• TABLE OF CONTENTS
HIDE
 Front Cover
 Acknowledgement
 Table of Contents
 A message frome the president
 Introduction from the vice president...
 Overview
 Financial statements
 Supplemental information
 Financial aid administered
 Back Matter
 Back Cover






Group Title: University of Florida Annual Financial Report. 2000-2001.
Title: University of Florida Annual Financial Report. 2004-2005.
ALL VOLUMES CITATION PAGE IMAGE ZOOMABLE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00072278/00006
 Material Information
Title: University of Florida Annual Financial Report. 2004-2005.
Series Title: University of Florida Annual Financial Report
Physical Description: Serial
Language: English
Creator: Finance and Accounting Division, University of Florida
Affiliation: University of Florida -- Office of Administrative Affairs -- Finance and Accounting Division
Publisher: Office of Administrative Affairs, University of Florida
Publication Date: 2005
 Subjects
Subject: University of Florida.   ( lcsh )
Spatial Coverage: North America -- United States of America -- Florida
 Record Information
Bibliographic ID: UF00072278
Volume ID: VID00006
Source Institution: University of Florida
Holding Location: George A. Smathers Libraries, University of Florida
Rights Management: All rights reserved, Board of Trustees of the University of Florida

Table of Contents
    Front Cover
        Front cover
    Acknowledgement
        Acknowledgement
    Table of Contents
        Page 1
    A message frome the president
        Page 2
        Page 3
        Page 4
    Introduction from the vice president for Finance and Administration
        Page 5
    Overview
        Page 6
        Mission
            Page 7
        History
            Page 8
        Students
            Page 8
        Programs
            Page 9
        Faculty
            Page 10
        Facilities
            Page 10
        Sports and recreational activities
            Page 11
            Page 12
            Page 13
    Financial statements
        Page 14
        Management's discussion and analysis
            Page 15
        Statement of net assets
            Page 16
        Statement of revenues, expenses, and changes in net assets
            Page 17
        Statement of cash flows
            Page 18
            Page 19
            Page 20
            Page 21
            Page 22
        Notes to the financial statements
            Page 23
            Page 24
            Page 25
            Page 26
            Page 27
            Page 28
            Page 29
            Page 30
            Page 31
            Page 32
            Page 33
            Page 34
            Page 35
            Page 36
            Page 37
            Page 38
            Page 39
            Page 40
            Page 41
            Page 42
            Page 43
            Page 44
            Page 45
    Supplemental information
        Page 46
        Page 47
    Financial aid administered
        Page 48
    Back Matter
        Back matter
    Back Cover
        Back cover
Full Text








THE^ UNIVERSITY OF*FLORIDAIT S INGAINESVLLE.


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A Message from the President 2

Introduction from the Vice President for Finance and Administration 5

University of Florida Overview 6

Mission, History and Students

Programs, Faculty and Facilities

Sports and Recreational Activities

Financial Statements

Report of IndependentAuditors 14

Management's Discussion and Analysis 15

Statement of NetAssets 20

Statement of Revenues, Expenses, and Changes in NetAssets 21

Statement of Cash Flows 22

Notes to the Financial Statements 23

Supplemental Information

Financial Summary by Budget Entities 46

Financial Aid Administered 48


A COMPONENT UNIT OF THE STATE OF FLORIDA



















This past year was a memorable one at the University of Florida, and for many reasons.
Our faculty brought in record research funding. We launched an important new scholar-
ship program for underprivileged students. We started a key research institute that will
focus on water, perhaps the 21st century's most important and most threatened resource.

A M ESSAGE FROM But what stands out in my mind is the UF community's remarkable response to Hurricane Katrina.
Perhaps spurred by our collective memory of the '04 storms, our faculty, students and staff did a remark-
THE PRESIDENT able job of reaching out to the battered residents of the Gulf Coast with food drives, fundraisers and work
projects. We contributed as an institution, donating funds from the University Athletic Association to the
relief effort. And we opened our doors to between 80 and 100 undergraduate and graduate students at-
tending Gulf Coast colleges whose doors where shuttered by the storm.

Our efforts speak to one of our three missions as a public institution: service to our community, state
and nation. Although it often appears in the guise of our other missions -- research and education -- service
is a fundamental driver for what we do. That was particularly evident last year.

Think of our hurricane-related work. As they've done for several summers, College of Engineering
researchers fanned out across the Gulf Coast to meet every hurricane that made landfall. They went armed
with equipment aimed at learning more about low-level hurricane winds the kind that most affect
homes and other structures. The data they've collected will help officials write
more effective building codes and manufacturers develop more hurricane-worthy
materials. Meanwhile, UF demographers gauged the impact of hurricanes on
Florida's population and economy, information key to our state's policymakers.
And Florida builders and residents interested in current techniques and materi-
als to strengthen homes turned for guidance to three UF Institute of Food and
Agricultural Science's Cooperative Extension Service "hurricane houses." Built in
recent years to withstand winds of more than 140 mph and successfully road-
tested during Hurricane Ivan and other storms, the homes showcase features such
as hurricane window shutters, impact-resistant doors and steel "safe rooms."

This is only a small sample of our hurricane-related research and service ef-
forts, which of course are themselves only a tiny part of our activities in general.
The point is, with almost 50,000 students, a nearly $500 million research budget
and about 4,000 faculty members, UF has the size and diversity to make a differ-
ence in whatever it attempts.

And though we have much to be proud of, we have big ambitions.

For example, this past year, a group of faculty concerned about the manifold
issues confronting the world's water supply spearheaded the launch of the UF Water Institute. We funded
the effort with $1.2 million in start-up funds because it has an interdisciplinary focus, addresses one of the





MESSAGES


state and nation's most pressing problems and has the potential to receive significant financial support. A
$1.87 million endowed chair is dedicated to the position of institute director, and several other endow-
ments are in the offing.

On the global front, UF last year opened its Center for International Studies in Beijing. By doing so, we
became one of the first public universities in the United States to sink roots in China, home to the world's
second-largest and fastest-growing economy.

Among other noteworthy initiatives from last year, we opened an Office of Sustainability and began the
long but vitally important process of becoming a sustainable institution one that conserves resources to
leave more for future generations. To get started, we introduced a series of energy-saving measures including
moderating indoor heating and cooling temperatures, purchasing gas-electric hybrid vehicles and elevating
recycling. We also set ambitious goals including producing zero waste by 2015 and promised to revisit
the issue each year to gauge our progress.

Our environmentally minded efforts did not go unnoticed last year. In October, UF became the first
university in the world to be designated a Certified Audubon Cooperative Sanctuary for a high degree of
environmental quality in areas such as wildlife habitat management and environmental planning.

It was just one of several important recognition. The Scientist magazine, for example, ranked UF fourth
in the United States. among the Best Places to Work in Academia. (Given that, it's perhaps no surprise that
our faculty members snared $494 million in research awards last year). And Kiplinger's Personal Finance
placed UF in the No. 2 spot among the "top 100 values" in public colleges places where "students can
receive a stellar education without graduating with a mountain of debt."

The Kiplinger's ranking brings us to an important point: Although UF is already one of the nation's most
accessible universities, we need to strive to be more accessible to African-American, Hispanic and low-in-






A COMPONENT UNIT OF THE STATE OF FLORIDA




















come students. With that in mind, in late fall of'05
we launched the First in Family Scholarship, a program
designed to help students based on economic need and
those who are first in their family to attend a four-year
college. We believe there are a significant number of
students who can be admitted to UF, but who either don't apply or don't enroll because of the costs
associated with attending college away from home. These students either don't go to college or go to a
local community college. We want them to have a chance at the University of Florida. Toward this end,
the university allocated $1 million to start the program and Govenor Bush has recommended that the
Florida Opportunity Scholarship be adopted statewide.

Another major goal for coming years: raising our endowment to the $1 billion mark. The good news
is, our current endowment grew by 9.5 percent during the year, reaching $ 836 million. We distributed
$24 million to endowment spending accounts.

We also continue to attract and retain strong faculty members. Besides our 17 National Academy
members and one Pulitzer winner, our faculty received eight prestigious Fulbright awards in 2004-05,
besting institutions such as Purdue and the University of North Carolina at Chapel Hill. To maintain
and strengthen our record, I launched the UF Faculty Challenge in early '04. This campaign aims to raise
$150 million for an endowment that will ensure we can pay competitive salaries to attract and retain
faculty. As of fall 2005, more than $43 million has been given for endowments for professorships, fellow-
ships and provide funding for research and graduate students.

Our student athletes also set high standards. Four national runner-up finishes put the University of
Florida athletics program in sixth place overall in the 2004-05 Sports Academy Directors' Cup competi-
tion. In addition, in Southeastern Conference action, Florida won three league titles in 2004-05 base-
ball, men's tennis and volleyball. Florida also claimed SEC Tournament titles in men's basketball, soccer,
and men's and women's tennis.

As you can see, we have done much but there's no time for resting on our laurels. In today's world,
standing still is not an option. Only those who seek out new challenges will succeed, and those, like the
University of Florida, whose work serves others will enjoy the greatest rewards of all.

That's what makes the Gator Nation so great.







y. c ^-///^C





MESSAGES


J am pleased to present the University of Florida Annual Financial Report for 2004-05. The
purpose of the report is to provide useful information concerning the university's financial INTRODUCTION
position and activities for the year. The university had a strong financial year as evidenced by FROM THE VICE
net assets of over $1.5 billion, more than a 10 percent increase when compared to 2003-04. PRESIDENT FOR
The Management Discussion and Analysis, the financial statements and the notes to the financial
FINANCE AND
statements document the university's financial success and health for this year.
ADMINISTRATION
During the year significant capital resources were devoted to providing the facilities necessary
for fulfilling instruction, research and clinical needs. Buildings that were completed illustrate the
university's diverse nature. Completed projects include the Orthopaedic Surgery and Sports Medicine
Institute, Legal Information Center Addition and Phase II Law Building, Constans Theatre Addi-
tion, and the Institute of Food and Agricultural Sciences Gulf Coast Research and Education Center.
Continuing construction further illustrates the important work being done by the university. The
Genetics and Cancer Research Center and the Proton Therapy Institute will be completed in spring
2006. The Nanoscience Institute and Bio-Med Research Center are exciting projects that are in the
design phase.

Finance and Administration is committed to effectively managing the university assets and facili-
tating the business needs as this university continues its move to being the best it can be.






























A COMPONENT UNIT OF THE STATE OF FLORIDA

























































. i.



.. :: ::























MISSION

T he University of Florida is commit-
ted to a mission of teaching, research
and service through both the tradition of
American liberal arts higher education and
the mandate of the people of Florida. Faculty
and staff address each of these three pillars by
designing curricula and supporting programs
that meet not only the accreditation criteria
but the highest standards of their peers as
reflected in awards, publications and other
recognition.

Educating students at levels spanning
from undergraduate through doctorate is the

primary purpose of the University of Florida,
and the success of this education rests on
research, scholarship and responding to the
needs of society. Service addresses the uni-
versity's obligation to use its knowledge and
...... abilities to benefit the public welfare. These
three interlocking elements span all of the
University of Florida's academic disciplines
and multidisciplinary centers, and represent
the university's commitment to pursuing and
disseminating new knowledge while building
upon the experiences in its history.






A COMPONENT UNIT OF THE STATE OF FLORIDA

































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OVERVIEW


mOI HA 1CBSNT NRLMNTBYOE88nH3 CO1 S 0F3S S 001TM


Accounting
Agricultural and Life Sciences
Building Construction
Business Administration
Dentistry
Design, Construction, and Planning
Division of Continuing Education (A)
Education
Engineering
Fine Arts
Forest Resources and Conservation
Health and Human Performance
High School
Journalism and Communications
Law
Liberal Arts and Sciences
Medicine
Natural Resources and Environment
Nursing
Pharmacy
Pharmacy Doctor
Physician Assistant Program
Public Health & Health Professions
Veterinary Medicine


972
3,798
628
5,682
380
987
372
1,912
6,402
1,147
161
1,838
27
2,985
1,273
14,016
800
177
920
574
1,595
119
1,552
512


947
3,707
609
6,221
373
989
294
1,749
6,580
1,180
144
1,815
36
3,157
1,267
13,713
789
181
936
468
1,387
117
1,561
5 11


SUB-TOTAL 48,829 48,731
Minus Concurrent Degree 63 58

TOTAL 48,766 48,673

(A) Includes Continuing Education and correspondence students not enrolled in a college.


Aiding student development, the University of Florida has
invested extensively in campus computing infrastructure and in
classroom renovations and technology upgrades in the last five
years to meet the needs of modern education. Further, the Uni-
versity of Florida's freshman retention rate of 94 percent speaks
to the outstanding quality of the university's entire academic
experience, from counseling to online programs to self-tracking
of academic progress and class registration.

University of Florida students are academically motivated
and are given many opportunities to participate in extracur-
ricular activities. There are more than 750 student organiza-
tions on campus, and students attend more than 2,000 campus
concerts, art exhibits and theatrical productions, guest lectures,
sports concerts and other events each year. University of Florida
students participate in an average of two out-of-class seminars
and lectures a day and enjoy a variety of outdoor activities
throughout the year.


PROGRAMS

The University of Florida offers many programs on its single
campus, and is one of the only 18 land-grant universities in
the esteemed Association of American Universities. UF is a
doctoral/research extensive institution as categorized by the
Carnegie Foundation.

The University of Florida has 16 colleges and more than 150
research, service and education centers, bureaus and institutes.
Its faculty and student scholars are brought together from vari-
ous academic programs to provide research and development
services in all areas of state interest. Nearly 100 undergraduate
majors are offered, and more that 1,900 freshman and sopho-
mores participate in the honors program. The honors program
offers 90 to100 courses per semester. The graduate school
coordinates 242 graduate and professional degree programs
which include dentistry, law, medicine, pharmacy and veteri-
nary medicine.

The University of Florida has a distinguished record of
developing Florida agriculture into a national leader through
research and extension services, expanding the influence of the
university into every county of the state and beyond.


H


A COMPONENT UNIT OF THE STATE OF FLORIDA


903
3,623
559
6,713
374
981
535
1,810
6,607
1,180
129
1,882
35
3,305
1,312
12,954
758
180
860
372
1,174
119
1,409
501

48,275
90

48,185


844
3,508
561
6,600
370
1,005
450
1,777
6,437
1,175
124
1,893
28
3,441
1,299
12,337
759
198
806
351
1,016
120
1,343
444

46,886
87

46,799


800
3,642
541
6,357
368
1,003
414
1,885
6,244
1,126
124
1,899
8
3,352
1,264
12,368
712
202
837
366
952
122
1,219
416

46,221
115

46,106


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10








































The University of Florida hosts an impressive array of facili-
ties dedicated to honoring the arts, humanities and the sciences.
The Florida Museum of Natural History is among the top 10
natural history/anthropology museums in the nation and is the
largest in the Southeast. Its natural science collections contain
more than 24 million specimens. The museum opened the
$12 million McGuire Center for Lepidoptera and Biodiversity,
which houses the world's second-largest butterfly collection and
a live butterfly rainforest. More than 236,000 people have vis-
ited the center since it opened in summer 2004. The museum
has also won the Award of Excellence in the 2004-05 Curator's
Competition sponsored by Southeastern Museums Conference
for its exhibition, Florida Fossils. The Samuel P. Harn Museum
of Art is one of the largest museums in the region, with more
than 26,000 square feet of exhibit space.



SPORTS AND RECREATIONAL
ACTIVITIES
The University of Florida prides itself on the excellence of
its collegiate sports programs and enjoys significant success with
its varsity teams. Last year, the Gators had a record of 12 teams
accomplish top-10 finishes in their respective sports. With


strong university support for the University of Florida sports
teams and an exciting athletic experience for both fans and
student-athletes, the University of Florida provides an athletic
atmosphere rivaled by only a few other schools in the nation.

The University of Florida finished sixth in the national
all-sports competition for overall men's and women's program
excellence, up from its previous ranking of seventh. Only the
University of Florida and the University of California Los
Angeles have finished in the top-10 all-sports ranking in every
year since the 1983-84 academic year. Florida also captured
the Southeastern Conference All-Sports Title for the 14th
consecutive year and the 16th time in the last 18 seasons. The
Gators were awarded the 2004-05 New York Times Regional
Newspaper Group SEC All-Sports titles, finishing first in men's
all-sports competition and third in the women's. Florida is the
only school in SEC history to ever win both the men's and the
women's all-sports titles in the same academic year, pulling off
the feat in 1992, 1993, 1996, 1998, 2000, 2002 and 2003.

Few schools in the country can boast of a rich Olympic
tradition similar to that of the University of Florida. Since
1968, 117 Gator student-athletes have represented 27 coun-
tries in 10 Olympiads and laid claim to 76 medals, including
39 gold medals.


