SACRED HEART UNIVERSITY, INC. Financial Statements. June 30, 2013 and (With Independent Auditors Report Thereon)

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1 Financial Statements (With Independent Auditors Report Thereon)

2 KPMG LLP 345 Park Avenue New York, NY Independent Auditors Report The Board of Trustees Sacred Heart University, Inc.: We have audited the accompanying financial statements of Sacred Heart University, Inc., which comprise the balance sheets as of, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sacred Heart University, Inc. as of, and the changes in its net assets and its cash flows for the years then ended, in accordance with U.S. generally accepted accounting principles. October 15, 2013 KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative ( KPMG International ), a Swiss entity.

3 Balance Sheets Assets Cash and cash equivalents $ 28,971,268 13,639,305 Accounts receivable: Students, net of allowance of $3,088,913 in 2013 and $3,044,421 in ,191,834 1,356,231 Contributions and other, net (note 3) 3,991,787 3,797,754 Loans to students, net of allowance of $95,907 in 2013 and $97,836 in , ,691 Land held for sale (note 4) 2,700,000 2,700,000 Prepaid expenses 2,016, ,288 Investments (note 4) 124,121, ,572,913 Interest in split-interest agreements 228, ,873 Funds held by bond trustee (notes 4 and 5) 14,715,501 14,512,318 Other assets (note 7) 3,036,339 2,870,393 Land, buildings, and equipment, net (note 6) 195,068, ,251,872 Total assets $ 376,276, ,780,638 Liabilities and Net Assets Liabilities: Accounts payable and accrued liabilities $ 18,752,802 18,270,628 Deferred revenue 21,342,367 8,377,567 Government grants refundable student loans 294, ,527 Bonds and notes payable (note 7) 127,295, ,307,874 Total liabilities 167,684, ,264,596 Net assets (note 8): Unrestricted 182,069, ,036,995 Temporarily restricted 13,921,406 11,351,507 Permanently restricted 12,600,690 12,127,540 Total net assets 208,591, ,516,042 Total liabilities and net assets $ 376,276, ,780,638 See accompanying notes to financial statements. 2

4 Statements of Activities Years ended Changes in unrestricted net assets: Operating revenues: Tuition and fees $ 156,531, ,836,005 Less: University sponsored financial aid (38,272,208) (35,976,294) Externally funded financial aid (2,345,205) (2,751,600) Net tuition and fees 115,913, ,108,111 Auxiliary activities 27,425,461 26,346,430 Less University sponsored financial aid (633,562) (643,489) Net auxiliary activities 26,791,899 25,702,941 Contributions 1,483,833 1,477,604 Investment return, net (note 4) 66,766 86,834 Other, net 4,669,682 4,501,433 Net assets released from restrictions (note 9) 10,364,686 11,021,182 Total operating revenues 159,290, ,898,105 Operating expenses: Instruction 50,338,124 45,911,387 Student services 31,897,432 31,562,272 Academic support 12,769,101 12,574,231 Public service radio station 5,545,351 4,988,057 Auxiliary activities 23,825,339 21,267,577 Institutional supporting services 22,369,172 23,124,555 Total operating expenses 146,744, ,428,079 Increase in unrestricted net assets from operations 12,546,026 14,470,026 Nonoperating activities: Investment return in excess of (less than) amounts used in operations (note 4) 12,486,558 (723,687) Other (notes 7 and 6) (2,151,935) Provisions for land held for sale (note 4) (650,000) Total nonoperating activities 12,486,558 (3,525,622) Increase in unrestricted net assets 25,032,584 10,944,404 3 (Continued)

5 Statements of Activities Years ended Changes in temporarily restricted net assets: Contributions $ 7,493,804 8,151,716 Adjustment of contributions receivable (600,000) Federal grants and contracts 1,393,164 1,100,957 State grants and contracts 1,786,595 2,041,923 Investment return, net (note 4) 2,261,022 (99,927) Net assets released from restrictions (note 9) (10,364,686) (11,021,182) Increase (decrease) in temporarily restricted net assets 2,569,899 (426,513) Changes in permanently restricted net assets: Contributions 469, ,489 Gain (loss) on interest in split-interest agreements 3,658 (1,310) Increase in permanently restricted net assets 473, ,179 Change in net assets 28,075,633 10,680,070 Net assets: Beginning of year 180,516, ,835,972 End of year $ 208,591, ,516,042 See accompanying notes to financial statements. 4

