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Group Title: Financial statements, University of Florida Athletic Association, Inc.
Title: Financial statements, University Athletic Association, Inc. 2007-2008.
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 Material Information
Title: Financial statements, University Athletic Association, Inc. 2007-2008.
Series Title: Financial statements, University Athletic Association, Inc.
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Language: English
Creator: University Athletic Association, Inc.
Publisher: University Athletic Association, Inc.
Publication Date: 2007-2008
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Bibliographic ID: UF00086916
Volume ID: VID00004
Source Institution: University of Florida
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Table of Contents
    Front Cover
        Front Cover
    Table of Contents
        Table of Contents
    Independent auditors' report
        Page 1
        Page 2
    Required supplementary information
        Page 3
        Page 4
        Page 5
        Page 6
        Page 7
        Page 8
        Page 9
        Page 10
        Page 11
        Page 12
        Page 13
        Page 14
        Page 15
    Basic financial statements
        Page 16
        Page 17
        Page 18
        Page 19
        Page 20
        Page 21
        Page 22
        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
    Additional information
        Page 37
        Page 38
        Page 39
        Page 40
        Page 41
        Page 42
        Page 43
        Page 44
        Page 45
        Page 46
        Page 47
        Page 48
        Page 49
        Page 50
        Page 51
        Page 52
        Page 53
        Page 54
        Page 55
        Page 56
        Page 57
        Page 58
        Page 59
        Page 60
        Page 61
        Page 62
        Page 63
        Page 64
        Page 65
        Page 66
        Page 67
        Page 68
        Page 69
        Page 70
        Page 71
        Page 72
        Page 73
        Page 74
        Page 75
        Page 76
        Page 77
        Page 78
        Page 79
        Page 80
        Page 81
        Page 82
        Page 83
        Page 84
        Page 85
        Page 86
    Report on internal control
        Page 87
        Page 88
Full Text

















THE UNIVERSITY ATHLETIC ASSOCIATION, INC.

FINANCIAL STATEMENTS

JUNE 30, 2008 AND 2007








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
JUNE 30, 2008 AND 2007
TABLE OF CONTENTS




Page(s)

Independent Auditors' Report 1-2

Required Supplementary Information
Management's Discussion and Analysis 3- 15

Basic Financial Statements
Statements of Net Assets 16
Statements of Revenues, Expenses, and Changes in Net Assets 17
Statements of Cash Flows 18- 19
Notes to Financial Statements 20 36

Additional Information
Detailed Schedule of Revenues, Expenses, and Budgeted Capital Items
Compared with Budget 38 86

Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government Auditing
Standards 87 88









JAMES MOORE & CO., P.L.
CERTIFIED PUBLIC ACCOUNTANTS
AND ) MONS;L: L.TANTS



INDEPENDENT AUDITORS' REPORT




The Audit Committee,
The University Athletic Association, Inc.:


We have audited the accompanying financial statements of The University Athletic Association, Inc. (the
Association), a direct support organization and component unit (for accounting purposes only) of the
University of Florida, as of and for the years ended June 30, 2008 and 2007, as listed in the table of
contents. These financial statements are the responsibility of the Association's management. Our
responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of
America and the standards 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 audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the Association as of June 30, 2008 and 2007, and its revenues, expenses, and
changes in net assets and its cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated
August 28, 2008, on our consideration of the Association's internal control over financial reporting and
on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements
and other matters. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and important for assessing the results of
our audit.

The management's discussion and analysis on pages 3 through 15 is not a required part of the basic
financial statements 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 measurement and presentation of the
required supplementary information. However, we did not audit the information and express no opinion
on it.


-1-










Our audit was conducted for the purpose of forming an opinion on the basic financial statements that
collectively comprise the Association's financial statements. The accompanying additional information
on pages 38 through 86 is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in
relation to the basic financial statements taken as a whole.








Gainesville, Florida
August 28, 2008


-2-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007


Introduction

The University Athletic Association, Inc. (the Association), a not-for-profit corporation, is a Direct
Support Organization of the University of Florida (UF). The Association exists to advance UF's teaching,
research and service missions through the intercollegiate athletics program.

The Association's goal is to be the nation's finest intercollegiate athletics program, where each student-
athlete has every opportunity for athletic and academic success and each coach and support staff member
has challenging and rewarding career opportunities. The Association recognizes its responsibility to UF to
operate the Association in an efficient manner using sound business principles within an ethical decision
making process.

The tremendous success of the athletic program can be attributed to many factors: outstanding coaches
and support staff, extremely talented student-athletes, a great academic institution, a strong recruiting
base, university support and a commitment to each sport. The Association's financial strength is also a
key component in its success and is a major factor in maintaining or surpassing its current level of
achievement in all the Association's endeavors.

Overview of the Financial Statements and Financial Analysis

The Association is pleased to present its financial statements for the fiscal years ended June 30, 2008 and
2007. This Discussion and Analysis is a narrative explanation of the Association's financial condition and
operating activities for these years. The overview presented below highlights the significant financial
activities that occurred during the past two years and describes changes in financial activity from the prior
year. Please read this overview in conjunction with the comparative summaries of net assets and
revenues, expenses and changes in net assets and the Association's financial statements which begin on
Page 16.

Using these Financial Statements

This report consists of a series of financial statements, prepared in accordance with the Governmental
Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements and Management's
Discussion and Analysis -for State and Local Governments and Statement No. 35, Basic Financial
Statements -and Management's Discussion and Analysis for Colleges and Universities.

There are three financial statements presented: the Statements of Net Assets; the Statements of Revenues,
Expenses and Changes in Net Assets; and the Statements of Cash Flows.

The Association's net assets are one indicator of the improvement or erosion of its financial health when
considered with non-financial facts such as the overall academic and athletic success of the intercollegiate
athletic program and the condition of its facilities, are a key indicator of the overall health of the
Association and its programs. This success is evidenced by:


-3-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007


* Top-10 national finishes by 12 Gator teams led the University of Florida athletics program to
sixth-place overall in the 2007-2008 Sports Academy Directors' Cup competition. The national
all-sports competition award is presented annually by the National Association of Collegiate
Directors of Athletics (NACDA), United States Sports Academy and USA Today. The finish
marks Florida's 25th consecutive finish among the nation's top-10 programs. Florida and UCLA
are the only schools to finish in the top 10 in national all-sports rankings every year since 1983-
1984.

* Florida's sixth place finish in the Director's Cup standings was the highest by any school in the
Southeastern Conference (SEC).

* Florida matched its record for top-10 national finishes in a single season with 12 in 2007-2008,
marking the fourth time UF reached that mark (1992-93, 2001-02, 2003-04, 2007-08). Florida led
the league with five SEC Championships in 2007-2008, raising its total to 42 since the 1998-1999
academic year, the most by any conference school during the 10-year time span. The Gators took
the SEC crown in five women's sports golf, soccer, softball, tennis and volleyball.

* Florida was also successful away from the athletic arena in 2007-2008, as the Gators had 187 SEC
Academic Honor Roll accolades. The total ranks as the second-highest in school history.

* In an era when the NCAA estimates that 70 percent of Division I schools are losing money on
intercollegiate athletics, the Association has contributed more than $48.2 million since 1990 to
help fund University of Florida academic endeavors. This includes a gift of $6 million during the
fiscal year ended June 30, 2008 in support of the Florida Opportunity Scholarship program.

* Over 1.1 million fans attended 169 home events in 2007-2008. Four UF teams ranked among the
nation's top 10 in attendance.

* UF student-athletes, partnering with 43 schools, 27 civic organizations and 19 non-profit
organizations, participated in Goodwill Gator activities by volunteering more than 1,870 hours of
community service in 2007-2008.


-4-









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)



Summary of Net Assets

The Statements of Net Assets present the assets, liabilities and net assets of the Association as of the end
of the last two fiscal years. A Statement of Net Assets is a point-in-time financial statement. Its purpose is
to present to the readers of the financial statements a fiscal snapshot of the Association. The Statements of
Net Assets present end-of-the-year data concerning Assets (what the Association owns and how much is
owed to the Association by others), Liabilities (what the Association owes to others and has collected
from others before the service has been provided), and Net Assets (Assets minus Liabilities). The
statements are prepared using the economic resources measurement focus and the accrual basis of
accounting, where revenues are recorded when they are earned and expenses are recognized when they
are incurred.

From the data presented, readers of the Statements of Net Assets are able to determine the assets available
to continue the operations of the Association. They are able to determine how much the Association owes
to vendors and lending institutions. Finally, the Statements of Net Assets provide a picture of the net
assets and their availability for expenditure by the Association.

Net Assets are divided into three major categories. The first category, "invested in capital assets, net of
related debt", presents the Association's equity in property, plant and equipment. The next net asset
category is "restricted" net assets. The Association's restricted net assets have constraints placed upon
their use by independent donors. The final category is "unrestricted" net assets. Unrestricted assets are
available to the Association for any legal use.

Condensed Sunnary of Net Assets (thousands of dollars)
2008-2007 2007-2006
Increase Percent Increase Percent
2008 2007 (decrease) change 2006 (decrease) change


Assets:
Current assets
Capital assets, net of depreciation
Other assets

Total assets

Liabilities:
Long-term debt outstanding
Other liabilities

Total liabilities

Net assets:
Invested in capital assets, net of
related debt
Restricted
Unrestricted

Total net assets


$ 70,182 $ 63,384 $ 6,798
155,706 138,655 17,051
45,404 40,530 4,874


10.73% $ 53,337 $ 10,047
12.30% 130,169 8,486
12.03% 34,763 5,767


18.84%
6.52%
16.59%


271,292 242,569 28,723 11.84% 218,269 24,300 11.13%


93,415 84,150 9,265 11.01% 84,915 (765) (0.90)%
75,848 64,222 11,626 18.10% 54,827 9,395 17.14%

169,263 148,372 20,891 14.08% 139,742 8,630 6.18%


62973 55,131 7,842
461 5,896 (5,435)
38,595 33,170 5,425

$ 102,029 $ 94,197 $ 7,832


14.22% 46,628 8,503
(92.18)% 984 4,912
16.36% 30,915 2,255

8.31% $ 78,527 $ 15,670


18.24%
499.19%
7.29%

19.95%


-5-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)


Highlights

The Association's total assets increased by $28.7 million in 2008 and by $24.3 million in 2007.

In 2008, current assets increased $6.8 million due to a $3.2 million decrease in cash and cash
equivalents, a $16.1 million increase in short term investments, a $5.6 million decrease in
accounts receivable, a $0.1 million decrease in inventories and a $0.4 million decrease in prepaid
expenses. In 2007, current assets increased $10.0 million due to a $1.7 million increase in cash
and cash equivalents, a $3.9 million increase in short term investments, a $4.8 million increase in
accounts receivable from home football game opponents and rights holders and a $0.4 million
decrease in restricted assets.

The $17.1 million increase in capital assets is primarily due to the construction of the football
front door project, the graphics/audio-visual project at the basketball practice facility and
renovations of the football locker room. The $8.5 million increase in capital assets in 2007 is
primarily due to the purchase of new video scoreboards in the O'Connell Center and other venues,
the completion of the baseball project and the construction of the football front door project.

Other assets increased by $4.9 million in 2008 due to a $4.5 million increase in the value of long
term investments and the capitalization of a deferred income tax asset of $0.4 million. In 2007,
other assets increased by $5.8 million due to increases in the value of long term investments.

In 2008, long term debt outstanding increased by $9.3 million due to the issuance of $10 million
in tax exempt revenue bonds in October and repayment of loans totaling $0.7 million. Long term
debt outstanding decreased by $0.8 million in 2007 due to loan repayments.

In 2008, other liabilities increased by $11.6 million due to a $3.4 million increase in deferred
Gator Booster contributions related to the 2008 football season, a $2.0 million decrease in
accounts payable and accrued expenses, a $10.1 million increase in unearned revenue and a $0.1
million increase in compensated absences. Other liabilities increased by $9.4 million in 2007 due
to a $6.1 million increase in advanced football ticket sales and deferred Gator Booster
contributions related to the 2007 and future football seasons, a $1.4 million decrease in other
unearned income, a $4.3 million increase in accounts payable and accrued expenses and a $0.4
million increase in compensated absences.

Total net assets increased by $7.8 million in 2008 and by $15.7 million in 2007. Unrestricted net
assets increased by $5.4 million and $2.3 million in 2008 and 2007, respectively.

Net assets invested in capital assets, net of related debt increased by $7.8 million in 2008 due to
the issuance of $10.0 million in additional long term debt, payments of $0.7 million on long term
debt, purchases of $23.8 million in fixed assets, disposals of $0.1 million in fixed assets and the
expensing of $6.6 million in depreciation. In 2007, net assets invested in capital assets, net of
related debt increased by $8.5 million due to the payment of $0.8 million on long term debt,
purchases of $14.9 million in fixed assets, spending of the remaining $0.7 million of construction
trust funds, disposals of $0.2 million in fixed assets and the expensing of $6.3 million in
depreciation.

In 2008, restricted net assets decreased by $5.4 million due expending the prior year's temporarily
restricted contributions. Restricted net assets increased by $4.9 million in 2007 due to the receipt
of temporarily restricted contributions designated for future projects.


-6-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)


Summary of Revenues, Expenses and Changes in Net Assets

The Statements of Revenues, Expenses and Changes in Net Assets present the revenues and expenses
incurred during each year. Revenues and expenses are reported as operating and nonoperating. In
general, operating revenues are received for providing goods and services to the Association's various
customers and constituencies. Operating expenses are those expenses paid to acquire or produce goods
and services provided in return for the operating revenues, and to carry out the mission of the Association.
The utilization of long-lived assets, referred to as Capital Assets, is reflected in the financial statements as
depreciation, which amortizes, and reduces net income, by the cost of an asset over its expected useful
life.

Nonoperating revenues are revenues received for which goods or services are not provided. Investment
income, student athletic fees, state appropriations and other revenues which are not payment for services
are classified as nonoperating revenues. Because these significant, recurring revenues are budgeted to
fund operating expenses, classifying them as nonoperating can cause the reporting of an operating loss.
For this reason, the Association believes that income before contributions (which includes nonoperating
revenues and expenses) provides the most appropriate measure of its financial results.

Nonoperating expenses include interest on capital asset related debt and contributions to the University of
Florida and the University of Florida Foundation (UFF). Contributions to UF include unrestricted gifts
for the academic mission of the University, contributions for designated purposes and costs contributed
by the Association for UF projects. Contributions to the UFF are transfers by the Association to the
athletic scholarship endowment.

Capital contributions are considered neither operating nor nonoperating and are reported after "Income
before contributions".

Changes in Total Net Assets as presented on the Statements of Net Assets are based on the activity
presented in the Statements of Revenues, Expenses and Changes in Net Assets. The purpose of the
Statements of Revenues, Expenses and Changes in Net Assets is to present the operating and
nonoperating revenues received by the Association and the operating and nonoperating expenses paid by
the Association, and any other revenues, expenses, gains and losses received or spent by the Association.


-7-









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)



Condensed Sunnmmry of Revenues, Expenses and
Changes inNetAssets (thousands of dollars)
2008-27007 2007-2006
Increase Percent Increase Percent
2008 2007 (decrease) change 2006 (decrease) chge


Operating revenues:
Football
Men's basketball
Other sports


S


Auxiliaries
Camps
Sponsorships and other revenue

Total operatingrevenues

Nanoperating revenues:
Student fees
Investment income, net
Sales taxes retained
Other naoperating revenues

Total nonoperaing revenues

Total revenues

Operating expenses:
Team expenses
Scholarships and support services
General and administrative
Auxiliaries
Camps
Deprecialtin and amortization

Total operatingexpenses

Nanoperating expenses
Interest on capital related debt
Contributims to Universityof Florida
and UF Fundation

Total nonoperating expenses

Total expenses

Capital contributions from Gator
Boosters and others

Increase in nt assets


54,121
8,769
699
13,352
3,128
9,842

89,911


2578
1,350
1,401
452

5,781

95,692


33,086
17,949
19,959
4,832
3,094
6,645

85,565


2,938

9,696

12634

98,199


10,339


49,626 $
7,%3
696
15,703
2,899
10,535

87,422


2,570
7,471
1,234
452

11,727

99,149


34,859
18,252
18,636
4,147
2,902
6,302

85,098


2,%2

4,050

7,012

92,110


8,631


4,495 9.06% $ 44,414 $
806 10.12% 5,%4


3 0.43%


(2,351)
229
(693)

2,489


8
(6,121)
167
0

(5,946)

(3,457)


(1,773)
(303)
1,323
685
192
343

467


(24)

5,646

5,622

6,089


1,708


7,832 15,670 (7,838)


(14.97)0%
7.90%
(6.58)%o

2.85%


0.31%
(81.93)%
13.53%
0.00%

(50.70)%0

(3.49)0%


(5.09)O%
(1.66)0%
7.10%
16.52%
6.62%
5.44%

0.55%


(0.81)O%

139.41%

80.18%

6.61%


19.79%


5212 11.74%
1,999 33.52%


655 41 6.26%


11,609
2,176
7,329

72,147


2,501
2,642
1,002
452

6,597

78,744


26,969
15,173
17,629
4,414
2,145
5,858

72,188


2,583

3,407

5,990

78,178


3,646


4,094
723
3206

15275


69
4,829
232
0

5,130

20,405


7,890
3,079
1,007
(267)
757
444

12,910


379

643

1,022

13,932


4,985


(50.02)%o 4212 11,458 272.03%


Net assets, end of ear


S 102,029 $ 94,197 $ 7,832 8.31% $ 78,527 $ 15,670 19.95%


-8-


35.27%
33.23%
43.74%

21.17%


2.76%
182.78%
23.15%
0.00%

77.76%

25.91%


29.26%
20.29%
5.71%
(6.05)O%
35.29%
7.58%

17.88%


14.67%

18.87%

17.06%

17.82%


136.73%








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)


Highlights

The Condensed Statements of Revenues, Expenses and Changes in Net Assets present three
consecutive years with an increase in Net Assets at the end of each year.

In 2008, football revenues increased by $4.5 million due to a ticket price increase for season and
single tickets and an increase in the Gator Booster surplus. Football revenues increased by
$5.2 million in 2007 due to the addition of a seventh home game and a price increase for student
and opponent tickets.

In 2008, men's basketball revenues increased again due to an increase in Gator Booster
contributions. Men's basketball revenue increased in 2007 due to a ticket price increase, the
creation of court side seating and additional contributions due to a new Gator Booster club level
system for men's basketball.

In 2008, the auxiliary revenue decreased by $2.4 million due to reductions of $1.2 million in
sportshop, $0.9 million in licensing, $0.2 million in TV and radio rights fees and $0.1 million in
golf course revenues from the prior year. Auxiliary revenue increased in 2007 by $4.1 million due
to increases of $2.6 million in licensing, $0.8 million in sportshop and $0.7 million in TV and
radio rights fees. Most of these changes were the result of winning both the football and men's
basketball National Championships in 2007 and the men's basketball National Championship in
2006.

In 2007, sponsorships and other operating revenues increased by $3.2 million as result of
increased sponsorships and royalty revenue associated with the 100th anniversary of Florida
football and concessions revenue from the additional home football game.

Investment income decreased in 2008 by $6.1 million and increased in 2007 $4.8 million due to
investment performance fluctuations.

In both 2008 and 2007, sales taxes retained increased due to increases in home game ticket
revenue.

In 2008, operating expenses increased by a moderate $0.5 million due to the Association's effort
to keep increases in expenses to a minimum. Team expenses decreased by $1.8 million due to
reductions in football bowl expenses, men's basketball coaching staff bonuses and baseball and
women's basketball termination settlements. General and administrative expenses increased by
$1.3 million due to employee health and dental insurance, major repair of the baseball press box
roof and PCI compliance initiatives in information technology.


-9-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)


* In 2007, operating expenses increased by $12.9 million. The $7.8 million increase in team
expenses was primarily attributable to increased salary costs for football and men's basketball,
BCS football bowl expenses, costs associated with the baseball and women's basketball
transitions and the hosting of various NCAA championship events. Support and scholarship
expenses increased by $3.1 million due to the expenses associated with the 100th anniversary of
Florida football and the cost for national championship celebrations for football and men's
basketball. General and administrative increased by $1.0 million due to administrative bonus' and
related pension and payroll taxes.

* In 2008, contributions to the University of Florida and to the University of Florida Foundation
increased by $5.6 million. Contributions to the University of Florida include unrestricted gifts for
the academic mission of the University, contributions for designated purposes, and costs incurred
by the Association for UF projects. Total contributions were $9.6 million and $3.3 million in
2008 and 2007, respectively. See Note 9 in the Notes to the Financial Statements for further
details on the Association's contributions to the University of Florida. Contributions to the
University of Florida Foundation consisted of transfers by the Association to the athletic
endowment fund as part of the 100 year celebration, including the Gator Walk brick program and
from the profits from the sale of commemorative plaques that include pieces of the 2007 men's
basketball National Championship floor. See Note 10 in the Notes to the Financial Statements for
further details on the Association's contributions to the University of Florida Foundation.

* Capital contributions are major gifts designated by the donors for facility construction,
renovations and equipment purchases. Capital contributions in 2008 totaled $10.3 million and
included $9.3 million for the football "Gateway of Champions" front door project, $0.3 million for
the baseball facility, $0.2 million for the naming of the men's basketball head coaches' office,
$0.1 million for the academic center and other gifts totaling $0.4 million.

* In 2007, capital contributions totaled $8.6 million and included $4.9 million for the football
entrance project, $1.4 million designated for the baseball project, $1.0 million for the naming of
the softball stadium, $0.5 million for the naming of the football stadium Champions club, $0.2
million for the naming of the golf course and $0.6 million in other gifts.