U


A COMPONENT UNIT OF THE STATE OF FLORIDA






































SAN IA
ROSA
S173 KALOOS
RAn > 430 l


NAbSAU I
109
DUVAL
2,055


Alachua 4,399
Baker 29
Bay 273
Bradford 72
Brevard 1,341
Broward 4,694
Calhoun 12
Charlotte 203
Citrus 210
Clay 529
Collier 502
Columbia 166
Desoto 19
Dixie 20
Duval 2,055
Escambia 404
Flagler 105
Franklin 2
Gadsen 26
Gilchrist 58
Glades II
Gulf 14
Hamilton 10


Hardee 25
Hendry 45
Hernando 139
Highlands III
Hillsborough 2,563
Holmes II
Indian River 249
Jackson 56
Jefferson 14
Lafayette 5
Lake 363
Lee 709
Leon 732
Levy 90
Liberty 3
Madison 21
Manatee 432
Marion 742
Martin 377
Miami-Dade 4,003
Monroe 128
Nassau 109
Okaloosa 430


Okeechobee 39
Orange 2,287
Osceola 234
Palm Beach 2,766
Pasco 444
Pinellas 2,223
Polk 642
Putnam 142
St.Johns 492
St. Lucie 301
Santa Rosa 173
Sarasota 832
Seminole 1,43
Sumter 43
Suwannee 83
Taylor 19
Union 28
Volusia 892
Wakulla 12
Walton 36
Washington 16

Total 39.646


377


COLLIER
502


BROWARD
4,694


' DADE
4,003





OVERVIEW


I *EREAWRE **SS E OF DES E


D eore e


2004-05


Bachelors
Masters
Doctor of Philosophy
Juris Doctor
Doctor of Medicine
Doctor of Dental Medicine
Doctor of Pharmacy
Doctor of Veterinary Medicine


2003-04 2002-03


8,574
3,022
694
425
116
76
272
75


7,975
2,889
591
414
III
80
254
82


2001-02 2000-01


7,776
2,752
607
416
107
71
231
82


7,663
2,470
574
363
120
79
203
73


campaign of sustainability, a campuswide plan that concen-
trates on environmental and social initiatives. The University
of Florida is focusing on maintaining sustainable practices in
the areas of ecology, economy and equity. In recognition of the
initiative's success, the University of Florida is the first univer-
sity designed as a Certified Audubon Cooperative Sanctuary, by
the Audubon Cooperative Sanctuary System. It is one of 607
such sanctuaries in the world.




RESEARCH SUCCESSES

In the last dozen years, there have been nearly 80 spin-off
companies from research initiatives of the University of Florida.






RESEARCH AWARDS BY SPONSOR for 2004-05 Fiscal Year
(in millions)


Foundations
$57.5
12%


Industry
$49.7
10%




State & Local
$61.9
12%


Other
$8.2
2%


These products range from Gatorade, healthier peanuts, hu-
man- patient simulators and a way to keep construction sites
safer. Many of these companies have remained in Florida and
are affiliated with the University of Florida. Through years of
research, University of Florida scientists, inventors, engineers
and researchers in a variety of concentrations have developed
products and practices that have been distributed and applied
with an international reach.

As the University of Florida strives to maintain its success
in the areas of research, teaching and service, it remains in the
enviable position of being pedagogically respected, financially
sound, organizationally stable and eager for the continuing
challenges of the 21st century.






FEDERAL AWARDS BY AGENCY (in millions)


NIH
NSF
USDA
DOD
HHS
Energy
Education
HRSA
NASA
Veterans Affairs
Commerce
DOT
Interior
EPA
Other Federal


Federal
$316.6
64%


Total


A COMPONENT UNIT OF THE STATE OF FLORIDA


$ 130.4
46.6
31.4
22.4
14.3
12.2
10.7
10.0
9.1
8.2
5.8
4.2
3.6
3.3
4.4

$ 316.6


U













AUDITOR GENERAL

STATE OF FLORIDA
G74 Claude Pepper Building
William O. Monroe, CPA I I I West Madison Street 850/488-5534/SC 278-5534
Auditor General Tallahassee, Florida 32399-1450 Fax: 488-6975/SC 278-6975

The President of the Senate, the Speaker of the
House of Representatives, and the
Legislative Auditing Committee


INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
We have audited the accompanying financial statements of the University of Florida, a component unit of the State of Florida, and
its aggregate discretely presented component units as of and for the fiscal year ended June 30, 2005, as shown on pages 20 through
45. These financial statements are the responsibility of the University's management. Our responsibility is to express opinions on
these financial statements based on our audit. We did not audit the financial statements of the discretely presented component
units, as described in note I to the financial statements, which comprise 100 percent of the transactions and account balances of
the aggregate discretely presented component units columns. Those financial statements were audited by other auditors whose
reports thereon have been furnished to us, and our opinion on the financial statements, insofar as it relates to the amounts
included for these entities, is based solely upon the reports of the other auditors. The prior year partial comparative information
has been derived from the University's 2003-04 financial statements and, in our report dated January 19, 2005, we expressed an
unqualified opinion on the respective financial statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the stan-
dards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United
States. 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 audit and the reports
of the other auditors provide a reasonable basis for our opinions.
In our opinion, based on our audit and the reports of the other auditors, the financial statements referred to above present fairly,
in all material respects, the respective financial position of the University of Florida and of its aggregate discretely presented com-
ponent units as of June 30, 2005, and the respective changes in financial position and cash flows, where applicable, thereof for the
fiscal year then ended, in conformity with accounting principles generally accepted in the United States of America.
The financial statements include partial prior-year comparative information. Such information does not include all of the infor-
mation required to constitute a presentation in conformity with accounting principles generally accepted in the United States of
America. Accordingly, such information should be read in conjunction with the University's financial statements for the fiscal year
ended June 30, 2004, from which such partial information was derived.
As discussed in note 19 to the financial statements, the University changed its method of reporting for certain investment transac-
tions entered into by the State Treasury and certain student financial aid programs in fiscal year 2004-05. These changes affect the
comparability of amounts reported with the 2003-04 fiscal year.
In accordance with Government Auditing Standards, we have also issued our report dated February 20, 2006, on our consideration
of the University of Florida's internal control over financial reporting and on our tests of its compliance with certain provisions of
laws, administrative rules, regulations, contracts, and grant agreements and other matters included under the heading INDEPEN-
DENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTH-
ER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCEWITH GOVERN-
MENTAUDITING STANDARDS. That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be read in conjunction with this report in considering the results of our audit. That report is included as a
part of our separately issued audit report on the University.
The MANAGEMENT'S DISCUSSION AND ANALYSIS on pages 15 through 19 is not a required part of the basic financial state-
ments, but is supplementary information required by accounting principles generally accepted in the United States of America. We
have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measure-
ment and presentation of the required supplementary information. However, we did not audit the information and express no
opinion on it.
Respectfully submitted,


AAU^~P~ 0- 4 ^~


William O. Monroe, CPA
February 20, 2006





MD & A






MANAGEMENT'S DISCUSSION AND ANALYSIS
From the Vice President for Finance and Administration


INTRODUCTION AND BACKGROUND

The following Management's Discussion and Analysis (MD&A) pro-
vides an overview of the financial position and activities of the University
of Florida (the University) for the fiscal year ended June 30, 2005, and
should be read in conjunction with the financial statements and notes.
This overview is required by Governmental Accounting Standards Board
(GASB) principles, GASB Statement No. 35, Basic Financial Statements
andManagement's Discussion andAnalysis for Public C,,y, and Uni-
versities, as amended by GASB Statements Nos. 37 and 38.



FINANCIAL HIGHLIGHTS

The University's net assets increased by $145.9 million or 10.3%, in
comparison with the 2003-04 fiscal year's net assets. Total operating
revenues increased by 23%. Major components of operating revenues are
contracts and grants and student tuition and fees. Two primary factors
contributed to the increase in revenues from contracts and grants. First,
research awards to the University of Florida increased in 2004-05 fiscal
year. Secondly, distributions to the University from its direct-support
organizations increased, due to a change in spending policy effective in
the 2004-05 fiscal year whereby the University receives the distributions
as revenue and processes and records the use of the money as expenses.

A COMPONENT UNIT OF THE STATE OF FLORIDA


The increase in student tuition and fees, net of scholarship allowances,
is explained by: (1) an increase in total enrollment for the year; (2) an
increase in student tuition and fee rates for undergraduate and graduate
students, both resident and nonresident; (3) and the reduction in the
total amount of student fee waivers, due to a new University rule which
waives fees for certain graduate assistants as resident rather than non-
resident. Net nonoperating revenues increased 6.1% primarily because
in the 2004-05 fiscal year, the University had net investment income
of $22.9 million, compared to a $1.1 million net investment loss in the
2003-04 fiscal year. Total operating expenses increased by 10.7%. The
largest category of operating expenses, compensation and employee ben-
efits, increased by 9.6%.

The University had significant construction activity during the year.
Construction projects completed include: (1) Orthopaedic Surgery and
Sports Medicine Institute (capitalizable costs of $25.2 million); (2) Legal
Information Center addition and Phase II Law Building (capitalizable
costs of $20.2 million); (3) Constans Theatre addition (capitalizable costs
of $10.6 million); and (4) Institute of Food and Agricultural Sciences
Gulf Coast Research and Education Center located in Balm, Florida
(capitalizable costs of $6.8 million). Construction continues on several
major projects including: (1) Genetics and Cancer Research Center,
a multi-disciplinary biomedical research facility for the University of

m





UN*KIVRSITY *F FLIDA


Florida Genetics Institute and the Cancer Research Center; (2) Proton
Therapy Institute located in Jacksonville, Florida; and (3) Library West
addition and renovation. During the 2004-05 fiscal year, the University
began the design phase of the Nanoscience Institute for Medical and En-
gineering Technology project, which has a total project budget of $35.2
million.




OVERVIEW OF FINANCIAL

STATEMENTS

Pursuant to GASB Statement No. 35, the University's financial report
includes three basic financial statements: the Statement of Net Assets;
the Statement of Revenues, Expenses, and Changes in Net Assets; and
the Statement of Cash Flows. The financial statements encompass the
University and its component units. These component units include:

* The University's Direct-Support Organizations These are separate,
not-for-profit corporations organized and operated exclusively to as-
sist the University in achieving excellence by providing supplemental
resources from private gifts, bequests and valuable education support
services.

* The Health Science Center Affiliates These are the several corpora-
tions closely affiliated with the University of Florida J. Hillis Miller
Health Science Center, including the Faculty Practice Plans.

* Shands Hospital and Others This includes Shands Teaching Hospi-
tal and Clinics, Inc., a not-for-profit corporation that is contractually
obligated to manage, operate, maintain and insure the hospital facili-
ties in support of the programs of the Health Science Center at the
University of Florida.

Information regarding these component units, including summaries of
their separately issued financial statements, is presented in notes 1, 3, 20
and 21 to the financial statements. This MD&A focuses on the Universi-
ty, excluding the component units. MD&A information for these com-
ponent units is included in their separately issued financial statements.

The financial statements characterize revenues and expenses as either
operating or nonoperating. A significant portion of the University's an-
ticipated, recurring resources are considered nonoperating as defined by
GASB Statement No. 35. The principal component of nonoperating
revenues for the fiscal year ended June 30, 2005, is State appropriations
for operations ($557.1 million).

Two reporting changes made by the University in the 2004-05 fiscal year
resulted in a new nonoperating revenue category, Federal and State schol-
arship grants ($90.1 million). For the 2004-05 fiscal year, the Univer-
sity began reporting moneys received for student financial aid relating to
the Federal Pell Grant, Federal Supplemental Educational Opportunity
Grants, and Florida Student Assistance Grant programs as nonoperating


revenues, whereas in prior fiscal years these programs were reported as
operating revenues. Additionally, in prior fiscal years, moneys received
and disbursed from the Florida Department of Education for the Florida
Bright Futures Scholarship Program were accounted for in the Agency
Fund and, as such, revenues and expenses of this program were not re-
ported on the Statement of Revenues, Expenses, and Changes in Net
Assets. In the 2004-05 fiscal year, the University began reporting rev-
enues and expenses for this program in the Restricted Scholarship Fund,
the revenues being classified as nonoperating revenues. This reporting
change also affected the calculation of the scholarship allowances.

The 2003-04 fiscal year amounts have been restated so that the fiscal
years are comparable for amounts reported as operating and nonoper-
ating revenues, and operating expenses on the Statement of Revenues,
Expenses, and Changes in Net Assets.

Recurring nonoperating expenses consist primarily of interest expense on
bonds and revenue certificates payable, totaling $6.4 million for the fiscal
year ended June 30, 2005.




STATEMENT OF NET ASSETS

The Statement of Net Assets reflects the assets and liabilities of the Uni-
versity, using the accrual basis of accounting, and presents the financial
position of the University at a specified time. The difference between to-
tal assets and total liabilities, net assets, is one indicator of the Univeristy's
current financial condition. The changes in net assets that occur over
time indicate improvement or deterioration in the University's financial
condition. The following summarizes the University's assets, liabilities,
and net assets at June 30:


0 I Illl 0..l


2005


$ 708.8
1,179.2
107.5
1,995.5


134.3
292.1
426.4


Assets:
Current Assets
Capital Assets, Net
Other NoncurrentAssets
Total Assets

Liabilities:
Current Liabilities
Noncurrent Liabilities
Total Liabilities

NetAssets:
Invested in Capital Assets,
Net of Related Debt
Restricted
Unrestricted

Total Net Assets


1,060.1

415.8
93.2

$ 1,569.1


2004


$ 768.1
1,077.7
138.0
1,983.8


286.3
274.3
560.6


952.9

384.5
85.8

$1.423.2


As discussed in note 19 to the financial statements, the University
discontinued reporting a share of the reverse repurchase and securities





MD&A


lending agreements entered into by the State Treasury, in connection with
the State Treasury's Special Purpose Investment Account investment pool,
for the 2004-05 fiscal year pursuant to the State Treasury's interpretation
of GASB Statement No. 28, Accounting and Financial Reporting for
Securities Lending Transactions. This affects the comparability of amounts
reported as assets and liabilities in the statement of net assets for the
2004-05 fiscal year with amounts reported for the 2003-04 fiscal year,
and is the primary reason why total current assets and current liabilities
decreased from the prior fiscal year.




STATEMENT OF REVENUES,

EXPENSES, AND CHANGES IN

NET ASSETS

The Statement of Revenues, Expenses, and Changes in Net Assets pres-
ents the results of the University's revenue and expense activity, catego-
rized as operating or nonoperating. Revenues and expenses are recog-
nized when earned or incurred, regardless of when cash is received or
paid. The following summarizes the University's activity for the fiscal
years ended June 30:

0XPENS N CHANGES IN (inmil


IRi


2005


Grants and Contracts
StudentTuition and Fees, Net of
Scholarship Allowances
Sales and Services of Auxiliary Enterprises
Sales and Services of Educational Departments
Other

Total Operating Revenues


2004


$ 699.4 $ 556.5
156.7 129.6

96.7 80.5
66.0 61.0
2.6 3.0

$ 1.021.4 $ 830.6


OPERATING EXPENSES

Expenses are categorized as operating or nonoperating. The majority of
the University's expenses are exchange transactions, which GASB State-
ment No. 35 defines as operating expenses. GASB gives financial report-
ing entities the choice of reporting expenses in the functional or natural
classifications. The University has chosen to report the expenses in their
natural classification on the face of the statement and has displayed the
functional classification in the notes to the financial statements. The fol-
lowing summarizes the operating expenses for each method of classifica-
tion for the fiscal years ended June 30:


200S


2004


I. OPRTN X ESS i ilos


Operating Revenues
Operating Expenses


$ 1,021.4
(1,640.4)

(619.0)


Operating Loss


$ 8


(6


(


Net Nonoperating Revenues (Expenses)

Income (Loss) Before Other Revenues,
Expenses, Gains, or Losses

Other Revenues, Expenses,
Gains, or Losses


Increase in NetAssets


Net Assets Beginning ofYear

Net Assets End ofYear


1.423.2


130.6


81. Natural Classifications

5 1.1) Compensation and Employee Benefits
Services and Supplies
22.8 Depreciation*
Scholarships and Waivers
28.3) Utilities and Communications
Self-Insured Claims and Expenses

71.8 Total Operating Expenses


Functional Classifications

Instruction
Research
Public Service
Institutional Support
Depreciation*
Academic Support
Auxiliary Operations
Operation and Maintenance of Plant
Scholarships and Fellowships, Net**
Student Services


1.379.7

$1.423.2


OPERATING REVENUES

GASB Statement No. 35 categorizes revenues as either operating or non-
operating. Operating revenues generally result from exchange transac-
tions where each of the parties to the transaction either give up or receive
something of equal or similar value.

