University of South Florida System and DSO/Component Unit Quarterly Financial Reports QUARTER 3 FOR FISCAL YEAR

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1 University of South Florida System and DSO/Component Unit Quarterly Financial Reports QUARTER 3 FOR FISCAL YEAR Period Ended March 31, 2015

2 FY 2015 QUARTER 3 REPORT MARCH 31, 2015 INDEX University of South Florida System USF Foundation USF Alumni Association USF Financing Corporation University Medical Service Association, Inc USF Medical Services Support Corporation USF Research Foundation USF Health Professions Conferencing Corporation Sun Dome, Inc [ Page 1 of 28 ]

3 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 University of South Florida System BALANCE SHEET (In thousands) ASSETS 9 Months Ended March 31, ACTUAL ACTUAL $ % Current Assets Cash and Cash Equivalents $12,968 $18,618 $(5,650) (30)% Investments 540, ,243 44,940 9 % Receivables 98,337 92,344 5,993 6 % Due from Primary and Component Units 73,438 47,183 26, % Other Current Assets 1,537 2,138 (601) (28)% Total Current Assets $726,463 $655,526 $70, % Noncurrent Assets Restricted Cash and Cash Equivalents $9,944 $2,215 $7, % Restricted Investments 40,245 33,192 7, % Capital Assets 1,347,865 1,350,537 (2,672) (0)% Less: Accumulated Depreciation (606,668) (598,291) (8,377) (1)% Non-Depreciable Items (CIP, Land, etc.) 41,641 53,897 (12,256) (23)% Loans and Notes Receivable, net of allowance 4,570 4, % Other (262) (100)% Total Noncurrent Assets $837,597 $846,130 $(8,533) (1)% Total Assets $1,564,060 $1,501,656 $62,404 4 % LIABILITIES Current Liabilities Accounts Payable $16,935 $15,915 $1,020 6 % Accrued Salaries and Benefits 12,414 11,270 1, % Due to Primary and Component Units 29,190 36,517 (7,327) (20)% Unearned Revenue 33,290 41,799 (8,509) (20)% Other Current Liabilities 16,160 20,573 (4,413) (21)% Total Current Liabilities $107,989 $126,074 $(18,085) (14)% Noncurrent Liabilities Long Term Debt $25,377 $28,242 $(2,865) (10)% Compensated Absences 63,598 57,663 5, % Other Noncurrent Liabilities 96,369 75,799 20, % Total Noncurrent Liabilities $185,344 $161,704 $23, % Total Liabilities $293,333 $287,778 $5,555 2 % NET POSITION $1,270,727 $1,213,878 $56,849 5 % Total Liabilities & Net Assets $1,564,060 $1,501,656 $62,404 4 % [ Page 2 of 28 ]

4 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 University of South Florida System INCOME STATEMENT (In thousands) 9 Months Ended March 31, ACTUAL ACTUAL $ % REVENUES Tuition & Fees, net $259,826 $244,989 $14,837 6 % State Appropriations 246, ,583 16,075 7 % Contracts & Grants 235, ,945 6,213 3 % Federal & State Financial Aid 98, ,523 (5,283) (5)% Program Revenue / Sales / Services 99,394 84,294 15, % Noncapital Grants and Donations 19,660 16,854 2, % Investment Income (Loss) 4,893 15,230 (10,337) (68)% Other Revenues 2,063 3,188 (1,125) (35)% Total Revenues $965,892 $927,606 $38,286 4% EXPENSES Salaries & Benefits $569,169 $541,013 $28,156 5 % Scholarships & Fellowships 80,605 85,470 (4,865) (6)% Services and Supplies 183, ,819 24, % Utilities and Communications 19,948 19, % Interest Paid on Debt 735 1,716 (981) (57)% Depreciation/Amortization 36,927 38,055 (1,128) (3)% Other expenses 26,854 18,645 8, % Total Expenses $917,536 $863,646 $53,890 6% Operating Profit $48,356 $63,960 $(15,604) (24)% Non Operating State Capital Appropriations $43,842 $37,511 $6, % Capital Grants, Contracts, Donations & Fees $1,612 $1,719 $(107) (6)% Transfer to/from Primary Government / Other SUS $2,026 $(8,635) $10, % INCREASE (DECREASE) in Net Position $95,836 $94,555 $1,281 1% [ Page 3 of 28 ]

5 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 University of South Florida System STATEMENT OF CASH FLOWS (In thousands) 9 Months Ended March 31, ACTUAL ACTUAL $ % BEGINNING CASH $579,261 $471,050 $108, % Cash Flow from Operating Activities Tuition & Fees $234,526 $227,775 $6,751 3 % Contracts and Grants 234, ,245 2,229 1 % Program Revenue / Sales / Services 95,672 81,549 14, % Other Operating Activities 2,345 2,846 (501) (18)% Operating Expenses (863,540) (810,839) (52,701) (6)% Net Cash Flow from Operating Activities $(296,523) $(266,424) $(30,099) (11)% Cash Flow from Financing Activities State Appropriations $260,463 $232,450 $28, % Federal and State Financial Aid $98,240 $103,523 $(5,283) (5)% Noncapital Grants, Contracts and Donations $16,585 $14,859 $1, % Acquisition / Construction of Capital Asset (21,210) (7,332) (13,878) (189)% Principal & Interest Payments (936) (3,299) 2, % Capital Grants, Contracts, Donations and Fees 292 1,719 (1,427) (83)% Other Financing Activities (37,725) (12,508) (25,217) (202)% Net Cash Flow from Financing Activities $315,709 $329,412 $(13,703) (4)% Cash Flow from Investing Activities Investment Income 4,893 15,230 (10,337) (68)% Net Cash Flow from Investing Activities $4,893 $15,230 $(10,337) (68)% ENDING CASH $603,340 $549,268 $54, % [ Page 4 of 28 ]