- 10-









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)




REVENUE 2007-2008





Nonoperating Revenue Camps
3%
6%
Sponsorships and Other
10%
Other Sports
1%

Auxiliaries
14% Football
57%



Men's Basketball
9%







REVENUE 2006-2007







Camps
Nonoperating Revenue 3%



Sponsorships and Other
10%
Other Sports Football
1% 50%


Auxiliaries
16% IVA

Men's Basketball
8%


-11-









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)




EXPENSES 2007-2008


Depreciation
Auxiliaries 7%
5%

Contributions to UF &
UFF
10%

Interest on Capital Debt
3%0




General & Admin
22%
Supp


Football Team
16%


SMen'sBaskeball Team


Other




Scholarships
ort Services 8%
10%


7%



ports Teams
12%


EXPENSES 2006-2007


Depreciation
Auxiliaries
5o/


Football Team


Contributions to UF &
UFF
5%

Interest on Capital Debt
3%


General & Admin
22%


Support Services
12%


S7%


O Othe



Scholarships
8%


r Sports Teams
13%


- 12-


I








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)


Statement of Cash Flows

The final statements presented include Statements of Cash Flows. The primary purpose of the Statements
of Cash Flows is to provide relevant information about the cash receipts and cash payments of the
Association during the years shown. The statements classify cash receipts and cash payments as they
result from operating, noncapital financing, capital and related financing, or investing activities. The first
section, cash flows from operating activities, presents the cash effects of transactions and other events that
enter into the determination of the Association's operating income. The second section, cash flows from
noncapital financing activities, shows the cash received and spent for nonoperating, noninvesting, and
noncapital financing purposes and includes contributions to and from the University of Florida, the
University of Florida Foundation and the State of Florida. The next section, cash flows from capital and
related financing activities, provides information about cash used for the acquisition and construction of
capital and related items and cash received from contributions specifically designated for capital
purposes. The fourth section, cash flows from investing activities, details the purchases, proceeds and
income received from investing activities. The final section reconciles the net cash provided (used) by
operating activities to the operating income reflected on the Statements of Revenues, Expenses, and
Changes in Net Assets.

Condensed Summary of Cash flows (thousands of dollars)
2008-2007 2007-2006
Increase Percent Increase Percent
2008 2007 (decrease) change 2006 (decrease) change
Cash flows from:
Operating activities $ 28,680 $ 12,850 $ 15,830 123.19% $ 11,095 $ 1,755 15.82%
Noncapital financing activities (5,605) 303 (5,908) (1,949.83)% 1,949 (1,646) (84.45)%
Capital & related financing activities (7,027) (9,936) 2,909 (29.28)% (1,839) (8,097) 440.29%
Investing activities (19,200) (1,545) (17,655) 1,142.72% (11,552) 10,007 (86.63)%

Net change in cash and cash equivalents (3,152) 1,672 (4,824) (288.52)% (347) 2,019 (581.84)%
Cash andcash equivalents, endofyear $ 2,553 $ 5,705 $ (3,152) (55.25)% $ 4,033 $ 1,672 41.46%



Highlights

Cash provided by operating activities increased by $15.8 million in 2008 due to increased cash
contributions from Gator Boosters and increased cash receipts from royalties, rights and sponsors.
In 2007, cash flows from operating activities increased by $1.8 million due to increased cash
receipts from royalties, rights and sponsors and cash receipts from ticket holders.

Cash provided by noncapital financing activities decreased by $5.9 million in 2008 and $1.6
million in 2007 due to increased cash contributions to the University of Florida.

Cash used in capital and related financing activities decreased by $2.9 million due to the issuance
of $10 million it debt, the construction of the football "Gateway of Champions" front door project
and increased capital contributions from Gator Boosters. In 2007, cash used in capital and related
financing activities increased by $8.1 million due to the completion of the baseball project.


-13-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)


*Cash used in investing activities increased by $17.7 million in 2008 due to a $26.1 million
increase in cash payments for the purchase of investment securities, a $7.4 million increase in cash
receipts from the sale and maturities of investment securities and a $1.0 million increase in cash
receipts from interest and dividends. In 2007, cash used in investing activities decreased by $10.0
million due to a $9.8 million increase in cash payments for the purchase of investment securities,
an $18.3 million increase in cash receipts from the sale and maturities of investment securities and
a $1.5 million increase in cash receipts from interest and dividends.

Capital Asset and Debt Administration

A major renovation and expansion of the west side of Ben Hill Griffin Stadium was completed in August,
2003. The project was started in May, 2001. The expansion included a new club level, the Champions
Club, and additional suites as well as expanded and renovated Bull Gator, Press and President's decks.
The total cost of the football stadium expansion was approximately $55.0 million of which $5.0 million is
being funded from private contributions and $50.0 million from the 2001 bond issue.

In October, 2001, the Association issued $57.4 million in tax-exempt revenue bonds. Proceeds of the
bond issue were used to retire the outstanding 1994 Capital Improvement Revenue bonds and to pay costs
associated with bond issuance and to fund a portion of the new basketball facility. The remaining
proceeds were used for the football stadium expansion. In 2003, revenue from the pre-sold Champions
Club level and additional suites was $5.5 million per year, which exceeded the estimated debt service on
the 2001 bonds. A total of $53.8 million and $54.5 million was outstanding at June 30, 2008 and 2007,
respectively.

In September, 2005, the Association issued $10.0 million in tax-exempt revenue bonds. Proceeds were
used to pay the costs associated with bond issuance and to finance the construction of improvements and
the expansion of McKethan Stadium at Perry Field, the construction of a new football equipment storage
facility/restroom/training room and renovation and improvements to the Lemerand Athletic Center. The
total issue of $10.0 million was outstanding at June 30, 2008 and 2007.

In October, 2007, the Association issued $10.0 million in tax-exempt revenue bonds. Proceeds were used
to pay the costs associated with bond issuance and to finance a portion of the construction costs for the
football "Gateway of Champions" front door project. The balance of the funding for the $28.3 million
project was raised by Gator Boosters. The project will completely renovate and expand the football office
complex, create a new entry into the football office complex, create a new Gator Room and conference
room, expand the strength and conditioning complex and renovate other areas in the south end zone
football areas. The project is scheduled to be completed in August of 2008. The total issue of $10.0
million was outstanding at June 30, 2008.

The 1990 tax-exempt revenue bonds remain outstanding ($19.6 million at June 30, 2008 and 2007). The
Association's total long term debt as of June 30, 2008 and 2007 was $93.4 million and $84.2 million,
respectively.

All bonds are secured by the gross revenues of the Association and backed by an irrevocable letter of
credit as collateral for their payment. The bond covenants include minimum requirements for net
revenues and liquidity. These requirements were met in 2008 and 2007.

For additional information on Capital Assets and Long Term Obligations, see Notes 5 and 6 in the Notes
to the Financial Statements.


- 14-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2008 AND 2007
(Continued)


Economic Outlook

The Association continues to be in excellent financial condition as a result of a supportive fan base and a
successful Gator Booster organization. Operating revenues are expected to increase in fiscal 2008-2009
as a result of a scheduled increase in football ticket related booster contributions. Additionally, new TV,
radio and sponsorship rights and Southeastern Conference television agreements will increase operating
revenues in the years to come. With the University facing continuing financial pressures due to the
State's economic downturn, the Association will continue to strive to increase its level of funding to UF.
The revenue increases will allow the Association to continue to contribute to UF while operating its
programs at the highest level, focusing on student athletes, teams, coaches and staff and maintaining
facilities of the highest quality.

New Women's Sport

The Association's Board of Directors approved the addition of women's lacrosse at their June 14, 2006
meeting. The head coach was hired in June of 2007. Assistant coaches were hired in January and August,
2008. The land for a new lacrosse stadium has been procured and construction is planned to commence
in September 2008. The facility will be completed by the summer of 2009 and the inaugural lacrosse
season will be in the 2009-2010 fiscal year.

Contacting Management

This financial narrative is designed to provide the reader with a general overview of the University
Athletic Association, Inc.'s finances and to show the Association's accountability for the money it
receives. If you have questions about this report or need additional financial information, contact the
Association's Business Office at Ben Hill Griffin Stadium, Gainesville, Florida:

The University Athletic Association, Inc.
Attn: Assistant Athletics Director/Controller
PO Box 14485
Gainesville, FL 32604-2485
(352) 375-4683


-15-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
STATEMENTS OF NET ASSETS
JUNE 30, 2008 AND 2007


ASSETS


Current assets
Cash and cash equivalents
Short-term investments
Accounts and other receivables, net
Inventories
Prepaid expenses and other assets current portion
Restricted cash and cash equivalents
Total current assets

Noncurrent assets
Investments
Unamortized bond costs
Prepaid expenses and other assets, less current portion
Capital assets, net of accumulated depreciation
Total noncurrent assets


2008



$ 2,092,242
57,919,572
5,999,184
787,991
2,922,736
460,625
70,182,350


44,375,208
603,559
424,774
155,706,101
201,109,642


2007



$ 5,304,240
41,821,109
11,619,311
884,864
3,353,860
400,724
63,384,108


39,942,393
551,937
35,108
138,655,071
179,184,509


Total assets


271,291,992 242,568,617


LIABILITIES


Current liabilities
Accounts payable and accrued expenses
Accrued compensated absences current portion
Deferred revenues current portion
Long-term debt current portion
Agency funds payable
Total current liabilities

Noncurrent liabilities
Longevity incentive payable, less current portion
Contracts payable, less current portion
Accrued compensated absences, less current portion
Deferred revenues, less current portion
Long-term debt, less current portion
Total noncurrent liabilities


Total liabilities


169,263,167 148,372,104


NET ASSETS


Net assets
Invested in capital assets, net of related debt


Restricted for:
Capital projects
Debt service


Unrestricted
Total net assets


62,973,420



460,625
460,625


38,594,780
$ 102,028,825
The accompanying notes to financial statements
are an integral part of these statements.


55,131,272


5,495,216
400,724
5,895,940

33,169,301
$ 94,196,513


-16-


11,982,120
166,000
49,769,662
3,610,000
134,975
65,662,757


250,000
666,667
2,248,310
10,630,433
89,805,000
103,600,410


14,373,454
180,000
46,373,971
735,000
154,090
61,816,515


549,571

2,082,146
508,872
83,415,000
86,555,589








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED JUNE 30, 2008 AND 2007



2008 2007


Operating revenues
Football
Men's basketball
Other sports
Auxiliaries
Camps
Sponsorships and other
Total operating revenues

Operating expenses
Football team expenses
Men's basketball team expenses
Other sports team expenses
Scholarships
Support services
General and administrative
Auxiliaries
Camps
Depreciation and amortization
Total operating expenses


Operating income


Nonoperating revenues (expenses)
Student fees
Investment income, net
Sales taxes retained
Interest on capital asset related debt
Contributions to the University of Florida
Contributions to the University of Florida Foundation, Inc
Other nonoperating revenues
Net nonoperating revenues (expenses)

Income (loss) before capital contributions

Capital contributions from Gator Boosters, Inc. and others


$ 54,121,437
8,769,101
699,028
13,351,788
3,128,399
9,841,566
89,911,319


14,645,758
6,678,283
11,761,299
7,705,076
10,244,256
19,959,389
4,831,730
3,093,684
6,645,089
85,564,564

4,346,755


2,578,306
1,349,561
1,401,076
(2,937,858)
(9,579,783)
(116,378)
451,805
(6,853,271)

(2,506,516)


10,338,828


$ 49,625,829
7,963,107
695,637
15,703,451
2,898,878
10,535,415
87,422,317


15,755,848
6,764,064
12,339,851
7,298,944
10,952,810
18,635,714
4,147,597
2,901,608
6,302,416
85,098,852

2,323,465


2,570,113
7,471,259
1,234,152
(2,961,858)
(3,336,018)
(714,454)
451,805
4,714,999

7,038,464


8,631,358


Increase in net assets


Net assets, beginning of year


Net assets, end of year


$ 102,028,825 $ 94,196,513


The accompanying notes to financial statements
are an integral part of these statements.


- 17-


7.832.312


94,196,513


15.669.822


78,526,691








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2008 AND 2007



2008 2007


Cash flows from operating activities
Contributions from Gator Boosters, Inc.
Receipts from ticket holders and others
Receipts from the Southeastern Conference and NCAA
Receipts from rights, royalties, and sponsors
Other receipts
Payments to suppliers and others
Payments to employees
Payments for scholarships
Payments for income taxes
Net cash provided by operating activities

Cash flows from noncapital financing activities
Statutory distributions from the University of Floride
and the State of Florida
Contributions to the University of Florida
Contributions to the University of Florida Foundation, Inc
Net cash provided by (used in) noncapital financing activities

Cash flows from capital and related financing activities
Purchase of capital assets
Proceeds from capital debt
Capital contributions from Gator Boosters, Inc.
Capital contributions from others
Principal paid on bonds
Interest paid on bonds
Prepaid bond remarketing fee
Bond cost of issuance
Proceeds from sale of capital assets
Net cash used in capital and related financing activities

Cash flows from investing activities
Purchases of investment securities
Proceeds from sale and maturities of investment securities
Interest and dividends received
Net cash used in investing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of year

Cash and cash equivalents, end of year


$ 35,632,463
29,801,902
12,929,479
27,826,832
366,804
(35,615,117)
(33,949,131)
(7,802,851)
(509,963)
28,680,418



4,431,187
(9,919,899)
(116,378)
(5,605,090)


(23,494,238)
10,000,000
10,304,351
99,477
(735,000)
(3,084,862)

(134,878)
18,378
(7,026,772)


(96,257,366)
72,596,444
4,460,269
(19,200,653)


$ 25,695,945
30,828,215
13,461,493
15,100,252
295,697
(31,925,439)
(33,071,881)
(7,534,651)

12,849,631



4,256,070
(3,238,307)
(714,454)
303,309


(14,854,374)

8,545,458
140,900
(765,000)
(2,974,500)
(35,588)

6,800
(9,936,304)


(70,174,302)
65,172,777
3,456,785
(1,544,740)


(3,152,097) 1,671,896


5,704,964


4,033,068


$ 2,552,867 $ 5,704,964


The accompanying notes to financial statements
are an integral part of these statements.


- 18 -








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2008 AND 2007
(Continued)


2008 2007


Reconciliation of operating income to net cash
provided by operating activities
Operating income
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation and amortization
Loss on disposal of capital assets
Changes in assets and liabilities:
Accounts and other receivables
Inventories
Prepaid expenses and other assets
Assets held by the University of Florida
Foundation, Inc.
Accounts payable and accrued expenses
Accrued compensated absences
Contract payable
Deferred revenues
Agency funds payable
Longevity incentive payable
Net cash provided by operating activities

Supplemental disclosure of noncash activity
Increase (decrease) in investments and longevity incentive payabk
to reflect earnings on employee directed incentive balances

Cash and cash equivalents are presented on the Statements
of Net Assets as:
Cash and cash equivalents
Restricted cash and cash equivalents


$ 4,346,755 $ 2,323,465


6,645,089
40,517

5,639,463
96,873
458,703


(3,044,949)
152,164
666,667
13,517,252
(19,115)
180,999
$ 28,680,418


6,302,416
144,807

(4,856,630)
126,479
(434,871)

21,113
4,135,391
315,057

4,829,823
34,922
(92,341)
$ 12,849,631


$ (12,783) $ 70,009


$ 2,092,242
460,625
$ 2,552,867


$ 5,304,240
400,724
$ 5,704,964


The accompanying notes to financial statements
are an integral part of these statements.


- 19-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(1) Summary of Significant Accounting Policies:

The following is a summary of the more significant accounting policies of The University Athletic
Association, Inc. (the Association), which affect significant elements of the accompanying basic financial
statements.

(a) Reporting entity-The Association is a not-for-profit entity organized in 1929 for the
purpose of conducting various intercollegiate athletic programs for and on behalf of the University
of Florida. The Association operates for the service and convenience of the University of Florida
and is a direct support organization and component unit (for accounting purposes only) of the
University of Florida.

(b) Measurement focus, basis of accounting, and financial statement presentation-The
financial statements of the Association have been prepared using the economic resources
measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities
(whether current or noncurrent) are included on the Statement of Net Assets. The Statement of
Revenues, Expenses and Changes in Net Assets presents increases (revenues) and decreases
(expenses) in total net assets. Under the accrual basis of accounting, revenues are recognized in the
period in which they are earned while expenses are recognized in the period in which the liability is
incurred.

The Association follows all pronouncements of the Governmental Accounting Standards Board
(GASB), and has elected not to follow Financial Accounting Standards Board pronouncements
issued after November 30, 1989.

The Association distinguishes operating revenues and expenses from nonoperating items. Operating
revenues and expenses for the Association are those that result from the operation of the University
of Florida's intercollegiate athletic programs. It also includes all revenue and expenses not related
to capital and related financing, noncapital financing, or investing activities. As required by GASB
Statement No. 34, Basic Financial Statements and n,,i,,s i, ,in' Discussion and Analysis for
State and Local Governments, capital contributions from Gator Boosters and others and
contributions to the University of Florida and University of Florida Foundation, Inc. are not
considered operating revenues or expenses and are reported after nonoperating revenues and
expenses in the accompanying statements of revenues, expenses, and changes in net assets.

(c) Cash and cash equivalents--Cash and cash equivalents include cash in banks and money
market funds available for immediate use.

(d) Accounts receivable--Accounts receivable are stated at the amount management expects to
collect from balances at year-end. Based on management's assessment of the credit history with
organizations and individuals having outstanding balances and current relationships with them, it
has concluded that realization losses on balances outstanding at year-end will be immaterial. The
Association has no policy requiring collateral or other security to support its accounts receivable.

(e) Inventories--Inventories consist of items held for sale at the Gator Sportshop, golf course
pro shop and snack bar. Inventory items at the Gator Sportshop and the golf course pro shop are
recorded at the lower of cost or market using the average cost method. All other inventory items
are recorded at the lower of cost or market, as determined by using the first-in, first-out (FIFO)
method.


-20-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(1) Summary of Significant Accounting Policies: (Continued)

(f) Capital assets--Capital assets purchased with an original cost of $500 or more are recorded at
cost and depreciated utilizing the straight-line method over the estimated useful lives of assets
(generally 5 years for permanent equipment and 10 to 15 years for capital improvements, except for
improvements to buildings which range from 50 to 60 years). Interest incurred during the
construction phase of capital assets is included as part of the capitalized value of assets constructed.
Costs to maintain or repair these assets are expensed as incurred.

(g) Agency funds-The Association acts as an agent for the control and distribution of cash from
the sale of Gator Growl tickets for the University of Florida. Such amounts are not included in the
statements of revenues, expenses and changes in net assets.

(h) Unamortized bond costs-Unamortized bond costs consist of prepaid bond issuance and
remarketing costs. These costs are being amortized utilizing the straight-line method over the term
of the bonds or the length of the remarketing period.

(i) Accrued compensated absences--Eligible employees are entitled to vacation and sick leave
with pay. Employees are not limited in the amount of annual and sick leave accrued during the
fiscal year. For annual leave, however, only a maximum of 352 hours can be carried forward from
one fiscal year to the next or paid upon termination provided the employee has completed six
months of continuous service. Any amounts accrued over the maximums convert to sick leave at
the end of the year on an hour for hour basis. Additionally, sick leave amounts paid upon
termination are limited to the lesser of 480 hours or 1/4 of the employee's sick leave balances for
those employees who have completed ten years of continuous service. Vacation pay and sick leave
payments are expensed as earned by the employee.

(j) Deferred revenues-Current deferred revenues consist of advance sales of football tickets,
related contributions, and miscellaneous other unearned fees received. The deferred items are
recognized as revenue when the related football games are played and when the service is
performed or event occurs for which miscellaneous fees were received.

Additionally, deferred revenues included in other liabilities consist of booster prepayments and
advance sponsorship and royalty payments. The sponsorship and royalty amounts are recognized
over the life of the agreements, while the booster prepayments will be recognized in the applicable
sports season.

(k) Longevity incentive payable--These balances represent amounts due to various coaches
and employees as specified in their employment contracts. Such amounts are accrued based upon
schedules included in the respective employment contracts. In some circumstances, the coach or
employee's employment contract may require the Association to make specified deposits into an
employee directed investment account until such time as the coach or employee has reached the
stay period specified in their contract. These investment balances would transfer to the coach or
employee at the end of the stay period and are included in investments or short term investments in
the accompanying statements of net assets. In other circumstances, the Association is obligated to
pay certain amounts to the coach or employee at the end of the stay period. The Association accrues
for these amounts ratably over the contract period. No payments are made to the coach or
employee until they have reached the stay period specified in their contract.


-21-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(1) Summary of Significant Accounting Policies: (Continued)

(1) Net assets--Net assets are classified and displayed in three components:

Invested in capital assets, net of related debt consists of capital assets, net of accumulated
depreciation, reduced by the outstanding balances of any debt that is attributable to those
assets.

Restricted consists of assets that have constraints placed upon their use either by external
donors or creditors or through laws, regulations or constraints imposed by law through
constitutional provisions or enabling legislation, reduced by any liabilities to be paid from
these assets.

Unrestricted consists of net assets that do not meet the definition of "restricted" or
"invested in capital assets, net of related debt."

When both restricted and unrestricted net assets are available for use, it is the Association's policy
to use restricted resources first, then unrestricted resources as they are needed.

(m) Restricted net assets--Restricted net assets consist of capital contributions received for
specific future capital projects, funds held by the bond trustee for payments on the bonds, and other
funds which have been restricted as to their use by donors.

(n) Functional allocation of expenses--The cost of providing various programs and other
activities has been summarized by program in the accompanying statements of revenues, expenses,
and changes in net assets. However, certain costs categorized as Support Services and General and
Administrative are not specifically identifiable with men's and women's programs and, therefore,
are not allocated. As a result, no distinction between men's and women's programs has been made
within these expense classifications.

(o) Sales taxes retained--In accordance with Chapter 1006, Section 71 of the Florida Statutes,
the Association retains an amount equal to sales taxes collected from ticket sales to athletic events
for use in the support of women's athletic programs.

