Community College District 502 • Counties of DuPage, Cook and Will and State of Illinois
Comprehensive Annual Financial Report
Fiscal Years Ended June 30, 2014 and 2013
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
GLEN ELLYN, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEARS ENDED
JUNE 30, 2014 AND JUNE 30, 2013
Prepared by the Financial Affairs Department
I.
INTRODUCTORY SECTION
Vision
"College of DuPage will be the primary college district residents choose
for high quality education."
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2014 AND JUNE 30, 2013
I. INTRODUCTORY SECTION
Table of Contents.....................................................................................................
1
Transmittal Letter ....................................................................................................
6
Principal Officials ....................................................................................................
19
Organization Chart ..................................................................................................
20
Senior Management Team ......................................................................................
21
Certificate of Achievement for Excellence
in Financial Reporting ..........................................................................................
22
II. FINANCIAL SECTION
Independent Auditor’s Report .................................................................................
23
Required Supplementary Information:
Management’s Discussion and Analysis .................................................................
26
Basic Financial Statements:
Statements of Net Position ................................................................................. Statement 1
47
Statements of Revenues, Expenses, and Changes in Net Position ..................... Statement 2
48
Statements of Cash Flows ................................................................................. Statement 3
49
Discretely Presented Component Unit
College of DuPage Foundation
Statements of Financial Position .................................................................... Statement 4
50
Statements of Activities ................................................................................. Statement 5
51
Notes to Financial Statements .............................................................................
52
Required Supplementary Information:
Schedule of Funding Progress ............................................................................
86
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2014 AND JUNE 30, 2013
III. STATISTICAL SECTION (Unaudited)
Statistical Section Contents .....................................................................................
87
Financial Trends:
Net Position/Net Assets by Component,
Last Ten Fiscal Years .................................................................................. Table 1
88
Changes in Net Position/Net Assets,
Last Ten Fiscal Years .................................................................................. Table 2
89
Revenue Capacity:
Assessed Value and Actual Value of Taxable Property,
Last Ten Levy Years .................................................................................. Table 3
90
Property Tax Rates - Direct and Overlapping Governments,
Last Ten Levy Years .................................................................................. Table 4
91
Principal Property Taxpayers,
Current Levy Year and Nine Years Ago ..................................................... Table 5
92
Property Tax Levies and Collections,
Last Ten Levy Years ................................................................................... Table 6
93
Enrollment, Tuition and Fee Rates, Credit Hours, and
Tuition and Fees Revenues Generated, Last Ten Fiscal Years ..................... Table 7
94
Debt Capacity:
Ratios of Outstanding Debt by Type,
Last Ten Fiscal Years ................................................................................. Table 8
95
Direct and Overlapping Governmental Activities Debt,
General Obligation Bonds ........................................................................... Table 9
96
Legal Debt Margin Information,
Last Ten Fiscal Years .................................................................................. Table 10
97
Pledged Revenue Coverage, Series 2006, 2009B,
and 2011B Bonds, Last Ten Fiscal Years .................................................... Table 11
98
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2014 AND JUNE 30, 2013
III. STATISTICAL SECTION (Unaudited) (Continued)
Demographic and Economic Information:
Personal Income per Capita, Last Ten Calendar Years..................................... Table 12
99
Principal Employers, Current Year and Nine Years Ago ................................. Table 13
100
Student Enrollment Demographic Statistics by Category,
Last Ten Fiscal Years ................................................................................. Table 14
101
Student Enrollment Semester Credit Hours,
Last Ten Fiscal Years .................................................................................. Table 15
102
State Credit Hour Grant Funding per Semester Credit Hour
by Instructional Category, Last Ten Fiscal Years ........................................ Table 16
103
Operating Information:
Employee Headcount and Classification,
Last Ten Fiscal Years .................................................................................. Table 17
104
Operating Indicators,
Last Ten Fiscal Years .................................................................................. Table 18
105
Capital Asset Statistics,
Last Ten Fiscal Years .................................................................................. Table 19
106
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2014 AND JUNE 30, 2013
IV. SPECIAL REPORTS SECTION
Supplemental Financial Information:
(Illinois Community College Board Uniform Financial Statements)
All Subfunds Summary ...................................................................................... Exhibit 1
107
Summary of Capital Assets and Long-Term Debt ............................................ Exhibit 2
108
Operating Subfunds Revenues and Expenditures .............................................. Exhibit 3
109
Restricted Purposes Subfund Revenues and Expenditures ............................... Exhibit 4
111
Current Subfunds Expenditures by Activity ...................................................... Exhibit 5
113
Certification of Chargeback Reimbursement .................................................... Exhibit 6
114
Other Supplemental Financial Information:
Combining Schedule of Revenues, Expenses, and Changes in Subfund
Balances, All Subfunds and Account Groups ..................................................... Exhibit A
115
Schedule of Auxiliary Subfunds ............................................................................. Exhibit B
117
Other Supplementary Financial Information ....................................................
118
State Grant Activity and Schedule of Enrollment Data:
State Grant Activity and Schedule of Enrollment Data Notes................................
124
Independent Auditor’s Report .................................................................................
125
Independent Auditor’s Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Grant
Program Financial Statements Performed in Accordance with Government
Auditing Standards……………………………………………………….. ....
127
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2014 AND JUNE 30, 2013
IV. SPECIAL REPORTS SECTION (Continued)
ICCB Grant Statements:
State Adult Education and Family Literacy Restricted Fund Grants
(State Basic, Public Assistance, and Performance)
Financial Statements:
Combining Balance Sheet ........................................................................... Schedule 1
129
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balance ........................................................................ Schedule 2
130
ICCB Compliance Statement ...................................................................... Schedule 3
131
Notes to the Financial Statements…………………………………………..
132
Career and Technical Education – Program Improvement Grant
Financial Statements:
Balance Sheet ............................................................................................. Schedule 4
133
Statement of Revenues, Expenditures, and Changes in
Fund Balance ......................................................................................... Schedule 5
134
Notes to the Financial Statements ..............................................................
135
Enrollment Data and Other Bases Upon Which Claims Were Filed
Independent Accountant’s Report ...............................................................
136
Schedule of Enrollment Data and Other Bases Upon
Which Claims are Filed ........................................................................... Schedule 6
5
137
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PROFILE/HISTORY OF THE COLLEGE
The origins of College of DuPage can be traced to two signature events: the adoption of the Public
Community College Act of 1965 by the Illinois General Assembly and the approval of a December
4, 1965 referendum by DuPage County high school district voters. This foresight created a new
community college to serve the dynamically growing and prospering DuPage area. College of
DuPage is one of the Midwest's largest comprehensive, single campus community colleges, and is
dedicated to serving the diverse higher educational, civic and cultural needs of the residents of
Community College District 502.
On September 25, 1967, College of DuPage opened under President Rodney K. Berg and Board of
Trustees Chairman George L. Seaton. Classes were held in office trailers and at 40 leased suburban
sites throughout the newly formed Community College District 502. Driving from class to class,
the 2,621 students and 87 full-time faculty and staff of this "campus-less" community college
became affectionately known as road-runners; hence the school's nickname "Chaparrals."
Enrolling approximately 30,000 students each semester, College of DuPage is the second largest
undergraduate higher education provider in the state, second only to the University of Illinois. In
2008, the College received a maximum seven-year reaccreditation through the Higher Learning
Commission. The College maintains its accredited status through participation in the Academic
Quality Improvement Program (AQIP). The College is committed to engage in all AQIP processes
in seven year cycles including Strategy Forums, Annual Updates for AQIP Action Projects,
Systems Portfolio Appraisals and Quality Checkup site visits to review compliance with
Commission accreditation criteria and U.S. Department of Education compliance issues. In
October, 2012, examiners from Illinois Performance Excellence (ILPEx) evaluated College
systems and processes against nationally developed Baldrige Education Criteria for Performance
Excellence and awarded the College the Bronze Award, making College of DuPage only the sixth
community college recipient of this award since its inception in 1996.
The College is recognized by the Illinois Community College Board and governed by a locally
elected seven-member Board of Trustees and one elected, non-voting student representative. Total
staff at the College numbers approximately 3,900 and includes administrators, full- and part-time
faculty members, counselors and advisors, classified staff, various other professionals and student
employees.
College of DuPage’s operating revenue is derived primarily from local property taxes and tuition
and fees. Additionally, the College receives state allocations and grant funding from state and
federal sources. Gifts and grants from foundations and private sources are accepted through
College of DuPage Foundation, a related but independent 501(c) (3) corporation.
College of DuPage offers its students diverse and far-reaching educational programs. Students can
choose from 90 different associate degree programs, 180 certificate programs and coursework that
transfers towards earning a baccalaureate degree. College credit and Continuing Education classes
are offered on the College’s 273-acre Glen Ellyn campus, at four regional centers, and at area high
schools and other community locations.
Under the College’s current President, Dr. Robert L. Breuder, the College’s financial position has
strengthened as C.O.D.’s unrestricted fund balances in the General, Auxiliary and Working Cash
Funds have increased over $43 million to 46.59 percent of total operating revenues in FY2014
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from 30.9 percent in FY2008. The Board has a goal of the unrestricted fund balance in the
General, Auxiliary and Working Cash Funds be no less than 50 percent of the total operating
revenues. Total operating funds balance has increased from $56.9 million in FY2008 to $177.1
million in FY2014, an increase of $120.2 million. This increase in fund balance has been achieved
during the one of the most challenging economic times. In FY2013, the College had its Aaa/AAA
bond ratings (the highest ratings possible) re-affirmed from both Moody’s and Standards & Poor’s.
Since 2009, C.O.D. has developed more than 12 new degree programs and 48 new certificates, as
well as 17 new or renewed program accreditations and has 19 programs that feed into 9
baccalaureate 3+1 programs that offer students the opportunity to earn bachelor’s degrees at the
Glen Ellyn campus.
LOCAL ECONOMY
The College’s district includes the majority of DuPage County and portions of Cook and Will
Counties. DuPage County is in northeastern Illinois and covers 332.1 square miles. DuPage is at
the hub of the nation’s rail, air, freight and trucking systems. The County plays a critical role in
maintaining a large, efficient transportation system and infrastructure which includes six major
expressways and three major commuter rail lines. DuPage Airport Authority is one of Illinois’s
busiest airports and O’Hare International Airport is on the County’s northeastern border.
The District normally has a relatively low unemployment rate and one of the highest equalized
assessed valuations per community college student. DuPage County has a highly skilled
employment pool, reflecting the educational commitment of its residents. Over 45 percent of
DuPage’s population has a college or professional degree, compared to a 31 percent statewide
average. High school graduation rates are 92 percent, while the statewide average is 87
percent. School test scores consistently rank above the state average, and school operating
expenditures per child exceed the state average. Twenty private or public colleges are located in
DuPage County.
The County has a very diverse economic base, comprised of construction and manufacturing,
wholesale and retail trade, various service sectors and research. A high tech research and
development corridor covers the width of DuPage County, stretching from the Argonne National
Laboratory in the southern part of the County to the Fermi National Accelerator Laboratory on the
western boundary. A pro-business atmosphere, a commitment to a well-educated workforce and a
modern transportation system make DuPage County an ideal location for business expansion and
relocation.
The population of District 502 is as follows:
Year
1992
2000
2010
2014
District 502 Population
Population
848,155 (actual)
965,009 (actual)
1,091,387 (actual)
1,061,506 (estimated)
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OUTREACH
The College offers many different forums to engage and provide programming to members of the
community.
McAninch Arts Center (MAC)
The McAninch Arts Center is a state-of-the-art facility, housing three performance spaces, a new
outdoor Lakeside Pavilion Stage, the Cleve Carney art gallery, studios, production space, and
classrooms for the College’s academic programming. This unique facility has presented theater,
music, dance, lectures social events and visual arts to more than 1.5 million people since its
opening in 1986. The MAC is also home to the New Philharmonic Orchestra which is in
residence. The result is a collection of touring, resident and student performances that foster
enlightened education and entertaining performance opportunities to encourage artistic expression,
promote a lasting relationship between people and art, and enrich the cultural vitality of the
community. The MAC underwent a $35 million renovation in 2013, including upgrades in seating,
acoustics, energy efficiency, and the addition of a new gallery, concession area, box office and
outdoor space. The MAC re-opened to a sold out performance on New Year’s Eve 2013.
WDCB-TV
An educational and community service provided by College of DuPage, WDCB-TV's broadcast
schedule originates from the College and runs 24-hours a day, seven days a week. Programs are
aired with public service announcements and WDCB-FM news.
Primary sources of programming for WDCB-TV are college-credit telecourses offered by the
College's Center for Extended Learning. The College's Multimedia Services Department produces
Images, Career Paths, That Beepin’ Show and The College Lecture Series. These four general
interest video programs cover a wide range of College issues. WDCB-TV is available in Wheaton,
Glen Ellyn, Naperville, West Chicago, Geneva and St. Charles.
WDCB 90.9 FM Public Radio
The College's award-winning public radio station provides Chicagoland and beyond with jazz,
news, blues, and more, 24-hours a day, seven days a week. WDCB serves the entire metropolitan
area with a 5-kilowatt signal broadcasting from C.O.D.'s Glen Ellyn campus, and also streams its
signal to the rest of the world at www.wdcb.org.
HIGHLIGHTS OF FY2014
The mission of College of DuPage is to be a center for excellence in teaching, learning, and
cultural experiences by providing accessible, affordable, and comprehensive education. During
Fiscal Year 2014, the College accomplished much in furthering this mission. The following
highlights a few of the major achievements:

Full-Time Equivalent (FTE) enrollment for the Fall 2013 term climbed an astonishing 7.6
percent to 16,565 students, while the net credit headcount for full- and part-time students
was up 9.4 percent over last fall to 28,627. College of DuPage added 2,471 students this fall
and added 1,168 more FTEs.
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
Enrollment of students new to C.O.D. was up 18 percent. The College’s diverse population
saw jumps of 21 percent in Hispanic students, 12 percent in Asian students, and 6 percent in
African American students.

College of DuPage was the only community college district in the State of Illinois with an
increase in Full-Time Equivalent Student (FTES) enrollment for the Spring 2014 term. One
of 39 Illinois community college districts, C.O.D. had a 1.8 percent increase in FTES for
the Spring 2014 semester and reported a total headcount (full- and part-time students) of
28,100, the highest ever total headcount enrollment for a spring semester. Across the state,
spring enrollment was down an average 6.7 percent, according to the ICCB, with
enrollment decreases ranging from 3.9 percent to 17.8 percent. While College of DuPage is
seeing continued success in attracting students, the ICCB reports that spring enrollments
across the state are the lowest in more than a decade.

C.O.D. had the largest number of high achieving academic scholarship recipients – 140,
which included 97 Presidential Scholars. The College saw a 35 percent headcount increase
of recent high school graduates, moving the percentage of the total student population from
15 percent last year to 18 percent.

College of DuPage and Concordia University Chicago announced the addition of three new
3+1 educational agreements that enable students to earn Bachelor of Arts degrees. C.O.D.’s
Respiratory Care A.A.S. degree will now serve as a new transfer program into Concordia’s
B.A. degree in Healthcare Management. The 3+1 transfer programs for Concordia
University Chicago include Respiratory Care, Dental Hygiene, and Management to earn a
B.A. in Healthcare Management; Physical Education to earn a B.A. in Sports & Recreation
Management; and Art and Graphic Design to earn a B.A. in Visual Arts Administration.

The C.O.D. Board of Trustees unanimously approved architectural and construction
management contracts for Phase II of the Homeland Security Training Institute. The total
estimated cost of the 35,000-square-foot facility is $16 million, with an expected
completion date of Spring 2015.

Demolition of the oldest buildings on the west side of the main campus was completed this
year with the demolition of the greenhouse, Buildings K, L, M, and the Open Campus
Center (OCC) that were built more than 40 years ago as “temporary” facilities.

After an 18-month, two-phase renovation, the Library renovation was completed.
Renovations included upgrading technology, improving study areas for individual and
group work, reconfiguring the Reference Desk, and adding a Circulation Desk at the new
south entrance on the upper level, which opened last fall. In addition, a third entrance was
added on the upper level that connects to the Academic Computing Center and classrooms.

The new Campus Maintenance Center and the remodeled Seaton Computing Center were
opened in the Fall. The Campus Maintenance Center has earned Leadership in Energy and
Environmental Design (LEED) Gold certification from the U.S. Green Building Council,
while the renovated Seaton Computing Center has earned Silver certification.
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
The renovation of the McAninch Arts Center, Physical Education Center and Learning
Resource Center was completed. The McAninch Arts Center and C.O.D. Foundation
celebrated the reopening on March 8, 2014 with a Grand Opening MAC Madness
Celebration Benefit featuring John Belushi. The newly renovated 800-seat Performance
Hall was renamed in honor of alumni John and Jim Belushi.

