Table Of Content

Ini HOP nm i» BR PH9! —M VBHIH il I w mi Jr nHHIffln. — i «1 slal HIHl HHr mi HRII Hi P III ^m III 'HI mm H HHHf ;iill|'i;f!;!;jfflffl« Hi HHta UNCW Financial Report 1994-95 The University ofNorth Carolina at Wilmington Table ofContents LetterofTransmittal 2 StudentData 3 EndowmentFunds 4 CurrentFunds 5 Summary ofCurrentFunds 6 Balance Sheet 8 StatementofChanges in Fund Balances 10 Statement ofCurrent Funds Revenues, Expenditures, and OtherChanges 12 Consolidated Balance Sheet 14 NotestoFinancial Statements 15 The Board ofTrustees and University Officers 25 The University ofNorth Carolina at Wilmington is committed to equality ofeducational and employment opportunity. The University does not discriminate against applicants, students, oremployees based on race, color, national origin, religion, creed, sex, age, disability, political affiliation, sexualorientation,orrelationshiptootheruniversityconstituents. TheUniversity isopentopeopleofallracesandactively seekstopromotecampus diversitybyrecruitingandenrollingalargernumberofminoritystudents. Further,theUniversityprovidesapreferenceinhiringamongsubstantially equallyqualifiedcandidatestominoritiesorfemaleswherethesegroupsareunder-utilizedwithintheUniversity. QuestionsregardingprogramaccessshouldbereferredtotheComplianceOfficer,UNCWChancellor'sOffice,601 S. CollegeRoad,Wilmington,NC 28403-3297, (910)395-3000;(910)350-4050(Fax). A Letter of Transmittal To: Chancellor James R. Leutze and the Board ofTrustees ofThe University ofNorth Carolina at Wilmington I am pleased to submitthe 1995 Financial Report forThe University ofNorth Carolinaat Wilmington. The reportcontains trenddataonthestudentbody,currentfundrevenueandexpendituregrowth,andafiveyearcomparisonofcurrentfunds. This information is providedto supplement ourbasic financial statements which include aBalance Sheet, StatementofChanges inFundBalances,StatementofCurrentFundRevenues,Expenditures,andOtherChanges,andaConsolidatedBalanceSheet. I take this opportunityto thank ourTrustees, Legislators, Administration Staffand the Board ofGovernors fortheirefforts duringthispastlegislativesession. Althoughwedidexperienceasharpincreaseintuitionratesforinandout-of-statestudents, we avoided the disastrous budget cuts that were put forward during this legislative process. Additionally, funding for our Marine Science Facility at Myrtle Grove was approved bythe General Assembly. Business Affairs will work with Marine Science Program administrators to ensure that this facility will have maximum utility for users and we will meet all constructiontimetables. Allcurrentmajorconstructionprojects; ScienceBuilding, BearHallAddition, DeloachandKenan HallRenovationsareonscheduleandwithinbudget. Significantworkhasbeendoneoverthepastyeartoenhancethebeauty andsafetyofourcampus. TheseincludetheBurneyCenterFountain,SoccerField,SceneShop,andimplementationofvarious recommendations from ourrecenttraffic study. Business Affairs continues to take pride in the University's progress in academics, public service, and research. We are dedicated to providing superior supportto these activities within a framework ofcooperation and by exhibiting a "can do" attitude. We keep our grounds and buildings clean and functional. Our campus is safe for our students and staff. We are facilitatorsforcommunityactivitiesoncampusincludingsummerconcerts,AzaleaFestival,PortCityRoostersBaseball,and various cultural events. Although we take pride in our past, we realize that we must look to the future. Higher education continues to represent a dynamic evolutionary challenge. We must embrace change and develop creative processes to be We competitive. look forward to this challenge ofthe future. Verytruly yours, R. O. Walton, Jr. Vice