The Trustees of Columbia
University in the City of
New York
Report in Connection with
OMB Circular A-133
For the year ende...
The Trustees of Columbia University in the City of New York
Report in Connection with OMB Circular A-133
For the year ende...
BALANCE S HEET


at June 30, 2003, with Comparative 2002 (in thousands of dollars)

                                      ...
S TAT E M E N T O F A C T I V I T I E S


Year Ended June 30, 2003, with Comparative 2002 (in thousands of dollars)
      ...
S TAT E M E N T O F C A S H F L O W S


Years Ended June 30, 2003 and 2002 (in thousands of dollars)
                     ...
N OT E S T O F I N A N C I A L S TAT E M E N T S                       Operations—Funds that constitute the resources desi...
Operating Measurement                                                  The University is subject to market risk and credit...
2003                                               2002
                                 Expense per                      ...
S u m m a ry of Investments
     At June 30, 2003 and 2002                                                          Fair V...
Hedge Funds are stated at fair value as determined in              Investment Portfolio Return and Investment Income
good ...
rates negotiated with the Department of Health and Human               9. Contributions Receivable
Services, the Universit...
The University uses componentized depreciation to calcu-             insured for certain areas. Funded self-insurance liab...
2003           2002          Postretir ement Health Care and Life Insurance Benefi       ts
Service cost—benefit earned     ...
The reconciliations of the fair value of plan assets at June                                                  2003        ...
The University issues most of its tax-exempt debt through            and interest payments. The discount rates used were b...
The University records both receivables from and payables          18. Contingencies and Commitments
to NewYork-Presbyteri...
The Trustees of Columbia University in the City of New York
Summary of the Supplemental Schedule of Expenditures of Federa...
The Trustees of Columbia University in the City of New York
Supplemental Schedule of Expenditures of Federal Awards
For th...
The Trustees of Columbia University in the City of New York
Supplemental Schedule of Expenditures of Federal Awards
For th...
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
FINANCIAL STATEMENT TEMPLATE
Upcoming SlideShare
Loading in …5
×

FINANCIAL STATEMENT TEMPLATE

547 views
463 views

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
547
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
5
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

FINANCIAL STATEMENT TEMPLATE

  1. 1. The Trustees of Columbia University in the City of New York Report in Connection with OMB Circular A-133 For the year ended June 30, 2003
  2. 2. The Trustees of Columbia University in the City of New York Report in Connection with OMB Circular A-133 For the year ended June 30, 2003 Table of Contents Page Report of Independent Auditors on Basic Financial Statements and Supplementary Schedule 1 Balance Sheet as of June 30, 2003 and 2002 2 Statement of Activities for the year ended June 30, 2003 with comparative totals for the year ended June 30, 2002 3 Statements of Cash Flows for the year ended June 30, 2003 and 2002 4 Notes to Financial Statements 5 Summary of the Schedule of Expenditures of Federal Awards for the year ended June 30, 2003 15 Schedule of Expenditures of Federal Awards for the year ended June 30, 2003 16 Notes to Schedule of Expenditures of Federal Awards for the year ended June 30, 2003 35 Report of Independent Auditors on Compliance and on Internal Control over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 38 Report of Independent Auditors on Compliance with Requirements Applicable to Each Major Program and Internal Control Over Compliance in Accordance with OMB Circular A-133 40 Schedule of Findings and Questioned Costs 42 Status of Prior Year’s Findings 45 Management’s Corrective Action Plan
  3. 3. BALANCE S HEET at June 30, 2003, with Comparative 2002 (in thousands of dollars) University Long-Term Total Total Operations Investments Plant 2003 2002 Assets Cash and cash equivalents $379,724 $8,454 $388,178 $429,698 Accounts receivable, net: Government agencies 71,933 71,933 61,880 Patient receivables 81,650 81,650 86,940 Other 155,058 $913 155,971 121,025 Investment income receivable, net 4,939 4,939 8,610 Receivable for securities sold 62,642 62,642 21,355 Pledges receivable, net 46,355 81,113 52,871 180,339 180,342 Student loans receivable, net 68,400 68,400 72,794 Investments, at market 129,571 4,681,486 4,811,057 4,674,417 Cash and securities held in trust by others 2,796 160,612 163,408 151,341 Land, buildings, and equipment, net 1,470,346 1,470,346 1,351,474 Other assets 38,313 7,392 45,705 42,765 Net assets held by CPMC Fund, Inc. 85,936 85,936 89,392 Interest in perpetual trusts held by others 116,430 116,430 120,441 Interfund advances 168,875 (168,875) Total assets $1,147,614 $5,036,061 $1,523,259 $7,706,934 $7,412,474 Liabilities Accounts payable and accrued expenses $209,707 $36,170 $245,877 $210,263 Liabilities for securities purchased 273 $9,766 10,039 7,236 Liabilities for funds bor rowed under repurchase agreements 200,000 200,000 200,000 Prepaid tuition and other deferred credits 59,855 59,855 53,385 Deferred grant revenue 10,124 21,066 31,190 31,528 Refundable advances 106,210 106,210 100,704 Federal student loan funds 63,258 63,258 61,466 Postemployment benefits payable 36,130 36,130 33,909 Postretirement benefits payable other than pensions 7,305 7,305 7,207 Actuarial liability for split interest agreements 27,198 27,198 27,373 Bonds and notes payable 17,134 172,467 753,047 942,648 854,546 Total liabilities 509,996 409,431 810,283 1,729,710 1,587,617 Net Assets Unrestricted 590,205 2,899,544 660,105 4,149,854 4,011,135 Temporarily restricted 46,355 481,289 52,871 580,515 625,658 Permanently restricted 1,058 1,245,797 1,246,855 1,188,064 Total net assets 637,618 4,626,630 712,976 5,977,224 5,824,857 Total liabilities and net assets $1,147,614 $5,036,061 $1,523,259 $7,706,934 $7,412,474 See accompanying Notes to Financial Statements. 2
  4. 4. S TAT E M E N T O F A C T I V I T I E S Year Ended June 30, 2003, with Comparative 2002 (in thousands of dollars) Temporarily Permanently Total Total Unrestricted Restricted Restricted 2003 2002 Operating activities Revenues and suppor t Tuition and fees $526,469 $526,469 $490,647 Less financial aid grants (144,207) (144,207) (132,709) Net tuition and fees 382,262 382,262 357,938 Government grants, and contracts: Direct 405,039 405,039 374,770 Indirect 126,949 126,949 112,306 Private gifts, grants, and contracts: Direct 199,096 $31,488 230,584 221,246 Indirect 10,472 10,472 9,740 Revenue from other educational and research activities 288,588 288,588 320,741 Medical faculty practice plan income 316,933 316,933 308,809 Investment income and gains utilized 232,549 320 232,869 229,093 Sales and services of auxiliary enterprises 68,978 68,978 64,425 State aid 3,066 3,066 3,526 Other sources 8,651 8,651 6,147 Net assets released from restrictions 61,990 (61,990) Total operating revenues and support 2,104,573 (30,182) 2,074,391 2,008,741 Expenses Instruction, research, and educational administration 1,243,768 1,243,768 1,142,118 Medical faculty practice plan expense 316,019 316,019 305,412 Librar y 41,391 41,391 39,418 Operation and maintenance of plant 100,668 100,668 92,674 University administration 