EMORY UNIVERSITY FINANCIALS 2018

[Pages:40]EMORY UNIVERSITY

FINANCIALS

2018

EMORY UNIVERSITY FINANCIALS 2018 CONSOLIDATED FINANCIAL STATEMENTS

AND SUPPLEMENTARY INFORMATION AUGUST 31, 2018 AND 2017

(WITH INDEPENDENT AUDITORS' REPORT THEREON)

EMORY UNIVERSITY FINANCIALS 2018 1

INDEPENDENT AUDITORS' REPORT

2 EMORY UNIVERSITY FINANCIALS 2018

INDEPENDENT AUDITORS' REPORT

EMORY UNIVERSITY FINANCIALS 2018 3

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

YEARS ENDED AUGUST 31, 2018 AND 2017 (Dollars in thousands)

ASSETS: Cash and cash equivalents Patient accounts receivable, net Student accounts receivable, net Loans receivable, net Contributions receivable, net Other receivables, net Prepaid expenses, deferred charges and other assets Investments Interests in perpetual funds held by others Property and equipment, net Total assets

LIABILITIES AND NET ASSETS: Accounts payable and accrued liabilities Deferred tuition and other revenue Interest payable Liability for derivative instruments Bonds and notes payable Accrued liabilities for benefit obligations and professional liabilities Funds held in trust for others Annuities payable Government advances for federal loan programs Asset retirement obligation Total liabilities

Unrestricted net assets: Net assets controlled by Emory Net assets related to noncontrolling interests Total unrestricted net assets

Temporarily restricted net assets Permanently restricted net assets Total net assets

TOTAL LIABILITIES AND NET ASSETS

See accompanying notes to consolidated financial statements.

August 31, 2018

$149,449 398,706 109,780 23,138 396,127 336,827 341,697

8,157,678 1,311,406 3,219,005 $14,443,813

558,329 521,289

29,391 128,861 1,959,897 575,741 791,841

15,704 18,659 65,996 4,665,708

4,223,320 113,345

4,336,665 3,216,761 2,224,679 9,778,105

$14,443,813

August 31, 2017

$51,113 364,376 57,713 24,921 80,407 246,286 310,799

8,043,880 1,244,906 3,102,848 $13,527,249

532,244 431,735

29,271 188,612 1,992,454 565,699 747,109

14,921 18,721 62,984 4,583,750

3,960,429 96,633

4,057,062 2,722,596 2,163,841 8,943,499

$13,527,249

4 EMORY UNIVERSITY FINANCIALS 2018

CONSOLIDATED STATEMENTS OF ACTIVITIES

YEARS ENDED AUGUST 31, 2018 AND 2017 (Dollars in thousands)

OPERATING REVENUES AND OTHER SUPPORT: Tuition and fees

Less: scholarship allowances Net tuition and fees Endowment spending distribution Distribution from perpetual funds Other investment income designated for

current operations Gifts and contributions, net Grants and contracts Indirect cost recoveries Net patient service revenue Medical services Sales and services of auxiliary enterprises Independent operations Other revenue Net assets released from restrictions Total operating revenues and other support

Unrestricted

$710,471 (276,305) 434,166 182,562 35,377

81,257 43,656 470,924 144,026 3,404,004 336,141 74,481 24,348 176,853 36,856 5,444,651

OPERATING EXPENSES: Salaries Fringe benefits Student financial aid Professional fees and purchased services Supplies and pharmaceuticals Other operating expenses Interest on indebtedness Depreciation Total operating expenses

2,703,393 608,246 19,133 526,859 827,657 353,349 77,103 260,674

5,376,414

NET OPERATING ACTIVITIES:

68,237

NONOPERATING ACTIVITIES, NET: Investment return in excess of spending

distribution for current operations Change in undistributed income from perpetual

funds held by others Gifts and contributions Loss on disposal of property and equipment Loss on defeasance of debt Change in fair value of derivative instruments Pension and postretirement benefit plans Other nonoperating items, net Net assets released from restrictions Total nonoperating activities, net

127,810

-- 2,035 (1,593)

-- 59,751 28,461 (3,100) (1,998) 211,366

CHANGE IN NET ASSETS

279,603

Less change in net assets related to noncontrolling interests

16,712

CHANGE IN NET ASSETS CONTROLLED BY EMORY

$262,891

See accompanying notes to consolidated financial statements.

Temporarily Restricted

-- -- -- -- --

-- 12,404

-- -- -- -- -- -- -- (13,149) (745)

-- -- -- -- -- -- -- -- --

(745)

124,188

-- 381,473

-- -- -- -- 10,958 (21,709) 494,910

494,165

--

$494,165

Permanently Restricted Total August 31, 2018 Total August 31, 2017

-- -- -- -- --

-- -- -- -- -- -- -- -- -- -- --

$710,471 (276,305) 434,166 182,562 35,377

81,257 56,060 470,924 144,026 3,404,004 336,141 74,481 24,348 176,853 23,707 5,443,906

$675,179 (253,897) 421,282 179,696 34,873

72,622 44,550 470,375 131,012 3,174,419 301,404 74,464 23,097 163,133 29,384 5,120,311

--

2,703,393

2,495,653

--

608,246

559,474

--

19,133

13,159

--

526,859

503,309

--

827,657

757,407

--

353,349

341,749

--

77,103

81,476

--

260,674

247,302

--

5,376,414

4,999,529

--

67,492

120,782

(3,316)

26,880 37,431

-- -- -- -- (157) -- 60,838

60,838

--

$60,838

248,682

26,880 420,939 (1,593)

