Front Cover
 Front Matter
 Table of Contents
 A message from the president
 Introduction from the vice president...
 University of Florida overview
 Financial statements
 Financial aid administered
 Back Matter
 Back Cover

Group Title: University of Florida Annual Financial Report. 2000-2001.
Title: University of Florida Annual Financial Report
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00072278/00003
 Material Information
Title: University of Florida Annual Financial Report
Series Title: University of Florida Annual Financial Report. 2001-2002.
Physical Description: Serial
Language: English
Creator: Finance and Accounting Division, University of Florida
Affiliation: University of Florida -- Office of Administrative Affairs -- Finance and Accounting Division
Publisher: Office of Administrative Affairs, University of Florida
Publication Date: 2002
Subject: University of Florida.   ( lcsh )
Spatial Coverage: North America -- United States of America -- Florida
 Record Information
Bibliographic ID: UF00072278
Volume ID: VID00003
Source Institution: University of Florida
Holding Location: George A. Smathers Libraries, University of Florida
Rights Management: All rights reserved, Board of Trustees of the University of Florida

Table of Contents
    Front Cover
        Front cover
    Front Matter
        Front matter
    Table of Contents
        Page 1
    A message from the president
        Page 2
    Introduction from the vice president for finance and administration
        Page 3
    University of Florida overview
        Page 4
            Page 5 (MULTIPLE)
            Page 5 (MULTIPLE)
            Page 6
            Page 7
            Page 8
            Page 9
            Page 10
            Page 11
            Page 12
        Sports and recreational activities
            Page 13
        An excellent value
            Page 14
            Page 15
    Financial statements
        Page 16
        Management's discussion and analysis
            Page 17
            Page 18
            Page 19
            Page 20
            Page 21
            Page 22
        Statement of net assets
            Page 23
        Statement of revenues, expenditures, and changes in net assets
            Page 24
        Statement of cash flows
            Page 25
        Summary of significant accounting policies
            Page 26
            Page 27
            Page 28
            Page 29
            Page 30
        Notes to financial statements
            Page 31
            Page 32
            Page 33
            Page 34
            Page 35
            Page 36
            Page 37
            Page 38
            Page 39
            Page 40
            Page 41
            Page 42
            Page 43
            Page 44
            Page 45
            Page 46
            Page 47
    Financial aid administered
        Page 48
    Back Matter
        Back matter
    Back Cover
        Back cover
Full Text


Ip% ~



Carlos Alfonso

Louise Courtelis

Marshall M. Criser, Jr.

Roland Ianicls

John Dasburg

Manny A. Fernandez

W.A. "Mac" McGriff 11


Charles E. Young

David R. Colburn

Gail E Baker

Douglas J. Barrett

Pamela J. Bernard

Richard L. Bucciarelli

Michael V. Martin

Winfred M. Phillips

John E. Poppell

Paul A. Robell

Joclcn Mcrkcl

Dianna Morgan

Cynthia O'Connell

Albert W. Thwcatt Sr.

Alfred C. Warrington, IV

Nicole H. Fried



John P. Kruczek

Michael V. McKee

Stuart E. Hoskins

Kathy W. Jones

James E. Scott


201-20 0



A Message from the President 2
Introduction from the Vice President for Finance and Administration 3
University of Florida Overview 4
Mission, History and Facilities
Programs, Students and Faculty
Sports and Recreational Activities
An Excellent Value
Financial Statements
Report of Independent Auditors 16
Management's Discussion and Analysis 17
Statement of Net Assets 23
Statement of Revenues, Expenses, and Changes in Net Assets 24
Statement of Cash Flows 25
Summary of Significant Accounting Policies 26
Notes to Financial Statements 31
Financial Aid Administered 48


The University of Florida is proud to be celebrating its sesquicentennial at
a time when the university is achieving its place among the top tier of
American institutions of higher learning. So while we pause in the upcoming
year to honor and reflect on our past, we are making the preparations to
shape our future.
From its humble beginnings in the early 1850s, the University of Florida
now is the fourth-largest university campus in the nation and one of the
world's finest academic institutions. Since the beginning of its 150-year
history, the university has made an immense impact in meeting its obliga-
tions to the state of Florida through its mission of conducting outstanding
A MESS E F M teaching, research and service. Advancing the understanding of the sciences,
medicine and agriculture as well as making significant contributions during
THE PRESIDENT the world wars are just some of the examples that come to mind when we
consider UF's impact on our national welfare over the past century and a half.
Over the past year, we have seen the university continue to update its facilities, to include
opening the Honors Residential College at Hume Hall, the first of its kind constructed from the
ground up. We also have opened the doors of our new 48,000 square-foot Emerson Alumni Hall.
Through these and other construction efforts, the university has kept pace with the ever-changing
requirements of a new age.
The performance of our faculty, staff and students continues to be exemplary. The university
continues to attract the finest faculty, the most dedicated staff and the brightest students from our
state and around the world. Our faculty continually ranks high in academy memberships and
Fulbright awardees, while numerous UF programs have achieved nationally acclaimed status.
Incoming undergraduate students have consistently scored well above the national median on
aptitude scores and accomplish nearly perfect high school grade point averages. The latest statistics
show that UF ranks first for all public universities in attracting National Achievement Scholars and
second in National Merit Scholars. While they are here, students are challenged with an impressive
array of academic courses and programs including opportunities to engage in academic research
and internships. The freshmen-to-sophomore retention rate of 93 percent speaks well of the
university's effort to engage these new scholars in rewarding endeavors. Graduate and professional
students enjoy the options possible through more than 200 academic programs. UF graduate
scholars continue to be prominent at academic conferences and seminars and have earned national
honors for their work.
One can only wonder what the next 150 years will offer. However, it is not too early to make
preparations for the future. Already, the university has finalized a strategic plan for enhancing its
academic programs, which will properly position the university to meet the modern needs of our
state, our nation and the world. We realize the challenges before us may exceed those already
mastered in the past. But success in overcoming obstacles is the hallmark of a great international
institution such as the University of Florida.
Through the investment in this institution by the people of Florida, the University of Florida will
continue its proud history of academic excellence for the next 150 years and beyond.

Charles E. Young

It is with great pleasure that I present the University of Florida Annual
Financial Report for 2001-2002. We have received an unqualified opinion
on our financial statements from the State of Florida Auditor General. Our
annual financial report is intended to provide a broad understanding of the
University's mission and to present fairly its financial position and activities.
Please see the Management's Discussion and Analysis later in this report for
a more detailed discussion of the University's financial status.

The University of Florida continues to be a vibrant and growing research
university. Our student body is not only growing in terms of academic
achievement and qualifications, but also in numbers. As our research base
continues to rapidly expand, so do our physical facilities. The University of INTRODUCTION
Florida continued its expansion of facilities, having some $150 million of FROM THE VICE
construction underway and another $200 million in planning and design. PRESIDENT FOR
The University completed construction of several capital projects, including FINANCE AND
two Institute of Food and Agricultural Sciences research facilities and the
renovation of a modern agricultural and bioengineering facility on campus. ADMINISTRATION
In our continuing efforts to provide our students, faculty and staff with the
most modern and efficient facilities, the University started several new projects, including a new
orthopedic surgery and sport medicine institute; a new bookstore; visitor welcome center and
parking garage; an addition to the on-campus theater; and an exciting addition to our museum for
a Lepidoptera facility including a butterfly and moth vivarium.

The University of Florida, along with higher education in Florida, continues to undergo many
changes. Legislative and constitutional revisions are providing an opportunity for innovative and
unprecedented administrative changes. The University continues to explore ways to operate more
efficiently as the new governance structure provides new financial autonomy. In addition, devolv-
ing from the State allows for increased opportunity to establish more flexible systems, controls and
fiscal policies that will, in turn, allow the University of Florida to quickly adjust to changes impact-
ing its fiscal operations. The University recently purchased an Enterprise Resource Planning system
that will be installed within the ensuing 18-24 months. These new systems will provide the
University of Florida with new management capabilities to respond to the rapid changes in the
higher education environment in Florida and, hopefully, provide a more efficient and effective
business process.

Finance and Administration remains committed to fiscal accountability, a safe and secure
campus, quality facilities and the highest level of service to our customers. A staff that is dedi-
cated, creative and energetic will aggressively pursue these commitments. We look forward to
the challenges the future brings and we are certain of our success in these endeavors. One
hundred and fifty years of past accomplishment at the University provide us with a blueprint
to shape future success.

Ed Poppell
Vice President for Finance and Administration


Women's basketball team, 7903


Sit a new board of trustees governance system in place and the

nalization of an extensive strategic plan designed to effectively

structure academic programs, the University of Florida has made its

upcoming sesquicentennial year a springboard for moving into the top

tier of international prominent institutions. While the university can

pause during its 150th year anniversary to honor its past, it is making

the necessary plans to shape its future.


The Florida elections of 2002 established the
state's high priority on education at all levels.
The University of Florida already well under-
stands the critical role of higher education to
achieve societal goals. As its state's largest and
most comprehensive university, the University
of Florida recognizes its unique responsibility
to the people of its state and to the nation. In a
time of social and technological change, few
institutions are more needed to accept the
duties of leadership than the University of

As a major public, land-grant research
university, UF is one of the most comprehensive
institutions of higher education in the United
States. Its faculty and staff are dedicated to the
common pursuit of the university's threefold
mission: education, research and service.

Teaching the undergraduate and graduate
through the doctorate level student is the
fundamental purpose of the university. Re-
search and scholarship are integral to the
education process and to responding to the
needs of society. The term, "service," ad-
dresses the university's obligation to share the
benefits of its knowledge and abilities to
benefit the public welfare. These three inter-
locking elements span all of UF's academic
disciplines and multidisciplinary centers, and
represent the university's commitment to
pursuing and disseminating new knowledge
while building upon the experiences of the
past. The University of Florida aspires to
advance the state, nation and international
community by strengthening the human
condition and improving the quality of life.

East Florida Seminary, 866


Florida's oldest university, the University of
Florida traces its beginnings to 1853 when the
state-funded East Florida Seminary acquired the
private Kingsbury Academy in Ocala. After the
Civil War, the institution moved to Gainesville.
It was consolidated with the state's land grant
Florida Agricultural College, then in Lake City,
and was renamed as the University of Florida.
In that year of 1906, UF had an enrollment of
102 male students. During World War II, the
university entered into agreements to establish
training programs for U.S. service personnel,
such as those in U.S. Army Air Force aircrew
training. Until 1947, the University of Florida
was designated for men only and one of only
three state universities. Others were Florida
State College for Women (now Florida State
University) and Florida A&M. However,
women had, under certain circumstances,
attended UF as early as 1916. When the legisla-
ture removed all barriers for female enrollment
at UF in 1947, the University of Florida student


The Florida elections of 2002 established the
state's high priority on education at all levels.
The University of Florida already well under-
stands the critical role of higher education to
achieve societal goals. As its state's largest and
most comprehensive university, the University
of Florida recognizes its unique responsibility
to the people of its state and to the nation. In a
time of social and technological change, few
institutions are more needed to accept the
duties of leadership than the University of

As a major public, land-grant research
university, UF is one of the most comprehensive
institutions of higher education in the United
States. Its faculty and staff are dedicated to the
common pursuit of the university's threefold
mission: education, research and service.

Teaching the undergraduate and graduate
through the doctorate level student is the
fundamental purpose of the university. Re-
search and scholarship are integral to the
education process and to responding to the
needs of society. The term, "service," ad-
dresses the university's obligation to share the
benefits of its knowledge and abilities to
benefit the public welfare. These three inter-
locking elements span all of UF's academic
disciplines and multidisciplinary centers, and
represent the university's commitment to
pursuing and disseminating new knowledge
while building upon the experiences of the
past. The University of Florida aspires to
advance the state, nation and international
community by strengthening the human
condition and improving the quality of life.

East Florida Seminary, 866


Florida's oldest university, the University of
Florida traces its beginnings to 1853 when the
state-funded East Florida Seminary acquired the
private Kingsbury Academy in Ocala. After the
Civil War, the institution moved to Gainesville.
It was consolidated with the state's land grant
Florida Agricultural College, then in Lake City,
and was renamed as the University of Florida.
In that year of 1906, UF had an enrollment of
102 male students. During World War II, the
university entered into agreements to establish
training programs for U.S. service personnel,
such as those in U.S. Army Air Force aircrew
training. Until 1947, the University of Florida
was designated for men only and one of only
three state universities. Others were Florida
State College for Women (now Florida State
University) and Florida A&M. However,
women had, under certain circumstances,
attended UF as early as 1916. When the legisla-
ture removed all barriers for female enrollment
at UF in 1947, the University of Florida student


Auditorium 1927

body numbered 8,177 men and 601 women. By
the beginning of the 21st century, in terms of
enrollment, the university grew to become one
of the five largest universities in the nation,
with an enrollment of more than 47,000
students, divided almost equally between female
and male students. Recognized as a Carnegie
Institute Research Extensive Institution, the
University of Florida also is a member of the
prestigious Association of American Universi-
ties (AAU). At the end of June 2001, the
governance structure of UF changed when the
Florida Board of Regents for the 12-member
State University System was dissolved and
replaced by separate boards of trustees ap-

pointed to each state university.
The midterm elections of 2002
included a Florida state constitu-
tion amendment proposal to
establish a statewide board of
higher education, which received
a majority vote approval. As of
this writing, the exact details of
implementing that amendment
are being resolved.