93,876 93,876 86,447 Auxiliary enterprises 59,991 59,991 56,653 Depreciation expense 119,777 119,777 118,283 Interest expense 35,303 35,303 34,833 Other 27,007 27,007 19,278 Total expenses 2,037,800 2,037,800 1,895,116 Change in net assets from operating activities 66,773 (30,182) 36,591 113,625 Nonoperating activities Endowment gifts $61,957 61,957 64,705 Current year realized and unrealized capital gains (losses) 204,788 14,147 (2,240) 216,695 (97,079) Prior endowment appreciation utilized (140,739) (26,706) (167,445) (136,543) Change in net assets held by CPMC Fund, Inc. (3,964) 508 (3,456) 1,394 Change in funds held by others in perpetuity (4,011) (4,011) 1,111 Present value adjustment to split interest a g re e m e n t s (2,402) 2,577 175 3,639 Additional minimum pension liability (8,760) (8,760) Other 20,621 20,621 Change in net assets from nonoperating activities 71,946 (14,961) 58,791 115,776 (162,773) Change in net assets 138,719 (45,143) 58,791 152,367 (49,148) Net assets at beginning of year 4,011,135 625,658 1,188,064 5,824,857 5,874,005 Net assets at end of year $4,149,854 $580,515 $1,246,855 $5,977,224 $5,824,857 See accompanying Notes to Financial Statements. 3
  5. 5. S TAT E M E N T O F C A S H F L O W S Years Ended June 30, 2003 and 2002 (in thousands of dollars) Total Total 2003 2002 Cash flows from operating activities (Includes adjustments to reconcile change in net assets to net cash provided by operating activities): Change in net assets $152,367 ($49,148) Depreciation and amortization 119,777 118,283 Realized and unrealized (gains) losses (216,695) 97,079 Contributions restricted for permanent investment, plant, and split interest agreements (71,567) (76,580) Present value adjustments to split interest agreements (175) (3,639) Accreted interest on bonds 2,625 2,522 Investment income net of payments on split interest agreements 931 887 Change in fair value of net assets held by CPMC Fund, Inc. 3,456 (1,394) Change in fair value of interest in perpetual trusts held by others 4,011 (1,111) Change in operating assets and liabilities: Accounts receivable, net (39,709) (42,179) Investment income receivable, net 3,671 2,220 Pledges receivable, net 3 575 Other assets (2,940) (9,159) Accounts payable and accrued expenses 35,614 58,090 Prepaid tuition and other defer red credits 6,470 11,745 Deferred grant revenue (338) 762 Refundable advances 5,506 19,262 Postemployment benefits payable 2,221 3,395 Postretirement benefits payable other than pensions 98 2,336 Net cash provided by operating activities 5,326 133,946 Cash flows from investing activities Proceeds from sale of investments 4,699,755 3,569,359 Purchase of investments (4,549,062) (3,487,148) Collections from student notes 15,693 11,002 Student notes issued (11,299) (8,207) Purchases of institutional real estate (109,122) (93,578) Purchases of plant and equipment (238,649) (238,360) Net cash used by investing activities (192,684) (246,932) Cash flows from financing activities Proceeds from contributions for: Investment in endowment 54,275 61,604 Investment in plant 14,097 13,883 Investment in split interest agreements 3,195 1,093 Investment income on split interest agreements 2,080 2,489 Payments on split interest agreements (3,011) (3,376) Repayment of bonds and notes payable (42,883) (57,546) Proceeds from bond issuance 116,293 125,788 Net change in federal student loan funds 1,792 2,763 Net cash provided by financing activities 145,838 146,698 Net change in cash and cash equivalents (41,520) 33,712 Cash and cash equivalents at beginning of year 429,698 395,986 Cash and cash equivalents at end of year $388,178 $429,698 Supplemental disclosure of cash flow information: Cash paid during the year for interest $41,565 $38,191 See accompanying Notes to Financial Statements. 4
  6. 6. N OT E S T O F I N A N C I A L S TAT E M E N T S Operations—Funds that constitute the resources desig- (in thousands of dollars) nated for current period activities. Long-term Investments—Funds that constitute the 1. Organization University’s endowment and similar funds. These include The Trustees of Columbia University in the City of New the corpus of permanently restricted gifts, reinvested York (the “University”) is a privately endowed, nonsectarian, gains and income, and board-designated endowments not-for-profit institution of higher education. Encompassing and other assets. Long-term investments include assets sixteen undergraduate, graduate, and professional schools, owned by certain Delaware limited liability companies the University provides instruction at these levels, performs that are wholly owned by the University. research, training, and other services under grants and contracts with agencies of the Federal Government and Plant—Funds that include the University’s capital other sponsoring organizations, and provides professional assets, resources designated for capital acquisition, and medical services to patients at various hospitals and other associated liabilities. health care facilities. The University has approximately 3,000 full-time faculty, 2,000 of these in the Health Sciences The University prepares its financial statements in accor- Division, the center of University-provided medical serv- dance with accounting principles generally accepted in the ices, and 23,000 full-time and part-time students. The United States of America (“GAAP”). Net assets, revenues, University’s programs and research are concentrated on two expenses, gains, and loses are classified into three cate- sites in New York City and extend throughout the globe. gories based on the existence or absence of donor-imposed restrictions. The net asset categories are: 2. Summary of Significant Accounting Policies Permanently restricted—resources subject to donor-imposed The significant accounting policies of the University are restrictions requiring that the original contribution be as follows: retained inviolate and in perpetuity but permit the use of investment earnings for general or specific purposes. Basis of Consolidation The primary component of these assets is true endow- The accompanying financial statements include the accounts ments whose appreciation is either restricted to specific of all divisions of the University (except Barnard College uses, such as support of financial aid or a faculty chair, and Teachers College, corporations for which the University or else is available for general university purposes. has no financial or administrative responsibility). The statements include the accounts of Columbia University Temporarily restricted—resources subject to donor- Press, a not-for–profit corporation over which the University imposed restrictions that will be met by actions of the has substantial managerial and financial control. The University or the passage of time. These net assets are financial statements also reflect the University’s share of primarily comprised of gifts in the form of cash or net assets held by Columbia Presbyterian Medical Center pledges for specific purposes, such as financial aid, capital Fund, Inc. (CPMC), a not-for-profit corporation that construction or research activities, and the unspent net exists to solicit gifts for the University and the NewYork- realized and unrealized gains and net reinvested income Presbyterian Hospital. The University is also the sole generated by permanently restricted assets subject to corporate member of two not-for-profit physician private donor-imposed restrictions on their use. practice entities and, as such, consolidates these entities Unrestricted—resources, including plant