comprehensive annual Financial report - Bridgewater State ... · PDF file6 letter of...

FOR THE YEARS ENDED JUNE 30, 2013 AND 2012

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comprehensive annual Financial report

FOR THE YEARS ENDED JUNE 30, 2013 AND 2012

BRiDgEwATER STATE UNivERSiTY

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iNTRODUCTORY SECTiONPresident’s Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-13Bridgewater State University Board of Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Organizational Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Certificate of Achievement for Excellence in Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

FiNANCiAL SECTiONIndependent Auditors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21-23Management’s Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24-35Basic Financial Statements:Statements of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Statements of Revenues, Expenses and Changes in Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38-39Combining Statements of Net Position – Component Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Combining Statements of Revenues, Expenses, and Changes in Net Position – Component Units . . . . . . . . . . . . . . . . . 41Notes to Financial Statements:

Note 1 – Summary of Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42-47Note 2 – Cash and Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Note 3 – Cash Held by State Treasurer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Note 4 – Restricted Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Note 5 – Investments – Component Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Note 6 – Account Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Note 7 – Contributions Receivable – Component Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Note 8 – Capital Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Note 9 – Deferred Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Note 10 – Deferred Inflows of Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Note 11 – Long-Term Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52-55Note 12 – Government Advances Refundable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Note 13 – Restricted Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Note 14 – Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56-57Note 15 – Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Note 16 – Massachusetts Management Accounting and Reporting System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57-58Note 17 – State Controlled Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58-59Note 18 – Retirement Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59-60Note 19 – Fringe Benefits for Current Employees and Post Employment Obligations –Pension and Non-Pension . 60-61Note 20 – Pass Through Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Note 21 – Subsequent Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Supplementary Information to the Financial Statements: Schedules of Net Position – Dormitory Trust Fund Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Schedules of Revenues, Expenses, and Changes in Net Position – Dormitory Trust Fund Report . . . . . . . . . . . . . . . . . 65 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 . . . . . . . . . . . . . . . . . . 66-67

STATiSTiCAL SECTiONSchedule of Revenues by Source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74-75Schedule of Expenses by Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76-77Schedule of Expenses by Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78Schedule of Net Position and Changes in Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Schedule of Ratios of Outstanding Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Admissions, Enrollment and Degree Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81-85Average Annual Tuition and Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86-87Faculty and Staff Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88Schedule of Capital Asset Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89Fall Residence Hall Occupancy – For the Last Ten Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90Labor Force Estimates by Workforce Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91Labor Force Estimates by Workforce City and Town . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92Demographic Statistics for the Commonwealth of Massachusetts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93Largest Employers for the Commonwealth of Massachusetts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94Largest Employers of Brockton Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95Academic Subject Areas and Degrees Offered Fall 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

introductory section

BrIdgewater State unIverSIty comprehenSIve annual FInancIal report

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December 13, 2013

Dear Friends,

We are pleased to present the Comprehensive Annual Financial Report for Bridgewater State University for the fiscal year ending June 30, 2013 . The audit report appears in the financial section and conveys an unqualified opinion of the University’s financial statement .

Numerous factors underscore the good health and overall strength of the University’s financial position . These include:

• A strategic plan that is reviewed quarterly and used for decision making at all levels.

• The success of the student body is supported through the increased graduation rate which grew 4% over the last year .

• The overall endowment of the BSU Foundation and Alumni Association has topped $30 million through continued generosity of our community and increased emphasis on planned giving .

• A culture of fiscal responsibility which has placed emphasis on long-term planning. This year has also seen an increase in state support allowing us to keep student costs constant .

We have initiated a process to clearly identify our values with resulting mission and vision statements . These will be used to undergird a new strategic plan .

Bridgewater State University continues to support our academic programs and students by adding new faculty, remodeling facilities and providing state-of-the-art technology . Since 2012-13 our faculty diversity has increased, and we now employ more women than men in the faculty ranks .

We continue our efforts to create a world-class institution that has a regional focus that is mindful of contributions to the social and economic health of Southeastern Massachusetts .

Sincerely,

Dana Mohler-Faria President

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letter of tranSmittal

December 14, 2013

To President Mohler-Faria, Members of the Board of Trustees and Citizens of the Commonwealth of Massachusetts

We are pleased to present to you the Comprehensive Annual Financial Report for Bridgewater State University for the year ended June 30, 2013 . The audit report appears in the Financial Section and conveys an unqualified opinion on the university’s financial statement .

MANAgEMENT RESpONSiBiLiTYThis Comprehensive Annual Financial Report contains the financial statements for the fiscal year ending June 30, 2013, as well as other useful information for the university’s constituents . Management assumes full responsibility for the completeness and reliability of the information contained within this report . We believe that to the best of our knowledge, the data contained herein is presented fairly and accurate in all material respects .

This report was based upon the established internal controls of the University . The university’s internal controls ensure that the financial information of the university is reasonable and free of material misstatements . Internal control can provide only reasonable assurance, the cost of internal controls shouldn’t exceed the anticipated benefits . The internal control plan identifies and summarizes department-wide risks and associated controls to mitigate those risks which can be broadly defined in four categories: academic quality; student life; capital assets/facilities and safety; and financial resources .

This letter of transmittal should be read in conjunction with the Management’s Discussion and Analysis (pages 24-35), which focuses on current activities, accounting changes and currently known facts .

The university’s financial statements reflect the reporting standard issued by the Governmental Accounting Standards Board . Further, this Comprehensive Annual Financial Report contains all disclosures necessary for a reader to gain an understanding of the university’s financial operations for the fiscal year ending June 30, 2013 .

pROFiLE OF THE UNivERSiTYFounded by American public education pioneer Horace Mann in 1840, Bridgewater State University has grown from its first home – a single room in the basement of Bridgewater Town Hall – to become the largest of the nine Massachusetts state universities and the third largest of the 29 public college and university campuses in the commonwealth .

Almost 12,000 full-time and part-time undergraduate and graduate students are enrolled at Bridgewater; the full-time faculty numbers 300-plus, representing a net gain of more than 65 since 2002 . More than 90 undergraduate and graduate programs are offered by the university’s five colleges and one school (Louis M . Ricciardi College of Business, College of Education and Allied Studies, College of Humanities and Social Sciences, Bartlett College of Science and Mathematics, College of Graduate Studies and the School of Social Work) . The 272-acre campus is home to 38 academic, administrative and residential buildings .

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In recent years, the university and the commonwealth have committed nearly $3 million for classroom upgrades, $7 million for an extensive library renovation, $5 million for renovations of all dining halls, $6 million for bleachers, press box and synthetic football field and a top-to-bottom renovation and expansion of two residence halls. Currently under construction is a $58 million 500-bed residence hall. The commonwealth’s investment of $98.7 million for Bridgewater State’s new Science and Mathematics Center constitutes the single largest capital project ever undertaken by an institution in the state university system .

Vital to the long-term success of the institution is its recognition throughout the state and nation as an educational leader in the use of technology to improve teaching and learning . The first step in that direction took place in 1992, when Bridgewater State University secured a $10-million federal grant – at the time, the largest federal grant ever awarded to a state university in the United States – to build what has become the John Joseph Moakley Center for Technological Applications .

Together, these developments have combined to strengthen the university’s academic mission and expand its public service role . They were built on a series of initiatives that trace back to 1960, a watershed year in the life of the institution when a full-scale transition from an exclusively teacher-training institution to a comprehensive liberal arts university began .

Until that time, the university had been relatively small – approximately 500 students – but enjoyed a national and international reputation for excellence in teacher preparation . The preparation of the next generation of quality teachers remains a top priority for Bridgewater State University, as evidenced by the institution’s 50-plus years of continuous accreditation by the National Council for Accreditation of Teacher Education .

During its time as a normal school, countless faculty and administrators nurtured the school carefully, despite varying degrees of support from the state, and overcame a host of difficult and sometimes dire situations, including a disastrous fire in 1924 that destroyed several of the few buildings that existed on the campus at that time .

While the university’s earliest years were times of great challenge, efforts never faltered to continue strengthening the curriculum, and each succeeding generation left Bridgewater State University stronger than the generation that went before . The thriving and dynamic institution we see today is the best evidence of the success of that enduring commitment .

In fiscal year 2011, the start of the 171st academic year, marked the institution’s official transition to Bridgewater State University . A renaming ceremony held on the steps of Boyden Hall capped the day, replete with 4,000 guests, a dais full of dignitaries, and a flyover by the university’s own aircraft . A special guest was Massachusetts Governor Deval Patrick, who had signed the bill into law on July 28, officially changing the institution’s name to Bridgewater State University .

Bridgewater State University is considered to be a part of the State of Massachusetts primary entity . The funds for Bridgewater State University are included in the Comprehensive Annual Financial Report of the State of Massachusetts . The University is a state-supported, coeducational institution of higher education and is governed by an 11-member board under the chairmanship of Louis M . Ricciardi, it is a blend of veterans and future leaders forming a uniquely diversified, yet coherent mix dedicated to advancing the mission of public higher education .

MAJOR iNiTiATivESThe University has embarked upon many strategic planning initiatives . Emphasis has been placed on fostering a rigorous and dynamic academic environment marked by intensive student-faculty engagement . We continue to strive at establishing regional leadership in preparing students for challenging and emerging careers and graduate study as well as enhancing campus participation in diverse and global society . We believe in

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strengthening institutional relationships with regional partners . We have a strong focus on developing sufficient resources for an attractive, well-staffed and technologically-updated campus . We hope to achieve this by expanding and modernizing campus facilities to accommodate growth and specialized functions, investing in technology to support campus functions, providing high-level professional opportunities to staff and broadening the university’s base of financial resources to support campus initiatives .

The university’s ongoing major transformation is the expansion and renovation of the Conant Science building with the help of a $98 million capital bond bill transforming it into a bona fide science center of Southeastern Massachusetts . The new building will provide specialized laboratory space for faculty and undergraduate researchers, which support the university’s science outreach efforts and will double the space dedicated to math and science programs . Phase I, the new 171,000 square-foot addition of the Conant Science and Mathematics Center took shape and was completed in August 2011 . Phase II, the demolition and renovation portion of the existing building was completed in August 2012 . The entire project will be complete in fiscal year 2014 .

In fiscal year 2009, the university completed its first full academic year in the Bridgewater State University Flight Training Center . The 10,000 square-foot single story commercial building is directly adjacent to the New Bedford Airport, located at 1852 Shawmut Avenue . This flight training facility trains roughly 100 aviation students . From fiscal year 2009 to 2012, the university leased ten aircraft, which were stationed at the facility . The university has hired a chief flight instructor and a number of part-time instructors to train our aviation students . The rejuvenated flight-training program in New Bedford also sponsors the Aviation Career Education (ACE) Summer Camp . This is a weeklong exploration of air travel featuring instruction from experienced pilots, behind-the-scenes airport tours and real and simulated flights . The ACE Camp is available for junior and senior high school students in Southeastern Massachusetts . The ACE Summer Camp is presented in partnership with the Aviation Science Department at Bridgewater State University and the Federal Aviation Administration (FAA) . On July 1, 2012, the university signed an Asset Purchase and Sale Agreement to purchase eleven aircraft, ten of which were already being leased by the institution, demonstrating the university’s ongoing commitment to the aviation program .

In the summer of 2007, Bridgewater State University became one of the charter signatories of the American College and University Presidents Climate Commitment (ACUPCC), a national initiative focused on using the physical and intellectual resources of higher education to fight global warming . As a signatory, the university joins over 400 other institutions in conducting a comprehensive greenhouse gas inventory, undertaking tangible, short-term efforts to reduce greenhouse gas emissions, and developing a long-term plan for campus climate neutrality . This collective effort will draw upon the talent and creativity of every segment of the campus community as the university continues to construct green buildings, support climate-friendly purchasing, and infuse sustainability into its curriculum, scholarship and community . In September 2007, the president’s office formed a task force to coordinate these efforts .

Through the extensive information technology and distance education resources available at the university, including the John Joseph Moakley Center for Technological Applications, the university has made technology an integral component of teaching and learning on campus, and is a regional center for the enhancement of teaching through technology for PreK-12 teachers and university faculty .

The university’s growing number of innovative academic programs helps to ensure that Bridgewater State University students are prepared to think critically, communicate effectively and act responsibly within a context of personal and professional ethics . For example, the Academic Achievement Center, and particularly its first-year advising program, is often cited as a model for other institutions to follow . At the same time, the Adrian Tinsley Program for Undergraduate Research represents an unparalleled opportunity for students to work closely with faculty mentors and to present research and creative work at regional and national conferences .

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Bridgewater State University benefits from Connect, its regional partnership with other public higher education institutions in the region – the University of Massachusetts Dartmouth, Massachusetts Maritime Academy, Massasoit Community College, Bristol Community College and Cape Cod Community College . Connect coordinates the academic, administrative and development activities of public high education in Southeastern Massachusetts, and introduces shared activities and programs among member institutions .

LONg-TERM FiNANCiAL pLANNiNgThe university maintains a long-term reserve account of $14 million to offset any economic down turns and lessen the impact of fee increases to students .

The university under-took a new resource planning process for the FY09 budget year . This systematic effort allowed the institution to: more fully align resource designs with strategic priorities; make integrated decisions with respect to a broad range of resource pools (i .e . operating budgets, human resources, space and equipment); offer department heads and chairs a regular opportunity to assess the challenges and opportunities they face and express that assessment to senior managers; and provide for greater transparency about how resource decisions are made .

Additionally, the university’s integrated strategic plan is the result of more than two years of focused deliberations among administrators, faculty, students, alumni and volunteer leaders, all committed to articulating a bold vision and clear action-oriented agenda critical to the institution’s ongoing pursuit of excellence . The plan was officially approved by the university’s Board of Trustees in December 2009 and is reviewed continuously by the campus leadership .

There are five overarching strategic goals and areas of focus:

• Maximize the intensity, diversity and richness of teaching and learning relationships forged between faculty, students and members of the broader community .

