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2004_ncaa_financials

2004_ncaa_financials

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2004
Financial Statements
For the Year Ended August31, 2004 and Independent Auditors’ Report with Summarized Financial Informationfor the Year Ended August31, 2003
INDEPENDENT AUDITORS’ REPORT To the Executive Committee of theNational Collegiate Athletic AssociationIndianapolis, IndianaWe have audited the accompanying statement of financialposition of the National Collegiate Athletic Association (“NCAA”)as of August 31, 2004, and the related statements of activitiesand cash flows for the year then ended. These financialstatements are the responsibility of the NCAAs management.Our responsibility is to express an opinion on these financialstatements based on our audit. The prior year summarizedcomparative information has been derived from the financialstatements of the NCAA for the year ended August 31, 2003and, in our report dated November 14, 2003, we expressedan unqualified opinion on those statements.We conducted our audit in accordance with auditing standardsgenerally accepted in the United States of America. Thosestandards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includesassessing the accounting principles used and significantestimates made by management, as well as evaluating theoverall financial statement presentation. We believe that ouraudit provides a reasonable basis for our opinion.In our opinion, such financial statements present fairly, inall material respects, the financial position of the NCAA asof August 31, 2004, and the changes in its net assets andits cash flows for the year then ended in conformity withaccounting principles generally accepted in the UnitedStates of America.November 19, 2004
Deloitte & Touche LLPBank One Center/Tower111 Monument CircleSuite 2000Indianapolis, IN 46204-5120USATel: 317-464-8600Fax: 317-464-8500www.deloitte.comMember of
Deloitte Touche Tohmatsu
 
2004 2003 Assets
Cash and cash equivalents $6,305,039 $2,946,475Investments207,754,000199,970,089Prepaid expenses1,971,0511,762,924Receivables: Accounts receivable7,240,5015,483,616Contributions receivable—other, net157,6261,837,990Contributions receivable—facilities, net52,591,63952,848,253 Total receivables, net59,989,76660,169,859Properties, net14,142,94315,447,826Other assets1,332,324999,660 Total $291,495,123$281,296,833
Liabilities and Net Assets
Liabilities: Accounts payable andaccrued liabilities$12,434,660$10,306,441Distribution payable14,566,47931,085,438Cable television royalties payable1,980,655869,506Deferred revenue and deposits8,749,5634,010,476Bond payablenet12,829,64113,389,178 Accrued lease expense3,317,0572,675,046 Total liabilities53,878,05562,336,085Net assets:Unrestricted184,086,552162,598,479 Temporarily restricted53,382,91356,215,668Permanently restricted147,603146,601 Total net assets237,617,068218,960,748 Total$291,495,123$281,296,833
See notes to financial statements.
2004 NCAA MEMBERSHIP REPORT
53
Statement of Financial Position
as of August 31, 2004
with Summarized Financial Information as of August 31, 2003
2004 2003Cash Flows from Operating Activities:
Change in net assets$18,656,320$10,330,705 Adjustments to reconcile to net cashprovided by operating activities:Depreciation and amortization2,420,4832,618,791Change in unrealized gain on investments(4,327,875)(2,013,855)Realized gain on investments(662,787)(1,126,071)Increase in accrued lease expense642,011642,011Loss on disposal of properties10,059102,814Contributions restricted forlong-term investment(1,002)(15,766)Changes in operating assets and liabilities:Receivables180,0937,373,954Prepaid expenses(208,127)218,730Other assets(332,664)43,193 Accounts payable and accrued liabilities2,133,6821,667,024Distribution payable(16,518,959)20,581,395Cable television royalties payable1,111,149(192,040)Deferred revenue and deposits4,739,087(719,749)Net cash provided byoperating Activities7,841,47039,511,136
Cash Flows from Investing Activities:
Capital expenditures(1,125,659)(1,350,596)Purchases of investments(235,687,307)(290,937,045)Proceeds from sales of investments232,894,058252,032,905Net cash used in investing activities(3,918,908)(40,254,736)
Cash Flows from Financing Activities:
Proceeds from contributions restrictedfor long-terminvestment in endowment1,00215,766Payment of bond payable(565,000)(535,000)Net cash used in financing activities(563,998)(519,234)
Net Increase (Decrease) in Cash andCash Equivalents
3,358,564(1,262,834)
Cash and Cash Equivalents:
Beginning of year2,946,4754,209,309End of year$6,305,039$2,946,475
Supplemental Disclosures—Cash paid for interest
$720,086$747,723
See notes to financial statements.
Statement of Cash Flow
for the Year Ended August 31, 2004
with Summarized Financial Information for the Year Ended August 31, 2003
 
Revenues:
 Television and marketing rights fees$404,044,193$$$404,044,193$374,699,755Championships and special events47,943,82747,943,82744,207,971Investmentsnet10,217,080672,35610,889,4369,525,302Sales and services5,486,2315,486,2316,248,906Contributionsfacilities, net2,654,7752,654,7752,654,775Contributionsother158,2211,002159,223501,136 Total revenues467,849,5523,327,1311,002471,177,685437,837,845
Reclassifications:
 Temporarily restricted resourcesused for occupancy costs3,553,400(3,553,400) Temporarily restricted resourcesused for program services2,606,486(2,606,486) Total reclassifications6,159,886(6,159,886)
Expenses:
Distribution to Division I members280,132,656280,132,656259,992,448Division I championships and special events42,774,04242,774,04244,756,669Division II championships,distribution and programs17,313,68417,313,68415,972,405Division III championships and programs11,427,88211,427,88211,896,322 Association-wide programs76,239,04276,239,04271,619,361Management and general24,634,05924,634,05923,269,935 Total expenses452,521,365452,521,365427,507,140Changes in net assets21,488,073(2,832,755)1,00218,656,32010,330,705
Net Assets—
Beginning of year162,598,47956,215,668146,601218,960,748208,630,043
Net Assets—
End of year$184,086,552$53,382,913$147,603$237,617,068$218,960,748
See notes to financial statements.
54
2004 NCAA MEMBERSHIP REPORT
Statement of Activities
for the Year Ended August 31, 2004with Summarized Financial Information for the Year Ended August 31, 2003
20042003TemporarilyPermanentlySummarizedUnrestrictedRestrictedRestrictedTotalTotal

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