-- 59,751 28,461

7,701 (23,707) 767,114

834,606

16,712

$817,894

360,113

74,558 72,764 (11,494) (8,659) 80,123 23,017 (4,885) (29,384) 556,153

676,935

15,360

$661,575

EMORY UNIVERSITY FINANCIALS 2018 5

CONSOLIDATED STATEMENT OF ACTIVITIES

YEAR ENDED AUGUST 31, 2017 (Dollars in thousands)

OPERATING REVENUES AND OTHER SUPPORT: Tuition and fees

Less: scholarship allowances Net tuition and fees Endowment spending distribution Distribution from perpetual funds Other investment income designated for current operations Gifts and contributions Grants and contracts Indirect cost recoveries Net patient service revenue Medical services Sales and services of auxiliary enterprises Independent operations Other revenue Net assets released from restrictions Total operating revenues and other support

OPERATING EXPENSES: Salaries Fringe benefits Student financial aid Professional fees and purchased services Supplies and pharmaceuticals Other operating expenses Interest on indebtedness Depreciation Total operating expenses

NET OPERATING ACTIVITIES:

NONOPERATING ACTIVITIES, NET: Investment return in excess of spending distribution

for current operations Change in undistributed income from perpetual funds held by others Gifts and contributions Loss on disposal of property and equipment Loss on defeasance of debt Change in fair value of derivative instruments Pension and postretirement benefit plans Other nonoperating items, net Net assets released from restrictions Total nonoperating activities, net

CHANGE IN NET ASSETS

Less change in net assets related to noncontrolling interests

CHANGE IN NET ASSETS CONTROLLED BY EMORY

See accompanying notes to consolidated financial statements.

Unrestricted

$675,179 (253,897) 421,282 179,696 34,873 72,622 44,550 470,375 131,012 3,174,419 301,404 74,464 23,097 163,133 44,477 5,135,404

2,495,653 559,474 13,159 503,309 757,407 341,749 81,476 247,302

4,999,529

135,875

Temporarily Restricted

-- -- -- -- -- -- -- -- -- -- -- -- -- --

(15,093) (15,093)

-- -- -- -- -- -- -- -- --

(15,093)

Permanently Restricted Total August 31, 2017

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --

$675,179 (253,897) 421,282 179,696 34,873 72,622 44,550 470,375 131,012 3,174,419 301,404 74,464 23,097 163,133 29,384 5,120,311

--

2,495,653

--

559,474

--

13,159

--

503,309

--

757,407

--

341,749

--

81,476

--

247,302

--

4,999,529

--

120,782

179,573 --

5,964 (11,494)

(8,659) 80,123 23,017 (7,174) 41,194 302,544

438,419

15,360

$423,059

177,417 --

25,465 -- -- -- --

2,571 (70,578) 134,875

119,782

--

$119,782

3,123 74,558 41,335

-- -- -- -- (282) -- 118,734

118,734

--

$ 118,734

360,113 74,558 72,764

(11,494) (8,659) 80,123 23,017 (4,885)

(29,384) 556,153

676,935

15,360

$661,575

6 EMORY UNIVERSITY FINANCIALS 2018

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED AUGUST 31, 2018 AND 2017 (Dollars in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities:

Capital contributions from noncontrolling interests Contributions for endowment and capital projects Net realized gains on sale of investments Net unrealized gains on investments Loss on disposal of property and equipment Interests in perpetual funds held by others Loss on defeasance of debt Depreciation and amortization Provision for uncollectible accounts Accretion/amortization of bond discounts/premiums and issuance costs Actuarial adjustments for retiree pension and benefit plans Change in fair value of derivative instruments Decrease (increase) in operating assets: Accounts and other receivables, net Contributions receivable for operations Prepaid expenses, deferred charges, and other assets Increase (decrease) in operating liabilities: Accounts payable, accrued liabilities, and interest payable Asset retirement obligation Accrued liabilities for benefit obligations and professional liabilities Deferred tuition and other revenue Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES: Disbursements for loans to students Repayment of loans from students Proceeds from sales and maturities of investments Purchases of investments Purchases of property, plant, and equipment Increase in funds held in trust for others Net cash provided by (used in) investing activities

2018

$834,606

-- (420,939) (197,789) (275,657)

1,633 (26,880)

-- 260,674 247,732 (3,057) (28,461) (59,751)

(424,670) 21,167

(38,668)

26,205 3,012

38,503 89,554 47,214

(2,713) 4,496

7,653,840 (7,294,192)

(378,464) 44,732

$27,699

2017

$676,935

802 (17,000) (351,422) (228,118)

11,494 (74,558)

8,659 247,302 244,836 (2,627) (23,017) (80,123)

(249,415) 20,334

(29,243)

50,026 3,064

(6,750) (37,078) 164,101

(2,933) 4,684

8,437,212 (8,984,313)

(347,145) 81,894

$(810,601)

(Continued)

EMORY UNIVERSITY FINANCIALS 2018 7

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED AUGUST 31, 2018 AND 2017 (Dollars in thousands)

CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from contributions for endowment and capital projects Proceeds from bonds payable Principal repayments of bonds payable Recovery of posted collateral for debt-related derivatives Increase (decrease) in annuities payable Decrease in government advances for federal loan programs Bond issuance costs Capital distributions to noncontrolling interests Net cash provided by financing activities

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

Supplemental disclosure: Cash paid for interest Accrued liabilities for property, plant, and equipment purchases

See accompanying notes to consolidated financial statements.

2018

$44,432 --

(29,500) 7,770 783 (62) -- --

23,423

98,336 51,113

$149,449

$84,274 10,836

2017

$15,933 491,171

(365,776) 66,502 (658) (3) (1,303) (802)

205,064

(441,436) 492,549

$51,113

$83,455 10,477

8 EMORY UNIVERSITY FINANCIALS 2018

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