(p) Income taxes--The Association is generally exempt from Federal income taxes under the
provisions of Section 501(c) (3) of the Internal Revenue Code. However, the Association is subject
to income tax on unrelated business income. Deferred income taxes arise from temporary
differences resulting from income and expense items reported for financial accounting and tax
purposes in different periods. Deferred taxes are classified as current or noncurrent, depending on
the classification of the assets and liabilities to which they relate. Deferred taxes arising from
temporary differences that are not related to an asset or liability are classified as current or
noncurrent depending on the periods in which the temporary differences are expected to reverse.
The principal sources of temporary differences at June 30, 2008, relate to differences in the timing
of revenue recognition for financial accounting and tax purposes on certain sponsorship
agreements.

(q) In-kind contributions--Donations of materials and services are recorded at their fair market
value at the date of donation.

(r) Reclassifications--In order to facilitate the comparison of financial data, certain June 30,
2007 account balances have been reclassified to conform to the current year reporting format.
These reclassifications had no effect on net assets.


-22-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(2) Cash and Investments:

A. Cash and Cash Equivalents:

The amounts reported as cash and cash equivalents include cash on hand, cash in bank demand accounts,
cash held at the University of Florida and money market funds. Cash and cash equivalents at June 30,
2008 and 2007, were as follows:

2008 2007

Money market funds $ 1,612,375 $ 5,507,212
Cash in bank demand accounts (724,777) (2,261,886)
Cash held at the University of Florida 1,134,744 1,988,514
Cash on hand 69,900 70,400
Restricted cash in money market funds 460,625 400,724
Cash and cash equivalents $ 2,552,867 $ 5,704,964

Cash in bank demand accounts is held in two regional banks. Bank account balances for these bank
demand accounts were $823,311 and $963,178, as of June 30, 2008 and 2007, respectively. Deposits are
uncollateralized and are insured up to $100,000 per institution by the Federal Deposit Insurance
Corporation. Uninsured bank balances totaled $717,618 and $863,178 as of June 30, 2008 and 2007,
respectively. Money market funds are uninsured and collateralized by securities held by the institution,
not in the Association's name. For deposits, custodial credit risk is the risk that in the event of a bank
failure, the Association's deposits may not be returned to it. The Association does not have a policy for
custodial credit risk. However, the Association does have a policy to sweep all funds available for
withdrawal to the money market funds on a daily basis.

B. Investments:

The Association follows the provisions of GASB Statement No. 31 Accounting and Financial Reporting
for Certain Investments and for External Investment Pools. This statement requires that government
entities report investments at fair value, except that money market investments that have a remaining
maturity at the time of purchase of one year or less, may be reported at amortized cost provided that the
fair value of those investments is not significantly affected by the impairment of the credit standing of the
issuer or by other factors. For purposes of GASB Statement No. 31, money market investments are
defined as short-term, highly liquid debt instruments including commercial paper, banker's acceptance,
and U.S. Treasury and agency obligations.

Short-term investments are comprised of mutual funds, employee directed investment accounts due to
vest to the employee during the next year, and investment accounts with the State of Florida Division of
Treasury and State Board of Administration and are reported at fair value. Other investments include
mutual funds, commingled funds and commingled hedged strategies funds that are reported at fair value
as determined by their net asset values at year-end. The classification of investments between short-term
and long-term is based on management's anticipated cash flow needs. However, the needs of the
Association may require the sale or retention of investment balances which differ from the classifications
reflected in the accompanying statements of net assets.

The Association's corporate investment policy divides the Association's assets into two portfolios, the
long-term portfolio and the short-term portfolio. The policy states that the short-term portfolio invests in
cash and equivalents and the long-term portfolio invests in a diversified portfolio of commingled and/or
mutual funds in the following classes: Domestic Large Cap Equity, Domestic Small Cap Equity,
International Equity, Hedged Strategies and Fixed Income.


- 23-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(2) Cash and Investments: (Continued)

As of June 30, 2008 and 2007, the Association had the following investments:
2008


Short term investments:
External Investment Pools:
Florida State Treasury Special Purpose Investment Account
Local Government Investment Pool Florida State Board of
Administration
Subtotal
Employee directed investments Current portion
Subtotal
Investments:
Domestic equity mutual funds and commingled funds
International equity mutual funds
Debt securities mutual fund
Commingled hedged strategies
Employee directed investments
Subtotal
Total investments


$ 57,360,882 $ 40,089,723


64,903
57,425,785
493,787
57,919,572

19,436,897
7,897,015
7,136,303
9,904,993

44,375,208
$102,294,780


1,731,386
41,821,109


41,821,109

21,255,293
9,569,375
8,761,154

356,571
39,942,393
$ 81,763,502


The Association's investment in the State Treasury Special Purpose Investment Account (SPIA)
represents ownership of 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
3.31 years and 3.21 years at June 30, 2008 and 2007, respectively. The Association relies on policies
developed by the State Treasury for managing interest rate risk or credit risk for this investment pool.

The Local Government Investment Pool (LGIP) is administered by State Board of Administration (SBA)
pursuant to Section 218.405, of the Florida Statues and is a Securities and Exchange Commission Rule
2a-7 like external investment pool, similar to money market funds in which shares are owned in the fund
rather than the actual underlying investments. The SBA has taken the position that participants in the
pool should disclose information related to interest rate risk and credit risk. The LGIP carried a credit
rating of AAAm by Standard and Poor's and had a weighted average days to maturity (WAM) of 20.22
days and 26 days at June 30, 2008 and 2007, respectively. The Association relies on policies developed
by the State Board of Administration for managing interest rate risk or credit risk for this investment pool.

Disclosures for the SPIA and LGIP investment pools are included in the notes to the financial statements
of the State of Florida's Comprehensive Annual Financial Report.

The Association's long term investments include an investment in a bond mutual fund, the PIMCO Total
Return Fund Institutional Class. As of June 30, 2008 and 2007, this fund was unrated, however, the
underlying investments in this fund had an average credit quality rating of AA and AA+, respectively,
and a weighted average duration to maturity of 4.45 years and 5.07 years, respectively. Long term
investments also include employee directed investments. Several coaches have a longevity plan built into
their employment contract, whereby a specified amount is deposited into an investment account of their
choice.

The Association does not have a policy for credit risk or interest rate risk associated with its investments.


-24-


2007








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(2) Cash and Investments: (Continued)

Restricted Assets:

The Association's restricted assets include cash and cash equivalents held for the payment of accrued
interest on the 1990, 2001, 2005 and 2007 series bonds, which is due annually in October.


(3) Accounts and Other Receivables:

Accounts and other receivables at June 30, 2008 and 2007, consist of the following:


Ticket accounts receivable
Gator Boosters, Inc.
SEC and NCAA
Royalties and sponsorships
Other receivables
Total accounts and other receivables
Less allowance for doubtful accounts
Total accounts and other receivables, net


2008

$ 279,845
4,369,503
27,250
1,065,855
308,026
6,050,479
(51,295)
$ 5,999,184


2007

$ 2,060,750
6,634,267
77,485
2,441,641
472,955
11,687,098
(67,787)
$ 11,619,311


(4) Accounts Payable and Accrued Expenses:

Accounts payable and accrued expenses consist of the following at June 30, 2008 and 2007:

2008 2007


Vendors
Salaries and benefits
Accrued interest
Gator Boosters, Inc.
Other
Total accounts payable and accrued expenses


$ 7,428,050
3,768,980
729,544
19,227
36,319
$ 11,982,120


$ 9,008,992
4,475,054
687,462
172,565
29,381
$ 14,373,454


-25-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(5) Capital Assets:

Capital asset activity for the year ended June 30, 2008, was as follows:


Beginning
Balance


Additions Decreases


Capital assets not being
depreciated:
Land
Construction in progress
Total capital assets not
being depreciated

Capital assets being
depreciated:
Buildings and
improvements
Furniture and equipment
Leasehold improvements
Total capital assets
being depreciated
Less accumulated
depreciation for:
Buildings and
improvements
Furniture and equipment
Leasehold improvements
Total accumulated
depreciation

Total capital assets
being depreciated, net


$ 567,039
7,399,333

7,966,372


5,843,381
19,899,303
153,277,143

179,019,827



2,090,283
11,554,914
34,685,931

48,331,128


130,688,699


22,721,034

22,721,034
22,721,034


1,039,479
3,077,913

4,117,392



178,254
1,526,961
4,939,874

6,645,089


(2,527,697)


$ $ 567,039
(3,085,880) 27,034,487

(3,085,880) 27,601,526


(246,117)
(211,149)


5,843,381
20,692,665
156,143,907


(457,266) 182,679,953


(235,803)
(165,036)


2,268,537
12,846,072
39,460,769


(400,839) 54,575,378


(56,427) 128,104,575


Capital assets, net


$138,655,071 $ 20,193,337 $ (3,142,307) $155,706,101


-26-


Ending
Balance








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(5) Capital Assets: (Continued)

Capital asset activity for the year ended June 30, 2007, was as follows:


Beginning
Balance


Additions Decreases


Capital assets not being
depreciated:
Land
Construction in progress
Total capital assets not
being depreciated

Capital assets being
depreciated:
Buildings and
improvements
Furniture and equipment
Leasehold improvements
Total capital assets
being depreciated
Less accumulated
depreciation for:
Buildings and
improvements
Furniture and equipment
Leasehold improvements
Total accumulated
depreciation

Total capital assets
being depreciated, net


$ 567,039
10,542,875

11,109,914


5,843,381
19,022,612
136,966,606

161,832,599



1,856,667
10,117,968
30,799,110

42,773,745


119,058,854


9,544,771

9,544,771
9,544,771


1,001,276
17,083,204

18,084,480



233,616
1,554,852
4,513,948

6,302,416


11,782,064


$ $ 567,039
(12,688,313) 7,399,333

(12,688,313) 7,966,372


(124,585)
(772,667)


5,843,381
19,899,303
153,277,143


(897,252) 179,019,827


(117,906)
(627,127)


2,090,283
11,554,914
34,685,931


(745,033) 48,331,128


(152,219) 130,688,699


Capital assets, net


$130,168,768 $ 21,326,835 $(12,840,532) $138,655,071


At June 30, 2008, the Association has commitments to provide
improvement projects approximating $19,914,000.


funding for additional capital


-27-


Ending
Balance








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007



(6) Long-Term Obligations:

The change in long-term obligations for the year ended June 30, 2008, was as follows:


Beginning Ending
Balance Additions Reductions Balance


Longevity incentive
payable
Contracts payable
Accrued compensated
absences
Deferred revenues
Long-term debt
Total long-term
liabilities


$ 699,571 $ 605,000
1,083,333


2,262,146
46,882,843
84,150,000


816,045
60,247,399
14,345,000


$ (930,571) $
(333,333)

(663,881)
(46,730,147)
(5,080,000)


$133,994,560 $ 77,096,777 $(53,737,932) $157,353,405 $ 53,752,995


The change in long-term obligations for the year ended June 30, 2007, was as follows:


Beginning Ending
Balance Additions Reductions Balance


Longevity incentive
payable
Accrued compensated
absences
Deferred revenues
Long-term debt
Total long-term
liabilities


$ 721,903 $ 401,009 $ (423,341) $


1,947,089
42,053,020
84,915,000


807,343 (492,286)
46,878,572 (42,048,749)
-(765,000)


699,571 $

2,262,146
46,882,843
84,150,000


$129,637,012 $ 48,086,924 $(43,729,376) $133,994,560 $ 47,438,971


A. Long-term Debt

In February 1990, the Association issued $10,715,000 in tax-exempt variable rate revenue bonds.
Proceeds of $10,559,000 were used to retire the outstanding 1982 and 1985 Stadium Revenue Bonds and
pay accrued interest and costs associated with issuance. In December 1990, the Association issued an
additional $17,300,000 in tax-exempt revenue bonds. Proceeds of the December 1990 issue were used to
finance the construction cost of the North End Zone, and pay accrued interest and costs associated with
issuance. Initially, the 1990 Bonds bore interest at the Daily Rate. The Daily Rate means that the interest
rate is determined on each business day by the remarketing agent.

In August 1994, an additional $5,000,000 in tax-exempt variable rate revenue bonds was issued by the
Association. Proceeds of the 1994 issuance were used to finance the construction of a volleyball practice
gymnasium and to renovate the athletic field house. Both the 1990 and 1994 Series bonds were scheduled
to mature in the year 2020 and were secured by the gross revenues of the Association.


- 28 -


Amounts
Due Within
One Year


374,000
750,000

2,414,310
60,400,095
93,415,000


124,000
83,333


166,000
49,769,662
3,610,000


Amounts
Due Within
One Year


150,000

180,000
46,373,971
735,000








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(6) Long-Term Obligations: (Continued)

In October 2001, the Association issued $57,400,000 in tax-exempt variable rate revenue bonds. Proceeds
of $4,688,193 were used to retire the outstanding 1994 Capital Improvement Revenue Bonds and pay
costs associated with issuance. The remaining proceeds were used to finance the construction cost of the
Basketball Practice Facility and the expansion of Ben Hill Griffin, Jr. Stadium. Construction of the
Basketball Practice Facility was completed in 2002 and construction on the stadium was completed in
2004. The 2001 Series Athletic Program Revenue Bonds mature in the year 2031 and initially bore
interest at the Multiannual Rate consisting of four trenches.

In September 2005, the Association issued $10,000,000 in tax-exempt variable rate revenue bonds.
Proceeds were used to finance the construction of improvements and the expansion of McKethan Stadium
at Perry Field, the construction of a new football equipment storage facility/restroom/training room and
the renovation and improvements to the Lemerand Athletic Center (collectively, the "2005 Project").
Construction on the 2005 Project was completed in October, 2006. Initially, the 2005 Bonds bore interest
at the Multiannual Rate.

Also in September 2005, the Association redeemed $800,000 of the Series 1990 Capital Improvement
Revenue Bonds and converted all the remaining, outstanding 1990 Bonds ($19,600,000) to bear interest at
the Multiannual Rate consisting of two trenches.

In October 2005, the Association converted a portion ($11,705,000) of the 2001 Bonds to the Daily Rate
(as specified by the remarketing agent).

In October2007, the Association issued $10,000,000 in tax-exempt variable rate revenue bonds.
Proceeds were used to finance the acquisition, construction and equipping of capital improvements to Ben
Hill Griffin Stadium (collectively, the "2007 Project"). Construction on the 2007 Project is scheduled to
be completed in August, 2008. Initially, the 2007 Bonds bore interest at the Multiannual Rate.


-29-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(6) Long-Term Obligations: (Continued)

At June 30, 2008 and 2007, the Bonds bear interest based upon the following schedule:


June 30, 2008


June 30, 2007


Outstanding
Series Amount


Term


Interest
Rate


2001 $ 14,335,000 10/01/03- 10/01/08

2005 10,000,000 09/01/05- 10/01/08

1990 9,600,000 09/01/05- 10/01/09

2001 14,275,000 10/01/04- 10/01/09

1990 10,000,000 09/01/05- 10/01/10

2001 14,235,000 10/01/06- 10/01/11

2007 10,000,000 10/31/07- 10/01/11


2001


10,970,000


Daily Rate


$ 93,415,000


Outstanding
Amount


Term


2.80% $ 14,335,000 10/01/03- 10/01/08

3.30% 10,000,000 09/01/05 10/01/08

3.40% 9,600,000 09/01/05- 10/01/09

3.00% 14,275,000 10/01/04- 10/01/09

3.50% 10,000,000 09/01/05 10/01/10

3.80% 14,235,000 10/01/01 10/01/06

3.75%


Variable 11,705,000


Daily Rate


$ 84,150,000


The Daily Rate at June 30, 2008 and 2007 was 2.9% and 3.9%, respectively.

Debt service requirements at June 30, 2008, were as follows:

Year Ended 2007 2005 2001 1990
June 30, Principal Principal Principal Principal


$ 500,000
500,000
500,000
500,000
500,000
2,500,000
2,500,000
2,500,000


$ 2,400,000 $
600,000
600,000
600,000
600,000
3,000,000
2,200,000


710,000 $
790,000
770,000
755,000
845,000
3,770,000
8,860,000
19,000,000


Total
Principal


$ 3,610,000
1,890,000


4,000,000
1,200,000
1,200,000
7,500,000
5,700,000


5,870,000
3,055,000
3,145,000
16,770,000
19,260,000
21,500,000


Total
Interest

$ 2,979,990
2,799,094
2,670,474
2,566,714
2,458,380
10,568,878
7,607,649
4,476,898


18,315,000 18,315,000 1,036,996
$ 10,000,000 $ 10,000,000 $ 53,815,000 $ 19,600,000 $ 93,415,000 $ 37,165,073


-30-


Interest
Rate


2.80%

3.30%

3.40%

3.00%

3.50%

3.80%


Variable


2009
2010
2011
2012
2013
2014 -2018
2019 2023
2024 -2028
2029 2033








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(6) Long-Term Obligations: (Continued)

The Association is subject to certain general and financial covenants related to the Bond agreements (the
Agreements). The first financial covenant requires the Association to maintain a Net Revenues to Debt
Service ratio, as defined in the Agreements, of greater than 1.1:1, tested annually at the end of each fiscal
year. The Association's ratio of net revenues to required principal and interest was 1.93 and 4.69 in 2008
and 2007, respectively. The second financial covenant requires the Association to maintain unrestricted
cash, marketable securities and investments in an amount greater than twenty-five percent (25%) of its
total indebtedness measured at the end of the fiscal year. At June 30, 2008, the required amount of
liquidity was $23,353,750 and the actual amount was in excess of $104,000,000. At June 30, 2007, the
required amount of liquidity was $21,037,500 and the actual amount was in excess of $87,000,000.

In conjunction with the Agreements, the Association entered into an irrevocable letter of credit agreement
with a financial institution as collateral for their payment. The irrevocable letter of credit has been
amended and restated with each bond issue. The current letter of credit agreement was dated October 31,
2007 and was issued in an initial amount not to exceed $94,629,395 ("Stated Amount"), of which an
amount not to exceed $93,415,000 ("Principal Component") may be drawn upon with respect to the
payment of the unpaid principal and an amount not to exceed $1,214,395 ("Interest Component") may be
drawn upon with respect to the payment of interest. The Interest Component is an amount equal to 39
days of interest on the bonds' outstanding principal at a rate of 12%, computed on the basis of a 360-day
year. The balance on the letter of credit at June 30, 2008, was $94,629,395. The current letter of credit
expires on October 15, 2012. The Association pays a fee in order to retain the letter of credit which
currently equal to 0.18% of the outstanding letter of credit. The fee is paid in arrears on the first day of
each quarterly period.

B. Deferred Revenues

Changes in current deferred revenues for June 30, 2008 and 2007, are as follows:

2008 2007

Balance, beginning of year $ 46.373.971 $ 41.865.680
Additions:
Advance football ticket sales 17,007,541 18,733,255
Unearned booster contributions 30,877,895 26,477,772
Unearned amenities 1,071,035 1,025,982
Unearned other income 853,077 132,691
Total additions 49,809,548 46,369,700

Deductions:
Earned football revenue (18,733,255) (14,865,005)
Earned booster contributions (26,477,772) (24,497,083)
Earned amenities (1,070,139) (952,782)
Earned other income (132,691) (1,546,539)
Total deductions (46,413,857) (41,861,409)
Balance, end of year $ 49,769,662 $ 46,373,971


-31-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(6) Long-Term Obligations: (Continued)


Changes in long term deferred revenues for June 30, 2008 and 2007, are as follows:


2008


Balance, beginning of year
Additions:
Unearned booster contributions
Unearned royalties
Unearned sponsorships
Total additions


Deductions:
Booster contributions reclassified to current
Royalties recognized
Sponsorships recognized
Total deductions


Balance, end of year


$ 508,872 $ 187,340


553,851
9,884,000

10,437,851


(226,290)

(90,000)
(316,290)
$ 10,630,433


418,872

90,000
508,872


(187,340)


(187,340)
$ 508,872


(7) Pension Plan:

In 1979, the Association established The University Athletic Association, Inc. Employees' Money
Purchase Pension Plan and Trust, a defined contribution pension plan covering substantially all full-time
employees. Total pension expense for the plan was $1,826,014 and $1,704,742 (net of forfeitures of
$214,935 and $258,942, respectively) for the years ended June 30, 2008 and 2007, respectively.
Contributions are made by the Association to the pension plan based on 12% of an eligible employee's
earnings. During the years ended June 30, 2008 and 2007, total pension applicable payroll for employees
covered under the plan was $18,952,354 and $17,329,183, which represented approximately 67% and
62% of total payroll for the years ended June 30, 2008 and 2007, respectively.

(8) Related-Party Transactions:

Gator Boosters, Inc. receives contributions from the general public and remits the majority of these funds
(less their operating expenses) to the Association. Contributions of $39,032,704 and $33,610,966 were
recognized from Gator Boosters, Inc., for the years ended June 30, 2008 and 2007, respectively, and have
been included in the accompanying statements of revenues, expenses, and changes in net assets.
Additionally, beginning in 2004, the Association contracted to provide accounting and other support
services to Gator Boosters. The Association recognized contract revenue in the amount of $65,000 for
each of the years ended June 30, 2008 and 2007.


