Concordia University and Concordia Foundation Nebraska

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1 An Educational Institution of The Lutheran Church-Missouri Synod Accountants Report and Consolidated Financial Statements

2 An Educational Institution of The Lutheran Church Missouri Synod Contents Independent Accountants Report on Consolidated Financial Statements... 1 Consolidated Financial Statements Statements of Financial Position... 2 Statements of Activities... 3 Statements of Cash Flows Independent Accountants Report on Supplementary Information Supplementary Information Consolidating Statements of Financial Position Consolidating Statements of Activities - Unrestricted Consolidating Statements of Activities - Temporarily Restricted Consolidating Statements of Activities - Permanently Restricted... 35

3 Independent Accountants Report on Consolidated Financial Statements Board of Regents Concordia University and Seward, Nebraska We have audited the accompanying consolidated statements of financial position of Concordia University, Nebraska, and its affiliate,, as of, and the related consolidated statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the University s management. 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that 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 Concordia University, Nebraska, and its affiliate, Concordia Foundation Nebraska, as of, 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. September 24, 2012

4 Consolidated Statements of Financial Position Assets Cash and cash equivalents $ 603,148 $ 1,441,453 Receivables Student accounts, net of allowance; $46,000, $44, , ,405 Contributions, net of allowance; $66,127, $63,119 (Note 3) 1,648,903 1,206,078 Bequests 688,995 - Other 102,929 95,350 Prepaid expenses and other assets 365, ,893 Student loans receivable - Perkins loan program, net of allowance; $96,670; $70,350 1,063,832 1,084,815 Long-term investments (Note 4) 35,131,570 34,034,161 Deferred debt acquisition costs 427, ,285 Funds on deposit with bond trustee (Note 12) 1,372,505 1,372,505 Cash surrender value of life insurance policies (Note 5) 622, ,359 Beneficial interest in split interest agreements (Note 6) 2,179,010 2,227,518 Construction in progress (Note 8) 4,151,283 1,439,006 Land, buildings and equipment, net (Note 9) 48,565,854 48,754,708 Beneficial interest in perpetual funds (Note 7) 2,122,279 2,175,180 Total assets $ 99,453,811 $ 95,626,716 See

5 Liabilities and Net Assets Liabilities Accounts payable and other liabilities $ 3,142,562 $ 2,485,496 Line of credit (Note 10) 640,711 - Student housing deposits 376, ,352 Deferred revenue 599, ,590 Asset retirement obligation 626, ,446 Capital lease obligations (Note 11) 554, ,988 Long-term debt (Note 12) 21,560,000 21,950,000 Government grants refundable - Perkins loan program 980,252 1,013,937 Total liabilities 28,480,344 27,918,809 Net Assets Unrestricted net assets, designated 1,863,837 1,559,345 Net investment in property and equipment 34,123,155 28,823,536 Unrestricted net assets, undesignated (18,741,952) (13,952,352) Total unrestricted net assets 17,245,040 16,430,529 Temporarily restricted net assets 20,340,162 20,146,299 Permanently restricted net assets 33,388,265 31,131,079 Total net assets 70,973,467 67,707,907 Total liabilities and net assets $ 99,453,811 $ 95,626,716 2

6 Consolidated Statements of Activities For the Years Ended 2012 Temporarily Permanently Unrestricted Restricted Restricted Total Revenues, Gains and Other Support Tuition and fees $ 30,096,281 $ - $ - $ 30,096,281 Less: Scholarships and grants (13,264,290) - - (13,264,290) Net tuition and fees 16,831, ,831,991 Concordia University System (Note 2) 11,000 50,491-61,491 Government grants - student aid - 413, ,725 Contributions 1,484,564 3,091,166 2,353,050 6,928,780 Interest income - cash and cash equivalents 29, ,635 Investment income 190,372 1,522,569 4,097 1,717,038 Sales and services of auxiliary expenses 5,734, ,734,430 Other income 914, ,542 Change in beneficial interest in split-interest agreements - (3,691) (50,984) (54,675) Change in beneficial interest in perpetual funds - 4,447 7,411 11,858 Gain on sale of property 16, ,296 Net realized and unrealized gains (losses) on investments (69,221) (1,132,860) (56,388) (1,258,469) 25,143,609 3,945,847 2,257,186 31,346,642 Net assets released from restriction 3,751,984 (3,751,984) - - Total revenues, gains and other support 28,895, ,863 2,257,186 31,346,642 Expenses and Losses Educational and general Academic programs Instruction - divisional 8,614, ,614,593 Other instructional programs 106, ,299 Support programs Academic support 2,011, ,011,255 Student services 6,764, ,764,143 Institutional support 5,431, ,431,070 Fund-raising 1,392, ,392,044 Auxiliary enterprises 3,761, ,761,678 Total expenses and losses 28,081, ,081,082 Change in Net Assets 814, ,863 2,257,186 3,265,560 Net Assets, Beginning of Year 16,430,529 20,146,299 31,131,079 67,707,907 Net Assets, End of Year $ 17,245,040 $ 20,340,162 $ 33,388,265 $ 70,973,467 See

