F Y 2020 FINANCIAL REPORT - University Of Pittsburgh
FISCAL YEAR 2020FINANCIAL REPORT
KPMG LLPBNY Mellon CenterSuite 3400500 Grant StreetPittsburgh, PA 15219-2598Independent Auditors’ ReportThe Board of TrusteesThe University of Pittsburgh – Of the CommonwealthSystem of Higher Education:We have audited the accompanying consolidated financial statements of The University of Pittsburgh – Of theCommonwealth System of Higher Education (the University), which comprise the consolidated balance sheetsas of June 30, 2020 and 2019, the related consolidated statements of activities and cash flows for the yearsthen ended, and the related notes to the consolidated financial statements.Management’s Responsibility for the Consolidated Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statementsin accordance with U.S. generally accepted accounting principles; this includes the design, implementation, andmaintenance of internal control relevant to the preparation and fair presentation of consolidated financialstatements that are free from material misstatement, whether due to fraud or error.Auditors’ ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audits. Weconducted our audits in accordance with auditing standards generally accepted in the United States of America.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether theconsolidated financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in theconsolidated financial statements. The procedures selected depend on the auditors’ judgment, including theassessment of the risks of material misstatement of the consolidated financial statements, whether due to fraudor error. In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation and fair presentation of the consolidated financial statements in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of significant accounting estimates madeby management, as well as evaluating the overall presentation of the consolidated financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.OpinionIn our opinion, the consolidated financial statements referred to above present fairly, in all material respects,the financial position of The University of Pittsburgh – Of the Commonwealth System of Higher Education as ofJune 30, 2020 and 2019, and the changes in its net assets and its cash flows for the years then ended, inaccordance with U.S. generally accepted accounting principles.KPMG LLP, a Delaware limited liability partnership and a member firm ofthe KPMG global organization of independent member firms affiliated withKPMG International Limited, a private English company limited by guarantee.
Emphasis of MatterAs discussed in note 1 to the consolidated financial statements, in 2020, the University adopted AccountingStandards Update No. 2016-02, Leases (Topic 842), as amended. Our opinion is not modified with respect tothis matter.Pittsburgh, PennsylvaniaOctober 20, 2020
Fiscal Year 2020 Financial ReportCONSOLIDATED BALANCE SHEETSJUNE 30, 2020 AND 2019(in thousands of dollars)2020ASSETS:Cash and cash equivalents (Notes 1, 2 and 6)Operating investments (Notes 1, 2, 5 and 6)Inventories and deferred chargesAccounts and notes receivable, net (Notes 2 and 3)Contributions receivable, net (Notes 1 and 4)Student loans receivable, netFoundation assets (Note 1)Endowment investments (Notes 5 and 6)Endowed funds held by third parties (Note 6)Operating lease right-of-use assets, net (Note 7)Property, plant, and equipment, net (Note 8)TOTAL ASSETS LIABILITIES:Accounts payable and accrued expensesAccrued payroll and related liabilitiesDeferred student and other revenue (Note 1)Advanced receipt of grant funds (Note 1)Refundable U.S. government student loansOther liabilities (Notes 6 and 10)Pension and postretirement obligations (Note 11)Conditional asset remediation obligation (Note 8)Right-of-use lease liabilities (Note 7)Bonds and notes payable (Note 9)TOTAL 32,30035,6154,203,47422,865268,3681,979,055 9034,342,56323,6771,929,919 7,202,327 40300,7651,452,8943,011,172 2899,6872,033,567NET ASSETS:Without donor restrictions (Notes 1 and 12)Endowment designated for financial aidOther designated endowmentsNet invested in plant and otherTotal without donor restrictionsWith donor restrictions (Notes 1 and 12)EndowmentsOtherTotal with donor restrictionsTOTAL NET 00,6841,663,46689,4581,752,9245,168,760TOTAL LIABILITIES AND NET ASSETS 8,011,856 7,202,327The accompanying notes are an integral part of these consolidated financial statements.1
Fiscal Year 2020 Financial ReportCONSOLIDATED STATEMENT OF ACTIVITIESFOR THE YEAR ENDED JUNE 30, 2020COMPARED TO SUMMARY INFORMATION FOR THE YEAR ENDED JUNE 30, 2019(in thousands of dollars)WithoutDonorRestrictionsOPERATING REVENUES:Tuition and fees (net of tuition discounts of 240.1 millionand 206.0 million) 632,622Commonwealth appropriation183,146Commonwealth construction grants1,838Research grants and contracts894,888Contributions for operations41,798Endowment distributions and investment income174,968Sales and services, educational and other135,139Sales and services, auxiliary127,317UPMC academic support (Note 15)270,135Net assets released from restrictions16,989Total operating revenues2,478,840OPERATING EXPENSES:Salaries and wagesFringe benefitsTotal compensationSuppliesBusiness and rTotal operating expenses (Note 14) 25,83314,305(16,989)23,149Total ,317270,1352,501,9892019 )24,242(150,027)3,415,836 3,265,809(18,049)1,752,924 1,734,875(168,076)5,168,760 5,000,684Change in net assets from operating activitiesOTHER ACTIVITIES:Investment (losses) gains, net of endowmentdistributions for operationsContributions for endowmentChange in fair value of interest rate swaps (Note 10)Deferred tax (expense) benefit (Note 1)Other components of net periodic benefit cost (Note 11)Nonperiodic changes in benefit plans (Note 11)Total other activitiesCHANGE IN NET ASSETSNET ASSETS, BEGINNING OF YEARNET ASSETS, END OF YEAR2020WithDonorRestrictionsThe accompanying notes are an integral part of these consolidated financial statements.2111,9665,056,794 5,168,760
