Statement of Net Position

Full statement of net position

ASSETS
Current Assets	FY2024	FY2023	FY2022	FY2021
Cash	239	532	738	921
Short-Term Investments	475	938	1,420	704
Investments Held By Trustees	3	95	162	104
Accounts Receivable	1,639	981	820	748
Pledges Receivable	3	3	2	1
Current Portion of Notes & Mortgages Receivable	5	6	6	7
Inventories	81	68	64	53
Other Current Assets	101	88	88	84
Total Current Assets	2,545	2,710	3,300	2,621
Noncurrent Assets
Investments	2,568	2,667	2,428	2,773
Investments Held By Trustees	86	50	72	306
Pledges Receivable	0	0	1	1
Notes & mortgages receivable	129	122	139	149
Capital Assets, Net	6,587	5,767	5,321	4,369
Other Noncurrent Assets	170	186	149	34
Total Noncurrent Assets	9,539	8,792	8,164	7,632
Total Assets	12,084	11,502	11,464	10,253

DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflow of Resources	FY2024	FY2023	FY2022	FY2021
Deferred Outflows Debt Refunding and Deferred Financing	7	7	7	8
Deferred Outflows from Pension	448	534	987	557
Deferred Outflows from Retiree Health	626	840	881	1,003
Deferred Outflows from Assets Retirement Obligations	5	18	32	17
Total Deferred Outflows of Resources	1,086	1,399	1,907	1,585

LIABILITIES
Current Liabilities	FY2024	FY2023	FY2022	FY2021
Accounts Payable	440	387	382	283
Accrued Salaries and Benefits	149	224	179	177
Unearned Revenue	781	327	305	253
Commercial Paper	127	28	40	50
Current Portion of Long-Term Debt	182	142	121	78
Other Current Liabilities	182	197	176	498
Total Current Liabilities	1,861	1,304	1203	1,338
Noncurrent Liabilities
Federal Refundable Loans	41	21	37	42
Long-Term Debt	4,264	4,253	4,451	3,228
Net Pension Liability (Obligations to UCRP)	2,687	3,096	3,178	1,024
Payable to UCOP for Pension	1,100	1,048	969	790
Net Obligations for Retiree Health Benefits	3,073	3,368	3,037	3,715
Other Noncurrent Liabilities	262	220	290	246
Total Noncurrent Liabilities	11,427	12,008	11,963	9,045
Total Liabilities	13,288	13,312	13,166	10,383

DEFERRED INFLOWS OF RESOURCES
Deferred Inflow of Resources	FY2024	FY2023	FY2022	FY2021
Deferred Inflows Svc Concession Arngmts	43	43	44	45
Deferred Inflows-Pension	437	62	75	1,571
Deferred Inflows from Retiree Health	1,477	1,367	1,650	983
Deferred Inflows from Interest Rate Swap Agreements	1	1	-	-
Deferred Inflows from Leases	72	125	96	-
Total Deferred Inflows of Resources	2,030	1,598	1,866	2,599

NET ASSETS
Net Investment in Capital Assets	2,528	1,755	741	1,099
Restricted
Nonexpendable	138	138	136	133
Expendable	1,442	1,688	2,505	1,343
Total Restricted	1,580	1,825	2,642	1,476
Unrestricted	(6,256)	(5,589)	(5,044)	(3,718)
Total Net Assets	(2,148)	(2,008)	(1,662)	(1,143)

Understanding the Statement of Net Position

ASSETS AND DEFERRED OUTFLOWS OF RESOURCES

UC Davis' assets consists of cash and investments, accounts receivable, and capital assets. Deferred outflow of resources is comprised of asset retirement obligations, losses on debt refundings, and changes in net pension liability and net retiree health benefits liability.

Total assets and deferred outflow of resources were $13.2 billion in FY2024, $12.9 billion in FY2023 and $13.4 billion in FY2022.

LIABILITIES AND DEFERRED INFLOWS OF RESOURCES

UC Davis' liabilities consists of accounts payable, accrued compensation, debt, pension liability and retiree health benefits liability. Deferred inflow of resources is comprised of gains on debt refundings, changes in net pension liability and net retiree health benefits liability, service concession agreements and leases.

Total liabilities and deferred inflows of resources were $15.3 billion in FY2024, $14.9 billion in FY2023 and $15.0 billion in FY2022.

Condensed statement of net position

The Statement of Net Position (SNP) shows UC Davis' total assets, deferred outflow of resources, liabilities, and deferred inflows of resources. The net position is calculated by taking the difference between the total of assets and deferred outflows of resources and the total liabilities and deferred inflows of resources. The statement provides insight into the financial position of UC Davis, including UC Davis campus and UC Davis Medical Center.