The following summarizes the operating revenues by source, which were
used to fund the University's operating activities for the fiscal years ended
June 30:


A COMPONENT UNIT OF THE STATE OF FLORIDA


2005

$ 1,053.5
327.8
103.1
82.7
51.2
22.1

$ 1.640.4

2005

$ 489.4
428.2
143.4
121.0
103.1
101.7
99.0
80.4
41.9
32.3


2004

$ 961.4
254.6
112.0
89.4
49.8
14.5

$ 1.481.7

2004

$ 458.1
387.1
S15.1
82.2
112.0
103.7
80.2
70.3
45.4
27.6


Total Operating Expenses $ 1,640.4 $ 1,481.7

* Depreciation expense in the 2003-04 fiscal year includes corrections made to
accurately reflect the useful lives of certain buildings and to reflect the proper
useful lives of a particular category of equipment. These corrections accounted
for $14.5 million reported in depreciation expense in the 2003-04 fiscal year.
** Net of Scholarship Allowances of $86.2 million in the 2004-05 fiscal year and
$101.2 million in the 2003-04 fiscal year.


m





UN*KIVRSITY *F FLIDA


NONOPERATING REVENUES

AND EXPENSES


Certain revenue sources that the University relies on to provide funding
for operations, including State appropriations, certain gifts and grants,
and investment income, are defined by GASB as nonoperating. Nonop-
erating expenses include capital financing costs and other costs related to
capital assets. The following summarizes the University's nonoperating
revenues and expenses for the fiscal years ended June 30:


0l0.JI


2005


State Appropriations
Federal and State Scholarship Grants
Investment Income (Loss)
Interest on Capital Asset-Related Debt
Other Nonoperating Revenues(Expenses)

Net Nonoperating Revenues (Expenses)


$ 557.1
90.1
22.9
(6.4)
(3.0)

$ 660.7


2004


$ 549.1
85.4
(1. 1)
(6.8)
(3.8)

$ 622.8


OTHER REVENUES, EXPENSES,

GAINS OR LOSSES

This category is mainly composed of capital appropriations and capital
grants, contracts and donations. The following summarizes the Univer-
sity's other revenues, expenses, gains or losses for the fiscal years ended
June 30:


OTE0EEUS EPNEG IS
0R 0OSS(n ilos


7nnc


Capital Appropriations
Capital Grants, Contracts and Donations
Loss on Disposal of Capital Assets***


$ 42.7
67.2
(5.


7nnA


$ 37.7
46.2
(12.1)


Total Other Revenues, Expenses,
Gains, or Losses $ 104.2 $ 71.8

***In the the 2003-04 fiscal year annual financial report this amount was in-
cluded in depreciation expense. In order to be comparative to the 2004-05 fiscal
year presentation, it is presented separately.



STATEMENT OF CASH FLOWS

The Statement of Cash Flows provides information about the University's
sources and uses of cash and cash equivalents during the fiscal year. This
statement classifies sources and uses of cash and cash equivalents into the
four categories defined by GASB as summarized below for the fiscal years
ended June 30:


0 I STATEMENT OF CASH FLOWS0(Bmi


Cash Flows From:
Operating Activities
Total Provided
Total Used
Total

Noncapital Financing Activities
State Appropriations
Federal and State Scholarship Grants
Operating Subsidies and Transfers
Other Sources and Uses
Total

Capital and Related Financing Activities
Capital Appropriations, Subsidies,
Transfers, Grants and Gifts
Other Receipts and Proceeds
Purchases of Capital Assets
Principal and Interest Paid on Capital
Debt and Leases
Total

Investing Activities
Net Cash Provided (Used) by
Investing Activities

Net Change in Cash and
Cash Equivalents


Cash and Cash Equivalents,
Beginning ofYear

Cash and Cash Equivalents,
End ofYear


2005


$ 975.8
(1.516.3)
(540.5)


557.1
90.1
1.0
(14.8)
633.4


2004


$ 835.0
(1.368.1)
(533.1)


549.0
85.4
.1
17.6
652.1


79.2 70.2

.2
(188.3) (200.0)

(12.8) (13.2)
(121.97 142.8)



.7 (68.7)


(28.3)


(92.5)


32.8 125.3


$ 4.5 1 32.8


CAPITAL ASSETS, CAPTIAL

EXPENSES AND COMMITMENTS,

AND DEBT ADMINISTRATION



CAPITAL ASSETS

At June 30, 2005, the University had approximately $2.3 billion in capi-
tal assets, less accumulated depreciation of $1.12 billion, for net capital
assets of $1.18 billion. Depreciation charges for the current year totaled
$103.1 million. The table on the following page summarizes the Univer-
sity's capital assets, net of accumulated depreciation, at June 30.



CAPITAL EXPENSES AND COMMITMENTS

Major capital expenses through June 30, 2005, were incurred on the fol-
lowing projects: Genetics and Cancer Research Center ($40.3 million),
Library West addition and renovation ($15.3 million), Institute of Food
and Agricultural Sciences renovation ($11.1 million), and the Jackson-
ville Proton Therapy Institute to be located on the campus of the Shands
Jacksonville Medical Center in Jacksonville, Florida ($27.2 million). The
table on the following page summarizes the University's major capital
commitments as of June 30, 2005.





MD&A


A AAITAL EXPEDI OMITME TS(Re ai. : in BlI. [IJ B I $ i in iIA mlions)


Current


Commitment


Project Na.me Comm ) expenses nama.nce


Genetics and Cancer Research Center $ 78.6 $ 40.3 $ 38.3
LibraryWestAddition and Renovation 30.5 15.3 15.2
Shands Jacksonville Proton Therapy Institute 36.9 27.2 9.7
Multidisciplinary Nanosystems 6.0 .5 5.5
2003-2004 Maintenance, Repairs, and Renovations 10.6 4.2 6.4
2004-2005 Maintenance, Repairs, and Renovations 8.9 1.5 7.4
2004-2005 Utility and Infrastructure 6.7 .3 6.4
Projects with remaining balances less than $5 million I 10.0 83.3 26.7

Total $ 288.2 $ 172.6 115.6

(I) This column represents total legislative appropriations at June 30,2005, for the project. The estimated total cost could be
significantly different

Additional information about the University's capital commitments is presented in note 14 to the financial statements.


2005


Land
Buildings
Infrastructure and Other Improvements
Furniture and Equipment
Library Resources
Property Under Capital Lease and
Leasehold Improvements
Computer Software
Other Fixed Assets
Construction in Progress


$ 10.4
645.8
30.3
226.7
58.5
9.1

24.2
1.7
172.6


2004


$ 10.5
568.6
23.4
230.6
59.5
9.2

27.1
1.8
147.0


Total Capital Assets, Net $1,179.3 $1,077.7

Additional information about the University's capital assets is presented in note
8 to the financial statements.


DEBT ADMINISTRATION

As of June 30, 2005, the University had approximately $121.4 million in
outstanding bonds and revenue certificates, capital leases and installment
purchase agreements, representing a decrease of $6.5 million (5.1%) from
the prior fiscal year. The following summarizes the outstanding long-term
debt, including the current portion of each liability, as of June 30:



LONG-TE RM DEBT (i millions)


2001


2004


ECONOMIC OUTLOOK

The budget that the Florida Legislature adopted for the 2005-06 fiscal
year provided a 7.7% increase in the education portion of the budget.
Regarding the University's legislative priorities, the Legislature provided
a salary increase of 3.6% for State university employees; delegated the
power to set tuition for out-of-state, graduate, and professional students
to the University Board of Trustees; restored partial funding to the Col-
lege of Medicine in response to last year's cuts related to the Medicaid
Physician Upper Payment Limit programs; and provided $6.1 million
for enrollment growth at State universities (the University of Florida's
share is 14%).

The University expects an increase in revenue from student tuition and
fees because of increased enrollment and increased student tuition and
fees. Effective Fall 2005, in addition to assessing tuition and fees based
on student residency, course level, and program, tuition rates are now
also based on whether the student is classified as new or continuing. The
new fee schedule resulted in increases as shown below:


Continuing Students New Students


Undergraduate Courses
ResidentTuition & Fees
Non-ResidentTuition & Fees

Graduate Courses
ResidentTuition & Fees


5% increase
5% increase


5% increase
8.9% increase


5% increase 13.7% increase


Bonds and Revenue Certificates $ 117.3 $ 123.2
Capital Leases 3.9 3.9
Installment Purchase Agreements .2 .8

Total Long-Term Debt $ 121.4 $ 127.9

Additional information about the University's long-term debt is presented in note
10 to the financial statements.



A COMPONENT UNIT OF THE STATE OF FLORIDA


Overall enrollment for Fall 2005 (49,650 students after drop/add) in-
creased 3.5% from Fall 2004. Undergraduate enrollment increased by
2.7% and graduate and professional enrollment increased by 4.2% and
9.1%, respectively, which illustrates the continued shift of enrollment
into graduate and professional courses with higher tuition costs.


M


"""


I CAPITALASSETS, NET (in millions) I














(amounts expressed in thousands)

Component Units (FYE 2005)
University of Florida Direct-Support Health Science Shands Hospital
2005 2004 Organizations Center Affiliates and Others
ASSETS
Current Assets:
Cash and Cash Equivalents (Note 2) $ 4,330 $ 25,210 $ 32,626 $ 46,931 $ 40,276
Investments (Note 3) 500,685 578,015 78,104 6,709 176,533
Accounts Receivable, Net (Note 4) 127,852 75,156 51,535 46,691 147,612
Loans and Notes Receivable, Net (Note 4) 3,952 3,344
Due from State (Note 5) 65,876 77,337
Due from Component Units/University (Note 6) 2,146 97,351 20,166 6,830
Inventories (Note 7) 5,700 5,789 935 98 3
Other CurrentAssets 414 1,045 3,943 2,868 45,142

Total CurrentAssets 708.809 768,042 264.494 123,463 416,396

Noncurrent Assets:
Restricted Cash and Cash Equivalents (Note 2) 208 7,547 372
Restricted Investments (Note 3) 73,864 97,976 1,1 10,743 15,232 228,709
Loans and Notes Receivable, Net (Note 4) 32,531 31,594 1,472
Depreciable Capital Assets, Net (Note 8) 995,910 919,805 128,031 17,226 543,712
Non-depreciable Capital Assets (Note 8) 183,343 157,873 26,909 296 54,719
Other NoncurrentAssets 863 921 1.159 17.240 67.551

Total NoncurrentAssets 1,286,719 1,215,716 1,268,686 49.994 894.691

TOTAL ASSETS $ 1.995.528 $ 1,983,758 $ 1.533.180 $ 173,457 $ 1,311,087

LIABILITIES
Current Liabilities:
Accounts Payable $ 61,337 $ 32,402 $ 17,762 $ 11,077 $ 132,294
Accrued Salaries and Wages Payable 24,860 30,906 5,694 6,940 37
Due to State 261 423
Due to Component Units/University (Note 6) 12,269 11,305 77,728 7,435 4,691
Deferred Revenue 6,316 40,860 59,248 84 52
Deposits Held in Custody 5,491 24,580 230 52 42
Obligations Under Securities Lending and 123,489 -
Repurchase Agreements
Long-Term Liabilities Current Portion: (Note 10)
Bonds and Revenue Certificates Payable 6,044 5,904 1,495 509 14,367
Installment Purchase Agreements Payable 187 316 31
Capital Leases Payable 78 73 75 496
Compensated Absences Payable 8,504 7,130 1,763 6,269
Liability for Self-Insured Claims 8,988 8,939
Other Current Liabilities 5914 3.518 109

Total Current Liabilities 134,335 286,327 169,834 35,959 152,399

Noncurrent Liabilities: (Note 10):
Bonds and Revenue Certificates Payable I 1,247 I 17,276 109,915 18,962 411,724
Installment Purchase Agreements Payable 79 455 -
Capital Leases Payable 3,783 3,862 202 6,826
Compensated Absences Payable 120,782 107,533 61 16,550
Liability for Self-Insured Claims 56,214 45,142
Other Noncurrent Liabilities 33,3 1 1,725 61,619

Total Noncurrent Liabilities 292,105 274,268 143,287 37,439 480,169

TOTAL LIABILITIES 426,440 560,595 313,121 73,398 632,568

NET ASSETS
Invested in Capital Assets, Net of Related Debt 1,060,169 952,935 56,569 (1,238) 171,178
Restricted:
Nonexpendable:
Endowment 730,371 1,140
Expendable:
Loans 49,866 48,260
Capital Projects 85,869 109,376
Debt Service 3,923 3,141
Other Restricted NetAssets 276,099 223,641 306,121 2,157
Unrestricted 93,162 85,810 126,998 101,297 504,044

TOTAL NET ASSETS 1,569,088 1,423,163 1,220,059 100,059 678,519

TOTAL LIABILITIESAND NETASSETS $ 1,995,528 $ 1,983,758 $ 1,533,180 $ 173,457 $ 1,311,087

The accompanying Notes are an integral part of the financial statements.






FINANCIAL STATEMENTS


(amounts expressed in thousands)


University of Florida
2005 2004


REVENUES
Operating Revenues:
StudentTuition and Fees, Net of Scholarship
Allowances of $86,216 and $101,223
Federal Grants and Contracts
State and Local Grants and Contracts
Nongovernmental Grants and Contracts
Sales and Services of Auxiliary Enterprises (Note I I)
Sales and Services of Educational Departments
Sales and Services of Component Units
Hospital Revenues
Gifts and Donations Component Units
Royalties and Licensing Fees Component Units
Interest on Loans and Notes Receivable
Other Operating Revenues

Total Operating Revenues

EXPENSES
Operating Expenses:
Compensation and Employee Benefits
Services and Supplies
Utilities and Communications
Scholarships, Fellowships and Waivers
Depreciation
Self-Insured Claims and Expenses
Other Component Unit Operating Expenses

Total Operating Expenses (Note 13)


Operating Income (Loss)


NONOPERATING REVENUES (EXPENSES)
State Appropriations
Federal and State Scholarship Grants
Investment Income (Loss)
Interest on Capital Asset Related Debt
Other Nonoperating Revenues (Expenses)

Net Nonoperating Revenues (Expenses)

Income (Loss) Before Other Revenues, Expenses,
Gains, or Losses

Capital Appropriations
Capital Grants, Contracts and Donations
Gain/(Loss) on Disposal of Capital Assets
Additions to Permanent Endowments
Transfers from/(to) Component Units

Total Other Revenues, Expenses, Gains or Losses

Increase (Decrease) in NetAssts

Net Assets, Beginning ofYear

Adjustment to Beginning NetAssets (Note 20)

Net Assets, Beginning ofYear, as Restated


Component Units (FYE 2005)
Direct-Support Health Science Shands Hospital
Organizations Center Affiliates and Others


$ 156,705 $ 129,587 $


294,692
70,080
334,642
96,706
66,006




386
2.194

1,021,411


1,053,495
327,796
51,133
82,748
103,140
22,119


1.640.431

(619.020)


557,086
90,111
22,894
(6,419)
(2,895)

660,777


248,320
44,515
263,777
80,454
60,968




717
2.280

830,618



961,416
254,591
49,842
89,402
112,024
14,444


1.481.719

(651.101)


549,048
85,363
(1,088)
(6,756)
(3,807

622,760


41.757 (28.341)


42,745
67,201
(5,778)


104.168

145,925


1,423,163


1,423,163


37,677
46,228
(12,068)



71.837

43,496

1,379,667



1,379,667


49,515
1,338
98,654
38,958

S1.236

199,701








6,245

241.247

247.492

(47.791)




87,062
(3,704)
4,172

87,530


358,782
27,151


52.590

438,523








4,503

353.485

357.988

80.535




2,492
(213)
(106,175)

(103,896)


39.739 (23.361)


57,351
2.029

59.380

99,119

1,120,940



1,120,940


23.895

23,895


550
1,260,744
1,435
1,062

144.372

1,408,163








62,207

1.203.919

1.266.126

142.037




16,912

(33 115)

(16,203)


125.834


1,444

4
(45.798)

(44.350)


534 81,484


99,525


99,525


580,620

16,415


597,035


Net Assets, End ofYear


$ 1.569.088 $ 1.423.163 $ 1.220.059 $ 100.059 $ 678.519


The accompanying Notes are an integral part of the financial statements.




