University of Florida Foundation, Inc. Financial and Compliance Report June 30, 2016

Transcription

1 University of Florida Foundation, Inc. Financial and Compliance Report

2 Contents Independent auditor s report 1-2 Financial statements Statement of financial position 3 Statement of activities 4 Statement of cash flows 5-6 Notes to financial statements 7-33 Supplemental schedules Schedule of receipts, expenditures and endowment balances for Major Gifts Program Schedule of receipts, expenditures and endowment balances for Eminent Scholar Program 56 Independent Auditor s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Independent Auditor s Report on Compliance for Each Major State Financial Assistance Project and Report on Internal Control Over Compliance Required by State of Florida Chapter , Rules of the Auditor General Schedule of expenditures of state financial assistance 61 Notes to schedule of expenditures of state financial assistance 62 Schedule of findings and questioned costs 63

3 Independent Auditor s Report To the Board of Directors University of Florida Foundation, Inc. Gainesville, Florida Report on the Financial Statements We have audited the accompanying financial statements of the University of Florida Foundation, Inc. (the Foundation), (a component unit of the University of Florida), which comprise the statement of financial position as of, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements (collectively, 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. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the University of Florida Foundation, Inc. as of, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. 1

4 Report on Summarized Comparative Information We have previously audited the University of Florida Foundation, Inc. s financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated September 24, In our opinion, the summarized comparative information presented herein as of and for the year ended, is consistent, in all material respects, with the audited financial statements from which it has been derived. Other Matters Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental schedules as listed in the table of contents are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying schedule of expenditures of state financial assistance, as required by the State of Florida Chapter , Rules of the Auditor General, is presented for purposes of additional analysis and is also not a required part of the financial statements. The supplemental schedules and the schedule of expenditures of state financial assistance are 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. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 23, 2016, on our consideration of the University of Florida Foundation, Inc. s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the University of Florida Foundation, Inc. s internal control over financial reporting and compliance. Orlando, Florida September 23,

5 Statement of Financial Position (with summarized comparative information as of ) Assets Cash $ 7,697,414 $ 5,121,455 Other receivables 41,950,320 48,017,886 Pledges receivable, net 121,070,975 86,923,916 Investments 1,519,147,213 1,615,176,856 Real estate held for sale 6,645,574 7,544,249 Other assets 7,302,931 7,129,433 Present value of amounts due from externally managed trusts 2,768,376 2,632,102 Property and equipment, net 37,055,362 32,921,456 Land preserve 15,719,467 15,719,467 Permanent collections 40,009,071 39,382,489 Total assets $ 1,799,366,703 $ 1,860,569,309 Liabilities and Net Assets Liabilities Accounts payable, accrued expenses and other liabilities $ 5,326,895 $ 5,326,138 Notes payable 19,067,528 20,493,258 Annuity liabilities 6,948,696 6,664,448 Trust liabilities 12,365,565 14,476,087 Pension liability 15,488,443 10,349,689 Deferred revenue 418, ,000 Amounts held on behalf of University of Florida related entities 39,590,740 38,834,077 Total liabilities 99,206,007 96,964,697 Net assets Unrestricted (8,215,114) 8,266,506 Temporarily restricted 434,989, ,164,711 Permanently restricted 1,273,386,552 1,228,173,395 Total net assets 1,700,160,696 1,763,604,612 Total liabilities and net assets $ 1,799,366,703 $ 1,860,569,309 See notes to financial statements. 3

6 Statement of Activities Year Ended (with summarized comparative information for the year ended ) Temporarily Permanently Total Total Unrestricted Restricted Restricted Operating revenue and other additions: Contributions $ 213,283 $ 106,565,679 $ 47,876,133 $ 154,655,095 $ 91,916,555 Support from the University of Florida 15,907, ,907,965 14,912,304 Investment return, net 11,785,610 (64,428,974) (360,451) (53,003,815) 70,658,545 Alumni program support 1,936,347 61, ,126 2,702,797 2,617,478 Other 1,547,533 7,994, ,430 9,906,752 9,638,744 Net assets released from restrictions 138,098,933 (138,098,933) Total operating revenue and other additions 169,489,671 (87,906,115) 48,585, ,168, ,743,626 Operating expenses and other expenditures: Program services: General college support 40,807, ,807,168 82,483,434 Student financial aid 22,420, ,420,252 45,098,447 Faculty and staff support 20,949, ,949,304 57,213,749 Research 15,437, ,437,208 32,532,393 Facilities 26,228, ,228,415 33,498,896 Other 14,618, ,618,873 37,236,654 Total program services 140,461, ,461, ,063,573 Supporting services: Communications and marketing 2,095, ,095,269 1,749,274 Alumni affairs 4,522, ,522,556 4,433,513 Development 23,482, ,482,673 20,451,979 Advancement services 8,730, ,730,961 7,485,472 Talent management 2,477, ,477,086 2,203,438 Total supporting services 41,308, ,308,545 36,323,676 Total operating expenses and other expenditures 181,769, ,769, ,387,249 Change in net assets from current operations (12,280,094) (87,906,115) 48,585,238 (51,600,971) (134,643,623) Other changes: Change in value of split interest agreements - (218,251) (649,880) (868,131) (664,854) Pension changes other than net periodic pension costs (4,201,456) - - (4,201,456) (3,914,609) Provision for doubtful pledges (70) (4,051,087) (2,722,201) (6,773,358) (245,969) Change in net assets (16,481,620) (92,175,453) 45,213,157 (63,443,916) (139,469,055) Net assets, beginning of year 8,266, ,164,711 1,228,173,395 1,763,604,612 1,903,073,667 Net assets, end of year $ (8,215,114) $ 434,989,258 $ 1,273,386,552 $ 1,700,160,696 $ 1,763,604,612 See notes to financial statements. 4

7 Statement of Cash Flows Year Ended (with summarized comparative information for the year ended ) Reconciliation of change in net assets to net cash used in operating activities: Change in net assets $ (63,443,916) $ (139,469,055) Adjustments to reconcile change in net assets to net cash used in operating activities: Contributions restricted for long-term investment (32,706,697) (32,314,453) (Decrease) increase in trust and annuity liabilities (1,826,274) 429,568 Increase in pension liability 5,138,754 4,087,757 Provision for doubtful accounts and pledges 6,773, ,644 Amortization of deferred revenue (402,860) (416,410) Depreciation expense 686, ,457 Loss (gain) on investments, changes in real estate held for sale, property and equipment and other assets 67,058,346 (61,081,465) Noncash contributions (4,067,174) (6,303,117) Changes in operating assets and liabilities: Pledges receivable (41,306,244) (6,014,497) Due from externally managed trusts (136,274) 54,927 Other receivables 6,037,354 (32,711,887) Accounts payable, accrued expenses and other liabilities 757 2,067,478 Net cash used in operating activities (58,194,365) (270,888,053) Cash flows from investing activities: Purchases of investments (7,529,532) (12,858,057) Proceeds from sales of investments 41,706, ,426,858 Proceeds from sales of real estate held for sale 2,657,279 2,345,367 Purchases of property and equipment and other assets (5,698,046) (8,686,018) Proceeds from sales of property and equipment and other assets 867,792 1,594,480 Collections of notes receivable 30,211 99,713 Net cash provided by investing activities 32,034, ,922,343 Cash flows from financing activities: Proceeds from contributions restricted for long-term investment 32,706,697 32,314,453 Payments on notes payable (1,425,730) (408,910) Proceeds from University of Florida related entities 1,979,911 19,424,299 Proceeds from (payments to) accounts held on behalf of employees 1,461 (8,877) Payments to beneficiaries and other split interest expenses (4,526,431) (2,735,503) Net cash provided by financing activities 28,735,908 48,585,462 Net increase (decrease) in cash 2,575,959 (7,380,248) Cash: Beginning of year 5,121,455 12,501,703 End of year $ 7,697,414 $ 5,121,455 (Continued) 5

8 Statement of Cash Flows (Continued) Year Ended (with summarized comparative information for the year ended ) Supplemental disclosure of cash flow information: Cash paid for interest $ 558,332 $ 443,824 Cash received for income taxes 826,481 41,135 Supplemental data for noncash investing and financing activities: Purchase of land with mortgage payable $ - $ 5,000,000 Receipt of permanent collection gifts 397,284 1,021,860 Receipt of real estate held for sale 1,730,500 1,588,040 Receipt of real estate held for use 1,010,001 1,141,001 Receipt of life insurance 925,407 1,976,919 Receipt of non-liquid investments 2, ,504 Receipt of livestock 1, ,793 See notes to financial statements. 6

9 Notes to Financial Statements Note 1. Nature of Organization and Significant Accounting Policies Nature of organization: University of Florida Foundation, Inc. (the Foundation) is a nonprofit entity established to solicit and manage funds for the benefit of the University of Florida (the University). The Foundation is governed by a self-perpetuating board of directors consisting of a majority of volunteer board appointed members, some of whom are significant donors to the Foundation. The Board also includes ex-officio University and Foundation officials. The Foundation functions as a direct support organization of the University and is reported as a component unit of the University in its financial statements. A summary of the Foundation s significant accounting policies follows: Comparative financial statements: The financial statements include certain prior-year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the Foundation s financial statements for the year ended, from which the summarized information was derived. Basis of accounting: The accompanying financial statements of the Foundation have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Foundation follows the guidance of the provisions for accounting for nonprofit organizations. Under this guidance, the Foundation is required to report information regarding its financial position and activities according to three classes of net assets: permanently restricted, temporarily restricted and unrestricted. Accordingly, net assets of the Foundation and changes therein are classified and reported as follows: Permanently restricted net assets Net assets subject to donor-imposed stipulations that they be maintained permanently by the Foundation. Generally, the donors of these assets permit the Foundation to use all or part of the income earned on related investments for general or specific purposes in the support of the University. Temporarily restricted net assets Net assets subject to donor-imposed stipulations that may or will be met, either by the passage of time or satisfaction of the restriction. When the restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Unrestricted net assets Net assets which represent resources generated from operations or assets not subject to donor-imposed stipulations, but may be designated for specific purposes by action of the board of directors. Revenues: Revenues are reported as increases in unrestricted net assets unless use of the related assets is limited by donor-imposed restrictions. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily restricted or permanently restricted support that increases these net asset classes. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulations or by law. 7

10 Notes to Financial Statements Note 1. Nature of Organization and Significant Accounting Policies (Continued) In the normal course of business, the Foundation accepts financial assets from donors on behalf of specified beneficiaries to which it is financially interrelated and recognizes the fair value of assets received as contributions. Contributions, including unconditional promises to give, are recognized as revenues in the period received and are recorded at their estimated fair value on the date of contribution. For the years ended and 2015, the Foundation recognized $103,922,014 and $64,493,534, respectively, in in-kind operating revenue and other additions. Conditional promises to give are not recognized until they become unconditional, that is, when the conditions on which they depend are substantially met. Liquidity: Assets are presented in the accompanying statement of financial position according to their nearness of conversion to cash and liabilities according to the nearness of their maturity and resulting use of cash. Use of estimates: Management uses estimates and assumptions in preparing financial statements in conformity with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, and reported revenues and expenses. Significant estimates used in preparing these financial statements include those used in calculating the pledges receivable and related allowance for doubtful amounts, the annuity and trust liabilities under split interest agreements and the pension benefits obligation, and in determining the impairment of long-lived assets and the fair value of certain investments. Actual results could differ from these estimates, and the change may be material. Cash: Cash consists of cash on hand and cash in operating accounts. Other receivables: Other receivables primarily consist of amounts due from the University (see Note 15). Property and equipment: All real property (buildings and land) is capitalized. Property and equipment purchased with an original cost of $5,000 or more are recorded at cost. Contributed property and equipment having a fair value of $5,000 or more are recorded at their estimated fair value on the date of donation. If donors stipulate how long the assets must be used, the contributions are recorded as restricted support for the term of the restricted period. In the absence of such stipulations, contributions of property and equipment are recorded as unrestricted support. Property and equipment are depreciated using the straight-line method of depreciation over the estimated useful lives of the assets. The estimated useful life for vehicles and equipment is 3 years and ranges from 5 years to 30 years for buildings and improvements. If equipment is donated to the Foundation for the benefit of the University, the Foundation transfers title to the specified University recipient and no amounts are capitalized in the Foundation s financial statements. Permanent collections: The Foundation capitalizes its permanent collections. Additions are capitalized at cost if purchased and at fair value at date of contribution, if received by donation. Gains and losses on disposals of donated collections are recorded based on the presence or absence of donor restrictions placed on items at the date of donation. Real estate held for sale: The Foundation receives contributions in the form of real estate with donor intentions that the properties are to be sold and proceeds from the sale are to benefit the Foundation or the University. Real estate held for sale is held at fair value less estimated costs to sell. 8

11 Notes to Financial Statements Note 1. Nature of Organization and Significant Accounting Policies (Continued) Fundraisers salaries and expenses paid by various colleges of the university: A portion of certain fundraisers salaries and expenses is paid either directly to the fundraisers by the colleges which they represent or it is reimbursed to the Foundation by the colleges. These amounts, which totaled $11,752,369 and $10,760,403 for the years ended and 2015, respectively, are included in unrestricted operating revenues as support from the University and in expenses as fundraising costs. At and 2015, $532,203 and $801,927 of these amounts are included in other receivables. Pledges receivable: Unconditional promises to give that are expected to be collected within one year are recorded at net realizable value. Unconditional promises to give that are expected to be collected in future years are recorded at the present value of their estimated future cash flows. The discounts on those amounts are computed using a risk adjusted discount rate applicable to the month in which the promises are received. Amortization of the discounts is included in contributions revenue. The Foundation uses the allowance method to determine uncollectible receivables. The allowance is based upon management estimates of current economic factors and analysis of specific accounts. Split interest agreements: The Foundation accepts gifts subject to split interest agreements. These gifts may be in the form of annuities, life estates or charitable remainder trusts. At the time of receipt, a gift is recorded based upon the fair value of assets donated less any applicable liabilities. Liabilities include the present value of projected future distributions to the annuity or trust beneficiaries and are determined using the Internal Revenue Service rate for computing charitable deductions for such gifts in effect at the time of the gift ranging from 2.0% to 8.2%. Funds subject to split interest agreements are classified as temporarily restricted or permanently restricted based upon donor designations. Current Florida law requires charities to maintain certain minimum gift annuity reserves. As of June 30, 2016 and 2015, the Foundation held assets in excess of the minimum required by state law. Accrued compensated absences: The Foundation accrues accumulated unpaid vacation and sick leave and associated employee-related costs when earned (or estimated to be earned) by the employee. Eligible employees are entitled to annual vacation and sick leave with pay. Accrued compensated absences totaled $1,932,321 and $1,700,511 at and 2015, respectively, and are included in accrued expenses in the accompanying statement of financial position. Fair value measurements: The Foundation s investments are stated at fair value (see Note 6). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Foundation uses various methods including market and income approaches. Based on these approaches, the Foundation often uses certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Foundation uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Functional allocation of expenses: The costs of providing various programs and support services have been summarized on a functional basis in the accompanying statement of activities. Accordingly, certain costs have been allocated to the programs and supporting services receiving benefit from the expenditures. 9

12 Notes to Financial Statements Note 1. Nature of Organization and Significant Accounting Policies (Continued) Impairment of long-lived assets: Long-lived assets, such as land, buildings and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, the Foundation first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models and third-party independent appraisals, as considered necessary. Income taxes: The Foundation is exempt from federal income taxes under section 501(a) of the Internal Revenue Code as an organization described in section 501(c)(3). However, the Foundation is subject to income tax on unrelated business income. The Foundation s primary source of unrelated business income is from certain investments in private equity partnerships. For the years ended and 2015, the Foundation had current income tax expense (benefit) of $48,560 and $(1,913,387), respectively, which is included as an adjustment to investment return in the accompanying statement of activities. The Foundation files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions. Tax periods open to examination by major taxing jurisdictions to which the Foundation is subject include fiscal years ended June 30, 2013 through. The Foundation has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with accounting principles generally accepted in the United States of America for accounting for uncertainty in income taxes, and determined that there are no uncertain tax positions that would have a material impact on the financial statements of the Foundation. Amounts held on behalf of University of Florida related entities: Gator Boosters, Inc., the University of Florida Law Center Association, Inc., the University of Florida Health Proton Therapy Institute, and Shands Teaching Hospital and Clinics, Inc. have entered into agreements with the Foundation for administrative services. The liability included in the accompanying statement of financial position represents the amounts due to these entities, including any share of investment returns. Deferred revenue: Amounts received in advance under agreements with terms in excess of one year are recorded as deferred revenue and are amortized into revenues using the straight-line method over the life of the related agreements. 10

13 Notes to Financial Statements Note 1. Nature of Organization and Significant Accounting Policies (Continued) Recent accounting pronouncements: The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No , Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendment applies to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. For investments that are redeemable with the investee at a future date, a reporting entity must consider the length of time until those investments become redeemable to determine the classification within the fair value hierarchy. The amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. This ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. This ASU is effective for the Foundation for their fiscal year beginning after December 15, 2016 and requires retrospective treatment to all periods presented. Management is reviewing the requirements of this ASU but believes the only impact on the financial statements will be on disclosure of certain investments recorded at the net asset value practical expedient. The FASB has issued ASU , Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. Key elements of the ASU include: 1) Net asset classifications are being reduced from three to two categories: with donor restrictions and without donor restrictions, 2) Expanded disclosures about the nature and amount of any donor restrictions will be required, 3) Expanded disclosures on any board designations of net assets without donor restrictions will also be required and 4) Underwater donor-restricted endowments will be included in with donor restrictions. There will be enhanced required disclosures for underwater endowments, including disclosure of policies for reducing or ceasing spending from such endowments, the aggregate fair value, the aggregate original gift amount or level required to be maintained by donor or law, and the aggregate amount of any deficiencies. The placed-in-service approach will be required for determining when restrictions are met for all capital gifts, eliminating the over-time option for expirations of capital restrictions. Additional disclosures, both qualitative and quantitative, will be required to communicate information useful in assessing liquidity within one year of the statement of financial position date. Enhanced disclosures will be required for organizations that present an operating measure. When an organization derives net investment return from several different sources, such as donor endowments and unrestricted operating endowments, it may present the net investment return in multiple line items in the statement of activities. The components of net investment expense no longer will be required to be disclosed; however, organizations may continue to include this information when their financial statement users have an interest in that information. Several new reporting requirements related to expenses are as follows: 1) Disclosure of expenses by both nature and function (excluding investment expenses that have been netted with investment return) 2) Disclosure of expenses netted with investment return and 3) Enhanced disclosures regarding cost allocations. ASU eliminates the requirement to disclose the unrealized gains and losses for the period related to equity securities held at the report date as previously required by ASU , Financial Instruments Overall (Subtopic ): Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance is effective for fiscal years beginning after December 15, 2017, and early adoption is permitted. The Foundation is currently evaluating the impact of the adoption of ASU on its financial statements. 11

14 Notes to Financial Statements Note 1. Nature of Organization and Significant Accounting Policies (Continued) The FASB and other entities have issued other certain new or modifications to, or interpretations of, existing accounting guidance. The Foundation has considered the new pronouncements that altered accounting principles generally accepted in the United States, and does not believe that any other new or modified guidance will have a material impact on the Foundation s reported financial position or activities in the near term. Subsequent events: The Foundation has evaluated subsequent events through September 23, 2016, which is the date the financial statements were available to be issued. Note 2. State Match Receivable In accordance with Florida Statute Chapter , University Major Gifts Program, endowment contributions of $100,000 or more, made after July 1, 1985, with income to be used to support libraries and instruction and research programs, are eligible for state match. As of and 2015, the Foundation has approved state matching requests that have not yet been received or recognized in the financial statements totaling $130,905,263 and $130,958,616, respectively. The State of Florida has temporarily suspended funding for this program and did not appropriate any funds; therefore, no receivable has been recorded in the accompanying financial statements. Note 3. Pledges Receivable Pledges receivable and the related allowance for doubtful accounts at and 2015, are summarized as follows: Due in less than one year $ 31,057,592 $ 23,964,943 Due in one to five years 86,214,349 63,351,443 Due after five years 33,771,667 21,476, ,043, ,792,793 Allowance for doubtful amounts (17,936,818) (13,270,096) Unamortized discounts (12,035,815) (8,598,781) Pledges receivable, net $ 121,070,975 $ 86,923,916 Pledges receivable are discounted using a risk adjusted discount rate for the month the pledge was initially recognized. The risk adjusted discount rate consists of the 5-year Treasury yield plus a 1% risk premium. Discount rates used ranged from 1.6% to 8.2%. 12

15 Notes to Financial Statements Note 4. Investment Management Agreement The University of Florida Board of Trustees created the University of Florida Investment Corporation (UFICO), a direct support organization, to manage University investments. UFICO is governed by a volunteer board of directors independent from the Foundation. The Foundation has a management agreement with UFICO to manage a significant portion of its investments. Management fees are payable at the beginning of each quarter and are computed based on amounts budgeted by UFICO and the market value of the assets as reported by the custodians at the previous quarter-end. The asset valuations used in the fee calculations include all funds and assets under management, including cash and accrued income. Annualized fees charged were 0.17% and 0.15% of the related assets under management for the years ended and 2015, respectively. Management fees expensed during the years ended and 2015, under this agreement totaled $2,564,662 and $2,323,534, respectively, which are included in investment return in the accompanying statement of activities. Note 5. Investments Investments at and 2015, are summarized as follows: Government issues domestic $ 637,636 $ 770,227 Government issues foreign 100, ,776 Corporate stocks 324, ,023 Short-term investments 11,676,840 12,076,837 Mutual funds equities 20,978,085 21,956,870 Mutual funds fixed income 10,693,487 12,101,512 Private equity investments 2,864,015 5,598,048 Private equity investments UFICO limited partnerships 1,471,872,238 1,561,922,563 $ 1,519,147,213 $ 1,615,176,856 Investments managed by UFICO on behalf of the Foundation are held in investment limited partnerships (shown as private equity investments UFICO limited partnerships in the preceding table). The limited partnerships have entered into an agreement with BNY Mellon to provide custody and other services related to the investments. UFICO serves as the general partner and the investment manager for each of the limited partnerships. As of and 2015, the major investment categories of the limited partnerships are shown below. See Note 6 for breakdown of investments by limited partnership Short-term investments $ 15,638,788 $ 15,325,508 Global equities 478,768, ,661,951 Fixed income 97,764, ,260,737 Hedge strategies 500,797, ,237,938 Private equity investments 378,902, ,436,429 $ 1,471,872,238 $ 1,561,922,563 13

16 Notes to Financial Statements Note 5. Investments (Continued) As of and 2015, the Foundation s total capital commitments under its private equity investment agreements were $949,932,912 and $960,000,269, respectively. The total amounts requested for investment under these agreements were $726,285,521 and $743,383,318 as of and 2015, respectively, leaving unfunded commitments of $223,647,391 and $216,616,951, respectively. The underlying investments of the limited partnerships managed by UFICO are generally pooled and managed under various asset diversification strategies, depending upon the specific pool s objectives, and to avoid significant concentrations of market risk. Short-term investments and global equity securities include investments in large-cap, mid-cap and small-cap companies primarily located in the United States, as well as international companies. Fixed income securities include corporate bonds of companies from diversified industries and U.S. Treasuries. Hedge strategies and private equity investments include real estate and international funds. The following schedule summarizes the investment return in the accompanying statement of activities for the years ended and Investment gain, net of UFICO management fees (Note 4) $ 6,369,243 $ 7,725,814 Net realized and unrealized (losses) gains on investments (58,954,425) 63,300,363 Net real estate realized and unrealized depreciation (418,633) (367,632) Total return on investments $ (53,003,815) $ 70,658,545 Assets held under various split interest agreements at and 2015, are included in the accompanying financial statements as follows: Investments $ 32,793,332 $ 35,976,236 Real estate held for sale 110, ,000 Total assets held under split interest agreements $ 32,903,332 $ 36,086,236 Note 6. Fair Value Measurements The fair value measurement accounting literature provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Foundation has the ability to access. Level 2: Inputs to the valuation methodology must be observable for substantially the full term of the specified (contractual) term, if applicable, and include: Quoted market prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets or liabilities in inactive markets. 14

17 Notes to Financial Statements Note 6. Fair Value Measurements (Continued) Inputs other than quoted prices that are observable for the asset or liability. Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Any transfer between fair value hierarchy levels is recognized by the Foundation at the end of each reporting period. Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes to the methodologies used at and Corporate stocks and mutual funds (equities and fixed income) Valued at quoted market prices in active markets on which individual securities are traded, which for mutual funds represents the net asset value of shares held by the Foundation at year end. Short-term investments Valued at the net asset value of shares held by the Foundation at year end, based on observable inputs that are derived principally from or corroborated by observable market data by correlation or other means. Corporate bonds and government issues (domestic and foreign) Valued based upon quotes from independent pricing vendors based upon independent pricing models or other model-based valuation techniques such as the present value of the stream of expected cash flows adjusted for the security s credit rating and other factors such as credit loss assumptions. Hedge strategies Valued as a practical expedient, at the net asset value of the units held by the Foundation at year end, as reported by the investment manager and within the valuation guidelines stipulated in respective investments agreements. Private equity investments Valued as a practical expedient, at the net asset value of the units held by the Foundation at year end, as reported by the investment manager and within the valuation guidelines stipulated in respective investment agreements. Externally managed trusts Valued at the present value of the stream of expected cash flows on charitable interests in trusts due to the Foundation at year end, using appropriate discount rates in accordance with the Internal Revenue Code. Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis. There have been no changes to the methodologies used at and Pledges receivable Unconditional promises to give that are expected to be collected in future years are recorded at the present value of their estimated future cash flows. The discounts on those amounts are computed using a risk adjusted discount rate applicable to the month in which the promises are received. Long-lived assets held for use Valued principally from or corroborated by both observable and unobservable market data by correlation or other means. 15