6 Statements of Cash Flows Years ended Cash flows from operating activities: Change in net assets $ 28,075,633 10,680,070 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation 11,369,133 9,644,899 Amortization of deferred financing costs 122, ,937 Write-off of deferred financing costs 2,151,935 Provision for bad debts 44, ,061 Adjustment of contributions receivable 600,000 Provisions for land held for sale 650,000 Net (appreciation) depreciation in fair value of investments (13,431,949) 1,990,671 Contributions for long-term investment (473,150) (1,182,179) Change in interest in split-interest agreements (2,801) 2,227 Changes in operating assets and liabilities: Student accounts receivable 119,905 (358,346) Contributions and other receivables (194,033) (519,763) Prepaid expenses and other assets (1,609,047) 920,951 Accounts payable and accrued liabilities, net of investing amounts (243,956) (935,559) Deferred revenue 12,964,800 2,029,057 Net cash provided by operating activities 36,741,682 26,033,961 Cash flows from investing activities: Additions to land, buildings and equipment (25,186,007) (34,847,899) Disposals of land, buildings and equipment 162,200 Accounts payable and accrued liabilities for construction 726, ,433 Purchases of investments (74,345,591) (64,424,959) Proceeds from sales of investments 76,228,608 59,315,795 Student loans (issued) collected, net (23,112) 9,975 Net cash used in investing activities (22,599,972) (38,967,455) Cash flows from financing activities: Proceeds from notes payable 5,000,000 51,549,213 Change in funds held by bond trustee (203,183) 30,906,335 Principal payments from refinancing and retirement of debt (63,960,395) Principal payments on bonds and notes payable (4,029,859) (3,579,227) Deferred financing costs (35,423) (1,613,925) Contributions for long-term investment 473,150 1,182,179 Government grants refundable student loans (14,432) 32,268 Net cash provided by financing activities 1,190,253 14,516,448 Net increase in cash and cash equivalents 15,331,963 1,582,954 Cash and cash equivalents: Beginning of year 13,639,305 12,056,351 End of year $ 28,971,268 13,639,305 Supplemental information: Interest paid (interest expense: $4,542,017 and $4,549,023; capitalized interest: $0 and $654,787, respectively) $ 4,538,386 4,641,022 See accompanying notes to financial statements. 5

7 (1) The University Sacred Heart University, Inc. (the University) is a Catholic university in New England and offers more than 40 undergraduate, graduate, and doctoral programs on its main campus in Fairfield, Connecticut, and satellites in Connecticut, Luxembourg, and Ireland. More than 6,000 students attend the University s five colleges: the College of Arts & Sciences; the Isabelle Farrington College of Education; the College of Health Professions; University College; and the Association to Advance Collegiate Schools of Business (AACSB) accredited by John F. Welch College of Business. The University is exempt from federal income taxes under Section 501(a), as an organization described in Section 501(c)(3) of the Internal Revenue Code, as amended. Accordingly, it is not subject to income taxes except to the extent it has taxable income from activities that are not related to its exempt purpose. The University recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. No provision for income taxes was required for fiscal 2013 or (2) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting. (b) Net Asset Classifications The University reports information regarding its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted, and permanently restricted. Unrestricted net assets are not restricted by donors, or the donor-imposed restrictions have expired. The University s Board of Trustees has designated a portion of the unrestricted net assets for fixed assets and long-term investment (quasi-endowment). Temporarily restricted net assets contain donor-imposed restrictions that permit the University to use or expend the assets as specified. The restrictions are satisfied either by the passage of time or by action of the University. Permanently restricted net assets contain donor-imposed restrictions that stipulate the resources be maintained permanently, but permit the University to use the income from the resources for either specified or unspecified purposes. Revenues are reported as increases in unrestricted net assets unless their use is limited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets and liabilities are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulation or by law. (c) Measure of Operations In the statements of activities, the University includes in operations all revenue and expenses that are an integral part of its program and supporting activities. Investment return, including net realized and unrealized gains and losses in excess of or less than the University s authorized spending policy, and other nonrecurring activities are recognized as nonoperating activities. 6 (Continued)