A COMPONENT UNIT OF THE STATE OF FLORIDA


B














(amounts expressed in thousands)

University of Florida
2005 2004


CASH FLOWS FROM OPERATING ACTIVITIES
StudentTuition and Fees
Grants and Contracts
Sales and Services of Auxiliary Enterprises
Sales and Services of Educational Departments
Repayment of Loans Receivable
Interest on Loans Receivable
Other Operating Receipts
Payments to Employees
Payments to Suppliers
Payments to Students for Scholarships and Fellowships
Loans Issued to Students
Payments on Self-Insurance Claims

Net Cash Provided (Used) by Operating Activities

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
State Appropriations
Federal and State Scholarship Grants
Direct Loan Program Receipts
Direct Loan Program Disbursements
Operating Subsidies and Transfers
Funds Held for Others
Other Nonoperating Receipts
Other Nonoperating Expenses

Net Cash Provided (Used) by Noncapital Financing Activities

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Capital Appropriations
Capital Subsidies and Transfers
Capital Gifts and Grants Received
Proceeds from Sales of Capital Assets
Purchases of Capital Assets
Principal Paid on Capital Debt and Leases
Interest Paid on Capital Debt and Leases

Net Cash Provided (Used) by Capital and Related Financing Activities

CASH FLOWS FROM INVESTING ACTIVITIES
Sale of Investments
Purchase of Investments
Interest on Investments

Net Cash Provided (Used) by Investing Activities

Net Increase (Decrease) in Cash and Cash Equivalents

Cash and Cash Equivalents, Beginning ofYear

Cash and Cash Equivalents, End ofYear

RECONCILIATION OF NET OPERATING INCOME (LOSS)
TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Net Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities:
Depreciation Expense
Changes in Assets and Liabilities:
Receivables, Net
Inventories
Other Assets
Accounts Payable
Accrued Salaries and Wages Payable
Deferred Revenue
Deposits Held in Custody
Compensated Absences Payable
Liability for Self Insured Claims

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES

The accompanying Notes are an integral part of the financial statements.


$ 156,993
647,639
95,999
66,031
8,297
813
(13,564)
(1,047,517)
(351,644)
(82,748)
(9,843)
(10.997)

(540,541)


557,086
90,1 II
153,240
(153,591)
1,026
(12,835)
1,321
(2.937)


$ 130,187
554,688
80,492
60,969
7,870
822
(3,409)
(949,502)
(309,267)
(89,402)
(9,61 1)
(6.996)

(533,159)


549,048
85,363
141,493
(141,178)
67
17,991
2,762
(3.435)


633,421 652.111


22,911
13,186
43,060
75
(188,311)
(6,351)
(6.419)

(121,849)


1,298,211
(1,320,257)
22.796


57,012
(20,752)
33,972
217
(199,983)
(6,523)
(6.742)

(142,799)


872,567
(959,084)
17.813


750 (68,704)


(28,219)

32,757

$ 4,538



$ (619,020)


103,140

(54,365)
89
632
26,565
(8,646)
(14,710)
29
14,623
1 1,122


(92,551)

125,308

$ 32,757



$ (651,101)


I 12,024

(7,147)
(1,808)
(392)
(2,633)
7,093
(1,463)

4,820
7,448


$ (540,541) $ (533,159)





NOTES







NOTES TO THE FINANCIAL STATEMENTS
For the Fiscal Year Ended June 30, 2005


1. SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES


The significant accounting policies followed by the University of
Florida are described below to enhance the usefulness of the finan-
cial statements.



A. REPORTING ENTITY

The University of Florida is a separate public instrumentality that
is part of the State university system of public universities, and is
directly governed by a Board of Trustees (Trustees) consisting of
thirteen members. The Governor appoints six citizen members
and the State's Board of Governors appoints five citizen members.
These members are confirmed by the Florida Senate and serve stag-
gered terms of five years. The chair of the faculty senate and the
president of the student body of the University are also members.
The State's Board of Governors establishes the powers and duties
of the Trustees. The Trustees are responsible for setting policies for
the University, which provide governance in accordance with Flori-

A COMPONENT UNIT OF THE STATE OF FLORIDA


da law, State Board of Education rules, and the Board of Governors
rules. The Trustees select the University President and the State
Board of Education ratifies the candidate selected. The University
President serves as the executive officer and the corporate secretary
of the Trustees, and is responsible for administering the policies
prescribed by the Trustees for the University.

Criteria for defining the reporting entity are identified and de-
scribed in the Governmental Accounting Standards Board's
(GASB) Codification of Governmental Accounting and Financial
Reporting Standards, Sections 2100 and 2600. Application of
these criteria determines potential component units for which the
primary government is financially accountable and other organiza-
tions for which the nature and significance of their relationship
with the primary government are such that exclusion would cause
the primary government's financial statements to be misleading or
incomplete. Based on the application of these criteria, the Univer-


El





UN*KIVRSITY OF FLOIDA


sity of Florida is a component unit of the State of Florida, and its
financial balances and activities included in these financial state-
ments are reported in the State's Comprehensive Annual Financial
Report by discrete presentation.



B. BLENDED COMPONENT UNIT

Based on the application of the criteria for determining component
units, the University of Florida Self-Insurance Program (the Pro-
gram), combined with the University of Florida Healthcare Educa-
tion Insurance Company (HEIC), is included within the Univer-
sity's reporting entity as a blended component unit. The Program
was created by the State's Board of Governors, pursuant to Section
1004.24, Florida Statutes. The HEIC was created on September 1,
1994, as a self-insurance mechanism created pursuant to Section
1004.24, Florida Statutes. In 1998, the Program acquired a con-
trolling interest in the HEIC. Although legally separate from the
University of Florida, the Program's and the HEIC's sole purpose is
to assist in providing liability protection for the University and its
affiliated individuals and entities, and are therefore reported as if
they are part of the University. See Note 17 for more details.



C. DISCRETELY PRESENTED COMPONENT UNITS

Based on the application of the criteria for determining compo-
nent units, certain affiliated organizations are included within the
University's reporting entity as discretely presented component
units. The University further categorizes its component units as
Direct-Support Organizations, Health Science Center Affiliates,
and Shands Teaching Hospital and Others. Additional informa-
tion on the University's component units, including copies of audit
reports, is available by contacting the University Controller's Office.



D. DIRECT-SUPPORT ORGANIZATIONS

The University's direct-support organizations, as provided for in
Section 1004.28, Florida Statutes, and Board of Governors Rule
6C-9.011, are considered component units of the University of
Florida and therefore the latest audited financial statements of these
organizations are included in the financial statements of the Uni-
versity by discrete presentation. These are separate, not-for-profit
corporations organized and operated exclusively to assist the Uni-
versity to achieve excellence by providing supplemental resources
from private gifts and bequests, and valuable education support
services. The Statute authorizes these organizations to receive,
hold, invest and administer property and to make expenditures to
or for the benefit of the University. An annual audit of each organi-
zation's financial statements is conducted by independent certified


public accountants. The annual report is submitted to the Auditor
General and the University Board of Trustees. These not-for-profit
corporations and their purposes are explained as follows:


University of Florida Foundation, Inc. solicits, collects, manages,
and directs contributions to the various academic departments and
programs of the University, and assists the University in fund rais-
ing, public relations, and maintenance of alumni records.

University of Florida Research Foundation, Inc. promotes, en-
courages, and assists research activities of the University through
income derived from or related to the development and commer-
cialization of intellectual properties, which include inventions, dis-
coveries, processes, and work products.


University Athletic Association, Inc. conducts various inter-col-
legiate athletic programs for and on behalf of the University.


Gator Boosters, Inc. supports athletic activities at the University.


University of Florida Law Center Association, Inc. supports the
College of Law.


Florida Foundation Seed Producers, Inc. supplies Florida farm-
ers and producers with crop seed and nursery stock. This organiza-
tion stocks foundation seed of the best-known varieties acceptable
to Florida climate and soils in adequate quantities and at reason-
able prices.


Florida 4-H Club Foundation, Inc. promotes the educational ob-
jectives of the Florida Cooperative Extension Service.

Southwest Florida Research and Education Foundation, Inc.
provides research and educational support to the University of
Florida Southwest Florida Research and Education Center.


Citrus Research and Education Foundation, Inc. expedites cit-
rus production, propagates new plant materials, collects and ana-
lyzes environmental impact research data, and provides research
and education support to the University of Florida Citrus Research
and Education Center at Lake Alfred.


Florida Leadership and Education Foundation, Inc. was formed
to further agriculture and natural resource education and related
activities, promote agriculture and natural resources leadership, and
make contributions to and confer benefits upon the University.


Treasure Coast Agricultural Research Foundation, Inc. sup-
ports, encourages, and fosters research, education, and extension





NOTES


at the Institute of Food and Agricultural Sciences of the Uni-
versity on issues related to the citrus industry within the Indian
River region.

University of Florida Alumni Association, Inc. supports activi-
ties of the alumni of the University of Florida.

University of Florida Investment Corporation commenced busi-
ness on July 1, 2004, to promote the educational purposes of the
University of Florida by providing investment research, advice,
counsel and management to and for the University Board of Trust-
ees and affiliated organizations of the University.



E. HEALTH SCIENCE CENTER AFFILIATES

Several corporations closely affiliated with the University of Florida
J. Hillis Miller Health Science Center (JHMHC) are considered to
be component units of the University of Florida. These corpora-
tions are as follows:


+ Florida Clinical Practice Association, Inc.

+ UF Jacksonville Physicians, Inc.

+ Faculty Associates, Inc.

+ Florida Health Professions Association, Inc.

+ UF College of Nursing Faculty Practice Association, Inc.

+ UF College of Pharmacy Faculty Practice Association, Inc.

+ Florida Veterinary Medicine Faculty Association, Inc.

+ UF Jacksonville Healthcare, Inc.

+ Faculty Clinic, Inc. d.b.a. UF Faculty Clinic/Jacksonville

+ Jacksonville Health Education Programs, Inc.

The first seven corporations listed are Faculty Practice Plans, as pro-
vided for in Board of Govenors Rule 6C- 9.017. The Faculty Prac-
tice Plans provide educationally-oriented clinical practice settings
and opportunities through which faculty members provide health,
medical, and dental care to patients as an integral part of their
academic activities and their employment as faculty. Because these
faculty practice activities generate income, the colleges are autho-
rized to regulate fees generated from faculty practice and maintain
Faculty Practice Plans for the orderly collection and distribution of
fees. These organizations provide significant support for the clini-
cal instruction function of the JHMHC.

University of Florida Jacksonville Healthcare, Inc., a Health Servic-
es Support Organization as provided for in Board of Govenors Rule


A COMPONENT UNIT OF THE STATE OF FLORIDA


6C-9.020, engages in strategic alliances and partnerships with non-
academic entities, effecting managed care contracting and provider
network development for the JHMHC. Faculty Clinic, Inc. was
originally organized to operate a multi-specialty clinic. However,
effective January 1, 1995, Faculty Clinic, Inc. was restructured to
operate as a facilities management company. Jacksonville Health
Education Programs, Inc. operates the Borland Medical Library in
Jacksonville, Florida.



F. SHANDS TEACHING HOSPITAL AND OTHERS

Shands Teaching Hospital and Clinics, Inc. (Shands) was incor-
porated October 15, 1979, as a not-for-profit corporation. Shands,
a major tertiary care teaching institution, is a leading referral center
in the State of Florida and the southeast United States and facili-
tates medical education programs at the University.

Shands entered into a contractual agreement, as of July 1, 1980, as
subsequently restated and amended, with the State Board of Edu-
cation of the State of Florida, to provide for the use of hospital fa-
cilities at the JHMHC through December 31, 2030, with renewal
provisions. The contractual agreement also provides for the transfer
to Shands of all other assets and liabilities arising from the opera-
tion of the hospital facilities prior to July 1, 1980. At termination
of the contractual agreement, the net assets of Shands revert to
the State Board of Education. Legal title to all buildings and im-
provements transferred to Shands remains with the State of Florida
during the term of the contractual agreement. The contractual
agreement provides for a 12-month grace period for any event of
default, other than the bankruptcy of Shands. In addition, the con-
tractual agreement limits the right of the State Board of Education
to terminate the contractual agreement solely to the circumstance
in which Shands declares bankruptcy and, in such event, requires
net revenues derived from the operation of the hospital facilities to
continue to be applied to the payment of Shands' debts.

Under the terms of the contractual agreement, Shands is obligated
to manage, operate, maintain, and insure the hospital facilities in
support of the programs of the JHMHC and further agrees to con-
tract with the State Board of Education for the provision of these
programs. By operation of law, the University of Florida Board of
Trustees has become the successor-in-interest to the State Board of
Education.

Baby Gator Child Care Center, Inc. (the Center) was incorpo-
rated October 19, 1970, under Section 1011.48, Florida Statutes,
to establish and operate an educational research center for child
development for children of University of Florida students, faculty
and staff. The Center is funded primarily through fees paid by par-

m





UNSKIVRSITY OF FOIDA


ents and an annual allocation of funds from the Capital Improve-
ment Trust Fund established by the State Board of Education. In
addition, the Center receives other governmental assistance. The
Center uses a facility owned by the University without charge. The
University also provides other services and support for the Cen-
ter, some also without charge. The Center's policy is to not record
contributed facilities, services, and other support in its financial
statements.


University Village Apartments, Inc. (the Corporation) was es-
tablished in 1969, for the purpose of providing housing for low-
and moderate-income families, especially those affiliated with the
University of Florida. Capital was contributed at inception by the
University of Florida Foundation, Inc., but no capital stock was
issued because the Corporation does not operate for the benefit of
any special interest. The Corporation provides housing under Sec-
tion 221(d) (3) of the National Housing Act. The facility consists
of 28 two-story buildings and is regulated by the United States De-
partment of Housing and Urban Development as to rent charges
and operating methods. The Corporation's major program is its
Section 221 insured loan, which is in the repayment phase. Legal
title to the property is held by the Corporation.



G. BASIS OF PRESENTATION

The University's accounting policies conform with accounting
principles generally accepted in the United States applicable to
public colleges and universities as prescribed by the Governmental
Accounting Standards Board (GASB). The National Association
of College and University Business Officers (NACUBO) also pro-
vides the University with recommendations prescribed in accor-
dance with generally accepted accounting principles promulgated
by GASB and the Financial Accounting Standards Board (FASB).
GASB allows public colleges and universities various reporting op-
tions. The University of Florida has elected to report as an entity
engaged in only business-type activities. This election requires the
adoption of the accrual basis of accounting and entity-wide report-
ing including the following components:


+ Management's Discussion and Analysis

+ Basic Financial Statements:

1) Statement of Net Assets

2) Statement of Revenues, Expenses, and Changes in
Net Assets

3) Statement of Cash Flows

4) Notes to the Financial Statements


H. BASIS OF ACCOUNTING

The basis of accounting refers to when revenues, expenses, and re-
lated assets and liabilities are recognized in the accounts and re-
ported in the financial statements. Specifically, it relates to the
timing of the measurements made, regardless of the measurement
focus applied. The University's financial statements are presented
using the economic resources measurement focus and the accrual
basis of accounting. Revenues, expenses, gains, losses, assets, and
liabilities resulting from exchange and exchange-like transactions
are recognized when the exchange takes place. Revenues, expenses,
gains, losses, assets, and liabilities resulting from non-exchange ac-
tivities are generally recognized when all applicable eligibility re-
quirements, including time requirements, are met.


The University follows FASB Statements and Interpretations issued
after November 30, 1989, unless those pronouncements conflict
with GASB pronouncements.


Interdepartmental sales between auxiliary service departments and
other institutional departments have been accounted for as reduc-
tions of expenses and not revenues of those departments.


The University's principal operating activities consist of instruc-
tion, research and public service. Operating revenues and expenses
generally include all fiscal transactions directly related to these ac-
tivities plus administration, operation and maintenance of capital
assets, and depreciation on capital assets. Nonoperating revenues
include State appropriations, Federal and State scholarship grants,
investment income and revenues for capital construction projects.
Interest on asset-related debt is a nonoperating expense.


The Statement of Net Assets is presented in a classified format to
distinguish between current and noncurrent assets and liabilities.
When both restricted and unrestricted resources are available to
fund certain programs, it is the University's policy to first apply
the restricted resources to such programs followed by the use of the
unrestricted resources.


The Statement of Revenues, Expenses, and Changes in Net Assets
is presented by major sources and is reported net of tuition scholar-
ship allowances. Tuition scholarship allowances are the differences
between the stated charge for goods and services provided by the
University and the amount that is actually paid by a student or a
third party making payment on behalf of the student. The Univer-
sity applied "The Alternate Method" as prescribed in NACUBO
Advisory Report 2000-05 to determine the tuition scholarship al-
lowances reported. Under this method, the University computes
these amounts by allocating the cash payments to students, exclud-
ing payments for services, on a ratio of total aid to the aid not
considered to be third-party aid.





NOTES


The Statement of Cash Flows is presented using the direct method
and is in compliance with GASB Statement No. 9, Reporting Cash
Flows for Proprietary and Non-expendable Trust Funds.



