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1 TORGANIZATION/FINANCIAL REPORTING ENTITY Th Univrsity of California (th Univrsity) was foundd in 1868 as a public, stat-supportd institution. Th California Stat Constitution provids that th Univrsity shall b a public trust administrd by th corporation Th Rgnts of th Univrsity of California, which is vstd with full powrs of organization and govrnmnt, subjct only to such lgislativ control ncssary to nsur th scurity of its funds and complianc with crtain statutory and administrativ rquirmnts. Th majority of th 6-mmbr indpndnt govrning board (Th Rgnts) ar appointd by th govrnor and approvd by th stat Snat. Various Univrsity programs and capital outlay projcts ar fundd through appropriations from th stat s annual Budgt Act. Th Univrsity s financial statmnts ar discrtly prsntd in th stat s gnral-purpos financial statmnts as a componnt unit. Additionally, th Univrsity s consolidatd financial statmnts, including 10 campuss, fiv mdical cntrs, a statwid agricultural xtnsion program, th Univrsity of California Rtirmnt Systm and crtain oprational rsults of thr major Dpartmnt of Enrgy laboratoris, ar subjctd to an indpndnt annual audit. Th Los Angls campus of th Univrsity of California was foundd in 1919 and is financially th largst campus in th 10-campus Univrsity of California systm. Th financial statmnts includd in this annual rport prsnt th combind activitis of th Los Angls campus, including th UCLA Mdical Cntr. Th accounts of th Los Angls campus ar subjct to limitd-scop procdurs as a part of th annual audit of th financial statmnts of th ntir Univrsity of California. Th financial statmnts for th Los Angls campus hav not bn individually auditd. ASUCLA s financial data for th fiscal yar ndd Jun 30, 006, hav bn includd in th financial statmnts in ordr to rflct total financial activity of th UCLA campus. ASUCLA conducts activitis on th UCLA campus pursuant to th Statmnt of Undrstanding of ASUCLA s Rlationships with th Univrsity, datd Jun 8, Th UCLA Foundation is a nonprofit, public-bnfit corporation organizd for th purpos of accpting and administring th full rang of privat contributions for th campus. Th financial activitis of th sparatly incorporatd foundation ar not rflctd within th campus rcords until such tim as gifts ar transfrrd from th foundation to th campus. Howvr, in accordanc with th statmnts of th Govrnmntal Accounting Standards Board (GASB) dtaild blow, foundation activity is notd on th campus financial statmnts. C ourt s y UCLA Library TTh Louis M. Darling Biomdical Library History and Spcial Collctions division is hom to a collction of mor than 600 AIDS postrs issud by a varity of institutions and organizations around th world to ducat and warn popl about AIDS and to offr advic and information in visual form. Among th countris rprsntd ar Australia, Austria, Canada, China, Costa Rica, Franc, Grmany, India, Japan, Luxmbourg, Martiniqu, th Nthrlands, Nw Zaland, Papua Nw Guina, Poland, Portugal, Spain, Switzrland, Tahiti, Uganda and th Unitd Kingdom. An onlin vrsion of th collction is availabl at Abov: Switzrland (c. 1988) Blow: Austria (undatd); a translation of th inscription rads, Humanity is infctious. With HIV-positiv popl, lif is not. SUMMARY OF SIGNIFICANT AC C OUNTING POLICIES Th financial statmnts of th UCLA campus hav bn prpard in accordanc with gnrally accptd accounting principls, including all applicabl ffctiv statmnts of th Govrnmntal Accounting Standards Board (GASB) and all statmnts of th Financial Accounting Standards Board through Novmbr 30, 1989, using th conomic rsourcs masurmnt focus and th accrual basis of accounting. GASB Statmnt No. 47, Accounting for Trmination Bnfits, was adoptd during th yar ndd Jun 30, 006. Statmnt No. 47 rquirs bnfits such as arly rtirmnt incntivs or svranc to mploys who ar involuntarily trminatd to b rcognizd in th priod th Univrsity bcoms obligatd to provid th bnfits. Bnfits providd to mploys who voluntarily trminat must b rcognizd whn th trmination offr is accptd. Th ffct of th implmntation of GASB Statmnt No. 47 was not significant on th Univrsity s nt assts or changs in nt assts for th yar ndd Jun 30, 006. Thr was no ffct on th Univrsity s nt assts or changs in nt assts for th yar ndd Jun 30, UCLA ANNUAL F INANCIAL R EPORT UCLA ANNUAL F INANCIAL R EPORT 33

