09ihl-cpa.pdf - Mississippi Office of the State Auditor

The following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a private CPA firm. The document was placed on this web page as it was submitted. The Office of the State Auditor assumes no responsibility for its content or for any errors located in the document. Any questions of accuracy or authenticity concerning this document should be submitted to the CPA firm that prepared the document. The name and address of the CPA firm appears in the document.

State of Mississippi Institutionsof Higher Learning

Financial Statements withAdditional Information and ReportsRequired by 0MB Circular A-i 33

For the Years Ended June 30, 2009 and 2008

(THIS PAGE LEFT BLANK INTENTIONALLY)

State of Mississippi Institutions of Higher Learning

Table of ContentsJune 30, 2009 and 2008

FINANCIAL AUDIT REPORT 1

Independent Auditors’ Report on the Financial Statements and Supplemental Information 3

MANAGEMENTS DISCUSSION AND ANALYSIS 7

Management’s Discussion and Analysis (Unaudited) 9

BASIC FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2009 AND 2008 25

Statements of Net Assets - State of Mississippi Institutions of Higher Learning 27Statements of Financial Position - Mississippi State University Foundation, Inc. 28Statements of Financial Position - The University of Mississippi Foundation 29Statements of Financial Position - The University of Southern Mississippi Foundation 30Statements of Revenues, Expenses and Changes in Net Assets - State of Mississippi

Institutions of Higher Learning 31Statements of Activities - Mississippi State University Foundation, Inc. 32Statements of Activities - The University of Mississippi Foundation 34Statements of Activities - The University of Southern Mississippi Foundation 36Statements of Cash Flows - State of Mississippi Institutions of Higher Learning 38Statements of Cash Flows - Mississippi State University Foundation, Inc. 40Statements of Cash Flows - The University of Mississippi Foundation 41Statements of Cash Flows - The University of Southern Mississippi Foundation 42Notes to Financial Statements - State of Mississippi Institutions of Higher Learning 43Notes to Financial Statements - Mississippi State University Foundation, Inc. 103Notes to Financial Statements - The University of Mississippi Foundation 118Notes to Financial Statements - The University of Southern Mississippi Foundation 128

COMBINING SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED JUNE 30, 2009 143

Combining Statement of Net Assets 145Combining Statement of Revenues, Expenses and Changes in Net Assets 147Combining Statement of Cash Flows 149

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THEYEAR ENDED JUNE 30, 2009 153

Schedule of Expenditures of Federal Awards 155Notes to Schedule of Expenditures of Federal Awards 199

REPORTS ON INTERNAL CONTROL AND COMPLIANCE 201

Independent Auditors’ Report on Internal Control over Financial Reporting 203and on Compliance and Other Matters Based on an Audit of the FinancialStatements Performed in Accordance with Government Auditing Standards

Independent Auditors’ Report on Compliance with Requirements Applicable to 207Each Major Federal Program and Internal Control Over Compliance in Accordancewith 0MB Circular A-133


Table of ContentsJune 30, 2009 and 2008

(Continued)

SCHEDULE OF FINDINGS AND QUESTIONED COSTS 209

Schedule of Findings and Questioned Costs 211

AUDITEE’S CORRECTIVE ACTION PLAN 223

Auditee’s Corrective Action Plan - Section 2 Findings Related to Financial Statements 225Auditee’s Corrective Action Plan - Section 3 Findings and Questioned Costs Related

to Federal Awards 229

AUDITEE’S SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS 235

Auditee’s Summary of Prior Audit Findings 237

Financial Audit Report


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Management’s Discussion and Analysis


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Management’s Discussion and AnalysisJune 30, 2009 and 2008

Introduction

The following discussion and analysis provides an overview of the financial position and activities ofthe Mississippi Institutions of Higher Learning (the “IHL System”) for the year ended June 30,2009.As comparison data, the financial position and activities from the prior fiscal period have also beenincluded (year ended June 30, 2008). The report consists of a series of financial statementsprepared in accordance with Governmental Accounting Standards Board Statement Nos. 34 and 35,Basic Financial Statements-and Management’s Discussion and Analysis for State and LocalGovernments. The IHL System reports as a special purpose government engaged solely inbusiness-type activities. The discussion below has been prepared by management and should beread in conjunction with the financial statements and the notes thereto which follow this section.

The State of Mississippi Institutions of Higher Learning System office was created in 1943 for thepurpose of overseeing and directing Mississippi’s eight public universities, as well as the Universityof Mississippi Medical Center, various off-campus centers and multiple research institutes locatedthroughout Mississippi. These campuses serve a student population of approximately 71,000 andemploy approximately 25,000 individuals, including about 5,200 faculty members.

Each of the pubic universities has established its own educational building corporation (EBC) inaccordance with Section 37-101-61 of the Mississippi Code Annotated of 1972. The main purposeof these corporations is for the acquisition of land or buildings, and the construction and equippingof new facilities for the various universities. In accordance with Governmental AccountingStandards Board Statements No.’s 14 and 39, the EBC’s are deemed component units of the IHLSystem and are included as blended component units in their general-purpose financial statements.

In addition to the EBC’s, the IHL System had three additional component units that were deemedsignificant. These three units consisted of the Mississippi State University Foundation, Inc., theUniversity of Mississippi Foundation and the University of Southern Mississippi Foundation. Theiraudited financial statements are discretely presented behind the IHL System’s financial statements.

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The following is a list of abbreviations used throughout this financial report for the memberuniversities of the IHL System:

• ASU• DSU• JSu• MSLJ• MUW• MVSU• UM• USM

UMMC• Il-IL Executive Office• MCVS• IHL SYSTEM

-- Alcorn State University-- Delta State University-- Jackson State University-- Mississippi Slate Universily-- Mississippi University for Women-- Mississippi Valley State University-- University of Mississippi-- University of Southern Mississippi-- University of Mississippi Medical Center-- Institutions of Higher Learning — Executive Office-- Off-campus entity-- (Summary of all of the above)

Financial Highlights

improvement was an increase in capital assets, net of related debt, and unrestricted netMany of the institutions have recently undergone, or are in the process of major buildingespecially in the student housing environment.

Despite tuition rate increases most years, enrollment has continued to increase for the IHL Systemsince 1998. IHL management believes that this increase is indicative of the strong demand for aquality educational product at a very reasonable price.

50.00090 99 00 91 02 01 104 35 06 07 00

j 61.5SS 62169 63642 65290 66.400 97,140 64,323 69.500 ,om, I 72202

— Sun-rims 5usaIen4 53902 54491 55,70’ 11.997 [ 57.556 56,440 60390 60.511 63,729 61472 61,941

The financial position of the IHL Systemassets have increased by $313.7 millionfor thisassets.projects,

has shown steady growth over the last several years. Net(assets minus liabilities) since June 30, 2007. The reason

10 Year History of Fall Enrollment75,000

70,000

6 5.000

60,000

55,000

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Other revenue sources such as federal, state and private grants and contracts have remained stableat some institutions but increased at most. The IHL System’s efforts to create self-generated funds,control costs, and eliminate expenditures on some non-core essential activities allowed theinstitutions to generate sufficient resources to meet and sometimes even exceed budgeted goals.

GASB guidance requires that state appropriation revenues be classified as non-operating on theStatement of Revenues, Expenses and Changes in Net Assets (SRECNA). Because of thistreatment, the IHL System will always show a net operating loss at year-end on the SRECNA. Thisnet operating loss approximated $866.3 million and $844.7 million for the years ended June 30,2009 and 2008, respectively. Total operating revenues increased 7.4% in 2009 and 5.5% in 2008,while operating expenses for 2009 and 2008 increased 5.7% and 5.4%, respectively. Theaccumulated impact of non-operating and other revenues and expenses of the IHL System resultedin a net gain of $994.7 million in 2009 and $1,024.5 million in 2008. Overall, the IHL System’s netassets increased by $128.4 million for fiscal year 2009 compared to $179.8 million in 2008 beforethe effect of prior period adjustments.

Net assets, which represent the residual interest in the IHL System’s assets after liabilities arededucted, increased by $128.4 million (47%) from the prior fiscal year to $2.9 billion. Thiscompares to an increase of $185.3 million (7.2%) in 2008 when compared to 2007. Shown below isa chart illustrating the composition of the IHL System’s net assets as of June 30, 2009.

Unrestricted net assets as of June 30,2009 are reflected at $619.7 million. The major componentsof this total are the University of Mississippi Medical Center with $239.6 million, the University ofMississippi with $152.0 million, Mississippi State Universitywith $116.5 million, and the UniversityofSouthern Mississippi with 568.9 million for a total of $577.0 million. As of June 30, 2008,unrestricted net assets were $579.3 million.

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Managements Discussion and AnalysisJune 30, 2009 and 2008

Overview of the Financial Statements

The IHL System’s financial report consists of three sections- Management’s Discussion andAnalysis, the basic financial statements including notes to the financial statements, and finally thefinancial statements of the discrete component units. The IF-IL System’s basic financial statementsconsist of the Statement of Net Assets, the Statement of Revenues, Expenses, and Changes inNet Assets, and the Statement of Cash Flows.

Basic Financial Statements

The basic financial statements present information for the IHL System as a whole. The Statementof Net Assets presents the financial position of the IHL System at the end of the fiscal year andincludes all assets and liabilities for all institutions within the IHL System. The difference betweentotal assets and total liabilities is one measure of the IHL Systems financial health or position. Thechange in net assets is a useful indicator of whether the financial condition of the IHL System isimproving or deteriorating. Over time, increases or decreases in the IHL System’s net assetsprovides a useful trend in assessing whether its financial health is improving.

The Statement of Revenues, Expenses and Changes in Net Assets presents the operatingresults of the IHL System, as well as non-operating revenues and expenses. In general terms,operating revenues are received for providing goods and services to the various customers andconstituencies of the IHL System. Operating expenses are those incurred to acquire or produce thegoods and services provided in return for the operating revenues. Non-operating revenues arethose received for which goods and services are not provided as an exchange transaction. Forexample, state appropriation revenues are classified as non-operating because the StateLegislature provides them, without the Legislature receiving commensurate goods or services inreturn. Due to this classification treatment of such a large portion of the IHL System’s totalrevenues, the IHL System’s financial statements typically depict an overall operating loss. Othertypical non-operating revenue sources include gifts, grants and appropriations restricted for capitalpurposes.

The Statement of Cash Flows provides another perspective on the IHL System’s results ofoperations. This statement provides detailed information about the cash sources and uses of theIHL System. Additional details concerning this statement are explained later in this report.

Other non-financial factors such as enrollment trends and the condition of the physical plant are alsouseful in evaluating the overall financial health of the IHL System.

Statement of Net Assets

Net assets are divided into three major categories:

• Invested in capital assets, net of debt — represents the IHL System’s equity in property,plant and equipment which it owns.

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Restricted net assets — represent those assets that are not available for spending as aresult of legislative requirements, donor agreements, or grant requirements.

• Unrestricted net assets — represent those assets that are avaNable to the IHL System forany lawful purpose.

From the data presented, readers of the Statement of Net Assets are able to determine thefollowing:

• the assets available to continue the operations of the IHL System

• the liabilities of the IHL System which include the amount owed vendors and lendinginstitutions, and

the net assets that are available for future expenditure by the IHL System

At June 30, 2009 current assets totaled $855.7 million and consisted primarily of cash and cashequivalents, short-term investments and net receivables. Current assets increased 9.1% ($71.2million) from June 30,2008. Since June 30, 2007 current assets have increased over 26% ($177.8million). Cash, cash equivalents, and short-term investments constituted approximately 59% and52% of current assets as of June 30, 2009 and 2008, respectively, while receivables constitutedapproximately 35% of current assets for both years. Approximately 52% and 53% of these netreceivables are amounts due from gifts, contracts and grants and the State for appropriations as ofJune 30, 2009 and 2008, respectively, and approximately 29% (2009) and 19% (2008) related topaitient care receivables from UMMC.

At June 30, 2009, current liabilities totaled $283.4 million and consist primarily of accounts payableand accrued liabilities, and deferred revenues. Deferred revenues include advance receipts forathletic ticket sales, summer tuition, fees, and student housing. Current liabilities increased 4.4%($11.9 million) from June 30,2008. Since June 30, 2007 current liabilities have increased over 29%($63.8 million). A large portion of this increase has been experienced by UMMC, where medicalpayments to third-party payers increased approximately $31.8 million since June 30, 2007.

At June 30,2009 and 2008, non-current assets totaled $3.2 billion and $3.0 billion, respectively, andinclude depreciable capital assets of $2.5 billion (2009) and $2.3 billion (2008). Other non-currentassets include cash and investments that are restricted externally by endowment arrangements orspecific grant and contract arrangements and approximated $555.2 million at June 30, 2009 and$523.3 million at June 30, 2008. One other significant non-current asset of the IHL System wasstudent note receivables which equaled $111.0 million at June 30,2009 and $109.3 million at June30,2008. In comparison to the prior year-end, non-current assets increased 6.2% ($185.6 million).Since June 30, 2007, non-current assets have actually increased 11.3% ($320.6 million). Themajority of this increase has been seen in the accumulation 01 capital assets, $332.6 million.Specifically, the IHL System’s inventory of buildings increased in pre-depreciation value by 18.5% ora total of $341.7 million since June 30, 2007. Additional details about the Il-IL System’s capital assetgrowth can be seen in the Capital Asset and Debt Administration section of this report.

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Non-current liabilities are those liabilities due and payable more than twelve months from year-end(June 30th) Non-current liabilities equaled $862.9 million at June 30, 2009 and $746.4 million atJune 30,2008. These liabilities have increased 16.3% (or $120.8 million) since June 30,2007. Thelargest component of this increase arose from new issuances of capital debt principal from revenuebonds and notes payable, as well as capital lease obligations with contractual maturities greaterthan one year. In total these capital debt obligations equaled S696.7 million as of June 30,2009, ofwhich $39.8 million is payable during the next 12 months. This compares to capital debt obligationsat June 30, 2008 of $593.2 million, including current maturities of $39.2 million. Additional detailsabout the IHL System’s capital debt can be seen in the Capital Asset and Debt Administrationsection of this report. Other non-current liabilities of significance include estimated amounts foraccrued compensated absences that will not be paid within the next fiscal year ($83.4 million atJune 30,2009 and $75.3 million at June 30,2008), the non-current portion of unpaid claim liabilitiesrelative to its self-insured programs, and government advance refundable obligations relative to thefederal government’s Perkins loan program in the event of termination.

Restricted non-expendable net assets equaled $106.9 million and $108.9 million at June 30, 2009and 2008, respectively, and consisted of endowment and similar type funds, which donors or otheroutside sources have stipulated, as a condition of the gift instrument, that the principal is to bemaintained intact and invested for the purpose of producing income that may either be expended oradded to principal. The values of these net assets have increased approximately $3.1 million orless than 3% since June 30, 2007.

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A summarized listing of the IHL System’s assets, liabilities and net assets for the past three fiscalyear ends is shown below.

June 30, 2007 June 30, 2008 June 30, 2009AssetsCurrent assets $ 677,907,937 $ 784,576,242 $ 855,725,714 15.7% 91%Capital assets, net 2,164,689,010 2,346,535,978 2,497,240,707 8.4% 6.4%Other net assets 681560,513 634,662,911 669,588,239 -6.9% 5.5%

Total assets 3524,157.460 3,765,775,131 4,022.554,660 6.9% 6.8°/a

LiabilitiesCurrent liabilities 219,585,811 271,578,358 283,426,628 23.7% 4.4%Non-current liabilities 742,100,293 746,418,850 862,937,254 0.6% 15.6%

Total liabilities 961,686,104 1,017,997,208 1,146,363,882 5.9°/s 12.6%

Net AssetsInvested in capital assets, net

of debt 1,603,201,893 1,759,506,600 1,803,489,983 9.7% 2.5%Restricted - nonexpendable 103,785,399 108,861,514 106,871,262 4.9% -1.8%Restricted - expendable 359,041,200 300,112.226 346.084.923 -16.4°/a 15.3%Unrestricted 496,442,864 579,297.583 619,744.610 16.7% 7.0%

Total net assets $ 2,562,471,356 $ 2,747,777,923 $2,876,190,778 7.2% 4.7%

Statement of Revenues, Expenses and Changes in Net Assets

The Statement of Revenues, Expenses and Changes in Net Assets (SRECNA) displays informationon how the IHL System’s assets changed as a result of current year operations. This statementpresents the IHL System’s revenues received and expenses incurred, as well as any other gains orlosses for the fiscal year. Operating revenues and expenses have been revised to give effect forcertain eliminations relating to inter-campus transactions among the IHL System institutions.

The IHL System’s consolidated SRECNA for the year ended June 30, 2009 indicates a netoperating loss of $866.3 million and compares to a net operating loss of $844.7 million in 2008. Thefiscal year 2009 loss represents an increase in the net operating loss from the prior year by $21.6million. Since June 30, 2007, the IHL System’s net operating loss has increased 12.9% (or $99.1million). What this two year loss increase means is that operating expenses have been growing at afaster rate (11.5%) than have operating revenues (10.7%). Net operating loss does not include the

Statement of Net Assets

As of Changes Between Years2007 to 2008 2008 to 2009

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effects of non-operating items such as state appropriations revenues, certain gift revenues, or netinvestment earnings. A summary of the IHL System’s SRECNA for the last three fiscal years isshown below.

June 30, 2007 June 30, 2008 June 30, 2009

Operating revenues $ 1,550,106,554 $ 1,598,226,525 $ 1,716,514,359 3.1% 7.4%Operating expenses 2,317,295,818 2,442,925,288 2,582,796,084 5.4% 5.7%

Operating income (loss) (767.189,264) (844,698,7633 (866,281.725) 101% 2.6%

Nor-operating revenues(expeiises) 853.121,384 908,492,202 852,763.749 6.5% -6.1%

Income (loss) betore otherrevenues, expenses, gains orlosses 85,932,120 63,793,439 (13,517,976) -25.8% -121.2%

Other revenues, expenses,gains or losses 133,458,342 115,999,202 141,930,831 -13.1% 22.4%

Increase in net assets 219,390.432 179.792,641 128,412,855 -18.0% -286%

Net assets at beginning ofthe year - restated 2,343,080,924 2,567,985,282 2,747,777,923 9.6% 7.0%

Net assets at the end ofthe year $ 2,562,471,356 $ 2,747,777,923 $ 2,876,190,778 7.2% 4.7%

Statement of Revenues, Expenses and Changes in Net Assets

For the Years Ended Changes Between Years2007 to 2008 2008 to 2009

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Operating Revenues

Operating revenues for the IHL System totaled $1.7 billion for fiscal year 2009 compared to $1.6billion in 2008. Operating revenues increased 7.4% (or $118.3 million) during 2009, and anadditional 3.1% (or 48.2 million) during 2008. Major components of operating revenues are UMMCpatient care revenues (35% in 2009 and 33% in 2008), grants and contracts revenue (29% in 2009and 30% in 2008), net tuition and fees (21% in 2009 and 20% in 2008), and sales and servicerevenues from auxiliary activities (9% in 2009 and 10% in 2008). The following table summarizesthe IHL System’s operating revenues for the past three fiscal years.

Operating Revenues

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For the Years Ended Changes Between YearsJune 307 2007 June 30, 2008 June 30, 2009 2007 to 2008 2008 to 2009

Tuition and Fees (net) $ 300084,842 $ 324,558.260 S 355,813,578 8.2% 9.6%Grants and contracts 529,688752 473,876,115 495,371.300 -10.5% 4.5%Federal Appropriations 14,166,595 15,235,366 14,762,103 7.5% -3.1%Sales and Services of

educational departments 48,249,402 50,435,806 47,257,293 4.5% -6,3%Auxiliary Enterprises (net) 149,003,518 157688,663 157,195,204 5.8% -0.3%Patient Care reveoues 463.933.432 531,192,186 599,612,765 14.5% 12.9%Other 44,980.013 45,240,129 46.502.116 6.0% 2.8%

Total Operating revenues $ 1,550,106,554 $ 1,598,226,525 $ 1,716,514,359 3.1% 7,4%

Net tuition and fee revenues increased 9.6% (or $31.3 million) in fiscal year 2009. Mississippiresidents saw their in-state tuition rates increase an average of 3.7% in FY 2009, while non-residents paid a 9.0% average higher tuition rate versus the prior year. This accounted for themajority of the tuition revenue increase. Similar rate increases in FY 2008 yielded an additional8.2% (or 24.5 million) in tuition revenue.

The IHL System grants and contracts revenues increased 4.5% (or $21.5 million) during FY 2009.This was an encouraging bounce back from the previous year decrease of 10.5% which wasprimarily caused by the discontinuance of the Special Leveraging Educational Assistance Program(SLEAP - Hurricane Katrina) federal aid program. Over the course of FY 2006 and FY 2007, the IHLSystem received approximately $90 million towards the administration of this disaster aid reliefprogram. These lunds were discontinued after 2007.

The University of Mississippi Medical Center’s net patient care revenues increased 1 2.9% (or $68.4million) in FY 2009. In fact, patient care revenues have experienced significant increases during thelast three years. Since 2007, patient revenues have increased 29.3% (or $135.7 million). Largevolume increases in patient admissions, as well as general service price hikes and a recentlyimplemented revenue cycle project have all contributed significantly in this overall revenue rise.

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Operating Expenses

Operating expenses for the IRL System totaled $2.6 billion for fiscal year 2009 compared to $2.4billion in 2008. Operating expenses increased 5.7% (or $139.9 million) during 2009, and anadditional 5.4% (or $125.6 million) during 2008. Personnel costs represented 58% (2009) and 57%(2008) of all operating expenses and were the largest component. Other major components for bothfiscal 2009 and 2008 were contractual service expenses (18%), commodities (10%), andscholarships and fellowship expenses (5%). The following table summarizes the IRL System’soperating expenses (by major object category) for the past three fiscal years.

Operating Expenses

By Major Object Category For the Years Ended Changes Between YearsJune 30, 2007 June 30, 2008 June 30, 2009 2007 to 2008 2008 to 2009

Salaries and wages $ 1,006,872,216 $ 1,091,776,007 $ 1,162,961844 8.4°/a 6.5%Fringe benefits 272,960,209 305152,746 322,469,156 11.8% 5.7%Travel 42,949,694 46314,254 45.546.636 7.8% -1.7%Contractual services 452,788,278 436,926,690 456,543.617 -3.5% 4,5%Utilities 61,251,067 67,493,528 73,181.756 10.2% 8.4%Scholarships and fellowships 145.090,826 125,121663 134,638,181 -13.8% 76%Commodities 237.119,747 265,298,795 265.788,199 11.9% 0.2%Depreciation 92,264,119 99,791,287 109,528,387 8.2% 9.8%Other 5,999,662 5,050,318 12,138,308 -15.8°/a 140.3%

Total Operating expenses $ 2,317,295,818 $ 2,442,925,288 $ 2,582,796,084 5,4% 5.7%

IHL personnel costs (salaries, wages and fringe benefits) increased 6.3% (or $88.5 million) duringFY 2009. Much of this increase was experienced at UMMC (S50.8 million) where many new clinicaland technical positions on the hospital side of operations were employed. This goes hand-in-handwith the hospitals obligation to properly care for the additional patient volume that was realizedduring the last three years. A three year analysis of IHL System personnel costs will also show thatthese costs increased 16.1% (or $205.6 million) since 2007. Included in that was a 5% meritincrease for most Il-IL employees during 2008. Salary increases in 2009 were generally limited tomarket adjustments.

The IHL System utilities expense increased 8.4% and 10.2% during 2009 and 2008, respectively,due to ever increasing rates for campus electricity, gas and water and as a result of growth in thephysical plant infrastructure. The increased fuel and delivery costs in 2008 affected the prices paidby institutions for their many types of office and general supplies. This is reflected in the $29.9million increase in the IHL System’s commodities expense during 2008. For 2009 commoditiesexpense was comparable to 2008.

Scholarships and fellowships expense increased 7.6% (or $9.5 million) in FY 2009. The increasewas primarily the result of the tuition rate increases imposed by IHL System institutions during theyear. Most of this increase was financed through the campus’s institutionally sourced financial aid

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programs. During 2008 scholarships and fellowships expenses reflected a $20.0 million decreasewhen compared to 2007 which principally resulted from the discontinuance of the federal SLEAP(Hurricane Katrina Aid) program that ended in 2007. This particular program provided financial aidbenefits for affected students throughout the IHL System which resulted in a $43.0 million decreasein student aid. After considering this impact, scholarship and fellowship expense actually increasedapproximately $23 million during 2008.

Depreciation expense for the IHL System increased 9.8% during FY2009, while also increasing anadditional 8.2% in 2008. This was a direct result in the IHL System’s continuing investment incapital assets, including facilities, infrastructure and machinery and equipment. More informationabout the growth of these assets can be seen in the Capital Assets and Debt Administration sectionof this report.

As an alternative presentation model, the IHL System’s last three fiscal years worth of operatingexpenses are shown below by major function category. Functional classifications are the traditionalcategories that universities have used. They represent the type of programs and services that theuniversities provide. For example, funds utilized to compensate a classroom professor or provideclassroom materials would be classified as instruction.

Total Operating expenses $ 2,317,295818 $ 2,442,925,288 $ 2,582,796,084 5.4% 5.7%

successful as the IHL System has expended an additional $56.8 million in this area alone since2007 (an 11% increase). Public Service expenditures increased 14.6% ($22.3 milbon) during 2009,

Operating Expenses

By Function For the Years EndedJune 30, 2007 June 30.2008 June 30, 2009 2007 to 2008 2008 to 2009

Changes Between Years

Instruction $ 507,529,876 $ 546,956,440 $ 564,371,754 7.8% 3.2%Research 311,389,546 331,813,167 333,629,057 6.6% 0.5%Public service 133,675,962 152,388,258 174,670,061 14.0% 14.6%Academic support 113,057,687 127,246,899 132.690.413 12.6% 4.3%Student services 63,504.418 66,748,981 67,584.677 5.1% 1.3%Institutional support 230,120,691 216,369,208 202,970,115 •6.0°/ -6.2%Operations & Maintenance

of Plant 145,780,837 157,863,858 157,076,379 8.3% -0.5%Student aid 193,624,849 137,108,770 139,884,071 29.2% 2.0%Auxfliary iterprises 154,637,244 162.083,151 174,916,490 4.8% 7.9%Depreciation 75,599,349 95,213.387 102,856.799 25.9% 8.0%Hospital 447,078,823 492,792720 578,967,246 10.2% 17.5%Other 1,774,922 4,253,607 2,207,358 139.7% -48.1%E!irninations (60,478,386) (47,913,158) (49,028,336) -20.8% 2.3%

Funding the Instruction function continues to be the one of the IHL System’sIn fact, the IHL System expended an additional 3.2% (or $17.4 million) ininstruction during 2009. A visible effort to expand Instructional costs can

highest priorities (22%).the area of classroombe seen to have been

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with an additional 14.0% ($21.7 million) growth during 2008. Institutional Research (external andinternal) continues to grow as can be seen above. Approximately $22.2 million in additionalresearch funding has been poured into the IHL System since FY 2007. Institutional support coststypically present the functions of the executive management department, general administration andlogistical support services, computing, public relations and development. These costs continued todecrease in FY 2009, down 6.2% (or $13.4 million). Since FY 2007, Institutional Support costs havedecreased 11.6% (or S26.6 million). Auxiliary enterprise costs include all expenditures associatedwith departments that primarily exist to furnish goods or services to students, faculty, or staff andthat charge a fee directly related to, although not necessarily equal to, the cost of the goods andservices. Auxiliary departments are required to be essentially self-supporting activities. Examplesare (1) Student housing, (2) Food Services, (3) Bookstores, and (4) Intercollegiate Athletics. Theseauxiliary expenditures increased 7.9% (or $12.8 million) in fiscal year 2009 and compares to anincrease of 4.8% (or $7.4 million) during 2008. By and large the greatest percentage varianceamongst the different expenditure functions was realized in the Hospital function. These costs wereincurred by UMMC during the course of theirtreatment of patients. Hospital costs rose 17.5% in FY2009. This large increase is not a one-year anomaly. Since 2007, Hospital expenses have risen29.5% (or $131.9 million). Increased patient volumes, as well as medical procedure rateadjustments were the main drivers for these increases.

From FY 2007 through FY 2009, the IHL System identified millions of dollars in inter-campustransactions among the institutions that required elimination for financial statement presentationpurposes. Examples of such transactions would be student financial aid funds administered by theIHL Executive Office that were directed to the campuses, as well as grant agreements between oneor more IHL System institutions in which one campus served as a primary recipient and the othercampus would acted as a sub-recipient to that same grant agreement. The elimination entries weremostly channeled through the scholarships and fellowships line-item as presented by major objectcode category.

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Managements Discussion and AnalysisJune 30, 2009 and 2008

Capital Asset and Debt Administration

At June 30, 2009, the IHL System had almost $2.5 billion invested in a broad range of capitalassets. These assets are comprised of land, buildings and improvements (infrastructure).equipment and library books. They are stated net of accumulated depreciation. The following tablesummarizes the IHL System’s Capital Assets for the most recent three year-end periods.

Capital Asset Summary

As of Changes Between YearsJune 30, 2007 June 30, 2008 June 30, 2009 2007 to 2008 2008 to 2009

Capital assets not beingdepreciated $ 428,062,912 $ 441,528,247 $ 445,456,058 3.1% 09%

Depreciable capita] assets:improvements other than

buildings 187,879,399 205,157,717 238,161,724 9.2% 16.1%Buildings 1,841,101,865 2,030,614,868 2,182,796,569 10.3% 7.5%Equipment 497,883,743 519,297,833 541,631,366 4.3% 4.3%Ubrary books 284.626,803 300,049.479 314,257,831 5.4% 4.7%

Total depreciable capitalassets 2,811,491,810 3,055,119,897 3,276,847,490 8.7% 7.3%

Total cost of capital assets 3239,554,722 3,496,648.144 3,722,303,548 7.9% 6.5%Less accumulated depreciation (1074,865,712) (1,150,112,166) (1225,062,841) 7.0% 6.5%

Capital assets, net $ 2,164,689,010 $ 2,346,535,978 $ 2,497,240,707 8.4% 6.4°/a

Non-depreciable capital assets totaled $445.5 million at June 30, 2009 and $441.5 million at June30, 2008. These assets principally consisted of land and construction in progress.

The IHL System experienced strong growth in two capital asset areas, Buildings and Improvementsother than Buildings (i.e., Infrastructure). These assets increased 7.5% and 16.1% respectivelyduring FY 2009. Since FY 2007, the IHL institutions gross value of its Building facilities hasincreased S341 .7 million, while campus infrastructure values have grown $50.3 million. Each IHLinstitution recorded sizable capital asset additions during FY 2009. Some of the more significantadditions are listed below.

• DSU finished renovations to Kethley Hall and the Delta Music Institute• JSU continued renovations to their Student Center and School of Engineering facility• MSU completed numerous facility renovation projects, including the Colvard Student Union

and the Rothenburg Opera Building• MUW finished renovations to its Fine Arts Hall

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• MVSU finished construction on two new residence halls and continued construction of anew Science and Technology facility

• UM finished renovations on its baseball stadium, while also finishing construction of theInn at Ole Miss and numerous renovation projects on existing academic facilities

• USM continued construction on numerous construction projects, including an expansion ofMM. Roberts Stadium, the Trent Lott Center for Economic Development, the 4th StreetHousing Complex, and the Polymer Building

• UMMC continued construction on the Guyton Building expansion, as well as the inclusionof several existing facilities at the newly owned Farmer’s Market property

Please refer to the June 30, 2008 and June 30, 2007 audited financial statements for a description ofsignificant additions during those fiscal years.

At June 30,2009, the IHL System had $696.7 in bonded debt, notes payable and capital lease obligations.This represented a 17.4% (or $103.5 million) increase over the prior year-end. The following tablesummarizes the IHL System’s long-term debt for the most recent three year-end periods.

Debt Summary

As of Changes Between YearsJune 30, 2007 June 30, 2008 June 30, 2009 2007 to 2008 2008 to 2009

Bonds Payable $ 565,181,030 S 555,915.540 S 667,866,841 -1.6% 20.1%Notes Payable 3,678.102 6.185,380 5,902637 68.2% -4.6%Capilal Lease Obligations 27.310,137 31,109,799 22,922,268 13.9% -26.3%

Total debt $ 596,169,269 $ 593,210,719 $ 696,691,746 -0.5% 17.4%

Bonded debt increased 20.1% (or $112.0 million) during FY 2009. This increase was a result ofseveral new bond issuances made by IHL institutions during the year. New issuances made during2009 included $29.2 million at MSU, $49.7 million at UM and $49.9 million at USM. Theseissuances were primarily used to fund new construction on these campuses.

As of June 30,2008, bonded debt decreased approximately $9.3 million when compared to the prioryear. This decrease was a result of normal debt service payments made by the institutions duringthe prior year, with no significant new debt issuances introduced.

