Furman University. Consolidated Financial Statements June 30, 2011 and 2010

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1 Consolidated Financial Statements June 30, 2011 and 2010

2 Table of Contents Independent Auditors Report... 1 Page Financial Statements Consolidated Statements of Financial Position... 2 Consolidated Statements of Activities Consolidated Statements of Cash Flows... 5 Notes to Consolidated Financial Statements

3 Independent Auditors Report The Board of Trustees of Furman University Greenville, South Carolina We have audited the accompanying consolidated statements of financial position of Furman University (the University ) as of June 30, 2011 and 2010, and the related consolidated statements of activities and cash flows for the years then ended. These consolidated financial statements are the responsibility of the University s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America, and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the University as of June 30, 2011 and 2010, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated October 14, 2011 on our consideration of the University s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Our audits were conducted for the purpose of forming an opinion on the basic financial statements of Furman University taken as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. Greenville, South Carolina October 14, 2011

4 Consolidated Statements of Financial Position June 30, 2011 and Cash and cash equivalents $ 13,988,164 $ 8,900,188 Accounts receivable, net 2,029,265 1,158,617 Contributions receivable, net 9,735,608 10,748,739 Prepaid expenses and other assets 1,341,761 2,535,572 Investments 468,336, ,709,631 Equity interest in The Hollingsworth Funds, Inc. 148,369, ,169,012 Notes receivable 5,326,089 6,132,289 Lease receivable, net 4,563,474 3,899,240 Property and equipment, net 254,251, ,334,071 Other assets 2,846,700 2,768,313 Total assets $ 910,789,208 $ 830,355,672 Liabilities: Accounts payable $ 2,530,256 $ 2,032,401 Deposits and advance payments 7,987,921 8,196,620 Accrued compensation 3,911,880 4,133,916 Other liabilities 5,473,173 5,911,186 Bonds, notes and leases payable 111,201, ,510,077 Obligation under split-interest agreements 3,031,676 3,003,292 Advances from federal government for student loans 4,686,056 4,944,580 Net assets Assets Liabilities and Net Assets Total liabilities 138,822, ,732,072 Unrestricted 282,947, ,552,857 Temporarily restricted 346,022, ,299,442 Permanently restricted 142,996, ,771,301 Total net assets 771,966, ,623,600 Total liabilities and net assets $ 910,789,208 $ 830,355,672 See notes to consolidated financial statements. Consolidated Financial Statements 2011/2010 Page 2

5 Consolidated Statements of Activities For the Year Ended June 30, 2011 Operating revenues and support: Temporarily Permanently Unrestricted Restricted Restricted Net Assets Net Assets Net Assets Total Tuition and fees $ 103,754,594 $ - $ - $ 103,754,594 Less student aid (44,365,374) - - (44,365,374) 59,389, ,389,220 Contributions 7,309,530 5,026,425 1,992,759 14,328,714 Grants 2,802, ,761-3,633,046 Investment return designated for operating activities 5,569,681 16,870,262-22,439,943 Auxiliary enterprises 27,867, ,867,808 Intercollegiate athletics 3,213, ,213,870 Other 1,971, ,971,067 Satisfaction of program restrictions 22,035,464 (22,035,464) - - Total operating revenues and support 130,158, ,984 1,992, ,843,668 Operating expenses: Instruction 53,275, ,275,932 Research 2,010, ,010,833 Public service 315, ,954 Academic support 14,535, ,535,622 Student services 20,558, ,558,893 Institutional support 17,359, ,359,071 Auxiliary enterprises 19,328, ,328,273 Total operating expenses 127,384, ,384,578 Operating revenues and support in excess of expenses 2,774, ,984 1,992,759 5,459,090 Non-operating activities: Excess of investment gains over spending rate amount 21,836,060 53,656,364 1,401,873 76,894,297 Satisfaction of capital acquisition restrictions 472,755 (472,755) - - Changes in split interest obligations (25,975) 14, , ,283 Other 337,468 (167,525) 670, ,480 Change in net assets 25,394,655 53,723,005 4,225,490 83,343,150 Net assets, beginning of year 257,552, ,299, ,771, ,623,600 Net assets, end of year $ 282,947,512 $ 346,022,447 $ 142,996,791 $ 771,966,750 See notes to consolidated financial statements. Consolidated Financial Statements 2011/2010 Page 3

