- Statements of Net Position
- Statements of Revenues, Expenses and Changes in Net Position
- Statements of Cash Flows
- Discretely Presented Component Units
2020 | 2019 |
|
Current assets | ||
Unrestricted cash and cash equivalents | $156,722,199 | $108,110,486 |
Restricted cash and cash equivalents | 4,724,106 | 2,543,438 |
Unrestricted short-term investments | 328,123,909 | 269,418,660 |
Restricted short-term investments | 16,804,375 | 13,740,912 |
Accounts receivable, net | 91,105,769 | 91,811,771 |
Current portion of notes receivable, net | 3,827,210 | 5,040,811 |
Current portion of student loans receivable, net | 1,929,194 | 2,000,480 |
Current portion of pledges receivable, net | 18,467,892 | 11,670,109 |
Inventories | 5,377,134 | 7,084,249 |
Prepaid expenses and unearned scholarships | 95,669,266 | 102,708,473 |
Other current assets | 3,008,604 | 2,126,151 |
Total current assets | 725,759,658 | 616,255,540 |
Noncurrent assets | ||
Restricted cash and cash equivalents | 13,984,227 | 4,746,827 |
Endowment and life income investments | 820,554,775 | 832,842,409 |
Investments for capital activities | 432,015,246 | 650,087,836 |
Other long-term investments | 217,288,549 | 216,514,251 |
Notes receivable, net | 216,496,108 | 216,523,061 |
Student loans receivable, net | 7,910,551 | 8,824,627 |
Pledges receivable, net | 61,871,603 | 28,587,176 |
Capital assets, net | 2,374,645,592 | 2,172,997,368 |
Other noncurrent assets | 10,983,800 | 9,516,363 |
Total noncurrent assets | 4,115,750,451 | 4,140,639,918 |
Total assets | 4,881,510,109 | 4,756,895,458 |
Deferred outflows of resources | ||
Debt refundings | 17,372,261 | 18,582,271 |
Pension and OPEB obligations | 168,514,132 | 180,721,290 |
Total deferred outflows of resources | 185,886,393 | 199,303,561 |
Total assets and deferred outflows of resources | $5,067,396,502 | $4,956,199,019 |
Current liabilities | ||
Accounts payable and accrued liabilities | $157,835,424 | $139,091,428 |
Current portion of unearned revenue | 299,997,609 | 353,128,982 |
Deposits | 43,638,808 | 35,251,861 |
Current portion of long-term debt | 41,322,697 | 42,487,450 |
Total current liabilities | 542,794,538 | 569,959,721 |
Noncurrent liabilities | ||
Federal advances - loan funds | 8,664,137 | 8,393,239 |
Other liabilities | 17,402,817 | 4,509,004 |
Unearned revenue | 10,009,965 | 8,058,359 |
Long-term debt, net | 1,208,064,263 | 1,251,641,581 |
Pension liability | 646,185,000 | 594,410,000 |
OPEB liability | 108,975,155 | 267,378,182 |
Total noncurrent liabilities | 1,999,301,337 | 2,134,390,365 |
Total liabilities | 2,542,095,875 | 2,704,350,086 |
Deferred inflows of resources | ||
Pension and OPEB obligations | 199,594,551 | 92,807,931 |
Split interest - remainder interest | 2,337,929 | 2,403,739 |
Total deferred inflows of resources | 201,932,480 | 95,211,670 |
Net position | ||
Net investment in capital assets | 1,322,651,902 | 1,210,048,918 |
Restricted | ||
Nonexpendable | 502,203,055 | 480,733,622 |
Expendable | 436,716,309 | 417,325,242 |
Unrestricted | 61,796,881 | 48,529,481 |
Total net position | 2,323,368,147 | 2,156,637,263 |
Total liabilities, deferred inflows of resources and net position | $5,067,396,502 | $4,956,199,019 |
See accompanying notes to financial statements. |
2020 | 2019 |
|
Operating Revenues | ||
Tuition and fees | $801,068,732 | $806,275,024 |
Less: scholarship allowances | (275,547,610) | (273,733,791) |
