George Mason University Intercollegiate Athletics Programs .
GEORGE MASON UNIVERSITYINTERCOLLEGIATE ATHLETICS PROGRAMSFOR THE YEAR ENDEDJUNE 30, 2017Auditor of Public AccountsMartha S. Mavredes, CPAwww.apa.virginia.gov(804) 225-3350
–TABLE OF CONTENTS–PagesINDEPENDENT ACCOUNTANT’S REPORT ON APPLYINGAGREED-UPON PROCEDURES1-6SCHEDULESchedule of Revenues and Expenses of Intercollegiate Athletics ProgramsNotes to the Schedule of Revenues and Expenses of IntercollegiateAthletics ProgramsUNIVERSITY OFFICIALS78-1011
January 16, 2018The Honorable Ralph S. NorthamGovernor of VirginiaThe Honorable Robert D. Orrock, Sr.Chairman, Joint Legislative AuditAnd Review CommissionDr. Ángel CabreraPresident, George Mason UniversityINDEPENDENT ACCOUNTANT’S REPORTON APPLYING AGREED-UPON PROCEDURESWe have performed the procedures enumerated below, which were agreed to by the Presidentof George Mason University, solely to assist the University in evaluating whether the accompanyingSchedule of Revenues and Expenses of Intercollegiate Athletics Programs of the University is incompliance with National Collegiate Athletic Association (NCAA) Constitution 3.2.4.15.1, for the yearended June 30, 2017. University management is responsible for the Schedule of Revenues and Expensesof Intercollegiate Athletics Programs (Schedule) and the Schedule’s compliance with NCAArequirements. The sufficiency of the procedures is solely the responsibility of the University.Consequently, we make no representation regarding sufficiency of the procedures described beloweither for the purpose for which this report has been requested or for any other purpose.Agreed-Upon Procedures Related to theSchedule of Revenues and Expenses of Intercollegiate Athletics ProgramsProcedures described below were limited to material items. For the purpose of this report, andas defined in the agreed-upon procedures, items are considered material if they exceed four percent oftotal revenues or total expenses, as applicable. The procedures that we performed and our findings areas follows:Fiscal Year 20171
Internal Controls1.We reviewed the relationship of internal control over Intercollegiate Athletics Programsto internal control reviewed in connection with our audit of the University’s financialstatements. In addition, we identified and reviewed those controls unique toIntercollegiate Athletics Programs, which were not reviewed in connection with our auditof the University’s financial statements.2.Intercollegiate Athletics Department management provided a current organizationalchart. We also made certain inquiries of management regarding control consciousness,the use of internal audit in the department, competence of personnel, protection ofrecords and equipment, and controls regarding information systems with the informationtechnology department.3.Intercollegiate Athletics Department management provided us with their process forgathering information on the nature and extent of affiliated and outside organizationalactivity for or on behalf of the University’s Intercollegiate Athletics Programs. We testedthese procedures as noted below.Affiliated and Outside Organizations4.Intercollegiate Athletics Department management identified all intercollegiate athleticsrelated affiliated and outside organizations and provided us with copies of auditedfinancial statements for each such organization for the reporting period.5.Intercollegiate Athletics Department management prepared and provided to us asummary of revenues and expenses for or on behalf of the intercollegiate athleticsprograms by affiliated and outside organizations included in the Schedule.6.Intercollegiate Athletics Department management provided to us any additional reportsregarding internal control matters identified during the audits of affiliated and outsideorganizations performed by independent public accountants. We were not made awareof any internal control findings.Schedule of Revenues and Expenses of Intercollegiate Athletics Programs7.Intercollegiate Athletics Department management provided to us the Schedule ofRevenues and Expenses of Intercollegiate Athletics Programs for the year endedJune 30, 2017, as prepared by the University and shown in this report. We recalculatedthe addition of the amounts in the Schedule, traced the amounts on the Schedule tomanagement’s trial balance worksheets, and agreed the amounts in management’s trialbalance worksheets to the Intercollegiate Athletics Department’s accounts in theaccounting records. Certain adjustments to the Schedule, as noted in the procedures andresults below, were necessary to conform to NCAA reporting guidance. We discussed thenature of adjusting journal entries with management and are satisfied that theadjustments are appropriate.Fiscal Year 20172
