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 In August 2019, an amendment to the original Agreement was completed related to the construction of the Levan Center of Innovation on the 5th floor of the Center. Under the terms of the amendment, $5.0 million was received from the County in fiscal 2020 to be used toward construction of the Levan Center of Innovation, of which $0.7 million and $4.3 million were utilized in fiscal 2022 and 2021, respectively, and recognized as revenue. Current deferred revenue at June 30, 2021, included approximately $0.7 million, related to this conditional contribution. 16. University Park Plaza In October 2001, the university acquired an interest in a limited partnership that owns and operates the University Park Plaza Shopping Center located in Davie, Florida. The partnership will continue until November 1, 2081, unless it is terminated as expressly provided in the agreement. NSU’s capital contribution was $5.0 million for a 50 percent ownership in the partnership. The university’s partnership interest is being accounted for under the equity method. Accordingly, NSU’s investment balance, which is reflected in other assets, was reduced by NSU’s proportionate share of net loss of $0.1 million and $1.7 million for the years ended June 30, 2022 and 2021, respectively. The investment balance at June 30, 2022 and 2021, was $1.2 million and $1.3 million, respectively. 17. NSU Guaranty Insurance Company NSU formed a wholly owned, offshore captive insurance company in November 2003, NSU Guaranty Insurance Company, LTD. (the Captive), in the Cayman Islands to fund the deductible portion of claims filed under insurance carried to cover professional liability for medical malpractice and educators legal liability. The Captive also provides coverage for named windstorm property damage to the university. The insurance contracts between the Captive and NSU do not transfer significant underwriting risk. The claims liabilities, as determined by independent actuaries, are included in accrued insurance cost in the accompanying Consolidated Statements of Financial Position. 18. Retirement Benefits Effective January 1, 2012, NSU’s 403(b) plan was frozen for participation and future contribution and the university adopted a 401(k) plan. NSU and plan participants contribute to the plan. The university recorded expenses related to these benefits of $20.9 million and $20.5 million during fiscal 2022 and 2021, respectively. 40
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