The College unveiled its new branding initiative to communicate to our students and
community who we are as an educational institution—an institution that provides a
progressive approach to higher education so that students have a practical way to achieve
their goals. Our brand is what we say, how we look, and how we act—and it all adds up
to an authentic representation of who we really are when we say, “Welcome to The New
School Of Thought.”

College of DuPage was selected to receive the Richard Goodman Strategic Planning Award
from the Association for Strategic Planning (ASP). ASP awards the Richard Goodman
Strategic Planning Award to institutions that demonstrate excellence in their strategy
formulation process, use of industry and customer analysis, innovation, implementation,
and performance management in determining success of their plan.

The College of DuPage Foundation raised the largest amounts in the history of the College
in private support and public grants this year.

President Breuder received the Association of Community College Trustees (ACCT)
Central Region CEO of the year award and the Florida State University College of
Education’s 2013 Distinguished Alumni in the Post-Secondary Systems – Community
College Level category.

President Breuder was also formally recognized by the Illinois Senate of the 98 th General
Assembly for receiving a 2013 ACCT Central Region CEO of the year Award from the
Association of Community College Trustees.
FINANCIAL INFORMATION
The College maintains its accounts and prepares its financial statements in accordance with
generally accepted accounting principles in the United States of America (GAAP) as set forth by
the Governmental and Financial Accounting Standards Boards (GASB and FASB), and the ICCB.
The ICCB requires accounting by sub-funds in order that limitations and restrictions on resources
can be easily accounted for. The funds required are as follows:
Fund Group
General
Capital Projects
Debt Service
Proprietary
Special Revenue
Fund
Education
Operating & Maintenance
Operating & Maintenance (Restricted)
Bond & Interest
Auxiliary Enterprises
Restricted
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The financial records of the College are maintained on the accrual basis of accounting whereby all
revenues are recorded when earned and all expenses are recorded when an obligation has been
incurred. The notes to the financial statements expand and explain the financial statements and the
accounting principles applied.
Internal Controls: Management of the College is responsible for establishing and maintaining
internal controls to protect the assets of the College, prevent loss from theft or misuse and to
provide that adequate accounting data are compiled to allow for the preparation of financial
statements in conformity with accounting principles generally accepted in the United States of
America. The internal controls are designed to provide reasonable, but not absolute, assurance that
these objectives are met. The concept of reasonable assurance recognizes that: one, the cost of a
control should not exceed the benefit likely to be derived; and two, the valuation of costs and
benefits requires estimates and judgments by management.
Budgeting Controls: The College maintains budgetary controls. The objective of these budgetary
controls is to ensure compliance with legal provisions embodied in the annual appropriated budget
approved by the College’s Board of Trustees. Activities of the subfunds are included in the annual
appropriated budget. The level of budgetary control (that is, the level at which expenditures cannot
exceed the appropriated amount) is established for each individual subfund. The College also
maintains an encumbrance accounting system as one technique of accomplishing budgetary
control. Encumbered amounts lapse at year end, unless reserved. However, encumbrances
generally are re-authorized as part of the following year’s budget.
The Board approved a goal to build the unrestricted, undesignated fund balances in the General,
Working Cash and Auxiliary Funds to 50 percent of Total Operating Revenues by FY2014. At the
end of FY2014, the College achieved a fund balance ratio of 46.6 percent. This was short of the 50
percent goal due to adding additional fund balance reserves of $45.3 million approved by the Board
in FY2014.
As demonstrated by the statements and supplementary financial information included in the
Financial section of this report, the College continues to meet its responsibility for sound financial
management.
PROPERTY TAXES
Taxes are collected on a calendar year basis; taxes levied in 2013 are collected in 2014.
Legislation limits the increase in the amount of taxes the College can levy to 5 percent of the prior
year tax extension or the Consumer Price Index (CPI) annual increase, whichever is lower, plus the
taxes on new construction. The prior year CPI is used for the current levy year. The 1991 tax levy
was the first levy affected by the tax cap legislation. Current and historical information on property
taxes is presented in the Statistical section of this report.
Calendar year 2010 was the first year DuPage County experienced a decrease in Equalized
Assessed Valuation (EAV). EAV in the District have declined from $47.8 billion in 2008 to $36.8
billion in 2013, a 23 percent decrease. Assessed valuations in District 502 decreased by 5.1 percent
for the 2013 tax year after a 7.7 percent decrease in 2012, a decrease of 7.4 percent in 2011 and 5.2
percent decrease in levy year 2010. In 2013, College of DuPage tax levy was 1.7 percent higher
than 2012. As a result of the 5.1 percent decline in EAV, the operating tax rate increased 6.7
percent from 2012.
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PROSPECTS FOR THE FUTURE
As part of College of DuPage’s overall planning activities, a five-year financial plan is prepared
that is integrated with the strategic planning initiatives and annual budget process. This plan,
which is updated annually and presented to the Board of Trustees, identifies major areas of concern
that must be addressed if the College is to continue to fulfill its mission, vision and values
consistent with the Strategic Long-Range Plan. The College’s financial goal of maintaining a
healthy financial position through the prudent allocation and use of available resources in support
of its educational goals and mission remains unchanged. Looking forward, the College remains
concerned about how the State of Illinois’s financial situation, the pension reform law, and the
Affordable Care Act may adversely impact the financial results of the College.
The Illinois General Assembly passed Public Act 98-599, the pension reform law on December 5,
2013. On May 14, 2014, Circuit Court Judge John Belz granted a temporary restraining order and a
preliminary injunction stopping implementation of Public Act 98-599. The judge ruled on a lawsuit
filed by several groups representing state workers and retirees, requesting that P.A. 98-599 be
halted until Illinois courts can decide its constitutionality. On July 3, 2014, the state Supreme Court
ruled health insurance premium subsidies promised to retirees are protected by the state
Constitution and “therefore the General Assembly was precluded from diminishing or impairing
that benefit.” This decision overrules a previous circuit court decision. The lawsuit now goes back
to the lower court where the plaintiffs will need to prove that P.A. 97-0695 actually “diminished or
impaired” their health insurance benefits. P.A. 97-0695 was signed by the Governor on June 21,
2012 and authorizes the Director of Central Management Services to establish the amount retirees
pay for their health insurance coverage.
These recent court rulings pose significant financial risk to the College and the State of Illinois.
Given the court’s ruling on health insurance premium subsidies, it seems plausible the court may
throw out all sections of Public Act 98-599 that diminish or impair benefits that employees and
retirees have earned. Given the State of Illinois’s precarious financial condition, should the courts
rule that P.A. 98-599 is unconstitutional; the risk of the state pushing more of this obligation back
to the colleges and local school districts seems likely.
Through strategic tuition and fee increases; continuous process improvements to lower costs; the
development of marketing programs to build enrollment, especially in under-represented
populations, focusing on retention; the expansion of course offerings, including on-line classes, to
increase opportunities to learn; and seeking additional grant and private funding to reduce
operating costs, the College has achieved a very healthy financial position. The College will
continue to conserve resources through the application of financial controls and reduction in
expenses, where possible, without affecting the quality of its educational programs. However,
given the College’s current healthy financial condition, management has submitted a
recommendation to the College Board of Trustees to reduce tuition rates by $2.00 per credit hour
effective with the Spring 2015 semester. The Board of Trustees, at its August 21, 2014 Board
meeting, approved a tuition decrease of $4.00 per credit hour effective with the Spring 2015
semester. The $4.00 per credit hour reduction is projected to reduce FY2015 revenues by
approximately $.9 million. Given the College’s strong revenue, this reduction is not expected to
have a material impact on the College’s financial position.
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The President and Senior Management Team have developed the goals and tasks that are the
Institutional Priorities for FY2015 and completed a comprehensive Strategic Long-Range Plan
including review of the College’s mission, vision, and core values. The following goals and tasks
have been set as institutional priorities for FY2015:
Goal 1
Goal Statement: Ensure a comprehensive offering of programs and services that anticipate and
meet the needs of our community.
Tasks:
1.1 Grow combined Fall and Spring (Academic Year 2013-2014) 10th day FTES enrollment.
1.2 Ensure that our curricular offerings maintain high quality and align with changing community
needs by modifying or discontinuing existing programs and/or adding new degree and certificate
programs as appropriate.
1.3 Add additional and strengthen current academic transfer partnership agreements (e.g., 3+1,
2+2, etc.) leading to a bachelor’s degree.
1.4 Enhance and expand opportunities to support student learning needs.
1.5 Enhance workforce education and training opportunities for District residents.
1.6 Expand efforts to recruit and provide services and resources for non-traditional students.
1.7 Investigate the opportunity to offer select Bachelor of Applied Technology/Applied Science
Degrees.
1.8 Continue to develop and enhance cultural and community events and programs (e.g., MAC,
Waterleaf, PE Center, Continuing Education, etc.)
Goal 2
Goal Statement: Demonstrate student success by implementing approaches resulting in top
quartile retention, persistence and graduation rates.
Tasks:
2.1 Grow financial resources to assist student persistence.
2.2 Develop and implement practices that improve student success as measured by retention,
persistence and completion rates.
Goal 3
Goal Statement: Strengthen local, national and global partnerships.
Tasks:
3.1 Ensure that the Foundation increases the number of annual individual donors, grows its assets
and awards funds for student scholarships, program development, instructional equipment
procurement and grants to the College, with a special focus on cultural arts, corporate/foundation
giving programs and alumni relationship building.
3.2 Strengthen and diversify partnerships with District high schools.
3.3 Expand partnering opportunities with other community colleges to create and leverage best
practices.
3.4 Position the C.O.D. Foundation to be among the top three charity choices for District
community members and alumni residing in the District.
3.5 Develop and align program support and student scholarships with the needs, interests and
priorities of the College and donors.
3.6 Develop new and enhance existing partnerships to implement outreach and targeted programs
focusing on the adult student population, middle school students, underrepresented students and
first generation low income students disadvantaged by the MAP grant suspension.
3.7 Pursue a legislative agenda that will assist in the needs of students, community and the College.
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Goal 4
Goal Statement: Promote the assets of the College: people, programs and facilities.
Tasks:
4.1 Maintain Higher Learning Commission/AQIP and other appropriate accreditations and
certifications.
4.2 Influence community perception and differentiate the College from competitors through
branding.
4.3 Enhance public’s awareness of significant programs, services, capabilities and institutional
stewardship of taxpayer resources.
4.4 Leverage Regional Centers to promote College programs and services.
4.5 Identify, promote and leverage alumni and other significant stakeholders to enhance the
academic reputation of the College.
Goal 5
Goal Statement: Address the impact of changing demographics in a global society.
Tasks:
5.1 Expand and coordinate academic, social and personal support systems for underrepresented
populations.
5.2 Through programs and activities, continue to foster a culture of inclusiveness for students and
employees.
5.3 Expand efforts to recruit, retain and graduate underrepresented students.
5.4 Continue to provide English as a Second Language (ESL), GED, etc., with a focus on
transitioning students from non-credit to college degree and certificate programs of study.
5.5 Enhance recruitment of and support for international students.
5.6 Develop and implement programs and services to enhance institutional diversity and global
engagement.
Goal 6
Goal Statement: Enhance C.O.D.’s strong financial position.
Tasks:
6.1 Ensure the financial integrity and performance of the College (e.g., receive clean audit opinion,
maintain the unrestricted fund balance per Board of Trustee Policy 10-40 and maintain
“AAA/Aaa” ratings by Standard & Poor’s and Moody’s, respectively).
6.2 Strengthen fiscal performance of all auxiliary enterprises (e.g., WDCB, Inn at Water’s
Edge/Waterleaf, McAninch Arts Center, Business Solutions, Multimedia Services and Regional
Centers).
6.3 Strengthen and expand fund raising activities to exponentially increase return on investment.
6.4 Establish reserves to address potential operating environmental challenges and strategic
initiatives.
Goal 7
Goal Statement: Build a culture reflective of a positively engaged work force focused on the
College’s mission, vision and values.
Tasks:
7.1 Enhance employees’ effectiveness and capabilities in supporting the goals and tasks of the
College including building and enhancing leadership skills through professional development
programs.
7.2 Improve College climate through enhanced collaboration.
15
7.3 Promote and utilize recognition programs (e.g., the I Am C.O.D. Individual Award!) to
reinforce high performance and workforce engagement.
7.4 Analyze and address the 2014 PACE survey results to positively impact institutional climate
and culture.
Goal 8
Goal Statement: Expand and enhance state-of-the art facilities.
Tasks:
8.1 Continue planning and start construction of the Homeland Security Training Center on the
Glen Ellyn campus.
8.2 Update the Facility Master Plan.
8.3 Continue to enhance aesthetics of campus buildings and grounds.
8.4 Continue to maintain the College’s buildings and grounds to optimize the teaching and learning
environment.
8.5 Determine capacity, utilization and future need for additional teaching and learning space (e.g.,
new classroom building) on the Glen Ellyn campus.
Goal 9
Goal Statement: Ensure a dynamic technological environment.
Tasks:
9.1 Revise and implement the Information Technology Strategic Plan.
9.2 Continue to improve the information technology infrastructure in order to enhance student
learning and provide necessary support mechanisms.
9.3 Continue to improve the information technology infrastructure in order to maximize
institutional effectiveness and to ensure that hardware and software are reliable, secure and user
friendly.
FINANCIAL POLICIES
College of DuPage engages in planning to assure that it is future-oriented in serving its students,
community, and other stakeholders. The Strategic Long-Range Plan (SLRP) is a continuous
process that guides the future direction of the institution. Specifically, the SLRP defines C.O.D.’s
institutional philosophy, mission, vision, core values, long-term goals, and associated tasks.
At College of DuPage, the SLRP is based on the concept of planning “from the outside-in,”
therefore, the SLRP is a map for the development and delivery of programs and services that
address community challenges and needs. The Annual Plan ensures that the College follows a
predetermined agenda in an organized and systematic manner. The result is high performance and
maximum achievement with minimal waste and maximum resource utilization. Further, the
Annual Plan is intended to promote collegiality and facilitate two-way communication. This
encourages individual commitment and engagement of all staff. We believe that a stronger, more
efficient and effective institution will enable the College to fulfill its mission, achieve its vision,
maintain high academic standards, increase opportunities for learning, and respond to future
challenges and opportunities.
16
Budget decisions are made in accordance with the College’s Financial Plan and conform to the
requirements as set forth in the Illinois Community College Board Fiscal Management Manual.
College of DuPage’s budgetary goals include the following:
 Annual operating expenditures not to exceed projected revenues. (Expenditures shall be
budgeted according to the College’s strategic priorities).
 Adequate funding to address debt service, both current (due in less than 12 months) and
long-term.
 Adequate reserves for maintenance and repairs to its existing facilities.
 Adequate reserves for acquisition, maintenance and replacement of capital equipment.
 Adequate reserves for strategic capital projects.
 Adequate funding levels to fulfill future terms and conditions of employment, including
early retirement benefits.
 Adequate allocations for special projects related to the strategic directions of the College.
 Appropriate allocations for contingencies (unforeseen events requiring expenditures of
current resources).
 Permanently stabilize its finances in their entirety (operating budget, reserves,
contingencies and ending fund balances) when it perceives a long-term change (increase or
decrease) to its available future recurring resources.
 Maintain unrestricted fund balance to equal no less than 50 percent of total operating
revenue.
DEBT ADMINISTRATION
Equalized Assessed Valuation of Taxable Property
College of DuPage General Obligation Bonded Debt
Long-Term Debt Percent of Assessed Valuation
$ 36,804,412,816
$
223,940,000
0.61 percent
The legal debt limit is 2.875 percent of the District’s assessed valuation. The debt limitation would
therefore be $1,058,126,868. The College’s current bonded debt of $223,940,000 is well below the
legal limit.
OTHER INFORMATION
Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to College of DuPage,
Community College District Number 502 for its Comprehensive Annual Financial Report (CAFR)
for the fiscal year ended June 30, 2013. A Certificate of Achievement is valid for a period of one
year only. College of DuPage has received the Certificate of Achievement annually since 1993.
The Certificate of Achievement is a prestigious national award recognizing conformance with the
highest standards for preparation of state and local government financial reports. In order to be
awarded a Certificate of Achievement, a government unit must publish an easily readable, efficient
and organized CAFR whose contents conform to program standards. The CAFR must satisfy both
generally accepted accounting principles and applicable legal requirements.