6 Consolidated Statements of Activities For the Year Ended June 30, 2010 Operating revenues and support: Temporarily Permanently Unrestricted Restricted Restricted Net Assets Net Assets Net Assets Total Tuition and fees $ 98,445,067 $ - $ - $ 98,445,067 Less student aid (40,209,064) - - (40,209,064) 58,236, ,236,003 Contributions 7,018, ,561 4,708,236 12,410,258 Grants 2,252, ,857-2,530,639 Investment return designated for operating activities 4,983,563 15,407,093-20,390,656 Auxiliary enterprises 26,759, ,759,918 Intercollegiate athletics 3,730, ,730,897 Other 2,130,881 1,553-2,132,434 Satisfaction of program restrictions 19,779,646 (19,779,646) - - Total operating revenues and support 124,892,151 (3,409,582) 4,708, ,190,805 Operating expenses: Instruction 51,360, ,360,608 Research 1,902, ,902,630 Public service 301, ,902 Academic support 14,162, ,162,149 Student services 19,030, ,030,964 Institutional support 17,436, ,436,445 Auxiliary enterprises 18,278, ,278,063 Total operating expenses 122,472, ,472,761 Operating revenues and support in excess of (less than) expenses 2,419,390 (3,409,582) 4,708,236 3,718,044 Non-operating activities: Excess of investment gains over spending rate amount 8,223,272 36,095, ,325 45,171,644 Satisfaction of capital acquisition restrictions 663,317 (663,317) - - Changes in split interest obligations (62,276) 22, , ,973 Other (1,718,319) (880,662) 982,313 (1,616,668) Change in net assets 9,525,384 31,163,956 6,704,653 47,393,993 Net assets, beginning of year 248,027, ,135, ,066, ,229,607 Net assets, end of year $ 257,552,857 $ 292,299,442 $ 138,771,301 $ 688,623,600 See notes to consolidated financial statements. Consolidated Financial Statements 2011/2010 Page 4

7 Consolidated Statements of Cash Flows For the Years Ended June 30, 2011 and Cash flows from operating activities: Change in net assets $ 83,343,150 $ 47,393,993 Adjustments to reconcile change in net assets to net cash provided (used) by operating activities Depreciation and amortization 11,151,274 11,234,288 Loss on disposal of property and equipment 429, ,650 Net realized gain on sale of investments (36,324,403) (10,407,853) Net unrealized gain on investments (57,496,826) (49,332,998) (Gain) loss on interest rate swap (343,381) 575,112 Loss on bond refinancing - 967,712 Contributions restricted for long-term investment 4,359,630 9,255,235 Contributions restricted for investments subject to split interest agreements 150, ,696 Increase in value of obligations under split-interest agreements (24,388) (65,355) Non-cash contributions and other 187,940 63,815 Change in assets and liabilities Accrued interest receivable 162, ,725 Accounts receivable (870,648) 1,002,278 Contributions receivable 1,013,131 9,995,543 Lease receivable (664,234) (866,498) Other assets 885,687 (93,730) Accounts payable 497,855 (476,658) Deposits and advance payments (208,699) 1,544,486 Accrued compensation and other liabilities (354,242) 303,397 Net cash provided by operating activities 5,893,704 21,827,838 Cash flows from investing activities: Capital expenditures (6,566,387) (4,388,656) Purchases of investments (34,842,910) (43,374,108) Proceeds from sale of investments 47,321,745 41,811,513 Proceeds from sale of property and equipment 18,053 91,906 Decrease in advances from federal government for student loans (258,524) (18,094) Loans made to students (170,382) (546,058) Repayment of student loans 673, ,618 Net cash provided by (used in) investing activities 6,175,176 (5,768,879) Cash flows from financing activities: Contributions restricted for long-term investment (4,359,630) (9,255,235) Contributions restricted for investments subject to split interest agreements (150,566) (214,696) Payments on long-term debt and capital leases (6,038,209) (23,812,486) Payments of call premium, interest on called bonds and issuance costs - (822,807) Payments on split-interest agreements (432,499) (484,955) Proceeds from borrowings 4,000,000 21,867,530 Net cash used in financing activities (6,980,904) (12,722,649) Net change in cash and cash equivalents 5,087,976 3,336,310 Cash and cash equivalents, beginning of year 8,900,188 5,563,878 Cash and cash equivalents, end of year $ 13,988,164 $ 8,900,188 Supplemental cash flow information: Capital lease incurred to purchase property and equipment $ - $ 705,694 Accounts payable for property and equipment acquisitions $ 76,925 $ 598,157 See notes to consolidated financial statements. Consolidated Financial Statements 2011/2010 Page 5