7 2011 Temporarily Permanently Unrestricted Restricted Restricted Total $ 28,161,677 $ - $ - $ 28,161,677 (12,081,466) - - (12,081,466) 16,080, ,080,211 40,000 1,091-41, , ,362 1,550,951 2,286,521 1,528,136 5,365,608 28, , ,894 1,267,829 3,735 1,424,458 5,377, ,377, , , ,885 67, ,132-38,460 (200,525) (162,065) 188, ,868 1,234,533 3,702, ,839 5,207,602 25,575,995 7,850,378 1,669,432 35,095,805 2,891,749 (2,891,749) ,467,744 4,958,629 1,669,432 35,095,805 8,227, ,227,567 90, ,328 1,974, ,974,619 6,642, ,642,678 5,236, ,236,771 1,399, ,399,285 3,588, ,588,036 27,159, ,159,284 1,308,460 4,958,629 1,669,432 7,936,521 15,122,069 15,187,670 29,461,647 59,771,386 $ 16,430,529 $ 20,146,299 $ 31,131,079 $ 67,707,907 3

8 Consolidated Statements of Cash Flows Years Ended Operating Activities Change in net assets $ 3,265,560 $ 7,936,521 Items not requiring (providing) operating activities cash flows Depreciation and amortization 2,659,920 2,522,447 Change in asset retirement obligation (103,410) 245,343 Donated stocks (70,347) (222,047) Change in value of beneficial interest in split-interest agreements 54,675 (192,132) Change in value of beneficial interest in perpetual funds (11,858) 162,065 Gain on sale of property (16,296) (188,868) Net realized and unrealized losses (gains) on investments 1,258,469 (5,207,602) Amortization of bond issuance costs 17,143 17,142 Contributions restricted for investment in permanent endowments (2,353,050) (1,528,136) Contributions restricted for buildings and equipment (1,357,424) (853,161) Investment income restricted for reinvestment in permanent endowments (4,097) (3,735) Changes in Student accounts receivable (97,647) 200,947 Contributions receivable, net 77,508 (261,239) Bequests receivable (248,500) - Other receivables (7,579) (58,582) Prepaid expenses and other assets 83,164 (76,959) Cash surrender value of life insurance policies (30,221) (39,897) Beneficial interest in split-interest agreements (6,167) 261,224 Beneficial interest in perpetual funds 64,759 53,765 Accounts payable and other liabilities 43,263 13,397 Student housing deposits (113,928) 65,685 Deferred revenue 39, ,605 Net cash provided by operating activities 3,143,170 2,954,783 Investing Activities Student loans receivable - Perkins loan program Principal repayments 180, ,029 Advances (191,900) (125,950) Net change in government grants refundable - Perkins loan program (1,722) 3,022 Proceeds from sales of land, buildings and equipment 16, ,708 Purchases of land, buildings and equipment (4,569,540) (2,232,377) Proceeds from sale of long-term investments 14,895,747 8,942,674 Purchases of long-term investments (17,181,278) (9,595,880) Net cash used in investing activities (6,851,477) (2,611,774) See 4

9 Consolidated Statements of Cash Flows - Continued Years Ended Financing Activities Proceeds from contributions received restricted for Investment in permanent endowments $ 1,528,407 $ 1,423,200 Acquisition of buildings and equipment 1,221,239 1,319,292 Investment income restricted for reinvestment in permanent endowments 4,097 3,735 Net change in line of credit 640,711 (1,788,866) Principal payments on capital lease obligations (134,452) (60,864) Principal payments on long-term debt (390,000) (370,000) Net cash provided by financing activities 2,870, ,497 Increase (Decrease) in Cash and Cash Equivalents (838,305) 869,506 Cash and Cash Equivalents, Beginning of Year 1,441, ,947 Cash and Cash Equivalents, End of Year $ 603,148 $ 1,441,453 Supplemental Cash Flows Information Interest paid $ 1,120,938 $ 1,161,432 Federal Perkins loan program cancellations & assignments $ 5,643 $ 8,443 Federal Perkins loan program bad debt provision (credit) $ 26,320 $ (37,018) Accounts payable incurred for construction in progress $ 1,406,486 $ 792,683 See 5

