Years Ended September 30, 2018 and 2017
Scope of Statements – GASB Statement No. 14, The Financial Reporting Entity, as amended by GASB Statements No. 39, Determining Whether Certain Organizations are Component Units - an Amendment of GASB Statement No. 14 and No. 61, The Financial Reporting Entity: Omnibus - an Amendment of GASB Statements No. 14 and 34, requires governmental entities to include in their financial statements as a component unit, organizations that are legally separate entities for which the governmental entity, as a primary organization, is financially accountable. The primary objective of these statements is to determine whether all entities associated with a primary government are potential component units and should be evaluated for inclusion in the financial reporting entity. The statements as amended provide additional guidance to determine whether certain organizations for which the primary government is not financially accountable should be reported as component units based on the nature and significance of their relationship with the primary government.
The Crimson Tide Foundation (“CTF”), which has a fiscal year end of June 30, is presented as a blended component unit within the University’s financial statements. CTF is a nonprofit corporation organized exclusively to promote and encourage a continuing interest in and loyalty to the Intercollegiate Athletics program at the University; to promote, encourage and support the construction, improvement and renovation of athletic facilities; to encourage alumni and friends of the University to generously support the University and its Athletics Department by gifts, devises and bequests; to support, promote and encourage the education of University students; and to conduct any and all appropriate activities, in accordance with National Collegiate Athletic Association and Southeastern Conference policies on institutional control, in order to accomplish the above objectives and purposes.
CTF is included in the University’s financial statements as a blended component unit because the Foundation operates as an extension of the Intercollegiate Athletics Department and it almost exclusively benefits the University. Gift revenue, which is presented as operating revenue for CTF on its statements of revenues, expenses and changes in net position, is presented as nonoperating revenues when blended with the University’s statements. Capital gifts, which are also included within operating gifts on CTF's financials, are presented as capital gifts on the statements of revenues, expenses and changes in net position when blended with the University's statements.
CTF financial information for the years ended June 30, 2018 and 2017 is included in the University’s financial statements and presented as follows:
| | 2018 | 2017 |
|---|---|---|
| Assets | ||
| Current assets | ||
Cash and cash equivalents | $243,777 | $182,452 |
Short-term investments | 47,417,428 | 9,915,627 |
Current portion of pledges receivable, net | 3,830,804 | 2,752,779 |
Other current assets | - | 10,000 |
Other receivables | 1,662,334 | 17,765,727 |
Total current assets | 53,154,343 | 30,626,585 |
| Noncurrent assets | ||
Restricted cash and cash equivalents | 55,492 | 92,050 |
Endowment investments | 46,836,582 | 39,116,076 |
Pledges receivable, net | 10,115,312 | 6,401,648 |
Other long-term investments | 109,643,550 | 107,498,299 |
Capital assets, net | 4,920,328 | 5,262,199 |
Total noncurrent assets | 171,571,264 | 158,370,272 |
Total assets | $224,725,607 | $188,996,857 |
| Liabilities | ||
| Current liabilities | ||
Accounts payable | $386,440 | $621,116 |
Unearned revenue, current portion | 11,888,513 | 9,864,738 |
Note payable, current portion | 587,963 | 575,066 |
Other current liabilities | 5,060,690 | 188,093 |
Total current liabilities | 17,923,606 | 11,249,013 |
| Noncurrent liabilities | ||
Unearned revenue, noncurrent portion | 2,050,000 | - |
Note payable, noncurrent portion | 1,060,844 | 1,648,807 |
Total noncurrent liabilities | 3,110,844 | 1,648,807 |
Total liabilities | 21,034,450 | 12,897,820 |
| Net position | ||
