 165 - 95 1,991
Compensated Absenses Payable 13,215 13,469 2,088 - -
Other Postemployment Benefits Payable 15,774 - - - -
Net Pension Liability (Note 15) 4,422 5,282 - - -
Liabilty for Self-Insured Claims - - 20,023 - 6,400
Total Current Liabilities 425,555 409,354 189,129 47,013 486,624
Noncurrent Liabilities: (Note 13)
Capital Improvement Debt Payable 128,813 138,443 - - -
Bonds Payable - - 76,025 50,128 1,047,690
Loans and Notes Payable 4,737 9,541 1,416 8,000 -
Installment Purchase Agreements Payable 505 1,620 - - -
Capital Leases Payable 2,167 2,344 - 340 6,822
Compensated Absences Payable 112,014 105,197 1,476 - -
Other Postemployment Benefits Payable 1,053,330 316,874 - - 6,825
Net Pension Liability (Note 15) 606,749 559,763 - - -
Liability for Self-Insured Claims - - - - 29,157
Other Noncurrent Liabilities 13,969 17,788 42,129 - 44,192
Total Noncurrent Liabilities 1,922,284 1,151,570 121,046 58,468 1,134,686
TOTAL LIABILITIES 2,347,839 1,560,924 310,175 105,481 1,621,310
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows of Pension Resources (Note 11) 33,549 7,330 - - 47,958
Deferred Inflows of Other Postemployment Benefits Resources (Note 11) 155,970 - - - 233
Accumulated Increase in Fair Value of Interest Rate Swap Agreements - - - - 2,862
Gains on Debt Refunding - - - - 2,528
TOTAL DEFERRED INFLOWS OF RESOURCES 189,519 7,330 - - 53,581
TOTAL LIABILITIES AND DEFERRED INFLOWS OF RESOURCES $ 2,537,358 $ 1,568,254 $ 310,175 $ 105,481 $ 1,674,891
NET POSITION
Net Investment in Capital Assets $ 1,800,313 $ 1,729,141 $ 114,290 $ 28,625 $ 289,034
Restricted:
Nonexpendable:
Endowment - - 1,398,931 - 243
Expendable:
Endowment - - 418,725 - 9,408
Loans 39,700 39,211 - - -
Capital Projects 171,029 138,334 - - -
Debt Service 4,289 3,399 - - -
Other (8,110) 367,131 146,872 - 174,567
Unrestricted (251,263) 161,403 172,338 226,669 999,898
TOTAL NET POSITION 1,755,958 2,438,619 2,251,156 255,294 1,473,150
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND NET POSITION

$ 4,293,316

$ 4,006,873

$ 2,561,331

$ 360,775

$ 3,148,041
The accompanying notes are an intergral part of these financial statements.

Statement of Revenues, Expenses, and Changes in Net Position

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION for the Fiscal Year Ended June 30, 2018 (amounts expressed in thousands)
University of Florida Component Units

2017-18

2016-17
Direct-Support Organizations Health Science Center Affiliates Shands Hospital and Others
OPERATING REVENUES
Student Tuition and Fees $ 603,859 $ 587,425 $ - $ - $ -
Scholarhsip Allowances (208,007) (155,766) - - -
Student Tuition and Fees, Net of Scholarship Allowances 395,852 431,659 - - -
Federal Grants and Contracts 459,752 432,731 - - -
State and Local Grants and Contracts 52,039 50,020 - - -
Nongovernmental Grants and Contracts 839,154 793,017 - - -
Sales and Services of Auxiliary Enterprises (Note 14) 129,994 131,406 - - -
Sales and Services of Educational Departments 57,245 55,347 - - -
Sales and Services of Component Units - - 199,634 - -
Hospital Revenues - - - 872,399 2,180,891
Gifts and Donations- Component Units - - 102,915 - -
Royalties and Licensing Fees - Component Units - - 35,200 - -
Interest on Loans and Notes Receivable 1,194 1,013 - - -
Other Operating Revenues 4,097 2,489 7,784 97,290 37,014
Total Operating Revenues 1,939,327 1,897,682 345,533 969,689 2,217,905
OPERATING EXPENSES
Employee Compensation and Benefits 2,150,165 2,022,323 1,568 96,028 973,318
Services and Supplies 552,153 552,130 368,432 217,098 995,476
Utilities and Communications 73,636 71,928 - - -
Scholarships, Fellowships, and Waivers, Net 144,627 106,891 - - -
Depreciation 138,306 137,484 11,909 8,893 107,622
Self-Insured Claims and Expenses - - - - 8,734
Total Operating Expenses (Note 20) 3,058,887 2,890,756 381,909 322,019 2,085,150
Opertaing Income (Loss) (1,119,560) (993,074) (36,376) 647,670 132,755
NONOPERATING REVENUES (EXPENSES)
Noncapital State Appropriations 766,103 712,106 8,000 - 7,050
Federal and State Student Financial Aid 208,173 116,963 - - -
Noncapital Grants, Contracts, and Gifts 126,365 116,665 - - -
Investment Income 59,848 37,952 148,581 1,125 43,738
Net Increase (Decrease) in the Fair Value of Investments 927 21,100 (3,996) 1,708 (2,209)
Investment Expenses (4,624) (4,141) (392) (892) -
Other Nonoperating Revenues 2,653 4,243 11,356 - 9,778
Gain (Loss) on Disposal of Capital Assets (1,182) (16,481) - 634 8,218
Interest on Capital Asset-Related Debt (6,771) (7,146) (2,003) - (26,080)
Other Nonoperating Expenses (3,766) (8,712) (49,439) (636,046) (113,870)
Net Nonoperating Revenues (Expenses) 1,147,726 972,549 112,107 (633,471) (73,375)
Income (Loss) Before Other Revenues 28,166 (20,525) 75,731 14,199 59,380
State Capital Appropriations 57,819 59,430 - - -
Capital Grants, Contracts, and Donations 71,627 23,422 - - -
Additions to Permanent Endowments - - 59,692 - -
Total Other Revenues 129,446 82,852 59,692 - -
Increase in Net Position 157,612 62,327 135,423 14,199 59,380
Net Position, Beginning of Year 2,438,619 2,376,292 2,115,733 241,095 1,413,770
Adjustment to Beginning Net Position (Note 3) (840,273) - - - -
Adjusted Net Position, Beginning of Year, as Restated 1,598,346 2,376,292 2,115,733 241,095 1,413,770
Net Position, End of Year $ 1,755,958 $ 2,438,619 $ 2,251,156 $ 255,294 $ 1,473,150
The accompanying notes are an intergral part of these financial statements.