8 (d) (e) Cash and Cash Equivalents Cash and cash equivalents include highly liquid short-term investments with initial maturities of three months or less, with the exception of cash and cash equivalents held for long-term investment purposes. Investments Investments (including investments held by bond trustee) are presented in the financial statements at fair value determined on the basis of quoted market prices. The alternative investments, which are not readily marketable, are carried at an estimated fair value using net asset value as provided by the investment manager as a practical expedient. The University reviews and evaluates the value provided by the alternative investment manager. The estimated fair value may differ significantly from the value that would have been used had a ready market for the alternative investment existed. Investment return (including net realized and unrealized gains or losses) is allocated between unrestricted and temporarily restricted net assets, based upon donor-imposed restrictions or the absence thereof. (f) (g) (h) Deferred Revenue The University recognizes revenue from student tuition and fees within the fiscal year in which the academic term is predominantly conducted and unearned revenue from contracts with service providers, which are recognized over the life of the contract. Amounts collected in advance of such revenue recognition are deferred. Land, Buildings, and Equipment Land, buildings, and equipment are recorded at cost on the date of acquisition or fair value on the date of donation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related plant assets as follows: buildings, 30 years; leasehold improvements, 30 years or the term of the lease; land improvements, 20 years; equipment and furniture, 3 or 5 or 7 years; art, 20 years; and library books, 10 years. Contributions Contributions, including unconditional promises to give, are recognized initially at fair value as revenues in the period received. Conditional contributions are recognized as revenue when the conditions on which they depend have been substantially met. The University records contributions as temporarily restricted if they are received with donor stipulations that limit their use through purpose or time restrictions. When donor-imposed restrictions expire, that is, when a purpose restriction is fulfilled or a time restriction ends, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statements of activities as net assets released from restrictions. The fair value of contributions to be received after one year are discounted at an appropriate discount rate commensurate with the risk involved. The inputs to the fair value estimate are considered Level 3 in the fair value hierarchy. In subsequent periods, the discount rate is unchanged and the allowance for uncollectible contributions is reassessed and adjusted as necessary. Amortization of discount is recorded as additional 7 (Continued)

9 contributions revenue in accordance with donor-imposed restrictions, if any, on the contributions. An allowance for uncollectible contributions receivable is provided based upon management s judgment including such factors as prior collection history, type of contribution, and nature of fund-raising activity. Government grants are accounted for as temporarily restricted contributions. Gifts of long-lived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire long-lived assets are reported as restricted support. Absent explicit donor stipulation, the University reports expirations of donor-imposed restrictions when the donated or acquired long-lived assets are placed in service. The University has interests in several charitable remainder trusts and other split-interest agreements. The interests are carried at the present value of the estimated future benefit to be received when the trust assets are distributed. (i) Functional Allocation of Expenses The costs of providing University programs and supporting services have been summarized on the statements of activities. Accordingly, certain costs (depreciation, interest, and operation and maintenance of plant) have been allocated to functional categories based on building square footage or based on the use of debt proceeds. Institutional supporting services include total fund-raising costs of $1,755,631 in fiscal year 2013 and $1,570,392 in fiscal year Fund-raising activities of the University include salaries and employee benefits of program staff that develop proposals for fundraising; solicit contributions for those needs and for endowment purposes from individuals, corporations, government agencies, and foundations; and conduct specific fund-raising events. Fund-raising costs are expensed as incurred. (j) (k) Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements Certain of the University s assets are reported at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three levels of inputs that may be used to measure fair value are as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; as well as those alternative investments (measured at net asset value) that are redeemable on or near the balance sheet date; quotes prices in markets that are not active; or 8 (Continued)

