STONY BROOK UNIVERSITY
FINANCIAL STATEMENTS
Stony Brook University releases annual financial statements and reports to the University
and campus community for each fiscal year ending on June 30th.
These annual reports are compiled based on State University of New York (SUNY) campus
level financial reports representing operations for state and research foundation
activities.
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STONY BROOK UNIVERSITY
FINANCIAL STATEMENTS
FOR THE YEARS ENDING JUNE 30 | ||
---|---|---|
2023 | 2022 | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | $460,342,107 | $527,947,322 |
Deposits with trustees | 21,141,742 | 4,530,230 |
Short-term investments | 190,801,182 | 176,591,627 |
Accounts, notes, and loans receivable, net | 419,077,416 | 435,144,489 |
Interest receivable | 1,721,096 | 355,801 |
Appropriations receivable | 36,796,210 | 39,854,495 |
Grants receivable | 61,577,696 | 73,305,689 |
Inventories | 29,834,195 | 27,420,476 |
Other Assets | 33,984,293 | 22,268,786 |
Total Current Assets | 1,255,275,937 | 1,307,418,915 |
Noncurrent Assets | ||
Restricted cash and cash equivalents | 39,803,204 | 41,941,864 |
Deposits with trustees | 4,324,059 | 13,272,284 |
Accounts, notes and loans receivable, net | 1,463,275 | 2,061,446 |
Appropriations receivable | 177,740,742 | 212,551,870 |
Long-term investments | 66,926,208 | 44,698,614 |
Other assets | 29,498,519 | 148,000,987 |
Lease and subscription IT assets, net | 170,012,835 | 181,624,226 |
Capital assets, net | 2,471,237,668 | 2,473,797,522 |
Total noncurrent assets | 2,961,006,510 | 3,117,948,813 |
Total assets | 4,216,282,447 | 4,425,367,728 |
Deferred outflows of resources | 218,758,370 | 246,922,438 |
Total assets and deferred outflows of resources | 4,435,040,817 | 4,672,290,166 |
LIABILITIES AND NET POSITION | ||
Current Liabilities | ||
Accounts payable and accrued liabilities | 408,659,842 | 440,105,403 |
Interest payable | 17,909,127 | 17,823,820 |
Student deposits | 1,453,450 | 2,414,000 |
Deposits held in custody for others | 12,828,000 | 9,615,816 |
Deferred revenue | 77,960,854 | 82,092,597 |
Long-term liabilities-current portion | 131,591,722 | 128,848,900 |
Lease and subscription IT liabilities - current portion | 28,272,734 | 31,345,861 |
Other liabilities | 123,858,746 | 132,966,877 |
Total current liabilities | 802,534,475 | 845,213,274 |
Noncurrent Liabilities | ||
Long-term liabilities | 2,111,119,438 | 1,916,021,985 |
Lease and subscription IT liabilities | 159,478,776 | 179,466,605 |
Refundable government loan funds | 2,772,744 | 3,227,359 |
Other liabilities | 4,917,726 | 4,834,292 |
Total noncurrent liabilities | 2,278,288,684 | 2,103,550,241 |
Total liabilities | 3,080,823,159 | 2,948,763,515 |
Deferred inflows of resources | 38,529,530 | 455,801,002 |
Total liabilities and deferred inflows of resources | 3,119,352,689 | 3,404,564,517 |
NET POSITION | ||
Invested in capital assets, net of related debt | 793,993,706 | 695,440,117 |
Loans - restricted and expendable | 314,446 | 361,335 |
Unrestricted | 521,379,976 | 571,924,197 |
Total net position | 1,315,688,128 | 1,267,725,649 |
TOTAL LIABILITIES AND NET POSITION | $4,435,040,817 | $4,672,290,166 |
FOR THE YEARS ENDING JUNE 30 | ||
---|---|---|
2023 | 2022 | |
OPERATING REVENUES | ||
Tuition and fees | $356,843,902 | $366,689,789 |
Less: scholarship allowances | (92,778,486) | (95,348,146) |
Net tuition and fees | 264,065,416 | 271,341,643 |
Federal grants and contracts | 216,526,994 | 213,892,844 |
State grants and contracts | 7,784,589 | 6,166,009 |
Local grants and contracts | 1,660,750 | 889,851 |
Private grants and contracts | 82,438,589 | 68,209,031 |
University hospitals and clinics | 2,098,703,067 | 1,937,271,245 |
Sales and services of auxiliary enterprises: residence halls, net | 88,196,242 | 83,471,307 |
Other auxiliary, net | 37,500,901 | 35,429,926 |
Other operating | 13,195,954 | 13,203,925 |
Total operating revenues | 2,810,072,502 | 2,629,875,781 |
OPERATING EXPENSES | ||
Instruction | 420,636,452 | 404,822,233 |
Research | 159,104,139 | 146,307,301 |
Public service | 32,237,522 | 28,092,101 |
Academic support | 79,368,179 | 75,330,183 |
Student services | 67,746,255 | 66,723,370 |
Institutional support | 160,651,223 | 124,953,062 |
Operation and maintenance of plant | 77,173,455 | 107,907,239 |
Scholarships and fellowships | 36,661,228 | 52,169,380 |
Hospitals and clinics | 2,114,021,973 | 1,830,448,410 |
Residence halls | 83,817,534 | 60,203,906 |
Other auxiliary | 35,250,009 | 31,691,355 |
Depreciation and amortization expense | 152,233,754 | 144,150,742 |
Other operating | 15,243,279 | 19,420,603 |
Total operating expenditures | 3,434,145,002 | 3,092,219,885 |
Operating loss | (624,072,500) | (462,344,104) |
NONOPERATING REVENUES (EXPENSES) | ||
State appropriations | 615,068,702 | 514,052,389 |
Federal and state student financial aid | 75,098,247 | 133,593,004 |
Investment income, net of investment fees | 18,864,102 | 5,689,891 |
Net realized and unrealized gains | 10,446,254 | (18,884,896) |
Gifts | 5,112,419 | 2,902,666 |
Interest expense on capital related debt | (67,404,017) | (55,893,400) |
Loss on disposal of plant assets | (685,384) | (12,872) |
Other nonoperating expenses | 9,050,856 | (365,650) |
Net nonoperating revenues | 665,551,179 | 581,081,132 |
Income (loss) before other revenues and gains | 41,478,679 | 118,737,028 |
Capital gifts and grants | 6,483,800 | 11,781,731 |
Increase (decrease) in net position | 47,962,479 | 130,518,759 |
Net position at the beginning of year, as restated | 1,267,725,649 | 1,137,206,890 |
NET POSITION AT THE END OF YEAR | $1,315,688,128 | $1,267,725,649 |
FOR THE YEARS ENDING JUNE 30 | ||
---|---|---|
2023 | 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Tuition and fees | $262,784,609 | $269,219,549 |
Federal grants and contracts | 226,993,260 | 214,334,729 |
State and local grants and contracts | 8,442,622 | 8,503,911 |
Private grants and contracts | 89,735,731 | 72,391,299 |
University hospitals and clinics | 1,840,762,415 | 1,712,077,000 |
Personal service payments | (1,491,135,772) | (1,424,864,280) |
Other than personal service payments | (873,170,945) | (832,732,945) |
Payments for fringe benefits | (347,477,371) | (338,678,195) |
Payments for scholarships and fellowships | (42,226,857) | (57,026,077) |
Loans issued to students | (69,700) | (331,313) |
