Louisiana State University System
LOUISIANA STATE UNIVERSITY SYSTEMA COMPONENT UNIT OF THESTATE OF LOUISIANAFINANCIAL STATEMENT AUDITFOR THE YEAR ENDED JUNE 30, 2016ISSUED DECEMBER 21, 2016
LOUISIANA LEGISLATIVE AUDITOR1600 NORTH THIRD STREETPOST OFFICE BOX 94397BATON ROUGE, LOUISIANA 70804-9397LEGISLATIVE AUDITORDARYL G. PURPERA, CPA, CFEASSISTANT LEGISLATIVE AUDITORFOR STATE AUDIT SERVICESNICOLE B. EDMONSON, CIA, CGAP, MPADIRECTOR OF FINANCIAL AUDITERNEST F. SUMMERVILLE, JR., CPAUnder the provisions of state law, this report is a public document. A copy of this report has beensubmitted to the Governor, to the Attorney General, and to other public officials as required bystate law. A copy of this report is available for public inspection at the Baton Rouge office of theLouisiana Legislative Auditor.This document is produced by the Louisiana Legislative Auditor, State of Louisiana, Post OfficeBox 94397, Baton Rouge, Louisiana 70804-9397 in accordance with Louisiana Revised Statute24:513. One copy of this public document was produced at an approximate cost of 6.30. Thismaterial was produced in accordance with the standards for state agencies established pursuant toR.S. 43:31. This report is available on the Legislative Auditor’s website at www.lla.la.gov. Whencontacting the office, you may refer to Agency ID No. 3474 or Report ID No. 80160090 foradditional information.In compliance with the Americans With Disabilities Act, if you need special assistance relative tothis document, or any documents of the Legislative Auditor, please contact Elizabeth Coxe, ChiefAdministrative Officer, at 225-339-3800.
TABLE OF CONTENTSPageIndependent Auditor’s Report. 3Management’s Discussion and Analysis . 8StatementBasic Financial Statements:Louisiana State University SystemStatement of Net Position . A .20Component UnitsStatement of Financial Position . B .22Louisiana State University SystemStatement of Revenues, Expenses,and Changes in Net Position . C .23Component UnitsStatement of Activities . D .25Louisiana State University SystemStatement of Cash Flows . E .27Notes to the Financial Statements .30ScheduleRequired Supplementary Information:Schedule of Funding Progress for theOther Postemployment Benefits Plans .1.86Schedule of the LSU System’s ProportionateShare of the Net Pension Liabilities ofCost-Sharing Defined Benefit Pension Plans.2.87Schedule of the LSU System’s Contributions toCost-Sharing Defined Benefit Pension Plans .3.881
Louisiana State University SystemTable of ContentsPageSupplementary Information:Louisiana State University System:Combining Schedule of Net Position, by University,June 30, 2016 .4.91Combining Schedule of Revenues, Expenses, and Changesin Net Position, by University, For the Fiscal Year EndedJune 30, 2016 .5.95Combining Schedule of Cash Flows, by University,For the Fiscal Year Ended June 30, 2016 .6.99Combining Schedule of Net Position, by University,June 30, 2015 .7.105Combining Schedule of Revenues, Expenses, and ChangesIn Net Position, by University, For the Fiscal Year EndedJune 30, 2015 .8.109Combining Schedule of Cash Flows, by University,For the Fiscal Year Ended June 30, 2015 .9.113ExhibitReport on Internal Control over Financial Reportingand on Compliance and Other Matters Based on anAudit of Financial Statements Performed in AccordanceWith Government Auditing Standards . AAppendixManagement’s Corrective Action Plans and Responsesto the Findings and Recommendations. A2
LOUISIANA LEGISLATIVE AUDITORDARYL G. PURPERA, CPA, CFEDecember 16, 2016Independent Auditor’s ReportLOUISIANA STATE UNIVERSITY SYSTEMSTATE OF LOUISIANABaton Rouge, LouisianaReport on the Financial StatementsWe have audited the accompanying financial statements of the business-type activities and theaggregate discretely presented component units of the Louisiana State University System(System), a component unit of the state of Louisiana, as of and for the year ended June 30, 2016,and the related notes to the financial statements, which collectively comprise the System’s basicfinancial statements as listed in the Table of Contents.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statementsin accordance with accounting principles generally accepted in the United States of America; thisincludes the design, implementation, and maintenance of internal control relevant to thepreparation and fair presentation of financial statements that are free from material misstatement,whether due to fraud or error.Auditor’s ResponsibilityOur responsibility is to express opinions on these financial statements based on our audit. Wedid not audit the financial statements of the Louisiana State University School of Medicine inNew Orleans Faculty Group Practice doing business as LSU Healthcare Network andSubsidiaries; the Eunice Student Housing Foundation, Inc.; and the Health Care ServicesFoundation and its subsidiary, which are nonprofit corporations included as blended componentunits in the basic financial statements representing approximately 1.0% of total assets, 0.6% oftotal liabilities, 4.5% of total revenues, and 4.9% of total expenses of the System. We also didnot audit the financial statements of the LSU Foundation, the Tiger Athletic Foundation, the LSUHealth Sciences Foundation in Shreveport, or the LSU Health Sciences Center Foundation,which are discretely presented component units included in the basic financial statements of the1600 NORTH THIRD STREET POST OFFICE BOX 94397 BATON ROUGE, LOUISIANA 70804-9397WWW.LLA.LA.GOV PHONE: 225-339-3800 FAX: 225-339-3870