18 Notes to Financial Statements Note 6. Fair Value Measurements (Continued) Long-lived assets held for sale Valued principally from or corroborated by both observable and unobservable market data by correlation or other means. Permanent collections Valued principally from or corroborated by both observable and unobservable market data by correlation or other means. Split interest agreements trust assets Valued at the present value of the stream of expected cash flows on charitable interests in trusts due to the Foundation, using appropriate discount rates in accordance with the Internal Revenue Code. Split interest agreements annuity assets Valued at the present value of the stream of expected cash flows on charitable interests in annuities due to the Foundation, using appropriate discount rates in accordance with the Internal Revenue Code. Livestock Valued principally from or corroborated by both observable and unobservable market data by correlation or other means. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Foundation believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determining the fair value of certain financial instruments could result in a different fair value measurement at the reporting date, and any differences may be material. Long-lived assets are measured each year at June 30 when there is evidence of impairment. 16

19 Notes to Financial Statements Note 6. Fair Value Measurements (Continued) Assets measured at fair value on a nonrecurring basis as of and 2015, are as follows: Quoted Prices in Active Significant Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Impairment Description Total (Level 1) (Level 2) (Level 3) Losses Impairment valuation : Long-lived assets held for use $ 856,335 $ - $ - $ 856,335 $ 856,335 Long-lived assets held for sale 1,122, ,122, ,432 Permanent collections 31, , ,561 $ 1,605,328 : Long-lived assets held for use $ 106,001 $ - $ - $ 106,001 $ 290,699 Long-lived assets held for sale 1,421, ,421,000 $ 443, ,699 Valuation of contributions Year ended : Pledges receivable $ 80,841,166 $ - $ - $ 80,841,166 Long-lived assets held for use 1,010, ,010,001 Long-lived assets held for sale 1,730, ,730,500 Permanent collections 397, ,284 Split interest agreements trust assets 1,505, ,505,189 Split interest agreements annuity assets 1,435, ,435,011 Livestock 1, ,478 Year ended : Pledges receivable $ 34,303,159 $ - $ - $ 34,303,159 Long-lived assets held for use 1,141, ,141,001 Long-lived assets held for sale 1,588, ,588,040 Permanent collections 1,021, ,021,860 Split interest agreements trust assets 3,157, ,157,375 Split interest agreements annuity assets 845, ,952 Livestock 187, ,793 Impairment losses shown above from assets held for use and assets held for sale are included in the accompanying statement of activities, respectively, in other and in investment return. 17

20 Notes to Financial Statements Note 6. Fair Value Measurements (Continued) Assets measured at fair value on a recurring basis as of and 2015, are as follows: Quoted Prices in Active Significant Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Fair Value : Investments: Government issues domestic $ - $ 637,636 $ - $ 637,636 Government issues foreign - 100, ,000 Corporate stocks 324, ,912 Short-term investments - 11,676,840-11,676,840 Mutual funds equities 20,978, ,978,085 Mutual funds fixed income 10,693, ,693,487 Private equity investments - 1,092,969, ,766,796 1,474,736,253 Total investments 31,996,484 1,105,383, ,766,796 1,519,147,213 Present value of amounts due from externally managed trusts - - 2,768,376 2,768,376 Total $ 31,996,484 $ 1,105,383,933 $ 384,535,172 $ 1,521,915,589 : Investments: Government issues domestic $ - $ 770,227 $ - $ 770,227 Government issues foreign - 176, ,776 Corporate stocks 574, ,023 Short-term investments - 12,076,837-12,076,837 Mutual funds equities 21,956, ,956,870 Mutual funds fixed income 12,101, ,101,512 Private equity investments - 1,144,486, ,034,477 1,567,520,611 Total investments 34,632,405 1,157,509, ,034,477 1,615,176,856 Present value of amounts due from externally managed trusts - - 2,632,102 2,632,102 Total $ 34,632,405 $ 1,157,509,974 $ 425,666,579 $ 1,617,808,958 Following is a description of the significant investment strategies of each major category of investments that is valued at net asset value per share and are not in an active market (Level 2 and Level 3 measurements): Short-term investments To preserve capital, liquidity and current income through money market funds and other short-term instruments. Hedge strategies To provide capital appreciation and generate high returns at reduced risk through aggressively managed portfolio of investments using advanced investment strategies. Private equity investments To provide long-term capital appreciation and current income through investments in limited partnerships, which invest in diversified portfolios ranging from short-term to long-term instruments, as described in Note 5. 18

21 Notes to Financial Statements Note 6. Fair Value Measurements (Continued) The following table discloses the fair value as of and 2015, related to the Foundation s private equity investments in limited partnerships managed by UFICO that are valued at net asset value, as described in Note 5. Description Florida Long Term Pool Fund, LP $ 1,468,615,429 $ 1,557,598,616 Florida Enhanced Cash Fund, LP 3,256,809 4,323,947 $ 1,471,872,238 $ 1,561,922,563 Redemptions under Florida Long Term Pool Fund, LP and Florida Enhanced Cash Fund, LP classified as Level 2 within the fair value hierarchy can be made monthly with a 30 day notice period, and are subject to restrictions on the underlying investments. For investments in the Florida Long Term Pool Fund, LP that are allocated to the Florida Private Investments Fund, LP, redemptions are not permitted and therefore, are classified as Level 3 within the fair value hierarchy. The table below sets forth a summary of changes in the fair value of the Foundation s Level 3 assets for the years ended and Externally Hedge Private Equity Managed Strategies Investments Trusts Balance, June 30, 2014 $ 1,947,645 $ 456,326,857 $ 2,687,029 Purchases, issuances and settlements (net) (1,947,645) (72,994,779) - Investment income - 8,679,383 - Net realized and unrealized gains (losses) - 31,023,016 (54,927) Balance, - 423,034,477 2,632,102 Purchases, issuances and settlements (net) - (30,304,705) 209,147 Investment income - 1,853,912 - Net realized and unrealized losses - (12,816,888) (72,873) Balance, $ - $ 381,766,796 $ 2,768,376 The total Level 3 changes in net unrealized gains and losses for the years relating to those investments still held at and 2015 were $(33,943,113) and $(17,162,059), respectively, and are reflected as part of investment return in the accompanying statement of activities. The total Level 3 changes in value related to managed trusts at and 2015 were $(72,873) and $(54,927), respectively, and are reflected as part of contributions in the accompanying statement of activities. 19

22 Notes to Financial Statements Note 7. Endowment The Foundation s endowment consists of over 3,100 individual donor-restricted endowment funds established for a variety of purposes. As required by accounting principles generally accepted in the United States of America, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. Interpretation of Relevant Law: The Board of Directors of the University of Florida Foundation, Inc. (the Board) has interpreted the State of Florida Statute ( ) cited as the Florida Uniform Prudent Management of Institutional Funds Act (FUPMIFA) as requiring the Board to use reasonable care and caution as would be exercised by a prudent investor, in considering the investment management and expenditures of endowment funds. In accordance with FUPMIFA, the Board may expend so much of an endowment fund as the Board determines to be prudent for the uses and purposes for which the endowment fund is established, consistent with the goal of conserving the long-term purchasing power of the endowment fund. The Board considers the following factors in making its determination: The purpose of the Foundation. The intent of the donor of the endowment fund. The terms of the applicable instrument. The long-term and short-term needs of the Foundation and the University in carrying out their purposes. General economic conditions. The possible effect of inflation or deflation. The other resources of the Foundation and the University. Perpetuation of the endowment. As a result of this interpretation, the Board classifies as permanently restricted net assets: (a) the original value of gifts donated to a permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) the original value of other corpus additions including state match provided to the permanent endowment. The remaining portion of the donor-restricted endowment fund that is not classified as permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure in a manner consistent with the standard of prudence prescribed by FUPMIFA. However, by Board policy, any appreciation is considered an asset of each individual endowment and is not appropriated for general Foundation or University use. Spending policy: The Foundation s spending policy is designed to provide for positive growth in the market value of its endowment, net of distributions, over an extended period of time. In establishing this policy, the Board considered the long-term expected return of the endowment investment pool and the goal of maintaining the purchasing power of the endowment assets. Over the long-term, the current spending policy is designed to return a net positive gain in market value (growth) after spendable transfers and administrative fees. 20

23 Notes to Financial Statements Note 7. Endowment (Continued) The annual rate for spendable transfers, distributed quarterly, is 4% of the spending base of each endowment s principal fund. The principal fund s spending base is a percentage of the market value, and is adjusted quarterly, if necessary, to fall within a range of 85% to 95% of the market value of the endowment investments. In addition, the principal fund is assessed an annual 1.35% administrative fee, charged quarterly. This fee is a portion of the funding mechanism for the development and alumni programs of the University. Investment policy: The Foundation s investment objectives are to provide an annualized real rate of return, net of fees, of at least 5% in order to preserve, or increase, the purchasing power of endowment capital, while generating an income stream to support activities of the funds held for the colleges and units of the University. This policy is designed to tolerate volatility in short and intermediate-term performance. To satisfy its long-term rate of return objectives, the Foundation relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The Foundation, through UFICO, targets a diversified asset allocation that places an emphasis on hedge strategies and private investments to achieve long-term objectives within prudent risk constraints. Endowment net asset composition by type of fund at and 2015, are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Donor-restricted endowment funds: $ (10,018,587) $ 266,525,147 $ 1,204,840,819 $ 1,461,347,379 $ (235,128) $ 383,946,805 $ 1,171,991,421 $ 1,555,703,098 21

24 Notes to Financial Statements Note 7. Endowment (Continued) Changes in endowment net assets for the years ended and 2015, are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, June 30, 2014 $ (174,473) $ 380,298,557 $ 1,139,398,335 $ 1,519,522,419 Investment return: Investment income (net of investment expense) - 7,430,298-7,430,298 Real estate net depreciation (realized and unrealized) - - (367,632) (367,632) Net appreciation (depreciation) (realized and unrealized) (60,655) 63,269,532-63,208,877 Total investment return (60,655) 70,699,830 (367,632) 70,271,543 Contributions and other revenues ,960,718 32,960,718 Appropriation of endowment assets for expenditure - (67,051,582) - (67,051,582) Endowment net assets, (235,128) 383,946,805 1,171,991,421 1,555,703,098 Investment return: Investment income (net of investment expense) - 5,993,246-5,993,246 Real estate net depreciation (realized and unrealized) - - (360,451) (360,451) Net depreciation (realized and unrealized) (9,783,459) (49,105,310) - (58,888,769) Total investment return (9,783,459) (43,112,064) (360,451) (53,255,974) Contributions and other revenues ,209,849 33,209,849 Appropriation of endowment assets for expenditure - (74,309,594) - (74,309,594) Endowment net assets, $ (10,018,587) $ 266,525,147 $ 1,204,840,819 $ 1,461,347,379 Underwater endowments: As a result of market declines, the fair values of certain donor-restricted endowments were less than the historical cost values (original gift/book values), and therefore, are considered to be underwater. The fair value deficiencies of underwater endowments were $10,018,587 and $235,128 at and 2015, respectively (see Note 11). These losses have been recorded as reductions in unrestricted net assets in accordance with accounting principles generally accepted in the United States of America. Future gains will be used to restore these deficiencies in unrestricted net assets before any net appreciation above the historical cost value of such funds increases temporarily restricted net assets. Under current State of Florida law, there is no legal obligation to restore these deficiencies. 22

25 Notes to Financial Statements Note 8. Property and Equipment Property and equipment and the related accumulated depreciation at and 2015, are summarized as follows: Land $ 33,451,344 $ 29,600,964 Buildings and improvements 7,280,469 7,043,155 Vehicles 64,501 64,501 Equipment 2,685,108 2,237,284 43,481,422 38,945,904 Accumulated depreciation (6,426,060) (6,024,448) Property and equipment, net $ 37,055,362 $ 32,921,456 Note 9. Real Estate Held for Sale, Land Preserve and Permanent Collections Contributions of real estate held for sale, land preserve and permanent collections are generally recorded at their appraised value at the date of gift. Real estate held for sale is actively marketed with realtors and is expected to be sold at a reasonable price. Land preserve and permanent collections are considered by management to be non-revenue producing assets. These assets are not expected to provide revenue to the Foundation in the near future due to donor restrictions. The table below sets forth a summary of changes in real estate held for sale, land preserve and permanent collections for the years ended and Real Estate Permanent Held for Sale Land Preserve Collections Balance, June 30, 2014 $ 8,255,259 $ 15,719,467 $ 37,743,374 Donations 1,588,040-1,021,860 Purchases ,255 Disposals (1,856,050) - - Impairments (443,000) - - Balance, 7,544,249 15,719,467 39,382,489 Donations 1,730, ,284 Purchases ,859 Transfers 645, Disposals (2,681,597) - - Impairments (593,432) - (155,561) Balance, $ 6,645,574 $ 15,719,467 $ 40,009,071 23

26 Notes to Financial Statements Note 10. Notes Payable Notes payable at and 2015, consist of the following: Note payable to Shands Teaching Hospital and Clinics, Inc., due in annual installments of $100,000 through Noninterest bearing (interest imputed at a rate of 3.25%), collateralized by an asset with a carrying value of $800,000 (see Note 15). $ 800,000 $ 900,000 Unsecured note payable to a bank, with principal and interest due quarterly. The note bears interest at the greater of 3% or overnight LIBOR plus 0.55% (3% at ) and matures annually with automatic one year renewals through January Subject to bank approval and financial covenants, the Foundation can exercise two 10-year renewal periods with a maximum maturity date of January Proceeds were used for construction of a University administration building (see Note 15). 13,704,768 14,021,581 Note payable to an individual, due in monthly installments of $3,500 through 2016, $4,000 through 2021 and $4,500 through The note bears interest at a fixed rate of 6% and is collateralized by property with a carrying value of $538,333 (see Note 15). 562, ,677 Note payable to a limited partnership, due in annual installments of $1,000,000, plus accrued interest, through The interest rate is 2%, and the note is collateralized by property with a carrying value of $10,780,903. 4,000,000 5,000,000 $ 19,067,528 $ 20,493,258 Aggregate future maturities of notes payable at, are summarized as follows: Years ending June 30: Amount 2017 $ 14,819, ,115, ,116, ,117, ,593 Thereafter $ 778,997 19,067,528 Interest expense charged to operations totaled $567,321 and $665,269 for the years ended June 30, 2016 and 2015, respectively, which is allocated between the program and supporting services in the accompanying statement of activities. Certain debt agreements have associated financial covenants that require the Foundation to maintain its debt service coverage ratio at specific levels. 24

27 Notes to Financial Statements Note 11. Net Assets Temporarily restricted and permanently restricted net assets by purpose at and 2015, are as follows: Net Assets Temporarily Permanently Restricted Restricted : General college support $ 60,088,820 $ 257,602,839 Student financial aid 90,836, ,123,311 Faculty and staff support 131,938, ,430,776 Research 21,401, ,956,338 Facilities 86,984,924 12,175,828 Other 43,738, ,097,460 Total $ 434,989,258 $ 1,273,386,552 : General college support $ 80,640,847 $ 242,440,451 Student financial aid 117,093, ,032,739 Faculty and staff support 174,669, ,347,305 Research 32,734, ,192,291 Facilities 89,728,211 12,188,414 Other 32,299, ,972,195 Total $ 527,164,711 $ 1,228,173,395 Unrestricted net assets at and 2015, consist of the following: Undesignated $ (15,240,777) $ (161,338) Board designated: Reserve fund 611, ,799 Real estate fund 3,059,154 3,061,335 Strategic investment fund 3,354,710 4,754,710 Total board designated 7,025,663 8,427,844 Total unrestricted net assets $ (8,215,114) $ 8,266,506 Undesignated net assets, as shown in the table above, is net of underwater endowments of $10,018,587 and $235,128 at and 2015, respectively (see Note 7, Underwater Endowments ). 25

28 Notes to Financial Statements Note 12. Retirement Plan The Foundation has a noncontributory, defined benefit pension plan (the Plan) which covers approximately 15% of Foundation employees. The remaining personnel are University employees who participate in the University s retirement plan. The Plan provides for deferred benefits and covers Foundation employees, who are not University employees, with more than 5 years of service and a minimum age of 21 years. Benefits are based on years of service and the employee s final average compensation as defined under the Plan. Contributions for eligible employees covered by the Plan are made annually in compliance with legal funding requirements. Plan assets consist of investments in a variety of fixed income, equity and real estate securities and cash equivalents. Arthur J. Gallagher & Co. served as the Plan s actuary as of and The measurement dates used were June 30, 2016 and The following table presents a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets and the funded status of the pension plan to the net amounts measured and recognized in the statement of financial position at and Accumulated benefit obligation at end of year $ 34,186,267 $ 29,187,703 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 31,381,717 $ 26,888,841 Service cost 739, ,529 Interest cost 1,397,012 1,151,231 Actuarial loss 4,044,094 3,220,172 Benefits paid (608,502) (542,056) Projected benefit obligation, end of year 36,954,242 31,381,717 Change in fair value of plan assets: Fair value of plan assets, beginning of year 21,032,028 20,626,909 Actual return on plan assets 71, ,175 Employer contributions 970, ,000 Benefits paid (608,502) (542,056) Fair value of plan assets, end of year 21,465,799 21,032,028 Unfunded status at end of year $ (15,488,443) $ (10,349,689) The unfunded statuses at and 2015 of $15,488,443 and $10,349,689, respectively, are recorded in pension liability in the accompanying statement of financial position. 26

29 Notes to Financial Statements Note 12. Retirement Plan (Continued) The following table presents the components of net periodic pension cost for the plan years ended and Service cost $ 739,921 $ 663,529 Interest cost 1,397,012 1,151,231 Expected return on plan assets (1,481,368) (1,451,838) Amortization of net loss 1,252, ,226 Net periodic pension cost $ 1,908,152 $ 873,148 The net periodic pension cost has been allocated over communications and marketing, alumni affairs, development, advancement services and talent management expenses in the accompanying statement of activities. The weighted-average discount rates used to measure the projected benefit obligations were 3.73% and 4.41% as of and 2015, respectively. The assumed rate of increase in future compensation levels was 3.5% as of and The discount rate is the estimated rate at which the obligation for pension benefits could be effectively settled. The average wage increase assumption reflects the Foundation s best estimate of the future compensation levels of the individual employees covered by the Plan. Generally accepted accounting principles require the use of a mortality assumption that reflects the best estimate of the Plan s future experience for purposes of estimating the Plan s obligation. Professional associations of actuaries and actuarial companies occasionally develop and publish updated mortality tables to reflect changes in mortality conditions based on recent historical trends and other information. During the year ended, the Society of Actuaries released new RP-2014 mortality tables and MP-2014 mortality improvement scales. As such, for the year ended, the Foundation s best estimate of future events were based on the RP-2014 mortality tables fully projected with scale MP For the year ended, the Foundation s best estimate of future events by plan participants were based on the RP-2014 mortality tables fully projected with scale MP As of, the amount of benefits expected to be paid, based on the assumptions used to measure the benefit obligation, are as follows: Years ending June 30: Amount 2017 $ 930, ,078, ,100, ,145, ,266, ,592,678 As of, the Foundation expects to contribute an amount, on an annual basis, that will satisfy the minimum funding requirement. The minimum funding requirements may be in part, or in full, satisfied with the funding standard carryover balance (credit balance) as calculated by the actuary. 27

30 Notes to Financial Statements Note 12. Retirement Plan (Continued) The expected long-term rate of return on plan assets was 7.0% as of and 2015, which reflects the average rate of earnings that the Foundation estimates will be generated on the assets of the Plan. The Foundation s investment policy for pension plan assets includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges by major asset categories. The investment policy for pension plan assets is periodically reviewed for investment matters by the Foundation, UFICO and Wilshire, the pension plan investment advisors. The policy is established and administered in a manner that is compliant at all times with applicable government regulations. The objective of the Plan is to maximize the investment return at appropriate levels of risk, while preserving the value and ensuring the availability of funds to meet its obligations. The Plan has a longterm investment horizon. Therefore, it can tolerate variability in short and intermediate-term investment performance, provided that returns meet the actuarial rate of return objective. Investments of the Plan shall be diversified as to minimize the risk of large losses. The Plan s weighted-average asset allocations at and 2015 by asset category are as follows: Target Allocation Percentage of Plan Assets as of June Equity securities 70% 61% 63% Debt securities 29% 38% 36% Cash equivalents 1% 1% 1% 100% 100% 100% The following is a description of the valuation methodologies used for the Foundation s pension plan assets measured at fair value. There have been no changes in the methodologies used at and 2015: Mutual funds Valued at quoted market prices which represent the net asset value of shares held by the Plan at year end. Money market funds Valued at the net asset value of shares held by the Plan at year end. 28

31 Notes to Financial Statements Note 12. Retirement Plan (Continued) The following tables summarize the Foundation s pension plan assets by level within the fair value hierarchy at and Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Assets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Fair Value : Equity securities: Mutual funds domestic equities $ 7,484,237 $ - $ - $ 7,484,237 Mutual funds international equities 5,554, ,554,915 Debt securities: Mutual funds fixed income 8,227, ,227,926 Cash equivalents: Money market funds - 198, ,721 Total $ 21,267,078 $ 198,721 $ - $ 21,465,799 : Equity securities: Mutual funds domestic equities $ 8,473,710 $ - $ - $ 8,473,710 Mutual funds international equities 4,755, ,755,434 Debt securities: Mutual funds fixed income 7,535, ,535,603 Cash equivalents: Money market funds 127, , ,281 Total $ 20,892,241 $ 139,787 $ - $ 21,032,028 29

32 Notes to Financial Statements Note 13. University of Florida Alumni Association, Inc. The financial statements of the Foundation include the activity related to the University of Florida Alumni Association, Inc. (the Alumni Association). The Foundation funds any operating deficiency of the Alumni Association and the operating accounts relating to the Alumni Association have no assets or liabilities at the end of each fiscal year. The following schedule presents the operating activities of the Alumni Association accounts administered by the Foundation for the years ended and Revenues and other additions: Support from the Foundation $ 2,200,423 $ 2,295,738 Alumni program support 1,920,378 1,834,006 Other 573, ,755 Total revenues and other additions 4,694,044 4,578,499 Expenses and other changes: Alumni relations supporting services 4,522,556 4,433,513 Alumni relations pension changes other than net periodic pension costs 171, ,986 Total expenses and other changes 4,694,044 4,578,499 Change in net assets $ - $ - Note 14. Fee Assessment The University funds its development and alumni programs primarily through a series of fees. The fees are part of the Foundation s operating budget. The Finance Committee of the Foundation s Board is responsible for reviewing and recommending a fee assessment policy. Changes to the policy are approved by the Foundation s Board. As of, the fee schedule is as follows: Fee Type Fee Rate Frequency Basis One-time gift and non-gift fees Endowment funds: Cash gift * Per transaction Gross amount of gift received Non-cash gift * Per transaction Net proceeds from liquidation of asset Non-gift % Per transaction Gross amount of receipt For endowment gifts, the gift fee is accrued as a payable in the spendable fund. One-half of each quarterly spendable transfer is used to reduce the gift fee payable until the gift fee is paid in full. Non-endowed funds: Cash gift * Per transaction Gross amount of gift received Non-cash gift * Per transaction Net proceeds from liquidation of asset Non-gift % Per transaction Gross amount of receipt Facilities funds: Cash facilities matching gift % Per transaction Gross amount of gift received Non-cash facilities matching gift % Per transaction Net proceeds from liquidation of asset 30

33 Notes to Financial Statements Note 14. Fee Assessment (Continued) *Sliding Scale Gift Amount Effective Rate $0 to $4,999, % $5,000,000 to $9,999, % $10,000,000 to $19,999, % $20,000,000 to $29,999, % $30,000,000 to $39,999, % $40,000,000 to $49,999, % $50,000,000 or more % Tigert and Horizon funds No gift fee is assessed at the time of the original contribution to the fund. The gift fee is assessed when the purpose is determined and the gift is transferred from the fund. Fee Type Fee Rate Frequency Basis Recurring administrative fees Endowment principal funds: Security investments pool % Quarterly Spending base Security investments non-pooled % Quarterly Market value Real estate held for resale, notes receivable and other incomeproducing assets % Quarterly Market value Non-endowed funds: Real estate held for resale, notes receivable and other incomeproducing assets % Quarterly Market value Tigert fund % Quarterly Market value Horizon fund None Not applicable Not applicable Annuities and irrevocable trusts: Security investments % Quarterly Market value as of the previous January 1 Real estate held for resale, notes receivable and other incomeproducing assets % Quarterly Market value Revocable trusts: Security investments % Quarterly Market value as of the previous January 1 Real estate held for resale % Quarterly Market value 31

