2016_SUNY_Optometry_PRR

2 0 1 5 A N N U A L F I N A N C I A L R E P O R T

Notes to Financial Statements June 30, 2015 and 2014

14. Subsequent Events (continued)

and advancement of the welfare of campuses, the State University and its students, faculty, staff and alumni. The foundations receive the majority of their support and revenues through contributions, gifts and grants and provide benefits to their campus, students, faculty, staff and alumni. The auxiliary services corporations act as independent contractors, operate, manage, and promote educationally related services for the benefit of the campus community. In addition, the reported amounts include student housing corporations, nonprofit organizations that operate and administer certain housing and related services for students. All these organizations are exempt from federal income taxes on related income pursuant to Section 501(a) of the Internal Revenue Code. All of the financial data for these organizations was derived from each entity’s individual audited financial statements, reported in accordance with generally accepted accounting principles promulgated by FASB, the majority of which have a May 31 or June 30 fiscal year end. The financial statements of the discretely presented component units were not audited in accordance with Government Auditing Standards. Separately issued financial statements of the component unit entities may be obtained by writing to: Net Asset Classifications Unrestricted net assets represent resources whose uses are not restricted by donor-imposed stipulations and are generally available for the support of the State University campus and affiliated entity programs and activities. Temporarily restricted net assets represent resources whose use is limited by donor-imposed stipulations that either expire by the passage of time or are removed by specific actions. Permanently restricted net assets represent resources that donors have stipulated must be maintained permanently. The income derived from the permanently restricted net assets is permitted to be spent in part or in whole, restricted only by the donors’ wishes. The State University of New York Office of the University Controller State University Plaza, N-514 Albany, New York 12246

the initial down payment held by the DLHC, totaling $120 million, was paid to DASNY and used to defease certain PIT bonds (Series 2012D) and cover related costs associated with the LICH properties in the amount of $116.4 million. The balance of $3.6 million is being held in escrow at DASNY and will be applied to future debt service obligations of the State University. 15. Restatement of beginning of the year net position The provisions of GASB No. 68 have been applied to the beginning of the 2015 fiscal year net position. The following is a reconciliation of the total net position as previously reported at July 1, 2014 to the total restated net position (in thousands): Total net position as previously reported at July 1, 2014 $ (1,034,760) Restatement to beginning net position (423,848) Total net position at July 1, 2014 (restated) $ (1,458,608) As discussed in note 8, the result of adopting GASB No. 68, the State University is required to report its proportionate share of the net pension liability (asset) for the State University as reported by the ERS and TRS pension plans. As a result the beginning net position was restated by $235.8 million. The restatement to the beginning net position also reflects the total pension payable of $188.0 million for the State University’s participation in the pension amortization program offered under the ERS Plan. 16. Component Units The reported totals of the discretely presented component units include campus-related foundations, auxiliary services corporations, and student housing corporations. These related entities are campus-based, legally separate, nonprofit organizations. The campus-related foundations are responsible for the fiscal administration of revenues and support received for the promotion, development

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