Collection of loans to students | 595,805 | 39,242 |
Residence halls, net | 83,731,780 | 80,490,248 |
Other auxiliary, net | 31,686,385 | 30,177,696 |
Other operating | (3,968,936) | 1,650,639 |
Nat cash used by operating activities | (213,316,974) | (264,748,497) |
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES | ||
State appropriations: | ||
Operations | 161,969,828 | 141,756,760 |
Debt Service | 194,923,098 | 102,329,231 |
Federal and State student financial aid grants | 75,111,341 | 124,321,504 |
Private gifts and grants | 5,112,419 | 2,902,666 |
Repayment of short-term loans | ||
Direct loan receipts | 127,441,071 | 121,761,975 |
Direct loan disbursements | (127,441,071) | (121,761,975) |
Net cash flows provided by noncapital financing activities | 437,116,686 | 371,310,161 |
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES | ||
Proceeds from capital debt | 49,703,383 | 48,700,697 |
Capital grants and gifts received | 6,483,800 | 11,741,521 |
Purchases of capital assets and payments to contractors | (121,099,867) | (119,317,381) |
Principal paid on capital debt and leases | (85,546,550) | (89,316,717) |
Principal amount refunded | (95,102,210) | |
Interest paid on capital debt and leases | (68,212,920) | (55,893,401) |
Deposits with trustees | 2,679,668 | 49,299,895 |
Net cash used by capital and related financing activities | (311,094,696) | (154,785,386) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Interest, dividends, and realized gains on investments | 17,551,109 | 5,105,763 |
Net cash provided by investing activities | 17,551,109 | 5,105,763 |
Net change in cash | (69,743,875) | (43,117,959) |
Cash - beginning of year | 569,889,186 | 613,007,145 |
Cash - end of year | 500,145,311 | 569,889,186 |
END OF YEAR CASH COMPRISED OF | ||
Cash and cash equivalents | 460,342,107 | 527,947,322 |
Restricted cash and cash equivalents | 39,803,204 | 41,941,864 |
Total cash - end of year | 500,145,311 | 569,889,186 |
RECONCILIATION OF NET OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |
||
Operating loss | (624,072,500) | (462,344,104) |
ADJUSTMENTS TO OPERATING LOSS | ||
Depreciation and amortization expense | 152,233,754 | 144,150,742 |
Fringe benefits and litigation costs provided by State | 295,042,809 | 276,879,080 |
CHANGE IN ASSETS AND LIABILITIES | ||
Receivables, net | 17,958,732 | 40,091,566 |
Inventories | (2,413,719) | (6,796,593) |
Other assets | 137,177,339 | 634,686 |
Accounts payable, accrued expenses, and other liabilities | (27,759,622) | (28,619,729) |
Deferred revenue | (2,010,687) | (3,250,239) |
Student deposits | (2,892,115) | (47,275) |
Deposits held for others | 3,212,184 | (2,822,784) |
Other liabilities | (159,793,149) | (222,623,847) |
Net cash used by operating activities | ($213,316,974) | ($264,748,497) |
FOR THE YEARS ENDING JUNE 30 | ||
---|---|---|
2023 | 2022 | |
ASSETS | ||
Current Assets | ||
Cash and cash equivalents | $126,228,485 | $170,619,037 |
Accounts receivable and notes receivable, net | 7,914,843 | 6,158,221 |
Pledges receivable, net | 135,058,298 | 144,140,784 |
Investments | 619,938,890 | 509,103,847 |
Assets held for others | 297,688 | 328,188 |
Other assets | 4,567,617 | 853,669 |
Capital assets, net | 28,346,151 | 29,282,925 |
Total assets |
922,351,972 | 860,486,671 |
LIABILITIES AND NET ASSETS |
||
Liabilities | ||
Accounts payable and accrued expenses | 14,961,395 | 15,422,071 |
Deferred revenue | 3,350,963 | 2,582,453 |
Deposits held for others | 92,493,255 | 67,229,616 |
Other liabilities | 11,270,888 | 7,205,440 |
Total liabilities |
122,076,501 | 92,439,580 |
NET ASSETS |
||
Net assets without donor restrictions |
||
Board designated for: |
||
Fixed assets | 19,473,935 | 20,410,709 |
Campus programs | 7,842,813 | 7,751,741 |
General operations and other | 70,428,232 | 64,238,165 |
Undesignated | 7,236,153 | 5,726,379 |
Net assets with donor restrictions | ||
Scholarships and fellowships | 92,463,794 | 81,001,348 |
Campus programs | 327,964,438 | 306,332,002 |
Research, general operations and other | 274,866,106 | 282,586,747 |
Total net assets | 800,275,471 | 768,047,091 |
TOTAL LIABILITIES AND NET ASSETS |
$922,351,972 | $860,486,671 |
FOR THE YEARS ENDING JUNE 30 | ||||
---|---|---|---|---|
WITHOUT DONOR RESTRICTIONS |
WITH DONOR RESTRICTIONS |
2023 |
2022 TOTAL |
|
REVENUES | ||||
Contributions, gifts and grants | $253,468 | $61,316,331 | $61,569,799 | $116,730,821 |
Food service | 39,580,733 | 39,580,733 | 29,520,191 | |
Other auxiliary services | 4,451,966 | 4,451,966 | 3,585,397 | |
Rental income | 217,642 | 21,041 | 238,683 | 242,114 |
Sales and services | 2,067,392 | 1,158,167 | 3,225,559 | 3,045,143 |
Investment income, net | 11,547,704 | 16,328,581 | 27,876,285 | (11,364,501) |
Other sources | 455,288 | 45,200 | 500,488 | 4,469,263 |
Net assets released from restrictions | 53,495,079 | (53,495,079) | ||
Total revenues | 112,069,272 | 25,374,241 | 137,443,513 | 146,228,428 |
EXPENSES | ||||
Food service | 36,704,536 | 36,704,536 | 27,830,380 | |
Other auxiliary services | 1,850,477 | 1,850,477 | 2,074,186 | |
Program expenses | 24,967,691 | 24,967,691 | 21,073,419 | |
Payments to State University: scholarships and fellowships | 4,848,725 | 4,848,725 | 5,922,930 | |
Payments to State University: other | 23,361,627 | 23,361,627 | 22,975,485 | |
Real estate expenses | 238,849 | 238,849 | 239,342 | |
Management and general | 7,846,354 | 7,846,354 | 6,535,549 | |
Fundraising | 5,293,465 | 5,293,465 | 4,381,310 | |
Other expenses | 103,409 | 103,409 | ||
Total expenses | 105,215,133 | 105,215,133 | 91,032,601 | |
Change in net assets | 6,854,139 | 25,374,241 | 32,228,380 | 55,195,827 |
Net assets at the beginning of the year | 98,126,994 | 669,920,097 | 768,047,091 | 712,851,264 |
NET ASSETS AT THE END OF THE YEAR | $104,981,133 | $695,294,338 | $800,275,471 | $768,047,091 |
STONY BROOK UNIVERSITY
NOTES TO FINANCIAL STATEMENTS
Financial Presentation
In June 2007, Stony Brook University (the University) adopted a financial statement
format consistent with the State University of New York’s (SUNY) audited financial
statements. The University assumed this position in order to conform to GASB and FASB
pronouncements. The University has relied on information provided by SUNY for the
allocation of various net asset values not easily identified by the University.
