University of Oregon 2019 Annual Financial Report
Management's Discussion and Analysis
For the Year Ended June 30, 2019 (dollars in thousands)
Comparison of fiscal year 2019 to fiscal year 2018
⚫ Current assets increased $9,866, or 3 percent. Current
cash and cash equivalents decreased $27,339, or 14
percent, partially due to the conversion of cash to
investments prior to June 30, 2019. This was offset
by an increase in accounts receivable of $19,616, or
27 percent primarily due to state bonds receivable. In
addition, there was a shift in the Perkins loan program
receivable from non-current to current, resulting in an
increase in the current portion of notes receivable of
$14,817, or 344 percent.
⚫ Noncurrent assets, excluding capital assets, increased
$15,477 or 6 percent. Noncurrent cash and cash
equivalents (cash reserved for capital projects) increased
by $11,393, or 13 percent, and investments increased by
$20,043, or 15 percent, due to the conversion of some
cash to investments, as described above. The noncurrent
portion of notes receivable decreased by $17,367,
with the termination of the Perkins loan program and
liquidation of the loan portfolio.
• Capital assets, net increased $93,629, or 6 percent.
Capitalized acquisitions, net of disposals and
adjustments, included $145,331 in real property and
$8,203 in personal property. Increases in real property
through acquisitions or construction, included
$57,977 for Knight Campus for Accelerating Scientific
Impact, $24,474 for Tykeson Hall, $17,567 for Bean
Hall renovations, $8,759 for Student Health Center
addition, and $8,703 for Klamath Hall remodel.
Accumulated depreciation increased by $59,905 or
7 percent. See "Capital Assets" in this MD&A for
additional information relating to these variances.
• Current liabilities increased $39,934, or 19 percent,
due to $19,287 from federal capital contributions
payable resulting from termination of the Perkins
loan program. Accounts payable and accrued
liabilities increased by 31 percent or $15,536.
⚫ Noncurrent liabilities decreased $19,589, or 2
percent. Refer to Note 10.A. Long-Term Liabilities,
Agreement for Debt Management (ADM) for
additional information relating to these variances.
⚫ Deferred outflows increased by $8,103, or 7 percent,
and deferred inflows increased by $14,991, or 456
percent, primarily due to the impact of Governmental
Accounting Standards Board (GASB) Statement No. 68,
Accounting and Financial Reporting for Pensions-An
Amendment of GASB Statement No. 27 and GASB
Statement No. 75, Accounting and Financial Reporting
for Postemployment Benefits Other Than Pensions.
Refer to Notes 13. Employee Retirement Plans, 14.
Other Postemployment Benefits, and the Required
Supplementary Information for additional information.
Comparison of fiscal year 2018 to fiscal year 2017
• Current assets decreased $36,616, or 11 percent.
Current cash and cash equivalents decreased
$41,768, or 18 percent, due to the conversion of cash
to investments prior to June 30, 2018. This was offset
by an increase in collateral from securities lending of
$2,600, or 139 percent, and an increase in accounts
receivable of $2,699, or 4 percent.
⚫ Noncurrent assets, excluding capital assets, increased
$88,314, or 58 percent. Noncurrent cash and cash
equivalents (cash reserved for capital projects) increased
by $27,489, or 47 percent, and investments increased by
$59,550, or 78 percent, due to the conversion of some
cash to investments (as described above) and increases
to market value of the investments.
•
Capital assets, net increased $39,009, or 3 percent.
Capitalized acquisitions, net of disposals and
adjustments, included $83,366 in real property,
$6,216 in personal property and $90 of intangible
assets. Increases in real property through acquisitions
or construction, included $22,228 for Bean Hall
renovations, $15,047 for the Knight Campus for
Accelerating Scientific Impact, $16,475 for Pacific
Hall remodel, $9,788 for Tykeson Hall construction,
$8,284 for Oregon Hall renovations, and $5,879 for
Chapman Hall remodel. Accumulated depreciation
increased by $50,664 or 7 percent. See "Capital
Assets" in this MD&A for additional information
relating to these variances.
• Current liabilities increased $4,694, or 2 percent,
due to an increase in accounts payable and accrued
liabilities and the current portion of long-term
liabilities. This was partially offset by a decrease in
unearned revenues.
• Noncurrent liabilities increased $66,023, or 6
percent. Refer to Note 10.A. Long-Term Liabilities,
Agreement for Debt Management (ADM) for
additional information relating to these variances.
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