Net investment in capital assets | 3,271,520 | 3,038,325 |
Restricted | ||
Nonexpendable | 44,595,161 | 38,388,310 |
Expendable | 34,317,073 | 24,086,059 |
Unrestricted | 121,507,403 | 110,586,343 |
Total net position | 203,691,157 | 176,099,037 |
Total liabilities and net position | $224,725,607 | $188,996,857 |
| | 2018 | 2017 |
|---|---|---|
Operating revenues | ||
Private gifts | $38,556,421 | $31,335,469 |
Other operating revenues | 33,768,538 | 30,551,601 |
Total operating revenues | 72,324,959 | 61,887,070 |
Operating expenses | ||
Benefits | 1,284,669 | 1,039,769 |
Scholarships | 1,262,193 | 1,291,414 |
Legal and professional fees | 1,813,979 | 1,752,640 |
Travel | 1,457,392 | 1,748,269 |
Supplies | 2,037,217 | 1,894,428 |
Conference and entertainment | 1,067,579 | 1,281,540 |
Communication and information | 29,003 | 97,622 |
Rentals | 194,132 | 385,627 |
Repairs and maintenance | 334,867 | 291,148 |
Depreciation | 341,871 | 341,871 |
Other | 513,765 | 562,224 |
Total operating expenses | 10,336,667 | 10,686,552 |
Operating income | 61,988,292 | 51,200,518 |
Nonoperating revenues (expenses) | ||
Investment income, net | 9,550,012 | 12,960,980 |
Other nonoperating expense | - | (545,000) |
Interest expense | (43,542) | (56,156) |
Net nonoperating revenues | 9,506,470 | 12,359,824 |
Income before other changes in net position | 71,494,762 | 63,560,342 |
Other changes in net position | ||
Additions to permanent endowments | 5,771,023 | 7,702,616 |
Intergovernmental transfers | (49,673,665) | (45,410,138) |
Increase in net position | 27,592,120 | 25,852,820 |
| Net position, beginning of year | 176,099,037 | 150,246,217 |
| Net position, end of year | $203,691,157 | $176,099,037 |
| | 2018 | 2017 |
|---|---|---|
Cash flows from operating activities | ||
Private gifts | $35,814,733 | $32,660,266 |
Other operating revenues | 32,946,814 | 28,658,539 |
Transfers to The University of Alabama | (28,637,968) | (64,995,836) |
Payments to suppliers | (7,370,583) | (7,243,875) |
| Net cash provided by (used in) operating activities | 32,752,996 | (10,920,906) |
Cash flows from noncapital financing activities | ||
Additions to permanent endowments | 5,771,023 | 7,702,616 |
| Net cash provided by noncapital financing activities | 5,771,023 | 7,702,616 |
Cash flows from capital and related financing activities | ||
Principal payments on note payable | (575,066) | (562,452) |
Interest payments on note payable | (43,542) | (56,156) |
Sale of capital assets | - | 450,000 |
| Net cash used in capital and related financing activities | (618,608) | (168,608) |
Cash flows from investing activities | ||
Purchases of investments | (90,490,887) | (65,347,579) |
Proceeds from the sales and maturities of investments | 45,971,303 | 63,301,887 |
Interest and dividends on investments | 6,638,940 | 5,575,436 |
| Net cash (used in) provided by investing activities | (37,880,644) | 3,529,744 |
| Net increase in cash and cash equivalents | 24,767 | 142,846 |
| Cash and cash equivalents, beginning of year | 274,502 | 131,656 |
| Cash and cash equivalents, end of year | $299,269 | $274,502 |
The University reports six discretely presented foundations, which have been organized exclusively for charitable, scientific and educational purposes for the benefit of certain constituents of the University. The six foundations are: The National Alumni Association of The University of Alabama, The Capstone Foundation, The 1831 Foundation, The University of Alabama Law School Foundation, The Capstone Health Services Foundation, and The Donor Advised Fund (the “Foundations”). Because of the financial benefit relationship that exists between the University and the Foundations, these Foundations are considered component units of the University and are discretely presented in the accompanying financial statements in accordance with GASB Statement No. 39. Management deems discrete presentation appropriate for the Foundations because their governing bodies are not substantially the same as the University, and the Foundations exist to benefit constituents broader than the University itself.
