Table Of ContentA A
F N N C L
REPORT
I I
HE UNIVERSITY OF NORTH CAROLINA AT WILMINGTON
25
UNCW Financial Report 1993-94
The University ofNorth Carolina atWilmington
Table ofContents
LetterofTransmittal 2
StudentData 3
Current Funds 4
Endowment 5
SummaryofCurrentFunds 6
BalanceSheet 8
StatementofChanges inFundBalances 1
StatementofCurrentFundsRevenues, Expenditures, andOtherChanges
1
ConsolidatedBalanceSheet 14
NotestoFinancial Statements • 1
TheBoard ofTrustees and UniversityOfficers 23
The University ofNorth Carolina at Wilmington is committed to equality ofeducational and employment opportunity. The University does not
discriminate against applicants, students, or employees based on race, color, national origin, religion, creed, sex, age, disability, political affiliation,
sexual orientation, orrelationshipto otheruniversity constituents. The University is opentopeopleofall racesandactively seekstopromotecampus
diversity byrecruitingand enrollingalargernumberofminority students. Further,theUniversity providesapreference inhiringamongsubstantially
equally qualified candidates to minorities or females where these groups are under-utilized within the University.
QuestionsregardingprogramaccessshouldbereferredtotheComplianceOfficer, UNCWChancellor'sOffice, 601 S. CollegeRoad, Wilmington,NC
28403-3297, (910) 395-3835; 350-4050 (Fax).
A
Letter of Transmittal
To: Chancellor James R. Leutze and the
Board ofTrustees ofThe University ofNorth Carolina at Wilmington
I am pleased to submit the 1994 Financial Report forThe University ofNorth Carolinaat Wilmington. The report contains
trend data on the student body current fund revenue and expenditure growth, and a five yearcomparison ofcurrent
,
funds. This information is provided to supplement ourbasic financial statementswhich include a Balance Sheet, Statement
ofChanges in Fund Balances, Statement ofCurrent Fund Revenues, Expenditures, and OtherChanges, and a Consolidated
Balance Sheet.
BusinessAffairscontinuestoworkwith otherdivisionstomaximizebenefitsfrom budgetflexibility. Theadditionalfunding
supplied bybudgetflexibilityhasallowedtheUniversitytofurtherexpandfiberopticcapabilitiesthroughouttheUniversity.
Additionally,wehavepurchasedavoiceresponsesystemforinitialuseinourregistrationprocess. Thevoiceresponsesystem
will eventually allow students to register forclasses, check their student account balances, and interface with the Financial
Aid Office from their home telephone. This process will eliminate lines and allow staffto become more efficient and
UNCW
productive. Flexibility funds, and a special appropriation from the legislature allowed to enchance our Distance
LearningCapabilitiesbyconnectiontoMCNCCONCERT(nowNCREN). WitheventualconnectionviatheNorthCarolina
Information Highway (NCIH) our ability to transfer uninterrupted instructional information to remote locations in North
Carolinawillbeenhanced. Emergingtechnologies,suchas, FiberOptics,VoiceResponse,DistanceLearningandInteractive
Mediaare beingadvancedatUNCWwiththehelpofbudgetaryflexibility. Wewill continuetouseourresourceswiselyand
efficiently forthe benefit ofour students and the taxpayers ofNorth Carolina.
UNCW
Thankstothe people ofNorth Carolina, the University Bond Issuewasapproved inNovemberof1993. will receive
about $20 million in construction funds from the bond issue. These fundswill supportthe construction ofa 100,000 square
foot Physical Science Building, theaddition ofa West Wingon Bear Hall, andextensive renovation ofDeloach Hall. These
facilityadditionsandimprovementswillbegintoberealizedintheFallof1996whenweexpecttooccupythePhysicalScience
Building. Additionally,planningofourMarineResearchFacilityatMyrtleGrovecontinues. Wehavecompletedconstruction
ofthe pier, atacost in excessof$160,000 from campus funds. The legislaturehas provided planning funds intheamountof
$1.500,000. This money is being used to develop site and building specifications and design. As we go forward with these
construction projects, the expected growth ofthe Universitywill require a continuing dynamic planning processto provide
necessaryfacilities in atimelymanner. Currently,weanticipatetheneed foranewclassroom building,additionaldormitory
spaces,andaStudentRecreationComplex. WearecurrentlyseekingapprovaloftheseprojectsbythelegislaturethroughUNC
General Administration.
The financial data in these statements reflectthe continued growth ofthe University. The Business Affairs Division will
continueto strivetoprovidethefinancial resourcesrequiredtoensurecontinuedgrowth and improvement in theUniversity.