The balances presented below are as of June 30 for fiscal years 2021 through 2024.

Condensed Statement of Net Position

(in millions of dollars)	FY 2024	FY 2023	FY 2022	FY 2021
ASSETS
Cash and investments	3,369	4,281	4,874	4,807
Accounts receivable, net	1,639	981	820	748
Capital assets, net	6,587	5,767	5,321	4,369
Other assets	488	472	449	329
Total	12,084	11,502	11,464	10,253
DEFERRED OUTFLOW OF RESOURCES	1,086	1,399	1,907	1,585
LIABILITIES
Debt, including commercial paper	4,572	4,424	4,613	3,356
Net pension liability	2,687	3,096	3,178	1,024
Net retiree benefits liability	3,073	3,368	3,037	3,715
Other liabilities	2,955	2,424	2,339	2,288
Total	13,288	13,312	13,166	10,383
DEFERRED INFLOWS OF RESOURCES	2,030	1,598	1,866	2,599
NET POSITION	(2,148)	(2,008)	(1,662)	(1,143)

NOTE: The reported financial information in this report, while not separately audited, is prepared from the official University of California records and accounts which are maintained in accordance with the Governmental Accounting Standards Board (GASB). For more information, please refer to the University of California's Annual Report.

FY2024
FY2023
FY2022
FY2021

Cash

UC Davis' cash and investments are centrally managed by the University's Office of the Chief Investment Officer.

STIP is the short-term investment pool, allowing for UC Davis to maximize its returns on its short-term cash balances. Cash to provide for payroll, construction expenditures, and other operating expenses is invested in STIP. STIP had returns of 4.2% in 2024, 2.8% in 2023 and 0.4% in 2022.

TRIP is the total return investment pool, allowing UC Davis the opportunity to maximize the return on its long-term working capital. TRIP is a diversified portfolio of equity, fixed income, and alternative investments. TRIP had returns of 12.1%, 8.6% and (11.3)% in 2024, 2023 and 2022, respectively.

Short-term investment includes cash held for capital projects. These unallocated bond proceeds decreased $482M in FY23 and $463M in FY24 as construction activities continued to progress.

GEP is the general endowment pool, a balanced investment portfolio and the primary investment vehicle for endowed gift funds. GEP had returns of 11.7%, 8.2% and (7.6)% in 2022, 2023 and 2022, respectively.

For more information regarding investments, please visit the UC Investments website.

	FY 2024	FY 2023	FY 2022	FY 2021
Cash and STIP	239	532	738	921
TRIP and Short-Term Investments	1,352	2,042	2,414	1,837
GEP	1,690	1,562	1,488	1,640
Total	3,281	4,136	4,640	4,398

Capital assets

UC Davis implemented a new accounting standard, Government Accounting Standard Board Statement No. 87, Leases (GASB 87), effective for the University's fiscal year beginning July 1, 2021. This accounting standard provides recognition and measurement standards for financings of the right to use an underlying asset. Similarly, UC Davis also implemented new accounting standard, Government Accounting Standard Board Statement No. 96, Subscription-Based Information Technology Arrangements (GASB 96), effective for the University's fiscal year beginning July 1, 2022. Under GASB 96, these arrangements result in a right-to-use intangible asset and a corresponding subscription liability. Financial information has been restated to retroactively apply these new accounting standards.

In FY2024, UC Davis has been investing its resources in constructing affordable housing to meet student enrollment increases. Orchard Park opened its doors for the 2023-24 academic year with 1,500 new beds.

Construction also continued at AggieSquare in Sacramento, which will feature state-of-the-art research facilities and modern office and mixed-use space that will connect the university with its neighboring communities.

Other capital projects include enhancing campus safety through investments in upgrading outdoor lighting and building access controls, and the groundbreaking of the UC Davis Health California Tower.

Net capital asset balances were $6.6 billion, $5.8 billion and $5.3 billion as of June 30th for fiscal years FY2024, FY2023, and FY2022 respectively.

For more information on current and on-going capital projects, please refer to the following websites:

UC Davis Campus Design and Construction Management

UC Davis Health Facilities Design and Construction

FY 2024

Asset Type	Additions	Depreciation & Amortization	Disposals & Impairments	Capital Assets, Net
Land	1	-	-	137
Infrastructure	3	(11)	-	167
Buildings & Improvements	907	(170)	16	3,535
Equipment	81	(119)	13	366
Software and Intangible Assets	29	(11)	5	60
Leases (GASB87)	35	(44)	(19)	397
Subscription-Based IT Agreements (GASB96)	53	(20)	-	48
Libraries and Special Collections	13	(15)	(4)	199
Construction in Progress	77	-		1,678
Total	1,199	(390)	11	6,587