Statement of Cash Flows

STATEMENT OF CASH FLOWS for the Fiscal Year Ended June 30, 2018 (amounts expressed in thousands)
University of Florida
2017-18 2016-17
CASH FLOWS FROM OPERATING ACTIVITIES
Tuition and Fees, Net $ 389,360 $ 432,478
Grants and Contracts 1,350,247 1,276,968
Sales and Services of Auxiliary Enterprises 128,147 130,394
Sales and Services of Educational Departments 58,240 56,596
Repayment of Loans and Notes Receivable from Students 11,679 7,707
Interest on Loans Receivable 1,213 986
Other Operating Receipts 2,826 8,992
Payments to Employees (2,044,822) (1,929,267)
Payments to Suppliers for Goods and Services (619,443) (612,065)
Payments to Students for Scholarships and Fellowships (144,627) (106,891)
Loans Issued to Students (7,139) (6,896)
Net Cash Used by Operating Activities (874,319) (740,998)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Noncapital State Appropriations 766,103 712,106
Federal and State Financial Aid 208,173 116,963
Noncapital Grants, Contracts, and Gifts 126,365 116,665
Direct Loan Program Receipts 240,268 258,360
Direct Loan Program Disbursements (240,213) (258,369)
Net Change in Funds Held for Others (4,794) (3,284)
Other Nonoperating Receipts 2,622 568
Other Nonoperating Disbursements (7,056) (7,839)
Net Cash Provided by Noncapital Financing Activities 1,091,468 935,170
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Capital State Appropriatons 45,564 26,018
Capital Grants, Contracts, and Donations 71,327 23,392
Proceeds from Sales of Capital Assets 803 605
Other Receipts for Capital Projects 31 3,660
Purchase or Construction of Capital Assets (200,238) (179,220)
Prinicpal Paid on Capital Debt and Leases (15,579) (27,082)
Interest Paid on Capital Debt and Leases (6,771) (7,123)
Net Cash Used by Capital and Related Financing Activities (104,863) (159,750)
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of Investments 1,835,693 1,667,452
Purchase of Investments (2,004,388) (1,730,107)
Investment Income 55,900 34,655
Net Cash Used by Investing Activities (112,795) (28,000)
Net Increase (Decrease) in Cash and Cash Equivalents (509) 6,422
Cash and Cash Equivalents, Beginning of Year 6,825 403
Cash and Cash Equivalents, End of Year $ 6,316 $ 6,825
RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES
Operating Loss $ (1,119,560) $ (993,074)
Adjustment to Reconcile Operating Loss to Net Cash Used by Operating Activities:
Depreciation Expense 138,306 137,484
Change in Assets, Liabilites, Deferred Outflows of Resources, and Deferred Inflows of Resources:
Receivables, Net (2,516) 3,766
Due From Component Units (2,126) (1,373)
Inventories 311 191
Other Assets (118) 278
Accounts Payable 6,152 11,525
Salaries and Wages Payable 4,276 5,991
Unearned Revenue 32 7,127
Deposits Held in Custody (142) (21)
Other Postemployment Benefits Payable (102,388) 49,168
Compensated Absences Payable 6,563 1,356
Net Pension Liability 46,126 211,299
Deferred Outflows (31,424) (128,296)
Deferred Inflows 182,189 (46,461)
NET CASH USED BY OPERATING ACTIVITIES $ (874,319) $ (740,998)
SUPPLEMENTAL DISCLOSURE OF NONCASH OPEARTING, INVESTING, AND CAPITAL AND RELATED FINANCING ACTIVITIES
The following items are recognized on the Statement of Net Position or the Statement of Revenues, Expenses and Changes in Net Position, but are not cash transactions for the Statement of Cash Flows:
Unrealized gain on Investments $ 927
Acquisition of Equipment under Installment Purchase Agreements $ 12
Loss on Disposal of Capital Assets $ (1,182)
The accompanying notes are an intergral part of these financial statements.