• Promote a rigorous and dynamic institutional environment focused on developing and enhancing the personal and professional growth of all campus citizens .

• Expand the university’s ability to foster the cultural, scientific, economic and intellectual capacity of Southeastern Massachusetts and beyond .

• Increase global and cultural awareness and encourage a diversity of perspectives on campus and in the region .

• Serve as an agent of social justice and sustainable practices, instilling in all members of the university community a deeper understanding of the impact they each have on the greater good and our world .

As a result of the intense planning process and the development of the five Strategic Goals, the university has identified and prioritized critical action items .

SOME COMpLETED ACTiON iTEMS ARE:

BURNELL HALL - RENOvATiONThis project included the renovation of the Burnell Hall cafetorium and gymnasium . The gymnasium is approximately 5,000 square-feet . Renovations transformed the original gymnasium into a modern, collegiate-level dance studio with a specialized raised flooring system, the latest audio/visual technology, folding walls, pendant lighting and modern furnishings . The cafetorium consists of 5,000 square-feet, used to create two additional multi-purpose classrooms . The transformation of Burnell Hall revitalizes invaluable space for the performing arts .

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AiRCRAFT pURCHASEThe university purchased eleven aircraft, ten of which were being leased since July 31, 2009 . The university now owns eight Cessna 172s aircraft, two Piper aircraft and one Piper multi-engine aircraft .

BOYDEN HALL RENOvATiONThis project included the renovation of the Office of University Advancement, Office of External Affairs and Human Resources . This included wall reconfigurations, new HVAC, electric and telecomm, new furniture, carpeting and finishes .

pARkiNg LOTS DESigN AND wALkwAYSThe Science and Mathematics Center’s parking lot renovation included 100 new replacement parking spaces for faculty and staff accessible through an existing lot . This also included a bio-retention area and photo-voltaic site lighting . The West Campus parking lot renovation included reconfiguration of two existing lots . This lot uses the most advanced and environmentally responsible storm water management practices . This lot is equipped with monitoring equipment to teach students, faculty, staff and visitors about the combined science, technology, and engineering at the site, and to help inform policies that protect our region’s water .

LAUNCH THE iNSTiTUTE OF SOCiAL JUSTiCEThe university’s campus defines social justice as promoting fairness, equal access and equal opportunity, ensuring basic human rights, supporting diversity, and working to end prejudice and discrimination . The Institute will achieve higher levels of social justice within the region and beyond by introducing awareness workshops and programs open to the public on and off campus .

SOME ACTiON iTEMS UNDERwAY ARE:

SCiENCE & MATHEMATiCS CENTER – pHASE ii Phase II of the project will renovate 43,000 square-feet and will include demolition of an existing wing of the building, completing the Conant Science and Math Center renovation .

UNivERSiTY pARkThis project will transform a previous 455-car parking lot into a 4-acre green space . Bicycle lanes will be provided, new lighting, informal gathering spaces and landscaping .

wEYgAND RESiDENCE HALL AND HEALTH & COUNSELiNg CENTERFunded by the Massachusetts State College Building Authority, construction has begun on a new 500-bed residence hall . This 169,000 square foot residence hall will include space for a new health and counseling center .

RONDiLEAU CAMpUS CENTER MAiN ENTRANCE RENOvATiONThis project includes a new at-grande entrance with planting beds, seating, new storefront entry, reconfiguration of the main lobby areas and stairwells on all three floors, improvements to the rear entry and all related site utilities .

NEw wELCOME CENTER - ADMiSSiONS AND FiNANCiAL AiDA new 15,000 square-foot facility will be constructed adjacent to the International Scholar’s Residence . This building will house the Undergraduate, Graduate, Transfer Admissions and the University’s Financial Aid Office .

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FiNANCiAL pOLiCiESIn fiscal year 2013, Bridgewater State University realized a $2.2 million increase in state appropriation budget compared to fiscal 2012 . While this fact is evident, the university continued to reduce expenditures and improve efficiencies allowing the university to carry out a fee increase of $250 per semester to our students.

At June 30, 2013, The University’s deposits were collateralized up to the maximum of $69 million by Sovereign Bank through pooled collateral being held at the Bank of New York in New York City . At June 30, 2012, the University’s deposits were insured by the Federal Deposit Insurance Corporation (FDIC) with no dollar limit for all operating accounts .

otHer information

iNDEpENDENT AUDiTThe university is audited annually by Wolf & Company, P .C . to ensure proper internal controls and compliance with applicable laws and regulation . The audit is conducted 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 .

Prior to Fiscal 2012, Bridgewater State University, as a state agency, was included in the Statewide Single Audit of the Commonwealth of Massachusetts . Beginning in Fiscal 2012, the University and the other 23 State Universities and Community Colleges in Massachusetts were excluded from the Commonwealth’s Statewide Single Audit and are now required to complete separate independent Single Audits . Bridgewater State University’s Single Audit was conducted by Wolf & Company, P .C . The Single Audit report is prepared in accordance with OMB Circular A-133 – Revised June 26, 2007), Audits of States, Local Governments, and Non-Profit Organizations .

ACCREDiTATiONS AND CERTiFiCATiONSBridgewater State University is accredited by the New England Association of Schools and Colleges, Inc . (NEASC), through its commission on Institutions of Higher Education . The university completed a comprehensive self study in preparation for a NEASC accreditation team visit and review of the institution, which occurred in November, 2012 . On June 28, 2013, the university was notified by the Commission on Institutions of Higher Education that Bridgewater State University would be continued in accreditation . Other accreditations and certifications include:

• American Chemical Society

• Commission on Accreditation of Athletic Training Education

• Council on Social Work Education

• Council for Accreditation of Counseling and Related Educational Programs

• Federal Aviation Administration

• Interstate Certification Compact

• National Association of Schools of Music

• National Association of Schools of Public Affairs and Administration

• National Council for the Accreditation of Teacher Education

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awardS and acKnowledgementS

CERTiFiCATE OF ACHiEvEMENT FOR ExCELLENCE iN FiNANCiAL REpORTiNgThe Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Bridgewater State University for its comprehensive annual financial report for the fiscal year ended June 30, 2012 . This was the fifth consecutive year that the government has achieved this prestigious award . In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report . This report must satisfy both generally accepted accounting principles and applicable legal requirements .

A Certificate of Achievement is valid for a period of one year only . We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate .

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acKnowledgementS

We wish to thank the President and Board of Trustees for their continued commitment to the fiscal management of the University . Likewise, we wish to thank the members of the University community whose cooperation made the annual fiscal close a success .

Miguel Gomes, Jr.Vice President, Administration and Finance

Doug ShropshireAssociate Vice President

Amy BeaulieuComptroller

Kara LeesAssistant Comptroller

Diana ArochoStaff Assistant-Reporting and Compliance

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BRIDGEWATER STATE UNIVERSITY BOARD OF TRUSTEES

AUGUST 2013

Louis M. Ricciardi, Chairman, ‘81

Peter R. Chase, Vice Chairman

Susan E. Szachowicz, Ed.D., Secretary, ‘75

Marilyn Barry, Ed.D., ‘58

Eugene J. Durgin, Jr.

Vanessa Mae Britto, M.D., M.Sc.

Carol Bulman

Terry Hart Cogan, ‘51

Joan Wallace-‐Benjamin, Ph.D.

John Walsh

Juan De Leon, Student Trustee

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CONSTRUCTiON OF THE NEw 500-BED, SUiTE-STYLE RESiDENCE HALL OpENiNg FALL 2013

Weygand hall

Financial section


21

Independent Auditors’ Report

To the Audit Committee of Bridgewater State University:

Report on the Financial Statements

We have audited the accompanying financial statements of Bridgewater State University (an Agency of the Commonwealth of Massachusetts) (the “University”), as of and for the years ended June 30, 2013 and 2012, and the related notes to the financial statements, which collectively comprise the University‘s basic financial statements as listed in the table of contents.

Management’s Responsibility

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.

Auditors’ Responsibility

Our responsibility is to express opinions on these financial statements based on our audits. We did not audit the financial statements of the Bridgewater State University Foundation and the Bridgewater Alumni Association. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for Bridgewater State University Foundation and the Bridgewater Alumni Association is based solely on the report of the other auditors. We conducted our audits 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.

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2

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ 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 financial statement 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 opinions.

Opinions

In our opinion, based on our audits and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of Bridgewater State University and its discretely presented component units, as of June 30, 2013 and 2012, and the respective changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 25 through 37 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management‘s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

24 through 35

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3

Supplementary Information

Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the University’s basic financial statements. The accompanying supplemental schedules contained on pages 65 and 66 are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America by us and other auditors. In our opinion, based on our audit, the procedures performed as described above, and the report of the other auditors, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Boston, Massachusetts October 23, 2013

64 and 65

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Bridgewater State University (An Agency of the Commonwealth of Massachusetts)

Management’s Discussion and Analysis

June 30, 2013 (Unaudited)

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The following discussion and analysis offers readers of Bridgewater State University's annual financial report a narrative overview of the financial position and activities of the University and its component units as of and during the fiscal year ended June 30, 2013. This discussion has been prepared by management along with the financial statements and related footnote disclosures and should be read in conjunction with the financial statements and footnotes. The financial statements, footnotes and this discussion are the responsibility of management. Bridgewater State University is a comprehensive public four-year institution with more than 11,400 undergraduate and graduate students. Bridgewater State University is the largest of the nine Massachusetts state universities and the third largest of the 29 public college and university campuses in the Commonwealth of Massachusetts (the “Commonwealth”). Founded in 1840 by Horace Mann, Bridgewater is home to the nation's oldest permanently sited teacher-preparation program and is one of the most prolific generators of new teachers, training more science and math teachers than any institution in the Commonwealth. Today, Bridgewater offers a broad range of graduate and undergraduate degree programs through its five colleges (Louis M. Ricciardi College of Business, College of Education and Allied Studies, College of Humanities and Social Sciences, Bartlett College of Science and Mathematics and College of Graduate Studies). Bridgewater State University awarded nearly 2,300 degrees in 2013, a 44 percent increase since 2002.

FINANCIAL HIGHLIGHTS

The University's financial position, as a whole, remained strong at June 30, 2013 with assets of $242.2 million, liabilities of $149.4 million and deferred inflows of resources of $2.6 million. Net position, which represent the residual interest in the University's assets after liabilities and deferred inflows of resources are deducted and may serve over time as a useful indicator of the University's financial position, increased $4.7 million in fiscal year 2013 to $90.2 million at June 30, 2013.

OVERVIEW OF THE FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as an introduction to Bridgewater State University's basic financial statements. Bridgewater State University's basic financial statements comprise two components: 1) the financial statements and 2) the notes to the financial statements. The Financial Statements. The financial statements are designed to provide readers with a broad overview of Bridgewater State University's finances in a manner similar to a private-sector college. The University's financial report includes three financial statements: the Statement of Net Position, the Statement of Revenues, Expenses and Changes in Net Position and the Statement of Cash Flows.

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OVERVIEW OF THE FINANCIAL STATEMENTS (continued)

These statements are prepared in accordance with Government Accounting Standards Board (GASB) principles. These principles establish standards for external financial reporting for public colleges and universities and require that financial statements be presented on a consolidated basis to focus on the institution as a whole. A description of the financial statements follows. The Bridgewater State University Foundation (the "Foundation”) and the Bridgewater Alumni Association (the "Alumni Association''), component units of the University, were formed to render financial assistance and support to the educational programs and development of the University. Both organizations are legally separate from the University, and the University has no financial responsibility for either organization. The Foundation and the Alumni Association have been included within these financial statements because of the nature and significance of their relationship with the University. Complete financial statements for either organization can be obtained from their respective administrative offices in Bridgewater, Massachusetts. These discretely presented component units have been aggregated into a single combined column on the accompanying financial statements. The Statement of Net Position presents information on all of Bridgewater State University's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of Bridgewater State University is improving or deteriorating. The Statement of Net Position includes all assets and liabilities. It is prepared under the accrual basis of accounting, whereby revenues and assets are recognized when the service is provided and the expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. The Statement of Revenues, Expenses and Changes in Net Position presents information showing how the University's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. the accrual for compensated absences). The Statement of Cash Flows is reported on the direct method. The direct method of cash flow reporting portrays net cash flows from operations as major classes of operating receipts (e.g. tuition and fees) and disbursements (e.g. cash paid to employees for services). The Government Accounting Standards Board (GASB) Statements 34 and 35 require this method to be used.

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FINANCIAL ANALYSIS OF THE UNIVERSITY (continued)

By far the largest portion of Bridgewater State University's net position reflects its investment in capital assets (e.g. land, buildings, machinery and equipment), less any related debt, including capital lease obligations, used to acquire those assets that are still outstanding. Bridgewater State University uses these capital assets to provide services to students, and support to faculty and administration; consequently, these assets are not available for future spending. Although Bridgewater State University's investment in its capital assets is reported net of related debt and accumulated depreciation, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. A summary of the Statement of Net Position is presented below:

2013 2012 2011

Current assets 62,265,666$ 55,040,292$ 51,468,106$ Capital assets 175,685,421 163,222,565 138,712,280 Non-current assets 4,233,893 4,196,763 4,338,057

Total assets 242,184,980$ 222,459,620$ 194,518,443$

Current liabilities 114,358,192$ 32,251,055$ 25,796,920$ Non-current liabilities 35,046,309 101,643,890 82,186,910

Total liabilities 149,404,501 133,894,945 107,983,830

Deferred inflows of resources 2,620,500 3,110,500 3,600,500

Net position:Net investment in capital assets 77,805,764 71,417,430 66,526,441 Restricted 1,084,195 810,423 1,104,518 Unrestricted 11,270,020 13,226,322 15,303,154

Total net position 90,159,979$ 85,454,175$ 82,934,113$

A portion of Bridgewater State University’s net position represents scholarships and grants that are subject to external restrictions on how they must be used.

