financial statements 2015-2016 · An audit involves performing procedures to obtain audit evidence about the amounts and ... Accounts receivable Accounts ... Accounts payable, trade

FORTY-NINER SHOPS, INC.

FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

INDEPENDENT AUDITORS' REPORT 1 - 2

FINANCIAL STATEMENTS

Statements of Financial Position 3 - 4

Statements of Activities 5

Statements of Cash Flows 7 - 8

ADDITIONAL INFORMATION

Schedule of Enterprise Activities 27 - 28

Schedule of Allocated General

Schedu~ofRevenues, Expenses

Statements of Changes in Net Assets 6

Notes to Financial Statements 9- 26

and Administrative Expenses 29

Schedule of Net Position 30

and Changes in Net Position 31

Schedule of Other Information 32-38

Guzman & Gray

Certified Public Accountants

4510 East Pacific Coast Highway, Suite 270 Mark Gray, CPA Long Beach, California 90804 Patrick S. Guzman, CPA

(562) 498-0997 Fax: (562) 597-7359

INDEPENDENT AUDITORS' REPORT

Board of Directors

Forty-Niner Shops, Inc.

California State University, Long Beach

Financial Statements We have audited the accompanying financial statements of the Forty-Niner Shops, Inc. (a nonprofit organization), which comprise the statements of financial position as of June 30, 2016 and 2015, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted 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 the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

1

INDEPENDENT AUDITORS' REPORT (Continued)

Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Forty-Niner Shops, Inc. as of June 30, 2016 and 2015, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matter Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The statements on pages 27 through 38 are presented for the purpose of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Guzk{Long Beach, California September 14, 2016

2


STATEMENTS OF FINANCIAL POSITION

ASSETS

CURRENT ASSETS Cash and cash equivalents Investments Accounts receivable Accounts receivable, CSULB auxiliary

organizations

Accounts receivable, CSULB

Note receivable, CSULB

Inventories

Prepaid expenses

CAPITAL ASSETS, net of accumulated depreciation

OTHER ASSETS Investments designated for sick pay benefits

TOTAL ASSETS

JUNE 30.

2016

$3,499,447 6,722,616 1,633,078

45,646 272,666 500,000

2,504,477 14,000

15,191,930

8,594.558

768.432 768.432

$24.554,920

2015

$ 4,340,279 5,910,297

931,104

7,992 456,697 500,000

2,244,713 59,250

14,450,332

8,818,616

768.432 768.432

$24.037. 380

See Independent Auditors' Report and Notes to Financial Statements. 3


STATEMENTS OF FINANCIAL POSITION {CONTINUED)

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES Long term debt, current portion Accounts payable, trade Accounts payable, CSULB Refundable campus debit card deposits Accrued liabilities Accrued payroll Accrued vacation Accrued sick pay Pension obligation, current Accrued post-retirement, current

NONCURRENT LIABILITIES Long term debt, net of current portion Pension obligation, net of current portion Accrued post retirement benefits

Total Liabilities

NET ASSETS Unrestricted

Invested in capital assets

Other unrestricted

Total Net Assets

TOTAL LIABILITIES AND NET ASSETS

JUNE 30

2016 2015

$ 85,000 $ 85,000 131,345 880,840 213,860 215,335 312,882 298,850 459,047 302,753 548,772 336,696 459,963 421,978 930,299 859,910 474,416 344,770 409,000 411,000

4,024.584 4,157,132

3,491,328 3,585,260 3,724,428 3,690,607 3}82,913 3,280,576

10,998,669 10,556,443 15,023,253 14,713,575

8,594,558 8,818,616 937,109 505.189

9,531,667 9,323,805

124.554.920 $24.037.380



STATEMENTS OF ACTIVITIES

ENTERPRISE OPERATING REVENUES Sales Commission Vending Other

ENTERPRISE OPERATING EXPENSES Cost of sales Operating expenses Depreciation and amortization

ENTERPRISE OPERATING INCOME

NONOPERATING INCOME (EXPENSE) Interest and dividend income Interest imputed from net loan premiums and costs

Interest expense Unrealized gain (loss) on investments Realized gain (loss) on investments Net gain (loss) on disposal of fixed assets

NONMANDATORY TRANSFERS TO UNIVERSITY Contributions to University and

University programs

POST RETIREMENT-RELATED CHANGES OTHER THAN NET PERIODIC COST

INCREASE IN NET ASSETS BEFORE RECOGNITION OF CALPERS PENSION OBLIGATION 207,862

EFFECT OF RECOGNITION OF CALPERS PENSION OBLIGATION

JUNE 30

2016

$ 36,636,425 954,401 339,183

82.305 38,012.314

16,550,622 18,356,171

985,466 35,892,259

2,120,055

279,561

1,843 ( 171,911) ( 311,727) ( 157,672) { 6,788} ( 366,694}

( 314,829)

( 1,230,670)

2015

$34,846,706 1,043,522

380,154 75.787

36,346,169

16,820,626 16,712,547

947,850 34.481,023

1,865,146

230,775

( 181,568) ( 155,366)

38,312 11,601

( 56,246}

( 319,158)

66,917

1,556.659

( 4,035,377)

INCREASE (DECREASE) IN NET ASSETS $ 207.862 ($ 2.478.718)



STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED JUNE 30

2016 2015

BEGINNING NET ASSETS $ 9,323,805 $ 11,802,523

INCREASE (DECREASE) IN NET ASSETS $ 207,862 (2,478,718)

ENDING NET ASSETS _$ 9,531.667 $ 9,323,805



STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED

JUNE 30

2016 2015

CASH FLOWS FROM OPERATING ACTIVITIES Increase (decrease) in net assets $207,862 ($ 2,478,718) Adjustments to reconcile change in net assets

to net cash from operating activities: Depreciation 985,466 947,008 Amortization of loan discount 842 Interest imputed from net loan premiums and costs ( 1,843)

Unrealized loss on investments 311,727 155,366 Realized (gain) loss on investments 157,672 ( 38,312) Net (gain) loss on disposal of fixed assets 6,788 ( 11,601) (Increase) decrease in:

Accounts receivable ( 701,974) ( 73,274) Accounts receivable from CSU 5,258 Accounts receivable, CSULB auxiliary

organizations ( 37,654) 44,761 Accounts receivable, CSULB 184,031 187,646 Note receivable , CS ULB ( 500,000) Inventories ( 259,764) ( 286,537) Prepaid expenses 45,250 ( 29,496)

Increase (decrease) in: Accounts payable ( 749,495) 240,010 Accounts payable, CSULB auxiliary

organizations ( 11,274) Accounts payable, CSULB ( 1,475) ( 117,822) Accounts payable, other CSU

auxiliary organizations ( 10,135) Accounts payable, CSU Refundable campus debit card deposits 14,032 72,221 Accrued liabilities 156,294 ( 15,398) Accrued payroll 212,076 72,458 Accrued vacation 37,985 29,169 Accrued sick pay 70,389 100,633 Accrued pension obligation 163,467 4,035,377 Accrued post retirement benefits 1,000,337 ( 169,286)

Net Cash From Operating Activities 1,801,171 2,148,896



STATEMENTS OF CASH FLOWS (CONTINUED)

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of capital assets Construction in progress additions Purchase of investments Proceeds from sale of investments Proceeds from sale of capital assets

Net Cash From Investment Activities

CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long term debt Proceeds from refinancing of long term debt Contributions to post retirement benefit trust

Net Cash From Financing Activities

CHANGE IN CASH AND CASH EQUIVALENTS

BEGINNING CASH ANO CASH EQUIVALENTS

ENDING CASH AND CASH EQUIVALENTS

SUPPLEMENTAL DISCLOSURE Cash disclosure

Cash paid for interest

FOR THE YEARS ENDED JUNE 30

2016 2015

( 345,007) ( 424,089) ( 3 ! 177 I 541 )

1,895,823 900

( 2,0491914)

( ( (

(

545,005) 61,629)

686,023) 640,764

131000 6381893)

(

( (

375,000) 282,911 5001000) 5921089)

(

( (

80,000)

5001000} 5801000)

( 8401832) 930,003

4,340.279 3,410,276

I J,499 1447 $ 4 1J~Q 12Z9

$ 179,00Q $ 181.568



NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 AND 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General The Organization is a nonprofit auxiliary organization, organized to operate food services and bookstore activities at California State University, Long Beach for the benefit of the University Campus. The Organization's customer base consists primarily of students enrolled at California State University, Long Beach.

Basis of Presentation The Organization's financial statements are presented in accordance with guidelines established for auxiliary organizations issued by the Office of the Chancellor of the California State University.

Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or the nature of any donor restrictions. The Organization has not received any contributions with donor-imposed restrictions that would result in temporarily or permanently restricted net assets.

The Organization is required to report information regarding their financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted assets. The Organization does not have any temporarily or permanently restricted net assets.

Basis of Accounting The accounting records of the Forty-Niner Shops, Inc. are maintained on the accrual basis of accounting.

Change in Accounting Principle In April of 2015, the Financial Accounting Standards Board issued ASU-2015-03, Imputation of Interest. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability. Similarly, the discount on premium resulting from the determination of present value shall be reported in the statement of financial position as a direct deduction from or addition to the face amount of the note and shall not be classified as a deferred charge or deferred credit. Amortization of discounts, premiums and debt issuance costs shall be reported as either interest expense or interest income. ASU 201503 is effective for financial statements issued for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued.

The Organization has adopted the new standard for the year ended June 30, 2016.

9



JUNE 30, 2016 AND 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Accounting Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates include annual depreciation, the carrying value of property, plant, and equipment, and the actuarial estimate of postretirement benefits. Actual results could differ from those estimates.

Fair Value of Financial Instruments Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer liability in an orderly transaction between market participants at the measurement date.

Cash and Cash Equivalents Cash and cash equivalents includes highly liquid investments, such as money market funds, that are readily convertible to known amounts of cash within 90 days from the date of purchase. All cash balances are held at major banking and broker institutions.

Investments The Organization accounts for all investments at fair market value. Net realized and unrealized gains and losses on investments are reflected in the statement of activities.

Allowance for Doubtful Accounts No allowance for doubtful accounts has been established because management believes that all accounts are collectible and no allowance is needed.

Inventories Inventories for the bookstore are valued using the lower of cost or market by the conventional retail inventory method. Inventories for the food service are valued using the lower of cost (first-in, first-out} or market method.

Capital Assets and Depreciation Capital asset accounts are stated at cost less accumulated depreciation. Betterments and major improvements are added to the respective asset's cost while ordinary repairs that do not extend useful lives are expensed as incurred. All direct and indirect costs incurred in constructing assets are accumulated in an asset account and no depreciation is recognized until the asset is put into operation. When an asset is sold or otherwise disposed of, the cost of the asset and the related accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the statement of activities.

10



JUNE 30, 2016 AND 2015

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Capital Assets and Depreciation (Continued) Depreciation and amortization of capital assets are provided on the straight-line method over the estimated useful lives of the various classes of property which are ten to fifty years for buildings and improvements, five to ten years for equipment, furniture and fixtures, and three to five years for automobiles.

Equipment acquired under capital leases are recorded at the lower of the fair value or the present value of future minimum lease payments. These leases are amortized over their estimated useful lives of five years or the lease term, whichever is shorter. Amortization of equipment acquired under capitalized leases is included with depreciation expense.

Accrued Vacation and Sick Pay Accruals for vacation and sick pay are made on a monthly basis as such benefits become payable to employees. Pay rate increases are applied to the hours earned in prior periods, if any, and are reported as a current expense in the statement of activities.

Income Taxes The Organization is exempt from federal income and state franchise taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code, respectively.

Reclassifications Certain accounts in the comparative purposes to statements.

prior year financial statements have conform with the presentation in the

been reclassified for current year financial

Reporting of Subsequent Events The Organization has evaluated events and transactions for potential recognition or disclosure through September 14, 2016, which represents the date the financial statements were available to be issued.