2 Th significant accounting policis followd by UCLA ar summarizd as follows: Cash. Th Univrsity considrs all balancs in dmand dposit accounts to b cash. All othr highly liquid cash quivalnts ar considrd to b short-trm invstmnts. Short-trm invstmnts. UCLA participats in a tmporary invstmnt pool that is administrd by th Offic of th Prsidnt. Incom arnd on invstmnts is distributd basd on avrag invstmnts in th pool. This pool invsts primarily in U.S. Trasury scuritis, commrcial papr and short-trm corporat nots with cost approximating markt valu. Ths tmporary invstmnts ar considrd cash quivalnts for th purposs of th statmnt of cash flows. Invstmnts. Invstmnts for ndowmnt monis and othr similar funds ar primarily administrd cntrally by th Offic of th Prsidnt and ar not rflctd on th UCLA local financial statmnts. Ths funds consist of ndowmnts, funds functioning as ndowmnt, and annuity and lif incom funds. Endowmnts rquir that th principal b invstd in prptuity, with th incom usd in accordanc with th trms spcifid by th donor. Funds functioning as ndowmnt ar primarily gifts and rlatd gains that th Univrsity trats as ndowmnts, with th xcption that any portion of ths funds may b xpndd at th Univrsity s discrtion. Annuity and lif incom funds ar hld in trust by th Univrsity with th annuity or incom paid priodically to dsignatd bnficiaris; principal of ths funds vsts with th Univrsity and paymnts cas upon th dath of th bnficiaris. Monis ar invstd by th trasurr of Th Rgnts and th incom is transfrrd to individual campuss annually. A substantial portion of th nt assts of th ndowmnt and similar funds participats in a gnral ndowmnt pool. Each individual fund subscribs to or disposs of units on th basis of th markt valu pr unit at th nd of th calndar month within which th transaction taks plac. Invstmnts includ quitis, high-yild quitis, bonds and ral stat. Accounts rcivabl. Accounts rcivabl includ rimbursmnts du from stat and fdral sponsors of xtrnally fundd rsarch, patint billings, accrud incom on invstmnts and othr rcivabls. Othr rcivabls includ local govrnmnt and privat grants and contracts; pldgs; ducational activitis; and amounts du from studnts, mploys and faculty for srvics. Pldgs. Unconditional pldgs of privat gifts to th campus to b rcivd in th futur ar rcordd as pldgs rcivabl and rvnu in th yar promisd at th prsnt valu of xpctd cash flows. Conditional pldgs, including pldgs of ndowmnts to b rcivd in futur priods, and intntions to pldg ar rcognizd as rcivabls and rvnus whn th spcifid conditions ar mt. Nots and mortgags rcivabl. Loans to studnts ar providd by fdral studnt loan programs and othr Univrsity sourcs. Hom mortgag loans, primarily to faculty, ar providd by th Univrsity s Short-Trm Invstmnt Pool and othr Univrsity sourcs. Mortgag loans providd by th Short-Trm Invstmnt Pool ar classifid as invstmnts, and loans providd by othr sourcs ar classifid as mortgags rcivabl in th statmnt of nt assts. tions. Equipmnt with a cost in xcss of $5,000 and a usful lif of mor than on yar is capitalizd. All costs of land, library collctions and spcial collctions ar capitalizd. Dprciation is calculatd using th straight-lin mthod ovr th stimatd conomic lif of th asst. Lashold improvmnts ar amortizd using th straight-lin mthod ovr th lif of th applicabl las or th conomic lif of th asst, whichvr is shortr. Estimatd conomic livs ar gnrally as follows: Infrastructur Buildings and improvmnts Equipmnt Computr softwar Library books and matrials 5 yars yars -0 yars 3-7 yars 15 yars Capital assts acquird through fdral grants and contracts whr th fdral govrnmnt rtains a rvrsionary intrst ar also capitalizd and dprciatd. Inxhaustibl capital assts such as land or spcial collctions that ar protctd, prsrvd and hld for public xhibition, ducation or rsarch, including art, musum, scintific and rar book collctions ar not dprciatd. Intrst on borrowings to financ facilitis is capitalizd during construction, nt of any invstmnt incom arnd during th tmporary invstmnt of projct-rlatd borrowings. Dfrrd rvnu. Dfrrd rvnu primarily includs amounts rcivd from grant and contract sponsors that hav not bn arnd undr th trms of th agrmnt and othr rvnu billd in advanc of th vnt, such as studnt tuition and fs and fs for housing and dining srvics. Funds hld for othrs. Funds hld for othrs rsult from th Univrsity acting as an agnt or fiduciary on bhalf of organizations that