17
18
22
COMMUNITY COLLEGE DISTRICT #502
JUNE 30, 2014
PRINCIPAL OFFICIALS
Board of Trustees
Trustee Name
Erin Birt
Katharine Hamilton
Dianne McGuire
Allison O’Donnell
Kim Savage
Nancy Svoboda
Joseph C. Wozniak
Omar Escamilla
Position
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Student Trustee
Term
Expiration
2017
2019
2017
2015
2015
2015
2019
April 2015
Appointed Annually
Erin Birt
Katharine Hamilton
Allison O’Donnell
Joseph C. Wozniak
Thomas J. Glaser
Board Chairman to 2015
Board Vice Chairman to 2015
Board Secretary to 2015
Board Co-Vice Chairman to 2015
Treasurer to 2015
Senior Management Team
Dr. Robert L. Breuder, President
James Benté, Vice President, Planning & Institutional Effectiveness
Catherine Brod, Vice President, Development/Executive Director of the Foundation
Joseph Collins, Executive Vice President
Charles Currier, Vice President, Information Technology
Earl Dowling, Vice President, Student Affairs
Thomas J. Glaser, Senior Vice President, Administration and Treasurer
Jean Kartje, Vice President, Academic Affairs
Mary Ann Millush, Director, Legislative Relations & Special Assistant to the President
Joseph Moore, Vice President, Marketing & Communications
Linda Sands-Vankerk, Vice President, Human Resources
Officials Issuing Report
Thomas J. Glaser, Senior Vice President, Administration and Treasurer
Lynn M. Sapyta, Assistant Vice President Financial Affairs and Controller
19
Dean
Learning
Resources
Ellen Sutton
-Risk Management
Director
McAninch Arts
Center
Diana Martinez
Associate Dean
English &
Academic ESL
Sheldon Walcher
Director
Enrollment
Services &
Registrar
Jane Smith
Associate Dean
Technology
John Kronenburger
Vice President
Academic Affairs
Jean Kartje
Executive VP
Joseph Collins
Associate Dean
Math & Physical
Sciences
Tom Schrader
Associate Dean
Instructional
Technology
Brett Coup
-AQIP
-Student Retention
Initiatives
Director Research
& Analytics
Eugene Ye
VP
Planning &
Institutional
Effectiveness
James Bente
-Teaching & Learning
Center
Director
Labor & Employee
Relations
Mia Igyarto
VP
Human Resources
Linda Sands-Vankerk
Associate Dean
Health & Biological
Sciences
Karen Solt
Associate Dean
Nursing & Health
Sciences
Vickie Gukenberger
Associate Dean
Social & Behavioral
Sciences
Marianne Hunnicutt
Dean
Health & Sciences
Thomas Cameron
-Career Services
-Center for Access &
Acommodations
-Counseling &
Advising
-Student Life
-Athletics
Interim Director
Student Diversity and
Inclusion
David A. Swope
Associate Dean
Physical Education &
Athletic Director
Paul Zakowski
Dean
Student
Development
Susan Martin
Double border indicates member of Senior Management Team
Laura Ortiz
Humanities & Speech
Communication
Associate Dean
Associate Dean
Business
Kris Fay
Dean
Business &
Technology
Vacant
Student Financial
Assistance
Director
Financial Aid
(Vacant)
Director
Grants
Barbara Abromitis
Catherine Brod
VP for Development/
Executive Director
of COD Foundation
President
Robert Breuder
Board of Trustees
Assistant VP
Information
Systems
Donna Berliner
VP
Information
Technology
Chuck Currier
Director
Marketing and
Creative Services
Laurie Jorgensen
VP
Marketing &
Communications
Joseph Moore
Associate Dean/
Director Homeland
Security Training
Institute
Thomas Brady
-SLEA
-Youth Ed
-Adult Continuing Ed
-COD Business Solutions
-Older Adult Institute
-Healthcare Ed
-ABE/GED/ESL
-Childcare Center
Center for Entrepreneurship
Associate Dean
Continuing
Education /
Extended Learning
(Vacant)
Dean
Continuing
Education/
Extended Learning
Joseph Cassidy
Director, Internal
Audit
James Martner
COLLEGE OF DUPAGE ADMINISTRATION ORGANIZATION CHART
Assistant VP
Development
Karen Kuhn
Vice President
Student Affairs
Earl Dowling
Mary Ann Millush
Director
Legislative Relations
Special Assistant to the
President
Associate Dean
Fine & Applied Arts
Vacant
Dean
Liberal Arts
Daniel Lloyd
-Campus Central
-Student Registration
Services
-Student Records
-International Student
Services
-Latino Outreach Center
-Veterans Services
Admissions &
Outreach
Chief
of Police
Joe Mullin
Director
Facilities
Operations
Jim Ma
Director
Facilities Planning
& Development
Bruce Schmiedl
Director
Business Affairs
Ellen Roberts
Assistant VP
Financial Affairs &
Controller
Lynn Sapyta
Senior VP
Administration and
Treasurer
Thomas J. Glaser
Green box/bold type indicates member of Executive Management Team
-Academic Support Center
-Office of Instructional Development
- COD Online
-CIL Support
-Library
-Information Literacy Instruction Program
-Testing Center
Associate Dean
Learning
Resources and
Director of COD
Library
Blake Walter
20
Assistant Dean
Adjunct Faculty
Support
Kirk Overstreet
Assistant Dean
Adjunct Faculty
Support
Mark Collins
Associate VP
Academic Affairs
Emmanuel Awuah
-Field & Experiential Learning
-Adult Fast Track
-Centralized Scheduling
-Study Abroad
-Honors
-PTF Centers
-International Education
-WIB
-Perkins
- Regional Centers
- H.S. Partnerships
- Articulation
- Academic Assessment
- Curriculum
Effective 08/21/2014
-Campus Marketing
-Creative Services
-Publications
-Website
-News Bureau
-Community Relations
-Community Development
-Multimedia Services
-WDCB Radio
College of DuPage Senior Management Team
Dr. Robert L. Breuder
President
James Benté
Vice President
Planning and Institutional
Effectiveness
Earl Dowling
Vice President
Student Affairs
Catherine Brod
Vice President, Development
Joseph Collins
Charles Currier
Jean Kartje
Mary Ann Millush
Executive Vice President
Executive Director
College of DuPage
Foundation
Thomas J. Glaser
Senior Vice President
Administration & Treasurer
Vice President
Academic Affairs
r
Director
Legislative Relations
Special Assistant
to the President
Joseph Moore
Vice President
Marketing and
Communications
Vice President
Information Technology
Linda Sands-Vankerk
Vice President
Human Resources
21
II. FINANCIAL SECTION
Mission
“The mission of College of DuPage is to be a center for excellence in
teaching, learning, and cultural experiences by providing accessible,
affordable, and comprehensive education.”
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2014
Management’s Discussion and Analysis
(unaudited)
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2014 AND 2013 (UNAUDITED)
INTRODUCTION AND BACKGROUND
This section of College of DuPage, Community College District 502’s (the College)
Comprehensive Annual Financial Report presents management’s discussion and analysis (MD&A)
of the College’s financial activity during the fiscal years ended June 30, 2014 and June 30, 2013.
Since this MD&A is designed to focus on current activities, resulting changes and currently known
facts, please read it in conjunction with the Transmittal Letter and the College’s basic financial
statements including the notes to the financial statements. Responsibility for the completeness and
fairness of this information rests with the College.
USING THIS ANNUAL REPORT
The financial statements focus on the College as a whole and are designed to emulate corporate
presentation models whereby all College activities are consolidated into one total. The financial
statements consists of four primary parts: (1) the statements of net position, (2) statements of
revenues, expenses, and changes in net position, (3) statements of cash flow and (4) notes to the
financial statements. The financial statements are prepared on the accrual basis of accounting and
economic resources measurement focus. Under the accrual basis of accounting, expenses are
recorded when incurred, and all revenues are recognized when earned in accordance with generally
accepted accounting principles.
During FY2013, the College implemented Governmental Accounting Standards Board (GASB)
Statement 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of
Resources, and Net Position and Statement 65, Items Previously Reported as Assets and
Liabilities. These GASB Statements established accounting and financial reporting standards
that reclassify and recognize certain items that were previously reported as assets and liabilities,
as deferred inflows of resources. As a result, the College reclassified its deferred amounts
(gains and losses) on bond refundings as deferred inflows and outflows of resources on the
Statement of Position. The College also restated the beginning net position balances due to
the elimination of unamortized bond issuance costs on the Statement of Net Position. The
tables presented in the MD&A were adjusted to reflect the new presentation of the College’s
financial statements. Balances from FY2012 were restated to comply with the new GASB
Statements and for comparability to FY2013 and FY2014.
The Statement of Net Position is presented in the format where assets plus deferred outflows of
resources equal liabilities plus deferred inflows of resources plus net position. Assets and liabilities
are presented in order of liquidity and are classified as current (convertible into cash within one
year) and non-current. This statement combines and consolidates current financial resources (shortterm spendable resources) with long-term capital assets and deferred inflows and outflows of
resources. The focus of this statement is to show the overall liquidity and health of the College as of
the end of the fiscal year.
26
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
The Statement of Revenues, Expenses, and Changes in Net Position focuses on both the gross and
net costs of College activities, which are supported substantially by property taxes, state and federal
grants and contracts, student tuition and fees, and auxiliary enterprises revenues. This approach is
intended to summarize and simplify the user’s analysis of the financial results of the various College
services to students and the public.
The Statement of Cash Flow discloses net cash provided by or used for operating, non-capital
financing and related financing activities. This statement shows the College’s cash flows are
sufficient to pay current liabilities.
The notes to the financial statements are an integral part of the basic statements and describe the
College’s significant accounting policies. The reader is encouraged to review the notes in
conjunction with management’s discussion and analysis of the financial statements.
FINANCIAL HIGHLIGHTS
STATEMENT OF NET POSITION
The major components of College of DuPage’s assets, deferred outflows, liabilities, deferred
inflows and net position as of June 30, 2014, 2013, and 2012, are as follows (in millions of
dollars):
Assets
Current assets
Non-current assets
Other assets
Capital assets, net of depreciation
Total assets
Deferred outflows of resources
Deferred charge on refunding
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Deferred inflows of resources
Unavailable revenues
Deferred charge on refunding
Total deferred inflows of resources
Net Position
Net investment in capital assets
Restricted
Unrestricted
Total net position
2014
2013
2012
$ 331.5
$ 362.8
$ 314.3
0.1
542.8
506.6
874.4
Change
2014-13
Change
2013-12
$ (31.3) $
48.5
436.9
0.1
36.2
69.7
869.4
751.2
5.0
118.2
0.3
0.4
0.7
(0.1)
(0.3)
66.2
309.3
375.5
76.2
332.3
408.5
66.7
259.3
326.0
(10.0)
(23.0)
(33.0)
9.5
73.0
82.5
54.8
54.8
53.4
53.4
49.7
0.1
49.8
1.4
1.4
3.7
(0.1)
3.6
248.8
21.9
173.7
$ 444.4
234.7
25.3
147.9
$ 407.9
221.2
26.3
128.6
$ 376.1
27
$
14.1
(3.4)
25.8
36.5 $
13.5
(1.0)
19.3
31.8
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
Fiscal Year 2014 Compared to 2013
Total current assets decreased $31.3 million from the prior year, due to a $33.0 million decrease in
cash and investments, slightly offset by a $1.7 million increase in receivables. The decrease in cash
and investments is primarily due to the College utilizing $49.5 million of the construction fund
balance during FY2014. This was partially offset by a $36.5 million operating surplus. The College
issued $168 million in bonds that were authorized by a voter referendum in November, 2010 for
construction or renovation of various College facilities. The College issued $84.0 million of the
voter approved referendum bonds in FY2011 and the remaining $84.0 million in FY2013. At the
end of FY2014, $36.7 million of the bond funds were unspent. The increase in receivables is
primarily due to a $0.9 million increase in the property tax receivable as a result of an increase in
the property tax levy for 2013 and a $0.4 million increase in government claims receivable.
Non-current assets, comprised of other assets and capital assets, increased by $36.3 million from
the prior year primarily due to capital expenditures partially offset by accumulated depreciation.
Other assets equaled $0.1 million and represent the cumulative amount paid in excess of the
required actuarial contributions for the retiree healthcare costs (OPEB). The College reported a
liability of $33,000 for OPEB costs at the end of FY2013 as contributions were less than the
actuarial required contributions. Net capital assets increased $36.2 million over FY2013 due to
the continuation of work on projects authorized in the Facilities Master Plan and voter referendum
for new buildings, renovations of existing facilities, and land improvements for parking and
landscaping. During FY2014 the College completed the facility renovations for the Student
Resource Center ($41.5 million); McAninch Arts Center ($35.4 million); Physical Education
Center ($26.9 million); and the construction of the new Campus Maintenance Center ($8.7 million).
Costs accumulated in construction in progress were transferred to depreciable building
improvements in FY2014 to reflect the completion of these projects.
The Student Resource Center (SRC) houses the College's administrative offices, the Library,
Student Bookstore, Academic Computing Center, and cafeteria. Reconfiguration of the interior
academic and Library areas were made to better align teaching and resource spaces with flexible,
technology-enriched learning environments. The McAninch Arts Center (MAC) provides a
setting for arts education and both student and community performance venues. Originally
constructed in 1986, the MAC was in need of updating to keep current with recognized standards
for modern instruction. Traditional classrooms/studios were transformed into collaborative
teaching environments for the arts, photography, dance, multi-media, and other arts-related
programs. In addition, the College updated its major performance spaces, including the Main
Stage, Theater Two, the Studio Theater, added a new outdoor Lakeside Pavilion Stage, and the
Cleve Carney art gallery. Basic improvements including upgrades in seating, acoustics, energy
efficiency, and the addition of a new gallery, concession area, box office, and outdoor space will
aid in continuing to attract a wide variety of entertainment for students and the community. The
Physical Education Center (PE Center) remained virtually unchanged since its construction
almost 30 years ago. In addition to expansion and updating of general PE Center spaces, the
renovation included an overhaul of facility washrooms, locker rooms, scoreboards, gym
facilities, running track, bleachers, fitness center, sport fields, and related facilities. The new
Campus Maintenance Center provides storage for trucks and equipment, two interior bays for
repairs, a fueling station, exterior parking for maintenance vehicles, training room, and office
space for facilities maintenance and construction staff.
28
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
In addition to the projects completed in FY2014, the College continued construction of projects
started in previous fiscal years such as signage, infrastructure, and parking improvements
throughout the campus. During FY2014 the College began work on Phase II of the Homeland
Security Building ($1.0 million) and the renovations to the Naperville Regional Center ($1.0
million).
The deferred outflow of resources decreased $0.1 million in FY2014. The deferred outflow of
resources category includes the cost of deferred charges on bond refunding that resulted in a loss.
Losses result when refunding bonds issued exceed the carrying amount of the bonds being refunded.
The balances for deferred charges (loss on bond refunding) are amortized over the life of the
refunding bonds.
Current liabilities decreased $10.0 million primarily due to a decrease in accounts payable and
accrued expenses of $10.2 million and a decrease of $1.3 million in the termination benefits
payable. The decrease in the payables balance is due to a decrease in unpaid invoices for
construction costs due to the near completion of the referendum construction projects. Termination
benefits payable decreased $1.3 million due to the discontinuance of this program as part of the
contract negotiations. The College expects to pay termination benefits of $0.7 million in FY2015
and the remaining balance of $0.4 million in FY2016.
Non-current liabilities decreased $23.0 million over the previous year primarily due to a $21.6
million decrease in bonds payable and a $1.2 million decrease in termination benefits payable. In
FY2014, debt service payments included $19.0 million in principal payments. Additionally bond
premiums of $1.6 million were amortized during FY2014. The long-term portion of termination
benefits payable decreased $1.2 million as the payments are due to be paid in FY2015 and were
reclassified to current liabilities. The remaining balance of $0.4 million is scheduled to be paid out
in FY2016.
Deferred inflows of resources increased $1.4 million over the prior year balance due to an increase
in deferred property tax revenues for property tax revenues levied in calendar year 2013 that are not
collected until FY2015. This increase primarily reflects the annual CPI growth in the property tax
levy and an increase in the debt service portion of the levy.
Total net position (equity) increased $36.5 million over prior year primarily due to favorable
operating results. The College had an operating surplus of $36.5 million in FY2014; $34.0
million of which is from the College’s education and operations and maintenance activities. The
Net Position category is comprised of three line items: net investment in capital assets, restricted,
and unrestricted. The net investment in capital assets increased by $14.1 million due to the
increase in overall investment in capital assets during fiscal year 2014 net of the decreased debt
outstanding as of the end of the fiscal year.
29
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
Comparison of Net Position
Fiscal Years 2014, 2013, 2012 (amounts in millions)
$300
$250
$248.8
$234.7
$221.2
$200
$173.7
$147.9
$150
$128.6
2013
2012
$100
$50
$-
2014
$21.9 $25.3 $26.3
Net Investment in Capital
Assets
Restricted
Unrestricted
Total restricted net assets decreased $3.4 million from the prior year primarily due to a $3.2
million decrease in the amount restricted for debt service. As the College makes annual debt
service payments, the amount of funds available for future debt payments will continue to
decrease.
