Corporate Pledge for Fundraising Event - Excel

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					                                                                                                                                      STATE OF FLORIDA, BOARD OF GOVERNORS                                                                           Attachment II
                                                                                                                                               University of South Florida
                                                                                                                              USF ATHLETICS DISTRICT / SPORTS COMPLEX BANK TERM LOAN
                                                                                                                                                GROSS PLEDGE BASIS
                                                                                                                            5-YEAR HISTORICAL AND PROJECTED DEBT SERVICE COVERAGE (1)


USF Athletics District / Sport Complex (2)                                                                                         Historical                                                                            Projected
                                                                                        FY 2004-05            FY 2005-06           FY 2006-07            FY 2007-08        FY 2008-09     FY 2009-10     FY 2010-11     FY 2011-12    FY 2012-13     FY 2013-14
Athletics Department Operating Revenues Pledged Athletic District (8)
       Ticket Sales (3)                                                                     3,029,184            4,205,226            4,014,353                6,717,314     6,420,512      5,553,000      6,800,100      7,605,213     8,508,338        9,216,476
       NCAA/Big East Distributions (3)                                                      1,426,973            3,570,597            4,260,052                5,196,981     6,020,619      5,887,618      6,399,168      6,455,429     6,509,539        6,615,039
       Corporate Sponsorships (3)                                                             550,200              458,444            1,425,225                1,228,728     1,751,039      1,931,000      2,031,000      2,131,000     2,331,000        2,406,000
       Development/Fundraising (3)                                                          2,538,915            2,028,904            2,366,533                2,910,836     3,124,670      2,862,435      3,054,626      3,243,618     3,432,609        3,621,601
       Non-Event Revenue (3)                                                                  100,000              150,000              200,000                  351,423       360,453        350,000        367,500        385,875       405,169          425,427
       Game Guarantees (3)                                                                  1,058,491            1,479,650            1,108,805                1,413,000     1,258,500      1,050,000      1,475,000      1,450,000       950,000          850,000
       Bowl Game Revenue (3)                                                                        0              835,442            1,116,382                1,613,089     1,221,587      1,100,000      1,100,000      1,100,000     1,100,000        1,100,000
       Event Revenue (3)                                                                      454,036              772,213              447,064                  698,352       815,646        769,000        824,000        824,000       824,000          824,000
       Other (3)                                                                                    0                    0                    0                  507,630       595,735        194,984        181,015        187,265       193,744          200,461
Total Athletics Department Revenues Pledged Athletic District                              $9,157,799          $13,500,476          $14,938,414              $20,637,353   $21,568,761    $19,698,037    $22,232,409    $23,382,400   $24,254,399      $25,259,004

Annual Debt Service - Sports Complex:
      Proposed Debt - Foundation Loan (4)                                                                                                                                                      71,709         139,483       122,473         96,322          70,293
      Proposed Debt - Bank Term Loan (25 Yr) (5)                                                                                                                                                    0         627,386       792,809        792,419         792,009
      Proposed Debt - Bank Term Loan (15 Yr) (6)                                                                                                                                               30,862       1,355,205     1,412,407      1,411,389       1,410,321
        Total Proposed Debt                                                                                                                                                                   102,571       2,122,074     2,327,689      2,300,130       2,272,623

        Estimated Max Annual Debt Service (7)                                                                                                                                                2,327,689      2,327,689     2,327,689      2,300,130       2,272,623

        Available for Operations after Pledge                                                                                                                                               19,595,466     20,110,335    21,054,711     21,954,269      22,986,381

Coverage Ratios - Sports Complex:
      Annual Debt Service - Sports Complex                                                                                                                                                    192.04x         10.48x         10.05x        10.54x           11.11x
      Maximum Annual Debt Service - Sports Complex                                                                                                                                              8.46x          9.55x         10.05x        10.54x           11.11x


Other Athletics Department Operating Revenues (8)
       Student Athletics Fees (9)                                                          $9,183,299          $10,227,371          $10,812,956              $11,553,648   $12,482,689    $12,792,720    $13,348,341    $13,841,085   $14,316,385      $14,791,685
       Coke - Pouring Rights (9)                                                              800,000              800,000              800,000                  800,000       800,000        800,000        800,000        800,000       800,000          800,000
       E&G Appropriations (10)                                                                312,201              422,728              576,912                  556,758       528,371        528,371        528,371        528,371       528,371          528,371
       Total Other Athletics Department Revenues                                           10,295,500           11,450,099           12,189,868               12,910,406    13,811,060     14,121,091     14,676,712     15,169,456    15,644,756       16,120,056

Total Athletics Department Revenues Pledged and Other                                    $19,453,299           $24,950,575          $27,128,282              $33,547,759   $35,379,821    $33,819,128    $36,909,121    $38,551,856   $39,899,155      $41,379,060

