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Financial Statements
For the Year Ended August 31, 2005 and Independent Auditors’ Report with Summarized Financial Inormationor the Year Ended August 31, 2004
INDEPENDENT AUDITORS’ REPORT To the Executive Committee o theNational Collegiate Athletic AssociationIndianapolis, IndianaWe have audited the accompanying statement o nancial position o the National Collegiate Athletic Association (“NCAA”) as o August 31,2005, and the related statements o activities and cash fows or theyear then ended. These nancial statements are the responsibility o the NCAA’s management. Our responsibility is to express an opinionon these nancial statements based on our audit. The prior year sum-marized comparative inormation has been derived rom the nancialstatements o the NCAA or the year ended August 31, 2004 and, in ourreport dated November 19, 2004, we expressed an unqualied opinionon those statements.We conducted our audit in accordance with auditing standards generallyaccepted in the United States o America. Those standards require thatwe plan and perorm the audit to obtain reasonable assurance aboutwhether the nancial statements are ree o material misstatement. Anaudit includes consideration o internal control over nancial reportingas a basis or designing audit procedures that are appropriate in thecircumstances, but not or the purpose o expressing an opinion on theeectiveness o the NCAA’s internal control over nancial reporting. Ac-cordingly, we express no such opinion. An audit also includes examin-ing, on a test basis, evidence supporting the amounts and disclosuresin the nancial statements, assessing the accounting principles usedand signicant estimates made by management, as well as evaluatingthe overall nancial statement presentation. We believe that our auditprovides a reasonable basis or our opinion.In our opinion, such nancial statements present airly, in all materialrespects, the nancial position o the NCAA as o August 31, 2005, andthe changes in its net assets and its cash fows or the year then endedin conormity with accounting principles generally accepted in the UnitedStates o America.December 2, 2005
Statement o Financial Position
as o August , 2005
with Summarized Financial Inormation as o August , 200
2005 2004 Assets
Cash and cash equivalents $ 6,8,20 $ 6,05,09Investments 2,69,80 20,5,000Prepaid expenses 2,59,868 ,9,05Receivables:Accounts receivable 6,009,0 ,20,50Contributions receivable—other, net 9,592 5,626Contributions receivable—acilities, net 52,0,6 52,59,69 Total receivables, net 68,5,086 59,989,66NIT intangible assets 25,695,28Properties, net 2,888,69 ,2,9Other assets ,65,20 ,2,2 Total $ 52,6,26 $ 29,95,2
Liabilities and Net Assets
Liabilities:Accounts payable andaccrued liabilities $ 5,82,26 $ 2,,660Distribution payable ,2,62 ,566,9Cable television royalties payable ,595,05 ,980,655Deerred revenue and deposits 8,62,828 8,9,56Bond payable, net 2,25,05 2,829,6NIT payable, net ,08,88Accrued lease expense ,9,80 ,,05Total liabilities 0,066,592 5,88,055Net assets:Unrestricted 96,2,98 8,086,552Temporarily restricted 52,8,50 5,82,9Permanently restricted 9,202 ,60Total net assets 28,60,65 2,6,068 Total $ 52,6,26 $ 29,95,2
See notes to fnancial statements.
2005 2004Cash Flows rom Operating Activities:
 Change in net assets $ 0,98,586 $ 8,656,20Adjustments to reconcile to net cashprovided by operating activities:Depreciation and amortization ,0,8 2,20,8Change in unrealized gain on investments (,85,8) (,2,85)Realized gain on investments (2,99,282) (662,8)Increase in accrued lease expense 6,50 62,0Loss on disposal o properties 0,5 0,059Changes in certain assets and liabilities:Receivables (8,25,20) 80,09Prepaid expenses (622,8) (208,2)Other assets (282,906) (2,66)Accounts payable and accrued liabilities ,8,065 2,,682Distribution payable 2,56,9 (6,58,959)Cable television royalties payable (85,620) ,,9Deerred revenue and deposits (2,5) ,9,08NIT payable 9,000,000Net cash provided byoperating activities ,95,689 ,82,2
Cash Flows rom Investing Activities:
Capital expenditures (,89,9) (,25,659)Purchases o investments (0,9,629) (25,68,0)Proceeds rom sales o investments 8,29,29 22,89,058Net cash used in investing activities (20,89,099) (,98,908)
Cash Flows rom Financing Activities:
NIT payable, net 0,0,60Payment o bond payable (590,000) (565,000)Net cash provided by (used in)nancing activities 9,2,60 (565,000)
Net Increase in Cash and Cash Equivalents
508,9 ,58,56
Cash and Cash Equivalents:
Beginning o year 6,05,09 2,96,5End o year $ 6,8,20 $ 6,05,09
Supplemental Disclosures: 
Cash paid or interest $ 69,20 $ 20,086Non-cash operating and nancing activities:NIT intangible asset purchase nancedthrough NIT payable $ 25,695,28
See notes to fnancial statements.
Statement o Cash Flows
or the Year Ended August , 2005
with Summarized Financial Inormation or the Year Ended August , 200
Television and marketing rights ees $ 6,609,89 $ $ $ 6,609,89 $ 0,0,9Championships ,80,0 ,80,0 ,9,82Investment income, net ,82,89 9,6 5,20,006 0,889,6Sales and services 5,8,622 5,8,622 5,86,2Contributions—acilities, net 2,65,5 2,65,5 2,65,5Contributions—other 92,92 ,599 9,99 59,22  Total revenues 50,9,68 ,2, ,599 50,0,6 ,,685
Temporarily restricted resourcesused or occupancy costs ,55,00 (,55,00)Temporarily restricted resourcesused or program services 892, (892,)Total reclassications ,5, (,5,)
Distribution to Division I members 298,0,5 298,0,5 280,2,656Division I championships and programs ,25,928 ,25,928 2,,02Division II championships, distribution and programs 2,002,625 2,002,625 ,,68Division III championships and programs 2,99,8 2,99,8 ,2,882Association-wide programs 9,228,266 9,228,266 6,29,02Management and general 25,5,8 25,5,8 2,6,059Total expenses 96,5,028 96,5,028 52,52,65Changes in net assets 2,8,96 (,20,09) ,599 0,98,586 8,656,20
Net Assets—
Beginning o year 8,086,552 5,82,9 ,60 2,6,068 28,960,8
Net Assets—
End o year $ 96,2,98 $ 52,8,50 $ 9,202 $ 28,60,65 $ 2,6,068
See notes to fnancial statements.
Statement o Activities
or the Year Ended August , 2005
with Summarized Financial Inormation or the Year Ended August , 200
2005 2004Temporarily Permanently SummarizedUnrestricted Restricted Restricted Total Total

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