I. CAPITAL ASSETS

University capital assets consist of land, buildings, infrastructure
and other improvements, furniture and equipment, library resourc-
es, property under capital lease and lease improvements, works of
art and historical treasures, construction in progress, and other cap-
ital assets. These assets are capitalized and recorded at cost at the
date of acquisition or at estimated fair value at the date received in
the case of gifts or purchases of State surplus property. Additions,
improvements and other outlays that significantly extend the use-
ful life of an asset are capitalized. Other costs incurred for repairs
and maintenance are expensed as incurred. The University has a
capitalization threshold of $1,000 for all tangible personal property
and $100,000 for new buildings. For building improvements, the
threshold is $100,000, or less, if the amount expended is at least
25% of the cost basis of the building. Depreciation is computed on
the straight-line basis over the following estimated useful lives:

+ Buildings / Improvements 20 to 50 years, depending on
construction

+ Infrastructure and Other Improvements 12 to 50 years

+ Leasehold Improvements 5 to 20 years or the term of the
lease, whichever is less

+ Furniture and Equipment

1) Equipment (non-office) 10 to 20 years

2) Computer Equipment 3 to 7 years

3) Moveable Equipment 3 to 20 years

+ Library Resources 10 years



J. NONCURRENT LIABILITIES

Noncurrent liabilities include principal amounts of bonds and
revenue certificates payable, installment purchases payable, capital
leases payable, compensated absences payable, and liability for self-
insured claims that are not scheduled to be paid within the next fis-
cal year. Bonds and revenue certificates payable are reported net of
unamortized premium or discounts and deferred losses on refund-
ings. The University amortizes bond premiums and discounts over
the life of the bonds and revenue certificates using the straight-line
method. The deferred losses on refundings are amortized over the
life of the old debt or new debt (whichever is shorter) using the

A COMPONENT UNIT OF THE STATE OF FLORIDA


straight-line method. Issuance costs paid from the debt proceeds
are reported as deferred charges, and are amortized over the life of
the bonds and revenue certificates using the straight-line method.



K. OTHER SIGNIFICANT ACCOUNTING POLICIES

Other significant accounting policies are set forth in the financial
statements and subsequent notes hereafter.




2. CASH AND CASH EQUIVALENTS


The amount reported as cash and cash equivalents by the Univer-
sity consists of cash on hand and cash in demand accounts. All
such deposits are insured by Federal depository insurance, up to
specified limits, or collateralized with securities held in Florida's
multiple financial institution collateral pool required by Chapter
280, Florida Statutes. Cash and cash equivalents set aside to make
debt service payments, maintain sinking or reserve funds, and to
purchase or construct capital assets are classified as restricted. Cash
in demand accounts is held in banks qualified in accordance
with the provisions of Chapter 280, Florida Statutes, as a public
depository.


3. INVESTMENTS


Section 1011.42(5), Florida Statutes, authorizes universities to in-
vest surplus funds awaiting clearing with the State Treasury and
State Board of Administration, and requires that universities com-
ply with the statutory requirements governing investment of public
funds by local governments. Accordingly, universities are subject
to the requirements of Chapter 218, Part IV, Florida Statutes. Pur-
suant to Section 218.415(16), Florida Statutes, the University is
authorized to invest in the Local Government Surplus Funds Trust
Fund investment pool administered by the State Board of Admin-
istration; interest-bearing time deposits and savings accounts in
qualified public depositories, as defined in Section 280.02, Florida
Statutes; direct obligations of the United States Government; ob-
ligations of Federal agencies and instrumentalities; securities of,
or interests in, certain open-end or closed-end management type
investment companies; Securities and Exchange Commission reg-
istered money market funds with the highest credit quality rating
from a nationally recognized rating agency; and other investments
approved by the University's Board of Trustees as authorized by
law. Investments set aside to make debt service payments, main-

m





UN*KIVRSITY *F FLIDA


tain sinking or reserve funds, and to purchase or construct capital
assets are classified as restricted. Investments of the University and
its component units (See Note 1) at June 30, 2005, are reported at
fair value and shown in Tables 1 and 2, respectively.



A. EXTERNAL INVESTMENT POOL

The University and its discretely presented component units re-
ported investments at fair value totaling $480,285,356 and
$125,167,449, respectively, at June 30, 2005, in the State Treasury
Special Purpose Investment Account (SPIA) investment pool. As a
SPIA participant, the University owns a share of the pool, not the
underlying securities. The State Treasury has taken the position
that participants in the pool should disclose information related to
interest rate risk and credit risk. The SPIA carried a credit rating of
AA-f by Standard and Poor's and had an effective duration of 2.22
years at June 30, 2005. The University relies on policies developed
by the State Treasury for managing interest rate risk or credit risk
for this investment pool. Disclosures for the State Treasury invest-





Types of Investments FairValue


External Investments Pool:
Florida State Treasury Special Purpose
Investment Account
Florida State Board of Administration Debt Service Accounts
United States Government and
Federally-Guaranteed Obligations
Federal Agency Obligations
Repurchase Agreements
Bonds and Notes
Stocks
Certificates of Deposits
Money Market Funds

Total University Investments


$ 480,285,356

222,337

5,474,771
39,067,126
5,610,171
13,594,725
26,773,487
750,000
2,770,652

$ 574.548.625


Tyves of Investments FairValue


External Investments Pool:
Florida State Treasury Special Purpose
Investment Accounts
Florida State Board of Administration Debt Service Accounts
United States Government and Federally-
Guaranteed Obligations
Federal Agency Obligations
Bonds and Notes
Investment Agreements
Real Estate Agreements
Stocks
Certificates of Deposits
Money Market Funds
Equity Mutual Funds
Bond Mutual Funds


Total Component Units Investments


$ 125,167,449

26,131
I 13,735,389

7,706,407
83,643,192
477,044,408
6,061,100
100,868,381
709,022
104,511,781
414,158,617
182,397,528

$ 1,616,029,405


ment pool are included in the notes to the financial statements of
the State's Comprehensive Annual Financial Report.



B. FLORIDA STATE BOARD OF
ADMINISTRATION DEBT SERVICE ACCOUNTS

The University and its discretely presented component units re-
ported investments at fair value totaling $222,337 and $26,131,
respectively, at June 30, 2005, in the State Board of Administration
Debt Service Accounts. These investments are administered by the
State Board of Education to provide for debt service payments on
bond debt issued by the State Board of Education for the benefit
of the University. The University's investments consist of United
States Treasury securities, with maturity dates of six months or less.
The University relies on policies developed by the State Board of
Administration for managing interest rate risk or credit risk for
these accounts. Disclosures for the Debt Service Accounts are in-
cluded in the notes to the financial statements of the State's Com-
prehensive Annual Financial Report.



C. OTHER INVESTMENTS

The University and its discretely presented component units in-
vested in various debt and equity securities, money market funds,
mutual funds and certificates of deposit. For the University, prac-
tically all other investments are those reported by the University
of Florida Self-Insurance Program combined with the University
of Florida Healthcare Education Insurance Company, a blended
component unit (See Note 1). For the University's discretely pre-
sented component units, investments are those reported primarily
by the University of Florida Foundation, Inc., University of Florida
Research Foundation, Inc., University Athletic Association, Inc.,
Florida Clinical Practice Association, Inc. and Shands Teaching
Hospital and Clinics, Inc. The following risks apply to University
and discretely presented component units investments other than
external investment pools:


Interest Rate Risk: Interest Rate Risk is the risk that changes in
interest rates will adversely affect the fair value of an investment.
Pursuant to Section 218.415(16), Florida Statutes, the University's
investments in securities must provide sufficient liquidity to pay
obligations as they come due. Per the Statement of Investment
Guidelines and Objectives of the University of Florida Healthcare
Education Insurance Company (approved June 24, 2004), the
weighted average duration of the fixed income portfolio shall at all
times be less than five years. Investments of the University and its
component units in debt securities and bond mutual funds, and
their future maturities at June 30, 2005, are shown in Tables 3 and
4, respectively.





NOTES


I~~~~ TAL .UIESTmET NETETMTRTE


Investment Maturities (inYears)
Types of Investments FairValue Less than I 1-5 6-10 More than 10

United States Government and $ 5,474,771 $ $ 2, 19,261 $ 2,005,251 $ 1,350,259
Federally-Guaranteed Obligations
Federal Agency Obligations 39,067,126 2,528,155 21,524,000 14,988,575 26,396
Bonds and Notes 13,594,725 2,523,430 8,940,265 2,131,030

Total $ 58,136.622 $ 5,051,585 $ 32,583,526 $ 19,124,856 $ 1,376,655






Investment Maturities (inYears)
Types of Investments FairValue Less than I 1-5 6-10 More than 10

United States Government and $ 113,735,389 $ 8,198,394 $ 68,896,612 $ 8,448,670 $ 28,191,713
Federally-Guaranteed Obligations
Federal Agency Obligations 7,706,407 515,313 3,086,073 1,029,708 3,075,313
Bonds and Notes 83,643,192 35,376,752 29,777,237 5,752,489 12,736,714
Bond Mutual Funds 182,397,528 3,727,533 48,109,404 130,560,591

Total $ 387,482,516 $ 47,817,992 $ 149,869,326 $ 145,791,458 $ 44,003,740




Credit Risk: Credit Risk is the risk that an issuer or other counter- Custodial Credit Risk: Custodial credit risk is the risk that in the
party to an investment will not fulfill its obligations. Obligations event of the failure of the counterpart, the University will not be
of the United States Government or obligations explicitly guaran- able to recover the value of its investments or collateral securities
teed by the United States Government are not considered to have that are in the possession of an outside party. Exposure to custodial
credit risk and do not require disclosure of credit quality. At June risk relates to investment securities that are held by someone other
30, 2005, the University and its component units had bonds and than the University and are not registered in the University's name.
notes, money market funds and bond mutual funds, with quality The University has no formal policy on custodial credit risk. The
ratings by nationally recognized rating agencies (i.e., Moody's), as component units manage their custodial credit risk based on vari-
shown in Tables 5 and 6, respectively. ous investment policies, which may be obtained separately from
the component units.




Less than A/Ba
Types of Investments FairValue AAA/Aaa AA/Aa AIBa or Not Rated

Bonds and Notes $ 13,594,725 $ 1,493,730 $ 9,095,680 $ 3,005,315 $
Money Market Funds 2,770,652 2,770,652

Total $ 16,365,377 $ 4,264,382 $ 9,095,680 $ 3,005,315 $






Less than A/Ba
Types of Investments FairValue AAA/Aaa AA/Aa A/Ba or Not Rated


Bonds and Notes
Money Market Funds
Bond Mutual Funds


$ 83,643,192
104,511,781
182,397,528

$ 370,552,501


$ 29,023,954
3,092,313
112,197,563

$ 144,313,830


$ 1,253,373
1,994,233
1,043,839

$ 4,291,445


$ 31,363,290 $ 22,002,575
7,962,572 91,462,663
69,156,126

$ 39,325,862 $ 182,621,364


A COMPONENT UNIT OF THE STATE OF FLORIDA


H


I


I


I





UNSKIVRSITY OF FOIDA


Concentration of Credit Risk: Concentration of credit risk is the
risk of loss attributed to the magnitude of the university's invest-
ments in a single issuer. The University has no formal policy on
concentration of credit risk. The component units manage their
concentration of credit risk based on various investment policies,
which may be obtained separately from the component units.




4. RECEIVABLES


A. ACCOUNTS RECEIVABLE

Accounts receivable represent amounts for grant reimbursements
from third parties, various sales and services provided to students
and third parties, student tuition and fees, and interest accrued on
investments and loans receivable. These receivables, net of an al-
lowance for uncollectible accounts, are summarized in Table 7.


TAB:LE 0 ACCOUNTSRll/ CIVAB11"


Contracts and Grants
Sales and Services of Educational Programs
Sales and Services of Auxiliary Enterprises
StudentTuition and Fees
Interest


Accounts Receivable, Net


$ 107,783,771
9,609,765
5,810,073
2,801,777
1,846,109

$ 127,851,495


B. LOANS AND NOTES RECEIVABLE

Loans and notes receivable represent all amounts owed on promis-
sory notes from debtors, including student loans made under the
Federal Perkins Loan Program and other loan programs.



C. ALLOWANCES FOR UNCOLLECTIBLE
RECEIVABLES

Allowances for uncollectible accounts, and loans and notes receiv-
able, are recorded based upon management's best estimate at fiscal
year end, considering type, age, collection history of receivables,
and other factors considered appropriate. Accounts receivable
for student tuition and fees, various sales and services provided
to students and third parties, and interest are reported net of an
allowance of $8,538,130, which is 30% of total related accounts
receivable. Loans and notes receivable are reported net of an allow-
ance of $3,034,025, which is 8% of total related loans and notes
receivable. Contracts and grants receivable are considered fully
collectable.


5. DUE FROM STATE


This is the amount of Public Education Capital Outlay allocations
due to the University for construction of University facilities.




6. DUE FROM AND TO COMPONENT

UNITS/UNIVERSITY


The University's financial statements are reported for the fiscal year
ended June 30, 2005. The University's component units financial
statements are reported for their most recent fiscal year where an
audit report is available. In some cases, the fiscal year end is not
June 30, 2005. Accordingly, amounts reported by the University as
due from and to component units/University on the Statement of
Net Assets may not agree with the amounts reported by the com-
ponent units as due from and to component units/University.


7. INVENTORIES


Inventories have been categorized into the following two types:


A. Departmental Inventories Those inventories maintained by
departments and not available for resale. Departmental inventories
are comprised of such items as classroom and laboratory supplies,
teaching materials, and office supply items, which are consumed
in the teaching and work process. These inventories are normally
expensed when purchased and therefore are not reported on the
Statement of Net Assets.


B. Merchandise Inventories Those inventories maintained
which are available for resale to individuals and other University
departments, and are not expensed at the time of purchase. These
inventories are reported on the Statement of Net Assets and are
valued at cost using either the moving average method or the first-
in, first-out method.




8. CAPITAL ASSETS


The activity of the University's major classes of capital assets for the
2004-05 fiscal year is presented in Table 8.






NOTES


Capital Assets, Non-Depreciable:
Land
Construction in Progress
Works of Art and Historical Treasures

Total Capital Assets, Non-Depreciable


$ 10,488,270
146,971,637
413,062

$ 157,872,969


Capital Assets, Depreciable:
Buildings $ 1,1 14,450,946
Infrastructure and Other Improvements 58,469,140
Furniture and Equipment 521,077,713
Library Resources 220,465,173
Property Under Capital Lease and Lease Improvements 9,815,002
Works of Art and Historical Treasures 5 18,770
Computer Software 29,918,41 I
Other Capital Assets 2,249,705
Total Capital Assets, Depreciable 1,956,964,860

Less:Accumulated Depreciation for:
Buildings 545,865,983
Infrastructure and Other Improvements 35,048,026
Furniture and Equipment 290,451,957
Library Resources 160,996,949
Property Under Capital Lease and Lease Improvements 612,500
Works of Art and Historical Treasures 161,171
Computer Software 2,820,514
Other Capital Assets 1,203,353
Total Accumulated Depreciation 1,037,160,453

Total Capital Assets, Depreciable, Net $ 919,804,407


ums.r uiness.. Balance Addit e


$
130,991,184


$ 130,991,184


$ 116,364,642
10,331,827
54,716,917
10,483,022

3,161
1,911,212
217,610
194,028,391


39,1 13,746
3,421,483
43,817,934
11,460,476
81,250
35,874
4,917,341
304,416
103,152,520

$ 90,875,871


119,017 $ 10,369,253
105,401,964 172,560,857
4413,062


$ 105,520,981


$ 183,343,172


$ 1,715,678 $ 1,229,099,910
68,800,967
32,919,677 542,874,953
1,609,434 229,338,761
9,815,002
521,931
31,829,623
161,880 2,305,435
36,406,669 2,114,586,582


1,715,678

18,069,085
1,609,434


104,936
136,978
21,636,111

$ 14,770,558


583,264,05 I
38,469,509
316,200,806
170,847,991
693,750
197,045
7,632,919
1,370,791
,I 18,676,862

$ 995,909,720


9. MUSEUM AND ART COLLECTIONS 10. LONG-TERM LIABILITIES


The Florida Museum of Natural History, which is part of the Uni-
versity, maintains a depository of biological, geological, archaeo-
logical, and ethnographic materials. The Museum's collections con-
tain approximately 20 million individual items, more than half of
which are catalogued, either individually or in lots. While many of
the collections are undoubtedly quite valuable and irreplaceable,
the University has not placed a dollar valuation on these items and,
accordingly, the financial statements do not include these assets.


Long-term liabilities of the University include bonds and revenue
certificates payable, installment purchase agreements payable, capi-
tal leases payable, compensated absences payable and liability for
self-insured claims.


A summary of the University's long-term liability activity for the
2004-05 fiscal year appears in Table 9.


