| | |
|---|---|---|
Current assets | ||
Unrestricted cash and cash equivalents (Note 3) | $51,380,071 | $46,623,061 |
Restricted cash and cash equivalents (Note 3) | 7,485,466 | 11,885,061 |
Unrestricted short-term investments (Note 4) | 222,361,933 | 173,661,880 |
Restricted short-term investments (Note 4) | 84,582,493 | 120,854,988 |
Accounts receivable, net (Note 5) | 100,624,536 | 86,442,994 |
Current portion of notes receivable, net (Note 5) | 3,511,833 | 3,090,073 |
Current portion of student loans receivable (Note 5) | 2,070,459 | 2,017,156 |
Current portion of pledges receivable (Note 5) | 4,344,380 | 5,980,201 |
Inventories | 7,734,921 | 8,116,943 |
Prepaid expenses and unearned scholarships | 99,224,430 | 89,343,468 |
Other current assets | 1,128,541 | 1,043,890 |
Total current assets | 584,449,063 | 549,059,715 |
Noncurrent assets | ||
Restricted cash and cash equivalents (Note 3) | 2,753,537 | 2,605,325 |
Endowment and life income investments (Note 4) | 785,374,066 | 683,226,537 |
Investments for capital activities (Note 4) | 426,683,893 | 266,214,793 |
Other long-term investments (Note 4) | 297,559,736 | 300,014,009 |
Notes receivable, net (Note 5) | 158,718,645 | 149,602,153 |
Student loans receivable, net (Note 5) | 9,720,308 | 9,334,314 |
Pledges receivable, net (Note 5) | 13,637,319 | 14,479,193 |
Capital assets, net (Note 6) | 1,983,596,717 | 1,904,412,183 |
Other noncurrent assets | 10,131,151 | 9,654,766 |
Total noncurrent assets | 3,688,175,372 | 3,339,543,273 |
Total assets | 4,272,624,435 | 3,888,602,988 |
Deferred outflows of resources | ||
Debt refundings (Note 7) | 14,024,748 | 13,657,223 |
Pension obligations (Note 9) | 144,365,221 | 112,583,201 |
Total deferred outflows of resources | 158,389,969 | 126,240,424 |
| Total assets and deferred outflows of resources | $4,431,014,404 | $4,014,843,412 |
Current liabilities | ||
Accounts payable and accrued liabilities | $144,556,466 | $130,161,415 |
Current portion of unearned revenue | 304,119,075 | 267,883,095 |
Deposits | 113,330,935 | 156,694,155 |
Current portion of long-term debt (Note 7) | 32,336,590 | 24,936,126 |
Total current liabilities | 594,343,066 | 579,674,791 |
Noncurrent liabilities | ||
Federal advances - loan funds | 9,691,088 | 8,927,863 |
Other liabilities | 5,193,510 | 5,781,756 |
Unearned revenue | 5,927,827 | 7,675,248 |
Long-term debt, net (Note 7) | 1,041,305,641 | 926,085,211 |
Pension liability (Note 9) | 623,398,000 | 572,814,000 |
Total noncurrent liabilities | 1,685,516,066 | 1,521,284,078 |
Total liabilities | 2,279,859,132 | 2,100,958,869 |
Deferred inflows of resources (Note 9) | 16,054,000 | 3,103,000 |
Net position | ||
Net investment in capital assets | 1,076,735,303 | 1,002,586,271 |
Restricted | ||
Nonexpendable | 431,499,195 | 399,742,094 |
Expendable | 386,414,207 | 318,828,906 |
Unrestricted | 240,452,567 | 189,624,272 |
Total net position | 2,135,101,272 | 1,910,781,543 |
| Total liabilities, deferred inflows of resources and net position | $4,431,014,404 | $4,014,843,412 |
| See accompanying notes to financial statements. |
| | |
|---|---|---|
Operating revenues | ||
Tuition and fees | $719,840,321 | $692,223,046 |
Less: scholarship allowances | (237,079,280) | (215,490,955) |
Tuition and fees, net | 482,761,041 | 476,732,091 |
Grants and contracts (Note 12) | ||
Federal | 40,416,650 | 41,906,976 |
State | 31,261,415 | 31,590,157 |
Local | 1,016,793 | 759,374 |
Private | 3,836,612 | 5,174,452 |
Sales and services of educational activities | 12,776,616 | 12,619,542 |
Auxiliary sales & services, net of $6,466,509 in 2017 | ||
| and $9,181,123 in 2016 of scholarship allowances | 202,333,172 | 193,964,754 |
Other operating revenues | 59,247,356 | 55,784,465 |
Total operating revenues | 833,649,655 | 818,531,811 |
Operating expenses (Note 13) | ||
Salaries, wages and benefits | 666,320,083 | 612,470,213 |
Supplies and services | 253,651,612 | 248,660,589 |
Depreciation | 72,374,750 | 67,410,991 |
Scholarships and fellowships | 24,573,373 | 20,371,163 |
Total operating expenses | 1,016,919,818 | 948,912,956 |
Operating loss | (183,270,163) | (130,381,145) |
Nonoperating revenues (expenses) | ||
State educational appropriations | 154,836,324 | 148,441,872 |
Gifts | 56,126,778 | 52,203,061 |
Grants | 31,599,501 | 31,062,427 |