10 Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Concordia University (the University), a Nebraska not-for-profit corporation, is a private, Lutheran liberal arts educational institution operated under the auspices of The Lutheran Church-Missouri Synod (the Synod), which establishes broad operating and financial policies through Concordia University System (CUS). The University s Board of Regents is responsible for the management of the University. The LCMS Foundation, an affiliate of the Synod, holds and administers various trusts and investments for the University. Revenues are derived principally from the University s educational programs in the form of tuition and fees. Auxiliary enterprise revenues include income primarily from student housing, food services, conventions and conferences, and publications. Accordingly, the auxiliary enterprise expenses include all costs incurred in providing these services. (the Foundation) is a Nebraska not-for-profit organization formed to promote the University through solicitation of funds to encourage various activities of the University and to administer gifts and bequests given to it by donors for purposes of supporting the educational and religious objectives of the University. The Foundation is administered by a Board of Directors, which is approved by the Board of Regents of the University. Principles of Consolidation The consolidated financial statements include the accounts of the University and the Foundation. All material transactions and balances between the University and the Foundation have been eliminated in the consolidated financial statements. Basis of Presentation The consolidated financial statements, which are presented on the accrual basis of accounting, have been prepared to focus on the University as a whole and to present balances and transactions according to the existence or absence of donor-imposed restrictions. This has been accomplished by classification of net assets and transactions into three classes as follows: Permanently Restricted Net Assets - Net assets subject to donor-imposed stipulations that they be maintained permanently by the University. Generally, the donors of these assets permit the University to use all or part of the income earned on related investments for general or specific purposes. Temporarily Restricted Net Assets - Net assets subject to donor-imposed stipulations that will be met by action of the University and/or the passage of time. Unrestricted Net Assets - Net assets not subject to donor-imposed stipulations. 6

11 Note 1: Nature of Operations and Summary of Significant Accounting Policies - Continued Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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, expenses, gains, losses and other changes in net assets during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The University considers all highly liquid investments, except for those held for long-term investment, with a maturity of three months or less to be cash equivalents. Cash and cash equivalents do not include investments the University has both the ability and intent to hold longterm. At, cash and cash equivalents included an account with the Lutheran Church Extension Fund which had a balance of $259,642 and $598,542 at, respectively. Pursuant to legislation enacted in 2010, the FDIC will fully insure all non-interest bearing transaction accounts beginning December 31, 2010 through December 31, 2012, at all FDICinsured institutions. Effective July 21, 2010, the FDIC s insurance limits were permanently increased to $250,000 for interest-bearing cash accounts. At June 30, 2012, the University s interest-bearing cash accounts exceeded federally insured limits by $494,118. Student Accounts and Loans Receivable Student accounts receivable are carried at the unpaid balance of the original amount billed to students and student loans receivable are carried at the amount of unpaid principal. Both receivables are reported net of an allowance for doubtful accounts. Management determined the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. Student accounts and loans receivable are written-off when deemed uncollectible. Recoveries of student accounts and loans receivable previously written-off are recorded when received. Receivables are generally unsecured. 7

12 Note 1: Nature of Operations and Summary of Significant Accounting Policies - Continued Student Accounts and Loans Receivable - Continued After a student is no longer enrolled in an institution of higher education and after the grace period, interest is charged on Perkins student loans receivable and is recognized as it is collected. Perkins student loans receivable are considered to be past due if a payment is not made by the payment due date. Late charges are assessed when a loan becomes 30 days or more past due and are recognized when collected. The Perkins Loan Program receivables may be assigned to the U.S. Department of Education. Students may be granted a deferment, forbearance or cancellation of their student loan receivable based on eligibility requirements defined by the U.S. Department of Education. Bequests Receivable The University recognizes bequests receivable when the probate court declares the will valid and the fair value of the University s interest in the estate is measurable. Contributions Receivable Unconditional promises to give that are expected to be collected within one year are recognized as support and recorded as a receivable at their net realizable value. Unconditional promises to give that are expected to be collected in future years are recorded at the present value of their estimated future cash flows, discounted at an appropriate interest rate. Conditional gifts depend on the occurrence of a specified future and uncertain event to bind the potential donor and are recognized as assets and revenue when the conditions are substantially met and the gift becomes unconditional. Investments and Investment Return Investments in equity securities having a readily determinable fair value and in all debt securities are carried at fair value. The fair value of alternative investments has been estimated using the net asset value per share of the investments. Other investments are valued at the lower of cost (or fair value at time of donation, if acquired by contribution) or fair value. Investment return includes dividend, interest and other investment income; realized and unrealized gains and losses on investments carried at fair value; and realized gains and losses on other investments. Investment return that is initially restricted by donor stipulation and for which the restriction will be satisfied in the same year is recorded in temporarily restricted net assets and then released from restriction. Other investment return is reflected in the statements of activities as unrestricted, temporarily restricted or permanently restricted based upon the existence and nature of any donor or legally imposed restrictions. 8

