Table Of Content

A A F N N C L REPORT I I HE UNIVERSITY OF NORTH CAROLINA AT WILMINGTON 25 UNCW Financial Report 1993-94 The University ofNorth Carolina atWilmington Table ofContents LetterofTransmittal 2 StudentData 3 Current Funds 4 Endowment 5 SummaryofCurrentFunds 6 BalanceSheet 8 StatementofChanges inFundBalances 1 StatementofCurrentFundsRevenues, Expenditures, andOtherChanges 1 ConsolidatedBalanceSheet 14 NotestoFinancial Statements • 1 TheBoard ofTrustees and UniversityOfficers 23 The University ofNorth Carolina at Wilmington is committed to equality ofeducational and employment opportunity. The University does not discriminate against applicants, students, or employees based on race, color, national origin, religion, creed, sex, age, disability, political affiliation, sexual orientation, orrelationshipto otheruniversity constituents. The University is opentopeopleofall racesandactively seekstopromotecampus diversity byrecruitingand enrollingalargernumberofminority students. Further,theUniversity providesapreference inhiringamongsubstantially equally qualified candidates to minorities or females where these groups are under-utilized within the University. QuestionsregardingprogramaccessshouldbereferredtotheComplianceOfficer, UNCWChancellor'sOffice, 601 S. CollegeRoad, Wilmington,NC 28403-3297, (910) 395-3835; 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 submit the 1994 Financial Report forThe University ofNorth Carolinaat Wilmington. The report contains trend data on the student body current fund revenue and expenditure growth, and a five yearcomparison ofcurrent , funds. This information is provided to supplement ourbasic financial statementswhich include a Balance Sheet, Statement ofChanges in Fund Balances, Statement ofCurrent Fund Revenues, Expenditures, and OtherChanges, and a Consolidated Balance Sheet. BusinessAffairscontinuestoworkwith otherdivisionstomaximizebenefitsfrom budgetflexibility. Theadditionalfunding supplied bybudgetflexibilityhasallowedtheUniversitytofurtherexpandfiberopticcapabilitiesthroughouttheUniversity. Additionally,wehavepurchasedavoiceresponsesystemforinitialuseinourregistrationprocess. Thevoiceresponsesystem will eventually allow students to register forclasses, check their student account balances, and interface with the Financial Aid Office from their home telephone. This process will eliminate lines and allow staffto become more efficient and UNCW productive. Flexibility funds, and a special appropriation from the legislature allowed to enchance our Distance LearningCapabilitiesbyconnectiontoMCNCCONCERT(nowNCREN). WitheventualconnectionviatheNorthCarolina Information Highway (NCIH) our ability to transfer uninterrupted instructional information to remote locations in North Carolinawillbeenhanced. Emergingtechnologies,suchas, FiberOptics,VoiceResponse,DistanceLearningandInteractive Mediaare beingadvancedatUNCWwiththehelpofbudgetaryflexibility. Wewill continuetouseourresourceswiselyand efficiently forthe benefit ofour students and the taxpayers ofNorth Carolina. UNCW Thankstothe people ofNorth Carolina, the University Bond Issuewasapproved inNovemberof1993. will receive about $20 million in construction funds from the bond issue. These fundswill supportthe construction ofa 100,000 square foot Physical Science Building, theaddition ofa West Wingon Bear Hall, andextensive renovation ofDeloach Hall. These facilityadditionsandimprovementswillbegintoberealizedintheFallof1996whenweexpecttooccupythePhysicalScience Building. Additionally,planningofourMarineResearchFacilityatMyrtleGrovecontinues. Wehavecompletedconstruction ofthe pier, atacost in excessof$160,000 from campus funds. The legislaturehas provided planning funds intheamountof $1.500,000. This money is being used to develop site and building specifications and design. As we go forward with these construction projects, the expected growth ofthe Universitywill require a continuing dynamic planning processto provide necessaryfacilities in atimelymanner. Currently,weanticipatetheneed