Reporting Entity
For financial reporting purposes, the University is comprised of sectors which include
the university centers of the main campus, Manhattan, and Southampton, health science
centers (including hospitals), colleges and schools, central services and other affiliated
entities determined to be includable in the University’s financial reporting entity.
Inclusion in the entity is based primarily on the notion of financial accountability
defined in terms of a primary government (University) that is financially accountable
for the organizations that make up its legal entity. Separate legal entities meeting
the criteria for inclusion in the blended totals of the University reporting entity
are described below.
The Research Foundation of State University of New York at Stony Brook (Research Foundation)
is a separate not-for-profit educational corporation that operates as the fiscal administrator
for the majority of the University’s sponsored programs. The programs include research,
training, and public service activities of the State-operated campuses supported by
sponsored funds other than State appropriations. The activity of the Research Foundation
has been included in these financial statements using GASB measurements and recognition
standards. The financial activity was derived from audited financial statements of
the Research Foundation for the year ended June 30, 2023 and 2022.
The State University Construction Fund (Construction Fund) is a public benefit corporation
that designs, constructs, reconstructs, and rehabilitates SUNY facilities to an approved
master plan. It is a separate legal entity that carries out operations which are integrally
related to SUNY, and its reporting components, and therefore, the financial activity
related to the University’s share of Construction Fund is included in the financial
statements as of the Construction Fund’s fiscal year end of March 31, 2023 and 2022.
To report construction fund activities related to the University, certain methodologies
are used by SUNY to allocate plant fund balances by campus.
The Faculty Student Association (FSA) is a legally separate, nonprofit corporation,
which as an independent contractor, operates, manages, and promotes educationally
related services for the benefit of the campus community. The Stony Brook Foundation
Inc. (the Foundation) is a legally separate, nonprofit, affiliated organization that
receives and holds economic resources that is significant to, and entirely for the
University, and is required to be included in the reporting entity using discrete
presentation requirements. As a result, the combined totals of the FSA and the Foundation
are separately presented as aggregate component units on financial statement pages
7 and 8 in the University’s financial statements in accordance with display requirements
prescribed by the Financial Accounting Standards Board (FASB). The financial data
for these organizations was derived from each entity’s individual audited financial
statements for the years ended June 30, 2023 and 2022.
In 2023, the University adopted GASB Statement No. 87, Leases. This Statement establishes standards of accounting and financial reporting for leases
by lessees and lessors. It establishes a single model for lease accounting based on
the foundational principle that leases are financings of the right to use an underlying
asset. Under this Statement, as a lessee, the University is required to recognize
a lease liability and an intangible right-to-use lease asset, and as a lessor, the
University is required to recognize a lease receivable and a deferred inflow of resources,
thereby enhancing the relevance and consistency of information about the University’s
leasing activities.
In 2023, the University adopted GASB Statement No. 96, Subscription-Based Information
Technology Arrangements which establishes standards of accounting and financial reporting
for subscription-based information technology arrangements (SBITA). A SBITA is defined
as a contractual agreement that conveys control of the right to use another entity's
IT asset, alone or in conjunction with a tangible capital asset, for a minimum contractual
period of greater than one year, in an exchange or exchange-like transaction. The
related obligations are presented in the amounts equal to the present value of SBITA
payments, payable during the remaining SBITA term. As the lessee, the University recognizes
a SBITA liability and associated intangible asset on the statement of net position
as disclosed in note 8 to the financial statements. The adoption of this standard
did not impact the beginning net position (deficit) on the University’s financial
statements.
The operations of certain related but independent organizations, i.e., clinical practice
management plans, alumni association and student associations, are not included in
the accompanying financial statements as such organizations do not meet the definition
for inclusion.
The financial statements of the University have been prepared using the economic resources
measurement focus and the accrual basis of accounting in accordance with U.S. generally
accepted accounting principles as prescribed by GASB. The University reports its financial
statements as a special-purpose government engaged in business-type activities, as
defined by GASB. Business-type activities are those that are financed in whole or
in part by fees charged to external parties for goods or services. The financial statements
of the University consist of a classified balance sheet; a statement of revenues,
expenses, and changes in net position, that distinguish between operating and nonoperating
revenues and expenses; and a statement of cash flows, using the direct method of presenting
cash flows from operations and other sources.
The University’s policy for defining operating activities in the statement of revenues,
expenses, and changes in net position are those that generally result from exchange
transactions, i.e., the payments received for services and payments made for the purchase
of goods and services. Certain other transactions are reported as nonoperating activities
and include the University’s operating and capital appropriations from the State,
Federal and State financial aid grants, net investment income, gifts, and interest
expense.
Resources are classified for accounting and financial reporting purposes into the
following four net position categories:
• Net investment in capital assets: Capital assets, net of accumulated depreciation and amortization and outstanding
principal balances of debt attributable to the acquisition, construction, repair or
improvement of those assets.
• Restricted - nonexpendable: Net position component subject to externally imposed conditions that require the
University retain in perpetuity.
• Restricted - expendable: Net position whose use is subject to externally imposed conditions that can be fulfilled
by the actions of the University or by the passage of time.
• Unrestricted component of net position: Included in unrestricted component of net position are amounts provided for specific
use by the University’s colleges, hospitals and clinics, and separate legal entities
included in the University’s reporting entity that are designated for those entities
and, therefore, not available for other purposes.
The University has adopted a policy of generally utilizing restricted - expendable
funds, when available, prior to unrestricted funds.
Revenues
Revenues are recognized in the accounting period when earned. State appropriations
are recognized when they are made legally available for expenditure. Revenues and
expenditures arising from nonexchange transactions are recognized when all eligibility
requirements, including time requirements, are met. Promises of private donations
are recognized at fair value. Net patient service revenue for the hospitals is reported
at the estimated net realizable amounts from patients, third-party payors and others
for services rendered, including estimated retroactive adjustments under reimbursement
agreements with third-party payors.
Tuition and fees and auxiliary sales and service revenues are reported net of scholarship
discounts and allowances. Auxiliary sales and service revenue classifications were
reported net of the following scholarship discount and allowance amounts for the fiscal
year (in thousands):
Residence halls | $18,890 |
Other auxiliary | 8,032 |
Deferred Outflows and Deferred Inflows of Resources
Deferred outflows of resources are defined as a consumption of net assets by a college
or university that is applicable to a future reporting period. Deferred inflows of
resources are defined as an acquisition of net assets by the college or university
that is applicable to a future reporting period. Deferred inflows and deferred outflows
of resources include amounts related to changes in the net pension and OPEB liabilities
of the University’s cost sharing pension plans and the OPEB plans due to changes between
expected and actual claims experience and changes in actuarial assumptions such as
the discount rate used to determine the respective liability. Deferred outflows of
resources also include losses resulting from refinancing of debt which represents
the difference between the reacquisition price and the net carrying amount of the
old debt and is amortized over the life of the related debt.