From its humble beginnings
in 1853 to becoming a national
academic leader by 2003, the
University of Florida can
celebrate 150 years of outstand-
ing service to the people of the
Sunshine State.


On more than 2,000 acres, most of it within
the limits of a 100,000-population urban area,
the University of Florida operates out of more
than 900 buildings, with more than 170 of
them with classrooms and laboratories. UF's
facilities have a historical value of more than
$900 million, with a replacement value of more
than $2 billion. The northeastern area of the
campus is listed as a Historic District on the
National Register of Historic Places. The 24
single-student residence areas house some 7,400




4,985 Hamilton
37 Hardee


Indian River

14 Okeechobee
16 Orange
45 Osceola
50 Palm Beach
15 Pasco
89 Pinellas
17 Polk
A43 Putnam
67 St. Johns
12 St. Lucie
7 Santa Rosa
137 Sarasota
'78 Seminole
>89 Sumter
94 Suwannee
5 Taylor
14 Union
167 Volusia
'61 Wakulla
107 Walton
33 Washington


students and five family housing villages house
more than 1,800 married and graduate stu-

dents. The recently completed Hume Hall
Honors Residency Building is the first-ever

Residential College built from the ground up in
the U.S. and will serve only honors students.
The university also opened the new Emerson
Alumni Hall in late summer 2002.

The university hosts an impressive array of

facilities dedicated to honoring the arts, hu-
manities and the sciences. The Florida Museum

of Natural History is the largest natural history/
anthropology museum in the Southeast, and

among the top ten in the nation. Its natural
science collections contain more than 10 million

specimens. In 2001, the museum received a $4.2







The University Libraries
consist of the main research
library and six branch
libraries throughout
campus, along with the
Health Science Center
Library and the Legal
92-93 93-94 94-95 9596 9697 9798 9&99 99-00 00-01 02 Information Center. They
FiscaYear form the largest informa-
tion resource system in the state, containing
more than 3 million volumes within its 10
million document holdings. Library collections
are accessed through the computerized LUIS
online system.

Florida's 67 counties, IFAS
has 1,255 buildings,
3,190,448 GSF and 16,591
acres throughout the state.
These facilities are used for
teaching, research and
demonstrations. For
example, the IFAS facility
in Apopka, Florida consists
of 40,000 square feet of
labs and offices, 11,000
square feet of teaching
spaces, and 115,000 square
feet of greenhouse and
other environmental space.


One of only 18 land-grant universities in the
esteemed higher education organization, the
AAU, the University of Florida offers more
programs on a single campus than all but a few
U.S. universities. The University of Florida is a
doctoral/research extensive institution as
categorized by the Carnegie Foundation. It has
17 colleges and more than 150 research, service
and education centers, bureaus and institutes.
These bring together faculty and student
scholars from various academic programs to
provide research and development services in all
areas of state interest. Nearly 100 undergradu-
ate majors are offered. More than 1,900
freshmen and sophomores participate in the
honors program, which offers 90-100 honors
courses per semester. The graduate school
coordinates more than 200 graduate programs.
Professional degree programs include those
offered in dentistry, law, medicine, pharmacy
and veterinary medicine.

As Florida's land-grant university, UF has a
distinguished record of developing Florida
agriculture into a national leader through
research and extension services, stretching the
influence of the university into every county of
the state and beyond.

The University of Florida is conducting a
focused self-study approved by the Southern

Fiscal Year

INCOME (in millions)



Emmit Smith with President Lombardi during his graduation

infrastructure and in classroom renovations and
technology upgrades in the last five years to
meet the needs of modern education in an age
of rapidly changing technology. Further, UF's
freshmen retention rate of 93 percent speaks to
the outstanding quality of the university's entire
academic experience, from counseling to online
programs to aid self-tracking of academic
progress and class registration.

In addition to being academically motivated,
students lead a rich social and extracurricular
life. They belong to more than 500 student
organizations on campus, attend more than
2,000 campus concerts, art exhibits and theatri-

cal productions, guest lectures, sports contests,
and other events a year. UF students participate
in an average of two out-of-class seminars and
lectures a day, and enjoy a variety of outdoor
activities throughout the year.


A distinguished faculty of more than 4,000
attracted $437.2 million in research and
training grants in 2001-2002, up 15 percent
from the previous record-breaking year. The
University of Florida now has 60 Eminent
Scholar Chairs. Nearly two-dozen faculty
members have been selected to the National
Academies of Science and/or Engineering, the
Institute of Medicine or a counterpart in
another nation. Dr. Brij Moudgil, professor of
materials science & engineering and expert in
particle science and technology, is the latest
UF researcher elected to the national acad-
emies. Also, in a national ranking of total
Fulbright awards as of 2001, the University
of Florida stood in the top ten among all
public universities.

The University of Florida has been awarded
national scientific centers to include the
McKnight Brain Institute for the study of
neurological disease; the Engineering Research
Center for Particle Science; and the National
High Magnetic Field Laboratory in Tallahassee

tim-er he iarch, ofnte ofthecrr f our cha rteri m ca togc m itlC~ osupr ~

Florida Smithsonidn Lostitutions award pr ied i t rvdecct

N~itioim f specialties. andltl compeitio fofromMd tid

I tfinished thirdcer Imadei ilo i SasCu o
p r ~ ~ c vrese t I C I C S andlt/Cl deve-lopm ents inlo ~ ~ l i c ls ll o e r lI e c l e c
colior l rllil-midcr obiolo y, geloy ei c tr onic"
,IV t10I C I dTCrI(, m edical sechn ology moingdw i m k lsoico h o- o rh s
"I sport colee rank Sporth amongmrc1 Forll
econometrics, threh tmes the NASA'sit tof

wlicrof heSiitiesoin paten tLts 0I' awarded
wideoid completed of sweepli ofi allis thre Suth


1998 and 2000. Providing such
effective management of the
university's sports program is
the University Athletic Asso-
ciation, a direct support
organization serving as one of
several component units of the

Aside from varsity sports,
8-99 99-00 0001 0102 University of Florida students,
faculty and staff enjoy first-class
recreational facilities located at
convenient spots on the campus,
SETS with numerous recreational and
fitness programs offered. The
Stephen C. O'Connell Center
and the J. Wayne Reitz Union
provide space for a myriad of
activities. A thousand people can
participate simultaneously in
eight different recreational
activities in the O'Connell
9899 99-00 00-01 01-02
Center, which seats 12,000 for
concerts and other events. The O'Connell
Center also is home to the Gator basketball,
volleyball, swimming and gymnastics teams.
Thousands use the Reitz Union daily for dining,
meetings, games, hotel accommodations and
more. Expansion to union facilities is ongoing
and will result in a new visitors' center and

(in millions)

bookstore. The Student Recreation and Fitness
Center was the first facility dedicated to
recreation at the university when it opened in
1991, and now offers more than 100 fitness
classes per week. The Southwest Recreational
Center is a 100,000-square-foot facility located
on the corner of a 26-acre site that features
lighted outdoor basketball courts, tennis courts
and a tournament-grade four-field softball
complex. The university also hosts some 50
sports clubs, from Aikido to water skiing and
wheelchair basketball and its intramural sports
attracted more than 32,000 participants each
semester during the past academic year.
During 2001, the UF intramural coed flag
football team won the national champion-
ships in New Orleans. Open spaces, small
ponds, picnic areas, shady nooks, and even
an 81-acre wildlife sanctuary and lake on
campus provide venues to enjoy Florida's
year-round outdoor life.


The University of Florida has earned a
national reputation for being an excellent
value. In the last few years, UF has drawn the
attention of various publications. Kiplinger's
Personal Finance magazine in 2002 ranked UF
ninth in its "Top 100 Values in Public Universi-
ties." The 2002 U.S. News and World Report

92-93 93-94 94-95 95-96 96-97 97-98 9
Fiscal Year

(in millions)

Fiscal Year

(in illins) therBY AGENCY
$1I5.3 millons
3% NIH $ 103.9
Foundations NSF 39.2
$48.3 USDA 27.1
1 1% DOD 24.6
H RSA 14.8
State/Local Education 1 1.0
$51.6 NASA 10.9
12% Energy 8.5
Veteran's Affairs 6.6
Other Federal 4.7
Commerce 3.9
EPA 3.7
Industry Federal HHS 3.4
$53.9 $268.1I DOT 3.2
12% 62% Other HHS 1.8
US AID 0.8

Total $ 268.1

rated UF seventeenth amiong all public universi- visionary" goals1, estabished for it 1by\ the Floridai
tics. Moreover, few organizations provide a eiltr 5 year, ag.Toath nvest

return on in1vestmencit like the University of standsc as, one of the largest mid most dynamic
Floridai. For eaich tax dollar invested oni the ins41tittionls Of higher]Ct learning1 III the Uniited
uivem-rsity, UJF generated $5.20 total spenlding i States. However, to fulfilll the needs of the 21Ist
the stat econIomyI, With direct benefits to century world, the university hais established ai
Florida citizensII with discoveries inI science, strmtegic plan designed to adapt resources to
technology, heailthcaire, edutcation mid other meeict priorities. While the governance stru]cture-
aireas. InI the List ten years,, more than 30 UF- of Florlid's, smtct invest continues to
aiffdiiated companmies haive been creaited, while evolve, the Unive%,rsit\ of FloridaL conaltinus to



G74 Claude Pepper Building '
WILLIAM O. MONROE, CPA 111 West Madison Street 850/488-5534/SC 278-5534
AUDITOR GENERAL Tallahassee, Florida 32399-1450 Fax: 488-6975/SC 278-6975

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


We have audited the accompanying financial statements of the University of Florida, a component unit of the State of
Florida, and its aggregate discretely presented component units as of and for the fiscal year ended June 30, 2002, as
shown on pages 23 through 47. These financial statements are the responsibility of the University's management. Our
responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial
statements of the discretely presented component units, as described in the Summary of Significant Accounting Poli-
cies, which comprise 100 percent of the transactions and account balances of the aggregate discretely presented
component units columns. Those financial statements were audited by other auditors whose reports thereon have been
furnished to us, and our opinion on the financial statements, insofar as it relates to the amounts included for these
entities, is based solely upon the reports of the other auditors.
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. Those standards require that we plan and perform the audit to obtain reasonable assur-
ance 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 finan-
cial statement presentation. We believe that our audit and the reports of the other auditors provide a reasonable basis
for our opinions.
In our opinion, based on our audit and the reports of the other auditors, the financial statements referred to above
present fairly, in all material respects, the financial position of the University of Florida and of its aggregate discretely
presented component units as of June 30, 2002, and the respective changes in financial position and cash flows, where
applicable, thereof for the fiscal year then ended, in conformity with accounting principles generally accepted in the
United States of America.
As described in the Summary of Significant Accounting Policies, the University adopted Governmental Accounting
Standards Board Statement No. 35, Basic Financial Statements and Management's Discussion and Analysis for
Public Colleges and Universities, and related pronouncements as of and for the fiscal year ended June 30, 2002.
The MANAGEMENT'S DISCUSSION AND ANALYSIS on pages 17 through 22 is not a required part of the financial
statements, but is supplementary information required by the accounting principles generally accepted in the United
States. We have applied certain limited procedures, which consisted principally of inquiries of management regarding
the methods of measurement and presentation of the supplementary information. However, we did not audit the infor-
mation and express no opinion thereon.
In accordance with Government Auditing Standards, we have also issued our report dated January 31, 2003, on our
consideration of the University's internal control and on our tests of its compliance with certain provisions of laws,
administrative rules, regulations, contracts, and grants. That report is an integral part of an audit performed in accor-
dance with Government Auditing Standards and should be read in conjunction with this report in considering the results
of our audit. That report will be included as part of our separately issued audit report on the University.
Respectfully submitted,

William O. Monroe, CPA
January 31,2003


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; ipM.l ::ec; ncr
'[,ilhe Nc:.r.-:uni r.'Zn i
Total Assets

_lui a. Li;bilitie:
N..o.l Liabin Lbitie
Total Liabilities

Net Assets:
Ir..e: ed Inr. C -;.sI : :e: nei .:, I i l;-.id d-ieb
P e:r ..: t-
Ur.e : r.:cie.