10 other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity, as well as the alternative investments (measured at net asset value) that are not redeemable on or near the balance sheet date. (l) Financial Instruments The carrying amounts of cash equivalents, accounts receivable, and accounts payable and accrued liabilities approximate fair value, due to the short maturity of these financial instruments. The fair value of investments, funds held by bond trustee, land held for sale and long-term debt is discussed elsewhere in these notes. (3) Contributions and Other Receivables Contributions and other receivables as of are summarized as follows: Unconditional promises expected to be collected: Within one year $ 1,139,452 1,151,824 Between one and five years 1,368, ,417 After five years 1,004,000 1,000,000 3,511,954 2,956,241 Less: Allowance for uncollectible amounts (41,324) (32,709) Discount to present value (435,108) (490,384) Net contributions receivable 3,035,522 2,433,148 Other receivables 956,265 1,364,606 $ 3,991,787 3,797,754 Amounts receivable from five donors represented 80% and 86% of gross contributions receivable as of, respectively. 9 (Continued)

11 (4) Investments and Fair Value The following tables present the University s fair value hierarchy for investments, funds held by bond trustees and land held for sale at the balance date at fair value. No liabilities are measured at fair value Level 1 Level 2 Level 3 Total Investments: Money market $ 8,141,618 8,141,618 Equity securities Domestic 68,773,704 68,773,704 Equity securities International 13,699,774 13,699,774 Corporate bonds 3,443,473 3,443,473 Government securities U.S. treasuries 18,244,595 18,244,595 Government securities Mortgage pools 5,558,428 5,558,428 Asset-backed securities 1,686,670 1,686,670 Limited partnerships 4,573,583 4,573,583 Total investments 112,303,164 7,245,098 4,573, ,121,845 Land held for sale 2,700,000 2,700,000 Funds held by bond trustee: Money market 5,132,178 5,132,178 Cash and cash equivalents 9,583,323 9,583,323 Total assets $ 127,018,665 7,245,098 7,273, ,537, (Continued)

12 2012 Level 1 Level 2 Level 3 Total Investments: Money market $ 18,313,029 18,313,029 Equity securities Domestic 62,543,294 62,543,294 Equity securities International 12,261,626 12,261,626 Corporate bonds 4,768,261 4,768,261 Government securities U.S. treasuries 6,370,508 6,370,508 Government securities Mortgage pools 4,812,643 4,812,643 Asset-backed securities 1,707,932 1,707,932 Limited partnership 1,795,620 1,795,620 Total investments 104,256,718 6,520,575 1,795, ,572,913 Land held for sale 2,700,000 2,700,000 Funds held by bond trustee: Money market 5,319,330 5,319,330 Cash and cash equivalents 9,192,988 9,192,988 Total assets $ 118,769,036 6,520,575 4,495, ,785,231 The two Limited Partnerships (totaling $4,573,583 at June 30, 2013) invest in late-stage bankruptcies including liquidation claims, litigation claims, and other situations where there is a defined asset value, recovery mix, and timeline for distribution or monetization. The investments are restricted for three-year terms, ending March 2015 and March 2016 and, as of June 30, 2013, call for additional funding totaling $150,000. The fair value of land held for sale was based on appraisals of the properties. The following tables present the changes in Level 3 investments for the years ended June 30, 2013 and 2012: 2013 Land held Limited for sale Partnerships Total Fair value at beginning of year $ 2,700,000 1,795,620 4,495,620 Purchase of investments 2,278,937 2,278,937 Realized gain 109, ,202 Unrealized gain 441, ,999 Management fees (52,175) (52,175) Fair value at end of year $ 2,700,000 4,573,583 7,273, (Continued)

13 2012 Land held Limited for sale Partnership Total Fair value at beginning of year $ 3,350,000 3,350,000 Purchase of investments 1,400,000 1,400,000 Realized gain 436, ,184 Unrealized loss (650,000) (40,564) (690,564) Fair value at end of year $ 2,700,000 1,795,620 4,495,620 Investment return was as follows for the years ended June 30: 2013 Temporarily Unrestricted restricted Total Investment earnings, net of $852,907 of expenses $ 1,160, ,948 1,382,397 Net appreciation in fair value of investments 11,392,875 2,039,074 13,431,949 Total return on investments 12,553,324 2,261,022 14,814,346 Less portion designated for operations (66,766) (66,766) Nonoperating portion $ 12,486,558 2,261,022 14,747, Temporarily Unrestricted restricted Total Investment earnings, net of $515,204 of expenses $ 1,033, ,263 1,253,891 Net depreciation in fair value of investments (1,670,481) (320,190) (1,990,671) Total return on investments (636,853) (99,927) (736,780) Less portion designated for operations (86,834) (86,834) Nonoperating portion $ (723,687) (99,927) (823,614) 12 (Continued)

