The following shows net assets held by the Foundation for each of the past five fiscal years. Net Assets Held By The Foundation For Years Ended June 30 (1) 2017 2016 2015 2014
2013
Unrestricted
$[______] [______] [______] $[______]
$[______] $ 1,975,370 $ 1,941,606 $ 1,318,124
Temporarily Restricted Permanently Restricted Total Net Assets
[______] [______]
9,314,759 13,310,971
9,489,461 12,482,298
7,291,988 11,816,502
$[______] $24,601,100 $23,913,365 $20,426,614
(1) Information for years 2013 through 2017 is based on audited financial statements of the Foundation. Investments
The University manages cash and investments centrally, and pools University operating funds for investment purposes. The University’s investment policy is structured to limit exposure to fair value losses by limiting the duration of the portfolio. The University accounts for its investments at fair value in accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools. Changes in unrealized gain (loss) on the carrying value of investments are reported as a component of investment income in the statements of revenue, expenses, and changes in net position. The following table, which shows the University Investments at Fair Market Value, includes investments of the Foundation, which is reported as a component unit of the University. University Investments at Fair Market Value June 30, 2017 (1) June 30, 2016 (1) June 30, 2015 (1) Local Government Investment Pool $[______] $[______] $ 33,044,193 U.S. Government Securities $[______] [______] 9,835,158 State and Municipal Bonds $[______] [______] 22,445,252 Corporate Bonds $[______] [______] 1,601,773 Foreign Bonds $[______] [______] - Investments in Equity $[______] [______] 24,602,631 Certificates of Deposit $[______] [______] - Money Market Investments $[______] [______] 367,100 Sub-total $[______] [______] 91,896,107 Bank Demand and Time Deposits $[______] [______] 15,455,148 Other $[______] [______] 39,648 Total $[______] [______] $107,390,903 (1) Information is based on audited financial statements of the University. State Normal School Permanent Fund The University is a beneficiary of the State’s Normal School Permanent Fund (the “Permanent Fund”), established under RCW 43.79.160 as a permanent endowment fund, the earnings from which are invested and used for the benefit of the State’s four regional universities, including Eastern and Western Washington Universities, The Evergreen State College, and the University. The primary source of new principal for the Permanent Fund are revenues, primarily timber sales, from certain State lands granted to the State by the Federal government for State normal schools, and which are managed by the State’s Department of Natural Resources. The principal and revenue of the Permanent Fund are invested by the State Treasurer’s Office. For the year ended June 30, 2017, the University received $[_____] in earnings and distributions from the Permanent Fund, which is used for capital purposes of the University, after appropriation by the State Legislature. Risk Management [PFM to update with 2017 financial statements.]In accordance with State policy, the University self-insures unemployment compensation for all employees. Payments for State general fund employees are appropriated by the State. The University assesses a semi-monthly payroll expense for unemployment compensation for all local fund employees, based on employee earnings. Charges for all local funds are based on employee earnings. The percentage charged is based primarily upon the insured fund’s claims experience. Cash reserves for unemployment compensation for all local fund employees for the year ended June 30, 2017, were $[_____].
A-11
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