8.We compared each major revenue and expense account over ten percent of totalrevenues or total expenses, respectively, to prior period amounts and budget estimates.Variances exceeding ten percent of prior period amounts or budget estimates areexplained below:Line ItemExplanationAthletic Student AidIncreases in tuition, room, and board rates directlyaffected the increase of athletic student aid.Additionally, coaches used more of their allotted aidthan in the previous year.Revenues9.We obtained the amount of ticket sales revenue during the reporting year from theSchedule. This amount was deemed to be immaterial for detailed testing.10.We obtained an understanding of the institution’s methodology for allocating studentfees to intercollegiate athletics programs. We compared student fees reported in theSchedule to amounts reported in the accounting records and an expected amount basedon fee rates and enrollment. We found these amounts to be substantially in agreementwith minor differences attributed to the methodology used for projecting student feerevenue.11.We compared amounts reported in the Schedule for direct institutional support toinstitutional budget transfer documentation and/or other corroborative supportingdocumentation, and noted them to be substantially in agreement.12.We compared amounts reported in the Schedule for indirect institutional support toexpense payments, cost allocation detail and other corroborative supportingdocumentation and noted them to be substantially in agreement.13.We ensured the Schedule properly includes revenue related to debt service, leases, andrental fees paid by the institution for or on behalf of athletics.14.Intercollegiate Athletics Department management provided us with a listing of settlementreports and game guarantee agreements for away games during the reporting period.Game guarantee revenue was deemed to be immaterial for detailed testing.15.Intercollegiate Athletics Department management provided us with a listing of allcontributions of moneys, goods or services received directly by the IntercollegiateAthletics Programs from any affiliated or outside organization, agency or group ofindividuals that constitutes ten percent or more of all contributions received during thereporting period. Except for contributions received from the George Mason UniversityFoundation, an affiliated organization, we noted no individual contribution thatconstituted more than ten percent of total contributions received for IntercollegiateAthletics Programs. We reviewed contributions from the George Mason UniversityFiscal Year 20173
Foundation, which exceeded ten percent of all contributions and agreed them tosupporting documentation. An adjustment to the Schedule was made to excludecontributions received for capital projects during fiscal year 2017 and 2018 as capitalrelated revenues, and revenues for fiscal year 2018, should be excluded from theSchedule per NCAA guidance.16.We obtained the amount of revenue from broadcast, television, radio, internet, and ecommerce rights reported in the Schedule for the reporting year. This amount wasdeemed to be immaterial for detailed testing.17.Intercollegiate Athletics Department management provided us with a listing and copiesof all agreements related to participation in revenues from tournaments, conferencedistributions, and NCAA distributions. We gained an understanding of the terms of theagreements and agreed selected amounts to proper posting in the accounting recordsand supporting documentation.18.We obtained the amount of program sales, concessions, novelty sales, and parkingrevenue in the reporting year from the Schedule. This amount was deemed to beimmaterial for detailed testing.19.Intercollegiate Athletics Department management provided us with a listing and copiesof all agreements related to participation in revenues from royalties, licensing,advertisements, and sponsorships. We gained an understanding of the terms of theagreements and agreed selected amounts to proper posting in the accounting recordsand supporting documentation.20.We obtained the amount of other revenue recorded during the reporting year from theSchedule. This amount was deemed to be immaterial for detailed testing.Expenses21.Intercollegiate Athletics Department management provided us a listing of institutionalstudent aid recipients during the reporting period. Since the University used the NCAACompliance Assistant software to prepare athletic aid detail, we selected ten percent ofindividual student-athletes across all sports and obtained the students’ account detailfrom the institution’s student information system. We agreed each student’s informationto the information reported in the NCAA Membership Financial Reporting System. Thetotal aid amount for each sport agreed to amounts reported as Financial Aid in thestudent accounting system except for a difference of 3,872 in the “other sports” column.22.Intercollegiate Athletics Department management provided us with a listing of settlementreports and game guarantee agreements for home games during the reporting period.Game guarantee expenses were deemed to be immaterial for detailed testing.23.Intercollegiate Athletics Department management provided us with a listing of coaches,support staff, and administrative personnel employed and paid by the University duringthe reporting period. We selected and tested individuals, including men’s and women’sFiscal Year 20174