14 (5) Funds Held by Bond Trustee In connection with the issuance of Connecticut Housing and Education Facilities Authority (CHEFA) Revenue Bonds (note 7), the University is required to maintain certain funds with a bond trustee. Funds held by the bond trustee as of consisted of the following: Series F: Debt service reserve fund $ 441, ,375 Series G: Debt service reserve fund 5,426,169 5,399,765 Capital construction fund 5,240,710 5,240,185 Series H: Debt service reserve fund 3,446,438 3,222,747 Equity fund 160, ,246 $ 14,715,501 14,512,318 These funds are reported at fair value and are invested in short-term, highly liquid securities, which are considered Level 1 in the fair value hierarchy. (6) Land, Buildings, and Equipment Land, buildings, and equipment consisted of the following at June 30: Land and land improvements $ 28,956,836 23,377,554 Buildings and building and leasehold improvements 218,143, ,619,968 Equipment, furniture, and other 44,497,207 42,808,688 Library books 11,393,829 11,181,410 Construction in progress 14,778,515 6,596,260 Total 317,769, ,583,880 Less accumulated depreciation (122,701,141) (111,332,008) $ 195,068, ,251,872 (7) Bonds and Notes Payable Bonds and notes payable consist of the following as of June 30: CHEFA bonds payable $ 110,906, ,334,341 Notes payable 16,388,674 11,973,533 $ 127,295, ,307, (Continued)

15 (a) CHEFA Bonds Payable Weighted Weighted average Principal average Principal Facility financed Maturity rate balance rate balance CHEFA Series F Residential In installments housing, renovations, and through July 1, equipment 2033 Variable $ 19,045,000 Variable $ 19,460,000 CHEFA Series G Student facilities, land, health and In installments recreational facilities and through July 1, residential housing ,990, ,905,000 CHEFA Series H Residential In installments housing, renovations, and through July 1, equipment ,625, ,740, ,660, ,105,000 Plus net unamortized premium 3,246,865 3,229,341 $ 110,906,865 $ 114,334,341 The fair value of the CHEFA Series F, G, and H Revenue Bonds approximates carrying value at. The fair value of bonds payable was estimated by discounting future cash flows associated with the debt by current market rates for loans with similar maturities and credit quality. The inputs to this estimate fill within Level 2 of the fair value hierarchy. Series F Variable Rate Demand Revenue Bonds In fiscal year 2004, the University issued CHEFA Series F Variable Rate Demand Revenue Bonds in the amount of $21,700,000. The proceeds of these bonds were used to finance construction of Christian Witness Commons (formerly, North Hall) and renovations of classroom and computer infrastructure. The bonds are collateralized by the University s gross receipts, including tuition and room charges derived from the core campus, and a negative mortgage pledge on the core campus. The variable rate bonds are secured by a Letter of Credit. The University was required to establish a debt service fund with a trustee sufficient to cover payments of principal, interest, and sinking fund requirements due on the bonds in any one year (note 5). Series G Revenue Bonds On June 29, 2011, the University issued CHEFA Series G Revenue Bonds in the amount of $43,905,000. The proceeds were used to finance the construction of a new student services building, library renovations, refunding, and defeasance of CHEFA Series C Revenue Bonds, and a repayment of $8,500,000 note payable to Bank of America. 14 (Continued)

