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Finance 2015-16 Institution: University of the Virgin Islands (243665) User ID: P2436651 Overview Finance Overview Purpose The purpose of the IPEDS Finance component is to collect basic financial information from items associated with the institution's General Purpose Financial Statements. There are a few new changes to the 2015-16 Finance data collection. A new FAQ clarifying how to report VA education benefits has been added for all institutions. For GASB institutions, a new pension screen (Part M) has been added to accommodate the implementation of GASB Statement 68. Please review the new screen and survey materials carefully. Additionally, instructions for parts J,K,L have been slightly modified and FAQs have been added for clarity. Resources: To download the survey materials for this component: Survey Materials To access your prior year data submission for this component: Reported Data If you have questions about completing this survey, please contact the IPEDS Help Desk at 1-877-225-2568. Institution: University of the Virgin Islands (243665) User ID: P2436651 Finance - Public institutions Reporting Standard Please indicate which reporting standards are used to prepare your financial statements: GASB (Governmental Accounting Standards Board), using standards of GASB 34 & 35 FASB (Financial Accounting Standards Board) Please consult your business officer for the correct response before saving this screen. Your response to this question will determine the forms you will receive for reporting finance data. Institution: University of the Virgin Islands (243665) User ID: P2436651 Finance - Public institutions General Information GASB-Reporting Institutions (aligned form) To the extent possible, the finance data requested in this report should be provided from your institution's audited General Purpose Financial Statements (GPFS). Please refer to the instructions specific to each screen of the survey for details and references. 1. Fiscal Year Calendar This report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the most recent fiscal year ending before October 1, 2015.) Beginning: month/year (MMYYYY) Month: 10 Year: 2014 And ending: month/year (MMYYYY) Month: 9 Year: 2015 2. Audit Opinion Did your institution receive an unqualified opinion on its General Purpose Financial Statements from your auditor for the fiscal year noted above? (If your institution is audited only in combination with another entity, answer this question based on the audit of that entity.) Unqualified Qualified (Explain in box below) Don't know (Explain in box below) 3. Reporting Model GASB Statement No. 34 offers three alternative reporting models for special-purpose governments like colleges and universities. Which model is used by your institution? Business Type Activities Governmental Activities Governmental Activities with Business-Type Activities 4. Intercollegiate Athletics If your institution participates in intercollegiate athletics, are the expenses accounted for as auxiliary enterprises or treated as student services? Auxiliary enterprises Student services Does not participate in intercollegiate athletics Other (specify in box below) 5. Endowment Assets Does this institution or any of its foundations or other affiliated organizations own endowment assets ? No Yes - (report endowment assets) 6. Pension Did your institution recognize additional (or decreased) pension expense, additional liability (or assets), or additional deferral related to the implementation of GASB Statement 68 for one or more defined benefit pension plans (either as a single employer, agent employer or cost-sharing multiple employer) in Fiscal Year 2015? No Yes - (report additional (unfunded) pension information) You may use the space below to provide context for the data you've reported above. GPFS are unaudited. Pension: UVI has not received the statement from the pension fund management (GERS) for the employees vesting into that system. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part A - Statement of Financial Position Fiscal Year: October 1, 2014 - September 30, 2015 If your institution is a parent institution then the amounts reported in Parts A and D should include ALL of your child institutions Line no. Current year amount Prior year amount Current Assets 01 Total current assets 13,453,492 19,745,559 Noncurrent Assets 31 Depreciable capital assets, net of depreciation 71,551,735 69,542,797 04 Other noncurrent assets CV=[A05-A31] 65,598,552 40,525,075 05 Total noncurrent assets 137,150,287 110,067,872 06 Total assets CV=(A01+A05) 150,603,779 129,813,431 Current Liabilities 07 Long-term debt, current portion 3,279,790 3,308,108 08 Other current liabilities CV=(A09-A07) 7,641,548 8,164,729 09 Total current liabilities 10,921,338 11,472,837 Noncurrent Liabilities 10 Long-term debt 76,815,166 48,310,253 