-32-


2007








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(8) Related-Party Transactions: (Continued)

Gator Boosters, Inc. recognizes contribution expense for amounts remitted to the Association in the year
in which such amounts are remitted. The Association, however, does not recognize these amounts as
revenue until the year in which the related athletic event is held. A reconciliation of contribution revenues
from Gator Boosters, Inc. as recognized in the accompanying statements of revenues, expenses, and
changes in net assets to contributions expense as reflected in the financial statements of Gator Boosters,
Inc. for the years ended June 30, 2008 and 2007, is as follows:

2008 2007


Contributions to the Association, as reported in the financial
statements of Gator Boosters, Inc.
Recognition of prior year amounts received from Gator
Boosters, Inc. that were previously deferred
Deferral of amounts received from Gator Boosters, Inc. in
the current year
Contributions from Gator Boosters, Inc., as recognized in the
accompanying statements of revenues, expenses, and
changes in net assets


$ 43,760,388 $ 35,863,187


26,896,644 24,684,422


(31,624,328) (26,936,643)



$ 39,032,704 $ 33,610,966


(9) Contributions to the University of Florida:

Contributions to the University of Florida for the years ended June 30, 2008 and 2007, consisted of gifts
for the following purposes:


Opportunity scholarship program
Logo profits
Parking facilities
Broward teaching center (strategic plan support)
Registrar and financial aid positions
Salaries
IFAS Lacrosse property
Library
Marquee entrance
O'Connell Center air flow diffusers
General scholarships
Council for Economic Outreach
Various UF speakers and projects
Total contributions to University of the Florida


2008

$ 6,000,000
2,184,260
265,000
200,000
112,694
222,906
275,000
100,000
98,000
54,000
22,167
33,334
12,422
$ 9,579,783


2007


2,524,376
265,000
200,000
107,153
154,155

50,000


2,000
33,334

$ 3,336,018


The Association has committed to contribute $300,000 for 2009 through 2013, for parking facilities usage
for athletic events. In 2006, the Association agreed to contribute $33,334 per year for five years for the
Council for Economic Outreach. The final contribution will be made during fiscal year 2010.


-33 -








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(10) Contributions to the University of Florida Foundation, Inc.:

The Association conducted several fund raising initiatives during 2007-2008 to celebrate the 100 Years of
Gator Football, including the sale of Gator Walk bricks. For the fiscal years ended June 30, 2008 and
2007, profits from the sale of these bricks totaling $106,994 and $528,653, respectively, were contributed
to the University of Florida Foundation, Inc. and included in the athletic scholarship endowment.
Additionally, during the fiscal year ended June 30, 2007, contributions in the amount of $102,529,
received for the 100 Years of Gator Football, were also contributed to the University of Florida
Foundation, Inc. and included in the athletic scholarship endowment. The Association also sold pieces of
the 2007 Men's Basketball National Championship Final Four floor. The profits of $6,984 and $83,272,
respectively, from the sale of the floor pieces were contributed to the University of Florida Foundation,
Inc. and included in the athletic scholarship endowment for the fiscal years ended June 30, 2008 and
2007. During 2007-2008, the Association collected general contributions totaling $2,400 for the athletic
scholarship endowment on ticket order forms and at the Gator Sportshop.

(11) Operating Leases:

The Association leases various equipment and facilities under operating leases. Total lease expense for
the years ended June 30, 2008 and 2007, was $642,673 and $687,467, respectively. Included in lease
expense for the years ended June 30, 2008 and 2007, were payments in the amount of $634,508 and
$626,755, respectively, to the University of Florida for the rental of the O'Connell Center and recreational
sports fields. In addition, the Association has a long-term lease between the Association and the
University of Florida Board of Trustees for the lease of various other athletic facilities on the University
campus. There are no rental payments due under the lease.

Future minimum lease payments under noncancelable operating lease agreements for the next five years
are as follows:

Year Ending
June 30, Amount

2009 $ 287,502
2010 287,502
2011 258,659
2012 256,952
2013 8,164
$ 1,098,779


-34-








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(12) Commitments Under Employment Contracts:

The Association has entered into employment contracts with certain employees expiring in years through
2014 that provide for a minimum annual salary. At June 30, 2008, the total commitment for all contracts
for each of the next five years and in the aggregate is as follows:


Year Ending
June 30,

2009
2010
2011
2012
2013
2014- 2018


Amount

$ 15,646,243
11,344,195
10,203,279
8,041,202
8,370,593
8,055,978
$ 61,661,490


(13) Income Taxes:

The components of income tax expense for the years ended June 30, 2008 and 2007 are:


Current income tax expense:
Federal
State
Subtotal
Deferred tax benefit arising from:
Sponsorship revenue recognized for tax purposes, but deferred for
financial reporting purposes
Total income tax expense


2008

$ 485,617
77,509
563,126


(477,749)
$ 85,377


Income tax expense is included in auxiliary expenses and general administrative expenses in the
accompanying Statement of Revenues, Expenses and Changes in Net Assets. Prepaid income taxes of
$477,749 at June 30, 2008, have been included in prepaid expenses and other assets in the accompanying
Statement of Net Assets.

(14) Risk Management:

The Association purchased conventional commercial insurance coverage for potential exposures in the
areas of property, workers' compensation, automobile liability and physical damage, and other general
liability exposures. This insurance was purchased from various independent carriers and is designed to
insure against such risks and minimize the Association's financial exposure. The Association also
participates with the employees in the purchase of group health, dental and life insurance for its
employees and their families.


-35 -


2007

$


S -








THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2008 AND 2007


(14) Risk Management: (Continued)

The Association has also purchased commercial insurance to cover injuries to student athletes received
during practice or play. This policy requires a $10,000 deductible per athlete per incident. Any amounts
paid by the athletes' private insurance carriers can be applied to the Association's deductible. Total
athlete medical expenses were $792,769 and $678,915 for the years ended June 30, 2008 and 2007,
respectively. Estimated liabilities relating to unpaid and incurred but not reported claims were considered
immaterial, and therefore have not been reported in the accompanying financial statements.

The Association is not involved in any risk pools with other governmental entities.


-36-























ADDITIONAL INFORMATION


-37-









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


2008
Budget


Operating revenues
Football:
Home games conference:
Alabama
Auburn
Kentucky
Louisiana State
Mississippi State
South Carolina
Tennessee
Vanderbilt
Home games nonconference:
Florida State
Southern Mississippi
Central Florida
Western Carolina
Western Kentucky
Troy State
Florida Atlantic
Subtotal home games


2,390,250


2,404,810
2,323,054

2,438,234



2,306,442
2,310,480
2,298,774
16,472,044


Georgia, net


1,897,776

(1,186,311)


Sales tax


2,378,400


2,383,400
2,298,400

2,402,400



2,298,400
2,298,400
2,298,400
16,357,800

1,872,500


(1,172,224)


$ 2,180,376
11,850
S 2,055,904
2,039,399


21,410
24,654

35,834



8,042
12,080
374
114,244

25,276


2,049,518





2,046,509
2,041,760
2,057,935




14,471,401

1,558,723


(14,087) (1,028,394)


Guarantees:
Florida State
Subtotal games revenue


Other football:
SEC television
SEC bowl distribution
SEC surplus
SEC championship game distribution
Ticket related booster contributions
Gator Suites
Gator Dens
Luxury seating
Gator Booster contributions
Season capital contributions
Miscellaneous contributions
Coaches clinic
Spring game
Subtotal football other


Bowl revenue


Total football


500,000
17,183,509 17,058,076 125,433 15,501,730


4,178,000
1,885,622
594,222
1,148,559
13,686,420
2,942,000
684,000
9,985,207
40,762
36,269

6,355
95,550
35,282,966

1,654,962

54,121,437


4,000,000
1,600,000
400,000
1,100,000
9,132,775
2,952,000
684,000
9,960,000

40,000

6,355
75,000
29,950,130

1,629,800

48,638,006


178,000
285,622
194,222
48,559
4,553,645
(10,000)

25,207
40,762
(3,731)


20,550
5,332,836

25,162

5,483,431


3,997,884
1,277,471
440,465
1,098,715
10,641,289
2,806,270
610,500
9,999,778
53,144
47,803
9,000
19,500
76,880
31,078,699

3,045,400

49,625,829


See accompanying notes to financial statements.


(Continued)


Variance


2007
Actual


-38-









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


2008
Budget


Men's basketball:
Home games conference:
Alabama
Arkansas
Auburn
Georgia
Kentucky
Louisiana State
Mississippi
Mississippi State
South Carolina
Tennessee
Vanderbilt
Home games nonconference:
Exhibition games
Florida State
Charleston Southern
Jacksonville
Florida A & M
High Point
Stetson
Samford
Liberty
North Florida
Providence
Southern
Prairieview
UT-Chattanooga
Ohio State
North Dakota State
Tennessee Tech
UNC Central
Rutgers
NIT 1st Round
NIT 2nd Round
Subtotal home games


152,382
154,462
152,628
148,074
36
155,818
147,522
150,792
154,166

189,654
156,966
142,636
134,140
134,748
151,370
134,666


142,486


144,452
136,636
133,504
153,838
30,636
52,764
3,054,412


Sales tax


(174,765)


Guarantees:
Orange Bowl Tournament
Florida A & M (at Tampa)
Vermont (at Tampa)
Georgia Southern (at Jacksonville)
Subtotal games revenue


49,200

70,000
147,926
3,146,773


165,000
165,000
165,000
165,000

165,000
165,000
165,000
165,000

228,000
165,000
165,000
165,000
165,000
165,000
165,000


165,000






165,000
165,000
165,000
165,000
38,000
52,000
3,453,000

(207,529)


49,200

70,000
145,000
3,509,671


36 153,040
151,688
(12,618)
(10,538) 152,756
(12,372) 156,168
(16,926)
36 155,010
(9,182)
(17,478) 153,538
(14,208) 156,164
(10,834) 152,540

(38,346) 187,724
(8,034)
(22,364)
(30,860) 140,082
(30,252)
(13,630)
(30,334) 158,962
152,264
156,126
(22,514) 143,092
148,582
138,580
145,458
155,940
165,672
(20,548)
(28,364)
(31,496)
(11,162)
(7,364)
764
(398,588) 2,923,386

32,764 (171,963)


49,200
92,991

2,926
(362,898) 2,893,614


Other basketball:
SEC television 1,099,423 1,000,000
SEC NCAA tournament distribution 1,804,959 1,700,000
SEC tournament distribution 229,993 400,000


See accompanying notes to financial statements.


(Continued)


Variance


2007
Actual


99,423
104,959
(170,007)


1,051,539
1,917,544
359,446


-39-









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


Ticket related booster contributions
Courtside seating
Gator Booster contributions
Subtotal basketball other


Total men's basketball


2,287,953
200,000


2008
Budget


1,945,000
200,000


Variance


342,953


5,622,328 5,245,000 377,328


8,769,101


Other sports:
Baseball:
Ticket sales
Florida State (at Jacksonville)
Sales tax
SEC tournament distribution
Gator Booster contributions
Contributions
Total baseball


336,431
16,250
(19,790)
10,213


8,754,671


400,000

(23,529)


14,430


(63,569)
16,250
3,739
10,213


343,104 376,471 (33,367)


Men's tennis:
Contributions
Men's and women's NCAA tennis regionals
Total men's tennis


Men's golf:
Gator Booster contributions
Contributions
Gator Invitational
Total men's golf


Men's and women's swimming:
Gator Booster contributions
Total men's and women's swimming

Men's and women's track:
Gator Booster contributions
Home competitions
Gator Gallop revenue
Men's and women's SEC track championships
Men's and women's NCAA track regionals
Total men's and women's track

Women's golf:
Gator Booster contributions
Lady Gator Invitational
Total women's golf


1,158
11,050
12,208


1,000
2,500
5,133
8,633


2,150
2,150


250
12,637
25,741

10,726
49,354


4,500
8,014
12,514


11,050
11,050


5,133
5,133


1,158

1,158


1,000
2,500

3,500


1,000
2,500
8,100
11,600


2,150 11,000
2,150 11,000


12,637
25,741


9,646
48,024



8,014
8,014


1,080
1,330


4,500

4,500


6,000
17,256
24,061
(36)
35,998
83,279


500
3,424
3,924


Women's basketball:
Ticket sales
Sales tax
SEC tournament distribution


41,439 35,263
(2,438) (2,075)
1,953



See accompanying notes to financial statements.


-40-


2007
Actual

1,535,966
200,000
4,998
5,069,493

7,963,107



365,909
25,267
(21,524)
13,950
100
500
384,202


6,176
(363)
1,953


35,365
(2,080)
9,255


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual

100
2,167
43,221


Gator Booster contributions
NIT 2nd round
Total women's basketball

Women's tennis:
Contributions
NCAA tennis regionals
Total women's tennis

Soccer:
Gator Booster contributions
NCAA soccer 1 st/2nd rounds
Total soccer

Volleyball:
Ticket sales
Sales tax
Gator Booster contributions
NCAA volleyball 1st/2nd rounds
NCAA volleyball regionals
Total volleyball

Softball:
NCAA softball regionals
NCAA softball super regionals
Total softball

Gymnastics:
Ticket sales
Sales tax
SEC tournament distribution
NCAA gymnastics regionals
Total gymnastics


2008
Budget


4,500
37,688


2,000


Variance

100
(2,333)
5,533


2,000


2,000


2,000


2007
Actual

100

42,640



6,026
6,026


S- 100
8,301 8,260 41 -
8,301 8,260 41 100


33,213
(1,954)
1,500
11,464
64,438
108,661


24,687
14,752
39,439


29,505
(1,736)
84
41,590
69,443


Total other sports


27,369
(1,609)

19,164
65,907
110,831


24,662
15,859
40,521


30,368
(1,786)

41,676
70,258


5,844
(345)
1,500
(7,700)
(1,469)
(2,170)


25
(1,107)
(1,082)


(863)
50
84
(86)
(815)


27,901
(5,698)

11,757
72,345
106,305


15,607

15,607


32,416
(1,907)
445

30,954


699,028 716,250 (17,222) 695,637


Auxiliaries:
Florida relays:
Ticket sales
In-kind contributions
Entry fees
Sponsorships
Program sales
Total Florida relays

Licensing:
CLC logo royalties
International logo royalties
Credit card royalties


17,230
364
31,090
25,000
169
73,853


19,800
364
21,600
30,000
200
71,964


4,697,697 3,677,500
12,352
610,500 531,213


See accompanying notes to financial statements.


(Continued)


(2,570)

9,490
(5,000)
(31)
1,889


1,020,197
12,352
79,287


16,136
815
23,350
31,250
206
71,757


5,286,676
3,461
821,000


-41 -









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Other logo royalties
Image trademark rights
100th Aniversary logo royalties
Total licensing


Gator sportshop:
Sportshop sales
Mail orders
Stadium sales
Coop advertising/brochure fee
Handling
Stadium chair royalties
Online store royalties
Final four floor sales
Miscellaneous
Scholarship endowment contributions
Total Gator sportshop

Golf course:
Memberships
Green fees
Golf team fees
Scorecard sponsorship
Cart rental
Leagues and tournaments
Gator Golf Day
In-kind contributions
Gator Booster contributions
Pro shop sales
Driving range
Locker rentals
Snack bar
Lesson revenue
Total golf course

Outside events:
Facility rental
Video board usage fees
Total outside events

TV and radio network:
Clear Channel network:
Rights fees
Clear Channel network

Television:
Sun Sports network rights fee
Pay per view revenue
Miscellaneous TV
Video royalties


Actual

10,187
8,062
1,180
5,339,978


1,784,121
15,151
226,688

2,545
200,468
489,980
14,784
17,895
75
2,751,707


242,663
376,106
16,000
2,500
189,852
10,144
22,490
26,578
1,700
173,169
34,689
1,935
45,132
6,750
1,149,708


39,933
53,060
92,993


2008
Budget

8,000


4,216,713


1,750,000
20,000
190,000

2,800
200,000
385,500
14,784
5,000
75
2,568,159


240,000
439,000
16,000
2,500
216,000
3,435
22,475
26,578
1,700
210,000
40,000
3,500
62,000
6,750
1,289,938


37,500
50,000
87,500


Variance

2,187
8,062
1,180
1,123,265


34,121
(4,849)
36,688

(255)
468
104,480

12,895


2007
Actual

32,998
7,716
38,326
6,190,177


2,488,964
43,488
210,121
19,050
9,268
183,714
809,854
216,123
5,807


183,548 3,986,389


2,663
(62,894)


(26,148)
6,709
15


(36,831)
(5,311)
(1,565)
(16,868)


230,498
391,957
16,000

209,434

28,735
24,311
10,500
203,878
33,421
3,090
56,112


(140,230) 1,207,936


2,433
3,060
5,493


28,584
50,000
78,584


2,554,533 2,256,500 298,033 2,626,362
2,554,533 2,256,500 298,033 2,626,362


644,766
300,310
297,421
10,903


640,000
145,000
283,305


4,766
155,310
14,116
10,903


625,986
455,009
293,761
30,680


See accompanying notes to financial statements.


-42-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual

29,802
1,283,202


28,000
27,400
14,500
69,900


In-kind contributions
Total television

Radio:
Baseball radio
Women's radio
Miscellaneous radio
Total radio

Total TV and radio network

Programs:
Football program rights fee
Baseball scorecard sales
Total programs


Total auxiliaries


2008
Budget

29,802
1,098,107


25,000
28,000
14,500
67,500


Variance


185,095


3,000
(600)

2,400


2007
Actual

35,850
1,441,286


28,000
26,900
14,500
69,400


3,907,635 3,422,107 485,528 4,137,048


32,000
3,914
35,914


31,000
5,800
36,800


1,000
(1,886)
(886)


28,000
3,560
31,560


13,351,788 11,693,181 1,658,607 15,703,451


Camps:
Football camp:
Camp fees
Miscellaneous
Womens clinic
Total football camp

Men's basketball camp:
Camp fees
Miscellaneous
Coaches clinic
Total men's basketball camp

Baseball camp:
Camp fees
Miscellaneous
Holiday camps
Total baseball camp

Cross country camp:
Camp fees
Total cross country camp


Swimming camp:
Camp fees
Miscellaneous
Total swimming camp

Tennis camp:
Camp fees
Total tennis camp


559,190
29,292
63,525
652,007


559,190
29,292
63,525
652,007


517,819
5,414


517,819
5,414


523,233- 523,233


1,633
42,504
44,137


30,421
30,421


1,633
42,504
44,137


30,421
30,421


164,087


164,087


164,087 164,087


389,280
389,280


389,280
389,280


See accompanying notes to financial statements.


-43-


405,699
15,969

421,668


487,454
1,854
14,285
503,593


220,178
2,859
38,285
261,322


22,320
22,320


113,035
2,378
115,413


332,510
332,510


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Men's golf camp:
Camp fees
Total men's golf camp

Strength & Speed Clinic
Clinic fees
Miscellaneous
Total strength and speed clinic

Cheerleading camp:
Camp fees
Total cheerleading camp

Dazzler camp:
Camp fees
Total Dazzler camp

Women's golf camp:
Camp fees
Clinic
Total women's golf camp

Women's basketball camp:
Camp fees
Miscellaneous
Clinic
Total women's basketball camp

Soccer camp:
Camp fees
Miscellaneous
Total soccer camp

Volleyball camp:
Camp fees
Miscellaneous
Clinic
Total volleyball camp

Softball camp:
Camp fees
Miscellaneous
Clinic fees
Total softball camp


Actual



84,053
84,053


12,466
14,924
27,390


7,860
7,860


9,016
9,016


2008
Budget


Variance



84,053
84,053


12,466
14,924
27,390


7,860 4,860
7,860 4,860


9,016
9,016


7,405


7,405


7,405 -7,405


45,305
1,658
2,184
49,147


368,212
6,044
374,256


461,018
3,985
710
465,713


77,535
403
19,740
97,678


45,305
1,658
2,184
49,147


368,212
6,044
374,256


461,018
3,985
- 710
- 465,713


77,535
403
- 19,740
97,678


Gymnastics camp:
Camp fees


See accompanying notes to financial statements.


2007
Actual



108,530
108,530


18,380
9,393
27,773


2,950
2,950


15,700
3,090
18,790


123,891
3,920
2,580
130,391


317,610
3,218
320,828


398,604
8,244

406,848


57,942
2,417
17,655
78,014


129,605


129,605


138,420


-44-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Miscellaneous
Total gymnastics camp

Lacrosse camp:
Camp fees
Miscellaneous
Total lacrosse camp


Total camps


Other:
Boston Concessions:
Football events
O'Connell Center events
Other events
Total Boston Concessions

Marketing and promotions:
Sponsorships
Scoreboard sponsorships
Highlight video
100th Aniversary Gator Booster contributions
100th Aniversary sponsorships
100th Aniversary royalties
100th Aniversary other revenue
Gator walk bricks
Cheerleaders and Dazzlers revenue
Cheerleaders and Dazzlers Gator Booster
contributions
Cheerleaders and Dazzlers contributions
Final four floor contribution
Miscellaneous
FanFoto rights fees
Total marketing and promotions


Actual


129,605


73,066
45
73,111

3,128,399



1,085,194
70,817
154,906
1,310,917


1,253,246
1,700,825
105,122


37,879
1,920
184,139
31,156

3,700
12,500

26,697
4,662
3,361,846


2008
Budget


Variance


129,605


73,066
45
73,111


2007
Actual

4,648
143,068


3,128,399 2,898,878


975,000
74,786
147,000
1,196,786


1,136,500
1,625,000
26,000





184,139
3,000


12,500

26,718

3,013,857


110,194
(3,969)
7,906
114,131


116,746
75,825
79,122


37,879
1,920

28,156

3,700


(21)
4,662
347,989


988,275
76,797
130,858
1,195,930


1,172,277
1,626,663
249,171
102,529
297,562
169,721
268,125
887,376
24,765

1,050
17,000
60,000
25,594

4,901,833


Other revenue:
Equipment contracts 1,556,250 1,479,000
Handling 632,990 634,000
Miscellaneous 221,951 119,868
Automobile license tags 31,416 35,000
NCAA/SEC scholarship contributions 2,000
Gator Booster contributions 7,250 7,250
Miscellaneous contributions 22,977 22,167
UF bonus contribution
Scholarship endowment contributions 2,325 2,325
NCAA academic enhancement funds 60,255 58,439
Student life Gator Booster contributions 15,000 15,000
Band contributions 50,000 50,000
SEC opportunity fund contributions 155,788 155,788
SEC special assistance fund contributions 53,211 53,211


See accompanying notes to financial statements.