Tuition and fees, net | 525,521,122 | 532,541,233 |
Grants and contracts | ||
Federal | 61,180,497 | 54,497,395 |
State | 31,189,670 | 31,209,610 |
Local | 1,200,281 | 942,937 |
Private | 4,587,580 | 6,838,737 |
Sales and services of educational activities | 9,866,923 | 12,167,759 |
Auxiliary sales & services, net of $5,866,931 in 2019 | ||
and $6,466,887 in 2018 of scholarship allowances | 158,930,066 | 201,829,933 |
Other operating revenues | 78,176,763 | 66,807,573 |
Total operating revenues | 870,652,902 | 906,835,177 |
Operating expenses | ||
Salaries, wages and benefits | 711,111,598 | 728,517,509 |
Supplies and services | 205,449,757 | 275,323,598 |
Depreciation | 81,695,869 | 78,865,931 |
Scholarships and fellowships | 35,435,733 | 26,259,220 |
Total operating expenses | 1,033,692,957 | 1,108,966,258 |
Operating loss | (163,040,055) | (202,131,081) |
Nonoperating revenues (expenses) | ||
State educational appropriations | 182,797,957 | 169,733,687 |
Gifts | 54,380,178 | 29,440,777 |
Grants | 51,528,484 | 32,849,900 |
Investment income, net | (10,630,633) | 12,791,392 |
Interest expense | (39,045,098) | (37,195,807) |
Other nonoperating expenses, net | (5,661,671) | (2,383,758) |
Net nonoperating revenues | 233,369,217 | 205,236,191 |
Income before other changes in net position | 70,329,162 | 3,105,110 |
Other changes in net position | ||
Capital gifts and grants | 75,191,053 | 33,713,554 |
Additions to permanent endowments | 26,868,269 | 19,730,916 |
Intragovernmental transfers | (5,657,600) | (1,018,137) |
Net other changes in net position | 96,401,722 | 52,426,333 |
Increase in net position | 166,730,884 | 55,531,443 |
Net position, beginning of year, as previously reported | 2,156,637,263 | 2,101,105,820 |
Net position, end of year | $2,323,368,147 | $2,156,637,263 |
See accompanying notes to financial statements. |
2020 | 2019 |
|
Cash flows from operating activities | ||
Student tuition and fees, net | $509,135,654 | $534,435,579 |
Grants and contracts | ||
Federal | 55,258,897 | 55,169,586 |
State | 36,095,388 | 32,045,107 |
Local | 977,959 | 966,037 |
Private | 5,709,516 | 6,770,688 |
Sales and services of educational activities | 10,154,777 | 12,160,631 |
Other receipts | 77,449,013 | 87,407,264 |
Auxiliary enterprises | 145,620,207 | 208,246,359 |
Payments to suppliers | (198,989,069) | (283,862,050) |
Payments to employees and related benefits | (682,885,335) | (699,780,275) |
Payments for scholarships and fellowships | (25,129,088) | (21,196,727) |
Receipts (payments) for student loans | 985,362 | 1,157,899 |
Other disbursements | (1,167,492) | (1,250,830) |
Net cash used in operating activities | (66,784,211) | (67,730,732) |
Cash flows from noncapital financing activities | ||
State educational appropriations | 182,797,957 | 169,733,687 |
Private gifts for other than capital purposes | 59,870,156 | 60,678,933 |
Return of gift | - | (20,000,000) |
Grants | 49,339,855 | 32,849,900 |
Student direct lending receipts | 198,493,671 | 211,280,788 |
Student direct lending disbursements | (198,767,110) | (211,635,477) |
Deposits from affiliates | 273,439 | 354,689 |
Other disbursements, net | (780,506) | (16,536,842) |
Intragovernmental transfers | (7,309,756) | (1,654,224) |
Borrowings from UA System Pools | - | 40,000,000 |
Repayment to UA System Pools | - | (40,000,000) |
Interest payments on UA System Pools borrowings | - | (136,986) |