11 Other noncurrent liabilities CV=(A12-A10) 3,403,425 3,413,774 12 Total noncurrent liabilities 80,218,591 51,724,027 13 Total liabilities CV=(A09+A12) 91,139,929 63,196,864 Net Assets 14 Invested in capital assets, net of related debt 0 13,771,628 15 Restricted-expendable 49,664,654 36,312,726 16 Restricted-nonexpendable 9,799,196 9,808,994 17 Unrestricted CV=[A18-(A14+A15+A16)] 0 6,723,219 18 Total net assets CV=(A06-A13) 59,463,850 66,616,567 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part A - Statement of Financial Position (Page 2) Fiscal Year: October 1, 2014 - September 30, 2015 Line No. Description Ending balance Prior year Ending balance Capital Assets 21 Land and land improvements 10,284,359 10,284,359 22 Infrastructure 6,493,898 5,911,768 23 Buildings 85,701,716 83,986,314 32 Equipment, including art and library collections 13,902,191 13,076,817 27 Construction in progress 1,805,219 0 Total for Plant, Property and Equipment CV = (A21+ .. A27) 118,187,383 113,259,258 28 Accumulated depreciation 46,738,875 43,716,461 33 Intangible assets, net of accumulated amortization 0 0 34 Other capital assets 0 0 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part E - Scholarships and Fellowships Fiscal Year: October 1, 2014 - September 30, 2015 DO NOT REPORT FEDERAL DIRECT STUDENT LOANS (FDSL) ANYWHERE IN THIS SECTION Line No. Scholarships and Fellowships Current year amount Prior year amount 01 Pell grants (federal) 5,404,681 5,182,654 02 Other federal grants (Do NOT include FDSL amounts) 0 0 03 Grants by state government 0 0 04 Grants by local government 2,032,840 2,353,657 05 Institutional grants from restricted resources 1,262,053 1,330,635 06 Institutional grants from unrestricted resources CV=[E07-(E01+...+E05)] 732,668 254,066 07 Total gross scholarships and fellowships 9,432,242 9,121,012 Discounts and Allowances 08 Discounts and allowances applied to tuition and fees 1,262,053 1,330,635 09 Discounts and allowances applied to sales and services of auxiliary enterprises 0 0 10 Total discounts and allowances CV=(E08+E09) 1,262,053 1,330,635 11 Net scholarships and fellowships expenses after deducting discounts and allowances CV= (E07-E10) This amount will be carried forward to C10 of the expense section. 8,170,189 7,790,377 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part B - Revenues by Source Fiscal Year: October 1, 2014 - September 30, 2015 Line No. Source of Funds Current year amount Prior year amount Operating Revenues 01 Tuition and fees, after deducting discounts & allowances 14,506,949 14,323,732 Grants and contracts - operating 02 Federal operating grants and contracts 17,024,036 16,334,667 03 State operating grants and contracts 0 0 04 Local government/private operating grants and contracts 3,335,115 2,353,657 04a Local government operating grants and contracts 3,335,115 2,353,657 04b Private operating grants and contracts 0 0 05 Sales and services of auxiliary enterprises, after deducting discounts and allowances 2,887,638 3,040,995 06 Sales and services of hospitals, after deducting patient contractual allowances 0 0 26 Sales and services of educational activities 0 0 07 Independent operations 0 0 08 Other sources - operating CV=[B09-(B01+ ....+B07)] 1,453,371 447,334 09 Total operating revenues 39,207,109 36,500,385 Institution: University of the Virgin Islands (243665) User ID: P2436651 Part B - Revenues by Source Fiscal Year: October 1, 2014 - September 30, 2015 Line No. Source of funds Current year amount Prior year amount Nonoperating Revenues 10 Federal appropriations 0 0 11 State appropriations 0 0 12 Local appropriations, education district taxes, and similar support 25,658,250 26,524,621 Grants-nonoperating 13 Federal nonoperating grants Do NOT include Federal Direct Student Loans 5,404,681 5,182,654 14 State nonoperating grants 0 0 15 Local government nonoperating grants 0 0 16 Gifts, including contributions from affiliated organizations 3,106,130 2,095,669 17 Investment income -2,330,408 4,466,644 18 Other nonoperating revenues CV=[B19-(B10+...+B17)] 0 0 19 Total nonoperating revenues 31,838,653 38,269,588 27 Total operating and nonoperating revenues CV=[B19+B09] 71,045,762 74,769,973 28 12-month Student FTE from E12 1,840 1,798 29 Total operating and nonoperating revenues per student FTE CV=[B27/B28] 38,612 41,585 Institution: University of the Virgin Islands (243665) User ID: P2436651 Part B - Revenues by Source Fiscal Year: October 1, 2014 - September 30, 2015 Line No. Source of funds Current year amount Prior year amount Other Revenues and Additions 20 Capital appropriations 4,692,205 3,992,205 21 Capital grants and gifts 0 0 22 Additions to permanent endowments 0 0 23 Other revenues and additions CV=[B24-(B20+...