Statement of Cash Flows

The final statement presented by the IRL System is the Statement of Cash Flows. This statementpresents detailed information about the cash activities of the institution during the year. Thestatement is divided into five parts. The first part entitled “Cash Flows Activities from Operating”shows the net cash used by the operating activities of the IHL System. The second section isentitled “Cash Flows Activities from Non-capital Financing”. The primary source of these activitiesincludes State Appropriations. The third section, entitled “Cash Flows Activities from Capital andRelated Financing” shows cash flows from the acquisition and construction of capital and related

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items. The fourth section is entitled ‘Cash Flows Activities from Investing”. This section reflectscash flows from investing activities and shows purchases, proceeds, and interest received frominvesting activities. The final section contains a reconciliation of net cash provided (used) to theoperating income (loss) reflected on the SRECNA. A condensed Statement of Cash Flows ispresented below.

Statement of Cash Flows

For the Years Ended Chanqes Between YearsJune 30, 2007 June 30, 2008 June 30, 2009 2007 to 2008 2008 to 2009

Cash flows activities from:Operating $ (629,414944) $ (720,472,154) $ (694,734,810) 14.5% -3.6%Non-capital financing 746,508,580 909,527,330 882,230,303 21.8% -3.0%Capital and r&ated financing (122,194.735) (171,740.121) (5L631.511) 405°’ -69.9%Investing 13,388,293 113,599,553 (32,473.870) 748,5% -128.6%

Net increase (decrease) incash and cash equivalents 8,287,194 130,914,608 103,390,112 1479.7% -21.0%

Cash and cash equivalents -

Beginning ot Year 284,081,374 288,911,031 419,825,639 1.7% 45.3%

Cash and cash equivaients -

End ol Year $ 292,368,568 $ 419,825,639 $ 523,215,751 43.6% 24.6%

Cash and cash equivalentsclassified as:

Current assets S 165628.453 $ 298.676.728 $ 342,514,748 80.3% 14.7%Non-currentassets 126,740.115 121,14&911 180,701,3 .4.4% 492%

Total cash and cash equivalents $ 292,368,568 $ 419,825,639 $ 523,215,751 43.6% 24,6%

Major sources of funds included in operating activities for FY 2009, were student tuition and fees($349.2 million), grants and contracts ($492.2 million), patient care services ($659.8 million), andauxiliary enterprises ($166.4 million). Major uses of funds included in operating activities werepayments for employees’ salaries and benefits ($1.48 billion), and to suppliers ($768.6 million).

Major sources of funds included in the non-capital financing activities for FY 2009 include stateappropriations ($745.3 million) and gifts and grants received for purposes other than capitalendeavors ($124.4 million).

Major sources of funds included in the capital and related financing activities section for FY 2009include proceeds from capital debt issuances ($257.7 million), and grants and contract fundingdesignated for capital projects ($64.6 million). Major uses of funds in this section include direct cash

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payments made for capital assets ($185.7 million), and principal and interest payments made toretire capital debt ($1 85.9 million).

In addition, in FY 2009 capital assets were impacted by non-cash activities including stateappropriations and donations ($54.2 million) and donations of capital assets ($10.3 million).

Economic Outlook

The overall financial position of the IHL System remains strong. The IHL System continues tosuccessfully respond to significant challenges to its academic programs, stemming from the State’sand nations current economic downturn. State support is expected to continue declining through FY2012. State appropriated revenues comprise approximately 30% of the IHL System’s totalrevenues. At the time of this writing, the FY 2010 state appropriated revenues have already beenreduced 5% due to a government mandated mid-year budget cut. These declines will becompounded by the expiration of federal stimulus funding after FY 2011. Even, given thecontinuation of this economic environment, the IHL System maintains high credit ratings fromMoody’s (Aa3) and Standard & Poor’s (AA-). Achieving and maintaining these high credit ratingsprovides the IRL System a higher degree of flexibility in securing capital funds on the mostcompetitive terms. This flexibility, along with ongoing efforts toward revenue diversification and costcontainment, wilt enable the IHL System to provide the necessary resources to support a level ofexcellence in service to students, patients, the research community, the State and the nation.

As a labor-intensive organization, the IHL System faces competitive pressures related to attractingand retaining faculty and staff. Moreover, consistent with the national landscape, the cost of the IHLSystem’s health benefits for its employees has increased dramatically over the past several years,with the increasing costs of medical care and prescription drugs of particular concern. The IHLSystem has in the past and will continue to take proactive steps to respond to these challenges ofrising costs.

While it is not possible at this time to predict the ultimate results, management believes that the IHLSystem’s financial condition will remain relatively strong and stable into FY 2010 and beyond.Management at each institution has a proven track record of successfully adapting to this presenteconomic environment while continuing to search for new opportunities to compliment state support.The IHL System’s goal, as always, is to deliver extraordinary services to their customers andconstituents while maintaining financial integrity.

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Basic Financial Statements


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Statements of Net Assets

As of June 30, 2009 2008Assets

Current assets:Cash and cash equivalents $ 342,514,748 $ 298,676,728Short-term investments 163.888,934 105,722,484Accounts receivable, net 292,772,341 262,498,708Student notes receivable, net 11,485,369 10,216,021Inventories 22,113,901 20821910Prepaid expenses 12,047,803 7,973,026Other current assets 10,902,618 78,667,365

Total current assets 855,725,714 784,576,242Noncurrent assets:

Restricted cash and cash equivalents 180,701,003 121,148,911Restricted short-term investments 11,443,294 8,965,197Endowment investments 157,961,394 1 79,379213Other lông-term investments 205,048,500 213,804,913Student notes receivable, net 110,986,535 109.333,751Capital assets, net 2,497,240,707 2,346,535,978Other noncurrent assets 3,447,513 2,030,926

Total noncurrent assets 3,166,828,946 2,981,198,889Total assets $ 4,022,554,660 $ 3,765,775,131

Liabilities and Net Assets

LiabilitiesCurrent liabilities:

Accounts payable and accrued liabilities $ 154,597,040 $ 143,917,252Deferred revenues 43,662,109 51,584,166Accrued leave liabilities - current portion 8,271,349 8,248,177Long-term liabilities - current portion 39,801,345 39,195,161Other current liabilities 37,094,785 28.633.602

Total current liabilities 283,426,628 271,578,358Noncurrent liabilities:

Deposits refundable 1,181,648 2,355,429Accrued leave liabilities 83,381,941 75,287,665Long-term liabilities 667,352,033 563,641,157Other tong-term liabilities 111,021,632 105,134,599

Total noncurrent liabilities 862,937,254 746,418,850Total liabilities 1,146,363,882 1,017,997,208

Commitments and contingencies (Notes 3, 9, 11, 12, 15,16, 17, 18 and 19)

Net AssetsInvested in capital assets, net of related debt 1,803,489,983 1,759,506,600Restricted for:

Nonexpendable:Scholarships and fellowships 14,907,094 25,071,353Research 3,831,015 5,030,332Other purposes 88,133,153 78,759,829

Expendable:Scholarships and fellowships 49,474,781 51,182,222Research 59,343,117 45.410814Capital projects 143,756,444 73,072,078Debt service 10,383,709 7,421,059Loans 37,987,133 33,165,479Other purposes 45,139,739 89,860,574

Unrestricted 619,744,610 579,297,583Total net assets 2,876,190,778 2.747,777.923

Total liabilities and net assets $ 4,022,554,660 $ 3,765,775,131

See accompanying notes to finanCial statements,- 27 -

As of June 30,

Assets

Mississippi State University Foundation, Inc.

Statements of Financial Position

2009 2008

Cash and cash equivalentsRestricted cashAccrued interest, other receivables and prepaid assetsReceivable from Mississippi State UniversityReceivable from MSU Alumni FoundationReceivable from MSU Alumni AssociationNotes receivablePledges receivable, netInvestmentsPresent value of amounts due from externally managed trustsUnamortized bond issuance costsLand. buildings and equipment

See accompanying notes to financial statements.

$ 3,243,092

657,65413,75019,110

120,953443,482

17,030,437239,074! 917

25,936.83544,400

13306918

$ 2,370,1602,032,354

568,5242,982

12,933131,424366,117

19,562,300204,400,418

26,986,042

12,540,166

Total assets $ 268,973,420 $ 299.891,548


LiabilitiesAccounts payable and accrued liabilities $ 4,516,714 $ 2,771,447Obligation under capital leases 3,175,353 3,510,099Liabilities under split interest agreement 3,784,736 5,251,595Long-term debt 267,941 4,192,590

Total liabilities 11,744,744 15,725,731

Net AssetsUnrestricted (3,839,125) 21.464.897Temporarily restricted 32,564,787 45,474,916Permanently restricted 228.503,014 217,226.004

Total net assets 257,228,676 284,165.817

Commitments (Notes 2 and 9)

Total liabilities and net assets $ 268,973,420 $ 299,891,548

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The University of Mississippi Foundation


As of June 30, 2009 2008

AssetsCash and cash equivalents $ 3,671,027 $ 8778,262Pledges receivable, less allowance for doubtful pledges

of $1,771,452 in 2009 and $7,481,928 in 2008 22,273,648 22,882,931Investments 250,547,579 291,801,578Beneficial interests in remainder trusts 3,730,226 3,417,765Otherassets 1,642,405 1,530,963Property and equipment, net 2,087,430 2,944,631

Total assets $ 283,952,315 S 331,356.130


LiabilitiesFunds held in trust for others $ 15,686,378 S 16,282.368Liabilities under remainder trusts 4,352,873 5,978,882Other liabilities 2,858,813 5,265,766

Total liabi’ities 22,898,064 27.527,016

Net AssetsUnrestricted (2,231,842) 6,192,311Temporarily restricted 123,853,162 167,793,676Perrnanent$y restricted 139,432,931 129,843,127

Total net assets 261,054,251 303,829.114

Total liabilities and net assets $ 283,952,315 $ 331.356.130

See accompanying notes to financial statements.- 29 -

The University of Southern Mississippi Foundation


As of June 30, 2009 2008

AssetsCash and cash equivalents $ 21,013,665 $ 14,913974Accrued interest 199,026 209,235Prepaid assets and other receivables 243,125 143,908Advances to The University of Southern Mississippi 360,275 -

Pledges receivable, net 6,298,395 8,066,885Investments 42,511,749 54,440,772Present value of amounts due from externally managed trusts 1,575,976 1,936,266Lease receivable 1,532,351 -

Furniture and equipment, net 446,540 22,511

Total assets $ 74,181.102 $ 79,733,551


LiabilitiesAccounts payable $ 464,686 $ 605,915Note payable 1,474,503 -

Amounts due to brokers 48,391 46,506Gift annuities payable 410,186 421,606Liability for amounts held for others 7,877 35,111

Total liabilities 2,405,643 1,109,138

Net AssetsUnrestricted 1,274,079 4046,749Temporarily restricted 24,999,373 29,612,790Permanently restricted 45,502,007 44,964,874

Total net assets 71,775,459 78,624,413

Commitments (Note 10)

Total liabilities and net assets $ 74,181,102 $ 79,733,551



Statements of Revenues, Expenses and Changes in Net Assets

Forthe years ended June 30, 2009 2008Operating Revenues

Tuition and fees $ 471,728,502 $ 435,543,347Less: Scholarship allowances (112,734,581) (107463,805)Less: Bad debt expense (3,180,343) (3,521282)

Net tuition and fees 355,813,578 324,558,260Federal appropriations 14,762,103 15,235,366Federal grants and contracts 381,365,983 362,746,340State grants and contracts 44,974,205 41,639,417Nongovernmental grants and contracts 69,031,112 69.490358Sales and services of educational departments 47,257,293 50,435,806Auxiliary enterprises:

Student housing 60,507,738 58,092,793Food services 19,421,159 18,1 96,737Bookstore 6,780,999 7463,489Athletics 62,798,294 59,031,450Other auxiliary revenues 27,942,224 28.774,740

Less: Auxiliary enterprise scholarship allowances (20,255,210) (13,870,546)Interest earned on loans to students 855,598 839,805Patient care revenues, net 599,612,765 531,192,186Other operating revenues, net 45,646,518 44,400,324

Total operating revenues 1,716,514,359 1,598,226,525

Operating ExpensesSalaries and wages 1,162,961,844 1,091,776.007Fringe benefits 322,469,156 305,152,746Travel 45,546,636 46,314,254Contractual services 456,543,617 436,926,690Utilities 73,181,756 67,493,528Scholarships and fellowships 134,638,181 125,121,663Commodities 265,788,199 265,298,795Depreciation 109,528,387 99,791,287Other operating expenses 12,138,308 5,050,318

Total operating expenses 2,582,796,084 2,442,925,288

Operating loss (866,281,725) (844,698,763)Nonoperating Revenues (Expenses)

State appropriations 750,566,703 780714,661G’fts and grants 142,985,933 150,504,492Investment income (loss) (6,246,108) 22,244,318Interest expense on capital asset-related debt (30,363,843) (28,592,768)Other nonoperating revenues 5,099,661 3,936,167Other nonoperating expenses (9,278,597) (20,314,668)

Total net nonoperating revenues (expenses) 852,763,749 908,492,202

Income (loss) before other revenues, expenses, gains and losses (13,517,976) 63,793,439Other Revenues, Expenses, Gains and Losses

Capital grants and gifts 67,404,224 40,466.586State appropriations restricted for capital purposes 70,213,557 78,486002Additions to permanent endowments 4,855,942 1,790.169Other additions 6,266,776 648,772Other deletions (6,809,668) (5,392,327)

Change in net assets 128,412,855 179,792,641

Net assets - beginning of year, as originally reported 2,747,777,923 2,562,471,356Prior period adjustments

- 5,513,926

Net assets - beginning of year, as restated 2,747,777,923 2.567 985,282

Net assets - end of year $ 2,876,190,778 $ 2,747.777.923



Statements of Activities

TemporarilyRestricted

PermanentlyRestrictedFor the year ended June 30, 2009 Unrestricted Total

Revenues and supportContributions $ 4.675.367 $ 12.387,527 $ 11.073,098 $ 28.135.992

Net investment (loss) income (24,242,720) (7,203,227) (332,523) (31,778,470)

Change in value of split interest agreements - (164,376) 392,000 227.624

Dther 2562,793 - - 2,562,793

Change in restrictions by donor 455,046 (599,481) 144,435 -

Net assets released from restrictions 17,330,572 (17,330,572) - -

Total revenues and support 781,058 (12,910,129) 11,277,010 (852,061)

ExpendituresProgram services:

Contributions and support for Mississippi

State University 17.875,592 - - 17,875.592

Contributions and support for Bulldog

Club 2,387,142 - - 2,387,142

Contributions and support for Bulldog

Foundation 21,375 - - 21,375

Contributions and support for Mississippi

State University Alumni Association 566,877 - - 566,877

Total program services 20,850,986 - - 20,850,986

Supporting services:General and administrative 2,453.821 2,453,821

Fund raising 2,780,273 - - 2,780,273

Total supporting services 5,234,094 - - 5,234,094

Total expenditures 26,085,080 - - 26,085,080

(Decrease) increase in net assets (25,304,022) (12,910,129) 11,277,010 (26,937,141)

Net assets at beginning of year 21464,897 45,474.916 21 7226,004 284,165,817

Net assets at end of year $ (3.839.125) $ 32,564,787 $ 228,503,014 $ 257.228,676



Statements of AcUvities

Temporarily PermanentlyRestricted Restricted


TotalFor the year ended June 30. 2008 Unrestricted

Revenues and supportContributions $ 4,825.052 S 4.453.413 $ 10,770.210 S 20,048,675Net investment (loss) income (84,851) (6,71 1,718) 209,912 (6,586,657)Change in value of split interest agreements - 98,598 3,367,490 3,466,088Other 2,307,506 (736,608) 1,010,372 2,581,270Change in restrictions by donor 41,617 1,125,550 (1,167,167) -


Total revenues and support 28,217,378 (22,898,819) 14,190,817 19,509,376


Contnbutions and support for MississippiState University 23.995,804 - - 23.995,804

Contributions and support for BulldogClub 630.066 - - 630.066

Contributions and support for BulldogFoundation 332,500 - - 332,500

Contributions and support for MississippiState University Alumni Association 580,485 - - 580,485

Total program services 25,538,855 - - 25,538,855

Supporting services:General and administrative 3,007,196 3,007,196Fund raising 2,904,953 - - 2,904,953

Total supporting services 5,912,149 - - 5.912,149

Total expenditures 31,451.004 - - 31,451004

(Decrease) increase in net assets (3,233.626) (22,898.819) 14,190,817 (11.941.628)

Net assets at beginning of year 24.698,523 68.373.735 203,035,187 296.107.445

Net assets at end of year $ 21,464.897 $ 45,474.g16 $ 217,226,004 5 284,165,817

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Temporarily PermanentlyRestricted Restricted TotalFor the year ended June 30, 2009 Unrestricted

Revenues, gains and other supportContributions, gifts and bequests $ 20,400,351 $ 8,316,897 $ 28,717,248

Dividend and interest income $ 1,029,492 8636,791 - 9,666283

Net unrealized and realized losses oninvestments (9,785640) (35,708,466) - (45,494.106)

Change in value of split interest agreements - 312,461 580,077 892.538

Other income 1.685,620 1,942,597 8.588 3,636,805

Total revenues gains, and othersupport (7,070,528) (4,416,266) 8,905.562 (2,581,232)

Net assets released from restrictionsredesignated by donor 38.840.006 (39.524,248) 684.242 -

ExpensesSupport for University activities 37.484,939 - - 37.484.939

General and administrative expenses 1,708.053 - - 1,708.053

Fundraising expenses 1.000,639 - - 1,000,639

Total expenses 40,193.631 - - 40.193.631

Changes in net assets (8,424,153) (43,940.514) 9,589,804 (42,774,863)

Net assets at beginning of year 6,192,311 167,793,676 129843.127 303,829.114

Net assets at end of year $ (2.231.842) $ 123.853,162 $ 139,432.931 $ 261,054,251




Temporarily PermanentlyRestricted Restricted TotalFor the year ended June 30. 2008 Unrestricted

Revenues, gains and other supportContributions, gifts and bequests S 27793.553 $ 2,443.112 S 30236665Dividend and interest income $ 1,538,908 11814,635 - 13,353,543Net unrealized and realized losses on

investments (1,108,907) (28.297,412) - (29,406,319)Change in value of split interest agreements - 206,364 (359,375) (153,011)Otherincome 1,830,495 1,669,125 5839 3,505,459

Total revenues gains, and othersupport 2,260,496 I 3,1 86,265 2,089,576 17,536,337

Net assets released from restrictionsredesignated by donor 27,053.747 (27,416,374) 362627 -

ExpensesSupport for University activities 29.222,192 - - 29222.192General and administrative expenses 1.691,055 - - 1.691,055Fundraising expenses 1,415417 - - 1.415.417

Total expenses 32,328,664 - - 32,328,664

Changes in net assets (3,014,421) (14,230,109) 2,452,203 (14,792,327)

Net assets at beginning of year 9,206,732 182,023,785 127,390,924 318,621,441

Netassets atend ofyear $ 6,192,311 $ 167,793,676 $ 129,843,127 $ 303,829,114





Contributions and support for The Universityof Southern Mississippi

Total program services

Supporting services;General and administrativeFund raising

Total supporting services

Total expenditures

Increase in net assets

Net assets at beginning of year

Net assets at end of year


Revenues, gains and other support

Contributions $ 1757.415 $ 9.453.383 $ 1168.478 $ 12.379.276

Net investment income (loss) 283.173 (8.530,358) (364.284) (8,61 1.469)

Change in value of split interest agreements - 20.807 (416,039) (395,232)

Other (26.272) 188.825 88,993 251.546

Change in restriction by donor 4,276 (64.263) 59.985 -

Net assets released from restrictions 5,681.811 (5.681.811) - -

Total revenues, gains and othersupport 7,700.405 (4.613,417) 537,133 3,624.121

8,133,099 - - 8,133.099

8,133,099 - - 8,133,099

1,379,616 - - 1,379,616960,360 - - 960,360

2,339,976 - - 2,339,976

10,473,075 - - 10,473,075

(2,772,670) (4,613,417) 537,133 (6,848,954)

4,046,749 29,612,790 44,964,874 78,624,413

1,274,079 24,999,373 45,502,007 71,775,459$ $ $ $





Revenues, gains and other supportContributions S 1.628.718 $ 2,629581 $ 1414,632 $ 5672.931Net investment income (loss) 862,050 (1780,469) 68,675 (829,744)Change in value of split interest agreements - 37,645 (11 9,589) (81,944)Other 11,810 97,410 56,856 166,076Change in restriction by donor (1 30,036) (1,158,031) 1,288,067 -


Total revenues, gains and othersupport 7,451,456 (5,232,778) 2,708,641 4,927,319


Contributions and support for The Universityof Southern Mississippi 5,458,560 - - 5,458,560

Total Qrogram services 5.458.560 - - 5,458,560

Supporting services:General and administrative 1,367.694 - - 1,367,694Fund raising 765,605 - - 765,605

Total supporting services 2,133,299 - - 2,133,299

Total expenditures 7,591.859 - - 7,591,859

Increase in net assets (140,403) (5,232,778) 2,708,641 (2,664,540)

Net assets at beginning of year 4,167,152 34,845,568 42,256,233 81,288.953

Net assets at end of year S 4.046.749 S 29,612.790 S 44,964,874 $ 78.624.413



Statements of Cash flows

Forthe years ended June 30. 2009 2008

Operating ActivitiesTuition and fees $ 349,158,384 $ 327332995Grants and contracts 492,185,220 484.956,664Sales and services of educational departments 49,509,193 52875025Payments to suppliers (768,643,676) (735,352,930)Payments to employees for salaries and benefits (1,477,579,368) (1,382,953,592)Payments for utilities (74,970,736) (66,560.824)Payment for scholarships and fellowships (133,406,858) (117,036,340)Loans issued to students and employees (22,307,863) (25.711,448)Collections of loans to students and employees 11,462,245 12,519,513Auxiliary enterprise charges:

Student housing 57,275,941 56,043.816Food services 20,582,957 15,712,677Sookstore 6,587,294 7,282,232Athletics 59,910,311 56,501,932Other auxiliary enterprises 22,070,512 23,358,478

Patient care services 659,836,440 518,775,824Interest earned on loans to students 1,060,627 878,486Other receipts 64,642,759 44,677,034Other payments (12,108,192) 6,228,104

Net cash used by operating activities (694,734,810) (720,472,154)

Noncapital Financing ActivitiesState appropriations 745,263,631 779,255,005Gifts and grants for other than capital purposes 124,366,622 128,667,333Private gifts for endowment purposes 4,819,180 1,732.064Federal loan program receipts 404,222,080 343.176,715Federal loan program disbursements (404,271,041) (343,679,962)Other sources 10,569,387 6,044,623Other uses (2,739,556) (5,668.448)

Net cash provided by noncapital financing activities 882,230,303 909,527,330

Capital and Related Financing ActivitiesProceeds from capital debt 257,696.812 87,670,642Cash paid for capital assets (185.684,860) (190.443,098)Capital appropriations received 1,185,274 8,437,233Capital grants and contracts received 64,570,643 47,614,161Proceeds from sales of capital assets 262,590 2,047,725Princinal paid on capital debt and leases (155,369,848) (101,463.681)Interest paid on capital debt and leases (30,481,334) (28.161,614)Othersources 1,938,075 8,507,254Other uses (5,748,871) (5,948.743)

Net cash used by capital and related financing activities (51,631,511) (171740.1 21)

Investing ActivitiesProceeds from sales and maturities of investments 389,506,013 41 4,764.467Interest received on investments 18,520.123 34,664,443Purchases of investments (440,500,006) (335,829,357)

Net cash provided (used) by investing activities (32,473,870) 113,599.553

Net increase in cash and cash equivalents 103,390,112 130.914,608Cash and cash equivalents - beginning of year 419,825,639 288,911,031

Cash and cash equivalents - end of the year $ 523,215,751 $ 419,825,639



Statements of Cash Flows

Forthe years ended June 30, 2009 2008

Reconciliation of Operating Loss to Net Cash Used inOperating Activities

Operating loss $ (866,281,725) $ (844,698,763)

Adjustments to reconcile operating loss to net cash used inoperating activities:

Depreciation expense 109,528,386 99,791,287Self-insured claims expense 15,693,000 9,568,000Bad debt expense 298,537,117 269,754,753Other 7,997,220 890.044Changes in assets and liabilities:

(Increase) decrease in assets:Receivables, net (318,617,260) (259,123,319)Inventories (1,291,992) 907,867Prepaid expenses (3,945,200) 68.814Other assets 68,309,389 (32,848.688)

Increase (decrease) in liabilities:Accounts payable and accrued liabilities 3,389,675 19,394,115Deferred revenue (986,520) 3.531,924Deposits refundable (1,133,206) 1.016.446Accrued leave liability 4,807,333 2,860.658Loans to students and employees (5,810,006) (5,296.673)Other liabilities (4,931,021) 13,711,381

Total adjustments 171,546,915 124,226,609

Net cash used in operating activities $ (694,734,810) $ (720,472.154)

Reconciliation of Cash and Cash Equivalents:Current assets - cash and cash equivalents $ 342,514,748 $ 298.676,728Non-current assets - restricted cash and cash equivalents 180,701,003 121.148.911

Cash and cash equivalents - end of year $ 523,215,751 $ 419.825,639

Non-cash Capital Related Financing and Investing Activities:Assets acquired through capital lease obligations $ 1,600,691 $ 12,301,359Capital assets appropriated by the State of Mississippi $ 54,173,110 S 77,543,397Donations of capital assets $ 10,349,365 $ 14,247.043




2009

$ (26,937,141)

800,65463,600

38,861,557(499,457)

(1,584,128)

89.130(2,531,863)(1,049,207)

(287,087)10,768

6,177(10,471)

(4,219)(11,128,623)

(4,200,310)

2008

S (11.941 .626)

1242233

14,142.434413. 224

(5,335,727)

3094415,960,2298813,188

(546] 314)(13,750)

(46)(88,886)(13,769)

(12853,706)86, 923

Supplemental disclosure of cash flow information:

Cash paid during the year for interestCapital lease obligation for equipment

$ 26,993 $ 240,257$ - $ 3,606,672

For the years ended June 30.

Operating ActivitiesDecrease in net assetsAdjustments to reconcile decrease in net assets

to cash provided by (used in) operating activities:Depreciation and amortizationLoss on early redemption of bondsRealized and unrealized losses on investments, netChange in value of internally managed split interest agreementsFair value of donated assetsChange in accrued interest, other receivables and

prepaid assetsChang in pledges receivable, netChange in externally managed trustsChange in accounts payable and accrued liabilitiesChange in receivable from Mississippi State UniversityChange in receivable from MSU Alumni FoundationChange in receivables from MSU Alumni AssociationPermanently restricted investment dividends and interestPermanently restricted contributions

Net cash provided by (used in) operating activities

Investing ActivitiesPurchases of land, buildings, and equipment (33,902) (52,220)Purchases of investments (15,225,227) (39,859,951)Proceeds from sales and maturities of investments 12,131,248 29,622,637Payments on notes receivable 77,365 96,433

Net cash used in investing activities (3,050,516) (10,193,101)

Financing ActivitiesPrincipal payments of long-term debt (3,943,849) (663,405)Permanently restricted investment dividends and interest 4,219 13.769Permanently restricted contributions 11,128,623 12,853706New liabilities under split interest agreements 132,809 514,816Payments to split interest agreement beneficiaries (609,162) (734,537)Principal payments on capital lease obligations (334,746) (297,523)

Net cash provided by financing activities 6,377,894 11686,526

Net increase (decrease) in cash (872,932) 1,580,348

Cash at beginning of year 3,243,092 1,662,744

Cash at end of year $ 2,370,160 S 3,243.092



For the years ended June 30,


2009

159,466(8,316,897)

45,494,106

(111,442)1,828,3353,604,486(312,461)(402,030)

(2,406,953)(3,238,253)

2008

205,929(1,378,649)(2,727,500)29,406,319

43,910(599,715)

(3,326,239)(206.364)

3,817,616(6.969,208)3,473,772


$ (42,774,863)Operating Activities

Decrease in net assetsAdjustments to reconcile decrease in net assets to net cash

provided by (used in) operating activities:DepreciationPermanently restricted contributionsContributions of real estateNet realized and unrealized loss on investmentsChanges in operating assets and liabilities:

Other assetsPledges receivableFunds held for othersBeneficia’ interest in remainder trustsLiabilities under remainder trust agreementsOther liabilities

$ (14,792,327)

Net cash provided by (used in) operating activities

Investing ActivitiesPurchase of property and equipment (43,543) (220,667)Proceeds from sale of property and equipment 741,278 -

Purchase of Foundation investments (42,249,828) (42,239,615)Proceeds from sales and maturities of Foundation investments 32,855,543 38,532,273

Net cash used in investing activities (8,696,550) (3.928,209)

Financing ActivitiesPermanently restricted contributions 7,097,845 5,598,760Receipts under split interest agreements 200,000 1000,000Payments to beneficiaries under remainder trusts (470,277) (432.934)

Net cash provided by financing activities 6,827,568 6,165,826

Net (decrease) increase in cash and cash equivalents . (5,107,235) 5,711.389

Cash and cash equivalents at beginning of year 8,778,262 3,066.873

Cash and cash equivalents at end of year $ 3,671,027 $ 8,778,262

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Supplemental disclosures of cash flow information:


9,4599,704,179

(1,125,529)(23,808)360,290124,13241,335

10,209(99,217)

(360,275)1,768,490(141,229)

(27,234)

10,3582063253(1,015549)

(42.070)3059.274

46.82049.769

(2,967)(41,491)149,419

2,968,104209164(39,470)

Cash paid for interestNon-cash direct financing lease

$ 14,543 $$ 1,585,165 $

2009 2008

$ (6,842,954) $ (2.664.540)

For the years ended June 30,

Operating ActivitiesDecrease in net assetsAdjustments to reconcile decrease in net assets to net

cash provided by operating activities:Depreciation and amortizationRealized and unrealized losses on investments, netPermanently restricted contributionsPermanently restricted dividends and interestChange in externally managed trustsChange in gift annuities and pooled income fundPresent value adjustments to annuitiesChanges in operating assets and liabilities:

Accrued interestPrepaid assets and other receivablesAdvances to University of Southern MississippiPledges receivable, netAccounts payableLiability for amounts held for others

Net cash provided by operating activities 3,391,848 4,750,074

Investing ActivitiesPurchase of furniture and equipment (433,488) (6,360)Change in cash surrender value of life insurance (144,613) (347.164)Purchase of investments (17,020,827) (34,574,176)Change in amounts due to brokers 1,885 (149,394)Proceeds from sales and maturities of investments 19,266,152 37,407,477Purchase of assets to be leased (1,585,165) -

Principal payments received under leases 52,814 -

Net cash provided by investing activities 136,758 2,330,383

Financing ActivitiesProceeds from note payable 1.600,000 -

Principal payments on note payable (1 25,497) -

Permanently restricted contributions 1,125,529 1.015.549Permanently restricted dividends and interest 23,808 42,070Investments subject to annuity agreements - (17,619)Annuity payments (52,755) (54.31 5)

Net cash provided by financing activities 2,571,085 985,685

Net increase in cash and cash equivalents 6,099,691 8.066.142

Cash and cash equivalents at beginning of year 14,913,974 6,847832

Cash and cash equivalents at end of year $ 21,013,665 $ 1491 3,974



Notes to Financial Statements

NOTE I — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting EntityThe Mississippi Constitution was amended in 1943 to create a Board of Trustees of StateInstitutions of Higher Learning (Board). This constitutional Board provides management and controlof Mississippi’s system of universities. The Board meets monthly and oversees the eight publicuniversities, the University of Mississippi Medical Center and various off-campus centers andlocations throughout the state.

The current twelve Board members were appointed by the Governor and approved by the Senate fortwelve year terms as follows: one from each of the seven congressional districts, one from each ofthe three Supreme Court Districts, and two appointed from the state-at-large. The MississippiConstitution was amended in 2003 to change the length of terms and appointment districts for Boardmembers. New appointments will occur from the three current Supreme Court districts for terms ofnine years. The amendment provides for these new appointments and tenures to be graduallyimplemented. Full implementation occurs in 2012.

Each of the eight universities and the University of Mississippi Medical Center has established itsown educational building corporation (a nonprofit corporation incorporated in the State ofMississippi) in accordance with Section 37-101-61 of the Mississippi Code Annotated of 1972. Thepurpose of these corporations is for the acquisition, construction and equipping of facilities and landfor the various universities. In accordance with Governmental Accounting Standards Board (GASB)Statement No. 14, these educational building corporations are deemed component units of the Stateof Mississippi Institutions of Higher Learning and are included as blended component units in thegeneral purpose financial statements.

The following is a list of abbreviations used throughout the report for the member universities of theState of Mississippi Institutions of Higher Learning (collectively “the IHL System”):

ASU Alcorn State UniversityDSU Delta State University

JSU Jackson State UniversityMSU Mississippi State UniversityMUW Mississippi University for WomenMVSU Mississippi Valley State UniversityUM University of MississippiUSM University of Southern MississippiUMMC University of Mississippi Medical CenterIHL Board Office Institutions of Higher Learning - System Office

MCVS Off-campus entity

The IHL System is considered a component unit of the State of Mississippi reporting entity.