NOTE 2-ACCOUNTS RECEIVABLE, CSULB AUXILIARY ORGANIZATIONS

Accounts receivable from CSU LB auxiliary organizations are comprised of the following:

June 30 2016 2015

CSULB Research Foundation $ 28,234 $ 7,992 Forty-Niner Foundation 6,029 NONE Associated Students 11,383 NONE

$ 45,646 $ 7,992

11



JUNE 30, 2016 AND 2015

NOTE 3 - NOTE RECEIVABLE, CSULB DEPARTMENT OF ATHLETICS

On March 23, 2015, the Organization loaned $500,000 to the Department of Athletics for the campus track and field improvement project. The loan bears interest at 4% semi annual and had an original due date of September 23, 2015. The loan is secured by commissions and sponsorship fees defined by the agreement between the Organization and Department of Athletics dated October 28, 2010. The parties may agree to renew the loan for additional six month terms not to exceed a total term of two years. Interest is payable at each maturity date.

During the year the Department of Athletics paid the required interest installments of $20,000 in September 2015 and again in March 2016. The parties agreed to extend the repayment of the loan. The new due date for repayment of principal and interest is September 25, 2016.

In September 2016, the Organization received full payment for the note.

NOTE 4 - INVENTORIES

Inventories consist of the following: June 30, 2016 2015

New textbooks $ 715,117 $ 823,647 Computer equipment, supplies and software 473,322 180,064 Supplies 481,274 444,457 Used textbooks 513,978 471,818 Trade books 20,493 24,361 Food service 300.293 300,366

$ 2.504.477 $ 2.244,713

12



JUNE 30, 2016 AND 2015

NOTE 5 - INVESTMENTS

Investments are recorded at market value. The historical and market values are as follows:

June 30. 2016 June 30, 2015 Cost Market Cost Market

CURRENT ASSETS Mutual funds $5,044,679 $5,041,438 $3,878,598 $4,126,641 Commonstocks 1,000,598 1,181,323 688,975 881,429 Investments in alternative funds 499,136 499,855 865,214 902,227

$6.544.413 $6.722.616 $5.432.787 $5.910.297

OTHER ASSETS Designated for sick pay benefits

Mutual funds $ 768.432 $ 768,432 $ 768.432 $ 768.432

NOTE 6 - CAPITAL ASSETS

Capital assets and the related accumulated depreciation consist of the following:

June 30 2016 2015

Buildings and improvements $19,681,399 $19,606,835

Equipment, furniture and fixtures 6,168,813 6,000,238

Automobiles 46,734 46,734

25,896,946 25,653,807

Less: accumulated depreciation (17,796.296) (16,905,010)

8,100,650 8,748,797

Construction in progress 493,908 69,819

$ 8.594.558 1- 8.818,616

Construction in progress at June 30, 2016 and 2015, consists primarily of capital leasehold improvement expenditures for the bookstore, food service facilities and construction of the Amazon merchandise sales lockers facility.

Depreciation expense for the years ended June 30, 2016 and 2015 was $985,466 and $947,008, respectively.

13



JUNE 30, 2016 AND 2015

NOTE 7 - INVESTMENTS DESIGNATED FOR SICK PAY

Investments designated for sick pay benefits are funds designated by the Organization's Board of Directors primarily for the funding of accumulated and vested sick pay.

NOTE 8 -ACCOUNTS PAYABLE, CSULB AUXILIARY ORGANIZATIONS

There were no accounts payable to CSULB auxiliary organizations at June 30, 2016 and 2015.

NOTE 9 - LONG TERM DEBT

Long term debt is summarized as follows: JUNE 30,

2016 2015

Note payable to CSU is payable semiannually on May 1 and November 1 of each year including interest and matures May 1, 2039.

$ 3,300,000 $ 3,675,000

Unamortized net deferred amount on refinancing 276.328 3,576,328

( 4,740) 3,670,260

Less: Current portion ( 85,000) ( 85,000)

Noncurrent portion $ 3,491.328 $ 3.585.260

In 2008, the Organization borrowed $4,110,000 from CSU in connection with the construction of certain food service leasehold improvements. The CSU assisted in financing the construction through the issuance of System wide Revenue Bonds Series 2008A, by the State of California in the amount of $4,110,000.

14



JUNE 30, 2016 AND 2015

NOTE 9 - LONG TERM DEBT (Continued)

On April 20, 2016, CSU refinanced $3,415,000 of the System wide Revenue Bonds Series 2008A by issuing a $3,125,000 of System wide Revenue Bonds Series 2016A.

Interest rates range from 2% to 5% with an average face coupon rate of 4.61% and effective rate of 3.32% . The bonds will mature over the next 23 years with an average maturity of 14.25 years.

On May 1, 2016 the loan agreement between the Organization and CSU was amended to reflect the refinancing of the bonds.

The Organization is obligated to repay the CSU the amount of the indenture obligations, interest and costs by making payments to the CSU equal to the CSU's debt service on the bonds. The debt obligation is secured by the Organization's revenues.

The future scheduled maturities of long term debt for the next five years and thereafter are as follows:

Year ending June 30, 2017 $ 85,000 2018 95,000 2019 90,000 2020 90,000 2021 95,000 Thereafter 2,845,000

$3.300.000

Line of Credit The Organization has a line of credit of $2,000,000 with MorganStanley SmithBarney which has a zero balance at June 30, 2016. The line of credit has a variable rate not to exceed the Open Federal rate plus 50 basis points and is secured by the Organization's investments held at MorganStanley SmithBarney.

15



JUNE 30, 2016 AND 2015

NOTE 10 - LEASE COMMITMENTS

The Organization leases certain property for the bookstore and food service facilities from California State University, Long Beach (CSULB) and other unrelated third parties. The agreements with CSULB require the Organization to manage and operate the facilities for the benefit of the University. Under the terms of the leases, the Organization is required to make monthly lease payments totaling $3,000 and ls responsible for repairs, maintenance, alterations, and insurance. The leases for the facilities are non-cancellable and expire in 2017 and 2018 with an option to renew for five years. Non-cancellable operating lease agreements with Associated Students, Inc. and other unrelated third parties for retail and food service facilities commenced in 2007, 2008, 2011, and 2012 and expire in 2016, 2018 and 2020. Monthly lease payments for these facilities total $8,440.