6 STATEMENT OF FINANCIAL POSITION Audited Current Year Prior Year 3/31/2015 6/30/2014 $ % Assets Cash and cash equivalents $ 1,628,779 $ 471,291 1,157, % Operating investment pool 73,686,161 67,160,853 6,525,308 10% Contributions receivable, net 45,759,033 38,102,797 7,656,236 20% Accrued interest & other receivables, net 910,551 1,031,866 (121,315) -12% Endowment investment pool 449,352, ,776,559 (423,852) 0% Remainder interest trusts 1,879,932 1,682, ,077 12% Funds held in trust by others 13,724,249 10,790,395 2,933,854 27% Books and art objects 3,292,408 3,121, ,899 5% Capitalized lease receivable, net 6,200,000-6,200, % Land, buildings, and equipment, net 457, ,230 (15,826) -3% Real estate held for resale 600, ,113 (84,113) -12% Total assets $ 597,491,224 $ 573,295,468 $ 24,195,756 4% Liabilities and Net Assets Liabilities: Accounts payable and accrued expenses $ 5,368,159 $ 4,602, ,426 17% Mortgage payable 6,200,000 $ - 6,200, % Annuities and life income trusts payable 706, ,187 (11,504) -2% Amounts due to third-party beneficiaries 26,726,802 26,618, ,550 0% Due to the University of South Florida 1,131, , ,753 76% Total liabilities 40,133,135 32,580,910 7,552,225 23% Net Assets: Unrestricted net assets 12,845,722 9,462,510 3,383,212 36% Temporarily restricted net assets 205,517, ,147,100 1,370,181 1% Permanently restricted net assets 338,995, ,104,948 11,890,138 4% Total net assets 557,358, ,714,558 16,643,531 3% Total liabilities and net assets $ 597,491,224 $ 573,295,468 $ 24,195,756 4% Records of the University of South Florida are subject to disclosure under the Florida Public Records law unless exempt by law. Documents made or received by a USF Foundation agent in connection with the transaction of business by the USF Foundation are confidential and exempt from F.S. 119 pursuant to F.S (5) and in accordance with the USF Foundation Policy on Confidentiality of USF Foundation Documents. [ Page 5 of 28 ]

7 STATEMENT OF CHANGES IN NET ASSETS Revenues: Year-to-Date Fiscal Year 2014 Current Year Prior Year 3/31/2015 3/31/2014 $ % Contributions, gifts and bequests $ 37,026,126 47,964,444 (10,938,318) -23% Fundraising activities 1,875,699 1,641, ,964 14% Investment income 4,408,434 4,680,582 (272,148) -6% Campaign support 3,183,691 2,558, ,422 24% Total revenues 46,493,951 56,845,030 (10,351,079) -18% Expenditures: Program services: Salaries and benefits 13,588,996 12,001,076 1,587,920 13% Scholarships/fellowships 6,411,998 5,893, ,005 9% Contractual services 3,848,794 2,940, ,823 31% Supplies 2,650,683 2,535, ,310 5% Transfers to state - other 876, , , % Gift in kind transfers 1,219,747 29,025,983 (27,806,236) -96% Travel, meals & auto 2,088,514 1,997,334 91,180 5% Community relations 643, ,561 (171,547) -21% Depreciation 15,826 16,273 (447) -3% Repairs and maintenance 500, ,668 33,514 7% Provision for doubtful accounts 1,843,703 7,702,238 (5,858,535) -76% Other 352,489 1,319,907 (967,418) -80% Total program service expense 34,040,103 65,149,509 (31,109,406) -48% Fundraising & operating costs: Salaries and benefits 1,378,551 3,173,474 (1,794,923) -57% Contractual services 593, ,545 (259,707) -30% Other transfers and expenses 2,141,285 3,732,726 (1,591,441) -43% Total fundraising & operating expense 4,113,675 7,759,745 (3,646,070) -47% Total expenditures 38,153,778 72,909,254 (34,755,476) -48% Change in net assets before change in market value 8,340,173 (16,064,224) 24,404, % Changes in market value: Unrealized investment income gain (3,358,982) 40,025,180 (43,384,162) -108% Realized investment income gain 11,662,341 12,198,038 (535,697) -4% Total changes in market value 8,303,360 52,223,218 (43,919,858) -84% Change in net assets $ 16,643,533 36,158,994 (19,515,461) -54% Records of the University of South Florida are subject to disclosure under the Florida Public Records law unless exempt by law. Documents made or received by a USF Foundation agent in connection with the transaction of business by the USF Foundation are confidential and exempt from F.S. 119 pursuant to F.S (5) and in accordance with the USF Foundation Policy on Confidentiality of USF Foundation Documents. [ Page 6 of 28 ]

8 STATEMENT OF CASH FLOWS Current Year Prior Year 3/31/2015 6/30/2014 Change in Net Assets 16,643,533 40,199,689 Operating Activities Depreciation 15,826 24,374 Investment (gains) losses, net (10,483,740) (68,901,173) Change in assets/liabilities: Contributions receivable (7,656,236) 3,455,929 Other receivables 121,315 3,177,450 Books and art objects (170,901) 81,575 Accounts payable & accrued expenses 765,426 (4,468,560) Annuities & life income trusts payable (11,504) 310,158 Amts due to third-party beneficiaries (215,341) 1,693,220 Due to University of South Florida 489,753 (59,222) Gift of real estate/impairment loss on real estate - 1,232 Net cash flow from operating activities (501,869) (24,485,328) Investing Activities Proceeds from sale of real estate held for resale 112,221 - Net gain on sale of real estate held for resale (28,108) - Purchase of land, buildings and equipment (6,200,000) - Transfer of land, buildings and equipment 6,200,000 - Proceeds from sale of investments 20,005, ,161,817 Purchases of investments (12,884,695) (155,910,728) Interest & dividends reinvested (5,545,960) (5,436,427) Repayment of loans to the University of South Florida - 117,886 Net cash flow from investing activities 1,659,357 20,932,548 Financing Activities Issuance of mortgage payable 6,200,000 - Capitalized lease receivable (6,200,000) - Proceeds from contributions restricted for long-term investment - 2,460,060 Net cash flow from investing activities - 2,460,060 Net increase in cash 1,157,488 (1,092,720) Cash at the beginning of the year 471,291 1,564,011 Cash at the end of the year 1,628, ,291 Records of the University of South Florida are subject to disclosure under the Florida Public Records law unless exempt by law. Documents made or received by a USF Foundation agent in connection with the transaction of business by the USF Foundation are confidential and exempt from F.S. 119 pursuant to F.S (5) and in accordance with the USF Foundation Policy on Confidentiality of USF Foundation Documents. [ Page 7 of 28 ]