The IHL System reports the following discretely presented component units:

Mississippi State University Foundation, Inc.The Mississippi State University Foundation is a legally separate, tax-exempt not for profitentity established to solicit and manage funds for the benefit of Mississippi State University.

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NOTE I — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

University of Mississippi FoundationThe University of Mississippi Foundation is a legally separate! tax exempt not for profit non-stock corporation formed for the benefit of the University of Mississippi.

University of Southern Mississippi FoundationThe University of Southern Mississippi Foundation is a not for profit entity formed to providesupport to the University of Southern Mississippi and its students.

Although these universities do not control the timing or amount of receipts they receive from thesefoundations, the majority of the resources or income thereon that these foundations hold and investare restricted to the activities of their respective universities by the donors.

The Mississippi State University Foundation, Inc., the University of Mississippi Foundation, and theUniversity of Southern Mississippi Foundation each make distributions to their respectiveUniversities for support. During the years ended June 30,2009 and 2008, support distributions wereas follows:

Forthe years ended June 30, 2009 2008

Mississippi State University Foundation, Inc. $ 17,875,592 $ 23,995,804University of Mississippi Foundation $ 37,484,939 $ 29,222,192University of Southern Mississippi Foundation $ 8,133,099 $ 5,458,560

Nature of OperationsThrough its member universities, the IHL System serves the state, national and internationalcommunities by providing its students with academic instruction, by conducting research and otheractivities that advance fundamental knowledge and by disseminating knowledge to the people ofMississippi and throughout the world.

Basis of PresentationThe financial statements have been prepared in accordance with accounting principles generallyaccepted in the United States of America as prescribed by the GASS, including Statement No. 34,Basic Financial Statements and Management’s Discussion and Analysis - for State and LocalGovernments, and Statement No. 35, Basic Financial Statements - and Management’s Discussionand Analysis - of Public Colleges and Universities, issued in June and November, 1999,respectively.

Basis of AccountingThe financial statements of the IHL System have been prepared in accordance with accountingprinciples generally accepted in the United States of America, including all applicable effectivestatements of the GASB and all statements of the Financial Accounting Standards Board throughNovember 30, 1989, using the economic measurement focus and the accrual basis of accounting.Under the accrual basis, revenues are recognized when earned, and expenses are recorded whenan obligation has been incurred. All significant transactions among departments, campuses andauxiliary units of the IHL System have been eliminated.

Cash EquivalentsFor purposes of the statements of cash flows, the IHL System considers all highly liquid investmentswith an original maturity of three months or less to be cash equivalents.

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Use of EstimatesThe preparation of financial statements in conformity with U.S. generally accepted accountingprinciples requires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of thefinancial statements and the reported amounts of revenues and expenditures during the reportingperiod. Actual results could differ from those estimates.

The IHL System’s investments are invested in various types of investment securities and in variouscompanies within various markets. Investment securities are exposed to several risks, such asinterest rate, market and credit risks. Due to the level of risk associated with certain investmentsecurities, it is at least reasonably possible that changes in the values of investment securities willoccur in the near term and that such changes could materially affect the amounts reported in the IHLSystem’s financial statements,

Significant estimates also include the determination of the allowances for uncollectible accounts andcontractual adjustments and estimated third-party payor settlements, included as other currentassets, relating to the IHL System’s patient services. In addition, laws and regulations governing theMedicare and Medicaid programs are extremely complex and subject to interpretation. As a result,there is a least a reasonable possibility that recorded estimates associated with these programscould change by a material amount in the near term.

Included in other long-term liabilities are unpaid claim liabilities relating to the IHL System’s self-insured workers’ compensation fund, self-funded unemployment trust fund, its tort liability fund andthe University of Mississippi Medical Center tort claims fund. The liabilities for these unpaid claimsand loss adjustment expenses are determined using both evaluations of each claim and statisticalanalyses and represent the estimated ultimate net cost of all claims and expenses incurred throughthe end of the reporting period. The determinations of claims payable include estimates that areparticularly susceptible to change in the near term. Management believes that liabilities establishedfor these unpaid claims at June 30, 2009 and 2008 are adequate to cover the ultimate net cost ofclaims and contractual adjustments, but these liabilities are necessarily based upon estimates and,accordingly, the amount ultimately paid will be more or less than such estimates. The methods formaking such estimates and for establishing the resulting liabilities are continually reviewed, and anyadjustments are reflected in operations currently.

In connection with the preparation of the financial statements of the IHL System, managementevaluated subsequent events through December 15, 2009 which was the date the financialstatements were available to be issued.

Shad-term InvestmentsShort-term investments are investments that are not cash equivalents but mature within the nextfiscal year.

Accounts Receivables, netAccounts receivables consist of tuition and lee charges to students and patient accountsreceivables at UMMC. Accounts receivables also include amounts due from federal and stategovernments, and from non-governmental sources, in connection with reimbursement of allowableexpenses made pursuant to the universities’ grants and contracts. Accounts receivables arerecorded net of an allowance for doubtful accounts.

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NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Student Notes Receivables, netStudent notes receivables consst of federal, state and institutional loans made to students for thepurpose of paying tuition and fee charges. Loan balances expected to be paid during the next fiscalyear are presented on the statement of net assets as current assets. Those balances that are eitherin deferment status or expected to be paid back beyond the next fiscal year are presented asnoncurrent assets on the statement of net assets.

InventoriesInventories consist of bookstore, physical plant, agriculture, printing and food service supplies.These inventories are generally valued at the lower of cost or market, on either the first-in, first-out(“FIFO”) basis or the average cost basis.

CollectionsOn occasion, the IHL System may obtain collections of art or historical treasures (usually as privatedonations to its member institutions). These collections are usually held for public exhibition,education or research. The IHL System is not required to capitalize these collections and in practicegenerally does not capitalize their value in the financial presentation.

Prepaid ExpensesPrepaid expenses generally consist of expenditures that are related to projects, programs, activitiesor revenues of future fiscal periods.

Restricted Cash and Cash Equivalents and Restricted Short-term InvestmentsCash, cash equivalents and short-term investments that are externally restricted to make debtservice payments, maintain sinking or reserve funds, or to purchase or construct capital or othernoncurrent assets, are classified as noncurrent assets in the statements of net assets.

Endowment InvestmentsEndowment investments are generally subject to the restrictions of donor gift instruments. Theyinclude true endowment funds, which are funds received from a donor with the restriction that onlythe income is to be utilized; term endowment funds, which are funds for which the donor hasstipulated that the principal may be expended after a stated period or on the occurrence of a certainevent and quasi-endowment funds, which are funds established by the governing board to functionlike an endowment fund but may be totally expended at any time at the discretion of the governingboard.

Other Long-term InvestmentsThe IHL System accounts for its investments at fair value in accordance with GASS Statement No.31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools.Changes in unrealized gain (loss) on the carrying value of investments are reported as a componentof investment income in the statements of revenues, expenses and changes in net assets.

Capital AssetsCapital assets are recorded at cost at the date of acquisition, or, if donated, at fair market value atthe date of donation. Livestock for educational purposes is adjusted at year-end to reflect marketprice. Renovations to buildings and improvements other than buildings that significantly increase thevalue or extend the useful life of the structure are capitalized. Routine repairs and maintenance are

- 46 -




charged to operating expense in the year in which the expense was incurred. Depreciation iscomputed using the straight-line method over the estimated useful life of the asset and is notallocated to the functional expenditure categories. See Note 6 for additional details concerninguseful lives, salvage values and capitalization thresholds. Expenditures for construction in progressare capitalized as incurred. Interest expense relating to construction is capitalized net of interestincome earned on resources set aside for this purpose, if material. Restricted cash and investmentsinclude certain maintenance and replacement reserves that have been established to fund costsrelating to residences and other auxiliary activity facilities.

Accounts Payable and Accrued LiabilitiesAccounts payable and accrued liabilities generally consist of amounts owed to vendors, contractors,or accrued items such as interest, wages, and salaries.

Income TaxesEach member institution of the IHL System is considered an agency of the State and is treated as agovernmental entity for tax purposes. As such, they are generally not subject to federal and stateincome taxes. However, these institutions do remain subject to income taxes on any income that isderived from a trade or business regularly carried on and not in furtherance of the purpose forwhichit was granted exemption. No income tax provision has been recorded because, in the opinion ofmanagement, there is no significant amount of taxes on such unrelated business income.

Deferred RevenuesDeferred revenues include amounts received for tuition and fees and certain auxiliary activities priorto the end of the fiscal year but related to the subsequent accounting period. Deferred revenues alsoinclude amounts received from grant and contract sponsors that have not yet been earned.

Deposits RefundableDeposits refundable represent good faith deposits from students to reserve housing assignments,key deposits and post breakage deposits in the residence halls of the member universities of theIHL System.

Noncurrent LiabilitiesNoncurrent liabilities include (1) principal amounts of revenue bonds payable, notes payable andcapital lease obligations, (2) estimated amounts for accrued compensated absences and otherliabilities that will not be paid within the next fiscal year; and (3) other liabilities that, although payablewithin one year, are to be paid from funds that are classified as noncurrent assets.

Government Advances RefundableThe IHL System participates in the Federal Perkins Loan and Nursing Loan Programs, which arefunded through a combination of Federal and institutional resources. The portion of these programsthat has been funded with Federal funds is ultimately refundable to the U.S. Government upon thetermination of IHL System’s participation in the programs. The portion that would be refundable ifthe programs were terminated has been presented as other long-term liabilities and approximated$65,398,000 and $65,570,000 as of June 30, 2009 and 2008, respectively.

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Compensated AbsencesTwelve-month employees earn annual personal leave at a rate of 12 hours per month for zero tothree years of service; 14 hours per month for three to eight years of service; 16 hours per month foreight to 15 years of service; and for 15 years of service and over, 18 hours per month are earned.

There is no requirement that annual leave be taken, and there is no maximum accumulation. Attermination, these employees are paid for up to 240 hours of accumulated annual leave.

Nine-month employees earn major medical leave at a rate of 13 1/3 hours per month for one monthto three years of service; 14 1/5 hours per month for three to eight years of service; 152/5 hours permonth for eight to 15 years of service; and for 15 years of service and over, 16 hours per month areearned. There is no limit on the accumulation of sick leave. At retirement, these employees are paidfor up to 240 hours of accumulated major medical leave.

Classification of Revenues and ExpendituresThe 1HL System has classified its revenues and expenses as either operating or nonoperatingaccording to the following criteria:

Operating revenues and expenses have the characteristics of exchange transactions. Thesetransactions can be defined as an exchange in which two or more entities both receive and sacrificevalue, such as purchases and sales of goods or services. Examples of operating revenues include(1) student tuition and fees; (2) sales and services of auxiliary enterprises; (3) most federal, stateand local grants and contracts; and (4) other operating revenues. Examples of operating expensesinclude (1) employee compensation, benefits, and related expense; (2) scholarships andfellowships, net of scholarship discounts and allowances; (3) utilities, supplies and other services;(4) professional fees; and (5) depreciation expenses related to certain capital assets.

Non-operating revenues has the characteristics of non-exchange transactions. Examples of non-operating revenues include state appropriations, gifts and contributions. Non-operating expensesare defined in GASB No. 9, Reporting Cash Plows of Proprietary and Non-expendable Trust Fundsand Governmental Entities That Use Proprietary Fund Accounting, and GASB No.34, such as stateappropriations, investment income and interest on capital asset related debt and bond expenses.Included in non-operating gifts and grants are federally awarded student financial aid programrevenues of approximately $99,034,000 and $81,491,000 for the years ended June 30, 2009 and2008, respectively.

A uxiliaiy Enterprise ActivitiesAuxiliary enterprises typically exist to furnish goods or services to students, faculty, or staff, and thatcharge a fee directly related to, although not necessarily equal to, the cost of the goods or services.One distinguishing characteristic of auxiliary enterprises is that they are managed as essentially self-supporting activities. Included in auxiliary enterprise revenues are fees and sales for residencehalls, food services, bookstore activities and intercollegiate athletic programs. The general publicmay be served incidentally by auxiliary enterprises.

Patient Care RevenuesPatient care revenues are reported at the estimated net realizable amounts from patients, third-partypayers, and others for hospital and clinical services rendered by UMMC, including contractualallowances and estimated retroactive revenue adjustments due to future audits, reviews, and

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investigations, as well as the provision for doubtful accounts. Retroactive adjustments areconsidered in the recognition of revenue on an estimated basis in the period the related services arerendered, and are adjusted in future periods as adjustments become known or as years are nolonger subject to such audits, reviews and investigations. During 2009 and 2008, net patient servicerevenue decreased approximately $20,183,000 and $19,927,000, respectively, due to adjustmentsto previous estimates. The provision for doubtful accounts netted against revenue approximated$293239000 in 2009 and $268,501,000 in 2008.

MedicareInpatient acute care services and substantially all outpatient services rendered to Medicare programbeneficiaries are paid at prospectively determined rates per discharge. These rates vary accordingto a patient classification system that is based on clinical, diagnostic and other factors. Inpatientskilled nursing services are paid at prospectively determined per diem rates that are based uponpatients’ acuity. Certain in-patient non-acute services and defined medical education costs are paidbased on a cost reimbursement methodology. UMMC is reimbursed for certain services at tentativerates, with final settlement determined after submission of annual cost reports by UMMC and auditsthereof by the Medicare intermediary. UMMC’s Medicare cost reports have been audited and settledfor all years through fiscal 2007. During 2008, UMMC received notification from the fiscalintermediary of the intent by Medicare to reopen cost reports filed for as far back as 2002 to adjustfor overpayments made for outpatient renal dialysis services and as a result accrued an estimatedliability of approximately $8,229,000. In 2009, UMMC repaid the Medicare program approximately$5,424,000 for adjustments to outpatient renal dialysis services for fiscal years 2003 through 2006.In addition, during 2009, UMMC received notification that the Medicare recovery audit contractorprogram, intended to identify and recover improper Medicare payments to healthcare providers, forthe region that includes the State of Mississippi would begin soon. As a result and based upon areview of claims eligible for the review and experience of providers being audited in other regions,UMMC accrued a reserve of approximately $9,160,000 for potential claim adjustments as of June30, 2009.

MedicaidInpatient and outpatient services rendered to Medicaid program beneficiaries are reimbursed undera cost reimbursement methodology for certain services and at prospectively determined rates for allother services. UMMC is reimbursed for cost reimbursable services at tentative rates based onannual cost reports submitted by UMMC with final settlement determined after audits thereof by theMedicare fiscal intermediary. During 2009 and 2008, UMMC accrued additional liabilities ofapproximately $14,014,000 and $12,000,000, respectively for potential claim adjustments as a resultof notifications by Medicaid. These notifications centered around changes in the methodology usedto reimburse outpatient services that would be applied retroactively back to 2005 and decreases inpreviously computed rates for inpatient services as a result of audited Medicare cost reports andchanges in Medicaid covered days. In 2009, approximately $10,289,000 was repaid to Medicaidrelative to these claim adjustments.

Revenue from the Medicare and Medicaid programs, including supplement payments for MedicaidDSU and UPL, accounted for approximately 27% and 46%, respectively, of UMMCs net patientservice revenues for the year ended June 30, 2009 and approximately 22% and 56%, respectively,for the year ended June 30, 2008.

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UMMC also entered into payment agreements with certain commercial insurance carriers, healthmaintenance organizations and preferred provider organizations. The basis for payment to UMMCunder these agreements includes prospectively determined rates per discharge, discounts forestablished charges and prospectively determined daily rates.

Scholarship Discounts and AllowancesFinancial aid to students is reported in the financial statements under the alternative method asprescribed by the National Association of College and University Business Officers (NACUBO).Certain aid, such as loans, funds provided to students as awarded by third parties and FederalDirect Lending, is accounted for as a third party payment (credited to the students account as if thestudent made the payment). All other aid is reflected in the financial statements as scholarshipallowances, which reduce revenues, or as operating expenses. The amount reported as operatingexpenses represents the portion of aid that was provided to the student in the form of cash.

Scholarship allowances represent the portion of aid provided to the student in the form of reducedtuition. Under the alternative method, these amounts are computed on a university basis byallocating the cash payments to students, excluding payments for services, on the ratio of total aid tothe aid not considered to be third party aid.

Net AssetsNet assets are classified according to external donor restrictions or availability of assets forsatisfaction of university obligations. Nonexpendable restricted net assets are gifts that have beenreceived for endowment purposes, the corpus of which cannot be expended. Expendable restrictednet assets represent funds that have been gifted for specific purposes and institutional funds usedfor federal loan programs.

The unrestricted net assets of the IHL System include certain amounts which have been designatedfor financial resource utilization in future periods. Unrestricted net assets include designations as ofJune 30, 2009 and 2008, as follows:Asof June 30, 2009 2008

Academic programs and research $ 9,980,187 $ 16,536,585Auxiliary operations, renewals and replacements 36,466,899 34,890,224Capital projects 101,654,176 50,224,255Debt services 8,597,972 1,879,852Designated projects 79,050,428 66,562,750Encumbrances 55,105,473 59,665,592Quasi-endowments 14,935,110 17,761,411Repairs and maintenance 8,374,569 8,232,890Undesignated 305,579,796 323,544,024

S 619,744,610 $ 579,297,583

Future Accounting PronouncementsIn June 2007, GASB issued Statement No. 51, Accounting and Financial Reporting of IntangibleAssets. The objective of this statement is to establish accounting and financial reportingrequirements for intangible assets to reduce inconsistencies in recognition, measurement, and

- 50 -




amortization of intangible assets. This statement requires that all intangible assets not specificallyexcluded by its scope be classified as capital assets. This statement provides guidance ondetermining the useful life of an intangible asset or if the intangible asset should be considered tohave an indefinite useful life, and therefore should not be amortized. GASB No. 51 is effective forthe IHL System for the fiscal year beginning July 1, 2009.

In November 2007, the GASB issued GASS Statement No. 52, Land and Other Real Estate Held asInvestments by Endowments. This statement establishes consistent standards for the reporting ofland and other real estate held as investments by requiring endowments to report their land andother real estate investments at fair value. Governments also are required to report the changes infair value as investment income and to disclose the methods and significant assumptions employedto determine fair value, and other information that they currently present for other investmentsreported at fair value. GASB No, 52 is effective for the IHL System for the fiscal year beginning July1, 2009 with any changes made to comply with this statement treated as an adjustment of priorperiods.

In June 2008, the GASS issued GASB Statement No. 53, Accounting and Financial Reporting forDerivative Instruments. This statement addresses the recognition, measurement, and disclosure ofinformation regarding derivative instruments entered into by state and local governments andspecifically requires governments to measure most derivative instruments at fair value in theirfinancial statements that are prepared using the economic resources measurement focus and theaccrual basis of accounting. The new standard provides specific criteria that governments will use todetermine whether a derivative instrument will result in an effective hedge. Changes in fair value foreffective hedges that are achieved with derivative instruments will be recognized in the reportingperiod to which they relate. The changes in fair value of these hedging derivative instruments do notaffect current investment revenue, but are instead reported as deferrals in the statement of netassets or the balance sheet. Derivative instruments that either do not meet the criteria for aneffective hedge or are associated with investments that are already reported at fair value areclassified as investment derivative instruments for financial reporting purposes. Changes in fairvalue of those derivative instruments are reported as part of investment revenue in the currentreporting period. The requirements of GASB No. 53 are effective for the IHL System for the fiscalyear beginning July 1, 2009.

In March 2009, the GASB issued GASB Statement No. 54, Fund Balance Reporting andGovernment Fund Type Definitions. This statement establishes fund balance classifications thatcomprise a hierarchy based primarily on the extent to which a government is bound to observeconstraints imposed upon the use of the resources reported in government funds. Therequirements of GASB No. 54 are effective for the IRL System for the fiscal year beginning afterJune 15, 2010.

Management has not completed its evaluations to determine the effect, if any, the adoption of thesefuture statements will have on the IHL System’s financial condition or results of operations.

ReciassificationsCertain reclassificafions have been made to the 2008 financial statements to conform to the 2009method of presentation.

- 51 -



NOTE 2— PRIOR PERIOD ADJUSTMENTS

For the year ended June 30, 2008, the IHL System recorded prior period adjustments which reducednet assets, as previously reported, by $5,513,926. These prior period adjustments resulted fromcorrections of errors as follows:

Adjustments to capital assets $ 6,405,518Other corrections (891,592)

Total $ 5,513926

NOTE 3—CASH AND INVESTMENTS

Cash, Cash Equivalents and Short-term InvestmentsInvestment policies as set forth by Board of Trustees policy and state statute authohze theuniversities to invest in demand deposits and interest-bearing time deposits such as savingsaccounts, certificates of deposit, money market funds, U.S. Treasury bills and notes, andrepurchase agreements

Custodial Credit RiskS DepositsCustodial credit risk is the risk that in the event of the failure of a financial institution! the IHL Systemwill not be able to recover deposits or collateral securities that are in the possession of an outsideparty. The IHL System does not have a formal policy for custodial credit risk. However, theMississippi State Treasurer manages risk on behalf of the IHL System. Deposits above EDICcoverage are collateralized by the pledging financial institution’s trust department or agent in thename of the Mississippi State Treasurer on behalf of the IHL System.

The collateral for public entities’ deposits in financial institutions is held under a program governedby Section 27-105-5 of the Mississippi Code Annotated (1972). Under this program, the IHLSystem’s funds are protected through a collateral pool administered by the State Treasurer.Financial institutions holding deposits of public funds must pledge securities as collateral againstthese deposits. In the event of failure of a financial institution, securities pledged by that institutionwould be liquidated by the State Treasurer to replace the public deposits not covered by the FederalDepository Insurance Corporation.

InvestmentsInvestment policies as set forth by Board policy as authorized by Section 37-101-15, MississippiCode Annotated (1972), authorizes the universities to invest in equity securities, bonds and othersecurities. Investments are reported at fair value (market).

- 52 -



NOTE 3— CASH AND INVESTMENTS (Continued)

The following table summarizes the fair values of the IHL Systems investments as of June 30,2009and 2008:

As of June 30, 2009 2008

Short-term investments - current assets $ 163,888,934 $ 105,722,484Noncurrent assets:

Restricted short-term investments 11,443,294 8,965,197Endowment investments 157,961,394 179,379,213Other long-term investments 205,048,500 213,804,913Total $ 538,342,122 S 507,871.807

The following table presents the fair value of investments by type at June 30, 2009 and 2008:As of June 30, 2009 2008

U.S. Government agency obligations $ 179,730,566 $ 202,442,680U.S. Treasury obligations 11,632,429 1,096,439Certificates of deposit 172,032,226 114,981,696Corporate bonds and notes 742,547 708,598Commercial mortgage backed securities 6,703,097 4,672,303Collateralized mortgage obligations 20,741,363 11,629,042Municipal bonds 11,674,207 2,969.559Money market funds 501,391 2,534,057Fixed income mutual funds 31,501,578 32,711,280Asset backed securities 2,892,885 3.402,500Domestic equity securities 35,183,021 48,474,690International equity mutual funds 13,822,819 24,020,113Land grant principle 1,340,068 1,340,068Domestic equity mutual funds 28,361,379 36,610,752Guaranteed investment contract - 3,797,117Equity hedge funds 10,474,331 11,301,749Miscellaneous 11,008,215 5,179,164

Total $ 538,342,122 $ 507.871,807

Custodial Credit RiskPer GASS Statement No. 40, custodial credit risk is defined as the risk that, in the event of thefailure of the counterparty to a transaction, a government will not be able to recover the value of theinvestment or collateral securities that are in the possession of an outside party. The IHL Systemdoes not presently have a formal policy for custodial credit risk. Investments are exposed tocustodial credit risk if the securities are uninsured and unregistered with securities held by thecounterparts trust department or agent, but not held in the government’s name. Investments ofapproximately $20,583,000 and $26,121,000 were exposed to custodial risk as of June 30, 2009and June 30, 2008, respectively.

- 53 -




Interest Rate RiskPer GASB Statement No. 40, interest rate risk is defined as the risk a government may face shouldinterest rate variances adversely affect the fair value of investments. The IHL System does notpresently have a formal policy that addresses interest rate risk. As of June 30, 2009 and 2008, theIHL System had the following investments subject to interest rate risk:

As of June 30. 2009Investment Maturities (in years)

Fair Less MoreInvestmenttype Value thanl 1-5 6-10 than 10

U.S. Governmentagency obligations $ 179,730,566 $ 2,346,875 $ 116,866,875 $ 58,871,038 $ 1,645,778

U.S. Treasury obligations 11,632,429 11,296,953 284,252 34,617 16,607Corporate bonds and

notes 742,547 - 129,250 588,246 25,051Commercial mortgage

backed securities 6,703,097 - 133,162 482,073 6,087,862Collateralized mortgage

obligations 20,741,363 5,066,518 3,268,079 - 12,406,766Municipal bonds 11,674,207 270,183 11,404,024 - -

Bond mutual funds 31,501,578 39,953 11,000,743 20,460,882 -

Asset backed securities 2,892,885 - 2,892,885 -

Total $ 265,618,672 $ 19,020,482 $ 143,086,385 $ 83,329,741 $ 20,182,064

As of June 30, 2008

U.S. Governmentagency obligations S 202.442.680 $ 30,700.939 $ 96,419,257 $72,515,747 $ 2.806,737

Guaranteed investmentcontract 3,797,117 - 3.797,117 - -

U.S. Treasury obligations 1.096.439 731,695 333,472 23,475 7797Corporate bonds and

notes 708,598 5,678 143,008 526,824 33,088Commercial mortgage

backed securities 4,672,303 - 190,782 243,827 4,237,694Collateralized mortgage

obligations 11,629,042 - 2,899,738 - 8,729,304Municipal bonds 2.969.559 1,058.835 1,409.244 501 .480 -

Bond mutual funds 32,711.280 3,028.354 17,141,856 12,200.893 340,177Asset backed securities 3.402,500 - - 3,402,500 -

Total S 263.429.518 $ 35.525,501 S 122,334,474 S 89,414.746 $ 15,154,797

- 54 -




Credit RiskCredit risk is the risk that an insurer or other counterparty to an investment will not fulfill itsobligations. The IHL System does not presently have a formal policy that addresses credit risk. Asof June 30, 2009 and 2008, the IHL System had the following exposure to investment credit risk:

As of June 30, 2009 2008

Credit Rating Fair Value Fair Value

MA $ 167.671.579 $176372651Aaa 10,819,033 27,248,249Aal 6,337 10,112Aa2 19.361 9,087Aa3 1,576,105 851,176AA 6.109.452 130,496Al 15.473 4,036A2 29,136 36,321A3 17,541,587 264,145A 4,441,801 201,142Baal - 3,785Baa2 4,058 6,936BBS 10.447 10,272Rating not available 57,374,3C3 58,281,110

Total $ 265,618,672 $ 263,429,518

The credit risk ratings listed above are issued upon standards set by Standards and Poor’s orMoody’s Ratings Services.

Concentration of Credit RiskPer GASS Statement No. 40, concentration of credit risk is defined as the risk of loss attributed tothe magnitude of a government’s investment in a single issuer. The IHL System does not presentlyhave a formal policy that addresses concentration of credit risk. The IHL System had the followinginvestments that represent more than 5 percent of net investments as of June 30, 2009 and 2008:

As of June 30, 2009

Issuer Fair Value Percentage

Federal Home Loan Bank notes $ 44,169,552 8.20%Federal Home Loan Mortgage Corporation notes 39,671,356 7.37%Federal National Mortgage Association notes 83,780,872 11.85%

- 55-



NOTE 3— CASK AND INVESTMENTS (Continued)

As of June 30, 2008

Issuer Fair Value Percentage

Federal Home Loan Bank notes $ 70.495,035 1388%Federal Home Loan Mortgage Corporation notes 59,146,517 11.65%Federal National Mortgage Association notes 32165072 6.33%

Foreign Currency RiskPer GASB Statement No. 40, the foreign currency risk is defined as the risk that changes inexchange rates will adversely affect the fair value of an investment. The IHL System does notpresently have a formal policy that addresses foreign currency risk. The IHL System’s exposure toforeign currency risk is limited to investments in global or pooled non-U.S. equity mutual funds whichapproximated $13,823,000 and $24,020,000 at June 30, 2009 and 2008, respectively.

NOTE 4—ACCOUNTS RECEIVABLE

Accounts receivable of the IHL System consisted of the following as of June 30, 2009 and 2008:

As of June 30, 2009 2008

Student tuition $ 63,530,472 $ 60,231,897Auxiliary enterprises and other operating activities 19,906,537 17,827,522Contributions and gifts 20,654,515 15,239,690Federal, state, and private grants and contracts 113,372,970 112,846,545State appropriations 18,226,726 14,408,129Accrued interest 3,090,343 3,386,772Patient income 2,218,900,069 1909,425,307Other 11,185,350 8,881,229

Total account receivable 2,468,866,982 2,142,247,091Less allowance for doubtful accounts (2,176,094,641) (1,879,748,383)

Net accounts receivable $ 292,772,341 $ 262,498.708

As a component unit of the State of Mississippi, the IHL System is precluded by statute fromdischarging amounts owed. Accordingly, gross accounts receivables and the allowance for doubtfulaccounts include amounts considered to be 100% uncollectible and fully reserved in a prior year.

- 56 -



NOTE 5— NOTES RECEIVABLE FROM STUDENTS

Notes receivable from students are payable in installments over a period of up to ten years,commencing three to twelve months from the date of separation from one of the IHL System’sinstitutions. The following is a schedule of interest rates and unpaid balances for the different typesof notes receivable held by the IHL System as of June 30, 2009 and 2008:

Interest June 30, Current Non-currentRates 2009 Portion Portion

Perkins student loans 3% to 9% $ 77,190,126 $ 7,871,457 $ 69,318,668Nursing student loans 3% to 9% 436,529 77,107 359,422Other federal loans 3% to 9% 3,287,060 1,720,068 1,566,992Institutional loans 0%to9% 58,205,408 5,521,255 52,684,153Medical student loans 3% to 9% 165,742 22,977 142,765Dental student loans 3% to 9% 373,471 20,559 352,912

Total notes receivable 139,658,335 15,233,423 124,424,912

Less allowance for doubtfulaccounts (17,186,431) (3,748,054) (13,438,377)

Net notes receivable $ 122,471,904 $ 11,485,369 $ 110,986,535

Interest June 30, Current Non-currentRates 2008 Portion Portion

Perkins student loans 3% to 9% S 74,172,090 $ 7,595.644 $ 66.576.446Nursing student loans 3% to 9% 533.797 80.428 453,369Otherfederal loans 3%to9% 3,209,412 1,699.807 1,509.605Institutional loans 0% to 9% 57,312,989 4,522.918 52.790.071Medical student loans 3% to 9% 221,416 39,881 181,535Dental student loans 3%to9% 369,715 21,401 348,314

Total notes receivable 135,819,419 13.960,079 121,859.340

Less allowance for doubtfulaccounts (16,269,647) (3,744,058) (12,525,589)

Net notes receivable $ 119,549,772 $ 10,216,021 $ 109,333,751

- 57 -



NOTE 6— CAPITAL ASSETS

A summary of changes in capital assets of the IHL System for the years ended June 30, 2009 and2008. are presented as follows:

As of june 30. 2009

Beginning EndingBalance Additions Deletions Balance

Nondepreciable capital assets

Land S 58,019.988 S 1622.647 S 560,000 $ 59,082,635Construction in progress 381.889.452 174.919348 172.085190 384,723,610Livestock 1.618.807 130.334 99,328 1,649,813

Total nondepreciable capital

assets 441 .528,247 176,672,329 172,744,518 445,456,058

Depreciable capital assets

Improvements other thanbuildings 205,157,717 33,004,007 - 238,161,724

BuildingS 2,030,614,868 155,594,116 3,412,415 2,1 82,796,569Equipment 51 9,297,833 53,242,943 30,909,410 541,631,366Library books 300,049,479 14,596,883 388,531 314,257,831

Total depreciable assets 3,055,119,897 256,437,949 34,710,356 3,276,847,490

Less accumulated depreciation

Improvements other thanbuildings 61580,905 7873,951 84296 69,370,560

Buildings 505,351080 40,332,695 2,918,993 542,764,782Equipment 350,148,140 46,672,521 31,1 85,892 365,634,769Library books 233,032,041 14,649,220 388531 247,292,730

Total accumulateddepreciation 1,150,11 2,166 1 09,528.387 34,577.712 1225,062,841

Total depreciable capital

assets 1.905.007,731 146,909,562 132,644 2,051,784,649

Capital assets, net $ 2.346,535,978 $ 323,581,891 $ 172,877,162 $ 2,497,240,707

- 58 -



NOTE 6— CAPITAL ASSETS (Continued)

As of June 30. 2008

Beginning Prior Period EndingBalance Additions Deletions Adjustments Balance

Nondepreciable capital assetsLand $ 51,444,157 $ 6,576,630 $ 799 $ - $ 58,019,988Construction in progress 374,902,734 199,339,233 192,662,749 310,234 381,589,452Livestock 1,716,021 168,157 265,371 - 1,618,807

Total nondepreciable capitalassets 428,062,912 206,084,020 192,928,919 310,234 441528,247

Depreciable capital assetsImprovements other than

buildings 1 87,879.399 16.158.174 266.758 1.386.902 205.1 57,717Buildings 1.841,101 865 197.907,419 9.224.733 830,317 2.030,61 4,868Equipment 497,883,743 46,314,373 30,784.990 5,884,707 51 9.297,833Library books 284,626,803 16,144,420 816,168 94,424 300,049,479

Total depreciable assets 2,811,491,810 276,524,386 41,092,649 8,196,350 3,055,11 9,897

Less accumulated depreciationImprovements other than

buildings 54,562,085 7,195,581 176,761 - 61,580,905Buildings 471,321,826 35,566,848 1,537,594 - 505,351,080Equipment 329,795,946 42,711,847 24,192,366 1,832,713 350,148,140Library books 219,185,855 14,556.079 978.246 268,353 233.032,041

Total accumulateddepreciation 1,074,865,712 1 00,030,355 26,884,967 2,101,066 1,150,112,166

Total depreciable captalassets 1.736.626,098 176.494,031 14 207,682 6.095.284 1,905.007,731

Capital assets, net $ 2,164,689,010 $ 382,578,051 $ 207,136,601 $ 6,405,518 $ 2,346,535,978

As of June 30, 2009 and 2008, capital assets included assets under capital leases with an originalcost of basis of approximately $36,349,000 and $42,914,000, respectively and accumulateddepreciation of approximately $9,944,000 and $8,541,000, respectively.