I TAL 0. LO GTR* IBLTE


Beginning
B 1


Ending
B 1


Current
DP i+


sas..gum. aance ons e uc o n


Capital Asset Related Debt:
Bonds and Revenue Certificates
Installment Purchase Agreements
Capital Leases

Total Capital Asset Related Debt

Other Liabilities:
Compensated Absences
Liability for Self-Insured Claims

Total Long-Term Liabilities


$ 123,180,681 $
771,099
3,934,784


127,886,564


114,662,714
54,080,468


A COMPONENT UNIT OF THE STATE OF FLORIDA


$ 5,889,822 $ 117,290,859
504,999 266,100
73,374 3,861,410


14,623,180
18,361,642


$ 6,043,699
187,425
78,106


6,468,195 121,418,369 6,309,230


129,285,894 8,504,387
7,239,590 65,202,520 8,988,238


,629,746 $ 32,984,822 $ 13,707,785 $ 315,906,783 $ 23,801,855



EU


Beginning


Ending


A -JJ'^-i- _


r> ^.I..-:- ^ _


I TALE CAITA ASSTS


Additi R d ti





UN*KIVRSITY *F FLIDA


A. BONDS AND REVENUE CERTIFICATES
PAYABLE

Bonds and revenue certificates were issued to construct Univer-
sity facilities, including parking garages, student housing, and aca-
demic and student service facilities. Bonds and revenue certificates
outstanding, which include both term and serial bonds, are secured
by a pledge of housing rental revenues, traffic and parking fees and
various student fee assessments. The building fee and capital im-
provement fee, collected as a part of tuition and remitted to the
State Board of Education, are used to retire the revenue certificates
for the academic and student service facilities. The State Board
of Education and the State Board of Administration administer
the principal and interest payments, investment of sinking fund
resources, and compliance with reserve requirements.


A summary of pertinent information related to the University's
bond indebtedness appears in Table 10.


Principal and interest requirements on the above bonded debt out-
standing as of June 30, 2005, appear in Table 11.


B. INSTALLMENT PURCHASE AGREEMENTS
PAYABLE

The University has entered into several installment purchase agree-
ments for the purchase of equipment reported at $865,547. The
stated interest rates ranged from 1.82% to 5.36%. Future mini-
mum payments remaining under the agreements at June 30, 2005,
appear in Table 12.




C. CAPITAL LEASES PAYABLE

On June 8, 1994, the former Board of Regents, on behalf of the
University of Florida, entered into a lease agreement with the Uni-
versity of Florida Foundation, Inc. (the Foundation), a direct-sup-
port organization (component unit) of the University. Under the
terms of the agreement, the University agreed to lease from the
Foundation a 607-space parking garage (the garage) located near
the Health Science Center Administrative Offices for a period of
thirty years beginning July 1, 1994. Lease payments of $100,000
annually are due each July 1. The garage was simultaneously ac-
quired by the Foundation from Shands Teaching Hospital and
Clinics, Inc. (Shands), also a component unit, and financed by the
Foundation through the issuance of a promissory note secured by a


ITABLE10. BONDSANDREENUECRTIFICAESPAY*SB


Bnnd Sprips


Student Housing Bonds:
1959E
1959F
1984
1993
1998
2000
Subtotal

Parking Garage Bonds:
1993
1998
Subtotal


Amount of
Original
kIncIA


$ 3,730,000
1,500,000
3,500,000
13,000,000
26,155,000
30,695,000
78,580,000


19,545,000
10.000.000
29.545,000


Academic and Student Services Facilities Bonds:
1997 11,349,317
1997A 4,723,765
1998 13,783,839
2001 4,259,373
2003A 12.359.757
Subtotal 46,476,051


Retired


$ 3,730,000
1,170,000
2,050,000
2,650,000
3,985,000
1.460,000
15,045,000


10,985,000
1,925,000
12,910,000


2,431,445
451,335
2,512,065
368,278
2,726,507
8,489,630


Less: Unamortized Bonds Discounts

Add: Unamortized Bond Premium

Less: Unamortized Refunding Loss


Amount Outstanding
Prinrinal Inter1 ct


330,000
1,450,000
10,350,000
22,170,000
29,235,000
63,535,000


8,560,000
8,075,000
16,635,000


8,917,872
4,272,430
11,271,774
3,891,094
9,633,250
37,986,420

(1,279,482)

929,459

(515.538)


35,400
225,450
6,254,838
12,310,750
25.544.584
44,371,022


1,643,817
2,852,255
4,496,072


4,929,929
1,455,980
5,615,616
2,288,596
2,185,240
16,475,361


Bonds
Interest
Rate


Maturity
Date


3.00%
3.00%
3.00%
5.20 to 5.50%
4.15 to 5.00%
5.0 to 7.0%



4.75 to 5.00%
3.75 to 4.75%



5.05 to 5.625%
4.375 to 5.00%
4.00 to 5.00%
4.00 to 5.00%
5.00%


$ 36,444,630 $ 117,290,859 $ 65,342,455


Total Bonds and Revenue Certificates $ 154.601.051





NOTES


non-recourse mortgage containing payment terms similar to those
in the lease agreement between the Foundation and the University.
Lease payments from the University to the Foundation and from
the Foundation to Shands were based on an original construc-
tion cost of $3,000,000 and no interest. For reporting purposes,
the lease is considered a capital lease under Financial Accounting
Standards Board (FASB) Statement No. 13, Accountingfor Leases.
The initial obligation was discounted at an imputed interest rate
of 6.45% and was recorded at $1,382,470. The asset, "Leased
Property Under Capital Lease," was recorded at cost to Shands of
$3,000,000.


On March 1, 2000, the University, acting for and on behalf of
the former Board of Regents, entered into a lease agreement with
Shands. Under the terms of the agreement, the University agreed
to lease from Shands an 800-space parking garage located near the
Health Science Center Administrative Offices for a period of thirty
years beginning March 1, 2000. Lease payments of $227,167 an-
nually are due each May 1, beginning May 1, 2001. Lease pay-
ment amounts were based on an original construction cost of
$6,815,002 and no interest. For reporting purposes, the lease is
considered a capital lease under FASB Statement No. 13, Account-
ingfor Leases. The initial obligation was discounted at an imputed
interest rate of 6.45% and was recorded at $2,981,939. The asset,
"Leased Property Under Capital Lease," was recorded at cost to
Shands of $6,815,002. A summary of pertinent information re-
lated to the two capital leases appears in Table 13.


Future minimum lease payments under the capital lease agree-
ments are presented in Table 14.



D. COMPENSATED ABSENCES PAYABLE

Employees earn the right to be compensated during absences for
annual leave (vacation) and sick leave earned pursuant to Board of
Governors Rule 6C-5.920, and pursuant to bargaining agreements
with the United Faculty of Florida. Leave earned is accrued to the
credit of the employee, and records are kept on each employee's
unpaid (unused) leave balance. GASB Statement No. 16 requires
that the University accrue a liability in the Statement of Net As-
sets for employees' vested right to receive compensation for future
absences when certain conditions are met. At June 30, 2005, the
total estimated liability for annual, sick, and compensatory leave,
which includes the University's share of the Florida Retirement
System and FICA contributions, is $71,928,212, $57,061,067,
and $296,615, respectively. The current portion of the compen-
sated absences liability is based on actual payouts over the last three
years, calculated as a percentage of those years' total compensated
absences liability.

A COMPONENT UNIT OF THE STATE OF FLORIDA


FiscalYear
Ending lune 30

2006
2007
2008
2009
2010
2011-2015
2016-2020
2021-2025
2026-2030
Subtotal
Less: Unamortized
Bond Discount
Plus: Unamortized
Bond Premium
Less: Unamortized
Refunding Loss


FiscalYear
Enrinn Illn In


Outstanding
Interest Original BalanceAt
Capital Leases Rate Balances lune 30.2005

Shands Garage (607 spaces) 6.45% $ 1,382,470 $ 1,077,593
Shands Garage (800 spaces) 6.45% 2,981,939 2,783,817

Total $ 4,364,409 $ 3,861,410







FiscalYear
Ending lune 30 Principal Interest Total


2006
2007
2008
2009
2010
2011-2015
2016-2020
2021-2025
2026-2030


Total


ITABLE 11. BONDE lDEBT OUTSTANDIN-1


IntorAct


$ 5,913,722
5,623,406
5,316,757
5,036,701
4,757,583
19,155,415
11,916,464
5,805,953
1,816,454
65,342,455


Prinrinal


$ 6,043,699
6,306,707
6,363,557
5,840,402
6,068,375
31,061,610
26,102,072
18,293,853
12,076,145
118,156,420
(1,279,482)

929,459

(515,538)


Total


$ 11,957,421
11,930,113
11,680,314
10,877,103
10,825,958
50,217,025
38,018,536
24,099,806
13,892,599
183,498,875
(1,279,482)

929,459

(515,538)



$117,290,859 $ 65,342,455 $182,633,314


ITABLE 12 INSTLLENT P111111URHS AGREMNTS I


nirP ci al


$ 187,425
56,606
16,193
5,876

$266.100


etnI rest


$ 9,229
3,691
867
42

$ 13.829


Tntal


$ 196,654
60,297
17,060
5,918

$ 279.929


ITABLE :13. OBLIGATIONS NDI AITA SSAYA


I


$ 78,106
83,144
88,506
94,215
100,292
607,251
830,035
1,034,553
945,308

$ 3,861,410


$ 249,061
244,023
238,660
232,952
226,875
1,028,583
805,798
501,280
190,526

$ 3,717,758


$ 327,167
327,167
327,166
327,167
327,167
1,635,834
1,635,833
1,535,833
1,135,834

$ 7,579,168


El


D ; ; I Ip+ + T l





UNSKIVRSITY OF FOIDA


11. INTERDEPARTMENTAL

AUXILIARY SALES


I T:AB l.llE I S l FN[ TIOAL E S111l


Amount
(in thousands)


Interdepartmental sales between auxiliary service departments and
other institutional departments have been eliminated from ex-
penses and revenues for reporting purposes. The interdepartmental
transactions eliminated in the financial statement preparation to-
taled $74,394,734 for the fiscal year ended June 30, 2005.




12. OPERATING LEASES


The University has long-term commitments for assets leased un-
der operating lease agreements. These leased assets and the related
commitments are not reported on the University's Statement of
Net Assets. Operating lease payments are recorded as expenses
of the related funds when paid or incurred, and are reported in
the Statement of Revenues, Expenses, and Changes in Net Assets.
Outstanding commitments resulting from these lease agreements
are not considered material and are contingent upon future ap-
propriations.




13. FUNCTIONAL DISTRIBUTION

OF OPERATING EXPENSES


The functional classification of an operating expense (instruction,
research, etc.) is assigned to a department based on the nature of
the activity, which represents the material portion of the activity
attributable to the department. For example, activities of academic
departments for which the primary departmental function is in-
struction may include some activities other than direct instruction,
such as research and public service. However, when the primary
mission of those departments consists of instructional program el-
ements, all expenses of those departments are reported under the
instruction classification. The operating expenses on the Statement
of Revenues, Expenses, and Changes in Net Assets are presented
by natural classifications. Table 15 presents those same expenses in
functional classifications as recommended by NACUBO.




14. CONSTRUCTION

COMMITMENTS

A summary of construction commitments at June 30, 2005, is
presented in Table 16.


Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Operations and Maintenance of Plant
Scholarships and Fellowships
Auxiliary Operations
Depreciation

Total Operating Expenses


$ 489,427
428,188
143,414
101,635
32,330
120,987
80,380
41,930
99,000
103,140

$ 1,640,431


15. RETIREMENT PLANS


A. FLORIDA RETIREMENT SYSTEM

Most employees working in regularly established positions of the
University are covered by the Florida Retirement System, a State-
administered cost-sharing, multiple-employer, public employee de-
fined benefit retirement plan (Plan). Plan provisions are established
by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV,
Florida Statutes; Chapter 238, Florida Statutes; and Florida Retire-
ment System Rules, Chapter 60S, Florida Administrative Code,
wherein plan eligibility, contributions, and benefits are defined and
described in detail. Participating employers include all State de-
partments, counties, district school boards, universities and com-
munity colleges. Many municipalities and special districts have
elected to be participating employers. Essentially, all regular em-
ployees of participating employers are eligible to enroll as members
of the Plan.


The Florida Legislature reduced the vesting period from 10 to 6
years of service, effective July 1, 2001. Any member employed in a
regularly established position on July 1, 2001, with a total of 6 or
more years of creditable service is considered vested. Former mem-
bers who were not employed with a participating Plan employer
on July 1, 2001, must return to covered employment for one year
to become eligible for the six-year vesting provision. An exception
to this one-year requirement applies to former members who are
within one year of vesting under the pre-2001 vesting require-
ments. These members will only be required to work the lesser of
one year or the amount of time it would have taken to vest in their
class of membership prior to July 1, 2001. All members are eligible
for normal retirement benefits at age 62 or at any age after 30 years
of service, which may include up to 4 years of credit for military
service. The Plan also includes an early retirement provision, but
imposes a penalty for each year a member retires before the speci-


unc ona ass ca on


F ti l Cl ifi ti





NOTES


TABLE~ 16. ONSTRUCTION COMMITMENT I


Current


Commitment


..:^-- I 1 o-^


Harn Sculpture Atrium
ICBR Biotechnology Lab
Genetics and Cancer Research Center
LibraryWestAddition and Renovation
IFAS Relocation and Construction Trust Fund
UMC Shands Jacksonville Proton Therapy Institute
Food Animal Medicine Facility
PharmacyWing Remodeling Phase II
Structures and Materials Lab
Multidisciplinary Nanosystems
Music Recital and Band Practice Renovations
Academic Classroom Remodeling
Whitney Lab Marine Studies Classrooms
CREC Citrus Pathology Lab Renovations
Harrell Center Renovation
Center for Excellence
2003-04 Utilities and Infrastructure
Murphree Hall Renovation
Hub Renovation
2003-04 Maintenance, Repairs & Renovations
2004-05 Maintenance, Repairs & Renovations
High Magnetic Lab Renovations
UF Brain Institute Renovations
2004-05 Utilities and Infrastructure
Campus Development with City of Gainesville
Eastside Campus Renovations


Total
Projects Under $1,000,000
Accounts Payable at June 30, 2005


Total


$ 6,161,577
6,300,000
78,548,700
30,565,000
12,159,266
36,857,171
2,559,347
2,754,331
2,727,000
5,996,000
3,000,000
4,467,000
2,375,644
2,101,698
1,053,301
2,000,000
7,497,026
9,047,200
2,241,007
10,612,190
8,877,977
1,300,000
1,300,000
6,750,000
3,500,000
2,600,000

253,351,435
34,835,865


$ 4,882,642
5,329,217
40,272,200
15,325,863
I 1,098,722
27,163,983
7,035
2,329,267
252,596
533,284

725,600
93,476
19,137
32,416
530,318
4,094,004
6,025,918
218,094
4,164,920
1,540,429


311,584

362,951

125,313,656
34,835,865
12,411,336


$ 1,278,935
970,783
38,276,500
15,239,137
1,060,544
9,693,188
2,552,312
425,064
2,474,404
5,462,716
3,000,000
3,741,400
2,282,168
2,082,561
1,020,885
1,469,682
3,403,022
3,021,282
2,022,913
6,447,270
7,337,548
1,300,000
1,300,000
6,438,416
3,500,000
2,237,049

128,037,779

(12,411,336)


$ 288.187.300 $ 172.560.857 $ 115.626.443


fled retirement age. The Plan provides retirement, disability, and
death benefits, and annual cost-of-living adjustments, as well as
supplements for certain employees to cover social security benefits
lost by virtue of retirement system membership.


A Deferred Retirement Option Program (DROP), subject to pro-
visions of Section 121.091, Florida Statutes, permits employees
eligible for normal retirement under the Plan to defer receipt of
monthly retirement benefit payments while continuing employ-
ment with a Florida Retirement System employer. An employee
may participate in the DROP for a period not to exceed 60 months
after the participation election date. During DROP participation,
the deferred monthly benefits are held in the Florida Retirement
System Trust Fund, and accrue interest. Upon termination of em-
ployment, the participant receives the total DROP benefits and
begins to receive previously determined retirement benefits.


The Plan's financial statements and other supplemental informa-
tion are included in the State's Comprehensive Annual Financial
Report, which is available from the Florida Department of Finan-
cial Services. An annual report on the Plan, which includes its fi-
nancial statements, required supplemental information, actuarial



A COMPONENT UNIT OF THE STATE OF FLORIDA


report, and other relevant information, is available from the Florida
Department of Management Services, Division of Retirement.


The State of Florida establishes contribution rates for Plan mem-
bers. Employer contribution rates (none from employees) during
the 2004-05 fiscal year are presented in Table 17.






Class or Plan Percent of Gross Salary*


Florida Retirement System, Regular
Florida Retirement System, Senior Management Services
Florida Retirement System, Special Risk
Deferred Retirement Option Program-Applicable
to members from all of the above classes or plan


7.39%
9.37%
18.53%

9.11%


* Employer rates for each membership class include I. I 1% for health insurance
subsidy (See Note 16) and .08% for administrative costs of the Public Employee
Optional Retirement Program.




The University's liability for participation in the Plan is limited
to the payment of the required contribution at the rates and fre-
quencies established by law on future payrolls of the University.