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FINANCIAL ANALYSIS OF THE UNIVERSITY (concluded)

Bridgewater State University's changes in net position related to operations for the years ended June 30 are as follows:

2013 2012 2011Operating revenues:

Tuition and fees 87,827,068$ 81,930,733$ 75,905,471$ Student financial aid (contra revenue) (12,242,140) (11,775,838) (10,979,300) Operating grants and contributions 17,822,377 18,416,139 24,485,470 Other operating revenue 583,889 338,680 310,288 Sales and services of auxiliary enterprises and other sources 21,771,366 21,047,033 21,507,908

Total operating revenues 115,762,560 109,956,747 111,229,837

Operating expenses:Instruction 53,182,575 51,869,664 49,031,497 Public service 2,262,099 1,997,803 2,267,800 Academic support 18,434,047 18,286,667 17,041,848 Student services 19,760,852 19,073,503 18,442,875 Institutional support 17,272,031 16,146,284 15,977,296 Operation and maintenance of plant 16,429,130 16,092,959 14,566,750 Scholarships and fellowships 7,275,990 7,067,792 6,798,118 Depreciation and amortization 5,598,456 5,191,921 4,751,225 Auxiliary enterprises 19,971,840 19,922,838 19,673,286

Total operating expenses 160,187,020 155,649,431 148,550,695

Net operating loss (44,424,460)$ (45,692,684)$ (37,320,858)$

State appropriations, net 43,784,687$ 43,483,203$ 43,198,973$ Gifts 902,554 706,947 715,817 Investment income 10,801 81,963 166,138 Interest expense (703,238) (569,375) (677,992) Rental income - - - Other non-operating revenues 3,885,460 3,849,895 3,744,983

Net non-operating revenues 47,880,264 47,552,633 47,147,919

Net income before capital appropriations 3,455,804 1,859,949 9,827,061

Capital appropriations 1,250,000 660,113 298,646

Total increase in net assets 4,705,804 2,520,062 10,125,707

Net assets, beginning of year 85,454,175 82,934,113 72,808,406

Net assets, end of year 90,159,979$ 85,454,175$ 82,934,113$

Non-operating revenues (expenses):

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STATE APPROPRIATIONS

Unless otherwise permitted by the Massachusetts Legislature, the University is required to remit tuition to the Commonwealth. Therefore, the University collects student tuition on behalf of the Commonwealth and remits it to the Commonwealth's General Fund. There is no direct connection between the amount of tuition revenues collected by the University and the amount of state funds appropriated in any given year. The following details the Commonwealth appropriations received by the University for fiscal years ending June 30:

2013 2012 2011

Gross commonwealth appropriations 36,064,132$ 33,859,737$ 34,627,788$ Plus: Fringe benefits* 9,243,422 10,915,062 10,734,025

45,307,554 44,774,799 45,361,813 Less: Tuition remitted (1,522,867) (1,291,596) (2,162,840)

Net commonwealth support 43,784,687$ 43,483,203$ 43,198,973$

* The Commonwealth pays the fringe benefit cost for University employees paid from Commonwealth appropriations. Therefore, such fringe benefit support is added to the “State Appropriations” financial statement line item as presented in the above table. The University pays the Commonwealth for the fringe benefit cost of the employees paid from funding sources other than Commonwealth appropriations.

GRANT AND CONTRACT REVENUE

The University received $17,822,377, $18,416,139 and $24,485,470 in grant and contract revenues for the fiscal years ended June 30, 2013, 2012, and 2011, respectively. A few examples of the largest grants and contracts received are the following:

2013 2012 2011

Pell grant 11,998,911$ 11,686,430$ 10,440,569$ ARRA - 1,110,955 7,540,810 Tuition grants 1,587,076 1,647,587 1,708,097 Mass grants 1,205,388 1,228,637 1,095,260 Federal work study 441,938 441,938 441,938 Academic competitiveness - - 501,214 Teach grant 248,500 302,000 307,500 Federal SEOG 196,509 188,672 198,553

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AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA) REVENUE

In total, Bridgewater State University was awarded $14,166,225 in ARRA funding.

In fiscal year 2010, Bridgewater State University was allocated a total of $8,723,901 in ARRA funding, of which $5,513,412 was spent in the reduction of debt and the funding of payroll. In fiscal year 2010, the remaining allocation of $3,210,489 was deferred.

In fiscal year 2011, Bridgewater State University was allocated $2,853,999, $2,564,225 and $24,100 in additional ARRA funding, of which $7,516,710 was spent on the renovation of the Rondileau Campus Center Auditorium, installation of two new chillers, the funding of payroll, and $24,100 was used in support of the Commonwealth Dual Enrollment Program.

In fiscal year 2012, the remaining ARRA allocation of $1,112,003 was spent in the funding of payroll. The ARRA funding awarded to the University over the past three years has aided in the reduction of debt, funding of payroll and has contributed to the renovation of capital assets.

ENROLLMENT

Enrollments at the University have continued to increase annually. Bridgewater’s current enrollment was 11,417, which is a 1% increase from 2012’s fall actual enrollment of 11,294 and a 1% increase from 2010’s fall actual enrollment of 11,201. Enrollments are expected to remain substantially stable for the next five years (although the mix between undergraduate and graduate students may shift slightly), but no assurances can be given that this expectation will be realized. No expectation is expressed for any period after the next five years.

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TUITION AND FEES

The University strives to provide students with the opportunity to obtain a quality education. Tuition and fee rates for three fiscal years are reflected in the schedule below:

Tuition Total Average Tuition Non- Resident Room &

Resident Resident Fees Tuition & Fees Board2013

Undergraduate 910$ 7,050$ 7,143$ 8,053$ 10,778$ Graduate 1,675 1,675 7,143 8,818 10,778

2012


2011


CAPITAL ASSETS

Capital assets are comprised of land, buildings and building improvements, furnishings and equipment, library materials, artwork and construction in progress. As of June 30, 2013, 2012 and 2011, net capital assets were $175.7 million, $163.2 million and $138.7 million, respectively. For the years ended June 30, 2013, 2012 and 2011, depreciation expense was $5.6 million, $5.2 million and $4.7 million, respectively. Capital asset additions for the current fiscal year totaled $18.0 million. $13.2 million of the capital asset additions during the year ended June 30, 2013 related to Construction in Progress for the following projects:

Conant Science Building additions and repairs of $8,060,700 Central Steam Plant Conversion costs of $1,617,436 University Park improvements totaling $1,482,754 Rondileau Campus Center renovations of $667,964 Other improvements and renovations totaling $1,384,937

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CAPITAL ASSETS (concluded)

$4.80 million of the capital asset additions as of June 30, 2013 were for major purchases, renovations and projects that were considered completed. $4.6 million represents projects that began in prior fiscal years that were completed in fiscal year 2013; this dollar amount was reclassified from Construction in Progress to capital assets subject to depreciation. The major items were comprised of the following:

Burnell Hall Renovation $3,714,030 Parking lots design and walkways $2,750,235 Boyden Hall renovations totaling $1,392,598 Purchase of aircraft totaling $1,074,400 Other Improvements totaling $487,604

In fiscal year 2012, capital asset additions totaled $29.7 million. Major renovations and projects completed during fiscal year 2012 included $3,602,584 Hunt Hall additions and renovations, $1,140,952 renovation to the Maxwell Library Lecture Hall, $688,890 Registrar’s Office renovation and $319,790 for the purchase and demolition of the Plymouth Street Property. In fiscal year 2011, capital asset additions totaled $52.9 million. Major renovations and projects completed during fiscal year 2011 included $5,142,385 Swenson Field Athletic Complex, $985,685 Rondileau Campus Center Auditorium, $425,822 in elevator replacements and $374,350 Center for Global Engagement. The University has initiated a more active program to address deferred maintenance needs on campus. Addressing deferred maintenance remains a priority within the University’s plans. More detailed information on the University’s capital asset activity can be found in Note 8 of the financial statements.

LONG-TERM DEBT The University has long-term debt obligations issued for various capital projects. The debt was issued through financing agreements with the Massachusetts Health and Educational Facilities Authority (MHEFA) and the Massachusetts State College Building Authority (MSCBA). The University has $7,850,000 of the Capital Asset Program issue, Series J-4 revenue bond issued by MHEFA. The bond has a variable interest rate, which was 0.318% and 0.663% at June 30, 2013 and 2012, respectively. MHEFA requires that the University maintain a debt service reserve fund held by a Trustee. The debt service reserve was $393,650 and $450,462 at June 30, 2013 and 2012, respectively. At June 30, 2013 and 2012, the balance on the bond was $5,135,601 and $5,545,311, respectively.

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LONG-TERM DEBT (concluded) During fiscal year 2006, the University entered into a financing agreement with the MSCBA to construct a new parking lot. The source of financing project is based upon the issuance of Project Revenue Bonds issued by MSCBA on behalf of the University (Series 2006A). Through its agreements with MSCBA, the University has an agreement to repay this debt insemi-annual installments, starting May 1, 2007 and ending June 30, 2026, at an annual variable coupon averaging 4.3%. MSCBA requires that the University maintain a debt service reserve fund. At June 30, 2013 and 2012, the debt service reserve was $86,836. At June 30, 2013 and 2012, the balance on the bond was $964,217 and $1,017,618, respectively.

During fiscal year 2010, the University entered into a financing agreement with the MSCBA to renovate an athletic field. The source of financing the project is based upon the issuance of Project Revenue Bonds issued by MSCBA on behalf of the University (Series 2009B & 2009C). Through its agreements with MSCBA, the University has an agreement to repay this debt in semi-annual installments, starting May 1, 2011 and ending June 30, 2030, at an annual variable coupon averaging 4.6%. At June 30, 2013 and 2012, the balance on the bond was $4,454,953 and $4,655,263, respectively.

During fiscal year 2012, the University entered into a financing agreement with the MSCBA to redevelop an existing parking lot to construct green space to include pedestrian walkways. The source of financing the project is based upon the issuance of Project Revenue Bonds issued by MSCBA on behalf of the University (Series 2012A). Through its agreement with MSCBA, the University has an agreement to repay this debt in semi-annual installments, starting October 1, 2012 and ending June 30, 2032, at an annual variable coupon averaging 3.9%. At June 30, 2013 and 2012, the balance on the bond was $959,416 and $1,000,000, respectively. During fiscal year 2013, the University entered into a financing agreement with the MSCBA to renovate the main entrances to the Rondileau Campus Center. The source of financing the project is based upon the issuance of Project Revenue Bonds issued by MSCBA on behalf of the University (Series 2012C). Through its agreements with MSCBA, the University has an agreement to repay this debt in semi-annual installments, starting November 1, 2013 and ending June 30, 2032, at an annual variable coupon averaging 3.6%. The debt service reserve was $142,805 at June 30, 2013. At June 30, 2013, the balance on the bond was $9,223,526. More detailed information on the University’s long-term debt activity can be found in Note 11 of the financial statements.

OPERATING LEASE OBLIGATIONS In fiscal year 2012, the University entered into a one year lease with Hale Street Properties, Inc. for use of 3,980 square foot of warehouse space for temporary storage of records. The payments cost the University approximately $17,000 per year. In fiscal year 2013, the University extended the lease with Hale Street Properties, Inc. for one additional year.

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OPERATING LEASE OBLIGATIONS (concluded)

In fiscal year 2012, the University extended a lease with M Space Holdings, LLC to lease the Burrill Office Complex for two additional years ending in August 2013. The payments cost the University approximately $155,000 per year. In fiscal year 2009, the University established an FAA-certified Part 141 flight training program located at the New Bedford Regional Airport. The University’s Part 14.1 Certificate provides the University for the first time full control of all flight and ground training operations. The result is a high-quality training program that provides our students with a comprehensive education in Aviation Science. The benefit of more tightly monitored, fast-tracked training is for piloting certificates and ratings that students will put to immediate use as professionals in aviation careers. Additionally, in fiscal year 2009 the University entered into a 5 year operating lease agreement with the City of New Bedford for a 10,480 square foot building located in the New Bedford Airport to house the University's flight school. The payments cost the University approximately $60,000 per year. Also, during fiscal year 2009, the University partnered with Bristol Community College in Attleboro to provide students with a pathway from a two-year associate's degree to a four-year bachelor's degree. The new site acts as a degree completion center, where students who have earned college credits can continue to further their education. The University entered into a 20 year operating lease for exclusive right to use and occupy a portion of the property at 11 Field Road, Attleboro, Massachusetts.

FACTORS IMPACTING FUTURE PERIODS

In July 2008, the Commonwealth obligated to invest $98.7 million in a new science building under the auspices of the higher education capital bond bill. The single largest building and construction project ever undertaken by the University, this facility will dramatically improve the quality of training in science and mathematics at the University and will also fundamentally alter the landscape of the campus and its physical plant. Phase I, the new 171,000 square foot addition, was completed in August 2011. Phase II, the demolition and renovation to a portion of the existing building, began in September 2011 and was completed in August 2012. The Science & Mathematics Center will have lab, teaching, research, and instruction space for Biological Sciences, Chemical Sciences, Computer Services, Earth Sciences, Geography, Math and Physics. The entire project will be complete in fiscal year 2014.

The renovation of the Rondileau Campus Center Main Entrance began in fiscal year 2013. This was funded by the Massachusetts State College Building Authority. This project will include a new at-grade entrance with reconfiguration of the main lobby areas.

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FACTORS IMPACTING FUTURE PERIODS (concluded)

The construction of the new 500-bed residence hall on East Campus began in fiscal year 2012. This project is funded by the MSCBA and will bring the total design occupancy for resident students to 3,281. This 169,000 square foot residence hall will include space for the health and counseling functions presently housed in Tillinghast Hall. Weygand Residence Hall and Health & Counseling Center is scheduled to open Fall 2013.

Bridgewater State University has planned construction of a new Welcome Center for Admissions and Financial Aid. The new 15,000 square foot facility to be constructed on Plymouth Street will house the Undergraduate, Graduate, and Transfer Admissions and the University’s Financial Aid Office.