Prior period adjustments in 2008 were recorded to correct prior years errors in recordingconstruction in progress, capital assets and accumulated depreciation.

- 59 -



NOTE 6— CAPITAL ASSETS (Continued)

Depreciation is computed on a straight-line basis with the exception of the library books category,which is computed using a composite method. The following useful lives, salvage values andcapitalization thresholds are used to compute depreciation:

Estimated Salvage CapitalizationUseful Lives Value Threshold

Buildings 40 years 20% $ 50000Improvements other than buildings 20 years 20% 25,000Equipment 3- 15 years 1 -10% 5.000Library books 10 years 0% -

NOTE 7— ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities consisted of the following as of June 30, 2009 and 2008:

Asof June 30. 2009 2008

Payable to vendors and contractors $ 81,720,082 $ 72,722,229Accrued salaries, wages and employee withholdings 65,226,131 63,175,135Accrued interest 2,675,442 2,027,592Other 4,975,385 5,992.296

Total $ 154,597,040 $ 143917.252

NOTE 8— DEFERRED REVENUES

Deferred revenues consisted of the following as of June 30, 2009 and 2008:

As of June 30. 2009 2008

Unearned summer school revenue $ 18,382,384 $ 19,245,671Unearned grants and contract revenue 5,348,478 13,816,413Other, principally athletic activities 19,931,247 18,522,076

Total $ 43,662,109 $ 51,584,166

- 60 -



NOTE 9— LONG-TERM LIABILITIES

Long-term liabilities of the IHL System consists of notes and bonds payable, capital leaseobligations and certain other liabilities that are expected to be liquidated at least one yearfrom June30, 2009 and 2008, respectively. The various leases cover a period not to exceed five years. TheIHL System has the option to prepay all outstanding obligations less any unearned interest to fullysatisfy the obligation. There is also a fiscal funding addendum stating that if funds are notappropriated for periodic payment for any future fiscal period, the lessee will not be obligated to paythe remainder of the total payments due beyond the end of the current fiscal period.

Information regarding original issue amounts, interest rates and maturity dates for bonds, notes andcapital leases relative to the long-term liabilities for each of the universities within the IHL System asof June 30, 2009 and 2008, is listed in the following schedule.

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38

-83

-



NOTE 9 — LONG-TERM LIABILITIES (Continued)

The annual debt service requirements for the outstanding debt as of June 30, 2009 for each of the

respective universities within the IHL System are as follows:

Bonded Capital Notes

University - Fiscal Year Debt Leases Payable Interest Total

Alcorn State University

2010 $ 61,193 $ - $ - S 9,798 $ 70,991

2011 65,000 - - 6.145 71,145

2012 - -- 2,112 2.112

Totals $ 126,193 $ - $ - $ 18,055 $ 144,248

Delta State University

2010 $ 265001 $ 133,357 $ - $ 393,429 $ 791,787

201 1 273,634 140,689 - 379,433 793,756

2012 274,494 148.425 - 371.214 794.133

2013 450,000 38,364 - 191,619 679.983

2014 470,000 - - 171.148 641,148

2015-2019 2.710,000 - - 504,106 3,214,106

2020-2024 845,000 - - 91 .644 936,644

Totals $ 5,288,129 $ 460,835 $ - $ 2,102,593 $ 7,851,557

Jackson State University

2010 $ 1,792,293 $ - $ 79,463 $ 5,142,944 $ 7,014,700

2011 1.942.735 - 81.865 5.047.040 7.071.640

2012 1.989,622 - 84.339 5,023,793 7,097,754

2013 2,388,486 - 86.888 4,614.821 7090.195

2014 3639,062 - 89.514 2.737.737 5,466,313

2015-2019 16915.068 - 489.828 16.656.672 34.061.568

2020-2024 20,935,031 - 217,285 12,083,850 33,236,166

2025-2029 22,751,442 - - 7,044,215 29,795,657

2030-2034 20,548,780 - - 2,805,787 23,354,567

Totals $ 92,902,519 $ - $ 1,129,182 $ 61,156,859 $ 155,188,560

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NOTE 9— LONG-TERM LIA8ILES (Continued)

Bonded Capital NotesUniversity - Fiscal Yeai Debt Leases Payable Interest Total

Mississippi State University

2010 $ 5,560,000 $ 507,675 $ - $ 7,162,448 $ 13,230,1232011 5725,000 158,892 - 7,449,363 13,333.2552012 6.720,000 79,131 - 7196,779 13,995,9102013 6,985,000 - - 6,914,978 13,899,9782014 7,270,000 - - 6,609,453 13,879,4532015-2019 36,680,000 - - 27,733,038 64,413,0382020-2024 38,760,000 - - 1 9,457,989 58,21 79892025-2029 29,145,000 - - 11,250,645 40,395,6452030-2034 17,820,000 - - 5.666,825 23.486,8252035-2039 13.330,000 - - 1.415,213 14,745,213

Totals $ 167,995.000 $ 745698 $ - S 100,856,731 $ 269,597,429

Mississippi University for Women

2010 $ - $ 215,895 $ - $ 17,110 $ 233,0052011 - 154,806 - 9,235 164,0412012 - 96,916 - 2,644 99,5602013 - 4,336 - 39 4,375

Totals $ - $ 471 953 $ - $ 29,028 $ 500,981

Mississippi Valley State University

2010 $ 135,000 $ - $ - $ 810,225 $ 945,2252011 165.000 - - 804.825 969.8252012 195.000 - - 798,225 9932252013 230.000 - - 790,425 1.020.4252014 265,000 - - 781.225 1,046,2252015-2019 1,875,000 - - 3,719,925 5,594,9252020-2024 2,650,000 - - 3,262,744 5,912,7442025-2029 3,485,000 - - 2,676,251 6,161,2512030-2034 5,385,000 - - 1,760,400 7,145,4002035-2039 4,415,000 - - 407,475 4,822,475

Totals $ 18.800,000 $ - $ - $ 15,811,720 $ 34,611,720

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NOTE 9— LONG-TERM LIABILITIES (Continued)

Bonded Capital Notes

University - Fiscal Year Debt Leases Payable Interest Total

University of Mississippi

2010 $ 6,075000 $ - $ 251,778 $ 4,991,088 $ 11,317,866

2011 6110.000 - 140,545 5,032,327 11.282.872

2012 6,360,000 - 146.573 4.815,199 11.321.772

2013 6.620,000 - 152,873 4.566.565 11,339,438

2014 6,735.000 - 159.460 4.305,903 11,200.363

2015-2019 35.090.000 - 470,911 17,149.083 52.709,994

2020-2024 25385,000 - 431,724 10.454,416 36,271,140

2025-2029 24,215,000 - - 5,086,547 29,301,547

2030-2034 10,395,000 - - 1,199,337 11594,337

Totals $ 126,985,000 $ - $ 1,753,864 $ 57,600,465 $ 186,339.329

University of Southern Mississippi

2010 $ 2,110,000 $ 357,353 $ 121,563 $ 6,334,875 $ 8,923,791

2011 2,255,000 330,178 180,115 6,141,429 8,906,722

2012 2,395,000 275,966 242,409 6,024,930 8,938,305

2013 2,600,000 188,322 308,683 5,902,472 8,999,477

2014 2,745,000 158,516 379,190 5,774,509 9,057,215

2015-2019 17,130,000 726,538 1,787,631 26,397,159 46,041,328

2020-2024 21,805,000 - - 21,366,963 43,171,963

2025-2029 26,035,000 - - 15,980,762 42,015,762

2030-2034 33,565,000 - - 8,352,622 41,917,622

2035-2039 13,505,000 - - 991,284 14,496,284

Totals $ 124,145,000 $ 2,036,873 $ 3,019.591 $ 103,267,005 $ 232,468.469

University of Mississippi Medical Center

2010 $ 4.880,000 $ 6,794,142 $ - $ 5,879,050 $ 17.553,192

2011 5,110,000 7,016993 - 5,340,311 17,467,304

2012 6.090,000 4,205,545 - 4,777,523 15,073.068

2013 4,615.000 1,190.229 - 4.384,155 10.189,384

2014 4.815.000 - - 4.169,096 8,984.096

2015-2019 33,390.000 - - 8,618,973 42,008,973

2020-2024 38,570,000 - - 3056.981 41 .626.981

2025-2029 20.060,000 - - 263.098 20,323.098

2030-2034 14,095,000 - - 50,316 14,145,816

Totals $ 131,625,000 $ 19,206909 $ - $ 36,540,003 $ 187371,912

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Bonded Capital NotesFiscal Year Debt Leases Payable Interest Total

State of Mississippi - Institutionsof Higher Learning

2010 $ 20,878487 $ 8008,422 $ 452.804 $ 30,740,967 $ 60,0806802011 21,646,369 7.801,558 402,525 30210,108 60060.5602012 24,024,116 4.805,983 473.321 29,012,419 58.315,8392013 23.888,486 1,421.251 548,444 27,365,074 53.223,2552014 25,939.062 158,516 628,164 24,549.071 51.274.8132015-2019 143.790.068 726,538 2,748.371 100,778.956 248,043,9332020-2024 148,950,031 - 649,008 69,774,587 219,373,6262025-2029 125,691,442 - - 42,301,518 167,992,9602030-2034 101,808,780 - - 19,835,787 121,644,5672035-2039 31,250.000 - - 2,813,972 34063,972

Totals $ 667,866,841 $ 22,922,268 $ 5,902.637 $ 377,382,459 $ 1,074,074,205

Demand BondsIncluded in bonds payable are several variable rate demand revenue bond issues which are subjectto purchase on the demand of the holder at a price equal to principal plus accrued interest. Demandrevenue bonds outstanding as of June 30, 2009 include Series 20066-2 bonds issued by theUniversity of Mississippi EBC (UMEBC) aggregating approximately $4,075,000 and Series 2008Aand Series 20088 bonds issued by the University of Mississippi Medical Center EBC(UMMCEBC)aggregating approximately $84,630,000. As of June 30, 2008, demand revenue bonds outstandingincluded Series 2000A and Series 20066-2 bonds issued by UMEBC aggregating approximately$30,900,000 and Series 2001 and Series 2004 bonds issued by UMMCEBC aggregatingapproximately $84,855,000.

With regard to the IHL System’s demand bond program, the issuer generally enters into take-out orliquidity agreements with a financial institution which would convert the demand bonds to anotherform of long-term indebtedness, if not successfully remarketed within 180 days, except for the new2008A and 20088 variable rate demand revenue bonds of UMMEBC which have only a 60-daywaiting period. The converted term loans under the take-out agreements subject the bonds toaccelerated amortizations payable in ten equal semi-annual installments over a five year period. Inaddition, the liquidity bank interest rate for these two bond issues, which is a variable ratedetermined by various factors, has a floor of not less than 10% per annum and not greater than25 %

For the demand bonds, the issuer is required to pay annual standby purchase liquidity fees to theliquidity provider (ranging from .145% to .44% per annum of the available commitment (outstandingprincipal and interest).

As of June 30, 2008, $23.2 million of outstanding UMEBC Series 2000A coupons had beentendered to the liquidity provider for this issue, and interest rates reset to prime, which was 5%. ByAugust14, 2008, the remaining $3625 million of outstanding coupons had been tendered. At the

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time of issuance, these variable rate bonds were insured to Aaa status through MBIA. The creditrating of MBIA was downgraded and placed on negative credit watch during 2008. As a result ofthis credit rating downgrade, the market and liquidity for MBIA insured municipals disappeared. Theliquidity provider attempted to remarket these bonds but because their remarketing was improbablein the near term and accelerated amortization requirements of the liquidity facility agreement wouldhave activated on July 1, 2009, the bonds were refunded through the issuance of 20098 revenuebonds in 2009.

On October 8, 2008, all $4,075,000 of outstanding UMEBC Series 20068-2 coupons were tenderedto the liquidity provider and interest rates reset to prime. This issue was insured to AM statusthrough FSA. ESA was placed on ‘Negative Watch list” by Moods Investors Service on July21,2008 and “CreditWatch Negative” by Standard and Poor’s on October 8, 2008. As a result of thesecredit rating announcements the liquidity and market for FSA insured variable rate demandobligations dramatically contracted. Because remarketing of the bonds was not successful during2009 and accelerated amortization requirements were scheduled to activate beginning October 1,2009, the bonds were retired on September 22, 2009.

As of June 30, 2008, $42 million of outstanding UMMCEBC Series 2004 variable rate demandrevenue bonds had been tendered to the liquidity provider for this issue, and interest rates reset toprime, which was 5%. At the time of issuance, these variable rate bonds were insured to Aaa statusthrough AMBAC. The credit rating of AMBAC was downgraded and placed on negative credit watchduring 2008. As a result of this credit rating downgrade, the market and liquidity or AMBAC insuredmunicipals disappeared. While the liquidity provider attempted to remarket iese bonds, theirremarketing was improbable in the near term. Accelerated amortization requirements of the liquidityfacility agreement activate 180 days after June 22, 2009 which would have required acceleratedrepayments in ten equal semi-annual installments beginning December 1,2009

In addition, UMMCEBC had outstanding at June 30, 2008, $42.3 million of Series 2001 variable ratedemand revenue bonds that were insured at issuance by AMBAC. Due to the rating downgrades ofAMSAC and financial instability of the carrier, these bonds traded at an interest rate higher than themarket rate and as of June 30, 2008 had an effective rate of 7.5%. In 2009, these bonds weretendered to the liquidity provider which would have subjected these bonds to acceleratedamortization.

In order to mitigate the adverse impact of certain credit market conditions and avoid acceleratedamortization, UMMCEBC began deliberations and negotiations in May 2008 to refund both the 2001and the 2004 issues. Refunding was completed on both bond issues in October 2008, withissuances of two new variable rate demand revenues refunding bonds, whose principal maturesannually through July 1, 2034, with interest due monthly. The new issuances carry similar terms andsimilar remarketing and standby purchase take-out arrangements; however, the new agreementshave only a 60-day waiting period before the bank bonds are required to be paid back in equalinstallments over five years.

Advance and Current RefundingsDuring the fiscal years 2009 and 2008, the IHL System issued approximately $1 26,557,000 and549,409000, respectively, of revenue refunding bonds to currently refund or advance refund anddefease certain bond issues. Net proceeds for the advance refunding of bond issues weredeposited into irrevocable trusts to provide all future debt service payments of the refunded debt.

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The refunding of the issues were undertaken to avoid accelerated repayments for demand bondsand to reduce debt service payments over the remaining years of maturity. During 2009 and 2008,the advanced refunding reduced debt service payments over the next 26 years and resulted ineconomic gains (the difference between the present value of the debt service payments of therefunded and refunding bonds) of approximately $50,237,000 and $1388000, respectively.

Defeased BondsIn prior years, the IHL System defeased certain outstanding bonds by depositing the new proceedsof refunding bonds and additional monies from debt service funds in irrevocable trusts to be usedsolely for satisfying all remaining principal and interest payments on defeased bonds. Accordingly,for financial reporting purposes the defeased bonds and related trust accounts are not included inthe financial statements. At June 30, 2009 and 2008, approximately $86,966,000 and $70,607,000,respectively, of outstanding bonds (including prior years’ refundings) are considered defeased.

Interest Rate Exchange Agreements (Swap)

University of Mississippi ESCI Series 2000A, Swap Agreement

As a means to lower exposure to rising interest rates, the University of Mississippi EBC (UMLBC)entered into an interest rate swap agreement in connection with the $34.1 million UMEBC. Series2000A variable-rate issue. The intention of the swap was to effectively change the interest rate on$20 million of bonds originally issued to a fixed rate of 3.314%. UMEBC subsequently entered into abasis swap agreement which overlays the original interest rate swap agreement. The basis swapagreement exchanged the referenced index rate of the original swap agreement. The intention ofthe basis swap agreement was to further enhance the probability of reducing the exposure tointerest rate fluctuations over the remaining term of the original notional amount. These agreementswere subject to credit and market risks that were not reflected on the financial statements.

Under the interest rate swap agreement, UMEBC paid the counterparty (JP Morgan) a fixedpayment of 3.314% and receives a variable payment computed at 70% of the one month averageLIBOR. Under the basis swap agreement, UMEBC paid the counterparty a variable paymentcomputed at 70% of one month average LIBOR and receives a variable payment computed at63.03% of the five year average LIBOR.

During 2009 the 2000A variable rate bond issue was refunded. As a result, in 2009 both the interestrate swap agreement and the basis swap agreement were terminated and the net termination costof approximately $1,006,000 was charged to expense.

As of June 30, 2008, the calculated fair value of the interest rate swap agreement was a liability ofapproximately $231,000 and the fair value of the basis swap agreement was an asset ofapproximately $60,000. The fair value of the swap agreements were calculated by a swap pricingsystem in which the future net settlement swap payments were calculated and discounted to thevaluation date using future spot interest rates. The future spot rates are zero-coupon bonds due onthe future settlement dates implied from the current yield curve.

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University of Mississippi Medical Center EBC Swap Agreements

To lower exposure to rising interest rates, the University of Mississippi Medical Center EBC(UMMCEBC) entered into various interest rate swap agreements. On July 1, 2004, UMMCEBCentered into an interest rate swap agreement with a notional amount of $45 million to effectivelychange the interest rate on its Series 2001 variable-rate bonds to a fixed rate of 3.285%. This swapagreement was not terminated when the Series 2001 bonds were refunded in 2009 but wasmaintained to effectively fix the rate for the 20086 series variable rate demands bonds that wereused to refund the Series 2001 bonds.

On August 16, 2004, UMMCEBC entered into an interest rate swap agreement with a notionalamount of $44 million to effectively change the interest rate on its Series 2004 variable-rate bonds toa fixed rate of 3.197%. This swap agreement was not terminated when the Series 2004 bonds wererefunded in 2009 and also was maintained to effectively fix the rate for the 2008A series variablerate demand bonds that were used to refund the Series 2004 bonds.

The variable-rate coupons ol the bonds for both series are based on the variable Securities Industryand Financial Markets Association (SIEMA) Municipal Swap Index (formerly the Bond MarketAssociation Municipal Swap Index).

UMMCEBC had also entered into two secondary basis interest rate swap agreements tied todifferent benchmark indexes but with similar terms as the above swap agreements. The intent ofthe two supplemental basis swap agreements was to take advantage of market conditions to furtherreduce interest cost for both bond issues. Due to favorable market conditions the two supplementalbasis swap agreements were terminated in March 2008, which resulted in gains reported in non-operating revenues of apprOximately $2,173,000 during 2008.

TermsThe $41895 million Series 20086 bonds mature July 1, 2031 and the related swap agreementsettles monthly and matures July 1, 2014. The notional amount of the interest rate swap agreementwas $41,335,000 and $42,305,000 at June 30,2009 and 2008, respectively. Under the interest rateswap agreement, UMMCEBC pays the counterparty (Wachovia) a fixed payment of 3.285% andreceives a variable payment computed at 67% of the one month average LISOR. Prior to itstermination on March 3, 2008, under the secondary basis swap agreement, UMMCEBC paid thecounterparty (Wachovia) a fixed payment of 3.285% and received a variable payment computed at61.52% of the five year LIBOR rate with settlements occurring monthly. The results of thetransactions of the secondary swap were to create a swap indexed to five year LIBOR, rather thanone month LIBOR.

The $43125 million Series 2008A bonds mature June 1, 2034 and the related swap agreementsettles monthly and matures June 1, 2014. The interest rate swap agreement’s notional amountwas $42,160,000 and $42,550,000 at June 30, 2009 and 2008, respectively. Under the interest rateswap agreement, UMMCEBC pays the counterparty a fixed payment of 3.197% and receives avariable payment computed at 67% of the one month average LIBOR. Prior to its termination onMarch 17, 2008, under the secondary basis swap agreement, UMMCEBC paid the counterparty(Morgan Keegan Financial Products, Inc.) a fixed payment of 3.19684% and received a variable

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payment computed at 83.9% of the DMA index reference rate with settlements occurring monthly.The results of the transactions of the secondary swap were to create a swap indexed to the DMAreference rate, rather than one month LIBOR.

Fair ValuesThe June 30, 2009 and 2008, calculated fair value of the initial interest rate swap for the $45 millionSeries 2001 bond and $41895 million refundable Series 2008B bond was a liability approximating$2,602,000 and $931000, respectively. The calculated fair value of the interest rate swap for the$44 million Series 2004 bonds and its refundable 543.125 mflhon Series 2008A bonds was a liabilityof approximating 52,574,000 and $771,000 as of June 30, 2009 and 2008, respectively. The fairvalue of the swap agreements were calculated by the counterparty using systems derived from bothproprietary models as of a given date based on certain assumptions regarding past, present andfuture market conditions and certain financial information from sources that the counterpartybelieves to be reiiable. The fair value of the swap agreements is not recognized in the IHL Systemsfinancial statements.

Credit RiskAt June 30, 2009 and 2008, UMMCLBC was not exposed to credit risk because the interest rateswap agreements had a combined fair value liability of approximately $5,176,000 and $1,702,000,respectively. However, should interest rates change and the fair values become positive and resultin a net asset, then UMMOEBO would be exposed to credit risk. To mitigate the potential for creditrisk, the interest rate swap agreements include provisions for collateral thresholds and transferamounts that correspond to the credit rating of the counterparty’s long-term unsecured andunsubordinated debt. Collateral is required when triggered by ratings from both Standard andPoor’s and Moody’s of the counterparty’s unsecured debt that are less than the debt of UMMCEBCas rated by Standard and Poor’s and Moody’s. Any required collateralization is required to be cash,U.S. Treasury securities or GNMA certificates.

Basis RiskThe interest rate swap agreements expose UMMCEBC to basis risk as the relationship betweenLIBOR and the SIFMA Municipal Swap Index converges, changing the synthetic rate on the bonds.The effect of this difference in basis is indicated by the difference between the intended syntheticrate of 3.285% and the actual synthetic rate at June 30, 2009 of 3.325°/a for the $41895 millionseries 2008B and the difference between the intended synthetic rate of 3.197% and the actualsynthetic rate at June 30, 2009 of 3.24% for the $43.1 25 million series 2008A swap. As of June 30,2009, the SIEMA Municipal Swap Index rate was .35% and 67% of one-month average LIBOR was2.1321% as calculated for the swap transactions.

Rollover RiskThe interest rate swap agreement terminates July 1,2014, for the $41 .895 million series 2008B andJune 1, 2014, for the $43. 125 million series 2008A. The $41895 million series 2008B variable-ratebonds mature July 1,2031, while the $43.1 25 million series 2008A variable-rate bonds mature June1, 2034. When the swaps mature, the remaining bond interest payments revert back to the variablerates which could be higher than the synthetic rates imposed by the swap agreements.

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Termination RiskUMMCEBC or the counterparty may terminate the interest rate swap agreements if the other partyfails to perform under the terms of the contract. If a swap is terminated, the variable-rate bondwould no longer carry a synthetic interest rate. Also, if at the time of termination, the fair value of theinterest rate swap agreements is negative, UMMCEBC would be liable to the counterparty for apayment equal to the fair value of the interest rate swap agreements.

Swap Payments and Associated DebtUsing rates as of June 30, 2009! debt service requirements of the variable-rate and net swappayments, assuming current interest rates remain$41 .895 million Series 2008B:

Swap Payments and Associated Debt

the same for their term were as follows for the

Using rates as of June 30, 2009, debt service requirements of thepayments, assuming current interest rates remain the same for their$43125 million Series 2008A:

Interest RateSwaps, Net

variable-rate and net swapterm were as follows for the

TotalFiscal Year Ending June 30, Principal Interest

2010 $ 1,010,000 $ 102,212 $ 668,572 $ 1,780,7842011 1,050,000 99,588 651,402 1,800,9902012 1,095,000 96,850 633,496 1,825,3462013 1,145,000 93,988 614,772 1,853,7602014 1,195,000 91,000 595,231 1,881,231

2015-2019 9470000 388,237 - 9,858,2372020-2024 10,595,000 257,275 - 10852.2752025-2029 10.465.000 125,212 - 10.590,2122030-2034 5,870,000 14,425 - 5,884,425

Total $ 41,895,000 $ 1,268,787 $ 3,163,473 $ 46,327,260

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Interest RateFiscal Year Ending June 30, Principal Interest Swaps, Net Total

2010 $ 405,000 $ 97,359 $ 654,883 $ 1,157,2422011 420,000 96,393 648,385 1,164,7782012 1,175,000 93,691 630,207 1,898,8982013 1,225,000 90,873 611,255 1,927,1282014 1,265,000 87,964 591,685 1,944,6492015-2019 10.235,000 369.253 - 10,604.2532020-2024 10.190.000 251,493 - 10,441.4932025-2029 9,595,000 137,885

- 9,732,8852030-2034 8,225,000 36,391 - 8,261,391

Total $ 42,735.000 $ 1.261.302 $ 3,136,415 $ 47,132,717

Jackson State University EBC SwaQ Agreement

To lower exposure to rising interest rates, Jackson State University EBC (JSUEBC) entered into twointerest rate swap agreements with an aggregate notional amount of $66,405,000 in order to hedgethe interest rates on its Series 2004-B and Series 2007 bonds. As of the trade date, September11,2008, the interest rate swap agreements were fixed at a rate considered off-market and JSUEBCreceived an upfront payment of $1,900,000 which has been accounted for as a borrowing liabilitythat will be repaid over the life of the swap agreements once they become effective. The effectivedate of the swap agreement related to the Series 2004-B bonds with a notional amount of $22375million is effective March 1, 2011 at which time JSUEBC will pay the counterparty at a fixed rate of5% and receive a variable rate indexed to the SIFMA Municipal Swap Index rate. The effective dateof the second swap agreement related to the Series 2007 bonds with a notional amount of $44030million is effective March 1, 2015 at which time JSUEBC will pay the counterparty at a fixed rate of5% and receive a variable rate indexed to the SIEMA Municipal Swap Index rate. Both swapagreements mature on March 1, 2034 and interest payments are settled semi-annually.

As of June 30, 2009, the aggregate fair value of the two swap agreements is a liability ofapproximately $4,984,000. Because fair value of the interest rate swap agreements was negative,JSUEBC was not exposed to credit risk at June 30, 2009. JSUEBC or the counterparty mayterminate the interest rate swap agreements if the other party fails to perform under the terms of thecontract. If at the time of termination, the fair value of the interest rate swap agreements is negative,JSUEBC would be liable to the counterparty for a payment equal to the fair value of the interest rateswap agreements.

The upfront payment accounted for as an other borrowing liability is repayable over the life of theinterest rate swap agreements beginning on their respective effective dates based upon an imputedportion of the fixed rate payor settlements. This other borrowing accrues interest at a discount rateof approximately 4.60% annually and accrued interest as of June 30, 2009 approximated $66,000.

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-



NOTE 11 — OPERATING LEASES

Leased property under operating leases is composed of office rent, land, computer software andequipment. The following is a schedule by year of the future minimum rental payments requiredunder noncancellable operating leases for the next five years:

Year ending June 30,

2010 $ 11,799,767

2011 10.721.708

2012 8.843,774

2013 6,993.961

2014 5,861,674

Total minimum payments required $ 44,220,884

The total rental expense for all operating leases, except those with terms of a month or less that werenot renewed, for the years ending June 30, 2009 and 2008 approximated $14,663,000 and$1 4,732000, respectively.

NOTE 12— CONSTRUCTION COMMITMENTS AND FINANCING

The IHL System has contracted for various construction projects as of June 30, 2009 and 2008.Estimated costs to complete the various projects and the sources of anticipated funding arepresented below:

As of June 30, 2009Funded by

Total Costs Federal State Institutional

to Complete Sources Sources Sources Other

Alcorn State Unversity $ 1,462,807 $ 813,711 $ 649,096 $ . $Delta State university 9,483,385 . 9,483,385

Jackson State University 21,424,138 . 21,424,138

Mississippi State University 79,823,129 10,734,963 33,074,745 36,013,421

Mississippi University for

Women 1,651,902 85,000 1,566,902

Mississippi Valley State

University 35,383,364 . 35,383,364

University of Mississippi 122,703,000 27,037,000 28,485,000 43,386,000 23,795,000

University of Southern

Vississipoi 54,311,411 6,526,813 9,918,317 37,866.281


Meccal Cen:er 25,746,627 407,365 398,148 17,712,189 7.228,925

Thtals $ 351,989.763 $ 45,604,852 $ 140,383,095 $ 134,977,891 $ 31,023,925

- 96 -



NOTE 12— CONSTRUCTION COMMITMENTS AND FINANCING (Continued)

As of June 30, 2008

Alcorri State University $ 6,205,041 $ 1.333949 $ 4,871 092 $ - $ -

Delta State University 13,166.641 - 13,166,641 - -

Jackson State University 24,290,638 - 24,290,638 - -

Mississippi State University 11 7,572,995 14,985,915 70.635,377 11,785,512 20,166,191Mississippi University for

Women 1,183,449 - 1,183,449 - -

Mississippi Valley State

Jnive’sity 48,484,431 - 46.968.251 1.56.180 -

University of Mississippi 209,798,000 58,220.000 41.250,000 67.043.000 43,285,000University of Southern

Mississippi 39,091.236 25.145,668 5.334.208 8.611 360 -

Unwersty of MississippiMedical Center 7,143.574 - 2 908.598 2.927.664 .307.312

Totals $ 466,936,005 $ 99,685,532 $ 210,608,254 $ 91,883,716 $ 64,758,503

NOTE 13— DONOR RESTRICTED ENDOWMENTS

The net appreciation on investments of donor restricted endowments that is available forauthorization for expenditures approximated $10,810,000 and $27,982,000 as of June 30,2009 and2008, respectively. This amount is included on the statements of net assets as a component of theexpendable net assets for scholarships and/or other purposes.

Most endowments operate on the total-return concept as permitted by the Uniform Management ofInstitutional Funds Act (Sections 79-11-601 through 79-11-617, Miss. Code Ann. 1972) as enacted in1998. The annual spending rate for these endowments is 5% of the three-year moving averagemarket value.

NOTE 14— PENSION PLAN

Plan DescriptionThe IHL System participates in both the Public Employees’ Retirement System of Mississippi (PERS),a cost-sharing multiple-employer defined benefit pension plan and the Optional Retirement Plan(ORP), a multiple-employer defined contribution plan established in 1990. PERS provides retirementand disability benefits, annual cost-of-living adjustments, and death benefits to plan members andbeneficiaries. Benefit provisions are established by state law and may be amendedon!y by the State of Mississippi Legis’ature. PERS issues a publicly available financial report thatincludes financial statements and required supplementary information. That information may beobtained by writing to the Public Employees’ Retirement System, PERS Building, 429 MississippiStreet, Jackson, MS 39201-1005 or by calling (601) 359-3589 or 1-800-444-PERS.

- 97 -



NOTE 14— PENSION PLAN (Continued)

Vesting periodIn 2007, the Mississippi Legislature amended the PERS Plan to change the vesting period from fourto eight years for members who entered the IHL System after July 1, 2007. A member who enteredthe IHL System prior to July 1, 2007 is still subject to the four year vesting period provided that themember does not subsequently refund their account balance.

Funding policyPERS members are required to contribute 7.25% of their annual covered salary and the institution isrequired to contribute at an actuarially determined rate. The actuarially determined rate was 11.85%of annual covered payroll for fiscal years 2008 and 2009 and increases to 12.00% for fiscal 2010.For fiscal year 2007 the actuarially determined rate was 11.30%. The contribution requirements ofPERS members are established and may be amended only by the State of Mississippi Legislature.The IHL System’s contributions to PERS for the years ending June 30, 2009, 2008, and 2007 were$90,659,363, $91,405,286, and $81,068,513, respectively. Such contributions equaled the requiredcontributions for each respective year.

The membership of the ORP is composed of teachers and administrators of the institutions of higherlearning appointed or employed on or after July 1, 1990, who elect to participate in ORP and rejectmembership in PERS. Membership in ORP is offered as a recruitment tool for the IHL System’suniversities. The IHL System’s contributions to ORP for the years ending June 30, 2009, 2008, and2007 were $29,748,567, $25,830,044, and $21,884,296, respectively, which equaled its requiredcontributions for each respective year.