8 1 - Organization Furman University (the University ), founded in 1826, is a private, coeducational, not-for-profit institution of higher education located in Greenville, South Carolina. The University's primary emphasis is on providing a liberal arts education at the undergraduate level. The University also offers graduate and continuing education programs. The President and Board of Trustees, a self-perpetuating governing board with thirty-six members drawn from private, public and community interests, have oversight responsibility for all of the University s financial affairs. The accompanying financial statements are the consolidated statements of the University and the Furman University Foundation (the Foundation ). All material intercompany balances and transactions have been eliminated. 2 - Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Based on the existence or absence of donor-imposed restrictions, the University classifies resources into three categories: unrestricted, temporarily restricted, and permanently restricted net assets. Unrestricted net assets are free of donor-imposed restrictions. All revenues, gains, and losses that are not temporarily restricted by donors are included in this classification. All expenditures are reported in the unrestricted class of net assets, since the use of restricted contributions in accordance with donors stipulations results in the release of such restrictions. Temporarily restricted net assets are limited as to use by donor-imposed stipulations that expire with the passage of time or that can be satisfied by action of the University. These net assets may include unconditional pledges, split-interest agreements, interests in trusts held by others, and accumulated appreciation on donor-restricted endowments which have not been appropriated by the Board of Trustees for distribution. Permanently restricted net assets are amounts required by donors to be held in perpetuity. These net assets may include unconditional pledges, donor-restricted endowments (at historical value), split-interest agreements, and interests in trusts held by others. Generally, the donors of these assets permit the University to use a portion of the income earned on related investments for specific purposes. Expirations of temporary restrictions on net assets, i.e., the passage of time and/or fulfilling donorimposed stipulations, are reported as net assets released from restrictions between the applicable classes of net assets in the consolidated statements of activities. Donor-restricted contributions whose restrictions are met within the same year as received are classified as temporarily restricted contributions and are then released from restrictions in the same year. Fair Value Measurements The University follows the Financial Accounting Standards Board (FASB) guidance on Fair Value Measurements which defines fair value and establishes a three-level hierarchy for fair value measurements based on the observable inputs to the valuation of an asset or liability at the measurement date. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability at the measurement date. Level 1 inputs have the highest reliability and are related to assets with unadjusted quoted prices in active markets. Level 2 inputs relate to assets with other than quoted prices in active markets which may include quoted prices for similar assets or liabilities or other inputs which can be corroborated by observable market data. Level 3 inputs are prices and valuations that are both significant to the fair value measurement and unobservable. Consolidated Financial Statements 2011/2010 Page 6

9 Cash and Cash Equivalents Cash and cash equivalents are liquid assets with minimal interest rate risk and maturities of three months or less when purchased. Such assets primarily consist of depository account balances and money market funds. Investments Investments are generally reported at fair value using the three-level hierarchy established under the Fair Value Measurement standard, as amended. Certain land and other assets that do not have readily determinable fair values are carried at cost. The value of publicly-traded securities is based upon quoted market prices and net asset values. Diversified venture capital holdings and certain other limited partnership interests are carried at fair values based upon financial information provided by external investment partners. Because venture capital holdings and certain other limited partnership interests are not readily marketable, the estimated value is subject to uncertainty and, therefore, may differ significantly from the value that would have been used had a ready market for the investments existed. Gifts of investments are recorded at fair value (based upon quoted market prices or appraisals) at the date of gift. Purchases and sales of investments are recorded on the trade date. All endowment investments except for investments which are not readily marketable or where donors specifically provide otherwise are maintained in a pool. Gifts that are invested in the pool are assigned units of participation in the pool based upon their fair value of participation. Split-Interest Agreements and Interests in Trusts Held by Others The University s split-interest agreements with donors consist primarily of irrevocable charitable remainder trusts, charitable gift annuities, and life income funds for which the University serves as trustee. Assets held in these trusts are included in investments at fair value. Contribution revenues are recognized at the date the trusts are established after recording liabilities for the present values of the estimated future payments to be made to the donors and/or other beneficiaries. Annually, the University records the change in value of split-interest agreements according to the fair value of the assets that are associated with each trust and recalculates the liability for the present value of the estimated future payments to be made to the donors and/or other beneficiaries. On an annual basis, the College revalues the liability based on applicable mortality tables and discount rates which vary from 2.4% to 8.0%. The University also is the beneficiary of certain trusts held and administered by others. The University s share of these trust assets is recorded at fair value with carrying values adjusted annually for changes in fair value. Perpetual trusts administered by third parties are included in investments while other beneficial trusts held by third parties are included in contributions receivable. Notes Receivable The loan portfolio primarily consists of loans granted by Furman under the federally funded Perkins (formerly NSDL) program, and the A.C.E. institutional loan program. These funds are disbursed by Furman based upon the demonstration of exceptional financial need, as presented by the student. Property and Equipment Property and equipment are recorded at cost at date of acquisition or fair value at date of donation. The University capitalizes assets that are greater than $5,000 and have a useful life of at least 3 years. Repairs and maintenance costs are charged to operating expenses. Depreciation is calculated on the straight-line method over the assets estimated useful lives ranging from 3 to 75 years. Depreciation is not calculated on land, art collections or construction in progress. Consolidated Financial Statements 2011/2010 Page 7

