Notes to Consolidated Financial Statements June 30, 2024 and 2023 From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor requires the university to retain as a fund of perpetual duration. These deficiencies result from unfavorable market fluctuations that may occur. As of June 30, 2024, donor-restricted endowment funds with an original gift value of $52,000 had a market value of $51,000, resulting in a deficiency of $1,000. As of June 30, 2023, donor-restricted endowment funds with an original gift value of $1.6 million had a market value of $1.5 million, resulting in a deficiency of $0.1 million. 12. Expenses by Functional and Natural Classification Expenses are presented by functional classification in alignment with the overall mission of the university. The university’s primary service mission is academic instruction and research, which includes program services and directly supporting functions such as the university’s library system and art museum. Student services and support include various student-supporting functions such as admissions and enrollment services and athletics, as well as healthcare clinics and other auxiliary enterprises. General administrative and operations include fundraising and other institutional support. Natural expenses attributable to more than one functional expense category are allocated using reasonable cost allocation techniques. Depreciation and plant operations and maintenance expenses are allocated on a square footage basis. Interest expense on indebtedness is allocated to the functional categories which have benefited from that associated debt. Expenses by functional and natural classification for the year ended June 30, 2024, were as follows (in thousands): Academic and Research Student Services and Support General Administrative and Operations 2024 Total Salaries and wages $ 251,546 $ 55,550 $ 47,229 $ 354,325 Employee benefits 61,421 10,402 17,040 88,863 Supplies and services 76,655 37,037 29,399 143,091 Space and occupancy 54,660 13,391 12,271 80,322 Other 22,419 14,076 25,757 62,252 Allocations: Depreciation 27,063 12,174 6,293 45,530 Interest 5,696 9,628 7,070 22,394 Operations and maintenance 10,095 8,592 (18,687) - $ 509,555 $ 160,850 $ 126,372 $ 796,777 37
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