+B22)] 0 0 24 Total other revenues and additions 4,692,205 3,992,205 25 Total all revenues and other additions CV=[B09+B19+B24] 75,737,967 78,762,178 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part C - Expenses by Functional and Natural Classification Fiscal Year: October 1, 2014 - September 30, 2015 Report Total Operating AND Nonoperating Expenses in this section Expense Natural Classifications 1 2 3 4 5 6 7 8 Line No. Expense Functional Classifications Total amount Salaries and wages Employee fringe benefits Operation and maintenance of plant Depreciation Interest All other PY Total Amount 01 Instruction 19,482,404 10,831,439 2,860,378 2,461,427 645,925 491,405 2,191,830 17,433,631 02 Research 11,309,793 3,381,713 959,727 1,233,940 323,809 243,382 5,167,222 9,148,055 03 Public service 9,592,835 3,210,292 1,125,228 2,595,260 289,996 221,688 2,150,371 8,439,818 05 Academic support 6,491,694 3,051,722 892,917 740,049 194,203 148,458 1,464,345 5,285,393 06 Student services 5,514,491 1,930,087 615,480 565,065 148,284 113,355 2,142,220 5,240,305 07 Institutional support 18,234,472 5,392,014 2,236,376 1,882,414 493,981 377,625 7,852,062 12,773,913 08 Operation and maintenance of plant (see instructions) 0 2,834,774 1,288,885 -9,478,155 633,694 491,707 4,229,095 0 10 Scholarships and fellowships expenses, excluding discounts and allowances (from E11) 8,170,189 8,170,189 7,790,377 11 Auxiliary enterprises 7,501,553 900,243 259,126 252,998 188,500 5,900,686 10,338,456 12 Hospital services 0 0 0 13 Independent operations 0 0 0 14 Other expenses and deductions CV=[C19-(C01+...+C13)] 558,008 0 0 0 0 0 558,008 2,193,377 19 Total expenses and deductions 86,855,439 31,532,284 10,238,117 0 2,982,890 2,276,120 39,826,028 78,643,325 Prior year amount 78,643,325 31,007,849 9,135,993 3,051,168 2,195,696 33,252,619 20 12-month Student FTE from E12 1,840 1,798 21 Total expenses and deductions per student FTE CV=[C19/C20] 47,204 43,739 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part D - Summary of Changes In Net Position Fiscal Year: October 1, 2014 - September 30, 2015 Line No. Description Current year amount Prior year amount 01 Total revenues and other additions (from B25) 75,737,967 78,762,178 02 Total expenses and deductions (from C19) 86,855,439 78,643,325 03 Change in net position during year CV=(D01-D02) -11,117,472 118,853 04 Net position beginning of year 66,616,567 67,393,410 05 Adjustments to beginning net position and other gains or losses CV=[D06-(D03+D04)] 3,964,755 -895,696 06 Net position end of year (from A18) 59,463,850 66,616,567 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part H - Details of Endowment Assets Fiscal Year: October 1, 2014 - September 30, 2015 Line No. Value of Endowment Assets Market Value Prior Year Amounts Include not only endowment assets held by the institution, but any assets held by private foundations affiliated with the institution. 01 Value of endowment assets at the beginning of the fiscal year 35,937,759 33,941,129 02 Value of endowment assets at the end of the fiscal year 55,112,811 35,937,759 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part J - Revenue Data for Bureau of Census Fiscal Year: October 1, 2014 - September 30, 2015 Source and type Amount Total for all funds and operations (includes endowment funds, but excludes component units) Education and general/independent operations Auxiliary enterprises Hospitals Agriculture extension/experiment services (1) (2) (3) (4) (5) 01Tuition and fees 15,769,002 15,769,002 02Sales and services 2,887,638 0 03Federal grants/contracts (excludes Pell Grants) Revenue from the state government: 04State appropriations, current & capital 05State grants and contracts Revenue from local governments: 06Local appropriation, current & capital 07Local government grants/contracts 08Receipts from property and non-property taxes 09Gifts and private grants, including capital grants 10Interest earnings 11Dividend earnings 12Realized capital gains You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part K - Expenditure Data for Bureau of Census Fiscal Year: October 1, 2014 - September 30, 2015 Category Amount Total for all funds and operations (includes endowment funds, but excludes component units) Education and general/ independent operations Auxiliary enterprises Hospitals Agriculture extension/ experiment services (1) (2) (3) (4) (5) 01Salaries and wages 900,243 02Employee benefits, total 259,126 03Payment to state retirement funds (maybe included in line 02 above) 04Current expenditures other than salaries Capital outlay: 05Construction 06Equipment purchases 07Land purchases 08Interest on debt outstanding, all funds and activities 09Scholarships/fellowships 9,432,242 9,432,242 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part L - Debt and Assets, page 1 Fiscal Year: October 1, 2014 - September 30, 2015 Debt Category Amount 01 Long-term debt outstanding at beginning of fiscal year 55,821,173 02 Long-term debt issued during fiscal year 24,969,441 03 Long-term