ECONOMIC FACTORS AND NEXT YEAR'S TUITION AND STUDENT FEE RATES

In April 2013, the University's Board of Trustees approved an increase in meal plans for the 2013-2014 academic year in addition to receiving a report of new residence hall rates, which were proposed by the MSCBA and adopted by the Massachusetts Board of Higher Education earlier this year. The University’s Board of Trustees determined no increase in rates for student fees based on the state appropriation. In response to changing student expectations, the University continues to modify its meal plan options. Some of the meal plan improvements include increased flexibility, longer hours of operation, and more variety. The table below illustrates the FY14 meal plan options, and rates per semester:

Base Dining ProposedMeals Dollars Cost

Platinum 1,435$ 700$ 2,135$ Gold 1,660 210 1,870 Silver 1,320 500 1,820 Bronze 177 200 377

Per Semester Rates

Costs at residence halls for 2013-2014, which reflect the MSCBA value-pricing, increased an average of 3%, as follows: Great Hill Apartments, $7,610 from $7,460; Miles-DiNardo Hall, $6,810 from $6,560; Pope and Scott Halls, $6,540 from $6,300; Shea-Durgin Hall, $6,540 from $6,300; Woodward Hall, $6,540 from $6,300; East Hall, $7,440 for singles from $7,170; doubles will increase this fall to $6,860 from $6,610 and Crimson for singles $7,610 from $7,460; doubles $7,140 from $6,950.

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REQUESTS FOR INFORMATION

This financial report is designed to provide a general overview of Bridgewater State University's finances for all those with an interest in the University's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Associate Vice President, Finance, Boyden Hall, Room 100, 131 Summer Street, Bridgewater, Massachusetts 02425.

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Statements of Net Position

June 30, 2013 and 2012

2013 2012 2013 2012University University Combined Combined

Current assets:Cash and cash equivalents 33,354,207$ 33,860,481$ 1,373,543$ 3,318,108$ Deposits held by State Treasurer 3,993,464 3,981,410 - - Cash held by State Treasurer 1,378,795 1,295,508 - - Deposits held by MSCBA 8,539,546 833,327 - - Restricted cash and equivalents 3,669,983 6,102,286 - - Investments - - 25,558,754 20,968,962 Contributions receivable, net - - 235,714 218,250 Accounts receivable, net 10,921,290 8,625,047 6,750 - Prepaid expenses and other assets 408,381 342,233 3,172 139

Total current assets 62,265,666 55,040,292 27,177,933 24,505,459

Non-current assets:Contributions receivable, net - - 587,724 824,610 Loans receivable 3,610,602 3,659,464 - - Debt service reserve fund 623,291 537,299 - - Capital assets, net 175,685,421 163,222,565 1,212,952 1,595,931

Total non-current assets 179,919,314 167,419,328 1,800,676 2,420,541

Total assets 242,184,980$ 222,459,620$ 28,978,609$ 26,926,000$

Current liabilities:Accounts payable and accrued expenses 5,334,348$ 3,764,301$ 231,856$ 198,608$ Accrued payroll 8,343,733 8,317,834 - - Accrued workers' compensation 236,205 245,669 - - Accrued compensated absences 5,634,207 5,338,213 - - State funds payable 694,078 655,296 - - Deferred revenues 92,889,866 12,994,267 - - Current portion of capital lease obligations 304,681 288,283 - - Current portion of bonds payable 921,074 647,192 - -

Total current liabilities 114,358,192 32,251,055 231,856 198,608

Non-current liabilities:Accrued workers' compensation 857,336 871,006 - - Accrued compensated absences 2,775,058 2,629,269 - - Government advances refundable 5,903,329 5,903,329 - - Capital lease obligations 5,693,947 5,998,628 - - Deferred revenues - 74,670,657 - - Bonds payable 19,816,639 11,571,001 - -

Total non-current liabilities 35,046,309 101,643,890 - -

Total liabilities 149,404,501 133,894,945 231,856 198,608

Deferred inflows of resources:Service concession arrangement 2,620,500 3,110,500 - - Total deferred inflows of resources 2,620,500 3,110,500 - -

Net position:Net investment in capital assets 77,805,764 71,417,430 1,212,952 1,595,931 Restricted: Nonexpendable: scholarships and fellowships 23,000 23,000 10,680,464 10,449,063 Expendable: grants 1,061,195 787,423 4,752,867 3,782,394 Unrestricted 11,270,020 13,226,322 12,100,470 10,900,004

Total net position 90,159,979 85,454,175 28,746,753 26,727,392

Total liabilities and net position 242,184,980$ 222,459,620$ 28,978,609$ 26,926,000$

Primary Government Component Units

See accompanying notes to financial statements.

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Statements of Revenues, Expenses and Changes in Net Position

Years Ended June 30, 2013 and 2012

2013 2012 2013 2012University University Combined Combined

Operating revenues:Tuition and fees 87,827,068$ 81,930,733$ -$ -$ Less: scholarships and fellowships (12,242,140) (11,775,838) - - Net tuition and fees 75,584,928 70,154,895 - - Gifts and contributions - 1,772,857 3,494,886 Federal, state and private grants and contracts 17,822,377 18,416,139 - - Auxiliary enterprises 21,771,366 21,047,033 - - Other operating revenues 583,889 338,680 - -

Total operating revenues 115,762,560 109,956,747 1,772,857 3,494,886

Operating expenses:Educational and general:

Instruction 53,182,575 51,869,664 - - Gifts and contributions - - 1,154,400 696,399 Public service 2,262,099 1,997,803 - - Academic support 18,434,047 18,286,667 - - Student services 19,760,852 19,073,503 - - Institutional support 17,272,031 16,153,039 289,930 243,178 Operation and maintenance of plant 16,429,130 16,092,959 - - Other - - 26,970 25,000 Scholarships and fellowships 7,275,990 7,067,792 - 83,879 Depreciation and amortization 5,598,456 5,185,166 32,979 34,235 Auxiliary enterprises 19,971,840 19,922,838 - -

Total operating expenses 160,187,020 155,649,431 1,504,279 1,082,691

Net operating (loss) income (44,424,460) (45,692,684) 268,578 2,412,195

Non-operating revenues (expenses):State appropriations, net 43,784,687 43,483,203 - - Gifts 902,554 706,947 - - Investment income (loss) 10,801 81,963 2,034,783 (820,220) Interest expense (703,238) (569,375) - - Rental income - - 36,000 36,000 Other non-operating revenues (expenses) 3,885,460 3,849,895 (320,000) 257,588

Net non-operating revenues (expenses) 47,880,264 47,552,633 1,750,783 (526,632)

Net income before capital appropriations 3,455,804 1,859,949 2,019,361 1,885,563

Capital appropriations 1,250,000 660,113 - -

Total increase in net position 4,705,804 2,520,062 2,019,361 1,885,563

Net position, beginning of year 85,454,175 82,934,113 26,727,392 24,841,829

Net position, end of year 90,159,979$ 85,454,175$ 28,746,753$ 26,727,392$

Primary Government Component Units


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Statements of Cash Flows


2013 2012University University

Cash flows from operating activities:Tuition and fees 73,348,594$ 69,659,719$ Grants and contracts 17,983,448 18,340,524

Payments to employees (90,724,535) (86,186,885) Payments to suppliers and vendors (30,109,657) (26,007,493) Payments to students (7,227,128) (6,926,425) Auxiliary enterprises charges (19,971,840) (19,922,838) Auxiliary enterprises 21,771,366 21,047,033 Other 583,889 338,680

Net cash used in operating activities (34,345,863) (29,657,685)

Cash flows from non-capital financing activities: State appropriations 34,541,265 32,568,141

Other non-operating revenues 3,885,460 3,849,895 Gifts 412,554 216,947

Net cash provided by non-capital financing activities 38,839,279 36,634,983

Cash flows from capital financing activities:Capital appropriation 1,250,000 660,113 Purchase of capital assets (8,333,241) (4,327,442) Principal paid on capital leases (288,283) (272,768) Payments of capital debt (704,012) (581,497) Issuance of capital debt 9,223,532 1,000,000 Increase in debt service reserve (85,992) (73) Interest paid on capital debt and leases (703,238) (569,375)

Net cash provided by (used in) capital financing activities 358,766 (4,091,042)

Cash flows from investing activities: Interest on investments 10,801 81,963 Net cash provided by investing activities 10,801 81,963

Net increase in cash and cash equivalents 4,862,983 2,968,219

Cash and cash equivalents, beginning of year 46,073,012 43,104,793

Cash and cash equivalents, end of year 50,935,995$ 46,073,012$

Primary Government


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Statements of Cash Flows


2013 2012University University

Reconciliation of net operating loss to net cash used in operating activities:

Net operating loss (44,424,460)$ (45,692,684)$ Adjustments to reconcile net operating loss to net cash

applied to operating activities: Depreciation 5,587,084 5,176,557 Amortization 11,372 8,609 Fringe benefits provided by State 9,243,422 10,915,062 Changes in assets and liabilities:

Accounts and loan receivable, net (2,247,381) (477,132) Accounts payable and accrued liabilities 1,608,829 (913,337) Accrued payroll and benefits 444,548 2,173,397 Prepaid expenses and other assets (77,520) 5,923 Deferred revenues (4,491,757) (854,080)

Net cash used in operating activities (34,345,863)$ (29,657,685)$

Primary Government

For purposes of the statement of cash flows, cash and cash equivalents are comprised of the following at June 30:

2013 2012

Cash and cash equivalents 33,354,207$ 33,860,481$ Deposits held by State Treasurer 3,993,464 3,981,410 Cash held by State Treasurer 1,378,795 1,295,508 Deposits held by MSCBA 8,539,546 833,327 Restricted cash and equivalents 3,669,983 6,102,286

50,935,995$ 46,073,012$

The following summarizes the non-cash transactions for the years ended June 30:

2013 2012

Fringe benefits provided by the state 9,243,422$ 10,915,062$ Acquisition of capital assets through

capital appropriations 3,991,204 5,054,125 Acquisition of capital assets through capital bond appropriations 5,725,495 20,305,275 Capital grants - amortization of deferred inflows of resources - service concession agreements 490,000 490,000

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Combining Statements of Net Position – Component Units

June 30, 2013 and 2012

2013Alumni 2012

Foundation Association Combined CombinedCurrent assets: (restated)

Cash and cash equivalents 1,181,369$ 192,174$ 1,373,543$ 3,318,108$ Deposits held by State Treasurer - - - - Cash held by State Treasurer - - - - Deposits held by MSCBA - - - -

Restricted cash and equivalents - - - - Investments 21,966,941 3,591,813 25,558,754 20,968,962 Contributions receivable, net 235,714 - 235,714 218,250 Accounts receivable, net - 6,750 6,750 - Prepaid expenses and other assets 1,383 1,789 3,172 139

Total current assets 23,385,407 3,792,526 27,177,933 24,505,459

Non-current assets:Contributions receivable, net 587,724 - 587,724 824,610 Loans receivable - - - - Debt service reserve fund - - - - Capital assets, net 1,212,952 - 1,212,952 1,595,931

Total non-current assets 1,800,676 - 1,800,676 2,420,541

Total assets 25,186,083$ 3,792,526$ 28,978,609$ 26,926,000$

Current liabilities:Accounts payable and accrued expenses 221,256$ 10,600$ 231,856$ 198,608$ Accrued payroll - - - - Accrued workers' compensation - - - - Accrued compensated absences - - - - State funds payable - - - - Deferred revenues - - - - Current portion of capital lease obligations - - - - Current portion of bonds payable - - - -

Total current liabilities 221,256 10,600 231,856 198,608

Non-current liabilities:Accrued workers' compensation - - - - Accrued compensated absences - - - - Government advances refundable - - - - Capital lease obligations - - - - Deferred revenues - - - - Bonds payable - - - -

Total non-current liabilities - - - -

Total liabilities 221,256 10,600 231,856 198,608

Deferred inflows of resources:Service concession arrangement - - - - Total deferred inflows of resources - - - -

Net position:Net investment in capital assets 1,212,952 - 1,212,952 1,595,931 Restricted:

Nonexpendable 9,709,826 970,638 10,680,464 10,449,063 Expendable 3,498,905 1,253,962 4,752,867 3,782,394

Unrestricted 10,543,144 1,557,326 12,100,470 10,900,004 Total net position 24,964,827 3,781,926 28,746,753 26,727,392

Total liabilities and net position 25,186,083$ 3,792,526$ 28,978,609$ 26,926,000$


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Combining Statements of Revenues, Expenses and Changes in Net Position – Component Units


Alumni 2012Foundation Association Combined Combined

Operating revenues: (restated)Tuition and fees -$ -$ -$ -$ Less: scholarships and fellowships - - - - Net tuition and fees - - - - Gifts and contributions 1,558,296 214,561 1,772,857 3,494,886 Federal, state and private grants and contracts - - - Auxiliary enterprises - - - Other operating revenues - - -

Total operating revenues 1,558,296 214,561 1,772,857 3,494,886

Operating expenses:Educational and general: Instruction - - - - Gifts and contributions 1,008,411 145,989 1,154,400 696,399 Public service - - - -

Academic support - - - - Student services - - - - Institutional support 262,840 27,090 289,930 243,178 Operation and maintenance of plant - - - - Other 26,970 - 26,970 25,000 Scholarships and fellowships - - - 83,879 Depreciation and amortization 32,979 - 32,979 34,235 Auxiliary enterprises - - - -

Total operating expenses 1,331,200 173,079 1,504,279 1,082,691

Net operating income 227,096 41,482 268,578 2,412,195

Net operating revenues (expenses):State appropriations, net - - - - Gifts - - - - Investment income (loss) 1,872,237 162,546 2,034,783 (820,220) Interest expense - - - - Rental income 36,000 - 36,000 36,000 Other non-operating revenues (expenses) (320,000) - (320,000) 257,588

Net non-operating revenues (expenses) 1,588,237 162,546 1,750,783 (526,632)

Net income before capital appropriations 1,815,333 204,028 2,019,361 1,885,563

Capital appropriations - - - -

Total increase in net position 1,815,333 204,028 2,019,361 1,885,563

Net position, beginning of year 23,149,494 3,577,898 26,727,392 24,841,829

Net position, end of year 24,964,827$ 3,781,926$ 28,746,753$ 26,727,392$

2013


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Notes to Financial Statements


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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Bridgewater State University (the "University") is a state-supported comprehensive university that offers a quality education leading to bachelors and masters degrees. The University also offers, through the Division of Continuing Education, credit and noncredit courses as well as a variety of summer workshop programs. The University is accredited by the New England Association of Schools and Colleges. The University's campus is located in Bridgewater, Massachusetts.

