2005
Financial Statements
For the Year Ended August 31, 2005 and Independent Auditors’ Report with Summarized Financial Inormationor the Year Ended August 31, 2004
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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 inormation 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 unqualied 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 perorm 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 theeectiveness 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 signicant 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 conormity with accounting principles generally accepted in the UnitedStates o America.December 2, 2005
Statement o Financial Position
as o August , 2005
with Summarized Financial Inormation as o August , 200
2005 2004 Assets
Cash and cash equivalents $ 6,8,20 $ 6,05,09Investments 2,69,80 20,5,000Prepaid expenses 2,59,868 ,9,05Receivables:Accounts receivable 6,009,0 ,20,50Contributions receivable—other, net 9,592 5,626Contributions receivable—acilities, net 52,0,6 52,59,69 Total receivables, net 68,5,086 59,989,66NIT intangible assets 25,695,28Properties, net 2,888,69 ,2,9Other assets ,65,20 ,2,2 Total $ 52,6,26 $ 29,95,2
Liabilities and Net Assets
Liabilities:Accounts payable andaccrued liabilities $ 5,82,26 $ 2,,660Distribution payable ,2,62 ,566,9Cable television royalties payable ,595,05 ,980,655Deerred revenue and deposits 8,62,828 8,9,56Bond payable, net 2,25,05 2,829,6NIT payable, net ,08,88Accrued lease expense ,9,80 ,,05Total liabilities 0,066,592 5,88,055Net assets:Unrestricted 96,2,98 8,086,552Temporarily restricted 52,8,50 5,82,9Permanently restricted 9,202 ,60Total net assets 28,60,65 2,6,068 Total $ 52,6,26 $ 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 2,20,8Change in unrealized gain on investments (,85,8) (,2,85)Realized gain on investments (2,99,282) (662,8)Increase in accrued lease expense 6,50 62,0Loss on disposal o properties 0,5 0,059Changes in certain assets and liabilities:Receivables (8,25,20) 80,09Prepaid expenses (622,8) (208,2)Other assets (282,906) (2,66)Accounts payable and accrued liabilities ,8,065 2,,682Distribution payable 2,56,9 (6,58,959)Cable television royalties payable (85,620) ,,9Deerred revenue and deposits (2,5) ,9,08NIT payable 9,000,000Net cash provided byoperating activities ,95,689 ,82,2
Cash Flows rom Investing Activities:
Capital expenditures (,89,9) (,25,659)Purchases o investments (0,9,629) (25,68,0)Proceeds rom sales o investments 8,29,29 22,89,058Net cash used in investing activities (20,89,099) (,98,908)
Cash Flows rom Financing Activities:
NIT payable, net 0,0,60Payment 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 6,05,09 2,96,5End o year $ 6,8,20 $ 6,05,09
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 Inormation or the Year Ended August , 200
2005 NCAA MEMBERSHIP REPORT
9
50
2005 NCAA MEMBERSHIP REPORT
Revenues:
Television and marketing rights ees $ 6,609,89 $ $ $ 6,609,89 $ 0,0,9Championships ,80,0 ,80,0 ,9,82Investment income, net ,82,89 9,6 5,20,006 0,889,6Sales and services 5,8,622 5,8,622 5,86,2Contributions—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
Reclassifcations:
Temporarily restricted resourcesused or occupancy costs ,55,00 (,55,00)Temporarily restricted resourcesused or program services 892, (892,)Total reclassications ,5, (,5,)
Expenses:
Distribution to Division I members 298,0,5 298,0,5 280,2,656Division I championships and programs ,25,928 ,25,928 2,,02Division II championships, distribution and programs 2,002,625 2,002,625 ,,68Division III championships and programs 2,99,8 2,99,8 ,2,882Association-wide programs 9,228,266 9,228,266 6,29,02Management 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 28,960,8
Net Assets—
End o year $ 96,2,98 $ 52,8,50 $ 9,202 $ 28,60,65 $ 2,6,068
See notes to fnancial statements.
Statement o Activities
or the Year Ended August , 2005
with Summarized Financial Inormation or the Year Ended August , 200
2005 2004Temporarily Permanently SummarizedUnrestricted Restricted Restricted Total Total
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