Chancellor for Business Affairs UNCW Student Data The charts and tables presented on this page are designed to present the diversity and growth ofthe student body at The University of North Carolina at Wilmington. These charts are based on the student population for the Fall of 1994 semester. In addition to these charts it should be noted thatthe number ofinternational students increased from 41 in the Fallof1993 to 55 intheFall of1994. TheenteringfreshmanclassfortheFall of1994 hadaverage SATscores of966which is up from 935 forthe previous year's freshman class. Status Residency Gender Race Full Time 80.1% In State 85.8% Female 59.5% White 91.5% PartTime 19.9% OutofState 14.2% Male 40.5% Minority 8.5% Enrollment 1991-1995 Thousands 12,000 10,000 8,435 8,090 8,157 7,898 Z. / 6,976 8,000 6,000 4,000 2,000 1991 1992 1993 1994 1995 Year FTE Headcount UNCW The Endowment Fund The University receives support from the endowment to provide additional resources in many needed areas. Endowment income is used to fund scholarships, professorships, student loans, organized research, and institutional support. These funds are an important resource forthe University. The endowment fund is composed ofgifts and bequests from donors who have stipulatedthattheprincipal istoberetained and invested to produce income which must be expended in accordance with their wishes. The endowment fund is also composed ofquasi-endowmentfundswhichthe BoardofTrusteeshavedesignatedasendowmentfunds. Quasi-endowment principal isretainedand investedjustasotherendowmentfunds; however,theBoardcan,atitsdiscretion,movethesefunds from the endowmentto current funds. The market value ofthe endowment fund ofthe University grew from $7.68 million at June 30, 1994, to $8.79 million at June 30, 1995, an increase of$1.1 1 million. This represents an increase of 14.4% from the previous year. This increase is attributed to gifts, transfers, capital gains and reinvestment of earnings. Through the generosity of many donors the endowment had gifts totaling $483,853 last year. The endowment was able to provide the University with $315,852 of support forthe numerous programs which it funds. Finally the endowment had a total return of8.63% forthe year ended June 30, 1995. Endowment Fund Assets MarketValue UNCW Current Funds The current fund had total revenues of$ 88.28 million to fund current operations for the year ended June 30, 1994. This amount represents an increase of 9.0% over the prior period. Of the total current fund revenues, $56.49 million were recognized as revenue in unrestricted educational and general funds and $23.26 million in total revenues were generated in auxiliaryenterprisesfrom salesandservices, studentfeesand investmentearnings. Theremaining $8.53 millionofrevenue were recognized in restricted funds. These charts represent education and general revenues and expenditures. Current Fund Revenues Current Fund Expenditures StateFunds56.9% Instruction68.4% OtherInc. 2.9% StudentServ.5.0% FinancialAid5.8% Gifts,Grantsl5.0% PhysicalPit.8.8% Tuition/Fees25.2% Inst.Support12.0% The current fund had total expenditures of$82.47 million plus mandatory transfers of$2.82 million for a total of $85.29 millionfortheyearendedJune 30, 1995. Thiscompareswithtotalexpendituresandmandatorytransfersof$79.73 million in the prior period which represents a 7% increase in expenditures Expenditures for unrestricted educational and general . purposes were $56.28 million; auxiliary enterprises, $17.66 million; and unrestricted funds, $8.53 million. CurrentFund Revenues and Expenditures 1991-1995 Revenues Expenditures UNCW Summary of Current Funds Five Year Comparison Years Ended June 30 1995 1994 REVENUES Educational and General: State