Very truly yours,
out
R. O. Walton, Jr.
Vice Chancellor for Business Affairs
UNCW
Student Data
The charts and tables presented on this page are designed to present the diversity and growth ofthe student body at The
UniversityofNorth CarolinaatWilmington. Thesechartsarebasedonthe studentpopulation forthe Fall of1993 semester.
In addition to these charts it should be noted that the number ofinternational students increased to forty -one.
Status Residency Gender Race
Full Time 82.3% In State 86.6% Female 41.4% White 91.4%
Part Time 17.7% Out ofState 13.4% Male 58.6% Minority 8.6%
Enrollment
1990-1994
Thousands
10,000
8,000 7^03- -6^976-
6,000
4,000
2,000
1990 1991 1992 1993 1994
Year
FTE D Headcount
UNCW
Current Funds
The current fund had total revenues of$ 80.01 million to fund current operations for the year ended June 30, 1994. This
amount represents an increase of 4.0% over the prior period . Of the total current fund revenues , $51.48 million were
recognized as revenue in unrestricted educational and general funds and $22.15 million in total revenueswere generated in
auxiliaryenterprises from sales and services, studentfees and investmentearnings. Theremaining $7.37 millionofrevenue
were recognized in restricted funds.
Current Fund Revenues Current Fund Expenditures
%
StateAppropriations 581 Instruction/Research 660%
Oth.Sources 3.1% %
StudentServ. 5.2
Gifts/Contracts 141% FinancialAid 6.3%
PhysicalPlant 8.8%
Tuition/Fees 24.7% Inst.Support 13.7%
The current fund had total expenditures of$76.75 million plus mandatory transfers of$2.98 million for a total of $79.73
million fortheyearendedJune 30, 1994. This compareswithtotalexpendituresandmandatorytransfersof$75.15 million
inthepriorperiodwhichrepresents a6.1% increase inexpenditures Expendituresforunrestrictededucational andgeneral
.
purposes were $52.56 million; auxiliary enterprises, $19.80 million; and unrestricted funds, $7.37 million.
CurrentFund Revenues and Expenditures
1990-1994
Revenues Expenditures
UNCW
The Endowment Fund
The University receives support from the endowmentto provide additional resources in many needed areas. Endowment
income is used to fund scholarships, professorships, student loans, organized research, and institutional support. These
funds are an importantresource forthe University.
TheEndowmentFundiscomposed ofgiftsand bequestsfromdonorswhohave stipulatedthattheprincipal istoberetained
and investedtoproduce income which mustbe expended in accordance withtheirwishes. The Endowment Fund isalso
composedofquasi-endowment fundswhich theBoard ofTrusteeshasdesignatedasendowmentfunds. Quasi-endowment
principalis retainedand invested just as other endowment funds; however, the Board can, at its discretion, movethese
funds from the endowmentto current funds.
The market value ofthe Endowment Fund of the University has increased $2.7 million duringthe past five years from
$4.97 million at June 30, 1990 to $7.68 million at June 30, 1994. For this period, the 9.1% average annual rate of
increase is attributed to gifts and bequests, transfers from other funds, realized and unrealized capital gains, and
reinvestmentofearnings.
The Endowment Fund hada total return of $226,227 all of which was available for operatingpurposes. Additionally,
the Endowment Fund received $1,550,747 in gifts for that same period.