Unrestricted net position increased $25.8 million to $173.7 million as a result of the operating
surplus. The Board of Trustees has approved six reservations of unrestricted net position totaling
$91,250,000: $33,000,000 for a new Teaching and Learning Center facility; $14,000,000 to fund
retiree healthcare costs; $17,000,000 to fund potential future pension payments if the State of
Illinois pushes this funding to the School Districts; $16,000,000 to fund annual maintenance
costs which are expected to increase with the expansion of the College’s physical plant;
$6,250,000 for the required match of 25 percent of Capital Development Board funding the
College may receive; and $5,000,000 for future Information Technology Plan costs identified in
the Information Technology Strategic Plan.
Fiscal Year 2013 Compared to 2012
Total current assets increased by $48.5 million as compared to prior year. The primary reason for
the increase is attributable to the increase in cash and investments of $52.4 million partially offset
by a decrease in receivables from the State of Illinois for the base operating grant and other
receivables of $5.2 million. The increase in cash and investments is primarily due to the proceeds
from the bond issuance in April coupled with the fiscal year surplus from operations. In November,
2010, the College was successful in passage of a voter referendum allowing the College to issue
30
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
additional bonds in an amount up to $168.0 million for construction or renovation of various
College facilities. The College issued $84.0 million of the voter approved referendum bonds in
August, 2011 and the remaining $84.0 million in April, 2013. The lower receivables balance is
due to amounts owed the College from the State of Illinois. The State of Illinois owes the College
$1.0 million for the base operating grant as of June 30, 2013 compared to $4.2 million as of June 30,
2012. Subsequent to fiscal year end and prior to the issuance of this report the College received the
remaining payment due from the State for FY2013.
Non-Current assets, comprised solely of capital assets, increased by $69.7 million during fiscal year
2013 reflecting the continuation of work on projects authorized in the Facilities Master Plan for new
buildings, renovations of existing facilities, and land improvements for parking and landscaping.
During the year, the College completed renovation of the Seaton Computing Center ($6.4 million);
the Student Resource Center exterior wall rehabilitation ($4.3 million); and the Berg Instructional
Center and Student Resource Center renovations ($1.2 million). Costs accumulated in construction
in progress were transferred to depreciable building improvements to reflect the completion of these
projects. The renovation of the Seaton Computing Center provided high-tech classrooms, complete
exterior and interior overhaul including HVAC, roofing, interior walls and passageways and
exterior building façade. The Student Resource Center exterior wall rehabilitation resulted in a
more visually appealing and structurally sound wall. Landscape and ground improvement projects
totaling $19.4 million were completed on the campus for landscaping (sod, trees, and flowers),
parking projects, and improvements to irrigation systems.
In addition to the capital projects completed during the year, the College continued work on other
infrastructure improvements totaling $83.3 million. Project costs for the renovation of the
McAninch Arts Center (MAC) and the Physical Education Center totaled $20.8 million in FY2013.
The College also began construction of the new Campus Maintenance Center that will provide
storage for trucks and equipment, two interior bays for repairs, a fueling station, exterior parking
for maintenance vehicles, training room and office space for facilities maintenance and
construction staff. The Campus Maintenance Center was completed in August 2013; one of the
goals of this facility is net-zero energy consumption.
The deferred outflow of resources category is new this year in the financial statements and resulted
from the College implementing GASB Statement 65 in FY2013. This category includes the cost of
deferred charges on bond refundings that resulted in a loss. Losses are the result of the amount of
refunding bonds issued being more than the carrying amount of the bonds being refunded. The
balances for deferred charges (loss on bond refunding) are amortized over the life of the refunding
bonds.
Current liabilities increased $9.5 million primarily due to an increase in accounts payable and
accrued expenses of $9.0 million. The increase in the payables balance is due to unpaid invoices for
construction costs incurred at the end of the fiscal year. Non-current liabilities increased $73.0
million over the previous year due to an increase in bonds payable that resulted from the April, 2013
issuance of the remaining $84.0 million of general obligation bonds authorized in the November
2010 referendum.
31
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
Deferred inflows of resources category reflect the College implementation of GASB Statement 65
in FY2013. Deferred inflows of resources increased $3.6 million over the restated prior year
balance due to the increase in property tax revenues levied in calendar year 2012 that are not
collected until FY2014. This increase primarily reflects the annual CPI growth in the property tax
levy.
Total net position (equity) increased $31.8 million over prior year due to favorable operating
results and unspent bond proceeds. The College had an operating surplus of $31.8 million in
FY2013, $12.5 million of which is due to unspent construction funds. The Net Position category
is comprised of three line items: net investment in capital assets, restricted, and unrestricted. The
net investment in capital assets increased by $13.5 million due to the increase in overall
investment in capital assets net of the increased debt during fiscal year 2013.
Unrestricted net position increased $19.3 million to $147.9 million as a result of the operating
surplus. The Board of Trustees has approved three additional reservations of unrestricted net
position: $22.0 million to fund potential future pension payments if the State of Illinois pushes
this funding to the School Districts; $13.0 million to fund the Information Technology Plan; and
$11.0 million to fund future maintenance costs resulting from the building renovation and
expansion of the College’s facilities and other improvements.
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET
POSITION
The following table presents the statement of revenues, expenses, and changes in net position for
the College for fiscal years 2014, 2013, and 2012 (in millions of dollars). The beginning equity
and results from operations for FY2012 were restated as a result of the College implementing
GASB Statements 63 and 65 in FY2013:
32
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
Statement of Revenues, Expenses, and Changes in Net Position
2013
2014
Revenues
Operating revenues
Student tuition and fees, net
Sales and service fees
Other operating revenues
Total Operating revenues
$
65.9
3.2
2.0
71.1
$
62.1
2.9
1.7
66.7
Change
2014-13
2012
$
59.1
3.8
1.8
64.7
$
3.8
0.3
0.3
4.4
Change
2013-12
$
3.0
(0.9)
(0.1)
2.0
Non-operating revenues
Real estate taxes & CPPRT
State appropriations
Federal grants and contracts
Investment income
Other non-operating revenues
Total non-operating revenues
Total revenues
107.7
54.7
31.1
2.2
1.1
196.8
267.9
101.3
50.7
30.3
1.2
183.5
250.2
109.3
42.6
29.4
0.7
1.5
183.5
248.2
6.4
4.0
0.8
2.2
(0.1)
13.3
17.7
(8.0)
8.1
0.9
(0.7)
(0.3)
2.0
Expenses
Operating expenses
Instruction
Academic support
Student services
Public service
Independent operations
Operation and maintenance of plant
General administration
General institutional
Auxiliary enterprises
Scholarship expense
Depreciation expense
Total Operating Expenses
93.3
10.1
16.0
2.8
18.3
14.0
21.8
10.0
11.1
24.1
221.5
93.4
10.0
13.7
2.2
17.2
13.8
20.1
9.9
10.8
19.9
211.0
89.0
9.4
11.1
1.9
0.3
17.1
13.4
22.1
12.5
12.5
14.4
203.7
(0.1)
0.1
2.3
0.6
1.1
0.2
1.7
0.1
0.3
4.2
10.5
4.4
0.6
2.6
0.3
(0.3)
0.1
0.4
(2.0)
(2.6)
(1.7)
5.5
7.3
Non-operating expenses
Interest on capital asset-related debt
Total non-operating expenses
Total expenses
Increase in net position
9.9
9.9
231.4
36.5
7.4
7.4
218.4
31.8
5.8
5.8
209.5
38.7
2.5
2.5
13.0
4.7
1.6
1.6
8.9
(6.9)
Net position at beginning of year
Net position at end of year
407.9
444.4
376.1
407.9
337.4
376.1
31.8
36.5
38.7
31.8
$
$
$
$
$
Revenues:
Fiscal Year 2014 Compared to 2013
The College’s operating and non-operating revenues were $267.9 million for fiscal year 2014, an
increase of $17.7 million from the prior year. This increase in revenues was driven by higher
student tuition and fees, State of Illinois revenue, and real estate tax revenues. The College has
three primary revenue sources that account for 96.8 percent of total revenues in FY2014. Real estate
and corporate personal property replacement taxes continue to be the College’s primary revenue
source accounting for $107.7 million or 40.2 percent of FY2014 total revenues. The second largest
source of revenue was student tuition and fees totaling $65.9 million or 24.6 percent of total
33
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
revenues in FY2014. The third largest revenue source, state and federal grants, totaled $85.8
million, and accounted for 32.0 percent of FY2014 total revenues.
Operating and Non-Operating Revenues
Fiscal Year 2014
Non-governmental
gifts and grants
0.4%
Investment income
0.8%
Federal grants and
contracts
11.6%
Student tuition and
fees, net
24.6%
State appropriations
20.4%
Sales and service fees
1.2%
Real estate taxes &
CPPRT
40.2%
Other operating
revenues
0.8%
Operating revenues increased $4.4 million in FY2014 due to an increase in revenue from student
tuition and fees. The higher tuition revenue was due to both an increase in enrollment and a fee
increase of $4 per credit hour in FY2014, partially offset by an increase in the provision for bad
debts from delinquent student receivables. The College’s 10th day enrollment for FY2014 was
37,584 full-time equivalents (FTEs) or 563,768 credit hours; this represents an increase of 19,448
credit hours or 3.6 percent more than prior year. The College experienced an increase in delinquent
student receivables due in part to loss of financial aid awarded to students, students dropping classes
after the refund period, and students’ inability or unwillingness to pay their balance. Generally
Accepted Accounting Principles (GAAP) requires bad debt expense to be netted against tuition
revenue. GAAP also requires colleges to report tuition and fees funded by state and federal
financial awards as non-operating revenues and not as tuition. As shown in the following table, total
student tuition and fees revenue before adjustment for the recluses of tuition funded by state and
federal grants was $96.2 million in FY2014; this was $5.1 million higher than the prior year.
FY2014
Student tuition and fees
Federal and State Awards
Student tuition and fees, net
$
$
FY2013
FY2012
Change
2014-13
96.2 $ 91.1 $ 84.5 $
(29.0)
(25.4)
(30.3)
65.9
$
62.1
$
59.1
$
Change
2013-12
5.1 $
(1.3)
3.8
$
6.6
(3.6)
3.0
The increase in tuition funded from Federal and State awards reflects an increase in Adult Basic
Education and High School Dual Credit waivers.
34
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
Non-operating revenues increased $13.3 million from the prior year to $196.8 million. Revenue
from property taxes increased $6.4 million from FY2013 due to an increase in the property tax levy
for the 2013 tax year due primarily to the CPI index and a higher proportion of property taxes
allocated to the current fiscal year than the prior fiscal year. In FY2013 the College property tax
revenue only included 47.5 percent of the DuPage County 2011 levy as 52.5 percent of the levy was
included in FY2012, 2.5 percent more than historically would have been accounted for as revenue.
The College historically receives 99.5 percent of the annual tax levy collections. Through June 30,
2014 the College has received approximately 50 percent of the 2013 tax year levy from all three
counties within the District’s boundaries. Revenues from the State of Illinois were $4.0 million
higher than prior year due to an increase of $2.3 million in the SURS pension contributions which
was $34.2 million in FY2014. The State makes this contribution on behalf of the College. The
College records a revenue and expense for the in-kind payment made by the State. There was
also an increase of $2.4 million in on-behalf funding from the Capital Development Board for
demolition work performed by the State on-behalf of the College. These increases were offset
by a loss in funding that was received from the Department of Commerce and Economic
Opportunity in FY2013 that was not awarded in FY2014 ($0.4 million) and a decrease in other
State funding of $0.3 million.
The College had investment income of $2.2 million for FY2014, $2.2 million more than prior year.
This higher investment income was due to FY2013 having unrealized investment losses of $1.2
million compared to an unrealized gain of $1.3 million in FY2014. The unrealized gain reflects the
difference in market value and historical costs due to the change in market value caused by the
market's sensitivity to potential interest rate increases. Interest earning was $0.2 million less than
prior year as summarized in the chart below. Despite low interest rates offered by banks, the
College has been able to increase interest earnings due to management’s continual review of
portfolios and investing in higher yielding interest investment products. Despite management’s
efforts to maximize interest income, included in the interest earnings for FY2014 is a realized loss
on sales of investments of $0.7 million. These securities were purchased in calendar years 2012 and
2013 by the portfolio managers for a premium because of the higher coupon rate offered on these
securities; over the period the securities were held, the College earned 0.78 percent.
FY2014
FY2013
Investment Income and
Realized Gains/Losses
Unrealized gain (loss)
$
966,132
1,269,483
$ 1,180,097 $
(1,209,404)
Total investment income
$
2,235,615
$
(29,307) $
FY2012
Change
2014-13
Change
2013-12
938,402 $ (213,965) $
2,478,887
(211,300)
241,695
(998,104)
$
(756,409)
727,102
$ 2,264,922
Fiscal Year 2013 Compared to 2012
The College’s operating and non-operating revenues were $250.2 million for fiscal year 2013, an
increase of $2.0 million from the prior year due to higher student tuition and fees and State of
Illinois revenue, partially offset by lower real estate tax revenues. Local property taxes continue to
be the College’s primary revenue source accounting for $99.8 million or 39.9 percent of FY2013
total revenues. The second largest source of revenue was student tuition and fees totaling $62.1
35
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
million or 24.8 percent of total revenues in FY2013. The third largest revenue source, state and
federal grants, totaled $81.0 million, and accounted for 32.4 percent of fiscal year 2013 total
revenues.
Operating revenues increased $2.0 million in FY2013 due to an increase in revenue from student
tuition and fees. The higher tuition revenue was due to both an increase in enrollment and a fee
increase of $4 per credit hour in FY2013, partially offset by an increase in the provision for bad
debts from delinquent student receivables. The College’s 10th day enrollment for the FY2013
academic year was 36,217 full-time equivalents (FTEs) or 544,140 credit hours. The College has
experienced an increase in delinquent student receivables due in part to loss of financial aid awarded
to students, students dropping classes after the refund period, and students’ inability or
unwillingness to pay their balance. Generally Accepted Accounting Principles (GAAP) requires
bad debt expense to be netted against tuition revenue. GAAP also requires colleges to report tuition
and fees funded by state and federal financial awards as non-operating revenues and not as tuition.
As shown below, total student tuition and fees revenue before adjustment for the reclass of tuition
funded by state and federal grants was $91.1 million in FY2013; this was $6.6 million higher than
the prior year.
FY2013
Student tuition and fees
Federal and State Awards
Student tuition and fees, net
$
$
FY2012
FY2011
Change
2013-12
91.1 $ 84.5 $ 86.6 $
(29.0)
(25.4)
(24.6)
62.1 $
59.1 $
62.0 $
Change
2012-11
6.6 $
(3.6)
(2.1)
(0.8)
3.0 $
(2.9)
The increase in tuition funded from Federal and State awards reflects an increase in Adult Basic
Education waivers and an increase in Pell awards.
36
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
The College’s sales and service fees decreased $0.9 million due to the closure of the McAninch Arts
Center (MAC) in November, 2012 for renovations. The MAC had fewer performances in FY2013
than in FY2012 due to the closure. The MAC is expected to re-open in the Spring of 2014.
Non-operating revenues mirrored the prior year as lower property tax revenues were completely
offset by higher State of Illinois revenues. Revenue from property taxes decreased $8.0 million from
FY2012 due to a higher proportion of the 2011 tax levy distributions from Cook County included in
FY2012. In FY2012, Cook County collections deviated from their historical disbursement pattern
by distributing 55 percent of the prior year's tax amount rather than 50 percent. As a result, a higher
percent of the 2011 tax levy was collected and accounted for as revenue in FY2012. Additionally,
in FY2012 the College received 52.5 percent of the DuPage County levy; 2.5 percent which
historically would have been accounted for as revenue in FY2013. The College historically
receives 99.5 percent of the annual tax levy collections. Through June 30, 2013 the College has
received approximately 50 percent of the 2012 tax year levy from all three counties within the
District’s boundaries. Revenues from the State of Illinois were $8.1 million higher than prior year
due to an increase in the SURS pension contributions of $8.9 million to $31.5 million in FY2013.
The State makes this contribution on behalf of the College. The College records a revenue and
expense for the in-kind payment made by the State. The increase in SURS pension contributions
were offset by $0.5 million decrease in the State’s Base Operating grant, and the elimination of
the State’s Workforce Development grant of $0.2 million.
