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 Changes in the Foundation’s net assets resulted from the following activity for the years ended June 30 (in thousands): 2023 2022 With donor restrictions Net assets, beginning balance $ 2,407 $ 4,493 Interest and dividend income 23 95 Gain on sale of securities 6 132 Net unrealized loss on securities (167) (1,643) Gifts - (7) Other - (41) Appropriation of endowment assets for expenditure - (278) Transfers to HPD endowment (2,269) (344) With donor restrictions, June 30 $ - $ 2,407 14. Broward County Agreements The following Broward County grant funds were received and expended during the year ended June 30, 2023 (in thousands): Broward County Agreement # Description Funds Received Funds Expended Human Services Department 17-CP-HCS-8228-RW01-FY22 Ryan White Part A $ 1,691 $ 1,153 Human Services Department 21-CP-HCS-8228-RW01-FY23 Ryan White Part A $ - $ 622 15. Alvin Sherman Library, Research, and Information Technology Center In December 2001, the university commenced operations of a library, research, and information technology center and parking garage (collectively the Center). The design, construction, and operation of the Center were provided for under the terms of an agreement entered into with Broward County (the County) in fiscal 2000 (the Agreement). The Agreement stipulated that NSU would be the sole owner and operator of the Center, while County residents would have full access to the Center and full use of its databases and information resources. Revenue from the County under the Agreement is recognized on a pro rata basis over the term of the Agreement (commencing in December 2001 with the opening of the Center). Funds of $13.7 million for the construction of the Center received from the County prior to fiscal year 2002 have been recorded as deferred revenue and are being amortized into income over the term of the Agreement. The County continues to provide funding for the Center. Based on the specified purpose of the funds received, these amounts are either recognized into income upon receipt or recorded as deferred revenue and subsequently amortized into income over the term of the Agreement. At June 30, 2023 and 2022, $10.9 million and $11.7 million were recorded as deferred revenue related to these funds, respectively, of which $0.5 million was classified as current at June 30, 2023 and 2022. During fiscal 2023 and 2022, $0.8 million and $0.7 million of revenue was recognized, respectively. Funds received from the County for certain operating expenses of the Center are recognized as revenue in the period earned and totaled approximately $4.7 million and $4.4 million during fiscal 2023 and 2022, respectively, and are included in Other Revenue on the Consolidated Statements of Activities. An amendment to the original Agreement was completed in August 2019 and modified in August 2022, related to the construction of the Levan Center of Innovation on the 5th floor of the Center. Under the terms of the 39
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