Also, the Organization maintains equipment under non-cancellable operating leases. The lease agreements expire between 2018 and 2019.

Future minimum rental payments required for equipment and facilities under operating leases that have an initial or remaining non-cancellable lease term in excess of one year, as of June 30, 2016 are as follows:

Year ending June 30,

2017 2018 2019 2020

$ 167,455 130,683

90,821 78,000

$ 466.959

Rent expense was $114,000 and $113,500 for the years ended June 30, 2016 and 2015, respectively.

16



JUNE 30, 2016 AND 2015

NOTE 11 - OPERATING AGREEMENTS

The Organization has entered into certain non-cancellable operating agreements with selected food service providers for catering, vending and other food services. Royalties are due to the Organization based on a percentage of monthly gross sales of the Operator or a set annual amount, whichever is greater. Also, the Operators will pay a percent of monthly gross sales for common area maintenance charges. Initial terms of the leases vary from one to fifteen years and have varying expiration dates.

In April 2016, the Organization entered into an agreement with Amazon to develop, operate and maintain Amazon merchandise sale lockers on campus. The cost of building the facility will be shared by the parties. The total cost of building the facility is expected to be $1,174,486, the Organization's expected share of the cost is $567,486 and Amazon's share of the cost will be $607,000. To the extent the construction costs exceeds the budgeted amount, the Organization's future commissions will be reduced.

Based on the terms of the agreement, the Organization is guaranteed a minimum commission payment. Commissions are due to the Organization based on a percentage of qualifying revenues. The guaranteed annual payments are as follows:


2017 $ 125,000 2018 175,000 2019 200,000 2021 200,000 2021 200,000

$ 900.000

NOTE 12 - PENSION PLAN (CALPERS)

The Organization participates in a cost-sharing multiple-employer defined benefit plan through the California Public Employees' Retirement System plan (CalPERS) which covers substantially all regular salaried full-time employees of the Organization. CalPERS acts as a common investment and administrative agent for participating public entities within the State of California.

17



JUNE 30, 2016 AND 2015

NOTE 12 - PENSION PLAN (CALPERS) (Continued)

CalPERS issues a publicly available comprehensive annual financial report that includes financial statements and required supplementary information. Copies of the CalPERS annual financial report may be obtained from the California Public Employees' Retirement System Executive Office- 400 P Street- Sacramento, CA 95814.

The recorded unfunded pension liabilities at June 30, 2016 and 2015 were derived from the most recent Accounting Valuation Reports provided by CalPERS. The measurement dates for the reports were June 30, 2015 and 2014, respectively.

The plan's proportionate share of the fiduciary's unfunded accumulated net pension liability as of June 30, 2015 and June 30, 2014 (the measurement dates) were $4,198,844 and $4,035,377, respectively.

The plan's proportionate share of fiduciary net asset position which is the total assets less certain reserve and expense requirements at June 30, 2015 and June 30, 2014 (the measurement dates) were $17,974,101 and $ 17,055,903, respectively.

The actuarially assumed investment return after June 30, 2015 is 7.5% per annum. The salary scale used assumes salary increases that vary by entry age and service. The total increase in any future year includes an assumed 2.75% inflation rate, and no across the board increase and merit increases that vary by length of service.

For employees hired before January 1, 2013, the Organization is required to contribute at an actuarially determined rate. For the year ended June 30, 2016 the total employer's contribution rate is 17.47% of annual payroll. This rate is comprised of 8.51% of normal cost and 8.96% of the funding improvement side fund which is estimated to be paid over 28 years. The active employee contribution rate is 6.891 % of annual pay. For employees hired on and after January 1, 2013, the total employer and employee contribution rates are 6.25% and 6.31 %, respectively.

Payroll is assumed to increase by 3.00%. Employer's contribution rates may change if plan contracts are amended. There is no contractual maximum contribution required for the Organization by CalPERS.

As of June 30, 2014, the plan was at least 80% funded.

Employer and employee contributions were $467,466 and $239,051 for the years ended June 30, 2016.

18



JUNE 30, 2016 AND 2015

NOTE 12 - PENSION PLAN {CALPERS) (Continued)

The following benefit payments, which reflect expected future service, are expected to be

paid as follows:

Year ending June 30, Amount

2017 $ 474,416 2018 489,215 2019 503,891 2020 519,008 2021 534,578 2022-2026 2,923,295

$ 5,444.403

NOTE 13 - RETIREMENT PLAN (403B)

Effective July 2009, the Organization adopted an Internal Revenue Code 403(b) tax deferred retirement plan for all eUgible employees. The plan is a defined contribution plan covering part time and full time employees except for student employees performing specified services, nonresident aliens, and employees who normally work less than twenty hours per week. Each year, participants may contribute an amount or percentage of their base pay by means of payroll deductions up to the elective deferral limit set by law.

The plan provides for an employer matching contribution and an employer non-elective contribution for all employees that have obtained one year of service equivalent to one thousand hours. The Organization may contribute a discretionary percentage up to six percent of the amount of the employees' elective deferral. This contribution is allocated to all participants in proportion to each eligible employee's compensation. The employer contribution amounted to $23,513 and $27,201 for the years ended June 30, 2016 and 2015.

19



JUNE 30, 2016 AND 2015

NOTE 14 - POST RETIREMENT MEDICAL BENEFITS

The Organization provides post retirement health care and dental insurance benefits for certain qualified retired employees. Only full time salaried employees hired prior to January 1, 2009 and that were participating in CalPERS as of January 1, 2009, that terminate employment after attaining five years service time and have reached age 50 while working for the Organization are eligible for the plan.