funds, which into the University’s financial statements. are not subject to donor-imposed restrictions. Accrual Basis Revenues and Expenditures The financial statements of the University have in all material Revenues are reported as increases in unrestricted net respects been prepared on an accrual basis. assets unless the use of those assets is limited by donor- Basis of Presentation imposed restrictions. Expenses are reported as decreases in The University maintains its accounts based on the princi- unrestricted net assets. Gains and losses on investments ples of fund accounting, which classifies resources into sepa- are reported as increases or decreases in unrestricted net rate accounts to maintain the integrity of restrictions placed assets, unless their use is restricted by explicit donor stip- on the use of those funds by a donor or grantor. For report- ulation or by law. The expiration of temporary restrictions ing purposes, the University groups funds into the follow- on net assets (i.e., the stipulated time period has elapsed ing categories on its Balance Sheet. The three categories are: or the stipulated purpose has been fulfilled) is reported as a release from restrictions. 5
  7. 7. Operating Measurement The University is subject to market risk and credit risk The University divides its Statement of Activities into via its investments. Market risk is the potential loss the operating and nonoperating activities. The operating activ- University may incur as a result of changes in the value of ities of the University include all income and expenses a particular investment held by the University or through related to carrying out its educational mission. Operating the Hedge Funds and Private Equity Funds. For example, revenues include investment income and investment gains the University, through Hedge Funds, sells securities not used to fund current operations, the largest portion of yet purchased, which represent obligations to deliver speci- which is the distribution of funds budgeted in accordance fied securities at contracted prices and thereby create a with the endowment spending rule. Nonoperating activi- liability to repurchase the securities at prevailing future ties include a charge for endowment appreciation used to market prices. Credit risk is the possibility that a loss may fund operations and current year realized gains on invest- occur from the failure of the counterparty or an issuer to ments. Nonoperating activities also report new gifts to make payments according to the terms of a contract. The endowment, changes in net assets held by CPMC Fund, University is subject to credit risk for example not only Inc., changes in perpetual trusts held by others and present through its investments in fixed income securities but through value adjustments to annuities payable. To the extent investments in Hedge Funds and Private Equity Funds. nonoperating revenues are needed for operations, they are reclassified to operations on the Statement of Activities. The University also uses various financial instruments with off balance sheet risk either through direct investment Principal components of the change in net assets resulting or through investments in Hedge Funds. These include from operations for the years ended June 30, 2003 and foreign exchange contracts, futures contracts, options con- 2002, were: tracts, and swap contracts. They are carried in the finan- cial statements at fair value. Futures, options, forward 2003 2002 contracts, and swap contracts are either traded on organ- Change in net assets ized exchanges or entered into with financial institutions. to support operations ($14,937) $26,811 Change in net assets Contributions invested long term 1,283 49,905 Contributions, or unconditional promises to give, are Change in net assets recognized as operating revenues in the period received. to support plant 50,245 36,909 If donor restrictions are met on contributions within the Change in net assets $36,591 $113,625 same reporting period, those contributions are reflected as unrestricted revenues. All other donor-restricted contribu- Investments tions are reported as increases in temporarily or perma- The University’s investments consist of publicly traded nently restricted net assets, depending on the type of fixed income and equity securities, hedge fund investments restriction. Conditional promises to give are not recorded (“Hedge Funds”), private equity investments (“Private until the conditions on which they depend have been met. Equity Funds”), real estate investments, and cash. All Contributions of securities are recognized at their fair mar- investments are stated at fair value as of June 30, 2003 ket value. Contributions to be received after one year are and 2002. discounted at a rate commensurate with the risks involved. The University records purchases and sales of securities on Amortization of the discount is recorded as additional a trade-date basis. Realized gains and losses are determined contribution revenue to be used in accordance with donor- on the basis of average cost of securities sold and are reflected imposed restrictions, if any, on the contributions. in the Statement of Activities. Dividend income is recorded Medical Faculty Practice Plan Income on the ex-dividend date, and interest income is recorded The University provides medical care to patients via faculty in on an accrual basis. The market value of the managed real the Health Sciences Division, primarily under agreements with estate investments is determined by the unaffiliated invest- third-party payers (Medicare, Medicaid, and commercial ment manager or general partner. The University’s manage- insurance). Net patient service revenue is reported at the esti- ment may, in addition, consider other factors in assessing mated net realizable amounts from patients, third-party payers, the fair value of these investments. and others for services rendered, including estimated retroactive The University, through managed accounts and investment adjustments under reimbursement agreements with third-party in Hedge Funds, may invest in both long and short securi- payers that are subject to final review and settlement. The ties and other financial instruments, including derivatives University estimates contractual adjustments from other third- and may utilize varying degrees of leverage. party payers based on historical experience and the terms of payer contracts or governmental reimbursement regulations. 6
