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Letter to the Editor

Re: “USF not qualified to give financial advice to students” June 15 editoral

As the University controller whose office is responsible for preparation of the University financial statements, I wanted to provide some clarification in regard to your statements on the 04-05 financial results. It is sometimes difficult to understand financial statements, which may have lead to the misrepresentation in your editorial.

The $12 million loss mentioned is due to a change in how we reflect building depreciation and is not directly related to the operating results for ’04-’05. This information is not immediately apparent when looking at the Income Statement and is contained in the accompanying footnotes that provide additional information on our capital assets (footnote No. 8). Please note also that depreciation is a non-cash expense that reflects the usage of buildings and equipment previously purchased. Without this adjustment to depreciation, the University would have had $33.6 million in income. Even with this $12 million operating loss, the University ended its fiscal year with a healthy increase in net assets of over $49 million.

Nick J. Trivunovich the University Controller.