Title 25, Article 11 of the Mississippi Code states that the Board of Trustees of the System willprovide for the administration of the ORP program. ORP participants direct the investment of theirfunds among three investment vendors. Benefits payable to plan participants are not obligations ofthe State of Mississippi. Such benefits and other rights of participants or their beneficiaries are theliability of the vendors and are governed solely by the terms of the annuity contracts issued by them.As such, ORP is not considered part of the IHL System’s reporting entity for financial reportingpurposes.

NOTE 15— SELF-INSURED WORKER’S COMPENSATION FUND

The IHL System participates in the State Institutions of Higher Learning Self-Insured Workers’Compensation Fund (the WC Fund). The WO Fund exists in order to provide a mechanism for theIHL System to fund and budget for the costs of providing workers’ compensation benefits to eligibleemployees. The WC Fund does not pay benefits directly to employees. Rather, funds are set-asidein trust, and a third party administrator is utilized to distribute the benefits to eligible employees. Totalassets and liabilities of the WC Fund approximated $11,423,000 and $14,804,000, at June 30,2009,respectively and approximated $9,407,000 and $15,049,000 at June 30, 2008, respectively.

A professionally licensed actuarial firm was contracted to establish a liability for both reported andunreported insured events, which includes estimates of future payments of losses. The differencebetween the assets and liabilities of the fund is not expected to impact the WC Fund’s ability to payclaims.

- 98 -



NOTE 15— SELF-INSURED WORKER’S COMPENSATION FUND (Continued)

In order to minimize the amount of risk and in accordance with self-insurance general practices, theWO Fund purchases excess loss insurance to cover risks exceeding $1,000,000 per occurrence.Excess loss insurance premiums for the years ended June 30, 2009 and 2008 were approximately$361,000 and $331,000, respectively. Excess loss insurance does not discharge the WC Fund fromits primary liability to cover the IHL System’s claims. Consequently, failure of the insurer to honor itsobligation could result in losses to the WC Fund.

The following represents changes in the unpaid claims liabilities for the WC Fund for the year endedJune 30, 2009 and 2008:

Years ended June 30, 2009 2008

Accrued claims at beginning of year $ 14,912,000 $ 13.996,000

Incurred ClaimsProvision for insured events of the current year 6,869,000 6726,000Decrease in provision for insured events of prior years (2,1 22,000) (1,473,000)

Total incurred claims and claims adjustment expenses 4,747,000 5253.000

Claim PaymentsClaims attributable to insured events of the current year 1,483,000 1,439,000Claims attributable to insured events of prior years 3,512,000 2898,000

Total payments 4,995,000 4,337,000

Total accrued claims at end of year $ 14,664,000 $ 14,912,000

Total accrued claims are presented at their present value using a discount rate of 40%. Thediscount approximated $2,256,000 and $2,380,000 as of June 30, 2009 and 2008, respectively.

NOTE 16— UNEMPLOYMENT TRUST FUND

The IHL System participates in a self-funded Unemployment Trust Fund (the Unemployment Fund).The Unemployment Fund exists in order to provide a mechanism for the IHL System to fund andbudget for the costs of providing unemployment benefits to eligible former employees. TheUnemployment Fund does not pay benefits directly to former employees. Rather, it reimburses theMississippi Department of Employment Security for benefits it pays directly to former IHL Systememployees. The assets and liabilities of the Unemployment Fund approximated $2,358,000 and$2,129,000 at June 30, 2009, respectively and approximated $2,275,000 and $1,859,000 at June 30,2008, respectively.

A professionally icensed actuarial firm was contracted to perform an actuarial analysis of theUnemployment Fund as of June 30, 2009 and 2008. The actuarial firm determined the recommendedfunding requirement. as of June 30, 2009, ranged from $1.8 million to $2.6 million.

- 99 -



NOTE 16— UNEMPLOYMENT TRUST FUND (Continued)

Furthermore, they concluded that the actual assets of the Unemployment Fund, which approximated$2,358,000 at June 30, 2009 were reasonable and the Unemployment Fund was adequately fundedwith a margin of conservatism.

NOTE 17— TORT LIABILITY FUND AND OTHER CONTINGENCIES

The IHL System participates in the State Institutions of Higher Learning Tort Liability Fund (the IHLTort Fund). In accordance with Section 11-46-1, et seq., Mississippi Code Annotated (1972), theMississippi Tort Claims Board has authorized the Board of Trustees of State Institutions of HigherLearning (IHL Board) to establish a fund in order to self-insure a certain portion of its liability underthe Mississippi Tort Claims Act and professional liability claims. The IHL Board established the IHLTort Fund to provide self-insurance.

Effective July 1, 1993. Mississippi statute permitted tort claims to be filed against the IHL System. Amaximum limit of liability of $500,000 per occurrence is currently permissible.

A professionally licensed actuarial firm was contracted to perform an actuarial analysis of the IHL TortFund as of June 30, 2009 and 2008. Total assets and liabilities of the IHL Tort Fund approximated$10,183,000 and $11,027,000 at June 30, 2009, respectively, and approximated $9,667,000 and$7,965,000 at June 30, 2008, respectively.

The following represents changes in the unpaid claims liabilities for the IHL Tort Fund during theperiod ended June 30, 2009 and 2008:

As of June 30, 2009 2008

Accrued claims at beginning of year $ 7,829,000 $ 7,235,000

Incurred ClaimsProvision for insured events of the current year 2,411,000 1,883,000Increase (decrease) in provision for insured events of prior

years 2,213,000 (112,000)

Total incurred claims and claims adjustment expense 4,624,000 1,771,000

Claims PaidClaims attributable to insured events of the current year 119,000 20,000Claims attributable to insured events of prior years 1,442,000 1,157,000

Total payments 1,561,000 1,177,000


Total accrued claims are presented at their present value using a discount rate of 4.0%. Thediscount approximated $1,643,000 and $1183000 as of June 30, 2009 and 2008, respectively.

-100-



NOTE 17— TORT LIABILITY FUND AND OTHER CONTINGENCIES (Continued)

In addition to claims covered by the IHL Tort Fund and the UMMC Tort Fund (described more fullybelow), the IHL System is defendant in various other legal matters occurring in the normal course ofbusiness activities. Management, with the advice of legal counsel, is of the opinion that the ultimateresolution of these matters will not have a material adverse impact on the IHL System’s financialstatements.

NOTE 18— UNIVERSITY OF MISSISSIPPI MEDICAL CENTER TORT CLAIMS FUND

The University of Mississippi Medical Center participates in the University of Mississippi MedicalCenter Tort Claims Fund (UMMC Tort Claims Fund). In accordance with Section 11-46-1, et seq.,Mississippi Code Annotated (1972), the Mississippi Tort Claims Board has authorized the Board ofTrustees of the IHL System to establish a fund to self-insure a certain portion of its liability under theMississippi Tort Claims Act.

Effective July 1, 1993, Mississippi statute permitted tort claims to be filed against the StateInstitutions of Higher Learning. A maximum limit of liability of $500,000 per occurrence is currentlypermissible.

The Board of Trustees of the HL System established the UMMC Tort Claims Fund to payprofessional and tort liability claims up to the maximum liability limits described above.

Total assets and liabilities of the UMMC Tort Claims Fund approximated $28,251,000 andS27.032000 at June 30, 2009, respectively and approximated S31,049,000 and $24,748,000 atJune 30, 2008, respectively.

A professionally licensed actuarial firm was contracted to perform an actuarial analysis to establish aliability for both reported and unreported insured events, which includes estimates of futurepayments of losses.

-101 -



NOTE 18— UNIVERSITY OF MISSISSIPPI MEDICAL CENTER TORT CLAIMS FUND(Continued)

The following represents changes in the unpaid claims liabilities for the UMMC Tort Claims Fund forthe years ended June 30, 2009 and 2008:

As of June 30, 2009 2008

Accrued claims at beginning of year $ 24,747,000 $ 25,587000

Incurred ClaimsProvision for insured events of the current year 6,713,000 6,130,000

Decrease in provision for insured events of prior years (391,000) (3,586,000)

Total incurred claims 6,322,000 2,544,000

PaymentsClaims attributable to insured events of the current year 9,000 107000Claims attributable to insured events of prior years 4,073,000 3.277,000

Total payments 4,082,000 3,384,000


At June 30, 2009, unpaid claims of $30,466,000, are presented at their net present value of$26,987,000. At June 30, 2008, unpaid claims of $27,418,000, are presented at their net presentvalue of $24,747,000. Claim liabilities are discounted at an annual rate of 4% for both years.

NOTE 19— SUBSEQUENT EVENTS

UMEBC has been approved to issue approximately $1 8.5 million of Series 2009C bonds to providepartial financing for the construction of a residential college facility with an estimated totalconstruction cost of approximately $25 million which will also be funded through private gifts andinternal capital funds.

During October 2009, UMMCEBC issued fixed rate bonds to refund its Series 2008A and 2008Bvariable rate demand bonds and the remaining outstanding indebtedness of its callable Series1998A and 1998B bonds. The total new issued bonds approximated $105.6 million!

- 102-



NOTE I — SIGNIFICANT ACCOUNTING POLICIES

OrganizationMississippi State University Foundation, Inc. (the MSU Foundation) is a not-for-profit entityestablished to solicit and manage funds for the benefit of Mississippi State University (MSU). TheMSU Foundation also manages funds for affiliates of MSU, including MSU Alumni Association, MSUAlumni Foundation, MSU Bulldog Club, Inc. and MSU Bulldog Foundation.

Basis of AccountingThese financial statements, which are presented on the accrual basis of accounting, have beenprepared to present balances and transactions according to the existence or absence of donor-imposed restrictions. This has been accomplished by classification of net assets and transactionsinto three classes — permanently restricted, temporarily restricted or unrestricted as follows:

Permanently restricted net assetsnet assets subject to donor-imposed stipulations that they be maintained permanently by theMSU Foundation. Generally, the donor of these assets permits the MSU Foundation to useall or part of the income earned on related investments for general or specific purposes insupport of MSU.

Temporarily restricted net assetsnet assets subject to donor-imposed stipulations that may or will be met by actions of theMSU Foundation and/or the passage of time.

Unrestricted net assetsnet assets which represent resources generated from operations or that are not subject todonor-imposed stipulations. Unrestricted net assets include contributions designated to aparticular college or unit for which the use or purpose is unrestricted.

Revenues are reported as increases in unrestricted net assets unless use of the related assets islimited by donor-imposed restrictions. Expenditures are reported as decreases in unrestricted netassets. Gains and losses on investments and other assets or liabilities are reported as increases ordecreases in unrestricted net assets unless their use is restricted by explicit donor stipulations or bylaw. Expirations of restrictions on net assets (i.e., the donor-stipulated purpose has been fulfilledand/or the stipulated time period has elapsed) are reported as reclassifications between theapplicable classes of net assets.

Contributicns, including unconditional promises to give, are recognized as revenues in the periodreceived. Conditional promises to give are not recognized until they become unconditional, that is,when the conditions on which they depend are substantially met. Contributions of assets other thancash are recorded at their estimated fair value. Contributed goods and services are recorded asrevenues and expenses in the statements of activities at estimated fair value.

Income and realized and unrealized gains on investments of permanently restricted net assets arereported as follows:

as increases in permanently restricted net assets if the terms of the gift or the MSUFoundation’s interpretation of relevant state law require that gains be added to theprincipal of a permanent endowment fund;

- 103-



NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES (Continued)

• as increases or decreases in temporarily restricted net assets if the terms of the giftimpose restrictions on their use;

• as increases or decreases in unrestricted net assets in all other cases.

Use of EstimatesThe preparation of financial statements in conformity with U.S. generally accepted accountingprinciples requires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of thefinancial statements and the reported amounts of revenues and expenditures during the reportingperiod. Actual results could differ from those estimates.

An estimate that is particularly susceptible to significant change in the near term relates to theallowance for uncollectible pledges.

The MSU Foundations investments are invested in various types of investment securities and invarious companies within various markets. Investment securities are exposed to several risks, suchas interest rate, market and credit risks. Due to the level of risk associated with certain investmentsecurities, it is at least reasonably possible that changes in the values of investment securities willoccur in the near term and that such changes could materially affect the amounts reported in theMSU Foundation’s financial statements.

Restricted CashFunds held for an unaffiliated organization that retains control over the expenditures of such fundsare classified as restricted cash in the statement of financial position with a corresponding amount inagency payable.

Land, Buildings and EquipmentLand, buildings and equipment are stated at cost, if purchased, or at fair value on the date of gift, ifdonated. Depreciation of buildings and equipment, including assets acquired under capital leases, isprovided on the straight-line method over the shorter or the estimated useful life of the assets or theterm of the lease. The estimated useful lives br buildings is 30-40 years and furniture, Nxtures, andequipment is 5-10 years.

The MSU Foundation assesses potential impairment to its long-lived assets when there is evidencethat events or changes in circumstances have made recovery of the carrying value of the assetsunlikely. An impairment loss is recognized when the sum of the expected future undiscounted netcash flows is less than the carrying amount of the asset.

InvestmentsThe MSU Foundation’s investments primarily consist of publicly traded fixed income and equitysecurities, other investments, and cash held for reinvestment. Other investments include real estateinvestments, private equity funds and hedge funds through fund-of-funds structures generallyorganized as limited partnerships or limited liability companies. The fair value of publicly traded fixedincome and equity securities investments are based on quoted market prices. Since partnership andmember interests do not have readily ascertainable market values and may be subject to withdrawalrestrictions, the MSU Foundation values these investments in accordance with valuations provided

- 104-



NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES (Continued)

by the general partner or fund manager of the underlying partnership or company. The MSUFoundations management may, in addition, consider other factors in assessing the fair value ofthese investments. Real estate is valued at estimated fair value. Cash held for reinvestmentconsists of primarily of liquid short-term instruments held by the investment pool.

The MSU Foundation believes that the carrying amount of its other investments is a reasonableestimate of fair value as of June 301 2009 and 2008. Because other investments are notmarketable, the estimated value is subject to uncertainty and, therefore, may differ from the valuethat would have been used had a ready market for the investment existed.

The liquidity crisis that originally was linked principally to the sub-prime lending markets has spreadto other corners of the credit markets in the U.S. and internationally. It is not possible at this time topredict the full impact or duration of the existing illiquid credit market conditions. The unstablemarket conditions and the resulting uncertainties contribute to additional risks associated withcertain significant investment valuation estimates. Management continues to monitor thecomposition of its portfolio to assess the potential impact of these market conditions on the valuationof its investments.

PledgesAll unconditional promises to give are recorded at their estimated realizable value on a discountedbasis.

Split Interest Agreements

The MSU Foundation accepts gifts subject to split interest agreements. These gifts may be in theform of gift annuities, charitable lead trusts, charitable remainder trusts or perpetual trusts. At thetime of receipt, a gift is recorded based upon the fair value of assets donated less any applicableliabilities. Liabilities include the present value of projected future distributions to the annuity or trustbeneficiary and are determined using appropriate discount rates (at June 30, 2009 rates rangedfrom approximately 3% to 8%). For certain split interest agreements where the measurementobjective is fair value, the discount rate is adjusted to a current market rate at each reporting date.Funds subject to split interest agreements are classified as temporarily restricted or permanentlyrestricted based upon donor designations.

Externally managed trusts consist of irrevocable charitable lead trusts, charitable remainder trustsand perpetual trusts whereby the MSU Foundation is the beneficiary, not the trustee. The MSUFoundation records these trusts, after discovery of their existence, at the present value of theestimated future cash receipts from the assets of the trust.

Contribution revenue attributable to split interest agreements for the fiscal years ended June 30,2009 and 2008 were $1,704,261 and $2,305,417, respectively.

Bond Issuance Costs and Bond DiscountsBond issuance costs and bond discounts are amortized over the term of the related bond issueusing the straight-line method, which does not significantly differ from the effective interest method.

-105-



NOTE I — SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income TaxesThe MSU Foundation is a not-for-profit entity as described in Section 501(c)(3) of the InternalRevenue Code (the Code) and is exempt from Federal income taxes on related income pursuant toSection 501(a) of the Code.

On July 1, 2008 the MSU Foundation adopted Financial Accounting Standards Boards (FASB)Interpretation NO. 48 (FIN 48), Accounting for Uncertainty in Income Taxes — an interpretation ofFASB Statement No. 109. FIN 48 clarifies the accounting for uncertainty in income tax positionsrecognized in accordance with FASS Statement No. 109, Accounting for Income Taxes. It alsoprovides guidance on when tax positions are recognized in an entity?s financial statements and howthe values of those positions are determined. There was no impact on the MSU Foundation’sfinancial statements as a result of the adoption of FIN 48.

LiquidityAssets are presented according to their nearness to cash and liabilities are presented according totheir nearness of payment or use of cash.

Recent Accounting PronouncementsEffective July 1, 2008, the MSU Foundation adopted Statement of Financial Accounting Standards(SFAS) No. 157, Fair Value Measurements (SFAS No. 157), which defines fair value, establishes anenhanced framework for measuring fair value and expands disclosures about fair valuemeasurements. In conjunction with the adoption of SFAS No. 157, the MSU Foundation elected toearly adopt the measurement provisions of Accounting Standards Update No. 2009-12, Investmentsin Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), to certainnvestments in funds that do not have readily determinable fair values including private equityinvestments, hedge funds, real estate, and other funds. This guidance amends SFAS No. 157 andpermits, as a practical expedient, for the estimation of the fair value of investments in investmentcompanies for which the investment does not have a readily determinable fair value using net assetvalue per share or its equivalent. Net asset value, in many instances may not equal fair value that‘would be calculated pursuant to SFAS No. 157. The MSU Foundation’s adoption of SFAS No. 157did not have a significant impact on the MSU Foundation’s determination of fair value in the financialstatements but did result in expanded footnote disclosures in notes 2 and 8 to the financialstatements.

Effective July 1, 2008, the Foundation adopted SFAS No. 159, The Fair Value Option for FinancialAssets and Financial Liabilities — including an amendment of FASB Statements No. 115 (SFAS No.159). SFAS No. 159 gave the MSU Foundation the irrevocable option to report most financial assetsand financial liabilities at fair value on an instrument-by-instrument basis, with changes in fair valuereported in earnings. The MSU Foundation did not elect the fair value option in regard to items notpreviously recorded at fair value; therefore, the adoption of this statement had no impact on thefinancial position or results of operations of the MSU Foundation.

In August 2008, The FASB issued Staff Position (FSP) No. 117-1, Endowments of Not-for-ProfitOrganizations: Net Asset Classification of Funds Subject to an Enacted Version of the UniformPrudent Management of Institutional Funds Act (UPMIFA), and Enhanced Disclosures for AllEndowment Funds (FSP 117-1). FSP 117-1 provides guidance on the net asset classilication of

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NOTE I — SIGNI19CANT ACCOUNTING POLICIES (Continued)

donor-restricted endowment funds for a not-for-profit organization that is subject to an enactedversion of the UPMIFA and expands disclosure about an organizations endowment funds (bothdonor-restricted endowment funds and board-designated endowment funds), whether or not theorganization is subject to UPMIFA. FSP 117-1 is effective for fiscal years ending after December15, 2008. As of June 30, 2009, the state of Mississippi had not yet adopted UPMIFA. The MSUFoundation adopted the disclosure provisions of FSP 117-1 during the year ended June 30. 2009.

Subsequent Events

In connection with the preparation of the financial statements and in accordance with the recentlyissued SFAS No. 165, Subsequent Events, the MSU Foundation evaluated subsequent events afterthe balance sheet date of June 30, 2009 through December 14, 2009, which was the date thefinancial statements were available to be issued.

NOTE 2— INVESTMENTS

The MSU Foundation, MSU, the MSU Alumni Foundation and the MSU Bulldog Club, Inc. areparticipants in a joint venture whereby certain assets are pooled for investment purposes. The MSUFoundation is the investment pool’s general partner, manages the assets of the pool, and maintainsseparate accounts for each participant. Investment income, gains and losses and expenses of thepool are allocated to each participant based on their share of ownership of the pool. At June 30,2009 and 2008, approximately 83% and 82%, respectively, of the MSU Foundation’s investmentsare included in the pool.

Investments are summarized as follows at June 30, 2009 and 2008:

As of June 30, 2009 2008

U.S. Government securities $ 3,071,969 $ 3,806,857Corporate bonds 36,028,716 33,727,322Equity securities 94,487,509 124,937,100Partnership and member interests 57,425,166 65,576,096Short-term investments 5,046,481 2,719,419Real estate 7,176,345 7,180,888Other 1,164,232 1,127,235

$ 204,400,418 $ 239,074,917

Included in the above table are approximately $98,1 98,000 and $123,487,000 at June 30,2009 and2008, respectively, of investments whose carrying values have bee estimated by management in theabsence of readily determinable fair values. Management’s estimates are based upon informationprovided by the fund managers or general partners.

Within each asset class, the MSU Foundation achieves diversification through allocations to severalnvestment strategies and market capitalizations.

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NOTE 2— INVESTMENTS (Continued)

At June 30, 2009, the MSU Foundation’s remaining outstanding commitments to private equity andventure capital interests totaled $1,686,975. The projected capital call amounts for the next fivefiscal years and thereafter are summarized in the table below:

Projected

Year ended June 30, capital calls

2010 $ 675,0002011 675,0002012 336,9752013 -

2014 -

Thereafter -

Total $ 1,686,975

Private equity and venture capital interests have ten year terms, with extensions of one to four years.As of June 30, 2009, the average remaining life of the private equity and venture capital interests isapproximately 5 years.

At June 30. 2009 and 2008, the MSU Foundation had hedge fund investments of approximately$43,751,000 and $50,089,000, respectively. Some of the hedge fund investments with redemptionrestrictions allow early redemption for specified fees. The terms and conditions upon which aninvestor may redeem an investment vary, usually with the majority requiring 15 to 180 days noticeafter the initial lock up period. At June 30, 2009, the MSU Foundation had no alternative investmentfunds for which an otherwise redeemable investment was not redeemable.

The MSU Foundation has entered into various split interest agreements, including charitable leadannuity trusts, charitable remainder unitrusts, and charitable gift annuities, whereby the MSUFoundation serves as trustee. The assets held under these split interest agreements are included ininvestments at June 30, 2009 and 2008 with an approximate fair value of $5,468,000 and$7,564,000, respectively.

The following schedule summarizes net investment loss in the statements of activities for the yearsended June 30, 2009 and 2008:

Year ended June 30, 2009 2008

Dividends and interest (net of expenses of $815,363(and $855,174, respectively) $ 7,083,087 $ 7,555,777

Net realized and unrealized losses (38,861,557) (14,142,434)

$ (31,778,470) $ (6,586,657)

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NOTE 3— PLEDGES RECEIVABLE

Pledges receivable, net, are summarized as follows at June 30, 2009 and 2008:

Asof June 30, 2009 2008

Unconditional promises expected to be collected in:Less than one year $ 7,893,435 $ 6,61 5,233One year to five years 10,108,024 8437,035Over five years 4,262,201 5,667,000

22,263,660 20,719,268Less unamortized discount (rates ranging from 1% to

5% and 3% to 5% in 2009 and 2008, respectively) (2,024,659) (2,986,990)

20,239,001 17,732,278Less allowance for uncollectible pledges (676,701) (701,841)

$ 19,562,300 $ 17,030,437

NOTE 4— NOTE RECEIVABLE

At June 30, 2009 and 2008, the MSU Foundation had two notes receivable totaling $366,111 and$443,482, respectively, both with a related party. The notes receivable require semi-annual andmonthly payments of $33,238 and $3,229, respectively, have interest rates of 6% and maturitydates of August 2014 and December 2010, respectively.

NOTE 5—LAND, BUILDINGS AND EQUIPMENT

Land, buildings and equipment are summarized as follows at June 30, 2009 and 2008:

Asof June 30, 2009 2008

Land and buildings $ 11,987,491 $ 11,987,491Furniture, fixtures and equipment 7,446,302 7,462,510

19,433,793 19,450,001Less accumulated depreciation (6,893,627) (6,143,083)

$ 12,540,166 $ 13,306,918

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NOTE 6— LONG-TERM DEBT

Long-term debt is summarized as follows at June 30, 2009 and 2008:

As of June 30, 2009 2008

Mississippi Business Finance Corporation, Variable

Rate Revenue Bonds, Series 2002 $ 2,400,000

Non-interest bearing unsecured note payable to a

private foundation. Principal is payable asrepayments are received from students. $ 267,941 311,790

Non-interest bearing unsecured note payable to aprivate foundation, paid in full July 2008. - 1,500,000

267,941 4211,790

Less unamortized bond discount - (19,200)

S 267,941 $ 4,192,590

In April 2002, the MSU Foundation issued $6,000,000 in SerIes 2002 Variable Rate Revenue Bondsthrough the Mississippi Business Finance Corporation. The MSU Foundation redeemed the bondsin November 2008.

Interest expense incurred during the year ended June 30, 2009 and 2008 was $25,098 andS95,430, respectively.

NOTE 7— NET ASSETS

Temporarily restricted and permanently restricted assets at June 30, 2009 and 2008 were availablefor the following purposes:

Net AssetsPermanentlyRestricted

TemporarilyRestrictedAs of June 30, 2009

General college support $ 12,914,740 $ 74,445,123Student financial aid 1 2,073,790 87,879,020Research 1,010,879 16,297,408Faculty and staff support 1,274,278 39,780,153Facilities 4,808,804 7,915,287Other 482,296 2,186,023

Total $ 32,564,787 $ 228,503,014

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NOTE 7 — NET ASSETS (Continued)

Net AssetsTemporarily Permanently

As of June 3U, 2008 Restricted Restricted

General college support $ 18,037,090 $ 69,091,649Student financial aid 16,041,084 84,246,189Research 1,674,467 16,211,370Faculty and staff support 4,235,079 38,073,356Facilities 4,537,033 1,810,145Other 950,163 1,793,295

Total $ 45,474,916 $ 217226,004

NOTE 8— FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments

The carrying amounts reported in the statements of financial position for cash, other receivables,and accounts payable and accrued liabilities approximate fair value because of the immediate orshod-term maturities of these financial instruments. The carrying amount of pledges receivableapproximates fair value as they are presented on a discounted basis. The fair value of the notesreceivable has been estimated using current interest rates and approximate the carrying amounts atJune 30, 2009 and 2006. The fair value of the various debt instruments hasbeen estimated usinginterest rates currently offered to the MSU Foundation for borrowings having similar character,collateral and duration. The fair value of such debt instruments approximates the carrying amountsat June 30, 2009 and 2008. Investments and amounts due from externally managed trusts arereflected in the accompanying financial statements at fair value. The fair value of annuity obligationsapproximates carrying value at June 30, 2009 due to discount rates and actuarial assumptions usedin the calculation of the MSU Foundation’s liability.

Fair Value Hierarchy

The MSU Foundation adopted SFAS No. 157 on July 1, 2008 for fair value measurements ofnonfinancial items that are recognized or disclosed at fair value in the financial statements on arecurring basis. SFAS NO. 157 establishes a fair value hierarchy that prioritizes the inputs tovaluation techniques used to measure fair value. The hierarchy gives the highest priority tounadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)and the lowest priority to unobservable inputs (Level 3 measurements). The three levels ofhierarchy are as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets orliabilities that the MSU Foundation has the ability to acess at the measurement date;

Level 2 inputs are inputs other than quoted prices included within Level 1 that areobservable fr the asset or liability, either directly or indirectly; and

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NOTE 8— FAIR VALUE MEASUREMENTS (Continued)

Level 3 inputs are unobservable inputs for the asset or liability.

The level in the fair value hierarchy within which a fair value measurement falls is based on thelowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the levels within the fair value hierarchy as of June 30, 2009:

Level 1 Level 2 Level 3 Total

Assets:Investments $ 85846807 $ 53,952100 $ 64,601,511 $ 204400,418Present value of amounts

due from externally managed trust - 26986042 - 26,986,042

$ 85.846807 $ 80,938.142 $ 64601,511 $ 231386.460

Changes to investments classified as Level 3 as of June 30, 2009 follows:

Balance as of Purchases! Balance as ofJuly 1, 2008 Sales Net transfers Gains (losses) June 30, 2009

$ 72,756,984 $ (1,210,168) $ - $ (6,945,305) $ 64,601,511

Gains (losses) presented in the table above relate to assets held by the MSU Foundation at June30, 2009.

Shares or units in investment funds as opposed to direct interests in the funds’ underlying holdings,which may be marketable, are classified as Level 2 or Level 3. Because the net asset valuereported by each fund is used as a practical expedient to estimate the fair value of the MSUFoundation’s interest therein, its classification in Level 2 is based on the MSU Foundation’s ability toredeem its interest at or near the date of the statement of financial position. If the interest can beredeemed in the near term, the investment is classified in Level 2, otherwise the investment isclassified in Level 3. The classification of investments in the fair value hierarchy is not necessarilyan indication of the risks, liquidity, or degree or difficulty in estimating the fair value of eachinvestment’s underlying assets and liabilities.

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NOTE 9— LEASES

The MSU Foundation has entered into a lease agreement that expires August 2014 for the use of anairplane, with a guaranteed residual of $1,912,550, and other equipment under a capital leaseagreement that expires in October2013. Future minimum lease payments under the capital leaseobligations are as follows:

‘Year ending June 30,

2010 $ 458,9382011 458,9382012 458,9382013 458,9382014 458,938Thereafter 1,256,652

Total future minimum lease payments 3,551,342

Amount representing interest (375,989)

Present value of net minimum lease oavrrents $ 3.175,353

The equipment recorded under the capital lease agreement is included in property and equipment atan original cost of $4,538,794 with accumulated depreciation of $1,592,438 and $1,252,060 as ofJune 30, 2009 and 2008, respectively.

NOTE 10— ENDOWMENT

The MSU Foundation’s endowment consists of over 950 individual donor-restricted endowmentfunds established for a variety of purposes. As required by accounting principles generally acceptedin the United States of America, net assets associated with endowment funds, including fundsdesignated by the Board of Directors of Mississippi State University Foundation (the MSUFoundation Board) to function as endowments, are classified and reported based on the existenceor absence of donor-imposed restrictions.

Interpretations of Relevant LawThe MSU Foundation Board has interpreted the State of Mississippi Code of 1972 §79-11-601through §79-11-617 Cited as the “Uniform Management of Institutional Funds Act’ (UMIFA) asrequiring the MSU Foundation Board to use reasonable care, skill, and caution as exercised by aprudent investor, in considering the investment management and expenditures ofendowmentfunds.In accordance with UMIFA, the MSU Foundation Board may expend so much of an endowment fundas the MSU Foundation Board determines to be prudent for the uses and purposes for which theendowment fund is established, consistent with the goal of conserving the long term purchasing

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NOTE 10— ENDOWMENT (Continued)

power of the endowment fund. The MSU Foundation Board considered the following factors inmaking its determination:

1) The purpose of the MSU Foundation2) The intent of the donor of the endowment fund3) The terms of the applicable instrument4) The long-term and short-term needs of the MSU Foundation and MSU in carrying out

their purposes5) General economic conditions6) The possible effect of inflation or deflation7) The other resources of the MSU Foundation and MSU8) Perpetuation of the endowment

As a result of this interpretation, the MSU Foundation Board classifies as permanently restricted netassets (a) the original value of gifts donated to a permanent endowment, and (b) the original valueof subsequent gifts to the permanent endowment. The remaining portion of the donor-restrictedendowment fund that is not classified as permanently restricted net assets is classified astemporarily restricted net assets until those amounts are appropriated for expenditure in a mannerconsistent with the standard of prudence prescribed by UMIFA. However, by MSU FoundationBoard policy, any appreciation is considered an asset of each individual endowment fund and is notappropriated for general MSU Foundation or MSU use.

Spending PolicyThe MSU Foundation’s spending policy is designed to provide for positive growth in the marketvalue of its endowment, net of distributions, over an extended period of time. In establishing thispolicy, the MSU Foundation Board considered the long-term expected return of the endowmentinvestment pool and the goal of maintaining the purchasing power of the endowment asset. Overthe long term, the current spending policy is designed to return a net positive gain in market value(growth) after spendable transfers.

The annual rate for spendable transfers, distributed semi-annually, is 4% of the investment pool’saverage unit value over the most recent 24-month period. In addition, each endowed fund isassessed an annual 1% administrative fee. This fee is a portion of the funding mechanism for thedevelopment and alumni programs of MSU.

Investment PolicyThe MSU Foundation’s investments objectives are to provide a nominal annual return of 9% or morein order to preserve, or increase, the purchasing power of endowment capital, while generating anincome stream to support activities of the funds held [or the colleges and units of MSU. This policyis designed to tolerate volatility in short and intermediate-term performance. The endowment assetsare invested as a part of the investment pool, as discussed in note 2.

To satisfy its iong-term rate of retum objectives, the pool embraces a total return strategy in whichinvestment returns are achieved through both capital appreciation (realized and unrealized) andcurrent yield (interest and dividends). The MSU Foundation, through the Mississippi State

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Investment Pool, targets a diversified asset allocation that includes global equities, fixed income,natural resources, and hedge strategies to achieve long-term objectives within prudent riskconstraints.