The College had a net loss on investment income for FY2013 as interest revenue was completely
offset by unrealized losses. The unrealized loss reflects the difference in market value and historical
costs due to the change in market value caused by the market's sensitivity to potential interest rate
increases as a result of remarks made towards the end of FY2013 by the Federal Reserve Bank
Chairman. Revenues from interest income were $0.2 million more than prior year as summarized in
the chart below. Despite low interest rates offered by banks, the College has been able to increase
interest earnings due to management being more aggressive in investments and hiring portfolio
managers to invest a portion of the cash.
FY2013
FY2012
FY2011
Change
2013-12
Change
2012-11
Investment Income and
Realized Gains/Losses
Unrealized gain (loss)
$ 1,180,097 $ 938,402 $ 1,337,877 $
(1,209,404)
(211,300)
(22,135)
241,695 $ (399,475)
(998,104)
(189,165)
Total investment income
$
(756,409) $ (588,640)
(29,307) $
727,102 $ 1,315,742 $
Expenses:
Fiscal Year 2014 Compared to 2013
Total expenses for FY2014 were $231.4 million, an increase of $13.0 million from the previous
fiscal year. Operating expenses increased $10.5 million while non-operating expenses increased
$2.5 million.
SURS pension and retiree healthcare contributions included in operating expenses increased by
$2.3 million to $34.2 million in FY2014. The State makes this contribution on behalf of the
College. The College records an expense and revenue for the in-kind payment made by the State.
37
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
This expense is then allocated to the different expense categories based on their prorated share of
labor expense. The following table shows how the SURS on-behalf expenses have been
allocated to the functional expense categories for the current year and the prior year.
Change
FY2014
FY2013
2014-13
Instruction
$
19.8
$
18.7
$
1.1
Academic Support
1.9
1.8
0.1
Student Services
3.1
2.4
0.7
Public Services
0.3
0.4
(0.1)
Operations and Maintenance of Plant
2.3
2.1
0.2
General Administration
2.5
2.3
0.2
General Institutional
3.1
2.8
0.3
Auxiliary Enterprises
1.2
1.4
(0.2)
Total SURS on-behalf
$
34.2
$
31.9
$
2.3
Instruction represents all of the direct costs associated with teaching of students and is the largest
component of operating expenses, accounting for 42.1 percent of total operating expenses.
Four categories of expense primarily accounted for the increase in operating expenses: Student
Services, Operations and Maintenance of Plant, General Institutional, and Depreciation.
Student Services expenses increased by $2.3 million from prior year. This was due to the
increase in SURS on-behalf payments of $0.7 million and $1.0 million increase in salaries and
benefits as a result of a 3.55 percent employee salary rate increase and the College changed its
accounting for health insurance benefits allocation to departments from a percentage of salary
allocation to actual benefit costs for each employee based on the employee’s elected benefits.
Salaries and benefits also increased as a result of an increase in positions for student counselors.
In addition, the student athletics expenses increased $0.2 million from the prior year as a result of
more travel expenses and higher insurance premiums.
The Operations and Maintenance expenses increased $1.1 million from the previous year due to
increases in salaries and benefits for custodial and maintenance employees, and police officers. The
College increased salaries for all employee groups by 3.55 percent in FY2014. Furthermore, the
College changed its accounting for health insurance benefits allocation to departments from a
percentage of salary allocation to actual benefit costs for each employee based on the employee’s
elected benefits.
General Institutional expenses increased $1.7 million from the prior year. Included in this
category in FY2014 is $2.5 million for in-kind contribution from the Capital Development Board
for demolition work performed on-behalf of the College; this represents an increase of $2.4
million from the prior year. The SURS on-behalf expenses increased $0.3 million from the prior
year. These increases were offset by a $2.6 million decrease in institutional benefits that were
allocated to functional expense categories in FY2014.
38
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
The total scholarships, grants and waivers expense increased by $0.3 million from FY2013. The
College disbursed $41.4 in scholarships, awards and waivers to students in FY2014, an increase of
$1.6 million from FY2013. Following GAAP rules, the College is only allowed to recognize the
amount of excess funds distributed to students for living expenses as a scholarship, grant and waiver
expense. In FY2014 $11.1 million of scholarships, grants and waivers were recognized as expense
as students utilized less of their awards to pay for their tuition in FY2014 and utilized the funds for
living expenses.
FY2014
Scholarships, grants, waivers
Federal and State Awards
Scholarships, grants, waivers, net
$
$
FY2013
FY2012
Change
2014-13
41.4 $ 39.8 $ 37.9 $
(30.3)
(29.0)
(25.4)
11.1
$
10.8
$
12.5
$
Change
2013-12
1.6 $
(1.3)
1.9
(3.6)
$
(1.7)
0.3
Depreciation expense increased $4.2 million from the previous year as a result of $117.4 million
of depreciable capital assets put into service during FY2014. This reflects the completion of the
Student Resource Center, MAC, and Physical Education Center building improvements of $41.5
million, $35.3 million and $26.9 million, respectively, and the new $8.7 million Campus
Maintenance Center.
Fiscal Year 2013 Compared to 2012
Total expenses for FY2013 were $218.4 million, an increase of $8.9 million from the previous
fiscal year. Operating expenses increased $7.3 million, while non-operating expenses increased
$1.6 million.
Three categories of expense accounted for the increase in operating expenses: Instruction,
Student Services, and Depreciation. Instruction represents all of the direct costs associated with
teaching of students and is the largest component of operating expenses, accounting for 44.3
percent of total operating expenses.
Instructional expenses increased $4.4 million over FY2012 primarily due to higher SURS
pension expense, wage rate increases, and health insurance costs, partially offset by lower
termination benefit expense. SURS pension contributions increased by $8.9 million to $31.5
million in FY2013. The State makes this contribution on behalf of the College. The College
records an expense and revenue for the in-kind payment made by the State. This expense is then
allocated to the different expense categories based on their prorated share of labor expense.
Instruction’s share of SURS pension expense increased by $5.0 million from FY2012. The
increases in SURS, wage rates, and health insurance costs were offset by decreases in expenses
for termination benefits to retiring employees. As part of the benefits offered to employees the
College provides an incentive to employees who retire where they can earn additional income
over a three year period. As part of the College’s labor negotiations, termination benefits were
discontinued; FY2012 was the last year that this benefit was offered to employees. Instructional
expenses for this benefit decreased $2.1 million from FY2012.
39
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
Student Services expenses increased by $2.6 million due to the reclassification of expenses
formerly classified as auxiliary in FY2012. Auxiliary Enterprises expenses decreased $2.6
million from FY2012 due to the closure of the MAC for renovations. Also during FY2013, the
College analyzed its auxiliary units to determine if each unit met the definition of an auxiliary
unit. As a result of the analysis, the College reclassified expenses to their proper line items. The
largest reclassification was $1.4 million for expenses for student athletics, performing arts, and
student organizations to Student Services.
The decrease in Independent Operations of $0.3 million is due to the reclassification of
continuing education departments (Older Adult Institute, High School Program, and Off Campus
Program) charged to Auxiliary Enterprises in FY2013.
General Institutional expenses decreased $2.0 million from FY2012 due to a decrease in reserves
of $1.8 million for healthcare, retirement, litigation and arbitrage, and a $0.3 million decrease in
legal expense.
The total scholarships, grants and waivers expense decreased by $1.7 million from FY2012. The
College disbursed $39.8 in scholarships, awards and waivers to students in FY2013, an increase of
$1.9 million from FY2012. Following GAAP rules, the College is only allowed to recognize the
amount of excess funds distributed to students for living expenses as a scholarship, grant and waiver
expense. In FY2013 only $10.8 million of scholarships, grants and waivers were recognized as
expense as students utilized more of their awards to pay for their tuition, rather than for living
expenses.
FY2013
Scholarships, grants, waivers
Federal and State Awards
Scholarships, grants, waivers, net
$
$
FY2012
FY2011
Change
2013-12
39.8 $ 37.9 $ 36.8 $
(29.0)
(25.4)
(24.6)
10.8 $
12.5 $
12.2 $
Change
2012-11
1.9 $
(3.6)
1.1
(0.8)
(1.7) $
0.3
Depreciation expense increased $5.5 million from the previous year due to an increase of $35.6
million in depreciable assets from the completion of Seaton Computing Center renovations,
$19.4 million in land improvements, and over $7.0 million in other building improvements in
FY2013.
The other operating expenses were consistent with the prior year as management continues to
contain costs and stay within budget.
Non-operating expenses increased to $7.4 million, an increase of $1.6 million from prior year due to
an increase of interest expense on debt, which includes interest paid and accrued on bonds
outstanding, and amortizations of bond premiums and deferred gains and losses on refunding.
40
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
Depreciation expense
10.9%
Operating Expenses
Fiscal Year 2014
Scholarship expense
5.0%
Auxiliary &
Independent
operations
4.5%
Instruction
42.1%
General
administration &
institutional
16.2%
Operation and
maintenance of plant
8.2%
Public service
1.3%
Student services
7.2%
41
Academic support
4.6%
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
The following graph shows the College’s operating expenses by function for the current year and
the two previous years ($ in millions).
$100.0
$90.0
$80.0
$70.0
$60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$-
2014
42
2013
2012
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
STATEMENT OF NET CAPITAL ASSETS AND LONG-TERM DEBT
Capital assets
Land and improvements
Construction in progress
Building and improvements
Equipment
Subtotal
Less accumulated depreciation
Capital assets, net
$
67.8
34.0
538.9
55.4
$
67.2 $
47.8 $
92.4
40.0
435.2
428.5
40.8
50.3
696.1
645.1
557.1
(153.3)
(120.2)
(138.5)
$ 542.8 $ 506.6 $ 436.9 $
2014
Long-term debt
Bonds
General obligation bonds
Bond premiums
$
Total bonds, net
Termination, OPEB &
Compensated Absences
Total long-term debt, net
2012
2013
2014
Change
2014-13
$
303.5
24.8
2013
$
322.4
26.5
2012
$
261.0
14.9
328.3
348.9
275.9
3.6
7.2
8.6
331.9
$
356.1
$
284.5
0.6 $
(58.4)
103.7
5.1
51.0
(14.8)
36.2 $
Change
2014-13
$
Change
2013-12
Change
2013-12
(18.9) $
(1.7)
(20.6)
(3.6)
$
19.4
52.4
6.7
9.5
88.0
(18.3)
69.7
(24.2) $
61.4
11.6
73.0
(1.4)
71.6
Fiscal Year 2014 Compared to 2013
As of June 30, 2014, the College had net capital assets of $542.8 million, an increase of $36.2
million from the prior year. Net capital assets increased due to construction spending under the
Facilities Masters Plan. The College continued spending the voter approved November 2010
referendum bond proceeds received in FY2013. Construction in progress decreased by $58.4
million in fiscal year 2014 primarily due to the completion of construction work performed on
the Student Resource Center ($41.5 million) MAC ($35.4 million); the Physical Education Center
($26.9 million); the Campus Maintenance Center ($8.7 million); and other capital projects
throughout the campus. The College continued infrastructure and parking improvements
throughout the campus ($5.5 million); Homeland Security Phase II ($1.0 million); and Naperville
Regional Center improvements ($1.0 million). The change in activities for capital assets is
provided in Note 3 to the financial statements.
The College’s long-term debt decreased $24.2 million from the prior year to $331.9 million. The
College reduced outstanding bond principal by $18.9 million in outstanding principal using
property tax revenue and tuition fees received during FY2014. The payment schedules, along
with changes in activities for debt, are provided in Note 6 to the financial statements. All of the
College’s debt is rated AAA/Aaa by Standard and Poor’s and Moody’s, respectively.
43
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
Termination, OPEB, and Compensated Absences decreased $3.6 million in FY2014.
Termination benefits decreased $2.5 million as a result of payments made to retirees.
Compensated absences decreased $1.0 million due to employees taking more vacation time
during FY2014 coupled with the elimination of employee balances that exceeded the College’s
new policy for carry-over. The change in activities for long-term debt is provided in Note 6 to
the financial statements.
Fiscal Year 2013 Compared to 2012
As of June 30, 2013, the College had net capital assets of $506.6 million, an increase of $69.7
million from the prior year. Net capital assets increased due to construction spending under the
Facilities Masters Plan. During FY2013, the College issued the remaining $84.0 million of the
November 2010 approved referendum bonds in April, 2013. The College also continued
spending the bond proceeds received in FY2012. Construction in progress increased by $52.4
million in fiscal year 2013 primarily due the construction work performed on the MAC ($17.6
million); the Physical Education Center ($13.3 million); the Campus Maintenance Center ($6.9
million); and other capital projects throughout the campus. The change in activities for capital
assets is provided in Note 3 to the financial statements.
The College’s long-term debt increased $71.6 million from the prior year to $356.1 million.
During FY2013, the College issued the remaining $84.0 million of the November 2010
referendum bonds. As a result of the bond issuance, the College received $13.5 million in bond
premium. The College retired $22.6 million in outstanding principal using property tax revenue
and tuition fees received during FY2013. The payment schedules, along with changes in
activities for debt, are provided in Note 6 to the financial statements. All of the College’s debt is
rated AAA/Aaa by Standard and Poor’s and Moody’s, respectively. The change in activities for
long-term debt is provided in Note 6 to the financial statements.
OTHER
Management is not aware of any other currently known facts, decisions, or conditions that
would have a significant impact on the College’s financial position (net position) or results of
operations (revenues, expenses, and other changes in net position).
ECONOMIC FACTORS THAT WILL AFFECT THE FUTURE
The College continues to be concerned with the budgetary deficits incurred by the State of
Illinois and the impacts these deficits may have on future funding for community colleges and
financial aid for students. The low interest rate environment provided the College a substantial
opportunity to borrow at low costs to accelerate building construction and renovation under the
approved Facilities Master Plan. However, the low interest rate environment has an adverse
impact on the revenue the College generates from working cash and construction funds to help
finance operations and capital investment.
44
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
The College has been analyzing the potential impact the new health care reform law will have on
the College. The health care reform law includes an excise tax ("Cadillac tax") on high-cost
health plans that will go into effect in 2018. The tax will be imposed if, in 2018, the total
employee and employer shares of the premium – without dental and vision – exceed $10,200 for
an individual plan and $27,500 for a family plan. The tax will be levied at a rate of 40 percent of
the amount of the premium that exceeds these thresholds and will be paid by the College, not the
employee. The current health care benefits the College provides to employees qualify for the
Cadillac excise tax. The College will need to evaluate options to minimize the effect of this tax
in FY2018.
The College continues to track residential and commercial property values and economic activity
in the residential and office construction sector to forecast future funding impacts on the College.
Revenues from property taxes represent nearly half of the revenues the College receives to fund
operations. Lower assessed valuations impede the growth in property tax revenues and
ultimately result in the College having to either raise tuition or reduce costs or the product
offering of services to contain costs.
On December 5, 2013, the State of Illinois signed into law Public Act 98-599, the pension reform
law. On May 14, 2014, Circuit Court Judge John Belz granted a temporary restraining order and
a preliminary injunction stopping implementation of Public Act 98-599. The judge ruled on a
lawsuit filed by several groups representing state workers and retirees requesting that P.A. 98599 be halted until Illinois courts can decide its constitutionality. On July 3, 2014, the state
Supreme Court ruled health insurance premium subsidies promised to retirees are protected by
the state Constitution and “therefore the General Assembly was precluded from diminishing or
impairing that benefit.” This decision overrules a previous circuit court decision. The lawsuit
now goes back to the lower court where the plaintiffs will need to prove that P.A. 97-0695
actually “diminished or impaired” their health insurance benefits.
These recent court rulings pose significant financial risk to the College and the State of Illinois.
Given the court’s ruling on health insurance premium subsidies, it seems plausible the court may
throw out all sections of Public Act 98-599 that diminish or impair benefits that employees and
retirees have earned. Given the State of Illinois precarious financial condition, should the courts
rule that P.A. 98-599 is unconstitutional, the risk of the state pushing more of this obligation
back to the colleges and local school districts seems likely.
Through strategic tuition and fee increases, continuous process improvements to lower costs; the
development of marketing programs to build enrollment, especially in under-represented
populations, focusing on retention; the expansion of course offerings, including on-line classes,
to increase opportunities to learn; and seeking additional grant and private funding to reduce
operating costs, the College has achieved a very healthy financial position. Given the College’s
current healthy financial condition, management submitted a recommendation to the College
Board of Trustees to reduce tuition rates by $2.00 per credit hour effective with the Spring 2015
semester. At the August 2014 Board meeting, the trustees approved a $4.00 per credit hour
decrease in tuition starting with registrations for the Spring 2015 semester. This action will
reduce tuition back to the FY2014 rate of $140.00 per credit hour.
45
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2014 AND 2013 (UNAUDITED)
CONTACTING FINANCIAL MANAGEMENT
This financial report is designed to provide our bondholders, customers, community members,
and other interested parties with a general overview of College of DuPage’s finances and to
demonstrate College of DuPage’s accountability for the funds it receives.
