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 NSU recognized government grant revenues from Higher Education Emergency Relief Fund (HEERF) allocations in fiscal 2022 and 2021 of approximately $22.8 million and $12.4 million, respectively, comprised of $10.7 million and $3.6 million, respectively, related to financial aid grants made to students and $12.1 million and $8.8 million, respectively, related to eligible institutional expenses and lost revenues. Future potential impacts from COVID-19 on the university are not possible to determine given the inherent uncertainty of the course of the virus and related health and regulatory developments, if any, that could occur. The university will continue to closely monitor status and is prepared to take additional measures to protect the health and welfare of the university community, as appropriate. 23. Subsequent Events Pursuant to ASC 855, Subsequent Events, the university has reviewed all subsequent events through September 29, 2022, the date the consolidated financial statements were available to be issued. 24. U.S. Department of Education Supplemental Disclosure The U.S. Department of Education (DOE) issued regulations which became effective July 1, 2020, regarding additional disclosures deemed necessary in order to calculate certain ratios for determining sufficient financial responsibility under Federal Title IV regulations. The following information is not required by U.S. generally accepted accounting principles (GAAP). Net Assets with Donor Restrictions Net assets with donor restrictions of $187.7 million reflected in the Consolidated Statement of Financial Position as of June 30, 2022, includes the following categories, in addition to $37.0 million of other net assets that are not perpetually restricted (in thousands): Net assets with donor restrictions restricted in perpetuity $ 106,942 Annuities, term endowments, and life income funds with donor restrictions: Annuities with donor restrictions - Term endowments 40,312 Life income funds (trusts) 3,474 Total annuities, term endowments, and life income funds with donor restrictions $ 43,786 Property, Plant, and Equipment (PP&E), net PP&E, net, is referred to as Land, Buildings, and Equipment, net, in the Consolidated Statements of Financial Position and Note 7. It includes construction in progress and finance lease right-of-use assets as detailed in Note 7. Post-Implementation (in thousands) PreImplementation With Outstanding Debt Without Outstanding Debt Total Total PP&E, net, June 30, 2021 $ 851,511 $ 26,506 $ 38,223 $ 916,240 (Note 7) Additions - - 26,549 26,549 Disposals (717) - - (717) Depreciation and amortization (36,312) (6,660) (5,259) (48,231) Total PP&E, net, June 30, 2022 $ 814,482 $ 19,846 $ 59,513 $ 893,841 (Note 7) 44