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Published by: Deadspin on Nov 17, 2011
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Consolidated Financial Statements August 31, 2007(with summarized financial information for 2006)(With Independent Auditors’ Report Thereon)
Independent Auditors’ Report
The Executive Committee National Collegiate Athletic AssociationIndianapolis, Indiana:We have audited the accompanying consolidated statement of financial position of the National CollegiateAthletic Association and subsidiaries (NCAA) as of August 31, 2007, and the related consolidatedstatements of activities and cash flows for the year then ended. These consolidated financial statements arethe responsibility of the NCAA’s management. Our responsibility is to express an opinion on theseconsolidated financial statements based on our audit. The prior year summarized comparative informationhas been derived from the consolidated financial statements of the NCAA for the year ended August 31,2006 and, in our report dated November 27, 2006, we expressed an unqualified opinion on thosestatements.We conducted our audit in accordance with U.S. generally accepted auditing standards. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the consolidatedfinancial statements are free of material misstatement. An audit includes consideration of internal controlover financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the NCAA’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessingthe accounting principles used and significant estimates made by management, as well as evaluating theoverall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.In our opinion, the consolidated financial statements referred to above, present fairly, in all materialrespects, the financial position of the NCAA and subsidiaries as of August 31, 2007, and the changes intheir net assets and their cash flows for the year then ended in conformity with U.S. generally acceptedaccounting principles.Our audit was made for the purpose of forming an opinion on the consolidated financial statements takenas a whole. The information included in the Schedule of Consolidating Statement of Activities is presentedfor purposes of additional analysis rather than to present the results of activities of the individualcompanies. The consolidating information referred to in this report have been subjected to the auditing procedures applied in the audit of the consolidated financial statements and, in our opinion, are fairly satedin all material respects in relation to the consolidated financial statements taken as a whole.December 11, 2007
KPMG LLP, a U.S. limited liability partnership, is the U.S.member firm of KPMG International, a Swiss cooperative.
2400 First Indiana Plaza135 North Pennsylvania StreetIndianapolis, IN 46204-2452
Consolidated Statement of Financial PositionAugust 31, 2007(with comparative financial information as of August 31, 2006)
Cash and cash equivalents$7,209,112 6,437,664Investments321,970,021 280,997,631Prepaid expenses4,532,231 3,323,606Receivables:Accounts receivable19,232,415 7,756,697Contributions receivable other, net25,000Contributions receivable facilities, net51,501,398 51,903,581Total receivables, net70,733,813 59,685,278NIT intangible assets, net22,345,955 24,020,619Properties, net14,940,778 11,780,089Other assets2,036,103 2,229,111Total$443,768,013 388,473,998
Liabilities and Net Assets
Liabilities:Accounts payable and accrued liabilities$32,913,214 17,190,345Distribution payable12,575,595 14,392,411Deferred revenue and deposits5,648,634 6,308,610Bonds payable, net32,664,920 34,154,856NIT payable, net28,023,576 31,991,230Accrued lease expense4,927,691 4,431,249Total liabilities116,753,630 108,468,701Net assets:Unrestricted276,312,342 228,753,520Temporarily restricted50,554,007 51,101,777Permanently restricted148,034 150,000Total net assets327,014,383 280,005,297Total$443,768,013 388,473,998See accompanying notes to consolidated financial statements.2

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