If you have questions about this report or need additional information, contact Lynn Sapyta,
Assistant Vice President, Financial Affairs and Controller, at 425 Fawell Blvd., Glen Ellyn, IL
60137-6599, (630) 942-2219, or sapytal@cod.edu.
46
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2014
BASIC FINANCIAL STATEMENTS
STATEMENT 1
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATEMENTS OF NET POSITION
June 30, 2014 and 2013
ASSETS
Current Assets
Cash and cash equivalents
Investments
Total cash, cash equivalents and investments
Receivables
Property taxes receivable (net of allowances
of $2,253,100 and $356,708, respectively)
Tuition and fees receivable (net of allowances
of $11,259,855 and $10,176,295, respectively)
Government claims receivable
Interest receivable
Other accounts receivable
Total receivables
Inventory
Prepaid expenses
Total Current Assets
Non-Current Assets
Other Assets
Capital assets not being depreciated
Capital assets being depreciated,
Less allowance for depreciation
Total Non-Current Assets
Total Assets
2014
$
DEFERRED OUTFLOWS OF RESOURCES
Deferred charge on refunding
Total Deferred Outflows of Resources
Subtotal, Assets and Deferred Outflows of Resources
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses
Accrued salaries and benefits
Claims payable
Unearned tuition and fee revenues
Unearned grant revenues
Total accrued expenses and unearned revenues
Bonds payable - current
Bond interest payable
Termination benefits payable
Compensated absences
Deposits held in custody for others
Other current liabilities
Total Current Liabilities
Non-Current Liabilities
Bonds payable
Termination benefits payable
Compensated absences
Other post employment benefits
Total Non-Current Liabilities
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable property tax revenues
Total Deferred Inflows of Resources
Subtotal, Liabilities and Deferred Inflows of Resources
NET POSITION
Net investment in capital assets
Restricted for:
Debt service
Working cash
Unspent grant proceeds
Unrestricted
Total Net Position
$
86,034,623
175,648,404
261,683,027
$
137,288,925
157,390,665
294,679,590
56,744,276
55,829,326
6,870,859
6,634,789
3,351,105
163,026
1,285,249
68,414,515
113,979
1,308,151
331,519,672
3,000,500
332,264
883,132
66,680,011
127,426
1,329,357
362,816,384
72,280
38,742,135
657,323,705
(153,245,177)
542,892,943
874,412,615
97,215,689
547,910,796
(138,547,706)
506,578,779
869,395,163
297,169
297,169
433,452
433,452
874,709,784
869,828,615
14,904,946
4,081,013
1,632,891
19,351,896
29,569
40,000,315
20,005,000
2,797,555
703,836
1,907,305
548,358
319,288
66,281,657
25,055,181
3,651,391
1,632,891
17,764,820
36,778
48,141,061
18,960,000
3,255,777
2,000,000
2,800,072
777,559
289,848
76,224,317
308,278,434
388,744
614,374
309,281,552
375,563,209
329,919,644
1,638,102
725,770
33,428
332,316,944
408,541,261
54,770,116
54,770,116
53,415,097
53,415,097
430,333,325
461,956,358
248,770,684
234,639,592
13,247,859
8,321,799
321,794
173,714,323
444,376,459
16,484,678
8,283,842
568,337
147,895,808
407,872,257
See accompanying notes to financial statements.
47
2013
$
STATEMENT 2
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
FOR THE YEARS ENDED JUNE 30, 2014 AND 2013
2014
REVENUES
Operating Revenues
Student tuition and fees
$
(net of scholarship allowances of $30,366,799 and
$28,966,014, respectively; and uncollectable of
$1,994,900 in FY2014 and $2,429,910 in FY2013)
Chargeback revenue
Sales and service fees
Other operating revenues
Total Operating Revenues
EXPENSES
Operating Expenses
Instruction
Academic support
Student services
Public service
Independent operations
Operation and maintenance of plant
General administration
General institutional
Auxiliary enterprises
Scholarship expense
Depreciation expense
Total Operating Expenses
Operating Income (Loss)
NON-OPERATING REVENUES (EXPENSES)
Real estate taxes
Corporate personal property replacement taxes
State appropriations
Federal grants and contracts
Non-governmental gifts and grants
Investment income
Interest on capital asset-related debt
Gain (loss) on sale of capital assets
Net Non-Operating Revenues (Expenses)
Increase in Net Position
Net Position at Beginning of Year
Net Position at End of Year
$
65,918,716
$
62,113,934
754,539
3,160,306
1,257,863
71,091,424
764,431
2,942,985
934,162
66,755,512
93,280,995
10,078,118
16,018,220
2,787,075
9,923
18,358,900
13,951,158
21,834,358
9,974,369
11,092,632
24,071,416
221,457,164
93,393,300
10,030,258
13,729,284
2,202,396
7,973
17,178,800
13,806,523
20,130,613
9,895,502
10,847,045
19,929,800
211,151,494
(150,365,740)
(144,395,982)
106,110,511
1,544,222
54,690,039
31,111,335
1,086,146
2,235,615
(9,948,113)
40,187
186,869,942
36,504,202
407,872,257
444,376,459
99,822,644
1,526,489
50,695,312
30,349,795
1,125,049
(29,307)
(7,363,226)
42,445
176,169,201
31,773,219
376,099,038
407,872,257
See accompanying notes to financial statements.
48
2013
$
STATEMENT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2014 AND 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Tuition and fees
Sales and Services
Payment to suppliers
Payment to employees
Net Cash from Operating Activities
2014
$ 100,385,960
4,179,518
(84,381,816)
(122,104,908)
(101,921,246)
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Real estate taxes & CPPRT
State appropriations
Grants & contracts
Net Cash from Non-Capital Financing Activities
2013
$
108,094,802
14,813,322
34,751,083
157,659,207
95,229,342
4,012,868
(62,239,097)
(121,427,842)
(84,424,729)
104,115,947
16,805,569
39,387,282
160,308,798
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Proceeds from bonds
Premiums from bonds
Purchases of capital assets
(56,855,167)
Bond principal payments
(18,960,000)
Interest paid on capital debt
(15,361,001)
Proceeds from the Sales of Capital Assets
36,792
Net Cash from Capital and Related Financing Activities
(91,139,376)
84,000,000
13,496,356
(86,140,547)
(22,555,000)
(12,162,285)
42,445
(23,319,031)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales and maturities of investments
Interest on investments
Purchase of investments
Net Cash from Investing Activities
19,249,982
1,224,450
(36,327,319)
(15,852,887)
498,000
984,870
(77,332,376)
(75,849,506)
Net Increase (Decrease) in Cash
(51,254,302)
(23,284,468)
Cash and Cash Equivalents - Beginning of Year
137,288,925
160,573,393
86,034,623
$ 137,288,925
Cash and Cash Equivalents - End of the Year
$
RECONCILIATION OF NET OPERATING INCOME (LOSS)
TO NET CASH FROM OPERATING ACTIVITIES:
Operating Income (Loss)
Adjustments to Reconcile Income (Loss) to Net Cash
from Operating Activities:
Depreciation expense
State Universities Retirement System on-behalf payments
Capital Development Board on-behalf payments
Changes in Assets and Liabilities:
Receivables (net)
Inventories
Prepaid expenses
Other assets
Accounts payable
Accrued salaries and benefits
Other accrued liabilities
Unearned tuition and fees
Accrued post-employment benefits
Other unearned revenues
Net Cash from Operating Activities
$ (150,365,740)
$ (144,395,982)
24,071,416
34,184,836
2,555,115
(445,951)
13,447
21,206
(72,280)
(10,150,235)
(1,870,705)
14,555
1,394,841
(1,282,786)
11,035
$ (101,921,246)
19,929,800
31,899,650
-
$
179,763
44,916
(664,058)
9,013,478
2,235,466
(3,413)
796,804
(3,448,375)
(12,778)
(84,424,729)
Notes to the Statement of Cash Flows
1. Noncash investing, capital and financing activities: Increase in the fair value of investments, $1,269,483
in FY2014 and $1,209,404 decrease in FY2013.
2. The College recognized $34,184,836 and $2,555,115 in state grant revenue in the form of on-behalf
contributions from SURS and the Capital Development Board, respectively, which are not included in the
Statement of Cash Flows in FY2014. The College recognized $31,899,650 in state grant revenue in the
form of on-behalf contributions from SURS which was not included in the Statement of Cash Flows in
FY2013. The on-behalf payments did not affect net position in either year.
See accompanying notes to financial statements.
49
STATEMENT 4
COLLEGE OF DUPAGE FOUNDATION
STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2014 and 2013
ASSETS
Cash and Cash Equivalents
Investments
Pledges Receivable
Cash Surrender Value of Life Insurance Policies
Art Collection
Total Assets
2014
$
$
326,540
12,702,475
321,112
10,567
1,125,918
14,486,612
2013
$
$
458,713
10,235,739
340,029
10,340
11,044,821
LIABILITIES AND NET ASSETS
LIABILITIES
Other Liabilities
Total Liabilities
$
NET ASSETS
Unrestricted
Temporarily Restricted
Permanently Restricted
Total Net Assets
15,560
15,560
$
3,121,251
5,934,496
5,415,305
14,471,052
TOTAL LIABILITIES AND NET ASSETS
$
14,486,612
See accompanying notes to financial statements.
50
21,958
21,958
2,860,448
3,484,405
4,678,010
11,022,863
$
11,044,821
STATEMENT 5
COLLEGE OF DUPAGE FOUNDATION
STATEMENTS OF ACTIVITIES
FOR THE YEARS ENDED JUNE 30, 2014 AND 2013
Revenues
Gifts and Contributions
Noncash Contributions
College In-Kind Contributions
Net Investment Income
Net Realized Gain (Loss) on Sale of Investments
Net Unrealized Gain (Loss) on Investments
Change in Value of Split-Interest Agreement
Net Assets Released from Restrictions
Total Revenues
Expenses
Program
Scholarships Granted
Awards Granted
Cash Gifts to College of DuPage
Noncash Gifts to College of DuPage
College In-Kind Distributions
Other
Total Program
Management and General
College In-Kind Distributions
Other
Total Management and General
Fundraising
College In-Kind Distributions
Other
Total Fundraising
Total Expenses
Unrestricted
$
Change in Net Assets
Net Assets, Beginning of Year
Net Assets, End of Year
$
Revenues
Gifts and Contributions
Noncash Contributions
College In-Kind Contributions
Net Investment Income
Net Realized Gain (Loss) on Sale of Investments
Net Unrealized Gain (Loss) on Investments
Change in Value of Split-Interest Agreement
Net Assets Released from Restrictions
Total Revenues
Expenses
Program
Scholarships Granted
Awards Granted
Cash Gifts to College of DuPage
Noncash Gifts to College of DuPage
College In-Kind Distributions
Other
Total Program
Management and General
College In-Kind Distributions
Other
Total Management and General
Fundraising
College In-Kind Distributions
Other
Total Fundraising
Total Expenses
1,129,949
58,208
689,699
93,164
76,737
263,248
346,017
2,657,022
Change in Net Assets
Net Assets, End of Year
$
737,069
226
737,295
$
2,366,192
1,187,874
689,699
342,885
269,257
982,102
6,399
5,844,408
-
409,832
15,610
1,074,492
61,828
98,665
1,375
1,661,802
160,518
36,587
197,105
-
-
160,518
36,587
197,105
430,416
106,896
537,312
2,396,219
-
-
430,416
106,896
537,312
2,396,219
260,803
2,450,091
737,295
3,448,189
2,860,448
3,484,405
4,678,010
11,022,863
5,415,305
$ 14,471,052
3,121,251
$
5,934,496
669,713
82,038
535,817
105,556
7,975
146,912
351,303
1,899,314
$
$
2013
Temporarily
Restricted
224,384
16,726
42,554
6,796
49,787
6,164
(351,303)
(4,892)
Permanently
Restricted
$
Total
112,555
273
197,167
19,085
283,975
613,055
$
1,006,652
99,037
535,817
345,277
33,856
480,674
6,164
2,507,477
379,126
18,799
468,635
102,959
52,618
1,372
1,023,509
-
-
379,126
18,799
468,635
102,959
52,618
1,372
1,023,509
125,339
83,420
208,759
-
-
125,339
83,420
208,759
357,860
116,829
474,689
1,706,957
-
-
357,860
116,829
474,689
1,706,957
192,357
(4,892)
613,055
800,520
-
(1,249,205)
1,249,205
-
4,738,502
2,815,750
10,222,343
4,678,010
$ 11,022,863
2,668,091
$
499,174
1,129,440
249,721
192,520
718,854
6,399
(346,017)
2,450,091
Total
-
Change in Classification of Donor Restrictions
Net Assets, Beginning of Year
$
Permanently
Restricted
409,832
15,610
1,074,492
61,828
98,665
1,375
1,661,802
Unrestricted
$
2014
Temporarily
Restricted
2,860,448
$
3,484,405
See accompanying notes to financial statements.
51
$
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of College of DuPage - Community College District
Number 502 (the College) conform to accounting principles generally accepted in the United
States of America (GAAP) applicable to government units and Illinois community colleges, as
well as, those prescribed by the Illinois Community College Board (ICCB), as set forth in the
ICCB Fiscal Management Manual. The College’s reports are based on all applicable
Governmental Accounting Standards Board (GASB) pronouncements. The following is a
summary of the significant accounting policies.
A. Reporting Entity
The College is a municipal corporation governed by an elected seven member Board of Trustees.
GASB Statement No.14, The Financial Reporting Entity and GASB Statement No. 61, The
Financial Reporting Entity: Omnibus an amendment of GASB Statements No. 14 and No. 34
established standards for defining and reporting on the financial reporting entity. The financial
reporting entity consists of (a) the primary government, (b) organizations for which the primary
government is financially accountable, and (c) other organizations for which the nature and
significance of their relationship with the primary government are such that exclusion would
cause the reporting entity's financial statements to be misleading or incomplete.
The definition of the reporting entity is based primarily on the notion of financial accountability.
A primary government is financially accountable for the organizations that make up its legal
entity. It is also financially accountable for legally separate organizations if its officials appoint a
voting majority of an organization's governing body and either it is able to impose its will on that
organization or there is a potential for the organization to provide specific financial benefits to,
or to impose specific financial burdens on, the primary government. A primary government may
also be financially accountable for governmental organizations that are fiscally dependent on it.
Pursuant to the standards established in GASB Statement No. 14, The Financial Reporting
Entity, the College is considered a primary government since it is fiscally independent. The
College has determined that the College of DuPage Foundation meets the requirements of GASB
Statement No. 39, Determining Whether Certain Organizations Are Component Units, an
amendment of GASB Statement 14, and GASB Statement No. 61, The Financial Reporting
Entity: Omnibus, an amendment of GASB Statements No. 14 and No. 34, because of the nature
and significance of the Foundation’s relationship with the College, which has resulted in the
College of DuPage Foundation being reported as a discretely presented component unit of the
College. The College of DuPage Foundation is a legally separate not-for-profit established under
Internal Revenue Code Section 501c (3). Separately issued financial statements of the
Foundation are available from the Foundation’s Executive Director, 425 Fawell Blvd, Glen
Ellyn, Illinois 60137.
52
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
B. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
For financial reporting purposes, the College is considered a special-purpose government engaged
only in business-type activities. Accordingly, the College’s financial statements have been
presented using the economic resources measurement focus and the accrual basis of accounting.
Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an
obligation has been incurred. All significant intra-agency transactions have been eliminated.
Non-exchange transactions, in which the College receives value without directly giving equal value
in return, include: property taxes; federal, state, and local grants; state appropriations; and other
contributions. On an accrual basis, revenue from property taxes is recognized in the period for
which the levy is intended to finance. Revenue from grants, state appropriations, and other
contributions is recognized in the year in which all eligibility requirements have been satisfied.
Eligibility requirements include timing requirements, which specify the year when the resources are
required to be used or the fiscal year when use is first permitted, matching requirements, in which
the College must provide local resources to be used for a specific purpose, and expense
requirements, in which the resources are provided to the College on a reimbursement basis.
C. Property Taxes
The College’s property taxes are levied each calendar year on all taxable real property located in the
District. Property taxes are recorded on the accrual basis of accounting. Pursuant to guidance from
the ICCB, and the College Board of Trustees resolution, property tax levies are allocated fifty
percent for each of the two fiscal years after the levy year. Accordingly, the College estimates 50
percent of property taxes extended for the 2013 tax year and collected in 2014 are recorded as
revenue in fiscal year 2014. The remaining 50 percent of revenues related to tax year 2013 has been
deferred and will be recorded as revenue in fiscal year 2015. The 50 percent allocation is an
approximation based on tax collections in prior years.