Louisiana State University SystemIndependent Auditor’s ReportSystem. The financial statements of the blended and discretely presented component units wereaudited by other auditors, whose reports have been furnished to us, and our opinions, insofar asthey relate to the amounts reported for these component units, are based solely on the reports ofthe other auditors.We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free from material misstatement. The financial statements of the LSUFoundation, the Tiger Athletic Foundation, and the LSU Health Sciences Foundation inShreveport were audited in accordance with standards generally accepted in the United States ofAmerica, but were not audited in accordance with Government Auditing Standards.An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor’sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity’s preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity’s internal control.Accordingly, we express no such opinion. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of the significant accounting estimates madeby management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinions.OpinionIn our opinion, based on our audit and the reports of other auditors, the financial statementsreferred to above present fairly, in all material respects, the respective financial position of thebusiness-type activities and the discretely presented component units of the System as of June30, 2016, and the respective changes in financial position and, where applicable, cash flowsthereof for the year then ended in accordance with accounting principles generally accepted inthe United States of America.4
Louisiana State University SystemIndependent Auditor’s ReportEmphasis of MatterAs disclosed in note 7, the net pension liability for the System was 1,715,196,040 at June 30,2016, as determined by the Louisiana State Employees’ Retirement System (LASERS) andTeachers’ Retirement System of Louisiana (TRSL). The related actuarial valuation wasperformed by LASERS’ and TRSL’s actuaries using various assumptions. Because actualexperience may differ from the assumptions used, there is a risk that this amount at June 30,2016, could be under or overstated.Our opinion is not modified with respect to this matter.Other MattersRequired Supplementary InformationAccounting principles generally accepted in the United States of America require thatManagement’s Discussion and Analysis on pages 8 through 19, the Schedule of FundingProgress for the Other Postemployment Benefits Plans on page 86, the Schedule of the LSUSystem’s Proportionate Share of the Net Pension Liabilities of Cost-Sharing Defined BenefitPension Plans on page 87, and the Schedule of the LSU System’s Contributions to Cost-SharingDefined Benefit Pension Plans on page 88 be presented to supplement the basic financialstatements. Such information, although not a part of the basic financial statements, is requiredby the Governmental Accounting Standards Board, who considers it to be an essential part offinancial reporting for placing the basic financial statements in an appropriate operational,economic, or historical context. We have applied certain limited procedures to the requiredsupplementary information in accordance with auditing standards generally accepted in theUnited States of America, which consisted of inquiries of management about the methods ofpreparing the information and comparing the information for consistency with management’sresponses to our inquiries, the basic financial statements, and other knowledge we obtainedduring our audit of the basic financial statements. We do not express an opinion or provide anyassurance on the information because the limited procedures do not provide us with sufficientevidence to express an opinion or provide any assurance.Supplementary InformationOur audit was conducted for the purpose of forming opinions on the financial statements thatcollectively comprise the System’s basic financial statements.The accompanyingsupplementary information schedules including the Combining Schedule of Net Position; theCombining Schedule of Revenues, Expenses, and Changes in Net Position; and the CombiningSchedule of Cash Flows on pages 91 through 104 for the year ended June 30, 2016, are presentedfor the purposes of additional analysis and are not required parts of the basic financialstatements.These schedules are the responsibility of management and were derived from and relate directlyto the underlying accounting and other records used to prepare the basic financial statements.Such information has been subjected to the auditing procedures applied in the audit of the basicfinancial statements and certain additional procedures, including comparing and reconciling such5
Louisiana State University SystemIndependent Auditor’s Reportinformation directly to the underlying accounting and other records used to prepare the basicfinancial statements or to the basic financial statements themselves, and other additionalprocedures in accordance with auditing standards generally accepted in the United States ofAmerica by us and other auditors. In our opinion, based on our audit, the procedures performedas described above, and the reports of other auditors, the schedules for the fiscal year ended June30, 2016, are fairly stated, in all material respects, in relation to the basic financial statementstaken as a whole for the year ended June 30, 2016.We also previously audited, in accordance with auditing standards generally accepted in theUnited States of America, the basic financial statements of the System as of and for the yearended June 30, 2015, (not presented herein) and have issued our report thereon dated December23, 2015, which contained unmodified opinions on the respective financial statements of thebusiness-type activities. The Combining Schedule of Net Position; the Combining Schedule ofRevenues, Expenses, and Changes in Net Position; and the Combining Schedule of Cash Flowson pages 105 through 118 for the year ended June 30, 2015, are presented for the purposes ofadditional analysis and are not a required part of the basic financial statements.These