  8. 8. 2003 2002 Expense per Final Expense per Final Statement of Allocated Statement of Allocated Expenses Activities Allocation Expenses Activities Allocation Expenses Instruction, research, and educational administration $1,243,768 $177,522 $1,421,290 $1,142,118 $162,620 $1,304,738 Medical faculty practice plans 316,019 13,323 329,342 305,412 10,327 315,739 Librar y 41,391 35,914 77,305 39,418 34,336 73,754 Operation and maintenance of plant 100,668 (100,668) 92,674 (92,674) University administration 93,876 18,019 111,895 86,447 22,158 108,605 Auxiliary enterprises 59,991 10,870 70,861 56,653 10,736 67,389 Depreciation expense 119,777 (119,777) 118,283 (118,283) Interest expense 35,303 (35,303) 34,833 (34,833) Other 27,007 100 27,107 19,278 5,613 24,891 Total expense $2,037,800 $2,037,800 $1,895,116 $1,895,116 Expense Allocation by Program assumptions that affect the reported amounts of assets and Expenses are reported for the University’s primary pro- liabilities and disclosure of contingent assets and liabilities gram activities, for example, instruction, research, and at the date of the financial statements and the reported educational administration, and medical faculty practice amounts of revenues and expenses during the reporting plans. The financial statements also report expenditures period. Actual results could differ from those estimates. that support more than one major program of the University. These expenses, which include operation and 2002 Presentation maintenance of plant, depreciation expense, and interest While comparative information is not required under GAAP, expense, are allocated to the major programs of the the University believes that this information is useful and University as shown in the above chart. has included summarized financial information from the financial statements for 2002. This summarized information The allocation of operation and maintenance of plant is is not intended to be a full presentation in conformity with based on square footage occupancy. Depreciation expense GAAP, which would require certain additional information. includes depreciation of buildings and building improve- Accordingly, such information should be read in conjunction ments and equipment. The allocation of depreciation on with the University’s audited financial statements for the buildings and building improvements is based on square year ended June 30, 2002. In addition, certain amounts in footage occupancy. Depreciation on equipment is allocated the summarized financial statements for fiscal year 2002 to the programs for which the equipment was purchased. have been reclassified to conform to the fiscal year 2003 Interest expense is allocated according to the same presentation. methodologies used for building depreciation. 3. Cash and Cash Equivalents Use of Estimates Cash and cash equivalents consist primarily of funds The preparation of financial statements in conformity with deposited into cash management accounts, which are GAAP requires management to make estimates and available to the University on demand. 7
  9. 9. S u m m a ry of Investments At June 30, 2003 and 2002 Fair Va l u e Fair Va l u e 2003 2002 Assets U.S. public equities and U.S. equity mutual funds $504,048 $575,693 Foreign public equities and foreign equity mutual funds 336,090 344,531 Private equity (limited partnerships) 932,035 889,358 Hedge funds (limited par tnerships and corporations) 1,595,733 1,618,976 Fixed income and fixed income mutual funds 609,201 579,263 Cash and cash equivalents 172,469 152,303 Other 2,581 14,559 Total investment portfolio 4,152,157 4,174,683 Institutional real estate 737,048 579,100 Total investment assets 4,889,205 4,753,783 Liabilities Investments held for CPMC (78,148) (79,366) Total investment liabilities (78,148) (79,366) Total investments, net of related liabilities, at fair value $4,811,057 $4,674,417 Additional balance sheet information: Receivable for securities sold $62,642 $21,355 Liabilities for securities purchased (10,039) (7,236) Liabilities for funds borrowed under repurchase agreements (200,000) (200,000) 4. Investments Private Equity (Limited Partnerships) and Hedge Funds Long-term investments include the Investment portfolio Limited partnership interests include investments in invest- and institutional real estate. As the main component of ment funds and real estate. Private Equity Funds do not have long-term investments, the University’s endowment and readily ascertainable market values and may be subject to similar funds include the corpus of permanently restricted withdrawal restrictions. Therefore, Private Equity Funds are gifts as well as reinvested gains and income and board- stated at fair value as determined in good faith by the designated endowments. At June 30, 2003 and 2002, University. The University understands that investments in the endowment and similar funds amounted to $4,343.2 Private Equity Funds are valued in accordance with valuations million and $4,238.2 million, respectively. provided by the general partners of the underlying partner- ships. As a rule, the general partners will initially value A summary of investments at June 30, 2003 and 2002, investments held by the Private Equity Funds at cost and appears above: require that changes in value be established by meaningful third-party transactions or a significant impairment in the U.S. Public Equities and Mutual Funds, and Foreign financial condition or operating performance of the issuer, Public Equities and Mutual Funds unless meaningful developments occur that otherwise warrant The fair value of publicly traded fixed income and equity a change in the valuation of an investment. Such values usual- securities investments are based on quoted market prices and ly represent the University’s proportionate share of the net exchange rates, if applicable. Investments that are listed on an assets of the Private Equity Funds as reported by the general exchange are valued, in general, at the last reported sale price partners of the underlying partnerships. The values of the (or, if there is no sales price, at the last reported bid price, or investments in the underlying partnerships are usually in the absence of reported bid prices, at the mean between the increased by additional contributions to the underlying part- last reported bid and asked prices thereof). If an investment is nerships and the University’s share of net earnings from the restricted, the University may discount the price to reflect the underlying partnerships and decreased by distributions from nature of the restriction. Fees paid to investment managers are the underlying partnerships and the University’s share of net netted against investment income. losses from the underlying partnerships. 8
  10. 10. Hedge Funds are stated at fair value as determined in Investment Portfolio Return and Investment Income good faith by the University. The University understands The net time-weighted rate of return of the investment that investments in Hedge Funds are valued in accordance portfolio, excluding separately invested endowments and with valuations provided by the general partners of the split-interest agreements was 5.3 percent for the fiscal year underlying partnerships. Hedge Funds do not have readily ended June 30, 2003, and (2.0) percent for the year ended ascertainable market values and may be subject to with- June 30, 2002. drawal restrictions. The fair value of the Hedge Funds represents the amount the University expects to receive at 5. Endowment Spending Rule June 30, 2003 and 2002, if it were to liquidate its invest- The University regulates the annual amounts made avail- ments in the Hedge Funds. able from the endowment for support of University opera- tions through a spending rule that balances current needs The University is obligated under certain limited partner- against the preservation of the purchasing power of ship investment fund agreements to advance additional the merged investment pool. The amount budgeted in funding periodically up to specified levels. At June 30, conformity with the University’s spending policy is a 2003, the University had unfunded commitments of $617 component of investment income and gains utilized on million, which are likely to be called through 2007. the Statement of Activities. Cash Equivalents 2003 2002 Cash equivalents included in the portfolio consist prima- Investment income rily of liquid short-term instruments held by the invest- (net of fees) $22,925 $44,532 ment pool. Prior endowment appreciation utilized 167,445 136,543 Institutional Real Estate Amount distributed per the Institutional real estate consists of properties around the University’s spending policy $190,370 $181,075 University’s Morningside Heights and Washington Heights campuses, the primary purpose of which is to 6. Tuition and Fees house faculty, staff, and students. The income earned on Tuition and fees include revenues derived from degree this investment is used primarily to finance operating programs as well as executive and continuing education expenditures. Capital appreciation is retained within long- programs. Financial aid awards were in the form of direct term investments, and capital depreciation is a charge grants, loans, and employment during the academic year. against such investments. The market value of institutional The financial aid displayed is only that which covers a real estate is determined by independent appraisals. student’s tuition charges. Repurchase Agreements University investments include $200 million of repur- 7. Accounts Receivable chase agreements outstanding with a weighted average Accounts receivable, net, consists of the following as of borrowing rate of 3.3 percent and a weighted average June 30: remaining maturity of 219 days as of June 30, 2003. All 2003 2002 maturities of the repurchase agreements are greater than Government agencies $78,433 $65,880 120 days. The government securities actually pledged had Patient receivables 175,066 161,781 an estimated fair value of $215 million as of June 30, 2003. NewYork-Presbyterian Hospital 48,732 39,079 Patent and licensing 17,511 Off Balance Sheet Risks Student receivables 18,409 17,082 At June 30, 2003, the contract or notional amounts of Other receivables, gross 82,524 75,830 these financial instruments, as listed below but not Subtotal 420,675 359,652 included in the Balance Sheet, are: Less: Allowance for doubtful accounts (111,121) (89,807) Notional Amount Accounts receivable, net $309,554 $269,845 Futures Purchased Sold Equity futures $185,064 $0 The University receives funding or reimbursement from Foreign exchange contracts Open Value ($US) Federal Government agencies for sponsored research under Foreign exchange payables $4,629 government grants and contracts. These grants and con- Foreign exchange receivables 4,629 tracts provide for reimbursement of indirect costs based on 9
  11. 11. rates negotiated with the Department of Health and Human 9. Contributions Receivable Services, the University’s cognizant federal agency. The Unconditional promises to give appear as pledges receiv- University’s indirect cost reimbursements have been based able and revenues of the appropriate net asset category. on fixed rates with carryforward of under or over recoveries. Pledges are recorded after recognizing an allowance for uncollectible contributions and a discount to reflect the Patient receivable for medical services are net of an allowance net present value based on projected cash flows. for contractual reserves in the amount of $105 million and $104 million at June 30, 2003 and 2002, respectively. The June 30 balances of unconditional promises to give are: The University engages in numerous research projects, 2003 2002 partially or fully sponsored by governmental and private Less than one year $76,084 $81,434 One to five years 118,246 105,014 funds. Patents created by these projects generate revenue More than five years 42,884 58,174 to the University principally from licensing patents or Total unconditional promises 237,214 244,622 from equity positions in various private companies in Less:Allowance for uncollectible return for sale of patents. Revenue derived from these contributions (26,275) (24,056) activities was approximately $141 million and $168 mil- Less:Net present-value lion in fiscal year 2003 and fiscal year 2002, respectively. discount (30,600) (40,224) Costs incurred in the development of patents and licenses Net pledges receivable $180,339 $180,342 are charged to operating expense as incurred. New pledges recorded in fiscal years 2003 and 2002 were 8. Student Loans Receivable discounted at average annual rates of 1.8 percent and 3.3 Student loans receivable include donor-restricted and fed- percent, respectively. erally-sponsored student loans with mandated interest rates and repayment terms subject to significant restrictions as Pledges receivable at June 30, 2003 and 2002, are intended to their transfer and disposition. Interest accrues at fixed for the following purposes: rates upon loan initiation. Amounts received from the Federal 2003 2002 Government to fund a portion of the Perkins student Endowment for educational loans are ultimately refundable to the Federal Government and general purposes $81,113 $73,431 and have been reported as refundable advances. Student New construction and loans receivable are as follows: modernization of plant 52,870 53,214 Support of cur rent operations 46,356 53,697 2003 2002 Net pledges receivable $180,339 $180,342 Perkins Loan Program $47,449 $49,455 Other student loans 25,353 27,993 Subtotal 72,802 77,448 Less: Allowance for doubtful accounts (4,402) (4,654) Student loans receivable, net $68,400 $72,794 10. Land, Buildings, and Equipment Investments in land, buildings, and equipment, net, consisted of the following at June 30: 2003 2002 Total Accumulated Net Total Accumulated Net Assets Depreciation Assets Assets Depreciation Assets Land $13,076 $13,076 $13,076 $13,076 Building and building improvements 2,096,367 $765,229 1,331,138 1,900,871 $689,757 1,211,114 Equipment 341,051 214,919 126,132 297,897 170,613 127,284 Total $2,450,494 $980,148 $1,470,346 $2,211,844 $860,370 $1,351,474 10
  12. 12. The University uses componentized depreciation to calcu- insured for certain areas. Funded self-insurance liabilities late depreciation expense for buildings and building primarily cover deductibles on general liability and prop- improvements. Under the componentized depreciation erty insurance claims. Self-insurance liabilities are actuari- method, building costs are segregated into component ally calculated on an annual basis. The University has categories with useful lives ranging from ten to forty years recorded self-insurance liabilities reserves of approximately and depreciated on a straight-line basis. Upon disposal of $28 million and $24 million as of June 30, 2003 and assets, the costs and accumulated depreciation are removed 2002, respectively. from the accounts and the resulting gain or loss is includ- ed in operations. 13. Postemployment Benefits and Compensated Absences The University calculates depreciation expense for equip- Postemployment benefits are those benefits provided to ment on an individual item basis, using the straight-line former or inactive employees after employment but before method over useful lives ranging from five to ten years, retirement. The University records the costs of such bene- consistent with the method used for government cost fits on an accrual basis if the employee has provided the reimbursement purposes. services from which those benefits are derived. In fiscal 2003 and 2002, the University recognized actuarially 11. Interest in Perpetual Trusts and Split- computed liabilities of $17.9 million and $16.6 million, Interest Agreements respectively, relating to the following benefits: workers’ Interest in Perpetual T rusts compensation, short-term disability, and continuation of The University is the beneficiary of certain perpetual medical benefits for those on long-term disability. trusts and charitable remainder trust held and adminis- tered by others. The estimated fair value of trust assets The University has recorded an estimated liability for is recognized as assets and as gift revenue when the trusts accrued