Total Net Assets

$ 6 1 7, ,
919 I

$ I 663 I

$ 79': 2
716 7

$ I 276 5



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,-' ,,nl .o," L.:. rnue
''Fie ;rir.? ELc .:: :

N-:-n.:-|: P.ins Re.ru : 6 Expen:c:

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'Crhei RP .Enue: ELpe:.n:: '.,n .: :.i L-.::e:

Increase in Net Assets

Restated Net Assets Beginning ol Year

Net Assets End ol Year


T hi li ,, i. ,r. 1 i ., ,...s iL ,n ,rL,.l i \* 1i, 1, r,.r ,,s

Ir,' \ il'l'l ii .L i r rl, .r i., L iir rulll l I .l ILL, ( 1., [ I i-r ir i lI i

N iI -. i i I 1p1I i, Ii I i -.

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r i, ii \.h. I lc i 1 I I tI rh I'. n i r.,I rhl n .r.I iir iii r l i \.

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Sj-i: ir.d S.,'.:e: I E.u-: jri.:-njl C'- [nreni::

Total Operating Revenues

hl rrll. i-l; I

I.27? 2

$ C? i:i

$ c, 2

$ 9 ??

S I I,2

$ 2?I

S I1h33 1:
$ ,i .

t 7s,,

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I 1 N I\ I R',NI\ I' ()1I II() II)\ \ (


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I it i,.'11 11, ili. \ |ri. i ,i ,. .. iII rh i L li ri Tll ii tl l i l i i l J I- itI i -

riiiis. T hii ii i l i..,i iMr. H is. l i i r.. i ,r. rh l. l .F r ,I I, 'F itI
r li l I I ll ir i I l J i l lh l ll I ii I. I irl Hl II rlIf l t i r ii IIir I I .

Natural Classilication nll.d iI
P :.:.nrr,. S i ...:.e: $ i6? .4
'.:.r.[r -.:r u-li Ser ..: : .6 5
LU ,lr i.'-3 r.'- n c.r','L. ur..:M .:C.rl -1 ? -4
M;l .i I-,l: ",r, Su .ple. : .0 3
P pIF';.i: r.. M -,r., i r,:,r.c.: 23 0
l .:h.I:.- :h.p ni .' : 4- ?
LE-p *:i.r:-n 70 ?
5.E ll-lrI.ui,"n.:-e -l liii. : in.-j E I:-n:e: II 1'
Cqhl-,. 6? 4
Total Operating Expenses $ i 2 72

Functional Classification r n,.,.:.i
I ,r: e: u.:l r:., $ 41.

I:"ndimi .: Supp.:- c: ?i
l-if ! h p ..::,:. 76 3

Inr. P iul:. :.nr. Su:ppl:": ? i'
OC' .e :'.:.r.~ ;,. M ,.r.innrr,.: .:.1 Pl;r.n 66 "
Scudirc S .,.:c: 27
S.:.l':,J.13 : "nrd F.-ll :,. :h. .p-S II I:
Cchc. 1:1

Total Operating Expenses $ i 27 2


I i o:, d I ,p,, ,r,, ,, I i, 1 ,I, rr | l irL l II .
I 1 1 1 1 1 "1 lI I r in i I I It. Ir I I I I I I ', r r L I I 's p I 11 r II i 1 -|

rli Nin I r- I, 11. 11 ir i i I. \ I. i L. 1 1 ( |I, A t, rh- ,.

Ir [ \i, Ni 1.F li Ioi l 1,\rl I .I rh

N operating R e ad (Expenses )

S r.. :e "p I: *: : ,; r. ,: n
In. e : [n,.nc In.:.:,n.
Cqihe. N-:-..:,perril:; in ..nu.
Ir.otl e: c c.rn, R'-p.ie s :::[.e.13[:.d C'ab
TC[tl.,- N.:.ri.:,per-nil:rn Elpgre-3

Total Net Nonoperating Revenues

$ nIV 4

i., 2
7 4i
I i61

$ .2, 2

()[ II'()N IN 1I liN ll ()1I 111I 1 \1 ()1 II() I I)\


T h. Ills. I lr. ,. c l i .. .i '. l I l c ..ir l i..t l I Ir. lI' l -

r,,i. .I m' rs InII. itr. i .l iii.r rn l l l f ', r i'h lii rl,. 'i il.m ,

,il r ,r .,r ,',| ,. -ii ir i ir, T Iw. 1,,I1h .,\ ii,.i i .1 / s

rhi. I, i I ,, i L .m n \| li, ni. I L "111,

Othe Revenue, E ,

T -,pir.:l I : T r. .:. .r.l: -. i ;. r.
ToI i r:r: T. F1n; c.r.m.:Irirue UsLI

Total Other Revenues


$ 29'

t -'2


T hi \ r.ir ici .i, r .1it k Ih l I \,, s. ,,1, 1i. ,i it i'i, ,i, riii .. l I r

r lii.,- ir t.i tr., .... i ,,lI. % t l i iri. i I i i% I ,i- rlh ti, l ii.

T h i *r i ri ii'i i r ssi tii si r oi1 i i i h 1 iII rl i t II -

12 ti,. I ,. 1 1i, ii 1 r., rli I. 11 i ,..l I,'h rhi, (,A "' 1 1.

I|11 ,.- a. of.1 Ci. ., :

Cash Flows From: n,
Operating Activities
ST.:.,c Pr.:..,d.: : $ .,4 2
T.:.rr U:d I I 1In 61
Total $ 1442

Noncapital Financing Activities
S .r i 'pplI *p .:.lI r.,.: $ 5,:n,5
'P'c ii i.n- Sub: i.d' -: ind T, in:lmc: 5,

Total $ 5

Capital and Related Financing Activities
'-pi'i l pp .:.p..' c,'i r.: Sutb,.'ri- Ti r :lc r
,: r c : r ,. l -i r : $ c 5 8

Pu.-:h :,:.: .:.1 p -,l ::. :I 1 3 41
PF n.:ip l n.d incr:cir; Pi.j. :.n 1- ip-Il lt 1r. ird L j; I I I
Total i51l 21

Investing Activities
N i[ ',-;:-, PF. .de.d t., Ir. c:[.r,; .:,..,:. : $ 2

Net Change in Cash and Cash Equivalents $ 22 I

Cash and Cash Equivalents Beginning ol Year $ .>,.

Cash and Cash Equivalents End ol Year $ i 2 7


II iii, I pi r~l I ,l lril. 1 I I III III Ir~d JLP .I I I-

li l ,. i n I i l ,..I r.Ih I, i r I it Ii .,. I I I i R I r.I J .I |l |'I, Ii -

rn,. ,,t '-'- 1 il i,,,. I ,i ... ilr, ,.h .11, ..ll t,,l l rh~ I ,.l I, nriIl

rht. II l~ l .. i i ill I, 'Lr' i ll i ii, I irL,.. n .l .i.-

F. in ir Ii l i 1. 1, 2i 1111 i

Caiita AssIIet's, N

L ;rnd
Ir .rl-,; H uc:rul, -,nd _I ,i Inr.:. .:... n'.'i:
Fu nruui : ,r.. Equ.pr.,.nr
L.,, "i, Pi: -.u, ci:
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P:*n ie :C C:;[.fel ir : rt:
Ttl.:.n Cu::.ra lr PI.:.s :

Total Capital Assets

$ II :2
,M ?

2.7 5
6.1 2


, 94 I

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Capital Expense Commtments (in millions

I \N \(,1 II N I I )I '( I is Kl )N \NI).\N.\ I's I


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(amounts expressed in thousands)

Component Units (FYE 2001)
Direct Support Health Science Shands Hospital Combined Totals
University Organizations Center Affiliates and Others (Memorandum Only)
Current Assets:
Cash (Note 2) $ 26,179 $ 61,749 $ 20,710 $ 28,666 $ 137,304
Unexpended General Revenue Releases 67,805 67,805
Investments (Note 3) 334,984 121,187 2,044 43,023 501,238
Accounts Receivable, Net (Note 4) 78,769 36,662 55,071 108,725 279,227
Due from Primary Government/Component Units (Note 5) 99,591 61,893 13,269 2,249 177,002
Loans and Notes Receivable, Net (Note 4) 5,950 1,149 -- 7,099
Inventories 3,870 877 4,747
Other Current Assets 415 3.284 1.396 17.173 22.268

Total Current Assets 617563 286801 92490 199.836 1196.69

Noncurrent Assets:
Restricted Cash (Note 2) 16,797 1,860 18,657
Unexpended General Revenue Releases -Restricted 1,927 1,927
Restricted Investments (Note 3) 78,993 855,070 11,881 167,298 1,1 13,242
Loans and Notes Receivable, Net (Note 4) 27,714 7,089 -- 34,803
Depreciable Capital Assets, Net (Note 7) 818,257 59,644 18,375 366,682 1,262,958
Nondepreciable Capital Assets (Note 7) 100,804 29,104 536 22,352 152,796
Other Noncurrent Assets 1.013 1.886 22.460 58.046 83.405

Total Noncurrent Assets 1.045.505 952793 551 12 614.378 2.667.788

TOTAL ASSETS $1&6633068 $1,239,594 $147,602 814214 $%3864 478

Current Liabilities:
Accounts Payable $ 26,225 $ 15,808 $ 8,855 $ 92,290 $ 143,178
Accrued Salaries and Wages Payable 18,946 317 14,635 21 33,919
Due to Primary Government/Component Units (Note 5) 12,192 61,803 2,479 5,038 81,5 12
Deferred Revenue 38,516 64,142 45 34 102,737
Deposits Held in Custody 6,010 145 10 38 6,203
Long-Term Liabilities Current Portion: (Note 9)
Bonds and Revenue Certificates Payable 5,763 800 661 8,399 15,623
Installment Purchase Agreements Payable 149 1,474 1,623
Capital Leases Payable 65 249 314
Compensated Absences Payable 5,635 1,045 900 -7,580
Liability for Self-Insured Claims 6,884 6,884
Other Liabilities 7010 5115 77 12202

Total Current Liabilities 120,385 151.070 32,949 107,371 411,775

Noncurrent Liabilities: (Note 9)
Bonds and Revenue Certificates Payable 129,204 26,900 15,016 262,220 433,340
Installment Purchase Agreements Payable 209 2,618 2,827
Capital Leases Payable 4,004 -666 6,471 11,141
Compensated Absences Payable 99,173 115 10,901 110,189
Liability for Self-Insured Claims 31,599 31,599
Other Noncurrent Liabilities 32,147 7,251 61604 101002

Total Noncurrent Liabilities 264,189 59,162 33,834 332.913 690098

TOTAL LIABILITIES 384,574 210.232 66.783 440.284 1.101.873

Invested in Capital Assets, Net of Related Debt 790,217 41,975 I 1,219 106,665 950,076
Endowment 527,394 -- 527,394
Loans 46,872 46,872
Capital Projects 123,317 62,854 -186,171
Debt Service 3,562 -- 3,562
Other Restricted Net Assets 122,937 314,291 1,275 438,503
Unrestricted 191.589 82.848 69600 265990 610.027

TOTAL NET ASSETS 1 278 494 1.029.362 80.819 373,930 2.762.605

TOTAL LIABILITIES AND NET ASSETS $1,663,068 $1,239,594 $ 147,602 $ 814,214 $3,864,478

The accompanying Summary of Significant Accounting Policies and Notes are an integral part of the financial statements.