9 University of South Florida Alumni Association, Inc. Operating Balance Sheet March 31, 2015 June 30, 2014 $ % ASSETS Cash and cash equivalents 330, , , % Pooled investments within Foundation 838, ,392 0% Accounts receivable 54,678 55,112 (434) 1% Prepaid expenses 33,529 35,437 (1,908) 5% Total assets 1,257,360 1,083, ,104 16% LIABILITIES AND NET ASSETS Liabilities: Accounts payable and accrued expenses 36,311 91,045 (54,734) 60% Due to Foundation 33,219 33,219 0% Due to USF 69,318 25,211 44, % Deferred revenue 200, ,635 69,510 53% Total liabilities 338, ,110 58,883 21% Net Assets: Unrestricted net assets 918, , ,221 14% Total liabilities and net assets 1,257,360 1,083, ,104 16% Reserve: Principle 838, ,392 Reserve: Market Adjustment 107, ,385 Total Reserve 945, ,777 Confidential For internal use only [ Page 8 of 28 ]

10 University of South Florida Alumni Association, Inc. Summary of Revenues and Expenses March 31, 2015 Current Month Totals Year to Date Totals (75%) Actual Prior Year Actual Prior Year Mar 15 Mar 14 $ % YTD YTD $ % REVENUES: Annual Membership 29,175 31,333 (2,158) 7% 261, ,159 12,008 5% Life Membership 1,612 1, % 13,344 17,208 (3,864) 22% License Plates 30,526 31,700 (1,174) 4% 302, ,104 (7,558) 2% Foundation support 145,159 (145,159) 100% 600, ,159 (65,159) 10% Credit Cards 20,167 20,167 0% 195, ,665 (1,147) 1% Other Royalty* 21,645 21, % 130, ,244 11,890 10% Investment Income 0% 93,415 81,566 11,849 15% Sponsorships 2,715 21,308 (18,593) 87% 50,849 57,366 (6,517) 11% Advertising 1, % 36,886 40,032 (3,146) 8% Event Revenue 11,439 16,151 (4,712) 29% 30,251 34,954 (4,703) 13% Gifts 2,823 3,145 (322) 10% 68,468 44,012 24,456 56% Travel % 4,086 4,449 (363) 8% Merchandise (8) 17% 2,960 7,692 (4,732) 62% Fund transfers to endowment (19,130) (19,490) 360 2% (60,509) (61,836) 1,327 2% Total Operating Revenue 102, ,276 (170,555) 62% 1,729,115 1,764,774 (35,659) 2% EXPENSES Salaries 125, ,322 (151) 0% 1,053,490 1,034,812 (18,678) 2% Membership and membership services 6,874 45,547 38,673 85% 149, ,471 15,625 9% Printing/Duplicating 1,084 4,670 3,586 77% 61,259 42,130 (19,129) 45% Event Services 4,514 20,117 15,603 78% 103, ,206 16,936 14% Professional Services 15,537 3,274 (12,263) 375% 64,614 58,139 (6,475) 11% Postage 525 1, % 32,030 26,653 (5,377) 20% Travel 9,443 2,836 (6,607) 233% 27,309 23,067 (4,242) 18% Advertising & Marketing 421 3,356 2,935 87% 18,799 26,732 7,933 30% Insurance 10,376 4,447 (5,929) 133% 36,179 32,055 (4,124) 13% Community Relations 2,632 1,642 (990) 60% 13,844 13,672 (172) 1% Other Services 1, (754) 76% 15,491 12,498 (2,993) 24% Telephone % 734 5,146 4,412 86% Professional Dues & Fees (65) 105% 8,424 8,025 (399) 5% Repairs & Maintenance 882 (831) (1,713) 100% 3,862 2,815 (1,047) 37% Office Supplies 14 1,567 1,553 99% 1,062 3,738 2,676 72% Miscellaneous % 23,681 11,533 (12,148) 105% Total Operating Expenses 179, ,914 35,111 16% 1,613,894 1,586,692 (27,202) 2% NET INCOME FROM OPERATIONS (77,082) 58,362 (135,444) 232% 115, ,082 (62,861) 35% Change in net assets 115,221 Net assets, beginning 803,146 Net assets, end 918,367 * Other Royalties contain revenue from CGM and Liberty Mutual. Confidential For internal use only [ Page 9 of 28 ]

11 University of South Florida Alumni Association, Inc. Operating Cash Flow Operating activities March 31, 2015 June 30, 2014 $ % Change in net assets $ 115,221 $ Adjustments to reconcile change in net assets to net cash provided by operating activities: Changes in assets and liabilities: Accounts receivable ,991 Prepaid expenses 1,908 (15,833) Due to University of South Florida 44,107 (2,765) Due to University of South Florida Foundation, Inc. (48,648) Accounts payable and accrued expenses (54,734) 6,531 Deferred revenue 69,510 (8,691) Net cash provided by operating activities 176,446 (41,415) Change in cash and cash equivalents 176,446 (41,415) Cash and cash equivalents, beginning of year 154, ,730 Cash and cash equivalents, end of year $ 330,761 $ 154,315 $ 176, % Confidential For internal use only [ Page 10 of 28 ]