On September 30, 2011, the board of directors approved the participation in the Auxiliary Multiple Employer VEBA, a consortium of CSU Auxiliary organizations organized to provide retiree health care benefits through a Voluntary Employees Benefit Association (VEBA) recognized under 501 (c)(9). In 2011, the board of directors approved investing $4,000,000 to the VEBA trust over the next seven years. During the year ended June 30, 2016 and 2015, the Organization contributed $500,000 per year to the VEBA Trust. Since 2011, the total amount invested was $3,500,000. The assets of the VEBA Trust are invested primarily in equity and fixed income securities. The assets held in the VEBA trust reduce the accumulated post retirement obligation, as reported in the statement of financial position. As of June 30, 2016 and 2015, the VEBA trust held assets at fair market value of $4,011,312 and $3,486,075, respectively.

As of June 30, 2016 and 2015, the entire unfunded accumulated post retirement benefit obligation amount has been accrued in the statements of financial position.

20



JUNE 30, 2016 AND 2015

NOTE 14 - POST RETIREMENT MEDICAL BENEFITS (Continuted)

The following table sets forth the funded status of the plan reconciled to the recorded post.retirement benefits cost recognized in the Organization's financial statements:

June 30,

Accumulated Post Retirement Benefit Obligation Retirees Active Employees

Fair Value of Assets

Unfunded APBO Unamortized gain (loss) Unamortized transition obligation

Accrued Post Retirement Benefit Cost

Reconciliation of Benefit Obligation: Benefit obligation at beginning of year Service cost Interest cost Contributions Asset return loss Expected Return on assets Actuarial loss (gain) Benefits paid

Benefit Obligation at end of year

2016

$5,086,708 3,116,517 8,203,225

{ 4,011.312)

4,191,913 ( 1,465,955)

NONE

$ 2.725.958

2015

$4,331,688 2,845,963 7,177,651

( 3.486,075)

3,691,576 ( 244) ( 79)

$ 3.691.253

June 30, 2016

$3,691,576

32,327

305,550 ( 500,000)

222,930 ( 248,167)

1,101,610 ( 413,913)

$ 4.191.913

2015

$4,360,862

48,033

304,743 ( 500,000)

195,898 ( 199,921) ( 129,060) ( 388,979)

$ 3.691.576

21



JUNE 30, 2016 AND 2015

NOTE 14 - POST RETIREMENT MEDICAL BENEFITS (Continued)

Pension-related changes other than net periodic pension cost Amortization of transition obligation Net gain (loss)

Net periodic post retirement benefit cost Service cost Interest cost Asset return loss Expected return on assets Amortization of transition obligation

Net periodic benefit cost

$ NONE ( 1,230.670)

($1,230.670}

$ 32,327 305,550 222,930

( 248,167)

$ 3:12,640

$ 79 66,838

$ 66.917

$ 48,033 304,815

79

$ 352,927

The weighted average discount rate used in determining the accumulated post retirement benefit obligation is 3.75 %. The Consumer Price Index assumed is 3% less than the discount rate assumption. Medical costs are assumed to increase 5% during the year beginning July 1, 2016 with the rate of increase decreasing each year thereafter until the year beginning July 1, 2021 and thereafter the Medical Cost trend rate is assumed to be the same as Consumer Price Index Increases. The measurement date of the plan was July 1, 2016.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


2017 $ 409,000 2018 433,000 2019 453,000 2020 462,000 2021 456,000 2022-2026 2,309,000

$4,522.000

22



JUNE 30, 2016 AND 2015

NOTE 15- SELF-INSURANCE

The California State University System (System) and certain auxiliary organizations have established a public entity risk pool, California State University Risk Management Authority (CSURMA), a blended component unit of the System, to manage centrally workers' compensation, general liability, industrial and nonindustrial disability, unemployment insurance coverage, and other risk-related programs. The Organization has a commitment in the self-insurance coverage. Management believes the CSURMA self-insurance claims liability is fully funded at June 30, 2016.

NOTE 16- FAIR VALUE MEASUREMENTS

Generally Accepted Accounting Principles (GAAP) establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values.

The fair value hierarchy is as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2: Observable inputs other than quoted prices included in Level 1 that are not observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data

Level 3: Inputs that are unobservable inputs for assets and liabilities are based on the Organization's assumptions. These include inputs that are internally developed and estimated.

The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair measurement in its entirety.

23



JUNE 30, 2016 AND 2015

NOTE 16 - FAIR VALUE MEASUREMENTS (Continued)

The following table presents assets that are measured at fair value on a recurring basis at

June 30, 2016:

Quoted Prices in Active Significant

Markets for Other Significant Identical Observable Unobservable

Fair Market Assets Inputs Input Value Level 1 Level2 Level3

Investments Mutual funds $ 5,041,438 $ 5,041,438 Common stocks 1,181,323 1,181,323 Investments in alternative funds 4991855 4991855

.722,616 6,222}61 499.855 Other Assets

Mutual funds 768.432 768.432

sz.~~n.045 S6,99j ,193 ~99,855 ~O~E

The following table presents assets that are measured at fair value on a recurring basis at June 30, 2015:

Quoted Prices in Active Significant

Markets for Other Significant Identical Observable Unobservable

Fair Market Assets Inputs Input Value Levell Level2 Level3

Investments Mutual funds Cornmon stocks Investments in alternative funds

$4,126,641 881,429

902,227

$4,126,641 881,429

NONE 902,227

Other Assets Mutual funds

5.910,297

768,432

$ 6,67f3i729

s.008.010

768.432

$5,276,502 $

902.227

902,222 $ NONE

24



JUNE 30, 2016 AND 2015

NOTE 17- REIMBURSEMENTS TO AND FROM CSULB

The Organization paid reimbursements to CSULB for the year ended June 30, 2016 in the

amount of $1,447,876.

These reimbursements have been included in the financial statements as follows:

Buildings and improvements $ 185,923 Repairs and maintenance 172,654 Communications 63,976 Allocated general and administrative expenses 35,683 Utilities and rent 711,890 Supplies 13,750 Interest and principal on note payable 264,000

$ 1.447,876

The Organization paid reimbursements to CSULB for the year ended June 30, 2015 in the amount of $1,286,737.