(amounts expressed in thousands)
Direct Support Health Science Shands Hospital Combined Totals
University Organizations Center Affiliates and Others (Memorandum Only)
Operating Revenues:
Student Tuition and Fees, Net of Scholarship
Allowances of $ 47,71 I $ 133,023 $ $ $ $ 133,023
Federal Grants and Contracts 219,202 219,202
State and Local Grants and Contracts 45,824 45,824
Nongovernmental Grants and Contracts 225,191 225,191
Sales and Services of Auxiliary Operations (Note 10) 72,687 72,687
Sales and Services of Educational Departments 56,761 56,761
Sales and Services of Component Units 33,136 -- 33,136
Hospital Revenues -3,731 288,340 648,687 940,758
Gifts and Donations Component Units -152,057 18,610 1,403 172,070
Royalties and Licensing Fees Component Units 28,417 224 879 29,520
Interest on Loans and Notes Receivable 973 973
Other Operating Revenues 2,510 2,706 12,962 23,283 41,461

Total Operating Revenues 756,171 220,047 320,136 674,252 1,970,606

Operating Expenses:
Personnel Services 863,430 863,430
Contractual Services 76,520 76,520
Utilities and Communications 43,374 43,374
Materials and Supplies 67,275 67,275
Repairs and Maintenance 23,554 23,554
Scholarships and Waivers 45,345 45,345
Depreciation 76,348 76,348
Self-Insured Claims and Expenses 13,949 13,949
Loan Cancellation and Receivable Write-offs 245 245
Other Operating Expenses 63,182 195,165 332,087 661,689 1,252,123

Total Operating Expenses (Note 12) 1,273,222 195,165 332,087 661,689 2,462,163

Operating Income (Loss) (517,051) 24,882 (I 1,951) 12,563 (491,557)

State Appropriations 505,391 505,391
Investment Income (Loss) 19,603 (44,199) 2,929 14,576 (7,091)
Interest on Capital Asset-Related Debt (7,354) (7,354)
Other Nonoperating Revenues (Expenses) 8,539 (583) (11,920) (3,964)

Net Nonoperating Revenues (Expenses) 526,179 (44,199) 2,346 2,656 486,982

Income (Loss) Before Other Revenues, Expenses, 9,128 (19,317) (9,605) 15,219 (4,575)
Gains, or Losses

Capital Appropriations 39,131 39,131
Capital Grants, Contracts and Donations 40,715 -- 40,715
Addition to Permanent Endowments 45,790 100 45,890
Transfers To/From Component Units or Primary Gov 4,316 (3,090) 18,717 19,943

Total Other Revenues, Expenses, 84,162 42,700 18,717 100 145,679
Gains, or Losses

Increase in Net Assets 93,290 23,383 9, 12 15,319 141,104

Net Assets, Beginning of Year 1,185,204 1,034,579 71,707 357,738 2,649,228

Adjustment to Beginning Net Assets (Note 19) (28,600) 873 (27,727)

Adjusted Net Assets, Beginning of Year 1,185,204 1,005,979 71,707 358,61 I 2,621,501

Net Assets, End of Year $1.278494 $1,029,362 $ 80,819 $ 373,930 $2,762,605

The accompanying Summary of Significant Accounting Policies and Notes are an integral part of the financial statements.


(amounts expressed in thousands)

Student Tuition and Fees $ 131,354
Grants and Contracts 469,455
Sales and Services of Auxiliary Operations 71,749
Sales and Services of Educational Departments 52,099
Repayment of Loans Receivable 6,109
Interest on Loans Receivable 992
Other Operating Receipts 22,489
Payments to Employees (856,975)
Payments to Suppliers (216,933)
Payments for Scholarships and Fellowships (45,345)
Loans Issued to Students (6,728)
Payments on Self-Insured Claims (7,893)
Other Operating Expenses 62759)

Net Cash Provided (Used) by Operating Activities (442,386)

State Appropriations 505,391
Direct Loan Program Receipts 119,167
Direct Load Program Disbursements (I19,124)
Operating Subsidies and Transfers 5,423
Funds Held for Others 678
Other Nonoperating Receipts 1,108
Other Nonoperating Expenses ( 70)

Net Cash Provided (Used) by Noncapital Financing Activities 51 1,473

Proceeds from Capital Debt 4,180
Capital Appropriations 54,482
Capital Subsidies and Transfers 4,484
Capital Grants and Gifts Received 36,833
Proceeds from Sales of Capital Assets 90
Other Receipts for Capital Projects 249
Purchases of Capital Assets (138,444)
Principal Paid on Capital Debt and Leases (5,790)
Interest Paid on Capital Debt and Leases (7,264

Net Cash Provided (Used) by Capital and Related Financing Activities (51.180

Sale of Investments 643,423
Purchase of Investments (657,980)
Interest on Investments 18.789

Net Cash Provided (Used) by Investing Activities 4,232

Net Increase (Decrease) in Cash and Cash Equivalents 22,139

Cash and Cash Equivalents, Beginning of Year 90.569

Cash and Cash Equivalents, End of Year $ 112,708

Operating Income (Loss) $ (517,051)
Adjustments to Reconcile Net Operating Income (Loss)
to Net Cash Provided (Used) by Operating Activities
Depreciation Expense 76,348
Changes in Assets and Liabilities:
Receivables, Net (25,743)
Inventories (271)
Other Assets 423
Accounts Payable (5,940)
Accrued Salaries and Wages Payable 1,141
Liability for Self-Insured Claims 6,056
Deferred Revenue 17,314
Deposits Held for Others 22
Compensated Absences 53 15


The accompanying Summary of Significant Accounting Policies and Notes are an integral part of the financial statements.



For the Fiscal Year Ended June 30, 2002

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


In prior fiscalyears, Florida's public universities were governed by
a Board of Regents, and their financial activities were reported in the
State of Florida's financial statements as part of the primary govern-
ment. Effective July 1, 2001, the Legislature amended Section 229.003,
Florida Statutes, abolishing the Board of Regents and transferring its
operations to the Florida Board of Education, which is responsible
for overseeing kindergarten through graduate studies education. In
addition, the Statute provided for separate boards of trustees a p pointed
by the Governor for each university. Although the University is part
of the State University System, regulated and coordinated by the
Florida Board of Education, effective July 1, 2001, it became a sepa-
rate public instrument ta li ty.

Criteria for defining the reporting entity are identified and described
in the Governmental Accounting Standards Board's (GASB) Codifi-
cation of Governmental Accounting and Financial Reporting Stan-
dards, Sections 2100 and 2600. Application of these criteria deter-
mines potential component units for which the primary government
is financially accountable and other organizations for which the na-
ture and significance of their relationship with the primary govern-
ment are such that exclusion would cause the primary government's
financial statements to be misleading or incomplete. Based on the
application of these criteria, effective July 1, 2001, the University
became a component unit of the State of Florida.

The governing body of the University is its Board of Trustees. The
Board constitutes a body corporate composed of twelve (12) mem-
bers appointed by the Governor and one student member. During
the fiscal year, the Board of Trustees was under the general direction
and control of the Commissioner of Education, the Chancellor of the
Division of Colleges and Universities, and was governed by Florida
law and rules of the Florida Board of Education. By statute, the
Board of Trustees selects the University President and the Florida Board
of Education must ratify the candidate selected. The University Board
of Trustees adopts University rules and procedures, and plans for fu-
ture needs of the University. The University President is respon-
sible for the management of the University, and has the ultimate
responsibility for administering the policies prescribed by the
Board of Trustees.


Based on the application of the criteria for determining compo-
nent units, the University of Florida Healthcare Education Insurance
Company (UFHEIC) is included within the University Board of Trust-
ees' reporting entity as a blended component unit. The UFHEIC was
created on September 1, 1994, as a self-insurance mechanism created
pursuant to Section 240.213, Florida Statutes. Although legally sepa-
rate from the Florida Board of Education, the company is reported as
if it is part of the primary government, because all shares of stock are
owned by the Florida Board of Education and the company's sole
purpose is to assist in providing liability protection for the Florida
Board of Education, and affiliated individuals and entities.


Based on the application of the criteria for determining compo-
nent units, the following organizations are included within the Uni-
versity Board of Trustees' reporting entity as discretely presented com-
ponent units. The University further categorizes its identified com-
ponent units as Direct Support Organizations, Health Science Center
Affiliates and Shands Hospital and Others. Additional information
on the University's component units, including copies of audit re-
ports, is available by contacting the University Controller's Office.



The University's direct support organizations, as provided for in
Section 240.299, Florida Statutes, and Florida Administrative Code
Rule 6C-9.011, are considered component units of the University of
Florida and therefore the latest audited financial statements of these
organizations are included in the financial statements of the Univer-
sity by discrete presentation. These are separate, not-for-profit cor-
porations organized and operated exclusively to assist the University
to achieve excellence by providing supplemental resources from pri-
vate gifts and bequests, and valuable education support services. The
Statute authorizes these organizations to receive, hold, invest and ad-
minister property and to: make expenditures to or for the benefit of
the Universit. An annual post audit of each organization's financial
statements is conducted by independent certified public accountants.
The annual report is submitted to the Auditor General and the Uni-
versity Board of Trustees for review. These not-for-profit corpora-
tions and their purposes are explained as follows:

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

University of Florida Research Foundation, Inc. promotes, encourages,
and assists research activities of the University through income de-
rived from or related to the development and commercialization of
intellectual properties, which include inventions, discoveries, processes,
and work products.

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

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

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

Florida Foundation Seed Producers, Inc. supplies Florida farmers and
producers with crop seed and nursery stock. This organization stocks
foundation seed of the best-known varieties acceptable to Florida cli-
mate and soils in adequate quantities and at reasonable prices.

Florida 4-H Foundation, Inc. promotes the educational objectives of the
Florida Cooperative Extension Service.

Florida Association of Basic Medical Scientists, Inc. promotes research
and education in the basic medical sciences.

Southwest Florida Research and Education Foundation, Inc. provides re-
search and educational support to the University of Florida South-
west Florida Research and Education Center.

Citrus Research and Education Foundation, Inc. expedites citrms produc-
tion, propagates new plant materials and environmental impact
research data, and provides research and education support to
the University of Florida Citrus Research and Education Center
at Lake Alfred.

University of Florida Tissue Bank, Inc. procures, develops, processes,
and distributes human tissue for transplantation, in support of the
education, research, and service programs of the Iepartment of Or-
thopedics, College of Medicine. (l)ecertified as a Direct Support Or-
ganization in February 2001)

Florida Leadership and Education Foundation, Inc. was formed to fur-
ther agriculture and natural resource education and related activities,
promote agriculture and natural resources leadership, and make con-
tributions to and confer benefits upon the University.

Treasure Coast Agricultural Research Foundation, Inc. supports, encour-
ages, and fosters research, education, and extension at the Institute
of Food and Agricultural Sciences of the University on issues related
to the citrus industry within the Indian River region.

University of Florida Alumni Association, Inc. supports activities of the
alumni of the University of Florida.

University of Florida Research and Development Park, Inc. promotes,
encourages, and assists the research activities of the faculty, staff, and
students of the University and facilitates the transfer of their discov-
eries, inventions, processes, and work products to public use, all
through the development of the University's research and develop-
ment park. (Inactive)


The financial operations
and financial position of
several corporations closely
affiliated with the Univcr-
sity of Florida J. Hillis
Miller Health Science Ccn-
ter (HSC) are considered to
be component units of the
University of Florida and
therefore the latest audited
statements of these organi-
zations are included in the
financial statements of the
University by discrete pre- -
sentation. The first seven '
corporations listed are Fac- *
ulty Practice Plans, as pro-
vided for in the Florida Ad-
ministrative Code Rule 6C-
9.017. The Faculty Practice Plans provide educationally-oriented clini-
cal practice settings and opportunities through which faculty mem-
bers provide health, medical, and dental care to patients as an inte-
gral part of their academic activities and their employment as faculty.
Because these fa cult practice activities generate income, the colleges
are authorized to regulate fees generated from faculty practice and
maintain Faculty Practice Plans for the orderly collection and distri-
bution of fees. These organizations provide significant support for


the clinical instruction function of the HSC. University of Florida
Health Services, Inc. and University of Florida Jacksonville Healthcare,
Inc., Health Services Support Organizations, as provided for in the
Florida Administrative Code Rule 6C-9.020, engage in strategic alli-
ances and partnerships with non-academic entities, effecting man-
aged care contracting and provider network development for the HSC.
Faculty Clinic, Inc. was originally organized to operate a multi-spe-
cialty clinic. However, effective January 1, 1995, Faculty Clinic, Inc.
was restructured to operate as a facilities management company.
Jacksonville Health Education Programs, Inc. operates the Borland
Medical Library in Jacksonville, Florida.

Florida Clinical Practice Association, Inc. and University of Florida
(UF) College of Medicine Academic Enrichment Fund (AEF)
UF Jacksonville Physicians, Inc.
Faculty Associates, Inc. and UF College of DentistryAEF
Florida Health Professions Associations, Inc. and UF College of
Health Professions AEF
UF College of Nursing Faculty Practice Association, Inc. and UF
College of Nursing AEF
UF College of Pharmacy Faculty Practice Association, Inc. and UF
College of Pharmacy AEF
Florida Veterinary Medicine Faculty Association, Inc. and UF
College of Veterinary Medicine AEF
UF Health Services, Inc.
UF Jacksonville Healthcare, Inc.
Faculty Clinic, Inc. d.b.a. UF Faculty CliniclJacksonville
Jacksonville Health Education Programs, Inc.


