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FINANCIAL REPORTING
Annual Financial Report
Stony Brook University releases annual financial statements and reports to the University
and campus community for each fiscal year ending on June 30th.
These annual reports are compiled based on State University of New York (SUNY) campus
level financial reports representing operations for state and research foundation
activities.
View the 2020-2021 Annual Financial Report
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Download SUNY's Annual Financial Report
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View Prior Year's Financial Reports On Our Archive Page.
FOR THE YEARS ENDING JUNE 30 2021 2020 ASSETS Current Assets Cash and cash equivalents $606,605,194 $527,947,179 Deposits with trustees 19,420,317 21,333,274 Short-term investments 170,876,684 130,902,582 Accounts, notes, and loans receivable, net 509,413,426 477,380,887 Interest receivable 18,459 56,521 Appropriations receivable 27,173,903 133,097,264 Grants receivable 49,015,282 52,830,849 Inventories 20,623,883 15,901,844 Other Assets 20,439,842 41,440,516 Total Current Assets 1,423,586,990 1,400,890,916 Noncurrent Assets Restricted cash and cash equivalents 6,401,951 11,604,545 Deposits with trustees 16,427,909 42,780,548 Accounts, notes and loans receivable, net 2,385,228 3,123,521 Appropriations receivable 230,221,004 262,234,320 Long-term investments 39,069,186 21,967,002 Capital assets, net 2,559,066,698 2,535,622,845 Other assets 26,287,253 2,940,984 Total noncurrent assets 2,879,859,229 2,880,273,765 Total assets 4,303,446,219 4,281,164,681 Deferred outflows of resources 292,236,754 236,019,796 Total assets and deferred outflows of resources 4,595,682,973 4,517,184,477 LIABILITIES AND NET ASSETS Current Liabilities Accounts payable and accrued liabilities 508,171,698 392,790,077 Interest payable 4,053,686 6,581,361 Student deposits 2,461,275 2,537,515 Deposits held in custody for others 6,793,032 7,450,293 Deferred revenue 76,567,241 95,732,121 Long-term liabilities-current portion 150,848,065 150,447,255 Other liabilities 200,601,898 218,584,917 Total current liabilities 949,496,895 874,123,539 Noncurrent Liabilities Long-term liabilities 2,137,350,715 2,564,049,459 Refundable government loan funds 3,924,968 5,001,535 Other liabilities 5,889,571 4,875,057 Total noncurrent liabilities 2,147,165,254 2,573,926,051 Total liabilities 3,096,662,149 3,448,049,590 Deferred inflows of resources 444,977,528 37,981,305 Total liabilities and deferred inflows of resources 3,541,639,677 3,486,030,895 NET POSITION Invested in capital assets, net of related debt 598,543,084 623,271,551 Loans - restricted and expendable 436,108 555,727 Unrestricted 455,064,104 407,326,304 Total net position 1,054,043,296 1,031,153,582 TOTAL LIABILITIES AND NET POSITION $4,595,682,973 $4,517,184,477
See accompanying notes to financial statements.FOR THE YEARS ENDING JUNE 30 2021 2020 OPERATING REVENUES Tuition and fees 364,682,367 $368,094,774 Less: scholarship allowances (102,983,768) (94,783,550) Net tuition and fees 261,698,599 273,311,224 Federal grants and contracts 186,984,427 168,096,129 State grants and contracts 7,259,956 15,768,495 Local grants and contracts 314,120 231,196 Private grants and contracts 63,254,527 62,935,041 University hospitals and clinics 1,784,616,432 1,673,427,501 Sales and services of auxiliary enterprises: residence halls, net 39,570,845 67,313,947 Other auxiliary, net 29,312,084 32,058,897 Other operating 13,210,387 13,142,743 Total operating revenues 2,386,221,377 2,306,285,173 OPERATING EXPENSES Instruction 394,460,716 396,255,427 Research 136,359,366 120,540,105 Public service 30,099,614 31,874,692 Academic support 72,414,063 79,917,678 Student services 56,706,296 59,443,722 Institutional support 127,451,900 121,437,063 Operation and maintenance of plant 80,042,109 86,286,822 Scholarships and fellowships 46,533,467 29,767,697 Hospitals and clinics 1,779,671,966 1,870,793,156 Residence halls 54,253,120 65,896,964 Other auxiliary 26,382,305 28,427,044 Depreciation and amortization expense 134,691,813 126,731,156 Other operating 14,112,902 7,141,997 Total operating expenditures 2,953,179,637 3,024,513,523 Operating loss (566,958,260) (718,228,350) NONOPERATING REVENUES (EXPENSES) State appropriations 466,968,396 523,948,407 Federal and state student financial aid 139,513,842 197,530,891 Investment income, net of investment fees 4,069,465 10,607,259 Net realized and unrealized gains 30,336,118 4,382,194 Gifts 10,403,658 4,003,106 Interest expense on capital related debt (72,745,586) (76,830,294) Loss on disposal of plant assets (90,874) (433,198) Other nonoperating expenses 4,982,009 (4,705,138) Net nonoperating revenues 583,437,028 658,503,227 Income (loss) before other revenues and gains 16,478,768 (59,725,123) Capital gifts and grants 6,410,946 4,079,723 Increase (decrease) in net position 22,889,714 (55,645,400) Net position at the beginning of year 1,031,153,582 1,086,798,982 NET POSITION AT THE END OF YEAR $1,054,043,296 $1,031,153,582