Compensated Absences
Employees accrue annual leave based primarily on the number of years employed up to
a maximum rate of 21 days per year up to a maximum of 40 days.
Inventories
Inventories held by the University are primarily stated at the lower of cost or market
value on a first-in, first-out basis.
Fringe Benefits
Employee fringe benefit costs (e.g., health insurance, worker’s compensation, retirement
and post-retirement benefits) are paid by the State on behalf of the University (except
for the University hospitals and Research Foundation, which pay their own fringe benefit
costs) at a fringe benefit rate determined by the State. The University records an
expense and corresponding State appropriation revenue for fringe benefit costs based
on the fringe benefit rate applied to total eligible personal service costs incurred.
Tax Status
The University and the Construction Fund are political subdivisions of the State and
are, therefore, generally exempt from federal and state income taxes under applicable
federal and state statutes and regulations.
The Research Foundation is a not-for-profit corporation as described in Section 501(c) (3) of the Internal Revenue Service Code and is tax-exempt on related income, pursuant to Section 501(a) of the code.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported amount of
revenues and expenses during the reporting period. Actual results could differ from
those estimates.
Reclassifications
Certain amounts displayed in the 2022 financial statements have been reclassified
to conform to the 2023 presentation.
Cash and cash equivalents are defined as current operating assets that include investments
with original maturities of less than 90 days, except for cash and cash equivalents
held in investment pools which are included in short-term and long-term investments
in the accompanying balance sheet.
Restricted cash and cash equivalents represent unspent funds under various capital
financing arrangements, cash held for others, and cash restricted for loan programs.
Cash held in the State treasury beyond immediate need is pooled with other State funds
for investment purposes. The pooled balances are limited to legally stipulated investments
which include obligations of, or are guaranteed by, the United States, obligations
of the State and its political subdivisions, and repurchase agreements. These investments
are reported at cost (which approximates fair value) and are held by the State’s agent
in its name on behalf of the University.
The New York State Comprehensive Annual Financial Report contains the GASB No. 40
risk disclosures for deposits held in the State treasury. Deposits not held in the
State treasury that are not covered by depository insurance and are: (a) uncollateralized
were $0 and (b) collateralized with securities held by a pledging financial institution
were $26.6 million at June 30, 2023.
Deposits with trustees primarily represent Dormitory Authority of the State of New York (DASNY) bond proceeds needed to finance capital projects and to establish required building and equipment replacement and debt service reserves. Pursuant to financing agreements with DASNY, bond proceeds, including interest income, are restricted for capital projects or debt service. Also included are non-bond proceeds which have been designated for capital projects and equipment.
Investments of the University are recorded at fair value. Investment income is recorded
on the accrual basis, and purchases and sales of investment securities are reflected
on a trade date basis. Any net earnings not expended are included as increases in
restricted - nonexpendable net position if the terms of the gift require that such
earnings be added to the principal of a permanent endowment fund, or as increases
in restricted - expendable net position as provided for under the terms of the gift,
or as unrestricted.
Investments are comprised of investments of the Research Foundation. The Research
Foundation maintains a diverse investment portfolio and follows an investment policy
and asset guidelines approved and monitored by its board of directors. The portfolio
is mainly comprised of mutual funds, exchange-traded funds and alternative investments
of high quality and liquidity. Investments are held with the investment custodian
in the Research Foundation’s name. Investments at fiscal year end are $257.7 million.
At June 30, 2023, accounts, notes and loans receivable are summarized as follows (in thousands):
2023 | 2022 | |
---|---|---|
Tuition and fees | $5,399 | $5,011 |
Allowance for uncollectible | (2,883) | (2,534) |
Net tuition and fees | 2,516 | 2,477 |
Room rent | 1,645 | 1,538 |
Allowance for uncollectible | (469) | (433) |
Net room rent | 1,176 | 1,105 |
Patient fees, net of contractual allowances | 854,436 | 836,420 |
Allowance for uncollectible | (446,749) | (416,709) |
Net patient fees | 407,687 | 419,711 |
Other, net | 6,773 | 10,856 |
Total accounts receivable and notes receivable | 418,152 | 434,149 |
Student loans | 3,496 | 4,325 |
Allowance for uncollectible | (1,107) | (1,268) |
Total student loans receivable | 2,389 | 3,057 |
TOTAL, NET | $420,541 | $437,206 |
Capital assets, net of accumulated depreciation, totaled $2.5 billion. Capital asset activity is reflected in the table below (in thousands). Retirements represent capital assets retired and assets transferred from construction in progress for projects completed and the related capital assets placed in service.
JUNE 30, 2021 |
ADDITIONS | RETIREMENTS | JUNE 30, 2022 |
ADDITIONS | RETIREMENTS | JUNE 30, 2023 |
|
---|---|---|---|---|---|---|---|
Land | $223,245 | $282 | $96 | $223,431 | $5 | $223,436 | |
Infrastructure and land improvements | 289,694 | 8,805 | (25) | 298,524 | 5,174 | 303,698 | |
Buildings | 2,879,302 | 31,360 | 1,607 | 2,909,055 | 53,941 | ($2,386) | 2,965,382 |
Equipment, library books and artwork | 631,687 | 55,884 | 5,727 | 681,844 | 24,884 | 3,729 | 702,999 |
Construction in progress | 183,084 | 58,794 | 30,041 | 211,837 | 106,676 | 67,792 | 250,721 |
Total capital assets | 4,207,012 | 155,125 | 37,446 | 4,324,691 | 190,680 | 69,135 | 4,446,236 |
Less: accumulated depreciation: | |||||||
Infrastructure and land improvements | 128,487 | 12,811 | 141,298 | 12,953 | 154,251 | ||
Buildings | 1,069,170 | 80,561 | 2,333 | 1,147,398 | 77,536 | (2,386) | 1,227,320 |
Equipment, library books and artwork | 526,546 | 37,992 | 2,340 | 562,198 | 34,247 | 3,018 | 593,427 |
Total accumulated depreciation | 1,724,203 | 131,364 | 4,673 | 1,850,894 | 124,736 | 632 | 1,974,998 |
CAPITAL ASSETS, NET | $2,482,809 | $23,761 | $32,773 | $2,473,797 | $65,944 | $68,503 | $2,471,238 |
The University has entered into financing agreements with DASNY to finance most of its capital facilities. The University has also entered into financing arrangements with the New York Power Authority under the statewide energy services program. Equipment purchases are also made through DASNY’s Tax-exempt Equipment Leasing Program (TELP), various State sponsored equipment leasing programs, and private financing arrangements. The University is responsible for lease debt service payments sufficient to cover the interest and principal amounts due under these arrangements. At June 30, 2023, total obligations are summarized in the following table (in thousands).