ar not significant or financially accountabl to th Univrsity. Fdral rfundabl loans. Crtain loans to studnts ar administrd by th campus with funding primarily supportd by th fdral govrnmnt. Th Univrsity s statmnt of nt assts includs both th nots rcivabl and th rlatd fdral rfundabl loan liability rprsnting fdral capital contributions owd upon trmination of th program. Nt assts. Nt assts ar classifid for accounting and rporting purposs into th following catgoris: Invstd in capital assts, nt of rlatd dbt. This catgory includs all of th campus capital assts, nt of accumulatd dprciation, rducd by outstanding principal balancs of dbt attributabl to th acquisition, construction or improvmnt of thos assts. Invntoris. Invntoris ar valud at cost, typically dtrmind using th wightd avrag mthod, which is not in xcss of nt ralizabl valu. Land, infrastructur, buildings, quipmnt, libraris and collctions. Land, infrastructur, buildings and improvmnts, quipmnt, libraris and collctions, and spcial collctions ar rcordd at cost at th dat of acquisition, or fair valu at th dat of donation in th cas of gifts. Capital lass ar rcordd at th prsnt valu of futur minimal las paymnts. Significant additions, rplacmnts, major rpairs and rnovations ar gnrally capitalizd if th cost xcds $35,000 and if thy hav a usful lif of mor than on yar. Minor rnovations ar chargd to opra- Rstrictd. Th campus classifis nt assts rsulting from transactions with purpos rstrictions as rstrictd nt assts until th spcific rsourcs ar usd for th rquird purpos or for as long as th providr rquirs th rsourcs to rmain intact. Nonxpndabl. Nt assts subjct to xtrnally imposd rstrictions that must b rtaind in prptuity by th Univrsity ar classifid as nonxpndabl nt assts. Such assts includ th Univrsity s prmannt ndowmnt funds. Bcaus th Offic of th Prsidnt administrs ths funds, UCLA s local financial statmnts do not rflct balancs for nonxpndabl assts. 34 UCLA ANNUAL F INANCIAL R EPORT UCLA ANNUAL F INANCIAL R EPORT 35

3 Expndabl. Nt assts whos us by th campus or campus foundation is subjct to xtrnally imposd rstrictions that can b fulfilld by actions of th Univrsity pursuant to thos rstrictions or that xpir by th passag of tim ar classifid as xpndabl nt assts. Th majority of th rcovry of facilitis and administrativ costs from contract and grant activity ar transfrrd to th Offic of th Prsidnt as part of th closing procss and thn rallocatd at a dsignatd rat to th campus in th nxt fiscal yar. Th amount transfrrd for 006 was $153. million; th amount transfrrd for 005 was $147.7 million. Unrstrictd. Nt assts that ar nithr rstrictd nor invstd in capital assts, nt of rlatd dbt, ar classifid as unrstrictd nt assts. Unrstrictd nt assts may b dsignatd for spcific purposs by managmnt or Th Rgnts. Substantially all unrstrictd nt assts ar allocatd for acadmic and rsarch initiativs or programs, or for capital programs. Rvnus and xpnss. Oprating rvnus includ rcipts from studnt tuition and fs, grants and contracts for spcific oprating activitis, and sals and srvics from mdical cntrs, ducational activitis and auxiliary ntrpriss. Oprating xpnss incurrd in conducting th programs and srvics of th UCLA campus and mdical cntrs ar prsntd in th statmnt of rvnus, xpnss and changs in nt assts as oprating activitis. In accordanc with GASB Statmnt No. 35, Basic Financial Stammnts and Managmnt s Discussion and Analysis for Public Collgs and Univrsitis, crtain significant rvnus rlid upon and budgtd for fundamntal oprational support of th cor instructional mission of th campus ar mandatd to b rcordd as nonoprating rvnus, including stat ducational appropriations, privat gifts and invstmnt incom. Campus foundations ar stablishd to financially support th Univrsity. Privat gifts to campus foundations ar rcognizd as oprating rvnus on th foundations statmnts sinc, in contrast to th Univrsity, such contributions ar fundamntal to th cor mission of th foundations. Whn th gift is transfrrd from a foundation to th campus, th campus rcords th rvnu as nonoprating rvnu. Nonoprating rvnus and xpnss includ stat ducational appropriations (for th support of UCLA oprating xpnss); stat financing appropriations; privat gifts for othr than capital purposs; invstmnt incom, nt unralizd apprciation or dprciation in th fair valu of invstmnts; intrst xpns; and gain or loss on th disposal of capital assts. Stat