No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 Expenses by functional and natural classification for the year ended June 30, 2022, were as follows (in thousands): Academic and Research Student Services and Support General Administrative and Operations Total Salaries and wages $ 216,847 $ 44,637 $ 42,479 $ 303,963 Employee benefits 53,457 7,782 13,052 74,291 Supplies and services 63,335 25,255 23,323 111,913 Space and occupancy 46,752 8,690 11,368 66,810 Other 19,015 20,939 21,403 61,357 Allocations: Depreciation 29,289 13,257 5,685 48,231 Interest 6,492 10,469 2,514 19,475 Operations and maintenance 8,680 7,736 (16,416) - $ 443,867 $ 138,765 $ 103,408 $ 686,040 Advertising costs are charged to expenses as incurred and totaled approximately $7.8 million for each of the years ended June 30, 2023 and 2022, and are included in the respective functional categories above. 13. Foundation The 1994 merger of Nova University and Southeastern University of the Health Sciences established a supporting foundation (the Foundation) that benefited the Health Professions Division (HPD) of NSU. During fiscal 2023, the Foundation was dissolved, with its net assets transferred to NSU for the HPD. As a supporting organization, the Foundation’s financial information was combined with NSU’s consolidated financial statements. The Foundation’s board members were also members of HPD’s Board of Governors and members of the university’s Board of Trustees. The Foundation was exempt from federal income tax under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3). The Foundation’s assets at June 30 consisted of (in thousands): 2023 2022 Cash and cash equivalents $ - $ 207 Investments: Money market funds - - Mutual funds - 5,024 Commingled funds - 1,520 Private capital - 334 Total investments - 6,878 Total assets $ - $ 7,085 Foundation liabilities, due to NSU without donor restrictions, were $4.7 million at June 30, 2022, and were eliminated in the accompanying Consolidated Statements of Financial Position. 38
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