Endowment net asset composition by type of fund as of June 30, 2009:

Temporarily PermanentlyUnrestricted restricted restricted Total

Donor-restricted endowment- typefunds $ (22,080,786) $ 6,690,128 $ 228,503,014 $ 213,112,356

Board-designated endowment-typefunds 9,190,015 - - 9,190,015

Endowment net assets,June 30, 2009 $ (12,890,771) $ 6,690128 $ 228,503,014 $ 222,302,371

Changes in endowment net assets for the fiscal year ended June 30, 2009:Temporarily Permanently

Unrestricted restricted restricted Total

Endowment net assets, beginning of year $ 9,156,069 $ 24,306972 $ 217,226004 $ 250.689,045

Investment return:nvestment income 360823 4.700.675 4.219 5.065,717

Net deprecAation (reaUzed and unrealized) (21.227090) (13,963955) (336,742) (35521,787)

Total investment return (20,866,267) (9,263,280) (332,523) (30,462,070)

Contributions - - 11,073,098 11,073,098

Appropriation of endowment assetsfor expenditures (2,290,573) (8,353,564) - (10,644,137)

Other changes:Transfers to create board-designated

endowmentfunds 1.110.000 - - 1,110.000

Change in restrictions by donor - - 144.435 144,435

Change in value of split interest agreements - - 392,000 392,000

Endowment net assets, end of year $ (12,890,771) $ 6,690.128 S 228.503,014 $ 222.302,371

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Endowment net asset composition by type of fund as of June 30, 2008:


Donor-restricted endowment- typefunds $ (1,015,890) $ 24,306,972 $ 217,226,004 $ 240,517,086


Endowment net assets.June 30. 2009 $ 9,156,069 $ 24,306,972 $ 217,226,004 $ 250,689,045

Changes in endowment net assets for the fiscal year ended June 30, 2008:Temporarily Permanently

Unrestricted restricted restricted Total

Endowment net assets, beginning of year S 11339,624 $ 40.162021 $ 203035,187 S 254,536.832

Investment return:nvestment income 445,967 4.923.345 13,769 5.383.081

Net depreciation (realized and unrealized) (1908,589) (12,254,970) 196,143 (13.967,416)

Total investment return (1,462,622) (7,331.625) 209,912 (8,584,335)

Conthbutions -- 10.770.210 10,770,210

Appropriation of endowment assetsfor expenditures (720,933) (8,523.424) - (9,244,357)

Other changes:Transfers to create board-designated

endowmentfunds -- (1,167,167) (1167,167)

Change in restrictions by donor - - 3,367,490 3,367,490

Change in value of split interest agreements - - 1,010,372 1101 0,372

Endowment net assets. end of year $ 9,156,069 $ 24,306,972 $ 217,226,004 $ 250,689,045

Funds With DeficienciesAs a result of market declines for certain recently established endowments, the fair value of certaindonor-restricted endowments was less than the historical cost value (original giftlbook value) of suchfunds (“underwater”) by $22,0890,786 and $1,015,890 at June 30, 2009 and 2008, respectively.

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University of Mississippi Foundation


NOTE I - NATURE OF ORGANIZATION

The University of Mississippi Foundation (the UM Foundation) is a non-profit, non-stock corporationformed for the benefit of The University of Mississippi (UM). The UM Foundation promotes,encourages, and assists educational, scientific, literary, research, and service activities of UM andits affiliates.

NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of EstimatesThe UM Foundation prepares its financial statements in accordance with U.S. generally acceptedaccounting principles which require that management make estimates and assumptions that affectthe reported amounts of assets and liabilities and revenues and expenses. Such estimates includethe present value discount rates applied to the pledges receivable and liabilities under remaindertrust agreements, allowance for uncollectible pledges, fair market values of certain investmentsincluding real estate, partnership and member interests, and depreciation of property andequipment. Actual results could differ significantly from those estimates.

The UM Foundation’s investments are primarily invested in various types of investment securitieswithin many markets. Investment securities are exposed to several risks, such as interest rate,market and credit risks. Due to the level of risk associated with certain investment securities, it isreasonably possible that changes in the value of investment securities will occur in the near termand that such changes could materially affect the amounts reported in the UM Foundation’s financialstatements.

Donor-Imposed RestrictionsThe financial statements report amounts in three classes of net assets — unrestricted net assets,temporarily restricted net assets, and permanently restricted net assets — based on the existence orabsence of donor-imposed restrictions.

All contributions are considered to be available for unrestricted use unless specifically restricted bythe donor. Amounts received that are restricted by the donor for future periods or for specificpurposes are reported as temporarily restricted or permanently restricted.

When a donor restriction expires or the stated purpose is accomplished, temporarily restricted netassets are reclassified to unrestricted net assets and are reported in the statements of activities asnet assets released from restriction.

The permanently restricted net assets include the principal amount of contributions accepted withthe stipulation from the donor that the principal be maintained in perpetuity and only the income frominvestment thereof be expended. The purpose of such expenditure may also be specified by thedonor.

Revenue RecognitionThe UM Foundation generally recognizes gifts as revenue when notified of an unconditional promiseto give. Unconditional promises to give that are expected to be collected in future years are

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NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

reported at the present value of their future cash flows. The discounts on these amounts arecomputed using risk free interest rates applicable to the years in which the promises are received.

Amortization of the discounts is included in contribution revenues. An allowance for uncollectibleamounts is provided based upon management’s judgment, including such factors as prior collectionhistory, type of contribution, and nature of the fund-raising activity. See note 3 for discussion ofpledges receivable. Investments received by gift are recorded at fair value at the date of donation.

The increase in the cash surrender value of life insurance policies is recorded as a component ofother income.

The UM Foundation earns a management fee of one-half of one percent on certain endowmentfunds. For the fiscal years ended June 30, 2009 and 2008, such fees totaled approximately$1,322,000 and $1,413,000, respectively, and was recorded as other income and reflected withinunrestricted net assets.

Cash and Cash EquivalentsThe UM Foundation recognizes all demand deposit accounts as cash and cash equivalents. It is thepolicy of the UM Foundation to consider money market accounts with brokers as other short-terminvestments.

InvestmentsInvestments are recorded at fair value. The fair values of all investments other than real estate andpartnership and member interests (which include certain private equity investments and hedgefunds) are based on quoted market prices. Since partnership and member interests do not havereadily ascertainable fair values and may be subject to withdrawal restrictions, the UM Foundationvalues these investments in accordance with valuations provided by the general partners or fundmanagers of the underlying partnerships or companies. The UM Foundation reviews and evaluatessuch valuations and believes that the carrying amount of its partnership and member interests is areasonable estimate of fair value. The UM Foundation’s real estate investments are also carried atfair value based on appraisal values at the date of receipt and as subsequently updated. Bothrealized and unrealized gains and losses are reflected in the accompanying statements of activitiesbased on restrictions put in place by the donor.

Tax StatusThe UM Foundation is exempt from federal and state income taxes: accordingly, no provision forincome taxes has been made in the accompanying financial statements.

Fair Value of Financial InstrumentsThe carrying amounts at June 30, 2009 and 2008 for cash and cash equivalents, pledgesreceivable, beneficial interest in remainder trust, funds held for others, liabilities under remaindertrusts and other liabilities approximate their fair values. See note 4 for investments.

Split Interest AgreementsThe UM Foundation accepts gifts subject to split interest agreements. These gifts are generally intre form of charitable remainder unitrusts (CRUT5) and charitable remainder annuity trusts(CRATs). At the time of receipt, a gift is recorded based upon the fair value of the assets donated

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ess the present value of any applicable liabilities for projected distributions to third parties. Thediscount rate used to value the beneficiary liability is fixed at the gift date. CRUTs are revaluedannually and the beneficiary payments adjusted accordingly. Funds subject to split interestagreements are classified as temporarily restricted or permanently restricted based upon donordesignations.

The UM Foundation is the beneficiary of one externally managed charitable remainder trust. Thistrust is recorded at the present value of the estimated future cash receipts from the assets of thetrust.

Recently Issued Accounting StandardsIn June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No.48,Accounting for Uncertainty in income Taxes, an Interpretation of FASB Statement No. 109 (FIN 48).FIN 48 clarifies the accounting for uncertainty in tax positions and requires that the UM Foundationrecognize in its financial statements the impact of a tax position, if that position is more likely thannot of being sustained on audit, based on the technical merits of the position. In December 2008,the FASB issued FASS Staff Position (FSP) FIN 48-3, Effective Date of FASB Interpretation No. 48for Certain Nonpublic Enterprises. FSP FIN 48-3 permits an entity within its scope to defer theeffective date of FIN 48 to its annual financial statements for fiscal years beginning after December15, 2008. The UM Foundation has elected to defer the application of FIN 48 to the year beginningJuly 1, 2009, and the adoption of FIN 48 is not anticipated to have any material impact to the UMFoundation’s financial statements.

Effective July 1, 2008, the UM Foundation adopted Statement of Financial Accounting Standards(SFAS) No. 157, Fair Value Measurements (SFAS No. 157), which defines fair value, establishes anenhanced framework for measuring fair value and expands disclosures about fair valuemeasurements. In conjunction with the adoption of SFAS No. 157, the UM Foundation elected toearly adopt the measurement provisions of Accounting Standards Update No. 2009-12, Investmentsin Certain Entities That Calculate Net Asset Value per Share (or its Equivalent), to certaininvestments in funds that do not have readily determinable fair values including private equityinvestments, hedge funds, real estate, and otherfunds. This guidance amends SFAS No. 157 andpermits, as a practical expedient, for the estimation of the fair value of investments in investmentcompanies for which the investment does not have a readily determinable fair value using net assetvalue per share or its equivalent. Net asset value, in many instances may not equal fair value thatwould be calculated pursuant to SEAS No. 157. The UM Foundation’s adoption of SFAS No.157did not have a significant impact on the UM Foundation’s determination of fair value in the financialstatements but did result in expanded footnote disclosures in note 5 to the financial statements.

Effective July 1, 2008, the UM Foundation adopted SFAS No. 159, The Fair Value Option forFinancial Assets and Financial Liabilities — including an amendment of FAS Statements No. 115(SFAS No. 159). SFAS No. 159 gave the UM Foundation the irrevocable option to report mostfinancial assets and financial liabilities at fair value on an instrument-by-instrument basis, withchanges in fair value reported in earnings. The UM Foundation did not elect the fair value option inregard to items not previously recorded at fair value; therefore, the adoption of this statement had noimpact on the financial position or results of operations of the UM Foundation,

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In August 2008, The FASS issued Staff Position (FSP) No. 117-1, Endowments of Non-for-ProfitOrganizations: Net Asset Classification of Funds Subject to an Enacted Version of the UniformPrudent Management of Institutional Funds Act (UPMIFA), and Enhanced Disclosures for AllEndowment Funds (FSP 117-1). FSP 117-1 provides guidance on the net asset classification ofdonor-restricted endowment funds for a not-for-profit organization that is subject to an enactedversion of the UPMIFA and expands disclosures about an organization’s endowment funds, whetheror not the organization is subject to UPMIFA. FSP 117-1 is effective for fiscal years ending afterDecember 15, 2008. As of June 30, 2009, the state of Mississippi had not yet adopted UPMIFA.The UM Foundation adopted the disclosure provisions of FSP 117-1 during the year ended June 30,2009.

Subsequent Events

In connection with the preparation of the financial statements and in accordance with the recentlyissued SFAS No. 165, Subsequent Events, the UM Foundation evaluated subsequent events afterthe balance sheet date of June 30,2009 through October16, 2009, which was the date the financialstatements were available to be issued.


The UM Foundation obtains pledges through fund raising projects in support of various activities. AtJune 30, 2009, pledges mature at various dates through 2030 (approximately $8962000 is due infiscal year 2010, $16,711,000 is due in total during the period including fiscal year 2011 throughfiscal year 2015, and $3,061,000 is due thereafter). At June 30, 2008, pledges mature at variousdates through 2029 (approximately $9,136,000 is due in fiscal year 2009, $23,245,000 is due in totalduring the period including fiscal year 2010 through fiscal year 2014, and $5,352,000 is duethereafter). A summary of pledges receivable as of June 30, 2009 and 2008 follows:

As of June 30, 2009 2008

Temporarily restricted $ 21,480,174 $ 26,865,432Permanently restricted 7,253,570 10,867,191

28,733,744 37,732,623Allowances for doubtful pledges (1,771,452) (7,481928)Present value discount (ranging from 33% to 5.1%) (4,688,644) (7.367,764)

S 22,273,648 $ 22,882,931

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NOTE 4 — INVESTMENTS

The UM Foundation’s investments consist of the following at June 30, 2009 and 2008:

As of June 30, 2009 2008

U.S. Government securities $ 396,250 $ 647,626

Corporate bonds 4,023,458 4,679,491

Certificates of deposit 300,267 284,451

Other short-term investments 19,384,749 14,211,342

Other fixed income securities 83,641,546 84558,891

Equity securities 102,144,717 143,271,349

Real estate 6,808,299 6.958,299

Partnership and member interests 33,848,293 37,190.129

S 250,547,579 $ 291,801,578

NOTE 5—FAIR VALUE MEASUREMENT

The UM Foundation adopted SFAS No. 157 on July 1, 2008 for fair value measurements of financialassets and financial liabilities and for fair value measurements of nonfinancial items that arerecognized or disclosed at fair value in the financial statements on a recurring basis. SFAS No. 157establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measurefair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets foridentical assets or liabilities (Level 1 measurements) and the lowest priority to measurementsinvolving significant unobservable inputs (Level 3 measurements). The three levels of the fair valuehierarchy are as follows:

Level 1 — inputs are quoted prices (unadjusted) in active markets for identical assets orliabilities that the UM Foundation has the ability to access as the measurement date.

Level 2 — inputs are inputs other than quoted prices included within Level 1 that areobservable for the asset or liability, either directly or indirectly.

Level 3—inputs are unobservable inputs for the asset or liability.

The level in the fair value hierarchy within which a fair measurement in its entirety falls is based onthe lowest level input that is significant to the fair value measurement in its entirety.

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NOTE 5— FAIR VALUE MEASUREMENT (Continued)

The following table presents the financial assets carried at fair value by level within the valuationhierarchy as of June 30! 2009:

Level I Level 2 Level 3 Total

U.S. Government securities $ - $ 396250 $ - $ 396250Corporate bonds 98978 3,924,480 - 4023458Certificates of deposit - 300267 - 300,267Other short-term investments 7,000,570 12,384,179 - 19,384,749Other fixed income securities 69558327 14,083,219 - 83,641546Equity securities 102,144,717 - - 102,144,717Real estate

- - 6,808,299 6,808,299Partnership and member interest - 7,862,710 25,985,583 33,848,293

Total investments $ 178,802,592 $ 38,951,105 $ 32,793,882 $ 250,547,579

Beneficial interest in remainder trust $ - $ - $ 3,730,226 $ 3.730,226

Note 2(h), Split Interest Agreements, for information regarding thefair value of the UM Foundation’s investments and its beneficial

produce a fair value calculation that may not befuture fair values. Furthermore, while the UMappropriate and consistent with other marketassumptions to determine the fair value of certain

financial instruments could result in a different fair value measurement as the reporting date.

The following table includes a rollforward of the amounts for the year ended June 30, 2009 forinvestments classified within Level 3.

Real estate

Beneficialinterest inremainder

trust

Balance as of June 30, 2008 $ 6,958,299 $ 25,864,286 $ 3,417,765Net realized and unrealized gains(losses) (150,000) (3.742,703) 312,461

Net purchases (sates) - 3,864,000 -

Balance as of June 30, 2009 $ 6,808,299 $ 25,985,583 $ 3,730,226

See Note 2(e), Investments, andmethods used to determine theinterest in remainder trust. These methods mayindicative of net realizable value or reflective ofFoundation believes its valuation methods areparticipants, the use of different methodologies or

Partnershipand member

interests

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NOTE 6— NET ASSET CLASSIFICATION OF ENDOWMENT FUNDS

The UM Foundation adopted FASB Staff Position (FSP) SFAS No. 117-1 Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of theUniform Prudent Management of Institutional Funds Act (UPMIFA), and Enhanced Disclosures forAll Endowment Funds as of July 1, 2008. This standard, which is effective for years ending afterDecember31, 2008 provides guidance on the net asset classification of donor restricted endowmentfunds and related disclosures. FSF 117-1 also provides guidance relative to net asset classificationof funds subject to the Uniform Prudent Management of Institutional Funds Act (UPMIFA). Whenadopted by the state of domicile, UPMIFA requires a number of management assessments,including:

• Determination as to whether a donor intended an endowment to maintain its purchasingpower or as a fixed sum,

• The classification of endowment earnings, and

• The ability to spend corpus of an endowment.

The State of Mississippi has not adopted UPMIFA. The UM Foundation’s Board of Directors hasdetermined its donor agreements to provide for the preservation of the fair value of the original giftas of the date of the donor restricted endowment funds. As a result, the UM Foundation classifiesas permanently restricted net assets the original gift donated to the permanent endowment and theoriginal value of subsequent gifts and other income. The remaining portion of the donor-restrictedendowment fund that is not classified in permanently restricted net assets is classified in temporarilyrestricted net assets until the amounts are appropriated for expenditure in accordance with thedonor memorandums of agreement.

The UM Foundation has established policies to achieve the overall, long-temi investment goal ofachieving an annualized total return, through appreciation and income, greater than the rate ofinflation plus any distribution needs, thus protecting the assets against inflation. The Board andJoint Committee on Investments agree that investing in securities with higher return expectationsoutweighs their short-term volatility risk. As a result, the majority of assets are invested in equity orequity-like securities. Fixed income securities are used to lower the short-term volatility of theportfolio and to provide income stability, especially during periods of weak or negative equitymarkets. Cash is not a strategic asset of the portfolio, but is a residual to the investment processand used to meet short-term liquidity needs. The primary performance objective of the UMFoundation is to achieve a total return, net of investment management fees and expenses, inexcess of inflation and the spend rate.

Income available for spending is determined by a total return system and is approved by Board ofDirectors of the UM Foundation. The amount to be spent involves taking 5 percent of a 3-yearmoving average of the market value per unit. The objective is to provide relatively stable spendingallocations. No portion of the original gift value of the endowed assets will be allocated forspending.

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NOTE 6 — NET ASSET CLASSIFICATION OF ENDOWMENT FUNDS

Changes in donor-restricted endowment net assets for the years ended June 30, 2009 and 2008are as follows:


Donor-restricted endowmentnet assets (deficit)! June 30. 2007

Conthbutions to endowmentAppropriation for expendituresInvestment return:

Investment incomeNet appreciation (depreciation)

Donor-restricted endowmentnet assets (deficit), June 30, 2008

Contributions to endowmentAppropriation for expendituresInvestment return:

Investment incomeNet appreciation (depreciation)

Donor-restricted endowmentnet assets (deficit)! June 30, 2009

(209) S 76,783.272 $123,130,634-

- 7,489.155(7,768,281)

- 7,637,405(472,096) (20,565820)

$ 199,913,6977.489.155

(7,768,281)

7,637,405(21,037,916)

Due to unfavorable market fluctuations, the UM Foundation has endowments that have fallen below.the original gift value of the funds. At June 30, 2009 and 2008, the fair values of certainpermanently restricted investments were below their originat contribution by approximately$8,748,000 and $472,000, respectively, and these deficiencies have been recorded in unrestrictednet assets Future gains will be used to restore these deficiencies in unrestricted net assets beforeany net appreciation above the historical cost value of such funds increases temporarily restrictednet assets.

NOTE 7— LIFE INSURANCE POLICIES

The UM Foundation has obtained life insurance policies for which it has been named owner andbeneficiary. The face amount of life insurance policies in excess of cash surrender value held by theUM Foundation is deferred and recognized as revenue only when collected. The cash surrendervalue amounts of such policies as of June 30, 2009 and 2008 was $1,330,000 and $1,367,000,respectively, which are reflected as other assets in the accompanying statements of financialposition.

$

(472, 305) 56, 086,576 130,61 9,789 1 86,234,060-

- 7,309,781 7.309,781- (9.036,789) - (9,036,789)

- 5,705.977 - 5,705,977(8275,537) (27,806238) - (36,081775)

$ (8,747,842) $ 24,949,526 $ 137,929,570 $ 154,131,254

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NOTE 8— CHARITABLE TRUSTS

The UM Foundation administered charitable remainder trusts with investments of approximately$5515000 and $6,726,000 as of June 30, 2009 and 2008, respectively, and are reported asinvestments on the statements of financial position. Pursuant to the trust agreements, specifiedamounts of income from the trust’s assets must be distributed to the income beneficiaries each year.Liabilities under remainder trusts totaled $4,352,873 and $5,918,882 as of June 30,2009 and 2008,respectively. The discount rates used in this measurement range from 525% to 6.20%. Theremainder of the income and the assets will become the property of the UM Foundation at a timedesignated in the trust agreements, usually upon the death of the income beneficiary.

NOTE 9— PROPERTY AND EQUIPMENT

Property and equipment consist of the following at June 30, 2009 and 2008:

As of June 30, 2009 2008

Land $ 300,000 $ 665,000

Building and equipment 3,005,713 3,468,271

Total 3,305,713 4,133,271

Accumulated depreciation (1,218,283) (1,188,640)

Property and equipment, net $ 2,087,430 $ 2,944,631

Depreciation expense has been computed utilizing the straight-line method over the estimateduseful life of the building —30 years and the equipment —7 and 10 years.

NOTE 10— NET ASSETS

Permanently restricted net assets at June 30, 2009 and 2008 were available for the followingpurposes:

As of June 30, 2009 2008

Academic and program support $ 30,415,319 $ 28,333,715Scholarship support 64,990,577 59,878,745

Faculty support 30,583,380 28,632,139

Library support 13,443,655 12,998,528

Total $ 139,432,931 $ 129,843,127

The vast majority of temporarily restricted net assets at June 30, 2009 and 2008 were available foracademic and program support.

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NOTE 11 — FUNDS HELD FOR OTHERS

The UM Foundation administered funds for others of $15686378 and S16,282,368 at June 30,2009 and 2008, respectively. These funds are commingled with the UM Foundation’s investmentsand are accounted for at the fair value of the underlying investments. Earnings and losses fromthese investments, as well as funds received and distributed, are not included in the changes of netassets of the UM Foundation.

The UM Foundation assists with fund raising activities of UM and processes the receipts for manyUM affiliated organizations. During fiscal years 2009 and 2008, the UM Foundation receivedapproximately $2,445,000 and $1,917,000, respectively, for the University of Mississippi AlumniAssociation and $15,527,000 and $13,539,000, respectively, for the UMAA Foundation.Distributions to these organizations, all of which were made at the direction of the affiliatedorganization, for fiscal years 2009 and 2008 include approximately $2,462,000 and $2,041,000,respectively, to the University of Mississippi Alumni Association and $15,491,000 and $14,519,000,respectively, to the UMAA Foundation. In addition to these affiliated organizations, the UMFoundation maintains funds for certain other third party organizations. During fiscal year 2009 and2008, the UM Foundation received approximately $752,000 and $127,000, respectively, from theseorganizations and made distributions to these organizations, at the organization’s direction, ofapproximately $668,000 and $392,000, respectively.

NOTE 12— MISSISSIPPI COMMON FUND TRUST

Included in other liabilities are $539,439 and $2,655,324 at June 30, 2009 and 2008. respectively,related to the Mississippi Common Fund Trust. The donor directed trust was established by the UMFoundation to allow donors to receive a charitable deduction for gifts to the trust. The UMFoundation manages the trust’s assets with earnings distributed to a charitable organization, at thedonors direction, on an annual basis. It the donor does not make an annual designation of funds toa charitable organization, then such designation may be made by the UM Foundation. Remainingcorpus must be disbursed to one or more qualifying charitable organizations within one year afterthe death of the donor’s surviving spouse as directed through the donor’s will or other instruction or itwill revert to the UM Foundation.

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University of Southern Mississippi Foundation


NOTE I — ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

OrganizationThe University of Southern Mississippi Foundation (the USM Foundation) is a not-for-profit entityorganized under the laws of the State of Mississippi to provide support to The University of SouthernMississippi (USM) and its students. The USM Foundation depends on USM to provide the staff andfacilities for its operations (see note 12).

Foundation Aviation Holdings, LLC was formed by the USM Foundation in October 2008 as a singlemember limited liability company. The USM Foundation’s consolidated financial statements includethe accounts of Foundation Aviation Holdings, LLC. All significant intercompany accounts andintercompany transactions have been eliminated.

Basis of AccountingThe consolidated financial statements, which are presented on the accrual basis of accounting,have been prepared to present balances and transactions according to the existence or absence ofdonor-imposed restrictions. This has been accomplished by classification of net assets andtransactions into three classes — permanently restricted, temporarily restricted, and unrestricted asfollows:

Permanently restricted net assetsnet assets subject to donor-imposed stipulations that they be maintained permanently by theUSM Foundation. Generally, the donor of these assets permits the USM Foundation to useall or part of the income earned on related investments for general or specific purposes insupport of USM.

Temporarily restricted net assetsnet assets subject to donor-imposed stipulations that may or will be met by actions of theUSM Foundation andlor the passage of time. Temporarily restricted net assets includecontributions designated to a particular college or unit. To the extent that restrictedresources from multiple donors are available for the same purpose, the USM Foundationexpends such gifts on a “first in, first out” basis.

Unrestricted net assetsnet assets which represent resources generated from operations or that are not subject todonor-imposed stipulations.

Revenues are reported as increases in unrestricted net assets unless use of the related assets islimited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted netassets. Gains and losses on investments and other assets or liabilities are reported as increases ordecreases in unrestricted net assets unless their use is restricted by explicit donor stipulations or bylaw. Expirations of restrictions on net assets (i.e., the donor-stipulated purpose has been fulfilledand/or the stipulated time period has elapsed) are reported as net assets released from restrictions.

Contributions, including unconditional promises to give, are recognized as revenues in the periodreceived. Conditional promises to give are not recognized until they become unconditional, that is,when the conditions on which they depend are substantially met. Contributions of assets other thancash are recorded at their estimated fair value. Contributions to be received after one year arediscounted at a rate commensurate with the risk involved. Amortization of the discount is recorded

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NOTE 1 — ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

as contribution revenue and recognized in accordance with donor-imposed restrictions, if any1 on thecontributions. AHowance is made for uncollectible contributions based upon management’sjudgment and analysis of the creditworthiness of the donors, past collection experience and otherrelevant factors.

Income and realized and unrealized gains (losses) on investments of permanently restricted netassets are reported as follows:

• as increases (decreases) in permanently restricted net assets if the terms of the giftor the USM Foundation’s interpretation of relevant state law require that they beadded to the principal of a permanent endowment fund;

• as increases (decreases) in temporarily restricted net assets if the terms of the giftimpose restrictions on their use;

• as increases (decreases) in unrestricted net assets in all other cases.

Use of EstimatesThe preparation of financial statements in conformity with U.S. generally accepted accountingprinciples requires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of theconsolidated financial statements. Actual results could differ from those estimates.

The USM Foundation’s investments are invested in various types of investment securities and invarious companies within various markets. Investment securities are exposed to several risks, suchas interest rate, market and credit risks. Due to the level of risk associated with certain investmentsecurities, it is at least reasonably possible that changes in the values of investment securities willoccur in the near term and that such changes could materially affect the amounts reported in theUSM Foundation’s financial statements.

Another estimate that is particulariy susceptible to significant change in the near term relates to theallowance for uncollectible pledges. Management’s estimate of the allowance for uncollectiblepledges is based on an analysis of economic conditions, financial information about donors andcurrent receivable levels and agings.

AdvancesAt June 30, 2009, advances to USM totaling $360,275. represent amounts paid to USM for projectsthat have not been completed At June 30, 2008, there were no such advances to USM.

Furniture and EquipmentFurniture and equipment are stated at cost if purchased, or at fair value on the date of gift ifdonated. Depreciation of equipment is provided on the straight-line method over the estimateduseful life of the assets. The estimated useful lives for automobiles and office equipment is fiveyears and furniture and fixtures is seven years. Software costs are capitalized in accordance withStatement of Position No. 98-1, Accounting for the Costs of Computer Software Developed orObtained for Internal Use, and depreciates over an estimated useful life of five years.

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NOTE I — ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

InvestmentsInvestments in equity securities with readily determinable fair values and all investments in debtsecurities are reported at lair value. Transactions are accounted for on a trade date basis. Realestate investment funds are reported at net asset value. Other investments, which consist primarilyof pooled investment funds and real estate, are recorded at fair value. The fair value of real estateis based on recent appraisals.

The liquidity crisis that originally was linked principally to the sub-prime lending markets has spreadto other corners of the credit markets in the U.S. and internationally. It is not possible at this time topredict the full impact or duration of the existing illiquid credit market conditions. The unstablemarket conditions and the resulting uncertainties contribute to additional risks associated withcertain significant investment valuation estimates. Management continues to monitor thecomposition of its portfolio to assess the potential impact of these market conditions on the valuationof its investments.

PledgesAll unconditional pledges to give are recorded at their estimated realizable value on a discountedbasis using a risk-free interest rate.

Split Interest AgreementsThe USM Foundation accepts gifts subject to split interest agreements. These gifts are in the formof annuities, pooled income funds, charitable remainder trusts, or charitable lead trusts. At the timeof receipt, a gift is recorded based upon the fair value of assets donated less any applicableliabilities. Liabilities include the present value of projected future distributions to the annuity or trustbeneficiary and are determined using a designated discount rate. Funds subject to split interestagreements are classified as temporarily restricted or permanently restricted based upon donordesignations.

Income TaxesThe USM Foundation is exempt from federal income taxes on related income under internalRevenue Code section 501(a) as an organization described in section 501(c)(3). FoundationAviation Holdings, LLC is disregarded as an entity separate from the USM Foundation for purposesof the Internal Revenue Code. Accordingly, no provision for income taxes have been made.

Planned Giving InventoryPlanned giving inventory, which includes wills, revocable trusts, and the face value of insurancepolicies of which the USM Foundation is the owner and beneficiary, is not recorded as it representsa conditional promise to give which constitutes a future uncertain event.

LiquidityAssets are presented according to their nearness to cash and liabilities are presented according totheir nearness of payment or use of cash.

Cash EquivalentsAll highly liquid cash investments with an original maturity of three months or less when purchasedare considered to be cash equivalents.

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NOTE 1 — ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

Contributed Goods and ServicesContributed goods and services are recorded as revenues and expenses in the consolidatedstatements of activities at estimated fair value (see note 12).

Recently Issued Accounting StandardsIn June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48,Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109 (FIN 48).FIN 48 clarifies the accounting for uncertainty in tax positions and requires that the USM Foundationrecognize in their consolidated financial statements the impact of a tax position, if that position ismore likely than not of being sustained on audit, based on the technical merits of the position. InDecember 2008, the FASB issued FASB Staff Position (FSP) FIN 48-3, Effective Date of FASBInterpretation No. 48 for Certain Nonpublic Enterprises. FSP FIN 48-3 permits an entity within itsscope to defer the effective date of FIN 48 to its annual financial statements for fiscal yearsbeginning after December 15, 2008. The USM Foundation has elected to defer the application ofFIN 48 to the year beginning July 1, 2009, and the adoption of FIN 48 is not anticipated to have anymaterial impact to the USM Foundation’s consolidated financial statements.

Effective July 1, 2008, the USM Foundation adopted the provisions of FASB Statement No. 157(Statement No. 157), Fair Value Measurements, forfair value measurements of financial assets andfinancial liabilities and [or fair value measurement of nonfinancial items that are recognized ordisclosed at fair value in the financial statements on a recurring basis. Statement No. 157 definesfair value as the price that would be received to sell an asset or paid to transfer a liability in anorderly transaction between market participants at the measurement date. Statement No. 157 alsoestablishes a framework for measuring fair value and expands disclosures about fair valuemeasurements (see note 3). In junction with the adoption of Statement No. 157, the USMFoundation elected to early adopt the measurement provisions of Accounting Standards Update No.2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or ItsEquivalent), to certain investments in funds that do not have readily determinable fair valuesincluding private equity investments, hedge funds, real estate, and other funds. This guidanceamends Statement No. 157 and permits, as a practical expedient for the estimation of the fair valueof investments in investment companies for which the investment does not have a readilydeterminable fair value using net asset value per share or its equivalent. Net asset value, in manyinstances, may not equal fair value that would be calculated pursuant to Statement No. 157. FASBStaff Position FAS 157-2, Effective Date of FASB Statement No. 157, delays the effective date ofStatement No. 157 until fiscal years beginning after November 15, 2008 for all nonfinancial assetsand nonfinancial liabilities that are recognized or disclosed at fair value in the consolidated financialstatements on a nonrecurring basis. On July 1, 2009, the USM Foundation will be required to applythe provisions of Statement No. 157 to fair value measurements of nonfinancial assets andnonfinancial liabilities that are recognized or disclosed at fair value in the consolidated financialstatements on a nonrecurring basis. The USM Foundation believes applying these provisions willnot have a significant impact on its 2010 consolidated financial statements.