Investment income, net | 159,687,169 | 54,741,992 |
Interest expense | (37,735,938) | (38,625,161) |
Other nonoperating expenses, net | (1,636,955) | (9,075,890) |
Net nonoperating revenues | 362,876,879 | 238,748,301 |
Income before other changes in net position | 179,606,716 | 108,367,156 |
Other changes in net position | ||
Capital gifts and grants | 18,696,113 | 18,565,461 |
Additions to permanent endowments | 23,675,029 | 18,894,440 |
Intragovernmental transfers | 2,341,871 | (4,422,251) |
Net other changes in net position | 44,713,013 | 33,037,650 |
| Increase in net position | 224,319,729 | 141,404,806 |
Net position, beginning of year | 1,910,781,543 | 1,769,376,737 |
Net position, end of year | $2,135,101,272 | $1,910,781,543 |
| See accompanying notes to financial statements. |
| | |
|---|---|---|
Cash flows from operating activities | ||
Student tuition and fees, net | $521,702,146 | $501,479,895 |
Grants and contracts | ||
| Federal | 40,825,048 | 43,441,960 |
| State | 29,167,170 | 31,077,163 |
| Local | 1,099,961 | 1,024,858 |
| Private | 4,480,097 | 5,135,787 |
Sales and services of educational activities | 12,738,611 | 13,702,297 |
Other receipts | 59,335,624 | 55,531,434 |
Auxiliary enterprises | 195,084,006 | 190,251,268 |
Payments to suppliers | (241,396,471) | (253,946,773) |
Payments to employees and related benefits | (632,784,072) | (603,556,300) |
Payments for scholarships and fellowships | (39,502,047) | (27,034,033) |
Payments for student loans | (439,296) | (261,910) |
Other disbursements | (1,897,487) | - |
| Net cash used in operating activities | (51,586,710) | (43,154,354) |
Cash flows from noncapital financing activities | ||
State educational appropriations | 154,836,324 | 148,441,872 |
Private gifts for other than capital purposes | 82,279,502 | 74,799,821 |
Grants | 31,599,501 | 31,062,427 |
Student direct lending receipts | 207,562,707 | 196,798,645 |
Student direct lending disbursements | (207,745,641) | (197,235,067) |
Deposits from affiliates | 182,934 | 436,422 |
Other (disbursements) receipts, net | (37,677,453) | 45,512,702 |
Intragovernmental transfers | (20,913,965) | (185,510) |
| Net cash provided by noncapital financing activities | 210,123,909 | 299,631,312 |
Cash flows from investing activities | ||
Interest and dividends on investments | 55,813,223 | 50,945,777 |
Purchases of investments | (373,688,186) | (233,563,164) |
Proceeds from sales and maturities of investments | 196,157,600 | 167,112,377 |
Payments received on notes receivable | 9,438,006 | 8,599,988 |
Disbursements from issuance of notes receivable | (26,561,996) | (42,759,949) |
| Net cash used in investing activities | (138,841,353) | (49,664,971) |
Cash flows from capital and related financing activities | ||
Proceeds from issuance of notes and bonds payable | 208,311,002 | 2,925,000 |
Capital gifts, grants and contracts | 17,335,495 | 12,965,521 |
Purchases of capital assets | (126,044,665) | (165,745,139) |
Principal payments on capital debt | (22,569,826) | (23,944,469) |
Defeasance of debt | (61,772,075) | - |
Interest payments on capital debt | (40,017,775) | (40,702,926) |
Intragovernmental transfers | 5,567,625 | (4,236,742) |
| Net cash used in capital and related financing activities | (19,190,219) | (218,738,755) |
| Net increase (decrease) in cash and cash equivalents | 505,627 | (11,926,768) |
| Cash and cash equivalents, beginning of year | 61,113,447 | 73,040,215 |
| Cash and cash equivalents, end of year | $61,619,074 | $61,113,447 |
Reconciliation of cash and cash equivalents to the statements of net position | ||
Unrestricted cash and cash equivalents-current | $51,380,071 | $46,623,061 |
Restricted cash and cash equivalents-current and noncurrent | 10,239,003 | 14,490,386 |
| Total cash and cash equivalents | $61,619,074 | $61,113,447 |
Reconciliation of operating loss to net cash used in operating activities | ||
Operating loss | ($183,270,163) | ($130,381,145) |
Adjustments to reconcile operating loss to net cash used in operating activities | ||
Depreciation expense | 72,374,750 | 67,410,991 |
Impairment expense | - | 612,150 |
Pension expense | 76,777,201 | 51,199,939 |
Bad debt expense | 1,482,708 | 542,353 |
Changes in assets and liabilities | ||
Accounts and other receivables | (2,465,406) | 18,266,802 |
