2016_SUNY_Optometry_PRR

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Management’s Discussion and Analysis (Unaudited)

The State University has recorded a long-term litigation liability and a corresponding appropriation receivable of $563 million and $508 million at June 30, 2015 and 2014, respectively (almost entirely related to hospitals and clinics) for unfavorable judgments, both anticipated and awarded but not yet paid. In March 2013, the State enacted legislation to authorize the State University to assign to DASNY all of the State University’s rights, title and interest in dormitory facilities revenues derived from payments made by students and others for use and occupancy of certain dormitory facilities. The legislation authorized DASNY to issue State University of New York Dormitory Facilities Revenue Bonds payable from and secured by the dormitory facilities revenues assigned to it by the State University. These bonds are special obligations of DASNY payable solely from the dormitory facilities revenues collected by the State University as agent for DASNY. The outstanding obligations under these bonds is reported as collateralized borrowing in the State University’s financial statements. The credit ratings assigned to these bonds in 2014 were as follows: Moody’s (Aa3), S & P (A+), and Fitch (A+). These ratings were unchanged in 2015.

Total operating revenues of the State University increased $205 million in 2015 and $40 million in 2014. Nonoperating and other revenues, which include State appropriations, decreased $71 million and increased $410 million for fiscal years 2015 and 2014, respectively. Total expenses for 2015 and 2014 increased $330 million and $278 million, respectively.

Revenue Overview

Revenues (in thousands):

2015 2013 Tuition and fees, net $ 1,530,594 1,418,319 1,311,753 Hospitals and clinics 2,634,882 2,499,595 2,538,544 Grants and contracts 1,235,369 1,269,459 1,343,088 Auxiliary enterprises 648,368 640,911 614,367 Other operating 205,513 221,047 201,122 Operating revenues 6,254,726 6,049,331 6,008,874 State appropriations 3,135,670 3,085,627 2,833,440 Federal and State nonoperating grants 566,023 536,326 521,957 Other nonoperating 298,472 449,347 305,700 Nonoperating and other revenues 4,000,165 4,071,300 3,661,097 Total revenues $ 10,254,891 10,120,631 9,669,971 2014

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Statements of Revenues, Expenses, and Changes in Net Position

2015 Revenues (in thousands)

The statements of revenues, expenses, and changes in net position present the State University’s results of operations, as well as nonoperating activities. Revenues, expenses, and the change in net position for the 2015, 2014 and 2013 fiscal years are summarized as follows (in thousands):

Other Nonoperating $298,472

Other Operating $205,513

Auxiliary Enterprises $648,368

State Appropriations $3,135,670

Federal and State Nonoperating Grants $566,023

2015 2013 Operating revenues $ 6,254,726 6,049,331 6,008,874 Nonoperating revenues 3,858,795 3,927,018 3,525,614 Other revenues 141,370 144,282 135,483 Total revenues 10,254,891 10,120,631 9,669,971 Operating expenses 10,219,436 9,936,282 9,687,640 Nonoperating expenses 462,625 415,926 386,873 Total expenses 10,682,061 10,352,208 10,074,513 Change in net position $ (427,170) (231,577) (404,542) 2014

Grants and Contracts $1,235,369

Tuition and Fees, net $1,530,594

Hospitals and Clinics $2,634,882

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