-45-


77,250
(1,010)
102,083
(3,584)
2,000

810


1,816


1,530,500
277,260
145,439
38,529
2,000
8,500
10,542
100,000

60,800
15,500
50,000
152,410
54,062


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Gator Booster AD travel reimbursement
Gator Booster salary reimbursements
Sales tax to women's sports
In-kind contributions
Total other revenue


Total other


Actual

6,000
65,000
(14,082)
2,300,472
5,168,803


9,841,566


Total operating revenue


2008
Budget

6,000
65,000
(14,082)
2,300,470
4,989,436


9,200,079


Variance


2
179,367


2007
Actual


65,000
(2,586)
1,929,696
4,437,652


641,487 10,535,415


89,911,319 79,002,187 10,909,132 87,422,317


Operating expenses
Football team expenses:
Team travel
Preseason
Equipment
Expendable equipment
Scouting
Awards
Postage
Recruiting
Equipment maintenance
Office supplies
Banquet
Comp tickets
Miscellaneous
Telephone
Other travel
Software and supplies
Lettermen events
Coaches clinic
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Coaches bonuses
Equipment payments
Head coach additional compensation
Longevity incentives
Business expense payments
Signing bonus
Fringe benefits
Subtotal


Contract guarantees
Ticket printing
Officials
Operators


See accompanying notes to financial statements.


823,214
228,000
462,793
4,200
2,600
23,375
60,000
600,000
5,000
18,000
5,000
180,000
15,000
40,000
18,735
1,800
6,000
8,371
2,502,088

2,418,488
50,000
376,198
2,844,686


6,430
(6,188)
(14,840)
714
2,600
14,090
18,400
93,327
(699)
(11,337)
4,306
(25,805)
(16,506)
4,838
(6,354)
1,712
469

65,157

2,176
(36,050)
2,657
(31,217)


816,784
234,188
477,633
3,486


9,285
41,600
506,673
5,699
29,337
694
205,805
31,506
35,162
25,089
88
5,531
8,371
2,436,931

2,416,312
86,050
373,541
2,875,903

17,500
110,000
1,374,898
410,000
60,000
25,000
9,232
2,006,630


2,000,000
162,504
191,568
1,953,055


681,909
218,054
376,768
2,092
299
16,942
60,331
649,375
4,995
33,832
13,166
238,883
27,419
37,230
32,574

6,763
39,823
2,440,455

2,085,628
78,671
347,271
2,511,570


410,000
397,212
490,000
60,000
750,000
39,057
2,146,269


1,525,000
159,141
171,442
1,681,715


17,500
110,000
1,374,808
410,000
60.000


30,266
2,002,574


2,000,000
153,188
192,327
1,942,042


(25,000)
21,034
(3,966)


(9,316)
759
(11,013)


-46-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


Luxury area expense
Stadium rental
Band
Parking passes
Subtotal

Bowl:
Comp tickets
Team travel
Ticket office
Band
Awards
Championship awards
Press guide
Audio visual
Miscellaneous
Laundry
Salaries
Fringe benefits
Subtotal


1,057,302


550,182
23,584
5,938,196


144,300
579,595
4,154
163,930
64,825
5,536
4,623
6,175
147
2,500
367,589
41,460
1,384,834


SEC championship game expenses:
Comp tickets
Team travel
Ticket office
Band
Awards
Miscellaneous
Salaries
Fringe benefits
SEC travel reimbursement
Subtotal

Total football team expenses

Men's basketball team expenses:
Team travel
Equipment
Expendable equipment
Scouting
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Promotions


2008
Budget

1,027,324

742,188
24,000
6,081,069


140,700
579,595
5,000
171,000
73,282
5,536
7,000
10,405
6,300
5,000
367,589
53,411
1,424,818


3,264


3,264

14,645,758


506,407
94,012
1,222
15,786
3,257
32,206
354,208
17,494
2,683
16,817
22,148
29,766
3,350
2,070


Variance

(29,978)
(1)
192,006
416
142,873


(3,600)

846
7,070
8,457

2,377
4,230
6,153
2,500


2007
Actual

1,028,406
50,000
471,584
22,209
5,109,497


280,925
1,222,835
109
486,905
56,613
182,952
21,361
17,683
5,770
422
897,725


11,951 97,072
39,984 3,270,372


(3,264)


14,855,235


514,885
98,185
357
16,795
3,375
32,000
192,600
16,000
3,500
16,516
18,600
25,698
3,401
2,600


(3,264)

209,567


8,478
4,173
(865)
1,009
118
(206)
(161,608)
(1,494)
817
(301)
(3,548)
(4,068)
51
530


76,385
162,897
1,594
82,247
850
4,553
230,975
26,566
(308,382)
277,685

15,755,848


520,093
64,516

10,957
2,497
37,238
283,078
16,231
4,515
15,589
20,830
23,608
3,000
4,522


See accompanying notes to financial statements.


-47-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


1,103,826 946,912 (156,914)


Salaries
OPS
Fringe benefits
Subtotal


922,987
10,034
169,301
1,102,322


Coaches' bonuses
Head coach additional compensation
Equipment payments
Business expense payments
Signing bonus
Fringe benefits
Subtotal

Contract guarantees
Ticket printing
Officials
Operators
Stadium rental
Band
NIT 1st and 2nd round operational expenses
Subtotal

SEC championship team travel
NCAA championship team travel
NIT postseason team travel
Championship awards
Subtotal

Total men's basketball team expenses


5,500
2,302,200
34,000
60,000


912,651
13,340
150,695
1,076,686


(10,336)
3,306
(18,606)
(25,636)


5,500
2,302,200
34,000
60,000


2,827 35,730 32,903
2,404,527 2,437,430 32,903


653,693
38,967
130,533
317,054
279,238
40,154
90,141
1,549,780

230,290

169,435
118,103
517,828


690,588
38,484
133,279
333,300
281,500
40,154
90,000
1,607,305

200,574

169,435
118,103
488,112


36,895
(483)
2,746
16,246
2,262

(141)
57,525

(29,716)




(29,716)


6,678,283 6,556,445 (121,838) 6,764,064


Other sports team expenses:
Baseball:
Guarantees
Team travel
Equipment
Expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel


See accompanying notes to financial statements.


Software and supplies
Consultants
Foreign tour
Subtotal


Actual


2008
Budget


2,400


Variance


2,400


2007
Actual


782
68,991
1,076,447

750,113
12,639
94,226
856,978

513,972
1,312,500
359,000
60,000
600,000
113,894
2,959,366

411,000
38,534
141,986
287,019
274,071
40,154

1,192,764

106,781
502,544

69,184
678,509


37,000
254,862
227,851
1,338
6,817
4,688
47,612
4,022

1,956
6,349
1,300


43,000
256,911
229,019
2,680
7,500
9,000
50,850
10,140
1,900
2,000
10,000
3,300


6,000
2,049
1,168
1,342
683
4,312
3,238
6,118
1,900
44
3,651
2,000


34,988
263,728
234,450
4,212
1,270
6,237
47,514
13,284
1,512
1,880
6,404
3,380


-48-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Treatment specialists
Scout/Parents/Alumni Weekends
Carryforward
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Actual

1,932
2,155

597,882

342,382
1,431
45,096
388,909


Equipment payments
Longevity incentives
Talent fees
Termination settlements
Fringe benefits
Subtotal


75,000
25,000
50,000


2008
Budget

2,000
9,000
6,175
643,475

336,000
12,506
64,779
413,285


75,000
25,000
50,000


10,061 2,481 (7,580)
160,061 152,481 (7,580)


Ticket printing
Officials
Operators
Subtotal


11,924
47,282
34,538
93,744

6,264
13,091
19,355


SEC championship team travel
NCAA championship team travel
Subtotal


Total baseball


11,924
46,050
44,060
102,034

6,264
13,091
19,355


1,259,951 1,330,630 70,679 1,905,711


Men's tennis:
Team travel
Equipment
Expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Subtotal


113,311
65,163
1,028
204
266
29,068
1,019


686
603
325
5,353
217,026

161,924
1,527
30,055
193,506


Salaries
OPS
Fringe benefits
Subtotal

Coaches' bonuses


20,200


112,556
66,417
1,382
2,700
1,100
28,605
950
500
699
1,000
325
6,950
223,184

161,318
3,185
31,310
195,813


(755)
1,254
354
2,496
834
(463)
(69)
500
13
397

1,597
6,158

(606)
1,658
1,255
2,307


20,200


See accompanying notes to financial statements.


-49-


Variance

68
6,845
6,175
45,593

(6,382)
11,075
19,683
24,376


2007
Actual

1,616
5,243

625,718

365,224
5,957
63,103
434,284

85,000
25,000
50,000
567,527
5,665
733,192

11,550
44,875
37,528
93,953

18,169
395
18,564


(1,232)
9,522
8,290


73,597
78,526
803
194
411
42,069
370

512
321
1,462
3,795
202,060

143,234

27,434
170,668


18,524


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Equipment payments
Longevity incentives
Fringe benefits
Subtotal

Men's and women's officials
Men's and women's operators
Men's and women's NCAA regional operators
Subtotal


SEC championship team travel
NCAA championship team travel
Subtotal


Total men's tennis


518,104 529,964 11,860 457,360


Men's golf:
Team travel
Golf team and club membership
Equipment
Expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Carryforward
Gator Invitational
Subtotal

Salaries
Fringe benefits
Subtotal

Coaches' bonuses
Longevity incentives
Fringe benefits
Subtotal

SEC championship team travel
NCAA championship team travel
Subtotal


Total men's golf


357,179 399,873 42,694 369,014


See accompanying notes to financial statements.


-50-


Actual

2,000
7,000
3,750
32,950

23,940
299
19,868
44,107

15,977
14,538
30,515


2008
Budget

2,000
7,000
3,852
33,052

28,950
2,400
16,050
47,400

15,977
14,538
30,515


Variance



102
102

5,010
2,101
(3,818)
3,293


2007
Actual

2,000
7,000
3,793
31,317

23,189
203

23,392

14,830
15,093
29,923


41,123
11,819
49,291
322
1,689
736
14,385
1,727
357
4,207
1,422
4,498
723

6,135
138,434

162,752
29,105
191,857


10,000
765
10,765

4,297
11,826
16,123


3,508
1,210
3,553
(322)
186
764
(385)
(527)
143
651
(422)
1,002
277
34,658
515
44,811

(2,679)
1,182
(1,497)



(620)
(620)


44,631
13,029
52,844

1,875
1,500
14,000
1,200
500
4,858
1,000
5,500
1,000
34,658
6,650
183,245

160,073
30,287
190,360


10,000
145
10,145

4,297
11,826
16,123


49,360
11,959
50,677
133
1,425
662
8,163
1,396
486
2,735
1,441
8,839


6,996
144,272

153,038
27,564
180,602

18,002
10,000
4,054
32,056

4,190
7,894
12,084


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


Men's and women's swimming:
Team travel
Equipment
Expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Carryforward
Subtotal


Salaries
Fringe benefits
Subtotal


Coaches' bonuses
Equipment payments
Longevity incentives
Fringe benefits
Subtotal


Officials
Operators
Stadium rental
Subtotal


SEC championship team travel
NCAA championship team travel
Noncollegiate amateur competitions
Championship awards
Subtotal

Total men's and women's swimming

Men's and women's track:
Guarantees
Team travel
Equipment
Expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet


238,711
50,902
478
6,488
2,520
62,884
3,257
4,454
3,797
7,857
1,437
13,564


396,349

424,113
77,580
501,693

92,367
75,000
20,000
22,025
209,392

1,899
15,054
5,388
22,341

101,907
65,013
31,511
320
198,751


2008
Budget


238,712
50,541
478
13,835
2,408
62,900
3,350
4,454
3,824
7,470
1,500
13,564
11,000
414,036

422,488
81,534
504,022

92,367
75,000
20,000
17,944
205,311

1,899
10,890
4,550
17,339

101,907
65,013
31,511
320
198,751


Variance


1
(361)

7,347
(112)
16
93

27
(387)
63

11,000
17,687

(1,625)
3,954
2,329





(4,081)
(4,081)


(4,164)
(838)
(5,002)


1,328,526 1,339,459 10,933 1,290,628


3,700
390,162
231,244
310
6,180
4,356
93,555
6,711
4,828


3,700
390,162
231,244
310
6,180
4,356
93,555
6,711
4,828


See accompanying notes to financial statements.


(Continued)


2007
Actual


182,119
44,235
707
12,706
2,646
68,484
3,242
3,460
5,263
4,936
2,066
11,674

341,538

412,488
71,859
484,347

105,248
73,000
20,000
28,839
227,087

2,405
9,931
4,700
17,036

111,081
66,685
42,854

220,620


313,792
135,440
2,279
4,390
3,964
52,524
4,670
7,161


-51 -









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Miscellaneous
Telephone
Other travel
Treatment specialists
Software and supplies
Carryforward
Gator Gallop
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Actual

4,464
10,570
9,216
7,024
2,020

10,997
785,337

488,903
4,369
90,612
583,884


Coaches' bonuses
Longevity incentives
Termination settlements
Fringe benefits
Subtotal

Home competitions
Operators
Stadium rental
NCAA track regionals
Subtotal


SEC championship team travel
NCAA championship team travel
Noncollegiate amateur competitions
Championship awards
Subtotal

Total men's and women's track

Women's golf:
Team travel
Golf team and club membership
Equipment
Expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Software and supplies


128,793
10,000


2008
Budget

4,464
10,570
9,216
7,024
2,020
28,893
10,997
814,230

484,198
4,757
93,439
582,394


Variance


2007
Actual


5,474
9,462
1,629
7,160

28,893
9,344
28,893 557,289


(4,705)
388
2,827
(1,490)


128,793
10,000


24,688 24,832 144
163,481 163,625 144


18,431
10,553
1,700
8,961
39,645

163,832
88,127
23,972
867
276,798


18,431
22,080
4,900
9,646
55,057

163,832
88,127
23,973
867
276,799


11,527
3,200
685
15,412


474,758
9,044
79,373
563,175

19,500
10,000
97,922
3,832
131,254

24,752
16,518
4,500
38,846
84,616


162,700
155,696
1 19,118
830
1 338,344


1,849,145 1,892,105 42,960 1,674,678


57,262
11,819
45,007

2,344
835
25,519
2,249
1,557
4,960
423
5,731
336
1,500


57,414
13,007
46,765

3,760
1,200
25,519
3,200
1,607
7,412
800
7,593
500
1,500


152
1,188
1,758

1,416
365

951
50
2,452
377
1,862
164


40,319
11,959
47,923
790
993
937
20,190
1,557
773
8,338
132
7,684
7,638


See accompanying notes to financial statements.


-52-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Consultants
Carryforward
Lady Gator Invitational
Subtotal

Salaries
Fringe benefits
Subtotal

Coaches' bonuses
Longevity incentives
Fringe benefits
Subtotal


SEC championship team travel
NCAA championship team travel
Championship awards
Subtotal


Total women's golf


393,097 439,207 46,110 339,970


Women's basketball:
Guarantees
Team travel
Equipment
Expendable equipment
Scouting
Awards
Postage
Lil Gator Gang expenses
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Consultants
Alumni weekend
Carryforward
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Coaches' bonuses
Equipment payments


34,000 34,000


See accompanying notes to financial statements.


-53 -


Actual

7,017

12,362
178,921

126,013
22,378
148,391

28,654
5,000
6,013
39,667

9,158
15,783
1,177
26,118


Variance

1
31,877
968
43,581

307
2,532
2,839



(310)
(310)


2008
Budget

7,018
31,877
13,330
222,502

126,320
24,910
151,230

28,654
5,000
5,703
39,357

9,158
15,783
1,177
26,118


2007
Actual



6,897
156,130

127,155
25,463
152,618

5,500
5,000
1,463
11,963

8,465
10,794

19,259


86,878
440,781
79,055
2,556
2,665
2,647
10,301
773
145,869
11,762
3,579
6,411
12,132
17,107
4,775
1,055
1,003


829,349

562,230
21,258
73,570
657,058


86,878
450,144
80,076
3,299
2,665
2,425
10,172
1,000
144,766
11,443
3,580
6,153
10,628
19,839
5,000
1,055
1,100
100
840,323

555,889
20,000
104,056
679,945


9,363
1,021
743

(222)
(129)
227
(1,103)
(319)
1
(258)
(1,504)
2,732
225

97
100
10,974

(6,341)
(1,258)
30,486
22,887


75,263
505,512
71,505

1,764
1,404
8,364
375
84,180
9,744
2,545
3,789
9,750
10,815
5,283
3,538


793,831

471,952
15,943
75,297
563,192


7,000
79,000


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


Longevity incentives
Business expense payments
Public relations fees
Talent fees
Termination settlements
Contract buyout
Signing bonus
Fringe benefits
Subtotal


Ticket printing
Officials
Operators
Stadium rental
Band
NIT women's basketball 1st and 2nd round
Subtotal


SEC championship team travel
NIT postseason team travel
Subtotal

Total women's basketball

Women's tennis:
Guarantees
Team travel
Equipment
Expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Carryforward
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Coaches' bonuses
Equipment payments
Longevity incentives


17,437
12,500


3,902
67,839

938
120,341
79,440
22,200
40,500
17,993
281,412

115,762
14,189
129,951


2008
Budget


Variance


17,500
12,500


928
64,928

938
125,150
76,806
29,700
40,500
4,500
277,594

115,762
14,189
129,951


(2,974)
(2,911)


4,809
(2,634)
7,500

(13,493)
(3,818)


1,965,609 1,992,741 27,132 2,632,244


1,750
92,632
57,864
1,028
1,111
364
23,881
1,202
500
2,687
2,363


4,451

189,833


173,990


34,799
208,789


45,250
2,000
7,000


1,750
98,050
57,968
1,029
2,825
784
33,200
1,150
500
2,850
2,000
750
5,675
4,435
212,966

173,218
3,185
33,619
210,022


5,418
104
1
1,714
420
9,319
(52)

163
(363)
750
1,224
4,435
23,133

(772)
3,185
(1,180)
1,233


45,250
2,000
7,000


See accompanying notes to financial statements.


-54-


2007
Actual

50,000
34,874

57,500
517,199
209,230
50,000
11,477
1,016,280

1,098
92,955
65,604
20,700
39,500

219,857

39,084

39,084


64,671
62,590

622
535
24,492
685
525
347
2,128
286
4,324

161,205

166,408

31,195
197,603


38,940
2,000
7,000


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


2008
Budget


Fringe benefits
Subtotal

NCAA women's tennis regionals
Subtotal

SEC championship team travel
NCAA championship team travel
Championship awards
Subtotal

Total women's tennis

Soccer:
Guarantees
Team travel
Preseason
Equipment
Expendable equipment
Awards
Postage
Recruiting
Spring competition
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Software and supplies
Consultants
Carryforward
Subtotal


8,673 8,775 102 7,557
62,923 63,025 102 55,497

6,376
-6,376


15,236
16,945
7,914
40,095


15,236
16,946
7,914
40,096


12,556
7,865
3,072
23,493


501,640 526,109 24,469 444,174


1,055
160,847
18,229
45,482
1,001
8,660
1,681
49,162
23,819
2,050
2,779
8,298
4,466
1,975
10,155
1,500


341,159

214,719
2,159
39,960
256,838

44,226
10,000
6,770
60,996

13,122
4,880
6,025
24,027


Salaries
OPS
Fringe benefits
Subtotal


Coaches' bonuses
Longevity incentives
Fringe benefits
Subtotal


Officials
Operators
NCAA soccer 1 st/2nd rounds
Subtotal


1,055
160,847
18,229
45,482
1,001
8,660
1,681
49,162
23,819
2,050
2,779
8,298
4,466
1,975
10,155
1,500


690
179,832

45,667
300
3,990
1,410
47,975

1,266
1,472
7,560
4,569
3,280
10,334


-- 470
49 49 -
341,208 49 308,815


220,493
4,169
41,076
265,738

44,226
10,000
6,769
60,995

15,795
4,700
8,260
28,755


5,774
2,010
1,116
8,900




(1)
(1)

2,673
(180)
2,235
4,728


199,163
3,319
35,290
237,772

42,560
10,000
6,551
59,111

11,189
4,020

15,209


See accompanying notes to financial statements.


-55-


Variance


2007
Actual


(Continued)


1









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


SEC championship team travel
NCAA championship team travel
Championship awards
Subtotal


Total soccer


Volleyball:
Guarantees
Team travel
Preseason
Equipment
Expendable equipment
Awards
Postage
Recruiting
Spring competition
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Software and supplies
Consultant
Carryforward
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Coaches' bonuses
Equipment payments
Longevity incentives
Talent fees
Fringe benefits
Subtotal


Ticket printing
Officials
Operators
Stadium rental
Band
NCAA volleyball 1st/2nd rounds
NCAA volleyball regional
Subtotal


Actual

31,611
18,196
11,042
60,849

743,869


14,156
230,223
13,885
31,526
792
2,464
1,937
54,532
12,436
2,128
1,484
1,783
4,673
12,791
5,241
1,800
1,750

393,601

291,668
1,164
52,972
345,804

57,494
10,000
18,000
10,000
10,975
106,469

1,000
20,782
58,453
22,600
37,500
27,304
65,729
233,368


2008
Budget

31,611
18,196
11,042
60,849

757,545


14,810
232,461
13,877
31,325
1,060
3,200
4,500
54,650
15,987
2,000
1,700
1,726
6,000
12,862
5,241
1,800
1,750
5,657
410,606

299,712
3,541
56,370
359,623

57,494
10,000
18,000
10,000
9,851
105,345

1,000
22,385
64,500
25,600
37,500
19,164
65,907
236,056


Variance


13,676


654
2,238
(8)
(201)
268
736
2,563
118
3,551
(128)
216
(57)
1,327
71


2007
Actual

28,088
25,134
9,140
62,362

683,269


33,980
261,565

29,795
1,600
2,079
3,026
45,778
26,653
3,170
1,383
2,960
6,044
6,808
4,533


5,657
17,005 429,374


8,044
2,377
3,398
13,819






(1,124)
(1,124)


1,603
6,047
3,000

(8,140)
178
2,688


289,685

53,319
343,004

55,650
10,000
18,000
10,000
10,656
104,306

1,000
26,668
67,834
27,129
37,500
23,452
73,831
257,414


See accompanying notes to financial statements.