E


Project Name Co e


E= .......





UNSKIVRSITY OF FOIDA


The University's contributions made to the Plan for the fiscal years
ended June 30, 2003, June 30, 2004, and June 30, 2005, totaled
$21,097,988, $25,100,999, and $24,323,691, respectively, which
were equal to the required contributions for each fiscal year.



B. STATE UNIVERSITY SYSTEM OPTIONAL
RETIREMENT PROGRAM

Pursuant to Section 121.35, Florida Statutes, the Florida Legis-
lature created an Optional Retirement Program (Program) for
eligible university instructors and administrators. The Program is
designed to aid the State universities in recruiting employees by of-
fering more portability to those employees who are not expected to
remain in the Florida Retirement System for six or more years.


The Program is a defined contribution plan, which provides full
and immediate vesting of all contributions submitted to the par-
ticipating companies on behalf of the participant. Employees in
eligible positions can make an irrevocable election to participate in
the Program, rather than the Florida Retirement System, and pur-
chase retirement and death benefits through contracts provided by
certain insurance carriers. The employing university contributes,
on behalf of the participant, 10.43% of the participant's salary. A
small amount remains in the Optional Retirement Program Trust
Fund for administrative costs. The remaining contribution is in-
vested in the company or companies selected by the participant
to create a fund for the purchase of annuities at retirement. The
participant may contribute, by salary deduction, an amount not to
exceed the percentage contributed by the University to the partici-
pant's annuity account.


There were 4,930 University participants during the 2004-05 fiscal
year. Required employer contributions made to the Program totaled
$32,306,589 and employee contributions totaled $16,241,902.



C. PUBLIC EMPLOYEE OPTIONAL
RETIREMENT PROGRAM

Pursuant to Section 121.4501, Florida Statutes, the Florida Legis-
lature created a Public Employees Optional Retirement Program
(PEORP), also known as the Florida Retirement System (FRS)
Investment Program. The PEORP is a defined contribution plan,
sponsored by the State of Florida, available as an option to the FRS
defined benefit plan, and is self-directed by the employee. Univer-
sity employees already participating in the State University System
Optional Retirement Program or the DROP are not eligible to
participate in this program. A retirement account is established for
each employee who selects this option and an employer contribu-


tion is directed to the individual account. The employees have the
responsibility of selecting how their funds are invested within the
approved set of investment choices and may take their funds when
they leave the Florida Retirement System. With each pay period,
the University contributes a percentage (same as the FRS rate) of
the participating employees' earnings to an annuity plan. Pension
benefits are determined by the dollars in the account at the time
of retirement.


There were 803 University participants during the 2004-05 fis-
cal year. Required contributions made to the PEORP totaled
$1,618,178.



D. INSTITUTE OF FOOD AND AGRICULTURAL
SCIENCES SUPPLEMENTAL RETIREMENT

In 1984, the Florida Legislature enacted the Institute of Food and
Agricultural Sciences Supplemental Retirement Act to provide a
supplement to the monthly retirement benefit being paid under
the Federal Civil Service Retirement System to retirees of the In-
stitute of Food and Agricultural Sciences (IFAS) at the University
of Florida. The supplement is designated for IFAS cooperative ex-
tension employees employed before July 1, 1983, who are not en-
titled to benefits from either a State-supported retirement system
or social security based on their service with IFAS. It was intended
to compensate these IFAS employees for the difference between
their Civil Service benefit and the benefits a FRS member receives,
which include a social security benefit. No additional persons can
become eligible for this supplement.


There were 94 University participants during the 2004-05 fiscal
year. Employee contributions were $496,131 and employer con-
tributions were $1,449,276.



E. OTHER RETIREMENT PROGRAMS

Some University employees also participate in the Florida Teacher's
Retirement System and the U.S. Civil Service Retirement System.
Four employees were covered by the Florida Teacher's Retirement
System during the 2004-05 fiscal year. Employer contributions to-
taled $63,663, and employee contributions totaled $22,607. Nine-
teen employees were covered by the U.S. Civil Service Retirement
System during the 2004-05 fiscal year. Employer contributions to-
taled $75,904, and employee contributions totaled $75,904.





NOTES


16. POST-EMPLOYMENT
BENEFITS


Pursuant to Section 112.363, Florida Statutes, the Florida Leg-
islature established the Retiree Health Insurance Subsidy (HIS)
to assist retirees of all State-administered retirement systems in
paying health insurance costs. During the 2004-05 fiscal year,
the HIS program was funded by required contributions consist-
ing of 1.11% assessed against the payroll for all active employees
covered in State-administered retirement systems. This assessment
is included in the Florida Retirement System contribution rates
presented in Table 17.

Eligible retirees, spouses, or financial dependents under any State-
administered retirement system must provide proof of health insur-
ance coverage, which can include Medicare. During the 2004-05
fiscal year, participants received an extra $5 per month for each year
of creditable service completed at the time of retirement; however,
no eligible retiree or beneficiary may receive a subsidy payment of
more than $150 or less than $30. If contributions fail to provide
full subsidy benefits to all participants, the subsidy payments may
be reduced or canceled.




17. RISK MANAGEMENT PROGRAMS


A. STATE SELF-INSURANCE PROGRAMS
Pursuant to Section 1001.72(3), Florida Statutes, the University
participates in State self-insurance programs providing coverage for
property and casualty, workers' compensation, general liability, and
fleet automotive liability. During the 2004-05 fiscal year, the State
retained the first $2,000,000 of losses for each occurrence with an
annual aggregate retention of $40,000,000 for wind and flood and
$5,000,000 for perils other than wind and flood. Losses in excess
of $2,000,000 per occurrence were commercially insured up to
$85,000,000 for wind, $50,000,000 for flood, and $200,000,000
for perils other than wind and flood; and losses exceeding those
amounts were retained by the State. Payments on tort claims are
limited to $100,000 per person and $200,000 per occurrence as
set by Section 768.28(5), Florida Statutes. Calculation of premi-
ums considers the cash needs of the program and the amount of
risk exposure for each participant. There have been no significant
reductions in insurance coverage from the prior year coverage.
Settlements have not exceeded insurance coverage during the past
three years.


A COMPONENT UNIT OF THE STATE OF FLORIDA


Pursuant to Section 110.123, Florida Statutes, University employ-
ees may obtain health care services through participation in the
State's group health insurance plan or through membership in a
health maintenance organization plan under contract with the
State. The State's risk financing activities associated with State
group health insurance, such as risk of loss related to medical and
prescription drug claims, are administered through the State Em-
ployees Group Health Insurance Trust Fund. It is the practice of
the State not to purchase commercial coverage for the risk of loss
covered by this Fund. Additional information on the State's group
health insurance plan, including the actuarial report, is available
from the Florida Department of Management Services, Division
of State Group Insurance.



B. UNIVERSITY SELF-INSURANCE PROGRAMS
The J. Hillis Miller Health Science Center (JHMHC) Self-Insur-
ance Program and the University of Florida JHMHC/Jackson-
ville Self-Insurance Program were established pursuant to Section
1004.24, Florida Statutes. The Self-Insurance Programs provide
general and professional liability protection for the University on
behalf of the six health colleges of the JHMHC, that also include
the Student Health Service Auxiliary and the Veterinary Medical
Teaching Hospital. Hospital professional liability protection, in-
cluding patient general liability, is provided to Shands Teaching
Hospital and Clinics, Inc.; Shands Jacksonville Medical Center,
Inc.; the Shands community hospitals in Starke, Lake City and
Live Oak; and other statutorily permitted entities, which volun-
tarily participate in the Self-Insurance Programs. The University is
protected for losses, which are subject to Section 768.28, Florida
Statutes, including legislative claims bills, that in combination with
the waiver of immunity limits described in Section 768.28, Florida
Statutes, do not exceed $1 million per claim. The Self-Insurance
Programs provide $2 million per-claim protection for the partici-
pants which are not subject to the provisions of Section 768.28,
Florida Statutes. The per-claim limit of liability protection for the
participants does not exceed $2 million per claim in the event more
than one protected entity is involved in the same claim or action.

Pursuant to Board of Govenors Rule 6C-10.001(2), the Univer-
sity of Florida Self-Insurance Program Councils have created the
University of Florida Healthcare Education Insurance Company
(HEIC), a captive insurance company which is wholly owned by
the State's Board of Governors and domiciled in the State of Ver-
mont. HEIC is managed by a Board of Directors created by the
State's Board of Governors. HEIC provides coverage for claims that
are in excess of the protections afforded by the JHMHC Self-Insur-
ance Program and the JHMHC/Jacksonville Self-Insurance Pro-
gram at limits of $4 million per-claim coverage for insured's subject

M





UNSKIVRSITY OF FOIDA


to Section 768.28, Florida Statutes and $3 million per claim for
insured's that are not subject to Section 768.28, Florida Statutes.
HEIC provides additional limits of liability coverage of $50 mil-
lion per claim and in the aggregate, which is in excess of the cover-
ages described above. The excess insurance is paid to claimants on
a first come-first serve basis.


Claims settlement and adjustment expenses are accrued as ex-
penses and liabilities of the University of Florida JHMHC Self-
Insurance Program, inclusive of the University of Florida JHMHC
Self-Insurance Program (Gainesville), the University of Florida
JHMHC/Jacksonville Self-Insurance Program and University of
Florida Healthcare Education Insurance Company, for the esti-
mated settlement value of claims that is reported as a "Liability for
Self-Insured Claims." The estimated settlement value of claims was
determined based on the judgment and experience of management
and the Self-Insurance Program Councils through a case-by-case
review. Estimated losses from incurred but unreported incidents
are accrued based upon the findings of casualty actuaries.


The amount of "Liability for Self-Insured Claims" accrued for the
Self-Insurance Program at June 30, 2005, was $65,202,520 for
compensatory losses and for allocated expenses. The "Liability for
Self-Insured Claims" was accrued at an undiscounted present
value.


The aggregate amount of claims liabilities for which annuity con-
tracts have been purchased in the claimants' names, resulting in the
removal of the related liabilities from the Statement of Net Assets,
totals $120,000 for the Self-Insurance Program at June 30, 2005.
These annuities have been assigned to third parties, and all claim-
ants have fully and completely released trust fund participants from
all actual and contingent liability.


Changes in the balances of claims liabilities for the Self-Insurance
Program during the 2003-04 and 2004-05 fiscal years are present-
ed in Table 18.


18. LITIGATION


The University is involved in several pending and threatened legal
actions. The range of potential loss from all such claims and actions,
as estimated by the University's legal counsel and management,
should not materially affect the University's financial position.




19. REPORTING CHANGES


In prior fiscal years, the University reported a share of the reverse
repurchase and securities lending agreements entered into by the
State Treasury, in connection with the State Treasury's Special Pur-
pose Investment Account (SPIA) investment pool, as an invest-
ment and corresponding liability, and made note disclosure in ac-
cordance with GASB Statement No. 28, Accounting and Financial
Reportingfor Securities Lending Transactions. Currently, the State
Treasury is of the opinion that since the University owns a share of
the SPIA investment pool, and not the underlying securities, the
University does not need to make disclosure of the reverse repur-
chase and securities lending agreements entered into by the State
Treasury. Accordingly, the University did not report an asset or li-
ability associated with, or disclose information pertaining to, those
agreements in its financial statements for the 2004-05 fiscal year.
This change affects the comparability of amounts reported as assets
and liabilities on the Statement of Net Assets for the 2004-05 fiscal
year with amounts reported for the 2003-04 fiscal year.

In prior fiscal years, moneys received for student financial
aid relating to the Federal Pell Grant, Federal Supplemental
Educational Opportunity Grants, and Florida Student Assistance
Grant programs were accounted for in the Restricted Scholarship
Fund and reported as operating revenues on the Statement of
Revenues, Expenses, and Changes in Net Assets. However,
pursuant to GASB Statement No. 33, Accounting and Financial
Reporting for Nonexchange Transactions, moneys received under


TABLE 18.* LIABLT O EFISRDCAM


Claims Liabilities
Beginning of
Year


Current Claims/
Changes in
Fctimata s Claimc Pavmentcs


Claims
Liabilities
Fndl nf Year


$ 46,632,807 $ 13,827,395 $ (6,379,734)
54,080,468 18,361,642 (7,239,590)


$ 54,080,468
65,202,520


Year Estmates Ca-ms P-ents En of Yea


sra ear


C:-iF-lY


2003-04
2004-05





NOTES


these programs represent non-exchange transactions that should be
reported as non-operating revenues. Accordingly, for the 2004-05
fiscal year, the University began reporting moneys received under
these programs as non-operating Federal and State scholarship
grants on the Statement of Revenues, Expenses, and Changes in
Net Assets.

In prior fiscal years, moneys received and disbursed from the Flori-
da Department of Education for the Florida Bright Futures Schol-
arship program were accounted for in the Agency Fund and, as
such, revenues and expenses of this program were not reported on
the Statement of Revenues, Expenses, and Changes in Net Assets.
However, pursuant to GASB Statement No. 24, Accounting andFi-
nancialReporting for Certain Grants and Other FinancialAssistance,
moneys received and disbursed under this program should be re-
ported as revenues and expenses in the Restricted Scholarship Fund
because the University has a significant level of "administrative in-
volvement" in this program. Accordingly, for the 2004-2005 fiscal
year, the University began reporting revenues and expenses for this
program in the Restricted Scholarship Fund. Pursuant to GASB
Statement No. 33, Accounting and Financial Reportingfor Non-ex-
change Transactions, moneys received under this program represent
non-exchange transactions and, as such, are reported as non-op-
erating Federal and State scholarship grants on the Statement of
Revenues, Expenses, and Changes in Net Assets. This reporting
change also affected the calculation of the scholarship allowances.

Amounts displayed on the Statement of Revenues, Expenses, and
Changes in Net Assets, for the 2003-04 fiscal year, have been re-
stated to reflect the reporting changes in the above Federal and
State student financial aid programs and the recalculation of the
scholarship allowances.




20. PRIOR PERIOD ADJUSTMENTS


Effective July 1, 2004, Shands Teaching Hospital and Clinics,
Inc. (Shands) changed its method of accounting for the State of
Florida's Public Medical Assistance Trust Fund assessments. Previ-
ously, Shands estimated a liability for future assessments. Effective
July 1, 2004, Shands amortizes the prepaid assessment over the
quarter to which it relates. Shands believes that the new method of
accounting for these assessments more accurately reflects the legal
liabilities to the State of Florida. The effect of this change was to
increase unrestricted net assets by approximately $16,415,000 at
July 1, 2004.


A COMPONENT UNIT OF THE STATE OF FLORIDA


21.COMPONENT UNITS


Summary financial information from the most recent available au-
dited financial statements of direct-support organizations and other
component units of the University of Florida, as mentioned in note
1, is presented on the following pages in Tables 19, 20 and 21.




22.SEGMENT INFORMATION


A segment is an identifiable activity (or grouping of activities) that
has one or more bonds or other debt instruments outstanding, with
a revenue stream pledged in support of that debt. In addition, the
activity's revenues, expenses, gains, losses, assets, and liabilities are
required to be accounted for separately. Transportation and Park-
ing Services provides the University with safe and adequate park-
ing facilities. Several parking garages have been constructed from
the proceeds of revenue-backed debt instruments. The Division of
Housing provides safe, affordable, living space for students of the
University of Florida. Several revenue bonds have been issued over
the years to provide funding for the construction of facilities to
house students of the University. A summary of the financial activ-
ity for these segments is presented in Table 22.