Shands Teaching Hospital and Clinics, Inc. was incorporated Octo-
ber 15, 1979, as a not-for-profit corporation. Shands, a major ter-
tiary care teaching institution, is a leading referral center in the State

of Florida and the southeast United States and facilitates medical edu-
cation programs at the University.

Shands entered into a contractual agreement, as of July 1, 1980,
with the State Board of Education of the State of Florida, as subse-
quently restated and amended, which provides for the use of hospital
facilities at the University of Florida Health Center through Decem-
ber 31, 2030, with renewal provisions. The contractual agreement
also provides for the transfer to Shands of all other assets and liabili-
ties arising from the operation of the hospital facilities prior to July 1,
1980. At termination of the contractual agreement, the net assets of
Shands revert to the State Board of Education. Legal title to all build-
ings and improvements transferred to Shands remains with the State
of Florida during the term of the contractual agreement. The con-
tractual agreement provides for a 12-month grace period for any event
of default, other than the bankruptcy of Shands. In addition, the
contractual agreement limits the right of the State Board of Educa-
tion to terminate the contractual agreement solely to the circumstance
in which Shands declares bankruptcy and, in such event, requires net
revenues derived from the operation of the hospital facilities to con-
tinue to be applied to the payment of Shands' debts.

Under the terms of the contractual agreement, Shands is obligated
to manage, operate, maintain, and insure the hospital facilities in sup-
port of the programs of the Health Center at the University of Florida
and further agrees to contract with the State Board of Education for
the provision of these programs.

Baby Gator Child Care Center, Inc. was incorporated October 19,
1970, under Florida Statutes, Chapter 240.531, to establish and op-
erate an educational research center for child development for chil-
dren of University of Florida students, faculty, and staff. The Center
is funded primarily through fees paid by parents and an annual allo-
cation of funds from the Capital Improvement Trust Fund established
by the former Board of Regents of the State of Florida. In addition,
the Center receives other governmental assistance.


The Center uses a facility owned by ihe University without charge.
The University also provides other services and support for the Cen-
ter, some also without charge. The Center's policy is to not record
contributed facilities, services, and other support in its financial

University Village Apartments, Inc. (the Corporation) was established
in 1969, for the purpose of providing housing for low and moderate-
income families, especially those affiliated with the University of
Florida. Capital was contributed at inception by the University of
Florida Foundation, Inc., but no capital stock was issued because the
Corporation does not operate for the benefit of any special interest.

The Corporation provides housing under Section 221(d)(3) of the
National Housing Act. The facility consists of twenty-eight two-story
buildings regulated by the U. S. Department of Housing and Urban
I)velopment (HUI)) as to rent charges and operating methods. The
Corporation's major program is its Section 221 insured loan, which
is in the repayment phase. Legal title to the property is held by the


The University's accounting policies conform to generally accepted
accounting principles applicable to public colleges and universities as
prescribed by the Governmental Accounting Standards Board (GASB).
The National Association of College and University Business Officers
(NACUBO) also provides the University with recommendations pre-
scribed in accordance with generally accepted accounting prin-
ciples promulgated by GASB and the Financial Accounting Stan-
dards Board (FASB).

In Novem ber 1999, the Governmental Accounting Standards Board
(GASBr issued GASB Statement No. 35, Basic Financial Statements
and Mlanagement's Discussion and Analysis fJr Public Colleges and
Universities. This Statement includes public colleges and universities
within the financial reporting guidelines of GASB Statement No. 34,
Basic Financial Statements and Management's Discussion and Analy-
sisfor State and Local Governments. GASB Statement No. 35 a allows
public colleges and universities the option of reporting as a special-
purpose government engaged in only business-type activities, engaged
in only governmental activities, or engaged in both governmental and
business-type activities. The universities of the State University Sys-
tem (SUS), including the University of Florida, elected to report as
entities engaged in only business-type activities. This election requires
the adoption of the accrual basis of accounting and entity-wide re-
porting including the following components:

Management's discussion and Analysis
Basic financial statements:
1) Statement of Net Assets
2) Statement of Revenues, Expenses, and Changes in Net Assets
3) Statement of Cash Flows

Notes to financial statements (includes Summary of Significant
Accounting Policies)
The University of Florida is a componentunitof the State of Florida
for financial reporting purposes. The financial balances and activi-
ties included in these financial statements are, therefore, also included
in the State's comprehensive annual financial report.


The basis of accounting refers to when revenues, expenses, and
related assets and liabilities are recognized in the accounts and re-
ported in the financial statements. Specifically, it relates to the timing
of the measurements made, regardless of the measurement focus ap-
plied. The University's financial statements are presented using the
economic resources measurement focus and the accrual basis of ac-
counting. Revenues, expenses, gains, losses, assets, and liabilities re-
sulting from exchange and exchange-type transactions are recognized
when the exchange takes place. Revenues, expenses, gains, losses,
assets, and liabilities resulting from nonexchange activities are gener-
ally recognized when all applicable eligibility requirements, includ-
ing time requirements are met. Auxiliary service departments ac-
count for interdepartmental transactions as reductions of expenses
and not revenues of those departments.

The University's principal operating activities consist of instruc-
tion, research and public service. Operating revenues and expenses
generally include all fis-
cal transactions directly
related to those activities
plus administration, op-
er ation and mainten ance
of plant assets, and de-
preciation on capital as-
sets. Included in nonop-
erating revenues are
State appropriations,
investment income and
revenues for capital
construction projects.
Interest on asset-related
debts is a non-operat-
ing expense.

The University fol-
lows FASB Statements ...
and interpretations issued onr before Novem ber 30,1 989, Account-
ing Principles Board Opinions, and Accounting Research Bulletins,
unless those pronouncements conflict with GASB pronouncements.

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




For the Fiscal Year Ended June 30, 2002


In connection with dte implementation of GASB Statements
Nos. 34 and 35, the University adjusted beginning fund bal-
ances to account for the cumulative effect of the accounting
change regarding accumulated depreciation on capital assets
as of June 30, 2001 and the capitalization of previously ex-
pensed infrastructure. This change converts fund balances to
net assets. Table 1 summarizes these changes:

Description IIa l(10U;j and.r I

Fund Balances, Beginning ol Year

To i record accumulated depi ciationr, a3 o,
lune 30. 20:01 per C-ASE Statenient Nos 34 and 35
To, record preiousl, unreco:ided ilr.ras.ri uctui e
per GC.SB Sraternents No% 34 and 3S

Adjusted Net Assets, Beginning ol Year

S 2,037,428

I 864.552




The amount reported as cash consists of cash on hand, cash in
demand accounts and cash held in the State of Florida Trea-
sury. Cash in demand accounts is held in banks qualified in
accordance with the provisions of Chapter 280, Florida Stat-
utes, as a public depository. Deposits are fully insured by Fed-
eral depository insurance or collateralized with securities held
in Florida's multiple financial institution collateral pool re-
quired by Chapter 280, Florida Statutes. Revolving funds

authorized by the State
Comptroller for deposit in
banks in Italy totaled
$100,000. As of June 30,
2002, actual deposits in
foreign banks totaled


The University partici-
pates in investment pools
through the State Treasury
and dihe State Board of Ad-
mninistration in accordance
widt the provisions of Sec-
tions 18.125 and 21.5.49, Florida Statutes. These investment
pools operate under investment guidelines established by
Section 215.47, Florida Statutes. The University's invest-
nients in these pools are reported at market value.

Additionally as authorized by Section 240.213(2), Florida Stat-
utes, and specifically authorized by the former Board of Re-
gents in 199.5, the University has invested assets of the Healdth
Center Self-Insurance Program outside the State Treasury. Lo-
cal in vestments consist of instruments listed in Section 215.47,
Florida Statutes, and are reported at market value. The Univer-
sity has also received donations of marketable securities. These
securities are reported at market value.

Generally accepted accounting principles require the classifi-
cation of credit risk of investments into the following three

C,,..a...r., 2

y ...vc La t2y I RA .yIt

United Stte. Go;.i nment and Fede-nllI, -Guranteed Obligltion;
Bonds and Note;
Certific llte oI Deposit
Toul C'IaIilfied In.es'itn'ienr



$ 765 493

$ 21.689.585

$ 41: 696 001 $

E teinal In.estr.ent Pool
Flo, da State Treasur,
Florida Sutae Board of Administration
Mone, Market and Mutual Funds

Total University Investments

$ 21.689.585

41 461 494

359 762 918
759 01::
I 1993,901

$ 413,977.303



r~,> r, 1 IM-1rkne 1 .1-1,,

Cer tiic tes Ill Deposi Ill0 356,000I rcIl ,It 31 ll Ih
To sl Cl atsfe goyd Inesm nts lrdii $280,398 ,,,4 i% Till,9,63 308 ,0
Lnetm n Agrem nt 4 5 0I3 l II,,,549, 1 TJcTc~

Land 1 9,2946 1 N789,847 $ 1A7I3,47 It N 0,4I 88

ConstructiointogressM ~~tj 96l,88, G89 At7RM H5A7 1139,20 90T24[4S

7,aCA ITAL Assets. ercal
Buldngn95,6859 r0,672 Ir 3,3vir fo I r9 982,7t43d,90111
Tnfrastrucltur and Ojither impilroveme ts ,1 64I,7,3 48d,745 1474
FlurnI i -u and Equipmn 44,47-1 502 5 38, Ir 904 45r9Ii[,1,, 8
IfbCary Ieotce I'91,9 15,0073 I,,,,734 1 )1 841 ( ,3 I,-

inds rtmprovementso ,n ri, III

t O1v rlthI1er1 Caitalk Ast s 6.13 92 129JL0 IF89,6 6.034,468tT
ATotal Iaia &ses 1ereial I.1111782 171.177.024 4 r.7 11--32 ,C 715.6 P,812 IIII

Buol~ildig Iprr4316 I6,185,526 3,3I I1936 I7 76 ,5

h Ful rntu 4re and Eqipet 1746 III,930 43l96d1,)11138,480,944 252,144,4601
LibraryTh Resourcesi 12,03,7 i0,TIid 1 ,ip8 ,d4 138,223,60
,It) ro1pe I r t y Unde I ai Lease fUIII F 1 and I3871 J ,00 7I00 -' r6,0
%, tji i i o Lease it I ll rove m ents1, 1 rl ( Itrr o lj r~ 11 d ini r t l ro r o

Beginning Ending CurnLi, rf(1 Fltl
Dsrpin Balance Additions Reductionm Raanne orio

BodN ts, and Leases:
BnsadRevenue Certificates $ 135,724,905 $ 4,198,208 $ 4,955,658 $ 134,967,455 $ 57340 iiitr ti~f -ao l'i,
Intllet Purchases 142,337 740,007 524,090 358,254 1902 LF -
Caia eases 1,182,182 3,181,127 294,848 4,068,461647 1II MAI JLC11 tlk I'h,

Toa od, Notes, Leases 1 37,049,424 8,1I 19,342 5,774,596 1 39,394,170 5,7 23

O h rLa cities: p rI IilI c )n l, -;l, IC l
Co pnated Absences 99,493,423 5,314,771 104,808,194 5,3,7 rilft111 lldtIIIJ ,- h ltldl
Laiiyfr Self-Insured Claims 32,426,799 12,066,71 1 6,010,882 38,482,628 6,8 49 in IrtIrh i- xi o Ipow ,t v

TtlLn-Terrn Liabilities $ 268,969,646 $ 25,500,824 $ 11,785,478 $ 282,684,992 $ 1,9,5

ore 1111, 1"1 11 I 1 III *IlIL -t
Amoun IofIACA~. clci ciIl]kt

1959F I.0000 J dpit000

liottill deiiln 1974t 18r mOrt4lr

h r t h III r or Ir 1 8 C. 0I L64 I a I

Orgia Toa mutOusadn interest Maturity069 0
LI* I""' Bon Se ie Isu Retre Principal Iners Rat Date

Student Housigo Bonds:
I i b g to s(n e 1959F 19550000 1,027 0,00 8 007390.0%2 1
t i al'0 hitl- 11 l 'il 1962 I 00,00 40000 .0%2 0
1984 ~ ~ ~ 2 3500,00 1,645,000 18500 3 ,50.0%2 4

Regen mi Aark ming Gaange Bondnts: rie aiiisB n
I, Ill [it ( dn r 199 1 1 689,5 5 ,0 7,27 0,0 0 1 ,710 ,6 ,6 8 4 2 o5 0 %2 1

f o aea re m n 1998A 10004 0 7270 92500 ,9,15 365t .7%2 1

Acaemi aoni in sB nd D StuetSrie aiiisB ns

9 c m o t T o a ~ n i 175,68 6,9 30 5 ,64 4 ,124 5 4 29S 8 5 t 0 /2 0


Fiscal Year

21:03 $ 5.763 460 $ 6845.431:
2004 6.12 55 6 55-.151
2105 5.967 924 6 263.987
20(6 6 1 I1:.945 5.980 960
20:7 6 378.844 5.685737
2008. 12 31 757.591 23.935 224
2013-17 28829.848 16.149922
2018.22 24 577.467 9.292967
2023-27 14 461.314 3.960215
21:128-30 6.775.010 681,.625
Suboral 136.6338-8 85 3-19.218
Less Bond DiL:couni 1.666 139


$ I2.608 89:1.
12.566 6:06
12.2319 1 1
12 1091.905
55 692.815
44 979.770
33 87,:1.4 34
18 4 21.5 29
7 455.625
I 666 193

$ 134,967,455 5 85,349.218 $ 220.316.673


A summary of pertinent information related to the two capital
leases appears in Table 9.