12 USF Financing Corporation and USF Property Corporation Consolidated Statements of Financial Position Period Ending March 31, $ % Assets Cash $ 2,641 $ 2,641 $ 0% Restricted cash and cash equivalents 31,937,181 26,919,976 5,017, % Due from related parties 30,733,243 39,726,982 (8,993,739) (23)% Accounts receivable (511) (75)% Equity investment 899, , , % Security pledged to counterparty 10,990,000 6,970,000 4,020, % Deferred charges, net of accumulated amortization of $2,232,364 and $2,150,637, respectively 1,227,375 1,309,102 (81,727) (6)% Construction in progress - % Capital assets, net of accumulated depreciation of $54,197,183 and $44,817,495, respectively 311,967, ,831,664 (8,864,171) (3)% Total assets $ 387,757,576 $ 395,988,009 $ (8,230,433) (2)% Liabilities and net assets Liabilities: Accounts payable $ $ 14,672 $ (14,672) (100)% Interest payable 3,340,320 3,429,420 (89,100) (3)% Due to related parties 1,259, ,094 1,007,188 % Interest rate swaps payable 21,116,437 20,005,497 1,110,940 6% Long-term debt 361,139, ,056,720 (10,917,299) (3)% Total liabilities 386,855, ,758,403 (8,902,943) (2)% Net assets: Unrestricted net assets 902, , , % Total liabilities and net assets $ 387,757,576 $ 395,988,009 $ (8,230,433) (2)% [ Page 11 of 28 ]

13 USF Financing Corporation and USF Property Corporation Consolidated Statements of Activities and Changes in Net Assets 9 Months Ending March 31, $ % Revenues Operating revenues: University of South Florida housing system lease revenue $ 40,750,789 $ 36,004,747 $ 4,746, % University of South Florida athletics system lease revenue 1,649,175 1,643,016 6,159 0% University of South Florida arena revenue 905, ,904 (1,063) (0)% Medical Services Support Corporation lease revenue 3,476,854 3,644,672 (167,818) (5)% Health Professions Conferencing Corporation lease revenue 1,399,930 1,401,019 (1,089) (0)% Total operating revenues 48,182,589 43,600,358 4,582, % Expenses University of South Florida housing system operating expenses $ 14,473,632 $ 16,042,973 $ (1,569,341) (10)% Management expense 405, ,003 6,036 2% Interest expense 11,411,124 11,414,533 (3,409) (0)% Amortization of deferred charges 61,295 61,828 (533) (1)% Amortization of deferred charges due to refunding of debt 338,062 (338,062) (100)% Depreciation expense 7,037,753 7,038,242 (489) (0)% General and administrative expense 475, ,674 (60,504) (11)% Total expenses 33,864,013 35,830,315 (1,966,302) (5)% Other revenues (expenses) Change in interest in equity investment $ 1,107,107 $ 476,075 $ 631, % Change in fair value of interest rate swaps 474,203 4,997,914 (4,523,711) (91)% Transfer to affiliates to offset the change in fair value of interest rate swaps and other expenses (14,795,401) (12,771,457) (2,023,944) (16)% Interest income 2,621 3,500 (879) (25)% Total other expenses (13,211,470) (7,293,968) (5,917,502) (81)% Change in unrestricted net assets 1,107, , ,032 % Unrestricted net assets (deficit), beginning of year (204,991) (246,469) 41, % Unrestricted net assets, end of year $ 902,116 $ 229,606 $ 672, % [ Page 12 of 28 ]

14 USF Financing Corporation and USF Property Corporation Consolidated Statements of Cash Flows 9 Months Ending March 31, $ % Operating activities Change in net assets $ 1,107,107 $ 476,075 $ 631, % Adjustments to reconcile change in net assets to net cash provided by operating activities: Amortization of deferred charges 61,295 61,828 (533) (1)% Deferred charges written off - 338,062 (338,062) (100)% Depreciation of capital assets 7,037,753 7,038,242 (489) (0)% Net amortization of premiums and discounts on COPs (76,756) (76,756) - 0% Change in fair value of interest rate swap (474,203) (4,997,914) 4,523, % Change in interest in equity investment (1,107,107) (476,075) (631,032) (133)% Changes in operating assets and liabilities: Due from related parties 16,292,792 (7,311,236) 23,604, % Accounts receivable 633 (214) % Accounts payable (1,000) (534,888) 533, % Interest payable (2,632,505) (2,577,887) (54,618) (2)% Due to related parties 938,900 (49,847) 988,747 1,984 % Net cash provided by (used in) operating activities 21,146,909 (8,110,610) 29,257, % Investing activities Capital expenditures (227,546) (162,524) (65,022) (40)% Purchases of investments (99,597,913) (88,962,204) (10,635,709) (12)% Proceeds from sales or maturities of investments 93,513,508 85,898,492 7,615,016 9% Net cash provided by investing activities (6,311,951) (3,226,236) (3,085,715) (96)% Financing activities Deferred charges on debt issuances - (192,602) 192, % Proceeds from issuances of long-term debt - 82,505,000 (82,505,000) (100)% Principal paid due to refunding of debt - (62,505,000) 62,505, % Principal paid on debt (10,814,958) (9,800,552) (1,014,406) (10)% Security pledged to counterparty (4,020,000) 1,330,000 (5,350,000) % Net cash (used in) provided by financing activities (14,834,958) 11,336,846 (26,171,804) (231)% Change in cash and cash equivalents 0 0 % Cash and cash equivalents, beginning of year 2,641 2,641-0% Cash and cash equivalents, end of year $ 2,641 $ 2,641 $ 0 0% [ Page 13 of 28 ]