Net cash provided by noncapital financing activities | 283,917,706 | 224,934,468 |
Cash flows from investing activities | ||
Interest and dividends on investments | 59,136,114 | 57,990,752 |
Purchases of investments | (110,633,703) | (377,837,779) |
Proceeds from sales and maturities of investments | 206,994,536 | 104,230,420 |
Payments received on notes receivable | 10,138,388 | 10,976,516 |
Disbursements from issuance of notes receivable | (3,663,747) | (23,930,211) |
Net cash (used in) provided by investing activities | 161,971,588 | (228,570,302) |
Cash flows from capital and related financing activities | ||
Proceeds from issuance of notes and bonds payable | - | 520,932,888 |
Capital gifts, grants and contracts | 33,158,420 | 44,620,836 |
Purchases of capital assets | (272,785,330) | (149,377,332) |
Principal payments on capital debt | (40,328,249) | (30,635,933) |
Defeasance of debt | - | (236,378,668) |
Interest payments on capital debt | (41,846,522) | (42,359,442) |
Intragovernmental transfers | 2,726,379 | 1,181,164 |
Net cash provided by (used in) capital and related financing activities | (319,075,302) | 107,983,513 |
Net increase in cash and cash equivalents | 60,029,781 | 36,616,947 |
Cash and cash equivalents, beginning of year | 115,400,751 | 78,783,804 |
Cash and cash equivalents, end of year | $175,430,532 | $115,400,751 |
Reconciliation of cash and cash equivalencies to the statements of net position | ||
Unrestricted cash and cash equivalents-current | $156,722,199 | $108,110,486 |
Restricted cash and cash equivalencies-current and noncurrent | 18,708,333 | 7,290,265 |
Total cash and cash equivalents | $175,430,532 | $115,400,751 |
Reconciliation of operating loss to net cash used in operating activities | ||
Operating loss | $ (163,040,055) | $ (202,131,081) |
Adjustments to reconcile operating loss to net cash used in operating activities | ||
Depreciation expense | 81,695,869 | 78,865,931 |
Pension expense | 82,167,334 | 64,529,757 |
OPEB expense | (9,175,222) | 21,515,249 |
Bad debt expense | 1,674,293 | (894,535) |
Closing costs at sale of CTF airplane | 50,025 | - |
Changes in assets and liabilities | ||
Accounts and other receivables | (2,518,620) | 5,191,364 |
Inventories and other assets | 8,849,230 | (4,194,161) |
Pension obligations | (52,175,581) | (51,222,334) |
OPEB obligations | (8,450,780) | (8,214,794) |
Accounts payable and accrued liabilities | 20,779,431 | 1,294,613 |
Unearned revenue | (30,697,806) | 29,064,995 |
Deposits | 4,057,671 | (1,535,736) |
Net cash used in operating activities | (66,784,211) | (67,730,732) |
Supplemental noncash activities information | ||
Gift of capital assets | $46,534 | $3,345,848 |
Change in accrued capital asset purchases | 7,540,238 | (3,099,069) |
Loss on the disposal of capital assets | 190,095 | (1,017,317) |
Non-cash transfer of funds from the STLP ot the LCRP | 252,128,187 | - |
Crimson Tide Foundation | 9,497,634 | 2,870,321 |
See accompanying notes to financial statements. |
Summary of Discretely Presented Component Units
2020 | 2019 |
|
Assets | ||
Current assets | ||
Unrestricted cash and cash equivalents | $18,160,190 | $2,277,826 |
Restricted cash and cash equivalents | 29,370,187 | 26,791,291 |
Short-term investments | 8,375,306 | 30,168,658 |
Accounts receivable, net | 3,985,585 | 3,210,256 |
Current portion of notes receivable, net | 1,156,193 | 1,330,604 |
