MARCH 2009 UNIVERSITY OF CENTRAL FLORIDA A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2008_part4 pptx

MARCH 2009 REPORT NO. 2009-160
UNIVERSITY OF CENTRAL FLORIDA
A COMPONENT UNIT OF THE STATE OF FLORIDA
NOTES TO FINANCIAL STATEMENTS (C
ONTINUED)
J
UNE 30, 2008
-37-
Bookstore Housin
g
Facilit
y
Parkin
g
Facilit
y
Health Center
Revenue Bonds Revenue Bonds Revenue Bonds Revenue Bonds
Operating Revenues 2,276,564$ 20,361,472$ 13,672,685$ 12,400,058$
Depreciation Expenses (155,355) (3,542,963) (1,593,628) (439,416)
Other Operating Expenses (361,196) (10,842,923) (7,112,998) (10,506,166)
Operating Income
1,760,013 5,975,586 4,966,059 1,454,476
Nonoperating Revenues (Expenses):
Nonoperating Revenue 43,043 1,329,104 956,198 140,514
Interest Expense (119,673) (4,047,569) (1,510,015) (319,240)
Nonoperating Expenses (132) (2,425,311) (2,360) (25,528)
Net Nonoperating Expenses
(76,762) (5,143,776) (556,177) (204,254)
Income Before Other Revenues,
Expenses, Gains, or Losses

1,683,251 831,810 4,409,882 1,250,222
Other Revenue, Expenses, Gains,
or Losses (1,528,800) 2,134,526 (341,671) (643,583)
Increase in Net Assets
154,451 2,966,336 4,068,211 606,639
Net Assets, Beginning of Year 2,516,873 (141,736) 13,154,278 3,863,522
Net Assets, End of Year
2,671,324$ 2,824,600$ 17,222,489$ 4,470,161$
Condensed Statement of Revenues, Expenses,
and Changes in Net Assets

Bookstore Housing Facility Parking Facility Health Center
Revenue Bonds Revenue Bonds Revenue Bonds Revenue Bonds
Net Cash Provided (Used) by:
Operating Activities 1,865,668$ 9,873,898$ 6,692,952$ 1,945,714$
Noncapital Financing Activities (1,528,866) 246,865 (625,541) (656,846)
Capital and Related Financing Activities (269,399) (11,685,514) (4,402,451) (763,241)
Investing Activities (903,273) 1,109,919 (2,695,659) (1,337,019)
Net Decrease in Cash and
Cash Equivalents
(835,870) (454,832) (1,030,699) (811,392)
Cash and Cash Equivalents, Beginning of Year 984,216 1,918,026 1,919,331 1,043,054
Cash and Cash Equivalents, End of Year
148,346$ 1,463,194$ 888,632$ 231,662$
Condensed Statement of Cash Flows

21. COMPONENT UNITS
The University has five discretely presented component units as discussed in note 1. These component
units comprise 100 percent of the transactions and account balances of the aggregate discretely presented
component units’ columns of the financial statements. The following financial information is from the

most recently available audited financial statements for the component units:
This is trial version
www.adultpdf.com
MARCH 2009 REPORT NO. 2009-160
UNIVERSITY OF CENTRAL FLORIDA
A COMPONENT UNIT OF THE STATE OF FLORIDA
NOTES TO FINANCIAL STATEMENTS (C
ONTINUED)
J
UNE 30, 2008
-38-
University of University of UCF UCF Golden Total
Central Florida Central Florida Athletics Convocation Knights
Foundation, Research Association, Corporation Corporation
Inc. Foundation, Inc.
Inc.
Condensed Statement of
Net Assets
Assets:
Current Assets 44,673,792$ 4,795,678$ 6,085,467$ 37,719,983$ 10,834,126$ 104,109,046$
Capital Assets, Net 75,086,607 14,769,722 201,479,075 58,031,967 349,367,371
Other Noncurrent Assets 135,513,392 432,312 10,189,874 1,925,846 148,061,424

Total Assets
255,273,791 5,227,990 20,855,189 249,388,932 70,791,939 601,537,841
Liabilities:
Current Liabilities 18,699,449 4,049,458 10,728,801 13,003,360 3,944,089 50,425,157
Noncurrent Liabilities 26,411,774 10,709,761 244,132,245 62,874,718 344,128,498