13 Note 1: Nature of Operations and Summary of Significant Accounting Policies - Continued Investments and Investment Return - Continued The University maintains pooled investment accounts for its endowments. Investment income and realized and unrealized gains and losses from securities in the pooled investment accounts are allocated monthly to the individual endowments based on the relationship of the fair value of the interest of each endowment to the total fair value of the pooled investments accounts, as adjusted for additions to or deductions from those accounts. Land, Buildings and Equipment Land, buildings, improvements and equipment are recorded at cost at the date of acquisition or at fair value at the date of gift, less accumulated depreciation. Normal repair and maintenance expenses are charged to operations as incurred. The University capitalizes land, buildings and equipment expenditures in excess of $5,000. Title to land and buildings is principally in the name of the University or Foundation. Assets under capital lease obligations and leasehold improvements are depreciated over the shorter of the lease term or their respective estimated useful lives. Buildings, improvements and equipment are depreciated using the straight-line method over the following estimated useful lives: Buildings Building and other improvements Equipment Library materials 20 to 60 years 3 to 40 years 3 to 10 years 20 years Long-lived Asset Impairment The University evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset is less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value. No asset impairment was recognized during the years ended. Deferred Revenue Certain revenue related to education programs is deferred and recognized as revenue in the same period expenses are recognized. Students are generally billed for courses prior to the start of the course. 9

14 Note 1: Nature of Operations and Summary of Significant Accounting Policies - Continued Asset Retirement Obligations Asset retirement obligations are estimated costs and obligations associated with the retirement of long-lived assets. These liabilities were initially recorded at fair value with a respective increase to the related long-lived assets. Asset retirement costs are subsequently accreted over the useful lives of the related assets. Government Grants Refundable Perkins Loan Program Funds provided by the United States Government under the Federal Perkins Loan Program are loaned to qualified students and may be reloaned after collections. These funds are ultimately refundable to the government and are included as liabilities in the statements of financial position. Contributions Gifts of cash and other assets received without donor stipulations are reported as unrestricted revenue and net assets. Gifts received with a donor stipulation that limits their use are reported as temporarily or permanently restricted revenue and net assets. When a donor stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Gifts and investment income that are originally restricted by the donor and for which the restriction is met in the same time period are recorded as temporarily restricted and then released from restriction. Gifts of land, buildings, equipment and other long-lived assets are reported as unrestricted revenue and net assets unless explicit donor stipulations specify how such assets must be used, in which case the gifts are reported as temporarily or permanently restricted revenue and net assets. Gifts received for construction of new buildings and building remodeling are released over the life of the project upon it being placed in service. Contributed Services Contributed services are recognized as revenue at their estimated fair value only when the services received create or enhance nonfinancial assets or require specialized skills possessed by the individuals providing the service and the service would typically need to be purchased if not donated. 10

15 Note 1: Nature of Operations and Summary of Significant Accounting Policies - Continued Grants to Specified Students Amounts received under federal grant programs designated for the benefit of specified students are considered agency transactions and, therefore, are not reflected as revenues and expenses of the University. The amounts of such grants were $1,309,717 and $1,556,958 respectively, for the years ended. Income Tax Status The University is exempt from income taxes under Section 501 of the Internal Revenue Code and a similar provision of state law. However, the University is subject to federal income tax on any unrelated business taxable income. The University files tax returns in the U.S. federal jurisdiction. With a few exceptions, the University is no longer subject to U.S. federal examinations by tax authorities for years before Advertising Expenses Advertising expenses approximated $148,600 and $166,400 for the years ended June 30, 2012 and 2011, respectively. Advertising costs are expensed when incurred. Functional Allocation of Expenses The costs of supporting the various programs and other activities have been summarized on a functional basis in the statements of activities. Accordingly, certain expenses have been allocated among the programs and supporting services benefited. Transfers Between Fair Value Hierarchy Levels Transfers in and out of Level 1 (quoted market prices), Level 2 (other significant observable inputs) and Level 3 (significant unobservable inputs) are recognized on the period ending date. Note 2: Concordia University System - Related Party The University did not have any funds on deposit with CUS at June 30, 2012 or However, during 2012 and 2011, funds were held in an account which earned interest on the daily balance in the account. During the years ended, interest earned on this account totaled $11,669 and $17,376, respectively, which is included in the consolidated statements of activities as interest income on cash and cash equivalents. 11

16 Note 2: Concordia University System - Related Party - Continued The University also has a line of credit with CUS. See Note 10 for additional information regarding this line of credit. CUS contributes to the University s support ($61,491 in 2012 and $41,091 in 2011) in the form of an operating subsidy and specific grants. CUS, through a related Foundation, also administers the majority of split interest agreements and perpetual funds held for the benefit of the University and the Foundation. Note 3: Contributions Receivable Contributions receivable include the following unconditional promises to give at June 30: Unrestricted 2012 Temporarily Restricted Permanently Restricted Total Due within one year $ 44,372 $ 369,827 $ 179,747 $ 593,946 Due in one to five years 91, , ,911 1,207,661 Due in more than five years - 29,250 1,900 31, ,717 1,094, ,558 1,832,757 Less Allowance for uncollectible contributions (12,565) (32,257) (21,305) (66,127) Unamortized discount (7,870) (64,955) (44,902) (117,727) $ 115,282 $ 997,270 $ 536,351 $ 1,648,903 Unrestricted 2011 Temporarily Restricted Permanently Restricted Total Due within one year $ 30,409 $ 786,370 $ 51,600 $ 868,379 Due in one to five years 3, , , ,118 Due in more than five years - 13,200 2,500 15,700 33,426 1,102, ,230 1,309,197 Less Allowance for uncollectible contributions (19,229) (34,614) (9,276) (63,119) Unamortized discount (147) (28,102) (11,751) (40,000) Discount rates range from 4.375% to 6.625%. $ 14,050 $ 1,039,825 $ 152,203 $ 1,206,078 12