Fiscal Year 2020 Financial ReportCONSOLIDATED STATEMENT OF ACTIVITIESFOR THE YEAR ENDED JUNE 30, 2019(in thousands of dollars)OPERATING REVENUES:Tuition and fees (net of tuition discounts of 206.0 million)Commonwealth appropriationCommonwealth construction grantsResearch grants and contractsContributions for operationsEndowment distributions and investment incomeSales and services, educational and otherSales and services, auxiliaryUPMC academic support (Note 15)Net assets released from restrictionsTotal operating revenuesOPERATING EXPENSES:Salaries and wagesFringe benefitsTotal compensationSuppliesBusiness and rTotal operating expenses (Note ns 8,78117,831(42,037)(15,425)-Total hange in net assets from operating activities103,149(15,425)87,724OTHER ACTIVITIES:Investment gains, net of endowmentdistributions for operationsContributions for endowmentChange in fair value of interest rate swaps (Note 10)Deferred tax benefit (Note 1)Other components of net periodic benefit cost (Note 11)Nonperiodic changes in benefit plans (Note 11)Total other 2,241)(46,707)24,24268,9023,346,934 3,415,83643,0641,709,860 1,752,924CHANGE IN NET ASSETSNET ASSETS, BEGINNING OF YEARNET ASSETS, END OF YEARThe accompanying notes are an integral part of these consolidated financial statements.3111,9665,056,794 5,168,760
Fiscal Year 2020 Financial ReportCONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED JUNE 30, 2020 AND 2019(in thousands of dollars)2020CASH AND CASH EQUIVALENTS:End of yearBeginning of yearCHANGE IN CASH AND CASH EQUIVALENTS CASH FLOWS FROM OPERATING ACTIVITIES:Change in net assetsAdjustments to reconcile change in net assets to net cash provided byoperating activities:Depreciation, and amortization of right-of-use assetsDeferred tax expense (benefit)Other components of net periodic benefit costNonperiodic changes in benefit plansAmortization of debt issuance costs and bond premiums, netLoss on disposal of plant assetsInvestment gainsChange in fair value of interest rate swapsContributions restricted for long-term investmentChanges in operating assets and liabilities:Accounts, notes, contributions, and loans receivable, netOther assetsAccounts payable and accrued expensesPension and postretirement obligationsOther liabilitiesOperating leases, netNet cash provided by operating activitiesCASH FLOWS FROM INVESTING ACTIVITIES:Expended for property, plant, and equipment - UniversityExpended for property, plant, and equipment - commonwealthChange in accounts payable for property, plant, and equipmentPurchases/sales of operating investments, netPurchases of endowment investmentsProceeds from sales/maturities of endowment investmentsChange in foundation assets and otherNet cash used for investing activitiesCASH FLOWS FROM FINANCING ACTIVITIES:Repayments of debt and otherProceeds from issuance of debt and otherRepayments on credit facilitiesBorrowings on credit facilitiesPrincipal payments on finance leasesContributions restricted for long-term investmentNet cash provided by financing activitiesCHANGE IN CASH AND CASH EQUIVALENTSSupplemental disclosure of cash flow information:Cash paid for interest (excluding fees)Noncash investing activity for property, plant, and equipment:Accounts payableCapital lease obligations 117,64810,521107,127 10,52145,809(35,288) (168,076) 111,966 )4,210,040(1,252)(262,738) 37107,127 (43,600)109,58847,645113,633(35,288) 35,941 30,282 22,994 28,112 - 24,525The accompanying notes are an integral part of these consolidated financial statements.42019
Fiscal Year 2020 Financial ReportNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING PRACTICESOrganizationFounded in 1787, the University of Pittsburgh (the University) is one of the oldest institutions of higher education in theUnited States. The University’s mission is to provide high-quality undergraduate and graduate programs in the arts andsciences and professional fields; engage in research, artistic, and scholarly activities that advance learning through theextension of the frontiers of knowledge and creative endeavor; cooperate with industrial and governmental institutions totransfer knowledge in science, technology, and health care; offer continuing educational programs adapted to the personalenrichment, professional upgrading, and career advancement interests and needs of adult Pennsylvanians; and make availableto local communities and public agencies the expertise of the University in ways that are consistent with the primary teachingand research functions and contribute to social, intellectual, and economic development in the commonwealth, the nation, andthe world.The University’s main campus in the City of Pittsburgh comprises 16 schools and several academic centers educatingapproximately 28,400 students in various undergraduate, graduate, and doctorate-professional programs. Four regionalcampuses with a total enrollment approximating 5,400 students are located throughout western Pennsylvania.Relationship with the Commonwealth of PennsylvaniaThe University derives its corporate existence under the laws of the Commonwealth of Pennsylvania (the commonwealth) byreason of the act of the General Assembly of the commonwealth establishing an “Academy or Public School in the town ofPittsburgh” on February 28, 1787 and from the act of February 18, 1819 incorporating the “Western University ofPennsylvania.” In 1908, the University’s name was changed to the “University of Pittsburgh” by order of the Court ofCommon Pleas of Allegheny County. In 1966, the Pennsylvania State Legislature enacted the “University of PittsburghCommonwealth Act,” which changed the name of the University to the “University of