foranewclassroom building,additionaldormitory spaces,andaStudentRecreationComplex. WearecurrentlyseekingapprovaloftheseprojectsbythelegislaturethroughUNC General Administration. The financial data in these statements reflectthe continued growth ofthe University. The Business Affairs Division will continueto strivetoprovidethefinancial resourcesrequiredtoensurecontinuedgrowth and improvement in theUniversity. Very truly yours, out R. O. Walton, Jr. Vice Chancellor for Business Affairs UNCW Student Data The charts and tables presented on this page are designed to present the diversity and growth ofthe student body at The UniversityofNorth CarolinaatWilmington. Thesechartsarebasedonthe studentpopulation forthe Fall of1993 semester. In addition to these charts it should be noted that the number ofinternational students increased to forty -one. Status Residency Gender Race Full Time 82.3% In State 86.6% Female 41.4% White 91.4% Part Time 17.7% Out ofState 13.4% Male 58.6% Minority 8.6% Enrollment 1990-1994 Thousands 10,000 8,000 7^03- -6^976- 6,000 4,000 2,000 1990 1991 1992 1993 1994 Year FTE D Headcount UNCW Current Funds The current fund had total revenues of$ 80.01 million to fund current operations for the year ended June 30, 1994. This amount represents an increase of 4.0% over the prior period . Of the total current fund revenues , $51.48 million were recognized as revenue in unrestricted educational and general funds and $22.15 million in total revenueswere generated in auxiliaryenterprises from sales and services, studentfees and investmentearnings. Theremaining $7.37 millionofrevenue were recognized in restricted funds. Current Fund Revenues Current Fund Expenditures % StateAppropriations 581 Instruction/Research 660% Oth.Sources 3.1% % StudentServ. 5.2 Gifts/Contracts 141% FinancialAid 6.3% PhysicalPlant 8.8% Tuition/Fees 24.7% Inst.Support 13.7% The current fund had total expenditures of$76.75 million plus mandatory transfers of$2.98 million for a total of $79.73 million fortheyearendedJune 30, 1994. This compareswithtotalexpendituresandmandatorytransfersof$75.15 million inthepriorperiodwhichrepresents a6.1% increase inexpenditures Expendituresforunrestrictededucational andgeneral . purposes were $52.56 million; auxiliary enterprises, $19.80 million; and unrestricted funds, $7.37 million. CurrentFund Revenues and Expenditures 1990-1994 Revenues Expenditures UNCW The Endowment Fund The University receives support from the endowmentto 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 importantresource forthe University. TheEndowmentFundiscomposed ofgiftsand bequestsfromdonorswhohave stipulatedthattheprincipal istoberetained and investedtoproduce income which mustbe expended in accordance withtheirwishes. The Endowment Fund isalso composedofquasi-endowment fundswhich theBoard ofTrusteeshasdesignatedasendowmentfunds. Quasi-endowment principalis retainedand invested just as other endowment funds; however, the Board can, at its discretion, movethese funds from the endowmentto current funds. The market value ofthe Endowment Fund of the University has increased $2.7 million duringthe past five years from $4.97 million at June 30, 1990 to $7.68 million at June 30, 1994. For this period, the 9.1% average annual rate of increase is attributed to gifts and bequests, transfers from other funds, realized and unrealized capital gains, and reinvestmentofearnings. The Endowment Fund hada total return of $226,227 all of which was available for operatingpurposes. Additionally, the Endowment Fund received $1,550,747 in gifts for that same period. Endowment Fund Assets MarketValue $Millions 10 UNCW Summary of Current Funds Five Year Comparison Years Ended June 30 1994 1993 REVENUES Educational and General: State Appropriations 34,215,209 42.2% $ 33,859,962 43.4% Tuition and Fees 14,531,080 17.9% 12,706,296 16.3% Contracts and Grants 8,311,190 10.3% 9,712,960 12.5% Endowment Income 212,235 0.3% 209,284 0.3% Investment Income 405,322 0.5% 381,586 