10 Conditional asset retirement obligations related to legal requirements to perform certain future activities associated with the retirement, disposal, or abandonment of assets are accrued to estimate the net present value for applicable future costs, e.g., asbestos abatement or removal. Costs of Borrowing Interest costs incurred on borrowed funds during the construction of capital assets, net of investment income on proceeds of borrowings that are held by a trustee, are capitalized as a component of the cost of acquiring the assets. Bond issuance costs are amortized over the term of the bonds. Debt Portfolio Financial Instruments Long-term debt and capital leases are reported at carrying value. The University employs an interest rate swap agreement to manage market risks associated with a portion of its variable-rate debt. The derivative financial instrument is reported at fair value with the resulting gain or loss recognized as a nonoperating item in the consolidated statements of activities. Periodic net cash settlement amounts with counterparties are accounted for as adjustments to interest expense on the related debt. Parties to interest rate swap agreements are subject to market risk for changes in interest rates as well as risk of credit loss in the event of nonperformance by the counterparty. The University s counterparty is a financial institution that meets rating criteria for financial stability and credit worthiness. Additionally, the agreement requires the posting of collateral when amounts subject to credit risk under the swap arrangement exceeds specified levels. Revenue Recognition The University s revenue recognition policies are as follows: Tuition and fees, net - Student tuition and fees are recorded as revenue in the fiscal year that the related academic services are rendered. Student tuition and fees received in advance of services to be rendered are recorded as deferred revenue. Financial aid provided by the University is reflected as a reduction of tuition and fees. Grants - Grant revenue is recognized when qualified grant expenditures are incurred as they have been determined to be exchange transactions. Auxiliary enterprises - Auxiliary enterprises furnish services to students, faculty and staff and include residence halls, an apartment complex, golf course, multi-purpose arena, conference center, food service and bookstore and are recorded as revenue in the fiscal year that the related services are rendered. Operating lease - The Foundation, as lessor, has a ground lease with Upstate Senior Living, Inc. (USL), a South Carolina not-for-profit corporation. USL constructed a continuing care retirement community on the property. USL is responsible for all operating expenses, maintenance, repairs and capital improvements of the continuing care retirement community. The lease is for a term of one hundred years that ends December 31, Cumulative lease revenue of $86,649,791 is recognized on the straight-line basis over the one hundred year lease term. Lease payments will be deferred for eight years, and the deferred lease payments will be amortized over ten years. Annual rental income of $866,498 is included in other operating revenues on the consolidated statements of activities. An allowance for uncollectible amounts of $202,264 was recorded at June 30, Consolidated Financial Statements 2011/2010 Page 8

11 Contributions Unconditional promises to give (pledges) are recognized as contribution revenue when the donor s commitment is received. Conditional promises to give are not recognized until donor stipulations are substantially met. Unconditional promises to give that are expected to be collected within one year are recorded at net realizable value. Unconditional promises to give, with payments due to the University in future years, are recorded as temporarily restricted or permanently restricted net assets at the estimated present value of estimated future cash flows, using a credit risk adjusted discount rate of return appropriate for the expected term of the promise to give. Amortization of the discounts is recorded as contribution revenue in the appropriate net asset class. An allowance for uncollectible contributions receivable is provided based upon management's judgment of such factors as prior collection history, type of contribution and other relevant factors. Operating Results Operating results (change in unrestricted net assets from operating activities) in the consolidated statement of activities reflect all transactions that change unrestricted net assets, except for nonoperating activities related to endowment and other investments, changes in fair value of derivative financial instruments, and certain other non-recurring items. Endowment distributions reported as operating revenue consist of endowment returns (regardless of when such income or returns were earned) distributed to support current operational needs. The University s Board of Trustees approves the determination of amounts to be distributed from the endowment pool on an annual basis. Objectives of the endowment distribution methodology include reducing the impact of capital market fluctuations on current operations. Costs related to the operation and maintenance of physical plant, including depreciation of plant assets, are allocated to operating programs and supporting activities based on facility usage. Additionally, interest expense is allocated to the activities that have benefited most directly from the debt proceeds. Income Taxes The University is exempt from federal and state income taxation under Section 501(c)(3) of the Internal Revenue Code. However, certain income unrelated to its exempt function is subject to income taxation. The University s policy is to record a liability for any tax position taken that is beneficial to the University, including any related interest and penalties, when it is more likely than not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there are no such positions as of June 30, 2011 and 2010 and, accordingly, no liability has been accrued. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates inherent in the preparation of financial statements include estimates of the allowance for uncollectible accounts, estimates of fair value on non-publicly-traded securities, useful lives of depreciable assets, cash flows and actuarial assumptions used, and accruals for asset retirement obligation, interest rate swap and self-insurance liabilities. Consolidated Financial Statements 2011/2010 Page 9

12 Concentration of Credit Risk The University places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation ( FDIC ) covers $250,000 for substantially all depository accounts and temporarily provides unlimited coverage through December 31, 2012 for certain qualifying and participating non-interest bearing transaction accounts. The University from time to time may have amounts on deposit in excess of the insured limits. New Accounting Pronouncements During the year ended June 30, 2011, the University adopted the provisions of Accounting Standards Update ( ASU ) which require expanded disclosures regarding fair value measurements and ASU which require expanded disclosures regarding the credit quality of financing receivables. Neither of these ASU s have any material impact on the financial statements. Subsequent Events Management evaluated events through June 30, 2011, and through the date on which the consolidated financial statements were available for issuance, October 14, No material subsequent events were identified for recognition. Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. Consolidated Financial Statements 2011/2010 Page 10