See accompanying notes to financial statements.FOR THE YEARS ENDING JUNE 30 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Tuition and fees $261,692,746 $275,355,665 Federal grants and contracts 183,613,382 170,264,986 State and local grants and contracts 7,437,233 14,153,579 Private grants and contracts 64,928,020 71,089,828 University hospitals and clinics 1,535,644,259 1,590,500,978 Personal service payments (1,312,454,314) (1,260,772,320) Other than personal service payments (747,607,033) (769,058,335) Payments for fringe benefits (271,676,898) (231,443,293) Payments for scholarships and fellowships (44,180,676) (37,821,999) Loans issued to students (77,689) (1,103,573) Collection of loans to students 40,326 130,009 Residence halls, net 39,863,836 67,385,261 Other auxiliary, net 25,278,593 24,885,584 Other operating 7,731,644 (2,646,569) Nat cash used by operating activities (249,766,571) (89,080,199) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State appropriations: Operations 255,904,347 14,703,874 Debt Service 82,722,458 70,894,024 Federal and State student financial aid grants 146,250,010 205,333,180 Private gifts and grants 10,403,658 4,003,106 Repayment of short-term loans (1,600,000) (1,600,000) Direct loan receipts 118,348,319 118,204,296 Direct loan disbursements (118,348,319) (118,204,296) Other receipts (payments) 6,865,000 Net cash flows provided by noncapital financing activities 493,680,473 300,199,184 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from capital debt 64,281,486 184,831,856 Capital grants and gifts received 8,111,946 4,796,109 Purchases of capital assets (40,979,576) (39,360,201) Payments to contractors (141,863,739) (148,413,762) Principal paid on capital debt and leases (74,352,297) (59,399,304) Interest paid on capital debt and leases (72,745,583) (76,830,294) Deposits with trustees 82,921,228 (22,465,623) Net cash used by capital and related financing activities (174,626,535) (156,841,219) CASH FLOWS FROM INVESTING ACTIVITIES Interest, dividends, and realized gains on investments 4,168,054 11,548,265 Net cash provided by investing activities 4,168,054 11,548,265 Net change in cash 73,455,421 65,826,031 Cash - beginning of year 539,551,724 473,725,693 Cash - end of year 613,007,145 539,551,724 END OF YEAR CASH COMPRISED OF Cash and cash equivalents 606,605,194 527,947,179 Restricted cash and cash equivalents 6,401,951 11,604,545 Total cash - end of year 613,007,145 539,551,724 RECONCILIATION OF NET OPERATING LOSS
TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIESOperating loss (566,958,260) (718,228,350) ADJUSTMENTS TO OPERATING LOSS Depreciation and amortization expense 134,691,813 126,731,156 Fringe benefits and litigation costs provided by State 263,750,593 276,811,830 CHANGE IN ASSETS AND LIABILITIES Receivables, net (249,913,045) 40,589,639 Inventories (4,723,678) (1,242,478) Other assets 20,105,250 (9,980,933) Accounts payable, accrued expenses, and other liabilities 269,218,816 (82,618,599) Deferred revenue (38,093,411) 26,654,207 Student deposits (76,240) (146,185) Deposits held for others (2,292,711) (924,318) Other liabilities (75,475,668) 253,273,832 Net cash used by operating activities ($249,766,571) ($89,080,199)
See accompanying notes to financial statements.FOR THE YEARS ENDING JUNE 30 2021 2020 ASSETS Current Assets Cash and cash equivalents $135,003,011 $108,425,197 Accounts receivable and notes receivable, net 4,687,032 7,046,627 Pledges receivable, net 97,745,497 99,781,529 Investments 520,024,547 405,653,042 Assets held for others 418,328 375,775 Other assets 952,063 1,346,908 Capital assets, net 31,242,578 32,846,256 Total assets 790,073,056 655,475,334 LIABILITIES AND NET ASSETS Liabilities Accounts payable and accrued expenses 8,704,767 8,200,981 Deferred revenue 2,748,026 3,024,250 Deposits held for others 53,084,584 49,260,536 Other liabilities 12,684,415 15,354,300 Long-term debt 1,720,811 Total liabilities 77,221,792 77,560,878 NET ASSETS Net assets without donor restrictions Board designated for: Fixed assets 22,172,100 22,277,750 Campus programs 8,460,611 7,599,960 General operations and other 71,454,891 13,290,881 Undesignated 3,145,399 40,111,074 Net assets with donor restrictions Scholarships and fellowships 78,973,919 67,716,087 Campus programs 311,697,192 241,800,607 Research, general operations and other 216,947,152 185,118,097 Total net assets 712,851,264 577,914,456 TOTAL LIABILITIES AND NET ASSETS $790,073,056 $655,475,334
See accompanying notes to financial statements.FOR THE YEARS ENDING JUNE 30 WITHOUT DONOR
RESTRICTIONSWITH DONOR
RESTRICTIONS2021
TOTAL2020
TOTALREVENUES Contributions, gifts and grants $323,396 $93,980,695 $94,304,091 $55,058,068 Food service 23,341,136 23,341,136 30,432,746 Other auxiliary services 3,113,116 3,113,116 4,354,555 Rental income 190,280 86,025 276,305 461,233 Sales and services 3,736,974 923,682 4,660,656 3,005,341 Investment income, net 28,375,904 66,010,033 94,385,937 6,123,466 Other sources 2,225,437 84,386 2,309,823 990,690 Net assets released from restrictions 48,101,349 (48,101,349) Total revenues 109,407,592 112,983,472 222,391,064 100,426,099 EXPENSES Food service 25,619,298 25,619,298 26,649,499 Other auxiliary services 1,414,977 1,414,977 1,813,732 Program expenses 13,844,301 13,844,301 16,126,176 Payments to State University: scholarships and fellowships 10,174,222 10,174,222 4,598,709 Payments to State University: other 26,595,645 26,595,645 15,623,652 Real estate expenses 238,300 238,300 Management and general 6,265,106 6,265,106 7,595,729 Fundraising 3,294,407 3,294,407 4,028,332 Other expenses 8,000 8,000 Total expenses 87,454,256 87,454,256 76,435,829 Change in net assets 21,953,336 112,983,472 134,936,808 23,990,270 Net assets at the beginning of the year 83,279,665 494,634,791 577,914,456 553,924,186 NET ASSETS AT THE END OF THE YEAR $105,233,001 $607,618,263 $712,851,264 $577,914,456
See accompanying notes to financial statements.