17 Note 4: Long-Term Investments The University had the following long-term investments at June 30: Mutual funds Fixed income $ 11,245,161 $ 9,360,819 Large/Mid cap 1,385,014 1,388,283 Small cap 345,294 1,789,791 International equities 4,333,630 6,604,246 Real estate investment trusts 2,193,662 2,031,668 Commodities 2,770,556 3,427,172 Equities 1,712,656 1,765,381 Exchange traded funds 3,724,281 3,867,327 Money market fund 17,525 1,179 Funds of hedge funds 6,942,271 3,291,865 LCMS Foundation Moderate balanced fund 349, ,153 Annuity contracts 103, ,125 Other 9,029 22,152 $ 35,131,570 $ 34,034,161 Total investment return is comprised of the following: Interest and dividend income $ 1,746,673 $ 1,452,971 Realized gains (losses) 1,090,602 (96,331) Unrealized gains (losses) (2,225,947) 5,416,327 Investment expenses (123,124) (112,394) $ 488,204 $ 6,660,573 Net realized and unrealized gains (losses) on investments reflected in the consolidated statements of activities are shown net of related investment management fees. 13

18 Note 4: Long-Term Investments - Continued Alternative Investments The University s alternative investments are in two funds which employ the fund of hedge funds approach. The fair value of the investments of $6,942,271 and $3,291,865 at June 30, 2012 and 2011, respectively, has been estimated by multiplying the University s ownership interest in each respective fund by the net asset value (NAV) of each fund. The funds investment objectives are to generate a superior absolute and risk-adjusted rate of return, with low performance volatility and low correlation with global equity and fixed-income markets, over a full market cycle; and to preserve capital during challenging market environments. The funds pursue multiple strategies to diversify risks and reduce volatility. On a quarterly basis with 65 to 70 days prior notification, the University may redeem all or any portion of its capital account at each fund s NAV, subject to the redemption provisions of underlying investment funds in which the funds are invested and to audit contingency and other customary reserves. At June 30, 2012, the University has no unfunded commitments to these investments. Note 5: Cash Surrender Value of Life Insurance Policies The University is designated as both the owner and beneficiary of flexible premium adjustable life insurance policies which were received as donations. At, the insurance coverage aggregated $2,519,698 and $2,543,727, respectively, and the cash surrender value totaled $622,580 and $592,359, respectively. Premium payments are required to be made by the donor to continue coverage to the maturity dates. Note 6: Beneficial Interest in Split Interest Agreements Beneficial interest in split interest agreements consist primarily of irrevocable charitable remainder trusts and charitable gift annuities. The assets associated with such agreements are held by the LCMS Foundation and Cattle National Bank and Trust Co., third-party trustees. Contributions are recognized at the dates the agreements become irrevocable to the University and are recorded at the present value of the estimated future benefits to be received when the assets are distributed to the University. The valuations of the agreements held by LCMS are calculated by the LCMS Foundation. The valuation of the agreement held at Cattle National Bank and Trust Co. is calculated by the University. The agreements are revalued annually, and any resulting actuarial gain or loss is reflected in the consolidated statements of activities as a change in beneficial interest in split-interest agreements. 14

19 Note 7: Beneficial Interest in Perpetual Funds Beneficial interest in perpetual funds are funds held primarily by the LCMS Foundation, a thirdparty trustee, and consist of irrevocable trusts and endowments from which the University is to receive the income in perpetuity. The principal is held in trust by the LCMS Foundation and will never revert to the University. The perpetual stream of income is viewed by the University as promises to give by the individuals who established the trusts and has been recorded at the fair value of the trusts at, which closely approximates the estimated net present value of the perpetual income stream. Given the nature of the promises, the University recorded these contributions as permanently restricted net assets. Income received is recorded as either unrestricted or temporarily restricted activity based on the presence or absence of donor restrictions. Increases or decreases in the fair value of the trust assets are recorded in the consolidated statements of activities as a change in beneficial interest in perpetual funds. Note 8: Construction in Progress At June 30, 2012, the following projects were in progress: Estimated Total Cost Cost to Date Funding Plan Wellness Center and PE Renovation - Phase 3 $ 10,098,626 $ 2,627,925 Gifts David Hall renovation 1,125, ,962 Operations Computer equipment/software 350, ,596 Operations Campus Center remodel 960, ,409 Operations Scoreboard 190,000 1,750 Gifts/Operations Building improvements 365, ,641 Operations At June 30, 2011, the following projects were in progress: $ 4,151,283 Wellness Center and PE Renovation - Phase 3 $ 10,098,626 $ 292,675 Gifts David Hall renovation 849, ,450 Operations Computer equipment 636, ,450 Operations Campus Center remodel 358, ,655 Operations Building improvements 553, ,776 Gifts/Operations $ 1,439,006 15