34 Notes to Financial Statements Note 14. Fee Assessment (Continued) During the years ended and 2015, the Foundation assessed the following fees: Fees assessed on pooled investments $ 19,054,471 $ 15,738,286 Gift fees associated with major gifts and eminent scholar program funds 207, ,925 Gift fees associated with all other funds 2,121,808 2,326,429 Real estate fees 80,728 90,699 Non-gift fees 70,098 77,520 Total fees $ 21,534,116 $ 18,416,859 These fees are included in investment return in the accompanying statement of activities. Effective July 1, 2016, the top tier of the one-time gift fee increased from 2.5% to 5.0%. All other gift amount tiers were adjusted accordingly. Note 15. Related Party Leases and Receivables The Foundation assumed the financial obligation for a parking garage facility and the related $3,000,000 note payable, of which $800,000 is outstanding as of, from Shands Teaching Hospital and Clinics, Inc. during Simultaneously, the Foundation executed a non-cancelable operating lease with the University as the tenant. The lease agreement requires the University to make annual lease payments of $100,000 to the Foundation through June 30, 2024 (see Note 10). The Foundation executed a non-cancelable operating lease for real property with the University as the tenant. The lease agreement requires the University to make monthly lease payments of $3,500 through 2016, $4,000 through 2021 and $4,500 through The University has the right to renew the lease; whereby, the agreement requires monthly lease payments of $4,500 to be made through 2034 (see Note 10). The Foundation has several long-term agreements relating to office facilities with the University expiring in 2044 to Lease payments for these facilities range from $1 per year to $10 per year, well below the current market rates for comparable space. The Foundation recognized an expense and in-kind revenue associated with these lease agreements of $1,655,596 and $1,651,905 for the years ended and 2015, respectively. Included in other receivables at and 2015, is $13,704,768 and $14,021,581, respectively, due from the University related to advances on a note payable for the construction of a University building as indicated in Note

35 Notes to Financial Statements Note 15. Related Party Leases and Receivables (Continued) Effective July 1, 2014, the University created a Strategic Fund by consolidating investable cash from the colleges, units, and certain component units. As part of this consolidation, during the year ended June 30, 2015, the Foundation transferred ownership of $168,619,985 of non-endowed funds, by purpose, to the University as follows: Purpose Amount General college support $ 56,926,614 Student financial aid 28,224,877 Faculty and staff support 39,616,625 Research 19,388,687 Facilities 10,891,188 Other 13,571,994 Total transferred $ 168,619,985 The Foundation also transferred excess operating funds and certain funds held on behalf of University related entities and recorded a receivable due from the University. The receivable from the University was $25,695,898 and $30,405,113 as of and 2015, respectively, and is included in other receivables in the accompanying statement of financial position. 33

36 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Gator Club of Volusia County Scholarship Fund $ 146,120 $ 112,784 $ - $ (6,303) $ (12,500) $ - $ 7,686 $ 135,003 $ 112,784 Jacksonville Gator Club 179, ,974 - (6,560) (7,000) - 7, , ,974 Gahan Scholarship/Fellowship Fund 1,457, ,544 - (64,443) (51,626) - - 1,341, ,544 Gator Club of Central Florida Scholarship Fund 276, ,588 15,160 (11,635) (18,004) - 9, , ,748 Leavitt/Lee-McCachren/Boyd Scholarship 345, , (15,259) (12,226) , ,295 Grebe-Wahlberg Memorial Fund 585, , (25,896) (20,746) , ,602 Rose, Johnson, Wohlgemuth, Schlueter and McFerrin Scholarship 690, ,387 - (30,533) (24,460) , ,387 Claudia Ross Memorial Fellowship for Investigative Reporting 546, ,151 - (24,182) (19,373) , ,151 Walter J. Matherly Professorship Fund 335, ,917 - (14,834) (11,884) , ,917 Newton C. Ebaugh Professorship in Mechanical Engineering 3,229,789 1,334,440 - (142,838) (114,431) - - 2,972,520 1,334,440 E. Lovelle Ahrano Scholarship Fund 5,152,753 4,145,289 - (227,882) (182,561) - - 4,742,310 4,145,289 William R. Kenan, Jr. Professorship Fund 1,776, ,956 - (78,572) (62,946) - - 1,635, ,956 William W. and Marie C. Wolff Scholarship Fund 1,062, ,385 - (46,993) (37,647) , ,385 Stephen C. O'Connell/Capital Gator Club Scholarship 470, ,994 - (19,965) (12,000) , ,994 Charles B. Viall, III Scholarship Fund 403, ,079 - (17,851) (14,300) , ,079 Edward R. Woodward Professorship 1,911, ,643 - (84,552) (67,736) - - 1,759, ,643 Ernst & Young Professorship of Accounting 526, ,257 - (23,265) (18,638) , ,257 Charles M. Shinn, Jr. Endowment for Citrus Research 197, ,255 - (8,748) (7,008) , ,255 O. Ruth McQuown Scholarship Fund 1,063, ,061 1,000 (47,048) (37,694) , ,061 Addison Franklin Marshall Scholarship in Civil Engineering 385, ,946 5,000 (17,046) (13,613) , ,946 Salsbury Endowment Fund for Veterinary Medicine Scholarships 711, ,404 - (31,447) (25,193) , ,404 Gertrude Brick Memorial Fund 514, ,928 - (22,740) (18,218) , ,928 Milk Bottle Promotion Fund 505, ,774 - (22,342) (17,899) , ,774 Jessie Ball dupont Fund Craniofacial Center Endowment 441, , (19,505) (15,626) , ,692 Dolly and Robert L. Secrist, Sr. Scholarship Fund 293, ,056 - (12,983) (10,401) , ,056 Florida Rural Rehabilitation Corporation, Inc., Scholarship Fund in Agriculture 1,528, ,448 - (67,588) (54,146) - - 1,406, ,448 James G. Richardson Lectureship 510, ,186 10,000 (22,559) (23,106) - 5, , ,186 Frederick E. Fisher Accounting Fund 4,933,306 3,452,957 - (218,177) (174,786) - - 4,540,343 3,452,957 F. N. Rhines and W. R. Tarr Scholarship 233, ,996 - (10,317) (8,265) , ,996 KPMG Professorship in Accounting Fund 1,021, ,676 6,205 (45,173) (36,297) , ,881 R. F. Lanzillotti Graduate Fellowship in Public Policy Research 285, ,475 - (12,618) (10,109) , ,475 Hurst Business Law Endowment 760, ,203 - (33,626) (26,939) , ,203 Meredith Lewis Glover Memorial Scholarship 335, ,232 - (14,859) (11,904) , ,232 Center for Greek Studies Endowment 571, , (25,286) (22,057) - 1, , ,179 R. David Thomas Endowed Legislative Professorship 298, ,944 - (13,221) (10,592) , ,944 John W. Martin and Annie Mae Martin Phillips Scholarship 700, ,937 - (30,971) (24,812) , ,937 John W. Stovall Memorial Scholarship 631, ,527 - (27,909) (22,358) , ,527 Billie K. and Betty C. Stevens Scholarship Fund 74,776 36,731 - (3,307) (2,649) ,820 36,731 Harbert S. Gregory Distinguished Lectureship 401, ,376 - (17,753) (14,223) , ,376 Doris Lowe and Earl and Verna Lowe Scholarship 2,198,649 1,789,349 - (97,236) (77,898) - - 2,023,515 1,789,349 Caroline Julier and James G. Richardson Art Acquisition Fund 3,328,188 1,446,494 - (94,262) ,233,926 1,446,494 Clarence TeSelle Endowed Professorship 801, ,326 - (34,333) (52,372) , ,326 University Women's Club Scholarship 569, ,566 - (25,184) (20,179) , ,566 Vladimir Grodsky Memorial Scholarship 258, ,213 - (11,422) (9,150) , ,213 Ralph G. Blodgett Scholarship 359, ,920 - (15,895) (12,734) , ,920 Melton Endowed Legislative Professorship Fund 286, ,455 - (12,664) (10,145) , ,455 Daniel Leroy Claville, Jr. Scholarship 191, ,903 - (8,463) (6,780) , ,903 Helene Fuld Gift Fund 245, ,060 - (10,850) (8,692) , ,060 Frances P. Weaver Scholarship Fund 948, ,080 - (41,928) (33,590) , ,080 Manning J. Dauer Fellowships 989, ,548 - (43,762) (35,058) , ,548 John B. Boy/United States Sugar Corporation Scholarship in Mechanical Engineering 159,859 73,398 - (7,070) (5,664) ,125 73,398 John B. Boy/US Sugar in Agricultural Engineering Fund 159,877 73,144 - (7,071) (5,664) ,142 73,144 McGinty Endowment 265, , (11,749) (9,413) , ,280 H. S. and D. L. Daniels Professorship in Prevention of Blindness 5,275,160 2,401,001 - (233,296) (186,898) - - 4,854,966 2,401,001 Bayard and Arthur Fawcett Scholarship Fund for Nursing Excellence 332, ,000 - (14,727) (11,798) , ,000 Emily and Alexander Coudray Memorial Fund 99,692 52,346 - (4,409) (13,900) - 10,368 91,751 52,346 Susan Brown Memorial Fund 332, ,000 - (14,695) (11,772) , ,000 Nursing Student Development 171,968 90,942 - (7,605) (6,093) ,270 90,942 (Continued) 34

37 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Darrey A. Davis Memorial Scholarship Fund 475, ,870 - (21,048) (16,862) , ,870 Herbert S. Dolgoff Scholarship Fund 764, ,725 2,500 (33,781) (27,071) , ,225 William D. Hussey Professorship of Business Administration 651, ,899 - (28,811) (23,086) , ,899 Harn Program Endowment Fund 1,470, ,827 1,500 (65,043) (52,112) - - 1,355, ,327 Florida Nursery, Growers and Landscape Association Endowed Research Fund 1,343, ,435 14,253 (59,015) (47,270) - - 1,251, ,688 Hunt Bros Endowment for Fellowship in Citrus Research & Education Lake Alfred 1,433, ,128 - (63,393) (50,786) - - 1,319, ,128 The Hundred Club of Broward County Inc. Scholarship Program 338, ,000 - (14,974) (11,996) , ,000 Wayne H. Chen Endowed Memorial Scholarship Fund 180, , (7,974) (6,389) , ,475 jcpenney Professorship I 677, ,000 - (29,947) (23,992) , ,000 jcpenney Professorship II Fund 677, ,000 - (29,947) (23,992) , ,000 jcpenney Retailing Fund 338, ,000 - (14,974) (11,996) , ,000 Edward Shedd Wells Term Professorship-Stereotactic & Functional Neurosurgery 2,659,187 1,395,000 - (117,603) (94,215) - - 2,447,369 1,395,000 Philip L. Graham Scholarship Fund 323, ,502 - (14,286) (11,445) , ,502 New York Times Scholarship Fund 305, ,000 - (13,490) (10,807) , ,000 Cope and Edna Newbern Fund 1,225,484 1,020,261 - (54,197) (43,419) - - 1,127,868 1,020,261 Rodney R. Million, M.D. Chairman's Professorship in Radiation Therapy 2,834,003 1,347,806 - (125,335) (100,408) - - 2,608,260 1,347,806 John P. Cofrin Professorship in Radiation Therapy 2,775,034 1,316,888 - (122,727) (98,319) - - 2,553,988 1,316,888 Motorola Named Endowed Fellowship in the Department of Electrical Engineering in the College 317, ,000 - (14,057) (11,262) , ,000 J. Michael Cook/Deloitte and Touche Professorship Fund 798, ,911 - (35,298) (28,278) , ,911 Phillip J. MacLennan Memorial Scholarship Fund 308, ,569 - (13,634) (10,923) , ,569 William A. Emerson/Merrill Lynch Professorship Fund 596, ,524 - (26,386) (21,139) , ,524 Orlando Sentinel/South Florida Sun-Sentinel Scholarship Fund 296, ,000 - (13,101) (10,495) , ,000 Camp Dresser and McKee Endowed Fellowship 310, ,500 - (13,718) (10,990) , ,500 Ronnie H. Walker Scholarship Fund 294, ,125 - (13,020) (10,431) , ,125 Tampa Bay Times Scholarship Fund 297, ,000 - (13,158) (10,541) , ,000 Chemistry Graduate Scholarship Fund 569, ,230 29,143 (25,537) (20,955) , ,373 UF Resident Alumni Professorship 1,106, ,321 - (48,916) (39,188) - - 1,017, ,321 Central Florida Builders' Exchange Frank W. Reed Scholarship Fund 389, ,727 - (17,235) (13,807) , ,727 Knight Professorship in Archaeology 873, ,000 - (38,627) (30,945) , ,000 Russell Corporation Endowed Scholarship Fund 287, ,000 - (12,714) (10,185) , ,000 W. E. Davis Family Faculty Fellowship 301, ,024 - (13,312) (10,665) , ,024 Melville G. Brinson Family Graduate Fellowship 307, ,687 - (13,580) (10,879) , ,687 Paul G. and Harriette C. Franklin Scholarship 10,134,807 5,199,864 - (448,215) (359,074) - - 9,327,518 5,199,864 PricewaterhouseCoopers Professorship in Accounting 632, ,584 - (27,962) (22,401) , ,584 Frank L. Weyenberg MBA Scholarship 634, ,062 - (28,064) (22,483) , ,062 Brady S. Johnston Scholarship Fund 330, ,318 - (14,619) (11,711) , ,318 Robert L. Kaplan Visiting Professorship Fund 327, ,123 - (14,488) (11,607) , ,123 James W. Kynes Memorial Scholarship Fund 1,014, ,465 - (44,850) (35,930) , ,465 Frank E. Bryant Memorial Scholarship Fund 280, ,093 - (12,424) (9,953) , ,093 Nursing Faculty Development Fund 968, ,148 - (42,821) (51,310) - 17, , ,148 Evelyn Timm Koenig Memorial Endowment Fund 1,001, ,363 43,246 (44,092) (35,897) , ,609 Morton Amsterdam Foundation Scholarship Fund 313, ,000 - (13,863) (11,106) , ,000 Jim Steiner Endowed Scholarships 310, ,764 - (13,712) (10,985) , ,764 Walter Lorenz Endowed Scholarship 556, ,145 - (24,611) (19,716) , ,145 L. D. Hupp Term Professorship for Pediatric Neurosurgery 2,173,608 1,050,000 - (96,129) (77,011) - - 2,000,468 1,050,000 H. T. Odum Graduate Fellowship 118,806 63, (5,254) (4,209) ,499 63,804 Samuel Proctor Fellowship Fund In History 516, ,933 - (22,856) (18,310) , ,933 Board of Associates Faculty Endowment 110,269 61,353 - (4,877) (3,907) ,485 61,353 W. A. McGriff, III Endowed Professorship Fund 1,639, ,937 - (72,493) (58,076) - - 1,508, ,937 Paul M., Laura L. and Amy L. Deutsch Endowment in Life Care Planning 61,147 45,000 - (2,704) (2,166) ,277 45,000 Freedom Forum Scholarship Fund 331, ,848 - (14,666) (11,749) , ,848 Dean, Mead, Egerton, Bloodworth, Capouano & Bozarth, P.A. Endowed Scholarship 303, ,000 - (13,421) (10,752) , ,000 Harry Rich Endowment For Holocaust Studies 558, ,945 21,000 (24,949) (19,978) , ,945 Susan and Howard Kaskel Scholarship 84,926 39,925 - (3,756) (3,009) ,161 39,925 (Continued) 35

38 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Miami Herald South Florida Scholarship Fund 299, ,963 - (13,264) (10,626) , ,963 Mr. and Mrs. E. J. Notley Scholarship Fund 779, ,413 - (34,495) (27,635) , ,413 Macfarlane Ferguson & McMullen, P.A. Scholarship 296, ,963 - (13,094) (10,490) , ,963 Governor R. H. Gore, Sr. Memorial Scholarship 365, ,150 - (16,161) (12,947) , ,150 W. Paul and Erin C. Shelley Scholarship Fund 400, ,480 - (17,694) (14,175) , ,480 Walter and Louise Sutcliffe Scholarship Fund 393, ,047 - (17,421) (13,956) , ,047 Bank of America Endowed Professorship in Finance 616, ,000 - (27,251) (21,831) , ,000 C. E. Norris Memorial/Lake County Gator Club Endowment 208, ,656 - (9,156) (10,000) - 3, , ,656 Elroy L. Decker Scholarship Fund 181, ,464 - (8,040) (6,441) , ,464 Ruth M. Baldwin Endowed Book Purchase Fund 762, , (33,736) (27,026) , ,581 James E. Rooks, Jr. Professorship in Neurology 1,984,035 1,389,276 - (87,745) (70,294) - - 1,825,996 1,389,276 Huber Hurst Professorships 1,255, ,644 - (55,512) (44,472) - - 1,155, ,644 WUFT-TV Endowment Fund 1,380, ,316 11,723 (61,023) (59,296) - 8,023 1,279, ,039 WUFT-FM Endowment 804, ,262 - (35,599) (28,519) , ,262 Andrew J. Ferendino Endowment 296, ,227 - (13,126) (10,516) , ,227 Dunspaugh-Dalton Foundation, Inc. Scholarship Fund 304, ,000 - (13,448) (10,774) , ,000 jcpenney Graduate Fellowship 355, ,000 - (15,733) (12,604) , ,000 GrayRobinson, P.A. Endowed Scholarship 301, ,000 - (13,315) (10,667) , ,000 Palm Beach Post/Cox Foundation Scholarship Fund 301, ,000 - (13,333) (10,682) , ,000 McClatchy Endowed Professorship in Business Administration 647, ,000 - (28,622) (22,929) , ,000 Irving Cypen Freshman Scholarship 430, ,156 - (17,870) (40,609) , ,156 Bob Paul Family Professorship of Neurology for Research in Alzheimers Disease & Related Disorders 1,438, ,311 - (63,615) (50,963) - - 1,323, ,311 W. W. Massey, Sr. Presidential Scholarship Fund 343, ,550 - (15,206) (12,182) , ,550 College of Nursing Endowed Scholarship Fund 638, ,715 - (28,245) (22,686) , ,715 Mr. and Mrs. Warren Trottman Scholarship Fund 1,529, ,000 - (67,651) (54,196) - - 1,407, ,000 Virginia Sutherland Root Professorship of Pediatric Cardiology Fund 2,110, ,881 - (93,337) (74,774) - - 1,942, ,881 Kenneth and Janet Keene Endowed Fellowship in the Mathematical Sciences 329, ,993 - (14,555) (11,660) , ,993 Albert E. and Birdie W. Einstein Professorship in Computer Assisted Stereotactic Neurosurgery 1,893,635 1,049,985 - (83,747) (67,091) - - 1,742,797 1,049,985 Robert C. Pittman Fellowship Endowment in the College of Engineering 1,568, ,569 - (69,375) (55,578) - - 1,443, ,569 Judge George C. Carr Scholarship Fund 298, ,486 - (13,222) (10,593) , ,486 Florida Surveying and Mapping Society Scholarship 292, ,712 - (12,918) (10,349) , ,712 Herbert Russell Gaylord Endowment for Resources in the University Library 510, ,678 - (22,555) (18,069) , ,678 Lane, Trohn, Clarke, Bertrand & Williams, P.A. Scholarship 295, ,194 - (13,071) (10,472) , ,194 Benjamin Greenbaum Family Visiting Professor Endowment 346, ,613 - (15,303) (12,260) , ,613 Egbert R. Beall/Beall's Department Stores, Inc. Faculty Fellowship in Marketing 278, ,000 - (12,307) (9,859) , ,000 William R. Hough MBA Faculty Fellowship 306, ,450 - (13,533) (10,841) , ,450 Icard, Merrill, Cullis, Timm, Furen & Ginsberg, P.A./Jacksonville Law Alumni Tuition Scholarship 270, ,508 - (11,979) (9,597) , ,508 Vaughn-Jordan Foundation Scholarship Fund 291, ,995 - (12,870) (10,311) , ,995 William and Else Jennings Scholarship 1,294, ,856 - (57,253) (45,867) - - 1,191, ,856 Threadgill Scholarship Program 360, ,500 - (15,944) (12,773) , ,500 Carl E. Johnson Memorial Fund 358, ,265 - (15,869) (12,713) , ,265 Holland & Knight LLP Scholarship 740, ,735 - (32,748) (26,235) , ,735 Drago Professorship in Inorganic Chemistry 1,636,328 1,039,468 - (72,367) (57,975) - - 1,505,986 1,039,468 Gold Family Scholarship 351, ,026 - (15,538) (12,448) , ,026 James A. Cummings, Inc. Scholarship Fund 272, ,000 - (12,032) (9,639) , ,000 George W. Tedder, Jr. and Susan Heald Tedder Scholarship Fund 270, ,551 - (11,979) (9,597) , ,551 Annette Kendall Katzoff Fellowship Fund 304, ,994 - (13,472) (10,793) , ,994 Hearst Visiting Professorship Endowment Fund 716, ,185 - (31,703) (25,398) , ,185 Wedgworth Graduate Fellowship Endowment 904, ,000 - (40,007) (32,051) , ,000 Gerald L. Gunter Memorial Professorship Endowment 533, ,342 - (23,611) (18,915) , ,342 J. H. Shimberg Distinguished Professorship Fund 2,502,740 1,427,200 - (110,685) (88,672) - - 2,303,383 1,427,200 Shimberg Discretionary Fund 243, ,689 - (10,755) (8,616) , ,689 Gary R. Gerson Visiting Professorship Fund 277, ,000 - (12,272) (9,831) , ,000 Ida Rogero Childre Fellowship and Assistantship Fund in Affordable Housing 317, ,024 - (14,060) (11,264) , ,024 (Continued) 36

39 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Mr. and Mrs. George W. Etheridge, Jr. Scholarship 277, ,000 - (12,270) (9,830) , ,000 George T. Singleton, M.D. Professorship 909, ,830 1,000 (40,223) (32,248) , ,830 Frances Millikan Reitz Scholarship Fund 332, ,325 - (14,716) (11,789) , ,325 Pottash Professorship in Psychiatry and Neuroscience 1,739, ,000 - (76,931) (61,631) - - 1,600, ,000 Dunspaugh-Dalton Foundation, Inc. Professorship in Brain and Spinal Surgery 1,649,057 1,000,000 - (72,930) (58,426) - - 1,517,701 1,000,000 Edith P. Pitts Music Scholarship 290, , (12,861) (10,309) , ,015 Don M. Smith Marine Scholarship/Fellowship 774, ,557 - (34,232) (27,424) , ,557 Haskel Hess Professorship in Anatomy and Cell Biology 2,669,860 1,708,567 - (118,075) (94,593) - - 2,457,192 1,708,567 Wells Fargo Faculty Fellowship Fund 265, ,000 - (11,762) (9,423) , ,000 Justus Reid Scholarship Fund 265, ,999 - (11,722) (9,391) , ,999 Joan S. Mendenhall Fellowship Fund 282, ,149 - (12,495) (10,010) , ,149 Dunwody Visiting Professorship and Lecture in Law Fund 525, ,988 - (23,262) (18,635) , ,988 Jerome Bain Scholarship Fund 304, ,000 - (13,453) (10,777) , ,000 Medical Alumni Professorship 560, ,001 - (24,792) (19,861) , ,001 John S. and James L. Knight Foundation Scholarship Fund 1,672, ,638 - (73,960) (59,251) - - 1,539, ,638 Homer and Dolly Hand Fellowship Fund 586, ,994 - (25,936) (70,778) - 50, , ,994 Carlton Fields Jorden Burt Scholarship Fund 264, ,500 - (11,718) (9,387) , ,500 William E. Crown, Jr. Fellowship 529, ,998 - (23,429) (18,769) , ,998 Louise Seaman Bechtel Visiting Professorship 682, ,188 - (30,205) (24,198) , ,188 Invertebrate Paleontology Collection Endowment 320, ,563 - (14,068) (20,407) - 6, , ,563 Tampa Bay Times/James P. Kerlin Fellowship 299, ,515 - (13,231) (10,599) , ,515 Robin and Jean Gibson Fellowship Endowment 581, ,000 - (25,720) (20,604) , ,000 Jules B. Chapman, M.D. Endowed Scholarship Fund 600, , (26,553) (41,279) - 20, , ,186 Wagley/Carter Endowed Fellowship Fund 219, , (9,724) (7,791) , ,388 Huizenga Professorship in Sports Medicine 568, ,778 - (25,122) (20,126) , ,778 Emily Howard Bateman Scholarship 555, ,127 - (24,561) (19,677) , ,127 STOP! Children's Cancer of Palm Beach County, Inc. Professorship in Pediatric Oncology 2,073,728 1,436,184 30,000 (91,756) (73,251) - - 1,938,721 1,466,184 Knox Millsaps Memorial Endowment Fund 517, ,459 6,000 (22,932) (18,371) , ,459 Elizabeth E. Larsen Music Scholarship 109,013 56,590 - (4,821) (3,862) ,330 56,590 Kenneth W. Grader Professorship Fund 2,008,109 1,069,001 - (88,809) (71,147) - - 1,848,153 1,069,001 Reuters Foundation Scholarship Fund 244, ,000 - (10,802) (8,654) , ,000 R. Perry Frankland Term Professorship Fund 396, ,665 - (17,522) (14,037) , ,665 Dr. and Mrs. Henri Theil Endowment for the University Gallery 273, ,348 - (12,091) (9,686) , ,348 John C. Pinkerton Scholarship Fund 285, ,792 - (12,633) (10,120) , ,792 Emanuel and Raidie P. Merdinger Scholarship Fund 3,095,003 2,560,061 - (136,877) (109,655) - - 2,848,471 2,560,061 Joel R. Wells, Jr. Endowments in Finance Fund 827, ,000 - (36,611) (29,330) , ,000 Elizabeth E. Larsen Memorial Fund 612, ,974 19,897 (27,070) (22,184) , ,871 Barbara A. and John M. Cirino Scholarship/Fellowship Fund 243, ,743 - (10,748) (8,611) , ,743 Guy W. Botts Scholarship Fund 297, ,604 - (13,174) (10,554) , ,604 B. L. Stalnaker Professorship in Obstetrics and Gynecology 2,981,087 1,990,000 - (131,840) (105,619) - - 2,743,628 1,990,000 Magazine Fund 258, ,089 - (11,413) (9,143) , ,089 Sam T. Dell Term Professorship 273, ,033 - (12,103) (9,696) , ,033 Preservation Institute: Nantucket Operational Endowment 629, ,675 - (27,827) (22,293) , ,675 Daniel Sinclair Bredahl Memorial Scholarship 332, , (14,707) (11,760) , ,389 Agricultural Research Center, Inc. Professorship 521, ,656 - (23,045) (18,462) , ,656 Gerald Sohn Term Professorship 276, ,000 - (12,208) (9,780) , ,000 Marc Desiderio Pediatric Oncology Fellowship 284, ,100 - (12,602) (10,095) , ,100 Rudolph Acosta, Jr., M.D. Professorship In Urology Fund 484, ,000 - (21,429) (17,167) , ,000 Bunnie Othanel Smith Professorship Fund 541, ,987 - (23,952) (19,188) , ,987 Coker, Schickel, Sorensen and Posgay, P.A. Trial Team 277, ,858 - (12,261) (9,823) , ,858 Edwin C. Kirkland and Mary Kirkland-Johns Scholarship 2,656,488 1,443,722 - (117,484) (94,119) - - 2,444,885 1,443,722 Gerson Jewish Studies Scholarship/Fellowship 542, ,000 - (23,977) (19,208) , ,000 Jessie Ball dupont-magid Endowment 279, ,000 - (12,351) (9,895) , ,000 Arthur and Anna Sahakian Scholarship 1,914,103 1,077,494 - (84,652) (67,816) - - 1,761,635 1,077,494 Chesterfield Smith Professorship Fund 1,103, ,925 1,033,137 (50,830) (95,392) - - 1,990,681 1,599,062 Florida Leadership Program Endowment 3,023,409 2,323,072 1,250 (133,707) (40,039) - - 2,850,913 2,324,322 Christopher M. Squitieri Scholarship 413, ,448 - (18,287) (14,650) , ,448 (Continued) 37