13 3 - Accounts Receivable Accounts receivable as of June 30 were as follows: Students $ 654,138 $ 621,726 Grants 1,218, ,315 Physical Therapy Clinic 248, ,561 Other 53, Accounts receivable 2,174,491 1,282,690 Less: Allowance for uncollectible accounts (145,226) (124,073) Accounts receivable, net $ 2,029,265 $ 1,158,617 Student accounts receivable are reported at the estimated net realizable amount and are written off after one year. Grants receivable are due primarily from federal and state agencies and are considered fully collectible. Physical Therapy Clinic receivables are reported net of allowances for contractual adjustments. An allowance for doubtful accounts is established based on prior collection experience. Patient account balances are written off when they are deemed to be permanently uncollectible. 4 - Contributions Receivable Contributions receivable, net, are summarized as follows at June 30: Unconditional contributions expected to be collected in: Less than one year $ 5,062,087 $ 6,269,971 One to five years 6,537,166 6,144,283 Over five years 1,033,824 1,081,750 Charitable remainder trusts held by others 756, ,294 Contributions receivable 13,389,526 14,398,298 Less: Unamortized discount (890,643) (1,155,980) Allowance for uncollectible pledges (2,763,275) (2,493,579) Contributions receivable, net $ 9,735,608 $ 10,748,739 Contributions receivable are discounted at a rate commensurate with the scheduled timing of receipt. The discount rate used for contributions receivable ranged from.47% to 6.2% at June 30, 2011 and The discount rate used for charitable remainder trusts held by others averaged approximately 7% at June 30, 2011 and There were no conditional pledges as of June 30, At June 30, 2011 and 2010, gross written unconditional promises to give from members of the Board of Trustees and Officers of the University were $3,245,530 and $4,927,684, respectively. Consolidated Financial Statements 2011/2010 Page 11

14 5 - Investments Investments by security type as of June 30 were as follows: Equities U.S. equity $ 58,881,990 $ 45,004,375 U.S. equity funds 59,034,987 53,916,428 Developed international equity 88,475,609 71,050,501 Emerging markets 41,120,923 35,241,680 Closely-held stock 98, ,181 Fixed Income Bond funds 28,642,306 22,863,130 U.S. government bonds 18,376,249 18,693,017 Hedged Strategies 78,261,645 61,274,305 Private Capital 25,525,360 21,968,625 Other Real asset funds 41,027,011 33,346,051 Funds held in perpetual trust by others 4,769,541 3,961,680 Cash and cash equivalents 14,912,159 22,061,591 Receivable from redemptions 5,500,000 - Other 118,882 - Total fair value 464,745, ,604,564 Real estate (1) 3,591,325 3,105,067 Total investments $ 468,336,560 $ 392,709,631 Total cost $ 354,328,307 $ 330,468,970 (1) Direct investments in real estate are recorded at cost if purchased and at fair value at the date of the gift if donated. The fair value of investments held by the University under split-interest agreements was approximately $6.6 million and $6.0 million at June 30, 2011 and 2010, respectively. The following summarizes the investment gain, including investment management expenses of $2.1 million in 2011 and $2.0 million in 2010, which are netted against investment return. Net investment return on investments: Interest and dividends $ 5,539,438 $ 5,821,449 Net realized gains 36,324,403 10,407,853 Net unrealized gains 57,470,399 49,332,998 Total net investment return 99,334,240 65,562,300 Appropriation of endowment assets for expenditures (22,439,943) (20,390,656) Excess of investment gains over spending rate amount $ 76,894,297 $ 45,171,644 Consolidated Financial Statements 2011/2010 Page 12

15 6 - Equity Interest in Hollingsworth Funds, Inc. In December 2000, the equity interest of John D. Hollingsworth On Wheels, Inc. and substantial real estate holdings passed to an IRS qualified supporting organization, Hollingsworth Funds, Inc. (the Funds) upon the death of John D. Hollingsworth, the company s founder and sole stockholder. According to Mr. Hollingsworth s last will and testament, Furman University will receive approximately forty-five percent of the annual distribution to beneficiaries of the Funds. During the year ending June 30, 2004, the estate of Mr. Hollingsworth cleared probate court and accordingly, the University recognized its equity interest in his estate of $115,346,777. The University and the Funds are financially inter-related organizations for financial reporting purposes and as a result, the University accounts for this interest under the equity method of accounting and recognizes its share of changes in net assets of the Funds. For the years ended June 30, 2011 and 2010, the University recognized an unrealized gain of $6,200,736 and $19,948,488, respectively, which are included in the excess of investment gains over spending amount in temporarily restricted net assets on the consolidated statements of activities. Income distributions from the Funds, which are reported as investment return and distributed to meet the donor s instructions, were $1,398,271 and $1,808,966 for fiscal 2011 and 2010, respectively. Summarized unaudited financial information of the Funds as of and for the years ended December 31 is as follows: Total assets $ 342,406,902 $ 356,340,565 Total liabilities 14,330,898 41,975,663 Net assets 328,076, ,364,902 Total liabilities and net assets $ 342,406,902 $ 356,340,565 Revenues and gains $ 30,149,438 $ 72,747,227 Expenses and losses 13,592,088 31,074,318 Income tax provision (benefit) 2,846,248 (2,516,901) Increase in net assets $ 13,711,102 $ 44,189,810 Share of increase in net assets $ 6,200,736 $ 19,984,488 Consolidated Financial Statements 2011/2010 Page 13