The Foundations are not-for-profit organizations. The National Alumni Association, The University of Alabama Law School Foundation and The Capstone Foundation report financial results under principles prescribed by the Financial Accounting Standards Board (“FASB”). The remaining foundations mentioned in the paragraph above report financial results under principles prescribed under the GASB, similar to those as described for the University. As such, certain revenue recognition criteria and presentation features are different from GASB revenue recognition criteria and presentation features. Certain modifications have been made to the presentation of the FASB-reporting Foundations’ financial statements in the University’s financial reporting entity to conform with the University’s financial statement presentation. The following are certain financial statement principles and policies followed by the FASB-reporting discretely presented component units:
Basis of Accounting – FASB-Reporting Discretely Presented Component Units – The financial statements of the Foundations have been prepared on the accrual basis of accounting.
Net assets and revenues, expenses, gains and losses are classified based on the existence or absence of donor-imposed restrictions. Net assets of the FASB-reporting Foundations and changes therein are classified and reported as follows in their separately issued financial statements:
Unrestricted – Net assets that are not subject to donor-imposed restrictions. Items that affect this net asset category include unrestricted gifts and earnings on these unrestricted gifts. In order to comply with GASB presentation features, unrestricted net assets for the FASB foundations are presented as unrestricted net position within the University’s discrete presentation of these component units.
Temporarily Restricted – Net assets subject to donor-imposed restrictions that may or will be met either by actions of the Foundations or the passage of time. Items that affect this net asset category include restricted gifts and earnings on endowment funds expendable for purposes stipulated by the donor. These amounts are reclassified to unrestricted net assets when such purpose or time restrictions are met. In order to comply with GASB presentation features, temporarily restricted net assets for the FASB foundations are presented as restricted expendable net position within the University’s discrete presentation of these component units.
Permanently Restricted – Net assets subject to donor-imposed restrictions to be maintained permanently by the Foundations. Items that affect this net asset category include gifts wherein donors stipulate that the corpus be held in perpetuity (primarily gifts for endowment) and only the income be made available for expenditure. In order to comply with GASB presentation features, permanently restricted net assets for the FASB foundations are presented as restricted nonexpendable net position within the University’s discrete presentation of these component units.
Unrealized and realized gains and losses and dividends and interest from investing in income-producing assets may be included in any of these net asset classifications depending on donor restrictions or the absence thereof.
Investments - Discretely Presented Component Units – The FASB- reporting Foundations’ investments in debt securities, equity securities and mutual funds are reported at their fair market values based on published market prices or other observable inputs. These Foundations invest certain amounts in System-sponsored investment pools: the Endowment Fund, the Long Term Reserve Pool Fund, and the Short Term Liquidity Pool Fund (note 4). The value of the Foundations’ beneficial interests in the pools is determined by the System and based on the Foundations’ proportionate shares of the net asset value of the pools. The pools invest in various investment securities, including both marketable and non-readily marketable securities.
Investments received by gift are stated at fair value at date of receipt. Changes in market values are reported as unrealized gains or losses on the statements of activities and changes in net assets. All interest income and realized and unrealized gains and losses are reported in the statements of activities and changes in net assets.
Endowments - Discretely Presented Component Units – As discussed in Note 1, the Alabama Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) was enacted by the Alabama State Legislature and signed into law effective January 1, 2009. Endowment earnings and distributions are appropriated for expenditure by the governing Boards of Directors of the Foundations in a manner consistent with the standard of prudence prescribed by UPMIFA. In order to conform to the standards for prudent fiduciary management of investments, each Foundation’s Board of Directors has adopted endowment investment and spending policies that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of endowment assets.
