FOR ACTION Board of Trustees Charles Stewart Mott Community College

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FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
January 25, 2016
Volume
Treasurer’s Report for December 2015
This resolution is recommended.
Be it Resolved, that
The Charles Stewart Mott Community College Board of Trustees
Accepts the financial report of the College for the month of December, 2015 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: January 25, 2016
Board Policy Statement Reference:
“3100 Budget Adoption: General: The Board recognizes that its annual budget represents the programmatic
direction and vision of the College. It is also designed to meet both the legal requirements and needs of the College.
1. The Finance Committee shall receive and review budget reports on a monthly basis.”
December Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
January 25, 2016
Summary of Expenditures:
Month of December Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,383,292
3,742,078
9,125,370
Comments on General Fund Financial Statements:

Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the six months ended December 31, were approximately
$42.8 million, representing 57.3% of the annual budget, down from 59% a year ago. The
most significant change was in the Tuition and fees which is discussed further below.
Expenditures for the six months ended were $33 million, which represents 44.4% of the
annual budget, compared to $35.2 million and 46.8%, one year ago.
Revenues
Tuition and fees revenues are $28.1 million, $1.9 million less than last year and 81.1% of
the budget, down from 83.7% a year ago. In addition to the overall budgeted decline in
enrollment, the Winter 2016 term is down more than anticipated. The year over year
decline in the Winter enrollment at December 31 was 9.3%. As of January 14th the
enrollment decrease was 10.8% with contact hours down 11.2%.
Property taxes collected are roughly $7.4 million. The amount budgeted is $17.6 million,
$225 thousand or 1.3% more than the 2014-2015 fiscal year and is based on final taxable
value figures provided by the Genesee County Equalization Department.
State appropriations payments for FY 2015-16 are paid in eleven monthly installments
starting in October. We received our third payment of $1.5 million as expected. The total
budgeted amount for the current fiscal year is $16.0 million or $146 thousand more than
last year excluding the UAAL stabilization pass-through.
Expenditures
Salaries and Wages are roughly $16.5 million, or 44.4% of the annual budget, compared
to $17.5 million and 46.6% a year ago.
Fringe Benefits are at $7.5 million, or 44.6% of the budgeted amount compared to $7.9
million and 46.5% of the budget one year ago.
Other Expenditures
A majority of the changes in the Other Expenditure area for December continues to be a
result of decreases in the utilities and insurance expenses, attributable in part to energy
savings, a decrease in operations and communications due to less bad debt write-offs, and
a decrease in contracted services due to budgeted reductions offset by the payments to
Cenergistics for the energy rebate payments on our energy savings.

Balance Sheet
Total Assets are at approximately $21.5 million, up $673 thousand from last December.
The largest differences are a $2.8 million increase in Cash and cash equivalents, a $1.4
million decrease in Due from other funds, and a $735 thousand decrease in Accounts
receivable. The Accounts receivable decrease is a result of the Winter 2016 enrollment
being lower than the prior year and a decrease in the allowance for doubtful accounts.
Due to/Due from Other Funds result from the College maintaining one checking account
for all of its funds; deposits and disbursements. This necessitates the short-term “loaning”
or “borrowing” between the funds throughout the year depending on which funds revenue
or expenditures are being deposited or paid out. Each month the accounting department
clears these “due to’s” and “due from’s” respectively assigning the activity to the proper
fund. However, significant activity can occur after these transfers are completed, causing
large variances when compared to the previous period.
At roughly $5.2 million, Total Liabilities are down $794 thousand from the prior year.
The most significant changes were decreases in Accounts payable and Accrued payroll
and related liabilities. The accounts payable decrease was the result of a timing
difference between years in the last A/P run of the month and the decrease in the accrued
payroll and related liabilities was the result of having less payroll expenses than the prior
year.
Comments on spending from other funds:

Of the roughly $3.7 million expended in the other funds $936 thousand was expended out of
the Maintenance and Replacement and Bond funds, $396 thousand in depreciation and
the remaining $2.4 million out of the Agency, Scholarships, and Federal Grants, for grant
activities and student scholarships.
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets - Modified Accrual
For the 6 Months Ended December 31, 2015
With Comparative Totals at December 31, 2014
FY 2015-2016
Budget
YTD Actuals
as of 12/31/15
YTD Actuals
as of 12/31/14
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
State appropriations UAAL Passthrough
Ballenger trust
Grants and other
$
34,598,876 $ 28,065,472 $
17,663,093
7,415,933
15,943,817
4,449,093
29,989,576
7,520,871
4,405,430
$ (1,924,104)
(104,938)
43,663
2,631,721
1,942,482
1,822,979
858,560
969,674
1,002,434
712,833
945,723
1,001,229
74,602,968
42,761,166
44,575,662
Salaries and wages
Fringe benefits
Fringe benefits UAAL Passthrough
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers out
Equipment and Improvements
37,191,013
16,783,713
16,501,459
7,484,925
17,487,048
7,855,664
985,589
370,739
2,631,721
5,390,893
2,266,365
174,625
2,802,800
5,221,634
1,659,704
230,500
858,560
2,082,921
839,983
104,346
1,481,179
2,320,655
1,291,645
32,805
712,833
2,506,593
993,102
100,458
1,562,524
2,779,959
1,165,878
113,017
(145,727)
423,672
153,119
(3,888)
81,345
459,304
(125,767)
80,212
Total expenditures
74,352,968
32,998,478
35,277,076
2,278,598
6.46%
250,000
9,762,688
9,298,586
464,102
4.99%
Total revenues
145,727
23,951
1,205
-6.42%
-1.40%
0.99%
(1,814,496)
20.44%
2.53%
0.12%
-4.07%
Expenditures:
Net increase/(decrease) in net
assets
5.64%
4.72%
-20.44%
16.90%
15.42%
-3.87%
5.21%
16.52%
0.00%
70.97%
Mott Community College
General Fund
Balance Sheet - Modified Accrual
December 31, 2015
With Comparative Totals at December 31, 2014
As of
December 31
2015
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($4,647,823
for 2015 and $4,074,468 for 2014)
Inventories
Prepaid expenses and other assets
$
11,141,011 $
(437,567)
As of
December 31
2014
8,259,682 $
969,898
$
Change
2,881,329
(1,407,465)
10,647,478
74,972
106,300
11,383,202
48,024
197,952
$
21,532,194 $
20,858,758 $
673,436
$
790,106 $
1,875,250
13,102
177,218
1,260,391 $
2,115,459
14,712
151,457
(470,285)
(240,209)
(1,610)
25,761
2,855,676
3,542,019
(686,343)
Accrued termination pay
2,306,489
2,414,283
(107,794)
Total Liabilities
5,162,165
5,956,302
(794,137)
Net Assets
Unrestricted
16,370,029
14,902,456
1,467,573
Total Net Assets
16,370,029
14,902,456
1,467,573
21,532,194 $
20,858,758 $
Total Assets
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Other accrued liabilities
Total Current Liabilities
Total Liabilities and Net Assets
$
(735,724)
26,948
(91,652)
673,436
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