Effective July 1,2008, the USM Foundation adopted FASB No. 159 (Statement No. 159), The PairValue Option for Financial Assets and Financial Liabilities. Statement No. 159 gave the USMFoundation the irrevocable option to report most financial assets and financial liabilities at fair valueon an instrument-by-instrument basis, with changes in fair value recorded in changes in net assets.

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NOTE 1 — ORGANIZATION AND SIGNIFICANT ACCOUNTiNG POLICIES (Continued)

The USM Foundation did not elect the fair value option in regards to items not previously recordedat fair value; therefore, the adoption of this statement had no impact on the USM Foundation’s 2009consolidated financial statements.

The FASS issued FASS Staff Position (FSP) No. 117-1, Endowments of Non-for-ProfitOrganizations: Net Asset Classification of Funds Subject to an Enacted Version of the UniformPrudent Management of Institutional Funds Act (UPMIFA), and Enhanced Disclosures for AllEndowment Funds, which provides guidance about the net asset classification of donor-restrictedendowment funds for a not -for-profit organization that is subject to an enacted version of UPMIFAand expands disclosures about endowment funds (both donor-restricted and board-designatedendowment funds), regardless of whether an organization is subject to UPMIFA. FSP FAS No. 117-1 is effective for fiscal years ending after December 15, 2008. As of June 30, 2009, the State ofMississippi had not yet adopted UPMIFA. The USM Foundation adopted the disclosure provisionsof FSP 117-1 during the year ended June 30, 2009 (see note 10).

Subsequent EventsIn connection with the preparation of the consolidated financial statements and in accordance withthe recently issued SFAS No. 165, Subsequent Events, the USM Foundation evaluated subsequentevents after the consolidated statements of financial position date of June 30, 2009 throughNovember 24, 2009, which is the date the consolidated financial statements were available to beissued.

NOTE 2— INVESTMENTS

Investments are summarized as follows at June 30, 2009 and 2008:

As of June 30, 2009 2008

Pooled investments and mutual funds $ 13,908,675 $ 14,863,113US. Government obligations 9,597,384 8,699,018Corporate equities 11,507,583 23,331,845Corporate debt obligations 4,582,326 4,054,938Real estate investment trust 550,429 1,256,577Cash surrender value of insurance policies 1,813,664 1,673,193Real estate 505,656 516,056Other 46,032 46.032

$ 42,511,749 $ 54,440,772

The USM Foundation has entered into various split interest agreements, including charitable giftannuities and pooled income funds, whereby the USM Foundation serves as trustee. The assetsheld under these split interest agreements are included in investments at June 30, 2009 and 2008with a fair value of $544,460 and $711,350, respectively.

At June 30, 2009 and 2008, the fair value of certain permanently restricted investments have gonebelow their historical cost, and the deficiency of $2,538,573 and $273,916, respectively, has been

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NOTE 2—INVESTMENTS (Continued)

recorded in unrestricted net assets. Future gains will be used to restore these deficiencies inunrestricted net assets before any appreciation above the historical cost value of such fundsincreases temporarily restricted net assets.

The following schedule summarizes net investment income (loss) and its classification in theconsolidated statement of activities:

Year ended June 30, 2009

Temporarily PermanentlyUnrestricted Restricted Restricted Total

Dividends and interest (net of(expenses of $395,690) $ 660,474 $ 408,427 $ 23,808 $ 1,092,709

Realized losses, net (108,778) (2,195,788) (81,014) (2,385,580)Unrealized losses, net (2,533,179) (4,478,341) (307,078) (7,318,598)

S (1,981,483) $ (6265,702) $ (364,284) $ (8,611,469)

Year ended June 30, 2008

Dividends and interest (net of(expenses of $420,040) $ 1256644 $ (65,205) $ 42,070 $ 1,233,509

Realized gains (losses), net 34,661 3,785,985 320,900 4,141,546Unrealized gains (losses), net (409,255) (5,501,249) (294,295) (6,204,799)

$ 882,050 $ (1,780,469) $ 68,675 $ (829,744)

NOTE 3- FAIR VALUE MEASUREMENTS

Statement No. 157 defines fair value as the price that would be received to sell an asset or paid totransfer a liability in an orderly transaction between market participants at the measurement date.Statement No. 157 also establishes a framework for measuring fair value and expands disclosuresabout fair value measurements. The fair value hierarchy established in Statement No. 157prioritizes the inputs used in valuation techniques into three levels as follows:

Level 1 — Observable inputs are quoted prices in active markets for identical assets orliabilities,

Level 2— Observable inputs are other than the quoted prices in active markets for identicalasset and liabilities — includes quoted prices for similar instruments, quoted prices foridentical or similar instruments in inactive markets, and amounts derived from valuationmodels where all significant inputs are observable in active markets; and

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Level 3—Unobservable inputs — includes amounts derived from valuation models where oneor more significant inputs are unobservable and require management to develop relevantassumptions.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on thelowest level of any input that is significant to the fair value measurement, Valuation techniques usedneed to maximize the use of observable inputs and minimize the use of observable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value.

Mutual funds, pooled investment funds, U.S. Government obligations, corporate equities, corporatedebt obligations and externally managed trusts: Valued at the closing price reported on the activemarket on which the individual securities are traded.

Real estate investment funds: Valued at the net asset value of underlying investments asdetermined by the asset custodian; management also takes into consideration the audited financialinformation to determine overall reasonableness of the recorded value.

Life insurance contracts: Valued at the cash surrender value of the life insurance contract asdetermined by the life insurance company.

Real estate and other: Valued based on recent appraisals.

The methods described above may produce a fair value calculation that may not be indicative of netrealizable value or reflective of future fair values. Furthermore, while the USM Foundation believesits valuation methods are appropriate and consistent with other market participants, the use ofdifferent methodologies or assumptions to determine the fair value of certain flnancial instrumentscould result in a different fair value measurement at the reporting date.

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The following table sets forth by level, within the fair value hierarchy, the USM Foundation’s assetsat fair value as of June 30. 2009:

(Level 1) (Level 2) (Level 3) Total

Mutual funds $ 13829,979 $ - $ - $ 13829979Pooled investment funds 78,696 - - 78,696US. Government obligations 9,597,384 - - 9,597,384Corporate equities 11507,583 - - 11501,583Corporate debt obligations 4,582,326 - - 4,582,326Real estate investment funds - - 550,429 550,429Life insurance contracts - - 1.813,664 1,813,664Real estate - - 505,656 505.656Other - - 46,032 46,032Externauy managed trust 1,575,976 - - 1.575,976

5 41,171:944 $ - $ 2,915,781 $ 44.087,725

Level 3 Gains and LossesThe table below sets forth a summary of changes in the fair value of the USM Foundation’s Level 3assets for the year ended June 30, 2009.

Level 3 AssetsReal estateinvestment Life insurance

As of June 30, 2009 trust contracts Real estate Other Total

Balance. beginning of year S 1,256,577 S 1,673.193 $ 516,056 $ 46,032 $ 3.491.858Realized losses (46.802) - (10.400) - (57.202)Unrealized losses (659.346) - - - (659.346)Change in cash surrender value - 140,471 - - 140,471

Balance, end of year $ 550,429 $ 1,813,664 $ 505,656 $ 46,032 $ 2,915,781

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Pledges receivable, net, are summarized as follows at June 30, 2009 and 2008:

As of June 30, 2009 2008

Unconditional promises expected to be collected in:Less than one year $ 3,994,036 $ 4386,979

One year to five years 3,556,733 4609,775

Over five years 193,879 703.988

7,744,648 9,700,742

Less unamortized discounts ranging from 2.54%

to 5.15% (640,650) (909,986)

7,103,998 8,790,756

Less allowance for uncollectible pledges (805,603) (723,871)

S 8,298,395 $ 8.066,885

NOTE 5— EXTERNALLY MANAGED TRUSTS

Externally managed trusts consist of irrevocable charitable lead trusts and charitable remainder trustwhereby the USM Foundation is the beneficiary, not the trustee. The amount due from these split-interest agreements and the related contribution revenue is recognized at the fair value at the dateof the gift. The amount due is then discounted using a discount rate and age factors in order torecord the contribution at net present value. The discount rates used as of June 30, 2009 rangedfrom 3.53% to 4.32% and as of June 30, 2008 ranged from 3.99% to 4.59%.

NOTE 6— FURNITURE AND EQUIPMENT

Furniture and equipment are summarized as follows

Asof June 30, 2009 2008

Automobiles $ 45,469 $ 45,469Furniture and fixtures 66,872 66,872Office equipment 9,374 8,519Software (not placed in service as of June 30, 2009) 432,633 -

554,348 120.860

Less accumulated depreciation (107,808) (98.349)

5 446,540 $ 22.511

-136-



NOTE 6—FURNITURE AND EQUIPMENT (Continued)

The Foundation has made certain commitments to purchase additional computer software systems.At June 30. 2009, outstanding capital commitments total $275,774.

NOTE 7—LINE OF CREDIT

In December 2008, the USM Foundation entered into a revolving line of credit facility with JPMorganChase Bank, NA, to purchase an aircraft for lease to USM. The line allows for borrowings up to$1,600,000 and is secured by an investment account held by the USM Foundation. The line has amaturity date of December11, 2009. As of June 30, 2009, the outstanding balance of the line was$1,474,503. The line bears interest at a variable rate basis at the rate per annum equal to 180%points over the one-month LIBOR index (2.12% at June 30,2009). Interest expense incurred duringthe year was $16,321, including accrued interest of $1,778 at June 30, 2009.

NOTE 8—TEMPORARILY RESTRICTED NET ASSETS

Temporarily restricted net assets at June 30, 2009 and 2008 were available for the followingpurposes:

As of June 30, 2009 2008

Student financial aid $ 10,532,324 $ 12,952,306Academic divisions 3,308,586 2,455,194Research 407,075 663,023Operation and maintenance of plant 4,020,228 7,303,900Library 122,185 190,312Athletics 307,226 296.326Faculty and staff support 319,554 506.616Other restricted purposes 5,982,195 5,245,113

$ 24,999,373 $ 29,612,790

-137-


NOTE 9— PERMANENTLY RESTRICTED NET ASSETS


Permanently restricted net assets at June 30, 2009 and 2008 have been categorized based on thedonors’ designation of the related investment income and are summarized as follows:

As of June 30, 2009 2008

Student financial aid $ 27,826,695 $ 27,563,814

Academic divisions 3,994,702 2,229,254

Research 676,181 705,969

Operation and maintenance of plant 1,227,717 1,448,101

Library 2,896,691 2,975,699

Athletic 12,950 -

Faculty and staff support 6,167,858 5,967,517

Other restricted purposes 2,699,213 4,074,520

S 45,502,007 $ 44,964,874

NOTE 10— ENDOWMENT NET ASSETS

The USM Foundation has approximately 750 individual funds which function as endowment-typefunds that are established for operating and scholarship purposes. The endowment-type fundsinclude both donor-restricted endowment-type funds and funds designated by the Board of Directorsto function as endowments. As required by U.S. generally accepted accounting principles, netassets associated with endowment funds, including board-designated funds to function asendowments, are classified and reported based on the existence or absence of donor-imposedrestrictions.

During the years ended June 30, 2009 and 2008, the USM Foundation had the followingendowment related activities:

Temporarily Permanentlyrestricted restricted TotalUnrestricted

Endowment net assets, July 1, 2008 $ 3,432,487 $ 11,064,573 $ 40,300,862 $ 54,797,922

Contributions 13,415 1,082,254 1,220,882 2,316,551

Net investment ncome (loss) 283,213 (8,935895) (350,210) (9,002,892)

Other rcorre (ioss) 2,442 6,121 (2,906) 5,657

Change in restriction oy dcnor 4,738 (24,050) 146,516 127,204

Expenses (200,081) (1,518,166) - (1,718,247)

Transfers (1,089,912) (6,349) (159,128) (1,255,389)

Al!ocahon of fund defic;encies n

erdowments re!ated to investment lcsses (2264,656) 2,264,656 - -

Endowment net assets, June 30] 2009 $ 181,646 $ 3,933,144 $ 41,156,016 $ 45,270,806

-138-



NOTE 10— ENDOWMENT NET ASSETS (Continued)


Endowment net assets, July 1, 2007 $ 3210665 $ 14,817,556 $ 32,808,625 $ 50,336.846Contributions 29,672 8,488 1,239,330 1277,490Net investment income (loss) 1,164,047 (2,043,955) 72,420 (807,488)Other income (loss) (9,904) 302 (731) (10,333)Change in restriction by donor (33,251) (667129) 723,194 22814Expenses (10,124) (1,274,596) 1,375 (1,283,345)Transfers (692,063) (2,648) 5,456,649 4,761,938A[location of fund deficiencies in

endowments related to investment losses (226.555) 226,555 - -

Endowment net assets! June 30. 2008 $ 3.432.487 $ 11.064,573 $ 40.300,862 S 54.797 922

At June 30, 2009 and 2008, the endowment net asset composition by type of fund consists of thefollowing:


Donor-restricted endowment- typefunds $ - $ 3933,144 $ 41,156,016 $ 45,089,160

Board-designated endowment-typefunds 181,846 - - 181,646

Endowment net assets,June 30. 2009 $ 181,646 $ 3,933,144 $ 41,156,016 $ 45,270,806

Donor-restricted endowment- typefunds $ - $ 11,064,573 $ 40,300,862 $ 51,365,435


Endowment net assets,June 30, 2008 $ 3,432,487 $ 11 064,573 $ 40.300,862 $ 54,797,922

-139-



NOTE 11 — PLANNED GIVING INVENTORY (LJNAUDITED)

Planned giving inventory for the USM Foundation as of June 30, 2009 and 2008 is as follows:

Asof June 30. 2009 2008

Insurance policies $ 19,967,819 $ 19,542,819

Wills 6,270,000 6.075000

Trusts 8,634,599 8,434,599

Other 850,000 850.000

Total $ 35,722,418 $ 34902.418

NOTE 12— RELATED PARTY TRANSACTIONS

The following contributed services, commodities, utilities, equipment, and facilities were receivedfrom USM during 2009 and 2008 and are reflected as unrestricted contributions and unrestrictedexpenses in the statements of activities.

Years ended June 30. 2009 2008

Wages and benefits $ 1,504,383 $ 1,381.198

Contractual services 53,947 46,411

Commodities 40,108 22,931

Utilities 37,670 37,893

Facilities 96,144 96,144

Total $ 1,732,252 $ 1 584,577

NOTE 13— NET INVESTMENT IN DIRECT FINANCING LEASE

Through its wholly-owned subsidiary, Foundation Aviation Holdings [[C, the USM Foundationleases an airplane to USM under a direct financing lease arrangement. The lease expires inJanuary 2019. The USM Foundation’s net investment in the direct financing lease is presentedbelow.

As of June 30, 2009Total minimum lease payments to be received $ 1,889,266

Less unearned income (356,915)

Net nvestment in direct financing lease $ 1,532,351

- 140-


Notes to FnanciaI Statements

NOTE 13— NET INVESTMENT IN DIRECT FINANCING LEASE (Continued)

Future minimum lease payments to be received for each of the five succeeding fiscal years are asfollows:

Year ending June 30:2010 $ 197,1412011 197,1412012 197,1412013 197,1412014 197,141Thereafter 903,561

$ 1,889,266

- 141 -


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Notes to Schedule of Expenditures of Federal AwardsFor the Year Ended June 30, 2009

NOTE I — BASIS OF PRESENTATION

The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federalfinancial assistance programs administered by the State of Mississippi Institutions of HigherLearning. Federal financial assistance received directly from federal agencies as well as federalfinancial assistance passed through other government agencies is included on the schedule.Federal programs included in the accompanying schedule are accounted for using the economicresources measurement focus and the accrual basis of accounting, which is described in Note itothe IHL System’s financial statements. The information in this schedule is presented in accordancewith the requirements of 0MB Circular A-i 33, Audits of States, Local Governments, and Non-profitOrganizations.

The schedule was prepared using the same basis of accounting and significant accounting policies,as applicable, used by the IHL System in the preparation of its financial statements with the followingexceptions:

For purposes of the schedule, loans advanced from the Federal Perkins Loan Program(CFDA #84.038) and Health Profession Student Loans (CFDA #93.342) are presented asfederal expenditures. These loans are not reported as expenditures on the IHL System’sfinancial statements, but as an increase in notes receivables. The outstanding loanbalances and the allowance for uncollectible amounts for the loan programs at June 30,2009, are presented in Note 5 to the financial statements.

• For purposes of this schedule, loans made to students under the William D. Ford DirectStudent Loan Program (CFDA #84.268) and/or the Federal Family Education Loan Program(CFDA #84.032) are presented as federal expenditures. Neither the funds advanced tostudents, nor the outstanding loan balance is included in the IHL System’s financialstatements since the loans are made and subsequently collected by private lendinginstitutions and/or the federal government.

• For purposes of this schedule, pass-through federal programs or grants between institutionshave not been eliminated.

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Notes to Schedule of Expenditures of Federal AwardsFor the Year Ended June 30, 2009

NOTE 2— SUBRECIPIENT PAYMENTS

0MB Circular A-133 requires the Schedule of Expenditures of Federal Awards to include, to theextent practical, disclosure of the total amount provided to subrecipients from each Federalprogram. Major program expenditures presented in the schedule account for approximately 92% ofthe total Federal expenditures for the IHL System. Provided below is the amount of major programawards provided to subrecipients during the year ended June 30, 2009:

AmountCFDA Provided toNumber Grant Program Subrecipients

10.574 Team Nutrition Grants $ 60,101

11.617 Congressionally-Identified Projects -

16.738 Edward Byrne Memorial State and Local Law EnforcementAssistance Grant 381,294

20106 Airport Improvement Program -

47.076 Education and Human Resources 74,239

84.031 Higher Education - Institutional Aid -

84.116 Fund for the Improvement of Post Secondary Education 19,897

84.334 Gear-Up 819,291

84.938 Hurricane Education Recovery Assistance -

93.137 Community Programs to Improve Minority Health Grant Programs 1,611,012

93.241 Delta Health Initiative - Rural Hospital Flexibility Program 210,954

94.006 Americorps 675,911

97.084 Disaster Case Management Pilot Program

Student Financial Aid Cluster -

Research and Development Cluster 27,789,276

$ 31,641,975

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Reports on Internal Control and Compliance


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C A R R CarrR,qs&nanULC

RIGGS & 282 Co,rlerce Park DriveINGRAM R,dgelara, Miss:ssinp, 39157

MaiInq Adaress:

O Six 2418

Ridgeland, Mississippi 391582418

(60fl 853-7050

(601) 853-9331 (fax)

weAve rio pa .com

INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERSBASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMEDIN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

Board of Trustees of the State Institutions of Higher Learning3825 Ridgewood RoadJackson, MS 39211-6463

We have audited the financial statements of the business-type activities and the aggregatediscretely presented component units of the State of Mississippi Institutions of Higher Learning (theIHL System), a component unit of the State of Mississippi, as of and for the year ended June 30,2009 which collectively comprise the IHL System’s basic financial statements as listed in the table ofcontents and have issued our report thereon dated December 15, 2009. We did not audit thefinancial statements and schedules of:

the University of Mississippi Medical Center Educational Building Corporation, a componentunit of the University of Mississippi Medical Center, which statements reflect total assets of$140,851,186 as of June 30,2009, and total revenues of $4,885,343 for the year then ended;

the University of Mississippi Educational Building Corporation, a component unit of theUniversity of Mississippi, which statements reflect total assets of $1 52,002,987 as of June 30,2009, and total revenues of $5,562,430 for the year then ended;

the University of Mississippi Medical Center Tort Claims Fund, which statements reflect totalassets of $28250872 as of June 30, 2009, and total revenues of $1,488,134 for the yearthen ended;

the State Institutions of Higher Learning Self-Insured Workers’ Compensation Program,which statements reflect total assets of $11423030 as of June 30, 2009! and total revenuesof $7540196 for the year then ended;

the State Institutions of Higher Learning Tort Liability Fund, which statements reflect totalassets of $10,182,667 as of June 30, 2009, and total revenues of $3,1 25,478 for the yearthen ended; and

the discretely presented component units consisting of the Mississippi State UniversityFoundation, Inc., the University of Mississippi Foundation and the University of SouthernMississippi Foundation, which represent 100% of the assets and revenues of the discretelypresented component units.

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Those financial statements were audited by other auditors whose reports thereon have beenfurnished to us. This report, insofar as it relates to the amounts included for the above mentionedentities, is based solely on the reports of the other auditors. We conducted our audit in accordancewith auditing standards generally accepted in the United States of America and the standardsapplicable to financial audits contained in Government Auditing Standards, issued by theComptroller General of the United States. The financial statements and schedules of the blendedand discretely presented component units audited by other auditors, as described above, were notaudited in accordance with GovernmentAuditirzg Standards. This report does not include the resultsof the other auditors’ testing of internal control over financial reporting or compliance and othermatters that are reported on separately by those auditors.

Internal Control Over Financial ReportingIn planning and performing our audit, we considered the IHL System’s internal control over financialreporting as a basis for designing our auditing procedures for the purpose of expressing our opinionon the financial statements, but not for the purpose of expressing an opinion on the effectiveness ofthe IHL System’s internal control overfinancial reporting. Accordingly: we do not express an opinionon the effectiveness of the IHL System’s internal control over financial reporting.

A control deficiency exists when the design or operation of a control does not allow management oremployees, in the normal course of performing their assigned functions, to prevent or detectmisstatements on a timely basis. A significant deficiency is a control deficiency. or combination ofcontrol deficiencies, that adversely affects the entity’s ability to initiate, authorize, record, process, orreport financial data reliably in accordance with generally accepted accounting principles such thatthere is more than a remote likelihood that a misstatement of the entity’s financial statements that ismore than inconsequential will not be prevented or detected by the entity’s internal control. Weconsider the deficiencies described in Section 2 of the accompanying schedule of findings andquestioned costs to be significant deficiencies in internal control over financial reporting.

A material weakness is a significant deficiency, or combination of significant deficiencies, thatresults in more than a remote likelihood that a material misstatement of the financial statements willnot be prevented or detected by the entity’s internal control.

Our consideration of internal control over financial reporting was for the limited purpose described inthe first paragraph of this section and would not necessarily identify all deficiencies in internal controlthat might be significant deficiencies and, accordingly, would not necessarily disclose all significantdeficiencies that are also considered to be material weaknesses. However, we believe that none ofthe significant deficiencies described in the accompanying schedule of findings and questionedcosts are material weaknesses.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the IHL System’s basic financial statementsare free of material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations: contracts and grant agreements, noncompliance with which could have a direct andmaterial effect on the determination of financial statement amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit and, accordingly, we do notexpress such an opinion. The results of our tests and the reports of other auditors did not disclose anyinstances of noncompliance or other matters that are required to be reported under GovernmentAuditing Standards.

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The IHL System’s responses to the findings identified in our audit are described in the accompanyingauditee’s corrective action plan section. We did not audit the IHL System’s responses and,accordingly, we express no opinion on them.

We noted certain matters that we reported to management of the IHL System in a separate letterdated December 15, 2009.

This report is intended solely for the information and use of the IHL System management, members ofthe Legislature, entities with accreditation overview, federal awarding agencies and pass-throughentities and is not intended to be and should not be used by anyone other than these specifiedparties. However, this report is a matter of public record and its distribution is not limited.

ljr&am LLRidgeland, MississippiDecember 15, 2009

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C A R R Cart Riggs & Ingram, LLC

RIGGS & 282 CDmmrce Park DriveINGRAM Ridgeland. Mssssipp 39151

Mailiig Address:

P0 Box 2418

Ridgeland, Mississippi 39158-2418

1601 853-1050

601) 853-9331 (fax)

wWW.C ricpa con,

INDEPENDENT AUDITOR’S REPORTON COMPLIANCE WITH REQUIREMENTS APPLICABLE TOEACH MAJOR FEDERAL PROGRAM AND INTERNAL CONTROL OVERCOMPLIANCE IN ACCORDANCE WITH 0MB CIRCULAR A-133

Board of Trustees of the State Institutions of Higher Learning3825 Ridgewood RoadJackson, MS 39211-6463

Compliance

We have audited the compliance of the State of Mississippi Institutions of Higher Learning (the IHLSystem) with the types of compliance requirements described in the U.S. Office of Management andBudget (0MB) CircularA-133 Compliance Supplement that are applicable to each of its major federalprograms for the year ended June 30, 2009. The IHL System’s major federal programs are identifiedin the Summary of Auditor’s Results section of the accompanying Schedule of Findings andQuestioned Costs. Compliance with the requirements of laws, regulations, contracts and grantsapplicable to each of its major federal programs is the responsibility of the IHL System’s management.Our responsibility is to express an opinion on the IHL System’s compliance based on our audit.

We conducted our audit of compliance in accordance with auditing standards generally accepted inthe United States of America; the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States; and 0MB CircularA-133,Audits of States, Local Governments and Non-Profit Organizations. Those standards and 0MBCircular A-133 require that we plan and perform the audit to obtain reasonable assurance aboutwhether noncompliance with the types of compliance requirements referred to above that could have adirect and material effect on a major federal program occurred. An audit includes examining, on atest basis, evidence about the IHL System’s compliance with those requirements and performingsuch other procedures as we considered necessary in the circumstances. We believe that our auditprovides a reasonable basis for our opinion. Our audit does not provide a legal determination onthe HL System’s compliance with those requirements.

In our opinion, the IHL System complied, in all material respects, with the requirements referred toabove that are applicable to each of its major federal programs for the year ended June 30, 2009.However, the results of our auditing procedures disclosed instances of noncompliance withthose requirements that are required to be reported in accordance with 0MB Circular A-133and which are described in Section 3 of the accompanying Schedule of Findings andQuestioned Costs.

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Internal Control Over Compliance

The management of the IHL System is responsible for establishing and maintaining effectiveinternal control over compliance with requirements of laws, regulations, contracts and grantsapplicable to federal programs. In planning and performing our audit, we considered the IHLSystem’s internal control over compliance with requirements that could have a direct and materialeffect on a major federal program in order to determine our auditing procedures for the purpose ofexpressing an opinion on compliance but not for the purpose of expressing an opinion on theeffectiveness of internal control over compliance. Accordingly, we do not express an opinion on theeffectiveness of the IHL System’s internal control over compliance.

A control deficiency in an entity’s internal control over compliance exists when the design oroperation of a control does not allow management or employees, in the normal course ofperforming their assigned functions, to prevent or detect noncompliance with a type ofcompliance requirement of a federal program on a timely basis. A significant deficiency is acontrol deficiency, or combination of control deficiencies, that adversely affects the entity’sability to administer a federal program such that there is more than a remote likelihood thatnoncompliance with a type of compliance requirement of a federal program that is more thaninconsequential will not be prevented or detected by the entity’s internal control. We considerall the deficiencies in internal control over compliance described in Section 3 of theaccompanying Schedule of Findings and Questioned Costs to be significant deficiencies.

A material weakness is a significant deficiency, or combination of significant deficiencies, thatresults in more than a remote likelihood that material noncompliance with a type of compliancerequirement of a federal program will not be prevented or detected by the entity’s internalcontrol. We did not consider any of the deficiencies described in the accompanying schedule offindings and questioned costs to be material weaknesses.

The IHL System’s responses to the findings identified in our audit are described in theaccompanying auditee’s corrective action plan section. We did not audit the It-iL System’sresponses and, accordingly, we express no opinion on them.

We noted certain other matters and immaterial instances of noncompliance that we reported tomanagement of the IHL System in a separate letter dated March 12, 2010.

This report is intended solely for the information and use of the IHL System, members of theLegislature, entities with accreditation overview, federal awarding agencies and pass-throughentities and is not intended to be and should not be used by anyone other than these specifiedparties. However, this report is a matter of public record and its distribution is not limited.

L.LC

Ridgeland, MississippiMarch 12, 2010

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Schedule of Findings and Questioned Costs


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Schedule of Findings and Questioned CostsFor the Year Ended June 30, 2009

Section 1: Summary of Auditors Results

Financial Statements1. Type of auditors’ report issued: Unquahfied

2. Internal control over financial reporting:a. Material weakness(es) identified? Nob. Significant deficiency(ies) identified

not considered to be material weakness(es)? Yes

3. Material noncompliance relating to financial statements? No

Federal Awards4. Type of auditors report issued on compliance for major programs: Unqualified

5. Internal Control over major programs:a. Material weakness(es) identified? Nob. Significant deficiency (ies) identified

not considered to be material weakness(es)? Yes

6. Any audit finding(s) reported as required by Section .510 (a)of Circular A-i 33? Yes

7. Federal programs identified as major program(s):

a. Research and Development Cluster:(5ee Schedule of Expenditures of Federal Awards for CFDA numbers)

b. Student Financial Aid Cluster:(see Schedule of Expenditures of Federal Awards for CFDA numbers)

c. Team Nutrition Grants; CFDA #1 0574d. Congressionaliy-ldentified Projects; CFOA #11.617e. Edward Byrne Memorial State and Local Law Enforcement Assistance Grant

Program; CFDA #16.738f. Airport Improvement Program; CFDA#20.106

g. Education and Human Resources; CFDA #47076h. Higher Education - Institutional Aid; CFDA #84.031i. Fund for the Improvement of Secondary Education; CFDA #84.116j. Gear-Up; CEDA #84.334k. Hurricane Education Recovery Assistance: CFDA #84.938I. Community Programs to Improve Minority Health Grant Program; CFDA #93.137m. Delta Health Initiative - Rural Hospital Flexibility Program; CFDA #93.241n. AmeriCorps; CFDA #94.006o. Disaster Case Management Pilot Program; CFDA #97.084

8. The dollar threshold used to distinguish between Type A andType B programs: $ 3,000000

9. Auditee qualified as low-risk auditee? Yes

10. Prior fiscal year audit finding(s) and questioned cost relative to federalawards which would require the auditee to prepara a summary scheduleof prior audit findings as discussed in Section .315(b) of 0MBCircular A-133? Yes

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Section 2: Findings Relating to the Financial Statements

The deficiencies described in Section 2 were considered to be significant deficiencies in internalcontrol over financial reporting.

System Wide Significant Deficiency:

FRO9-IHL-1: Capitalized Interest on Construction in Progress

The IHL System describes in its summary of significant accounting policies that interest expenserelating to construction is capitalized, net of interest income earned on resources set aside forconstruction purposes, if material. Management has maintained that capitalization of interest cost isimmaterial to the financial statements of the IHL System and has historically never provided forcapitalized interest. However, based upon our inquiries and review, there has been no formalanalysis to evaluate the impact of not properly capitalizing construction period interest and no forecastas to the cumulative future impact as capitalized interest would result in a depreciable asset over a 40year period. CR1 has performed an analysis each year for the last three years and has estimated thatthe impact each year approximated a range of $1.3 million to $1.7 million. While we concur that theoverall impact annually has been immaterial, we recommend that management adopt a formalizedapproach to evaluate and assess the impact of construction period interest capitalization which alsoincludes projections that on a cumulative basis the net unamortized amounts would not result in amaterial misstatement to the financial statements of the IHL System or to the individual financialstatements of the respective institutions.

FRO9-IHL-2: Presentation and Classification of Net Assets

During our audit procedures, we noted that numerous institutions improperly classified their net assetclassifications for reporting pursuant to GASB. As a result, significant reclassification adjustmentswere required for various institutions in order to properly present restricted and unrestricted netassets, as follows:

o Reclassification adjustments of approximately $5,986,000 were required to correct forrestricted quasi-endowments classified by Jackson State University as restricted non-expendable endowment net assets and properly present the amounts as expendablerestricted net assets.

o Reclassification adjustments of approximately $5,315,000 were required to correct fordesignated and auxiliary fund unrestricted net assets improperly classified as expendablerestricted net assets by Mississippi Valley State University.

o Reclassification adjustments of approximately $3849000 were required to correct forunrealized losses related to endowment investments which were improperly classified as areduction of expendable restricted net assets by the University of Mississippi and should bepresented as a reduction of non-expendable restricted net assets.

o Reclassification adjustments of approximately $85,500,000 were required to correct fordesignated unrestricted net assets that were improperly classified as expendable restrictednet assets and as restricted cash by the University of Mississippi Medical Center.

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o Reclassification adjustments of approximately $16705000 were required to correct for theclassification of restricted non-expendable endowment net assets inaccurately reported asrestricted expendable net assets by the IHL Executive Board.

To strengthen the internal controls over financial reporting, we recommend that the IHL Systemestablish a formalized policy by classification type, methodology of development and group supporttraining relative to the proper presentation and classification of net assets for GASS reporting.

Institutional Campus Significant Deficiencies:


FRO9-ASU-1: Recordkeeping of Capital Assets

During our audit procedures at Alcorn State University, we noted that there were irreconcilabledifferences between the capital asset detail and depreciation subsidiary records and the generaledger control accounts resulting in general ledger adjustments of approximately $3,843,000.Management should adopt administrative control procedures to ensure that the capital asset generalledger control accounts are reconciled to the detail subsidiary ledgers on a monthly basis and that anydifferences are timely researched and corrected. Further, these administrative control proceduresshould include a formalized review of the status of construction in progress projects and the timelyaddition of competed projects to the depreciation records once a project is placed in service.