capital appropriations, and capital gifts and grants ar classifid as othr changs in nt assts. Studnt tuition and fs. Substantially all of th studnt tuition and fs provid for currnt oprations of th campus. A small portion of th studnt fs, rportd as capital gifts and grants, is rquird for dbt srvic associatd with studnt union and rcrational cntrs. Crtain waivrs of studnt tuition and fs considrd to b scholarship allowancs ar rcordd as an offst to rvnu. Stat appropriations. Th Stat of California provids appropriations to th Univrsity, which ar allocatd to th campuss on an annual basis. Stat ducational appropriations ar rcognizd as nonoprating rvnu; howvr, th rlatd xpnss ar incurrd to support ithr ducational oprations or othr spcific oprating purposs. Stat appropriations for capital projcts ar rcordd as rvnu undr othr changs in nt assts whn th rlatd xpnditurs ar incurrd. Spcial stat appropriations for AIDS, tobacco and brast cancr rsarch ar rportd as grant rvnu. Grant and contract rvnu. UCLA rcivs grant and contract rvnu from govrnmntal and privat sourcs. Th campus rcognizs rvnu associatd with th dirct costs of sponsord programs as th rlatd xpnditurs ar incurrd. Rcovry of facilitis and administrativ costs of fdrally sponsord programs ar at cost rimbursmnt rats ngotiatd with th Univrsity s fdral cognizant agncy, th Dpartmnt of Halth and Human Srvics. For th fiscal yar ndd Jun 30, 006, th facilitis and administrativ cost rcovry totald $155.4 million, $133.1 million from fdrally sponsord programs and $.3 million from othr sponsors. For th fiscal yar ndd Jun 30, 005, th facilitis and administrativ cost rcovry totald $149.9 million, $19.4 million from fdrally sponsord programs and $0.5 million from othr sponsors. Mdical cntr rvnu. Mdical cntr rvnu is rportd at th stimatd nt ralizabl amounts from patints and third-party payrs, including Mdicar, Mdi-Cal and othrs, for srvics rndrd, as wll as stimatd rtroactiv adjustmnts undr rimbursmnt agrmnts with third-party payrs. Laws and rgulations govrning Mdicar and Mdi-Cal ar complx and subjct to intrprtation. Rtroactiv adjustmnts ar accrud on an stimatd basis in th priod th rlatd srvics ar rndrd and adjustd in futur priods as final sttlmnts ar dtrmind. It is rasonably possibl that stimatd amounts accrud could chang significantly basd upon sttlmnt or as additional information bcoms availabl. Scholarship allowancs. Th campus rcognizs crtain scholarship allowancs, which includ both financial aid and f waivrs, as th diffrnc btwn th statd charg for tuition and fs, housing and dining chargs, rcrational cntr fs, tc., and th amount that is paid by th studnt or by third partis on bhalf of th studnt. Paymnts of financial aid mad dirctly to studnts ar classifid as scholarship and fllowship xpnss. Scholarship allowancs in th following amounts ar rcordd as an offst to rvnus for th yars ndd Jun 30, 006 and 005 (dollars in thousands): Studnt tuition and fs Sals and srvics of auxiliary ntrpriss Scholarship allowancs $ 105,186 $ 9,974 31,875 0,7 $ 137,061 $ 113,46 Compnsatd absncs. UCLA accrus annual lav for mploys at rats basd upon lngth of srvic and job classification, and compnsatory tim basd upon job classification and hours workd. Endowmnt spnding. Undr provisions of California law, th Uniform Managmnt of Institutional Funds Act allows for invstmnt incom, as wll as a portion of ralizd and unralizd gains, to b xpndd for th oprational rquirmnts of Univrsity programs. Tax xmption. UCLA is qualifid as a tax-xmpt organization undr th provisions of Sction 501(c)(3) of th Intrnal Rvnu Cod and is xmpt from fdral and stat incom taxs on rlatd incom. Us of stimats. Th prparation of financial statmnts in conformity with accounting principls gnrally accptd in th Unitd Stats of Amrica rquirs managmnt to mak stimats and assumptions that affct th rportd amounts of assts and liabilitis and th disclosur of contingnt assts and liabilitis at th dat of th financial statmnts, as wll as th rportd amounts of rvnus and xpnditurs during th rporting priod. Actual amounts could diffr from thos stimats. Comparativ information. 005 financial information is includd as comparativ valus to th 006 prsntation. 36 UCLA ANNUAL F INANCIAL R EPORT UCLA ANNUAL F INANCIAL R EPORT 3 7

