NOTES TO FINANCIAL STATEMENTS
h. U nearned revenue: The composition of unearned revenue on June 30, 2016, is summarized as follows:
i. D eferred inflows of resources: The composition of deferred inflows of resources on June 30, 2016, is summarized as follows: DEFERRED INFLOWS OF RESOURCES
UNEARNED REVENUE
(in thousands)
(in thousands)
Grants and contracts
$
Student payments Medical Center unearned revenues
59,746
Deferred gain on early retirement of debt
15,829
Service concession arrangements
70,161
Pension
41,017
963
Other unearned revenues
TOTAL DEFERRED INFLOWS OF RESOURCES
23,735
TOTAL UNEARNED REVENUE
$
$
$
533
111,711
100,273
During the year ended June 30, 2015, the University entered into an agreement with Aramark Educational Services, LLC (Aramark) for Aramark to provide dining services to the University. In return for use of University facilities, Aramark is required to make certain payments to the University and the University is required to provide certain repair and maintenance services related to the facilities during the term of the agreement. In accordance with GASB requirements, as of June 30, 2016, the University has accrued a $18.5 million receivable, a $13.7 million liability and a $70.2 million deferred inflow of resources related to the service concession arrangement.
N O T E 4 : S H O R T-T E R M D E B T
Short-term debt on June 30, 2016, is summarized as follows: SHORT-TERM DEBT
BEGINNING BALANCE JULY 1, 2015
(in thousands)
ADDITIONS
REDUCTIONS
ENDING BALANCE JUNE 30, 2016
COMMERCIAL PAPER Taxable
$
Tax-exempt TOTAL COMMERCIAL PAPER
$
12,745 $
25,000
37,900
77,400
50,645 $
102,400
$ $
– $
37,745
–
115,300
– $
153,045
The University has a $300 million combined taxable and tax-exempt commercial paper program that is primarily used to bridge finance capital projects and, from time to time, fund operations. The Board approved the current commercial paper program limit of $300 million in April 2008. In fiscal year 2016, interest rates on commercial paper ranged from 0.01 to 0.48 percent.
F I N A N C I A L R E P O R T 2 0 1 5 –1 6
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