Each County Assessor is responsible for assessment of all taxable real property within each county
except for certain railroad property that is assessed directly by the state. Reassessment is on a threeyear schedule for Cook County and on a four-year schedule for DuPage and Will Counties, as
established by their respective Assessors. Each County Clerk computes the annual tax for each
parcel of real property and prepares tax books used by the County Collector as the basis for issuing
tax bills to all taxpayers in the County.
Property taxes are collected by the County Collector and are submitted to the County Treasurer,
who remits to the taxing bodies their respective share of the collections. Taxes levied in one year
become due and payable in two installments during the following year, generally on June 1st and
September 1st. Taxes must be levied by the last Tuesday in December for the following collection
year. The levy becomes an enforceable lien against the property as of January 1, immediately
following the levy year. Tax bills are levied in December by passage of a Tax Levy Ordinance.
Public Act 89-1 placed limitations on the annual growth of most local government’s property tax
collections. Currently the limitation is the lesser of five percent or the rate of inflation, measured by
the Consumer Price Index.
53
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The statutory maximum tax rates and the respective final rates for the past five tax years per $100 of
assessed valuation is presented below. The tax year levy is payable to the College in the next
calendar year (i.e. the 2013 tax levy is payable in calendar year 2014).
Maximum
Authority
Education
Operations and Maintenance
Bond and Interest
2013
2012
2011
2010
2009
$ 0.7500 $ 0.1941 $ 0.1818 $ 0.1611 $ 0.1483 $ 0.1337
0.1000
0.0317
0.0298
0.0263
0.0242
0.0217
none
0.0698
0.0565
0.0621
0.0624
0.0573
Total
$ 0.2956 $ 0.2681 $ 0.2495 $ 0.2349 $ 0.2127
The 2014 tax levy, which will attach as an enforceable lien on property as of January 1, 2014, has
not been recorded as a receivable as of June 30, 2014 as the tax has not yet been levied by the
counties within the College’s district and will not be levied until December 2014 and, therefore, the
levy is not measurable at June 30, 2014.
D. Capital Assets
Capital assets include property, plant, equipment, and infrastructure assets, such as roads, parking
lots and sidewalks. Such assets are recorded at historical cost if purchased or constructed. Donated
capital assets are recorded at estimated fair value at the date of donation. Costs of normal
maintenance and repairs that do not add to the value of the assets or materially extend their useful
lives are not capitalized. Major outlays for capital assets and improvements are capitalized as
projects are constructed.
Capital assets are defined by the College as assets with an initial unit cost greater than or equal to
the College’s dollar defined capitalization thresholds, and having an estimated useful life of at least
one year. Capital assets of the College, other than land and construction-in-progress which are nondepreciable assets, are depreciated using the straight-line method over the following useful lives
(See Note 3 for further detail).
Assets
Buildings
Building improvements
Temporary buildings
Original land improvements
Renovations of original land improvements
Original infrastructure
Renovations of original infrastructure
Equipment
Vehicles
Computers and related equipment
Capitalization
Threshold
$
500,000
500,000
100,000
100,000
500,000
2,500
2,500
2,500
54
Years
50
20
20
20
10
20
10
6
4
4
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Capitalized Interest: Since 2003, the College has issued General Obligation Bonds to fund various
projects on campus such as new buildings, equipment, parking facilities, and renovations of existing
buildings of the College. A portion of the interest cost incurred on this borrowing can be
capitalized and has been included as part of the historical cost of the assets and depreciated over the
useful life of the assets.
The portion of interest cost recognized on the bonds and capitalized was $3,454,738 and $3,412,070
during fiscal years 2014 and 2013, respectively.
E. Cash and Cash Equivalents
Cash includes deposits held at financial institutions and small amounts maintained for change and
petty cash funds. Cash equivalents are defined as highly liquid investments readily converted to
cash with original maturities of three months or less. Cash Equivalents include amounts held in
overnight Repurchase Agreements, Illinois Funds, Illinois School District Liquid Asset Fund
Money Market, Illinois Institutional Investors Trust, and amounts held in banks as Trust Assets.
F. Investments
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain
Investments and for External Investment Pools, nonnegotiable certificates of deposit and
investments with a maturity of less than one year at date of purchase are stated at amortized cost,
which approximates fair value. All other investments are stated at fair value.
G. Inventories
Inventories consist of items purchased for resale in the restaurant, automotive services, information
technology special services and student activities areas. Inventory is stated at lower of cost (first-in,
first-out) or market. The cost is recorded as expense as the inventory is consumed.
H. Compensated Absences
The College records a liability for employees’ vacation leave earned, but not taken. Employees are
allowed to carry over a limited number of vacation days from year-to-year. The College has no
commitment for accumulated sick leave and no liability is recorded. Employees who retire are
given credit for unused sick leave towards years of service in the State Universities Retirement
System pension plan (see Note 5 for further detail).
I. Unearned Revenue
Unearned revenues include: amounts received for tuition and fees and certain auxiliary activities
prior to the end of the fiscal year that are related to the subsequent fiscal year; and amounts received
from grants and contract sponsors that have not been earned.
55
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
J. Deferred Outflows and Inflows of Resources
In addition to assets, the statement of financial position reports a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflows of resources,
represents a reduction of net position (equity) that applies to a future period(s) and will be
recognized as an outflow of resources (expense) at that time. The College only has one item that
qualifies for reporting in this category; the deferred charge on bond refunding reported in the
statement of net position. A deferred charge on bond refunding results when the carrying value of
the refunded debt is less than the reacquisition price (loss on refunding); the loss from the refunding
is deferred and amortized over the shorter of the life of the refunded bonds or the new bonds issued.
In addition to liabilities, the statement of financial position reports a separate section for deferred
inflows of resources. This separate financial statement element, deferred inflows of resources,
represents an acquisition of net position that applies to a future period(s) and will be recognized as
an inflow of resources (revenue) at that time. The College has two items that qualify for reporting in
this category. The first is the deferred charge on refunding reported in the statement of net position.
A deferred charge on bond refunding results when the carrying value of the refunded debt is more
than the reacquisition price (gain on refunding); the gain from the refunding is deferred and
amortized over the shorter of the life of the refunded bonds or the new bonds issued. The second
item is unavailable revenue, which is derived from property taxes. These amounts are deferred and
recognized as an inflow of resources in the period that the amounts become available.
K. Net Position
The College’s net position is classified as follows:
Net investment in capital assets – this represents the College’s total investment in capital assets,
net of accumulated depreciation and net of any debt issued to acquire the capital asset, plus unspent
bond proceeds.
Restricted for:
Debt service – this represents the amount that has been set aside for payments of bond
principal and interest.
Working cash – this represents the principal balance of the Working Cash subfund, which
pursuant to College Board of Trustees resolution and Illinois law, is held in perpetuity.
Unspent grant proceeds – this represents unspent grant receipts in the Restricted Purposes
subfund.
56
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
In addition to the restrictions presented on the financial statements, the Board of Trustees has
approved six additional reservations of net position which total $91,250,000: $33,000,000 for a
new Teaching and Learning Center facility; $14,000,000 to fund retiree healthcare costs;
$17,000,000 to fund future pension payments to the State of Illinois; $16,000,000 to fund annual
maintenance costs which are expected to increase with the expansion of the College’s physical
plant; $6,250,000 for the required match of 25 percent of Capital Development Board funding the
College may receive; and $5,000,000 for future Information Technology Plan costs identified in the
Information Technology Strategic Plan.
Unrestricted – This includes the remaining resources derived from student tuition and fees, state
appropriations, sales and services of educational departments and auxiliary enterprises. These
resources are used for transactions relating to the educational and general operations of the College
and may be used at the discretion of the Board of Trustees to meet current expenses for any
purpose. Sometimes the College will fund outlays for a particular purpose from both restricted
(e.g., restricted grant proceeds) and unrestricted resources. In order to calculate the amounts to
report as restricted and unrestricted net position in the financial statements, a flow assumption must
be made about the order in which the resources are considered to be applied. It is the College’s
policy to consider restricted net position to have been depleted before unrestricted net position is
applied.
L. Long-Term Obligations
Long-term obligations are reported as liabilities in the applicable financial statements. Bonds
payable are reported net of the applicable premium or discount. Bond premiums and discounts are
amortized over the life of the bonds. Bond issuance costs are expensed at the time of the bond
issuance. Arbitrage liabilities, if any, are recorded as interest expense in the year the potential
liability is incurred.
M. Classification of Revenues and Expenses
Operating revenue includes activities that have the characteristics of exchange transactions, such as
student tuition and fees, net of scholarship discounts and allowances, and sales and services of
auxiliary enterprises. Non-operating revenue includes activities that have the characteristics of nonexchange transactions, such as local property taxes; state appropriations; most federal, state, and
local grants; contracts and federal appropriations; gifts; and contributions. Operating expenses are
those expenses directly attributable to the operations of the College.
57
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
N. Federal Financial Assistance Programs
The College participates in federally funded programs providing Pell Grants, Supplemental
Educational Opportunity Grants (SEOG), Federal Work-Study, Federal Direct Loans Program, and
support for other grant programs not related to student financial aid. Federal programs are audited in
accordance with the Single Audit Act Amendments of 1996, the U.S. Office of Management and
Budget Revised Circular A-133 Audit of States, Local Governments and Non-Profit Organizations
and the Compliance Supplement. The following table represents the amounts expended for the past
two fiscal years from federally funded programs:
Fiscal Year
2014
Pell Grants
SEOG
Federal Work-Study
Federal Direct Student Loans
Carl Perkins Grants
Federal Adult Education
U.S. Department of Homeland Security
Other Federal Support
Totals
$
$
25,508,106
546,046
218,269
29,227,582
533,289
722,784
685,044
615,219
58,056,339
2013
$
$
25,146,695
310,479
222,665
32,882,135
565,193
753,942
4,110
568,755
60,453,974
O. On-Behalf Payments for Fringe Benefits and Salaries
The College recognizes as revenues and expenses contributions made by the State of Illinois to the
State Universities Retirement System and the Community College Health Insurance Security Fund
on behalf of the College’s employees. In fiscal years 2014 and 2013, the state made contributions
of $34,184,836 and $31,899,650 respectively (see Note 4 for further detail).
P. Use of Estimates
In order to prepare these financial statements in conformity with GAAP, management has made a
number of estimates and assumptions that affect the reported amounts of assets and liabilities; the
disclosure of contingent assets and liabilities at the date of the financial statements; the reported
amounts of revenues and expenses; and gains and losses during the reporting period. Actual results
could differ from these estimates.
58
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
2. CASH DEPOSITS AND INVESTMENTS
The Illinois Public Community College Act and the Investment of the Public Funds Act authorize
the College to invest in obligations issued by the United States Government, investments
constituting direct obligations of any bank, short-term commercial paper of U.S. corporations with
assets exceeding $500 million, short-term obligations issued by the Federal National Mortgage
Association, shares or other securities issued by savings and loan associations, share accounts of
credit unions chartered in the United States with their principal office located in Illinois and
securities issued by the Illinois Funds.
The College of DuPage Board of Trustees has adopted an investment policy (Policy 10-55) which
provides further restrictions on the investment of College funds. It is the policy of the College to
invest its funds in a manner which will provide the highest investment return with the maximum
security while meeting the daily cash flow demands of the College and conforming to all state and
local statutes governing the investment of public funds, using the “prudent person” standard for
managing the overall portfolio. The primary objectives of the policy, in order of priority are: safety
(preservation of capital and protection of investment principal), liquidity and return.
The investments which the College may purchase are limited by Illinois law to the following: (one)
securities which are fully guaranteed by the U.S. Government as to principal and interest; (two)
certain U.S. Government Agency securities; (three) certificates of deposit or time deposits of banks
and savings and loan associations which are insured by a Federal corporation; (four) certain shortterm obligations of corporations (commercial paper) rated in the highest classifications by at least
two of the major rating services; (five) fully collateralized repurchase agreements; (six) the State
Treasurer’s Illinois and Prime Funds and (seven) money market accounts and certain other
instruments.
Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which
allows governments within the State to pool their funds for investment purposes. Illinois Funds is
not registered with the SEC as an investment company, but does operate in a manner consistent with
Rule 2a-7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at
Illinois Funds’ share price, which is the price for which the investment could be sold. These
investments are not required to be categorized based on custodial risk in accordance with GASB
Statement No. 40 because they are not securities. The relationship between the College and the
Illinois Funds is a direct contractual relationship and the investments are not supported by a
transferable instrument that evidences ownership. For the College’s reporting purposes, Illinois
Funds are considered cash equivalents.
59
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
2. CASH DEPOSITS AND INVESTMENTS (CONTINUED)
A. Deposits with Financial Institutions
Cash: The College’s investment policy does not allow uninsured or uncollateralized deposits at any
financial institution. Funds may be deposited in certificates of deposit, money market accounts, time
deposits, or savings accounts, and only with banks, savings banks and savings and loan associations
which are insured by the FDIC (Bank Insurance Fund or Savings Association Insurance Fund) or
the National Credit Union Share Insurance Fund (NCUSIF). The deposits must be collateralized or
insured at levels acceptable to the College in excess of the current maximum limit provided by the
FDIC. At June 30, 2014 and 2013, the College had no bank balances on deposit which were
uninsured and uncollateralized out of total bank balances on deposit of $86,918,524, and
$137,529,096, respectively. As of June 30, 2014 and 2013 the carrying value of cash on hand was
$86,034,623 and $137,288,925, respectively.
B. Investments
The following table presents the investment in debt securities of the College by type of investment.
June 30, 2014
Investment
Time Deposits
Mutual Funds
U.S. Treasury Bond / Notes
Commercial Paper
Federal Agency Bond / Notes
Municipal Bond
Total
Fair Value
Duration
1 to 5 Years
$
1,328,753 $
117,949,622
15,860,537
1,948,686
37,332,354
1,228,452
1,328,753 $
117,949,622
2,239,776
1,948,686
1,177,493
-
13,620,761
36,154,861
1,228,452
$
175,648,404 $
124,644,330 $
51,004,074
June 30, 2013
Investment
Time Deposits
Mutual Funds
U.S. Treasury Bond / Notes
Commercial Paper
Corporate Bond
Federal Agency Bond / Notes
Municipal Bond
Duration Less
Than 1 Year
Total
Fair Value
Duration Less
Than 1 Year
Duration
1 to 5 Years
$
780,648 $
81,804,433
13,179,720
2,596,420
2,905,165
54,726,349
1,397,930
780,648 $
81,804,433
4,797,910
2,596,420
2,905,165
9,532,954
815,913
8,381,810
45,193,395
582,017
$
157,390,665 $
103,233,443 $
54,157,222
60
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
2. CASH DEPOSITS AND INVESTMENTS (CONTINUED)
Credit Risk: The College limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity, by primarily investing in obligations guaranteed by the
U.S. government or securities issued by agencies of the U.S. government, limiting its investments in
commercial paper to no more than 20 percent of the overall portfolio and limiting investments in
mutual funds to the ten highest classifications established by a recognized rating service with no
more than 5 percent of the portfolio invested in this fashion. At June 30, 2014, the College had 67
percent of its overall investment portfolio invested in mutual funds, 17 percent of its overall
investment portfolio invested in Federal National Mortgage Association, and 9 percent of its overall
investment portfolio invested U.S. Treasury Bond/Notes. At June 30, 2013, the College 52 percent
of its overall investment portfolio invested mutual funds, 23 percent of its overall investment
portfolio invested in Federal National Mortgage Association, 8 percent of its overall investment
portfolio invested in U.S. Treasury Bond/Notes, and 5 percent of its overall investment portfolio
invested in Federal Home Loan Mortgage Corporation.
Custodial Credit Risk: Custodial credit risk is the risk that, in the event of the failure of the
counterparty to the investment, the College will not be able to recover the value of its investments
that are in the possession of an outside party. To limit its exposure, the College’s investment policy
requires all security transactions that are exposed to custodial credit risk to be processed on a
delivery versus payment (DVP) basis with the underlying investments held by a third party acting as
the College’s agent separate from where the investment was purchased. Additionally, financial
institutions must collateralize all deposits in excess of the maximum limit provided by the FDIC to
102 percent of market value. Acceptable collateral includes the following:
a. Bonds, notes, certificates of indebtedness, treasury bills, or other securities now or hereafter
issued, which are guaranteed by the full faith and credit of the United States of America as
to principal and interest;
b. Bonds, notes or other securities constituting the direct and general obligations of any agency
or instrumentality of the United States, the interest and principal of which is guaranteed by
the United States;
c.
Bonds issued by College of DuPage;
d. Obligations of United States Government Agencies; and
e. Certain surety bonds or letters of credit as approved by the Treasurer.