JUNE 30, 2021 | ADDITIONS | RETIREMENTS | JUNE 30, 2022 | ADDITIONS | RETIREMENTS | JUNE 30, 2023 | CURRENT PORTION | |
---|---|---|---|---|---|---|---|---|
Long-term debt: | ||||||||
Educational facilities | $1,259,797 | $69,490 | $1,190,307 | $49,444 | $140,866 | $1,098,885 | $24,948 | |
Residence hall facilities | 378,180 | 7,181 | 385,361 | 385,361 | 14,782 | |||
NYPA Loans | 105,423 | 275 | 8,611 | 97,087 | 85 | 4,522 | 92,650 | 7,087 |
Other long-term debt - Gyrodyne | 15,000 | 1,600 | 13,400 | 1,600 | 11,800 | 1,600 | ||
Other long-term debt - SUNY 2020 | 15,033 | 1,285 | 796 | 15,522 | 282 | 15,240 | ||
Total long-term debt | 1,773,433 | 8,741 | 80,497 | 1,701,677 | 49,529 | 147,270 | 1,603,936 | 48,417 |
Other long-term liabilities: | ||||||||
Post-employment and post-retirement | 99,614 | 54,171 | 54,788 | 98,997 | 61,671 | 54,449 | 106,219 | 63,919 |
Loan from State | 11,669 | 19 | 11,688 | 398 | 12,086 | 12,086 | ||
Litigation | 237,311 | 19,068 | 218,243 | 35,141 | 183,102 | 5,361 | ||
Pensions | 15,305 | 5,168 | 10,137 | 375,976 | 52,081 | 334,032 | 1,808 | |
Other | 4,748 | 619 | 4,129 | 793 | 3,336 | |||
Total other long-term liabilities | 368,647 | 54,190 | 79,643 | 343,194 | 438,045 | 142,464 | 638,775 | 83,174 |
TOTAL LONG-TERM LIABILITIES | $2,142,080 | $62,931 | $160,140 | $2,044,871 | $487,574 | $289,734 | $2,242,711 | $131,591 |
Educational Facilities
The University, through DASNY, has entered into financing agreements to finance various
educational facilities which have a maximum 30-year life. Athletic facility debt is
aggregated with educational facility debt. Debt service is paid by, or from specific
appropriations of, the State.
Residence Hall Facilities
The University has entered into capital lease agreements for residence hall facilities.
DASNY bonds for residence hall facilities, which have a maximum 30-year life, are
repaid from room rentals and other residence hall revenues. Upon repayment of the
bonds, including interest thereon, and the satisfaction of all other obligations under
the lease agreements, DASNY shall convey to the University all rights, title, and
interest in the assets financed by the capital lease agreements. Residence hall facilities
revenue realized during the year from facilities from which there are bonds outstanding
is pledged as a security for debt service and is assigned to DASNY to the extent required
for debt service purposes. Any excess funds pledged to DASNY are available for residence
hall capital and operating purposes.
In March 2013, the State enacted legislation amending the Public Authorities Law and
Education Law of the State. The amendments, among other things, authorized the University
to assign to DASNY all of the University’s rights, title and interest in dormitory
facilities revenues derived from payments made by students and others for use and
occupancy of certain dormitory facilities. The amendments further authorize DASNY
to issue Dormitory Facilities Revenue Bonds payable from and secured by the dormitory
facilities revenues assigned to it by the University. The enacted legislation also
created a special fund to be held by the State’s Commissioner of Taxation and Finance
on behalf of DASNY. All dormitory facilities revenues collected by the University
are required to be deposited in this special fund.
Loan - State STIP Pool
In prior years, the University experienced operating cash-flow deficits precipitated
by cash-flow difficulties experienced by the hospital. In connection with these cash-flow
deficits, as authorized by State Finance Law, the University borrowed funds with interest
from the short-term investment pool of the State. The amount outstanding under this
borrowing from the State at June 30, 2023, was $12.1 million.
The State University is a lessee for various noncancellable leases for non-financial
assets such as land, buildings, and equipment. A summary of the lease asset activity
during the year ended June 30, 2023 is as follows:
Lease and Subscription IT Assets
JUNE 30, 2021 | ADDITIONS | RETIREMENTS | JUNE 30, 2022 | ADDITIONS | RETIREMENTS | JUNE 30, 2023 | |
---|---|---|---|---|---|---|---|
Land (including site prep) | $201 | $201 | |||||
Buildings | $122,361 | $5,831 | $1,799 | $126,393 | 14,868 | $5,496 | 135,765 |
Equipment, library books and artwork | 128,059 | 128,059 | 2,198 | 72,987 | 57,270 | ||
Total lease assets | 250,420 | 5,831 | 1,799 | 254,452 | 17,267 | 78,483 | 193,236 |
Less: accumulated depreciation: | |||||||
Land and infrastructure | 25 | 25 | |||||
Buildings | 34,947 | 8,307 | 1,799 | 41,455 | 14,648 | 5,728 | 50,375 |
Equipment, library books and artwork | 99,067 | 4,053 | 103,120 | 5,253 | 72,982 | 35,391 | |
Total accumulated depreciation | 134,014 | 12,360 | 1,799 | 144,575 | 19,926 | 78,710 | 85,791 |
Lease assets, net | 116,406 | (6,529) | 109,877 | (2,659) | (227) | 107,445 | |
Subscription-based IT arrangements | 71,747 | 71,747 | 71,747 | ||||
Less: accumulated depreciation | 9,179 | 9,179 | |||||
Total SBITA assets, net | 71,747 | 71,747 | (9,179) | 62,568 | |||
TOTAL LEASE AND SUBSCRIPTION IT ASSETS, NET | $116,406 | $65,218 | $181,624 | ($11,838) | ($227) | $170,013 |
Lease Liabilities
A summary of changes in the total lease liabilities during the year ended June 30,
2023 is as follows (in thousands):
JUNE 30, 2021 | ADDITIONS | RETIREMENTS | JUNE 30, 2022 | ADDITIONS | RETIREMENTS | JUNE 30, 2023 | CURRENT | |
---|---|---|---|---|---|---|---|---|
Right-to-use leases | $41,925 | $5,831 | $6,008 | $41,748 | $9,318 | $6,759 | $44,307 | $6,487 |
Finance leases | 61,664 | 48,426 | 12,771 | 97,319 | 175 | 17,402 | 80,092 | 14,997 |
Subscription IT arrangements liabilities | 71,747 | 71,747 | 8,394 | 63,353 | 6,789 | |||
TOTAL LEASE LIABILITIES | $103,589 | $126,004 | $18,779 | $210,814 | $9,493 | $32,555 | $187,752 | $28,273 |
Retirement Benefits
There are three major retirement plans for University state employees: The New York
State and Local Employees' Retirement System (ERS), The New York State and Local Police
and Fire Retirement System (PFRS), and the New York State Teacher’s Retirement System
(TRS). ERS and PFRS are cost-sharing, multiple-employer, defined benefit public plans
administered by the State Comptroller. TRS is a cost-sharing, multiple-employer, defined
benefit public plan separately administered by a ten member board. Substantially all
full-time employees participate in the plans. The State University of New York (SUNY)
is responsible for the net pension liability for employees of the University, except
for the hospital’s net pension liability.
Obligations of employers and employees to contribute, and related benefits, are governed
by the New York State Retirement and Social Security Law (NYSRSSL) and Education Law
and may only be amended by the Legislature with the Governor’s approval. These plans
offer a wide range of programs and benefits. ERS, PFRS and TRS benefits vary based
on date of membership, years of credited service and final average salary, vesting
of retirement benefits, death and disability benefits, and optional methods of benefit
payments. Each plan provides a permanent annual cost-of-living increase to both current
and future retired members meeting certain eligibility requirements. Participating
employers are required under law to contribute to these plans on an actuarially determined
rate. For ERS and PFRS this rate is determined annually by the State Comptroller.