vacation of $18.2 million at June 30, 2003, and are established or when reported to the University. $17.3 million at June 30, 2002. Split-Interest Agreements 14. Pension Plans and Other Postre t i re m e n t The University’s split-interest agreements with donors Benefits consist primarily of charitable gift annuities, pooled income Pension Plans funds, and irrevocable charitable remainder trusts for which Retirement benefits are provided for full-time faculty and the University serves as custodian and trustee. Assets are officers under a noncontributory defined contribution invested and payments are made to donors and/or other plan. Contributions are determined as a percentage of each beneficiaries in accordance with the respective agreements. covered employee’s salary, factoring in the age and accrued service of each employee. Charges to expenditures under Contribution revenues for charitable gift annuities and this plan amounted to $52.7 million and $47.2 million charitable remainder trusts are recognized at the dates the for the years ended June 30, 2003 and 2002, respectively. agreements are established. In addition, the present value of the estimated future payments to be made to the bene- The University has four noncontributory pension plans for ficiaries under these agreements are recorded as liabilities. supporting staff employees. Two of these plans are defined Changes in the difference between the present value liabil- benefit plans for both past and future service. The other ities adjustment and the fair value of the underlying assets two plans provide defined benefits for service prior to are recorded as a nonoperating activity. January 1, 1976, in one case, and prior to July 1, 1976, in the other, and defined contributions for service thereafter. For pooled income funds, contribution revenue is recog- nized upon establishment of the agreement at the fair All four of these plans are subject to collective bargaining value of the estimated future receipts, discounted for the agreements. Charges to expenditures under the four sup- estimated time period until culmination of the agreement. porting staff pension plans amounted to $3.0 million and $3.2 million for the years ended June 30, 2003 and 2002, 12. Self-Insurance Liabilities respectively. The components of pension expense for these In connection with managing financial risks through vari- defined benefit and contribution plans for the years ended ous third-party insurance programs, the University is self- June 30, 2003 and 2002, are as follows: 11
  13. 13. 2003 2002 Postretir ement Health Care and Life Insurance Benefi ts Service cost—benefit earned The University provides postretirement health care and life during the period $1,893 $1,662 insurance benefits for certain employees. The University Interest cost on projected accrues the estimated cost of these benefits over the years benefit obligation 4,360 4,141 that the employees render service. Expected return on assets (6,203) (5,932) Net amortization: The components of postretirement benefits other than pen- Prior service cost 45 45 sions for the years ended June 30, 2003 and 2002, are as Net actuarial cost (126) follows: Transition amount (237) (337) Defined contribution 3,136 3,774 2003 2002 Total pension expense $2,994 $3,227 Service cost $4,003 $3,672 Interest cost on The reconciliations of the projected benefit obligation of projected benefit obligation 8,762 8,828 the defined benefit plans at June 30, 2003 and 2002, are Expected return on assets (3,687) (3,613) as follows: Amortization of transition obligation 2,057 2,057 2003 2002 Amortization of prior service cost 747 642 Benefit obligation, Amortization of beginning of year $61,430 $57,917 unrecognized net losses 1,942 1,896 Service cost 1,894 1,662 Total postretirement Interest cost 4,360 4,141 benefit expense $13,824 $13,482 Assumption changes and actuarial loss/(gain) 9,821 1,324 The University funds current charges as incurred and is Net disbursements funding the unrecorded postretirement benefit obligation and transfers (3,616) (3,614) under the plans over a twenty-year period, which began in Benefit obligation, end of year $73,889 $61,430 1994. The reconciliations of the funded status of the plans at June 30, 2003 and 2002, are as follows: In connection with the benefit obligation calculated above, two out of the four plans are required to record $8.7 mil- 2003 2002 lion additional minimum pension liabilities as of June 30, Accumulated postretirement 2003. The minimum liabilities resulted from the fair value benefit obligation $146,826 $131,133 of the invested assets being less than the accumulated ben- Fair value of assets (55,019) (46,083) efit obligation. The University has recognized this cost as a Plan assets in deficit of projected nonoperating expense. benefit obligation 91,807 85,050 Unrecognized net The reconciliations of the fair value of the defined benefit transition asset (20,569) (22,626) plans’ assets at June 30, 2003 and 2002, are as follows: Unrecognized prior service cost (4,765) (4,376) Unrecognized net gain (59,168) (50,841) 2003 2002 Accrued costs $7,305 $7,207 Fair value of assets, beginning of year $64,958 $69,991 The reconciliations of the accumulated postretirement Actual return on plan assets 2,005 (5,320) benefit obligation (APBO) at June 30, 2003 and 2002, are Employer contributions 330 3,901 as follows: Net disbursements and transfers (3,616) (3,614) 2003 2002 Fair value of assets, APBO, beginning of year $131,133 $111,096 end of year $63,677 $64,958 Service cost 4,003 3,672 Interest cost 8,762 8,828 Actuarial assumptions 2003 2002 Plan amendment 1,136 Liability discount rate 6.0% 7.0% Assumption changes and Investments return actuarial loss 8,311 13,812 compounded annually 8.0% 8.0% Net disbursements (6,519) (6,275) Salary increase rate, APBO, end of year $146,826 $131,133 where applicable 5.5% 5.5% 12
  14. 14. The reconciliations of the fair value of plan assets at June 2003 2002 30, 2003 and 2002, are as follows: Dormitory Authority of the State of New York, Tax-exempt Commercial Paper 2003 2002 Series 1997, variable rate, 1.00% to Fair value of assets, 1.55%, final maturity 2015 54,020 55,780 beginning of year $46,083 $45,165 Actual return on assets 1,729 (3,953) New Jersey Economic Development Employer contributions 7,207 4,871 Corporation Fair value of assets, Series 2002, variable rate, 0.95%, end of year $55,019 $46,083 final maturity 2028 10,430 United States Department of Education The accumulated postretirement benefit obligation was Housing Program Issues: determined using a discount rate of 6.0 percent at June 1991, 5.50%, maturing 2021 1,997 2,060* 30, 2003, and 7.0 percent at June 30, 2002. As of June 1990, 3.00%, maturing 2020 2,458 2,568* 30, 2003, the health care cost trend rate was assumed to be 9.0 percent for fiscal year 2004. The health care cost Medium-Term Notes, Taxable Series B trend rate assumption has a significant effect on the 8.65%, maturing 2003 10,000 amounts reported. Increasing the assumed health care cost Medium-Term Notes, Taxable Series C trend rate by one percent in each year would increase the 6.10% to 7.36%, maturing 2021 183,800 189,300 APBO as of June 30, 2003, by $13.4 million and increase the aggregate of the service cost and interest cost compo- Empire State Development nents of the net postretirement benefit costs for 2003 by Corporation Issues: $1.4 million. Decreasing the assumed health care cost Interest-free, maturing 2029 9,163 9,259 trend rate by one percent in each year would decrease the Interest-free, maturing 2010 5,044 4,714 APBO as of June 30, 2003, by $11.1 million and decrease Economic Development Corporation the aggregate of service cost and interest cost for fiscal Interest-free, maturing 2010 6,227 5,820 year 2003 by $1.2 million. Taxable commercial paper, variable rate, 15. Bonds and Notes Payable 1.28% to 1.85%, due 2003 67,050 67,050 Dormitory Authority of the State of Bonds and notes payable outstanding at June 30 included New York, College and University the following: Education Loan Revenue Bonds 2003 2002 Series 1993, 4.60% to 5.65%, Dormitory Authority of the maturing 2013 9,692 11,029 State of New York, Revenue Bonds, Series 1992, 6.60% to 6.80%, Columbia University Issues: maturing 2013 7,442 8,421 Series 2003A, 3.00% to 5.125%, Total $942,648 $854,546 maturing 2024 $87,775 Series 2003B, variable rate, 1.05%, *Principal fully collateralized by investments. maturing 2028 30,000 Series 2002B, 3.50% to 5.375%, Principal payments over the next five years are as follows: maturing 2024 94,375 $96,700 2004, $27.9 million; 2005, $32.6 million; 2006, $32.0 Series 2002C, variable rate, million; 2007, $32.9 million; 2008, $33.7 million. 