These reimbursements have been included in the financial statements as follows:

Buildings and improvements $ 189,579 Repairs and maintenance 177,939 Communications 58,263 Allocated general and administrative expenses 6,380 Utilities and rent 574,643 Supplies 17,208 Interest and principal on note payable 262,725

$1,286.737

25



JUNE 30, 2016 AND 2015

NOTE 18 - OTHER RELATED PARTY TRANSACTIONS

The Organization charged CSULB $441,679 and $377,671 at June 30, 2016 and 2015, respectively, for reimbursement of expenses to operate the ID Card Services.

CSU and CSULB charges the Organization a fee from 3% to 7% to oversee any on campus construction projects.

NOTE 19 - CONCENTRATIONS AND CREDIT RISK

The Organization maintains cash in various financial institutions which may, at times, exceed federally insured limits. All accounts at an insured depository institution, including all non-interest bearing accounts, are insured by the FDIC up to the standard maximum deposit insurance amount of $250,000. Uninsured balances were $3,206,737 and $3,599,746 at June 30, 2016, and 2015, respectively.

26

FORTY-NINER SHOPS, INC. SCHEDULE OF ENTERPRISE ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 2016

FOOD SERVICE

ENTERPRISE OPERATING REVENUES Sales Contracted revenue and commissions Other

$

TOTAL

36,636,431 1,293,584

82,299 38,012,314

BOOKSTORE

$ 19,053,033 623,472

56,144 19,732,649

ID CARD SERVICES

s 441,679

26,155 467,834

s

TOTAL

17,141,719 670,112

17,811,831

RESIDENCE HALL

$ 8,308,500

8,308,500

RESIDENTIAL LEARNING COLLEGE

$ 2,379,313

2,379,313

VENDING

$ 339,183

339,183

CASH OPERATIONS

s 6,453,906 330,929

6,784,835

COST OF SALES 16,550,622 11,704,489 4,846.133 2,184,402 571,513 2,090,218

GROSS PROFIT 21,461,692 8,028,160 467,834 12,965,698 6,124,098 1,807,800 339,183 4,694,617



SCHEDULE OF ENTERPRISE ACTIVITIES (CONTINUED)


FOOD SERVICE

OPERATING EXPENSES Salaries and wages Employee benefits Retirees health insurance Advertising Repairs and maintenance Utilities and rent Communications Other: Allocated general and

administrative Supplies Insurance Travel Professional services Commissions General expenses Bank and credit card fees Promotional markdowns and

employee discounts Royalties Dues and subscriptions Bad debts Equipment rental Training

$

TOTAL

6,858,549 2,337,190

461,929 114,555

1,208,132 485,153

55,046

3,241,485 734,129

90,908 18,684 24,523

1,222,143 141,572 475,678

412,715 222,512

88,498 39,553 69,820 53,397

18,356,171

BOOKSTORE

$ 2,528,238 731,695 235,583

74,688 322,493 187,972 23,485

1,653,157 229,734

41,970 7,330

24,023

29,958 294,105

412,715 222,512

73,381 40,473 42,249 30,944

7,206,705

ID CARD SERVICES

$ 127,846 40,585

4,619 2,620

173,994 9,600 4,758

32,415 39,332

393

12,323

10,298 458,783

$

TOTAL

4,202,465 1,564,910

221,727 37,247

711,645 287,581 26,803

1,555,913 465,063

48,545 11,354

500 1,222,143

111,614 169,250

15,117 (920)

27,571 12,155

10,690,683

RESIDENCE HALL

$ 1,663,832 650,041

87,767 6,314

152,226

7,271

615,882 196,230

2,892 500

658,794 7,301 3,923

3,600 94

5,209 7,310

4,069,186

RESIDENTIAL LEARNING COLLEGE

$ 481,575 212,341 27,716

2,121 60,508

1,413

194,489 58,608

55 280

188,551 3,838

254

1,801 23

1,179 1,234,752

VENDING

$ 49,122 30,040

79,162

CASH OPERATIONS

$ 2,007,936 672,488 106,244 28,812

498,911 287,581

18,119

745,542 210,225 48,490

8,182

374,798 100,475 165,073

9,716 (1,037) 22,362

3666 5,307,583

DEPRECIATION AND AMORTIZATION Amortization Depreciation 898,191 326,164 1,232 570,795 6,994 1,088 562,713 Allocated general and administrative

depreciation 87 275 985,466

44,510 370,674

873 2,105

41,892 612,687

16,582 23,576

5,237 6,325

20,073 582,786

TOTAL EXPENSES 19,341,637 7,5TT,379 460,888 11,303,370 4,092,762 1,241,077 79,162 5,890,369

ENTERPRISE OPERA TING INCOME(LOSS) $ 2,120,055 $ 450,781 $ 6,946 $ 1,662,328 $ 2,031,336 $ 566,723 $ 260,021 $ (1,195,752)



SCHEDULE OF ALLOCATED GENERAL AND ADMINISTRATIVE EXPENSES


FOOD SERVICE

ALLOCATED EXPENSES Salaries and wages Employee benefits Advertising Repairs and maintenance Communications Supplies Insurance Travel Professional services General expenses Bank service charges Dues and subscriptions Equipment rental Training

Depreciation

TOTAL

$ 1,784,696 746,830 (25,316) 232,549

36,661 76,495

3,797 24,816

220,523 52,430 32,193

9,193 5,188

41,430 3,241,485

87,275

RESIDENTIAL ID CARO RESIDENCE LEARNING

BOOKSTORE SERVICES TOTAL HALL COLLEGE

$ 910,195 $ 17,848 $ 380,883 7,468 (12,911) (253) 118,601 2,325

18,696 367 39,012 765

1,937 38 12,656 248

112,468 2,205 26,739 524 16,418 322 4,688 92 2,646 52

21,129 414

856,653 358,479 (12,152) 111,623

17,598 36,718

1,822 11,912

105,850 25,167 15,453

4,413 2,490

19,887

$ 339,091 $ 107,080 141,898 44,810

(4,810) (1,519) 44,184 13,953

6.966 2,200 14,534 4,590

721 228 4,715 1,489

41,899 13,231 9,962 3,146 6,117 1,932 1,747 552

986 311 7,872 2,486

1,653,157 32,415 1,555,913 615,882 194,489 44,510 873 41,892 16,582 5,237

CASH

OPERATIONS

$ 410,482 171,771

{5,823) 53,486

8,432 17,594

873 5,708

50,720 12,059

7,404 2,114 1,193 9,529

745,542 20,073

$ 3,328,760 $ 1,697,667 $ 33,288 $ 1,597,805 $ 632,464 $ 199,726 $ 765,615


FORTY-NINER SHOPS, INC Schedule of Net Position

June 30, 20]6

(for mdusion in the California State University)