ERS, PFRS and TRS provide retirement benefits as well as death and disability benefits.
Benefits generally vest after five years of credited service, or after ten years of
service for those joining after January 1, 2010 or January 9, 2010 (PFRS). The NYSRSSL
provides that all participants in ERS, PFRS and TRS are jointly and severally liable
for any actuarial unfunded amounts. Such amounts are collected through annual billings
to all participating employers. Employees who joined after July 27, 1976 and before
January 1, 2010 (January 9, 2010 PFRS), and have less than ten years of service or
membership are required to contribute 3 percent of their salary. Those joining on
or after January 1, 2010 (January 9, 2010 PFRS) and before April 1, 2012 are required
to contribute 3.5 percent of their annual salary for their entire working career.
Those joining on or after April 1, 2012 are required to contribute between 3 percent
and 6 percent, dependent upon their salary, for their entire working career. Employee
contributions are deducted from their salaries and remitted on a current basis to
ERS, PFRS and TRS.
ERS and PFRS - Hospital
At June 30, 2023 the University recognized a net pension liability for the hospital’s
proportionate share of the ERS and PFRS net pension liabilities of $328.3 million
and $1.5 million, respectively. The net pension liability at June 30, 2023 was measured
as of March 31, 2023, and was determined by an actuarial valuation as of April 1,
2022, with update procedures used to roll forward the total pension liability to March
31, 2023. For the fiscal year ended June 30, 2023 the University recognized pension
expense related to ERS and PFRS of $112 million and $418 thousand, respectively. The
total contributions made to the ERS and PFRS, during 2023 were $46.0 million and $232.7
thousand, respectively. At June 30, 2023 the University reported deferred outflows
and deferred inflows of resources related to ERS and PFRS from the following sources
(in thousands):
YEARS ENDING JUNE 30, 2023 | ERS DEFERRED OUTFLOW OF RESOURCES |
ERS DEFERRED INFLOW OF RESOURCES |
PFRS DEFERRED OUTFLOW OF RESOURCES |
PFRS DEFERRED INFLOW OF RESOURCES |
---|---|---|---|---|
Difference between expected and actual experience | $34,962 | $9,218 | $143 | |
Changes of assumptions | 159,422 | 1,762 | 711 | |
Net difference between projected and actual earnings on pension plan investments | 1,928 | 2 | ||
Changes in proportion and differences between employer contributions and proportionate share of contributions | 10,801 | 13,421 | 138 | 147 |
TOTAL | $205,185 | $26,329 | $994 | $147 |
Amounts reported as deferred outflows of resources and deferred inflows of resources related to ERS and PFRS pensions will be recognized in pension expense as follows (in thousands):
YEARS ENDED JUNE 30, | ERS | PFRS |
---|---|---|
2024 | $41,457 | $146 |
2025 | (18,163) | (45) |
2026 | 67,093 | 430 |
2027 | 88,469 | 279 |
2028 | 36 | |
TOTAL | $178,856 | $846 |
The ERS plan allows participating employers to amortize a portion of their annual
pension costs. The amounts amortized will be paid back with interest over 10 years.
The University participates in this program and the total pension payable included
in long-term liabilities at June 30, 2023 is $5.8 million.
ORP
University employees may also participate in an Optional Retirement Program (ORP)
under IRS Section 401(a) which is a multiple-employer, defined contribution plan administered
by separate vendors – TIAA, Fidelity, Corebridge, and VOYA. ORP employer and employee
contributions are dictated by State law. The ORP provides benefits through annuity
contracts and provides retirement and death benefits to those employees who elected
to participate in an ORP. Benefits are determined by the amount of individual accumulations
and the retirement income option selected. All benefits generally vest after the completion
of one year of service if the employee is retained thereafter. Employer contributions
are not remitted to an ORP plan until an employee is fully vested. As such there are
no forfeitures reported by these plans if an employee is terminated prior to vesting.
Employees who joined an ORP after July 27, 1976, and have less than ten years of service
or membership are required to contribute 3 percent of their salary. Those joining
on or after April 1, 2012 are required to contribute between 3 percent and 6 percent,
dependent upon their salary, for their entire working career. Employer contributions
range from 8 percent to 15 percent depending upon when the employee was hired. Employee
contributions are deducted from their salaries and remitted on a current basis to
the respective ORP.
The Research Foundation maintains a separate non-contributory plan through TIAA for
substantially all of its nonstudent employees. Employees become fully vested in contributions
made by the Research Foundation after one year of service, which are allocated to
individual employee accounts. Employer contributions are based on a percentage of
regular salary and range from 7 percent to 15 percent, depending on date of hire.
Post-Employment and Post-Retirement Benefits
The State, on behalf of the University, provides health insurance coverage for eligible
retired University state employees and their survivors through the New York State
Health Insurance Plan (NYSHIP). NYSHIP offers comprehensive benefits through various
providers consisting of hospital, medical, mental health, substance abuse and prescription
drug programs. The State administers NYSHIP and has the authority under Article xI
of Civil Service Law to establish and amend the benefit provisions offered. NYSHIP
is considered a single employer defined benefit plan offered by the State to its participants.
Prior to July 1, 2018, the University, as a participant in the plan, recognized the
other post-employment benefit (OPEB) expenses on an accrual basis. In 2018, SUNY collectively
with the University’s approval, removed OPEB costs from the University’s financial
statements which resulted in restatements of the net position at 7/1/2018.
Research Foundation Post-Employment and Post-Retirement Benefits
The Research Foundation sponsors a separate single employer defined benefit post-retirement
plan (Plan) that covers substantially all non-student employees. The plan provides
post-retirement medical benefits and is contributory for employees hired after 1985.
In fiscal years 2011 and 2013, the Research Foundation amended the plan to increase
the participant contribution rates for those hired after 1985 with the specific rates
to be determined based on an employee’s years of service.
Contributions by the Research Foundation are made pursuant to a funding policy established
by its Board of Directors. Assets are held in a Voluntary Employee Benefit Association
(VEBA) trust and are considered plan assets in determining the funded status or funding
progress of the plan under GASB reporting and measurement standards.
The Research Foundation’s net OPEB asset was $17.9 million for the fiscal year ended
June 30, 2023. The Research Foundation's net OPEB asset at June 30, 2023 was measured
as of June 30, 2023, and was determined by an actuarial valuation as of July 1, 2022,
with update procedures used to roll-forward the net OPEB balance to June 30, 2023.