16 7 - Endowment The University s endowment consists of approximately 800 separate funds established over many years for scholarships, professorships, academic programs and general institutional support. Endowment related net assets include donor-restricted endowments, board-designated endowments, Furman s equity interest in Hollingsworth Funds, Inc., and interests in perpetual trusts held by others. Gift annuities and pledges are not considered components of the endowment. The Board of Trustees interpretation of its fiduciary responsibilities for donor-restricted endowments under the Uniform Prudent Management of Institutional Funds Act (UPMIFA), barring the existence of any donor-specific provisions, is to preserve intergenerational equity. Under this broad guideline, future endowment beneficiaries should receive at least the same level of economic support that the current generation enjoys. The overarching objective is to preserve and enhance the real (inflation-adjusted) purchasing power of the fund in perpetuity. UPMIFA specifies that unless stated otherwise in a gift instrument, donor-restricted assets in an endowment fund are restricted assets until appropriated for expenditure. Barring the existence of specific instructions in gift agreements for donor-restricted endowments, the University reports the historical value for such endowments as permanently restricted net assets and the net accumulated appreciation as temporarily restricted net assets. In this context, historical value represents the original value of initial gifts restricted as permanently endowment plus the original value of subsequent gifts, and if applicable, the value of accumulations made in accordance with the direction of specific donor gift agreements. The University has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Under this policy, as approved by the Investment Committee of the Board of Trustees, the endowment assets are invested in a manner that is intended to produce results that exceed the total return of a benchmark composed of 18% Russell 3000 Index, 18% MSCI EAFE Index, 8% MSCI Emerging Markets Index, 7% Venture Economics All PE Index, 4% Barclays Capital US 3-10 Treasury Index, 4% Citigroup World Government Bond Index, 2% Barclays Capital High Yield Index, 2% Barclays Capital Emerging Markets Index, 20% HFRI Fund of Funds Index, 15% Real Assets Composite Index, 2% Citigroup Treasury Bill 3-month Index while assuming a moderate level of investment risk. The University expects its endowment funds, over three to five years, to provide an average annual real rate of return of approximately 5% annually. Actual returns in any given year may vary from this amount. To satisfy its long-term rate-of-return objectives, the University relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The University targets a diversified asset allocation that places emphasis on investments in equities, bonds, real assets and absolute return strategies to achieve its long-term return objectives within prudent risk constraints. The Board designates only a portion of the University's cumulative investment return for support of current operations; the remainder is retained to support operations of future years and to offset potential market declines. Specific appropriation for expenditure of the University s endowment funds occurs each spring when the Board approves the University s operations budget for the ensuing year. The University's endowment spending rate is based on 4.5% of the "spending base" established as of June 30, The base amount is increased at a rate of 4% annually, plus the nominal value of endowment gifts received through December 31 of the previous year. In establishing these policies, the University considered the expected return on its endowment. Accordingly, the University expects the current spending policy to allow its endowment to maintain its purchasing power by growing at a rate equal to or greater than planned payouts. Additional real growth will be provided through new gifts and any excess investment return. Consolidated Financial Statements 2011/2010 Page 14

17 Endowment net assets consist of the following at June 30, 2011: Temporarily Permanently Unrestricted Restricted Restricted Total Donor-restricted endowment funds $ (34,914) $ 334,385,078 $ 136,519,245 $ 470,869,409 Board-designated endowment funds 101,292, ,292,938 Total endowed net assets $ 101,258,024 $ 334,385,078 $ 136,519,245 $ 572,162,347 Changes in endowment net assets for the year ended June 30, 2011 are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, July 1, 2010 $ 85,357,628 $ 280,745,846 $ 132,178,232 $ 498,281,706 Investment return: Investment income 9,138,572 29,950,939-39,089,511 Net appreciation 11,567,806 40,535,205 1,134,856 53,237,867 Total investment return 20,706,378 70,486,144 1,134,856 92,327,378 Contributions 61,959-2,494,578 2,556,537 Appropriation of endowment assets for expenditure (5,569,681) (16,870,262) - (22,439,943) Transfers to create board designated funds 701, ,740 Transfers from other non-endowed funds - 23, , ,929 Endowment net assets, June 30, 2011 $ 101,258,024 $ 334,385,078 $ 136,519,245 $ 572,162,347 Consolidated Financial Statements 2011/2010 Page 15

18 Endowment net assets consist of the following at June 30, 2010: Temporarily Permanently Unrestricted Restricted Restricted Total Donor-restricted endowment funds $ (438,774) $ 280,745,846 $ 132,178,232 $ 412,485,304 Board-designated endowment funds 85,796, ,796,402 Total endowed net assets $ 85,357,628 $ 280,745,846 $ 132,178,232 $ 498,281,706 Changes in endowment net assets for the year ended June 30, 2010 are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, July 1, 2009 $ 79,575,101 $ 244,679,418 $ 119,968,175 $ 444,222,694 Net asset reclassification (773,266) 473, ,200 - Endowment net assets after reclassification 78,801, ,152, ,268, ,222,694 Investment return: Investment income 3,274,862 11,823,121-15,097,983 Net appreciation 6,839,681 39,177, ,300 46,576,315 Total investment return 10,114,543 51,000, ,300 61,674,298 Contributions 608,336-10,142,737 10,751,073 Appropriation of endowment assets for expenditure (4,983,563) (15,407,093) - (20,390,656) Transfers to create board designated funds 816, ,477 Transfers from other non-endowed funds - - 1,207,820 1,207,820 Endowment net assets, June 30, 2010 $ 85,357,628 $ 280,745,846 $ 132,178,232 $ 498,281,706 Consolidated Financial Statements 2011/2010 Page 16