STONY BROOK UNIVERSITY
NOTES TO FINANCIAL STATEMENTS
Financial Presentation
In June 2007, Stony Brook University (the University) adopted a financial statement format consistent with the State University of New York’s (SUNY) audited financial statements. The University assumed this position in order to conform to GASB and FASB pronouncements. The University has relied on information provided by SUNY for the allocation of various net asset values not easily identified by the University.
Reporting Entity
For financial reporting purposes, the University is comprised of sectors which include the university centers of the main campus, Manhattan, and Southampton, health science centers (including hospitals), colleges and schools, central services and other affiliated entities determined to be includable in the University’s financial reporting entity. Inclusion in the entity is based primarily on the notion of financial accountability defined in terms of a primary government (University) that is financially accountable for the organizations that make up its legal entity. Separate legal entities meeting the criteria for inclusion in the blended totals of the University reporting entity are described below.
• The Research Foundation of State University of New York at Stony Brook (Research Foundation) is a separate not-for-profit educational corporation that operates as the fiscal administrator for the majority of the University’s sponsored programs. The programs include research, training, and public service activities of the State-operated campuses supported by sponsored funds other than State appropriations. The activity of the Research Foundation has been included in these financial statements using GASB measurements and recognition standards. The financial activity was derived from audited financial statements of the Research Foundation for the year ended June 30, 2021 and 2020.
• The State University Construction Fund (Construction Fund) is a public benefit corporation that designs, constructs, reconstructs, and rehabilitates SUNY facilities to an approved master plan. It is a separate legal entity that carries out operations which are integrally related to SUNY, and its reporting components, and therefore, the financial activity related to the University’s share of Construction Fund is included in the financial statements as of the Construction Fund’s fiscal year end of March 31, 2021 and 2020. To report construction fund activities related to the University, certain methodologies are used by SUNY to allocate plant fund balances by campus.
• The Faculty Student Association (FSA) is a legally separate, nonprofit corporation, which as an independent contractor, operates, manages, and promotes educationally related services for the benefit of the campus community. The Stony Brook Foundation Inc. (the Foundation) is a legally separate, nonprofit, affiliated organization that receives and holds economic resources that is significant to, and entirely for the University, and is required to be included in the reporting entity using discrete presentation requirements. As a result, the combined totals of the FSA and the Foundation are separately presented as aggregate component units on financial statement pages 7 and 8 in the University’s financial statements in accordance with display requirements prescribed by the Financial Accounting Standards Board (FASB). The financial data for these organizations was derived from each entity’s individual audited financial statements for the years ended June 30, 2021 and 2020.
• The operations of certain related but independent organizations, i.e., clinical practice management plans, alumni association and student associations, are not included in the accompanying financial statements as such organizations do not meet the definition for inclusion.
The financial statements of the University have been prepared using the economic resources measurement focus and the accrual basis of accounting in accordance with U.S. generally accepted accounting principles as prescribed by GASB. The University reports its financial statements as a special-purpose government engaged in business-type activities, as defined by GASB. Business-type activities are those that are financed in whole or in part by fees charged to external parties for goods or services. The financial statements of the University consist of a classified balance sheet; a statement of revenues, expenses, and changes in net position, that distinguish between operating and nonoperating revenues and expenses; and a statement of cash flows, using the direct method of presenting cash flows from operations and other sources.
The University’s policy for defining operating activities in the statement of revenues, expenses, and changes in net position are those that generally result from exchange transactions, i.e., the payments received for services and payments made for the purchase of goods and services. Certain other transactions are reported as nonoperating activities and include the University’s operating and capital appropriations from the State, Federal and State financial aid grants, net investment income, gifts, and interest expense.
Resources are classified for accounting and financial reporting purposes into the following four net position categories:
• Net investment in capital assets: Capital assets, net of accumulated depreciation and amortization and outstanding principal balances of debt attributable to the acquisition, construction, repair or improvement of those assets.
• Restricted - nonexpendable: Net position component subject to externally imposed conditions that require the University retain in perpetuity.
• Restricted - expendable: Net position whose use is subject to externally imposed conditions that can be fulfilled by the actions of the University or by the passage of time.
• Unrestricted component of net position: Included in unrestricted component of net position are amounts provided for specific use by the University’s colleges, hospitals and clinics, and separate legal entities included in the University’s reporting entity that are designated for those entities and, therefore, not available for other purposes.
The University has adopted a policy of generally utilizing restricted - expendable funds, when available, prior to unrestricted funds.
Revenues
Revenues are recognized in the accounting period when earned. State appropriations are recognized when they are made legally available for expenditure. Revenues and expenditures arising from nonexchange transactions are recognized when all eligibility requirements, including time requirements, are met. Promises of private donations are recognized at fair value. Net patient service revenue for the hospitals is reported at the estimated net realizable amounts from patients, third-party payors and others for services rendered, including estimated retroactive adjustments under reimbursement agreements with third-party payors.