Capital I eases

Interest Original Balances At
Rate Balances lune 30. 2002

Shands 6'07Space Pr-k.ng Girlge 65 : $ 1.382 470 $ I 158.433
Shandi 80:0-Spice Prking Garage 6 45 : 2981.939 2.91 0028


S 4,364,409 $ 4,068,461

Principal and interest requirements on the above outstanding
balances are presented in Table 10.

Fiscal Year
Ending in Principal Interest Total

discounted at an imputed interest rate of 6.45% and was
recorded at $1,382,470. The asset, "Leased Property Under
Capital lease," was recorded at cost to Shands of $3,000,000.

On March 1, 2000, the University of Florida, acting for and on
behalf of the former Board of Rcgents, entered into a lease agree-
mernt with the Shands Tcaching Hospital and Clinics, Inc.
(Shands), a component unit of the University of Florida. Under
the terms of the agreement, the University of Florida agreed to
lease from Shands an 800-space parking garage (the garage)

Tb- I.LLMN P .U A S *T S
Fiscal Year
Endina in Amount

Total Minimum Pimenur
Le s Interest

Total Present Value

$ 161:.6108
69 054
$ 377.161

$ 358.254

located near the Health Center Administrative Offices for a
period of thirty years beginning March 1, 2000. Rent of
$227,167 annually is due each May 1, beginning Mayl, 2001.
Annual payments of $227,167 for thirty years from the Univer-
sity of Florida to Shands were based on an original construc-
tion cost of $6,815,002 and no interest. For reporting pur-
poses, the lease is considered a capital lease under FASB State-
ment No. 1 3, Accounting gfr Leases. The initial obligation was
discounted at an imputed interest rate of 6.45% and was re-
corded at $2,981,939. The asset, "Leased Property Under Capi-
tal Lease," was recorded at cost to Shands of $6,815,002.


2:i 1 3. 1 7
2022-3 i:


$ 64.751
83 144
503 421
688.1 13

$ 262.416
244-1 023
S132 4113
94?.7 21

$ 327.167
327 167
327 167
1 635.834
1 635.834
681 499

$ 4.068.461 $ 4.492.209 5 8.560.670

1). Compensated Absences Liability

Employees earn the right to be compensated during absences
for annual leave (vacation) and sick leave earned pursuant to
Florida Administrative Code Section 6C-5.920, and pursuant
to bargaining agreements between the Florida Board of Educa-
tion and the United Faculty of Florida. Leave earned is accrued
to the credit of the employee, and records are kept on each
employee's unpaid (unused) leave balance. GASB Statement No.
16 requires that the University accrue a liability in the State-
ment of Net Assets for employees' vested right to receive com-
pensation for fi.ture absences when certain conditions are met,
whereas State appropriations fund only the portion of accrued
leave that is used or paid in the current fiscal ycar. Although the
University expects the liability to be funded primarily from fu-
ture appropriations, generally accepted accounting principles
do not permit the recording of a receivable in anticipation of
future appropriations. Consequently, the recording of the li-
ability for compensated absences, without the corresponding
recognition of such future resources, results in the appearance
of a reduced ability to meet current obligations. At June 30,
2002 the total estimated liability for annual, sick, and compen-
satorv leave, which includes the University's share of the Florida
Retirement System and FICA contributions, was $52,249,943,

riding in rincipal n~ee; Wa

P i l I r t

T r l


$52,212,242 and $346,009, respectively. The current portion
of the compensated absences liability is based on actual pay-
outs over the last three years, calculated as a percentage of
those years' total compensated absences liability. The
University's Total Net Assets balance at June 30, 2002 of
$1,278,493,658 would have been $1,383,301,852 had the li-
ability for compensated absences not been applied against it.


Interdepartmental sales between auxiliary service departments
and other institutional departments have been eliminated from
expenditures and revenues for reporting purposes. The inter-
departmental transactions eliminated in the financial statement
preparation totaled $74,106,960 for the fiscal year ended June
30, 2002.


The University has long-term commitments for assets leased
under operating lease agreements. These leased assets and the
related commitments are not recorded on dhe University's State-
ment of Net Assets, however, the operating lease payments are
recorded as expenses in the Statement of Revenues, Expenses,
and Changes in Net Assets when paid or incurred. Outstand-
ing commitments resulting from these lease agreements are not
considered material and are contingent upon future appropria-
tions. Total building lease expenses (excluding those leases re-
newed on an annual basis) under these agreements was
$1,127,154 for the fiscal year ended June 30, 2002. The
future minimum building lease payments at June 30, 2002
are presented in Table 11.

Table I]. .OPRi N EASES
Fiscal Year
Endina in Payments

$ I ,):3.818
347 18
225 964
64 755

$ 3,192,365


The operating expenses on the Statcmcnt of Revenues, Ex-
penses, and Changes in Net Assets are presented in the natural
classifications. Table 12 presents those same expenses in func-
tional classifications as recommended by NACUBO. The func-
tional classification (instruction, research, etc.) is assigned to a


department based on the nature of the activity which repre-
sents the material portion of the activity attributable to the
department. For example, activities of academic departments
for which the primary departmental function is instruction may
include some activities other than direct instruction such as
research and public service. However, when the primary mis-
sion of the departments consists of instructional program
elements, all expenses of the department are reported un-
der the instruction classification.

Function in 1 li,.i n

Public Se. ..-c
Academic Support
Student Si-. ce!.
Institutional Support
Op'iition' and Maintcnance of Plant
Schola, .hips and Felloships
Auxiliir, Operation5
Loin Operaring Expenses
Depi ecIr ion

Total Operating Expenses

$ 415.906
84 312
27 76-1
II 033
78 566

S 1,273,222


A summary of major construction commitments $1 million or
more at June 30, 2002, are presented in Table 13.


A. Florida Retirement System

Most employees working in regularly established positions of
the University are covered by the Florida Retirement System, a
Sta t-administered cost-sharing multiple-employer public em-
ployee defined benefit retirement plan (Plan). Plan provisions
are established by Chapters 121 and 122, Florida Statutes;
Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida
Statutes; and Florida Rctirement System Rules, Chapter 60S,
Florida Administrative Code, wherein plan eligibility, contri-
butions, and benefits are defined and described in detail. Par-
ticipating employers include all State departments, counties,
district school boards, universities and community colleges.
Many municipalities and special districts have elected to be
participating employers. Essentially, all regular employees of

Current Commitment

Southwest Recreation Center Expansion $ 4,748,800 $ 4,528,686 $ 220,1 14
New Hume Hall 23,985,902 17,372,031 6,613,871
Quarantine Facility-Indian River REC 3,889,000 95,684 3,793,3 16
PK Yonge Laboratory School Structural Emergency Phase 1 8,000,000 1,082,582 6,917,418
Hall of Florida Fossils-Museum of Natural History 1,000,000 562,355 437,645
Reitz Union Expansion 7,000,000 5,018,675 1,981,325
Security Lighting 2,531,003 1,575,173 955,830
Orthopedics Surgery and Sports Medicine Institute 23,000,000 1 1,300 22,988,700
New Bookstore with Attached Parking and Visitor/Welcomne Center 8,300,000 1,481,470 6,818,530
O'Connell Center Improvements 1,500,000 454,842 1,045,158
Murphy Residence Hall Electrical Upgrade 2,500,000 1,749,1 16 750,884
Diamond Village Renovation 4,500,000 1,996,461I 2,503,539
Constans Theatre Addition 7,493,200 329,034 7,1I64,1I66
Genetic and Cancer Research Center 5,200,000 5,200,000
IFAS Gulf Coast REC Renovations and Repairs 1,500,000 573,588 926,412
Weil Hall Renovation 8,382,721 2,278,703 6,104,018
Library West Addition and Renovation 1,736,000 82,469 1,653,531
IFAS Relocation and Construction Trust Fund 5,487,337 1,238,439 4,248,898
1999-2000 Maintenance, Repairs and Renovations 1,395,814 1,256,938 138,876
Lepidoptera Facility 8,400,000 509,675 7,890,325
Development and Upgrade of Active/Passive Recreational Facility 1,700,000 1,700,000
Utility Infrastructure Improvements 1 1,195,869 3,334,610 7,861,259
Pharmacy Building Renovation 1,600,000 290,537 1,309,463
1999-2000 Capital Renewal, ADA and Fire Safety 3,256,900 2,903,831 353,069
Health Professions, Nursing and Pharmacy Complex 29,074,000 15,721,524 13,352,476
2000-01 Maintenance, Repairs and Renovations 9,591,929 5,896,870 3,695,059
2001-02 Critical Deferred Maintenance 6,580,340 298,982 6,281,358


continuing employment with a Florida Retirement System
employer. An employee may participate in the DROP for a
period not to exceed 60 monfls after the participation clec-
tion date. During IROP participation, the deferred monthly
benefit accruing on behalf of the participant, plus interest com-
pounded monthly, is held in the Florida Retirement System
Trust Fund. Upon termination of employment, the participant
receives hie total DROP benefits and begins to receive previ-
ously determined retirement benefits.

The Plan's financial statements and other supplemental infor-
mation are included in the comprehensive annual financial re-
port of the State of Florida, which is available from the State
of Florida, I)partmcnt of Financial Services in Tallahasscc,
Florida. An annual report on the Plan, which includes its fi-
nancial statements, required supplemental information, actu-
arial report, and other relevant information is available from
the State of Florida, Division of Retirement in Tallahasscc,

The State of Florida establishes contribution rates for Plan
members. During the 2001-02 fiscal year, contribution rates
for the employer are presented in Table 14.

Percent ol
Clans. or Plan Crons Salary,
Florida Retirement S.item. Reulr 7 3,:.
Floi da Pei ement S.stcm. Senior Management Serci:e 9 28".
Florida Retirement S.item. Special Risk 18 4--14
Defe red Pet.rement Optional Prognm Applcible to 12 6::
mecnber from ill of the 3bo.e classes or plan
F ,ri n ,.n. r. r. .I-: r .:.. o I, I IF r I

The University's liability for participation in the Plan is limited
to the payment of the required contribution at the rates and
frequencies established by law on future payrolls of the Uni-
versity. The University's total contributions made to the Plan
for fiscal years ended June 30, 2000, June 30, 2001 and June
30, 2002, totaled $32,300,636, $30,526,712 and $26,522,648,
respectively, none from employee contributions.

B. State University System Optional Retircment

Pursuant to Section 121.35, Florida Statutcs, the Florida Leg-
islature created an Optional Retirement Program (Program)
for eligible State University System faculty and administrators.
The Program, which became effective July 1, 1984, was ex-
panded in 1988 to include the State University System Execu-
tive Service. The Program is designed to aid the university
system in recruiting employees by offering more portabil-
ity to those employees who are not expected to remain in
the Florida Retirement System for six or more years.

The Program is a defined contribution plan, which provides
full and immediate vesting of all contributions submitted to
the participating companies on behalf of the participant. Em-
ployees in eligible positions can make an irrevocable election
to participate in the Program rather than the Florida Retire-
ment System, and purchase retirement and death benefits
through contracts provided by certain insurance carriers. Ef-
fective July 1, 2001, the employing university contributes on
behalf of die participant an amount equal to 10.43 percent of
the participant's gross monthly compensation. A small amount
remains in the Optional Retirement Program Trust Fund for
program administrative costs. The remaining contribution is
invested in the company or companies selected by the partici-
pant to create a fund for the purchase of annuities at retire-
ment. The participant may contribute by salary deduction an
amount not to exceed the percentage contributed by the Uni-
versity to his annuity account.

There were 4,256 University participants during the 2001-02
fiscal year. Required contributions made to the Program to-
ta led $24,724,074, including $12,287,279 from employee con-
tributions, on a covered payroll of $247,389,862.


