Students Smileing

Annual Report

2011 – 2012 / University Student Union, Inc.

Financial Statements

Statement of Financial Position

  2012 2011
ASSETS
Current Assets    
Cash and cash equivalents $5,685,836 $3,410,117
Accounts receivable, net $5,406 $49,397
Prepaid expenses and deposits $49,204 $42,678
Total Current Assets $5,740,446 $3,502,192
Property and equipment    
Equipment and software $1,441,192 $1,323,436
Leasehold improvements $1,107,686 $965,532
Accumulated depreciation ($1,546,870) ($1,336,149)
Construction in progress $235,336 -
Total propery and equipment, net $1,237,344 $952,819
TOTAL ASSETS $6,977,790 $4,455,011
LIABILITIES AND NET ASSETS
Current liabilities    
Accounts payable $899,444 $226,172
Accrued salaries and related benefits $270,377 $238,059
Deferred revenue $229,123 $147,280
Total current liabilities $1,398,944 $611,511
Noncurrent liabilities    
Postretirement benefit payable $763,810 $1,211,856
TOTAL LIABILITIES $2,162,754 $1,823,367
NET ASSETS $4,815,036 $2,631,644
TOTAL LIABILITIES AND NET ASSETS $6,977,790 $4,455,011

Statement of Activities

  2012 2011
UNRESTRICTED NET ASSETS
REVENUE — UNRESTRICTED
Student activity fees $8,985,821 $6,350,000
Program income $284,674 $278,990
Rental income $629,047 $720,716
Recreation center income $302,799 -
Commission income $137,887 $131,438
Other income $159,119 $125,676
Donations and grant revenue - $14,120
Total revenue - unrestricted $10,499,347 $7,620,940
Net Assets released from restrictions $264,857 -
Total unrestricted revenue $10,764,204 $7,620,940
EXPENSES
Program services $8,060,576 $5,765,585
General and administrative $1,413,569 $1,685,515
Total expenses $9,474,145 $7,451,100
Operating income $1,290,059 $169,840
NONOPERATING REVENUE
Pension related changes other than
net periodic pension costs		 $705,189 $219,396
Interest income $442 $577
Net nonoperating revenues $705,631 $219,973
Increase in unrestricted net assets $1,995,690 $389,813
TEMPORARILY RESTRICTED NET ASSETS
Grant revenue $452,559 -
Net assets released from restrictions ($264,857) -
Temporarily restricted net assets $187,702 -
CHANGE IN NET ASSETS $2,183,392 $389,813
NET ASSETS AT BEGINNING OF YEAR $2,631,644 $2,241,831
NET ASSETS AT END OF YEAR $4,815,036 $2,631,644