FRO9-JSU-1: Grants Receivable

During our review and testing of the validity of accounts receivable reported by Jackson StateUniversity (JSU), we noted that certain grant accounts receivables were misstated as a result of errorsand a lack of a formal analysis and review of the general ledger accounts comprising this financialstatement line item. Our testing and audit procedures detected the followin9 misstatements whichrequired corrective misstatements:

o The grants and contracts receivable reported by JSU were overstated due to errors andcumulative differences from prior years which had not been corrected. As a result an auditadjustment of approximately $1,274,000 was recorded to reduce grants and contractsreceivable and adjust accounts to their proper balance.

o The grants and contracts receivable reported by JSU were understated due to the netting ofdeferred revenues against the financial line item. As a result a reclassification adjustment ofapproximately $2,142,000 was required to gross up accounts receivables and properlypresent the deferred revenue liabilities.

We recommend that management develop a more formalized approach which includes accountabilityand recorciliation of accounts receivable balances to the underlying supporting detail information on amore periodic basis. This reconciliation approach should be performed monthly and reviewed by aresponsible person independent of the reconciliation process as evidenced by their signature.

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FROS-MVSU-1: Financial Statement Classification and Presentation

During our audit procedures relative to the review of the groupings of expense classifications for thefinancial statement line items reported in Mississippi Valley State University’s (MVSU) statements ofrevenues, expenses and other changes in net assets for consistency with the prior year we notednumerous accounts that were not grouped properly. As a result significant reclassifications wererequired to properly state the classification of expenses and aggregated over $16 million. Thesignificant deficiency resulted from a lack of formal review of the coding and development of theGASS financial statements by personnel to ensure uniformity and consistency of accountclassifications. MVSU should develop a formalized and effective review process to ensure theinformation grouped for financial line item presentation is correct and consistent.

FRQ9-MVSU-2: Recordkeeping of Capital Assets

During our audit procedures relative to capital assets at MVSU, we noted the following matters whichresulted in corrective or potential misstatements to MVSU’s financial statements:

o The prior year financial statements properly reflected the completed cost incurred to date forthe renovation of the Magnolia Hall dormitory. However, during 2009, management incorrectlyrecorded these costs to current year expenditures as repairs. The renovation of Magnolia Hallrepresented a significant betterment to an existing facility with a carrying value ofapproximately $32,000 that was originally constructed in 1962. As a result an auditadjustment was required to properly capitalize this improvement and approximated$5,558,000.

o We detected cut-off errors relating to the proper capitalization of equipment in the currentperiod. We noted over $123,000 in equipment acquired in prior years that were not properlyrecorded until 2009. Further we identified equipment acquired in 2009 that was not properlycapitalized until 2010 that approximated $1 74,000. This misstatement appears to result fromthe fact equipment additions are not uploaded into the depreciation records and capitalizeduntil the relating invoice is paid.

o We noted that one significant institutional project for the purchase and installation of fire alarmand security equipment on campus buildings was not capitalized. This project is expected tocost approximately $645,000 and during 2009 approximately $318,000 was incurred andcharged to contractual services expense relative to this project.

o MVSU has incurred significant cost to repair serious defects in the Sutton AdministrativeBuilding. This building was originally completed with a completed cost basis of approximately$10,406,000. MVSU did not impair the value of the building upon detection of the defects, buthas rather expensed repair cost as incurred and continues to depreciate the original costbasis of the building. As of June 30, 2009, approximately $15,800,000 has been incurred inthe repair and renovation of the building. Management has continued to expense the repairand renovation cost on the basis that additional expenditures are required and the cumulativecost incurred to repair the building exceeds its estimated fair value.

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The majority of the deficiencies noted above occurred as a result of misinterpretation of capitalizationrequirements and the lack of effective reconciliation by MVSU with capital asset projects managed byboth the institution and the Bureau of Buildings. MVSU should develop a formalized and effectivereconciliation and review process to ensure expenditures of a capital nature are properly captured andidentified for capitalization in the appropriate period. Further, with respect to the Sutton Administrativebuilding! management should obtain an independent appraisal to support its assertions of fair valueand capitalize additional renovation cost incurred that result in betterments and increases to theestimated fair value of the building.


FRO9-UMMC-1: Payroll and Human Resources

During our 2009 and 2008 audit procedures at the University of Mississippi Medical Center (UMMC),we identified deficiencies in the design of internal controls around management approval and reviewof changes made to employee compensation adjustments. From our review and inquiries, we notedthat the use of hardcopy personnel action request (PAR) forms was discontinued during the priorfiscal year for the approval of certain compensation adjustments. These forms were previously usedto document changes made to employee information including compensation adjustments and werereviewed and approved by responsible personnel prior to the upload of changes to the payroll masterfile. As an alternative, during the fiscal year a process was implemented in which a departmentallisting of payroll changes detailing all employees for ar applicable department was to be circulatedand approved by responsible personnel. However, during our observation and review, we noted thatthis process was not performed timely and was not approved prior to the compensation adjustmentsbeing uploaded to the payroll master file. Because payroll master file data is used to generatemultiple transactions, unauthorized changes to this data present a greater risk than errors in inputtingtransaction data. This is true because (1) any unauthorized modification, deletion, or corruption ofmaster file data is likely to have a widespread or continuous effect; and (2) elements of the payrollmaster files tend to be sensitive and are normally confidential (e.g., salary/pay rates, medical history).Unauthorized changes to the payroll master files could result in invalid data, which may result inincorrect amounts paid to employees, failure to pay employees who are inappropriately deleted, orpayments to nonexistent employees. To strengthen internal controls, management should ensurechanges to employee compensation and personnel records are accurate. authorized, reviewed andapproved in a timely fashion prior to any changes being made to the payroll master file. This reviewand approval should be documented by implementing a PAR form in either hardcopy or electronicformat or by requiring a formal review and approval of employee changes on a documenteddepartmental employee listing as evidenced by signatures of responsible personnel.

FRO9-UMMC-2: Comprehensive Disaster Recovery Plan

During our audit procedures at UMMC, we noted that the current disaster recovery plan (DRP) inplace was not comprehensive and somewhat inadequate. Should a disaster occur without acomprehensive plan that has been effectively tested, UMMC’s ability to recover in a timely mannercould be compromised.

The disaster recovery plan should be sufficiently detailed to enable an effective recovery from adisaster. The safety of personnel and their families should be the first priority of any DRP. Once familymembers are safe, employees have a greater chance of being able to concentrate on helping the

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UMMC. Each employee should be trained in his or her role in the disaster recovery plan. Back-uppersonnel should be designated in the case that an employee is not available, and the back-ups needto receive the same training. Frequent audits of the plan should be made to ensure that the samepeople are still employed in the same roles with the same contact information. Multiple lines ofcommunication are crucial to any good DRP. Detailed lists of employee and vendor contactinformation should be developed at a minimum. Some companies sign up with third-partyconferencing and emergency communications services to send automated messages in times ofcrisis. The messages can be sent from any platform (phone! e-mail, SMS) and received on anyplatform. An advantage of these conferencing services is that individuals can easily update theircontact information and indicate the fastest way to reach them in an emergency. Emergencycommunications services also have the ability to call everyone on the contact list at the same time,ringing pagers, cell phones and sending e-mails until receipt of the message is confirmed.

A third-party disaster recovery specialist can also provide UMMC with alternate workspaces in theevent that the regular office is unavailable. Not only do these workspaces have all of the necessaryequipment to do business (desks, phones, PCs, Internet access), but they also have access to all ofUMMC’s data, assuming the university has been regularly backing up and storing its data in an off-sitefacility. Certain types of data should be identified as crucial to running the business. The back-up andrecovery plan should reflect those priorities. Security measures should also be included in this sectionof the plan so that all employees are trained in the safeguarding of UMMC’s systems and sensitivedata.

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Section 3: Findings and Questioned Costs Related to Federal Awards

System Wide Deficiency:

FAO9-SW-O1: Internal Controls over Return of Title IV Funds

Finding Type: Noncompliance! Significant Deficiency

Program Tested: Student Financial Aid

Questioned Cost: $6,078

CriteriaPer federal regulations! when a recipient of Title IV grant or loan assistance withdraws from aninstitution during a payment period or period of enrollment in which the recipient began attendance!the institution must determine the amount of Title IV aid earned by the student as of the student’swithdrawal date. If the total amount of Title IV assistance earned by the student is less than theamount that was disbursed to the student or credited to the student on his or her behalf as of the dateof the institution’s determination that the student withdrew, the difference must be returned to the TitleIV programs within a 45 day timeframe pursuant to 34 CFR Section 668.22 and 668.173. Aninstitution must determine the withdrawal date for a student who withdraws without providingr,otificaticn to the institLtion no later than 30 days after the end of the earlier of the: (i) payment periodor period of enrollment, (ii) academic year in which the student withdrew, or (iii) educational programfrom which the student withdrew. When a recipient of Title IV grant or loan assistance does not beginattendance at an institution during a payment period or a period of enrollment, all disbursed Title IVgrant and loan funds must be returned.

Condition and CauseDuring our testing of the return of Title IV funds and related student withdrawals, we identified eight(8) students from a sample of ninety (90) in which certain institutions within the Il-IL System failed to (i)refund the required amount of Title IV funds for students who had withdrawn or (ii) return the Title IVfunds within the allowable timeframe. Further, we identified nine (9) instances in which the calculationof the Title IV refund was incorrect resulting in the return of an inaccurate amount.

University of Mississippi: We identified one (1) student refund from a sample of fifteen (15) whereproof of attendance could not be provided and as a result $3,218 in unsubsidized Stafford Loans hadbeen received but were not returned to the respective program. Further, we identified one (1) studentrefund from the sample of fifteen (15) in which the return of Title IV refund was calculated incorrectlyas a result of charges for room and board reported improperly resulting in an overstated refund of$189.

University of Mississippi Medical Center: We identified one (1) student from a sample of fifteen(15) students that had withdrawn early for which there was no evidence of a calculation of unearnedaid and no return of Title IV funds. As a result, the institution did not return $598 of unearned Title IVfunds.

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University of Southern Mississippi: We identified six (6) student refunds from a sample of fifteen(15) students that withdrew that did not have the required refunded amount deposited with theDepartment of Education or appropriate lender within the allowable timeframe. Further, we identifiedten (10) students refunds from a sample of fifteen (15) in which the calculations were computedimproperly as a result of excluding (a) ACG awarded during the semester (one student), (b) out-of-state fees assessed during the semester (two students), (c) course/alternative learning fees (tenstudents) and (d) two (2) students whose return calculations included non-institutional chargesassessed for housing damages. As a result of the above described findings, it was discovered thateight (8) students’ Title IV return amounts were miscalculated resulting in a net understatement of$2,451 in what should have been returned to Title IV programs.

EffectFailure to return funds could result in sanctions rendered by the Department of Education.

RecommendationWe recommend that management implement additional preventive monitoring procedures toensure return of Title IV funds calculations are performed correctly and the resulting refunds arereturned within the required time frame.

Aicorn State University

FAOS-ASU-O1: Internal Controls over Financial Reporting

Finding Type: Noncompliance / Significant Deficiency

Program Tested: #16.580 Edward Byrne Memorial State & Local Law Enforcement Assistant Grant

Questioned Cost: None

CriteriaPer federal regulations and the award agreement, the institution is required to submit both financialand program reports. These reports describe the status of the funds, the status of the project,comparison of actual accomplishments to the objectives and other pertinent information. The awardagreement requires semi-annual progress reports to be filed no later than 30 days after the end of theperiod.

Condition and CauseDuring our testing of reporting compliance elements for the Edward Byrne Memorial State & LocalLaw Enforcement Assistance Grant at Alcorn State University. we noted one semi-annual progressreport for the period ending June 30, 2009 that was not submitted timely.

EffectFailure to submit financial status reports in accordance with the contractual obligations of the awardagreement could potentially effect the funding of federal awards or any future relationship with theawarding agency.

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Recommendationlntem& control procedures should be adopted to ensure that reporting procedures are in place todocument compliance with the reporting requirements.


FAO9-JSU-O1: Internal Control over Allowable Costs — Special Requirements — CostAccounting Standards and Disclosures Statements


Programs Tested: #84031 — Higher Education Institutional Aid — Title III; #47076 — National ScienceFoundation (NSF)


CriteriaA-21 ‘Cost Principles for Educational Institutions” Section C. 14 requires educational institutions thatreceive aggregate sponsored agreements totaling $25 million or more during their most recentlycompleted fiscal year to disclose their cost accounting practices by filing a Disclosure Statement (DS2). Educational institutions are responsible for maintaining an accurate DS-2 and complying withdisclosed cost accounting practices. Educational institutions must file amendments to the DS-2 whendisclosed practices are changed to comply with new or modified standards, or when practices arechanged for other reasons. If the change is expected to have a material impact on the educationalinstitution’s negotiated F&A cost rates, the revision shall be approved by the cognizant agency beforeit is implemented.

Condition and CauseDuring our review and testing of allowable costs - special requirements related to cost accountingstandards and disclosure statements, we noted that Jackson State University did not prepare orsubmit the Disclosure Statement (DS-2) that describes the institution’s cost accounting practices to itscognizant federal agency upon meeting the applicable threshold for filing such report.

EffectThe form was not prepared for the prior reporting period nor the current reporting period, thusresulting in noncompliance with applicable federal rules and regulations

RecommendationWe recommend that management implement additional procedures and internal controls to ensurethe personnel responsible for continued compliance with federal rules and regulations are aware ofthe reporting requirements relative to the cost accounting standards. The strengthening shouldinclude the monitoring of reporting requirements and their related due dates to ensure timelysubmission.

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FAO9-.JSU-02: Internal Control over Period of Availability


Program Tested: #84.031 — Higher Education Institutional Aid — Title Ill

Questioned Cost: $132,214

CriteriaJackson State University prepares it Schedule of Expenditures of Federal Awards in accordance withaccounting principles generally accepted in the United States of America (GAAP). As a result,allowable costs charged to a federal program should be determined in accordance with GAAP.

Condition and CauseDuring the performance of our audit procedures, we noted that Jackson State University prepaid four(4) invoices related to maintenance/service contracts with maintenance/service periods that coveredmultiple fiscal years (i.e.. fiscal year 2009 and 2010) resulting in questioned costs of $1 32,314 whichshould not have been expensed until fiscal year 2010. The amounts prepaid on the invoices wereexpensed at the time of payment which is not in accordance with GAAP.

EffectFailure of a non-federal entity to comply with the compliance requirements required to be followed by0MB Circular A-133 guidance resulting in expenditures charged to a federal program outside theperiod of availability.

RecommendationWe recommend that management implement additional procedures and internal controls to ensurethat transactions are properly recorded in the general ledger as required by generally acceptedaccounting principles so as to be in compliance with applicable federal rules and regulations.


FAO9-UM-01 Internal Control over Time and Effort Reporting

Finding Type: Noncompliance / Significant Deficiency

Program Tested: #16.580 Edward Byrne Memorial State & Local Law Enforcement Assistant Grant


CriteriaIn accordance with 0MB Circular A-21, Cost Principles for Educational Institutions, after-the-factreports should be prepared each academic term, but no less frequently than every six months forprofessorial and professional staff salary expenditures charged to federal awards.. For otheremployee salaries charged to a federal award, unless alternate arrangements are agreed to, the

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reports should be prepared no less frequently than monthly and should coincide with one or more payperiods. In addition, the University of Mississippi policy states that time and effort reports should besubmitted on a quarterly basis within 120 days after quarter end.

Condition and CauseDuring our disbursement testing of the Edward Byrne Grants, we noted that time and effort reportsrelated to two (2) professorial or professional employees from a sample of fifteen (15) were submittedin April 2009 for the September 2008 quarter end, As a result, the time and effort reports were notsubmitted within the required time frame.

EffectFailure to submit and approve effort reports on a timely basis may result in inaccurate reporting ofexpenditures which could subsequently result in disallowed costs.

RecommendationWe recommend that the University of Mississippi implement additional control procedures to ensurethat effort reports are prepared and certified in a timely manner with appropriate monitoring.

FAO9-UM-02 Internal Control over Reporting

Finding Type: Significant Deficiency

Program Tested: #47.076 National Science Foundations (NSF)


CriteriaNational Science Foundation General Grant Conditions state that all grantees shall submit a FederalFinancial Report (FFR) by the 10th day of the 2nd month following the end of each quarter. All FFRsmust be submitted electronically via use of the FastLane Financial Functions. Further, the FinalProject Report (FPR) is to be submitted within 90 days following the expiration date of the award.

Condition and CauseDuring our review of reporting compliance elements for the National Science Foundation we notedthat certain standard financial reporting forms were not submitted timely. From a review of four (4)reporting forms, we identified one (1) FFR for the period ending December 31, 2008 that was notsubmitted until February 11 • 2009(1 day late). In addition, during our review of reporting complianceelements, we noted that the FPR for two (2) grants from a sample of four (4) were not submittedtimely. The FPR for Award Number 0625120 was submitted nineteen days late and the FPR forAward Number 0809553 was submitted seventy-nine days late. These grants had project yearsending on July31, 2008 and May31. 2009, respectively.

EffectFailure to submit timely reports may delay processing of funding increments.

RecommendationWe recommend that the University of Mississippi implement additional control procedures, includingreview procedures, to ensure that required reports are submitted on a timely basis.

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Auditee’s Corrective Action Plan


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Auditee’s Corrective Action Plan — Section 2Findings Related to Financial Statements

For the Year Ended June 30, 2009

System Wide Significant Deficiency:

FRO9-IHL-1: Capitalized Interest on Construction in Progress

Name(s) of Contact Person(s) Responsible for Corrective Action:Chris Halliwell. Director of University Financial Analysis

Management Response and Corrective Action Planned:The management of the IHL System concurs with the deficiency and will endeavor to develop aformalized approach to evaluate and assess the impact of construction period interest capitalization.The process will include a projections made on a cumulative basis of the net unamortized amountsand their material impact upon the IHL System as a whole or to the individual financial statements ofthe respective institutions. Professional assistance will be sought by management to aid in thedevelopment of such an approach.

Anticipated Completion Date:The anticipated completion date of the corrective action is June 30, 2010.

FRO9-IHL-2: Presentation and Classification of Net Assets

Name(s) of Contact Person(s) Responsible for Corrective Acton:Chris Halliwell, Director of University Financial Analysis

Management Response and Corrective Action Planned:The management of the IHL System concurs with the deficiency and will endeavor to develop amore formalized guideline by classification type and methodology of development of its future netassets for proper GASB flnancial presentation and reporting. This may include some group supporttraining opportunities as needed and available.

Anticipated Completion Date:The anticipated completion date of the corrective action is June 30: 2010.

institutional Campus Significant Deficiencies:


FRO9-ASU-1: Recordkeeping of Capital Assets

Name(s) of Contact Person(s) Responsible for Corrective Action:Carolyn Hinton, Controller; Cassandra Lewis, Director of Accounting;Jerry Sims, Director of Inventory

Management Response and Corrective Action Planned:Alcorn State University wll €nsure that the accounting department and the inventory department areresponsible for reconciling the fixed asset detail schedules, including the depreciation schedules: tothe general ledger monthly. All differences will be researched and corrected monthly. A report to

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confirm the reconciliation procedure has been completed will be forwarded to the controller monthly.Alcorn State University has instructed the inventory department to add items to the depreciationschedule only after receiving appropriate documentation of completion.

Anticipated Completion Date:The procedures have already been put in place and are effectively immediately.


FRO9-JSU-1: Grants Receivable

Name(s) of Contact Person(s) Responsible for Corrective Action:Sherry Wilson, Vice President/Comptroller

Management Response and Corrective Action Planned:Procedures are being implemented to reconcile grant account receivable balances to the underlyingsupport detail information on a timely and more periodic basis to include, but not limited to, thefollowing:

o Project and expenditure end dates are populated on all restricted fund accounts to ensurethat expenditures are not charged to inactive accounts;

o More attention is exercised in verifying availability of funds;o Monthly review of expenditures and follow up on actions needed to correct expenditures

charged erroneously to accounts;o Grant close-out procedures are being developed and or strengthened to ensure grants are

not over expended and to ensure that grants are closed out in a timely manner.

Further, processes will be updated to include a thorough review of the classification of the deferredrevenue and receivables to ensure that classification is properly stated.



FRO9-MVSU-1: Financial Statement Classification and Presentation

Name(s) of Contact Person(s) Responsible for Corrective Action:Ms. Joyce DixonAssistant Vice President for Business and Finance

Management Response and Corrective Action Planned:Mississippi Valley State University will institute a formal review of transactions posted to control anddetail general ledger accounts that will ensure more uniformity in the maintenance of accounts andpreparation of financial statements. This activity will be closely monitored by the Vice President forBusiness and Finance (or designee).

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Anticipated Completion Date:The anticipated completion date of the corrective action is March 31, 2010.

FRO9-MVSU-2: Recordkeeping of Capital Assets

Name(s) of Contact Person(s) Responsible for Corrective Action:Ms. Joyce DixonAssistant Vice President for Business and Finance

Management Response and Corrective Action Planned:A formalized system pertaining to capitalized expenditures will be developed and maintained that willallow for adequate review for determination of expenditures that are to be capitalized.



FRO9-UMMC-1: Payroll and Human Resources

Name(s) of Contact Person(s) Responsible for Corrective Action:Thomas H. Sullivan, Director of Compensation

Management Response and Corrective Action Planned:

For mass pay adjustments, in lieu of individual PAR preparation, spreadsheets for upload to Lawsonpayroll software will be prepared outlining all changes such as salary, pay source, and percent ofeffort, and e-mailed to the respective department director or chairman. These would be printed,reviewed, signed, and forwarded to the appropriate budget office (and grant authority if needed) forfurther approval and signature, then returned to Human Resources before changes areelectronically uploaded. No changes will be made to employee records without all appropriateauthorization. This process was implemented and adhered to for the mass pay adjustment effectiveOctober 2009.

Anticipated Completion Date:This process was implemented and adhered to for the mass pay adjustment effective October 2009.

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FRO9-UMMC-2: Comprehensive Disaster Recovery Plan

Name(s) of Contact Person(s) Responsible for Corrective Action:Charlie Enicks, Chief Information Officer

Management Response and Corrective Action Planned:Management of UMMC agrees that the components of the existing disaster recovery plan need tobe more comprehensive and has established an action plan to address the deficiencies thatinclude:

(i) Conducting risk and assessment analysisa. Data center analysis — completeb. Prioritized application review— anticipated May 2010c. Back-up and recovery — anticipated June 2010

(ii) Evaluating options and alternatives given identified risksa. Review data center recommendations — anticipated April 2010b. Explore co-location and hot site options — anticipated April 2010

(Hi) Requesting proposals for scope defined by evaluation — May 2010(iv) Developing implementation plan for Phase I remediation efforts — July 2010(v) Test back-up and recovery for key systems — November 2010

Anticipated Completion Date:See dates for various phases of corrective action as summarized above.

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Auditee’s Corrective Action Plan — Section 3 Findingsand Questioned Costs Related to Federal Awards


System Wide Deficiency:

FAO9-SW-01; Internal Controls over Return of Title IV Funds


Name(s) of Contact Person(s) Responsible for Corrective Action:Laura Diven-Brown, Director of Financial Aid

Management Response and Corrective Action Planned:The University of Mississippi conducted a review of the office procedures for calculating studentwithdrawal refunds and determined that the procedural steps in the process are correct; however,the process includes manual steps. In this instance, the employee made an error when calculatingthe board charges on the student’s account. The financial aid office will institute a review processfor student withdrawal refunds. Furthermore, the University of Mississippi conducted a review of theoffice procedures for calculating student withdrawal refunds and determined that the proceduralsteps in the process are correct; however, the process includes manual steps whereby the final stepof posting the refund amount was omitted. The financial aid office will institute a review process forstudent withdrawal refunds.


University of Mississippi Medical CenterName(s) of Contact Person(s) Responsible for Corrective Action:Stacey Mathews, Financial Aid DirectorSam B. Smith, Comptroller

Management Response and Corrective Action Planned:The University of Mississippi Medical Center has noted that additional control procedures areneeded to ensure that official and unofficial withdrawals are accounted for and the appropriatedepartments are notified. The University of Mississippi Medical Center has installed a new studentservices system that will ensure return of Title IV aid in a timely manner.

The corrective action plan implemented by the University of Mississippi Medical Center (UMMC)is as follows:

1. UMMC has implemented a new student services system. The new system will beused by school administrators and the registrar to input all data related to studentenrollment status.

2. The registrar’s office will forward a copy of all received notifications pertaining tostudent enrollment to the financial aid office. The registrar’s office understandsthat all enrollment information directly affects financial aid eligibility.

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3. The registrar’s office will input all change of enrollment status into the systemimmediately upon receipt of school notification. The immediate change in thesystem will upload into the financial aid system the next morning. Therefore, thestudent’s enrollment status will be in all systems within 24 hours.

4. The financial aid office has assigned an employee to review a change inenrollment report on a daily basis. The current day will be compared to theprevious day and all removed students will be reviewed. This employee will beresponsible for Return of Title IV aid calculations.

5. UMMC has requested that the consultants for the new student services systemdevelop a report that will list all students in a status code that represents nolonger enrolled such as leave of absence, dismissal, unofficial withdrawal, andofficial withdrawal. The report will run upon request and weekly.

6. The financial aid office will do a monthly reconciliation of all students that werelisted on the previously mentioned reports, to ensure that all ineligibledisbursements are reversed and Title IV funds are returned within the set federalguidelines.

7. The “no longer enrolled reconciliation” will be reviewed and approved each monthby the Director of Student Financial Aid and the Assistant Comptroller.


University of Southern MississippiName(s) of Contact Person(s) Responsible for Corrective Action:David Williamson, Director of Financial AidBarbara Madison, Bursar

Management Response and Corrective Action Planned:

The Corrective Action Plan for the findings cited for the University of Southern Mississippi is asfollows:

(A) The test of the fall and summer semesters return of Title IV funds did not discloseany non-compliance issues. Spring semester noncompliance was a result of thehigh volume of enrollment and previews for summer and the following fall. In thefuture, return of Title IV funds will be monitored more closely to ensure that deadlinesare met. More staff will be trained to perform the return calculations and awardadjustments. The Office of Financial Aid will coordinate the identification processwith the grade entry. Once confirmation is received of the completion of gradeentries, the unofficial withdrawal process will be run, communications will be sent tostudents, and the deadline date for returns will be established. Afterthe 30 day time-frame for identification has elapsed, the 45 day deadline will begin. Weekly progressreports will be prepared to monitor the status of returns. Staff member duties will bere-assigned if needed to ensure the 45 day deadline of return of funds is met.

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(B) In addition, the Offices of Financial Aid and Business Services are in the process ofmaking changes to the existing setup the Online Accessible Records (SOAR) systemfor the University of Southern Mississippi to include out of state andcourse/alternative learning fees and to exclude any housing damage charges fromthe return of funds calculation. Prior to the beginning of each academic year, thesetwo offices will meet to ensure that no setup changes need to be made due to newcharges and/or regulation changes. Further, additional staff will be trained to performthe return calculations and award adjustments. The Office of Financial Aid with theassistance of Business Services will review the fall 2009 semester and the spring2010 semester for students affected by the change in setup to ensure compliance‘with the regulations.

Anticipated Completion Date:(A) The anticipated completion date of the corrective action was February 27, 2010.(B) The anticipated completion date of the set-up changes for corrective action is March

15, 2010 with recalculations of current and prior term information by May 13. 2010.


FAO9-ASU-01: Internal Controls over Financial Reporting

Name(s) of Contact Person(s) Responsible for Corrective Action:Carolyn Hinton, Associate Vice PresidentlComptroller

Management Response and Corrective Action Planned:The office of grants and contracts will implement procedures to document compliance with reportingrequirements for all grants. All reports will be scheduled as required and prepared in a timelymanner.

Anticipated Completion Date:Currently implemented.


FAO9-JSU-O1: Internal Control over Allowable Costs — Special Requirements — CostAccounting Standards and Disclosures Statements

Name(s) of Contact Person(s) Responsible for Corrective Action:Phillisa Conner, Director of Grants & Contract

Management Response and Corrective Action P(anned:Management is in the process of completing the requirements as outlined in the Cost AccountingStandard Board Disclosure Statement for Educational Institutions (CASB DS-2) to ensureccmphance with the A-i 33 federal rules and regulations as it relates to institutions receiving morethan $ 25 million in federal awards.

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Management will provide staff development on an as needed basis to review federal updates andreporting deadline requirements.


FAO9-JSU-02: Internal Control over Period of Availability

Name(s) of Contact Person(s) Responsible for Corrective Action:Phillisa Connor, Director of Grants and ContractsElma Wade, Director of University Strategic Sourcing Services (USSS)

Management Response and Corrective Action Planned:Management will implement a process to identify service/maintenance contracts that cover multiplefiscal years. The Office of Grants and Contracts and USSS will notify the Office of Financial Servicesof the contracts that cover multiple periods to ensure proper classification of the expenditureaccording to generally accepted accounting principles.



FAO9-UM-01 Internal Control over Time and Effort Reporting

Name(s) of Contact Person(s) Responsible for Corrective Action:Thomas Clancy, Director of National Center for Justice & the Rule of Law and Research

Professor of LawNina Jones, Director of Accounting

Management Response and Corrective Action Planned:The University of Mississippi is implementing additional controls to ensure timely certification ofeffort. Written and/oral communication will be initiated with the principal investigator and departmentresponsible for each effort report that has not been certified. Failure to respond to thecommunications or provide certification of the effort report will result in the prohibition of furtherspending on the sponsored project.

Anticipated Completion Date:The anticipated completion date of the corrective action is March 31. 2010.

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FAO9-UM-02 Internal Control over Reporting

Name(s) of Contact Person(s) Responsible for Corrective Action:Maurice R. Eftink, Provost and Vice Chancellor forAcademic Affairs, Associate Provost, Dean of the

Graduate School, Professor of Chemistry & Biochemistry and Director of AccreditationNina Jones, Director of Accounting

Management Response and Corrective Action Planned:The University of Mississippi has a field incorporated into the billing management program todesignate due dates of required reports. These due dates will be reviewed on a regular basis toensure accuracy. Priority will be given to reports with specific due dates populated in this field. TheUniversity of Mississippi will implement and oversee a review process to monitor the status of finalreport submissions. This review process will include communications with the principal investigatorincluding the Department Chairs and Deans, if necessary, prior to the due dates of the final reports.Failure to complete final reports timely will affect the principal investigator’s future participation onsponsored programs.


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Auditee’s Summary Scheduleof Prior Audit Findings


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Auditee’s Summary Schedule of Prior Audit FindingsFor the Year Ended June 30, 2009



Finding Title: Internal Controls over Davis-Bacon Act Compliance

Reference Number(s): FAO8-ASU-01

Initial Year of Finding: Year Ended June 30, 2008

Amount of Questioned Costs in Finding: None

Status of Questioned Costs (check one): N/A

Page Number (from Single Audit Report): 179

Program Name(s): N/A — Ineffective Internal Control

Federal Grantor Agency: N/A

CFDA Number(s): N/A

Status of Finding: Fully Corrected

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Finding Title: Internal Controls over Suspension and Debarment

Reference Number(s): FAO8-ASU-02





Program Name(s): N/A — Ineffective Internal Control

Federal Grantor Agency: N/A

CFDA Number(s): N/A


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Finding Title: Internal Control over Federal Work Study Record Keeping Requirement

Reference Number(s): FAO8-JSU-01





Program Name(s): Federal Work Study Program

Federal GrantorAgency: Department of Education

CFDA Number(s): 84.033


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Finding Title: internal Control over Time arid Effort Reporting

Reference Number(s): FAO8-USM-O 1




Page Number (from Single Audit Report): 1 81

Program Name(s): Fund for the Improvement of PostSecondary Education Cluster

Federal Grantor Agency: U.S Department of Education

CFDA Number(s): 84.116


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Finding Title: Internal Control over Subrecipient Monitoring

Reference Number(s):

Initial Year of Finding:

Amount of Questioned Costs in Finding:

Status of Questioned Costs (check one):

Page Number (from Single Audit Report):

Program Name(s):

Federal Grantor Agency:

CFOA Number(s):

Status of Finding:

FAO8-USM-02

Year Ended June 30, 2008

None

N/A

181

Research & Development Cluster

National Oceanic and AtmosphericAdministration; U. S. Department ofHealth and Human Services

11.417, 93.389

Fully Corrected

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Finding Title: Internal Control over Financial Reporting

Reference Number(s):

Initial Year of Finding:

Amount of Questioned Costs in Finding:

Status of Questioned Costs (check one):

Page Number (from Single Audit Report):

Program Name(s):

Federal Grantor Agency:

CFDA Number(s).

Status of Finding:

FAO8-USM-03

Year Ended June 30, 2008

None

N/A

182

Research & Development Cluster:Edward Byrne Memorial State andLocal Law Enforcement Assistance

National Aeronautics and SpaceAdministration; U. S. Department ofAgriculture; U. S. Department of Justice

43.001; 10.001; 16.580

Fully Corrected

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09ihl-cpa.pdf - Mississippi Office of the State Auditor

Documents

Transcript of 09ihl-cpa.pdf - Mississippi Office of the State Auditor