15 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 UNIVERSITY MEDICAL SERVICE ASSOCIATION BALANCE SHEET (In thousands) MARCH 31 MARCH $ % ASSETS Current Assets Cash and Cash Equivalents $8,245 $7,519 $ % Investments 36,769 38,342 (1,574) (4)% Receivables 22,543 23,214 (672) (3)% Due from Primary Unit and Other Component Units 7,521 4,337 3, % Inventories % Other: Prepaid 1,370 1, % Total Current Assets $76,691 $74,716 $1,975 3 % Noncurrent Assets Other Noncurrent Assets Other: Notes Receivable, Deposits 152 3,555 (3,403) (96)% Capital Assets Depreciables (Buildings and other Fixed Assets) 26,990 25,413 1,576 6 % Less Accumulated Depreciation (23,835) (23,992) % Non-Depreciables (Construction in Process, Land, etc.) 1,770 1, % Total Noncurrent Assets $5,077 $6,663 $(1,586) (24)% Total Assets $81,768 $81,379 $389 0 % LIABILITIES Current Liabilities Accounts Payable $2,856 $3,745 $(889) (24)% Accrued Salaries and Benefits 1,603 2,392 (789) (33)% Due to Primary Unit and Other Component Units 5,746 5, % Deferred Revenue 1, % Other: (279) (34)% Total Current Liabilities $12,215 $12,878 $(664) (5)% Noncurrent Liabilities Other $54 $47 $6 14 % Total Noncurrent Liabilities $54 $47 $6 14 % Total Liabilities $12,269 $12,926 $(657) (5)% NET ASSETS $69,500 $68,453 $1,046 2 % Total Liabilities & Net Assets $81,768 $81,379 $389 0 % [ Page 14 of 28 ]

16 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 UNIVERSITY MEDICAL SERVICE ASSOCIATION INCOME STATEMENT (In thousands) 9 Months Ended March 31, ACTUAL ACTUAL $ % REVENUES Net Patient Service $102,085 $95,402 $6,683 7 % Grants, Contracts & Awards 38,562 36,152 2,410 7 % UPL 4,214 2,863 1, % Meaningful Use ,904 % Other Revenues 18,277 17, % Total Revenues $164,039 $152,208 $11,831 8% EXPENSES Faculty Support 80,473 73,643 $6,830 9 % Housestaff Support 8,054 8,491 (437) (5)% Other Staff Support 20,049 18,605 1,444 8 % Contributions to MSSC 44,445 42,425 2,020 5 % Depreciation/Amortization % Other Expenses 12,130 13,752 (1,622) (12)% Exit Costs on Behalf of MSSC % Total Expenses $166,098 $157,848 $8,251 5% Operating Profit Before Non-Cash Changes $(2,059) $(5,639) $3, % Unrealized Gain/Losses (192) 1,049 (1,241) (118)% Change in Fair Value of Swaps % Total Non-Cash Changes $(192) $1,049 $(1,241) (118)% NET OPERATING PROFIT $(2,251) $(4,590) $2, % [ Page 15 of 28 ]

17 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 UNIVERSITY MEDICAL SERVICE ASSOCIATION STATEMENT OF CASH FLOWS (In thousands) 9 Mos Ended March 31, ACTUAL ACTUAL $ % OPERATING ACTIVITIES Net Operating Profit $(2,251) $(4,590) $2, % Changes in operating assets and liabilities (149) (2,363) 2, % Adjustments for Non-Cash Activities: Depreciation / Amortization % Unrealized Gains 192 (1,049) 1, % Total Cash From Operating Activities $(1,260) $(7,071) $5, % INVESTING ACTIVITIES Capital Expenditures $(2,775) $(2,455) $(320) (13)% Purchases/Sales of Investments 3,000 (500) 3, % Total Cash From Investing Activities $225 $(2,955) $3, % FINANCING ACTIVITIES Proceeds of Long-Term Debt $0 $(4,384) $4, % Principal Paid on Debt % Total Cash From Financing Activities $0 $(4,384) $4, % CHANGE IN CASH (1,035) (14,410) 13, % Operatng Cash, Beginning of Year 9,280 21,929 (12,649) (58)% Operating Cash, End of Year 8,245 7, % Invested Cash, End of Year 36,809 38,343 (1,534) (4)% Total Cash, End of Year $45,054 $45,862 $(808) (2)% [ Page 16 of 28 ]

18 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 USF MEDICAL SERVICES SUPPORT CORPORATION BALANCE SHEET (In thousands) March 31, March 31, $ % ASSETS Current Assets Cash and Cash Equivalents $2,043 $ 1,337 $ % Receivables (0) 2 (2) (120)% Due from Primary Unit and Other Component Units 4,114 4,966 (852) (17)% Inventories 1,190 1,273 (83) (7)% Other: Prepaid 1,242 1, % Total Current Assets $8,588 $8,588 $1 0 % Noncurrent Assets Other Noncurrent Assets $0 % Other: Deposits % Capital Assets 0 0 Depreciables (Buildings and other Fixed Assets) 81,949 85,215 (3,266) (4)% Less Accumulated Depreciation (23,179) (20,332) (2,847) (14)% Non-Depreciables (Construction in Process, Land, etc (81) (44)% Total Noncurrent Assets $58,893 $65,088 $(6,195) (10)% Total Assets $67,481 $73,675 $(6,194) (8)% LIABILITIES Current Liabilities Accounts Payable $2,705 $2,800 $(95) (3)% Accrued Salaries and Benefits 3,817 3, % Due to Primary Unit and Other Component Units 2,131 7,215 (5,084) (70)% Deferred Revenue 0 19 (19) (100)% Other: 1,393 2,224 (831) (37)% Total Current Liabilities $10,047 $15,913 $(5,866) (37)% Noncurrent Liabilities Long Term Debt 57,780 59,339 (1,559) (3)% Other $95 $43 $ % Total Noncurrent Liabilities $57,875 $59,382 $(1,507) (3)% Total Liabilities $67,922 $75,295 $(7,373) (10)% NET ASSETS $(441) $(1,620) $1, % Total Liabilities & Net Assets $67,481 $73,675 $(6,194) (8)% [ Page 17 of 28 ]