0.95% to 1.00%, maturing 2027 23,300 23,300 Aggregate principal payments thereafter (through 2029) Series 2002A, 2.00% to 5.25%, are $783.5 million. maturing 2014 34,105 34,245 Series 2000A, 4.00% to 5.25%, The University may offer from time to time up to $400.0 maturing 2025 113,915 116,755 million aggregate principal amount of Medium-Term Series 1998, 4.25% to 5.50%, Notes. As of June 30, 2003, $183.8 million was outstand- maturing 2022 69,450 71,590 ing. The University also has a $100.0 million taxable Series 1994A, 4.00% to 5.75%, commercial paper program. As of June 30, 2003, $67.1 maturing 2014 117,395 125,510 million was outstanding. Series 1992, 5.00% to 5.75%, maturing 2007 15,010 20,445 13
  15. 15. The University issues most of its tax-exempt debt through and interest payments. The discount rates used were based the Dormitory Authority of the State of New York on the University’s borrowing rate for similar obligations. (“DASNY”). Recent bond sale proceeds, including the Fair values represent the lower of the estimated value at $87.8 million Series 2003A, $30.0 million Series 2003B call or maturity of each respective issue. bonds, $96.7 million Series 2002B bonds, and $23.3 million Series 2002C bonds, were used to finance various Student Loans Receivable construction and renovation projects. The Series 2002A These loans are primarily federally sponsored with United bonds were issued to cur rent refund DASNY’s Columbia States Government–mandated interest rates and repayment University Revenue Bonds, Series 1992 term bonds, terms subject to significant restrictions as to their transfer maturing on and after July 1, 2008. and disposition. The carrying value of these loans approxi- mates fair value. The University has certain financial and administrative covenants with which it is in compliance as of June 30, 17. Related Party Transactions 2003. The University maintains several clinical and education affiliation agreements with other organizations. Revenues 16. Fair Value of Financial Instruments and expenses from these agreements are accounted for The University is required to disclose the estimated fair in the operations segment of the Statement of Activities. values of financial instruments. Financial instruments are The most significant affiliation agreement is with the defined as cash, an equity investment in an enterprise or NewYork-Presbyterian Hospital (“NYPH”). a contract that conveys to one counterparty the right to receive cash (or the equivalent in another financial instru- The University has an alliance dating back to 1921 with ment), while binding the other counterparty to deliver Presbyterian Hospital, which merged with New York cash or another financial instrument of equivalent value. Hospital effective January 1, 1998, and formed the new Fair value is defined as the price at which a financial corporate entity called NewYork-Presbyterian Hospital. instrument could be liquidated in an orderly manner over The University provides medical, professional, and super- a reasonable time period under present market conditions. visory staff, and various other technical assistance and is reimbursed by NYPH. NYPH provides funding to the The fair values of financial instruments have been deter- clinical departments for several specific purposes, includ- mined based on quoted market prices for identical or simi- ing administration, supervision, and teaching of the lar instruments and discounted cash flow analyses. NYPH resident staff and salary support for faculty and staff providing services to NYPH. In addition, NYPH The following methods and assumptions were used to esti- provides partial funding for clinical programs that the mate the fair value of each class of financial instruments for University and NYPH would like to see developed or which it is practicable to estimate that value: expanded. NYPH also provides the departments with certain facilities and services (outpatient faculty practice Cash and Cash Equivalents offices, nursing, telecommunications, etc.) for which the The carrying amount approximates fair value because of University is invoiced on a monthly basis. Finally, the the short maturity of those instruments. University and NYPH collaborate and fund joint projects Investment Assets, Net of Related Liabilities for which specific agreements are negotiated. The University accounts for its investments on a market The University and NYPH negotiated a joint budget, value basis with the exception of mortgage loans, which which forms the basis for the reimbursement agreement. are valued at amortized principal. The carrying value of The final fiscal year 2003 joint budget was approximately these investments approximates fair value. $82 million. The payments to NYPH for goods and serv- Bonds and Notes Payable ices were $75 million. The revenues received pursuant At June 30, 2003, the University’s bonds and notes to this reimbursement arrangement for services rendered payable had a carrying amount of approximately $942.6 are reflected in the financial statements as a portion of million, compared to an estimated fair value of $1,044.3 receipts from other educational and research activities, million. The estimated fair value of bonds and notes payable and medical faculty practice plan income. NYPH provides was calculated using a discounted cash flow method, where the University with the use of certain facilities and certain the estimated cash flows were based on contractual principal services and is reimbursed for its costs by the University. 14
