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Explanation of Certain Significant Variations Between Current and Prior Year Amounts FY 2001 Balance Sheet by Fund Group 1. Accounts Receivable - Other Accounts Receivable-Other was $232 million as of 06-30-01, $162 million more than that as of 06-30-00. The variance was composed of the following: Pledges receivable of private gifts and grants, totaling $104 million at 06-30-01, was included in A/R- Other. It was not recorded in the ledger but disclosed in the footnotes to the financial statements in prior years. This change was due to the University's adoption of the GASB Statement No. 33, which requires that unconditional pledges of private gifts be recorded as revenue in the year promised, effective July 1, 2000. Approximately $87 million of billed items for the fall semester was included in A/R-Other at 06-30-01. Similar amounts for the prior year were not included in the financial statements because billed items in CARS, the Campus Accounts Receivable System, were not posted into the ledger then. Accounts Receivable for Housing & Dining Services as of 06-30-01 was about $30 million lower than that as of 06-30-00, since the billed items were not posted into the ledger as they were in the prior year. 2. Construction in Progress Construction in progress was $302 million as of 06-30-01 and increased $109 million from 06-30-00. During FY 2000-01, additional capital project expenditures occurred for the following active projects: Hearst Memorial Mining Bldg Seismic Safety $21 million Hildebrand Hall Seismic Safety 14 million Barrows Hall Seismic Safety 10 million Wurster Hall Seismic Safety 8 million University Village Step1 7 million Silver Lab Seismic Safety 6 million Other projects with <$5m additional cost (net) 43 million Total $109 million 3. Deferred Income Deferred income increased $130 million from the prior year to $207 million as of 06-30-01. $87 million of the increase was due to the billed items for the fall semester, which in the prior year was not recorded. Also in FY 01, Extramural Funds Accounting recorded deferred revenue of $72 million for restricted receipts in excess of restricted expenditures in accordance with GASB Statements No. 34 and 35. Such deferred revenues were not recorded in the prior year. Last, the deferred revenue for Housing & Dining Services was $30 million less than the prior year because the billed amounts for the up-coming school year were not posted into the ledger as of 06-30-01 as they were in the prior year. They were posted in July 01. Statement of Current Funds Revenues, Expenditures and Other Changes 4. Private Gifts, Grants and Contracts The revenues from private gifts, grants and contracts increased $95 million from the prior year to $244 million in FY 2001. $73 million of the increase was for pledges of private gifts and grants, which were not recorded as revenue in the prior year(see item 1). Another $11 million was from various unrestricted gift funds. 5. Instruction Instruction increased $55 million from the prior year to $400 million, showing a 16% increase. Although the total Current Funds expenditures increased 7% from the prior year, there was a shifting of expenditures between functions(programs) due to departmental coding changes. About $27 million was shifted from Academic Support to Instruction. Otherwise, Instruction would have shown an increase of 8%. 6. Academic Support Academic Support was $107 million for the current year, $29 million lower than the prior year. See item 5. 7. Student Services Student Services was $13 million higher than the prior year mainly because of a change in program coding at Intercollegiate Athletics & Recreational Sports (IA/RS). In the prior year, all of the activities at Intercollegiate Athletics were coded as Auxiliary Enterprises while those at Recreational Sports were coded as Student Services. In FY 2001, IA reclassified its activities depending on the nature of those activities. Intercollegiate Athletics activities that were mainly for the physical and mental well being of the students, rather than self-supporting programs, were reported as Student Services. The same logic was applied to Recreational Sports programs. As a result of the change of program coding, about $15 million of IA's expenditures in FY 2001 were coded as Student Services, and RS coded $3 million of its expenditures as Auxiliary Enterprises. The net impact was a $12 million increase in Student Services.
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