Consolidated Financial Statements and Independent Auditors ...

Consolidated Financial Statements

and

Independent Auditors' Report

June 30, 2017 and 2016

UNIVERSITY OF COLORADO FOUNDATION

Table of Contents

Page

Independent

.........................................................................................................................................................................................

Auditors' Report

1

Consolidated Financial Statements

.........................................................................................................................................................................................

Consolidated Statements of Financial Position

3

.........................................................................................................................................................................................

Consolidated Statements of Activities

4

.........................................................................................................................................................................................

Consolidated Statements of Cash Flows

6

.........................................................................................................................................................................................

Notes to Consolidated Financial Statements

7

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EKS&H LLLP

INDEPENDENT AUDITORS' REPORT

To the Board of Directors

University of Colorado Foundation

Denver, Colorado

We have audited the accompanying consolidated financial statements of the University of Colorado

Foundation (a Colorado non-profit corporation), which are comprised of the consolidated statements of

financial position as of June 30, 2017 and 2016, and the related consolidated statements of activities

and cash flows for the years then ended, and the related notes to the consolidated financial statements.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation and fair presentation of these consolidated financial

statements in accordance with accounting principles generally accepted in the United States of

America; this includes the design, implementation, and maintenance of internal control relevant to the

preparation and fair presentation of consolidated financial statements that are free from material

misstatement, whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these consolidated financial statements based on our

audits. We conducted our audits in accordance with auditing standards generally accepted in the United

States of America. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in

the consolidated financial statements. The procedures selected depend on the auditors' judgment,

including the assessment of the risks of material misstatement of the consolidated financial statements,

whether due to fraud or error. In making those risk assessments, the auditors consider internal control

relevant to the entity's preparation and fair presentation of the consolidated financial statements in

order to design audit procedures that are appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no

such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the

reasonableness of significant accounting estimates made by management, as well as evaluating the

overall presentation of the consolidated financial statements.

To the Board of Directors

University of Colorado Foundation

Page Two

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinion.

OPINION

In our opinion, the consolidated financial statements referred to above present fairly, in all material

respects, the financial position of the University of Colorado Foundation as of June 30, 2017 and 2016,

and the changes in its net assets and its cash flows for the years then ended in accordance with

accounting principles generally accepted in the United States of America.

EKS&H LLLP

October 31, 2017

Denver, Colorado

UNIVERSITY OF COLORADO FOUNDATION

Consolidated Statements of Financial Position

June 30,

2017

2016

26,012,951 $

31,933,997

539,520

58,486,468

34,693,189

20,749,786

577,738

56,020,713

Assets

Current assets

Cash and cash equivalents (Note 1)

Contributions receivable, net (Note 2)

Other assets

Total current assets

$

Non-current assets

Contributions receivable, net (Note 2)

Investments (Notes 3 and 4)

Assets held under split-interest agreements (Notes 3 and 6)

Beneficial interest in charitable trusts held by others (Notes 3 and 6)

Property and equipment, net (Note 7)

Total non-current assets

Total assets

90,994,064

1,689,100,350

42,750,319

8,016,375

1,582,627

1,832,443,735

90,784,387

1,451,490,115

37,500,985

7,430,388

433,695

1,587,639,570

$ 1,890,930,203 $ 1,643,660,283

Liabilities and Net Assets

Current liabilities

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities - University

Liabilities under split-interest agreements (Note 6)

Custodial funds (Notes 1 and 8)

Total current liabilities

Non-current liabilities

Funds held in trust for others

Liabilities under split-interest agreements, net of current portion

(Note 6)

Custodial funds, net of current portion (Notes 1 and 8)

Total non-current liabilities

Total liabilities

$

480,426 $

13,295,063

2,603,773

15,719,309

32,098,571

323,829

8,966,213

2,489,837

13,354,681

25,134,560

2,114,705

2,591,690

21,060,458

379,743,579

402,918,742

435,017,313

15,314,650

328,691,548

346,597,888

371,732,448

28,300,008

33,180,242

61,480,250

847,611,075

546,821,565

1,455,912,890

38,635,537

16,803,580

55,439,117

721,411,971

495,076,747

1,271,927,835

Commitments and contingencies (Notes 8, 9, 12, and 13)

Net assets (Notes 5, 10, and 11)

Unrestricted

Designated

Undesignated

Total unrestricted

Temporarily restricted

Permanently restricted

Total net assets

Total liabilities and net assets

$ 1,890,930,203 $ 1,643,660,283

See notes to consolidated financial statements.

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