40 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at George K. and Ruthanna Davis Scholarship Fund 513, ,586 - (22,695) (18,182) , ,586 Dorion/Springer Professorship Fund 1,275,198 1,053,248 - (56,396) (45,180) - - 1,173,622 1,053,248 Cracchiolo Family Professorship In Surgery 1,188, ,020 - (52,559) (42,106) - - 1,093, ,020 Gwynndolen F. Jensen Scholarship 1,041, ,000 - (46,068) (36,906) , ,000 Hazen E. Nutter Scholarship Fund 859, ,918 - (38,015) (30,454) , ,918 Floyd-Gehan Scholarship 243, ,703 - (10,775) (8,632) , ,703 Chester C. Holloway Professorship in Entrepreneurship 625, ,865 - (27,645) (22,147) , ,865 Dr. Denny M. Cook Memorial Scholarship 205, ,365 - (9,103) (7,292) , ,365 Hilda W. Dobbins Scholarship 290, ,853 - (12,868) (10,309) , ,853 Joseph and Leila Applebaum Visiting Professorship 354, ,000 - (15,695) (12,574) , ,000 Dr. and Mrs. Robert B. Bennett Fund 195, ,234 - (8,634) (6,917) , ,234 Florida Archaeology Professorship 514, , (22,732) (18,217) , ,250 David M. Drylie, M.D. Visiting Professorship 340, ,800 - (14,978) (11,906) , ,800 John W. Donahoo Scholarship 238, ,057 - (10,563) (8,463) , ,057 Roy A. Howard Scholarship Fund for Latin American Studies 287, ,846 - (12,711) (10,183) , ,846 Joachim S. Gravenstein Professorship in Anesthesiology 1,853,758 1,054,451 - (81,983) (65,678) - - 1,706,097 1,054,451 Robin and Jean Gibson Term Professorship 286, ,000 - (12,663) (10,144) , ,000 Frank J. Sindelar Scholarship 257, ,307 - (11,379) (9,116) , ,307 Mikki and Morris Futernick Visiting Professorship 216, ,735 - (9,582) (7,676) , ,735 Charlotte M. Liberty Scholarship and Academic Support Fund 12,685,318 6,701,301 - (561,012) (449,438) ,674,868 6,701,301 Ralph and Bronia Lowenstein Fellowship 284, , (12,585) (10,082) , ,399 Airth, Clayton, Warren, and Sisler Scholarship 300, ,699 - (13,278) (10,637) , ,699 Alfred T. Airth General Scholarship Fund 269, ,803 - (11,898) (9,531) , ,803 Robert H. and Kathleen M. Axline Acquisition Endowment 2,960,903 1,000,000 - (82,045) (441) - - 2,878,417 1,000,000 William M. Inman and Clara Strickland Inman Graduate Fellowship 560, , (24,770) (19,843) , ,074 PricewaterhouseCoopers ISOM Professorship 415, ,050 - (18,390) (14,733) , ,050 Florida Roofing and Sheet Metal/Earl Blank Faculty Research Award 326, ,900 - (14,451) (11,577) , ,900 Gerson, Preston and Company, CPA Fellowship 212, ,100 - (9,380) (7,514) , ,100 Krisia and Steve Rhoden Memorial Scholarship 172, ,500 - (7,641) (6,121) , ,500 CEMEX Professorship 817, ,000 - (36,149) (28,959) , ,000 Marshall M. and Jeannette Butts DeWitt Scholarship 3,558,096 1,879, (157,359) (126,067) - - 3,274,920 1,879,908 Elmer C. and Minnie Margaret Axline Fund 4,123,775 2,225,241 - (182,375) (146,105) - - 3,795,295 2,225,241 Robert H. Axline Health Science Center Library Fund 353, ,750 - (15,634) (12,524) , ,750 Delrose Marlene Martino Research Fund 399, ,065 - (17,671) (14,156) , ,065 Eloise R. Chandler Program Endowment Fund 708, ,510 - (31,312) (25,084) , ,510 Orthopaedic Alumni Professorship 1,545, ,275 - (68,346) (54,911) - - 1,422, ,275 Angelos Langadas Endowed Scholarship 307, ,000 - (13,593) (10,889) , ,000 Lois Malasanos Fellowship Fund 285, , (12,637) (10,124) , ,692 Andronicos Nicholas Cassas Professorship in Greek Studies 423, ,333 - (18,744) (15,016) , ,333 Kenneth F. Finger Memorial Fellowship 243, ,036 - (10,772) (8,630) , ,036 Byron D. Spangler Endowed Professorship in Civil Engineering 672, , (29,725) (23,814) , ,086 Lloyd Russell Endowment 69,671 40,000 - (3,081) (2,468) ,122 40,000 Reed Bell Professorship in Pediatrics 1,327,015 1,020,000 - (58,688) (47,016) - - 1,221,311 1,020,000 PricewaterhouseCoopers Faculty Fellowship in Accounting 225, ,553 - (9,961) (7,980) , ,553 Benito Agrelo/Christina Holt Memorial Scholarship 206, ,010 - (9,126) (7,311) , ,010 Charles Vincent and Heidi Cole McLaughlin Endowment 3,066,471 1,792,918 - (135,616) (108,644) - - 2,822,211 1,792,918 Kenneth H. Leathers Scholarship 1,430, ,933 - (63,252) (50,672) - - 1,316, ,933 Frank L. Weyenberg Term Professorship 554, ,000 - (24,512) (19,637) , ,000 Whitney Labs-Lecture Endowment 230, ,262 - (10,207) (8,177) , ,262 John W. Thatcher Scholarship 280, ,050 - (12,424) (9,953) , ,050 Helen Aubrey Pratt Scholarship 260, ,151 - (11,506) (9,217) , ,151 Allied Healthcare Products Research Endowment 714, ,050 - (31,602) (25,317) , ,050 Peter J. Sones, Jr. Scholarship Endowment 201, ,322 - (8,923) (7,149) , ,322 Florida Rural Rehabilitation Corporation Endowed Scholarship 199, ,500 - (8,806) (7,055) , ,500 John T. and Myrtle B. Creighton Scholarship/Fellowship 254, ,500 - (11,261) (9,022) , ,500 Levin, Mabie and Levin Professorships in Law 2,299, ,875 - (35,120) (28,281) 69,526 (69,526) 2,235, ,401 Esther G. and Robert B. Mautz Law Review Scholarship 345, ,836 - (15,272) (12,237) , ,836 Frank and Louise Reed Memorial Scholarship 241, ,193 - (10,692) (8,565) , ,193 Occidental Chemical Environmental Engineering Sciences Research Fund 206, ,000 - (9,131) (7,629) , ,000 (Continued) 38

41 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended at Contributed Investment Return Transfers at Description Expenses Other Bice Term Professorship in Health Services Research, Management, and Policy 573, ,474 - (25,380) (20,333) , ,474 Earl W. Halsey Scholarship 253, ,096 - (11,225) (8,993) , ,096 James E. and Thelma C. Garrison Research Professorship 953, ,106 - (42,162) (33,777) , ,106 Joseph S. Field, Jr. Scholarship 210, ,713 - (9,310) (7,458) , ,713 Evelyn Hartman Scholarship Fund 603, ,877 - (26,698) (21,389) , ,877 Charles A. Stokes Endowed Professorship in Chemical Engineering 753, ,598 - (33,311) (26,686) , ,598 Jules B. Chapman, M.D. Professorship in Clinical Care and Humaneness 4,682,238 3,917,321 - (207,073) (165,891) - - 4,309,274 3,917,321 Madelyn M. Lockhart Endowed Doctoral Fund 180, ,967 - (8,000) (6,409) , ,967 Osceola Foundation Historic Preservation Fund 235, ,209 - (10,395) (8,328) , ,209 Florida Realtors Educational Foundation Scholarship 248, ,000 - (11,007) (8,818) , ,000 Dow Chemical Company Foundation Professorship in Chemical Engineering 560, ,000 - (24,808) (19,874) , ,000 Gator Club of Atlanta 181, , (7,980) (24,253) - 24, , ,200 George Batchelor Wildlife Fund 1,131,410 1,000, ,000 (51,801) (41,450) - - 1,188,159 1,150,500 Glenn Chuck Professorship in Pediatric Cardiology 1,607,769 1,022,068 - (71,104) (56,963) - - 1,479,702 1,022,068 Wendy L. Henderson Fund for Neonatal/Perinatal Nursing Education 517, ,489 - (22,866) (18,318) , ,489 Edwin Willinger Trust Scholarship 236, ,000 - (10,475) (8,392) , ,000 Thomas O. Hunter Scholarship Endowment 192, ,000 10,000 (8,632) (6,911) , ,000 River Branch Endowment for Drug Addiction and Substance Abuse Prevention, Research and Education 256, ,500 - (11,334) (9,080) , ,500 AFLAC Cancer Research Fund in Orthopaedics 187, ,000 - (8,276) (6,630) , ,000 Birdwell Finlayson, M.D., Ph.D. Research Professorship 778, ,762 - (34,422) (27,576) , ,762 Michael G. Cantonis Endowment in Greek Studies 588, ,229 - (26,033) (20,856) , ,229 Allen and Lou DeLaney Endowment for University of Florida Performing Arts 420, ,308 - (18,610) (14,909) , ,308 Florida Veterinary Medicine Association Scholarship 241, ,693 - (10,697) (8,570) , ,693 Robert A. Bryan Scholarship 181, ,935 - (8,032) (6,435) , ,935 Richard Fay Warner Scholarship Fund 432, ,952 8,601 (19,109) (15,058) , ,553 Howard T. Odum Wetlands Research Endowment 161, , (7,120) (5,705) , ,200 Alyce Norine Haines Fellowship 301, ,076 - (13,325) (10,675) , ,076 Florida Pest Management Association Urban Entomology Professorship 617, ,982 - (27,326) (21,892) , ,982 Robert L. Batey, M.D. Cardiology Scholarship Fund 204, ,567 - (9,037) (7,239) , ,567 Bucket Milikin Electrical Engineering Scholarship 225, ,491 - (9,963) (7,981) , ,491 Florida Endowment for Research and Education in Mental Health 233, ,356 - (10,321) (8,268) , ,356 Randall L. Parks Endowment Fund 3,621,599 2,433,817 - (160,166) (128,313) - - 3,333,120 2,433,817 Shands Hospital Board of Directors Scholarship Fund 1,581,134 1,020,001 - (69,926) (56,019) - - 1,455,189 1,020,001 T. G. Williamson Endowment 762, ,990 - (33,736) (27,026) , ,990 LaFontaine Scholarship/Fellowship Fund 254, ,338 - (11,238) (9,003) , ,338 President's Academic Excellence Fund 1,028, ,708 39,693 (45,546) (36,308) , ,401 Roger G. and Jo Bates Chemistry Fund 232, ,950 - (10,264) (8,222) , ,950 George Bergen Butler Polymer Chemistry Professor 2,484,519 1,619, (109,879) (88,026) - - 2,286,662 1,619,374 Alexander M. and June L. Maisin Prostate Research Fund 554, ,000 - (24,542) (19,661) , ,000 Jerry W. Davis Communications Technology Fund 6,583,121 5,362,371 - (291,141) (233,239) - - 6,058,741 5,362,371 Calvin L. Korf Turfgrass Research Program Fund 199, ,145 - (8,818) (7,064) , ,145 Robert S. Baynard Scholarship Fund 318, ,000 - (14,099) (11,295) , ,000 Joseph L. and Marion B. Brechner Research Fellowship 434, ,488 - (19,213) (15,392) , ,488 Cunningham Scholarship Endowment 189, ,000 40,000 (8,387) (7,719) , ,000 Myasthenia Gravis Rhodes Trust 1,066, ,414 - (47,669) ,018, ,414 Jean L. Bennett Scholarship 241, ,104 - (10,672) (8,549) , ,104 Duggan, Joiner & Company Accounting Endowment 408, ,820 - (18,068) (14,475) , ,820 Alfred C. Warrington, IV Fund 11,125,526 7,858,566 - (492,030) (394,175) ,239,321 7,858,566 Michael A. Singer Fund 224, ,000 - (9,917) (7,945) , ,000 Deedie Wrigley-Hancock Fellowship in Equine Colic Studies 899, ,153 - (39,780) (31,869) , ,153 LTC John L. Crown Scholarship Fund 217, ,100 - (9,619) (7,706) , ,100 Jon L. and Beverly A. Thompson Fund 709, ,750 30,000 (31,382) (24,973) , ,750 Henry E. Innes Professorship in Cancer Research 3,258,532 2,688,544 - (144,110) (115,449) - - 2,998,973 2,688,544 Elizabeth and William F. Leonard Endowment Scholarship 280, , (12,416) (9,955) , ,975 A. Ross and Cora B. Evans Endowed Scholarship 211, ,424 - (9,355) (7,494) , ,424 Clarence and Lucille Dee Scholarship 206, ,606 - (9,129) (7,314) , ,606 Albert L. Rhoton, Jr., M.D. Chairman's Professorship 6,492,624 5,461,536 - (287,138) (230,032) - - 5,975,454 5,461,536 (Continued) 39

42 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Dr. Melvin J. Fregly Memorial Fund 203, ,646 - (9,015) (7,222) , ,646 Jose M. Sanchez Scholarship 372, ,641 - (15,714) (12,368) , ,641 Bob and Phyllis Dean Fellowship in Coastal Engineering 292, ,241 10,100 (12,895) (10,087) , ,341 Linda Wilson College of the Arts Endowment 216, ,737 - (9,592) (7,684) , ,737 Peter G. Gordon/Sun-Sentinel Scholarship 205, ,159 - (9,095) (7,286) , ,159 American Economics Institutions Endowment 2,445,386 1,094,081 - (108,148) (86,640) - - 2,250,598 1,094,081 Richard and Shirley McGinnis Fund for Advertising Excellence 386, ,403 - (17,098) (13,698) , ,403 Music Department Endowment 217, ,098 - (9,619) (7,706) , ,098 Ted Fearney Endowed Professorship in Architecture 201, ,025 - (8,907) (7,136) , ,025 Miss Lucy Dickinson Fellowship in Vertebrate Paleontology 548, ,784 - (24,253) (19,430) , ,784 Taiwan R.O.C. Fund 2,157,573 1,750,641 - (95,419) (76,442) - - 1,985,712 1,750,641 S. Clark Butler Urological Oncology Research 199, ,000 - (8,841) (7,082) , ,000 William C. and Bertha M. Cornett Fellowship 805, ,056 - (35,641) (28,552) , ,056 Graham-Buffett Teaching Endowment 2,323,320 1,750,001 - (102,750) (82,315) - - 2,138,255 1,750,001 Joy McCann Culverhouse Excellence in Accounting Endowment 5,042,766 4,000,002 - (223,018) (178,664) - - 4,641,084 4,000,002 Roger Long/W. J. and A. C. Wise Scholarship 254, ,518 - (11,268) (9,027) , ,518 President's Performance Endowment 2,680,744 2,045,783 - (110,644) (93,514) - - 2,476,586 2,045,783 Criser Internship Fund 201, ,000 - (8,895) (7,126) , ,000 Huber C. Hurst Endowment 1,989, ,301 - (87,990) (70,490) - - 1,831, ,301 Arthur G. and Beverley A. Witters Competition Endowment 306, ,273 - (13,577) (10,877) , ,273 Albert C. and Vanda N. O'Neill, Jr. Liberal Arts and Sciences Excellence Fund 182, ,416 - (8,073) (6,468) , ,416 Alumni Graduate Fellowships 10,426,478 8,001,685 - (461,114) (369,407) - - 9,595,957 8,001,685 Irving Cypen Professorship 385, ,000 - (17,032) (13,645) , ,000 S. Clark Butler Research Fund for Neurology 194, ,000 - (8,607) (6,895) , ,000 Fred W. and Mabel H. Barber Forestry Fund 1,300,598 1,073,162 - (57,519) (46,080) - - 1,196,999 1,073,162 Barber Endowment 1,082, ,730 - (47,867) (38,348) , ,730 Sidney Knight Endowment Fund 199, ,406 - (8,830) (7,074) , ,406 Glaxo Wellcome Visiting Professorship 183, ,000 - (8,105) (6,493) , ,000 Greene Pediatric Neurosurgery Research Fund 1,911, ,411 - (84,524) (67,714) - - 1,758, ,411 E. Robert Langley Scholarship Fund 186, , (8,231) (6,594) , ,060 Jablonski/Peterson Animal Health Research 183, ,000 - (8,105) (6,511) , ,000 Grace H. Osborn Professorship of Medical Ethics and Humanities 1,055, ,778 - (46,684) (37,399) , ,778 Marjorie Kinnan Rawlings Baskin Scholarship Fund 997, ,898 58,795 (44,697) (36,289) , ,693 A. J. and Lynne Land Fund in Historic Preservation 184, ,325 - (8,168) (6,543) , ,325 Laborers' International Union of North America Arthur A. Coia & R. P. Vinall Scholarship 393, ,885 - (17,395) (13,935) , ,885 Law Review Endowment 2,836,868 2,484,731 62,064 (125,454) (100,561) - - 2,672,917 2,546,795 UF Law Center Association Inc Endowment 376, ,000 - (16,672) (13,356) , ,000 Inez Culp Goodrum Scholarship Fund 185, ,493 - (8,205) (6,573) , ,493 Rene Aerts/Virginia J. Cosper Term Professorship 524, ,388 - (23,185) (18,574) , ,388 Ruth Selby Noble Scholarship/Fellowship Fund 229, ,702 - (10,153) (8,134) , ,702 Lockheed Martin Student Support Program Fund 696, ,340 - (30,806) (24,680) , ,340 James E. Dykes Scholarship Fund 177, ,602 - (7,869) (6,304) , ,602 Ralph D. Turlington Scholarship and Fellowship Fund 179, ,350 - (7,958) (6,375) , ,350 George P. Wilson MBA Endowment 183, ,888 - (8,116) (6,502) , ,888 Richard W. Cope and Margaret M. Cope Real Estate Endowment 187, ,000 - (8,312) (6,659) , ,000 E. R. Beall Professorship of Logistics and Supply Chain Management Fund 367, ,000 - (16,242) (13,012) , ,000 Tarrant Organic Chemistry Fund 1,225,254 1,044,736 - (54,187) (43,411) - - 1,127,656 1,044,736 Dr. Robert E. Allen, Dr. Owen J. Holyoak and Dr. Paul R. Varnes Scholarship 219, ,044 - (9,712) (7,880) , ,044 Clark Construction Group Fund 191, ,000 - (8,460) (21,777) - 15, , ,000 Allbritton Endowment for Excellence in Television and Electronic Media 2,462,988 2,100,000 - (108,926) (87,263) - - 2,266,799 2,100,000 Brain Institute Research Endowment 414, , ,337 (20,359) (3,933) , ,902 James J. Rizzi Scholarship 185, ,000 - (8,225) (6,589) , ,000 Chastain Endowment for UF Students at the New World School of the Arts 237, ,500 - (10,520) (8,428) , ,500 Florida Power and Light Company Endowed Term Professorship in Nuclear Engineering 743, ,500 - (32,885) (26,345) , ,500 Wayne and Mary Hockmeyer Endowment Fund for Science and Business Education 289, ,745 - (12,802) (10,256) , ,745 (Continued) 40

