University of Oregon 2019 Annual Financial Report
Notes to the Financial Statements
For the Year Ended June 30, 2019 (dollars in thousands)
Fair Value
The UO had the following recurring fair value
measurements as of June 30, 2019:
Investments by Fair Value Level
US Government Notes & Bonds
US Government Agency Issues
Corporate Notes.
Asset-Backed Securities
Foreign Issues
Municipal Issues
Fair Value Measurements Using
Quoted Prices
in Active
Markets for
June 30,
2019
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
$ 12,820
$
12,820 $
$
12,154
12,154
23,224
23,224
12,196
12,196
15,603
15,603
150
150
Stocks and Equities
194
Illiquid Alternative Equities
3,636
Total Investments by Fair Value Level
79,977
12,820
63,327
469
Accrued Income
Investments Measured at Net Asset Value
(NAV) T3 Investment Pool
Total Investments Measured at Fair Value.
75,504
$ 155,950
The UO had the following recurring fair value
measurements as of June 30, 2018:
Investments by Fair Value Level
US Government Notes & Bonds
US Government Agency Issues
Corporate Notes
Asset-Backed Securities
Foreign Issues
Municipal Issues
Significant
Unobservable
Inputs
(Level 3)
Fair Value Measurements Using
Quoted Prices
194
3,636
3,830
lending transactions. The state treasurer has authorized
its custodian to act as its agent in the lending of OSTF
securities pursuant to a form of loan agreement, in
accordance with OSTF investment policies. There
have been no significant violations of the provisions of
securities lending agreements during fiscal years 2019
and 2018.
The state treasurer's securities lending agent lent
short-term and fixed income securities and received as
collateral US dollar-denominated cash. Borrowers were
required to deliver cash collateral for each loan equal
to not less than 102 percent of the market value of the
loaned security. The state treasurer did not impose any
restrictions during the year on the amount of the loans
that the securities lending agent made on its behalf.
The state treasurer is fully indemnified by its securities
lending agent against losses due to borrower default.
There were no losses during the year from the failure of
borrowers to return loaned securities.
OSTF issues a publicly available financial statement
that can be obtained at: www.oregon.gov/treasury/
public-financial-services/oregon-short-term-funds/
Documents/oregon-short-term-fund-osft/OSTF-Annual-
Financial-Statement-June-30-2019.pdf
D. Investment Activity
Investment activity detail is as follows:
in Active
Markets for
June 30,
2018
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
$ 12,316
$
12,316 $
$
8.515
8,515
22,533
22,533
2019
2018
8,065
8,065
13,934
13,934
Net Appreciation of Investments
$
7,369
$
2,658
817
817
Royalties and Technology Transfer Income
13,919
12,588
Stocks and Equities
169
Illiquid Alternative Equities
3,749
Total Investments by Fair Value Level
70,098
12,316
53,864
169
3,749
3,918
Gain (Loss) on Sale of Investment
1,562
1,402
Investment Earnings
7,475
5,265
Total Investment Activity
$ 30,325
$
21,913
Accrued Income
401
Investments Measured at Net Asset Value
(NAV) T3 Investment Pool
Total Investments Measured at Fair Value
65,408
$ 135,907
Investments classified in Level 1 of the fair value
hierarchy are valued using prices quoted in active
markets for those investments. Investments classified
in Level 2 of the fair value hierarchy are valued using
a matrix pricing technique. Matrix pricing is used to
value securities based on the securities' relationship
to benchmark quoted prices. Investments classified
in Level 3 are valued using a market comparable
companies techniques. Limited partnerships are valued
using the net asset value practical expedient.
C. Securities Lending
In accordance with the state treasury investment
policies, the state treasurer participates in securities
4. Accounts Receivable
Accounts receivable, including amounts due from the
UO Foundation, comprised the following:
Student Tuition and Fees
Auxiliary Enterprises and Other
Operating Activities
Federal Grants and Contracts
UO Foundation
State, Other Government, and Private
Gifts, Grants and Contracts
State Bond Funds-Cap Expense
Other
Less: Allowance for Doubtful Accounts
Accounts Receivable, Net
June 30,
2019
June 30,
2018
$
30,599
9,790
$ 30,908
10,053
10,844
10,640
11,597
11,705
7,911
7,841
23,553
3,899
8,878
7,683
103,172
82,729
(12,143)
(11,315)
$ 91,029 $ 71,414
2019 Annual Financial Report 29View entire presentation