Annual Report 2022

No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 2 a n d 2 0 2 1 ⁵ These investments are subject to rolling two-year lock-up provisions permitting full liquidation upon expiration of the respective lock-up period, as well as optional interim quarterly redemptions of up to 2.5 percent throughout the lock-up period. The next possible full redemption dates vary, ranging from 22 to 27 months after June 30, 2022. ⁶ These investments may be redeemed subject to gates ranging from 25 percent per quarter to 33 percent per year. ⁷ These investments cannot be redeemed. Capital invested is committed at the beginning of the fund term for approximately 10 years. The private equity firm enters into value-enhancing transactions and distributes capital as these transactions are liquidated. The underlying investments in the funds are expected to be liquidated over the next 12 years. Fair Value on a Nonrecurring Basis As of June 30, 2022 and 2021, there were no financial assets or liabilities measured at fair value on a nonrecurring basis. 9. Long-Term Debt Long-term debt at June 30 is summarized below (in thousands): 2022 2021 HEFFA tax exempt Series 2016 bonds $ 86,870 $ 86,870 Town of Davie tax exempt Series 2018 bonds 137,310 138,315 FDFC tax exempt Series 2020A bonds 28,705 33,935 FDFC taxable Series 2020B bonds 182,200 189,490 NSU taxable Series 2022 bonds 150,000 - Par amount of bonds 585,085 448,610 Net unamortized premium 29,172 31,779 Net unamortized deferred issuance costs (4,766) (3,878) Total $ 609,491 $ 476,511 Current portion (13,460) (13,525) Long-term debt $ 596,031 $ 462,986 The university has entered into an Amended and Restated Master Trust Indenture (originally dated as of October 1, 2008, as previously amended, and as amended and restated as of June 1, 2020) with U.S. Bank Trust Company National Association, as successor Master Trustee (the Amended and Restated Master Trust Indenture). The Amended and Restated Master Indenture provides for notes issued and outstanding thereunder from time to time (collectively, the Notes, and, individually, a Note) to be secured by Pledged Revenues composed, generally, of (i) Tuition and Fees and (ii) Dormitory Revenues (as all such terms are defined in the Amended and Restated Master Trust Indenture). As of June 30, 2022, the university had issued and outstanding four Notes under the Amended and Restated Master Trust Indenture relating to (1) bonds issued in 2016 (the 2016 Bonds) on behalf of the university by the Higher Education Facilities Financing Authority, created pursuant to the provisions of Chapter 243, Part II, Florida Statutes (HEFFA), (2) bonds issued in 2018 (the 2018 Bonds) on behalf of the university by the Town of Davie, Florida, a municipal corporation of the State of Florida (Town of Davie), (3) bonds issued in 2020, consisting of two series (the 2020A Bonds and the 2002B Bonds, respectively, and collectively the 2020 Bonds) issued on behalf of the university by the Florida Development Finance Corporation, created pursuant to Chapter 288, Part X, Florida Statutes (FDFC), and (4) bonds issued in 2022 directly by NSU (the 2022 Bonds). 31