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S C S U OUTH AROLINA TATE NIVERSITY

COMPREHENSIVE ANNUAL FINANCIAL REPORT

Included in the Higher Education Fund an Enterprise Fund of the State of South Carolina For The Year Ended June 30, 2017

South Carolina State University

Comprehensive Annual Financial Report Included in the Higher Education Fund, an Enterprise Fund

of the State of South Carolina

For the Year Ended June 30, 2017

South Carolina State University

Contents

Introductory Section (unaudited)

President's Letter 2017 Letter of Transmittal

Independent Auditor's Report

Management's Discussion and Analysis (unaudited)

Financial Statements

Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position Statement of Cash Flows

Discretely Presented Component Unit

South Carolina State University Foundation, Inc. ? Statement of Financial Position South Carolina State University Foundation, Inc. ? Statement of Activities

Notes to Financial Statements

Statistical Section (unaudited)

Overview Schedule of Revenues by Source Schedule of Revenues by Source - Fiscal Year 2017 ? Pie Chart Schedule of Expenses by Use Schedule of Expenses by Use - Fiscal Year 2017 ? Pie Chart Schedule of Net Position and Changes in Net Position Schedule of State Appropriations and Gross Tuition and Fees Schedule of Average Annual Tuition and Fees Student Head Count - Fiscal Year 2008 to 2017 Student Full-Time Equivalent - Fiscal Year 2008 to 2017 Fall Residence Hall Occupancy/Capacity ? Fiscal Year 2008 to 2017 Schedule of Ratios of Outstanding Debt Schedule of Bond Coverage Full-Time Faculty and Staff ? For the Last Ten Years Schedule of Capital Asset Information Academic Subject Areas and Degrees Offered - Fall 2017 State of South Carolina Demographics Statistics ? Last Ten Calendar Years State of South Carolina Ten Largest Employers

Required Supplementary Information

Schedule of the University's Proportionate Share of the Net Pension Liability Schedule of the University's Contributions

3-4 5-7 8-10 11-17

19-20 21

22-23

25 26 27-58

60 61-62

63 64 65 66 67 68-69 70 71 72 73 74 75 76 77 78 79

81 82

Introductory Section (unaudited)

OFFICE OF THE PRESIDENT

South Carolina State University

POST OFFICE BOX 7008 300 COLLEGE STREET, NORTHEAST ORANGEBURG, SOUTH CAROLINA 29117-0001

(803) 536-7013

November 30, 2017

FAX: (803) 533-3622

Dear Alumni, Advocates, and Friends of South Carolina State University:

Enclosed are South Carolina State University's financial statements reflecting the 2016 ? 2017 financial results. We are pleased to report that the year proved positive with a significant improvement in the institution's financial records. As can be discerned from the attached report, SC State has made a tremendous turnaround, but there is still much more work to be done.

The 2016 academic year began with the July 6, 2016 letter of notification from the Southern Association of Colleges and Schools Commission of Colleges (SACSCOC), that the probationary status was fully removed. This important decision was critical for receiving $8M in loan forgiveness and allowed the University to focus its attention on continuous improvement of its finances, processes and procedures. Additionally, for the second consecutive year, the University increased and exceeded its enrollment goal. The University's enrollment is trending up after having nine years of decline.

The University is very proud to report improvements in three major financial areas. University payables, net position and UNAEP significantly improved. Another financial milestone for the University, was the Bond refinancing of Hugine Suites residence hall. The $34M refinancing produces a total savings of $11M over the period of the bond, yielding approximately $500K annually.

The University also operated under the premise that the work needed to transform the University could not be done alone. As such, we partnered with several academic institutions, businesses and corporate partners. Articulation agreements were established with Orangeburg-Calhoun Technical College, Denmark Technical College, Midlands Technical College and the University of Phoenix. Collaborations were also formed with Claflin University, The Regional Medical Center, The Scholarship System and the City of Orangeburg. These partnerships allowed the University and the respective entities to pool resources and talent for mutually beneficial outcomes.

The changes and improvements made to the campus buildings, roads, and other facilities were evident to the larger community, and confidence within the institution increased as evidenced by major gifts pledged and received. Specifically, there were three major gifts/commitments which total $1M, with opportunities for even more donations.

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The significant accomplishments made over the last year would not have been possible without the collective efforts of several groups. I would like to thank the Board, administration, faculty, staff, alumni and students, for the hard work they provided during some very difficult times. Also, I would like to express our gratitude to our community partners, donors, the State of South Carolina and our governing agencies for their support of SC State University. The University has come a long way with a lot more to be done, but more importantly, we are headed in the right direction. Our challenges did not present themselves overnight and we understand that the transformation is a process. As we continue to work toward a more effective and efficient SC State, we solicit your continued support of our efforts. Sincerely, James E. Clark President

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