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2008 Ncaa Financials Copy

2008 Ncaa Financials Copy

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Published by: Deadspin on Nov 17, 2011
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Consolidated Financial StatementsAugust 31, 2008(with summarized financial information for 2007)(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, 2008, 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 31,2007 and, in our report dated December 11, 2007, 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, 2008, 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 has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and, in our opinion, is fairly satedin all material respects in relation to the consolidated financial statements taken as a whole.December 11, 2008
Consolidated Statement of Financial PositionAugust 31, 2008(with comparative financial information as of August 31, 2007)
Cash and cash equivalents$8,315,852 7,209,112Investments356,660,532 321,970,021Prepaid expenses6,961,005 4,532,231Receivables:Accounts receivable5,780,040 19,232,415Contributions receivable facilities, net51,099,215 51,501,398Total receivables, net56,879,255 70,733,813 NIT intangible assets, net20,671,291 22,345,955Properties, net17,717,777 14,940,778Other assets1,819,229 2,036,103Total$469,024,941 443,768,013
Liabilities and Net Assets
Liabilities:Accounts payable and accrued liabilities$34,311,826 32,913,214Distribution payable8,854,214 12,575,595Deferred revenue and deposits14,900,614 5,648,634Bonds payable, net31,114,983 32,664,920 NIT payable, net24,055,922 28,023,576Accrued lease expense5,424,133 4,927,691Total liabilities118,661,692 116,753,630 Net assets:Unrestricted301,126,554 276,312,342Temporarily restricted49,088,661 50,554,007Permanently restricted148,034 148,034Total net assets350,363,249 327,014,383Total$469,024,941 443,768,013See accompanying notes to consolidated financial statements.2

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