debt retired during fiscal year 1,946,871 04 Long-term debt outstanding at end of fiscal year 78,843,743 05 Short-term debt outstanding at beginning of fiscal year 1,946,871 06 Short-term debt outstanding at end of fiscal year 2,028,578 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Part L - Debt and Assets, page 2 Fiscal Year: October 1, 2014 - September 30, 2015 Assets Category Amount 07 Total cash and security assets held at end of fiscal year in sinking or debt service funds 4,792,993 08 Total cash and security assets held at end of fiscal year in bond funds 0 09 Total cash and security assets held at end of fiscal year in all other funds 4,099,394 You may use the space below to provide context for the data you've reported above. Institution: University of the Virgin Islands (243665) User ID: P2436651 Summary Finance Survey Summary IPEDS collects important information regarding your institution. All data reported in IPEDS survey components become available in the IPEDS Data Center and appear as aggregated data in various Department of Education reports. Additionally, some of the reported data appears specifically for your institution through the College Navigator website and is included in your institution’s Data Feedback Report (DFR). The purpose of this summary is to provide you an opportunity to view some of the data that, when accepted through the IPEDS quality control process, will appear on the College Navigator website and/or your DFR. College Navigator is updated approximately three months after the data collection period closes and Data Feedback Reports will be available through the Data Center and sent to your institution’s CEO in November 2016. Please review your data for accuracy. If you have questions about the data displayed below after reviewing the data reported on the survey screens, please contact the IPEDS Help Desk at: 1-877-225-2568 or ipedshelp@rti.org. Core Revenues Revenue Source Reported values Percent of total core revenues Core revenues per FTE enrollment Tuition and fees $14,506,949 20% $7,884 State appropriations $0 0% $0 Local appropriations $25,658,250 35% $13,945 Government grants and contracts $25,763,832 35% $14,002 Private gifts, grants, and contracts $3,106,130 4% $1,688 Investment income -$2,330,408 -3% -$1,267 Other core revenues $6,145,576 8% $3,340 Total core revenues $72,850,329 100% $39,593 Total revenues $75,737,967 $41,162 Other core revenues include federal appropriations; sales and services of educational activities; other operating and nonoperating sources; and other revenues and additions (e.g., capital appropriations, capital grants and gifts, etc.). Core revenues exclude revenues from auxiliary enterprises (e.g., bookstores, dormitories), hospitals, and independent operations. For institutions reporting in Full parent/child relationships, core revenues per FTE enrollment amounts will not be allocated to child institutions. Core Expenses Expense function Reported values Percent of total core expenses Core expenses per FTE enrollment Instruction $19,482,404 25% $10,588 Research $11,309,793 14% $6,147 Public service $9,592,835 12% $5,213 Academic support $6,491,694 8% $3,528 Institutional support $18,234,472 23% $9,910 Student services $5,514,491 7% $2,997 Other core expenses $8,728,197 11% $4,744 Total core expenses $79,353,886 100% $43,127 Total expenses $86,855,439 $47,204 Other core expenses include scholarships and fellowships, net of discounts and allowances, and other expenses. Core expenses exclude expenses from auxiliary enterprises (e.g., bookstores, dormitories), hospitals, and independent operations. For institutions reporting in Full parent/child relationships, core expenses per FTE enrollment amounts will not be allocated to child institutions. Calculated value FTE enrollment 1,840 The full-time equivalent (FTE) enrollment used in this report is the sum of the institution’s FTE undergraduate enrollment and FTE graduate enrollment (as calculated from or reported on the 12-month Enrollment component). FTE is estimated using 12- month instructional activity (credit and/or contact hours). All doctor’s degree students are reported as graduate students. Institution: University of the Virgin Islands (243665) User ID: P2436651 Edit Report Finance University of the Virgin Islands (243665) Source Description Severity Resolved Options Screen: Financial Position Screen Entry The value of this field is expected to be greater than zero. Please correct your data or explain. (Error #5148) Explanation Yes Reason: The university revenues were less than the expenditure causing a negative change in assets. Screen: Net Position Perform Edits The calculated amount of change in net position during the year in Part D (line 03) is expected to be greater than zero. Please confirm that the data reported are correct. (Error #5202) Confirmation Yes Related Screens: Net Position