Financial Statements and Reports For the Year Ended June ...

Financial Statements and Reports

For the Year Ended June 30, 2018

FLORIDA STATE UNIVERSITY FOUNDATION, INC. Financial Statements and Reports For the Year Ended June 30, 2018

With Summarized Financial Information for the Year Ended June 30, 2017

CONTENTS

I. FINANCIAL STATEMENTS A. Report of Independent Certified Public Accountants............................................. 1 B. Statement of Financial Position................................................................................. 3 C. Statement of Activities ............................................................................................... 4 D. Statement of Cash Flows............................................................................................ 5 E. Notes to Financial Statements ................................................................................... 6 F. Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards....................................... 34

Independent Auditor's Report

To the Board of Trustees Florida State University Foundation, Inc.

Report on the Financial Statements We have audited the accompanying financial statements of Florida State University Foundation, Inc. (the Foundation), (a component unit of the Florida State University), which comprise the statement of financial position as of June 30, 2018, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these 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 financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the 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 financial statements.

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 financial statements referred to above present fairly, in all material respects, the financial position of Florida State University Foundation, Inc. as of June 30, 2018, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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Report on Summarized Comparative Information We have previously audited Florida State University Foundation, Inc.'s June 30, 2017 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated September 29, 2017. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2017, is consistent, in all material respects, with the audited financial statements from which it has been derived. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 24, 2018 on our consideration of Florida State University Foundation, Inc.'s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Florida State University Foundation, Inc.'s internal control over financial reporting and compliance.

Orlando, Florida September 24, 2018

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FLORIDA STATE UNIVERSITY FOUNDATION, INC. Statement of Financial Position June 30, 2018

With Summarized Financial Information for June 30, 2017

Assets

Cash and cash equivalents Operating pool investments Accounts receivable - net Contributions receivable - net Investments Remainder interest trusts Funds held in trust by others - net Land, buildings and equipment - net Cash surrender value of life insurance policies

Total assets

Liabilities and Net Assets

Liabilities Accounts payable Deferred revenue Compensated absence liability Agency liability Promissory note payable Annuity obligations Total liabilities

Net assets Unrestricted Temporarily restricted Permanently restricted Total net assets

Total liabilities and net assets

See Notes to Financial Statements.

2018

$11,477,455 46,835,719 5,756,263 74,308,958

576,349,377 9,752,484

10,878,009 5,820,249 1,700,660

$742,879,174

2017

$19,334,679 30,612,193 3,773,299 76,656,200

550,178,600 10,251,364 10,892,643 4,021,137 1,694,238

$707,414,353

$1,834,543 6,500,000 860,641 9,378,912 3,629,732 6,141,740

28,345,568

$3,743,264 5,300,000 900,895 8,410,550 3,855,317 6,128,162

28,338,188

8,158,644 253,608,160 452,766,802 714,533,606

$742,879,174

274,767 237,133,408 441,667,990 679,076,165

$707,414,353

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