FY22 financial report print.indd

Virginia Tech Financial Report 2021-2022

Burruss Hall reflects blue and yellow lights, the colors of the Ukrainian flag, in support of students and faculty affected by the conflict in Ukraine. Photo by Christina Franusich for Virginia Tech.

14. Long-term Debt Defeasance Prior Years

In previous fiscal years, in accordance with GASB Statement 7, Advance Refundings Resulting in the Defeasance of Debt , the university excluded from its financial statements the assets in escrow and the debt payable that were defeased in-substance. For the year ending June 30, 2022, bonds and notes payable considered defeased in previous years totaled $68,805,000. Debt Defeasance – Gains (Losses) GASB Statement 65, Items Previously Reported as Assets and Liabilities , reclassifies gains and losses on defeased debt to deferred outflows of resources or deferred inflows of resources. The tables below provide detail on the unamortized gains and losses included in the deferred outflows of resources and deferred inflows of resources by bond category for defeased outstanding debt from prior years.

Deferred Outflows for Debt Defeasance As of June 30, 2022 (all dollars in thousands)

Beginning

Ending Balance

Balance

Additions

Retirements

Bonds payable Section 9(c) general obligation revenue bonds

$

(1,813) $

- $

277 $

(1,536)

Section 9(d) revenue bonds

(718)

- -

82

(636)

Notes payable

(1,996)

198

(1,798) (3,970)

$

(4,527) $

- $

557 $

Total deferred outflows for debt defeasance

Deferred Inflows for Debt Defeasance As of June 30, 2022 (all dollars in thousands)

Beginning

Ending Balance

Balance

Additions

Retirements

Bonds payable Section 9(c) general obligation revenue bonds

$

525 $

- $

(92) $

433 172 946

Section 9(d) revenue bonds

206

- -

(34)

Notes payable

1,057

(111)

$

1,788 $

- $

(237) $

1,551

Total deferred inflows for debt defeasance

32

Notes to Financial Statements