Basis of Presentation and Accounting

The accompanying financial statements have been prepared using the economic resources measurement focus and the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (US GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations).

The Bridgewater State University Foundation (the "Foundation”) and the Bridgewater Alumni Association (the "Alumni Association''), component units of the University, were formed to render financial assistance and support to the educational programs and development of the University. Both organizations are legally separate from the University, and the University has no financial responsibility for either organization. The Bridgewater State University Foundation was established in 1984 as a 501(c)(3) trust to raise and manage funds for the financial benefit of Bridgewater State University. The Foundation works closely with the trustees, administration of the University, and our Alumni Association to promote the university and to raise private support for the institution. The Foundation and the Alumni Association have been included within these financial statements because of the nature and significance of their relationship with the University. Complete financial statements for either organization can be obtained from their respective administrative offices in Bridgewater, Massachusetts. These discretely presented component units have been aggregated into a single combined column on the accompanying financial statements.

Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met. The accompanying Statement of Revenues, Expenses and Changes in Net Position demonstrates the degree to which the direct expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable within a specific function. Program revenues primarily include charges to students or others who enroll or directly benefit from services that are provided by a particular function. Items not meeting the definition of program revenues are instead reported as general revenues.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Basis of Presentation and Accounting (concluded)

The University has determined that it functions as a business-type activity, as defined by GASB. The effect of interfund activity has been eliminated from these financial statements. The basic financial statements and required supplementary information for general purpose governments consist of management's discussion and analysis, basic financial statements including the University's discretely presented component units, and required supplementary information. The University presents statements of net position, revenues, expenses, and changes in net position and cash flows on a combined University-wide basis. The University's policies for defining operating activities in the Statement of Revenues, Expenses and Changes in Net Position are those that generally result from exchange transactions such as the payment received for services and payment made for the purchase of goods and services. Certain other transactions are reported as non-operating activities in accordance with GASB Statement No. 35. These non-operating activities include the University's operating and capital appropriations from the Commonwealth of Massachusetts (“Commonwealth”), net investment income, and interest expense.

Net Position

Resources are classified for accounting purposes into the following four net position categories:

Net invested in capital assets: Capital assets, net of accumulated depreciation and outstanding principal balances of debt attributable to the acquisition, construction, repair or improvement of those assets.

Restricted - nonexpendable: Net position subject to externally imposed conditions requiring the University to maintain them in perpetuity. Restricted - expendable: Net position whose use is subject to externally imposed conditions that can be fulfilled by the actions of the University or by the passage of time. Unrestricted: All other categories of net position. Unrestricted net position may be designated by actions of the University's Board of Trustees.

The University has adopted a policy of generally utilizing restricted - expendable funds, when available, prior to unrestricted funds.

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Cash and Cash Equivalents

The University's cash and cash equivalents are cash on hand, cash held with the Commonwealth's Treasurer and the Massachusetts State College Building Authority (MSCBA), and short-term, highly liquid investments with original maturities of three months or less from the date of acquisition. Allowance for Doubtful Accounts

Accounts receivable are periodically evaluated for collectability. Provisions for losses on receivables are determined on the basis of loss experience, known and inherent risks in the loan portfolio, the estimated value of underlying collateral and current economic conditions. Investments

Investments in marketable securities are stated at fair value. Dividends, interest, and net realized and unrealized gains or losses on investments are reported in the Statement of Revenues, Expenses and Changes in Net Position. Gains and losses on the disposition of investments are determined based on specific identification of securities sold. Investment income is recognized when earned. Capital Assets

Real estate assets, including improvements, are generally stated at cost. Furnishings, equipment and collection items are stated at cost at date of acquisition or, in the case of gifts, at fair value at date of donation. In accordance with the Commonwealth’s capitalization policy, non-collection items with a unit cost of more than $50,000 are capitalized. Library materials are generally expensed during the year. University capital assets, with the exception of land and construction in progress, are depreciated on a straight-line basis over their estimated useful lives, which range from 3 to 40 years. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Deferred Financing Costs

Deferred financing costs are amortized on a straight-line basis over the life of the related bonds. Amortization expense was $11,372 and $8,609 for the years ended June 30, 2013 and 2012, respectively.

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Fringe Benefits

The University participates in the Commonwealth's fringe benefit programs, including health insurance, unemployment, pension and workers' compensation benefits. Health insurance, unemployment and pension costs are billed through a fringe benefit rate charged to the University. Workers’ compensation costs are assessed separately based on the University's actual experience. Compensated Absences

Employees earn the right to be compensated during absences for vacation leave and sick leave. Accrued vacation is the amount earned by all eligible employees through June 30, 2013 and 2012. The accrued sick leave balance represents 20% of amounts earned by those employees with ten or more years of state service at June 30, 2013 and 2012. Upon retirement, these employees are entitled to receive payment for this accrued balance.

Deferred Revenues

Student deposits and advance payments received for tuition and fees related to certain summer programs and tuition received for the following academic year are recorded as revenues are earned. Grants and other advance payments are recognized as revenue in accordance with the underlying agreement. Student Fees Student tuition, dining, residence and other fees are presented net of scholarships and fellowships applied to students’ accounts. Certain other scholarship amounts that are paid directly to, or refunded to, the student are generally reflected as expenses. Tax Status

The University is an Agency of the Commonwealth of Massachusetts and is therefore generally exempt from income taxes under Section 115 of the Internal Revenue Code. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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New Government Accounting Pronouncements

GASB 60, Accounting and Financial Reporting for Service Concession Arrangements, effective for periods beginning after December 15, 2011, establishes accounting requirements for arrangements between a transferor and operator (SCAs) in which (a) the transferor conveys to the operator the right and related obligation to provide services through the use of infrastructure or other public asset in exchange for significant consideration and (b) the operator collects and is compensated by fees from third parties. This statement applies only to arrangements meeting specific criteria determining whether a transferor retains control over the public asset. The impact of GASB 60 on the University’s financial statements, which is disclosed in footnote 9, does not have a material impact on the financial statements.

GASB 61, The Financial Reporting Entity: Omnibus an Amendment of GASB Statements 14 and 34, effective for periods beginning after June 15, 2012, provides additional criteria for classifying entities as component units to better assess the accountability of officials by ensuring that the financial reporting entity includes only organizations for which the officials are financially accountable or that are determined by the government to be misleading to exclude. The adoption of GASB 61 has no effect on the financial statements.

GASB 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements, effective for periods beginning after December 15, 2011, incorporates into the GASB’s authoritative literature certain accounting and financial reporting guidance that is included in the following pronouncements issued on or before November 30, 1989, which does not conflict with or contradict GASB pronouncements: Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting Principles Board Opinions and Accounting Research Bulletins of the American Institute of Certified Public Accountants’ (AICPA) Committee on Accounting Procedure. The adoption of GASB 62 has no impact on the financial statements.

GASB 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position, effective for periods beginning after December 15, 2011, provides financial reporting guidance. Deferred outflows are the consumption of net assets and deferred inflows are the acquisition of net assets, applicable to future reporting periods. Net position is identified by Concepts Statement No. 4 as the residual of all other elements presented in a statement of financial position and requires the incorporation of deferred outflows and inflows into the required components of the residual measure and renaming that measure, known as net assets, as net position. An item is not considered a deferred outflow of resources or a deferred inflow of resources unless specifically required by a GASB pronouncement. Currently only GASB 53 Accounting and Financial Reporting for Derivative Instruments and GASB 60, Accounting and Financial Reporting for Service Concession Arrangements, contain this requirement. The adoption of GASB 63 does not have a material impact on the financial statements.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (concluded)

New Government Accounting Pronouncements (concluded)

GASB 65, Items Previously Reported as Assets and Liabilities, effective for periods beginning after December 15, 2012, establishes accounting and financial reporting standards for reclassification of certain assets and liabilities in accordance with GASB 63. Management expects this statement to have no effect on the financial statements.

GASB 66, Technical Corrections – 2012 – an amendment of GASB Statements 10 and 62, effective for periods beginning after December 15, 2012, resolves conflicts between recently issued and earlier GASB statements as well as modifying guidance related to accounting for certain operating leases. Management is in the process of reviewing this statement and its potential affect upon their financial reporting but does not expect any material impact.

2. CASH AND CASH EQUIVALENTS

Custodial credit risk is risk associated with the failure of a depository financial institution. At June 30, 2013, the University’s deposits were collateralized up to the maximum of $69 million by Sovereign Bank through pooled collateral being held at the Bank of New York in New York City. At June 30, 2012, the University’s deposits were insured by the Federal Deposit Insurance Corporation (FDIC) with no dollar limit for all operating accounts. At June 30, 2013 and 2012, the carrying amount of the University's deposits, net of deposits and disbursements in transit, was $37,024,190 and $39,962,767, respectively. Of the carrying amount, $613,412 and $612,085 were held by Massachusetts Municipal Depository Trust (MMDT) at June 30, 2013 and 2012, respectively. The MMDT is an investment pool for political subdivisions in the Commonwealth that was designed as a legal means to safely invest temporarily available cash. Its primary purpose is to provide a safe, liquid, high-yield investment vehicle offering participation in a diversified portfolio of high quality money market instruments. The MMDT, an instrumentality of the State Treasurer, is not a bank, savings institution, or financial institution, and is not subject to FDIC insurance.

3. CASH HELD BY STATE TREASURER

Accounts payable and accrued salaries to be funded from state-appropriated funds totaled $1,378,795 and $1,295,508 at June 30, 2013 and 2012, respectively. The University has recorded a comparable dollar amount of cash held by the State Treasurer for the benefit of the University, which was subsequently utilized to pay for such liabilities.

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4. RESTRICTED CASH

Restricted cash consists of approximately $932,157 and $3,446,698 at June 30, 2013 and 2012, respectively, for construction projects not performed until the following fiscal year, cash restricted for debt service approximating $476,517 and $467,496 at June 30, 2013 and 2012, respectively, and cash restricted for the Federal Perkins Loan Program approximating $2,261,309 and $2,188,092, respectively.

5. INVESTMENTS – COMPONENT UNITS

Investments of the combined component units are stated at fair value and consist of the following at June 30:

2013 2012

Equity mutual funds 20,358,604$ 12,067,386$ Bond mutual funds 5,200,150 8,901,576

Total investments 25,558,754$ 20,968,962$

The following schedule summarizes the investment return of the combined component units for the years ended June 30:

2013 2012

Interest income 529,866$ 715,127$ Net realized/unrealized gains (losses) 1,504,917 (1,535,347)

Total investment return 2,034,783$ (820,220)$

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6. ACCOUNTS RECEIVABLE, NET

Accounts receivable is comprised of the following at June 30:

2013 2012

Students 11,183,108$ 8,898,606$ Grants 392,163 231,092 Other 1,011,670 953,888

12,586,941 10,083,586 Less: Allowance for doubtful accounts 1,665,651 1,458,539

Net accounts receivable 10,921,290$ 8,625,047$

7. CONTRIBUTIONS RECEIVABLE – COMPONENT UNITS

Contributions receivable consist of unconditional promises to give from individuals. Management has recorded these contributions at their estimated fair value and has set up an allowance for doubtful accounts. A discount rate has been used to reflect the present value of the non-current portion of the unconditional promises to give equal to the U.S. Treasury yield rates on July 1, 2013 for the year ended June 30, 2013. A discount rate has been used to reflect the present value of the non-current portion of the unconditional promises to give equal to the U.S. Treasury yield rates on June 29, 2012 as of June 30, 2012.

Contributions receivable are as follows as of June 30:

2013 2012

Amounts due in:Less than one year 240,953$ 268,595$ One to five years 464,700 447,895 More than five years 196,980 402,500

902,633 1,118,990 Less: Unamortized discounts (29,195) (26,130) Less: Allowance for uncollectible accounts (50,000) (50,000)

Net contributions receivable 823,438$ 1,042,860$

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8. CAPITAL ASSETS

Capital asset activity for the year ended June 30, 2013 is as follows: Estimated

Lives Beginning Ending (in Years) Balance Additions Reductions Reclassifications Balance

Capital assets not depreciated:Land 2,486,395$ -$ -$ -$ 2,486,395$ Artwork 281,050 155,165 - - 436,215 Construction in progress 86,569,964 13,213,791 - (4,582,718) 95,201,037

Total not depreciated 89,337,409 13,368,956 - (4,582,718) 98,123,647

Capital assets depreciated:Buildings, including improvements 11-40 131,242,255 3,524,018 - 4,582,718 139,348,991 Furnishings and equipment

(including cost of capital leases) 3-10 5,705,303 1,156,966 - - 6,862,269 Library materials 5 787,962 - - - 787,962

Total depreciated 137,735,520 4,680,984 - 4,582,718 146,999,222

Total capital assets 227,072,929 18,049,940 - - 245,122,869

Less accumulated depreciation:Buildings, including improvements 59,386,320 4,794,764 - - 64,181,084 Furnishings and equipment 3,676,082 792,320 - - 4,468,402 Library materials 787,962 - - - 787,962

Total accumulated depreciation 63,850,364 5,587,084 - - 69,437,448

Capital assets, net 163,222,565$ 12,462,856$ -$ -$ 175,685,421$

Capital asset activity for the year ended June 30, 2012 is as follows:

Estimated Lives Beginning Ending

(in Years) Balance Additions Reductions Reclassifications BalanceCapital assets not depreciated:

Land 1,896,405$ 319,791$ -$ 270,199$ 2,486,395$ Artwork 281,050 - - 281,050 Construction in progress 64,408,458 26,406,167 - (4,244,661) 86,569,964

Total not depreciated 66,585,913 26,725,958 - (3,974,462) 89,337,409

Capital assets depreciated:Buildings, including improvements 11-40 124,306,909 2,960,884 - 3,974,462 131,242,255 Furnishings and equipment

(including cost of capital leases) 3-10 5,705,303 - - - 5,705,303 Library materials 5 787,962 - - - 787,962

Total depreciated 130,800,174 2,960,884 - 3,974,462 137,735,520

Total capital assets 197,386,087 29,686,842 - - 227,072,929

Less accumulated depreciation:Buildings, including improvements 54,582,623 4,803,697 - - 59,386,320 Furnishings and equipment 3,303,222 372,860 - - 3,676,082 Library materials 787,962 - - - 787,962

Total accumulated depreciation 58,673,807 5,176,557 - - 63,850,364

Capital assets, net 138,712,280$ 24,510,285$ -$ -$ 163,222,565$

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9. DEFERRED REVENUES

Deferred revenues include tuition received in advance from students for summer courses commencing after June 30, the subsequent fall semester, and capital grants received in advance. Capital appropriations are not recognized as income until the project is completed.

