Sul Ross State University Annual Financial Report: 2013 Page: 21
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UNAUDITED
SUL ROSS STATE UNIVERSITY
A Member of the Texas State University System
NOTES TO THE FINANCIAL STATEMENTS
August 31, 2013
NOTE 5: SUMMARY OF LONG-TERM LIABILITIES
Changes in Long-Term Liabilities
Balance Balance Due within
September 1, August 31, One year
2012 Additions Reductions 2013
Accrued compensated absences 795,275.00 679,753.00 (646,848.00) 828,170.00 482,740.00
I Total Long-Term Liabilities 795,275.00 679,753.00 (646,848.00) 828,170.00 482,740.00
Compensated Absences
Full-time state employees earn annual leave from seven to twenty hours per month
depending on the respective employee's years of state employment. The State's policy
is that an employee may carry his accrued leave forward from one fiscal year to
another fiscal year with a maximum number of hours up to 520 for those employees with
35 or more years of state service. Employees with at least six months of state
services who terminate their employment are entitled to payment for all accumulated
annual leave up to the maximum allowed. The University recognized the accrued
E liability for the unpaid annual leave in the Statement of Net Assets. For the year
ended August 31, 2013, the total accrued liability including accrued overtime totaled
$828,170.00 Sick leave, the accumulation of which is unlimited, is earned at the
Irate of eight hours per month and is paid only when an employee is off due to illness
or to the estate of an employee in the event of his/her death. The maximum sick
leave that may be paid to an employee's estate is one-half of the employee's
accumulated entitlement or 336 hours, whichever is less. No liability is recorded
I for non-vesting accumulating rights to receive pay benefits.
The University made lump sum payments totaling $76,912.95 for accrued vacation
(and/or compensatory time) to employees who separated from state service during
fiscal year August 31, 2013.
Post Employment Health Care and Life Insu ance Benefits
3 In addition to providing pension benefits, the State provides certain health care and
life insurance benefits for retired employees in accordance with State statutes.
Substantially all of the employees may become eligible for those benefits if they
I reach normal retirement age while working for the State. The University participates
in the ERS insurance plans. The information regarding the state's contribution, the
number of eligible retirees and the cost of providing those benefits is included in
I the notes to the annual financial report of the ERS.
Note 6: BONDED INDEBTEDNESS
I All bonded indebtedness for Sul Ross State University is issued by System
Administration through the Texas State University System Revenue Financing System.
System Administration and each component institution within the system are members of
the Revenue Financing System. The Board of Regents pledged all of the funds (revenues)21
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Sul Ross State University. Sul Ross State University Annual Financial Report: 2013, report, Autumn 2013; Alpine, Texas. (https://texashistory.unt.edu/ark:/67531/metapth654097/m1/29/: accessed April 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.