  16. 16. The University records both receivables from and payables 18. Contingencies and Commitments to NewYork-Presbyterian Hospital on the Balance Sheet. From time to time, various claims and suits generally incident to the conduct of normal business are pending The University has no liability for obligations and debt or may arise against the University. incurred by NewYork-Presbyterian Hospital. In the opinion of counsel and management of the In addition, the University has financial arrangements University, after taking into account insurance coverage, with several for-profit physician professional corporations losses, if any, from the resolution of pending litigation (“PCs”) whereby the University provides facilities and should not have a material effect on the University’s other services to these PCs for a negotiated fee. These PCs financial position or results of operations. provide clinical services to patients and are owned and controlled by physicians who are also faculty members All funds expended in connection with government grants of the University. These noncontrolled PCs generated and contracts are subject to audit by government agencies. revenue of approximately $37 million during fiscal year While the ultimate liability, if any, from audits of govern- 2003, which has not been consolidated into the University’s ment grants and contracts by government agencies, claims, financial statements, since the University does not have and suits is presently not determinable, it should not, in any ownership in these PCs or control of their operations. the opinion of counsel and management, have a material The University is also the sole corporate member of two effect on the University’s financial position or results of not-for-profit physician private practice entities and, operations. as such, consolidates these entities into the University’s financial statements. 15
  17. 17. The Trustees of Columbia University in the City of New York Summary of the Supplemental Schedule of Expenditures of Federal Awards For the year ended June 30, 2003 DHHS NSF Defense NASA Commerce Energy Education Other 93 47 112 43 11 81 84 Agencies Total Research and development Expended under direct awards $ 244,035 $ 55,870 $ 12,107 $ 11,881 $ 9,885 $ 9,545 $ 85 $ 2,825 $ 346,233 Expended under subawards from nonfederal government and private sources 22,635 7,972 2,643 1,742 2,850 857 932 39,631 Total research and development 266,670 63,842 14,750 13,623 12,735 10,402 85 3,757 385,864 Student financial assistance Expended under direct awards 815 11,086 11,901 Total student financial assistance 815 11,086 11,901 Other programs Expended under direct awards 46,338 2,438 480 141 (171) 1,152 4,395 4,391 59,164 Expended under subawards from nonfederal government and private sources 5,812 482 63 1 66 184 197 6,805 Total other programs 52,150 2,920 480 204 (170) 1,218 4,579 4,588 65,969 Total federal award expenditures $ 319,635 $ 66,762 $ 15,230 $ 13,827 $ 12,565 $ 11,620 $ 15,750 $ 8,345 $ 463,734 The accompanying notes are an integral part of the Schedule. 16
  18. 18. The Trustees of Columbia University in the City of New York Supplemental Schedule of Expenditures of Federal Awards For the year ended June 30, 2003 Federal Grantor/Pass-through Grantor/Project Number Contract Number CFDA No Expenditures RESEARCH & DEVELOPMENT CLUSTER Department of Health & Human Services Direct Awards National Institutes of Health 93 $ 227,035,714 Health Care Finiancing Admin 93 6,147,480 Center for Disease Control 93 7,255,959 Health Resources & Services Admin 93 (15,100) Agency for Health Care Rsch & Quality 93 2,798,463 Admin for Children & Families 93 551,518 Substance Abuse & Mental Health Admin 93 118,021 Food & Drug Admin 93 143,160 Total Direct Awards 244,035,215 Pass-through Awards National Institutes of Health AARON ADARC 3531 2 U01 AI41534-05 93.856 200,441 ACR #4239 CA80098 93.393 90,679 ADARC-330100 1 P30 AI42848-02 93.856 (2,171) AHF CU510383 93 (4,780) AMNH 12-2002 GM62351 93.862 141,127 ANNOVISCU514348 5 R01 CA86163-02 93.393 71,707 BU MC-429125-D-J 5 R01 HD39611-03 93.865 182,379 BU MC-429125-D-J 5 R01 HD39611-02 93.865 (834) BWH 711483 5 U01 HL65899-03 93.838 61,700 CEE CU022970 1 R43 AR48738-01 93.846 33,104 CEUMS 1 N01-HD-1-3314 93.864 49,095 CHILDRENS 20571 NICHD 5 R01 HD41149-02 93.865 42,955 CHILDRENS 20571 NICHD 1 R01 HD41149-01 93.865 34,192 CMH #99-0615-CU 3 P01 NS36519-05S1 93.853 132,413 CMH#99-061T-CU 3 P01 NS36519-05S1 93.853 100,588 CMHC CU022031 5 R01 MH64872A 93 66,177 CONCGP 10133 U01 CA97452 93.393 37,376 CPCR2.22.07 5 U01 AI46362-02 93.856 7,442 CSU G-7823-2 5 R01 GM58171-02 93.821 8,591 CTRC SELECT-0200 5 U10 CA37429-04 93.399 11,486 CWRU 5 U01 CA-70081-07 93.395 (171,587) CWRU 5 U01 CA-70081-08 93.395 61,220 CWRU CU512276 1 P50 HL60293-01 93.838 (106,723) CWRU CU512276 5 P50 HL60293-05 93.838 325,966 DFCI CU511168 5 R01 AI40895-07 93.856 45,537 DFCI CU511168 2 R01 AI40895-06 93.855 101,991 DFCI CU515558 1 P01 CA92625-01 93.395 (2,708) DFCI CU515558 5 P01 CA92625-02 93.395 359,279 DREXEL CU511742 2 P01 GM56550-06 93.821 20,850 EDC CU51224505 5 R01 HD35378-05 93.864 22 EMORYU CU518337 7 R01 HD42972-02 93.864 14,997 FHCRC 2002-4870- 5 R01 DC04209-04 93.173 32,528 FHCRS 2002-4902- 5 U01 AI48013-03 93.856 472,029 FHI 630-5 5 U01 AI46749-03 93.855 13,279 FHI-735-3 5 U01 AI46749-04 93.856 45,831 HARVARDCU515973 1 R01 CA93435-01 93.399 18,103 HFHS CU51631601 3 R01 ES11126-03S1 93.113 35,709 JH 22743 1 U01 AI51171 93.856 208,412 The accompanying notes are an integral part of the Schedule. 17
  19. 19. The Trustees of Columbia University in the City of New York Supplemental Schedule of Expenditures of Federal Awards For the year ended June 30, 2003 Federal Grantor/Pass-through Grantor/Project Number Contract Number CFDA No Expenditures JH CU514929 1 R01 HL66075-01A1 93.837 (14) JHPKN N01-CN-85185-MAO 93.393 240,651 JHU CU51864801 1 R01 HL67905-01 93.838 17,418 LHH CU508959 5 U01 DK48698-09 93.849 77,090 LIU CU513598 1 S06 GM54650-01 93.866 17,416 LLT 1.506-C 2 R44 HL62780-02 93.837 8,315 LWCLM 1036-017 1 NO1-AA-03019 93.RD 229,292 MASSG 5 R01 AT00613-03 93.213 4,404 MCG MCGSTOPII 0 5 U01 HL52193-08 93.839 66,045 MCG MCGSTOPII 0 2 U01 HL 52193-06A1 93.839 609 MGH CU516279 5 P50 NS16367-22 93.854 8,216 MGH CU516279 5 P50 NS16367-23 93.854 130,027 MMC CU517250 1 RO1 NS043209-01A1 93.853 19,388 MMC CU517843 7 R01 DA09656-04 93.279 41,230 MMC CU517844 7 R01 DA09656-04 93.279 16,122 MSG CU517997 2 R44 HL059813-02A2 93.838 89,400 MSSM P.O.#7749 P42 ES07384-07 93 8,409 MSSM P.O.#7749 P42 ES07384-07S 93 112,473 MSSM 0254-6401-4 1 R01 *NIEHS 93.113 15,500 MSSM 02549824460 5 P01 ES09584-04 93 35,695 MSSM 0254-9825-4 5 P01 ES09584-05 93 31,217 MSSM 0255-4042-4 5 R01 AG013784-08 93.866 6,541 MSSM 0255-5301-4 5 R01 AI41706-03 93.855 (17,454) MSSM 0255-5301-4 5 R01 AI41706-05 93.855 103,182 MSSM 0255-7911-4 7 R01 NS30896-10 93.853 34,127 MSSM 0255-8391-4 1 R01 NS45304-01 93.853 28 MSSM CU508959 5 U01 DK48698-08 93.849 15,823 MSSM CU512606 7 P01 HL47540-08 93.837 25,761 MSSM NO.0255-624 5 R01 CA81050-03 93.396 52,056 MSSM SM9131971 ES09584-04 93.113 18,880 NATAL CU518712 1 U19 AI51794 93.856 152,665 NDRI CU51563302 2 R01 DA09920-08 93.279 13,536 NEMCH CU5160650 5 R01 MH64409-02 93.242 (682) NSLIGHS 11027 2 R01 NS35069 93.854 33,801 NSUH 11027 NS35069 93.854 110,899 NSUH 11261A 5 R01 NS37564-05 93.854 100,364 NWU #0600 520 S3 5 U01 MH61915-02 93.242 171,550 NYAMED CU514515 5 R01 DA12809-03 93.279 152,166 NYAMED CU514515 1 R01 DA12809-01 93.279 4,917 NYAMED CU514515 5 R01 DA12809-02 93.279 91,054 NYSIBR CU51338 5 R01 HD37425-05 93.865 61,332 NYSIBR CU516479 5 R01 AG16361-02 93.866 74,403 NYU CU510033 5 R01 HD34336-02 93.865 (5,569) NYUMC #02-2430 5 P30ES00260 93 44,032 NYUMC CU510511 1R01DA10645-01A1 93 (25,244) ODI CU021960 2 R44 HL61057-02A1 93.837 34,035 OHSURF CU514308 3 U01 CA86322-03 93.398 5,968 OHSURF CU514308 1 U01 CA86322-01 93.398 3,663 OHSURF CU514308 5 U01 CA86322-02 93.398 42,104 ORHSUN 8409442C 5 P42 ES10338-02 93.113 39,995 PROGENCU517666 1 R43 NS41144-01 93.854 25,001 PROSPECT CU5146 5 N01-HO-99230 93.838 119,121 PSU CU517548 5 P01 HD30704-08 93.865 209,498 PSU CU517548 5 P01 HD30704-08 93.865 35,333 PU 400-6184- R01HD39135 93 38,045 PU 126-6982 P01 CA87661 93.396 22,388 PU CU517377 R01 DK58727 93.848 5,911 RFCUNY #41459-00 1 R01 HL67383-01A1 93.837 20,000 RFCUNY 41229-00- 5 S11 NS57519-03 93.854 (8,138) CCUNY 41410-00- 5 R01 LM06274-05 93.879 233,022 The accompanying notes are an integral part of the Schedule. 18

×