Tuition and fees and auxiliary sales and service revenues are reported net of scholarship discounts and allowances. Auxiliary sales and service revenue classifications were reported net of the following scholarship discount and allowance amounts for the fiscal year (in thousands):Residence halls $6,814 Other auxiliary 7,087
Deferred Outflows and Deferred Inflows of Resources
Deferred outflows of resources are defined as a consumption of net assets by a college or university that is applicable to a future reporting period. Deferred inflows of resources are defined as an acquisition of net assets by the college or university that is applicable to a future reporting period. Deferred inflows and deferred outflows of resources include amounts related to changes in the net pension and OPEB liabilities of the University’s cost sharing pension plans and the OPEB plans due to changes between expected and actual claims experience and changes in actuarial assumptions such as the discount rate used to determine the respective liability. Deferred outflows of resources also include losses resulting from refinancing of debt which represents the difference between the reacquisition price and the net carrying amount of the old debt and is amortized over the life of the related debt.Compensated Absences
Employees accrue annual leave based primarily on the number of years employed up to a maximum rate of 21 days per year up to a maximum of 40 days.Inventories
Inventories held by the University are primarily stated at the lower of cost or market value on a first-in, first-out basis.Fringe Benefits
Employee fringe benefit costs (e.g., health insurance, worker’s compensation, retirement and post-retirement benefits) are paid by the State on behalf of the University (except for the University hospitals and Research Foundation, which pay their own fringe benefit costs) at a fringe benefit rate determined by the State. The University records an expense and corresponding State appropriation revenue for fringe benefit costs based on the fringe benefit rate applied to total eligible personal service costs incurred.Tax Status
The University and the Construction Fund are political subdivisions of the State and are, therefore, generally exempt from federal and state income taxes under applicable federal and state statutes and regulations.The Research Foundation is a not-for-profit corporation as described in Section 501(c) (3) of the Internal Revenue Service Code and is tax-exempt on related income, pursuant to Section 501(a) of the code.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.Reclassifications
Certain amounts displayed in the 2020 financial statements have been reclassified to conform to the 2021 presentation.Cash and cash equivalents are defined as current operating assets that include investments with original maturities of less than 90 days, except for cash and cash equivalents held in investment pools which are included in short-term and long-term investments in the accompanying balance sheet.
Restricted cash and cash equivalents represent unspent funds under various capital financing arrangements, cash held for others, and cash restricted for loan programs.
Cash held in the State treasury beyond immediate need is pooled with other State funds for investment purposes. The pooled balances are limited to legally stipulated investments which include obligations of, or are guaranteed by, the United States, obligations of the State and its political subdivisions, and repurchase agreements. These investments are reported at cost (which approximates fair value) and are held by the State’s agent in its name on behalf of the University.
The New York State Comprehensive Annual Financial Report contains the GASB No. 40 risk disclosures for deposits held in the State treasury. Deposits not held in the State treasury that are not covered by depository insurance and are: (a) uncollateralized were $0 and (b) collateralized with securities held by a pledging financial institution were $25.7 million at June 30, 2021.Deposits with trustees primarily represent Dormitory Authority of the State of New York (DASNY) bond proceeds needed to finance capital projects and to establish required building and equipment replacement and debt service reserves. Pursuant to financing agreements with DASNY, bond proceeds, including interest income, are restricted for capital projects or debt service. Also included are non-bond proceeds which have been designated for capital projects and equipment.
Investments of the University are recorded at fair value. Investment income is recorded on the accrual basis, and purchases and sales of investment securities are reflected on a trade date basis. Any net earnings not expended are included as increases in restricted - nonexpendable net position if the terms of the gift require that such earnings be added to the principal of a permanent endowment fund, or as increases in restricted - expendable net position as provided for under the terms of the gift, or as unrestricted.
Investments are comprised of investments of the Research Foundation. The Research Foundation maintains a diverse investment portfolio and follows an investment policy and asset guidelines approved and monitored by its board of direc-tors. The portfolio is mainly comprised of mutual funds, exchange-traded funds and alternative investments of high quality and liquidity. Investments are held with the investment custodian in the Research Foundation’s name. Investments at fiscal year end are $209.9 million.At June 30, 2021, accounts, notes and loans receivable are summarized as follows (in thousands):
2021 2020 Tuition and fees $4,996 $2,641 Allowance for uncollectible (2,320) (1,737) Net tuition and fees 2,676 904 Room rent 1,183 815 Allowance for uncollectible (361) (350) Net room rent 822 465 Patient fees, net of contractual allowances 882,843 687,861 Allowance for uncollectible (382,709) (215,164) Net patient fees 500,134 472,697 Other, net 4,745 2,244 Total accounts receivable and notes receivable 508,377 476,310 Student loans 4,713 5,463 Allowance for uncollectible (1,291) (1,269) Total student loans receivable 3,422 4,194 TOTAL, NET $511,799 $480,504 Capital assets, net of accumulated depreciation, totaled $2.6 billion. Capital asset activity is reflected in the table below (in thousands). Retirements represent capital assets retired and assets transferred from construction in progress for projects completed and the related capital assets placed in service.
JUNE 30
2019ADDITIONS RETIREMENTS JUNE 30
2020ADDITIONS RETIREMENTS JUNE 30
2021Land $217,872 $2,905 $20 $220,757 $2,488 $223,245 Infrastructure and land improvements 271,000 11,076 470 281,606 8,088 289,694 Buildings 2,674,715 119,260 819 2,793,156 154,315 2,457 2,945,014 Equipment, library books and artwork 708,855 38,984 3,935 743,904 17,414 (910) 762,228 Construction in progress 198,531 118,183 108,906 207,808 78,633 103,357 183,084 Total capital assets 4,070,973 290,408 114,150 4,247,231 260,938 104,904 4,403,265 Less: accumulated depreciation:
Infrastructure and land improvements103,490 12,251 280 115,461 13,026 128,487 Buildings 935,569 73,776 1,089 1,008,256 82,377 535 1,090,098 Equipment, library books and artwork 550,986 40,766 3,860 587,892 38,798 1,077 625,613 Total accumulated depreciation 1,590,045 126,793 5,229 1,711,609 134,201 1,612 1,844,198 CAPITAL ASSETS, NET $2,480,928 $163,615 $108,921 $2,535,622 $126,737 $103,292 $2,559,067 The University has entered into capital leases and other financing agreements with DASNY to finance most of its capital facilities. The University has also entered into financing arrangements with the New York Power Authority under the statewide energy services program. Equipment purchases are also made through DASNY’s Tax-exempt Equipment Leasing Program (TELP), various state sponsored equipment leasing programs, or private financing arrangements. At June 30, 2021, other than facilities obligations, which are included as of March 31, 2021, total obligations are summarized in the table on the following page (in thousands).
