2016_SUNY_Optometry_PRR

T H E S T A T E U N I V E R S I T Y O F N E W Y O R K

Notes to Financial Statements June 30, 2015 and 2014

2015 2014

The State University hospitals have agreements with third-party payors, which provide for reimbursement to the hospitals at amounts different from the hospitals’ established charges. Contractual service allowances and discounts (reflected through State University hospitals and clinics sales and services) represent the difference between the hospitals’ established rates and amounts reimbursed by third-party payors. The State University has made provision in the accompanying financial statements for estimated retroactive adjustments relating to third-party payor cost reimbursement items. 12. Federal Grants and Contracts and Third-Party Reimbursement (continued) 13. Condensed financial statement information of the Research Foundation The condensed financial statement information of the Research Foundation, contained in the combined totals of the State University reporting entity in accordance with GASB accounting and reporting requirements, is shown below (in thousands): $ 470,249 463,305 Capital assets 211,681 206,673 Other assets 53,219 41,552 Total assets $ 735,149 711,530 Liabilities Current liabilities 282,736 319,663 Noncurrent liabilities 384,603 322,467 Total liabilities 667,339 642,130 Net position Invested in capital assets, net 46,369 33,982 Unrestricted 21,441 35,418 Total net position 67,810 69,400 Total liabilities and net position $ 735,149 711,530 Condensed Balance Sheet 2015 2014 Assets Current assets

14. Subsequent Events In September 2015, PIT Revenue Bonds were issued totaling $408.6 million for the purpose of financing capital construction and major rehabilitation for educational facilities. On June 30, 2014, the State University through a related party, Downstate at LICH Holding Company (DLHC), entered into a Purchase and Sale Agreement (PSA) with Fortis Property Group, LLC (Fortis) to sell the LICH property. Under the agreement, the real estate, improvements and related personal property will be sold to an affiliate of Fortis. As outlined under the PSA there are expected to be three separate closings to consummate the sale. An initial closing was held on September 3, 2015 and Fortis made a payment of $98 million in exchange for certain property. These proceeds, plus $22 million of Operating expenses Instruction 91,729 79,220 Research 535,047 562,313 Public service 114,806 122,706 Institutional support 129,307 149,209 Other operating expenses 39,187 43,542 Depreciation and amortization expense 43,435 37,025 Total operating expenses 953,511 994,015 Operating income (loss) 13,986 (12,297) Net nonoperating (expenses) revenues (15,576) 50,779 Change in net position (1,590) 38,482 Net position at the beginning of the year 69,400 30,918 Net position at the end of the year $ 67,810 69,400 Cash flows from operating activities $ (15,538) 114,025 Cash flows from noncapital financing activities 10,452 (18,797) Cash flows from capital and related financing activities (50,030) (93,801) Cash flows from investing activities 55,082 (2,100) Net change in cash (34) (673) Cash - beginning of year 219 892 Cash - end of year $ 185 219 Condensed Statement of Cash Flows 2015 2014

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Condensed Statement of Revenues, Expenses, and Changes in Net Position

2015 2014

Operating revenues Federal grants and contracts $ 485,712 499,688 State grants and contracts 113,807 173,531 Private grants and contracts 286,014 230,039 Other operating revenues 81,964 78,460 Total operating revenues 967,497 981,718