20 Note 9: Land, Buildings and Equipment Land, buildings and equipment and the related accumulated depreciation amounts are as follows: Land $ 940,972 $ 940,972 Buildings 63,103,223 61,657,356 Building and other improvements 6,299,548 6,425,396 Equipment 9,913,010 10,652,010 Library materials 1,588,908 1,605,857 81,845,661 81,281,591 Less accumulated depreciation 33,279,807 32,526,883 $ 48,565,854 $ 48,754,708 Note 10: Line of Credit The University has a $2,715,928 line of credit available for short-term cash flow purposes with CUS expiring June 30, At June 30, 2012, the outstanding borrowing under this agreement was $640,711. No amount was outstanding at June 30, Interest accrues at a variable rate which was 4.50% and 5.00% at, respectively, and is payable monthly. Amounts drawn on this line of credit must be repaid in full for a period of net less than 30 days beginning on or about September 15 and February 1. Note 11: Capital Lease Obligations The University is leasing a pipe organ over five years. In addition, as of June 30, 2011, the University was leasing various pianos under leases that were paid in full during The University is obligated to pay costs of insurance, taxes, repairs and maintenance pursuant to the terms of the leases. Equipment includes the following under capital leases at June 30: Equipment $ 720,550 $ 841,391 Less accumulated depreciation (112,886) (126,873) $ 607,664 $ 714,518 16

21 Note 11: Capital Lease Obligations - Continued Capital lease obligations consist of the following at June 30: Capital lease obligations, at an implicit rate of 10.41%, payable in yearly installments of $7,959 through August 2016 and $10,173 through April 2017 $ - $ 78,011 Capital lease obligations, at an implicit rate of 7.79%, payable in semi-annual installments of $54,572 and a balloon payment of $447,894 in November , ,977 $ 554,536 $ 688,988 At June 30, 2012, the University had the following minimum commitments by fiscal year for payment of rentals under the capital leases: 2013 $ 109, , , ,184 Less amount representing interest (111,648) Present value of future minimum lease payments $ 554,536 Note 12: Long-Term Debt The University had the following long-term debt outstanding at June 30: Nebraska Educational Finance Authority (NEFA) Revenue Bonds Series $ 21,560,000 $ 21,950,000 17

22 Note 12: Long-Term Debt - Continued During the year ended June 30, 2007, the University entered into an agreement with NEFA to issue $22,670,000 in revenue bonds (Series 2007). The bond proceeds were used to finance the construction of the HHPAC Facility and to pay off the NEFA Series 2005 bonds. Under the terms of the bond indenture, interest is payable semiannually on April and October 1 of each year. Coupon rates range from 4.25% to 5.00%. The principal portion is due annually on October 1 and the bonds are scheduled to mature on October 1, The bonds are secured by substantially all of the University s unrestricted receipts, revenues and income, inclusive of CUS payments received. Bonds due on or after October 1, 2016 are subject to optional redemption on October 15, 2015 and on any date thereafter at par plus accrued interest to the date of redemption. The bond indenture requires a debt service reserve fund. At both, funds set aside for future principal and interest payments on deposit with the bond trustee total $1,372,505. The agreement also requires that some restrictive and financial covenants be met, including a debt service coverage ratio of at least 1.15 or a liquidity ratio of not less than For the years ended, interest expense of $1,044,290 and $1,063,540, respectively, was included in the consolidated statements of activities as institutional support expense. Future minimum principal payments at June 30, 2012, are as follows: 2013 $ 410, , , , ,000 Thereafter 19,310,000 $ 21,560,000 Note 13: Net Assets Unrestricted Net Assets - Designated For the years ended, the Board of Regents designated unrestricted net assets of $1,863,837 and $1,559,345, respectively, to be used for quasi-endowments for student financial aid purposes, general use and support programs. 18

23 Note 13: Net Assets - Continued Temporarily Restricted Net Assets Temporarily restricted net assets at June 30 are available for the following purposes or periods: Purpose Restrictions Academic programs Instruction - divisional $ 121,130 $ 111,730 Other instructional programs 259, ,282 Support programs Academic support 258, ,306 Student services 254, ,969 Institutional support 770, ,894 Auxiliary enterprises 153,095 81,656 Scholarship allowances (student aid) 4,381,159 5,045,456 Fixed asset acquisitions 12,531,096 11,939,554 18,730,406 18,878,847 Time Restrictions 1,609,756 1,267,452 $ 20,340,162 $ 20,146,299 Permanently Restricted Net Assets Permanently restricted net assets at June 30 are restricted to: Academic programs Instruction - divisional $ 450,000 $ 250,000 Other instructional programs 223, ,227 Support programs Academic support 788, ,388 Student services 529, ,295 Institutional support 590, ,572 Scholarship allowances (student aid) 29,909,212 27,976,524 Unrestricted operations 897, ,073 $ 33,388,265 $ 31,131,079 19

