Notes to Consolidated Financial Statements June 30, 2024 and 2023 11. Net Assets Net assets released from restrictions were satisfied through grant or other operating expenditures, capital expenditures, and scholarships. Net assets at June 30 were available for the following purposes or periods (in thousands): 2024 2023 Without Donor Restrictions Board designated for: Preschool programs $ 821 $ 751 Scholarships 13,348 11,966 Athletic scholarships 8,407 7,606 Trustees student scholarship 2,096 1,873 Faculty research and development 2,070 1,937 College of Law 11,110 11,276 Baudhuin Preschool 5,050 4,661 Health Professions Division 23,609 21,168 Museum of Art 2,439 1,118 Research initiatives 1,585 1,249 Total Board designated 70,535 63,605 Other unrestricted amounts 308,521 234,152 Physical plant equity 523,721 528,382 Library physical plant equity 77,322 80,076 Total without donor restrictions $ 980,099 $ 906,215 With Donor Restrictions Endowments 147,581 120,105 Endowment-related pledges receivable 33,961 41,231 Gifts restricted by purpose 41,951 40,346 Scholarship funds held by trustees and restricted by purpose 2,943 3,610 Other restrictions 6,543 3,886 Total with donor restrictions $ 232,979 $ 209,178 Total net assets $ 1,213,078 $ 1,115,393 Endowment Net Assets ASC 958, Not-for-Profit Entities, provides guidance on the net asset classification of donor-restricted endowment funds for a not-for-profit organization that is subject to an enacted version of the Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA) and additional disclosures about an organization’s endowment funds. The state of Florida adopted the Florida Uniform Prudent Management of Institutional Funds Act (FUPMIFA) effective July 1, 2012. The university’s endowment consists of approximately 436 individual endowments established for a variety of purposes. The endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees. Net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. 34
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