19 From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or UPMIFA requires the University to retain as a fund of perpetual duration. As of June 30, 2011 and 2010, the University had deficiencies of this nature of approximately $215 thousand and $1.1 million, respectively. These deficiencies resulted from unfavorable market declines that occurred after the investment of recent permanently restricted contributions. Subsequent gains that restore the fair value of the assets of the endowment funds to the required level will be classified as an increase in unrestricted net assets or permanently restricted net assets, as applicable. Management believes these deficiencies will be relatively short-term in duration. Descriptions of amounts classified as permanently restricted net assets and temporarily restricted net assets (endowment only): Permanently Restricted Net Assets (1) The portion of perpetual funds that is required to be retained permanently either by explicit donor stipulation or by UPMIFA $ 136,519,245 $ 132,178,232 Total endowment funds classified as permanently restricted net assets $ 136,519,245 $ 132,178,232 Temporarily Restricted Net Assets (1) Term endowment funds $ 150,371,853 $ 144,129,571 (2) The portion of perpetual endowment funds subject to a time restriction under UPMIFA Without purpose restrictions 25,569,896 19,626,353 With purpose restrictions 158,443, ,989,922 Total endowment funds classified as temporarily restricted net assets $ 334,385,078 $ 280,745,846 Consolidated Financial Statements 2011/2010 Page 17

20 8 Notes Receivable Notes receivable as of June 30 were as follows: Federal Perkins loans $ 5,515,190 $ 5,999,508 Institutional loans 56,612 57,781 Faculty and staff loans 52,288 75,000 Other 5,000 - Notes receivable 5,629,090 6,132,289 Less allowance for doubtful accounts: Beginning of year - - Increases (303,001) - Write-offs - - End of year (303,001) - Notes receivable, net $ 5,326,089 $ 6,132,289 Student notes receivable: The University makes uncollateralized student loans which are funded through the Federal Perkins revolving loan fund and an institutional loan fund created by the University to assist students in funding their education. The University acts as agent for the federal government in administrating the loan program. At June 30, 2011 and 2010 student loans represented.6% and.7% of total assets, respectively. The availability of funds for loans under the Perkins federal revolving loan program is dependent on reimbursements to the pool from repayments on outstanding loans. Funds advanced by the Federal government of $5 million are ultimately refundable to the government and are classified as liabilities in the statement of financial position. Outstanding loans cancelled under the program result in a reduction of the funds available for loan and a decrease in the liability to the government. Faculty and staff notes receivable: At June 30, 2011 and 2010, there were no amounts past due related to faculty and staff notes receivable. No allowance for doubtful accounts has been recorded against this note receivable based on collection history. The University does not accrue interest on the outstanding faculty and staff notes receivable. The aging of notes receivable as of June 30, 2011 is presented as follows: Days Past Due Enrolled or Grace Borrowers Current Total Federal Perkins Loans $ 1,909,303 $ 3,278,304 $ 2,053 $ 3,089 $ 4,467 $ 317,974 $ 5,515,190 Institutional Loans 45,058 10, ,192 56,612 Faculty and Staff Loans - 52, ,288 Other - 5, ,000 Total Notes Receivable $ 1,954,361 $ 3,345,954 $ 2,053 $ 3,089 $ 4,467 $ 319,166 $ 5,629,090 Percentage of total 34.7% 59.4% 0.1% 0.1% 0.1% 5.6% Consolidated Financial Statements 2011/2010 Page 18

21 The aging of notes receivable as of June 30, 2010 is presented as follows: Days Past Due Enrolled or Grace Borrowers Current Total Federal Perkins Loans $ 2,572,868 $ 3,133,300 $ 4,876 $ - $ 3,687 $ 284,777 $ 5,999,508 Institutional Loans 57, ,781 Faculty and Staff Loans - 75, ,000 Total Notes Receivable $ 2,630,539 $ 3,208,300 $ 4,876 $ - $ 3,687 $ 284,887 $ 6,132,289 Percentage of total 42.8% 52.3% 0.1% 0.0% 0.1% 4.7% 9 - Property and Equipment Property and equipment consists of the following at June 30: Land and land improvements $ 24,017,442 $ 23,782,163 Buildings 269,268, ,217,339 Equipment 47,184,707 47,906,575 Library books 22,893,533 22,053,998 Collections 3,758,999 3,750,499 Construction in progress 3,820,805 1,015, ,943, ,726,470 Less accumulated depreciation (116,691,859) (108,392,399) Total $ 254,251,839 $ 259,334,071 Depreciation expense totaled $11,316,376 and $11,197,998 in 2011 and 2010, respectively, and included depreciation expense for assets held under capital leases of $310,759 and $191,753 for the same periods. The University has identified unconditional asset retirement obligations (ARO), primarily for the costs of asbestos removal and disposal. These liabilities are initially recorded at fair value and the related asset retirement costs are capitalized by increasing the carrying amount of the related asset by the same amount as the liability. The liabilities were established using an inflation rate of 3% and a discount rate of 4.2% based on relevant factors at origination. ARO liabilities of $954,344 and $916,770 for fiscal years 2011 and 2010, respectively, are included in other liabilities in the consolidated statements of financial position. Consolidated Financial Statements 2011/2010 Page 19