Athletics Department Expenses (8)
       Compensation & Benefits                                                              6,792,039            8,091,963            10,192,355              10,997,015     12,046,182     12,351,970     13,124,983    13,663,464     14,210,875      14,767,490
       Scholarships                                                                         2,942,984            2,998,179             3,343,793               3,661,878      3,932,338      4,237,841      4,152,594     4,288,987      4,448,509       4,632,750
       Team Travel & Recruiting                                                             2,239,247            2,569,062             2,890,802               3,429,789      3,619,349      3,684,349      3,814,349     3,909,349      4,004,349       4,099,349
       Event-Related                                                                        1,339,148            1,512,467             1,721,052               2,992,390      3,084,399      3,040,281      3,448,966     3,631,522      3,817,354       3,990,670
       Administrative                                                                       1,480,372            1,749,011             1,821,888               2,374,770      2,578,376      2,292,130      2,479,654     2,538,507      2,598,736       2,660,392
       Facilities - Operations, Maintenance & Utilities                                     1,104,321            1,492,765             1,470,457               1,488,929      1,385,221      1,418,221      1,690,598     1,744,734      1,800,690       1,858,529
       Game Guarantees                                                                      1,152,250            1,115,561             1,135,071               1,425,597      1,420,658      1,500,000      1,350,000     1,600,000      1,600,000       1,650,000
       Team Equipment                                                                         671,655              859,068               918,338                 757,419        877,403        819,403        835,791       852,507        869,557         886,948
       Bowl Game                                                                                    0              681,487               907,051               1,340,450        743,090        900,000        900,000       900,000        900,000         900,000
       External Relations                                                                     771,702            1,242,256             1,135,203               1,192,509        886,766        773,403        791,061       813,720        821,378         839,037
       Big East Conference Dues                                                               316,109              732,163               507,550                 500,000        500,000        500,000              0             0              0               0
       Student-Athlete Medical Insurance/Costs                                                299,232              263,673               280,867                 389,572        432,575        449,878        467,873       486,588        506,052         526,294
       Other Current Expenses                                                                       0                    0                     0                       0              0         20,000         30,000        40,000         50,000          60,000
       Non-Operating Expenses                                                                       0                    0                     0                 364,152        538,573              0              0             0              0               0
       Sports Complex Debt Service (4)(5)(6)                                                        0                    0                     0                       0              0        102,571      2,122,074     2,327,689      2,300,130       2,272,623
       2003A Annual Debt Service (Princ+Interest) (9)                                               0              687,928               989,143               1,001,691      1,057,462      1,051,585      1,053,463     1,059,252      1,063,889       1,067,372
Total Athletics Department Expenses                                                        19,109,059           23,995,583            27,313,570              31,916,161     33,102,392     33,141,632     36,261,406    37,856,319     38,991,518      40,211,453

Operating Income (Loss)                                                                     $344,240             $954,992             ($185,288)             $1,631,598     $2,277,429      $677,496       $647,715       $695,537      $907,637       $1,167,607

Add: Interest Income                                                                          399,804              425,167               499,461                494,612        497,120        352,000        352,000        352,000       352,000         352,000

Projected Net Income                                                                        $744,044           $1,380,159              $314,173              $2,126,210     $2,774,549     $1,029,496      $999,715      $1,047,537    $1,259,637      $1,519,607



Implied Net Coverage Ratios - Total Athletics Department
For Information Purposes Only
Pledge is Gross
        Annual Debt Service - Total Athletics Department                                                                                                                                        1.89x          1.31x          1.31x         1.37x           1.45x
        Max Annual Debt Service - Total Athletics Dept. (11)                                                                                                                                                   1.23x          1.31x         1.37x           1.46x


(1) The financial information related to revenues and expenses was provided by the University and has not been audited.
(2) The USF Athletics District / Sports Complex is scheduled to be complete in FY 2010-2011.
(3) Sports Complex Pledged Revenues include revenues from Ticket Sales, NCAA/Big East Distributions, Corporate Sponsorships, Development/Fundraising, etc.
(4) Foundation Loan Interest: 7 Year Term @ 3.25%
(5) Bank Term Loan: 25 Year Term @ 5.25% (Basketball Facility)
(6) Bank Term Loan: 15 Year Term @ 5.00% (Other Facilities)
(7) Estimated Maximum Annual Debt Service based on total of above 3 proposed debt structures.
(8) Revenue and expense assumptions have been provided by the University.
(9) Student Athletics Fees and Coke Pouring Rights have been pledged to the Series 2003A COPs and cannot be pledged to the proposed debt.
(10) E&G Appropriations cannot be pledged to the proposed debt pursuant to State Statutes.
(11) The Series 2003A COPs Maximum Annual Debt Service is $1,063,400.

				
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