basketball coaches, and compared amounts paid during the fiscal year from the payrollaccounting system to their contract or other employment agreement document. Wefound that recorded expenses equaled amounts paid as salary and bonuses and were inagreement with approved contracts or other documentation.24.We discussed the Intercollegiate Athletics Department’s recruiting expense and teamtravel policies with Intercollegiate Athletics Department management and documentedan understanding of those policies. We compared these policies to existing Universityand NCAA policies and noted substantial agreement of those policies.25.We selected a sample of disbursements for recruiting and team travel expenses. Wecompared and agreed the selected operating expenses to adequate supportingdocumentation. We found all reviewed amounts to be properly approved, reasonable tointercollegiate athletics, and properly recorded in the accounting records.26.We obtained a listing of debt service payments, lease payments, and rental fees forathletics facilities for the reporting year. We agreed all significant facility paymentsincluded in the Schedule, including the two highest payments, to supportingdocumentation.27.We obtained an understanding of the University’s methodology for charging indirect costto the athletic department. We evaluated indirect cost charges for reasonableness andnoted proper reporting of these charges in the Schedule.Other Reporting Items28.We obtained repayment schedules for all outstanding intercollegiate athletics debt duringthe reporting period. We recalculated annual maturities reporting in the notes to theSchedule and agreed total annual maturities and total outstanding athletic related debtto supporting documentation.29.We agreed total outstanding institutional debt to supporting debt schedules and theUniversity’s unaudited financial statements, as the audited financial statements were notyet available.30.We agreed the fair value of athletics dedicated endowments to supportingdocumentation provided by the University.31.We agreed the fair value of institutional endowments to supporting documentation,including the audited financial statements of the University’s Foundation.32.We obtained a schedule of athletics related capital expenditures made during the period.Capital expenses were deemed to be immaterial for detailed testing.Fiscal Year 20175
Additional Procedures33.We compared the sports sponsored, as reported in the NCAA Membership FinancialReporting System, to the squad lists of the institution. We noted agreement of the sportsreported.34.We obtained the institution’s Sports Sponsorship and Demographics Forms Report for thereporting year. We validated that the countable sports identified by the institution metthe minimum requirements for number of contests and minimum number of participantsas defined in NCAA Bylaw 20.9.6.3. We ensured that countable sports have been properlyidentified in the NCAA Membership Financial Reporting System for the purpose ofrevenue distribution calculations.35.We obtained a listing of student-athletes receiving Pell Grant awards from theinstitution’s student information system and agreed the total value of these Pell Grantsto the amount reported in the NCAA Membership Financial Reporting System. We notedagreement of the amounts reported.This agreed-upon procedures engagement was conducted in accordance with attestationstandards established by the American Institute of Certified Public Accountants. We were not engagedto and did not conduct an audit, the objective of which would be the expression of an opinion on theSchedule of Revenues and Expenses of Intercollegiate Athletics Programs or any of the accounts or itemsreferred to above. Accordingly, we do not express such an opinion. Had we performed additionalprocedures or had we conducted an audit of any financial statements of the Intercollegiate AthleticsDepartment of the George Mason University in accordance with generally accepted auditing standards,other matters might have come to our attention that would have been reported to the University. Thisreport relates only to the accounts and items specified above and does not extend to the financialstatements of the George Mason University or its Intercollegiate Athletics Department taken as a whole.The report is intended solely for the information and use of the President and the University andis not intended to be and should not be used by anyone other than these specified parties. However,this report is a matter of public record and its distribution is not limited.AUDITOR OF PUBLIC ACCOUNTSEMS/cljFiscal Year 20176