Pittsburgh – of the CommonwealthSystem of Higher Education” and established the University as an instrumentality of the commonwealth to serve as a staterelated institution in the Commonwealth System of Higher Education. The University is a Pennsylvania nonprofitcorporation subject to the Nonprofit Corporation Law of 1988.The entire management, control, and conduct of the instructional, administrative, and financial affairs of the University arevested with the Board of Trustees. The Board of Trustees is comprised of fifty-two members (thirty-six voting members),including twelve commonwealth trustees and sixteen special trustees elected by the board. Special trustees may attend allmeetings of the board and are entitled to and exercise all rights, responsibilities, and privileges of trusteeship, except theright to vote at board meetings.Funding from the Commonwealth of PennsylvaniaAs a state-related institution, the University receives an annual appropriation from the commonwealth. There is no assurancethat such appropriation will continue to be made at current levels or at levels requested by the University. In addition, thecommonwealth funds certain capital projects in support of the University’s mission, as well as support for sponsored researchgrants and contracts, as presented in the following table:Commonwealth appropriation:General supportRural Education OutreachSupplemental funds – Academic Medical Centersand general supportTotal commonwealth appropriationCommonwealth construction grantsCommonwealth research grants and contractsTotal 520202019(in thousands of dollars)151,507 148,5363,3462,84628,293183,14627,67113,712224,529 23,293174,6758,78113,918197,374
Fiscal Year 2020 Financial ReportBasis of PresentationThe consolidated financial statements include the accounts of the University, which do not include the net assets or activitiesof the University of Pittsburgh Medical Center (UPMC) or the University of Pittsburgh Physicians (UPP) clinical practiceplans, as they are separate legal entities affiliated with but not controlled by the University. The University has the right todesignate one-third of the members of the UPMC Board of Directors and any Executive Committee thereof.The other activities section of the Consolidated Statements of Activities includes investment gains (losses), net ofendowment distributions for operations; contributions for endowment; change in fair value of interest rate swaps;deferred tax expense/benefit; other components of net periodic benefit cost; and nonperiodic changes in pension andpostretirement benefit plans. Endowment distributions for operations represent those distributions not reinvested in theendowment (see Note 13).Basis of AccountingThe consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S.generally accepted accounting principles (GAAP) as promulgated by the Financial Accounting Standards Board (FASB)Accounting Standards Codification (ASC) 958, Not-for-Profit Entities.The University’s net assets have been classified in accordance with the presence or absence of donor-imposed restrictions andare reported as follows: Net assets without donor restrictions - Includes revenues, gains, and losses, which are free from donor restrictionsand are available for the general operating purposes of the University. All University expenses are reported as areduction in net assets without donor restrictions. This class of net assets includes contributions and endowmentdistributions whose donor-imposed restrictions have been met within the fiscal year as well as endowment fundsdesignated by the University’s Board of Trustees or management, as delegated by the board. Restrictions areconsidered to be released if unrestricted resources are used for a purpose for which restricted resources are available.Contributions for capital construction or acquisition are reported as net assets without donor restrictions once theasset is placed into service. Net assets with donor restrictions - Includes donor-imposed restrictions that may be met by the University throughthe passage of time or through the use of such funds in accordance with the donor’s wishes. These funds includeendowed contributions and pledges requiring that the original corpus be maintained in perpetuity. The distributionsgenerated by these contributions may be either expended or reinvested in the endowment in accordance with donorrestrictions and endowment contribution and spending policies. This net asset category also includes donor restrictedfunds to be used as revolving student loan funds in perpetuity.Donor restricted contributions are reported as increases in net assets with donor restrictions. When a restriction expires, netassets are reclassified from net assets with donor restrictions to net assets without donor restrictions in the ConsolidatedStatements of Activities.EstimatesPreparation of the consolidated financial statements requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidatedfinancial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results coulddiffer materially from those estimates.Revenue Recognition – Contracts with Customers and Accounts ReceivableIn May 2014, FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers(Topic 606). The core principle of Topic 606 is that an entity should recognize revenue to depict the transfer of promisedgoods or services to customers in an amount that reflects the consideration it expects to be entitled in exchange. In addition,Topic 606 requires disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows ar
KPMG International Limited, a private English company limited by guarantee. . Research grants and contracts 859,690 - 859,690 . Change in fair value of interest rate swaps (Note 10) (20,765) - (20,765) Deferred tax benefit (Note 1) 11,355 - 11,355
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