JUNE 30, 2019 ADDITIONS RETIREMENTS JUNE 30, 2020 ADDITIONS RETIREMENTS JUNE 30, 2021 CURRENT PORTION Long-term debt:
Educational facilities$1,327,872 $130,668 $27,514 $1,431,026 $86,774 $1,344,252 $50,986 Residence hall facilities 329,379 46,052 11,491 363,940 27,692 13,452 378,180 Capital leases 67,047 16,929 14,336 69,640 53,979 14,372 109,247 8,691 Southampton Hospital 49,491 4,445 4,964 48,972 872 7,138 42,706 4,759 Eastern Long Island Hospital 17,075 631 16,444 1,310 15,134 1,370 Other long-term debt - Gyrodyne 18,200 1,600 16,600 1,600 15,000 1,600 Other long-term debt - SUNY 2020 15,639 1,360 759 16,240 1,207 15,033 769 Total long-term debt 1,807,628 216,529 61,295 1,962,862 82,543 125,853 1,919,552 68,175 Other long-term liabilities:
Post-employment and post-retirement95,260 40,099 44,400 90,959 60,096 51,441 99,614 60,299 Loan from State 11,454 201 11,655 14 11,669 11,669 Litigation 233,830 56,020 18,020 271,830 34,519 237,311 7,090 Pensions 111,908 311,534 48,376 375,066 27,246 387,007 15,305 3,615 Other 2,053 71 2,124 2,624 4,748 Total other long-term liabilities 454,505 407,925 110,796 751,634 89,980 472,967 368,647 82,673 TOTAL LONG-TERM LIABILITIES $2,262,133 $624,454 $172,091 $2,714,496 $172,523 $598,820 $2,288,199 $150,848
Educational Facilities
The University, through DASNY, has entered into financing agreements to finance various educational facilities which have a maximum 30-year life. Athletic facility debt is aggregated with educational facility debt. Debt service is paid by, or from specific appropriations of, the State.
Residence Hall Facilities
The University has entered into capital lease agreements for residence hall facilities. DASNY bonds for residence hall facilities, which have a maximum 30-year life, are repaid from room rentals and other residence hall revenues. Upon repayment of the bonds, including interest thereon, and the satisfaction of all other obligations under the lease agreements, DASNY shall convey to the University all rights, title, and interest in the assets financed by the capital lease agreements. Residence hall facilities revenue realized during the year from facilities from which there are bonds outstanding is pledged as a security for debt service and is assigned to DASNY to the extent required for debt service purposes. Any excess funds pledged to DASNY are available for residence hall capital and operating purposes.
In March 2013, the State enacted legislation amending the Public Authorities Law and Education Law of the State. The amendments, among other things, authorized the University to assign to DASNY all of the University’s rights, title and interest in dormitory facilities revenues derived from payments made by students and others for use and occupancy of certain dormitory facilities. The amendments further authorize DASNY to issue Dormitory Facilities Revenue Bonds payable from and secured by the dormitory facilities revenues assigned to it by the University. The enacted legislation also created a special fund to be held by the State’s Commissioner of Taxation and Finance on behalf of DASNY. All dormitory facilities revenues collected by the University are required to be deposited in this special fund.
Capital Lease Arrangements
The University leases equipment under DASNY TELP, New York State Personal Income Tax Revenue Bonds, certificates of participation (COPs), vendor financing, or through statewide lease purchase agreements. The University is responsible for lease debt service payments sufficient to cover the interest and principal amounts due under these arrangements.
Loan - State STIP Pool
In prior years, the University experienced operating cash-flow deficits precipitated by cash-flow difficulties experienced by the hospital. In connection with these cash-flow deficits, as authorized by State Finance Law, the University borrowed funds with interest from the short-term investment pool of the State. The amount outstanding under this borrowing from the State at June 30, 2021, was $11.7 million.Retirement Benefits
There are three major retirement plans for University state employees: The New York State and Local Employees' Retirement System (ERS), The New York State and Local Police and Fire Retirement System (PFRS), and the New York State Teacher’s Retirement System (TRS). ERS and PFRS are cost-sharing, multiple-employer, defined benefit public plans administered by the State Comptroller. TRS is a cost-sharing, multiple-employer, defined benefit public plan separately administered by a ten member board. Substantially all full-time employees participate in the plans. The State University of New York (SUNY) is responsible for the net pension liability for employees of the University, except for the hospital’s net pension liability.
Obligations of employers and employees to contribute, and related benefits, are governed by the New York State Retirement and Social Security Law (NYSRSSL) and Education Law and may only be amended by the Legislature with the Governor’s approval. These plans offer a wide range of programs and benefits. ERS, PFRS and TRS benefits vary based on date of membership, years of credited service and final average salary, vesting of retirement benefits, death and disability benefits, and optional methods of benefit payments. Each plan provides a permanent annual cost-of-living increase to both current and future retired members meeting certain eligibility requirements. Participating employers are required under law to contribute to these plans on an actuarially determined rate. For ERS and PFRS this rate is determined annually by the State Comptroller.
ERS, PFRS and TRS provide retirement benefits as well as death and disability benefits. Benefits generally vest after five years of credited service, or after ten years of service for those joining after January 1, 2010 or January 9, 2010 (PFRS). The NYSRSSL provides that all participants in ERS, PFRS and TRS are jointly and severally liable for any actuarial unfunded amounts. Such amounts are collected through annual billings to all participating employers. Employees who joined after July 27, 1976 and before January 1, 2010 (January 9, 2010 PFRS), and have less than ten years of service or membership are required to contribute 3 percent of their salary. Those joining on or after January 1, 2010 (January 9, 2010 PFRS) and before April 1, 2012 are required to contribute 3.5 percent of their annual salary for their entire working career. Those joining on or after April 1, 2012 are required to contribute between 3 percent and 6 percent, dependent upon their salary, for their entire working career. Employee contributions are deducted from their salaries and remitted on a current basis to ERS, PFRS and TRS.