Assets;

Current as.sets:

Cash and cash equivalents

Short-term investments

Accounts receivable. net

Leases receivable, current portion

Notes recervable, current portion

PJedges receivable, net

Prepaid expenses and other eurrent assets

Total current aasels

Noncurrent assets

Restricted cash and cash equivalents

Accounts receivable, net

Leases receivable, net ofcurrent portion

Notes receivable, net ofcu1Tent portion

Student loans receivable. net

Pledges rece!vabfe, net

Endo\.\lffient investments

Other long-term inve11ments

Capital assets, net

Other assets

Total noncurrent assets

Total asselS

Deferred outflows of resources:

Unamortized loss on debt refunding

Net pension liability

Others

Total deferred outflows ofresources

Liabilities

Current liabiloties, Accounu payable Accrued salaries and benefits Accrued compensated absences, current portion lJnearned revenue Cap>tali,,.d lease obligations, current portion Long-term debt obligations, current pon1on Claims liability for losses and loss adjustment expenses, current ponion Depository accounts Other liabilities

Tolal current liabilities

Noncurrent liabilities Accrued compensated absences, net ofcurrent portion Unearned revenue Grants refundable Capitalized lease obligations, net of cumnt portion Longterm debt obligations, net ofcurrent portion Claims liabihty for losses and loss adjustment expenses, net of current portion Depository accounts Other poslemployment benefits obligations Net pension liability Other liabilities

Total noncurrent liabilities

Tolal !,abilities

Deferred intlows ofresources:

Service concession arrangements

Net pension liabilily

Unamortized gain on debt refunding

Nonex:change transactions

Others

Ket Position. Net investment Ht capital ,u,::,ets Restricted for

Noncx1icncl.1),te endo,,,,;1;er1ts .lxpcndablc

Scholarships a11d fellc,xsh1ps Resear.;h Loan~ Capita! f'I ojcct~ Dl! ht sci vice Others

L nrestricted

Total net position

3,499,447 6,722,616 1,951,390

500,000

2,518,477

15,191 930

768,432 8,594,558

9 362,990

24,554 920

1,117,134 548,772

1,390,262

85,000

3 141 168

3,491,328

4,191,913 4,198,844

11,882,085

I 51023,253

5,(!: 8,230

4 513,437

See independent auditors' report and notes to the financial statements 30

FORTY-NINER SHOPS, INC

Schedule of Revenues, Expenses, and Changes in Net Position

Year Ended June 30, 2016

(for inclusion in the California State University}

Revenues:

Operating revenues:

Student tuition and fees (net of scholarship allowances of$___~

Grants and contracts, noncapital:

Federal

State

Local

Nongovernmental

Sales and services of educational activities

Sales and services of auxiliary enterprises (net ofscholarship

allowances of$____,

Other operating revenues

Total operating revenues

Expenses:

Operating expenses:

Instruction

Research

Public service

Academic support

Student services

Institutional support

Operation and maintenance of plant

Student grants and scholarships

Auxiliary enterprise expenses

Depreciation and amortization

Total operating expenses

Operating income (loss)

Nonoperating revenues (expenses): State appropriations, noncapital Federal financial aid grants, noncapital State financial aid grants, noncapital Local financial aid grants, noncapital Nongovernmental and other financial aid grants, noncapital Other federal nonoperating grants, noncapital Gifts, noncapital Investment income (loss), net Endowment income (loss), net Interest expense Other nonoperating revenues (expenses)

Net nonoperating revenues (expenses)

Income (loss) before other revenues (expenses)

State apprnpriallons, capilal Gnmts and gifts, capital Additions (reductions) to permanent endowments

lncreasc { decrcasd in net posit1c1n

Net position: Net position at beginning of year, as prcnously reported Restatements Nd posltiun al beginning of year, as restated

Net position at end of year

$

38,012,314

38,012,314

34,906,793 985,466

35,892,259

2,120,055

(I 89,838)

(170,068) (1,552,287)

(1,912,193)

207,862

207,862

9,323,805

9323,805

$ ====Q="=53=1,=6=6"'='=


FORTY-NINER SHOPS. INC FORTY NINER SHOPS, INC

Juno30,20l6

(fur inclusion in the California Slate Uni\'ersity)

kestritted csla and caslii equivalft-s at JaH 30. 20CV: Portivn of restrietcd cash and cash equivalents related co endCM'IDC'nls All "1

---------

Endmunent in\'CSur,enl -\dd d,~xrlpti..-.n

Add dt..o;,:oplluu >\dd d;.-~cripticn AdrtificaL-..:. nr ,.for-""it M.1tual fwiJ.!i Money Market funC.S R~pw ch:F~ agrC'.::rn,:nl.'> C vflUTl(,,.T-; 1.J.! paper Asset bac1.;;d secu:ities Mmt1,?

H>RTV-~INER SHOPS. f'K :-'ORTY NINER ~HOP$. INC

June 30. 2016

I foi mdw,,on m t.h(;" (',1]1fornia St-l'l~ l_:ni1n~w,.)

.3 Cnmpo5ition of op-liaJ tlSSc"~ at ,furn.' 30, 2015:

Ncmdeprcc i3.blc/oonamortJ.lil ble capir.al asst.1.s Land ~;:J land Work!> oi a11 anJ ConstnAtion \,ork in progress {CWIP)

PJt>l''..S :n ptef L1cctt.1teS ;n:J pernut.s Other int.a.:-.ciblc as"ets

Tt)ta! i~tang-ihl:? a~,;e-t,;

ToW nondeprcc1ablc:.'nonamonl7..lJbk capital a5sets

~>;1n,c1,tt"i'.:;./arno:',ntbk ca~>1Ul1 a~,~Ls Buildl.r,g~ and building unprov~ent.s lmpro\ c-ments. other tha."1 bwl&ngs lnfra.5ciuc-1un'

Leasehold imp1,._,vemt,,'nts Pcrson:i.l p:topen:v:

L,,.1ipm1:,.;

L16rarv b-oocks and materiais

Tn!ant":hk as,;.;:llc as~~ts:

Sofhvare .and \\ebsit.L"!.