-56-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


SEC championship team travel
NCAA championship team travel
Noncollegiate amateur competitions
Championship awards
Subtotal


1,083,193 1,115,581 32,388 1,144,585


Softball:
Guarantees
Team travel
Equipment
Expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Software and supplies
Carryforward
Subtotal

Salaries
Fringe benefits
Subtotal

Coaches' bonuses
Equipment payments
Fringe benefits
Subtotal

Officials
Operators
NCAA softball regionals
NCAA softball super regionals
Subtotal

SEC championship team travel
NCAA championship team travel
Championship awars
Subtotal


5,000
159,529
123,067
1,684
6,066
956
20,775
2,669
720
4,663
4,045
4,808
3,196
2,000

339,178

190,882
35,430
226,312

49,250
42,500
12,325
104,075

28,752
11,272
24,639
16,323
80,986

32,229
65,320
2,120
99,669


Total softball


5,000
181,391
125,892
1,820
5,050
950
30,000
2,500
750
4,745
3,217
5,210
4,000
2,000
302
372,827

189,363
37,245
226,608

49,250
42,500
9,691
101,441

43,764
17,000
24,662
15,859
101,285

32,229
65,321
2,120
99,670


21,862
2,825
136
(1,016)
(6)
9,225
(169)
30
82
(828)
402
804


302
33,649 345,028


(1,519)
1,815
296



(2,634)
(2,634)

15,012
5,728
23
(464)
20,299


850,220 901,831 51,611 664,989


See accompanying notes to financial statements.


-57-


Actual

(2,016)
719
5,248

3,951


Variance


Total volleyball


2008
Budget

(2,016)
719
5,248

3,951


2007
Actual


(1,756)
5,476
6,767
10,487


4,000
162,747
118,811
1,641
1,569
1,710
36,092
3,372
707
8,362
4,402
135
1,480


180,569
28,526
209,095

16,838
13,000
3,883
33,721

25,819
8,275
16,393

50,487

17,130
9,528

26,658


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Gymnastics:
Team travel
Equipment
Reconditioning and expendable equipment
Awards
Postage
Recruiting
Office supplies
Banquet
Miscellaneous
Telephone
Other travel
Treatment specialists
Carryforward
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Coaches' bonuses
Longevity incentives
Fringe benefits
Subtotal


Ticket printing
Officials
Operators
Stadium rental
NCAA gymnastics regionals
Subtotal

SEC championship team travel
NCAA championship team travel
Championship awards
Subtotal


Actual


76,020
49,084
1,562
4,621
1,187
39,921
2,368
1,199
5,483
2,804
903
8,390

193,542

291,676
406
53,763
345,845

36,100
7,000
6,846
49,946

1,541
15,692
37,818
8,500
42,606
106,157

28,993
27,764
9,474
66,231


2008
Budget


81,857
59,916
3,285
4,125
3,400
42,000
2,200
1,200
5,496
3,000
3,000
11,130
7,405
228,014

288,473
292
54,969
343,734

36,100
7,000
6,948
50,048

1,300
21,510
35,290
8,500
41,676
108,276

28,993
27,764
9,474
66,231


Variance


5,837
10,832


1,723
(496)
2,213
2,079
(168)
1
13
196
2,097
2,740
7.405


2007
Actual


112,746
56,204
5,042
1,151
1,415
41,466
1,474
188
4,869
3,223
569
10,283


34,472 238,630


(3,203)
(114)
1,206
(2,111)



102
102


(241)
5,818
(2,528)


226,609
5,184
37,211
269,004

53,917
7,000
10,347
71,264


1,174
19,037
37,623
10,200


(930)
2,119 68,034

25,904
56,367

82,271


Total gymnastics

Lacrosse:
Equipment
Expendable equipment
Postage
Recruiting
Office supplies
Miscellaneous
Telephone
Other travel


761,721 796,303 34,582 729,203


2,453
4,296
1,780
22,961
2,560
833
902
1,034


3,388
4,665
2,700
16,640
3,000
1,608
1,000
2,149


935
369
920
(6,321)
440
775


1,115


See accompanying notes to financial statements.


-58-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


2008
Budget


Software and supplies
Subtotal


1,600 2,400 800
38,419 37,550 (869) 925


Salaries
OPS
Fringe benefits
Subtotal


Total lacrosse


Total other sports team expenses

Scholarships:
Football
Men's basketball
Men's baseball
Men's track
Men's swimming
Men's tennis
Men's golf
Women's golf
Women's swimming
Women's basketball
Women's tennis
Women's soccer
Women's track
Women's volleyball
Women's softball
Women's gymnastics
Men's and women's trainers
Men's and women's 5th years
Men's and women's 6th years
Men's and women's managers
Cheerleader and dazzlers
Men's and women's medical
Housing vacancies
Opportunity fund budget
Opportunity fund educational expenses
Opportunity fund health & safety expenses
Opportunity fund clothing personal expenses
Opportunity fund travel personal expenses
Special assistance fund budget
Special assistance fund health & safety
Special assistance fund personal expenses
Women's preseason
Men's meals and rooms over break
Women's meals and rooms over break
Men's postseason
Women's postseason
Men's training table meals


149,045 153,826 4,781 4,026

11,761,299 12,175,174 413,875 12,339,851


1,677,592
220,670
206,342
287,747
241,726
86,563
77,494
112,875
376,202
333,433
175,787
328,289
439,951
256,315
304,493
237,824
101,592
276,987

515,200
68,640
97,842
37,156

21,795
75,511
53,064
4,923

17,096
23,348

82,580
71,007
86,381
47,208
296,754


1,630,711
282,726
209,246
287,747
243,364
87,305
97,500
135,965
376,213
365,361
193,971
331,108
441,477
283,705
311,543
259,150
125,640
269,186

525,184
68,640
102,701
26,000
24,326
21,797
75,511
53,065
4,924
16,184
17,098
23,348

71,000
59,000
97,000
50,000
299,700


(46,881)
62,056
2,904

1,638
742
20,006
23,090
11
31,928
18,184
2,819
1,526
27,390
7,050
21,326
24,048
(7,801)

9,984

4,859
(11,156)
24,326
2

1
1
16,184
2


(11,580)
(12,007)
10,619
2,792
2,946


See accompanying notes to financial statements.


-59-


Variance


2007
Actual


94,827
2,821
12,978
110,626


95,000
2,400
18,876
116,276


173
(421)
5,898
5,650


2,885

216
3,101


1,503,557
280,320
189,726
251,006
220,697
41,510
107,249
138,106
367,366
264,132
179,480
312,126
409,497
292,489
275,649
277,861
79,742
225,102
2,000
512,156
71,986
87,849
30,498

5,680
50,123
41,877
6,616

26,363
24,280
39,228
72,586
53,212
67,823
37,058
270,770


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Women's training table meals
Academic program
Special sections
Total scholarships

Support services:
Training room:
Expendable equipment
Awards
Postage
Seminars and travel
Office supplies
Miscellaneous
Treatment consultants
Telephone
Ice
Clothing
Tape products
Protective equipment
Medical supplies
Equipment maintenance
Medical consultants
Medical expenses
Nutritionist
Drug program
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total training room

Sports information:
Equipment and supplies
Postage
Seminars and travel
Office supplies
Telephone
Subscriptions
Software and supplies
Media relations
Photography football
Photography men's basketball
Photography baseball
Photography men's track
Photography -men's and women's cross country
Photography men's swimming
Photography men's tennis


2,715,562 2,669,825 (45,737) 2,455,443


18
13,013
6,301
11,386
13,201
1,873
6,143
24,413
13,798
2,828
1,881
850
720
861
851


18
23,482
5,500
10,000
11,000
3,200
10,000
32,375
14,400
4,000
1,900
850
720
1,300
1,100


10,469
(801)
(1,386)
(2,201)
1,327
3,857
7,962
602
1,172
19


439
249


See accompanying notes to financial statements.


-60-


Actual

176,942
225,245
62,502
7,705,076



6,280
608
874
16,883
7,051
18,816
11,300
11,466
2,053
1,933
77,040
20,717
55,851
9,021
319,858
792,769
232,829
101,002
1,686,351

794,014
87,087
148,110
1,029,211


2008
Budget

213,000
225,245
62,502
7,968,143



7,616
950
1,275
39,091
7,450
20,755
11,500
10,000
2,470
2,650
85,933
18,050
70,367
10,100
367,500
450,500
356,295
125,000
1,587,502

834,303
77,848
170,172
1,082,323


Variance

36,058


263,067



1,336
342
401
22,208
399
1,939
200
(1,466)
417
717
8,893
(2,667)
14,516
1,079
47,642
(342,269)
123,466
23,998
(98,849)

40,289
(9,239)
22,062
53,112


2007
Actual

182,328
242,019
58,877
7,298,944



2,857
1,381
754
13,945
6,969
12,446

10,674
1,418
2,341
73,624
15,124
50,414
7,253
313,669
678,915
189,566
112,939
1,494,289

758,403
66,244
136,507
961,154


1,087
28,382
3,032
9,832
11,661
2,206
6,909
28,476
16,357
3,956
1,724
1,066
400
1,263
919


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


2008 2007
Actual Budget Variance Actual

Photography -men's golf 760 900 140 900
Photography miscellaneous 2,865 3,200 335 3,697
Photography women's golf 1,190 1,190 571
Photography women's swimming 1,311 1,400 89 947
Photography women's basketball 2,313 2,400 87 2,400
Photography women's tennis 470 1,400 930 1,010
Photography soccer 3,543 3,550 7 2,533
Photography women's track 1,150 1,150 1,158
Photography volleyball 1,793 2,200 407 1,507
Photography softball 1,600 1,600 1,950
Photography gymnastics 1,440 1,440 1,434
Pressbox football 49,689 49,505 (184) 50,238
Pressbox men's basketball 27,542 24,400 (3,142) 25,462
Pressbox baseball 8,729 8,100 (629) 8,859
Pressbox men's track 99 450 351 306
Pressbox -men's swimming 65 100 35
Pressbox men's tennis 100 100
Pressbox -men's golf 100 100 11
Pressbox women's miscellaneous -150 150 138
Pressbox women's golf 100 100
Pressbox women's swimming 100 100
Pressbox women's basketball 10,445 14,014 3,569 10,847
Pressbox women's tennis 100 100 21
Pressbox soccer 1,654 1,700 46 1,455
Pressbox women's track 80 150 70 125
Pressbox volleyball 2,645 3,300 655 2,806
Pressbox softball 5,380 3,400 (1,980) 3,902
Pressbox gymnastics 1,078 1,100 22 1,189
Publications football 19,705 20,080 375 18,404
Publications men's basketball 18,543 21,058 2,515 11,597
Publications baseball 19,094 15,200 (3,894) 13,938
Publications men's track 9,241 9,850 609 8,567
Publications -men's and women's cross country 3,095 3,180 85 3,625
Publications men's swimming 7,235 8,340 1,105 7,028
Publications men's tennis 5,606 7,100 1,494 6,441
Publications men's golf 5,685 7,000 1,315 7,266
Publications miscellaneous 239 3,597 3,358 3,856
Publications women's golf 6,189 7,000 811 4,648
Publications women's swimming 6,800 6,800 6,858
Publications women's basketball 14,026 19,500 5,474 16,348
Publications women's tennis 7,505 9,000 1,495 7,975
Publications soccer 10,800 10,800 10,895
Publications women's track 8,811 9,850 1,039 8,805
Publications volleyball 12,287 12,591 304 11,366
Publications softball 8,000 8,000 5,510
Publications gymnastics 12,830 12,900 70 11,420
Programs men's tennis 500 1,090 590
Programs men's and women's swimming 846 1,800 954 689
Programs women's basketball -1,000 1,000 481
Programs women's tennis 1,500 2,500 1,000 1,500


See accompanying notes to financial statements.


(Continued)


-61 -









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Programs women's soccer
Programs women's volleyball
Programs women's softball
Programs women's gymnastics
Press relations
All star publicity
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total sports information

Marketing and promotions:
Cheerleaders and Dazzlers
Expendable equipment
Postage
Seminars
Travel
Office supplies
Telephone
Carryforward
Sponsor program ads
Sponsor fulfillment
Promotion and development
100th Aniversary of football
Gator walk expenses
Football advertising
Football national championship
Football Heisman trophy
Men's basketball advertising
Men's basketball national championship
Baseball advertising
Men's and women's track advertising
Men's and women's swimming advertising
Men's tennis advertising
Men's and women's golf advertising
Men's and women's general advertising
Women's basketball advertising
Women's tennis advertising
Soccer advertising
Volleyball advertising
Softball advertising
Gymnastics advertising
Promotional pool
Video news clips
Football video board production
SOC video board production


1,197,443 1,234,459 37,016 1,128,046


135,601
126
15,224

7,364
9,414
10,946

33,529
241,233
49,075
1,438
77,145
79,088
942
50,291
215,434
4,650
165,160
9,335
10,648
7,957
4,437
21,629
176,818
5,606
54,060
82,154
60,345
61,298

34,275
118,103
121,432


147,216
400
12,500
1,000
7,566
9,030
10,000
321,679
37,000
180,208
49,225

77,145
80,899

46,950
220,685

168,460
12,399
13,164
13,210
6,273
21,848
177,611
11,583
55,611
82,093
60,769
65,081
28,590
37,500
118,105
121,814


11,615
274
(2,724)
1,000
202
(384)
(946)
321,679
3,471
(61,025)
150
(1,438)

1,811
(942)
(3,341)
5,251
(4,650)
3,300
3,064
2,516
5,253
1,836
219
793
5,977
1,551
(61)
424
3,783
28,590
3,225
2
382


See accompanying notes to financial statements.


-62-


Actual

4,384
4,495
2,286
3,840
1,216
2,100
420,836

639,591
14,996
122,020
776,607


2008
Budget

4,400
5,500
3,000
4,500
2,200
2,100
467,080

630,205
14,164
123,010
767,379


Variance

16
1,005
714
660
984

46,244

(9,386)
(832)
990
(9,228)


2007
Actual

3,773
5,355
1,591
4,494
878
2,144
426,188

577,307
12,149
112,402
701,858


85,009
2,855
18,889

5,934
7,056
14,541

32,795
229,676
35,925
1,021,777
358,723
73,823
182,492

206,127
151,860
172,521
8,779
11,942
8,619
5,671
32,050
186,318
8,453
68,243
85,834
40,548
62,531

34,861
135,143
90,374


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Scoreboard expenses
Highlight video
Kids club expenses
Birthday packages
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total marketing and promotions


Football video expenses:
Expendable equipment
Seminars and travel
Telephone
Software and supplies
Software maintenance
Football video
Coaches' websites
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total football video expenses


2,791,549 3,124,396 332,847 4,340,848


9,550
2,384
2,234
2,186
170,750
57,073
66,931
311,108

124,194
16,924
24,916
166,034


9,616
3,000
2,000
2,340
170,750
61,000
66,750
315,456

128,874
24,978
24,084
177,936


66
616
(234)
154

3,927
(181)
4,348

4,680
8,054
(832)
11,902


2,008
227
1,631
3,161
63,417
42,700

113,144

94,332
25,782
15,746
135,860


477,142 493,392 16,250 249,004


Other sports video expenses:
Expendable equipment
Seminars and travel
Telephone
Software and supplies
Software maintenance
Men's basketball video
Baseball video
Other video
Women's basketball video
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total other sports video expenses


206,918 209,631 2,713 179,261


See accompanying notes to financial statements.


-63-


Actual

1,573
20,671
24,044
3,894
1,914,939

719,765
25,038
131,807
876,610


2008
Budget

6,000
22,500
27,407
5,061
2,256,582

708,389
23,939
135,486
867,814


Variance

4,427
1,829
3,363
1,167
341,643

(11,376)
(1,099)
3,679
(8,796)


2007
Actual

1,750
114,772
18,727
1,433
3,516,051

681,789
26,990
116,018
824,797


3,931
895
407


4,597


9,469
4,042
8,752
6,389
33,549

120,000
30,910
25,172
176,082


9,546
3,889
8,628
6,469
33,765

120,050
28,645
24,458
173,153


666
(895)
(107)


153
124
(80)
(216)

(50)
2,265
714
2,929


40
250
24
18,568
8,856

769
3,182
31,689

87,682
39,309
20,581
147,572


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Office of student life:
Postage
Professional development and travel
Office supplies
Miscellaneous
Telephone
Computer lab expenses
Alcohol and drug education
Learning disability services
Testing and career assessment
Career development
Academic administration
Banquet
Graduation luncheons
Student athlete handbook/publications
Student athlete seminars
Student athlete social
Student athlete orientation
Community service (Goodwill Gators)
Tutoring books and supplies
Subtotal

Salaries
Counselor's salaries paid through UF
Learning specialists' salaries paid through UF
OPS
Tutors
Monitors
Stragegy tutors
Computer lab OPS
Fringe benefits
Subtotal


Administrative bonuses
Fringe benefits
Subtotal

Total office of student life

Football equipment room:
Equipment and supplies
Expendable equipment
Awards
Seminars and travel
Telephone
Laundry
Alterations and repair
Subtotal


Actual


4,866
6,059
10,620
424
8,067
27,272

1,551
1,584
3,407
3,880
10,881
4,497
10,919
17,850
1,235
1,928
2,740
8,314
126,094

565,431
238,208
81,800
60,108
136,678
48,157
237,619
13,265
145,237
1,526,503

19,500
1,870
21,370


2008
Budget


4,866
6,060
10,620
424
8,067
27,404

1,551
1,585
3,406
3,880
10,882
4,497
10,920
17,850
1,236
1,927
2,740
8,314
126,229

574,381
238,208
81,800
59,656
136,678
48,157
237,619
14,795
142,089
1,533,383

19,500
1,870
21,370


Variance



1



132


1
(1)

1

1

1
(1)


135

8,950


(452)



1,530
(3,148)
6,880


2007
Actual


4,221
7,055
8,547
12
9,033
15,887
8,500
763
1,331
3,448
2,664
11,245
4,252
8,974
28,279
1,373
8,753
1,756
4,650
130,743

515,438
235,275
76,900
59,862
135,266
40,011
154,515
12,345
126,590
1,356,202

11,700
1,246
12,946


1,673,967 1,680,982 7,015 1,499,891


18,288
2,930
3,126
3,047
1,445
18,251
5,412
52,499


19,100
3,265
2,625
2,412
1,000
18,400
5,800
52,602


812
335
(501)
(635)
(445)
149
388
103


19,586
6,000
4
3,841
1,280
15,259
4,809
50,779


See accompanying notes to financial statements.


-64-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Salaries
Fringe benefits
Subtotal


Variance

(538)
(494)
(1,032)


Total football equipment room


Lemerand equipment room:
Clothing
Equipment and supplies
Awards
Seminars and travel
Office supplies
Telephone
Laundry
Subtotal


215,070 214,141 (929) 201,729


18,424
2,425
5,637
2,487
1,318
12,507
42,798

126,538
8,311
24,674
159,523


Salaries
OPS
Fringe benefits
Subtotal


Total Lemerand equipment room


1,000
20,673
4,050
6,104
2,500
1,100
14,420
49,847

120,413
11,027
23,868
155,308


1,000
2,249
1,625
467
13
(218)
1,913
7,049

(6,125)
2,716
(806)
(4,215)


45
31,443
2,623
3,806
1,859
421
5,990
46,187

109,073
8,250
20,040
137,363


202,321 205,155 2,834 183,550


Strength and conditioning:
Weight room supplies
Expendable equipment
Postage
Seminars and travel
Office supplies
Telephone
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total strength and conditioning


Total support services

General and administrative:
Administrative:
Expendable equipment
License tags
Postage
Postage allocation
Seminars
Courier services


10,244,256 10,610,886 366,630 10,952,810


2,299

247,343
(129,403)
3,223
8,408


2,780
7,200
372,555
(170,000)
9,500
8,432


481
7,200
125,212
(40,597)
6,277
24


3,174
10,469
296,073
(150,793)
3,974
7,708


See accompanying notes to financial statements.


-65-


Actual

135,453
27,118
162,571


2008
Budget

134,915
26,624
161,539


2007
Actual

125,903
25,047
150,950


15,454
2,410
373
7,079
2,224
8,655
36,195

604,637
14,829
108,623
728,089

764,284


15,230
4,970
400
6,232
4,000
3,800
34,632

614,690
17,717
111,866
744,273

778,905


(224)
2,560
27
(847)
1,776
(4,855)
(1,563)

10,053
2,888
3,243
16,184

14,621


12,211
7,474
535
10,725
3,135
8,994
43,074

553,318
14,796
103,850
671,964

715,038


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Administrative travel
Gator club travel
SEC/NCAA administrative travel
Travel department fees
Auto leases
Office supplies
Credit card discount fees
Contingency
Miscellaneous
Over/short
Telephone
Dues and memberships
Annual audits
Consultant fees
Dealer car expense
Books and subscriptions
Bad debts
Bad debt collection expense
NCAA expenses
Temporary personnel
Miscellaneous contributions
Annual report
Travel reserve
Income tax expense
Loss on capital asset disposal
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Administrative bonuses
One time bonuses (all staff)
UF paid administrative bonus
Longevity incentives
Business expense payments
Public relations fees
Additional life and disability payment
Fringe benefits
Subtotal


Total administrative


5,824,058 5,700,155 (123,903) 5,777,999


Human resources:
Expendable equipment
Postage
Seminars
Seminar travel
Office supplies


See accompanying notes to financial statements.