43 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended at Contributed Investment Return Transfers at Description Expenses Other Lewis Donald Rushing Finance, Insurance and Real Estate Endowment Fund 1,230,117 1,018,415 - (54,402) (53,583) - 10,000 1,132,132 1,018,415 Judge John M. McNatt Memorial Scholarship 543, ,581 - (24,055) (19,271) , ,581 Gene and Barbara Batson Endowed Nursery Fund 1,065, ,032 - (47,112) (37,742) , ,032 Snelling Scholarship Endowment Fund 252, ,381 10,000 (11,183) (9,145) , ,381 Melvin and Lorna Rubin Fund 463, ,105 - (13,379) , ,105 Karl B. Hanson, Sr., M.D., Professor of Internal Medicine 349, ,141 - (15,459) (12,385) , ,141 Harvard Jolly Architects Scholarship Fund 176, ,250 - (7,817) (6,262) , ,250 Joseph J. Bagnor/Shands Professorship 1,204,566 1,020,114 - (53,272) (42,678) - - 1,108,616 1,020,114 Charles W. Abbott Appellate Advocacy/Moot Court Endowment 225, ,172 - (9,976) (7,992) , ,172 Meril S. Beers Graduate and Undergraduate Loan 463, ,286 - (20,520) (16,439) , ,286 Frances R. and Homer J. Hand EREC Endowment 2,084,971 1,750,123 - (92,209) (123,870) - 50,000 1,918,892 1,750,123 J. Robert Cade, M.D. Professorship of Nephrology Fund 1,898,766 1,549,543 - (83,974) (67,274) - - 1,747,518 1,549,543 Gartner Group Information Technology Fund 175, ,000 - (7,778) (6,231) , ,000 Davidson Graduate Travel Scholarship 130, ,064 1,000 (5,760) (4,618) , ,064 Henry A. Kokomoor Memorial Fund 173, , (7,693) (6,121) , ,460 Dr. Leighton E. Cluff University of Florida Performing Arts Educational Endowment Fund 246, ,219 - (10,911) (8,741) , ,219 James M. Cox, Jr./Palm Beach Post Professorship in New Media Journalism 549, ,000 - (24,301) (19,468) , ,000 Keith and Doreen Koenig MBA Endowment 184, ,000 - (8,181) (6,554) , ,000 S.F.I. Educational Endowment 545, ,654 - (24,143) (19,341) , ,654 Bank of America Professorship in Finance 590, ,636 - (26,126) (20,930) , ,636 Ralph W. Miller Scholarship 275, ,163 - (12,164) (9,744) , ,163 Rae O. Weimer Scholarship Fund 191, ,398 - (8,467) (6,783) , ,398 William E. Dudziak and Emily E. McClintock Business Technology Endowment 1,274,947 1,026,094 - (56,385) (45,171) - - 1,173,391 1,026,094 Alfred A. Ring Trust Fund 175, ,099 - (7,782) (6,235) , ,099 Hugh M. "Smiley" Hill, M.D. Scholarship Endowment Fund 2,622,524 2,185,192 40,225 (116,053) (93,305) - - 2,453,391 2,225,417 Charles and Teresa Bedford Urology Fund 193, ,630 - (8,536) (6,838) , ,630 IMC-Agrico Geology Department Fund 351, ,000 - (15,555) (12,462) , ,000 Florida Museum of Natural History Education 358, , (15,845) (12,699) , ,373 Harold Z. Steinbrenner Family MBA Endowment 183, ,000 - (8,099) (6,488) , ,000 Irving and Rose Fien Professorship 1,196,163 1,020,002 - (52,901) (42,380) - - 1,100,882 1,020,002 David M. Drylie, M.D. Urology Residents Education Endowment Fund 470, ,027 5,000 (20,808) (16,684) , ,027 Dr. Charles W. LaPradd Ph.D. Fellowship 184, ,000 - (8,170) (6,545) , ,000 Geology Department 50th Anniversary Fund 637, ,396 37,140 (28,140) (28,387) - 3, , ,536 Friends of the Randell Research Center 2,226,945 1,713, ,257 (98,666) (108,490) - 29,851 2,186,897 1,850,842 F. Andrew Warden Advertising Scholarship 857, ,000 - (37,002) (29,367) , ,000 S. Clark Butler Lectureship, Scholarship and Teaching Endowment in Entrepreneurship Fund 308, ,612 10,000 (13,653) (10,938) , ,612 Jerry W. and Judith S. Davis Cancer Research Endowment 12,012,119 10,024,993 - (531,240) (425,587) ,055,292 10,024,993 Thomas H. Maren, M.D. Professorship of Pharmacology and Therapeutics 2,260,330 1,820,000 - (99,964) (80,083) - - 2,080,283 1,820,000 David Stuzin Hall Fund 5,126,385 3,989,730 - (226,716) (181,627) - - 4,718,042 3,989,730 International Center for Automated Information Research 6,867,934 5,508,120 - (303,737) (243,330) - - 6,320,867 5,508,120 Lawrence Baynard Hubbell Scholarship in Theatre Studies 187, ,000 - (8,293) (6,644) , ,000 Allen L. Lastinger, Jr. and Delores Taylor Lastinger Endowment 4,970,142 4,156,834 - (219,806) (176,091) - - 4,574,245 4,156,834 Materials Science and Engineering Endowed Professorship 1,250,847 1,022,105 - (55,319) (44,317) - - 1,151,211 1,022,105 Fyfe Family Scholarship Fund 186, ,500 1,200 (8,241) (6,619) , ,700 Russell and Katherine Jaberg Endowment in Religious Studies 197, ,532 - (8,713) (6,980) , ,532 McGehee Family Research Fund 188, ,000 - (8,330) (6,673) , ,000 Bank of America Business Endowment 1,513,991 1,222,300 - (66,957) (53,640) - - 1,393,394 1,222,300 C. Arnold Matthews Graduate Fellowship in Finance 187, ,815 - (8,284) (6,636) , ,815 Jane Adams Edmonds Ph.D. Fellowship 243, ,834 - (10,772) (8,630) , ,834 Marshall M. Criser Chair in Electronic Communications and Administrative Law 1,352,162 1,100,000 - (59,800) (47,907) - - 1,244,455 1,100,000 William T. and Jackie C. Reid Scholarship in Pharmacy 156, ,112 - (6,933) (5,554) , ,112 William T. and Jackie C. Reid Scholarship in Dentistry 220, ,054 - (9,760) (7,819) , ,054 Verna Hilda Soderstrom Domaschk Scholarship 200, ,608 - (8,868) (7,104) , ,608 (Continued) 41

44 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended at Contributed Investment Return Transfers at Description Expenses Other Annabel Davis Jenks Endowed Professorship for Teaching and Research in Clinical Nursing Excellence 1,193,643 1,020,000 - (52,789) (42,290) - - 1,098,564 1,020,000 Frederick Family Fund in Health and Human Performance 93,941 75,241 - (4,155) (3,328) ,458 75,241 Frederick Family Scholarship in Physical Therapy 93,942 75,241 - (4,155) (3,328) ,459 75,241 C. P. and Lynn Steinmetz Scholarship/Fellowship Fund 1,171,622 1,001,321 - (51,815) (41,510) - - 1,078,297 1,001,321 Key West Gator Club Endowment Fund 309, ,150 - (13,288) (10,500) , ,150 Billie K. and Betty C. Stevens Term Professorship Fund 1,047, , (46,317) (37,105) , ,268 John Mason Gardner Journalism and Communications Fund 187, ,149 - (8,308) (6,656) , ,149 Wesley W. Wood Professorship of Orthopedics 383, ,229 - (16,977) (13,601) , ,229 Louis C. and Jane Gapenski Term Professorship for Health Services Administration 580, , (25,684) (20,584) , ,509 Alpha One Foundation Research Program and Professorship 1,268,076 1,020,200 - (56,078) (45,098) ,167,000 1,020,200 Raidie P. Merdinger Nursing Fund 825, ,303 - (36,503) (29,243) , ,303 M. Ann O'Brien MBA Scholars Endowment Fund 187, ,780 - (8,294) (6,645) , ,780 Malcom Randall Fellowship in Health Care Administration 112, ,000 - (4,964) (3,977) , ,000 Frank P. May Endowment 538, ,502 - (23,827) (19,088) , ,502 Marion B. Brechner First Amendment Project Endowment 1,257,512 1,043,585 - (55,614) (46,053) - 1,500 1,157,345 1,043,585 Margie B. and Dempsey R. Sapp, Sr. Distinguished Professorship Fund 2,170,105 1,750,001 - (95,974) (76,886) - - 1,997,245 1,750,001 Alan Epstein Memorial Scholarship Fund 188, ,634 - (8,348) (6,688) , ,634 David F. and Cynthia A. Davis Endowed Scholarship 202, ,680 - (8,954) (7,173) , ,680 Ellis Research Endowment 1,232, ,186 - (54,526) (43,682) - - 1,134, ,186 Frank E. Harris Professorship 771, ,445 - (34,098) (27,316) , ,445 Cullen W. Banks, M.D. Scholarship Fund 134, ,409 7,650 (5,925) (4,813) , ,059 Fahien Endowed Teaching Scholarship 212, ,597 - (9,408) (7,537) , ,597 Fredric G. and Marilyn Kapner Levin Fund 24,355,815 19,998,200 - (1,077,144) (862,921) ,415,750 19,998,200 Genzyme Professorship of Biomaterials in Materials Science and Engineering 668, ,058 - (29,554) (23,676) , ,058 David F. Miller Center for Retailing Education and Research Fund 2,020,099 1,685, ,000 (88,980) (71,572) - - 1,959,547 1,785,923 Martha and Arthur Appleton Endowed Professorship in Equine Studies 3,894,937 1,817,968 - (172,255) (137,997) - - 3,584,685 1,817,968 Central Florida Fair Endowment for Scholarships/Fellowships 183, ,000 - (8,121) (6,506) , ,000 Joe and Sophie Witten Scholarship 254, ,238 - (11,250) (9,012) , ,238 James A. Himes Alumni Scholarship Fund 122, , (5,428) (4,351) , ,909 Brooks Health Foundation Rehabilitation Research Endowment 5,992,138 5,000,000 - (265,004) (212,300) - - 5,514,834 5,000,000 Vasil-Monsanto Endowed Professorship 657, ,000 - (29,092) (23,307) , ,000 Laura McClamma Research Fellowship Fund 695, ,272 - (30,760) (24,643) , ,272 Don D. and Ruth S. Eckis Professorship in Biomedical Engineering 1,424, ,146 - (63,008) (50,477) - - 1,311, ,146 Ogden Entertainment of Florida Program Enhancement Fund 225, ,940 - (9,964) (7,982) , ,940 Grace Hausch and John M. Hausch Memorial Fund 431, ,652 - (19,068) (15,276) , ,652 Jack Faricy Professorship 426, ,358 - (18,878) (15,124) , ,358 IBM Sanibel Symposium Endowment 425, ,688 11,265 (18,818) (15,292) , ,953 MedX '96 Program Enhancement Fund 277, ,000 - (12,269) (9,829) , ,000 Kelley A. Bergstrom Real Estate Endowment Fund 4,121,685 3,520,001 - (182,283) (146,031) - - 3,793,371 3,520,001 Hoke T. Maroon MBA Fellowship Endowment 187, ,998 - (8,272) (6,627) , ,998 William and Grace Dial Endowment 1,107, ,200 - (48,991) (39,248) - - 1,019, ,200 V. Ravi Chandran, Ph.D. Professorship in Pharmaceutical Sciences 636, ,000 - (28,145) (22,547) , ,000 Wells Fargo Scholarship and Internship Fund 789, ,878 - (34,915) (27,971) , ,878 Wells Fargo Museum Technology Endowment 197, ,220 - (8,729) (6,993) , ,220 Douglas Edwin Salisbury Scholarship 126, ,830 - (5,611) (4,495) , ,830 Sears Retail Seminar Series Endowment Fund 464, ,000 - (20,529) (16,446) , ,000 William P. and Janet F. Bushnell Professorship in Urban Environmental Sustainability 2,076,641 1,788,308 14,804 (91,728) (73,597) - - 1,926,120 1,803,112 Calder Race Course Scholarship 188, ,250 - (8,354) (6,693) , ,250 Adams Endowment for Medical Excellence 176, ,170 - (7,798) (6,247) , ,170 Richard B. Stephens Eminent Scholar Chair in Federal Taxation 1,585,625 1,298, (70,125) (56,178) - - 1,459,372 1,298,274 J. Robert and Mary Cade Professor of Physiology Fund 1,169,117 1,020,000 - (51,705) (41,422) - - 1,075,990 1,020,000 Upchurch, Watson, White & Max Dispute Resolution Fund 181, ,000 - (8,005) (6,413) , ,000 John R. and Carolyn C. Dykes Endowment Fund 348, ,561 - (15,423) (12,355) , ,561 James J. Freeland Eminent Scholar Chair in Federal Taxation 1,468,603 1,188, (64,949) (52,033) - - 1,351,721 1,188,100 Gaintner Family Endowment for Arts in Medicine 760, ,799 - (31,290) (29,143) , ,799 (Continued) 42

45 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Verle M. Hellekson Research Endowment in Cardiovascular Medicine 289, ,000 - (12,807) (10,260) , ,000 William R. Rambo, Sr. Scholarship in Medicine 134, ,708 - (5,952) (4,768) , ,708 William R. Rambo, Sr. Scholarship in Dentistry 134, ,705 - (5,952) (4,768) , ,705 William R. Rambo, Sr. Scholarship in Veterinary Medicine 134, ,705 - (5,952) (4,768) , ,705 Roger B. Broderick Fund 172, ,000 - (7,612) (6,098) , ,000 Yazdi Scholarship/Fellowship Endowment Fund 297, ,000 10,000 (13,179) (10,223) , ,000 Ford Foundation Endowment for Tropical Conservation and Development 4,575,462 4,000,002 - (202,351) (162,108) - - 4,211,003 4,000,002 Ernest G. Atkin Memorial Fund 339, ,421 - (15,010) (12,025) , ,421 MBA Advisory Board Scholarship 306, ,608 3,500 (13,503) (12,965) , ,108 William and Linda Eckhoff Bridge Program Fund 180, ,700 - (8,004) (10,700) - 5, , ,700 Lucy Gooding Fund 1,377,186 1,182,138 - (60,907) (48,843) ,267,486 1,182,138 G. W. Robinson Endowment in Building Construction 758, ,918 - (33,539) (26,869) , ,918 John T. and Winifred M. Hayward Professorship in Genetics Research 1,149,849 1,020,000 - (50,852) (40,739) - - 1,058,258 1,020,000 Exhibits 202, , (8,971) (7,187) , ,986 William F. Powers Endowed Professorship 581, ,316 - (25,710) (20,597) , ,316 William K. "Bill" Robertson Fellowship Fund 172, ,012 - (7,639) (6,120) , ,012 Wayne Hawkins Agricultural Scholarship Fund 201, ,737 - (8,930) (7,160) , ,737 Ohanian Lecture Series Endowment 173, , (7,671) (6,148) , ,687 Melvin J. and Marilyn S. Fregly Endowment for Biomedical Sciences and Humanities Collection 178, , (7,909) (6,337) , ,899 Barbara J. and Curtis M. Phillips, M.D. Endowment Fund 4,860,993 4,275,206 - (214,979) (172,224) - - 4,473,790 4,275,206 Robert J. and Jane H. Barben Family Scholarship/Fellowship Endowment 113, ,884 - (5,019) (4,021) , ,884 Student Enrichment Fund 57,396 51, (2,538) (2,034) ,874 51,084 Evelyn F. McKnight Chair for Brain Research in Memory Loss 5,044,523 3,995,677 - (178,492) (151,549) - (1,000,000) 3,714,482 3,995,677 John and Margaret Sung Family Fine Arts Fellowship 193, ,353 - (8,559) (6,857) , ,353 James E. McGuigan, M.D. Fellowship 366, ,538 - (16,212) (12,988) , ,538 William R. Hough Master's Program in Finance 8,372,752 7,377,285 - (370,266) (296,601) - - 7,705,885 7,377,285 Richard E. Darby Accounting Scholarship 180, ,000 - (7,966) (6,382) , ,000 Robert G. Frank Professorship 1,320,801 1,126,944 - (58,413) (46,796) - - 1,215,592 1,126,944 William Riffee Dean's Endowment 732, ,634 7,900 (32,451) (25,965) , ,534 Powell Gene Therapy Fund 4,565,766 4,043, (201,922) (411,764) - 250,000 4,202,380 4,043,806 Anne Troneck Fund 788, ,699 - (34,889) (27,950) , ,699 Ruth P. Phillips Sports Medicine Endowment 198, ,331 - (8,758) (7,017) , ,331 C. Farris and Julia B. Bryant Florida History Preservation Fund 567, ,756 3,100 (25,073) (20,030) , ,856 Albert L. Holloway Graduate Research Endowment 338, ,884 - (14,976) (11,997) , ,884 Gerson Hall Excellence Support Fund 1,866,495 1,575,443 83,006 (75,311) (64,856) - - 1,809,334 1,658,449 Radiation Oncology Clinical Research Endowment 466, , (20,629) (16,539) , ,988 Continuing Medical Education Endowment in Cardiology 221, ,923 - (9,811) (7,859) , ,923 Continuing Medical Education Endowment in COM 618, ,300 - (27,350) (21,911) , ,300 Van Dyke Endowment for the Libraries 361, ,602 - (15,990) (12,810) , ,602 Philip B. and Georgia E. Hofmann Fund for Equine Studies 1,991,848 1,750,002 - (88,090) (70,571) - - 1,833,187 1,750,002 Keith Stone, M.D Endowment Fund 178, , (7,901) (6,330) , ,045 Liberty and George Perry Memorial Scholarship in Greek Studies 181, ,674 - (8,029) (6,432) , ,674 George and Liberty Perry Endowment in the Center for Greek Studies 541, ,683 - (23,927) (19,169) , ,683 Gerold L. Schiebler, M.D. and Audrey Lincourt Schiebler Children's Advocacy Fellowship in Pediatrics 143, , (6,340) (5,053) , ,782 Jessie Shaw Bates and Mortimer B. Bates, Jr. Fund 187, ,200 3,000 (8,267) (7,633) - 1, , ,200 Evelyn F. McKnight Brain Research Grant 33,162,770 25,967,781 - (1,329,351) (1,231,863) - (2,832,657) 27,768,899 25,967,781 Linda and Ken McGurn Director's Fund 1,491,722 1,371,047 4,930 (65,976) (52,985) - - 1,377,691 1,375,977 Gartner Group Graduate Fellowship 230, ,500 - (10,207) (8,177) , ,500 Alvin G. and Effie D. Flanagan Endowment Fund 9,241,987 7,602,421 - (408,730) (327,442) - - 8,505,815 7,602,421 Thomas J. and Jane B. Walker Fund 347, ,000 25,000 (15,295) (12,325) , ,000 M. E. Rinker, Sr. Endowment #1 7,751,808 4,006,510 - (342,826) (276,495) - 1,850 7,134,337 4,006,510 M. E. Rinker, Sr. Endowment #2 4,467,045 3,637,164 - (197,549) (158,258) - - 4,111,238 3,637,164 Wilson and Marie Collins Endowment for Graduate Fellowships 153, ,250 - (6,800) (5,447) , ,250 Neurology Academic Excellence 356, ,100 - (7,906) , ,100 Orange County Farm Bureau Scholarship 183, ,000 - (8,100) (6,489) , ,000 Ralph T. and Ella B. Sadler Extension Term Professorship 178, ,000 - (7,900) (6,329) , ,000 Thomas P. Mitchell Professorship in Clinical Physics Fund 739, ,889 4,500 (32,694) (26,292) , ,389 (Continued) 43

46 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Pierre Chagnon Professorship 1,606,115 1,337,002 - (71,031) (56,904) - - 1,478,180 1,337,002 F. Graham McKeel MBA Fellowship Fund 175, ,330 - (7,781) (6,233) , ,330 Melvin Greer Academic Endowment Fund 203, , (8,952) (6,978) , ,351 Harris Corporation Communication Graduate Fellowship Endowment 269, ,000 - (11,926) (9,554) , ,000 Wayne Densch Epilepsy Research Endowment Fund 1,403,937 1,166,668 - (62,090) (54,741) - 5,000 1,292,106 1,166,668 Frank Maturo Excellence Fund 244, ,840 1,100 (10,831) (8,778) , ,940 David A. Cofrin Acquisition Endowment 4,672,166 2,310,451 - (122,815) 2, ,551,351 2,310,451 George F. and Hazel Z. Baughman Endowment 346, ,741 - (15,302) (12,259) , ,741 Ann R. Stasch Memorial Scholarship 199, ,110 - (8,815) (7,062) , ,110 Alumni Professorship of Materials Science and Engineering 1 612, ,000 - (27,092) (21,704) , ,000 Alumni Professorship of Materials Science and Engineering 2 612, ,053 - (27,095) (21,706) , ,053 Ophthalmology Endowment Fund 317, ,865 - (14,063) (11,266) , ,865 Southwest Florida Gator Club Academic Endowment 126, ,000 - (5,398) (10,000) - 5, , ,000 Londono Family Endowment 356, ,964 - (15,213) (11,965) , ,964 David E. and Margaret O'Connor Scholarship 183, ,576 - (8,106) (6,494) , ,576 Debbie DeSantis Endowment 5,331,647 4,371,137 - (235,794) (188,899) - - 4,906,954 4,371,137 Barbara Goldsby Memorial Fund 874, ,210 - (38,681) (30,988) , ,210 T. W. Andersen, M.D. and Haven Perkins, M.D. Educational Endowment 1,357,564 1,145,288 - (60,039) (48,098) - - 1,249,427 1,145,288 Addam Kellough Memorial Scholarship 181, , (8,017) (6,423) , ,398 Historic St. Augustine Gator Club Academic Endowment 218, ,000 - (7,972) (6,000) , ,000 Rothman Family Endowment Fund 450, ,379 - (19,921) (15,959) , ,379 Babs Dalsheimer Faculty Endowment 120, ,239 - (5,346) (4,283) , ,239 Ocala Royal Dames Endowment for Cancer Research and Education 179, ,000 - (7,947) (6,366) , ,000 Jeffrey Keene Translational Diabetes Research Endowment 1,792,315 1,463, (79,266) (63,537) - - 1,650,262 1,463,892 John W. and Mittie Collins Engineering Scholarship and Fellowship Fund 1,254,985 1,027,348 - (55,502) (44,464) - - 1,155,019 1,027,348 Wilson and Marie Collins Excellence Fund 1,251,486 1,027,348 - (55,502) (41,639) - - 1,154,345 1,027,348 Hugh and Mabel Wilford Scholarship Fund 2,755,842 2,338,221 - (121,878) (97,639) - - 2,536,325 2,338,221 Fern Audette Professorship in Equine Studies 560, ,000 - (24,803) (19,870) , ,000 Paul and Laura Dickert Excellence Fund 180, ,000 - (7,987) (6,398) , ,000 Rolf E. Hummel Professorship for Electronic Materials 1,242,022 1,020,000 - (54,929) (44,005) - - 1,143,088 1,020,000 Colonel Allen R. and Margaret G. Crow Professorship in Chemistry 1,824,921 1,487,115 - (80,708) (64,657) - - 1,679,556 1,487,115 Sara Lavinia de Keni Scholarship 38,722 33,810 - (1,712) (1,372) ,638 33,810 Tampa Gator Club Academic Endowment 115,992 86,907 - (4,514) (15,000) - 15, ,478 86,907 Dorothy M. Smith Chair 2,953,050 2,774, (130,599) (104,626) - - 2,717,925 2,775,010 Samuel and Bessie R. Proctor Fund 250, ,068 1,245 (11,057) (8,855) , ,313 Lawton Family Liver Research Fund 296, ,334 - (13,123) (10,513) , ,334 Dean's Enrichment Fund for Teaching and Research 545, , (24,124) (19,328) , ,106 James Weeks Professional Advancement Fund 246, ,186 - (10,904) (8,735) , ,186 A. F. Wentworth Fellowship in Forensic Medicine Fund 288, ,336 - (12,760) (10,222) , ,336 A. F. Wentworth Honors Scholarship 2,094,664 1,719,820 - (92,637) (74,214) - - 1,927,813 1,719,820 Paula Koch Professorship in Pediatric Critical Care 2,119,451 1,750,002 - (93,734) (75,092) - - 1,950,625 1,750,002 Michael J. Collins Endowment in Chemistry 178, ,000 - (7,914) (6,340) , ,000 School of Music Scholarship Endowment 188, , (8,319) (6,667) , ,471 Saliwanchik, Lloyd, and Saliwanchik Intellectual Property Fund 246, ,500 - (10,922) (8,750) , ,500 Evelyn Grader Craniofacial Center Endowment 203, ,000 - (9,019) (12,226) - 5, , ,000 Sara Lavinia de Keni Endowment 350, ,284 - (15,493) (12,412) , ,284 Rosalind Heilman Memorial Research Endowment Fund 221, ,065 1,200 (9,787) (7,857) , ,265 Charles and Thelma Palmer Scholarship 362, ,001 - (16,040) (12,850) , ,001 Josephine B. Sirmyer Fellowship Fund for Occupational Therapy 239, ,039 - (10,605) (8,496) , ,039 Hill's Professorship in Oncology 3,234,583 2,628,832 - (143,051) (114,601) - - 2,976,931 2,628,832 American Diabetes Association Research Program Endowment for the Cure 211, ,064 - (9,368) (7,505) , ,064 Hugh W. Cunningham Professorship in Journalism Excellence 768, ,824 - (33,995) (27,234) , ,824 Latin Builders Association Scholarship for Ethical Development 225, ,000 - (9,984) (7,998) , ,000 Connie Mack Fund 486, ,000 - (21,522) (17,241) , ,000 Florida Fertilizer & Agrichemical Association Scholarship 184, ,000 - (8,141) (6,522) , ,000 Escambia County 4-H Fund 3,761,744 3,275,000 - (166,364) (133,278) - - 3,462,102 3,275,000 Alexander Grass Chair in Jewish Studies 2,335,422 1,749,788 - (103,285) (82,744) - - 2,149,393 1,749,788 Genevieve E. Spurga Endowment in Ophthalmology 1,035, ,948 - (45,790) (36,684) , ,948 Richard E. Nelson Chair in Local Government 2,357,194 1,988,375 10,250 (104,303) (83,700) - - 2,179,441 1,998,625 (Continued) 44