19 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 USF MEDICAL SERVICES SUPPORT CORPORATION INCOME STATEMENT (In thousands) 9 Months Ended March 31, ACTUAL ACTUAL $ % REVENUES Operating/payroll expenses funded by UMSA $47,464 $45,636 1,829 4 % Other Revenues 2 5 (3) (60)% Total Revenues $47,466 $45,641 $1,826 4% EXPENSES Faculty support (24) (18)% Housestaff support (3) (9)% Staff support 29,438 26,935 2,503 9% Medical Materials/Supplies 8,124 7,062 1,063 15% Interest Paid on Debt 1,899 1,982 (83) (4)% Depreciation/Amortization 2,254 2,352 (98) (4)% Other Expenses 6,604 7,166 (561) (8)% Total Expenses $48,461 $45,664 $2,797 6% Operating Profit Before Non-Cash Changes $(995) $(23) $(972) (4,208)% Unrealized Gains/Losses % Gains/Losses on Transfer of Assets % Change in Fair Value of Swaps 1,760 1, % Total Non-Cash Changes $1,760 $1,671 $88 5% NET OPERATING PROFIT $765 $1,648 $(883) (54)% [ Page 18 of 28 ]

20 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 USF MEDICAL SERVICES SUPPORT CORPORATION STATEMENT OF CASH FLOWS (In thousands) 9 Mos Ended March 31, VARIANCE ACTUAL ACTUAL $ % OPERATING ACTIVITIES Net Operating Profit $765 $1,648 $(883) (54)% Changes in operating assets and liabilities (1,125) (2,350) 1, % Adjustments for Non-Cash Activities: Depreciation / Amortization 2,254 2,352 (98) (4)% Unrealized Gains (1,760) 0 (1,760) % Total Cash From Operating Activities $135 $1,650 $(1,515) (92)% INVESTING ACTIVITIES Capital Expenditures $(530) $(5,457) $4, % Purchases (Sales) of Investments % Total Cash From Investing Activities $(530) $(5,457) $4, % FINANCING ACTIVITIES Proceeds of Long-Term Debt $0 $4,384 $(4,384) (100)% Principal Paid on Debt 1,368 (1,153) 2, % Total Cash From Financing Activities $1,368 $3,231 $(1,863) (58)% CHANGE IN CASH 973 (576) 1, % Cash, Beginning of Year 1,069 1,913 (844) (44)% Cash, End of Year $2,043 $1,337 $ % [ Page 19 of 28 ]

21 FY 2015 QUARTER 3 REPORT - March 31, 2015 USF Research Foundation, Inc. BALANCE SHEET (In thousands) March 31, March 31, $ % ASSETS Current Assets Cash and Cash Equivalents $4,865 $3,151 $1, % Investments 30,390 29,313 1,077 4 % Receivables 1,494 1,940 (446) (23)% Other Current Assets % Total Current Assets $37,249 $34,481 $2,767 8 % Noncurrent Assets Other Receivables $360 $ % Capital Assets 59,107 57,602 1,506 3 % Less: Accumulated Depreciation (19,226) (16,446) (2,780) (17)% Non-Depreciable Items (CIP, Land, etc.) 8,815 9,401 (586) (6)% Other: Developer Rights to Research Park 7,602 7,718 (116) (2)% Deferred Outflow - Interest Rate Swap 2,028 3,219 (1,190) (37)% Total Noncurrent Assets $58,686 $61,668 $(2,982) (5)% Total Assets & Deferred Outflow $95,935 $96,149 $(214) (0)% LIABILITIES Current Liabilities Accounts Payable $390 $631 $(241) (38)% Due to Primary Units and Other Component Units 7,059 7,844 (786) (10)% Unearned Revenue 928 1,100 (172) (16)% Other Current Liabilities % Total Current Liabilities $9,272 $10,339 $(1,068) (10)% Noncurrent Liabilities Revenue Bonds Payable $33,235 $34,865 $(1,630) (5)% Interest Rate Swap Liabilities 2,028 3,219 (1,190) (37)% Total Noncurrent Liabilities $35,263 $38,084 $(2,820) (7)% Total Liabilities $44,535 $48,423 $(3,888) (8)% NET POSITION $51,400 $47,726 $3, % Total Liabilities & Net Position $95,935 $96,149 $(214) (0)% [ Page 20 of 28 ]

22 FY 2015 QUARTER 3 REPORT - March 31, 2015 USF Research Foundation, Inc. INCOME STATEMENT (In thousands) 9 Months Ended March 31, ACTUAL ACTUAL $ % REVENUES Rental Revenue $5,668 $5,718 $(50) (1)% Intellectual Property (IP) Revenue 1,999 1, % Less - IP Revenue (on behalf of USF) (376) (825) % Incubator Program Revenue 1,123 1, % NMR License Revenue (82) (26)% Economic Development Grant (134) (54)% Other Revenues % Total Revenues $8,876 $8,298 $579 7% EXPENSES Salaries & Benefits $890 $772 $ % Contractual Services (19) (15)% Program Expense -IP, Incubator & Univ Support (175) (20)% Operations - Utilities / Repairs / Maintenance 2,166 2,189 (23) (1)% Other Operating Expenses (13) (42)% Interest Expense 1,368 1,446 (78) (5)% Depreciation & Amortization 2,172 2, % Total Expenses $7,407 $7,524 $(117) (2)% OPERATING INCOME BEFORE NON- OPERATING REVENUE $1,469 $774 $ % Investment Income (Loss) 845 2,658 (1,813) (68)% Contribution Revenue Total Non-Operating Revenue $845 $2,658 $(1,813) (68)% NET INCOME (Increase in Net Position) $2,314 $3,432 $(1,118) (33)% [ Page 21 of 28 ]