FY 2023

Asset Type	Additions	Depreciation & Amortization	Disposals & Impairments	Capital Assets, Net
Land	18			136
Infrastructure	77	(9)	-	175
Buildings & Improvements	215	(171)	2	2,782
Equipment	121	(79)	(4)	391
Software and Intangible Assets	5	(11)	8	37
Leases (GASB87)	49	(44)	(17)	425
Subscription-Based IT Agreements (GASB96)	31	(16)	-	15
Libraries and Special Collections	22	(16)	(1)	205
Construction in Progress	266			1,601
Total	804	(346)	(12)	5,767

FY 2022

Asset Type	Additions	Depreciation & Amortization	Disposals & Impairments	Capital Assets, Net
Land	40			118
Infrastructure	8	(8)	(1)	107
Buildings & Improvements	374	(154)	54	2,736
Equipment	100	(75)	(33)	353
Software and Intangible Assets	17	(11)	(9)	35
Leases (GASB87)	471	(34)		437
Subscription-Based IT Agreements (GASB96)	-			-
Libraries and Special Collections	15	(16)	-	200
Construction in Progress	214			1,335
Total	1,239	(298)	11	5,321

FY 2021

Asset Type	Additions	Depreciation & Amortization	Disposals & Impairments	Capital Assets, Net
Land	1	-	-	78
Infrastructure	12	(8)	-	108
Buildings & Improvements	221	(152)	(25)	2,462
Equipment	100	(76)	(6)	361
Software and Intangible Assets	2	(14)	(2)	38
Leases (GASB87)				-
Subscription-Based IT Agreements (GASB96)				-
Libraries and Special Collections	21	(16)	2	201
Construction in Progress	335			1,121
Total	692	(266)	(31)	4,369

Debt

The University of California (the University) directly finances the construction, renovation, and acquisition of facilities and equipment, or for other purposes, through the issuance of debt obligations, or indirectly, through structures that involve legally separate entities reported as blended component units.

Commercial paper and bank loans provide interim financing for assets during construction period.

Long-term financing includes revenue bonds, capital lease obligations and other borrowings.

Recent Highlights:

In FY2019 added 3rd party investment of CHF I and in 2021 added CHF II
In 2022 added MCPR 2022P of $570M and 2022Q of $210M
In 2022 adopted GASB87 of $474M and In 2023 adopted GASB96
Beginning in 2022 and continuing through 2024 introduced the Central Bank loan

For more information regarding outstanding debt held by the University of California, please refer to the University's Bond Programs website.

Debt	Debt Type	Interest Rate Range	Maturity Years	FY24 Balance	FY23 Balance	FY22 Balance	FY21 Balance
Revenue Bonds	General Revenue Bonds - Fixed Rate	0.7-7.6%	2025-2115	720	743	1,128	1,159
	General Revenue Bonds - Variable Rate	4.6-5.4%	2025-2048	89	89	89	89
	Limited Project Revenue Bonds	1-5.5%	2025-2058	316	328	363	383
	Medical Center Pooled Revenue Bonds	2.4-6.6%	2025-2120	1,355	1,373	1,396	635
	Unamortized Bond Premium			196	212	160	154
Total Revenue Bonds				2,676	2,745	3,136	2,420

Other Debt	Financing Obligations	Various	2025-2090	451	465	474	0
	Subscription-based information technology arrangements	Various	2025-2031	37	14	0	0
	Central Bank Loan and other University Borrowings	Various	2025-2054	502	384	95	15
	Blended component unit revenue bonds, net	3-6.5%	2051-2054	779	789	867	872
Total Debt Obligations				4,445	4,397	4,572	3,307
Less Amount Due Within One Year				(182)	(142)	(121)	(78)
Noncurrent Portion of Debt				4,263	4,255	4,451	3,229

Pension

All full-time employees of UC Davis participate in the University of California Retirement System (UCRS) that is centrally administered by the University of California (the University). The UCRS consists of the University of California Retirement Plan (UCRP) and the University of California Retirement Savings Program (UCRSP). UCRP is a single-employer defined benefit pension plan and UCRSP includes four contribution plans with several investment portfolios which are generally funded with employee non-elective and elective contributions.

The Regents of the University of California acts as the trustee associated with the UCRP plan. The Office of the Chief Investment Officer (OCIO) acts as the custodian for the UCRS plan. Administrative authority with respect to the UCRS Plans is vested in the President of the University (President) as plan administrator and the President has delegated that authority within UCRS, under University policies and procedures, to the Vice President of Human Resources.

Additional information on the retirement plans can be obtained from the Retirement System Annual Reports website.