Actual

35,542
28,714
56,478
84,001

21,250
1,097,897

42,606
10
2,972
8,010
102,000
423,173
359,900
5,379
33,173
70


26,006
11,250

31,179
40,517
2,541,997

1,403,728
10,582
226,131
1,640,441

327,879
245,250

700,000
26,995
200,000
12,000
129,496
1,641,620


2008
Budget

35,000
22,000
35,000
84,460
6,000
22,000
875,000
15,702
45,631

7,600
11,000
178,080
367,865
359,900
5,500
5,000
1,000
500
8,400
27,500
11,250
19,300
37,663
(2,660)
2,409,158

1,399,219
13,340
231,425
1,643,984

327,879
252,000

710,000
27,250
200,000
12,000
117,884
1,647,013


Variance

(542)
(6,714)
(21,478)
459
6,000
750
(222,897)
15,702
3,025
(10)
4,628
2,990
76,080
(55,308)

121
(28,173)
930
500
8,400
1,494

19,300
6,484
(43,177)
(132,839)

(4,509)
2,758
5,294
3,543


6,750

10,000
255


(11,612)
5,393


2007
Actual

162,536
13,322
37,516
81,972
8,813
19,700
1,080,297

26,966
(46)
3,728
10,385
175,074
374,763
298,498
4,813
3,355
152


50,000
11,250


144,807
2,678,506

1,307,773
12,525
207,555
1,527,853

695,816

98,571
485,000
27,185
141,667
12,000
111,401
1,571,640


330
2,159
3,962
587
5,525


330
4,400
6,000
3,500
5,500


2,241
2,038
2,913
(25)


837
1,271
398
1,197
5,274


-66-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Telephone
Books and subscriptions
Temporary personnel
Personnel expenses
Training and development
Relocation
Moving
Interview
Promotions other
Administrative and staff retreats
Subtotal

Salaries
OPS
Fringe benefits
Subtotal


Total human resources


Employee benefits:
Pension forfeitures
FSA administrative fee
Unallocated unemployment and payroll taxes
Unallocated pension
Employee's health and dental insurance
Long term disability
Employee life and AD&D insurance
Pension administrative cost
Employee course work
Golf course discounts
Staff meals
Sportshop discount
Employee parking
Termination settlements
Salary reserve
Compensated absences
Total employee benefits


Purchasing:
Expendable equipment
Postage
Seminars and travel
Office supplies
Telephone
Office supply inventory
Office supply allocation
Printing
Office machine lease
Duplicating supplies


729,228 700,689 (28,539) 691,462


(214,935)
10,604
4,124
185,936
1,660,870
74,524
25,850
12,557
196,098
30,399
34,411
19,452
18,270
178,105


317,881
2,554,146


836
931
5,781
5,434
611
240,766
(217,881)
7,742
458
31,484


(200,000)
6,000
23,648

1,998,400
113,905
34,175
15,000
165,000
24,000
32,000
21,000
22,000

99,000

2,354,128


836
1,500
6,112
6,500
611
243,052
(220,000)
7,742
500
31,984


14,935
(4,604)
19,524
(185,936)
337,530
39,381
8,325
2,443
(31,098)
(6,399)
(2,411)
1,548
3,730
(178,105)
99,000
(317,881)
(200,018)


569
331
1,066

2,286
(2,119)

42
500


(258,942)
5,130

112,742
1,453,616
70,935
25,163
12,432
130,160
25,142
37,888
33,180
20,664
48,957

492,286
2,209,353


5,540
1,023
8,123
6,199
645
193,267
(192,875)
5,510

31,086


See accompanying notes to financial statements.


-67-


Actual

257
2,443
1,283
17,585
27,644
60,888
130,383
27,145
59,337
47,497
387,025

277,849
12,175
52,179
342,203


2008
Budget

700
2,500
1,500
30,000
29,937
50,688
68,000
23,813
80,900
47,500
355,268

283,369
6,670
55,382
345,421


Variance

443
57
217
12,415
2,293
(10,200)
(62,383)
(3,332)
21,563
3
(31,757)

5,520
(5,505)
3,203
3,218


2007
Actual

290
1,307
1,580
21,757
27,102
53,494
104,153
29,178
72,818
53,180
373,836

261,197
5,652
50,777
317,626


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


2008
Budget


Office machine maintenance
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


110,459 121,793 11,334 121,766
186,621 200,630 14,009 180,284


264,431
3,583
52,750
320,764


Total purchasing


266,883

50,373
317,256


2,452
(3,583)
(2,377)
(3,508)


251,590

49,954
301,544


507,385 517,886 10,501 481,828


Compliance and administration:
Travel
Miscellaneous
Promotions
Compliance materials
NCAA compliance certification
Camp and clinic administration
Pro sports counseling panel
Subtotal

Salaries
Fringe benefits
Subtotal


Total compliance and administration


Ticket office:
Gold card ticket printing
Expendable equipment
Seminars and travel
Office supplies
Miscellaneous
Over and short
Telephone
Temporary personnel
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total ticket office


338,430 319,079 (19,351) 314,028


2,999
10,153
1,871
8,982
2,556
(105)
4,022
2,462
32,940

481,455
71,986
93,061
646,502


2,689
9,930
5,000
9,000
2,000

3,400
4,000
36,019

439,005
63,755
86,513
589,273


(310)
(223)
3,129
18
(556)
105
(622)
1,538
3,079

(42,450)
(8,231)
(6,548)
(57,229)


1,877
945
1,661
7,546
2,637
(68)
(13)
1,808
16,393

417,216
70,875
87,238
575,329


679,442 625,292 (54,150) 591,722


Operations:
Expendable equipment
Office supplies
Telephone
Subtotal


See accompanying notes to financial statements.


Variance


2007
Actual


619
1,616
130
9,262
2,901
945
287
15,760

273,130
49,540
322,670


750
1,500
519
9,833
2,316
1,000
287
16,205

256,832
46,042
302,874


131
(116)
389
571
(585)
55

445

(16,298)
(3,498)
(19,796)


46
1,828
352
2,348
24,165
127
1,324
30,190

242,668
41,170
283,838


10,119
6,751
7,017
23,887


8,533
4,000
3,500
16,033


(1,586)
(2,751)
(3,517)
(7,854)


4,202
5,591
3,837
13,630


-68-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Salaries
OPS
Fringe benefits
Subtotal


Variance


(3,568)

(153)
(3,721)


Total operations


389,663 378,088 (11,575) 340,196


Maintenance:
Expendable equipment
Postage
Office supplies
Telephone
Temporary personnel
Uniforms
Football stadium
Baseball stadium
Track and soccer stadium
Lemerand Athletic Center
Tennis stadium
O'Connell Center
Swimming building
Basketball practice facility
Press box and skybox
Touchdown terrace and dens
Softball and soccer practice fields
Athletic offices
Swimming pool
Vehicle and equipment repair
Sports turf
Scoreboard maintenance
Gas and oil
Shop supplies
Other
Maintenance contract
Emergency maintenance
Office plants
Reimbursements
Subtotal


Salaries
Fringe benefits
Subtotal


Subtotal maintenance

Major maintenance:
Football equipment room
Football offices
Men's basketball


1,714,751 1,766,397 51,646 1,744,380


2,856
2,500


2,856
2,500


See accompanying notes to financial statements.


-69-


Actual


307,226


2008
Budget


303,658

58,397
362,055


58,550
365,776


2007
Actual


272,988
815
52,763
326,566


11,860
291
1,383
672
12,823
14,846
129,332
28,532
8,575
7,769
6,203
4,968
11,685
15,764
14,611
7,279
13,044
11,924
643
22,848
44,945
3,913
31,096
22,818
2,649
268,426
11,533
44,500
(18,998)
735,934

819,696
159,121
978,817


11,860
300
1,600
900
25,013
15,000
128,348
29,769
10,250
9,095
7,116
5,200
11,539
15,584
19,528
9,580
14,275
14,000
700
25,800
50,900
3,800
31,500
25,000
2,000
288,092
15,000
44,500
(8,482)
807,767

797,669
160,961
958,630


9
217
228
12,190
154
(984)
1,237
1,675
1,326
913
232
(146)
(180)
4,917
2,301
1,231
2,076
57
2,952
5,955
(113)
404
2,182
(649)
19,666
3,467

10,516
71,833

(22,027)
1,840
(20,187)


14,210
158
1,641
587
20,151
13,160
177,227
40,095
9,176
10,806
5,462
12,711
4,572
5,938
54,233
3,844
15,535
13,105
80,169
21,727

6,969
23,275
22,985
2,165
188,929
5,827
44,500
(19,156)
780,001

811,370
153,009
964,379


1,300
20,405
28,063


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


Lemerand Athletic Center
Football stadium
Baseball stadium
Track
Tennis
Football practice field
O'Connell Center
Swimming
Athletic offices
South end zone complex
Skyboxes
Touchdown terrace
Maintenance
Ticket office
Purchasing
Sports information
Operations
Gymnastics
Volleyball
Soccer
Softball
Basketball practice facility
Reserve
Subtotal major maintenance

Noncapitalized projects:
Football stadium structural repairs
Football stadium
Gymnastics studio
Baseball pressbox roof
Lemerand Center roof
GPD memorial monument
Subtotal noncapitalized project


Total maintenance


5,183
65,419
20,176

42,523
21,614
8,350
35,031
10,626

1,250

27,457
761
18,005
3,380
26,905
18,784


16,988
3,372

331,180


126,008


208,045
62,596
13,271
409,920


2008 2007
Budget Variance Actual


5,183
65,419
20,176


42,523
48,014
8,350
78,974
10,626

1,250

27,457
761
18,005
3,380
26,905
18,784

35,000
16,988
3,372
57,522
494,045


200,933

150,000
208,045
62,596
13,271
634,845


26,400

43,943


35,000


57,522
162,865


74,925

150,000



224,925


1,287
53,078
4,594
2,280
81,406

31,452
15,128
322
4,740

8,968
41,686



5,864

20,993

49,646


371,212


(26,150)
10,800


141,617

126,267


2,455,851 2,895,287 439,436 2,241,859


Aviation:
Citation:
Maintenance and repair
Required inspections
Aviation admin cost allocation
Miscellaneous
Fuel and oil
Insurance
Reimbursements
Crew training
Contract pilot services
Total Citation


77,910
26,887
250,364
8,931
284,563
40,826
(477,313)
39,049


139,000
24,650
279,574
7,588
229,750
40,826
(514,500)
29,072


61,090
(2,237)
29,210
(1,343)
(54,813)

(37,187)
(9,977)


251,217 235,960 (15,257)


See accompanying notes to financial statements.


-70-


62,433
2,040
245,067
3,326
271,559
38,776
(494,750)
11,422
2,665
142,538


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


King Air (B200):
Maintenance and repair
Required inspections
Aviation admin cost allocation
Miscellaneous
Fuel and oil
Insurance
Reimbursements
Major maintenance
Crew training
Total King Air (B200)

Aviation administrative costs:
Expendable equipment
Postage
Office supplies
Miscellaneous
Telephone
Uniforms
Pilot uniforms
Hangar property lease
Cleaning supplies
Pilot's travel expenses
Maintenance supplies
Ground support equipment
Software and supplies
Rate differential
Utilities
Subtotal


Salaries
Pilot OPS
Fringe benefits
Subtotal

Aircraft allocation


Total unallocated aviation admin costs


Total aviation

Utilities and services:
Safety program
Insurance expenses
Insurance deductibles
Telephone
Telephone allocations
Utilities
Janitorial
Insurance


694,958 713,910 18,952 617,178


2,478


27,301
481,501
(213,565)
1,563,511
499,295
1,748,441


2,500
400
24,703
478,470
(180,000)
2,205,200
543,918
1,875,851


22
400
(2,598)
(3,031)
33,565
641,689
44,623
127,410


175
154
4,861
443,697
(189,344)
1,498,090
493,103
1,733,758


See accompanying notes to financial statements.


(Continued)


Actual


38,317
778
250,364
3,272
85,336
38,586
(179,644)
14,393
33,751
285,153


161
564
450
1,397
2,735
2,609
387
8,164

3,892
2,304
1,404
450
158,588
8,067
191,172

391,233
620
76,291
468,144

(500,728)


2008
Budget


57,500
2,500
279,574
6,000
73,500
38,586
(253,575)
14,500
28,650
247,235


1,000
2,000
800
2,500
3,000
2,500
2,500
8,164
2,000

8,000
7,465
2,500
266,250
8,000
316,679

391,183
4,500
77,501
473,184

(559,148)


230,715


Variance


19,183
1,722
29,210
2,728
(11,836)

(73,931)
107
(5,101)
(37,918)


839
1,436
350
1,103
265
(109)
2,113

2,000
(3,892)
5,696
6,061
2,050
107,662
(67)
125,507

(50)
3,880
1,210
5,040

(58,420)


72,127


2007
Actual


34,617
1,389
245,067
4,492
82,119
35,956
(151,579)

5,951
258,012



490
743
533
2,788
2,411
1,125
7,483
597
2,016
4,652
915
920
216,629
6,856
248,158

384,144

74,460
458,604

(490,134)


216,628


158,588


-71 -









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual

111,848
75,754
4,296,564


O'Connell Center rent
Camp support
Total utilities and services

Information technology:
Expendable equipment
Travel and seminars
Office supplies
Miscellaneous
Telephone
JDE software consultants
NERDC access lines
Printer maintenance
Computer maintenance
JDE software maintenance
Training supplies and expense
System changes
AS400 data processing services
PCI/Security expenses
Tech event expenses
Software and supplies
Reserve
Subtotal


Salaries
OPS
Scoreboard operators
Fringe benefits
Subtotal


25,125
14,862
6,718
3,153
12,486
15,992
2,839
617
31,923
38,454
377
13,315
6,847
97,660
6,398
124,088


400,854

582,454
24,044
9,612
111,430
727,540


Total information technology

Women's administrative:
O'Connell Center rent
Expendable equipment
Awards
Postage
Administrative travel
Seminars
SEC/NCAA administrative travel
Office supplies
Miscellaneous
Telephone
Dues and memberships
Books and subscriptions
Travel reserve
Copier rental
Promotions
Subtotal


2008
Budget

111,849
65,000
5,127,891


28,374
14,862
6,000
3,500
12,486
24,007
3,514
2,000
30,000
123,703
2,500
15,000
13,680
104,802
7,500
127,903


Variance

1
(10,754)
831,327


3,249

(718)
347

8,015
675
1,383
(1,923)
85,249
2,123
1,685
6,833
7,142
1,102
3,815


2007
Actual

111,849
83,160
4,179,503


24,488
22,762
5,679
1,421
6,460
12,493
5,709
683
26,844
24,465
1,795
1,794
13,183
11,296
2,415
28,997


25,000 25,000 -
544,831 143,977 190,484


579,144
24,182
9,338
107,939
720,603


(3,310)
138
(274)
(3,491)
(6,937)


510,851
17,955
10,152
99,331
638,289


1,128,394 1,265,434 137,040 828,773


111,849


234
1,108
1,165
12,364
987
7,586
26
895
944


8,852
146,010


111,849


1,000
2,200
1,878
13,000
1,175
6,560
2,000
1,500
1,000
4,500
6,000
8,924
161,586


766
1,092
713
636
188
(1,026)
1,974
605
56
4,500
6,000
72
15,576


111,849
124
620
258
10,179
457
6,928
1,104
9,857
69
2,840
993

3,101
2,291
150,670


See accompanying notes to financial statements.


-72-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Salaries
Fringe benefits
Subtotal


Administrative bonuses
Longevity incentives
Legal affairs payment
Business expense payments
Fringe benefits
Subtotal

Total women's administrative

Total general and administrative

Auxiliaries:
Florida relays:
Guarantees
Advertising
Officials
Operations
Security
Equipment
Announcer
Medical
Awards
Postage
Supplies
Miscellaneous
Maintenance supplies
Timing/computer contract support
Temporary help
Press expense
Program expense
Hospitality
Carryforward
Subtotal


Actual

140,287
22,972
163,259

13,222
20,000
10,000
1,744
7,035
52,001

361,270


2008
Budget

158,224
26,314
184,538

13,222
20,000
10,000
1,750
3,033
48,005

394,129


Variance

17,937
3,342
21,279





6
(4,002)
(3,996)

32,859


2007
Actual

141,073
25,302
166,375

10,410
20,000
10,000
1,744
2,614
44,768

361,813


19,959,389 20,991,968 1,032,579 18,635,714


11,634
3,170
11,494
7,426
9,824
1,898

468
339
263
1,308
1,423

4,000


296
592
3,733

57,868


Salaries
Ticket sellers
Maintenance overtime
Fringe benefits
Subtotal

Total Florida relays


5,500
1,737


1,124
8,361


10,500
4,250
10,000
6,000
9,250
1,750
550
250
3,500
750
2,364
1,500
300
5,000
250
750
750
5,500
34,788
98,002

5,200
2,500
300
750
8,750


(1,134)
1,080
(1,494)
(1,426)
(574)
(148)
550
(218)
3,161
487
1,056
77
300
1,000
250
454
158
1,767
34,788
40,134

(300)
763
300
(374)
389


4,640
4,120
8,747
4,335
8,536
750
525

3,119
524
1,481
100

5,000

546
622
5,543

48,588

3,600


707
4,307


66,229 106,752 40,523 52,895


Licensing:
Postage
Travel


457
2,955


1,000
4,000


543
1,045


339
1,407


See accompanying notes to financial statements.


-73-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Office supplies
Miscellaneous
Telephone
Copier rental
Memberships
Legal fees
Income tax expense
Credit card expense
CLC marketing fees
Subtotal


Salaries
Fringe benefits
Subtotal


Total licensing


307,989 310,597 2,608 161,692


Gator sportshop:
Advertising
Security
Expendable equipment
Postage
Travel
PC supplies
Supplies
Office supplies
Miscellaneous
Over/short
Telephone
Maintenance and repair
Event payroll
Copier rental
Major maintenance
Income tax expense
Commissions
Stadium sales game day expense
Game day operations
Web fees
Cost of goods sold
Freight mail sales
Shrinkage/stolen inventory
O'Connell Center rent
Final 4 floor expense
Courier services
Nonemployee discounts
Promotions
Subtotal


Salaries
OPS


See accompanying notes to financial statements.


Actual

732
2,654
96
142
50,000
47,074
53,083
38,130
50,000
245,323

52,200
10,466
62,666


2008
Budget

1,000
3,500
250
300
50,000
47,074
53,083
38,130
50,681
249,018

52,000
9,579
61,579


Variance

268
846
154
158





681
3,695

(200)
(887)
(1,087)


2007
Actual

778
208
128
141
28,491
25,429


50,000
106,921

45,838
8,933
54,771


69,251
8,881
21,304
105
3,171

7,345
5,212
2,245
(499)
384
7,802
51,313
142
8,218
1,035
10,728
2,159
909
77,165
1,020,133
3,178
(2,222)
3,272
7,800
4,417
895
650
1,314,993


70,500
9,500
20,822
500
3,100

7,500
5,000
3,000

1,000
7,100
48,000
500
11,000

14,400
2,300
1,000
87,000
980,000
3,200
3,100
3,500
7,800
4,480
1,500
1,000
1,296,802

190,583
40,000


1,249
619
(482)
395
(71)

155
(212)
755
499
616
(702)
(3,313)
358
2,782
(1,035)
3,672
141
91
9,835
(40,133)
22
5,322
228

63
605
350
(18,191)

3,288
2,125


60,235
15,791
2,091
56
1,690
10,823
11,910
4,299
3,311
(3,360)
183
10,464
54,669
141
4,265

10,389
7,800
1,027
114,610
1,429,571
7,209
1,534
4,210
132,852
4,961
2,305
734
1,893,770

193,348
40,301


187,295
37,875


-74-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Fringe benefits
Subtotal


Total Gator sportshop


Golf course:
Advertising
Expendable equipment
Postage
Travel and dues
Software and supplies
Pro shop supplies
Office supplies
Miscellaneous
Over/short
Telephone
Pro shop maintenance
Consultant fees
Major maintenance
Cost of goods sold
Special orders
Shrinkage/stolen inventory
Nonemployee discounts
Gator Golf Day expenses
Gator Golf Day reserve
Cart rental expense
Rental clubs
Driving range
Golf cart maintenance and repair
Gas and oil
Course refreshments
Uniforms
Utilities
Course maintenance
Janitorial
Insurance
Equipment lease
Snack bar expense
Snack bar equipment and supplies
Subtotal


6,452
4,921
1,193
3,624
4,346
14,326
7,000
3,392
(75)
5,827
15,314
3,132

96,577
29,412
1,141
320
11,354

6,375

6,396
2,593
31,928
105
8,625
58,001
212,264
18,000

30,948
30,191
1,669
615,351


6,452
5,418
1,800
5,000
5,000
15,000
6,600
3,151

4,568
15,240
2,500

90,000
25,335

400
11,355
8,209
6,525

7,000
3,094
31,800
700
9,008
40,800
209,638
18,000
5,000
28,642
28,100
2,169
596,504


Course maintenance salary 326,868 327,500
Other course salaries 130,514 129,853
Snack bar salaries 26,304 25,000
Lesson payments 8,919 8,919
Course maintenance OPS 10,722 15,600
Other course OPS 66,628 53,000
Snack bar OPS 16,002 8,500
Course maintenance fringe benefit 57,629 68,249
Other course fringe benefits 31,287 30,406


See accompanying notes to financial statements.


