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 2 a n d 2 0 2 1 Approximately $2.9 million and $3.1 million of long-term restricted cash at June 30, 2022 and 2021, respectively, represents funds contributed in accordance with the joint-use library facility agreement (see Note 15) by NSU and Broward County for capital repair, replacement, and renewal. In accordance with this agreement, these funds are maintained in an interest-bearing account. These funds are reflected as a long-term asset on the Consolidated Statements of Financial Position since they are restricted for long-term capital expenditures. Additionally, longterm restricted cash at June 30, 2022 and 2021, includes approximately $12.9 million received in fiscal 2020 from bond proceeds that are restricted for projects included in the university’s capital improvement plan (see Note 9). At June 30, 2021, $0.7 million was included related to funds received in accordance with an amendment to the joint-use library facility agreement (see Note 15) by NSU and Broward County for construction of the Alan B. Levan I NSU Broward Center of Innovation (the Levan Center of Innovation). Finally, long-term restricted cash and cash equivalents includes $5.5 million and $3.8 million at June 30, 2022 and 2021, respectively, that is part of the university’s endowment, and therefore, deemed long-term in nature. NSU has cash balances with banks in excess of FDIC-insured limits, which therefore bear risk, including concentration of credit risk with respect to NSU’s primary banking institutions. The university has not experienced any loss due to this risk. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Statements of Financial Position that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands). 2022 2021 Cash and cash equivalents $ 33,091 $ 51,484 Restricted cash 11,869 12,090 Long-term restricted cash and cash equivalents 21,422 20,615 Total $ 66,382 $ 84,189 Investments Investments in equity securities with readily determinable market values, debt securities, and assets held in trust are stated at fair value. Investments received as gifts are recorded at fair value at the date of donation. Investments included in current assets have a maturity of three months to five years from the purchase date and are bought and held primarily for the purpose of selling in the near future to fund current operations. Investments are recorded at fair value using the market approach method; unrealized gains and losses are reflected in net unrealized gain or loss on investments. Investments included in long-term assets comprise endowment investments, reported as designated and restricted investments, and other investments. Other investments include those made pursuant to a long-term investment horizon or are intended to support future capital expenditures (including bond proceeds received during fiscal 2022, see Note 9), and therefore, deemed long-term in nature. Investments are subject to market and credit risks customarily associated with debt, equity, and real estate. Investment securities are exposed to various risks, such as interest rate, market, and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances and the amounts reported in the Consolidated Statements of Financial Position. Bond Deposits with Trustees Unspent bond proceeds and interest earnings thereon related to the Town of Davie tax exempt Series 2018 bonds were included within long-term bond deposits with trustees and approximated $1.4 million as of June 30, 2021. 17
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