4 1. CASH 4. PLEDGES RECEIVABLE Th Univrsity maintains cntralizd managmnt for substantially all of its cash. Cash in dmand dposit accounts is minimizd by swping availabl cash balancs into invstmnt accounts on a daily basis. At Jun 30, 006 and 005, th carrying amount of UCLA s quity in th Trasurr s invstmnt, transfrrd to th Trasurr s Offic as part of th Univrsity s invstmnt, was $1.13 billion and $1.07 billion, rspctivly, compard with bank balancs of $6.7 million and $4.9 million, rspctivly. Th timing of dposits in transit, varying from yar to yar, is th primary diffrnc.. INVESTMENTS HELD BY TRUSTEES Th composition of pldgs rcivabl at Jun 30, 006 and 005 is summarizd as follows (dollars in thousands): Total pldgs rcivabl outstanding Lss: Unamortizd discount to prsnt valu Allowanc for uncollctibl pldgs $ 10,904 $ 17,091 (1,034) (864) (66) (-) UCLA has ntrd into agrmnts with trusts to maintain trusts for long-trm dbt rquirmnts. All invstmnts hld by trusts ar insurd, rgistrd or hld by th campus trust or custodial bank, as fiduciary for th bondholdr or as agnt for th Univrsity. Th trust agrmnts for long-trm dbt prmit trusts to invst in U.S. and stat govrnmnt or agncy obligations, commrcial papr or othr corporat obligations mting crtain crdit rating rquirmnts. Noncurrnt invstmnts hld by trusts ar for futur paymnt of principal and intrst in accordanc with various indntur and othr long-trm dbt rquirmnts. Th fair valu of ths invstmnts was $0.9 million and $61.6 million at Jun 30, 006 and 005, rspctivly. Th dcras of $40.5 million is attributd to stat public works bonds transfrrd mainly for th rplacmnt hospitals. UCLA s dposits into th trusts, or rcipts from th trust, ar classifid as a capital and rlatd financing activity in th statmnt of cash flows as it is rlatd to long-trm dbt rquirmnts. Invstmnt transactions initiatd by trusts in conjunction with th managmnt of th trust assts and paymnts from th trust to third partis ar not includd in th campus statmnt of cash flows. 3. ACCOUNTS RECEIVABLE Accounts rcivabl and th allowancs for uncollctibl amounts at Jun 30, 006 and 005, ar as follows (dollars in thousands): Total pldgs rcivabl, nt Lss: Currnt portion of pldgs rcivabl Noncurrnt portion of pldgs rcivabl 5. NOTES AND MORTGAGES RECEIVABLE 9,604 16,7 (3,98) (6,90) $ 6,306 $ 9,937 Nots and mortgags rcivabl at Jun 30, 006 and 005, along with allowancs for uncollctibl amounts, ar as follows (dollars in thousands): At Jun 30, 006 Nots and mortgags rcivabl Allowanc for uncollctibl amounts Nots and mortgags rcivabl, nt At Jun 30, 005 Nots and mortgags rcivabl Allowanc for uncollctibl amounts NONCURRENT CURRENT NOTES MORTGAGES TOTAL $ 7,058 $ 53,610 $ 7, $ 67,890 (605) (1,607) (115) (,37) $ 6,453 $ 5,003 $ 7,107 $ 65,563 $ 10,71 $ 40,5 $ 16,538 $ 67,484 (687) (1,819) (77) (,583) STATE & FEDERAL MEDICAL GOVERNMENT CENTERS OTHER TOTAL Nots and mortgags rcivabl, nt $ 10,034 $ 38,406 $ 16,461 $ 64,901 At Jun 30, 006 Accounts rcivabl Allowanc for uncollctibl amounts Accounts rcivabl, nt $ 8,69 $ 41,03 $ 136,993 $ 460,654 (-) (43,346) (8,085) (51,431) $ 8,69 $ 197,686 $ 18,908 $ 409,3 At Jun 30, 005 Accounts rcivabl Allowanc for uncollctibl amounts Accounts rcivabl, nt $ 80,387 $ 4,104 $ 13,973 $ 437,464 (-) (44,115) (7,651) (51,766) $ 80,387 $ 179,989 $ 15,3 $ 385,698 (Othr accounts rcivabl ar primarily rlatd to privat grants and contracts, physicians profssional fs, invstmnt sals, tuition and fs, and auxiliary ntrpriss.) 38 UCLA ANNUAL F INANCIAL R EPORT UCLA ANNUAL F INANCIAL R EPORT 3 9

5 6. LAND, INFRASTRUCTURE, BUILDINGS, EQUIPMENT, LIBRARIES AND COLLECTIONS Outstanding Dbt Activity Th campus capital asst activity for th yars ndd Jun 30, 006 and 005, is as follows (dollars in thousands): Activity with rspct to th campus currnt and noncurrnt dbt for th yars ndd Jun 30, 006 and 005, is as follows (dollars in thousands): ORIGINAL COST Land Infrastructur Buildings and improvmnts Equipmnt Libraris and collctions Spcial collctions Construction in progrss Capital assts, at original cost ACCUMULATED DEPRECIATION AND AMORTIZATION Infrastructur Buildings and improvmnts Equipmnt Libraris and collctions Accumulatd dprciation and amortization Capital assts, nt 7. DEBT 004 ADDITIONS DISPOSALS 005 ADDITIONS DISPOSALS 006 $ 80,07 $ - $ - $ 80,07 $ - $ - $ 80,07 7, , ,754,550,699 74,459 (314),64, ,699 -,958,543 87,54 6,654 (96,977) 838,19 67,61 (74,663) 831, ,650 13,30-466,970 19, ,687 55,014 3,313-58,37,855 (7) 61,175 1,5, ,307-1,565,357 