-75-


Actual

39,773
264,943


2008
Budget

42,302
272,885


Variance

2,529
7,942


2007
Actual

34,993
268,642


1,579,936 1,569,687 (10,249) 2,162,412


497
607
1,376
654
674
(400)
(241)
75
(1,259)
(74)
(632)

(6,577)
(4,077)
(1,141)
80
1
8,209
150

604
501
(128)
595
383
(17,201)
(2,626)

5,000
(2,306)
(2,091)
500
(18,847)


632
(661)
(1,304)

4,878
(13,628)
(7,502)
10,620
(881)


1,909
7,066
458
3,757
2,192
10,476
6,052
3,810
(152)
4,493
13,273
4,900
32,470
131,435
13,125
572
393
11,178

5,411
5,551
7,157
486
24,946
1,192
8,934
50,531
156,932
22,510


31,429
3,702
566,188


303,891
127,501
25,877

15,213
61,222
11,562
61,065
29,222


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Lesson payment fringe benefits
Snack bar fringe benefits
Subtotal


Total golf course


1,299,472 1,271,506 (27,966) 1,207,863


Outside events:
Expenses
High school events
Equipment reserve
Subtotal


Salaries
Supervision
OPS
Fringe benefits
Subtotal


Total outside events


30,770 77,468 46,698 35,868


TV and radio network:
Clear Channel Network:
Miscellaneous
Contract cancellation fee
Other talent fees
Fringe benefits
Total Clear Channel Network

Television:
Pay per view expenses
Expendable equipment and repair
Other talent fees
OPS
Fringe benefits
Video tape
Production expenses
Sun Sports production pool
Gatorzone TV
Regional coaches shows
Total television


Radio:
Travel
Miscellaneous
Digital phone lines
Production expenses
Webcasts
Talent
OPS


See accompanying notes to financial statements.


Actual

6,572
2,676
684,121


2008
Budget

5,806
2,169
675,002


Variance

(766)
(507)
(9,119)


2007
Actual


6,122
641,675


9,117


9,117

16,688
1,869
339
2,757
21,653


10,606
22,477
23,011
56,094

13,874
2,000
2,000
3,500
21,374


1,489
22,477
23,011
46,977

(2,814)
131
1,661
743
(279)


9,095


9,095

20,702
(210)
1,792
4,489
26,773


6,606
1,000,000
7,500
574
1,014,680


40,000
13,068
8,000
3,698
1,068
15,843
121,011
111,502
111,562
9,453
435,205


6,637

7,500

14,137


40,000
13,069
10,000
4,500
1,068
15,844
122,978
111,504
111,874
9,453
440,290


5,000
20,000
4,800
14,649
2,995
49,290
4,500


31
(1,000,000)

(574)
(1,000,543)



1
2,000
802

1
1,967
2
312

5,085


2,710

1,370
407
1,356
(35)
2,625


5,707

5,000
383
11,090


50,000
22,316
8,000
19,966
2,512
20,139
94,375
99,888
103,510
7,700
428,406


2,748
24,000
2,702
11,117
1,558
37,112
3,500


2,290
20,000
3,430
14,242
1,639
49,325
1,875


-76-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Fringe benefits
Total radio


Total TV and radio network

Programs:
Miscellaneous
Scorecard printing
Scorecard sales commissions
Total programs


Total auxiliaries


Camps:
Football camp:
Housing
Meals
Brochures
Miscellaneous
Women's clinic
Coaching consultants
Subtotal

Salaries
OPS
Fringe benefits
Subtotal

Total football camp

Men's basketball camp:
Housing
Meals
Brochures
Miscellaneous
Coaching consultants
Coaching clinic
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total men's basketball camp


1,544,103 557,078 (987,025) 523,420


2,903


328
3,231

4,831,730



79,284
82,253
5,731
63,881
17,792
4,500
253,441

335,402
51,675
18,034
405,111

658,552


44,570
68,172
1,776
54,985
18,630


3,500
2,000
870
6,370

3,899,458


597
2,000
542
3,139

(932,272)



(79,284)
(82,253)
(5,731)
(63,881)
(17,792)
(4,500)
(253,441)

(335,402)
(51,675)
(18,034)
(405,111)


3,447

3,447

4,147,597



49,009
54,175
2,083
50,121

19,100
174,488

201,926
23,713
11,375
237,014


(658,552) 411,502


(44,570)
(68,172)
(1,776)
(54,985)
(18,630)

(188,133)

(240,316)
(79,860)
(15,335)
(335,511)


188,133

240,316
79,860
15,335
335,511

523,644


40,312
82,564
1,650
51,507
15,838
8,457
200,328

213,356
73,806
13,580
300,742


(523,644) 501,070


Baseball camp:
Housing
Meals


See accompanying notes to financial statements.


Actual

1,417
94,218


2008
Budget

1,417
102,651


Variance


8,433


2007
Actual

1,187
83,924


41,446
28,806


-77-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


Brochures
Miscellaneous
Coaching consultants
Holiday camps and clinics
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total baseball camp

Cross country camp:
Housing
Meals
Brochures
Miscellaneous
Coaching consultants
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total cross country camp


Swimming camp:
Housing
Meals
Brochures
Miscellaneous
Subtotal

Salaries
OPS
Fringe benefits
Subtotal


Total swimming camp


Tennis camp:
Housing
Meals
Brochures
Miscellaneous
Coaching consultants
Subtotal


2008
Budget


1,499


2,659
4,158

252
29,684
2,378
32,314

36,472


3,219
4,098
300
2,775
240
10,632

18,136
1,027
1,476
20,639

31,271


18,651
23,591
3,220
7,255
52,717

89,948
13,317
6,887
110,152

162,869


39,692
51,583
23,880
25,456
51,469
192,080


Variance


(1,499)


(2,659)
(4,158)

(252)
(29,684)
(2,378)
(32,314)


(36,472) 281,758


(3,219)
(4,098)
(300)
(2,775)
(240)
(10,632)

(18,136)
(1,027)
(1,476)
(20,639)


(31,271) 21,990


(18,651)
(23,591)
(3,220)
(7,255)
(52,717)

(89,948)
(13,317)
(6,887)
(110,152)


(162,869) 109,196


(39,692)
(51,583)
(23,880)
(25,456)
- (51,469)
(192,080)


See accompanying notes to financial statements.


-78-


2007
Actual

4,483
20,051

5,748
100,534

97,722
73,303
10,199
181,224


2,421
2,821
365
3,437
150
9,194

10,624
1,229
943
12,796


13,041
17,541
5,429
8,844
44,855

44,160
15,755
4,426
64,341


35,744
50,166
17,798
23,586
37,186
164,480


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Salaries
OPS
Fringe benefits
Subtotal


Actual


104,902
79,450
10,250
194,602


Total tennis camp


(104,902)
(79,450)
- (10,250)
(194,602)


386,682 -(386,682) 333,586


Men's golf camp:
Housing
Meals
Brochures
Miscellaneous
Subtotal

Salaries
OPS
Fringe benefits
Subtotal


4,970
7,192
851
5,039
18,052

44,647
19,124
4,459
68,230


(4,970)
(7,192)
(851)
(5,039)
(18,052)

(44,647)
(19,124)
(4,459)
(68,230)


Total men's golf camp

Strength and speed camp:
Meals
Brochures
Miscellaneous
Coaching consultants
Subtotal

Salaries
OPS
Fringe benefits
Subtotal


Total strength and speed camp


86,282 -(86,282) 107,625


80
10,938

11,018

15,496
75
1,045
16,616


(80)
(10,938)

(11,018)

(15,496)
(75)
(1,045)
(16,616)


242
297
12,677
1,850
15,066

8,350
207
657
9,214


27,634 -(27,634) 24,280


Cheerleading camp:
Miscellaneous
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


1,029
1,029

2,141
75
170
2,386


Total cheerleading camp


(1,029) 632
(1,029) 632


(2,141)
(75)
(170)
(2,386)


3,415 -(3,415) 695


See accompanying notes to financial statements.


-79-


2008 2007
Budget Variance Actual


88,985
71,635
8,486
169,106


6,344
9,485
884
10,474
27,187

51,361
24,143
4,934
80,438


58
5
63


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Dazzler camp:
Miscellaneous
Subtotal

Salaries
Fringe benefits
Subtotal


Total dazzler camp


Actual


1,582
1,582

1,800
138
1,938

3,520


2008
Budget


Variance


2007
Actual


(1,582) 235
(1,582) 235

(1,800)
(138)
(1,938)

(3,520) 235


Women's golf camp:
Housing
Meals
Brochures
Miscellaneous
Clinic expenses
Subtotal

Salaries
OPS
Fringe benefits
Subtotal


Total women's golf camp

Women's basketball camp:
Housing
Meals
Brochures
Miscellaneous
Coaching consultants
Clinic expenses
Subtotal

Salaries
OPS
Fringe benefits
Subtotal

Total women's basketball camp


Soccer camp:
Housing
Meals
Brochures
Miscellaneous
Subtotal


(306)
(860)
(954)
(1,413)


1,413


3,533

4,691
2,121
546
7,358

10,891


3,217
4,859
1,896
7,379
2,183
1,769
21,303

14,119
7,698
2,047
23,864

45,167


32,432
56,022
8,200
47,045
143,699


(3,533)

(4,691)
(2,121)
(546)
(7,358)


(10,891) 17,268


(3,217)
(4,859)
(1,896)
(7,379)
(2,183)
(1,769)
(21,303)

(14,119)
(7,698)
(2,047)
(23,864)


(45,167) 133,972


(32,432)
(56,022)
(8,200)
- (47,045)
- (143,699)


See accompanying notes to financial statements.


-80-


391
1,801
512
3,967
637
7,308

6,140
2,946
874
9,960


10,325
18,444
2,129
18,262
3,951
617
53,728

64,474
10,479
5,291
80,244


24,745
51,861
7,012
39,387
123,005


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Salaries
OPS
Fringe benefits
Subtotal


Total soccer camp


Actual

129,243
87,479
16,254
232,976

376,675


Volleyball camp:
Housing
Meals
Brochures
Miscellaneous
Coaching consultants
Coaching clinic
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total volleyball camp

Softball camp:
Housing
Meals
Brochures
Miscellaneous
Clinics
Subtotal


Salaries
OPS
Fringe benefits
Subtotal


Total softball camp

Gymnastics camp:
Housing
Meals
Brochures
Miscellaneous
Coaching consultants
Subtotal


57,535
78,354
2,213
57,867


56
196,025

162,234
79,874
13,033
255,141

451,166


6,800
7,843
985
9,806
1,831
27,265

52,248
11,045
4,871
68,164

95,429


12,064
20,388
667
6,524
350
39,993


2008
Budget


Variance

(129,243)
(87,479)
(16,254)
(232,976)


(376,675) 319,897


(57,535)
(78,354)
(2,213)
(57,867)

(56)
(196,025)

(162,234)
(79,874)
(13,033)
(255,141)

(451,166)


(6,800)
(7,843)
(985)
(9,806)
(1,831)
(27,265)

(52,248)
(11,045)
(4,871)
(68,164)


(95,429) 79,761


- (12,064)
- (20,388)
- (667)
- (6,524)
- (350)
- (39,993)


See accompanying notes to financial statements.


-81 -


2007
Actual

115,718
67,383
13,791
196,892


53,158
75,801
2,513
55,401
1,550

188,423

139,000
77,045
12,198
228,243

416,666


5,574
6,827
558
6,990
2,693
22,642

44,406
8,646
4,067
57,119


12,169
22,981
704
21,512

57,366


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Salaries
OPS
Fringe benefits
Subtotal


Total gymnastics camp


Lacrosse camp:
Housing
Meals
Brochures
Miscellaneous
Subtotal

Salaries
OPS
Fringe benefits
Subtotal


Total lacrosse camp


Total camps


Depreciation:
Depreciation and amortization
Total depreciation


Total operating expenses


Actual

63,610
20,451
4,549
88,610

128,603


22,372
11,904
75
5,577
39,928

17,152
6,469
1,863
25,484

65,412

3,093,684


6,645,089
6,645,089

85,564,564


2008
Budget


Variance

(63,610)
(20,451)
(4,549)
(88,610)

(128,603)


2007
Actual

56,295
22,414
6,032
84,741

142,107


(22,372)
(11,904)
(75)
(5,577)
(39,928)


(17,152)
(6,469)
(1,863)
(25,484)

(65,412)


(3,093,684) 2,901,608


77,057,309


(6,645,089)
(6,645,089)

(8,507,165)


6,302,416
6,302,416

85,098,852


Operating income (loss)


Nonoperating revenues (expenses)
Student fees:
Women's athletic fees
General athletic fees
Golf course fees
Total student fees

Investment income, net:
Interest
Dividends
Net increase in fair value of investments
Investment fees
Total investment income


Sales tax retained:
Sales tax retained
Total sales tax retained


4,346,755 1,944,878 2,401,877 2,323,465


1,899,803
644,578
33,925
2,578,306


1,668,224
2,932,987
(3,116,861)
(134,789)
1,349,561


1,401,076
1,401,076


1,915,000
640,000
32,000
2,587,000


1,630,000
1,500,000


3,130,000


1,422,834
1,422,834


(15,197)
4,578
1,925
(8,694)


38,224
1,432,987
(3,116,861)
(134,789)
(1,780,439)


(21,758)
(21,758)


1,893,764
642,531
33,818
2,570,113


1,444,123
2,055,336
4,023,359
(51,559)
7,471,259


1,234,152
1,234,152


See accompanying notes to financial statements.


-82-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


2008
Budget


Interest on capital asset related debt:
1990 bond interest
2001 bond interest
2005 bond interest
Bank administrative fees
Total interest on capital
asset related debt

Contributions to UF
Cash contributions
Logo profit UF
Registrar and financial aid position
Marque entrance boards
O'Connell Center air flow diffusers
Total contributions to UF

Contributions to UFF
Contributions to endowment
Total contributions to UFF

Other nonoperating revenues:
State appropriation
Total other nonoperating revenues

Net nonoperating revenues

Income before contributions

Capital contributions
Capital contributions from Gator Boosters:
Tennis facility
Academic center
Golf course
Basketball practice facility
Football stadium expansion
Administrative office renovation
North end zone
Baseball building
Football practice field turf
Football office entrance
Football stadium Champions Club
Volleyball locker room
Softball stadium naming
Undesignated capital improvement
Football practice field
Basketball head coach office naming
Subtotal capital contributions from
Gator Boosters


(741,383)
(1,820,087)
(357,623)
(18,765)


(751,961)
(1,991,591)
(363,021)
(18,223)


10,578
171,504
5,398
(542)


(741,283)
(1,934,210)
(268,142)
(18,223)


(2,937,858) (3,124,796) 186,938 (2,961,858)


(7,130,829)
(2,184,260)
(112,694)
(98,000)
(54,000)
(9,579,783)


(8,042,924)
(1,735,110)
(112,200)
(95,000)
(54,000)
(10,039,234)


912,095
(449,150)
(494)
(3,000)


(704,489)
(2,524,376)
(107,153)


459,451 (3,336,018)


(116,378) (116,378)
(116,378) (116,378)


451,805 451,805
451,805 451,805


(714,454)
(714,454)


451,805
451,805


(6,853,271) (5,688,769) (1,164,502) 4,714,999

(2,506,516) (3,743,891) 1,237,375 7,038,464


149,158

5,000

98,280
50,000
342,780
50,000
9,317,403
41,730


(75,000)
10,000
250,000


200,000







1,797,784






250,000


149,158
(200,000)
5,000

98,280
50,000
342,780
50,000
7,519,619
41,730


(75,000)
10,000


146,386

200,000

36,095
127,400
50,000
1,350,897
150,000
4,834,780
470,270
100,630
1,004,000
75,000


10,239,351 2,247,784 7,991,567 8,545,458


See accompanying notes to financial statements.


-83-


Variance


2007
Actual


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Capital contributions from others:
Football office entrance
Subtotal capital contributions from
Others


Total capital contributions


7,832,312 (1,496,107) 9,328,419 15,669,822


Budgeted capital items:
Debt service principal:
1990 bonds principal
2001 bonds principal
2005 bonds principal
Total debt service principal

Debt service proceeds:
2007 bonds proceeds
Total debt service proceeds

Capitalized permanent equipment:
Football
Football equipment room
Men's basketball
Baseball
Lemerand Center equipment room
Men's and women's track
Men's and women's cross country
Men's and women's swimming
Men's tennis
Men's golf
Football video
Other video
Baseball training room
Nutrition
Strength and conditioning
Human resources
Basketball training room
Lemerand Center training room
South end zone training room
General administrative
Lemerand Center
Sports information
Maintenance
Marketing and promotions
Ticket office


735,000


735,000


1,900,000
735,000
1,600,000
4,235,000


1,900,000


765,000


1,600,000
3,500,000 765,000


(10,000,000) (10,000,000)
(10,000,000) (10,000,000)


4,500
18,148
77,407
11,884
30,793
2,340

2,529
274
814
53,205
7,669
2,471

9,162
7,021
1,695
11,954
5,977
18,569


33,884
54,220
863


4,500
18,149
77,661
13,920
39,878
2,500

2,529
265
814
55,039
7,669
2,609
1,000
9,800
7,022
4,500
20,321
13,155
20,333


58,000
54,220
2,385


1
254
2,036
9,085
160


(9)

1,834

138
1,000
638
1
2,805
8,367
7,178
1,764


24,116

1,522


See accompanying notes to financial statements.


-84-


Actual


2008
Budget


Variance


99,477


Increase in net assets


99,477

10,338,828


99,477


2007
Actual


85,900

85,900

8,631,358


2,247,784


99,477

8,091,044


28,111
4,907
47,408
1,200

7,962
1,874
14,315
1,475

104,479



36,202
5,456
1,250
9,597
10,294
8,448
1,707
650
86,400
53,333
7,735


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Actual


Office of student life
Information technology
Purchasing
Operations
Pro shop
Golf course
Men's and women's golf teams' teaching center
Sportshop
Aviation hangar
Women's administrative
Women's golf
Women's basketball
Women's tennis
Soccer
Women's track
Volleyball
Softball
Gymnastics
Lacrosse
Golf course
Academic Center renovation
Lemerand Center renovation
Football practice field pavilion
Baseball building
Total capitalized permanent equipment

Capitalized improvements:
Tennis stadium
Outdoor track resurfacing
Football stadium expansion
Natatorium renovation
Golf course
Academic center renovation
Football scoreboard
Video office
Lemerand Center renovation
Football practice field pavilion
Baseball building
Football stadium facility graphics
Maintenance building
Football office entrance
Football practice field fence
Football stadium visiting AD booth
O'Connell Center scoreboards
Swimming scoreboard
Basketball audio visual displays
Track/Soccer scoreboard
Football audio visual displays
3rd and 4th Floor renovation
Fire sprinklers


3,464
386,319

17,483
40,128
23,894

5,619
19,520
825
6,735
5,699
274
2,599

10,500
6,695
27,501
3,984
6,506
118,822


2008
Budget


3,465
388,757

32,233
40,728
25,220

5,907
19,535
825
6,735
10,116
3,264
2,599

10,700
6,695
33,440
3,984
6,506
118,823


Variance


1
2,438

14,750
600
1,326

288
15


4,417
2,990


200

5,939


1


1,041,946 1,135,801 93,855


25,000


(110,191)
12,148
436,586
287,400
27,200
22,870


11,045
145,874

19,378,904


95,539
6,686
1,810,854


21,485
77,357


26,800
1,795,335
287,401
27,200
62,175



145,875

21,355,591



6,686
1,810,855


377,750
77,357


25,000

110,191
14,652


2007
Actual

2,363
156,844
25,712
50,400

13,560
7,530
18,471
2,494


39,377
1,475
4,418
8,787
8,390
9,139
23,008


2,700
24,921
7,001
161,271
1,000,664


617,103
111,620


1,358,749 15,963
1 120,793

39,305
S 1,937,183
768,395
(11,045) (352,083)
1 354,299
-1,022,670
1,976,687 6,439,752
146,343
100,568
(95,539) 2,200,206
205,000
1 98,100
87,000
53,500
356,265 13,250


See accompanying notes to financial statements.


-85-


(Continued)









THE UNIVERSITY ATHLETIC ASSOCIATION, INC.
DETAILED SCHEDULE OF REVENUES, EXPENSES AND
BUDGETED CAPITAL ITEMS COMPARED WITH BUDGET
FOR THE YEAR ENDED JUNE 30, 2008
(with comparative actual information for the year ended June 30, 2007)


Football locker room renovation
Lacrosse
Ticketmaster
Baseball field renovation
Construction project contingency
Total capitalized improvements


Total capitalized permanent
equipment and improvement

Total budgeted capital items

Excess of budgeted capital items over
increase in net assets


Actual

299,275
190,036




22,713,068


ts


2008 2007
Budget Variance Actual


949,172
4,036,155
483,649
200,000
38,550
31,705,551


649,897
3,846,119
483,649
200,000
38,550
8,992,483 13,939,662


23,755,014 32,841,352 9,086,338 14,940,326


14,490,014 27,076,352 12,586,338 15,705,326


$ (6,657,702) $ (28,572,459) $ 21,914,757 $ (35,504)












































See accompanying notes to financial statements.


(Continued)


-86-









JAMES MOORE & CO., P.L.
CERTIFIED PUBLIC ACCOUNTANTS
AND 1) MN NS L: .TA, N TS



REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON
COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS



The Audit Committee,
The University Athletic Association, Inc.:


We have audited the financial statements of The University Athletic Association, Inc. (the Association) as
of and for the year ended June 30, 2008, and have issued our report thereon dated August 28, 2008. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States.

Internal Control over Financial Reporting

In planning and performing our audit, we considered the Association's internal control over financial
reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the
financial statements but not for the purpose of expressing an opinion on the effectiveness of the
Association's internal control over financial reporting. Accordingly, we do not express an opinion on the
effectiveness of the Association's internal control over financial reporting.

A control deficiency exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of
control deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, or
report financial data reliably in accordance with generally accepted accounting principles such that there
is more than a remote likelihood that a misstatement of the entity's financial statements that is more than
inconsequential will not be prevented or detected by the entity's internal control.

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in
more than a remote likelihood that a material misstatement of the financial statements will not be
prevented or detected by the entity's internal control.

Our consideration of the internal control over financial reporting was for the limited purpose described in
the first paragraph of this section and would not necessarily identify all deficiencies in internal control
that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in
internal control over financial reporting that we consider to be material weaknesses, as defined above.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Association's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The


-87-










results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Aditing Standards.

This report is intended solely for the information and use of the Audit Committee and management of the
Association, and the Board of Trustees and management of the University of Florida, and is not intended
to be and should not be used by anyone other than these specified parties.









Gainesville, Florida
August 28, 2008


- 88 -




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