schedules are the responsibility of management and were derived from and relate directlyto the underlying accounting and other records used to prepare the 2015 financial statements.The combining schedules for the fiscal year ended June 30, 2015, have been subjected to theauditing procedures applied in the audit of the 2015 basic financial statements and certainadditional procedures, including comparing and reconciling such information directly to theunderlying accounting and other records used to prepare the basic financial statements or to thebasic financial statements themselves, and other additional procedures in accordance withauditing standards generally accepted in the United States of America by us and other auditors.In our opinion, based on our audit, the procedures performed as described above, and the reportsof other auditors, the schedules for the fiscal year ended June 30, 2015, are fairly stated, in allmaterial respects, in relation to the basic financial statements taken as a whole for the year ended,June 30, 2015.6
Louisiana State University SystemIndependent Auditor’s ReportOther Reporting Required by Government Auditing StandardsIn accordance with Government Auditing Standards, we have also issued our report datedDecember 16, 2016, on our consideration of the System’s internal control over financialreporting and on our tests of its compliance with certain provisions of laws, regulations,contracts, and grant agreements and other matters. The purpose of that report is to describe thescope of our testing of internal control over financial reporting and compliance and the results ofthat testing, and not to provide an opinion on the internal control over financial reporting or oncompliance. That report is an integral part of an audit performed in accordance with GovernmentAuditing Standards in considering the System’s internal control over financial reporting andcompliance.Respectfully submitted,Daryl G. Purpera, CPA, CFELegislative AuditorREW:JPT:BH:EFS:chLSU 20167
MANAGEMENT’S DISCUSSION AND ANALYSISINTRODUCTIONThe following discussion and analysis has been prepared by management and is written toprovide an overview of the financial position and activities of the Louisiana State UniversitySystem (System) for the year ended June 30, 2016. It should be read in conjunction with thefinancial statements and the notes thereto which follow this section.The annual report consists of a series of financial statements prepared in accordance withGovernmental Accounting Standards Board (GASB) Statement No. 34, Basic FinancialStatements-and Management’s Discussion and Analysis-for State and Local Governments, andGASB Statement No. 35, Basic Financial Statements-and Management’s Discussion andAnalysis-for Public Colleges and Universities, as amended by GASB Statements Nos. 37 and 38.The System applies GASB Statement No. 39, Determining Whether Certain Organizations AreComponent Units. This statement addresses which support organizations, such as foundations,should be included as component units and how these component units should be presented inthe financial statements. The state of Louisiana has set a threshold for including componentunits if the potential component unit’s assets equal 3% or more of the total assets of the systemof universities it supports. A component unit that falls below this threshold may be excluded if ithas been included in the financial report for at least three consecutive years and currently doesnot meet the reporting threshold.The System has four foundations that will be discretely presented in its financial statements.These are the LSU Foundation, the Tiger Athletic Foundation, the LSU Health Sciences CenterFoundation (New Orleans), and the LSU Health Sciences Foundation in Shreveport. Thefinancial data of each of these foundations is presented separately in a Statement of FinancialPosition and a Statement of Activities. Additional information about the foundations iscontained in the notes to the financial statements.BACKGROUNDThe System is the state’s flagship system. It is also one of the most diverse and comprehensivehigher education systems in the country. Headcount enrollment during the fall 2015 semesterwas 45,626, which was an increase from the 44,449 reported in the previous year.Degrees conferred by System campuses range from associate degree to doctor of philosophy. Inaddition, professional degrees in law, veterinary medicine, medicine, dentistry, and the completespectrum of Allied Health professions are conferred.The System also includes such dedicated centers as the Pennington Biomedical Research Center,which specializes in nutrition research and preventive medicine, and the LSU AgriculturalCenter, which plays a vital and integral role in supporting the state’s agricultural industries,sustaining rural areas, and encouraging efficient use of resources through research andeducational programs conducted by its 17 experiment stations and extension service.8
Louisiana State University SystemManagement’s Discussion and AnalysisBeginning in 1997, the System was charged with the responsibility of administering 10 publichospitals. These hospitals serve as the primary source of health care services for the indigentpopulation of the state and account for over one million in-patient and out-patient visits eachyear. In addition, these hospitals are utilized by the LSU Health Sciences Centers as
louisiana legislative auditor 1600 north third street post office box 94397 baton rouge, louisiana 70804-9397 legislative auditor daryl g. purpera, cpa, cfe assistant legislative auditor for state audit services nicole b. edmonson, cia, cgap, mpa director of financial audit ernest f. summerville, jr., cpa under the provisions of state law, this report is a public document.
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