Contributions Receivable – Discretely Presented Component Units – Contributions received, including unconditional promises to give, are recognized as revenues at their fair values in the period received. For financial reporting purposes, the FASB-reporting Foundations distinguish between contributions of unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Contributions for which donors have imposed restrictions which limit the use of the donated assets are reported as restricted support if the restrictions are not met in the same reporting period. When such donor-imposed restrictions are met in subsequent reporting periods, temporarily restricted net assets are reclassified to unrestricted net assets and reported as net assets released from restrictions when the purpose or time restrictions are met. Contributions of assets that donors have stipulated must be maintained permanently, with only the income earned thereon available for current use, are classified as permanently restricted net assets. Contributions for which donors have not stipulated restrictions are reported as unrestricted support.
Unconditional promises to give with payments due in future periods are reported as restricted support. Gifts of land, buildings, and equipment are reported as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. 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 Foundations report expirations of donor restrictions when the donated or acquired long-lived assets are placed in service.
Eminent Scholars Program – The University records a receivable in other noncurrent assets from The Capstone Foundation related to the Eminent Scholars Program established by the State of Alabama Act No. 85-759 and administered by the Alabama Commission on Higher Education. The program provides that donor gifts of $600,000 held in a foundation affiliated with the University are eligible for $400,000 in State matching funds. In prior years, the University received funds from donors intended to be matched in accordance with this program. Consistent with the provision of the program, the University transferred the corpus of these funds to The Capstone Foundation, as agent for the University, whereby the State would match these donations. The program has been inactive since 1997, and no matching funds have been provided to date. These funds held by the Capstone Foundation include both the corpus and any unrealized gains or losses earned thereon and are shown as a receivable from the Capstone Foundation. Unrealized gains or losses earned each year on the corpus are added to or subtracted from the receivable and reported as investment income by the University. Realized gains and investment income earned each year on the corpus amount are distributed to the University and reported as investment income. At September 30, 2018 and 2017, the receivable totaled $9,141,536 and $8,960,261, respectively. The Capstone Foundation records a corresponding payable for the Eminent Scholars Program.
| | National Alumni Association June 30, 2018 | Law School Foundation June 30, 2018 | Donor Advised Fund June 30, 2018 | Capstone Foundation Sept. 30, 2018 | 1831 Foundation Sept. 30, 2018 | Health Services Foundation Sept. 30, 2018 |
|---|---|---|---|---|---|---|
| Current assets | ||||||
Cash and cash equivalents | $521,868 | $192,930 | $6,464 | $271,576 | $1,004,767 | $1,649,680 |
Restricted cash and cash equivalents | - | - | - | - | 22,473,898 | - |
Short-term investments | 3,129,150 | 2,311,215 | 1,028,192 | 3,762,506 | 1,041,544 | 17,365,678 |