E














(amounts expressed in thousands)


University
University of Florida
of Florida Research
Foundation Foundation


University
of Florida
Athletic
Association
tlim~nrne


University Florida
of Florida Foundation
Gator Law Center Seed
Boosters Association Producers


CONDENSED STATEMENT OF NET ASSETS
Assets
Due from Component Units/University
Other Current Assets
Capital Assets, Net
Other Noncurrent Assets


Total Assets


Liabilities
Due to Component Units/University
Other Current Liabilities
Noncurrent Liabilities


Total Liabilities


Net Assets
Invested in Capital Assets, Net of Related Debt
Restricted Endowment
Restricted Other
Unrestricted


Total NetAssets


CONDENSED STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS
Operating Revenues
Operating Expenses


Operating Income (Loss)


Nonoperating Revenues (Expenses)
Investment Income (Loss)
Addition to Permanent Endowments
Other
Transfers from/(to) Component Units


Change in NetAssets


NetAssets, Beginning ofYear


Adjustments to Beginning NetAssets


NetAssets, Beginning of Year, as Restated


NetAssets, End ofYear


$ 26,392
40,880
28,326
1,052,553


1,148,151



59,575
8,890
31,674


100,139



5,849
720,230
302,574
19,359


$1,048,012


$ 53,351
74,605


28,730


156,686


11,569
31,672
35,000


78,241


$ 3,457
40,296
125,358
31,610


200,721


49,855
76,551


126,406


49,464


15
78,445 24,836


$ 78,445 $ 74,315


$ 60,063 $ 61,562 $ 44,426
(84,255) (80,13 ) (69,492)


(24,814) (18,569) (25,066)



77,870 4,366 3,260
56,465 -
(657) 917 (235)
(1,966) 25,915


107.520 (13.286) 3.874


940,492 91,731 70,441





940,492 91,731 70,441


$1,048,012 $ 78,445 $ 74,315


$ 4,949
5,088
34
424


10,495


4,689
449


276


5,414


2,271
1,028



3,299


5,764
272
62


6,098


820
58



878



1,028



1,393


$ 2,421





$ 768
(1,017)


(249)



19






(230)


2,651





2,65


$ 2,421


34
3,844


519


$ 4,397




$ 26,231
(2,423)


23,808



831
18


(25,036)


(379)


4,776





4,776


$ 4,397


2,042
2,655
571


$ 5,268





$ 425
(852)


(427)



356


254



183


5,085





5,085


$ 5,268


VIJVILVVJ VIJVILVVJ VIJVILVVJ VIJVILVVJ VIJVILVVJ VIJVILVVJ





NOTES


Southwest Citrus Florida Treasure Coast University University
Florida Fla. Research Research and Leadership Agricultural of Florida of Florida Total
4-H Club and Education Education & Education Research Alumni Investment Direct
Foundation Foundation Foundation Foundation Foundation Association Corporation Support
3/31/2005 6/30/2005 6/30/2005 12/31/2004 6/30/2005 6/30/2005 6/30/2005 Organizations


$ 2,022 $


$ 2,491 $


657 1,533,180


77,728
92,106
143,287


576 313,121



60 56,569
730,371
306,121
21 126,998


$ 3,553 $ 184


$ 1,444
(1,634)


$ 52
(44)


$ 352 $ 2,922 $ 109 $ $ 81


$ 167
(88)


$ 3,125
(3,093)


$ 26 $ 1,412 $
(15) (3,378) (1,070)


(1,966)


61


3,492





3,492


1,031


1,891





1,891


(1,070)


1,966 1,150


81


$ 1,220,059


$ 199,701
(247,492)


(47,791)


1,120,940


1,120,940


$ 3,553 $ 184 $ 352


$ 2,922 $ 109 $ $ 81 $ 1,220,059


A COMPONENT UNIT OF THE STATE OF FLORIDA


3,468


$ 97,351
167,143
154,940
1,113,746


2,219


87,062
57,351


2,029


99,119


E













(amounts expressed in thousands)


Florida
Clinical
Practice
Association
6/30/2005


CONDENSED STATEMENT OF NET ASSETS
Assets
Due from Component Units/University
Other Current Assets
Capital Assets, Net
Other NoncurrentAssets


Total Assets


Liabilities
Due to Component Units/University
Other Current Liabilities
Noncurrent Liabilities


Total Liabilities


Net Assets
Invested in Capital Assets, Net of Related Debt
Restricted
Unrestricted


Total NetAssets


CONDENSED STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS


Operating Revenues
Operating Expenses


Operating Income (Loss)


Nonoperating Revenues (Expenses)
Investment Income (Loss)
Other
Transfers from/(to) Component Units


Change in NetAssets


NetAssets, Beginning of Year


Adjustments to Beginning NetAssets


NetAssets, Beginning of Year, as Restated


Net Assets, End ofYear


$ 13,605
41,078
4,451
29,223


88,357


11,899
13,025


24,924



3,896


59,537


$ 63.433






$ 247,103
(176,855)


70,248



1,648
(73,900)
238


(1,766)


65,199





65,199


$ 63,433


University of
Florida
Jacksonville
Physicians
6/30/2005


3,361
47,101
6,083
141


56,686


5,902
12,858
16,696


35,456



(5,622)


26,852


$ 21,230






160,817
(149,181)


1 1,636



541
(17,367)
5,841


651


20,579





20,579


$ 21,230


Faculty
Associates
6/30/2005





$ 1,193
4,377


Florida
Health
Professions
Association
(Unaudited)
6/30/2005


299
2,016


5,570


Nursing
Faculty
Practice
Association
6/30/2005





$ 86
627


2,987


3,700


798 644
1,217


798 1,861


4,772 454 3,664


$ 4,772 $ 454 $ 3,664


18,002
(10,815)


7,187



69
(8,349)
1,721


628


4,144





4,144


$ 4,772


6,315
(2,668)


3,647



32
(3,865)



(186)


640





640


$ 454


751
(429)


322



64





386


3,278





3,278


$ 3,664






NOTES


Pharmacy
Faculty
Practice
Association
6/30/2005


$ 819
174





993





42



42







951


$ 252
3,664





3,916




636



636







3,280


$ 951 $ 3,280


63 4,629

(216) (1,064)


3,565



48
(2,693)


$ 551
211
2,582



3,344



1,509
1,466



2,975



2,582


(2,213)


$ 369


325
(15,51 1)


(15,186)





(I)
15,188


2,360


3,663
4,406
121


8,190



24
144
6,501


6,669



(2,094)


3,615


$ 20,166
386 103,297
17,522
32,472


386 173,457



7,435
I 28,524
37,439


I 73,398



(1,238)


385 101,297


$ 1,521


418

(1,198)


(780)



58
(213)
892


(43)


1,564


100

(51)


$ 438,523
(357,988)


49 80,535



I 2,492
(106,388)
23,895


335 99,525


335 99,525


$ 369


$ 1,521


$ 385


$ 100,059


A COMPONENT UNIT OF THE STATE OF FLORIDA


Veterinary
Medicine
Faculty
Association
6/30/2005


University of
Florida
Jacksonville
Healthcare
6/30/2005


Faculty
Clinic
6/30/2005


Jacksonville
Health
Education
Programs
(Unaudited)
9/30/2004


Total
Health
Science
Center
Affiliates


2,360


$ 951


$ 3,280


E


$ 385 $ 100,059














(amounts expressed in thousands)


Shands
Teaching
Hospital
& Clinics
A/ntnniin


CONDENSED STATE OF NET ASSETS
Assets
Due from Component Units/University
Other Current Assets
Capital Assets, Net
Other NoncurrentAssets


Total Assets


Liabilities
Due to Component Units/University
Other Current Liabilities
Noncurrent Liabilities


Total Liabilities


NetAssets
Invested in Capital Assets, Net of Related Debt
Restricted Endowments
Restricted Other
Unrestricted


Total Net Assets


CONDENSED STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN NET ASSETS
Operating Revenues
Operating Expenses


Operating Income (Loss)


Nonoperating Revenues (Expenses)
Investment Income (Loss)
Addition to Permanent Endowments
Other
Transfers from/(to) Component Units


Change in NetAssets


Net Assets, Beginning of Year


Adjustments to Beginning NetAssets


NetAssets, Beginning of Year, as Restated

NetAssets, End ofYear


$ 6,444
409,310
597,471
295.515


1,308,740



4,632
147,412
479,425


631,469



171,069
1,140
2,157
502,905


$ 677,271




$ 1,406,06
(1,264,031)


142,030



16,894
4
(31,644)
(45.798)


81,486


579,370


16,415


595,785

$ 677.271


$ 255 $ I
I01 I
36 c



392 1


2
7


',0


277


$ 313





$ 936
(1,033)


(97)


8


$ 9





$ I,I
(I.


(84)


397


397 8


$ 313 $ 9


31 $ 6,830
55 409,566
924 598,431
'45 296.260


955 1,311,087



59 4,691
17 147,708
'44 480,169


)20 632,568



73 171,178
1,140
-2,157
62 504,044


35 $ 678,519




66 $ 1,408,163
)62) (1,266,126)


04 142,037



5 16,912
4
27) (31,671)
(45.798


82 81,484


153 580,620


16,415


53 597,035

35 $ 678,519


Baby Gator
Childcare
Center
tI'niinnr


University
Village
Apartments
tIZ ^ninn


Total
Shands
Teaching
Hospital
and Others


urJvrrvvJ VIJVILVVJ VIJVILVVJ






NOTES


I TABLE 22. SEGMENT INFORMATION


Transportation
-. -I -.-l-i-- f -*_


CONDENSED STATEMENT OF NET ASSETS
Assets
CurrentAssets
Capital Assets, Net
Other Noncurrent Assets


Total Assets


Liabilities
Current Liabilities
Noncurrent Liabilities


Total Liabilities


$ 4,690,606
32,81 1,903
2,434,305

39,936,814


4,316,004
18.501.898

22,817,902


Net Assets
Invested in Capital Assets, Net of Related Debt
Restricted
Unrestricted


12,361,249
2,443,041
2,314,622


Total NetAssets


$ 17,118,912


$ 14,993,091
61,126,324
6,751,553


82,870,968


5,627,979
62,052,469


67,680,448



3,318,019
5,370,439
6,502,062


$ 15,190,520


CONDENSED STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
Operating Revenues (Expenses):
Operating Revenues
Depreciation Expense
Other Operating Expenses


Operating Income (Loss)


Nonoperating Revenues (Expenses):
Capital Grants, Contracts and Donations
Investment Income
Interest Expense
Other
Capital Related Expenses
Transfers

Net Nonoperating Revenues (Expenses)

Change in NetAssets


$ 14,168,768
(1,855,609)
(9,626,521)

2,686,638




231,189
(1,069,449)
(409,717)

(71.286)


(1,319,263)

1,367,375


NetAssets Beginning of Year

NetAssets, End ofYear


15,751,537

$ 17.118.912




$ 5,408,274
(281,307)
(3,504,069)
(2,044,919)


CONDENSED STATEMENT OF CASH FLOWS
Net Cash Provided (Used) by:
Operating Activities
Noncapital FinancingActivities
Capital and Related FinancingActivities
Investing Activities

Net Increase (Decrease) in Cash and Cash Equivalents

Cash and Cash Equivalents, Beginning of Year

Cash and Cash Equivalents, End ofYear


$ 33,994,444
(4,031,947)
(25,814,309)


4,148,188


39,165
1,030,291
(3,396,652)
(995,366)
(3,914,723)
(232,393)


(7,469,678)

(3,321,490)

18,512,010


$ 15,190,520




$ 8,303,353
(3,273,771)
(6,563,981)
(90,404)


(422,021)

519,884


$ 97,863


(1,624,803)

14,809,016


$ 13,184,213


A COMPONENT UNIT OF THE STATE OF FLORIDA


E4


na d Parkine Ser e


ago ~ ~ ~ ~ ~ ~ ?-??- i-ri"'evcsuviino -lO~n














(amounts expressed in thousands)


Educational and General
Unrestricted Restricted


Health Science Center
Total Unrestricted Restricted


REVENUES
Operating Revenues:
Student Tuition and Fees, Net of
Scholarship Allowances
Federal Grants and Contracts
State and Local Grants and Contracts
Nongovernmental Grants and Contracts
Sales and Services of Auxiliary Enterprises
Sales and Services of Educational Departments
Interest on Loans and Notes Receivable
Other Operating Revenues

Total Operating Revenues


EXPENSES
Operating Expenses:
Compensation and Exployee Benefits
Services and Supplies
Utilities and Communications
Scholarships, Fellowships and Waivers
Depreciation
Self-Insured Claims and Expenses


Total Operating Expenses

Operating Income (Loss)


NONOPERATING REVENUES (EXPENSES)
State Appropriations
Federal and State Scholarship Grants
Investment Income (Loss)
Interest on Capital Asset Related Debt
Other Nonoperating Revenues (Expenses)

Net Nonoperating Revenues (Expenses)


$ 128,531 $


7,641
2,126
89,194
22,210

1,380


251,082


376,281
129,871
39,412
37,719


583,283

(332,201)


143,536
38,280
90,460

262
198
942


273,678


88,534
59,119
1,070
31,500
66,944


247,167


26,511 (305,690)


287,672
90,1 1 1
8,536 9,465
-(6,383)
655 (3,560)


296,863


89,633


163,936 (169)


Income (Loss) Before Other Revenues, Expenses,
Gains, or Losses (35,338)


Capital Appropriations
Capital Grants, Contracts and Donations
Transfers within University
Gain/(Loss) on Disposal of Capital Assets

Total Other Revenues Expenses,
Gains, or Losses

Increase (Decrease) in NetAssets


116,144


42,745
-64,708
84,839 (46,891)
1.755


84,839


62,317


80,806 37,265


42,745
64,708
37,948
1.755


147,156


(1 1164)


1,780
(31,718)
(1.751)


732 (31,689)


26,101


1,780
(30,986)
(1.751)


(30,957)


$ 49,501 $ 178,461 $ 227,962 $ 37,997


$ 128,531 $ 27,969 $


143,536
45,921
92,586
89,194
22,472
198
2,322


524,760


464,815
188,990
40,482
69,219
66,944


830,450


121,755
12,783
218,085


187
30


352,840


263,200
69,460
1,049
5,437
24,689


363,835


$ 27,969

121,755
12,783
218,598
7,512
41,060
187
(116)

429,748


414,158
96,064
2,714
7,670
24,689
22,119

567,414


513
7,512
41,060

(146)

76,908


150,958
26,604
1,665
2,233

22,119

203,579


(126,671)




159,725

4,442
(26)
(205)


287,672
90,111 I
18,001
(6,383)
(2,905)


386,496


(10,995)


(7)
(162


(137,666)




159,725

4,442
(33)
(367)


163,767


$ (42,853) $ (4,856)






SUPPLEMENTAL INFORMATION


Institute of Food and Agricultural Sciences
Unrestricted Restricted


205 $


Unrestricted


205 $ 156,705 $


Summary for University
Restricted


$ 156,705


1,466

2,014

(8)

3,677





133,000
17,434
7,565
3,659




161,658

(157,981)


109,689

120
(3)
412

110,218


(47,763)


(46)


29,401
11,376
21,992

460
I
(4)

63,226





41,522
25,308
372
2,200
11,507


80,909


(17,683)


331

(35)

296


(17,387)


713
(6,916)
(5.782)


(11.985)


$ (47,809) $ (29,372)


29,401
11,376
23,458

2,474
I
(12)

66,903





174,522
42,742
7,937
5,859
11,507


242,567


(175,664)


109,689

451
(3)
377

110,514


(65,150)


713
(6,962)
(5.782)


(12,031)

$ (77,181)


7,641
4,105
96,706
65,284

1,226

331,667





660,239
173,909
48,642
43,611

22,119

948,520


(616,853)


557,086

13,098
(29)
862

571,017


(45,836)


85,525


85.525

$ 39,689


294,692
62,439
330,537

722
386
968

689,744





393,256
153,887
2,491
39,137
103,140


691,911


(2,167)





90,111 I
9,796
(6,390)
(3.757)

89,760


87,593

42,745
67,201
(85,525)
(5.778)


18,643


294,692
70,080
334,642
96,706
66,006
386
2,194

1,021,411





1,053,495
327,796
51,133
82,748
103,140
22,119

1,640,431


(619,020)



557,086
90,111
22,894
(6,419)
(2.895)

660,777


41,757

42,745
67,201

(5.778)


104 168


$ 106,236 $ 145,925


A COMPONENT UNIT OF THE STATE OF FLORIDA


HE















2004-05
Number of Aid
Recipients Disbursed

Federal Programs
Pell Grants 8,204 $ 20,969,005
Supplemental Educational Opportunity Grants 1,599 2,463,104
Perkins Student Loans 2,738 7,778,339
Health Professions Student Loans (PCL, LDS, HPSL) 75 520,359
Direct Loans 18,343 148,766,956


Total Federal Financial Aid Administered 30,959 $ 180,497,763


State Programs
Loans:
University of Florida ShortTerm Loans 918 $ 805,712
StudentAid For Education(SAFE) Loans 93 156,965
University of Florida Long Term Loans 399 595,445
Total Loans Administered 1,410 1,558,122


Scholarships and Grants:
Racing 419 570,465
State of Florida Financial Aid Program 29,216 68,312,816
Lottery Trust Grant Funded Waivers 516 769,252
Total State Scholarships and Grants Administered 30,151 69,652,533


Total State Financial Aid Administered 31,561 $ 71,210,655


Other Scholarships and Grants:
Institutional Grants:
College Awarded Scholarships 12,359 $ 29,101,533
Graduate Tuition RemissionWaivers 7,786 8,853,788
General Scholarships 3,976 7,619,726
Total Institutional Grants 24,121 45,575,047


Custodial Scholarships:
Tuition,Trusts, Clubs, Service Organizations, etc. 4,386 7,397,905


Total Other Scholarhips and Grants 28,507 $ 52,972,952


Fee Waivers
Non-Resident Tuition Waivers 1,373 $ 5,352,873
Other Waivers 8,439 16,735,038


Total Fee Waivers Administered 9,812 $ 22,087,911


Total Financial Aid Administered


$ 326,769,281




















































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