ERS and PFRS - Hospital
The University recognized a net pension liability for the hospital’s proportionate share of the ERS and PFRS net pension liabilities at June 30, 2021 of $1.4 million and $295.8 thousand. The net pension liability at June 30, 2021 was measured as of March 31, 2021, and was determined by an actuarial valuation as of April 1, 2020, with update procedures used to roll forward the total pension liability to March 31, 2021. For the fiscal ended June 30, 2021 the University recognized pension expense related to ERS and PFRS of $27.2 million and $94.7 thousand, respectively. The total contributions made to the ERS and PFRS, during 2021 were $48.9 million and $122.9 thousand, respectively. At June 30, 2021 the University reported deferred outflows and deferred inflows of resources related to ERS and PFRS from the following sources (in thousands):YEARS ENDING JUNE 30, 2021 ERS
DEFERRED OUTFLOW OF RESOURCESERS
DEFERRED INFLOW OF RESOURCESPFRS
DEFERRED OUTFLOW OF RESOURCESPFRS
DEFERRED INFLOW OF RESOURCESDifference between expected and actual experience $16,738 $66 Changes of assumptions 251,996 4,753 727 Net difference between projected and actual earnings on pension plan investments 393,696 870 Changes in proportion and differences between employer contributions and proportionate share of contributions 6,235 14,832 40 225 TOTAL $274,969 $413,281 $832 $1,095 Amounts reported as deferred outflows of resources and deferred inflows of resources related to ERS and PFRS pensions will be recognized in pension expense as follows (in thousands):
YEARS ENDED JUNE 30, ERS PFRS 2022 ($27,048) ($101) 2023 (11,322) (53) 2024 (23,208) (58) 2025 (76,733) (180) 2026 129 TOTAL ($138,311) ($263) The ERS plan allows participating employers to amortize a portion of their annual pension costs. The amounts amortized will be paid back with interest over 10 years. The University participates in this program and the total pension payable included in long-term liabilities at June 30, 2021 is $13.6 million.
ORP
University employees may also participate in an Optional Retirement Program (ORP) under IRS Section 401(a) which is a multiple-employer, defined contribution plan administered by separate vendors – TIAA, Fidelity, VALIC, and VOYA. ORP employer and employee contributions are dictated by State law. The ORP provides benefits through annuity contracts and provides retirement and death benefits to those employees who elected to participate in an ORP. Benefits are determined by the amount of individual accumulations and the retirement income option selected. All benefits generally vest after the completion of one year of service if the employee is retained thereafter. Employer contributions are not remitted to an ORP plan until an employee is fully vested. As such there are no forfeitures reported by these plans if an employee is terminated prior to vesting. Employees who joined an ORP after July 27, 1976, and have less than ten years of service or membership are required to contribute 3 percent of their salary. Those joining on or after April 1, 2012 are required to contribute between 3 percent and 6 percent, dependent upon their salary, for their entire working career. Employer contributions range from 8 percent to 15 percent depending upon when the employee was hired. Employee contributions are deducted from their salaries and remitted on a current basis to the respective ORP.
The Research Foundation maintains a separate non-contributory plan through TIAA for substantially all of its nonstudent employees. Employees become fully vested in contributions made by the Research Foundation after one year of service, which are allocated to individual employee accounts. Employer contributions are based on a percentage of regular salary and range from 7 percent to 15 percent, depending on date of hire.
Post-Employment and Post-Retirement Benefits
The State, on behalf of the University, provides health insurance coverage for eligible retired University state employees and their survivors through the New York State Health Insurance Plan (NYSHIP). NYSHIP offers comprehensive benefits through various providers consisting of hospital, medical, mental health, substance abuse and prescription drug programs. The State administers NYSHIP and has the authority under Article xI of Civil Service Law to establish and amend the benefit provisions offered. NYSHIP is considered a single employer defined benefit plan offered by the State to its participants. Prior to July 1, 2018, the University, as a participant in the plan, recognized the other post-employment benefit (OPEB) expenses on an accrual basis. In 2018, SUNY collectively with the University’s approval, removed OPEB costs from the University’s financial statements which resulted in restatements of the net position at 7/1/2018.
Research Foundation Post-Employment and Post-Retirement Benefits
The Research Foundation sponsors a separate single employer defined benefit post-retirement plan (Plan) that covers substantially all non-student employees. The plan provides post-retirement medical benefits and is contributory for employees hired after 1985.
In fiscal years 2011 and 2013, the Research Foundation amended the plan to increase the participant contribution rates for those hired after 1985 with the specific rates to be determined based on an employee’s years of service.
Contributions by the Research Foundation are made pursuant to a funding policy established by its Board of Directors. Assets are held in a Voluntary Employee Benefit Association (VEBA) trust and are considered plan assets in determining the funded status or funding progress of the plan under GASB reporting and measurement standards.
The Research Foundation’s net OPEB asset was $22.5 million for the fiscal year ended June 30, 2021. The Research Foundation's net OPEB asset at June 30, 2021 was measured as of June 30, 2021, and was determined by an actuarial valuation as of July 1, 2020, with update procedures used to roll-forward the net OPEB liability to June 30, 2021. For fiscal year ended June 30, 2021, the Research Foundation recognized pension expense of -$553 thousand and reported deferred outflows and deferred inflows of resources related to OBEB from the following sources (in thousands):RESEARCH FOUNDATION OPEB YEARS ENDING IN JUNE 30, 2021 DEFERRED OUTFLOW OF RESOURCES DEFERRED INFLOW OF RESOURCES Difference between expected and actual expense $3,666 $4,257 Changes in assumptions 3,020 14,410 Employer contributions subsequent to measurement date 11,934 TOTAL $6,686 $30,601 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in pension expense as follows (in thousands):
YEARS ENDING JUNE 30, 2020 ($9,732) 2021 (6,043) 2022 (5,014) 2023 (3,127) TOTAL ($23,916) The University has entered into contracts for the construction and improvement of various projects. The University is also committed under numerous operating leases covering real property and equipment. Rental expenditures reported for the year under such operating leases were approximately $6.5 million. The following is a summary of the future minimum rental commitments under non-cancelable real property and equipment leases with terms exceeding one year (in thousands).
