Finance & Investment Committee FY2016/2017 3rd Quarter Results April 21, 2017

FY 2016/2017 Third Quarter Financial Results Financial Overview Summary Operating Statement 3rd Quarter and March YTD Results Investment Results Capital Expenditures Financial Statements March Year-over-Year Comparison Minimum Wage increase in January

FY 2016/2017 Overview 3rd Quarter Status 3rd Quarter Results are down from Budget Spring Rush volumes lower than planned Bookstore Sales down $417K from Budget Text Units trending down Rush units down 8% from last year Rental at 34% of volume Residential Dining Meal Plans down 100 Expenses in line with Plan Investment gain of $474K December Typically a low volume quarter See monthly detailed reports Error not Shops fault and Disproportionate sharing allocation - Shops averaging 3.5% Operating Contribution (after G&A) and 4% Net Contribution Requires an additional $6.5M in sales to make this up. Housing Budget of $18,448,431 29% Margin ($4,180,817) Requires only an additional $775K in sales

Operating Statement Summary 3rd Quarter Results

Spring Rush Textbook Unit Trend Update to this year 34% of Books rented. Total year last year also at 33% Down from 40% rush the previous year. Sales Rentals Totals 1/1/2012 35,608 8,100 43,708 1/1/2013 38,053 19,167 57,220 1/1/2014 31,258 15,934 47,192 1/1/2015 30,021 20,635 50,656 1/1/2016 29,081 14,610 43,691 1/1/2017 39886 13890 25996

FY 2016/2017 Overview Year-to-Date Status Sales down $1,386,832 (4.6%) Bookstore down $837,163 (7.1%) Rush units down 8% from last year Rental at 34% of volume Computer Store up $213,891 (12.8%) Food Services Impacted by Meal Volumes/Pricing Cost of Goods running 1.5% better Expense/Labor in line with plan Investment gain of $813K Capital Expenditures within plan at $676K

Operating Statement Summary March 2017 and YTD Results

Investment Summary Third Quarter positive throughout $474K Gain Post Election run-up SMIF and MSSB trending alike VEBA Balance (off-Balance Sheet) $4,768K balance (as of 3/31/17) Funded $3,950K April payment will be the last

MorganStanley Portfolio FY 2016/2017 Performance Investment Portfolio up a cumulative $751,882 (9.4%) for the year 3rd Quarter up $469,397

SMIF Portfolio FY 2016/2017 Performance ETF - A security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange. ETFs experience price changes throughout the day as they are bought and sold. Because it trades like a stock, an ETF does not have its net asset value (NAV) calculated every day like a mutual fund does. Investment Portfolio down $11,052 (8.1%) for the year 3rd Quarter up $4,275

VEBA TRUST PERFORMANCE (Off-Balance Sheet)

Current Expenditures on plan at $692,109 FY2016/2017 Capital Status Current Expenditures on plan at $692,109 $532,892 Amazon completion (Total $669,405) $48,647 USU EBT Project ($47K Budget) $51,101 of prior year carry over Terminations/Deferrals Food Truck eliminated due to regulatory needs Outpost Patio deferred until FY17/18 $30K Starbucks Library Licensing fee Pending

Capital Expenditure Status FY 2016/2017 March YTD Amazon Locker Complete A/C Updates Small items per ongoing plan Simplex Pending Food Truck and Outpost Patio Pending

Financial Statements Overview March 2017 Investment/Cash Designation Report Holdings up due to Investment gains/Loan payment VEBA at $3.95M Off-Balance Sheet Balance Sheet Inventory up $600K – Textbook returns pending A/R down $300K Last year included$500K Athletics loan) A/P up $500K Cash Flow Statement Operating Cash flow of ($468K) March/$1.6M YTD $500K from Track Loan repayment Inventory & A/R Textbook related A/P - $100K Food, $300K Merchandize, $ December Done Cash per Investment report – Up $1.1Mfrom last year - $500K Track reimbursement -$485K Investment gain 11 months A/R includes $400K+ of Veteran Sales. Athletics loan now paid leaving total same. AP down $500K Inventory same long term liability up due to OPEB actuarial Cash per Investment report, Up over last year. A/R up $600K due to $500K Athletics loan Inventories same Accrued Payroll up $120K Other Liabilities $200K, campus accruals AP up $100K Inventory slightly up due to less rentals and Text Volume decrease A/P balance due to generous Publisher terms and Text Inventory Management Capital closures pending for Roof/Fire Alarm

Investment Designation Report March 2017 December Investments trending Upward Payment for Housing pending Sales tax due

Balance Sheet – March 2017 December Cash per Investment report – Up $1.1Mfrom last year - $500K Track reimbursement -$485K Investment gain 11 months A/R includes $400K+ of Veteran Sales. Athletics loan now paid leaving total same. AP down $500K Inventory same long term liability up due to OPEB actuarial

Cash Flow – March 2017 Capital expenditures on plan Investment impact

March 2017 & 2016 Year-to-year OS Comparison Sales down $1,386,832 (4.6%) Bookstore down $837,163 (7.1%) Rush units down 8% from last year Computer Store up $213,891 (12.8%) Food Services Impacted by Meal Volumes/Pricing Spring Meal plans down 100 from Fall and last Spring Cost of Goods running .2 points behind but holding margins Labor up as anticipated due to min wage Investment turn around is primary difference December COG weighted by Food Service – Current Year vs Last Year and 2014 83.0% vs 81.3% vs 84.5% (2014) - Computer Store 28.7% va 28.0% vs 29.9% (2014) - Food 57.6% vs 60.3% vs 61.0% (2014) - Bookstore March 2016 COG/Margins skewed by low Computer Margins Food 1.8 Bookstore 1.6Improved margins on higher volumes Rental trend impact

3rd Quarter Year-to-Year Comparison

March Operating Statement Year-to-Year Comparison