10,96-1,576,83 $ 5,44,916 $ 494,053 $ (97,91) $ 5,641,678 $ 434,809 $ (74,670) $ 6,001,817 DEPRECIATION & DEPRECIATION & 004 AMORTIZATION DISPOSALS 005 AMORTIZATION DISPOSALS 006 $ 5,444 $ 01 $ - $ 5,645 $ 00 $ - $ 5,845 1,110,590 79,69 (51) 1,190,031 85,953-1,75, ,740 79,761 (8,688) 58,813 75,811 (74,531) 530, ,304 14, ,415 13,99-359,407 $ 1,979,078 $ 173,765 $ (8,939) $,069,904 $ 175,956 $ (74,531) $,171,39 $ 3,65,838 $ 3,571,774 $ 3,830,488 Yar Endd Jun 30, 006 Currnt portion at Jun 30, 005 Rclassification from noncurrnt Principal paymnts Currnt portion at Jun 30, 006 Noncurrnt portion at Jun 30, 005 Nw obligations Rclassification to currnt Noncurrnt portion at Jun 30, 006 TOTAL Yar Endd Jun 30, 005 Currnt portion at Jun 30, 004 Rclassification from noncurrnt Principal paymnts Currnt portion at Jun 30, 005 Noncurrnt portion at Jun 30, 004 Nw obligations Rclassification to currnt Noncurrnt portion at Jun 30, 005 REVENUE MORTGAGES AND CAPITAL LEASE BONDS OTHER BORROWINGS OBLIGATIONS TOTAL $ 1,016 $ 3 $ 19,711 $ 0,759 5,437 5,838,666 33,941 (1,016) (5,834) (1,10) (7,970) 5, ,57 6,730 96,549 38,9 19, ,849-4,303 (0,797) 3,506 (5,437) (5,838) (,666) (33,941) 91,11 57, ,915 54,414 $ 96,549 $ 57,43 $ 197,17 $ 551,144 $ 900 $ 30 $ 19,650 $ 0,580 1,016 14,844 0,834 36,694 (900) (14,84) (0,773) (36,515) 1, ,711 0,759 97,566 15,089 0,05 514,707 (1) 38,676 38,160 76,835 (1,016) (14,844) (0,834) (36,694) 96,549 38,91 19, ,848 Th Univrsity may financ th construction, rnovation and acquisition of crtain facilitis and quipmnt through th issuanc of dbt obligations. Commrcial papr provids for intrim financing, which is accountd for on a systmwid basis. Long-trm financing includs rvnu bonds, crtificats of participation, mortgags and othr borrowings, and capital las obligations. TOTAL Rvnu Bonds $ 97,565 $ 38,953 $ 39,089 $ 575,607 UCLA s outstanding dbt at Jun 30, 006 and 005, is as follows (dollars in thousands): LONG-TERM FINANCING Hospital Rvnu Bonds Sris 00 & 005 Mortgags and othr borrowings Capital las obligations - stat las rvnu bonds Capital las obligations Total long-trm outstanding dbt INTEREST RATES MATURITY YEARS % $ 96,549 $ 97, % ,43 38, % , , % ,74 45,695 $ 551,144 $ 575,607 Rvnu bonds hav financd various auxiliary, administrativ, acadmic and rsarch facilitis of th Univrsity. Thy hav annual principal and smiannual intrst paymnts, and srial and trm maturitis; thy contain sinking fund rquirmnts and may hav optional rdmption provisions. Rvnu bonds for mdical cntrs and auxiliary ntrpriss ar collatralizd by a pldg of th nt rvnus gnratd by th ntrpriss. Rvnu bonds for rsarch facilitis and crtain rvnu bonds for administrativ and acadmic facilitis ar collatralizd by a pldg of th Univrsity s shar of facilitis and administrativ rat rcovris rcivd on fdral rsarch grants and contracts prformd by th Univrsity. Rvnu bonds ar not collatralizd by any ncumbranc, mortgag or othr pldg of proprty, xcpt pldgd rvnus, and do not constitut gnral obligations of Th Rgnts. 40 UCLA ANNUAL F INANCIAL R EPORT UCLA ANNUAL F INANCIAL R EPORT 41

6 Th Multipl Purpos Projcts Rvnu Bond indnturs rquir th Univrsity to achiv nt rvnus, aftr xpnss and rquirmnts for snior lin indnturs, qual to 1.5 tims dbt srvic and to maintain crtain othr financial covnants. Th Hospital Rvnu Bonds rquir th Univrsity to achiv nt rvnus of 1.1 tims to 1. tims dbt srvics (dpnding on th indntur); st limitations on ncumbrancs, indbtdnss, disposition of assts and transfr srvics; and maintain crtain othr financial covnants. Th Multipl Purpos Projcts Rvnu Bond and Hospital Rvnu Bond indnturs rquir th Univrsity to us th facilitis in a way that will not caus th intrst on th bonds to b includd in th gross incom of th holdrs of th bonds for fdral tax purposs. Futur Dbt Srvic Futur dbt srvic paymnts for ach of th fiv fiscal yars subsqunt to Jun 30, 006, and thraftr ar as follows (dollars in thousands):. Yar Ending Jun 30 CERTIFICATES MORTGAGES CAPITAL LEASES REVENUE OF AND OTHER TOTAL BONDS PARTICIPATION BORROWINGS STATE OTHER PAYMENTS PRINCIPAL INTEREST Mortgags and Othr Borrowings Mortgags and othr borrowings consist of contractual obligations rsulting from th acquisition of land or buildings and th construction and rnovation of crtain facilitis. Th mortgags ar collatralizd by ral proprty. As part of th Univrsity, UCLA may us uncollatralizd bank lins of