C. Institute of Food and Agricultural Sciences
Supplemental Retirement

In 1984, the Florida Legislature enacted the Institute of Food
and Agricultural Sciences Supplemental Retirement Act to pro-
vide a supplement to he monthly retirement benefit being paid
under the Federal Civil Service Retirement System to retirees of
the Institute of Food and Agricultural Sciences (IFAS) at the
University of Florida. The supplement is designated for IFAS
cooperative extension employees employed before July 1,1 983,
who are not entitled to benefits from cither a State-supported
retirement system or social security based on their service with
IFAS. It was intended to compensate these IFAS employees for
the difference between their Civil Service benefit and the ben-
efits a Florida Retirement System (FRS) member receives, which
include a social security benefit. No additional persons can
become eligible for this supplement.

Employee contributions were $578,308, and employer con-
tributions were $1,285,333. For the 2001-02 fiscal year,
the University's covered payroll was $7,104,524 for 123

1). Other Retirement Programs

Other retirement programs include the Florida Teacher's Re-
tirement System and the U.S. Civil Service Retirement System.
Eight employees were covered by the Florida Teacher's Retire-
ment System during the 2001 -02 fiscal year. Employer contri-
butions were $67,846, and employee contributions were
$37,360 on a covered payroll of $612,761.

Nineteen employees were covered by the U.S. Civil Service Re-
tirement System during the 2001-02 fiscal year. Employer con-
tributions were $114,634, and employee contributions were
$94,294 on a covered payroll of $1,132,527.


Pursuant to Section 112.363, the Florida Legislantire established
the Retiree Healdi Insurance Subsidy (HIS) to assist retirees of
all State-administered retirement systems in paying health in-
surance costs. During the 2001-02 fiscal year, the HIS program
was funded by required contributions consisting of 1.11 per-
cent assessed against the payroll for all active employees cov-
ered in State-administered retirement systems.

Eligible retirees, spouses, or financial dependents under any
State-administered retirement system must provide proof of
health insurance coverage, which can include Medicare. Dur-

ing the 2001-02 fiscal yeai, participants received an extra $5
per mondt for each year of creditable service completed at the
time of retirement; however, no eligible retiree or beneficiary
may receive a subsidy payment of more than $150 or less than
$30. If contributions fail to provide full subsidy benefits to all
participants, the subsidy payments may be reduced or canceled.


A. State Self-Insurance Funds

in accordance with a program for central insurance purchases
adopted by the Florida Cabinet in 1969, the Department of
Management Services has authority to purchase insurance on
behalf of all State agencies. This authority was granted with
the enactment of Section 287.022, Florida Statutes. Other ac-
tions by tie Legislature have resulted in the development of
State self-insurance funds providing hazard insurance for prop-
erty and casualty insurance for State employees workers' com-
pensation, general liability, and fleet automotive liability. The
University participates in these programs. Property losses in
excess of $4 million are commercially insured up to $300 mil-
lion per loss event. Payments on tort claims are limited to
$100,000 per person and $200,000 per occurrence as set by
Section 768.28, Florida Statutes. Calculations of premiums
consider the cash needs of the program and the amount of risk



exposure for each State agency. There have been no significant
reductions in insurance coverage from the prior year coverage.
Settlements have not exceeded insurance coverage during the
past three years.

University employees may obtain health care services through
participation in the State of Florida's group health insurance
plan or through membership in a health maintenance organi-
zation plan under contract with the State. The State's risk fi-
nancing activities associated with State group health insurance,
such as risk of loss related to medical and prescription drug
claims, are administered through the State Employees Group
Health Insurance Trust Fund. It is the practice of the State not
to purchase commercial coverage for the risk of losses covered
by this Fund. Additional information on the State's group healdl
insurance plan, including the actuarial report, is available from
the Division of Group Insurance in the department of Man-
agement Services.

B. University Self-Insurance Programs

The .. Hillis Miller Health Science Center (JHMHC) Self-In-
surance Program and the University of Florida JHMHC/Jack-
sonville Self-Insurance Program were established by dic former
Board of Regents pursuant to the authority of Section 240.213,
Florida Statutes. The Self-Insurance Programs are used to ac-
count for a program of general and professional liability pro-
tection for the Florida Board of Education acting as the six
health colleges of the Health Science Center, including die Stu-
dent Health Service Auxiliary and the Veterinary Medical Teach-
ing Hospital. Hospital professional liability protection is pro-
vided to Shands Teaching Hospital and Clinics, Inc., Shands
Jacksonville Medical Center, Inc., the Shands community- hos-
pitals in Gainesville, Starke, Lakle City and Live Oak, and other
statutorily permitted entities, which voluntarily participate in

the Self-Insurance Programs. The Health Science Center is pro-
tected for losses, which are subject to Section 768.28, Florida
Statutes, including legislative claims bills, which in combina-
tion with the waiver of immunity limits described in Section
768.28, Florida Statutes, do not exceed $1 million per claim.
The Self-Insurance Programs provide $2.5 million per-claim pro-
tection for the participants, which are not subject to the provi-
sions of Section 768.28, Florida Statutes. The per-claim limit
of liability protection for the participants does not exceed $2.5
million per claim in the event more than one protected entity is
involved in the same claim or action. The Gainesville Self-
Insurance Program retains annual aggregate limits of liability
protection of $8.5 million and $9 million for Jacksonville.

Pursuant to the authority of Rule 6C-10.001(2), Florida Ad-
ministrative Code, the University of Florida Self-Insurance Pro-
gram Councils have created the University of Florida Healthcare
Education Insurance Company (HEIC), a captive insurance
company which is wholly owned by the Florida Board of Edu-
cation and which is domiciled in the State of Vermont. HEIC
is managed by a Board of l)irectors created by the Florida Board
of Education for that purpose. HEIC provides $50,000,000 of
per-claim and annual aggregate claims coverage on a claims-
made basis for losses, which are in excess of the protections
afforded by the Self-Insurance Programs. The excess insur-
ance is paid to claimants on a first come-first serve basis.
HEIC fully reinsures all risks underwritten.

Claims settlement and adjustment expenses are accrued as ex-
penses and liabilities of the University of Florida JHMHC Self-
Insurance Program, inclusive of the University of Florida
JHMHC Self-In-
surance Program
(Gainesville), the
University of
Florida JHMHC/
Jacksonville Self-
Insurance Pro-
gram and Univer-
sity of Florida
Healthcare Edu-
cation Insurance
Company, for the
estimated settle-
mernt value of
claims reported as
a "I.iability for
Sel f- In surged


Claims." The estimated settlement value of claims was deter-
mined on the basis of the judgment and experience of manage-
ment and the Self-Insurance Program Councils through a case-
by-case review. Estimated losses from incurred but unre-
ported incidents are accrued based upon the findings of
casualty actu aries.

The amount of "liability for Self-Insured Claims" accrued for
die Self-Insurance Program for ihe 2001-02 fiscal year was
$38,482,628 for compensatory losses and for allocated ex-
penses. The "Liability for Self-Insured Claims" was accrued at
an undiscounted present value.

The aggregate amount of claims liabilities for which annuity
contracts have been purchased in the claimants' names and for
which the related liabilities have been removed from the State-
ment of Net Assets totals $338,684 for the Self-Insurance Pro-
gram at June 30, 2002. These annuities have been assigned
to third parties, and all claimants have fully and completely
released trust fund participants from all actua aand contin-
gent liability.

Changes in the balances of claims liabilities for the Self-Insur-
ance Program during the fiscal years ended June 30, 2001 and
June 30, 2002 appear in Table 1 5.

IIJi!1II .I II |' le : l1 B ,'l' 1Ie.3 .l 5k

nl Voar

Changes in
i- . .


End ol

University of Florida will provide $20,000,000 in operational
support to Shands Jacksonville Medical Center over the next
several years.


Other net asset adjustments were made only when amounts
were considered material in accordance with Accounting Prin-
ciples Board Opinions Nos. 9 and 20 and FASB Statement No.
16. All other non-material adjustments were reported through
current year operations. Table 16 summarizes the total Ad-
justments to Net Assets reported in the Statement of Revenues,
Expenses and Changes in Net Assets.

Descrintion mi, rl..,in..il

2i:i:I-1.i $ 29 F552.2i88 $ 7 -104 305 $S 4 2~ 3.314 i $ 32.426 799
2(.('1-(02 $ 22426.799 $ 12.1:66711 1 6 6010.882 $ 38.482 628


The University is involved in several pending and threatened
legal actions. The range of potential loss from all such claims
and actions, as estimated by the University's attorney and man-
agement, should not materially affect fuhtre operations and
the financial condition of the University.


In November 2002, Shands Teaching Hospital and Clinics, Inc.
(Shands) finalized a Funding Agreement with Shands Jackson-
ville Healthcare, Inc.; Shands Jacksonville Medical Center, a
subsidiary ofShands Jacksonville Healthcare, Inc.; and the City
of Jacksonville. In recognition of this Funding Agreement, the

Gator Boocteri Inc. To remon e endot.mnr.
assets that are reported b, Uni.ersit, of
Florida Foundation Inc
lnl.iiersit, of Flo ida Foundation Inc To
increase liabilir, for amrouns m.nested on
behalf of Uni-.ersiry of Flo, ida related entities
Un.,e si.r 'village Apartment Inc To
Seccrd Net "ssets balance at June 3':) 2(i I

Adjustments to Beginning Net Assets

$ i18 827

19 7731


$ (27,727)


Summary financial information from the most recent avail-
able audited financial statements of direct support organiza-
tions and other component units of the University of Florida,
as mentioned in the Summary of Significant Accounting Poli-
cies, is presented on the following pages.

csiF al Year

lia mains a m s

t IN I I I Y (* 11 ()I\, I I ),2\ A I tjN1 I (A 1111, SIAIL (* H

DIRECT SUPPORT ORGANIZATIONS (amounts expressed in thousands)

University University University Florida
University of Florida of Florida of Florida Foundation
of Florida Research Athletic Gator Law Center Seed
Foundation Foundation Association Boosters Association Producers
613012001 613012001 613012001 613012001 613012001 613012001
Duc, firnm Govcninicnti
Component unts- $ $ 4S,5S6 3,899 $ 3,986 $ 5.4-4
Other Cw-rert Assets 170'2B 2S,44S 21,402 3,13S SS3 1,371
Capital Assets, ret 22,76S (4,5;2 79 1,21S
Other Nonc:Lirrent Assets 742,067 92,623 29,3SS -

TotDI Asscis 93s,660 163,624 1 19,249 7,200 S396 3'06

Duc, to Cnvernmcnv
Component unts 51-4 1 1,9rj5 5S4
(Dthc.i- Currert Li,-bilitic.s 11,71 D 32,110 40,304 E67 3,015 78
Nc,rcLArrent Liablitie 32,147 2'K rj 115

Tc,til LiaAres 95,181 40,1 SU 67,204 2,U87 3. 1 S 6-42

Net Assets
Rcstrcted 17,346 77,939 363 3,7S9 2,0K -
Unrestricted 19,442 4,527 14,7Pn 475 49; 1,22
Inyested in Capr:L-il AssetE,
Net ,F Related Debt I 79 1,216

Total Net Assets $ 840,479 S 123,466 $ 52,044 S4,313 $2,581 S 2,454

Operating keyenLles 29,74 $ 12S,421 $ 39,632 $ 1 3,409 604 I'Ss
C-)perating Fxpenses j76,Q () (57J44 51,166 j2,144 6p) 1'P 9)

C-)perating Ircome Loss) J46,152) 6P,277 1 1,4) 16,265 R'J (2s4)

Noroperatirg Reveriies Fxpenses
nyestrrcrt Income i'LoEs 66 1,340 1, 199 222 40
Addition to Perni,-rcnt Endnwnic.rts 45,761 17 2
T-nnsfers frornito) Primiry 1,780 5,800 14,128 17,4711 6E
and Component Urts

Chare in Net Asets 49,97 74,74S 4,1 4 72 214

Net Assets, Peginring of Year ;0'219 4P,721 47,9 10) 21,142 250; 2,6(2

Adpistrients to Reirnirg Net Assets (,77 (1,P27

Adpisted Net Assets, ReinnirgDF Year P0,446 4P721 479 10) 4' 15 250; 26(2

Net Assets, End of Year $ 84Q,479 123,466 $ 52,044 $ 4,313 $2,581 2,454


I I () 1, 1 N \N('I \LS 1A I 1,1\ It N IS

Florida Southwest Citrus Florida Coast University
Florida Assoc. of Fla. Research Research & University Leadership Agricultural of Florida Total
4-H Club Medical & Education Education of Florida and Education Research Alumni Direct
Foundation Scientists Foundation Foundation Tissue Bank Foundation Foundation Association Support
313112001 613012001 613012001 613012001 613012001 1213112001 613012001 613012001 Organizatims-