23 FY 2015 QUARTER 3 REPORT - March 31, 2015 USF Research Foundation, Inc. STATEMENT OF CASH FLOWS (In thousands) 9 Months Ended March 31, VARIANCE ACTUAL ACTUAL $ % OPERATING ACTIVITIES Net Income $2,314 $3,432 ($1,118) (33)% Adjustments to reconcile net income to net cash provided by operating activities: Adjustments for Non-Cash Revenue/Expenses: Depreciation / Amortization Expense 2,172 2, % Non Cash Expenses 29 (2,658) 2, % Non Cash Investment Loss (Gain) (845) (837) (8) (1)% Non Cash Revenue (230) 13 (243) (1,871)% Change in Assets and Liabilities (net) 843 1,734 (891) (51)% Total Cash Provided From Operating Activities $4,282 $3,783 $ % INVESTING ACTIVITIES Capital Expenditures (271) (974) % Net Sales (Purchases) of Investments % Transfer from Venture Investment Fund % Seed Capital Funding (150) (175) % Total Cash Used for Investing Activities ($57) ($849) $ % FINANCING ACTIVITIES Principal Paid on Debt (1,630) (1,580) (50) (3)% Total Cash Used for Financing Activities ($1,630) ($1,580) ($50) (3)% CHANGE IN CASH $2,595 $1,354 $1, % Cash, Beginning of Year 2,270 1, % Cash, End of Period $4,865 $3,151 $1, % [ Page 22 of 28 ]

24 USF HEALTH PROFESSIONS CONFERENCING CORPORATION Assets Statements of Financial Position March 31, 2015 and $ % Current Assets Cash and Cash Equivalents 1,120, , , % Investments 8,285 8, % Accounts receivable 1,673,447 1,378, , % Accrued receivable, University of South Florida/DSO 353, ,241 (31,341) (8)% Prepaid Expenses 438, ,020 (112,196) (20)% Other Current Assets 37,901 76,578 (38,677) (51)% Total Current Assets 3,632,359 3,227, , % Property and equipment, net 22,876,346 25,678,494 (2,802,148) (11)% Other Assets 14,423 14,423 - % Total Assets 26,523,128 28,920,454 (2,397,326) (8)% Liabilities and Net Assets Current Liabilities Current Portion of Obligation under capital leases 2,324,706 1,982, , % Due to USF - LOC 1,500,000 1,500,000-0 % Accounts payable 1,978, ,046 1,000, % Accrued expenses - other 225, ,740 (226,667) (50)% Accrued expenses - University of South Florida/DSO's 635,345 1,713,981 (1,078,636) (63)% Refunds due to sponsors 585,890 60, , % Deferred revenue 1,982,456 1,683, , % Total Current Liabilities 9,232,134 8,370, , % LT Obligation under capital leases 17,867,814 20,093,575 (2,225,761) (11)% Deferred rent abatement 58,127 8,959 49, % Deposits Payable - Non Current 4,402 4,402-0 % Total Liabilities 27,162,477 28,477,241 (1,314,764) (5)% Net Assets: Unrestricted: Operating (3,753,276) (3,705,506) (47,770) 1 % Net investment in property and equipment 2,683,826 3,602,570 (918,744) (26)% (1,069,450) (102,936) (966,514) 939 % Temporarily restricted 430, ,149 (116,048) (21)% Total net assets (639,349) 443,213 (1,082,562) (244)% Total Liabilities and Net Assets 26,523,128 28,920,454 (2,397,326) (8)% [ Page 23 of 28 ]

25 USF HEALTH PROFESSIONS CONFERENCING CORPORATION Statements of Activities March 31, 2015 and $ % Support & Revenue Contracts & Grants - Non USF 9,293,635 7,373,521 1,920, % Net change in Temp Restricted Net Assets (149,120) 146,302 (295,422) (202)% Contracts & Grants - USF 3,609,460 3,394, ,405 6 % Program Registration & Exhibits 2,254,078 2,895,679 (641,601) (22)% Rental Revenue 141, ,017 31, % Investment Income % Rebates & Commissions 154,268 86,581 67, % Total Support & Revenue before non-cash changes 15,304,631 14,006,815 1,297, % Expenditures Salaries & Benefits 2,294,213 2,629,964 (335,751) (13)% Rent, Utilities & Equipment Leases 1,883,787 1,938,316 (54,529) (3)% Other Operating Expenses 1,077,447 1,006,356 71,091 7 % Interest Paid on Debt 628, ,036 (29,061) (4)% Sub-Total 5,884,422 6,232,672 (348,250) (6)% Program Services 7,799,735 6,299,314 1,500, % Total Expenditures before non-cash changes 13,684,157 12,531,986 1,152,172 9 % Earnings before Depreciation and other non-cash changes 1,620,474 1,474, , % Non-Cash Changes In Kind Donations (602,996) (1,311,852) 708,856 (54)% Other: In Kind Donation Utilization 602,996 1,261,182 (658,186) (52)% Depreciation Expense 2,245,156 3,225,089 (979,932) (30)% Net Support & Revenue over (under) Expenditures - Unrestricted (624,683) (1,699,589) 1,074,906 (63)% Beginning Net Assets - Unrestricted (444,767) 1,596,653 (2,041,420) (128)% Ending Net Assets - Unrestricted (719,450) (102,936) (616,514) 599 % Beginning Net Assets - Temp Restricted 280, ,452 (411,470) (59)% Change in Net Assets - Temp Restricted 149,120 (146,302) 295,422 (202)% Ending Net Assets - Temp Restricted 430, ,149 (116,048) (21)% Change in Net Assets (475,563) (1,845,891) 1,370,328 (74)% Net Assets, beginning of year (163,786) 2,289,104 (2,452,890) (107)% Net Assets, end of period (639,349) 443,213 (1,082,561) (244)% [ Page 24 of 28 ]