UCRP Contributions

UCRP Contributions	FY 2024	FY 2023	FY 2022	FY 2021
Proportion of the University's Net Pension Liability	15.6%	15.8%	15.8%	15.4%
Proportionate Share of the University's Net Pension Liability	2,686,775	3,096,019	3,177,587	1,023,544

Pension Actuarial Assumptions

	FY2024	FY2023	FY2022	FY2021
Cost-of-living adjustments	2.00%	2.00%	2.00%	2.00%
Discount rate	6.75%	6.75%	6.75%	6.75%
Inflation	2.50%	2.50%	2.50%	2.50%
Investment rate of return	6.75%	6.75%	6.75%	6.75%
Projected salary increases	3.65-5.95%	3.65-5.95%	3.65-5.95%	3.65-5.95%

Sensitivity of the Net Pension Liability to the Discount Rate Assumptions

		Sensitivity Rate	Net Pension Liability
FY2024	1% Decrease	5.75%	4,983
	Current Discount	6.75%	2,687
	1% Increase	7.75%	806
FY2023	1% Decrease	5.75%	5,253
	Current Discount	6.75%	3,096
	1% Increase	7.75%	1,330
FY2022	1% Decrease	5.75%	5,205
	Current Discount	6.75%	3,178
	1% Increase	7.75%	1,523
FY2021	1% Decrease	5.75%	2,900
	Current Discount	6.75%	1,024
	1% Increase	7.75%	(517)

Retiree health

The University of California (The University) administers single-employer health and welfare plans to provide health and welfare benefits, primarily medical, dental, and vision benefits, to eligible retirees and their eligible family members of the University of California and its affiliates. The University funds the retiree health benefits through the University of California Retiree Health Benefit Trust (UCRHBT) based on a projection of benefits on pay-as-you-go financing. UCRHBT was established on July 1, 2007 and allows UC Davis to fund retiree health benefits along with other UC campuses and medical centers on a cost-sharing basis and accumulate funds under an arrangement segregated from the University's assets.

The University acts as a third-party administrative agent on behalf of UCRHBT to pay health care insurers and administrators amounts currently due. The Regents of the University of California have the authority to establish and amend benefit plans.

Retiree Health Benefit Costs and Obligations

Sensitivity of Net Retiree Health Liability to the Discount Rate Assumption All

(in millions of dollars)

		Sensitivity Rate	Net Pension Liability
FY2024	1% Decrease	2.65%	3,601
	Current Discount	3.65%	3,073
	1% Increase	4.65%	2,648
FY2023	1% Decrease	2.54%	3,972
	Current Discount	3.54%	3,368
	1% Increase	4.54%	2,884
FY2022	1% Decrease	1.16%	3,600
	Current Discount	2.16%	3,037
	1% Increase	3.16%	2,590
FY2021	1% Decrease	1.21%	4,489
	Current Discount	2.21%	3,715
	1% Increase	3.21%	3,110

Actuarial Assumptions All

	FY 2024	FY 2023	FY 2022	FY 2021
Discount Rate	3.65%	3.54%	2.16%	2.21%
Inflation	2.50%	2.50%	2.50%	2.50%
Investment rate of return	2.50%	2.50%	2.50%	2.50%
Health care cost trend rates	Initially ranges from -3.06% to 29.06% decreasing to an ultimate rate of 3.94% for 2075 and later years	Initially ranges from 1.35% to 14.55% decreasing to an ultimate rate of 3.94% for 2075 and later years	Initially ranges from 2.7% to 7.5% decreasing to an ultimate rate of 4.04% for 2075 and later years	Initially ranges from 2.7% to 9.0% decreasing to an ultimate rate of 4.04% for 2076 and later years

Endowment

Endowment funds are held and administered by either the University of California (the University) or by the campus foundations. The amounts reflected on this page are those administered by the University.

The University's endowment income distribution policies are designed to preserve the value of the endowment in real terms (after inflation) and to generate a predictable stream of spendable income. Endowment investments are managed to achieve the maximum long-term total return. As a result of this emphasis on total return, the proportion of annual income distribution provided by investment income may vary from year-to-year. The University's policy is to retain the realized and unrealized appreciation with the endowment after the annual income distribution has been made.

The portion of the investment returns earned on endowments held by the University and distributed each year to support current operations of UC Davis is based upon a rate of 4.75 percent (stated in dollars per share). This rate is approved by the Regents of the University of California.

Endowment Funds

(in millions of dollars)	FY 2024	FY 2023	FY 2022	FY 2021
Annuity and life income	3	5	6	5
Gifts	283	249	218	214
Endowments	456	424	406	349
Funds functioning as endowments	1,170	1,081	1,027	862
Endowments and gifts	1,912	1,759	1,656	1,430