Deferred revenues of the University include the following at June 30:

2013 2012

Tuition and fees 4,860,182$ 4,717,495$ Deferred capital appropriation 87,863,786 82,736,653 Grants 165,898 210,776

Total deferred revenues 92,889,866 87,664,924 Less: current portion (92,889,866) (12,994,267)

Non-current portion -$ 74,670,657$

10. DEFERRED INFLOWS OF RESOURCES

Deferred inflows of resources at June 30, 2013 and 2012 in the amounts of $2,620,500 and $3,110,500, respectively, consist of the unamortized balances of a food service agreement with an outside party. The vendor contributed a total of $4,900,000 over fiscal years 2008 to 2010, to upgrade the food service facilities and for the installation of an air conditioning system in the food service facility. The contribution is being amortized at a rate of $490,000 per year over a ten year period beginning July 1, 2008.

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11. LONG-TERM LIABILITIES

Long-term liabilities of the University at June 30, 2013 consist of:

Beginning Ending Current Balance Additions Reductions Balance Portion

Capital leases and bonds payable:

Bonds payable 12,218,193$ 9,223,532$ 704,012$ 20,737,713$ 921,074$ Capital lease obligations 6,286,911 - 288,283 5,998,628 304,681

18,505,104 9,223,532 992,295 26,736,341 1,225,755

Other long-term liabilities:Accrued worker's

compensation 1,116,675 1,093,541 1,116,675 1,093,541 236,205 Accrued compensated

absences 7,967,482 8,409,265 7,967,482 8,409,265 5,634,207 Government advances

refundable 5,903,329 - - 5,903,329 - Total other long-term

liabilities 14,987,486 9,502,806 9,084,157 15,406,135 5,870,412

Total long-term liabilities 33,492,590$ 18,726,338$ 10,076,452$ 42,142,476$ 7,096,167$

Long-term liabilities of the University at June 30, 2012 consist of:

Beginning Ending Current Balance Additions Reductions Balance Portion

Capital leases and bonds payable:

Bonds payable 11,799,690$ 1,000,000$ 581,497$ 12,218,193$ 647,192$ Capital lease obligations 6,559,679 272,768 6,286,911 288,283

18,359,369 1,000,000 854,265 18,505,104 935,475

Other long-term liabilities:Accrued worker's

compensation 992,319 1,116,675 992,319 1,116,675 245,669 Accrued compensated

absences 7,785,060 7,967,482 7,785,060 7,967,482 5,338,213 Government advances

refundable 5,903,329 - - 5,903,329 - Total other long-term

liabilities 14,680,708 9,084,157 8,777,379 14,987,486 5,583,882

Total long-term liabilities 33,040,077$ 10,084,157$ 9,631,644$ 33,492,590$ 6,519,357$

53




55

LONG-TERM LIABILITIES (continued)

Bonds Payable

The University has $7,850,000 of the Capital Asset Program issue, Series J-4 revenue bond issued by MHEFA. The bond has a variable interest rate, which was 0.318% and 0.663% at June 30, 2013 and 2012, respectively. MHEFA requires that the University maintain a debt reserve fund held by a Trustee. The debt service reserve was $393,650 and $450,462 at June 30, 2013 and 2012, respectively. At June 30, 2013 and 2012, the balance on the bond was $5,135,601 and $5,545,311, respectively. During fiscal year 2006, the University entered into a financing agreement with the Massachusetts State College Building Authority (MSCBA) to construct a new parking lot. The source of financing the project is based upon the issuance of Project Revenue Bonds issued by MSCBA on behalf of the University (Series 2006A). Through its agreements with MSCBA, the University has an agreement to repay this debt in semi-annual installments, starting May 1, 2007 and ending June 30, 2026, at an annual variable coupon averaging 4.3%. MSCBA requires that the University maintain a debt service reserve fund. At June 30, 2013 and 2012, the debt service reserve was $86,836. At June 30, 2013 and 2012, the balance on the bond was $964,217 and $1,017,618, respectively.

During fiscal year 2010, the University entered into a financing agreement with the Massachusetts State College Building Authority (MSCBA) to renovate an Athletic Field. The source of financing the project is based upon the issuance of Project Revenue Bonds issued by MSCBA on behalf of the University (Series 2009B & 2009C). Through its agreements with MSCBA, the University has an agreement to repay this debt in semi-annual installments, starting May 1, 2011 and ending June 30, 2030, at an annual variable coupon averaging 4.6%. At June 30, 2013 and 2012, the balance on the bond was $4,454,953 and $4,655,263, respectively. During fiscal year 2012, the University entered into a financing agreement with the Massachusetts State College Building Authority (MSCBA) to redevelop an existing parking lot to construct green space to include pedestrian walkways. The source of financing the project is based upon the issuance of Project Revenue Bonds issued by MSCBA on behalf of the University (Series 2012A). Through its agreement with MSCBA, the University has an agreement to repay this debt in semi-annual installments, starting October 1, 2012 and ending June 30, 2032, at an annual variable coupon averaging 3.9%. At June 30, 2013 and 2012, the balance on the bond was $959,416 and $1,000,000, respectively.

During fiscal year 2013, the University entered into a financing agreement with the Massachusetts State College Building Authority (MSCBA) to renovate the main entrances to the Rondileau Campus Center. The source of financing the project is based upon the issuance of Project Revenue Bonds issued by MSCBA on behalf of the University (Series 2012C). Through its agreements with MSCBA, the University has an agreement to repay this debt in semi-annual installments, starting November 1, 2013 and ending June 30, 2032, at an annual

54




56

LONG-TERM LIABILITIES (continued)

Bonds Payable (continued)

variable coupon averaging 3.6%. The debt service reserve was $142,805 at June 30, 2013. At June 30, 2013, the balance on the bond was $9,223,526. Maturities of the bonds payable subsequent to June 30, 2013 are as follows:

Fiscal YearsEnded June 30, Principal Interest Total

2014 921,074$ 645,869$ 1,566,943$ 2015 1,073,199 516,394 1,589,593 2016 1,126,131 486,355 1,612,486 2017 1,169,462 460,527 1,629,989 2018 1,214,301 435,318 1,649,619

2019-2023 7,179,057 1,704,710 8,883,767 2024-2028 4,624,383 936,058 5,560,441 2029-2032 3,430,106 235,203 3,665,309

20,737,713$ 5,420,434$ 26,158,147$

Leases

The following schedule summarizes future minimum payments under non-cancelable leases subsequent to June 30, 2013:

Fiscal Years Operating Ending June 30, Principal Interest Leases Total

2014 304,681$ 325,196$ 183,967$ 813,844$ 2015 322,013 307,864 166,589 796,466 2016 340,332 289,545 166,589 796,466 2017 359,695 270,183 166,589 796,467 2018 380,160 249,718 166,589 796,467

2019-2023 2,250,970 898,418 787,851 3,937,239 2024-2028 2,040,777 216,280 682,610 2,939,667

5,998,628$ 2,557,204$ 2,320,784$ 10,876,616$

Capital Leases

Rental expense for operating leases was $454,549 and $934,406 for the years ended June 30, 2013 and 2012, respectively.

55




57

LONG-TERM LIABILITIES (concluded)

Leases (concluded)

The following is a summary of capital assets held under capital leases at June 30:

2013 2012

Building improvements 10,442,355$ 10,442,355$ Less: accumulated depreciation (3,132,767) (2,610,589)

7,309,588$ 7,831,766$

12. GOVERNMENT ADVANCES REFUNDABLE

The University participates in the Federal Perkins Loan Program. This program is funded through a combination of Federal and institutional resources. The portion of this program that has been funded with Federal funds is ultimately refundable to the U.S. government upon the termination of the University's participation in the program. The loans receivable balance of $3,610,602 and $3,659,464 at June 30, 2013 and 2012, respectively, represents student loans issued through this program.

13. RESTRICTED NET POSITION

The University is the recipient of funds that are subject to various external constraints upon their use, either as to purpose or time. These funds are comprised of the following at June 30:

2013 2012

Restricted - nonexpendable:Scholarships and fellowships 23,000$ 23,000$

Restricted - expendable:Grants 1,061,195$ 787,423$

The component units' restricted - expendable net position consists of funds whose income is mainly used for scholarships and grants. The component units' restricted-nonexpendable net position consists of investments to be held in perpetuity and the income is restricted for the purpose of providing scholarships and other activities that benefit the University.

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58

14. CONTINGENCIES

The University has no pending or threatened litigation at this time. The University receives significant financial assistance from federal and state agencies in the form of grants. Expenditures of funds under these programs require compliance with the grant agreements and are subject to audit. Any disallowed expenditures resulting from such audits becomes a liability of the University. In the opinion of management such adjustments, if any, are not expected to materially affect the financial condition of the University. The University participates in the Massachusetts College Savings Prepaid Tuition Program, (the "Program"). This Program allows individuals to pay in advance for the future tuition at the cost of tuition at the time of election to participate, increased by changes in the Consumer Price Index plus 2%. The University is obligated to accept as payment of tuition the amount determined by this Program without regard to the standard tuition rate in effect at the time of the individual's enrollment at the University. The effect of the program cannot be determined as it is contingent on future tuition increases and the Program participants who attend the University.

Pollution Remediation Obligations

The University has estimated a pollution remediation obligation as of June 30, 2013 and 2012. GASB 49 provides guidance for state and local governments in estimating and reporting the potential costs of pollution remediation. While GASB 49 does not require the University to search for pollution, it does require the University to reasonably estimate and report a remediation liability when any of the five specified obligating events has occurred:

The University is compelled to take remediation action because pollution creates an

imminent endangerment to public health; The University is in violation of a pollution prevention-related permit or license, such

as a Resource Conservation and Recovery Act (RCRA) permit or similar permits under state law;

The University is named or has the evidence that it will be named by a regulator as a responsible party or potentially responsible party (PRP) for remediation, or as a government responsible for sharing costs;

The University is named or has evidence that it will be named in a lawsuit to enforce a cleanup; or

The University commences or legally obligates itself to commence pollution remediation.

57




59

CONTINGENCIES (concluded)

Pollution Remediation Obligations (concluded)

The standard requires the University, to calculate pollution remediation liabilities using the expected cash flow technique which measures the liability as the sum of probability-weighted amounts in a range of possible estimated amounts. Where the University cannot reasonably estimate a pollution remediation obligation it does not report a liability. In July 2008, the Commonwealth committed to invest $98.7 million for the addition and modernization of the Marshall Conant Science Building. Included in that cost is pollution remediation obligations of approximately $1.3 million for the removal of hazardous components. Accordingly, the University has included the liability for the removal of the hazardous components in accrued expenses.

15. OPERATING EXPENSES

The University's operating expenses, on a natural classification basis, are comprised of the following for the years ended June 30:

2013 2012

Compensation and benefits 100,412,505$ 99,275,344$ Supplies and services 46,900,069 44,121,129 Depreciation and amortization 5,598,456 5,185,166 Scholarships and fellowships 7,275,990 7,067,792

160,187,020$ 155,649,431$

16. MASSACHUSETTS MANAGEMENT ACCOUNTING AND REPORTING SYSTEM

Section 15G of Chapter 15A of the Massachusetts General Laws requires Commonwealth Colleges and Universities to report activity of campus based funds to the Comptroller of the Commonwealth on the Commonwealth's Statewide Accounting System, Massachusetts Management Accounting and Reporting System (MMARS), using the statutory basis of accounting. The statutory basis of accounting is a modified accrual basis of accounting and differs from the information included in these financial statements. Management believes the amounts reported on MMARS meet the guidelines of the Comptroller's Guide for Higher Education Audited Financial Statements.

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60

MASSACHUSETTS MANAGEMENT ACCOUNTING AND REPORTING SYSTEM (concluded)

The University’s state appropriations are composed of the following for the years ended June 30:

2013 2012

Direct unrestricted appropriations 36,064,132$ 33,859,737$ Add: Fringe benefits for benefited employees on the state payroll 9,243,422 10,915,062 Less: Day school tuition remitted to the state and

included in tuition and fee revenue (1,522,867) (1,291,596) Total unrestricted appropriations 43,784,687 43,483,203

Capital appropriations 1,250,000 660,113

Total appropriations 45,034,687$ 44,143,316$

A reconciliation between the University and MMARS as of June 30, 2013, is as follows (unaudited):

Revenue per MMARS 201,818,908$ Revenue per University 201,818,908

Difference -$

17. STATE CONTROLLED ACCOUNTS

Certain significant costs and benefits associated with the operations of the University are appropriated, expended, controlled, and reported by the Commonwealth through non-University line items in the Commonwealth’s budget. Under generally accepted accounting principles, such transactions must be recorded in the financial statements of the University. These transactions include payments by the Commonwealth for the employer’s share of funding the Massachusetts State Employees’ Retirement System and for the employer’s share of health care premiums.