YEARS ENDING JUNE 30, 2022 $6,518 2023 5,084 2024 4,790 2025 3,513 2026 3,019 2027-31 6,031 TOTAL $28,955 The State is contingently liable in connection with claims and other legal actions involving the University, including those currently in litigation arising in the normal course of University activities. The University does not carry malpractice insurance and, instead, administers these types of cases in the same manner as all other claims against the State involving University activities in that any settlements of judgments and claims are paid by the State from an account established for this purpose. With respect to pending and threatened litigation, the medical malpractice liability includes incurred but not reported (IBNR) loss estimates. The estimate of IBNR losses is actuarially determined based on historical experience using a discounted present value of estimated future cash payments. The University has recorded a liability and a corresponding appropriation receivable of approximately $237 million at June 30, 2021.
The University is exposed to various risks of loss related to damage and destruction of assets, injuries to employees, damage to the environment or noncompliance with environmental requirements, and natural and other unforeseen disasters. The University has insurance coverage for its residence hall facilities. However, in general, the University does not insure its educational buildings, contents or related risks and does not insure its vehicles and equipment for claims and assessments arising from bodily injury, property damages, and other perils. Unfavorable judgments, claims, or losses incurred by the University are covered by the State on a self-insured basis. The State does have fidelity insurance on State employees.The University's single largest source of revenue is State appropriations. State appropriations take the form of direct assistance, debt service on educational facility, fringe benefits for State employees, and litigation expenses for which the State is responsible. State appropriations totaled $467 million and $524 million and represented approximately 15.3 percent and 17.2 percent of total revenues for the 2021 and 2020 fiscal years, respectively. The University’s continued operational viability is substantially dependent upon a consistent and proportionate level of ongoing State support.
Substantially all federal grants and contracts are subject to financial and compliance audits by the grantor agencies of the federal government. Disallowances, if any, as a result of these audits may become liabilities of the University. University management believes that no material disallowances will result from audits by the grantor agencies.
The University’s hospitals have agreements with third-party payors, which provide for reimbursement to the hospitals at amounts different from their established charges. Contractual service allowances and discounts (reflected through the University hospitals and clinics sales and services) represent the difference between the hospitals’ established rates and amounts reimbursed by third-party payors. The University has made provision in the accompanying financial statements for estimated retroactive adjustments relating to third-party payors cost reimbursement items.The condensed financial statement information of the Research Foundation, contained in the combined totals of the University reporting entity in accordance with GASB accounting and reporting requirements, is shown below (in thousands):
RESEARCH FOUNDATION CONDENSED BALANCE SHEET 2021 2020 ASSETS Current assets $223,292 $176,496 Capital assets 7,226 8,781 Other assets 42,812 24,823 Total assets 273,330 210,099 LIABILITIES Current liabilities 87,384 66,822 Noncurrent liabilities 25,193 56,100 Total liabilities 112,577 122,922 NET POSITION Invested in capital assets, net 7,226 87,177 Without donor restrictions 153,527 Total net position 160,753 87,177 TOTAL LIABILITIES AND NET POSITION $273,330 $210,099 CONDENSED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN NET POSITIONOPERATING REVENUES Federal grants and contracts $158,869 $155,773 State grants and contracts 5,973 16,094 Private grants and contracts 18,223 20,566 Other operating revenues 44,049 24,364 Total operating revenues 227,114 216,797 EXPENSES Instruction 12,577 16,338 Research 110,496 115,884 Public service 12,585 15,954 Institutional support 35,831 34,464 Other operating expenses 7,176 5,840 Depreciation and amortization expense 1,804 1,941 Total operating expenses 180,469 190,421 Operating income 46,645 26,376 Net nonoperating revenues/(expenses) 26,931 (14,621) Increase in net position 73,576 11,755 Net position at the beginning of the year 87,177 75,422 NET POSITION AT THE END OF THE YEAR $160,753 $87,177 RESEARCH FOUNDATION CONDENSED STATEMENT OF CASH FLOWS Cash flows used by operating activities (1,741) (4,054) Cash flows used by capital and related financing activities 62 Cash flows from investing activities 3,339 4,498 Net change in cash 1,598 506 Cash - beginning of year 2,261 1,755 CASH - END OF YEAR $3,859 $2,261 During October 2021, the State issued Sales Tax Revenue Bonds with a par amount of $500 million for the purpose of financing capital construction and major rehabilitation for educational facilities. Stony Brook's share of these obligations cannot be estimated at this time.
The reported totals of the discretely presented component units include the campus related Foundation and the auxiliary service entity, the Faculty Student Association (FSA). The Foundation is a nonprofit organization responsible for the fiscal administration of revenues and support received for the promotion, development and advancement of the welfare of the University, and its students, faculty, staff and alumni. The Foundation receives the majority of their support and revenues through contributions, gifts and grants and provides benefits to their campus, students, faculty, staff and alumni. The FSA is a campus-based, legally separate, nonprofit organization which, as independent contractor, operates, manages and promotes educationally related services for the benefit of the campus community.
These organizations are exempt from federal income taxes on related income pursuant to Section 501(a) of the Internal Revenue Code. All of the financial data for these organizations were derived from each entity’s individual audited financial statements, reported in accordance with generally accepted accounting principles promulgated by FASB, as of June 30, 2021.
Net Asset Classifications
Net assets without donor restrictions represent resources whose uses are not restricted by donor-imposed stipulations and are generally available for the support of the University campus and affiliated entity programs and activities. Net assets with donor restrictions represent resources whose use is subjected to donor-imposed stipulations. Some of these restric-tions are temporary in nature, such as those that will be met with the passage of time or are removed by specific actions. Other donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be maintained in per-petuity. The income derived from net assets with donor restrictions that is permanent in nature is permitted to be spent in part or in whole, restricted only by the donor's wishes.
Investments
All investments with readily determinable fair values have been reported in the financial statements at fair value. Realized and unrealized gains and losses are recognized in the statement of activities. Gains or losses on investments are recognized as increases or decreases in net assets without donor restriction unless their use is restricted by explicit donor stipulations or by law. Investments of the University discretely presented component units were $520 million as of June 30, 2021.