Accounts receivable, net | 639,305 | 423,815 | 4,227 | 172,498 | 2,082 | 1,673,888 |
Current portion of notes receivable, net | - | - | - | - | - | 965,951 |
Current portion of pledges receivable, net | - | 316,766 | - | 56,748 | - | - |
Inventories | 195,879 | - | - | 1,407 | - | 492,523 |
Prepaid expenses and unearned scholarships | 37,774 | - | - | 112,615 | - | - |
Other current assets | - | 1,503 | - | - | - | - |
Due from The University of Alabama | - | - | - | - | - | 244,123 |
Total current assets | 4,523,976 | 3,246,229 | 1,038,883 | 4,377,350 | 24,522,291 | 22,391,843 |
| Noncurrent assets | ||||||
Restricted cash and cash equivalents | - | - | - | - | 6,230,169 | - |
Endowment investments | 49,688,911 | 38,876,259 | - | 11,446,702 | - | - |
Other long-term investments | 7,736,708 | 113,247 | 2,783,095 | 13,391,847 | 5,967,000 | - |
Pledges receivable, net | - | 377,442 | - | 30,075 | - | - |
Capital assets, net | - | - | - | 124,311 | 72,679,997 | 646,631 |
Other noncurrent assets | - | - | - | 96,400 | - | 65,298 |
Total noncurrent assets | 57,425,619 | 39,366,948 | 2,783,095 | 25,089,335 | 84,877,166 | 711,929 |
| Total assets | 61,949,595 | 4,261,3177 | 3,821,978 | 29,466,685 | 109,399,457 | 23,103,772 |
| Deferred outflows of resources | - | - | - | - | 10,865,687 | - |
| Total assets and deferred outflows of resources | $61,949,595 | $42,613,177 | $3,821,978 | $29,466,685 | $120,265,144 | $23,103,772 |
| Current liabilities | ||||||
Accounts payable and accrued liabilities | $201,679 | $27,883 | $- | $139,574 | $631,226 | $2,115,501 |
Unearned revenue | - | - | - | - | 4,109,071 | - |
Current portion of long-term debt | - | - | - | - | 3,754,622 | - |
Due to The University of Alabama | 566,593 | 107,059 | - | 171,942 | 1,102,891 | - |
Total current liabilities | 768,272 | 134,942 | - | 311,516 | 9,597,810 | 2,115,501 |
| Noncurrent liabilities | ||||||
Other liabilities | - | - | - | 5,388,899 | - | - |
Long-term debt, net | - | - | - | - | 90,442,557 | - |
Due to The University of Alabama | - | - | - | 9,141,536 | - | - |
Total noncurrent liabilities | - | - | - | 14,530,435 | 90,442,557 | - |
| Total liabilities | 768,272 | 134,942 | - | 14,841,951 | 100,040,367 | 2,115,501 |
Deferred inflows of resources | - | - | - | - | 4,400,000 | - |
Net Position | ||||||
Net investment in capital assets | - | - | - | - | 181,599 | 646,631 |
Restricted | ||||||
Nonexpendable | 29,899,562 | 31,337,010 | - | 18,097 | - | - |
Expendable | 7,393,125 | 8,657,843 | 3,794,836 | 13,037,357 | 2,292,098 | - |
Unrestricted | 23,888,636 | 2,483,382 | 27,142 | 1,569,280 | 13,351,080 | 20,341,640 |
| Total net position | 61,181,323 | 42,478,235 | 3,821,978 | 14,624,734 | 15,824,777 | 20,988,271 |
| Total liabilities, deferred inflows of resources, and net position | $61,949,595 | $42,613,177 | $3,821,978 | $29,466,685 | $120,265,144 | $23,103,772 |
| | National Alumni Association June 30, 2017 | Law School Foundation June 30, 2017 | Donor Advised Fund June 30, 2017 | Capstone Foundation Sept. 30, 2017 | 1831 Foundation Sept. 30, 2017 | Health Services Foundation Sept. 30, 2017 |
|---|---|---|---|---|---|---|
Current assets | ||||||
Cash and cash equivalents | $350,397 | $205,533 | $- | $263,939 | $493,027 | $1,662,509 |
Restricted cash and cash equivalents | - | - | - | - | 20,561,006 | - |
Short-term investments | 3,351,459 | 2,077,970 | 950,051 | 4,124,320 | 1,869,923 | 16,756,482 |
