Texas State University-San Marcos Annual Financial Report: 2012 Page: 31
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UNAUDITED
Texas State University-San Marcos (754)
NOTES TO THE BASIC FINANCIAL STATEMENTS
NOTE 19: The Financial Reporting Entity
Component Units (CUs) are legally separate organizations for which the elected officials of the primary government are
financially accountable. In addition, CUs can be other organizations for which the nature and significance of their relationship
with the primary government is such that exclusion would create misleading or incomplete financial statements.
COMPONENT UNITS
The Texas State University-San Marcos Research Foundation was formed as an independent 501(c)(3) organization on July,
22, 2010. The Research Foundation was formed to support the university's mission and objectives of promoting higher
education, conducting research, providing public service, and assisting in economic development in Texas. The Research
Foundation has a fiscal year end of February 28 and is exclusively associated with the university.
The Research Foundation is included in the financial statements of Texas State University-San Marcos (University) as a
blended component unit in accordance with GASB Statement 14 as amended by GASB Statement 39. The key business
officers of the University comprise the entirety of the Research Foundation's officers and directors, thereby giving the
University the ability to impose its will on the Research Foundation.
During fiscal year 2012, there were no financial transactions to report for the Research Foundation.
The Harold M. Freeman Education Foundation was exclusively formed to make use of certain ranch property, known as the
Freeman Ranch, available to Texas State. The ranch property is used and operated solely for farm, ranch, and game
management, educational and research purposes in connection with the educational activities of the university.
The activities of the Freeman Ranch are included in the financial statements of Texas State University-San Marcos as a
blended component unit. The management and administration of the ranch is the responsibility of business officers who in the
execution of these responsibilities employ ranch management, establish policies and maintain fiscal accountability.
RELATED ORGANIZATIONS
The following affiliated foundations, while not component units, are disclosed due to their close relationship with the
university. Affiliated foundations are controlled by separate boards of directors, pay their own expenses and are not included
in the basic financial statements of the university.
TEXAS STATE UNIVERSITY-SAN MARCOS DEVELOPMENT FOUNDATION
The Texas State University-San Marcos Development Foundation was formed in 1977 to support the educational, scientific
and research mission of Texas State. The Development Foundation raises and manages endowment funds designated for
scholarships and other support for the university. In total, the Development Foundation Board reported payments of
$293,741.33 for university support and $618,441.10 for student scholarships from Development Foundation funds during the
fiscal year ended August 31, 2012. The Development Foundation received restricted gifts of $8,344,880.08 and temporarily
restricted gifts of $203,854.12 during the same period.
THE MCCOY COLLEGE OF BUSINESS ADMINISTRATION DEVELOPMENT FOUNDATION
The McCoy College of Business Foundation (Business Foundation), founded in 2004, is dedicated exclusively to the support of
The McCoy College of Business at Texas State University-San Marcos. The Business Foundation administers its investments
and transfers designated funds to the McCoy College of Business in support of chairs or professorships, undergraduate
scholarships, graduate fellowships, faculty development, and student development. Based upon estimated, unaudited, figures
during the fiscal year ended August 31, 2012 the Business Foundation approved a new $599,500.00 distribution fromendowments to the University, received new contributions of $281,059.24 for endowments and ended with accrued assets and
liabilities of $26,089,907.89 and $15,862.94 respectively. The Business Foundation pays for its own operating expenses
(including staff salaries, accounting, supplies and auditing), which totaled approximately $74,783.46 in fiscal year 2012 or less
than 0.3% of the assets of the Business Foundation. Fees for investment management were less than 1% of the assets.Annual Financial Report -for the fiscal year ended August 31, 2012
31
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Texas State University--San Marcos. Texas State University-San Marcos Annual Financial Report: 2012, report, Autumn 2012; San Marcos, Texas. (https://texashistory.unt.edu/ark:/67531/metapth578530/m1/35/?q=Lamar+University: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.