Appropriations $ 37,005,184 41.9% $ 34,215,209 42.2% Tuition and Fees 16,368,407 18.5% 14,531,080 17.9% Federal Contracts and Grants 8,388,514 9.5% 7,012,786 8.7% State Contracts and Grants 242,848 0.3% 138,333 0.2% Private Contracts and Grants 1,127,259 1.3% 1,160,071 1.4% Endowment Income 248,153 0.3% 212,235 0.3% Investment Income 508,844 0.6% 405,322 0.5% Sales and Services 647,295 0.7% 613,797 0.8% Other Revenues 487,697 0.6% 563,938 0.7% AuxiliaryEnterprises: Revenues 23,262,493 26.3% 22,158,594 27.3% Total Revenues $ 88,286,694 100.0% $ 81,011,365 100.0% EXPENDITURES AND MANDATORYTRANSFERS Educational and General: Instruction $ 30,247,890 35.5% $ 27,621,892 34.6% Organized Research 5,887,039 6.9% 4,674,898 5.9% Public Service 1,573,167 1.8% 918,926 1.2% Academic Support 6,640,491 7.8% 6,319,925 7.9% Student Services 3,239,100 3.8% 3,097,994 3.9% Institutional Support 7,763,265 9.1% 8,227,801 10.3% Physical Plant Operations 5,680,666 6.7% 5,261,334 6.6% Student Financial Aid 3,774,973 4.4% 3,767,121 4.7% Mandatory Transfers 79,698 0.1% 42,441 0.1% Auxiliary Enterprises: Expenditures 17,663,765 20.7% 16,860,296 21.1% Mandatory Transfers 2,741,566 3.2% 2,939,835 3.7% Total Expenditures and Mandatory Transfers $ 85,291,620 100.0% $ 79,732,463 100.0% UNCW 1993 1992 1991 $ 33,859,962 43.4% $ 31,089,364 43.0% $ 31,156,010 48.1% 12,706,296 16.3% 11,549,055 16.0% 8,854,069 13.7% 8,355,636 10.7% 7,732,375 10.8% 4,780,714 7.3% 102,416 0.1% 106,267 0.1% 796,848 1.2% 1,254,905 1.6% 1,324,290 1.8% 554,958 0.9% 209,287 0.3% 214,608 0.3% 270,206 0.4% 381,586 0.5% 353,902 0.5% 312,638 0.5% 522,432 0.7% 414,131 0.6% 509,348 0.8% 399,388 0.5% 309,511 0.4% 238,788 0.4% 20,155,113 25.9% 19,169,273 26.5% 17,335,159 26.7% $ 77,947,021 100.0% $ 72,262,776 100.0% $ 64,808,738 100.0% $ 26,556,275 35.3% $ 24,967,862 35.9% $ 23,465,940 36.9% 5,217,619 6.9% 4,962,296 7.2% 3,125,521 4.9% 798,819 1.1% 665,599 1.0% 562,051 0.9% 5,376,030 7.2% 5,023,923 7.2% 4,659,658 7.3% 2,441,717 3.2% 2,308,931 3.3% 2,143,791 3.4% 7,172,320 9.6% 6,069,454 8.8% 5,947,444 9.3% 5,368,008 7.1% 4,952,691 7.1% 4,854,949 7.7% 3,844,144 5.1% 4,105,529 5.9% 3,230,345 5.1% 26,697 0.0% 26,697 0.0% 23,649 0.0% 15,305,985 20.4% 13,701,221 19.7% 12,821,536 20.1% 3,046,257 4.1% 2,706,070 3.9% 2,808,374 4.4% $ 75,153,871 100.0% $ 69,490,273 100.0% $ 63,643,258 100.0% UNCW Balance Sheet June 30, 1995 Current Funds Unrestricted General Proprietary Restricted ASSETS Cash 297,991 S5 6,299,454 $ 860,161 Investments 13,036 Accounts andNotes Receivable (Net) 192,819 468,061 InvestmentEarnings 62,104 OtherReceivables 112,037 25,440 79,138 Due from Others 128,915 89,412 566,445 Inventories 176,354 859,843 Land and Improvements Equipment Buildings and Fixed Equipment Other Structures andImprovements Construction in Progress Literature Total Assets $ 6,970,220 $ 7,742,210 $ 1,518,780 LIABILITIES Accounts Payable 413,079 $ 220,781 $ 65,411 Accrued Payroll 670,247 68,180 90,627 OtherPayables 24,366 26,433 3,542 Dueto Others 75,690 41,561 3,461 Notes Payable Bonds Payable (Net) InterestPayable Contracts Payable - Retainage Funds Held for Others Deposits Payable 1,548,575 320 Accrued Vacation Leave 1,653,950 259,312 657 DeferredRevenue 1,179,783 56,251 Total Liabilities 5,565,690 672,838 163,698 FUND EQUITY Investment in General Fixed Assets Endowment - True Endowment - Quasi Restricted for Debt Service Restricted forRepair and Replacement Other Restricted Funds 1,355,082 Unrestricted - Designated Specific Purposes Unrestricted - Undesignated 1,404,530 7,069,372 Total Fund Equity 1,404,530 7,069,372 1,355,082 Total Liabilities and Fund Equity $ 6,970,220 $ 7,742,210 $ 1,518,780 The accompanying notes are an integral partofthe financial statements. UNCW