At June 30, 2023, the Research Foundation reported deferred outflows and deferred
inflows of resources related to OBEB from the following sources (in thousands):
RESEARCH FOUNDATION OPEB | ||
---|---|---|
YEARS ENDING IN JUNE 30, 2023 | DEFERRED OUTFLOW OF RESOURCES | DEFERRED INFLOW OF RESOURCES |
Difference between expected and actual experience | $1,195 | $936 |
Changes in assumptions | 3,460 | |
Differences between expected and actual earnings on OPEB plan investments | 2,043 | |
TOTAL |
$3,238 | $4,396 |
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in pension expense as follows (in thousands):
YEARS ENDING JUNE 30, | |
---|---|
2024 | ($3,284) |
2025 | (653) |
2026 | 2,566 |
2027 | 213 |
TOTAL | ($1,158) |
The State is contingently liable in connection with claims and other legal actions
involving the University, including those currently in litigation arising in the normal
course of University activities. The University does not carry malpractice insurance
and, instead, administers these types of cases in the same manner as all other claims
against the State involving University activities in that any settlements of judgments
and claims are paid by the State from an account established for this purpose. With
respect to pending and threatened litigation, the medical malpractice liability includes
incurred but not reported (IBNR) loss estimates. The estimate of IBNR losses is actuarially
determined based on historical experience using a discounted present value of estimated
future cash payments. The University has recorded a liability and a corresponding
appropriation receivable of approximately $183.1 million at June 30, 2023.
The University is exposed to various risks of loss related to damage and destruction
of assets, injuries to employees, damage to the environment or noncompliance with
environmental requirements, and natural and other unforeseen disasters. The University
has insurance coverage for its residence hall facilities. However, in general, the
University does not insure its educational buildings, contents or related risks and
does not insure its vehicles and equipment for claims and assessments arising from
bodily injury, property damages, and other perils. Unfavorable judgments, claims,
or losses incurred by the University are covered by the State on a self-insured basis.
The State does have fidelity insurance on State employees.
The University's single largest source of revenue is State appropriations. State appropriations take the form of direct assistance, debt service on educational facility, fringe benefits for State employees, and litigation expenses for which the State is responsible. State appropriations totaled $615 million and $514 million and represented approximately 17.3 percent and 15.3 percent of total revenues for the 2023 and 2022 fiscal years, respectively. The University’s continued operational viability is substantially dependent upon a consistent and proportionate level of ongoing State support.
Grants and contracts awarded by federal and other sponsors, which are generally considered
non-exchange transactions restricted by sponsors for certain purposes, are recognized
as revenue when qualifying expenditures are incurred and conditions under the agreement
are met.
Substantially all federal grants and contracts are subject to financial and compliance
audits by the grantor agencies of the federal government. Disallowances, if any, as
a result of these audits may become liabilities of the University. University management
believes that no material disallowances will result from audits by the grantor agencies.
The University’s hospitals have agreements with third-party payors, which provide
for reimbursement to the hospitals at amounts different from their established charges.
Contractual service allowances and discounts (reflected through the University hospitals
and clinics sales and services) represent the difference between the hospitals’ established
rates and amounts reimbursed by third-party payors. The University has made provision
in the accompanying financial statements for estimated retroactive adjustments relating
to third-party payors cost reimbursement items.
The condensed financial statement information of the Research Foundation, contained in the combined totals of the University reporting entity in accordance with GASB accounting and reporting requirements, is shown below (in thousands):
RESEARCH FOUNDATION CONDENSED BALANCE SHEET | 2023 | 2022 |
---|---|---|
ASSETS | ||
Current assets | $252,681 | $247,745 |
Capital assets | 13,768 | 5,706 |
Other assets | 70,316 | 48,005 |
Total assets | 336,765 | 301,456 |
LIABILITIES | ||
Current liabilities | 102,228 | 109,369 |
Noncurrent liabilities | 13,120 | 9,531 |
Total liabilities | 115,348 | 118,900 |
NET POSITION | ||
Invested in capital assets, net | 4,902 | 5,601 |
Without donor restrictions | 216,515 | 176,955 |
Total net position | 221,417 | 182,556 |
TOTAL LIABILITIES AND NET POSITION |
$336,765 | $301,456 |
CONDENSED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION |
||
OPERATING REVENUES | ||
Federal grants and contracts | 180,257 | 177,757 |
State grants and contracts | 9,592 | 5,624 |
Private grants and contracts | 32,249 | 29,482 |
Other operating revenues | 25,276 | (4,032) |
Total operating revenues | 247,374 | 208,831 |
EXPENSES | ||
Instruction | 15,335 | 11,402 |
Research | 128,909 | 121,310 |
Public service | 13,684 | 11,962 |
Institutional support | 47,476 | 38,953 |
Other operating expenses | 8,319 | 5,817 |
Depreciation and amortization expense | 1,445 | 1,543 |
Total operating expenses | 215,168 | 190,987 |
Operating income | 32,206 | 17,844 |
Net nonoperating revenues/(expenses) | 6,655 | 3,960 |
Increase (decrease) in net position | 38,861 | 21,804 |
Net position at the beginning of the year | 182,556 | 160,752 |
NET POSITION AT THE END OF THE YEAR |
$221,417 | $182,556 |
RESEARCH FOUNDATION CONDENSED STATEMENT OF CASH FLOWS | ||
Cash flows used by operating activities | (10,709) | (1,716) |
Cash flows used by capital and related financing activities | (1,405) | |
Cash flows from investing activities | 5,642 | 4,344 |
Net change in cash | (6,472) | 2,628 |
Cash - beginning of year | 6,487 | 3,859 |
CASH - END OF YEAR |
$15 | $6,487 |
The University considers events or transactions that occur after the statement of net position date, but before the financial statements are issued, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. As of the date of this report compilation there are no significant events that have occurred that would require adjustments to or further disclosure in the accompanying financial statements.
The reported totals of the discretely presented component units include the campus
related Foundation and the auxiliary service entity, the Faculty Student Association
(FSA). The Foundation is a nonprofit organization responsible for the fiscal administration
of revenues and support received for the promotion, development and advancement of
the welfare of the University, and its students, faculty, staff and alumni. The Foundation
receives the majority of their support and revenues through contributions, gifts and
grants and provides benefits to their campus, students, faculty, staff and alumni.
The FSA is a campus-based, legally separate, nonprofit organization which, as independent
contractor, operates, manages and promotes educationally related services for the
benefit of the campus community.
These organizations are exempt from federal income taxes on related income pursuant
to Section 501(a) of the Internal Revenue Code. All of the financial data for these
organizations were derived from each entity’s individual audited financial statements,
reported in accordance with generally accepted accounting principles promulgated by
FASB, as of June 30, 2023.
Net Asset Classifications
Net assets without donor restrictions represent resources whose uses are not restricted
by donor-imposed stipulations and are generally available for the support of the University
campus and affiliated entity programs and activities. Net assets with donor restrictions
represent resources whose use is subjected to donor-imposed stipulations. Some of
these restrictions are temporary in nature, such as those that will be met with the
passage of time or are removed by specific actions. Other donor-imposed restrictions
are perpetual in nature, where the donor stipulates that resources be maintained in
perpetuity. The income derived from net assets with donor restrictions that is permanent
in nature is permitted to be spent in part or in whole, restricted only by the donor's
wishes.
Investments
All investments with readily determinable fair values have been reported in the financial
statements at fair value. Realized and unrealized gains and losses are recognized
in the statement of activities. Gains or losses on investments are recognized as increases
or decreases in net assets without donor restriction unless their use is restricted
by explicit donor stipulations or by law. Investments of the University discretely
presented component units were $620 million as of June 30, 2023.