59




61

STATE CONTROLLED ACCOUNTS (concluded)

The estimated amounts of funding attributable for the Commonwealth’s retirement system contribution and the employer’s share of health care premiums for the years ended June 30, 2013, 2012, and 2011 were as follows (See State appropriations under Note 17).

2013 2012 2011

Commonwealth's Retirement System Contributions 2,771,603$ 3,326,148$ 2,179,189$

Employer's Share of Health Care 6,471,819$ 7,588,914$ 8,554,836$ Premium

18. RETIREMENT PLAN

Substantially all of the University’s full-time employees are covered by the Massachusetts State Employee’s Retirement System (SERS). SERS, a single employer defined benefit public employee retirement system, is administered by the Massachusetts State Retirement Board and covers substantially all non-student employees. SERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Chapter 32A of the General Laws of the Commonwealth of Massachusetts assigns the authority to establish and amend benefit provisions to the Massachusetts Legislature. The University is not required to contribute from its appropriation allocation or other college funds to SERS for employees compensated from State appropriations. For University employees covered by SERS but compensated from a trust fund or other source, the University is required to contribute an amount determined as a percentage of compensation in accordance with a fringe benefit rate established by the State. The total amount of current funding by the State related to the University’s employees was $6,681,219, $7,919,495, and $5,949,819 during 2013, 2012 and 2011, respectively. Annual covered payroll was approximately 58%, 58%, and 62% of total payroll for the University for the years ended June 30, 2013, 2012 and 2011, respectively.

The Commonwealth does not issue separately audited financial statements for the plan. The financial position and results of operations of the plan are incorporated into the Commonwealth’s financial statements, a copy of which may be obtained from the Office of the State Comptroller, Commonwealth of Massachusetts, One Ashburton Place, Room 901, Boston, MA 02108.

60




62

RETIREMENT PLAN (concluded)

Substantially all full-time staff are covered by and must participate in SERS. Benefits fully vest after 10 years of full-time employment. An employee may receive retirement benefits after 20 years of service, or after 10 years of service and having attained age of 55.

Based on State statute, covered employees of the University contribute an amount ranging from 5% to 9% (depending on date of employment) of their eligible compensation to SERS. Employees hired after January 1, 1979 are required to contribute an additional 2% for the eligible compensation over $30,000 per year. The State is required to make actuarially determined contributions that maintain the financial integrity of the retirement system.

19. FRINGE BENEFITS FOR CURRENT EMPLOYEES AND POST EMPLOYMENT OBLIGATIONS – PENSION AND NON-PENSION

The University participates in the Commonwealth’s Fringe Benefit programs, including active employee and post-employment health insurance, unemployment, pension, and workers’ compensation benefits. Health insurance and pension costs for active employees are retirees are paid through a fringe benefit rate charged to the University by the Commonwealth and currently the liability is borne by the Commonwealth.

On-behalf of payments of fringe benefits for benefited employees on the Commonwealth’s payroll are recognized as revenues and expenses in the University’s financial statements in each of the fiscal years presented.

Post Employment Other Than Pensions

In addition to providing pension benefits, under Chapter 32A of the Massachusetts General Laws, the Commonwealth is required to provide certain health care and life insurance benefits for retired employees of the Commonwealth, housing authorities, redevelopment authorities, and certain other governmental agencies. Substantially all of the Commonwealth’s employees may become eligible for these benefits if they reach retirement age while working for the Commonwealth. Eligible retirees are required to contribute a specified percentage of the health care benefit costs which is comparable to contributions required from employees. The Commonwealth is reimbursed for the cost of benefits to retirees of the eligible authorities and non-state agencies.

The Commonwealth’s Group Insurance Commission (GIC) was established by the Legislature in 1955 to provide and administer health insurance and other benefits to the Commonwealth’s employees and retirees, and their dependents and survivors. The GIC also covers housing and redevelopment authorities’ personnel, certain authorities and other offline agencies, retired municipal teachers from certain cities and towns and a small amount of municipalities as an agent multiple employer program, accounted for as an agency fund activity of the Commonwealth, not the University.

61




63

FRINGE BENEFITS FOR CURRENT EMPLOYEES AND POST EMPLOYMENT OBLIGATIONS – PENSION AND NON-PENSION (concluded)

Post Employment Other Than Pensions (concluded)

The GIC administers a plan included within the State Retire Benefits Trust Fund, an irrevocable trust. Any assets accumulated in excess of liabilities to pay premiums of benefits or administrative expenses are retained in that fund. The GIC’s administrative costs are financed through Commonwealth appropriations and employee investment returns. The Legislature determines employees’ and retirees’ contribution ratios.

The GIC does not issue separately audited financial statements. The financial position and results of operations of the plan are incorporated into the Commonwealth’s financial statements, a copy of which may be obtained from the Office of the State Comptroller, Commonwealth of Massachusetts, One Ashburton Place, Room 901, Boston, MA 02108.

The GIC is a quasi-independent state agency governed by an eleven-member body (the “Commission”) appointed by the Governor. The GIC is located administratively within the Executive Office of Administration and Finance, and is responsible for providing health insurance and other benefits to the Commonwealth’s employees and retirees and their survivors and dependents. During the fiscal years ended June 30, 2013 and 2012, the GIC provided health insurance for its members through indemnity, PPO, and HMO plans. The GIC also administered carve-outs for the pharmacy benefit and mental health and substance abuse benefits for certain of its health plans. In addition to health insurance, the GIC sponsors life insurance, long-term disability insurance (for active employees only), dental and vision coverage for employees not covered by collective bargaining, a retiree discount vision plan and retiree dental plan, and finally, a pre-tax health care spending account and dependant care assistance program (for active employees only).

20. PASS THROUGH GRANTS

The University distributed $53,008,771 and $53,373,587 for student loans through the U.S. Department of Education Federal Direct Lending Program for the years ended June 30, 2013 and 2012, respectively. These distributions and related funding sources are not included as expenses and revenues or as cash disbursements or cash receipts in the accompanying financial statements.

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64

21. SUBSEQUENT EVENTS

On July 16, 2013, the University signed a twelve month lease agreement with Apple, Inc. for $1,176,592 at an effective interest rate of 3.1% to purchase 1,800 iPads for deployment to students in the College of Education and Allied Studies as part of the Propel Bridgewater State University Program. Immediately upon execution of the lease, Apple, Inc. assigned the lease to GE Capital Corporation. On July 22, 2013 Bridgewater State University signed a Memorandum of Understanding with the Division of Capital Asset Management (DCAMM) for $7,000,000 payable over the next two fiscal years to construct a Welcome Center on campus. The new 15,000 square foot facility to be constructed on Plymouth Street will house the Undergraduate, Graduate and Transfer Admissions and the University's Financial Aid Office.

No other events subsequent to June 30, 2013 and through October 23, 2013, the date on which the financial statements were approved for issuance, had any impact on the financial statements.

63

supplemental inFormation


64


65

Supplemental Schedules of Net Position – Dormitory Trust Fund Report

June 30, 2013 and 2012

2013 2012

Current assets:Cash and cash equivalents 1,615,351$ 2,486,989$ Deposits at State Treasurer 719,629 355,664 Accounts receivable, net 378,573 288,987

Total assets 2,713,553$ 3,131,641$

Current liabilities:Accounts payable and accrued payroll 189,038$ 186,799$ Accrued employee benefits 361,808 297,329 Total current liabilities 550,846 484,128

Net position 2,162,707 2,647,513

Total liabilities and net position 2,713,553$ 3,131,641$

Assets

Liabilities and Net Position

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66

Supplemental Schedules of Revenues, Expenses and Changes in Net Position – Dormitory Trust Fund Report

June 30, 2013 and 2012

2013 2012Revenues:

Residence hall rents, building authority 17,865,794$ 17,878,545$ Other 568,475 489,432

Total revenues 18,434,269 18,367,977

Expenses:Regular employee compensation 2,924,490 2,728,635 Regular employee related 74,100 15,428 Special employee compensation 613,101 618,560 Pension and insurance related 823,254 966,683 Administrative 78,933 72,929 Facility operational 453,284 416,476 Energy cost and space rental 1,996,191 1,996,161 Equipment leases 11,854 12,550 Benefit program 354,000 309,750 Payments to the building authority 11,589,868 11,525,394

Total expenses 18,919,075 18,662,566

Total increase (decrease) in net assetsTotal decrease in net position (484,806) (294,589)

Net position, beginning of year 2,647,513 2,942,102

Net position, end of year 2,162,707$ 2,647,513$

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67

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

To the Board of Trustees of Bridgewater State University: We have audited, in accordance with the 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, the financial statements of Bridgewater State University (the “University”), as of and for the years ended June 30, 2013 and 2012, and the related notes to the financial statements, which collectively comprise the University’s basic financial statements, and have issued our report thereon dated October 23, 2013. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the University’s internal control over financial reporting (“internal control”) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the University's internal control. Accordingly, we do not express an opinion on the effectiveness of the University's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

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68

Compliance and Other Matters As part of obtaining reasonable assurance about whether the University's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the University’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the University’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Boston, Massachusetts October 23, 2013

Bridgewater State University

marked the institution’s 173rd

academic year. The class of

2016 gathers on the quad the

morning of opening day.

OpENiNg DAY 2012

Bridgewater State University purchased eleven aircraft totaling $1,074,000 in Fiscal Year 2013, for use in the Aviation Science Program.

statistical section


pHASE ii CONANT SCiENCE AND MATHEMATiCS CENTER

Phase II included the demolition and renovation to a portion of the existing building.

The university held a topping off ceremony which marks the moment when the last steel beam is put in place signifying the completion of the building’s main structure.

The Conant Science and Mathematics Center will be complete in Fiscal 2014.

73

taBle of contentS

This section of the Comprehensive Annual Financial Report provides additional information as a context for understanding what the information in the financial statements and note disclosures say about the university’s and the Commonwealth of Massachusetts overall financial health .

FiNANCiAL TRENDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74-79These schedules contain trend information to help the reader understand how the university’s financial performance and well-being have changed over time .

DEBT CApACiTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 These schedules display information to help the reader assess the affordability of the university’s current level of outstanding debt, and assess the university’s ability to issue additional debt in the future .

OpERATiNg iNFORMATiON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81-90These schedules contain service and capital asset data to help the reader understand how the information in the university’s financial report relates to the services the university provides and the activities it performs .

DEMOgRApHiC AND ECONOMiC iNFORMATiON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91-96 These schedules offer demographic and economic indicators to help the reader understand the environment within which the university’s and State’s financial activities takes place .

74

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1,02

9,23

0

3,

487,

303

3,15

6,80

4

Tota

l Non

Ope

ratin

g R

even

ues

48,5

83,5

02$

48

,122

,008

$

47,8

25,9

11$

40

,865

,822

$

48,2

19,8

98$

55

,962

,942

$

51,3

75,0

43$

45

,423

,259

$

41,4

68,0

84$

41

,038

,484

$

Tota

l Rev

enue

s16

4,34

6,06

2$

158,

078,

755

$

15

9,05

5,74

8$

142,

414,

674

$

13

3,58

2,35

9$

134,

202,

586

$

12

0,14

5,91

9$

110,

696,

039

$

10

3,78

3,80

8$

91,0

73,0

63$

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

Rev

enue

sO

pera

ting

Rev

enue

s:Tu

ition

and

Fee

s (n

et o

f sch

olar

ship

s an

d fe

llow

ship

s)46

%44

%41

%42

%41

%38

%40

%41

%43

%35

%Fe

dera

l, st

ate

and

priv

ate

gran

ts a

nd c

ontra

cts

11%

12%

15%

14%

9%7%

7%7%

8%9%

Aux

iliar

y en

terp

rises

13%

13%

14%

15%

14%

13%

10%

10%

9%10

%O

ther

Ope

ratin

g R

even

ue0%

0%0%

0%0%

0%0%

0%0%

0%To

tal O

pera

ting

Rev

enue

s70

%70

%70

%71

%64

%58

%57

%59

%60

%55

%

Non

Ope

ratin

g R

even

ues

Sta

te a

ppro

pria

tions

, net

27%

28%

27%

25%

33%

38%

40%

39%

36%

41%

Gift

s1%

0%0%

1%1%

0%0%

0%0%

0%In

vest

men

t inc

ome

0%0%

0%0%

0%1%

1%1%

0%0%

Oth

er n

on-o

pera

ting

reve

nues

2%2%

2%3%

2%3%

1%1%

3%3%

Tota

l Non

Ope

ratin

g R

even

ues

30%

30%

30%

29%

36%

42%

43%

41%

40%

45%

Tota

l Rev

enue

s10

0%10

0%10

0%10

0%10

0%10

0%10

0%10

0%10

0%10

0%

Sou

rce:

Brid

gew

ater

Sta

te U

nive

rsity

Ann

ual F

inan

cial

Sta

tem

ents

For t

he Y

ear E

nded

Jun

e 30

,(a

mou

nts

expr

esse

d in

thou

sand

s)

(per

cent

of t

otal

reve

nue)

For t

he Y

ear E

nded

Jun

e 30

,

SCH

EDU

LE O

F R

EVEN

UES

BY

SOU

RC

E

75

Sou

rce:

Brid

gew

ater

Sta

te U

nive

rsity

Ann

ual F

inan

cial

Sta

tem

ents

SCH

EDU

LE O

F R

EVEN

UES

BY

SOU

RC

E

Tuiti

on a

nd F

ees

46%

Fede

ral,

Sta

te &

Priv

ate

Gra

nts

& C

ontra

cts

11%

Aux

iliar

y E

nter

pris

es

13%

Sta

te A

ppro

pria

tions

27

%

Gift

s 1%

Oth

er N

on-O

pera

ting

Rev

enue

s 2%

Rev

enue

s B

y So

urce

Fi

scal

Yea

r 201

3

76

Expe

nses

:20

1320

1220

1120

1020

0920

0820

0720

0620

0520

04O

pera

ting

Expe

nses

:C

ompe

nsat

ion

and

bene

fits

100,

412,

505

$

99,2

75,3

44$

93,9

26,1

85$

86,2

01,4

08$

83,1

74,9

63$

88,0

70,4

35$

75

,586

,156

$

62,8

77,0

99$

56

,291

,824

$

49

,442

,730

$

S

uppl

ies

and

serv

ices

46,9

00,0

69

44,1

21,1

29

43,0

75,1

67

41,3

39,7

21

35,9

61,0

17

38,4

75,5

29

33

,675

,845

36,4

06,0

91

34

,428

,357

35

,666

,856

D

epre

ciat

ion

5,59

8,45

6

5,

185,

166

4,75

1,22

5

4,

348,

589

4,05

5,77

8

3,

957,

394

2,

702,

059

2,

518,

231

2,03

7,47

5

1,

730,

948

Sch

olar

ship

s an

d fe

llow

ship

s7,

275,

990

7,06

7,79

2

6,

798,

118

5,62

9,35

1

3,

954,

888

3,70

3,37

6

3,16

6,97

1

2,94

8,37

6

2,

518,

321

1,26

6,03

4

To

tal O

pera

ting

Expe

nses

160,

187,

020

$

155,

649,

431

$

148,

550,

695

$

137,

519,

069

$

127,

146,

646

$

134,

206,

734

$

11

5,13

1,03

1$

104,

749,

797

$

95

,275

,977

$

88

,106

,568

$

Non

Ope

ratin

g Ex

pens

es:

Inte

rest

pai

d on

cap

ital d

ebt a

nd le

ases

703,

238

56

9,37

5

677,

992

56

5,34

0

641,

459

65

8,46

5

83

0,52

1

31

3,30

7

215,

459

29

0,04

7

Tota

l Non

Ope

ratin

g Ex

pens

es70

3,23

8$

569,

375

$

67

7,99

2$

565,

340

$

64

1,45

9$

658,

465

$

830,

521

$

313,

307

$

21

5,45

9$

290,

047

$

Tota

l Exp

ense

s16

0,89

0,25

8$

15

6,21

8,80

6$

14

9,22

8,68

7$

13

8,08

4,40

9$

12

7,78

8,10

5$

13

4,86

5,19

9$

115,

961,

552

$

10

5,06

3,10

4$

95,4

91,4

36$

88,3

96,6

15$

Expe

nses

:20

1320

1220

1120

1020

0920

0820

0720

0620

0520

04O

pera

ting

Expe

nses

:C

ompe

nsat

ion

and

bene

fits

62.4

%63

.5%

62.9

%62

.4%

65.1

%65

.3%

65.2

%59

.8%

58.9

%55

.9%

Sup

plie

s an

d se

rvic

es29

.2%

28.2

%28

.9%

29.9

%28

.1%

28.5

%29

.0%

34.7

%36

.1%

40.3

%D

epre

ciat

ion

3.5%

3.3%

3.2%

3.1%

3.2%

2.9%

2.3%

2.4%

2.1%

2.0%

Sch

olar

ship

s an

d fe

llow

ship

s4.

5%4.

5%4.

6%4.

1%3.

1%2.

7%2.

7%2.

8%2.

6%1.

4%To

tal O

pera

ting

Expe

nses

99.6

%99

.6%

99.5

%99

.6%

99.5

%99

.5%

99.3

%99

.7%

99.8

%99

.7%

Non

Ope

ratin

g Ex

pens

es:

Inte

rest

pai

d on

cap

ital d

ebt a

nd le

ases

0.4%

0.4%

0.5%

0.4%

0.5%

0.5%

0.7%

0.3%

0.2%

0.3%

Tota

l Non

Ope

ratin

g Ex

pens

es0.

4%0.

4%0.

5%0.

4%0.

5%0.

5%0.

7%0.

3%0.

2%0.

3%

Tota

l Exp

ense

s10

0.0%

100.

0%10

0.0%

100.

0%10

0.0%

100.

0%10

0.0%

100.

0%10

0.0%

100.

0%

Sou

rce:

Brid

gew

ater

Sta

te U

nive

rsity

Ann

ual F

inan

cial

Sta

tem

ents

SCH

EDU

LE O

F EX

PEN

SES

BY

USE

For t

he Y

ear E

nded

Jun

e 30

,(p

erce

nt o

f tot

al re

venu

e)

For t

he Y

ear E

nded

Jun

e 30

,(a

mou

nts

expr

esse

d in

thou

sand

s)

77

Sou

rce:

Brid

gew

ater

Sta

te U

nive

rsity

Ann

ual F

inan

cial

Sta

tem

entsSC

HED

ULE

OF

EXPE

NSE

S B

Y U

SE

Com

pens

atio

n an

d be

nefit

s 62

.4%

S

uppl

ies

and

Ser

vice

s 29

.2%

Dep

reci

atio

n 3.

5%

Sch

olar

ship

s an

d Fe

llow

ship

s 4.

5%

Inte

rest

0.

4%

Expe

nses

By

Use

Fi

scal

Yea

r 201

3

78

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

Expe

nses

:

Inst

ruct

ion

53,1

82,5

75$

51,8

69,6

64$

49,0

31,4

97$

48,2

25,9

26$

47,5

17,7

30$

44,6

20,8

45$

40

,215

,625

$

35,5

98,1

05$

30

,537

,897

$

28

,384

,884

$

P

ublic

ser

vice

2,26

2,09

9

1,

997,

803

2,26

7,80

0

2,

036,

729

1,98

7,31

9

1,

823,

230

1,64

1,88

2

98

1,48

2

883,

031

66

9,18

4

Aca

dem

ic s

uppo

rt18

,434

,047

18

,286

,667

17

,041

,848

12

,667

,263

11

,633

,084

17

,561

,058

16,2

63,4

22

15

,008

,164

12,2

39,1

80

11,9

25,9

42

Stu

dent

ser

vice

s19

,760

,852

19

,073

,503

18

,442

,875

16

,492

,720

14

,806

,975

17

,044

,695

13,9

81,4

81

12

,031

,983

12,4

52,7

87

10,1

91,5

98

Inst

itutio

nal s

uppo

rt17

,272

,031

16

,153

,039

15

,977

,296

14

,530

,725

13

,438

,124

14

,852

,498

12,9

24,0

76

12

,033

,187

13,6

91,2

51

11,4

28,9

07

Ope

ratio

n an

d m

aint

enan

ce o

f pla

nt16

,429

,130

16

,092

,959

14

,566

,750

15

,128

,653

13

,499

,202

14

,537

,852

13,8

61,3

74

13

,376

,632

11,0

78,4

66

12,9

57,1

43

Sch

olar

ship

s an

d fe

llow

ship

s7,

275,

990

7,06

7,79

2

6,

798,

118

5,62

9,35

1

3,

954,

888

3,70

3,37

6

3,

166,

971

2,94

8,37

6

2,

518,

321

1,26

6,03

4

D

epre

ciat

ion

and

amor

tizat

ion

5,59

8,45

6

5,

185,

166

4,75

1,22

5

4,

348,

589

4,05

5,77

8

3,

957,

394

2,70

2,05

9

2,

518,

231

2,03

7,47

5

1,

730,

948

Aux

iliar

y en

terp

rises

, net

of s

chol

arsh

ip a

llow

ance

s19

,971

,840

19

,922

,838

19

,673

,286

18

,459

,113

16

,253

,546

16

,105

,786

10,3

74,1

41

10

,253

,637

9,83

7,56

9

9,

551,

928

Tota

l Exp

ense

s16

0,18

7,02

0$

155,

649,

431

$

14

8,55

0,69

5$

13

7,51

9,06

9$

12

7,14

6,64

6$

13

4,20

6,73

4$

115,

131,

031

$

10

4,74

9,79

7$

95,2

75,9

77$

88,1

06,5

68$

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

Expe

nses

:

Inst

ruct

ion

33%

33%

33%

35%

37%

33%

35%

34%

32%

32%

Pub

lic s

ervi

ce1%

1%2%

1%2%

1%1%

1%1%

1%A

cade

mic

sup

port

12%

12%

11%

9%9%

13%

14%

14%

13%

14%

Stu

dent

ser

vice

s12

%12

%12

%12

%12

%13

%12

%11

%13

%12

%In

stitu

tiona

l sup

port

11%

10%

11%

11%

11%

11%

11%

11%

14%

13%

Ope

ratio

n an

d m

aint

enan

ce o

f pla

nt10

%10

%10

%11

%11

%11

%12

%13

%12

%15

%S

chol

arsh

ips

and

fello

wsh

ips

5%5%

5%4%

3%3%

3%3%

3%1%

Dep

reci

atio

n an

d am

ortiz

atio

n3%

3%3%

3%3%

3%2%

2%2%

2%A

uxili

ary

ente

rpris

es, n

et o

f sch

olar

ship

allo

wan

ces

12%

13%

13%

13%

13%

12%

9%10

%10

%11

%

Tota

l Exp

ense

s10

0%10

0%10

0%10

0%10

0%10

0%10

0%10

0%10

0%10

0%

Sou

rce:

Brid

gew

ater

Sta

te U

nive

rsity

Ann

ual F

inan

cial

Sta

tem

ents

SCH

EDU

LE O

F EX

PEN

SES

BY

FUN

CTI

ON

For t

he Y

ear E

nded

Jun

e 30

,(a

mou

nts

expr

esse

d in

thou

sand

s)

For t

he Y

ear E

nded

Jun

e 30

,(p

erce

nt o

f tot

al re

venu

e)

79

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

Tota

l rev

enue

s (fr

om s

ched

ule

of re

venu

es b

y so

urce

)16

3,64

2,82

4$

15

7,50

9,38

0$

15

8,37

7,75

6$

14

1,84

9,33

4$

13

2,94

0,90

0$

13

3,54

4,12

1$

119,

315,

398

$

11

0,38

2,73

2$

103,

568,

349

$

90,7

83,0

16$

Tota

l exp

ense

s (fr

om s

ched

ule

of e

xpen

ses

by fu

nctio

n)(1

60,1

87,0

20)

(155

,649

,431

)

(1

48,5

50,6

95)

(137

,519

,069

)

(1

27,1

46,6

46)

(134

,206

,734

)

(115

,131

,031

)

(104

,749

,797

)

(95,

275,

977)

(88,

106,

568)

Inco

me

befo

re o

ther

reve

nues

3,

455,

804

1,85

9,94

9

9,

827,

061

4,33

0,26

5

5,

794,

254

(662

,613

)

4,18

4,36

7

5,

632,

935

8,29

2,37

2

2,

676,

448

Cap

ital g

rant

s an

d gi

fts-

-

-

-

-

13

8,88

8

138,

888

40

1,33

8

185,

888

23

8,88

8

Cap

ital a

ppro

pria

tions

1,25

0,00

0

66

0,11

3

298,

646

2,

372,

583

898,

481

1,

174,

034

660,

880

67

0,91

1

36,7

63

235,

218

Tota

l Inc

reas

es in

Net

Pos

ition

4,70

5,80

4

2,

520,

062

10,1

25,7

07

6,70

2,84

8

6,

692,

735

650,

309

4,

984,

135

6,70

5,18

4

8,

515,

023

3,15

0,55

4

Net

pos

ition

, beg

inni

ng85

,454

,175

82

,934

,113

72

,808

,406

66

,105

,558

59

,412

,823

58

,762

,514

53,7

78,3

79

47

,073

,195

38,5

58,1

72

35,4

07,6

18

Net

pos

ition

, end

ing

90,1

59,9

79$

85,4

54,1

75$

82,9

34,1

13$

72,8

08,4

06$

66,1

05,5

58$

59,4

12,8

23$

58

,762

,514

$

53,7

78,3

79$

47

,073

,195

$

38

,558

,172

$

Inve

sted

in c

apita

l ass

ets,

net

of r

elat

ed d

ebt

77,8

05,7

64$

71,4

17,4

30$

66,5

26,4

41$

58,8

43,6

65$

56,1

06,2

53$

48,2

18,8

88$

43

,558

,856

$

39,4

18,7

94$

37

,429

,371

$

35

,864

,648

$

R

estri

cted

:N

onex

pend

able

23,0

00

23,0

00

23,0

00

23,0

00

23,0

00

23,0

00

23

,000

23,0

00

23

,000

23

,000

E

xpen

dabl

e1,

061,

195

787,

423

1,

081,

518

1,27

0,24

3

1,

078,

333

722,

001

68

8,05

8

1,65

2,05

7

42

9,77

6

1,10

1,23

3

U

nres

trict

ed11

,270

,020

13

,226

,322

15

,303

,154

12

,671

,498

8,

897,

972

10,4

48,9

34

14

,492

,600

12,6

84,5

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2012

2011

2010

2009

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2007

2006

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Cap

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5,99

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SCH

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2012

2011

2010

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2005

2004

2003

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400

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20

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Deg

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2012

20

11

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20

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20

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05

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Adm

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2012

4,02

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7,09

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2011

3,77

7

6,84

7

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0

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0

2010

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3,85

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3,85

9

2009

3,30

2

6,37

2

3,63

4

3,63

4

2008

3,11

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6,18

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3,45

1

3,45

1

2007

3,01

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6,08

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3,34

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3,34

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2006

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6,00

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3,29

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Not

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Cha

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201

2

UNDERgRADUATE COMMENCEMENT MAY 18, 2013

gRADUATE COMMENCEMENT MAY 15, 2013

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