0.5% Sales and Services 613,797 0.7% 522,432 0.7% Other Revenues 563,938 0.7% 399,388 0.5% AuxiliaryEnterprises: Revenues 22,158,594 27.4% 20,155,113 25.8% Total Revenues $ 81,011,365 100.0% $ 77,947,021 100.0% EXPENDITURES AND MANDATORY TRANSFERS Educational and General: Instruction $ 27,621,892 34.6% $ 26,556,275 35.3% Organized Research 4,674,898 5.9% 5,217,619 6.9% Public Service 918,926 1.2% 798,819 1.1% Academic Support 6,319,925 7.9% 5,376,030 7.2% Student Services 3,097,994 3.9% 2,441,717 3.2% Institutional Support 8,227,801 10.3% 7,172,320 9.5% Physical Plant Operations 5,261,334 6.6% 5,368,008 7.1% Student Financial Aid 3,767,121 4.7% 3,844,144 5.1% Mandatory Transfers 42,441 0.1% 26,697 0.0% Auxiliary Enterprises: Expenditures 16,860,296 21.1% 15,305,985 20.4% Mandatory Transfers 2,939,835 3.7% 3,046,257 4.1% Total Expenditures and Mandatory Transfers $ 79,732,463 100.0% $ 75,153,871 100.0% uncw ma 1992 1991 1990 $ 31,089,364 43.0% $ 31,156,010 48.1% $ 29,606,786 50.3% 11,549,055 16.0% 8,854,069 13.7% 8,111,960 13.8% 9,162,932 12.7% 6,132,520 9.5% 4,568,817 7.8% 214,608 0.3% 270,206 0.4% 270,497 0.5% 353,902 0.5% 312,638 0.5% 189,306 0.3% 414,131 0.6% 509,348 0.7% 361,628 0.6% 309,511 0.4% 238,788 0.4% 212,152 0.4% 19,169,273 26.5% 17,335,159 26.7% 15,490,711 26.3% $ 72,262,776 100.0% $ 64,808,738 100.0% $ 58,811,857 100.0% $ 24,967,862 35.9% $ 23,465,940 36.9% $ 21,561,696 37.2% 4,962,296 7.1% 3,125,521 4.9% 2,205,845 3.8% 665,599 1.0% 562,051 0.9% 563,821 .0% 1 5,023,923 7.2% 4,659,658 7.3% 4,456,993 7.7% 2,308,931 3.3% 2,143,791 3.4% 2,030,674 3.5% 6,069,454 8.7% 5,947,444 9.3% 5,163,467 8.9% 4,952,691 7.1% 4,854,949 7.7% 4,776,602 8.2% 4,105,529 5.9% 3,230,345 5.1% 2,982,915 5.1% 26,697 0.0% 23,649 0.0% 31,783 0.1% 13,701,221 19.7% 12,821,536 20.1% 11,311,250 19.5% 2,706,070 3.9% 2,808,374 4.4% 2,949,905 5.1% $ 69,490,273 100.0% $ 63,643,258 100.0% $ 58,034,951 100.0% UNCW Balance Sheet June 30, 1994 Management Responsibility for Unrestricted Financial Statements General ASSETS The management of The University of Cash $ 5,491,825 North Carolina at Wilmington has prepar- Investments ed the accompanying financial statements Accounts and Notes Receivable (Net) 187,278 in conformity with generally accepted Investment Earnings 47,848 accounting principles applicable to colleges Other Receivables 51,248 and universities. Management feels such Due from Other Funds 118,474 statements present fairly the financial posi- Due from Other Entities 9,309 tion of the University at June 30, 1994, Inventories 167,532 the changes in fund balances, and the current Land and Improvements funds revenues, expenditures, and the trans- Equipment fers for the year then ended. Buildings and Fixed Equipment Other Structures and Improvements In addition, management believes that the Construction in Progress system ofinternal control provides reason- Literature able assurance that the University's assets Total Assets $ 6,073,514 are protected and that the accounting rec- ords are reliable for preparing financial LIABILITIES statements. Such controls include the estab- Accounts Payable 324,702 lishment and dissemination of accounting Accrued Payroll 611,167 policies and procedures, the separation of State Retirement System Payable 43,363 duties, and a program of internal audits in Other Payables 7,716 addition to examinations by external audi- Due to Other Funds 21,492 tors, including the State Auditor. Due to Other Entities 3,525 Notes Payable Bonds Payable (Net) a Interest Payable Contracts Payable - Retainage Deposits Payable 1,172,904 Daniel A. Geddie, CPA Funds Held for Others Director of Financial Reporting Accrued Vacation Leave 1,486,044 Deferred Revenue 1,218,113 Total Liabilities 4,889,026 FUND EQUITY Investment in General Fixed Assets Endowment - True Endowment - Quasi Restricted for Debt Service Other Restricted Funds Unrestricted - Designated Specific Purposes Unrestricted - Undesignated 84,488 Total Fund Equity 84,488 Total Liabilities and Fund Equity $ 6,073,514 UNCW