Accounts receivable, net | 676,987 | 450,684 | 4,484 | 174,422 | 3,688 | 1,881,177 |
Current portion of notes receivable, net | - | - | - | - | - | 931,715 |
Current portion of pledges receivable, net | - | 104,684 | - | 58,214 | - | - |
Inventories | 195,108 | - | - | 131,976 | - | 371,874 |
Prepaid expenses and unearned scholarships | 25,071 | - | - | 92,739 | - | - |
Other current assets | - | - | - | - | - | - |
Due from The University of Alabama | - | 148,014 | - | - | - | 178,056 |
Total current assets | 4,599,022 | 2,986,885 | 954,535 | 4,845,610 | 22,927,644 | 21,781,813 |
Noncurrent assets | ||||||
Restricted cash and cash equivalents | - | - | - | - | 6,230,169 | - |
Endowment investments | 44,385,273 | 35,340,698 | - | 11,219,717 | - | - |
Other long-term investments | 7,246,865 | 108,521 | 2,748,152 | 12,643,684 | 10,601,000 | - |
Pledges receivable, net | - | 242,173 | - | 26,539 | - | - |
Capital assets, net | - | - | - | 127,911 | 72,980,022 | 605,766 |
Other noncurrent assets | 14,998 | - | - | 96,400 | - | 80,997 |
Total noncurrent assets | 51,647,136 | 35,691,392 | 2,748,152 | 24,114,251 | 89,811,191 | 686,763 |
| Total assets | 56,246,158 | 38,678,277 | 3,702,687 | 28,959,861 | 112,738,835 | 22,468,576 |
Deferred outflows of resources | - | - | - | - | 11,728,486 | - |
| Total assets and deferred outflows of resources | $56,246,158 | $38,678,277 | $3,702,687 | 28,959,861 | 124,467,321 | 22,468,576 |
Current liabilities | ||||||
Accounts payable and accrued liabilities | $58,379 | $36,475 | $- | $126,826 | $704,493 | $2,231,648 |
Unearned revenue | - | - | - | - | 4,433,415 | - |
Current portion of long-term debt | - | - | - | - | 3,701,670 | - |
Due to The University of Alabama | 198,455 | - | - | 911,896 | 185,383 | - |
Total current liabilities | 256,834 | 36,475 | - | 1,038,722 | 9,024,961 | 2,231,648 |
Noncurrent liabilities | ||||||
Other liabilities | - | - | - | 6,054,548 | - | - |
Long-term debt, net | - | - | - | - | 94,197,179 | - |
Due to The University of Alabama | - | - | - | 8,960,261 | - | - |
Total noncurrent liabilities | - | - | - | 15,014,809 | 94,197,179 | - |
| Total liabilities | 256,834 | 36,475 | - | 16,053,531 | 103,222,140 | 2,231,648 |
Deferred inflows of resources | - | - | - | - | 4,400,000 | - |
Net Position | ||||||
Net investment in capital assets | - | - | - | - | (1,988,193) | 605,766 |
Restricted | ||||||
Nonexpendable | 27,519,711 | 29,084,023 | - | 18,065 | - | - |
Expendable | 6,568,967 | 7,087,830 | 3,671,564 | 11,675,117 | 1,701,208 | - |
Unrestricted | 21,900,646 | 2,469,949 | 31,123 | 1,213,148 | 17,132,166 | 19,631,162 |
| Total net position | 55,989,324 | 38,641,802 | 3,702,687 | 12,906,330 | 16,845,181 | 20,236,928 |
| Total liabilities, deferred inflows of resources, and net position | $56,246,158 | $38,678,277 | $3,702,687 | 28,959,861 | 124,467,321 | 22,468,576 |
| | National Alumni Association June 30, 2018 | Law School Foundation June 30, 2018 | Donor Advised Fund June 30, 2018 | Capstone Foundation Sept. 30, 2018 | 1831 Foundation Sept. 30, 2018 | Capstone Health Services Foundation Sept. 30, 2018 |
|---|---|---|---|---|---|---|
Operating revenues | ||||||
Gifts | $4,506,294 | $3,016,083 | $223,072 | $3,950,013 | - | - |
Other operating revenues | 931,060 | 55,773 | 920,855 | 14,168,760 | 18,262,800 | |
| Total operating revenues | 5,437,354 | 3,071,856 | 223,072 | 4,870,868 | 14,168,760 | 18,262,800 |
Operating expenses | ||||||
Salaries, wages and benefits | - | - | - | - | - | 13,109,304 |