Total Liabilities

45,111,223 4,049,458 21,438,562 257,135,605 66,818,807 394,553,655
Net Assets:
Invested in Capital Assets, Net
of Related Debt 41,910,270 9,284,179 (3,607,527) (4,842,751) 42,744,171
Restricted 153,432,190 8,417,985 161,850,175
Unrestricted 14,820,108 1,178,532 (9,867,552) (4,139,146) 397,898 2,389,840
Total Net Assets
210,162,568$ 1,178,532$ (583,373)$ (7,746,673)$ 3,973,132$ 206,984,186$
Condensed Statement of
Revenues, Expenses, and
Changes in Net Assets
Operating Revenues 23,569,270$ 3,144,103$ 29,000,829$ 24,449,630$ 3,103,866$ 83,267,698$
Operating Expenses 49,983,292 2,998,661 31,275,027 20,588,563 3,778,783 108,624,326
Operating Income (Loss)
(26,414,022) 145,442 (2,274,198) 3,861,067 (674,917) (25,356,628)
Net Nonoperating Revenues (Expenses) 3,389,999 144,078 2,123,082 (9,448,675) 1,716,142 (2,075,374)
Other Revenues, Expenses, Gains and Losses 10,809,768 10,809,768
Increase (Decrease) in Net Assets
(12,214,255) 289,520 (151,116) (5,587,608) 1,041,225 (16,622,234)
Net Assets, Beginning of Year 222,376,823 889,012 (432,257) (2,159,065) 2,931,907 223,606,420
Net Assets, End of Year
210,162,568$ 1,178,532$ (583,373)$ (7,746,673)$ 3,973,132$ 206,984,186$


This is trial version
www.adultpdf.com
MARCH 2009 REPORT NO. 2009-160

AUDITOR GENERAL
STATE OF FLORIDA

G74 Claude Pepper Building
111 West Madison Street
Tallahassee, Florida 32399-1450
DAVID W. MARTIN, CP
A
AUDITOR GENERAL
PHONE: 850-488-5534
FAX: 850-488-6975
The President of the Senate, the Speaker of the
House of Representatives, and the
Legislative Auditing Committee
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS

We audited the financial statements of the University of Central Florida, a component unit of the State of Florida,
and its aggregate discretely presented component units as of and for the fiscal year ended June 30, 2008, which
collectively comprise the University’s basic financial statements, and have issued our report thereon included under
the heading INDEPENDENT AUDITOR’S REPORT ON FINANCIAL STATEMENTS. Our report on
the financial statements was modified to include a reference to other auditors. We conducted our audit in
accordance with auditing standards generally accepted in the United States of America and the standards applicable
to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States.
Other auditors audited the financial statements of the aggregate discretely presented component units as described
in our report on the University’s financial statements. This report does not include the results of the other auditors’
testing of internal control over financial reporting or compliance and other matters that are reported on separately
by those auditors.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the University’s internal control over financial reporting as a

basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements,
but not for the purposes of expressing an opinion on the effectiveness of the University’s internal control over
financial reporting. Accordingly, we do not express an opinion on the effectiveness of the University’s internal
control over financial reporting.
A control deficiency 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 misstatements on a timely basis. A
significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the
-39-
This is trial version
www.adultpdf.com
MARCH 2009 REPORT NO. 2009-160
University’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally
accepted accounting principles such that there is more than a remote likelihood that a misstatement of the
University’s financial statements that is more than inconsequential will not be prevented or detected by the
University’s internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a
remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the
University’s internal control.
Our consideration of internal control over financial reporting was for the limited purpose described in the first
paragraph of this section and would not necessarily identify all deficiencies in internal control that might be
significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial
reporting that we consider to be material weaknesses, as defined above.
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, rules, 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.
Pursuant to Section 11.45(4), Florida Statutes, this report is a public record and its distribution is not limited.

Auditing standards generally accepted in the United States of America require us to indicate that this report is
intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate
and the Florida House of Representatives, Federal and other granting agencies, and applicable management and is
not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,


David W. Martin, CPA
February 26, 2009

-40-
This is trial version
www.adultpdf.com
MARCH 2009 REPORT NO. 2009-160
-41-

PRIOR AUDIT FOLLOW-UP
The University had taken corrective actions for findings included in our report No. 2008-129.

This is trial version
www.adultpdf.com