16 The University was required to establish a debt service fund with a trustee sufficient to cover payments of principal, interest, and sinking fund requirements due on the bonds in any one year (note 5). To collateralize the CHEFA Series G Revenue Bonds, the University has pledged its gross receipts to CHEFA, created a negative pledge on the core campus and granted a mortgage on a 4-acre property at 4940 Park Avenue, Bridgeport, Connecticut, which includes Roncalli Hall, a 7-acre property at 5252 Park Avenue, Bridgeport, Connecticut, which includes Christian Witness Commons building (formerly, North Hall), and a 4-acre property located at 5401 Park Avenue, Fairfield, Connecticut, adjacent to the main campus. Series H Revenue Bonds On February 14, 2012, the University issued CHEFA Series H Revenue Bonds in the amount of $47,740,000 at a premium of $3.8 million. The proceeds were used for the refunding and defeasance of CHEFA Series E Revenue Bonds. The University was required to establish a debt service fund with a trustee sufficient to cover payments of principal, interest, and sinking fund requirements due on the bonds in any one year (note 5). To collateralize the CHEFA Series H Revenue Bonds, the University has pledged its gross receipts to CHEFA, an open-end mortgage on and security interests in a 4-acre property at 4940 Park Avenue, Bridgeport, Connecticut, which includes Roncalli Hall, a 7-acre property at 5252 Park Avenue, Bridgeport, Connecticut, which includes Christian Witness Commons building (formerly, North Hall), and a 4-acre property located at 5401 Park Avenue, Fairfield, Connecticut, adjacent to the main campus, with a covenant not to further encumber 5151 Park Avenue in Fairfield, Connecticut, except the library, and except for Permitted Encumbrances (the Negative Pledge). (b) Notes Payable Maturity Note payable improvements 2018 $ 5,000,000 Notes payable chapel ,388,674 11,973,533 $ 16,388,674 11,973,533 During fiscal year 2013, the University obtained a $5,000,000 bank note payable for improvements related to the Edgerton Theater at an interest rate of LIBOR plus 0.65% (0.85% at June 30, 2013), and a maturity date in May The balance outstanding at June 30, 2013 is $5,000,000. In connection with financing for a new chapel, the University has two notes payable, each at a fixed interest rate of 3.56% and a maturity date in September The balances outstanding at June 30, 2013 and 2012 total $11,388,674 and $11,973,533, respectively. 15 (Continued)

17 At, the University had three unsecured bank lines of credit totaling $4,000,000 with interest rates of LIBOR plus 1% with a floor of 2.75%, LIBOR plus 0.85%, and LIBOR plus 1.5%. There were no amounts outstanding during fiscal years 2013 and The aggregate amount of principal due in respect to notes and bonds payable at June 30, 2013 is as follows: 2014 $ 5,401, ,466, ,208, ,393, ,495,847 Thereafter 97,082,659 $ 124,048,674 (8) Net Assets Deferred financing costs of $1,939,089 and $2,008,797 at, respectively, are included in other assets on the balance sheets and are being amortized over the terms of the related debt. Pursuant to the CHEFA Bonds issued, the University met the liquidity ratio and debt service coverage ratio as of June 30, Temporarily restricted net assets: Student financial assistance $ 5,907,125 4,847,912 Capital improvements 2,181,431 2,158,349 Time restricted 3,126,942 2,781,100 Instruction 2,549,149 1,525,068 Academic support 156,759 39,078 $ 13,921,406 11,351,507 Permanently restricted net assets endowment funds for which the income is restricted for: Instruction $ 4,371,939 4,302,580 Student financial assistance 8,096,725 7,724,377 Academic support 132, ,583 $ 12,600,690 12,127,540 The University s endowment includes both donor-restricted endowment funds and funds designated by the board of trustees to function as endowment. With respect to donor-restricted endowment funds, the University classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and 16 (Continued)

18 (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified as permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the University, giving consideration to the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1. The duration and preservation of the fund 2. The purposes of the University and the donor-restricted endowment fund 3. General economic conditions 4. The possible effect of inflation and deflation 5. The expected total return from income and the appreciation of investments 6. Other resources of the University 7. The investment policies of the University Endowment net assets consist of the following at June 30, 2013: Temporarily Permanently Unrestricted restricted restricted Total Donor-restricted $ 7,016,149 12,600,690 19,616,839 Board-designated 104,662, ,662,806 Total endowment net assets $ 104,662,806 7,016,149 12,600, ,279,645 Endowment net assets consist of the following at June 30, 2012: Temporarily Permanently Unrestricted restricted restricted Total Donor-restricted $ 5,121,620 12,127,540 17,249,160 Board-designated 95,478,751 95,478,751 Total endowment net assets $ 95,478,751 5,121,620 12,127, ,727, (Continued)