Supplies and services | 1,736,192 | 598,964 | 242,238 | 2,682,976 | 5,772,535 | 4,252,981 |
Depreciation | - | - | - | 3,600 | 2,374,451 | 150,122 |
Scholarships and fellowships | 2,148,497 | 1,334,622 | - | 226,567 | - | - |
Contributed services from affiliate | 1,368,788 | 953,281 | - | 239,771 | - | - |
| Total operating expenses | 5,253,477 | 2,886,867 | 242,238 | 3,152,914 | 8,146,986 | 17,512,407 |
| Operating income (loss) | 183,877 | 184,989 | (19,166) | 1,717,954 | 6,021,774 | 750,393 |
Nonoperating revenues (expenses) | ||||||
Investment income, net | 4,334,234 | 2,912,115 | 177,657 | 1,014,947 | 809,049 | 141,677 |
Interest expense | - | - | - | - | (3,377,111) | - |
Contributions to The University of Alabama | (694,900) | (213,952) | (39,200) | (1,226,094) | (4,457,485) | (140,727) |
Change in value of split-interest agreements | - | - | - | (28,174) | - | - |
Contributed services from affiliate | 1,368,788 | 953,281 | - | 239,771 | - | - |
Other nonoperating expense | - | - | - | - | (16,631) | - |
| Net nonoperating revenues | 5,008,122 | 3,651,444 | 138,457 | 450 | (7,042,178) | 950 |
| Increase in net position | 5,191,999 | 3,836,433 | 119,291 | 1,718,404 | (1,020,404) | 751,343 |
| Net position, beginning of year | 55,989,324 | 38,641,802 | 3,702,687 | 12,906,330 | 16,845,181 | 20,236,928 |
| Net position, end of year | $61,181,323 | $42,478,235 | $3,821,978 | $14,624,734 | $15,824,777 | $20,988,271 |
| | National Alumni Association June 30, 2017 | Law School Foundation June 30, 2017 | Donor Advised Fund June 30, 2017 | Capstone Foundation Sept. 30, 2017 | 1831 Foundation Sept. 30, 2017 | Capstone Health Services Foundation Sept. 30, 2017 |
|---|---|---|---|---|---|---|
Operating revenues | ||||||
Gifts | $3,559,830 | $2,484,828 | $220,170 | $4,135,153 | $955,000 | $- |
Other operating revenues | 1,383,581 | 386,283 | 844,792 | 14,580,564 | 19,072,723 | |
| Total operating revenues | 4,943,411 | 2,871,111 | 220,170 | 4,979,945 | 15,535,564 | 19,072,723 |
Operating expenses | ||||||
Salaries, wages and benefits | - | - | - | - | - | 13,731,958 |
Supplies and services | 1,710,828 | 637,706 | 248,343 | 2,562,035 | 3,756,564 | 4,471,486 |
Depreciation | - | - | - | 3,600 | 2,339,877 | 119,124 |
Scholarships and fellowships | 2,062,379 | 1,259,762 | - | 224,297 | - | - |
Contributed services from affiliate | 1,355,554 | 951,951 | - | 410,205 | - | - |
| Total operating expenses | 5,128,761 | 2,849,419 | 248,343 | 3,200,137 | 6,096,441 | 18,322,568 |
| Operating (loss) income | (185,350) | 21,692 | (28,173) | 1,779,808 | 9,439,123 | 750,155 |
Nonoperating revenues (expenses) | ||||||
Investment income, net | 5,106,778 | 3,459,764 | 259,498 | 1,342,763 | 599,678 | 197,801 |
Interest expense | - | - | - | - | (3,423,896) | - |
Contributions to The University of Alabama | (631,877) | (183,432) | (20,400) | (1,392,539) | (298,990) | |
Change in value of split-interest agreements | - | - | - | (276,557) | - | |
Contributed services from affiliate | 1,355,554 | 951,951 | - | 410,205 | - | |
Other nonoperating expense | - | - | - | - | (1,585,409) | - |
| Net nonoperating revenues | 5,830,455 | 4,228,283 | 239,098 | 83,872 | (4,409,627) | (101,189) |
| Increase in net position | 5,645,105 | 4,249,975 | 210,925 | 1,863,680 | 5,029,496 | 648,966 |
| Net position, beginning of year | 50,344,219 | 34,391,827 | 3,491,762 | 11,042,650 | 11,815,685 | 19,587,962 |
| Net position, end of year | $55,989,324 | $38,641,802 | $3,702,687 | $12,906,330 | $16,845,181 | $20,236,928 |