Notes to Consolidated Financial Statements June 30, 2024 and 2023 assets of $252.1 million. At June 30, 2023, endowment-related pledges receivable were $41.2 million, and the fair value of the endowment fund was $183.7 million, representing total endowment assets of $224.9 million. The endowment fund includes donor-restricted and board-designated endowments. Any declines in the fair value of donor-restricted endowments below their respective historical cost value are recorded as reductions in net assets with donor restrictions. Tuition and Fees Tuition and fees are reported net of scholarships and discounts. For fiscal 2024 and 2023, total scholarships and discounts were $160.5 million and $139.0 million, respectively. Tuition and fee revenue is recognized on a pro rata daily basis over the term of instruction. Unearned student tuition and fees relating to future instructional periods are recorded as current deferred revenue. Deferred tuition revenue was $75.8 million at June 30, 2024, and $72.2 million at June 30, 2023. Contributions Unconditional contributions without donor restrictions are recorded as increases in net assets without donor restrictions. Unconditional contributions with donor-imposed stipulations are reported as increases to net assets with donor restrictions, and reclassified to net assets without donor restrictions when stipulations are satisfied. Contributed assets to be maintained in perpetuity are classified as net assets with donor restrictions. Income from donor-restricted assets is classified according to the terms of the contribution. Conditional pledges are not recognized until the conditions are met. Contributions to be received more than one year in the future are discounted based on a risk-adjusted discount rate. Amortization of the discount is recorded as contribution revenue and used in accordance with donor-imposed stipulations, if any. Any additional allowance made for uncollectible contributions is based on management’s judgment, past collection experience, and other relevant factors. Contributions of nonfinancial assets (such as land, buildings, equipment, or use thereof, materials and supplies, intangible assets or services) meeting criteria established by the university pursuant to U.S. generally accepted accounting principles (GAAP) are recognized at fair value. For the fiscal years ended June 30, 2024 and 2023, such contributions were individually, and in the aggregate, immaterial to the university’s consolidated financial statements, and therefore, have not been recognized therein. Government Grants Revenue from grants is recognized as the related expenses are incurred. Grant revenue recognized and expended within the same fiscal year is included as revenue with donor restrictions and net assets released from restrictions in the accompanying Consolidated Statements of Activities. Leases NSU recognizes and measures its leases in accordance with FASB Accounting Standards Codification (ASC) Topic 842, Leases. The university is the lessee of property and equipment under operating and finance leases. Upon execution of a new contract, NSU determines whether an arrangement is or contains a lease. Right of use assets represent NSU’s right to use leased assets over the term of the lease. Lease liabilities represent NSU’s contractual obligation to make lease payments over the lease term. Right-of-use assets and lease liabilities are measured, categorized, and recognized at lease commencement. The commencement date is when the university either takes possession of the asset, or in the case of real estate leases, when the landlord makes the building available for use. Operating leases as lessee are included in operating lease right-of-use assets 20
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