24 Note 13: Net Assets - Continued Net Assets Released from Restrictions Net assets were released from temporary donor restrictions during the years ended June 30, 2012 and 2011 by incurring expenses satisfying the restricted purposes or by occurrence of events specified by the donors as follows: Purpose restrictions accomplished Academic programs Instruction - divisional $ 104,542 $ 148,859 Support programs Academic support 29,833 34,698 Student services 88,930 47,312 Institutional support 237, ,912 Auxiliary enterprises 8,963 27,426 Scholarship allowances (student aid) 2,346,201 1,974,132 Fixed asset acquisitions 791, ,343 3,607,427 2,710,682 Expiration of time restrictions 144, ,067 $ 3,751,984 $ 2,891,749 Note 14: Endowment The University s endowment consists of approximately 350 individual funds established for a variety of purposes. The endowment includes both donor-restricted endowment funds and funds designated by the governing body to function as endowments (board-designated endowment funds). As required by accounting principles generally accepted in the United States of America (GAAP), net assets associated with endowment funds, including board-designated endowment funds, are classified and reported based on the existence or absence of donor-imposed restrictions. The University s governing body has interpreted the State of Nebraska Prudent Management of Institutional Funds Act (SPMIFA) as requiring preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, 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 (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 donor-restricted endowment funds is 20

25 Note 14: Endowment - Continued classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the University in a manner consistent with the standard of prudence prescribed by SPMIFA. In accordance with SPMIFA, the University considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1. Duration and preservation of the fund 2. Purposes of the University and the fund 3. General economic conditions 4. Possible effect of inflation and deflation 5. Expected total return from investment income and appreciation or depreciation of investments 6. Other resources of the University 7. Investment policies of the University The composition of net assets by type of endowment fund at, was: 2012 Temporarily Permanently Unrestricted Restricted Restricted Total Donor-restricted endowment funds $ (21,921) $ 4,281,801 $ 30,434,193 $ 34,694,073 Board-designated endowment funds 1,863, ,000-2,108,837 $ 1,841,916 $ 4,526,801 $ 30,434,193 $ 36,802, Temporarily Permanently Unrestricted Restricted Restricted Total Donor-restricted endowment funds $ (17,601) $ 4,962,366 $ 28,119,266 $ 33,064,031 Board-designated endowment funds 1,559, ,559,345 $ 1,541,744 $ 4,962,366 $ 28,119,266 $ 34,623,376 21

26 Note 14: Endowment - Continued Changes in endowment net assets for the years ended, were: 2012 Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ 1,541,744 $ 4,962,366 $ 28,119,266 $ 34,623,376 Investment return Investment income 94,319 1,483,784 4,082 1,582,185 Net depreciation (61,693) (1,132,363) (56,388) (1,250,444) Total investment return 32, ,421 (52,306) 331,741 Contributions 263, ,000 2,367,233 2,951,116 Appropriations of endowment assets for expenditure (60,576) (1,106,986) - (1,167,562) Transfers 64, ,239 Endowment net assets, end of year $ 1,841,916 $ 4,526,801 $ 30,434,193 $ 36,802,910 22

27 Note 14: Endowment - Continued 2011 Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ 240,867 $ 1,006,424 $ 26,196,729 $ 27,444,020 Investment return Investment income 71,499 1,225,017 3,704 1,300,220 Net appreciation 1,185,637 3,710, ,839 5,167,467 Total investment return 1,257,136 4,936, ,543 6,467,687 Contributions 48,377 20,025 1,320,010 1,388,412 Appropriations of endowment assets for expenditure (62,629) (1,000,091) - (1,062,720) Transfers 57, , ,977 Endowment net assets, end of year $ 1,541,744 $ 4,962,366 $ 28,119,266 $ 34,623,376 Amounts of donor-restricted endowment funds classified as permanently and temporarily restricted net assets at, consisted of: Permanently restricted net assets - portion of perpetual endowment funds required to be retained permanently by explicit donor stipulation or SPMIFA Temporarily restricted net assets Term endowment funds Portion of perpetual endowment funds subject to a time restriction under SPMIFA With purpose restrictions $ 30,434,193 $ 28,119,266 $ 261,870 $ 195,757 4,019,931 4,766,609 $ 4,281,801 $ 4,962,366 23