Capital Assets
Capital assets are stated at cost, if purchased, or fair value at date of receipt,
if acquired by gift. Land improvements, buildings, and equipment are depreciated over
their estimated useful lives using the straight-line method. Capital assets, net of
accumulated depreciation, totaled $28.3 million as of June 30, 2023. Capital asset
classifications are summarized as follows (in thousands):
Land and land improvements | $1,454 |
Buildings | 37,363 |
Equipment | 11,508 |
Artwork and library books | 6,979 |
Construction in progress | 58 |
Total capital assets | 57,362 |
Less accumulated depreciation | 29,016 |
CAPITAL ASSETS, NET | $28,346 |
Condensed Financial Statement Information
The table below displays the combined totals of the Foundation and auxiliary services
corporation (FSA) (in thousands):
COMBINED BALANCE SHEETS | FOR THE YEAR ENDING JUNE 30, 2023 | FOR THE YEAR ENDING JUNE 30, 2023 | FOR THE YEAR ENDING JUNE 30, 2023 | FOR THE YEAR ENDING JUNE 30, 2022 | FOR THE YEAR ENDING JUNE 30, 2022 | FOR THE YEAR ENDING JUNE 30, 2022 |
---|---|---|---|---|---|---|
FOUNDATION | FSA | TOTAL | FOUNDATION | FSA | TOTAL | |
ASSETS | ||||||
Investments | $592,149 | $27,790 | $619,939 | $497,349 | $11,755 | $509,104 |
Capital assets, net | 10,955 | 17,391 | 28,346 | 11,188 | 18,095 | 29,283 |
Other assets | 262,396 | 11,670 | 274,066 | 296,993 | 25,107 | 322,100 |
Total assets | 865,500 | 56,851 | 922,351 | 805,530 | 54,957 | 860,487 |
LIABILITIES | ||||||
Other liabilities | 105,985 | 16,091 | 122,076 | 78,392 | 14,048 | 92,440 |
Long-term debt/other | ||||||
Total liabilities | 105,985 | 16,091 | 122,076 | 78,392 | 14,048 | 92,440 |
NET ASSETS | ||||||
Net assets without donor restrictions | 64,221 | 40,760 | 104,981 | 57,218 | 40,909 | 98,127 |
Net assets with donor restrictions | 695,294 | 695,294 | 669,920 | 669,920 | ||
Total net assets | 759,515 | 40,760 | 800,275 | 727,138 | 40,909 | 768,047 |
Total liabilities and net assets | 865,500 | 56,851 | 922,351 | 805,530 | 54,957 | 860,487 |
COMBINED STATEMENT OF ACTIVITIES | ||||||
REVENUES | ||||||
Contributions, gifts and grants | 61,570 | 61,570 | 116,731 | 116,731 | ||
Food and auxiliary services | 44,033 | 44,033 | 33,106 | 33,106 | ||
Other revenue | 30,242 | 1,598 | 31,840 | (6,421) | 2,814 | (3,607) |
Total revenues | 91,812 | 45,631 | 137,443 | 110,310 | 35,920 | 146,230 |
EXPENSES | ||||||
Food and auxiliary services | 38,555 | 38,555 | 29,905 | 29,905 | ||
Program expenses | 24,968 | 24,968 | 21,073 | 21,073 | ||
Other expenses | 34,467 | 7,225 | 41,692 | 34,681 | 5,374 | 40,055 |
Total expenses | 59,435 | 45,780 | 105,215 | 55,754 | 35,279 | 91,033 |
Total change in net assets | 32,377 | (149) | 32,228 | 54,556 | 641 | 55,197 |
Net assets at the beginning of the year | 727,138 | 40,909 | 768,047 | 672,582 | 40,268 | 712,850 |
NET ASSETS AT END OF YEAR | $759,515 | $40,760 | $800,275 | $727,138 | $40,909 | $768,047 |
FUNCTIONAL EXPENSES | FOOD SERVICE | OTHER AUXILIARY SERVICES | CAMPUS PROGRAMS | REAL ESTATE |
MANAGEMENT AND GENERAL | FUNDRAISING | OTHER | 2023 TOTAL |
---|---|---|---|---|---|---|---|---|
EXPENSES | ||||||||
Salaries and wages | $12,272 | $791 | $5,289 | $3,666 | $2,098 | $24,116 | ||
Employee benefits | 5,896 | 322 | 1,360 | 1,294 | 839 | 9,711 | ||
Cost of goods sold | 8,940 | 85 | 9,025 | |||||
Supplies and materials | 1,345 | 4 | 1,864 | 175 | 303 | 3,691 | ||
Printing and postage | 6 | 2 | 28 | 21 | 63 | 120 | ||
Travel and conferences | 6 | 2 | 4,531 | 37 | 259 | 4,835 | ||
Rent and equipment | 177 | 274 | 1,808 | 157 | 47 | 2,463 | ||
Repairs, maintenance and improvements | 1,126 | 27 | 2,022 | 265 | 1 | 3,441 | ||
Insurance | 1 | 1 | 88 | 518 | 608 | |||
Utilities | 2,322 | 260 | 51 | 1 | 2,634 | |||
Professional and service fees | 1,570 | 14 | 6,845 | 1,004 | 1,057 | 10,490 | ||
Depreciation expense | 2,190 | 67 | 239 | 38 | 2,534 | |||
Activity and program support | 285 | 2 | 181 | 468 | ||||
Other expenses | 570 | 1,081 | 489 | 625 | 103 | 2,868 | ||
Expenses | 36,706 | 1,851 | 24,967 | 239 | 7,846 | 5,292 | 103 | 77,004 |
Support to the University | ||||||||
Campus support - scholarships and fellowships | 4,849 | |||||||
Campus support - other | 23,362 | |||||||
TOTAL EXPENSES | $105,215 |
STONY BROOK UNIVERSITY
RELATED REPORTS AND PUBLICATIONS
Unit |
Description |
Link |
State University of New York (SUNY) |
As part of the State University of New York (SUNY) the university's financial information is also included in the complete SUNY financial statement which is part of SUNY's Annual Report. |
|
Research Foundation of SUNY |
As a premier research institute the research portion of the university's financial information is also included in the complete Research Foundation (RF) financial statement which is part of RF's Annual Report. |
|
Stony Brook University Foundation |
The Foundation is a nonprofit organization responsible for the fiscal administration of revenues and support received for the promotion, development and advancement of the welfare of the university, and its students, faculty, staff and alumni. The Foundation receives the majority of their support and revenues through contributions, gifts and grants and provides benefits to their campus, students, faculty staff and alumni. |
View financial information about the Stony Brook University Foundation |
Faculty Student Association |
The Faculty Student Association is a campus-based, legally separate, nonprofit organization which as independent contractor operates, manages and promotes educationally related services for the benefit of the campus community. |
INTEGRATED POST-SECONDARY
EDUCATION DATA SYSTEM (IPEDS)
IPEDS is a system built around a series of interrelated surveys which collect institution-level data in areas including enrollments, program completions, graduation rates, faculty, staff, finances, institutional prices, and student financial aid.
The university’s financial IPEDS data is compiled by the State University of New York
(SUNY) Controllers Office based on a timeline.
Download — IPEDS Data