GEORGE MASON UNIVERSITYSCHEDULE OF REVENUES AND EXPENSES OFINTERCOLLEGIATE ATHLETICS PROGRAMSFor the year ended June 30, 2017Men'sBasketballOperating revenues:Ticket salesStudent feesDirect institutional supportIndirect institutional supportIndirect institutional support - athletic facilities debtservice, lease and rental feesGuaranteesContributionsMedia rightsNCAA distributionsConference distributions (non-media and non-bowl)Program, novelty, parking, and concession salesRoyalties, licensing, advertisement and sponsorshipsAthletics restricted endowment and investments incomeOther operating revenueTotal operating revenuesOperating expenses:Athletic student aidGuaranteesCoaching salaries, benefits, and bonuses paid by theUniversity and related entitiesSupport staff/administrative compensation, benefits, andbonuses paid by the University and related entitiesRecruitingTeam travelSports equipment, uniforms, and suppliesGame expensesFundraising, marketing and promotionSpirit groupsAthletic facility leases and rental feesAthletic facility debt serviceDirect overhead and administrative expensesIndirect institutional supportMedical expenses and insuranceMemberships and duesStudent-Athlete Meals (non-travel)Other operating expensesTotal operating expensesExcess (deficiency) of revenues over (under) expenses 702,293-Women'sBasketball 16,175-Men'sSoccer 6,861-Women'sSoccer 7,270-Men'sTrack 3,971-Women'sTrack 3,231-Other SportsNon-ProgramSpecific 32,648-4,69515,155,034264,5071,415,101Total 0259,651352,29329,649,087 5873,162935,0171,042,6495,293,704 (1,895,229) (2,292,169) (782,629) (850,231) (897,370) (1,012,052) (4,903,487) Other Reporting Items:Total athletics-related debtTotal institutional debtValue of athletics-dedicated endowmentsValue of institutional endowmentsTotal athletics-related capital expenditures 35,588,087 598,832,885 2,016,682 77,692,437 670,774The accompanying Notes to the Schedule of Revenues and Expenses of Intercollegiate Athletics Programs are an integral part of this Schedule.Fiscal Year 20177
GEORGE MASON UNIVERSITYNOTES TO THE SCHEDULE OF REVENUES AND EXPENSES OFINTERCOLLEGIATE ATHLETIC PROGRAMSAS OF JUNE 30, 20171.BASIS OF PRESENTATIONThe accompanying Schedule of Revenues and Expenses of Intercollegiate Athletics Programs hasbeen prepared on the accrual basis of accounting. The purpose of the Schedule is to present asummary of accrual basis revenues and expenses of the University’s intercollegiate athleticsprograms for the year ended June 30, 2017, and includes both those intercollegiate athleticrevenues and expenses under the direct accounting control of the University and those on behalfof the University’s athletic programs by outside organizations not under the University’s control.Because the Schedule presents only a selected portion of the University’s activities, it is notintended to and does not present the financial position, changes in financial position, or changesin cash flows for the fiscal year ended June 30, 2017. Revenues and expenses directly identifiablewith each category of sport presented are reported accordingly. Revenues and expenses notdirectly identifiable to a specific sport are reported under the category, “Non-program specific.”2.RELATED PARTY TRANSACTIONSThe Schedule includes transactions of the Patriot Club of George Mason University Foundation,Inc. This Foundation was organized for fund-raising activities that either support the Universityor benefit specific schools within the University. The Foundation provided 1,372,266 in supportof University athletics in the form of direct contributions and other expenses for the fiscal yearended June 30, 2017. An additional amount of 304,509 was received at the end of the fiscal yearand will be spent on capital projects in the next fiscal year.3.CAPITAL ASSETSCapital assets include land, buildings and other improvements, equipment, and infrastructure.Capital assets are generally defined by the University as assets wi
of George Mason University, solely to assist the University in evaluating whether the accompanying Schedule of Revenues and Expenses of Intercollegiate Athletics Programs of the University is in compliance with National Collegiate Athletic Association (NCAA) Constitution 3.2.4.15.1, for the year ended June 30, 2017.
President of George Mason University, solely to assist the University in evaluating whether the accompanying Schedule of Revenues and Expenses of Intercollegiate Athletics Programs of the University is in compliance with National Collegiate Athletic Association (NCAA) Constitution 3.2.4.15, for the year ended June 30, 2016.
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