Capital Assets
Capital assets are stated at cost, if purchased, or fair value at date of receipt, if acquired by gift. Land improvements, buildings, and equipment are depreciated over their estimated useful lives using the straight-line method. Capital assets, net of accumulated depreciation, totaled $31.2 million as of June 30, 2021. Capital asset classifications are summarized as follows (in thousands):Land and land improvements $1,456 Buildings 36,749 Equipment 9,972 Artwork and library books 6,979 Construction in progress 11 Total capital assets 55,167 Less accumulated depreciation 23,924 CAPITAL ASSETS, NET $31,243
Condensed Financial Statement Information
The table below displays the combined totals of the Foundation and auxiliary services corporation (FSA) (in thousands):COMBINED BALANCE SHEETS FOR THE YEAR ENDING
JUNE 30, 2021FOR THE YEAR ENDING
JUNE 30, 2021FOR THE YEAR ENDING
JUNE 30, 2021FOR THE YEAR ENDING
JUNE 30, 2020FOR THE YEAR ENDING
JUNE 30, 2020FOR THE YEAR ENDING
JUNE 30, 2020FOUNDATION FSA TOTAL FOUNDATION FSA TOTAL ASSETS Investments $506,628 $13,397 $520,025 $393,890 $11,763 $405,653 Capital assets, net 11,388 19,854 31,242 11,173 21,673 32,846 Other assets 214,920 23,886 238,806 186,724 30,252 216,976 Total assets 732,936 57,137 790,073 591,788 63,688 655,475 LIABILITIES Other liabilities 60,353 16,869 77,222 55,123 20,718 75,840 Long-term debt/other 1,488 233 1,721 Total liabilities 60,353 16,869 77,222 56,610 20,951 77,561 NET ASSETS Net assets without donor restrictions 64,965 40,268 105,233 40,542 42,737 83,280 Net assets with donor restrictions 607,618 607,618 494,635 494,635 Total net assets 672,583 40,268 712,851 535,177 42,737 577,914 TOTAL LIABILITIES AND NET ASSETS 732,936 57,137 790,073 591,788 63,688 655,475 COMBINED STATEMENT OF ACTIVITIES REVENUES Contributions, gifts and grants 94,304 94,304 55,058 55,058 Food and auxiliary services 26,454 26,454 34,787 34,787 Other revenue 97,782 3,851 101,633 9,478 1,104 10,582 Total revenue 192,086 30,305 222,391 64,536 35,890 100,427 EXPENSES Food and auxiliary services 27,034 27,034 28,463 28,463 Program expenses 13,844 13,844 16,126 16,126 Other expenses 40,836 5,740 46,576 25,135 6,711 31,847 Total expenses 54,680 32,774 87,454 41,261 35,175 76,436 Total change in net assets 137,406 (2,469) 134,937 23,275 716 23,990 Net assets at the beginning of the year 535,177 42,737 577,914 511,902 42,022 553,924 NET ASSETS AT THE END OF THE YEAR $672,583 $40,268 $712,851 $535,177 $42,737 $577,914
Expenses are presented by functional classification in accordance with the overall service missions of the component units. Each functional classification displays all expenses related to the underlying operations by natural classification Expenses by functional classification for the year ended June 30, 2021 consist of the following (in thousands):
FOOD SERVICE OTHER AUXILIARY SERVICES CAMPUS PROGRAMS REAL
ESTATEMANAGEMENT AND GENERAL FUNDRAISING 2021 TOTAL EXPENSES Salaries and wages $9,291 $594 $3,917 $3,549 $1,612 $18,963 Employee benefits 4,412 218 1,047 1,140 661 7,478 Cost of goods sold 5,107 111 5,218 Supplies and materials 956 1,234 184 168 2,542 Printing and postage 1 2 274 8 200 485 Travel and conferences 198 7 13 218 Rent and equipment 103 282 2,105 173 3 2,666 Repairs, maintenance and improvements 620 646 98 3 1,367 Insurance 134 68 288 490 Utilities 1,296 163 86 11 1,556 Professional and service fees 1,178 7 3,725 476 325 5,711 Depreciation expense 2,081 77 238 118 2,514 Interest expense 1 1 Activity and program support 43 43 Other expenses 397 (39) 543 221 310 1,432 Expenses 25,619 1,415 13,844 238 6,273 3,295 50,684 Support to the University
Campus support - scholarships and fellowships10,174 Campus support - other 26,596 TOTAL EXPENSES $87,454
STONY BROOK UNIVERSITY
RELATED REPORTS AND PUBLICATIONS
Unit |
Description |
Link |
State University of New York (SUNY) |
As part of the State University of New York (SUNY) the university's financial information is also included in the complete SUNY financial statement which is part of SUNY's Annual Report. |
|
Research Foundation of SUNY |
As a premier research institute the research portion of the university's financial information is also included in the complete Research Foundation (RF) financial statement which is part of RF's Annual Report. |
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Stony Brook University Foundation |
The Foundation is a nonprofit organization responsible for the fiscal administration of revenues and support received for the promotion, development and advancement of the welfare of the university, and its students, faculty, staff and alumni. The Foundation receives the majority of their support and revenues through contributions, gifts and grants and provides benefits to their campus, students, faculty staff and alumni. |
View financial information about the Stony Brook University Foundation |
Faculty Student Association |
The Faculty Student Association is a campus-based, legally separate, nonprofit organization which as independent contractor operates, manages and promotes educationally related services for the benefit of the campus community. |
INTEGRATED POST-SECONDARY
EDUCATION DATA SYSTEM (IPEDS)
IPEDS is a system built around a series of interrelated surveys which collect institution-level data in areas including enrollments, program completions, graduation rates, faculty, staff, finances, institutional prices, and student financial aid.
The university’s financial IPEDS data is compiled by the State University of New York
(SUNY) Controllers Office based on a timeline.
Download — IPEDS Data