$ 2,rjj7 $ $ $ $ $ 1-422 $ $ $ 1,893
913 21 24 122 5SI 43 224,903
62 1 RP,74

3,000 21 92 127 1'91 49 1,239,S94

1,8 3
888 7 2,47 13 89,267
S9,1 i

7 247 1 2 1 (,2 32

1,902 1,2*3 904,S 39
10 21 2S ll 7 22,n4

67 1 41,75

S 2,112 S 21 $ 92 S 120 $ S 1,644 S 36 $ $1,029,362

1,242 40 6 2,C) 09 LISS 220,047
1, 17 1) W 31 1 9 12) 36) 2,95 2 19 16

69 jj 9 1 7 2P) 1,7;7 24,nK

43 99 3 1 99
8 45,790

217) 5,477 1,797 1,090)

(92) 1 Is S,477 IJ6 2s 23_4J3

2,N4 22 n 10 S,477 1,45 61 1,034,S79

2,N4 22 n 10 5,477 1,45 61 1,005,979

$ 2,112 $ 21 $ 92 $ 120 $ S 1,644 S 36 $1,029,362


t IN I I I Y (* 11 ()I\, I I ),2\ A I tjN 1 I (A 1111, SIAIL

HEALTH SCIENCE CENTER AFFILIATES (amounts expressed in thousands)

Florida University of Florida
Clinical Florida Health
P1 actico Jacksonville Faculty Professions
Association Physicians Associates Association
613QIZQ01 613QIZQ01 613QIZQ01 613QIZQ01

Due frc,w Prwary Units 7,5 4 1,7SU 9u
Uchei-Ct rrent As sets 3 7,80 27,446 -4,5 4 2,219
Capital AEsetE, rei 6,190 4,212 -
Otlier NoncLirreri AsEets 34,066 1 1 1,42

Tota I A E sets 35,620 33,S34 4,SS 4,615

DLie to Prirmiry UntE 6 79 -
Otlier Cw-rent Liabrfies 13,3S3 14,907 326 12S
N011CUrrcrt Labr6eE 17,063 6,964 927 1,662

Total LabriteE 30,4 16 22,4SC) IIS3 1,7B7

Nct Asscrs
Unrcstntc.d 49,013 14,419 3,405 2,82E
Invcstc-d ir C,-pirilAsscrsNc.r nf Rc.lircd Dcbt 6,191 1,335

Total Net Assets $ 55,204 $ 11,084 $ 3,405 $ 2,828

Opcrarir7 R(vcnt(s 161,627 $ 1 126,949 $ 7,16E
Opcrarir7 Exc.rscs 177,613 1 15,4411 14,534) 7,1 16)

Operatirg Income JL'oss) I S' 9n 6 1 1'5( 1,22( S2

Nonoperatin, Reveriie (Fxperses)
Irvesurient nco[re 2,06; 232 45 195
other I I
Transfers from,'(tco PririarX (-,overrmert ard 1 '3p j;'I 62 2A 3; 171
Componert Urits

Change in NetAset 1,42( 2,19P 1,227 30

Net Assets, Pegir n ing of Year 5 724 P'nR( 2,17P 2,49P

Net Assets, End ofYear $ 55,204 $ 11,084 $ 3,405 $ 2,828


I 10 1, 1 N \N('1 \LS 1A I 1,1\ It N IS

Nursing Phar-macy Voter-inary University of University of Health Total
Faculty Faculty Medicine Florida Florida Education Health
pi actico Practice Faculty Health Jacksonville Faculty Programs Science
Association Association Association Sel vice$ Healthcare Clinic (Unaudited) Center-
613QIZQ01 61301ZQ01 61301ZQ01 3131JZQ01 61301ZQ01 61301ZQ01 613012QO1 Affiliates

965 709 26 $ 142 2 1-4,29
1,47 2S6 2,924 27 I)o U 2)1 79,221
3,130 S,379 1 ,9 1 1
SB9 36,201

2,432 1,04S 2,9SO 27 3,462 9,0 6 3 291 147,602

1,7s 42 2,479
20 140 2 36 1,217 316 2 30,470
I I 7,300 33,934

20 140 E 36 3,093 7,65E 2 66,783

2,412 905 2,9 2 9 2,6 15 3,9 6 9 289 69,600
2,984 5,379 1 1,219

2,412 $ 905 2,922 (9) 369 1,410 289 80,819

760 175 6,914 3,076 3120, 116
(50; IS6 (4, 1 (4) 12 1 1,12 (1,667)

2s; 31 2,n 3( 12 0) (1,6(7) 12 1 1 S I

I 1 2 P 92 W 2,K;
2 1
11( P, 132 1,621 1 P,71 7

4p 5; 2,K 2 IS( 21 ;, 1 12

1,924 546 369 1,2S4 26U 7 M7

2,412 $ 905 $ 2,922 $ (9) $ 369 $ 1,410 $ 289 $ 80,81 "


t IN I I I Y (* 11 ()I\, I I ),2\ A I tjN 1 I (A 1111, SIAIL (* 11

SHANDSTEACHING HOSPITALAND OTHERS (amounts expressed in thousands)

Shands Total
Teaching Baby Gator University Shands
Hospital Childcare Village Teaching
& Clinics Center Apartments Hospital and
613012001 613012001 613012001 Others
Due fron) Pt iinat y Governn)ent/Con)ponent Units $ 1,971 $ 223 $ 55 $ 2,249
Other Current Assets 197,385 107 95 197,587
Capital Assets, 110T M7,788 41 1,205 M9,04
Other Noncurrent Assets 224,357 987 225,344

Total Assets 811,501 371 2,342 814,214

Dw-, to Frirniry Gc)vct-tit-net)t"Cc)n)pc)tictit Units 4,873 1 1 154 5,038
Othet Current Liabilities 102,104 57 172 102,333
Noncurrent Likilitics 331,761 1,152 332,913

Total Liabilities 438,738 68 1,478 440,284

Net Assets
Restri(-ted 1,275 1,275
Unrestricted 264,864 262 864 265,990
lnvc!ted in Capital Assets, Net (-)f RcliTcd DcbT 106,624 41 106,665

Total Not Assets $372,763 303 $ 864 $373,930

Operating Revenues 672,664 581 1,007 674,252
Operating Expenses (660,012 (616 (1,031) (661,689

Operating Incorno (Loss) 12,622 (3 5' (24) 12,563

NonoperiTing RcvenUeS (Fxpcnso!1)
Investrnent Inconie 14,546 is is 14,576
Addition to P(,,rn)anenT Fnd(-)vvn)cnTs 100 100
Other (11,92()) (11,92())
Trinsfcrs frorn,'Tn) Prii-nary G(wortarnent ind -
Carnponent Units

Change in Net Assets 15,348 (20) -M 15,319

Net Assets, Beginning of Year 357,415 323 357,738

AdjLlstlflentS tQ Beginning Net Assets 873 873

AdjUsTcd NOTAsSOTS, Beginning nf Ycar 57,41 5 2 8 7 58,61 1

Net Assets, End of Year $372,763 $ 303 $ 864 $373,930




A segment is an identifiable activity (or grouping of activities),
that has one or more bonds or other debt instruments out-
standing, with a revenue stream pledged in support of that
debt. In addition, the activity's revenues, expenses, gains and
losses, assets, and liabilities are required to be accounted for
separately. The following financial information represents iden-
tifiable activities of the University for which one or more bonds
or other debt instruments are outstanding. Transportation and

Parking Services provides the University with safe and adequate
parking facilities. Several parking garages have been constructed
from the proceeds of rventue-backed debt instruments. The
Division of Housing provides safe, affordable living space for
students of the University of Florida. Several revenue bonds
have been issued over the years to provide funding for the con-
struction of facilities to house students of the University. A
summary of the activity for these segments is presented below.


Transportation and
D iu c

r ii i.iiii u i -iH i ii

Current A4."e;
Capitl 4.;ec; r.n t
Other Noncu.rent Assets

Total Ase.u

ar ing services v soo uig

$ 5.003 340
34.668 963
41) 1_279


$ 10098.949
61 221.109
16 .61 514

87681 592

,Current Liabilitie,
Noncu, rent Liabilitie,

Total Lnbilitre

Net Asee:
Rest crted
Un e~trircted
In.ested in Cap a31l Aets. Net of Related Debt

Total Net Assets

Revenues iExpense i
Opertring Reenue;
Deprecianon Expense
OChe COperatin? Expenre.

Net Operatin- Incom I Loss I

Nonoperrtr.g Pe.enues EIxpere
Inesimen Incnome
Interest E pen:n.e
Capital RelaIed Expendicures
T. answers

Net Nonoperatinr Peenues IExpen.es'i

Change in Nret "iset

Net Asieti. Bernning of rfar

Net Assets, End ol Year

Netr Ca.h P-o.ided IU:.edi b,
Operatinrg Actne's
Noncipral Finan.cing "c.'t, e.
Capr.al and Pelih ed Finan.ing A:crt ter s
In..estin lctittlie.
Net Increase iDec easei in Cash and Cash Equi.alents
Cash and -Cash Equi, alent:. Beginnin- of Year

Cash and Cash Equivalents, End ol Year

3 056.999
1.:1l3 268

4.635 318

$ 12,825,933

$ 9676.1:'41:
11 831 3621

$ 10,888,972

$ 26.484 999
12 :"0 9.77:1I
(23. 154,48 1,

I 624.321 :

II 289 1481
S170 7321

1,320 748

1.845 910
I3.697 4-17
|142 3671
1 00:9.62451
853 267


I 185.588

I 1640,345

$ 12,825,933

$ 3.258 036
S3 221 2161
1274 681

$ 304,197

12. 150:.282,


I 1.718506

S 10,888,972

$ 5 868.48.:i
389 994
120 89I1.05'I
2 153.493

S 9,676,416

2.969 1113

7? -17.649

76 792 620

8 145.967

t IN I I I Y (* F] ()I\, I I ),2\ A I tjN 1 I (A 1111, SlAlF, H

FINANCIAL AID ADMINISTERED for the Fiscal Year Ended June 30,2002 (Unaudited)

Number of Aid
Recipients Disbursed

Federal Prograrns
Pell Grants 7,461 $ 17,572,225
uprflenienud Educations Opr)ortunity Grants 2,291 2343,282
Perkins Student Loans 1,991 4,573,082
Health Professions %ident Loans 94 569,475
Direcc Loans 19,439 1 19113,804
Total Federal Financial Aid Administered 31,276 $ 144,171,868

State Programs
University of Florida Short Tenn Loans 81 $ 704,045
Student Aid For Lducacion (SAFL) Loans 80 122,204
University of Florida Lonla Tern) Loans Sl 7 762,W
Total Loans Adi-niniscered 1,428 $ 1,588,392

Scholarships and Grants:
Racing 477 43,078
State of Florida Fin. Aid Prog. 30,980 4,133,577
Lottery TrUSL Grant Funded VVaivers 650 1,41SS09
Total Scholarships and Grants Administered 32,107 ,982,1 6

Total State Financial Aid Administered 33,535 $ 57,570,558

Other Scholarships and Grants
111SMUL1011al Grants:
Cnllege Awardod Scholarships 1 1,213 $ 2,932,698
Graduate Need-Based Schularship Waivers 3S 42,890
Graduate Tuition Romission Waiwrs 10,84 10,594,4.2
General Scholarships 4,751 10,410,?02
Total IHStitLfuOllal Grants 26844 $ 46,980,242

Custodial Sclinlarships
TLIttion. Trusts, Clubs, Service Organizations, eLC. 4,?46 6,766,898
Total Other Scholarships and Grants 31,090 $ 53,747,139

Fee Waivers
Non-Resident TuiL1011 WaiVel-S 4,960 $ 12,998,SO2
Other Waiwrs 10,464 1 1,878,473
Total Fee Waivers Administered 15,424 $ 24,876,975

Total Financial Aid Administered $ 280,366,540


President Yhtouig speaks at athe naugunrl Conva nation
c'lebadig U1'4 150/h annisary on January 10, 2003

The University of Florida 2001-2002 Annual Financial
Report was prepared by the Finance and Accounting
Division of the Office for Finance and Administration


University of Florida Office of Public Relations
K. A. Crooks


University of Florida Office of New & Public Affairs
Myda lamiceli and Cindy McMillcn


University of Florida Office of News & Public Affairs
Ray Carson, Herb Press, UF Archives

John P. Kruczek
University Controller
Post Office Box 113200
Room 111, Tigcrt Hall
Gainesville, Florida 32611-3200

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