19 Changes in endowment net assets for the year ended June 30, 2013 are as follows: Temporarily Permanently Unrestricted restricted restricted Total Endowment at June 30, 2012 $ 95,478,751 5,121,620 12,127, ,727,911 Investment return 12,619,111 2,266,841 3,658 14,889,610 Contributions 469, ,492 Appropriation for expenditure (372,312) (372,312) Transfer from board-designated funds (4,750,000) (4,750,000) Transfer to create board-designated funds 1,314,944 1,314,944 Endowment at June 30, 2013 $ 104,662,806 7,016,149 12,600, ,279,645 Changes in endowment net assets for the year ended June 30, 2012 are as follows: Temporarily Permanently Unrestricted restricted restricted Total Endowment at June 30, 2011 $ 90,595,403 5,776,128 11,965, ,336,892 Investment return (467,217) (132,649) (1,310) (601,176) Contributions 163, ,489 Appropriation for expenditure (521,859) (521,859) Transfer to create board-designated funds 5,350,565 5,350,565 Endowment at June 30, 2012 $ 95,478,751 5,121,620 12,127, ,727,911 Return Objectives and Risk Parameters The University has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of income, while seeking to maintain the purchasing power of the endowment assets. Under this policy, as approved by the University s Finance Committee of the board of trustees, the endowment assets are invested in a number of different asset classes and investment strategies to diversify the investments to provide a balance that will enhance the long-term total return of the overall investment portfolio while avoiding undue risk or concentration in any single asset class or investment category. The amount available for spending is determined annually by applying a rate (4% for fiscal years 2013 and 2012) to the fair value of the permanently restricted endowment using the average market value for the past twelve quarters through the preceding December 31 provided the market value of the donor-restricted endowment exceeds the endowment contributions previously adjusted for inflation through December 31, Based on the calculation, the appropriation for expenditures was $372,312 for 2013 and $521,859 for (Continued)

20 Funds with Deficiencies From time to time, the fair value of assets associated with an individual donor-restricted endowment fund may fall below the original value of the fund. There were no such deficiencies at. (9) Net Assets Released from Restrictions Net assets were released from donor restrictions due to the passage of time or by incurring expenses satisfying the restricted purposes specified by the donors as follows for fiscal years 2013 and 2012: Unrestricted passage of time $ 629,717 Restricted for specified purposes: Student financial assistance 3,039,038 3,503,285 Instruction 1,260,703 1,072,803 Student services 412, ,935 Public service radio station 5,345,418 4,780,599 Institutional supporting services 99, ,603 Academic support 208, ,240 Total net assets released from restrictions $ 10,364,686 11,021,182 (10) Retirement Benefits The University has a 403(b) defined contribution retirement plan for all employees. The University contributes a defined percentage of a participant s compensation for the purchase of individual annuities (8% for eligible faculty and administrators with a 5% participant contribution and 3% for eligible nonexempt employees). The cost of the plan is funded as accrued through direct payments to qualified carriers. Total contributions made during fiscal years 2013 and 2012 were $3,407,059 and $3,132,101, respectively. (11) Commitments and Contingent Liabilities Effective May 1, 1990, the University extended its lease agreement on approximately 53 acres of land and buildings thereon with the Diocese of Bridgeport for ninety years. In connection with the lease, the University instituted a scholarship program providing for a minimum of $180,000 in tuition benefits per academic year. Actual tuition benefits afforded under the lease agreement in fiscal years 2013 and 2012 were $513,412 and $388,708, respectively. The University entered into a contract with Turner Construction Company on June 4, 2013 to construct an academic building on property owned by the University at 5401 Park Avenue in Fairfield, CT. The contract for the estimated 96,000 square foot building is valued at $42.6 million. 19 (Continued)

21 At June 30, 2013, the University s minimum annual rental commitments under noncancelable operating leases for office space, dormitories, equipment, and automobiles were as follows: 2014 $ 6,321, ,555, ,471, ,369, ,234 Thereafter 691,241 $ 21,983,543 Total rental expense under noncancelable operating leases for fiscal years 2013 and 2012 was $6,699,803 and $7,178,632, respectively. There are various lawsuits and other legal proceedings against the University. Management is of the opinion that the ultimate disposition of such litigation will not have a material adverse effect on the University s financial statements. (12) Subsequent Events In connection with the preparation of the financial statements, the University evaluated subsequent events after the balance sheet date of June 30, 2013 through October 15, 2013, the date the financial statements were issued. The University has determined that there are no subsequent events to disclose. 20

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