Historical Operations of the System The System generates Gross Revenue from the four sources described above. The following table provides the historical operations of the System for the five most recent fiscal years. Central Washington University System Statements of Revenues, Expenditures and Changes in Net Position (1) 2017 2016 2015 2014 2013 Gross Revenue Services and Activities $12,908,906 $12,254,949 $12,482,937 $12,964,152 University Store 9,446,753 8,974,063 8,950,940 9,343,347 Parking 1,139,004 1,043,399 1,032,651 1,083,270 Housing and Dining 33,337,205 29,417,543 30,102,132 28,236,359 Total Gross Revenue $56,831,868 $51,689,954 $52,568,660 $51,627,127
Operating Expenses Services and Activities
$10,169,569
$ 9,412,566 $ 8,633,986 $ 8,130,565
University Store
9,087,478 1,301,528 25,211,269 4,259,599
8,775,264 1,016,916 23,594,530 4,178,204
8,711,474 1,027,033 23,914,703 4,117,971
8,812,802 1,064,399 22,714,484 3,706,608
Parking (2)
Housing and Dining
Depreciation
Total Operating Expenses
$50,029,443 $ 6,802,425
$46,977,481 $46,405,167 $44,428,857 $ 4,712,473 $ 6,163,493 $ 7,198,270
Net Revenue
Non-operating Revenues (Expenses) Investment Income
$ 240,145
$ 228,378 $ 135,052
$ - (8,135,494) 1,196,361
Interest on Indebtedness
(5,749,621)
(6,079,106)
(6,049,898)
Non-operation income net of expenses
629,856
631,247
630,674
Net Non-operating Revenues (Expenses)
$ (5,219,482) $ (5,284,172) $ (6,939,133)
$ (4,879,620)
Income (Loss) before Other Revenues, Expenses, Gains or Losses Net Position, Beginning of Year (3)
$ (507,009) $ 879,321 $ 259,137
$ 1,922,805 $44,392,908
$44,899,917 $47,952,289 $47,693,152 $44,392,908 $48,831,610 $47,952,289
Net Position, End of Year
$46,315,713
(1) Information is based on audited financial statements of the System. (2) [Why did expenses for parking increase?] (3) Net position, beginning of the year for 2015 was restated due to the implementation of GASB 68. Note: Totals may not add due to rounding.
Central Washington University System Parity Bond Debt Service for the Years 2013 to 2017 2017 2016 2015
2014
2013
Parity Bond Debt Service (1) $8,664,603 $9,331,755 $9,496,217 $9,579,935 $9,565,573 (1) Reflects Parity Bond Debt Service before application of the 35 percent federal credit payments relating to the University’s System Revenue Bonds, 2010, Series B (Taxable Build America Bonds – Direct Payment) and excludes capitalized interest paid from bond proceeds. Historical Compliance with Rate Covenant of the System The University’s compliance with the Rate Covenant for the five most recent fiscal years are shown in the following table. The calculation of the Rate Covenant is based on Net Revenues (Gross Revenue less any part thereof that must be used to pay Operating Expenses). The Parity Bonds are secured by a prior lien and charge upon the Gross Revenue superior to all other charges of any kind or nature whatsoever, including Operating Expenses. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2018 BONDS.”
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