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

Statements of Revenues, Expenses, and Changes in Net Position For the Years Ended June 30, 2015 and 2014 In thousands 2015 2014 Operating revenues:

Tuition and fees $ 2,110,686 1,970,521 Less scholarship allowances (580,092) (552,202) Net tuition and fees 1,530,594 1,418,319 Federal grants and contracts 613,668 632,256 State and local grants and contracts 160,163 220,282 Private grants and contracts 461,538 416,921 Hospitals and clinics 2,634,882 2,499,595 Sales and services of auxiliary enterprises: Residence halls, net 433,781 432,148 Food service and other, net 214,587 208,763 Other sources 205,513 221,047 Total operating revenues 6,254,726 6,049,331 Operating expenses: Instruction 2,469,683 2,315,342 Research 728,789 765,033 Public service 302,311 305,970 Academic support 525,192 517,491 Student services 340,429 317,734 Institutional support 1,011,070 984,454 Operation and maintenance of plant 711,729 683,556 Scholarships and fellowships 237,921 214,144 Hospitals and clinics 2,690,530 2,708,912 Auxiliary enterprises: Residence halls 358,975 332,523 Food service and other 262,573 253,385 Depreciation and amortization expense 552,555 506,557 Other operating expenses 27,679 31,181 Total operating expenses 10,219,436 9,936,282 Operating loss (3,964,710) (3,886,951) Nonoperating revenues (expenses): State appropriations 3,135,670 3,085,627 Federal and State nonoperating grants 566,023 536,326 Investment income, net 47,565 43,029 Net realized and unrealized (losses) gains (5,469) 88,413 Gifts 109,537 103,071 Interest expense on capital related debt (426,909) (399,698) Loss on disposal of plant assets (15,878) (16,228) Other nonoperating (expenses) revenues, net (14,369) 70,552 Net nonoperating revenues 3,396,170 3,511,092 Loss before other revenues and gains (568,540) (375,859) Capital appropriations 23,719 23,684 Capital gifts and grants 65,387 98,913 Additions to permanent endowments 52,264 21,685 Decrease in net position (427,170) (231,577) Net position at the beginning of year (1,034,760) (803,183) Cumulative effect of change in accounting principle (note 15) (423,848) Net position at the end of year $ (1,885,778) (1,034,760) -

17

See accompanying notes to financial statements.