crdit with commrcial banks to supplmnt commrcial papr to provid intrim financing for buildings and quipmnt. Lin-of-crdit commitmnts, with various xpiration dats through 008, totald $99.5 million at Jun 30, 006. Outstanding borrowing undr ths bank lins totald $57 million and $39 million at Jun 30, 006 and 005, rspctivly, and is includd in mortgags and othr borrowings. Capital Lass Capital lass ntrd into with othr lssors, primarily for th rplacmnt hospital and quipmnt, totald $197 million in 006, down from $39 million in 005. Th majority of that amount, $155 million, is attributd to Stat Las Rvnu Bonds issud to financ th UCLA rplacmnt hospitals in Santa Monica and Wstwood; th bonds matur in Total futur dbt srvic Lss intrst componnt of futur paymnts Principal portion of futur paymnts Dfrrd prmium - Mdical Cntr Total long-trm outstanding dbt $ 19,497 $ - $ 38 $ 13,794 $ 16,07 $ 49,536 $ 6,98 $ 3,38 19,469-57,835 13,816 15, ,184 83,343,841 1,744-13,778 9,376 44,898 3,33 1,575 48, ,766,50 65,171 45,041 0,130 19, , ,38 15,490 18,748 98, , ,15 85,580 81,635 98, , , ,980 55,834 53, ,00-81,07 50,140 30,887 53, ,89 31,405,44 53, ,85 40,60 13,565 3, ,300 9,30,980 50,437-57,873 3,818 43, ,037 $ 541,180 $ 313,857 33, ,388, ,857 86,585-57,43 155,430 41,74 541,180 9, ,964 $ 96,549 $ - $ 57,43 $ 155,430 $ 41,74 $ 551,144 (Futur paymnts in which UCLA participats, but not includd abov, ar th systmwid stat capital lass that ar hld at th Offic of th Prsidnt. Th principal portion totals $165. million, and intrst $8. million, through 04.) 8. SELF-INSURANCE AND OTHER LIABILITIES UCLA s othr liabilitis, primarily mploy lav and othr compnsatd absncs with similar charactristics and accrud intrst, at Jun 30, 006 and 005, ar as follows (dollars in thousands): CURRENT NONCURRENT CURRENT NONCURRENT Othr liabilitis: Compnsatd absncs Accrud intrst Othr Total $ 45,043 $ 83,311 $ 40,375 $ 86,573 3,38-3,84-49, ,18 - $ 97,876 $ 83,355 $ 68,841 $ 86,573 4 UCLA ANNUAL F INANCIAL R EPORT UCLA ANNUAL F INANCIAL R EPORT 43

7 Slf-Insuranc Programs Th Univrsity is slf-insurd for mdical malpractic, workrs compnsation, mploy halth car and gnral liability claims. Ths risks ar subjct to various claim and aggrgat limits, with xcss liability covrag providd by an indpndnt insurr. Liabilitis ar rcordd on a systmwid basis whn it is probabl that a loss has occurrd and th amount of th loss can b rasonably stimatd. Each campus funds th slf-insuranc liability through prdtrmind rats applid to payroll and othr xpnss. Ths amounts ar rflctd as oprating xpnss in UCLA s statmnt of rvnus, xpnss and changs in nt assts. UCLA s financial statmnts do not rflct any liability amounts for slf-insuranc claims as ths stimatd liabilitis ar rcordd on a systmwid basis. Othr Noncurrnt Liabilitis Activity with rspct to othr noncurrnt liabilitis for th yars ndd Jun 30, 006 and 005, is as follows (dollars in thousands): Yar Endd Jun 30, 006 Liabilitis at Jun 30, 005 Nw obligations Rclassification to currnt Liabilitis at Jun 30, 006 Yar Endd Jun 30, 005 Liabilitis at Jun 30, 004 Nw obligations Rclassification to currnt Liabilitis at Jun 30, 005 COMPENSATED ABSENCES $ 86,573 33,738 (37,300) $ 83,311 $ 78,781 41,09 (33,300) $ 86,573 Paymnts ar gnrally mad from a varity of rvnu sourcs, including stat ducational appropriations, grants and contracts, auxiliary ntrpriss and ndowmnt incom, or othr rvnu sourcs that support th mploy s salary. Th portion of invstmnt rturns arnd on ndowmnts hld by Th Rgnts and distributd ach yar to support currnt oprations is basd on a rat (statd in dollars pr shar) that is approvd by Th Rgnts. Th total distribution from ndowmnts hld by Th Rgnts to UCLA was $9.5 million and $9.1 million for th yars ndd Jun 30, 006 and 005, rspctivly. Campus Foundation Undr Univrsity policis approvd by Th Rgnts, ach individual campus may stablish a sparat foundation to provid valuabl assistanc in fund-raising, public outrach and othr support for th missions of th campus and th Univrsity. Although indpndnt boards govrn Th UCLA Foundation, its assts ar ddicatd for th bnfit of UCLA. During th yars ndd Jun 30, 006 and 005, gifts of $95.8 million and $79.4 million, rspctivly, wr transfrrd to UCLA from Th UCLA Foundation. At Jun 30, 006, Th UCLA Foundation s nt assts wr $1.13 billion. 