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 Expenses by functional and natural classification for the year ended June 30, 2021, were as follows (in thousands): Academic and Research Student Services and Support General Administrative and Operations Total Salaries and wages $ 206,931 $ 42,672 $ 40,647 $ 290,250 Employee benefits 51,467 7,529 13,046 72,042 Supplies and services 48,328 19,972 20,671 88,971 Space and occupancy 40,235 6,869 9,185 56,289 Other 15,370 16,701 16,504 48,575 Allocations: Depreciation 34,639 6,204 17,549 58,392 Interest 6,652 10,563 342 17,557 Operations and maintenance 8,328 7,604 (15,932) - $ 411,950 $ 118,114 $ 102,012 $ 632,076 Advertising costs are charged to expenses as incurred and totaled approximately $7.8 million and $8.5 million for the years ended June 30, 2022 and 2021, respectively, and are included in the respective functional categories above. 13. Foundation The 1994 merger of Nova University and Southeastern University of the Health Sciences established a supporting foundation (the Foundation) that benefits the Health Professions Division (HPD) of NSU. Annually, 5 percent of the fair value of Foundation assets (excluding amounts classified as other investments, deposits, and accrued investment income) are transferred to NSU for HPD’s future use. As a supporting organization, the Foundation’s financial information is combined with NSU’s consolidated financial statements. The Foundation’s board members are also members of HPD’s Board of Governors and members of the university’s Board of Trustees. The Foundation, exempt from federal income tax under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3), had assets at June 30 of (in thousands): 2022 2021 Cash and cash equivalents $ 207 $ 243 Investments: Money market funds - 12 Mutual funds 5,024 6,093 Commingled funds 1,520 2,178 Private capital 334 280 Total investments 6,878 8,563 Receivable - 12 Deposits - 17 Other - 7 Total assets $ 7,085 $ 8,842 38
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