47 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Lastinger Archeology Endowment 583, ,000 - (25,817) (20,682) , ,000 Ralph Sias Scholarship Fund 349, ,066 - (15,462) (12,387) , ,066 William T. Phelps Scholarship 620, ,084 16,218 (27,514) (22,269) , ,302 Ethel Smith Research Professorship 1,232,120 1,020,002 - (54,491) (43,654) - - 1,133,975 1,020,002 Helen Borer Boggs and Otis Boggs Sports Broadcasting Fund 202, ,751 - (8,943) (7,164) , ,751 Knight Chair in Journalism Technologies and the Democratic Process 3,186,523 2,716,698 - (140,925) (112,898) - - 2,932,700 2,716,698 Margaret A. Ross Fellowship 914, ,843 - (40,439) (32,397) , ,843 Margaret A. Ross Research Professorship 914, ,843 - (40,439) (32,397) , ,843 Stephen C. O'Connell Chair in the College of Law 1,476, ,978 - (65,303) (52,315) - - 1,358, ,978 Darden Restaurants Diversity and Business Ethics Speakers Series 239, ,820 - (10,574) (8,471) , ,820 Darden Restaurants Diversity Management Professorship 1,000, ,000 - (44,262) (35,459) , ,000 Darden Restaurants Diversity and Business Ethics Fellowship 199, ,000 - (8,828) (7,073) , ,000 Debbie and Sylvia DeSantis Chair in Natural Products Drug Discovery and Development 4,318,580 3,750,002 - (190,990) (153,217) - 7,750 3,982,123 3,750,002 SantaFe HealthCare Alzheimer's Disease Research Center Endowment 3,526,829 2,709,137 - (155,975) (124,955) - - 3,245,899 2,709,137 Harry F. Goodmark Scholarship Fund 179, ,312 - (7,929) (6,352) , ,312 Francis Heide Memorial Scholarship Fund 89,473 75,000 - (3,957) (3,170) ,346 75,000 Harold S. Heide Memorial Scholarship Fund 89,473 75,000 - (3,957) (3,170) ,346 75,000 Theodore H. Heide Memorial Scholarship Fund 89,473 75,000 - (3,957) (3,170) ,346 75,000 Jack D. and Betty J. Lampros Graduate Fellowship and Lectureship Fund 384, ,000 10,000 (16,955) (13,617) , ,000 Jack C. Massey Professorship Fund 453, ,000 - (20,050) (16,062) , ,000 Martha M. Hall Scholarship Fund 602, ,295 - (26,657) (21,355) , ,295 John V. Lombardi Scholarship Program Fund 4,581,961 3,696, (202,639) (162,338) - - 4,217,134 3,696,728 Gerald T. Bennett Prosecutor/Public Defender Training Program 684, , ,000 (30,299) (2,625) , ,739 Paul and Polly Doughty Research Endowment 172, ,410 2,000 (7,616) (6,151) , ,410 Dow Chemical Graduate Fellowship in Materials Science and Engineering 357, ,000 - (15,828) (12,680) , ,000 Lincoln and Lillian Hall Fellowship in Memory of Albert G. Hall 113, ,000 - (5,000) (4,006) , ,000 George A. Smathers Libraries Fund 2,160,524 1,785, (95,550) (76,996) ,988,532 1,785,972 Ivan H. Smith Visiting Professorship in Architecture 1,848,890 1,469,088 - (81,768) (65,506) - - 1,701,616 1,469,088 Muriel Rumsey Foundation Endowment 454, ,605 46,930 (19,912) (16,110) , ,535 James Gamble Rogers/RLF, Inc. Memorial Fellowship 172, ,000 - (7,641) (6,122) , ,000 Barry C. Scott, M.D. Research Endowment Fund 126, ,085 - (5,593) (4,480) , ,085 David M. and Ann C. Hicks Endowment 183, ,937 - (8,122) (6,507) , ,937 John Thomas Ladue McGinty Endowment 1,590, ,037 - (70,350) (56,359) - - 1,464, ,037 Leighton E. Cluff Award for Aging Research 177, ,653 - (7,866) (6,302) , ,653 CVS/pharmacy Endowment 200, ,262 - (8,846) (7,587) , ,262 Florida Rural Rehabilitation Corporation 4-H Scholarship 193, ,000 - (8,569) (6,865) , ,000 Frank E. Kinsey, Jr. Excellence Fund in Historic Preservation 434, ,000 - (19,234) (15,409) , ,000 Florida Sea Grant Endowment 1,895,532 1,500,000 - (83,831) (67,158) - - 1,744,543 1,500,000 Jared and Joshua Piotrkowski and Esther Ragosin Endowment 178, ,000 - (7,876) (6,310) , ,000 Thomas H. Maren Medical Student Reading Room Endowment 622, ,270 - (27,552) (22,073) , ,270 Cammie Greene Ross Scholarship 537, ,985 - (23,772) (19,044) , ,985 Alfred A. McKethan Professorship in Arthritis Research 591, ,994 - (26,163) (20,960) , ,994 Alfred A. McKethan Scholarship 5,331,868 4,118,955 - (235,804) (188,907) - - 4,907,157 4,118,955 Arnold J. "Red" Morway Memorial Graduate Fellowship 183, ,449 - (8,120) (6,505) , ,449 Lauren and Jordan Goodrich Endowment 177, ,000 - (7,855) (6,293) , ,000 Joseph and Lillian A. Damon Scholarship 600, ,000 - (26,576) (21,291) , ,000 Arthur Blenn Anderson Scholarship Endowment 1,948,149 1,512,161 - (86,158) (69,023) - - 1,792,968 1,512,161 Info Tech Annual Statistics Winter Workshop Fund 173, ,000 - (7,688) (6,159) , ,000 Emil and Charlotte Gross Endowment 256, ,667 - (11,349) (9,092) , ,667 V. T. and Louise Jackson Chemistry Endowment 2,254,581 1,750,002 - (99,710) (79,879) - - 2,074,992 1,750,002 Mary Lee and Paul M. Pope, Jr. Excellence Endowment 253, ,632 - (11,212) (8,982) , ,632 Powell Center for Construction and the Environment 1,605,708 1,327,037 14,521 (71,058) (57,025) - - 1,492,146 1,341,558 Michael and Linda Connelly Professional Advancement Fund 332, ,000 25,000 (14,619) (11,796) , ,000 Shaler Richardson Chair in Ophthalmic Services #1 1,455, ,298 - (64,369) (51,567) - - 1,339, ,298 Shaler Richardson Chair in Ophthalmic Services #2 1,455, ,298 - (64,369) (51,567) - - 1,339, ,298 Eblen Research Endowment 2,226,654 1,048, (98,472) (171,390) - 92,500 2,049,942 1,049,394 Sherwood L. Stokes-Professor James W. Day Scholarships 300, ,860 - (13,286) (10,644) , ,860 Sherwood L. Stokes-Professor Clarence J. TeSelle Scholarships 300, ,860 - (13,286) (10,644) , ,860 (Continued) 45

48 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Sherwood L. Stokes-General Practitioner Scholarships 300, ,860 - (13,286) (10,644) , ,860 Sherwood L. Stokes-Environmental and Water Quality Scholarships 300, ,859 - (13,286) (10,644) , ,859 William L. and Agnes F. Brown Endowment 192, ,075 98,621 (8,159) (8,461) , ,696 Ruth and Gerry Hartman Scholarship 204, ,000 - (9,033) (7,236) , ,000 Irving and Rose Fien Reading Fellowship 208, ,000 - (9,207) (7,376) , ,000 Eugene Chester Terzenbach Memorial Scholarship 642, ,272 - (28,436) (22,781) , ,272 Eleanor Roberts Public Television Excellence Fund 606, ,025 - (26,825) (21,490) , ,025 Lawrence M. Goodman Scholarship Fund 8,437,521 6,271,821 - (373,152) (298,940) - - 7,765,429 6,271,821 CVS/Pharmacy, Inc. Professorship 384, ,000 - (16,991) (13,612) , ,000 Prairieview Trust Endowment 451, ,372 - (19,981) (16,007) , ,372 Prairieview Trust - Earl and Margo Powers Professorship 1,756,695 1,330,047 - (77,690) (62,239) - - 1,616,766 1,330,047 Stephany W. Holloway University Chair in AIDS Research 4,878,926 3,139,206 - (215,772) (172,859) - - 4,490,295 3,139,206 Dentistry General Endowment 897, ,776 1,100 (39,705) (31,802) , ,876 Oslo Riverfront Conservation Area Environmental Education Fund 570, ,245 - (25,232) (20,214) , ,245 McGuire Institute for Biodiversity and the Environment Fund 416, ,000 - (18,414) (14,752) , ,000 Don D. and Ruth S. Eckis Professorship in Electrical and Computer Engineering 1,424, ,146 - (63,008) (50,477) - - 1,311, ,146 Nancy A. Fackler Endowment for Brain Research 712, ,979 - (31,498) (25,234) , ,979 Florida Blue Endowed Chair 4,410,907 3,590,279 - (195,074) (156,278) - - 4,059,555 3,590,279 Wells Fargo Extension Term Professorship 426, ,000 - (18,856) (15,106) , ,000 Madelyn M. Lockhart African Studies Library Fund 240, , (10,655) (7,965) , ,667 Office Depot, Inc. Retail Symposium 2,412,190 1,750,002 - (106,680) (85,463) - - 2,220,047 1,750,002 Edwin Edward Domaschk Fund 119, ,608 - (5,287) (4,235) , ,608 Harold and Mary Jean Hanson Rare Book Fund 143, , ,450 (6,345) (17,581) , ,060 Joseph and Lillian A. Damon Scholarship II 420, ,922 - (18,588) (14,891) , ,922 Courtelis International Student Awards 172, , (7,644) (6,123) , ,866 James W. Van Horn Music Fund 259, ,932 - (11,474) (9,192) , ,932 Gayle L. Eschmann Fellowship in Psychiatry 418, ,571 - (18,520) (14,837) , ,571 Gus H. Hancock, Jr. Endowment Fund 748, ,641 - (33,083) (26,503) , ,641 Health Care for All Education Fund 434, ,984 - (19,225) (15,402) , ,984 Bill and Patti Alcorn Scholarship Endowment 119, ,028 - (5,299) (4,245) , ,028 Professor Emeritus, Dr. Harold R. Stanley Oral Pathology Endowment Fund 215, ,465 - (9,529) (7,634) , ,465 Robert E. and Roselee S. Wheeler Professorship of Medicine 2,020,156 1,623,200 - (89,342) (71,574) - - 1,859,240 1,623,200 Leta Gertrude Thibert Nursing Scholarship 323, ,761 - (14,311) (11,466) , ,761 Wayne Densch Epilepsy Research Endowment II 701, ,334 - (31,045) (24,871) , ,334 Deb Richard Foundation Scholarship 796, ,708 - (35,221) (28,216) , ,708 Robert and Margaret Rothman Endowed Chair in the Humanities 3,150,632 2,827,706 - (139,338) (111,626) - - 2,899,668 2,827,706 Hobe and Gertrude Hooser Scholarship Fund 864, ,394 - (38,248) (30,642) , ,394 Barbara C. Joslin Scholarship 228, ,898 - (10,117) (8,105) , ,898 Richard and Velia Parrino Graduate Student Endowment 133, ,867 - (5,911) (4,736) , ,867 Robert H. Hux, M.D. Professorship of Surgery 1,340,987 1,020,000 - (59,306) (47,511) - - 1,234,170 1,020,000 Mary Ellen Burnett Endowment Scholarship in Loving Memory of George H. Burnett 144, ,000 - (6,384) (5,115) , ,000 L. Gale Lemerand Scholarship Fund 2,743,406 2,183,211 - (121,328) (97,198) - - 2,524,880 2,183,211 Everett L. Holden and Marian G. Holden Memorial Scholarship Endowment 485, ,462 - (21,452) (17,185) , ,462 Russ and Carol Blaser Memorial Scholarship 161, ,312 - (7,123) (5,706) , ,312 UF Shands Cancer Center Endowment 286, , (12,660) (10,143) , ,557 Sylvia T. McKenney Scholarship/Fellowship Fund 314, ,527 - (13,923) (11,154) , ,527 Dixie V. Bayer Nursing Excellence Fund 1,954,782 1,566,289 - (86,451) (69,257) - - 1,799,074 1,566,289 Larry A. Webb and Jean V. Webb Carillon Fund 654, ,166 - (28,935) (23,180) , ,166 Dr. Greta Andron Smolowe Scholarship 119, ,000 - (5,275) (4,226) , ,000 Dr. Suzanne M. Wester, M.D. Scholarship 233, ,000 25,000 (10,233) (8,270) , ,000 Florence W. Ruebush Endowment 187, ,000 - (8,270) (6,625) , ,000 Todd C. Prosser Memorial Scholarship 195, ,695 4,150 (8,633) (6,972) , ,845 Packaging Education Forum Endowment 187, ,000 - (8,270) (13,025) - 6, , ,000 UF 150th Anniversary Cultural Plaza Endowment-FMNH 636, ,668 - (28,155) (22,556) , ,668 UF 150th Anniversary Cultural Plaza Endowment-Harn 636, ,668 - (28,155) (22,556) , ,668 UF 150th Anniversary Cultural Plaza Endowment-UF Performing Arts 637, ,153 - (28,181) (22,576) , ,153 Brightest Students to Faculty 521, ,889 - (23,080) (18,490) , ,889 (Continued) 46

49 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Iva and Norman Tuckett Scholarship/Fellowship Fund 2,512,981 2,029,713 - (111,137) (89,034) - - 2,312,810 2,029,713 Vada Allen Yeomans Professorship 898, ,841 - (39,722) (31,822) , ,841 Vada Allen Yeomans Fellowship Fund 448, ,949 - (19,822) (15,880) , ,949 Lee C. Yeomans Fisheries and Aquatic Sciences Fellowship Fund 1,343,123 1,079,761 - (59,400) (47,587) - - 1,236,136 1,079,761 Calvin Yeomans Special Collections Enrichment Fund 697, , (30,855) (24,718) , ,547 Fisher School Enhancement Fund 406, ,690 - (17,967) (14,393) , ,690 Straughn 4-H Faculty Fellowship 191, ,000 - (8,477) (6,791) , ,000 Melvin Greer, M.D. Professor of Neurology 2,366,837 1,924,089 - (104,674) (83,856) - - 2,178,307 1,924,089 McClatchy Professorship in Freedom of Information 1,200,650 1,025,000 - (53,099) (42,539) - - 1,105,012 1,025,000 Elizabeth B. and William F. Poe, Sr. Business Ethics Education and Research Center 2,845,773 2,500,000 - (125,855) (100,825) - - 2,619,093 2,500,000 Joelen K. and Robert G. Merkel Endowment 208, ,361 - (9,225) (7,391) , ,361 Pamela Cahoon Fitch Research Endowment for Brain Aneurysms 129, ,100 - (5,742) (4,600) , ,100 Ruth L. Pugsley Memorial Fund 1,615,461 1,289,645 - (71,444) (57,235) - - 1,486,782 1,289,645 William F. Parma Fund for Excellence 3,380,980 2,953,269 - (149,525) (119,787) - - 3,111,668 2,953,269 Keira Grace Lauzardo Fund for Children's Cancer: Hope Across Borders 194, ,860 - (8,593) (6,884) , ,860 Betty C. Stevens Endowment 188, ,000 - (8,349) (6,689) , ,000 Joseph A. DiPietro Horse Farm Hundred Scholarship 262, , (11,618) (9,309) , ,067 Henry and Eugenia Graham Professional Development Fund for Science/Health Communication 354, ,500 - (15,666) (12,550) , ,500 Bond Foundation, Inc. Fund 119, ,000 - (5,267) (4,220) , ,000 Allyn Lepidoptera Endowment 381, ,000 - (16,881) (13,524) , ,000 Carol B. Currier Scholarship Fund 230, ,854 - (10,193) (8,166) , ,854 Lewis "Lukie" Ansbacher Memorial Scholarship 159, ,031 6,000 (7,068) (5,722) , ,031 Carl Mercer Dow Fellowship Fund in Chemical Engineering 211, ,828 - (9,352) (7,480) , ,828 Carl Mercer Dow Alumni Fellowship Fund in Chemistry 98,054 79,613 - (4,337) (3,474) ,243 79,613 Robert L. Richardson Endowment Fund 307, ,165 - (13,597) (10,893) , ,165 Ruth Hay and Hans Schrader Astronomy Scholarship/Fellowship Fund 431, ,705 - (19,080) (15,285) , ,705 Ruth Hay and Hans Schrader Nursing Scholarship/Fellowship Fund 431, ,680 - (19,078) (15,284) , ,680 Dr. Elizabeth M. Eddy Endowment 1,482,345 1,284,194 - (65,557) (52,519) - - 1,364,269 1,284,194 Adelaide Lackner Professorship in Medicine 1,451,216 1,152,328 - (64,180) (51,416) - - 1,335,620 1,152,328 FLMNH Exhibit Maintenance Endowment 182, ,500 1,934 (8,077) (6,496) , ,434 Bernard F. Masseria Scholarship/Fellowship Fund 945, ,538 - (41,836) (33,516) , ,538 Larry R. Arrington Extension Internship Endowment 113, ,000 - (5,028) (4,028) , ,000 David H. Levin Chair in Family Law 1,728,021 2,377,996 69,526 (143,252) (114,762) (69,526) 69,526 1,539,533 2,377,996 Robert L. Anderson and Glenn Anderson Visiting Lectureship and Travel Fellowship 114, ,273 - (5,057) (4,051) , ,273 Ben Franklin Ethics Fund 176, ,603 - (7,814) (6,260) , ,603 Marion C. and Virginia T. Roche Faculty Excellence Fund 183, ,240 - (8,126) (6,510) , ,240 Franklin P. Flowers Endowed Research Fund 185, ,903 - (8,213) (6,579) , ,903 Colonel Allen R. and Margaret G. Crow Term Professorship in Chemistry 217, ,000 - (9,640) (7,723) , ,000 Colonel Allen R. and Margaret G. Crow Chemistry Fund for Library Resources 217, ,000 - (9,640) (7,723) , ,000 Colonel Allen R. and Margaret G. Crow Undergraduate Scholarship and Graduate Fellowship in Chemistry 249, ,623 - (11,032) (8,838) , ,623 Colonel Allen R. and Margaret G. Crow Term Professorship in Liberal Arts and Sciences 1,089, ,000 - (48,202) (38,615) - - 1,003, ,000 Richard R. Streiff Endowed Research Fund 125, ,918 - (5,548) (4,445) , ,918 Central Florida Gator Club Faculty Support Fund 128, ,000 - (5,096) (684) , ,000 Attorneys' Title Insurance Fund Instructional Endowment 371, ,000 - (16,420) (13,154) , ,000 Fogler Family Endowment 444, ,000 - (16,102) , ,000 Dannheisser Endowment 118, ,000 - (5,238) (4,197) , ,000 Mary Jelks Irwin Cancer Research Fund 270, ,019 - (11,950) (9,573) , ,019 William P. Bushnell Endowment for Structural Engineering 1,708,534 1,416,866 - (75,560) (60,533) - - 1,572,441 1,416,866 William P. Bushnell Endowment for Academic Excellence 1,333,660 1,105,988 - (58,982) (47,251) - - 1,227,427 1,105,988 William P. Bushnell President's Excellence Fund 1,886,431 1,339,754 - (83,428) (66,836) - - 1,736,167 1,339,754 Bill and Bryon Bushnell Graduate Fellowship in Civil Engineering 221, ,025 - (9,814) (7,862) , ,025 Bedford Endowment 560, ,000 - (24,789) (19,859) , ,000 Margaret J. Early Program Endowment 854, ,130 - (37,781) (30,267) , ,130 (Continued) 47

50 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at James and Barbara Mondello Cancer Center Research Fund 1,623,055 1,358,845 - (71,780) (57,504) - - 1,493,771 1,358,845 Todd C. Prosser Memorial and Ted C. Prosser, III Book Endowment in Florida History 101,879 91,590 2,500 (4,506) (3,673) ,200 94,090 Gene K. Glasser and Elaine Glasser Fund 272, ,458 10,900 (11,996) (9,637) , ,358 Phyllis Kottler Friedman Professorship 1,139, ,951 - (50,403) (40,379) - - 1,048, ,951 Marion Harlow Gerber Fund 238, ,521 - (10,533) (8,438) , ,521 Sam and Connie Holloway Scholarship/Fellowship Endowment 242, ,671 - (10,717) (8,585) , ,671 George W. Etheridge, Jr. and Lisa O. Etheridge Professorship 1,088, ,769 - (48,136) (38,563) - - 1,001, ,769 John H. and Mary Lou Dasburg Professorship 3,705,120 3,150,001 - (163,860) (131,272) - - 3,409,988 3,150,001 Franklin L. DeBusk Endowed Lectureship 127, , (5,637) (4,489) , ,679 Folke Peterson Trust Endowment 4,083,655 3,623,652 - (180,601) (144,683) - - 3,758,371 3,623,652 Steven E. Bernstein Real Estate Scholarship Fund 116, , (5,157) (4,132) , ,010 Ralph H. and Alice J. Sharpe Fellowship Fund 150, ,459 - (6,636) (5,317) , ,459 Folke Peterson Endowment 4,083,654 3,623,652 - (180,601) (144,683) - - 3,758,370 3,623,652 Elizabeth Wood Dunlevie Honors Term Professorship Endowment 803, ,000 - (35,551) (28,481) , ,000 Dean's Professorship in Engineering 1,680,849 1,480,000 - (74,336) (59,552) - - 1,546,961 1,480,000 Richard H. Simons Charitable Trust Faculty Professional Development Fund 126, ,459 - (5,584) (4,473) , ,459 Ruth P. Phillips Art Acquisition Endowment 588, ,567 - (20,529) (1,367) , ,567 Blanche J. Salisbury Diabetes Research Fund 541, ,910 - (23,960) (19,195) , ,910 Arthur C. and Edna J. Tebbutt Alzheimer's Endowed Research Fund 1,791,847 1,578,044 - (79,245) (63,485) - - 1,649,117 1,578,044 Richard L. Jones Outstanding New Faculty Research Fund 118, ,835 1,000 (5,237) (4,199) , ,835 Harry and Edith H. LaFontaine Fund 2,488,284 2,243,643 - (110,045) (88,159) - - 2,290,080 2,243,643 Cynthia A. Melnick Endowment 192, ,351 5,000 (8,567) (11,861) - 5, , ,351 Kingsway Financial Professional Advancement Fund for International Communication 114, ,000 - (5,061) (4,055) , ,000 Michael Aschoff Dissertation Fellowship 178, ,036 - (7,903) (6,331) , ,036 Charles H. and Wanda N. Denny Education Endowment 173, ,664 - (7,689) (6,159) , ,664 Calder Race Course Equine Research Fund 226, ,000 - (10,013) (8,022) , ,000 Oscar Araujo Alumni Scholarship Endowment 289, ,518 12,418 (12,781) (10,393) , ,936 LaFontaine Endowment for IFAS 912, ,460 - (40,344) (32,320) , ,460 Susan O. Rasmussen Scholarship Fund 589, ,506 - (26,086) (20,898) , ,506 Dallas Townsend Term Professorship 199, , (8,812) (7,059) , ,938 Cofrin Curator of Asian Art Endowment 2,750,169 2,588,363 - (121,627) (97,438) - - 2,531,104 2,588,363 Furlow/Bingham Plastic Surgery Education Endowment 205, ,128 2,300 (9,073) (7,277) , ,428 William P. and Tracy Cirioli Term Professorship 331, ,019 30,000 (14,804) (11,664) , ,019 Dr. Allen Spiegel Graduate Endowment in Pharmaceutical Research 1,577,906 1,416,002 - (69,783) (55,905) - - 1,452,218 1,416,002 Raymond Ehrlich Eminent Scholar Chair in Political Science in Memory of Ben and Esther Ehrlich 2,278,661 2,024,402 - (100,774) (80,732) - - 2,097,155 2,024,402 Raymond & Miriam Ehrlich Chair in U.S. Constitutional Law in Memory of Ben & Esther Ehrlich 2,712,672 2,361,097 - (121,289) ,591,383 2,361,097 L. E. "Red" Larson Professorship and Graduate Fellowship in Animal Sciences 2,281,495 2,050,002 - (100,900) (80,833) - - 2,099,762 2,050,002 L. E. "Red" Larson 4-H Endowment 397, ,350 - (17,563) (14,070) , ,350 L. E. "Red" Larson Dairy Endowment 600, ,500 3,000 (26,563) (21,290) , ,500 Mary Ellen Burnett Endowment for Works on Animals 75,336 67,759 2,500 (3,332) (15,723) - 12,990 71,771 70,259 Dr. William and Joan Mendenhall Book Fund in Florida History 112, ,000 - (4,989) (3,997) , ,000 William and Joan Mendenhall Professorship in Radiation Oncology 676, ,000 - (29,932) (23,979) , ,000 Rinker Scholar Endowment 1,214,559 1,080,000 - (53,714) (43,032) - - 1,117,813 1,080,000 School of Building Construction 70th Anniversary Faculty Support 911, ,025 - (40,321) (32,302) , ,025 John B. and Emily J. Higdon Fellowship Fund 1,830,908 1,674,416 - (80,973) (64,869) - - 1,685,066 1,674,416 Andy and Annette Fletcher Endowment for Journalism and Communications Excellence 112, ,000 - (4,986) (3,995) , ,000 Pepsi Bottling Group Faculty Enhancement Endowment 1,407,630 1,275,000 - (62,253) (49,872) - - 1,295,505 1,275,000 Jean and Bayard Bidwell Endowed Scholarship 2,035,998 1,943,219 - (90,032) (72,368) - - 1,873,598 1,943,219 Dennis A. Calfee Eminent Scholar Chair in Federal Taxation 1,210,000 1,006,950 7,838 (54,123) (252) - - 1,163,463 1,014,788 Charles R. Perry Craft Awareness Endowment 910, ,250 - (40,281) (32,270) , ,250 John and Terry Appel Management Communications Program Fund 246, ,417 - (10,909) (8,739) , ,417 Steven Sablotsky Endowment 433, ,804 - (19,176) (15,362) , ,804 Dewey and Lynn Burnsed Endowment in Law 375, ,034 - (16,602) (13,301) , ,034 (Continued) 48