Rights and -easements

Patents, cop}riftht and lndemarU

Licenses and p,ennits

Other Jntany)ble assets

Add dcsmption Add description

Add d~tion

Add descripliOFI

Add dcscnption

Toe,] intangible me\S

TOW accumulated dc:proc1ation/amortizat10I1

Baln,e Baluc.e Prior 1-'M:'riod June 30. 2015

__!!.~_n_!]O. 201~ ~:~..1~.t~~- _f.rr~~..~t>

h.9.819

~-,_819

l9.~()9,l 7; J9_5i,"_IJ7I

37.664 )7.664

-- ,__ 25.?~C._62_~ -

(1 Lnl2.14e:; 01.617.14:S) 137,{)l'i~) )7Ji(1-fi

(5.25:5,20 l 1 (5.2'X)

J4~_{J07

(677JJ07)

(308 . .:'59) 94 180

(9R5,466) 94.180

Balance

Jt~-~-~6... ~

493.'1118

l 'i.64~), 73 S 37.6f-...1

Y,.::t9TI.R~ I ~ """""-'" -

02.289, '?)

;-; _469,4X:))

(17,796,2%)


http:capir.al

FORTY-NINEK SHOPS. INC FORTY NINER SHOPS, INC

JUDO 30. 2016

(for inclusion m \he Cahfomia Slltt Uai,'Ctsity)

3 Detlil ofoepreciarioa and unortiution npese ror the year ncW June 30. 20J6:

Depnlclauon and amortization expmsc relal.Cd to capttal useu; 915,466 Amortualion ~ relat.odtoolher assets

Tot.al depreciation and amortization s___..,915.__,4.,66._

Balanee Prior period Balanu

Juoe30,l01S Balant.e C.rttnt Lon~te:rm JuaeJo,2015 adjutments Redassificatioas (...tated) Additions Reductions Jurlll,2016 pomae ponioa

Aa:rued compcnsalcd absences 1,281,388 1.28J.IS8 563,651 (455.Zn) 1.390,262 1,390,262 Claims liability fer loose, and loss adjuslmenl .._

Capitalimd. lcase oblipliQns Gross balance Unarnort1md Ptcmium / (dlSC.O\lnt) on capita.bzcd lease obhgllions

Total c;apit.alil.Cd lease obligations:

Long-term deb! obliptwns. Au."Uliarv rc\cnue bonds Commcri.ial papa-N"" ""'"ablc 1elak

HlRl'II '-1"-'f R!;i.10~, f",c(' f-OKTY '.'.!'-.I~ ~,HOPS 1',f

Jun~ _~CJ. 2016 (fr~ mclu!oi1on m lh-~ {';ihfom1a Stak UrlJ\ers1ty)

6 I ,ongtttt m de-bt oblig:111tion st hedu\e

Yc-a,c-rnh-. ~()

.'017

2.UIK 2019 2020 2021

2Cl,'./

2031- .:u~ti 2037 - 2G4 l 2042 - 2c~t, 2047 11; l

20~7 - .::Ct,l 2062" :'.!.!(:--.

Total mm1mwn .:>a)meilt!.

Pr~ril , abs::- :Jf fulure nnrumuin pa~mctllS

Long-term debt obllgtUioos. ntt of rurrent .portion

Principal 0fl!'v 1 nteres1 Only Prlnci:pl and

lnten:~1

-\II otlk'r long-1trrn

----- ---"~b_l'~'b~h~g~'~"'-"~'------ Principal and

Principal Only lnterestOnh ~~

M" Endowment tmC!',ltOents Other adJl151ments (plc.ase hst}

Add descnpt1on Add desmptk:ln

Add dcs

Pa}ments 'ID Unn.-ent1t, for sa~ of Uni\ C'l'Uh personnel \\Ol'klnt on contracts. grants and Olher program$ Pin.mcnts to lJm\CTSll\ for other lha:n saJ.anes ofUm, ~1h personnel Pa,.mmts rece,,cd from Uw\ersrt'\ for SCI'\ accs. spare. and programs GiC.S-m--kmd 10 1Jic tJnm:rs,n- from d.tscrctch presented ~omponent umts Gifts (cash or assets) Lo the- Urmcrut\ iam chsctclcl\ presented componcnl umts Acooums ('pa,'lllblc II)) Unn eJ"Sll\ (cnla' as ncplt\e nwnber) Olhcr amoums(payableto) Um,m1!\ (ir:nt as ncxau,e number) ACCOUlll.5 NllriC1\ablc from UnnerS1t\ Olhcr lfflOUDlS rece1, able tom Uni, eml~

Annual rcqmrod con1nOuoon (ARC) Comnbuhons dunng the \'eat

s 500.337

Increase (decreascl m net OPEB obl1saoon (NOO) 500.337

Other adjllSUllenlS

NOO - bcgmrung of ,car NOO-cndof~-c.111 s

3.691.576

4.191.913

10 Pollulio remediation liabilities ander GASB Statement No. 49:

Dntriptiota Add dcsmi>Oon Adddes

FORTYNINER SHOPS, INC FORTY NINER SHOPS. IN boolred to rOf'd Heh prior period adjntmrt: Dehit Credit

Net posiuooclass ________

I (brcalkdo-.n o( adimlmJ! ioumaJ enlr\') s

Net posltlOO etas.IS 2 ~-Tl of adjuWDJt twm1.I ent.r,)

Net po511ioo cla~ 3 (breal

Documents

financial statements 2015-2016 · An audit involves performing procedures to obtain audit evidence about the amounts and ... Accounts receivable Accounts ... Accounts payable, trade