26 USF HEALTH PROFESSIONS CONFERENCING CORPORATION Statements of Cash Flow March 31, 2015 and $ % Cash flows from Operating Activities Increase (decrease) in net assets (475,564) (1,836,705) 1,361,141 (74)% Adjustments to reconcile increase (decrease) in net assets to net cash provided by (used in) operating activities: Depreciation 2,245,156 3,225,089 (979,933) (30)% Donation of property and equipment - (50,670) 50,670 (100)% Decrease (increase) in accounts receivable 229,936 (642,353) 872,289 (136)% Decrease (increase) in prepaid expenses (75,272) (102,839) 27,567 (27)% Decrease (increase) in other assets - 1,845 (1,845) (100)% Increase (decrease) in accounts payable and accrued expenses (993,724) 128,831 (1,122,555) (871)% Increase (decrease) in refunds due to sponsors 527,012 (639) 527,651 (82,574)% Increase (decrease) in deferred revenue 634, ,122 (343,488) (35)% Net cash provided by (used in) operating activities 2,092,179 1,700, , % Cash flows from investing activities: Purchases of property and equipment (162,732) (122,626) (40,106) 33 % Vanguard ST Bond Index Fund (105) (88) (17) 19 % Net cash provided by (used in) investing activities (162,837) (122,714) (40,123) 33 % Cash flows from financing activities: Principal payments under short term debt obligations (93,943) (271,362) 177,419 (65)% Principal payments under equipment purchase contract (739,466) (726,984) (12,482) 2 % Principal payments under capital lease obligation (254,189) (237,213) (16,976) 7 % Principal payments DFO (800,646) (461,776) (338,870) 73 % Net cash provided by (used in) financing activities (1,888,243) (1,697,335) (190,908) 11 % - Net increase (decrease) in cash and cash equivalents 41,099 (119,368) 160,467 (134)% Cash and cash equivalents at beginning of year 1,078, , , % Cash and cash equivalents at end of period 1,120, , , % - [ Page 25 of 28 ]

27 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 Sun Dome, Inc. BALANCE SHEET (In thousands) March 31, March 31, $ % ASSETS Current Assets Cash and Cash Equivalents $1,146 $1,220 $(74) (6)% Accounts Receivable % Investments % Other % Total Current Assets $1,804 $1,753 $51 3 % Noncurrent Assets Restricted Cash and Cash Equivalents $0 $0 $0 % Restricted Investments % Capital Assets 3,013 3, % Less: Accumulated Depreciation (1,857) (1,857) 0 0 % Non-Depreciable Items (CIP, Land, etc.) % Total Noncurrent Assets $1,156 $1,156 $0 0 % Total Assets $2,960 $2,909 $51 2 % LIABILITIES Current Liabilities Accounts Payable $198 $218 $(20) (9)% Due to Component Units 1,005 1,071 (66) (6)% Deferred Revenue % Other (263) (72)% Total Current Liabilities $1,684 $1,856 $(172) (9)% Noncurrent Liabilities Long Term Debt $819 $819 $0 0 % Total Noncurrent Liabilities $819 $819 $0 0 % Total Liabilities $2,503 $2,675 $(172) (6)% NET ASSETS $457 $234 $ % Total Liabilities & Net Assets $2,960 $2,909 $51 2 % [ Page 26 of 28 ]

28 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 Sun Dome, Inc. INCOME STATEMENT (In thousands) 9 Months Ended March 31, ACTUAL ACTUAL $ % REVENUES Rent Income $494 $170 $ % Service Income % Premium Seating % Facility Fee % Sponsorship, Commissions & Royalties (8) (2)% Parking % Other Revenues % Total Revenues $1,815 $1,334 $ % EXPENSES Salaries & Wages $510 $488 $22 5 % Payroll Taxes & Benefits % Repairs, Maintenance and Utilities % Operating & Administrative (3) (2)% Management Fees % Depreciation/Amortization (4) (2)% Total Expenses $1,330 $1,289 $41 3% OPERATING PROFIT BEFORE NON- CASH CHANGES $485 $45 $ % NON-OPERATING REVENUES/(EXPENSES) Unrealized Investment Gains (Losses) % Change in Fair Value of Swaps % Total Non-Operating Revenues/(Expenses) $0 $0 $0 % NET OPERATING PROFIT $485 $45 $ % [ Page 27 of 28 ]

29 FY 2015 QUARTER 3 REPORT - MARCH 31, 2015 Sun Dome, Inc. STATEMENT OF CASH FLOWS (In thousands) 9 Mos Ended Mar 31, VARIANCE ACTUAL ACTUAL $ % OPERATING ACTIVITIES Net Operating Profit $485 $45 $ % Adjustments for Non-Cash Activities: Depreciation / Amortization (2) (1)% Net Adjustments to Assets 0 42 (42) (100)% Net Adjustments to Liabilities 0 54 (54) (100)% Customer Deposits & Deferred Revenue (381) (86) (295) (343)% Total Cash From Operating Activities $278 $231 $47 20 % INVESTING ACTIVITIES Capital Expenditures $0 $0 $0 % Purchases (Sales) of Investments % Total Cash From Investing Activities $0 $0 $0 % FINANCING ACTIVITIES Proceeds of Long-Term Debt $0 $0 $0 % Principal Paid on Debt (70) (142) % Interest Paid (7) 0 (7) % Net transfers to USF for debt service on arena (411) 0 (411) % Total Cash From Financing Activities $(488) $(142) $(346) (244)% CHANGE IN CASH (210) 89 (299) (336)% Cash, Beginning of Year 738 1,481 (743) (50)% Cash, End of Year $528 $1,570 $(1,042) (66)% [ Page 28 of 28 ]

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