51 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Dewey and Lynn Burnsed Endowment in IFAS 750, ,066 - (33,205) (26,601) , ,066 John Early Publications Endowment 166, ,000 - (7,354) (5,892) , ,000 Laura and Kenneth Berns Docent Program Endowment 166, ,757 - (7,345) (5,884) , ,757 Kenneth and Laura Berns Genetics Institute Endowment 119, ,423 - (5,305) (4,250) , ,423 Paul J. DiMare Foundation Term Professorship 2,214,638 2,000,002 - (97,943) (78,464) - - 2,038,231 2,000,002 R. Glenn Davis, M.D., Dialysis Clinic, Inc. Professor of Nephrology 2,212,333 2,000,002 - (97,841) (78,383) - - 2,036,109 2,000,002 Thoracic and Cardiovascular Surgery Excellence Fund 113, ,500 - (5,013) (4,016) , ,500 Richard P. Donnellan Real Estate Graduate Scholarship 173, ,000 - (7,672) (6,146) , ,000 Bruce and Barbara Manne Faculty Endowment 143, ,848 - (6,411) , ,848 City Furniture Professorship 850, , ,000 (37,232) (30,166) , ,000 Lewis H. Kent Geomatics Endowment 166, ,151 - (7,362) (5,898) , ,151 Wen-Hsiang Chai Scholarship Fund 245, ,220 - (10,846) (8,689) , ,220 Dr. Joan Joesting-Mahoney Endowment 123, ,000 - (5,473) (4,385) , ,000 Charles R. Perry Endowed Professorship 1,884,173 1,750,000 - (83,328) (66,756) - - 1,734,089 1,750,000 Lealand L. Lovering Scholarship Fund 205, ,475 - (9,086) (7,279) , ,475 J. Crayton Pruitt Family Chair in Biomedical Engineering 2,474,689 2,000,000 - (109,444) (87,678) - - 2,277,567 2,000,000 J. Crayton Pruitt Family Biomedical Engineering Excellence Fund 17,734,709 16,000,010 - (784,323) (628,337) ,322,049 16,000,010 McCurdy Perinatal Endowed Research Fund 115, ,000 - (5,086) (4,075) , ,000 Iona M. Pettengill Graduate Fellowship in Public and Community Outreach Nursing 386, ,000 - (17,105) (13,729) , ,000 Dr. Andrea Trescot Fund for Graduate Studies in Zoology 110, , (4,901) (3,925) , ,400 American Heart Association Academic Support Endowment 394, ,000 - (17,444) (13,974) , ,000 C. Addison Pound, Sr. and Annie Cannon Pound Scholarship in Business Administration 1,293,575 1,134,378 - (57,209) (45,831) - - 1,190,535 1,134,378 Ron and Vicki Canakaris Finance Endowment Fund 171, ,500 - (7,597) (6,086) , ,500 Herbert A. and Marjorie G. Laitinen Chemistry Scholarship Fund 360, ,358 - (15,938) (12,769) , ,358 Progress Energy-UF Water Institute Endowment 1,492,181 1,320,040 - (65,992) (52,868) - - 1,373,321 1,320,040 Preston A. Wells, Jr. Endowment 6,345,594 5,749, (280,635) (225,273) ,840,436 5,749,784 Wolf Family American Property Law Lecture Endowment 176, ,000 - (7,794) (6,244) , ,000 Nadia Venable Hall Scholarship Fund 351, ,446 - (15,538) (12,447) , ,446 North Florida Doctoral Consortium 682, ,000 - (30,177) (24,175) , ,000 Marc Gale Endowed Professorship 239, ,283 5,800 (10,623) (8,488) , ,083 Library Leadership Board Endowment 128, ,290 2,000 (5,649) (4,969) , ,290 C. M. Overstreet Retinal Eye Disease Research Fund 6,400,369 6,000,000 - (283,059) (226,764) - - 5,890,546 6,000,000 Mark A. and Dorothy H. Ahrano Excellence Fund 2,081,772 1,741,983 - (92,067) (73,757) - - 1,915,948 1,741,983 Stop! Children's Cancer/Bonnie R. Freeman Professorship for Pediatric Oncology Research 1,881,431 1,750,027 - (83,207) (66,659) - - 1,731,565 1,750,027 Joseph Jay Deiss Memorial Scholarship or Fellowship for Summer Studies in Rome 221, ,360 - (9,794) (7,847) , ,360 Florida Association of County Agricultural Agents Educational Scholarship Fund 172, ,295 - (7,622) (6,095) , ,295 Stephen M. Varosi Memorial Scholarship/Fellowship in Electrical and Computer Engineering 141, ,310 - (6,279) (5,022) , ,310 Gidel Family Foundation Endowment 212, ,491 1,000 (9,426) (7,551) , ,491 Supply Chain Management Center Fund 420, ,225 - (18,575) (14,881) , ,225 Gene A. and Dr. Richard E. Garrett Endowment for Physics Education 375, ,471 - (16,620) (13,314) , ,471 Cancer/Proton Therapy Research 441, ,313 - (19,513) (15,632) , ,313 Cardiology Research Fund 161, ,313 - (7,132) (5,714) , ,313 Ken and Linda McGurn Dean's Fund 1,055,527 1,000,001 - (46,681) (37,397) ,449 1,000,001 Bonni G. Tischler Endowment for Student Leadership and Professional Advancement 175, , (7,744) (6,181) , ,133 LCA College Enhancement Fund 1,065,099 1,020,000 - (47,104) (37,736) ,259 1,020,000 Wilton R. Miller Family Excellence Scholarship 207, , (9,159) (7,337) , ,950 J. Donald and Jayne B. Butterworth Fund 1,135,968 1,023,500 - (50,239) (40,247) - - 1,045,482 1,023,500 Thomas H. Maren, M.D. Eminent Chair in Pharmacology and Therapeutics 3,222,890 3,000,000 - (142,533) (114,186) - - 2,966,171 3,000,000 Thomas H. Maren, M.D. Junior Investigators Research Fund 2,818,872 2,706,925 - (124,666) (99,872) - - 2,594,334 2,706,925 Robert F. and Patricia J. Lanzillotti Family Fund 624, ,229 - (27,607) (22,116) , ,229 Harold Walton and Margaret Harn Goforth Endowment 240, ,802 - (10,628) (8,515) , ,802 Philip A. Decker GatorNest Endowment 240, , (10,408) (13,225) , ,000 (Continued) 49

52 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Carl Loop Legislative Internship Endowment 170, , (7,537) (6,038) , ,825 Robert B. Primack Memorial Foundations of Education Endowment 155, ,285 - (6,863) (5,498) , ,285 Allen L. Poucher Legal Education Series Fund 443, ,883 - (19,617) (15,716) , ,883 Edward Downey Academic Endowment for Trusts, Estates and Fiduciary Representation 174, ,142 - (7,700) (6,168) , ,142 Edmund William Burbach, Sr. and Marianne Schumacher Burbach Scholarship Fund 494, ,250 50,000 (21,708) (17,560) , ,250 Robert B. Cole Health Law Endowment 310, ,818 12,500 (13,685) (11,006) , ,318 Jon L. and Beverly Thompson Research Endowment to support the Regeneration Project 2,588,690 2,551,277 - (114,486) (91,717) - - 2,382,487 2,551,277 Environmental Horticulture Turfgrass Scholarship 154, ,000 - (6,850) (5,488) , ,000 Boyd Family Endowment 104, ,001 - (4,608) (3,692) , ,001 National Foliage Foundation Graduate Assistantship 542, ,000 - (23,974) (19,206) , ,000 William R. Hough Endowment 21,705,916 20,444,130 1,750 (959,948) (774,360) - 5,267 19,978,625 20,445,880 Fred C. and Helen Donn Flipse Endowment 234, ,564 - (10,391) (8,325) , ,564 Donald R. Dizney Chair in Psychiatry 2,069,854 2,025,001 - (91,540) (73,334) - - 1,904,980 2,025,001 Dr. Paul Tarrant Faculty Fellowship 374, ,000 - (16,562) (13,268) , ,000 Barbara and Reed Toomey Endowment in Invertebrate Paleontology 232, ,933 (687) (5,589) (8,789) - 133, , ,246 Barbara and Reed Toomey Endowment in Vertebrate Paleontology 104, ,000 - (4,608) (3,692) , ,000 Nathan S. Collier Masters in Real Estate Program Fund 1,142,648 1,000, (50,535) (40,484) - - 1,051,679 1,000,151 Lowe Family Professorship in Pediatric Immunology and Allergies 636, , (7,717) (25,861) - 3, , ,684 Gladys Harn Harris Art Acquisition Endowment 256, ,000 - (9,217) , ,000 Marshall M. Criser Distinguished Lecture Series 1,395,037 1,320, ,000 (61,696) (55,676) - - 1,527,665 1,570,000 Bushnell Presidential Chair 2,140,822 2,000,000 - (94,679) (75,849) - - 1,970,294 2,000,000 BB&T Professorship in Free Enterprise Fund 717, ,000 - (31,751) (25,436) , ,000 Jon L. and Beverly A. Thompson Geology Chair 1,695,437 1,505,010 - (74,981) (60,069) - - 1,560,387 1,505,010 Jon L. and Beverly A. Thompson FLMNH Chair 1,951,366 1,464,886 - (86,300) (69,136) - - 1,795,930 1,464,886 Jon L. and Beverly A. Thompson Endowment 220, , ,000 (9,402) (9,334) , ,000 Jean and Jewel Ahrano Excellence Fund 522, ,423 - (23,107) (18,512) , ,423 Jean and Jewel Ahrano Scholarship and Fellowship Fund 554, ,423 - (24,510) (19,635) , ,423 Jean and Jewel Ahrano Scholarships Fund 540, ,423 - (23,888) (19,137) , ,423 Jean and Jewel Ahrano Research Fund 540, ,423 - (23,888) (19,137) , ,423 GCREC Scholarship Endowment 189, , (8,395) (6,726) , ,674 Edmond H. Prominski Endowment Fund 1,128,352 1,125,001 - (49,902) (39,977) - - 1,038,473 1,125,001 Craig and Audrae Tisher Professorship/Chair in Nephrology 749, ,362 - (33,147) (26,555) , ,362 Silverstein Family Eminent Scholar Chair in Pediatric Endocrinology 2,084,034 2,000,001 - (92,167) (73,837) - - 1,918,030 2,000,001 William G. Lassiter, Jr. and Aneice R. Lassiter Pediatric Diabetes Research Fund 417, ,500 - (18,463) (14,791) , ,500 William G. Lassiter, Jr. and Aneice R. Lassiter Professorship 625, ,000 - (27,650) (22,151) , ,000 William G. Lassiter, Jr. and Aneice R. Lassiter Professorship in Building Construction 1,042,018 1,000,001 - (46,084) (36,918) ,016 1,000,001 Mrs. Irene B. Kirbo Scholarship Fund 249, ,000 - (11,022) (8,830) , ,000 Thomas H. Maren Scholarship for Doctoral Nursing Students 299, ,000 - (13,227) (10,596) , ,000 Ernst & Young Endowment 347, ,325 - (15,349) (12,291) , ,325 Susan M. Cameron Professorship 730, ,000 - (32,298) (25,875) , ,000 John I. Williams, Jr. Professorship in Marketing 700, ,000 - (30,975) (24,815) , ,000 Edward and Betty Proefke Fellowship 99, ,000 - (4,409) (3,532) , ,000 Orlando Garden Club Fellowships in honor of Mary S. Compton and Ann Guthrie 149, ,000 - (6,613) (5,298) , ,000 Andrew J. Semesco Fund for Oral, Head, and Neck Cancer Research 194, , (8,619) (6,904) , ,936 Dean for Extension Excellence Fund 128, ,071 - (5,663) (4,536) , ,071 Seymour Goldweber Faculty Fellowship Endowment 298, ,838 - (13,211) (10,583) , ,838 Christine Waddill Faculty Fellowship Endowment 73,019 60,724 2,950 (3,219) (2,587) ,163 63,674 Arthur Hornsby Faculty Fellowship Endowment 193, ,641 - (8,546) (6,847) , ,641 Master Gardener Faculty Fellowship Endowment 136, , (6,024) (4,952) , ,598 Anne and Oscar Lackner Eminent Scholar Chair 1,451,215 1,152,327 - (64,180) (51,416) - - 1,335,619 1,152,327 Thomas J. Walker Endowment for UF's Natural Area Teaching Laboratory 149, ,000 - (6,594) (5,283) , ,000 Folke Peterson Dean's Distinguished Professorship 5,297,571 4,609,432 - (234,287) (187,692) - - 4,875,592 4,609,432 Shewey Excellence Fund 651, ,648 - (28,827) (23,094) , ,648 (Continued) 50

53 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at DuBow Family Graduate Student Education 1,126,742 1,000,001 - (49,831) (39,920) - - 1,036,991 1,000,001 Emeritus Faculty Research Endowment at the Everglades Research & Education Center -Belle Glade 1,222,758 1,048, (54,077) (43,331) - - 1,125,850 1,049,290 Hyatt and Cici Brown Professorship(s) 2,028,219 2,034,465 - (89,699) (71,859) - - 1,866,661 2,034,465 A. H. Burnett Law Scholarship 35,840 31,108 - (1,585) (1,270) ,985 31,108 A. H. Burnett Equine Studies Endowment Fund 105, ,000 - (4,665) (3,737) , ,000 A. H. Burnett Merit Scholarship 99, ,000 - (4,409) (3,532) , ,000 Graham Family Endowment for Teacher Renewal at P.K. Yonge 167, ,200 - (7,390) (5,921) , ,200 John B. Hall Faculty Endowment 2,114,565 1,748,927 - (93,517) (74,919) - - 1,946,129 1,748,927 Alan Siegel, M.D. Resident and Fellows Endowment 132, ,363 1,500 (5,850) (4,692) , ,863 American Diabetes Association Eminent Scholar Chair 3,333,451 2,605,550 - (147,423) (118,103) - - 3,067,925 2,605,550 P. K. Yonge General Endowment 234, ,847 11,700 (10,309) (8,297) , ,547 David Lawrence Jr. Endowed Chair in Early Childhood Studies 1,821,709 1,488,655 - (80,566) (64,543) - - 1,676,600 1,488,655 Jeanne Scheibler Scholarship 660, ,856 - (29,206) (23,397) , ,856 Thomas S. Johnson Master of Science in Entrepreneurship Program Endowment 2,248,350 2,000,001 - (99,434) (79,804) ,069,272 2,000,001 Jack Kramer Professorship 741, ,876 6,900 (32,782) (26,225) , ,776 Lola Maroon Study Abroad Scholarship 115, ,018 - (5,125) (4,106) , ,018 Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. Student Professional Development Endowment 125, ,000 - (5,548) (4,445) , ,000 Beulah Lambert Alexander Breast Cancer Research Fund 135, ,641 - (5,972) (4,784) , ,641 Joye Giglia Endowment for Innovative Agricultural Technology 105, ,000 - (4,658) (3,732) , ,000 Edwin Presser Scholarship in Law 712, ,100 - (31,532) (25,261) , ,100 Edward M. Copeland III, M.D. Professorship in Surgical Oncology 801, ,256 1,000 (35,459) (28,390) , ,256 Nicholas Bodor Professorship in Drug Discovery 681, ,529 - (30,148) (24,153) , ,529 Endowed Professorship for Construction Services 693, ,000 - (30,660) (24,562) , ,000 C. M. Overstreet Family Research Endowment for Spinal Cord Injury 4,295,703 1,999,488 - (189,979) (152,196) - - 3,953,528 1,999,488 Leland and Virginia Sponholtz Family Fund for Cancer Research 304, ,764 - (13,447) (10,772) , ,764 Fuqua Family Fund for Oral History 111, ,000 - (4,927) (3,947) , ,000 B. J. and Eve Wilder Professorship for Epilepsy 590, ,000 - (26,135) (20,937) , ,000 Maurice C. and Frances A. Holmes Endowed Scholarship Fund 717, ,083 - (31,726) (25,417) , ,083 Robert B. Carter Professorship 694, ,357 - (30,729) (24,618) , ,357 Philip L. Graham Program Fund 1,757,042 1,543,957 - (77,722) (61,897) - - 1,617,423 1,543,957 Graham Center Endowment Fund 1,416,274 1,417, (64,117) (21,435) - - 1,330,972 1,418,170 Academy for Excellence Endowment 1,031, ,854 33,377 (45,480) (36,538) , ,231 Lt. Col. R. G. Engstrand AFROTC Scholarship 254, ,352 - (11,260) (9,020) , ,352 Bill Alcorn Undergraduate Professional Development Endowment 621, ,763 - (27,488) (22,021) , ,763 Marion County Farm Bureau Scholarship/Fellowship Fund 98, ,000 - (4,341) (3,478) , ,000 W. Bernard and Elaine P. Lester Student Development 109, ,000 1,000 (4,860) (3,885) , ,000 Hughes Estate Scholarship Fund 211, ,987 - (9,369) (7,506) , ,987 Alan and Carol Squitieri Performing Arts Endowment 981,623 1,000,001 - (43,413) (34,779) ,431 1,000,001 Frederick N. Rhines Professorship 702, ,000 - (31,055) (24,879) , ,000 LAVFW, Department of Florida for Cancer Research Endowment in memory of Brenda Ellsmore 207, ,787 12,146 (9,126) (7,346) , ,933 Hazel Kitzman Professorship in Genetics 2,769,347 2,135,118 - (122,475) (98,117) - - 2,548,755 2,135,118 George H. Kitzman Professorship in Genetics 2,769,348 2,135,118 - (122,475) (98,117) - - 2,548,756 2,135,118 David A. Cofrin Endowed Chair in Endourology Fund 1,612, ,853 - (71,305) (57,124) - - 1,483, ,853 M. Franklin Dolwick University Chair 397, ,791 5,550 (17,365) (13,450) , ,341 Fitzhugh and Essie Carter Scholarship 325, ,665 - (14,376) (11,517) , ,665 Albert Brick President's Professorship in English 806, ,823 - (35,664) (28,571) , ,823 Monica Christina Stokely Memorial Scholarship Fund 158, ,506 20,500 (7,012) (6,123) , ,006 Peter C. Barr Integrated Marketing Communications Endowment 574, ,655 - (25,395) (20,344) , ,655 Russell V. and Phyllis Hughes Oral History Endowment 99, ,000 - (4,400) (3,525) , ,000 Stanley Taylor Endowment Fund 123, ,618 - (5,467) (4,380) , ,618 Wayne and Marti Huizenga Eminent Scholars Chair in Urology Research 2,016,444 2,000,001 (2,000,001) (127,505) (38,816) - 149, Dr. Frank C. and Juliette D. Bolser Memorial Fellowship 134, ,283 - (5,961) (4,776) , ,283 Harriet B. Weeks Bovine Research Fund 995, ,569 - (44,036) (35,279) , ,569 Harriet B. Weeks Professorship in Bovine Medicine Fund 991, ,069 - (43,838) (35,119) , ,069 Harriet B. Weeks Forestry Education and Research Fund 1,985,758 1,952,639 - (87,821) (70,355) - - 1,827,582 1,952,639 (Continued) 51

54 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Gary Henry Endowment for the Study of Florida Native Wildflowers 355, ,000 - (15,708) (12,584) , ,000 Alicia R. Maun, M.D. Scholarship Fund 148, ,000 - (6,588) (5,277) , ,000 Grevior Animal Welfare Fund 500, ,000 (148,860) (8,622) (36,709) , ,140 William W. and Eloise D. Gay Endowment Fund 100, ,000 - (4,459) (3,572) , ,000 Innovation Nexus Building Fund 302, ,000 - (13,377) (10,716) , ,000 Bud and Kim Deffebach Engineering Outreach Fund 151, ,000 - (6,688) (5,358) , ,000 Bud and Kim Deffebach Step-Up Fund 151, ,000 - (6,688) (5,358) , ,000 Frank Karel Chair in Public Interest Communications Fund 2,168,714 2,036,796 - (95,912) (76,847) - - 1,995,955 2,036,796 Robin Weeks Chair in Veterinary Medicine 2,016,444 2,000,001 - (89,178) (71,442) - - 1,855,824 2,000,001 Raymond T. Skirvin Graduate Fellowship 173, ,950 53,315 (8,294) (6,628) , ,265 Deloitte Foundation Professorship 795, ,307 36,720 (34,996) (28,191) , ,027 Stiles Corporation Fund 100, ,000 - (4,459) (3,572) , ,000 Rita M. Cooke Glaucoma Endowment 100, ,000 - (4,459) (3,572) , ,000 Al and Mary LaFaye Endowed Fund 116, , (5,132) (4,113) , ,185 Gilbart-Olsen Educational Technology Endowment 122, ,117 - (5,407) (4,331) , ,117 Broad and Cassel Florida Law Review Scholarship 156, ,122 - (6,932) (5,555) , ,122 Nestor and Virginia Morales Scholarship Fund 123,170 75,000 - (5,447) (4,364) ,359 75,000 Peter T. Fay Jurist-In-Residence Program 158, ,455 2,000 (6,981) (5,591) , ,455 Lake Lytal, Jr. Scholarship Fund 216, ,993 - (9,587) (7,681) , ,993 Mark A. Rentenbach Memorial Scholarship Fund 54,796 35,386 - (2,423) (1,941) ,432 35,386 Michael A. Fogarty Memorial Scholarship Fund 87,037 56,206 - (3,849) (3,084) ,104 56,206 James J. Freeland Graduate Tax Fund 147,659 88, (6,529) (5,232) ,398 89,000 Joseph R. Julin Scholarship Fund 150,681 90,408 - (6,664) (5,339) ,678 90,408 Judge Wm. Terrell Hodges Tuition Scholarship 127,178 85,300 5,450 (5,606) (4,498) ,524 90,750 William F. and Elizabeth R. Leonard Tuition Scholarship Fund 126,804 84,024 - (5,608) (4,493) ,703 84,024 Richard E. McGee, Sr. and Patricia M. McGee Scholarship Fund 110,207 77,036 - (4,874) (3,905) ,428 77,036 Cypen & Cypen Scholarship 97,065 75,000 - (4,293) (3,439) ,333 75,000 Theodore R. Crom Endowed Lecture Series & Tau Beta Pi Community Service Project Fund 100, ,000 - (4,459) (3,572) , ,000 Theodore R. Crom Endowed Professorship in Structural Design 1,131,340 1,122,115 - (50,034) (40,083) - - 1,041,223 1,122,115 Jennifer Sorrells Research Fund 116, ,000 - (5,136) (4,115) , ,000 Ingeborg E. Rabe Endowment for Clinical Research Unit 378, ,050 - (16,734) (13,406) , ,050 Marjorie S. Coffey Library Endowment 717, ,268 - (31,725) (25,416) , ,268 Frank D. Upchurch, Sr. and Hamilton D. Upchurch Endowment 104, ,000 - (4,605) (3,689) , ,000 Optech, Inc. Geosensing Systems Engineering Endowment 101, ,000 - (4,483) (3,591) , ,000 Dyslexia Center Intensive Summer Treatment Program Endowment 112, ,000 - (4,995) (4,001) , ,000 Arthur K. Woodman Scholarship Endowment 744, ,266 - (32,926) (26,378) , ,266 Parker E. Mahan Facial Pain Endowed Professorship 1,137, ,427 - (50,289) (40,288) - - 1,046, ,427 Florence and Melvin Eickhorst Scholarship/Fellowship in Nursing 371, ,000 - (16,441) (13,171) , ,000 Florence and Melvin Eickhorst Scholarship/Fellowship in Mechanical and/or Electrical Engineering 371, ,000 - (16,441) (13,171) , ,000 Helios Education Foundation Fund for FloridaTeach 1,013,665 1,000,001 - (44,830) (35,914) ,921 1,000,001 Dr. Howard and Brenda Sheridan Fund in Chemistry 218, ,000 25,000 (9,589) (7,766) , ,000 Angelo Anaclerio, M.D. Endowed Fund in Ophthalmology 100,026 98,679 - (4,424) (3,544) ,058 98,679 Jim and Sharon Theriac Florida Opportunity Scholarship in Law 134, ,398 1,400 (5,929) (4,747) , ,798 LLM Tax Law Programs Endowment Fund 602, ,608 84,840 (26,520) (21,746) , ,448 Norman and Irma Braman Chair in Holocaust Studies 1,025,695 1,010,001 - (45,362) (36,340) ,993 1,010,001 John T. Barnes Professorship 578, ,717 - (25,585) (20,497) , ,717 Robert F. and Eleonora W. McCabe Eminent Scholar Chair in Psychiatry and Community Mental Health 2,351,038 2,000,001 - (103,975) (83,297) - - 2,163,766 2,000,001 Raymond E. and Karola M. Passage IFAS/4-H Endowment 145, ,855 - (6,443) (5,161) , ,855 Elling Eide Professorship in Miccosukee Language and Culture 752, ,000 - (33,283) (26,664) , ,000 David A. Cofrin Chair in Urological Oncology 1,801,976 1,500,000 - (79,693) (63,844) - - 1,658,439 1,500,000 Mary Ann Harn Cofrin Chair in Urologic Bioengineering 1,698,485 1,500,002 - (75,116) (60,177) - - 1,563,192 1,500,002 Anesthesiology and Critical Care Endowment 336, ,000 - (14,867) (11,910) , ,000 Raymond P. and Jane F. Oglesby Scholarship 112, ,000 - (4,956) (3,970) , ,000 James D. Winefordner Fund 228, ,990 7,700 (10,112) (8,117) , ,690 Dr. Cappy Archibald Longstreth/Alex and Mary Frances Archibald Geriatric Psychiatric Nursing Fund 566, ,637 - (25,061) (20,077) , ,637 (Continued) 52