Current portion of pledges receivable, net | 325,595 | 229,839 |
Inventories | 477,968 | 808,180 |
Prepaid expenses and unearned scholarships | 164,258 | 112,473 |
Other current assets | 10,714 | 1,635 |
Due from The University of Alabama | 331,891 | 153,603 |
Total current assets | 62,357,887 | 65,084,365 |
Noncurrent assets | ||
Restricted cash and cash equivalents | 6,230,169 | 6,230,169 |
Endowment investments | 95,385,054 | 102,320,540 |
Other long-term investments | 41,261,087 | 30,678,862 |
Pledges receivable, net | 387,237 | 198,185 |
Capital assets, net | 68,640,407 | 70,979,349 |
Other noncurrent assets | 96,400 | 161,697 |
Total noncurrent assets | 212,000,354 | 210,568,802 |
Total assets | 274,358,241 | 275,653,167 |
Deferred outflows of resources | 9,140,088 | 10,002,88/7 |
Total assets and deferred outflows of resources | $283,498,329 | $285,656,054 |
Liabilities | ||
Current liabilities | ||
Accounts payable and accrued liabilities | $1,471,542 | $2,308,364 |
Unearned revenue | 4,237,068 | 4,355,862 |
Current portion of long-term debt | 3,871,564 | 3,811,401 |
Due to The University of Alabama | 2,910,795 | 4,335,546 |
Total current liabilities | 12,490,969 | 14,811,173 |
Noncurrent liabilities | ||
Other liabilities | 4,310,102 | 4,349,025 |
Long-term debt, net | 82,759,592 | 86,631,156 |
Due to The University of Alabama | 8,393,219 | 8,759,217 |
Total noncurrent liabilities | 95,462,913 | 99,739,398 |
Total liabilities | 107,953,882 | 114,550,571 |
Deferred inflows of resources | 4,500,000 | 4,500,000 |
Net position | ||
Net investment in capital assets | 1,106,067 | 876,125 |
Restricted | ||
Nonexpendable | 64,916,955 | 62,026,760 |
Expendable | 31,662,956 | 34,588,080 |
Unrestricted | 73,358,469 | 69,114,518 |
Total net position | 171,044,447 | 166,605,483 |
Total liabilities, deferred inflows of resources, and net position | $283,498,329 | $285,656,054 |
See accompanying notes to financial statements. |
2020 | 2019 |
|
Operating revenues | ||
Gifts | $10,531,504 | $7,515,573 |
Other operating revenues | 36,306,535 | 38,220,520 |
Total operating revenues | 46,838,039 | 45,736,093 |
Operating expenses | ||
Salaries, wages and benefits | 16,506,739 | 15,757,658 |
Supplies and services | 11,853,478 | 12,922,932 |
Depreciation | 2,492,942 | 2,494,079 |
Scholarships and fellowships | 4,005,271 | 3,328,115 |
Contributed services from affiliate | 2,458,395 | 2,334,035 |
Total operating expenses | 37,316,825 | 36,836,819 |
Operating income | 9,521,214 | 8,899,274 |
Nonoperating revenues (expenses) | ||
Investment income, net | (2,887,198) | 5,297,381 |
Interest expense | (3,262,941) | (3,320,447) |
Contributions to The University of Alabama | (2,766,075) | (6,162,461) |
Change in value of split-interest agreements | (481,564) | 411,854 |
Contributed services from affiliate | 2,458,395 | 2,334,035 |
Other nonoperating expenses | (7,300) | (7,162) |
Net nonoperating (expenses) revenues | (6,946,683) | (1,446,800) |
Increase before other changes in net position | 2,574,531 | 7,452,474 |
Other changes in net position | ||
Additions and other adjustments to permanent endowments | 1,864,434 | 233,691 |
Increase in net position | 4,438,965 | 7,686,165 |
Net position, beginning of year | 166,605,482 | 158,919,318 |
Net position, end of year | $171,044,447 | $166,605,483 |
See accompanying notes to financial statements. |