28 Note 14: Endowment - Continued From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level the University is required to retain as a fund of perpetual duration pursuant to donor stipulation or SPMIFA. In accordance with GAAP, deficiencies of this nature are reported in unrestricted net assets and aggregated $21,921 and $17,601 at June 30, 2012 and 2011, respectively. These deficiencies resulted from unfavorable market fluctuations that occurred shortly after investment of new permanently restricted contributions and continued appropriation for certain purposes that was deemed prudent by the governing body. Subsequent gains that restore the fair value of the asset of the endowment fund to the required level will be classified as an increase in unrestricted net assets. The University has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs and other items supported by its endowment while seeking to maintain the purchasing power of the endowment. Endowment assets include those assets of donor-restricted endowment funds the University must hold in perpetuity or for donor-specified periods, as well as those of board-designated endowment funds. Under the University s policies, endowment assets are invested in a manner that is intended to produce results to achieve an annualized total return (net of fees and expenses), through appreciation and income, equal to or greater than the rate of inflation plus any spending thus, at a minimum maintaining the purchasing power of the Endowment. The assets are to be managed in a manner that will meet the primary investment objective, while at the same time attempting to limit volatility in year-to-year spending. The University expects its endowment funds to provide an average rate of return over time of approximately 5% annually over the rate of inflation. 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 current yield (investment income such as dividends and interest) and capital appreciation (both realized and unrealized). The University targets a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints. The University has a policy (the spending policy) of appropriating for expenditure each year no more than 5% of its endowment fund s average fair value over the prior 12 quarters through the year end preceding the year in which expenditure is planned. In establishing this policy, the University considered the long-term expected return on its endowment. Accordingly, over the long term, the University expects the current spending policy to allow its endowment to grow at an average of 3% annually. This is consistent with the University s objective to maintain the purchasing power of endowment assets held in perpetuity or for a specified term, as well as to provide additional real growth through new gifts and investment return. 24

29 Note 15: Operating Lease The University has a noncancellable operating lease for classroom space that expires August This lease does not contain a renewal option and requires the University to pay all executory costs (property taxes, maintenance and insurance). Future minimum lease payments at June 30, 2012, were: 2013 $ 128, , , , ,350 Later years 145,350 $ 855,000 Rent expense was $154,772 and $145,690 in 2012 and 2011, respectively. Note 16: Benefit Plans The University participates in Concordia Plan Service s defined contribution and defined benefit plans of the Synod. Substantially all full-time employees are covered by these retirement and survivor programs. The University s contributions to these plans are based on a percentage of each employee s compensation as determined by Concordia Plan Services. Retirement and survivor program expenses for the years ended, totaled $945,807 and $890,623, respectively. Note 17: Allocation of Expenses The University allocated the following expenses to program and support functions for the years ended June 30: Operation and maintenance of plant $ 3,393,157 $ 3,465,807 Depreciation 2,659,920 2,522,447 Interest 1,120,938 1,161,432 $ 7,174,015 $ 7,149,686 25

30 Note 18: Disclosures About Fair Value of Assets and Liabilities ASC Topic 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also specifies a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 Quoted prices in active markets for identical assets or liabilities Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying statements of financial position, as well as the general classification of such assets pursuant to the valuation hierarchy. Investments Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include various types of mutual funds, equity securities, money market funds and exchange traded funds. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, discounted cash flows or net asset value. Level 2 securities include the University s interest in pooled investments held at LCMS Foundation and the funds of hedge funds. Funds on Deposit with Bond Trustee The funds restricted for debt service are held in a guaranteed investment contract. Fair value of this contract is based on the discounted cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer. Therefore, this contract is classified within Level 2 of the hierarchy. 26

31 Note 18: Disclosures About Fair Value of Assets and Liabilities - Continued Beneficial Interest in Split Interest Agreements Fair value is measured based on the discounted cash flows of the expected income derived from the University s interest in the trusts. Due to the nature of the valuation inputs, these interests are classified in Level 2 of the hierarchy. Beneficial Interest in Perpetual Funds Fair value is estimated at the present value of the future distributions expected to be received over the term of the agreement. Due to the nature of the valuation inputs, the interest is classified within Level 2 of the hierarchy. The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated statements of financial position measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2012 and 2011: 2012 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Mutual funds Fixed income $ 11,245,161 $ 11,245,161 $ - $ - Large/Mid cap 1,385,014 1,385, Small cap 345, , International equities 4,333,630 4,333, Real estate investment trusts 2,193,662 2,193, Commodities 2,770,556 2,770, Equities 1,712,656 1,712, Exchange traded funds 3,724,281 3,724, Money market fund 17,525 17, Funds of hedge funds 6,942,271-6,942,271 - Pooled funds at LCMS Foundation 349, ,366 - Funds on deposit with bond trustee 1,372,505-1,372,505 - Beneficial interest in split interest agreements 2,179,010-2,179,010 - Beneficial interest in perpetual funds 2,122,279-2,122,279-27

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