Inventories and other assets | (14,723,212) | (6,777,473) |
Pension obligations | (45,024,221) | (43,303,201) |
Accounts payable and accrued liabilities | 8,773,073 | (5,069,869) |
Unearned revenue | 34,488,560 | 4,345,099 |
| Net cash used in operating activities | ($51,586,710) | ($43,154,354) |
Supplemental noncash activities information | ||
Gift of capital assets | $5,984,061 | $1,782,996 |
Change in accrued capital asset purchases | 7,148,721 | (4,193,330) |
Loss on the disposal of capital assets | (940,920) | (1,389,039) |
Capital appropriations | - | 1,365 |
Crimson Tide Foundation | 2,722,854 | 2,689,696 |
| See accompanying notes to financial statements. |
Summary of Discretely Presented Component Units
| | |
|---|---|---|
Assets | ||
| Current assets | ||
Unrestricted cash and cash equivalents | $2,975,405 | $3,267,679 |
Restricted cash and cash equivalents | 20,561,006 | 16,351,120 |
Short-term investments | 29,130,205 | 27,211,266 |
Accounts receivable, net | 3,191,442 | 3,057,293 |
Current portion of notes receivable, net | 931,715 | 768,654 |
Current portion of pledges receivable, net | 162,898 | 373,828 |
Inventories | 698,958 | 735,987 |
Prepaid expenses and unearned scholarships | 117,810 | 106,616 |
Other current assets | - | 36,824 |
Due from The University of Alabama | 326,070 | 355,107 |
Total current assets | 58,095,509 | 52,264,374 |
| Noncurrent assets | ||
Restricted cash and cash equivalents | 6,230,169 | 8,057,200 |
Endowment investments | 90,945,688 | 82,278,366 |
Other long-term investments | 33,348,222 | 24,495,747 |
Pledges receivable, net | 268,712 | 165,557 |
Capital assets, net | 73,713,699 | 76,135,124 |
Other noncurrent assets | 192,395 | 161,697 |
Total noncurrent assets | 204,698,885 | 191,293,691 |
Total assets | 262,794,394 | 243,558,065 |
Deferred outflows of resources | 11,728,486 | - |
| Total assets and deferred outflows of resources | $274,522,880 | $243,558,065 |
Liabilities | ||
| Current liabilities | ||
Accounts payable and accrued liabilities | $3,157,821 | $4,280,792 |
Unearned revenue | 4,433,415 | 4,100,291 |
Current portion of long-term debt | 3,701,670 | 2,115,000 |
Due to The University of Alabama | 1,295,734 | 832,990 |
Total current liabilities | 12,588,640 | 11,329,073 |
| Noncurrent liabilities | ||
Other liabilities | 6,054,548 | 6,548,938 |
Long-term debt, net | 94,197,179 | 86,501,335 |
Due to The University of Alabama | 8,960,261 | 8,504,614 |
Total noncurrent liabilities | 109,211,988 | 101,554,887 |
Total liabilities | 121,800,628 | 112,883,960 |
Deferred inflows of resources | 4,400,000 | - |
Net position | ||
Net investment in capital assets | (1,382,427) | (1,112,745) |
Restricted | ||
Nonexpendable | 56,621,799 | 53,465,645 |
Expendable | 30,704,686 | 27,599,607 |
Unrestricted | 62,378,194 | 50,721,598 |
Total net position | 148,322,252 | 130,674,105 |
| Total liabilities, deferred inflows of resources, and net position | $274,522,880 | $243,558,065 |
| See accompanying notes to financial statements. |
| | |
|---|---|---|
Operating revenues | ||
Gifts | $11,354,981 | $11,971,589 |
Other operating revenues | 36,267,943 | 34,671,914 |
Total operating revenues | 47,622,924 | 46,643,503 |
Operating expenses | ||
Salaries, wages and benefits | 13,731,958 | 13,165,189 |
Supplies and services | 13,386,962 | 12,915,684 |
Depreciation | 2,462,601 | 2,423,760 |
Scholarships and fellowships | 3,546,438 | 3,510,763 |
Contributed services from affiliate | 2,717,710 | 2,763,689 |
Total operating expenses | 35,845,669 | 34,779,085 |
Operating income | 11,777,255 | 11,864,418 |
Nonoperating revenues (expenses) | ||
Investment income, net | 10,966,282 | 2,507,089 |
Interest expense | (3,423,896) | (6,178,751) |
Contributions to The University of Alabama | (2,527,238) | (3,561,745) |
Change in value of split-interest agreements | (276,557) | (419,858) |
Contributed services from affiliate | 2,717,710 | 2,763,689 |
Other nonoperating expenses | (1,585,409) | - |
Net nonoperating revenues (expenses) | 5,870,892 | (4,889,576) |
Increase in net position | 17,648,147 | 6,974,842 |
Net position, beginning of year | 130,674,105 | 123,699,263 |
Net position, end of year | $148,322,252 | $130,674,105 |
| See accompanying notes to financial statements. |