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

16. Component Units (continued)

Capital Assets Capital assets are stated at cost, if purchased, or fair value at date of receipt, if acquired by gift. Land improvements, buildings, and equipment are depreciated over their estimated useful lives using the straight-line method. Capital assets, net of accumulated depreciation, totaled $590.4 million and $620.3 million at fiscal year end 2015 and 2014, respectively. Capital asset classifications are summarized as follows (in thousands): 2015 2014 Land and land improvements $ 36,154 38,405 Buildings 663,658 687,497 Equipment 118,683 116,728 Artwork and library books 28,465 26,634 Construction in progress 37,208 31,766 Total capital assets 884,168 901,030 Less accumulated depreciation 293,778 280,758 Capital assets, net $ 590,390 620,272 Long-term Debt The component units have entered into various financing arrangements, principally through the issuance of Industrial Development Agency, Local Development Corporation, and Housing Authority bonds, for the construction of student residence hall facilities. The following is a summary of the future minimum annual debt service requirements for the next five years and thereafter (in thousands):

Investments All investments with readily determinable fair values have been reported in the financial statements at fair value. Realized and unrealized gains and losses are recognized in the statement of activities. Gains or losses on investments are recognized as increases or decreases in unrestricted net assets unless their use is temporarily or permanently restricted by explicit donor stipulations or by law. Investments of the State University discretely presented component units were $2.04 billion and $1.95 billion as of June 30, 2015 and 2014, respectively. The composition of investments is as follows (in thousands): 2015 2014 Equities - domestic $ 642,370 606,335 Equities - international 330,492 317,140 Non-equities 436,500 451,870 Multi-strategy funds 225,029 222,738 Equity partnerships 152,532 111,035 Hedge funds 147,756 132,798 Real assets 90,327 91,315 Other investments 16,887 17,663 Total investments $ 2,041,893 1,950,894

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Year ending June 30:

2016 $ 14,023 2017 15,878 2018 13,411 2019 13,499 2020 46,170 Thereafter 314,944 $ 417,925