55 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Jacquelin Goldman Fellowship in Developmental Psychology 2,649,102 2,126,157 - (117,157) (93,857) - - 2,438,088 2,126,157 Margaret Early United World College Scholarship Program Fund 163, ,348 - (7,253) (5,810) , ,348 Dr. William M. and Sue Goza Endowment Fund 207, ,890 - (9,198) (7,368) , ,890 Richard and Thelma O. C. Barney Term Professorship in Health Disparities 547, ,648 - (24,211) (19,396) , ,648 Graham Mack Endowment 113, ,054 - (5,008) (4,012) , ,054 Linda Parker Hudson Scholarship/Fellowship in the Department of Industrial and Systems Engineering 158, ,909 - (7,022) (5,626) , ,909 Merton T. Hartman, Jr. Scholarship/Fellowship 112, ,000 - (4,956) (3,970) , ,000 Terrye Coggin Proctor Memorial Scholarship 809, , (33,618) (76,261) , ,311 Benedict A. Silverman Scholarship Fund 136,453 75,000 - (6,035) (4,834) ,584 75,000 James E. Lockwood, Jr. Professorship in Proton Therapy 1,338,898 1,000,001 - (59,213) (45,649) - - 1,234,036 1,000,001 Rhonda D. Holt Endowment for Academic Excellence 160, ,000 25,000 (7,011) (5,688) , ,000 Palm Beach County Gator Club Scholarship Endowment 133, ,100 - (5,693) (49,000) - 55, , ,100 Jerry W. and Judith S. Davis Cancer Endowment 13,150,343 12,000,002 2,000,000 (574,333) (466,889) ,109,121 14,000,002 Florida Opportunity Scholars Endowment 1,168,912 1,064, ,474 (51,452) (42,004) - - 1,176,930 1,166,376 William A. Shands Professorship in Medical History and Ethics 771, ,000 - (34,129) (27,341) , ,000 Louis D. Arieno Cancer Research Fund 233, ,000 - (9,196) , ,000 Methodist Medical Center Professor of Surgery in Transplantation 841, , (37,195) (29,997) , ,570 Catherine Hawkins Shands Memorial Fund 192, ,000 - (8,532) (6,835) , ,000 J. Crayton Pruitt Family Biomedical Engineering Professor I 1,118,551 1,000,000 - (49,468) (39,630) - - 1,029,453 1,000,000 J. Crayton Pruitt Family Biomedical Engineering Professor II 1,118,551 1,000,000 - (49,468) (39,630) - - 1,029,453 1,000,000 James E. Lockwood, Jr. Professorship in Florida and Caribbean Archaeology 1,338,898 1,000,001 - (59,213) (49,437) - 2,000 1,232,248 1,000,001 Chamings Family Nursing Scholarship/Fellowship Fund 154, ,000 15,779 (6,822) (5,954) , ,779 Nan-Yao and Jill H. Su Endowed Scholarship/Fellowship Fund 334, ,000 - (14,803) (11,859) , ,000 Robert G. Stubbs and Henry G. Hamilton Scholarship Fund 383, ,678 - (16,982) (13,605) , ,678 Eric Friedheim Endowment 126, ,000 - (5,587) (54,476) - 50, , ,000 Chris and Bernie Machen Florida Opportunity Scholars Endowment 384, ,875 94,158 (17,662) (15,139) , ,033 William and Jane Groot-Camp Cloverleaf Endowed Fund 289, ,717 - (12,789) (10,246) , ,717 Fluor Corporation Endowment Fund 134, ,163 - (5,931) (4,751) , ,163 Nancy V. Perry Endowment for Teaching Excellence 116, ,000 - (5,141) (4,119) , ,000 Chase Bank USA Florida Opportunity Scholarship Endowment 2,304,611 2,000,001 - (101,922) (81,652) - - 2,121,037 2,000,001 Robin Weeks Excellence Endowment 2,008,346 1,500,001 - (88,820) (71,155) - - 1,848,371 1,500,001 Robin Weeks Endowed Scholarship Fund 1,205, ,000 - (53,292) (42,693) - - 1,109, ,000 Bayard Wickliffe Heath Memorial Lecture Series on U.S. Antitrust Policy 133, ,000 - (5,921) (4,744) , ,000 Robinson Family Endowment 336, ,000 - (14,899) (11,936) , ,000 Williamson Agricultural Land Environment Service and Research Endowment 131, ,749 - (5,830) (4,671) , ,749 Sam Berman Excellence Endowment 291, ,000 - (12,893) (10,329) , ,000 George and Jane Yarb Cancer Research Fund 188, ,500 - (8,334) (6,927) , ,500 Marshall E. Rinker, Sr. Foundation and David B. and Leighan R. Rinker Chair 645, , ,000 (28,102) (22,920) , ,000 S. A. Wright Endowment 286, ,114 - (12,690) (10,167) , ,114 Innovation Propagation and Production Training Endowment 164, ,110 - (7,283) (5,835) , ,110 Theodore Mischuck Endowment 439, ,560 2,000 (19,414) (15,559) , ,560 Gravenstein Scholars Program 399, ,085 22,430 (17,669) (15,347) - 1, , ,515 FNGLA-Action Chapter MREC Excellence Endowment 126, , (5,615) (4,498) , ,124 Troy and Julianne Davis Financial Markets Education Endowment Fund 150, ,000 - (6,651) (5,328) , ,000 Urban and Shelley Meyer Florida Opportunity Scholars Endowment 1,172,215 1,000,001 - (51,842) (41,531) - - 1,078,842 1,000,001 Research Excellence Fund in Computer Science and Engineering 3,159,771 2,900,100 - (139,729) (112,243) - - 2,907,799 2,900,100 Benedict Silverman Florida Opportunity Scholarship Endowment 123, ,000 - (5,464) (4,378) , ,000 21st Century News Laboratory Endowment 193, ,076 - (8,575) (6,873) , ,076 Jay Chicone Memorial Fund for Bipolar Research and Recovery 124, ,325 - (5,495) (4,402) , ,325 David Jewell Florida Opportunity Scholarship Endowment 198, ,727 - (8,791) (7,043) , ,727 J. Roy Duggan Professorship of Accounting 1,070, ,021 - (47,357) (38,282) , ,021 Marilyn Southwick Fregly International Business Endowment Fund 721, ,010 - (31,926) (126,576) - 101, , ,010 Herbert E. Pickle Endowment for Excellence in Civil Engineering Fund 133, ,044 - (5,911) (4,735) , ,044 Helene Fuld Health Trust, HSBC Bank USA, N.A., Trustee Scholarship 351, ,000 - (15,530) (12,442) , ,000 Brian R. Gamache Professorship 653, ,000 - (28,889) (23,194) , ,000 Florida Chapter ISA Arboriculture Endowment Fund 320, ,000 40,000 (14,045) (97,408) - 86, , ,000 Helen E. Khouri Memorial Scholarship in Electrical and Computer Engineering 261, ,301 - (11,566) (9,266) , ,301 (Continued) 53

56 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at James Hollis Tillman Scholarship Fund 122, ,000 - (5,438) (4,356) , ,000 Harold B. Clark Award 115, ,275 - (5,088) (4,076) , ,275 George W. and Lisa O. Etheridge Professorship #2 685, ,000 - (30,313) (24,284) , ,000 Dr. Robert L. Egolf Library Endowment 116, ,425 1,100 (5,144) (4,124) , ,525 James C. Waggoner, Jr. Grants-In-Aid Endowment 142, ,089 - (6,313) (5,057) , ,089 River Branch Fellowship in Public Psychiatry 568, ,000 - (25,126) (20,129) , ,000 James B. and Margaret H. Gahan Endowment Professorship in Entomology 877, ,744 - (38,829) (31,107) , ,744 David A. Cofrin Fund for Asian Art 1,415,623 1,000,001 - (52,517) ,363,106 1,000,001 Paul A. Robell Florida Opportunity Scholarship Endowment 341, , (15,106) (12,103) , ,890 Billy and Christine Donovan Florida Opportunity Scholarship Endowment 116, ,000 - (5,143) (4,120) , ,000 Jennie Petkavage Scholarship Fund in the College of Medicine 250, ,852 - (11,088) (8,883) , ,852 Kitzman Family Professorship 847, ,069 - (37,466) (30,015) , ,069 Steven M. Scott and Rebecca J. Scott Professorship 2,343,198 2,000,001 - (103,629) (83,019) - - 2,156,550 2,000,001 Rinker Fellowship for International Student Exchange 485, , ,000 (21,128) (17,252) , ,000 Wright/Falls/Simmons Professorship in PSP/Atypical Parkinson's 843, ,573 - (37,282) (29,868) , ,573 Endowment for Undergraduate Student Leaders 120, ,000 5,000 (5,315) (4,275) , ,000 Muriel M. Barr Nursing Scholarship 190, ,078 - (8,429) (7,752) - 1, , ,078 Community Pharmacy Business and Entrepreneurial Endowment 225, ,048 - (9,984) (8,009) , ,048 Waldo W. Neikirk Professorship #1 669, ,889 - (29,626) (23,734) , ,889 Waldo W. Neikirk Professorship #2 669, ,889 - (29,626) (23,734) , ,889 Intel/Charles E. Young Leadership Chair in Nanotechnology 2,505,656 2,000,001 - (110,813) (88,775) - - 2,306,068 2,000,001 Intel/Charles E. Young Leadership Chair in Information Technology 2,505,656 2,000,001 - (110,813) (88,775) - - 2,306,068 2,000,001 Carol M. Brewer and Andrew J. Ogilvie Law Endowment 114, ,000 - (5,044) (4,041) , ,000 Professor Harold W. Kemp Endowed Scholarship Fund in Architecture 474, ,138 - (20,980) (16,807) , ,138 Lou Oberndorf Professorship in Healthcare Technology 1,193, ,270 - (52,783) (42,285) - - 1,098, ,270 Jean Imparato Endowed Term Professorship in Oncology 495, ,166 - (21,913) (17,555) , ,166 Gail Hendrick Endowment 1,147,507 1,012,684 - (50,749) (40,656) - - 1,056,102 1,012,684 Miller and Toni Couse Physical Therapy Fellowship 114, ,000 - (5,044) (4,041) , ,000 John H. and Mary Lou Dasburg Chair in Business Administration 1,638,589 1,500,001 - (72,467) (58,055) - - 1,508,067 1,500,001 William G. Nash Scholarship Fund 180, ,097 - (7,961) (6,377) , ,097 Andrew Parker Memorial Scholarship 192, , (8,514) (6,821) , ,575 Edward M. Copeland III Chair in Breast Cancer made possible by Ann & Ira Horowitz 685, , ,531 (29,968) (24,267) , ,757 Frederick J. and Dorothy A. Luder Endowed Scholarship Fund 677, ,726 - (29,953) (23,996) , ,726 Malcom and Christine Randall Professorship in the Dept. of HSRMP 963, ,361 - (42,632) (34,154) , ,361 Dr. Mary Elizabeth Hilliard Professorship in Nurse Midwifery 579, , (521,844) (57,564) - - Drs. Martin and Sandra Fackler HSCL Endowment 233, , (10,307) (8,257) , ,614 Nell Bryant Kibler Professorship in Ovarian Cancer Research 696, ,350 - (30,787) (24,764) , ,350 William F. Enneking, William E. Anspach and Orthopaedic Alumni Chair 1,664,752 1,514,640 1,000 (73,631) (58,967) - - 1,533,154 1,515,640 Russell and Mary Hyatt McCaughan Scholarship 109, ,093 - (4,826) (3,866) , ,093 Powell Family Florida Museum of Natural History Excellence Endowment 199, ,984 - (8,822) (7,068) , ,984 Dean Robert H. Jerry, II Scholarship in Law 114, ,000 - (5,056) (4,051) , ,000 Elizabeth H. Faulk Professorship 437, ,667 - (19,365) (15,514) , ,667 Sam A. Banks, Jr. Florida Opportunity Scholarship 2,079,781 1,900,000 - (91,979) (73,686) - - 1,914,116 1,900,000 Morris and William Skor Family Scholarship Fund 239, ,000 1,000 (10,421) (7,930) , ,000 Samuel R. "Bud" Shorstein Professorship in American Jewish Culture and Society 538, ,845 2,885 (23,835) (19,095) , ,730 Lois Kugler Small Animal Research Fund 342, ,297 - (15,138) (12,127) , ,297 Grant Thornton LLP Faculty Fellowship 198, ,761 18,950 (8,719) (6,912) , ,711 Chemistry Leadership Fund 128, ,000 - (5,672) (4,544) , ,000 Jack and Tifi Bierley International Legal Visiting Professorship 404, ,056 85,000 (17,585) (14,316) , ,056 Stephen N. Zack Endowment 816, ,000 - (36,089) (28,912) , ,000 Downey Florida Opportunity Scholarship in Law 116, ,000 - (5,156) (4,130) , ,000 Silverstein Chair for Cardiology Education 2,331,529 2,000,001 - (103,113) (82,606) - - 2,145,810 2,000,001 Community Hospice of Northeast Florida/Neviaser Family Professorship in Pediatric Palliative Care 705, ,100 - (30,939) , ,100 Panama Canal Museum Collection Endowment 132, ,437 4,657 (5,842) (4,684) , ,094 Jeannine Marie Carlos Harvey Endowed Scholarship 186, ,000 - (8,249) (6,608) , ,000 Anita Zucker Endowed Professorship in Early Childhood Studies 1,067,375 1,000,001 - (39,677) (29,593) ,105 1,000,001 (Continued) 54

57 Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at James E. Lockwood Professorship in Pediatric Proton Therapy 1,165,764 1,000,001 - (51,556) (41,303) - - 1,072,905 1,000,001 Evelyn L. Wenzel Memorial Scholarship Fund 322, ,501 - (14,255) (11,420) , ,501 Toral Family Foundation Term Professorship in Traumatic Brain Injury 402, ,000 - (15,619) 34,022 (348,000) (73,194) - - Fournier Family Florida Opportunity Scholarship Endowment 291, ,000 - (12,889) (10,326) , ,000 Natural Area Teaching Lab (NATL) Endowment 321, ,493 50,000 (14,121) (9,949) , ,493 Visual Communication Endowment 188, ,021 - (8,350) (6,690) , ,021 Maurice J. Jurkiewicz Professorship in Reconstructive Plastic Surgery 586, ,234 3,000 (25,955) (20,863) , ,234 Wilder Family Professorship in Epilepsy 1,147,401 1,000,000 - (50,744) (40,652) - - 1,056,005 1,000,000 B.J. and Eve Wilder Excellence in Epilespy Research Fund 4,135,739 3,292,097 - (182,904) (146,528) - - 3,806,307 3,292,097 Cathy Donnellan/ Albert E. and Birdie W. Einstein Fund, Inc./ William Merz Professorship 1,061, ,730 - (47,035) (35,667) , ,730 Robert H. and Kathleen M. Axline Translational Science Professorship in Surgery 1,509, ,552 - (66,762) (53,484) - - 1,389, ,552 Robert H. and Kathleen M. Axline Basic Science Professorship in Surgery 1,509, ,553 - (66,762) (53,484) - - 1,389, ,553 Evelyn F. McKnight Chair for Clinical Translational Research in Cognitive Aging - - 4,000,000 (178,415) (108,709) - - 3,712,876 4,000,000 Toral Family Foundation Fellowship in Traumatic Brain Injury and Neurological Emergencies ,883 (3,228) (8,001) 348,000 32, , ,883 Dr. Mary Elizabeth Hilliard Fund (25,624) (20,526) 521,844 57, , ,894 $ 1,139,377,591 $ 877,686,697 $ 8,941,012 $ (50,124,438) $ (40,728,633) $ - $ (2,588,150) $ 1,054,877,382 $ 886,627,709 55

58 Schedule of Receipts, Expenditures and Endowment Balances for Eminent Scholar Program Year Ended Description at Contributed Investment Return Expenses Transfers Other at Robert C. Pittman Eminent Scholar Chair in Electrical Engineering $ 1,921,982 $ 961,726 $ - $ (85,000) $ (68,095) $ - $ - $ 1,768, ,726 Katharine Ordway Chair of Ecosystem Conservation 2,530,617 1,054,002 - (111,917) (89,659) - - 2,329,041 1,054,002 Lyle C. Dickman Eminent Scholar Chair in Plant Improvement 2,078,199 1,030,155 - (91,909) (73,630) - - 1,912,660 1,030,155 American Heart Association-Suncoast Chapter, Inc. Chair in Cardiovascular Research 1,357, ,229 - (60,019) (48,082) - - 1,249, ,229 Ben Hill Griffin, Jr. Eminent Scholar Chair in Agricultural Economics Marketing 1,997,108 1,004,025 - (88,323) (70,757) - - 1,838,028 1,004,025 Carl S. Swisher Eminent Scholar Chair in Water Resources 2,333,817 1,015,026 - (103,214) (82,687) - - 2,147,916 1,015,026 Marcia Whitney Schott Eminent Scholar Chair in Rheumatoid Arthritis 2,357,259 1,035,547 - (104,250) (83,517) - - 2,169,492 1,035,547 Ed Rood Eminent Scholar Chair of Trial Advocacy and Procedure Fund 2,809,259 1,307,528 - (125,608) ,683,651 1,307,528 jcpenney Eminent Scholar Chair of Retail Management 2,169, ,189 - (95,926) (76,848) - - 1,996, ,189 Academy One Hundred Eminent Scholar Chair Fund 2,174,433 1,015,837 - (96,165) (77,040) - - 2,001,228 1,015,837 Francis M. Bullard Eminent Scholar Chair in Ophthalmic Sciences #1 2,065,463 1,080,683 - (91,346) (73,179) - - 1,900,938 1,080,683 Maida and Morris Rybaczki Eminent Scholar Chair in Ophthalmic Sciences 2,104,456 1,100,428 - (93,070) (74,560) - - 1,936,826 1,100,428 Huber C. Hurst Eminent Scholar Chair in Law 3,006,880 1,306,940 - (134,444) ,872,436 1,306,940 Hugh F. Culverhouse Eminent Scholar Chair in Federal Taxation 2,370,858 1,176,076 - (104,852) (83,999) - - 2,182,007 1,176,076 American Heart Association Teaching Chair in Cardiology 2,412,747 1,004,895 - (106,705) (85,483) - - 2,220,559 1,004,895 American Heart Association, Gerold L. Schiebler, M.D., Chair in Pediatric Cardiology 2,518,467 1,187,104 - (111,382) (89,188) - - 2,317,897 1,187,104 Boston Family Eminent Scholar Chair in Human Nutrition 2,064,640 1,001,486 - (91,309) (73,164) - - 1,900,167 1,001,486 Frederick E. Fisher Eminent Scholar Chair Fund 2,713,231 1,335,171 - (119,994) (96,129) - - 2,497,108 1,335,171 James W. Walter Eminent Scholar Chair of Entrepreneurship 2,734,752 1,231,543 - (120,945) (96,892) - - 2,516,915 1,231,543 C. V. Griffin, Sr. Eminent Scholar Chair in Agriculture 1,972,794 1,070,388 - (87,247) (69,896) - - 1,815,651 1,070,388 Arthur R. Marshall, Jr. Eminent Scholar Chair in Ecological Studies 2,183, ,466 - (96,569) (77,363) - - 2,009, ,466 Samuel P. Harn Eminent Scholar Chair Fund 2,923,795 1,648,410 - (129,306) (103,590) - - 2,690,899 1,648,410 Bacardi Family Eminent Scholar Chair in Latin American Studies 2,119, ,701 - (93,739) (75,097) - - 1,950, ,701 Thomas M. and Irene B. Kirbo Endowed Chair 2,474,359 1,147,643 - (109,429) (87,666) - - 2,277,264 1,147,643 Bank of America Eminent Scholar Chair in Finance 1,927,980 1,069,237 - (85,266) (68,308) - - 1,774,406 1,069,237 McKethan-Matherly Eminent Scholar Chair of Business Administration 2,676,407 1,148,557 - (118,365) (94,825) - - 2,463,217 1,148,557 Richard Milbauer Chair in History 2,170,875 1,063,845 - (96,008) (76,914) - - 1,997,953 1,063,845 Marston-Milbauer Eminent Scholar Chair 2,337,845 1,056,881 - (103,392) (82,829) - - 2,151,624 1,056,881 Lanzillotti-McKethan Eminent Scholar Chair in Business Administration 2,735,793 1,339,045 - (120,991) (96,929) - - 2,517,873 1,339,045 Dr. Perry A. Foote Eminent Scholar Chair Fund 1,879,321 1,029,748 2,400 (83,114) (66,644) - - 1,731,963 1,032,148 John E. Price Eminent Scholar Chair in Cancer Research 2,246,579 1,078,413 - (99,356) (79,596) - - 2,067,627 1,078,413 Central Florida Kidney Center, Inc. Eminent Scholar Chair in Nephrology and Hypertension 1,998, ,715 - (88,379) (70,802) - - 1,839, ,715 Marcia Whitney Schott Eminent Scholar Chair in Rheumatoid Arthritis II 8,629,015 3,967,914 - (381,621) (305,724) - - 7,941,670 3,967,914 William H. Dial/SunTrust Eminent Scholar Chair of Banking 1,997,606 1,001,031 - (88,345) (70,775) - - 1,838,486 1,001,031 Manning J. Dauer Eminent Scholar Chair in Political Science 1,875,320 1,008,027 - (82,937) (66,442) - - 1,725,941 1,008,027 Mr. and Mrs. J. R. (Rip) Graves Eminent Scholar Chair in Biotechnology Fund 2,204,503 1,020,004 - (97,495) (78,105) - - 2,028,903 1,020,004 Jerry and Lola Collins Eminent Scholar Chair in Veterinary Medicine 3,006,176 1,518,136 - (132,949) (106,508) - - 2,766,719 1,518,136 Edward R. Koger Chair for Basic Cancer Research 2,192,696 1,027,422 - (96,973) (77,687) - - 2,018,036 1,027,422 Russell Berrie Foundation Eminent Scholar Chair in Marketing 2,330,020 1,020,001 - (103,046) (82,552) - - 2,144,422 1,020,001 John B. Higdon Eminent Scholar Chair in Business Administration 2,117,335 1,045,914 - (93,640) (75,017) - - 1,948,678 1,045,914 Nemours Eminent Scholar Chair in Pediatrics 1,915,688 1,020,000 - (84,722) (67,872) - - 1,763,094 1,020,000 Davies, Fischer and Eckes Eminent Scholar Chair in IFAS 2,311,405 1,020,000 - (102,223) (81,893) - - 2,127,289 1,020,000 Andrew H. Hines, Jr./Progress Energy Eminent Scholar Chair 2,052,401 1,017,932 - (90,768) (72,716) - - 1,888,917 1,017,932 Joe B. Cordell Eminent Scholar Chair in Corporate Development and Strategy 2,407,093 1,147,266 - (106,454) (85,283) - - 2,215,356 1,147,266 Frank A. Duckworth Eminent Scholar Chair in Drug Research and Development 1,908,823 1,064,237 - (84,418) (67,629) - - 1,756,776 1,064,237 AT&T Eminent Scholar Chair in Computer Engineering and Science 2,588,817 1,347,829 - (114,491) (91,721) - - 2,382,605 1,347,829 Joseph L. Brechner Eminent Scholar Chair Endowment #1 932, ,389 - (41,227) (33,028) , ,389 Brechner Center Support Endowment 1,094, ,609 - (48,426) (38,790) - - 1,007, ,609 $ 112,931,683 $ 54,694,350 $ 2,400 $ (4,997,274) $ (3,795,110) $ - $ - $ 104,141,699 $ 54,696,750 56

59 Independent Auditor s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards To the Board of Directors University of Florida Foundation, Inc. Gainesville, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the University of Florida Foundation, Inc. (the Foundation), which comprise the statement of financial position as of, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated September 23, Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Foundation s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Foundation s internal control. Accordingly, we do not express an opinion on the effectiveness of the Foundation s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Foundation s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. 57

60 Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Foundation s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Foundation s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Orlando, Florida September 23,

61 Independent Auditor s Report on Compliance for Each Major State Financial Assistance Project and Report on Internal Control Over Compliance Required by State of Florida Chapter , Rules of the Auditor General To the Board of Directors University of Florida Foundation, Inc. Gainesville, Florida Report on Compliance for Each Major State Financial Assistance Project We have audited the University of Florida Foundation, Inc. s (the Foundation) compliance with the types of compliance requirements described in the Department of Financial Services State Projects Compliance Supplement that could have a direct and material effect on each of the Foundation s major state financial assistance projects for the year ended. The Foundation s major state financial assistance projects are identified in the summary of auditor s results section of the accompanying schedule of findings and questioned costs. Management s Responsibility Management is responsible for compliance with state statutes, regulations, and the terms and conditions of its state financial assistance applicable to its state financial assistance projects. Auditor s Responsibility Our responsibility is to express an opinion on compliance for each of the Foundation s major state financial assistance projects based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the State of Florida Chapter , Rules of the Auditor General. Those standards and the State of Florida Chapter , Rules of the Auditor General, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major state financial assistance project occurred. An audit includes examining, on a test basis, evidence about the Foundation s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major state financial assistance project. However, our audit does not provide a legal determination of the Foundation s compliance. Opinion on Each Major State Financial Assistance Project In our opinion, the Foundation complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major state financial assistance projects for the year ended. 59