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 modified amendment, a total of $6.8 million was received from the County ($5.0 million in fiscal 2020 and $1.8 million in fiscal 2023), to be used toward construction of the Levan Center of Innovation. These funds have been fully utilized as of June 30, 2023, with $1.8 million and $0.7 million recognized as revenue in fiscal 2023 and 2022, respectively. 16. University Park Plaza In October 2001, the university acquired an interest in a limited partnership that owns and operates the University Park Plaza Shopping Center located in Davie, Florida. The partnership will continue until November 1, 2081, unless it is terminated as expressly provided in the agreement. NSU’s capital contribution was $5.0 million for a 50 percent ownership in the partnership. The university’s partnership interest is being accounted for under the equity method. Accordingly, NSU’s investment balance, which is reflected in other assets, was increased (reduced) by NSU’s proportionate share of net income (loss) of $10.3 million and ($0.1) million for the years ended June 30, 2023 and 2022, respectively. It was reduced by dividends received of $8.7 million during the year ended June 30, 2023 (no dividends were received in fiscal 2022). The investment balance at June 30, 2023 and 2022, was $2.9 million and $1.2 million, respectively. 17. NSU Guaranty Insurance Company NSU formed a wholly owned, offshore captive insurance company in November 2003, NSU Guaranty Insurance Company, LTD. (the Captive), in the Cayman Islands to fund the deductible portion of claims filed under insurance carried to cover professional liability for medical malpractice and educators legal liability. The Captive also provides coverage for named windstorm property damage to the university. The insurance contracts between the Captive and NSU do not transfer significant underwriting risk. The claims liabilities, as determined by independent actuaries, are included in accrued insurance cost in the accompanying Consolidated Statements of Financial Position. 18. Retirement Benefits Effective January 1, 2012, NSU’s 403(b) plan was frozen for participation and future contribution and the university adopted a 401(k) plan. NSU and plan participants contribute to the plan. The university recorded expenses related to these benefits of $23.0 million and $20.9 million during fiscal 2023 and 2022, respectively. 40
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