Endowment Fund Assets
MarketValue
$Millions
10
UNCW
Summary of Current Funds
Five Year Comparison Years Ended June 30
1994 1993
REVENUES
Educational and General:
State Appropriations 34,215,209 42.2% $ 33,859,962 43.4%
Tuition and Fees 14,531,080 17.9% 12,706,296 16.3%
Contracts and Grants 8,311,190 10.3% 9,712,960 12.5%
Endowment Income 212,235 0.3% 209,284 0.3%
Investment Income 405,322 0.5% 381,586 0.5%
Sales and Services 613,797 0.7% 522,432 0.7%
Other Revenues 563,938 0.7% 399,388 0.5%
AuxiliaryEnterprises:
Revenues 22,158,594 27.4% 20,155,113 25.8%
Total Revenues $ 81,011,365 100.0% $ 77,947,021 100.0%
EXPENDITURES AND MANDATORY TRANSFERS
Educational and General:
Instruction $ 27,621,892 34.6% $ 26,556,275 35.3%
Organized Research 4,674,898 5.9% 5,217,619 6.9%
Public Service 918,926 1.2% 798,819 1.1%
Academic Support 6,319,925 7.9% 5,376,030 7.2%
Student Services 3,097,994 3.9% 2,441,717 3.2%
Institutional Support 8,227,801 10.3% 7,172,320 9.5%
Physical Plant Operations 5,261,334 6.6% 5,368,008 7.1%
Student Financial Aid 3,767,121 4.7% 3,844,144 5.1%
Mandatory Transfers 42,441 0.1% 26,697 0.0%
Auxiliary Enterprises:
Expenditures 16,860,296 21.1% 15,305,985 20.4%
Mandatory Transfers 2,939,835 3.7% 3,046,257 4.1%
Total Expenditures and Mandatory Transfers $ 79,732,463 100.0% $ 75,153,871 100.0%
uncw ma
1992 1991 1990
$ 31,089,364 43.0% $ 31,156,010 48.1% $ 29,606,786 50.3%
11,549,055 16.0% 8,854,069 13.7% 8,111,960 13.8%
9,162,932 12.7% 6,132,520 9.5% 4,568,817 7.8%
214,608 0.3% 270,206 0.4% 270,497 0.5%
353,902 0.5% 312,638 0.5% 189,306 0.3%
414,131 0.6% 509,348 0.7% 361,628 0.6%
309,511 0.4% 238,788 0.4% 212,152 0.4%
19,169,273 26.5% 17,335,159 26.7% 15,490,711 26.3%
$ 72,262,776 100.0% $ 64,808,738 100.0% $ 58,811,857 100.0%
$ 24,967,862 35.9% $ 23,465,940 36.9% $ 21,561,696 37.2%
4,962,296 7.1% 3,125,521 4.9% 2,205,845 3.8%
665,599 1.0% 562,051 0.9% 563,821 .0%
1
5,023,923 7.2% 4,659,658 7.3% 4,456,993 7.7%
2,308,931 3.3% 2,143,791 3.4% 2,030,674 3.5%
6,069,454 8.7% 5,947,444 9.3% 5,163,467 8.9%
4,952,691 7.1% 4,854,949 7.7% 4,776,602 8.2%
4,105,529 5.9% 3,230,345 5.1% 2,982,915 5.1%
26,697 0.0% 23,649 0.0% 31,783 0.1%
13,701,221 19.7% 12,821,536 20.1% 11,311,250 19.5%
2,706,070 3.9% 2,808,374 4.4% 2,949,905 5.1%
$ 69,490,273 100.0% $ 63,643,258 100.0% $ 58,034,951 100.0%
UNCW
Balance Sheet
June 30, 1994
Management Responsibility for Unrestricted
Financial Statements General
ASSETS
The management of The University of Cash $ 5,491,825
North Carolina at Wilmington has prepar- Investments
ed the accompanying financial statements Accounts and Notes Receivable (Net) 187,278
in conformity with generally accepted Investment Earnings 47,848
accounting principles applicable to colleges Other Receivables 51,248
and universities. Management feels such Due from Other Funds 118,474
statements present fairly the financial posi- Due from Other Entities 9,309
tion of the University at June 30, 1994, Inventories 167,532
the changes in fund balances, and the current Land and Improvements
funds revenues, expenditures, and the trans- Equipment
fers for the year then ended. Buildings and Fixed Equipment
Other Structures and Improvements
In addition, management believes that the Construction in Progress
system ofinternal control provides reason- Literature
able assurance that the University's assets Total Assets $ 6,073,514
are protected and that the accounting rec-
ords are reliable for preparing financial LIABILITIES
statements. Such controls include the estab- Accounts Payable 324,702
lishment and dissemination of accounting Accrued Payroll 611,167
policies and procedures, the separation of State Retirement System Payable 43,363
duties, and a program of internal audits in Other Payables 7,716
addition to examinations by external audi- Due to Other Funds 21,492
tors, including the State Auditor. Due to Other Entities 3,525
Notes Payable
Bonds Payable (Net)
a Interest Payable
Contracts Payable - Retainage
Deposits Payable 1,172,904
Daniel A. Geddie, CPA Funds Held for Others
Director of Financial Reporting Accrued Vacation Leave 1,486,044
Deferred Revenue 1,218,113
Total Liabilities 4,889,026
FUND EQUITY
Investment in General Fixed Assets
Endowment - True
Endowment - Quasi
Restricted for Debt Service
Other Restricted Funds
Unrestricted - Designated Specific Purposes
Unrestricted - Undesignated 84,488
Total Fund Equity 84,488
Total Liabilities and Fund Equity $ 6,073,514
UNCW
