UNIVERSITY STUDENT UNION

Annual Report 2012 – 2013

Financial Statements

Statement of Financial Position

  2013 2012
ASSETS
Current Assets    
Cash and cash equivalents $7,214,880 $5,685,836
Accounts receivable, net $41,755 $5,406
Prepaid expenses and deposits $49,168 $49,204
Total Current Assets $7,305,803 $5,740,446
Property and equipment    
Equipment and software $1,698,700 $1,441,192
Leasehold improvements $1,025,026 $1,107,686
Accumulated depreciation ($1,555,224) ($1,546,870)
Construction in progress $8,305 $235,336
Total propery and equipment, net $1,176,807 $1,237,344
TOTAL ASSETS $8,482,610 $6,977,790
LIABILITIES AND NET ASSETS
Current liabilities    
Accounts payable $538,380 $899,444
Accrued salaries and related benefits $282,560 $270,377
Deferred revenue $225,865 $229,123
Total current liabilities $1,046,805 $1,398,944
Noncurrent liabilities    
Postretirement benefit payable $987,767 $763,810
TOTAL LIABILITIES $2,034,572 $2,162,754
NET ASSETS $6,448,038 $4,815,036
TOTAL LIABILITIES AND NET ASSETS $8,482,610 $6,977,790

Statement of Activities

  2013 2012
UNRESTRICTED NET ASSETS
REVENUE — UNRESTRICTED
Student activity fees $10,540,000 $8,985,821
Program income $404,505 $284,674
Rental income $665,532 $629,047
Recreation center income $475,534 $302,799
Commission income $150,129 $137,887
Other income $411,835 $159,119
Total revenue - unrestricted $12,948,660 $10,499,347
Net Assets released from restrictions $301,125 $264,857
Total unrestricted revenue $12,948,660 $10,764,204
EXPENSES
Program services $9654,950 $8,060,576
General and administrative $1,380,841 $1,413,569
Total expenses $11,035,791 $9,474,145
Operating income $1,912,869 $1,290,059
NONOPERATING REVENUE
Pension related changes other than
net periodic pension costs		 ($92,749) $705,189
Interest income $584 $442
Net nonoperating revenues ($92,165) $705,631
Increase in unrestricted net assets $1,820,704 $1,995,690
TEMPORARILY RESTRICTED NET ASSETS
Grant revenue $113,423 $452,559
Net assets released from restrictions ($301,125) ($264,857)
Temporarily restricted net assets ($187,702) $187,702
CHANGE IN NET ASSETS $1,633,002 $2,183,392
NET ASSETS AT BEGINNING OF YEAR $4,815,036 $2,631,644
NET ASSETS AT END OF YEAR $6,448,038 $4,815,036