10. OPERATING EXPENSES BY FUNCTION Oprating xpnss, by functional classification, for th yars ndd Jun 30, 006 and 005, ar as follows (dollars in thousands): Instruction Rsarch Public srvic Acadmic support Studnt srvics Institutional support Oprations and maintnanc of plant Studnt financial aid Mdical cntrs Auxiliary ntrpriss Dprciation Othr Total oprating xpnss $ 869,486 $ 851, ,87 555,35 67,48 68,75 57,666 53,578 58,775 57,14 114, ,93 74,468 76,337 58,58 67,39 906, ,338 06, , , ,765 1,06 1,830 $ 3,385,98 $ 3,319, ENDOWMENTS AND FOUNDATION GIFTS Th Rgnts Endowmnts Endowmnts ar administrd ithr by th Univrsity or by campus foundations. Th financial activitis of th sparatly incorporatd campus foundations ar not includd in th Univrsity s financial statmnts until such tim as gifts ar transfrrd from th campus foundations to th Univrsity. Th ndowmnts hld by Th Rgnts ar administrd on a systmwid basis, and rlatd invstmnts ar not rflctd on UCLA s sparat financial statmnts. 11. THE RETIREMENT PLAN Most Univrsity mploys participat in th Univrsity of California Rtirmnt Systm (UCRS). Th UCRS consists of a singl-mployr dfind bnfit plan fundd by Univrsity and mploy contributions, a dfind bnfit plan for Univrsity mploys who lctd arly rtirmnt undr th Public Employs Rtirmnt Systm Voluntary Early Rtirmnt Incntiv Program (PERS-VERIP) and two dfind contribution plans with svral invstmnt portfolios fundd by mploy non-lctiv and lctiv contributions. Th Board of Rgnts is th trust for all UCRS and PERS-VERIP funds. Accordingly, ths funds ar sparatly idntifid in th systmwid annual financial rport. 44 UCLA ANNUAL F INANCIAL R EPORT UCLA ANNUAL F INANCIAL R EPORT 45

8 1. COMMITMENTS AND CONTINGENCIES Commitmnts Amounts committd but unxpndd for construction projcts totald $504.7 million and $643.4 million at Jun 30, 006 and 005, rspctivly. UCLA lass land, buildings and quipmnt undr agrmnts rcordd as oprating lass. Oprating las xpnss for th yars ndd Jun 30, 006 and 005, wr $41.3 million and $43.9 million, rspctivly. Th trms of oprating lass xtnd through Fbruary 0. Futur minimum paymnts on oprating lass with initial or rmaining noncanclabl trms in xcss of on yar ar as follows (dollars in thousands): Contingncis YEAR ENDING JUNE Total Substantial amounts ar rcivd and xpndd by th Univrsity, including its mdical cntrs, undr fdral and stat programs and ar subjct to audit by cognizant govrnmntal agncis. This funding rlats to rsarch, studnt aid, mdical cntr oprations and othr programs. Univrsity managmnt blivs that any liabilitis arising from such audits will not hav a matrial ffct on th Univrsity s or UCLA s sparat financial positions. Th Univrsity is contingntly liabl in connction with crtain othr claims and contracts, including thos currntly in litigation, arising in th normal cours of its activitis. Although thr ar inhrnt uncrtaintis in any litigation, Univrsity managmnt and gnral counsl ar of th opinion that th outcom of such mattrs will not hav a matrial ffct on th Univrsity s or UCLA s sparat financial positions. Th UCLA Annual Financial Rport was prpard by th Corporat Accounting Division of Corporat Financial Srvics and producd by Univrsity Communications of th Univrsity of California, Los Angls with a spcial thanks to Dawn Stzr, Dirctor of Library Communications. MINIMUM ANNUAL LEASE PAYMENTS $ 6,74 3,15 19,953 14,803 10,68 8, $ 104,358 Additional copis of this rport ar availabl from Univrsity of California, Los Angls Corporat Accounting 1090 Wilshir Boulvard, 5th floor, Los Angls, CA Attntion: Trri Kirkman -mail: Art Dirct or/ dsignr, Wanda Dcca. Copy diting, Todd Schindlr. Charts & pis, Valntin Sahlanu. C ourt s y UCLA Library Abov: Gathring coal at Hart Mountain Rlocation Camp, 1945 Blow: A stormy day, Sptmbr 1944 EEstll Ishigo ( ), a Caucasian, voluntarily accompanid hr Japans Amrican husband, Arthur, into intrnmnt camps during World War II. Sh documntd lif at th Hart Mountain Rlocation Camp in Wyoming through hr artwork. Hr collction, hld in th Charls E. Young Rsarch Library Dpartmnt of Spcial Collctions, consists of documnts, rcords, corrspondnc, photographs, paintings, pncil drawings and sktchs, and watrcolor sktchs. Th matrials wr usd by filmmakr Stvn Okazaki to mak Days of Waiting, which won th Acadmy Award for short-subjct documntary in Many of th artworks hav bn digitizd and can b viwd onlin at 46 UCLA ANNUAL F INANCIAL R EPORT

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