22 10 Long-Term Debt and Capital Leases Outstanding long-term debt and capital lease obligations as of June 30 were as follows: Educational Facilities Revenue Bonds: Series 2006A, serial and term bonds, due in varying installments (ranging from $9,275,000 to $10,755,000) through October 1, The bonds bear interest, payable semi-annually, at rates ranging from 4.625% to 5.000%. $ 40,000,000 $ 40,000,000 Series 2006B, due in varying installments (ranging from $625,000 to $13,375,000) through October 1, The bonds bear interest, payable monthly, at a variable rate (0.03% at June 30, 2011) which is determined by the remarketing agent pursuant to the Series 2006B Indenture. 44,000,000 44,705,000 Series 2010, serial bonds, due in varying installments (ranging from $250,000 to $1,845,000) through October 1, The bonds bear interest, payable semiannually, at rates ranging from 3.000% to 5.000%. 18,430,000 19,490,000 Taxable Term Loan, variable rate interest only payable monthly through May Principal and variable interest payable monthly beginning June 2013 through May ,400,000 6,400,000 Par amount of long-term debt 108,830, ,595,000 Unamortized net premium 1,794,854 2,065,226 Total long-term debt 110,624, ,660,226 Capital leases 576, ,851 Long-term debt and capital leases $ 111,201,496 $ 113,510,077 The preceding table reflects fixed/variable allocations before the effects of an interest rate swap agreement used by the University to manage its debt portfolio. The swap agreement is covered in more detail in a subsequent note. Aggregate maturities of long-term debt for each of the five fiscal years subsequent to June 30, 2011 are as follows: 2012 $ 2,085, ,180, ,674, ,955, ,180,000 Thereafter 92,330,000 Total $ 109,406,642 Consolidated Financial Statements 2011/2010 Page 20

23 The estimated fair value of the University's long-term debt, including current maturities, at June 30 is as follows: Educational Facilities Revenue Bonds $ 102,088,744 $ 105,661,909 Term Loan 6,400,000 6,400,000 Capital leases 576, ,851 Total estimated fair value of long-term debt $ 109,065,386 $ 112,911,760 Interest expense on a cash and accrual basis for the years ended June 30 follows: Cash paid for interest $ 3,539,781 $ 3,645,059 Amortization of bond premium (270,372) (90,743) Change in year-end accrual 18,385 31,804 Interest cost capitalized (11,171) - Total interest expense $ 3,276,623 $ 3,586,120 Liquidity support for the Series 2006B variable rate debt is provided by a bank standby bond purchase agreement. The commitment expires in July Since initiation of the credit agreement, there have been no borrowings required to support redemptions of variable rate debt. On March 18, 2010, the University issued the Series 2010 tax-exempt fixed-rate bonds in the aggregate amount of $ million. A portion of the proceeds were used to refund $8.46 million of Series 1999 tax-exempt fixed rate bonds and $11.05 million of Series 2000 tax-exempt fixed rate bonds. $1 million of new project funding will be used to finance the acquisition of certain property and capital improvements for facilities. The remaining portion was used to finance costs incurred in connection with the bond issuance. The Series 1999 and 2000 refunding transaction resulted in an accounting loss of ($968,000) which is included in other non-operating activities for fiscal 2010 in the consolidated statements of activities. The University capitalizes and amortizes on a straight-line basis the original issue premium or discount and costs related to applicable bond issues. At June 30, 2011 and 2010, unamortized bond issuance costs of $866,665 and $934,361, respectively, are included in other assets on the consolidated statements of financial position. Additionally, unamortized original issue net premium on related bonds of $1,794,854 and $2,065,226 for the years ended June 30, 2011 and 2010, respectively, is included in bonds, notes and leases payable on the University s consolidated statements of financial position. Net amortization expense for issuance costs and premiums was $202,676 and $1,437 for the years ended June 30, 2011 and 2010, respectively. In May 2010, the University amended a $13 million revolving line of credit agreement to create two facilities a $6.6 million revolving line of credit and a $6.4 taxable term loan. During fiscal year 2011, the revolving line of credit was extended and is available through July 31, There were no balances outstanding on the line of credit as of June 30, 2011 and Subsequent to June 30, 2011, the revolving line of credit and taxable term loan were amended. The revolving line of credit was increased to $7 million and is available through May, Monthly principal payments are scheduled to begin August 2011 and are due to be repaid by May The University s term loan and revolving line of credit contain certain covenants and restrictions involving maintenance of a specified debt service coverage ratio and the reporting of liquidity. Management believes it is in compliance with all covenants and restrictions at June 30, 2011 and Consolidated Financial Statements 2011/2010 Page 21

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