At June 30, 2014 the Federal Agency Bond/Note investments held by the College were all rated
AA+/Aaa by Standard and Poors (S&P) and Moody’s, respectively. The Commercial Papers were
rated A-1 to A-1+ by S&P and P-1 by Moody’s. The Municipal Bonds were rated AA to AAA by
S&P and Aa3 by Moody’s.
61
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
2. CASH DEPOSITS AND INVESTMENTS (CONTINUED)
At June 30, 2013 the Federal Agency Bond/Note investments held by the College were all rated
AA+/Aaa by Standard and Poors (S&P) and Moody’s, respectively. The Commercial Papers were
rated A-1 to A-1+ by S&P and P-1 by Moody’s. The Corporate Bonds were rated A to AA+ by
S&P and A1 to Aa3 by Moody’s. The Municipal Bonds were rated AA to AAA by S&P and Aa1 to
Aaa by Moody’s.
At June 30, 2014 and 2013, the College had no investments which were uninsured or
uncollateralized, out of total investment balances of $175,648,404 and $157,390,665, respectively.
3. CAPITAL ASSETS
A summary of changes in capital assets for the fiscal year ended June 30, 2014 is as follows:
Balance
July 1, 2013
Balance
Additions
Retirements
Transfers
June 30, 2014
Capital Assets, not being
depreciated
Land
Construction in Progress
$
4,786,881 $
- $
- $
- $
4,786,881
92,428,808
58,923,580
-
(117,397,134)
33,955,254
97,215,689
58,923,580
-
(117,397,134)
38,742,135
62,404,512
-
-
631,205
63,035,717
Buildings
257,078,704
-
6,046,137
9,847,005
260,879,572
Building Improvements
178,128,711
-
2,621,748
102,502,252
278,009,215
50,298,869
1,455,810
772,150
4,416,672
55,399,201
547,910,796
1,455,810
9,440,035
117,397,134
657,323,705
645,126,485
60,379,390
9,440,035
-
696,065,840
Land Improvements
(11,991,214)
(5,922,668)
-
-
(17,913,882)
Buildings
(57,736,145)
(5,194,062)
(6,046,137)
-
(56,884,070)
Building Improvements
(33,771,707)
(8,890,533)
(2,602,762)
-
(40,059,478)
Equipment
(35,048,640)
(4,064,154)
(725,047)
-
(38,387,747)
(138,547,706)
(24,071,417)
(9,373,946)
-
(153,245,177)
Total Capital Assets, not
being depreciated
Capital Assets being depreciated
Land Improvements
Equipment
Total Capital Assets
being depreciated
Total Cost
Accumulated Depreciation
Total Accumulated Depreciation
Net Capital Assets
$ 506,578,779 $
36,307,973 $
62
66,089 $
- $ 542,820,663
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
3. CAPITAL ASSETS (CONTINUED)
A summary of changes in capital assets for the fiscal year ended June 30, 2013 is as follows:
Balance
July 1, 2012
Balance
Additions
Retirements
Transfers
June 30, 2013
Capital Assets, not being
depreciated
Land
Construction in Progress
$
4,786,881 $
- $
- $
- $
4,786,881
39,931,385
83,373,256
-
(30,875,833)
92,428,808
44,718,266
83,373,256
-
(30,875,833)
97,215,689
Total Capital Assets, not
being depreciated
Capital Assets being depreciated
Land Improvements
42,995,813
350,847
-
19,057,852
62,404,512
Buildings
264,125,945
35,788
-
(7,083,029)
257,078,704
Building Improvements
164,369,113
4,770,618
-
8,988,980
178,128,711
40,828,014
1,022,108
1,463,283
9,912,030
50,298,869
512,318,885
6,179,361
1,463,283
30,875,833
547,910,796
557,037,151
89,552,617
1,463,283
-
645,126,485
(7,999,888)
(3,991,326)
-
-
(11,991,214)
Buildings
(52,594,022)
(5,142,123)
-
-
(57,736,145)
Building Improvements
(25,791,427)
(7,980,280)
-
-
(33,771,707)
Equipment
(33,695,852)
(2,816,071)
(1,463,283)
-
(35,048,640)
(120,081,189)
(19,929,800)
(1,463,283)
-
(138,547,706)
Equipment
Total Capital Assets
being depreciated
Total Cost
Accumulated Depreciation
Land Improvements
Total Accumulated Depreciation
Net Capital Assets
$ 436,955,962 $
69,622,817 $
63
- $
- $ 506,578,779
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
A. State Universities Retirement System of Illinois
Plan Description: The College contributes to the State Universities Retirement System of Illinois
(SURS), a cost-sharing multiple-employer defined pension plan with a special funding situation
whereby the State of Illinois makes substantially all contributions on behalf of the participating
employers (albeit at less than the actuarially required amounts). SURS was established July 21,
1941 to provide retirement annuities and other benefits for staff members and employees and for
survivors, dependents and other beneficiaries of such employees of the state universities, certain
affiliated organizations and certain other state educational and scientific agencies.
SURS is considered a component unit of the State of Illinois’s financial reporting entity and is
included in the State’s financial reports as a pension trust fund. SURS is governed by Section 5/15,
Chapter 40, of the Illinois Compiled Statutes (ILCS). SURS issues a publicly available financial
report that includes financial statements and required supplementary information. That report may
be obtained by accessing the website at www.surs.org or by calling 1-800-275-7877.
Funding Policy: Plan members are required to contribute 8.0 percent of their annual covered salary
and substantially all employer contributions are made by the State of Illinois on behalf of the
individual employers at a rate actuarially determined. The employer contributions funded by the
College are for employees paid from restricted grant funds. The actuarially funded rate for FY2015
is 35.80 percent. The rates for fiscal years ended June 30, 2014 and June 30, 2013, were 35.2
percent and 34.51 percent, respectively, of annual covered payroll. The contribution requirements
of plan members and employers are established and may be amended by the Illinois General
Assembly.
The employer contributions to SURS made by the College and the State of Illinois are as follows:
Year Ended
June 30
2014
2013
2012
2011
2010
College
of DuPage
$
160,005
166,319
524,394
162,129
229,315
State
of Illinois
$
33,811,164
31,532,350
22,573,133
17,401,928
15,932,474
B. Retiree Health Plan - Health coverage is currently available to eligible retirees through a state
program – The College Insurance Plan.
Plan Description: In addition to the pension plan described previously, the College contributes to
the State of Illinois Community College Health Insurance Security Fund (CIP), a cost-sharing
multiple-employer defined benefit postemployment healthcare plan administered by the State of
Illinois. CIP provides health, vision and dental benefits to retired staff and dependent beneficiaries
of participating Community Colleges. The benefits, employer, employee, retiree and state
contributions are dictated by ILCS through the State Group Insurance Act of 1971 (Act) and can
only be changed by the Illinois General Assembly.
64
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
Separate financial statements, including required supplementary information, may be obtained from
the Department of Healthcare and Family Services, 201 South Grand Avenue East, Springfield,
Illinois 62763.
The Act requires every active contributor (employee) of SURS to contribute 0.5 percent of covered
payroll and every community college district to contribute 0.5 percent of covered payroll. Retirees
pay a premium for coverage that is also determined by ILCS. The State Pension Funds Continuing
Appropriation Act (40/ILCS 15/1.4) requires the State of Illinois to make an annual appropriation to
the CIP to cover any expected expenditures in excess of the contributions by active employees,
employers and retires. The result is pay-as-you-go financing of the plan.
The employer contributions to CIP made by the College and the State of Illinois are as follows:
Year Ended
June 30
College's
Contribution*
2014
2013
2012
2011
2010
100%
100%
100%
100%
100%
College
of DuPage
$
373,672
367,300
382,479
375,175
371,377
State
of Illinois
$
373,672
367,300
382,479
375,175
371,377
*As a percentage of required contribution.
The State contribution to the pension plan and the CIP plan is reported as an “on-behalf-payment”
in accordance with GASB Statement No. 24, Accounting and Financial Reporting for Certain
Grants and Other Financial Assistance.
C. Termination Benefit
As part of the new negotiated labor contracts, the College has terminated this benefit going forward
for employees. The College used to provide compensation payments to its eligible benefited
employees to encourage early retirement. Termination benefit payments were available to
administrators, managers, classified and faculty. The long-term liability for the payments, which is
payable in installments up to a maximum of three years subsequent to retirement, was recorded in
the fiscal year of election for retirement. The liability shown are for employees who were eligible
for this benefit and elected to retire prior to termination date of this benefit under the terms of the
labor contracts.
65
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
The expected future payments for administrators, managers, classified and faculty that were eligible
for this benefit prior to the end of the previous labor contracts at June 30, 2014 and 2013 are as
follows:
Fiscal year 2015 payments
Value of payments beyond fiscal year 2015
Total Liability as of June 30, 2014
Fiscal year 2014 payments
Value of payments beyond fiscal year 2014
Total Liability as of June 30, 2013
$
$
$
$
703,836
388,744
1,092,580
2,000,000
1,638,102
3,638,102
A summary of changes in participants for past three fiscal years is as follows:
Participants Beginning of the Year
Additions
Deletions
Participants End of the Year
2014
63
(30)
33
2013
83
(20)
63
2012
73
40
(30)
83
D. Other Post-Employment Benefits (OPEB)
College retirees are eligible to participate in the Illinois State University Retirement System’s
(SURS) healthcare plan. In addition to the healthcare coverage provided by SURS, the College
provides fixed health care coverage reimbursements for insurance premiums capped at a fixed
dollar amount to retirees. Any administrative costs for the plan are paid by the College.
This post-employment benefit plan is a single-employer plan. The amount of reimbursement
provided to the retiree is dependent on the retirement notice date and age of the retiree. The College
is not required to and currently does not advance funds to the cost of benefits that will become due
and payable in the future. The College’s most recent actuarial valuation was performed for the plan
as of July 1, 2013 to determine the employer’s annual required contribution (ARC) as of June 30,
2014.
66
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
Schedule of Funding Progress
Fiscal Year
Ended
June 30
2014
2013
2012
2011
2010
Actuarial
Value of
Assets
$
-
Actuarial
Accrued
Liability
(AAL) Entry Age
Unfunded
AAL
(UAAL)
Funded
Ratio
Covered
Payroll
UAAL as
a % of
Covered
Payroll
$ 15,056,291
N/A
14,598,947
N/A
12,013,103
$ 15,056,291
N/A
14,598,947
N/A
12,013,103
0.0%
N/A
0.0%
N/A
0.0%
$ 79,618,107
N/A
78,633,037
N/A
74,656,269
18.9%
N/A
18.6%
N/A
16.1%
N/A – Actuarial study not performed in that year.
Annual OPEB Cost and Net OPEB Obligation
June 30, 2014
Annual Required Contribution
Interest on Net OPEB Obligation
Adjustment to Annual Required Obligation
$
Annual OPEB Cost
Contributions Made
924,194 $
669
(1,493)
923,370
1,029,078
Increase (Decrease) in Net OPEB Obligation
Net OPEB Obligation beginning of year
(105,708)
33,428
Net OPEB Obligation (Asset) end of year
$
Percentage of OPEB Cost Contributed
Three-Year Trend Information
Fiscal Year
Ended June 30
2014
2013
2012
June 30, 2013
Annual
OPEB Cost
$
923,370
918,012
917,831
67
919,017 $
814
(1,819)
919,017
962
(2,148)
918,012
925,261
917,831
925,261
(7,249)
40,677
(72,280) $
33,428
111.5%
100.8%
Percentage of
Annual OPEB Cost
Contributed
111.5% $
100.8%
100.8%
June 30, 2012
(7,430)
48,107
$
Net OPEB
Obligation
(Asset)
(72,280)
33,428
40,677
40,677
100.8%
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
Funding Policy and Actuarial Assumptions
Contribution Rates
College
Plan Members
Actuarial Cost Method
Amortization period
Remaining Amortization Period
Asset valuation method
Actuarial assumptions
Investment rate of return
Projected salary increases
Healthcare inflation rate (Healthcare benefit
is capped at a fixed specified dollar amount
and not subject to annual increases)
Initial
Ultimate
Mortality rate
June 30, 2014
June 30, 2012
Fixed dollar amounts
0.00%
Entry Age Normal
Level % of pay
30 years
Market
Fixed dollar amounts
0.00%
Entry Age Normal
Level % of pay
30 years
Market
2.00% (includes 2% inflation)
2.00% (includes 2%
inflation)
5.00%
5.00%
8.00%
5.00%
RP-2000 Combined Healthy
Tables, projected generationally
with Scale AA
Turnover & Retirement rates
Same rates utilized for SURS
Percentage of active employees assumed to 90%
elect benefit
Employer Provided Benefit
Retirement to age 65
Fixed Reimbursement; varies
by employee depending on date
of retirement notice.
$1,400 - $3,600 per year.
After age 65
Fixed Reimbursement; varies
by employee depending on date
of retirement notice.
$900 - $1,600 per year.
9.00%
5.00%
RP-2000 Combined Healthy
Tables, projected
generationally with Scale AA
Same rates utilized for SURS
96%
Fixed Reimbursement; varies
by employee depending on
date of retirement notice.
$1,400 - $3,600 per year.
Fixed Reimbursement; varies
by employee depending on
date of retirement notice.
$900 - $1,600 per year.
The first actuarial evaluation for the plan was performed as of June 30, 2009 and updated for June
30, 2010, June 30, 2012 and June 30, 2014. Data for years before 2009 is not available. The
College will have actuarial evaluations performed once every two years. The fiscal year 2011 and
2013 calculations for Annual OPEB Cost and Net OPEB Obligation were prepared by the College.
Actuarial valuations involve estimates of the value of reported amounts and assumptions about the
probability of events far into the future, and actuarially determined amounts are subject to continual
revision as results are compared to past expectations and new estimates are made about the future.
Actuarial methods and assumptions used include techniques that are designed to reduce short-term
volatility in actuarial accrued liabilities and the actuarial value of assets. Actuarial calculations
reflect a long-term perspective.
68
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
The schedule of funding progress follows the notes to the financial statements and presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing
relative to the actuarial accrued liability for benefits over time.
5. COMPENSATED ABSENCES
The College records a liability for employees’ vacation leave earned, but not taken. Employees are
allowed to carry over a limited number of vacation days from year-to-year. As of June 30, 2014
and 2013, employees had earned but not taken annual vacation leave which, at salary rates then in
effect, aggregated approximately $2,521,678 and $3,525,842, respectively.
Fiscal
Year
2014
2013
2012
Beginning
Balance
July 1
$ 3,525,842
3,592,587
3,431,763
Issuances
$ 2,769,303
2,915,873
2,980,668
Retirements
$ 3,773,466
2,982,618
2,819,844
The ending balances as of June 30, 2014, and 2013 are reported
follows:
Fiscal
Current
Long-term
Year
Portion
Portion
2014
$ 1,907,305 $
614,374 $
2013
2,800,072
725,770
Ending
Balance
June 30
$
2,521,679
3,525,842
3,592,587
in the financial statements as
Total
2,521,679
3,525,842
In FY2013 the College adopted a new policy which reduced the number of vacation days employees
can carryover. Each employee group has its own vacation days carryover provisions, below is a
summary of the changes in days employees can carryover:
Employee Group
Administrators
Managerial
Classified
Police
Operating Engineers
Carryover (Days)
Change
Current
Prior
40
40
0
25
40
(15)
20
40
(20)
40
40
0
40
40
0
The College has no commitment for accumulated sick leave and no liability is recorded. Employees
who retire are given credit for unused sick leave towards years of service in the State Universities
Retirement System.
69
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
6. LONG-TERM DEBT
A.
A summary of long-term debt transactions for the years ended June 30, 2014 and 2013 is as
follows:
Balance
June 30, 2014
July 1, 2013
Retirements/
Balance
Current
Refunding
June 30, 2014
Portion
Issuances
General Obligation Bonds
Series 2007
$
68,540,000 $
- $
2,510,000 $
66,030,000 $
4,120,000
Series 2011A
85,565,000
-
11,655,000
73,910,000
10,660,000
Series 2013A
84,000,000
-
-
84,000,000
290,000
Series 2003B
1,515,000
-
1,515,000
-
-
Series 2006
7,665,000
-
50,000
7,615,000
55,000
Series 2009A
3,230,000
-
3,230,000
-
-
Series 2009B
62,450,000
-
-
62,450,000
3,350,000
Series 2011B
9,460,000
-
-
9,460,000
1,530,000
322,425,000
-
18,960,000
303,465,000
20,005,000
Series 2007
3,082,364
-
246,095
2,836,269
-
Series 2011A
9,042,008
-
504,671
8,537,337
-
Series 2013A
13,375,853
-
723,019
12,652,834
-
Series 2003B
11,750
-
11,750
-
-
Series 2006
12,561
-
1,729
10,832
-
Series 2009A
58,365
-
58,365
-
-
Series 2009B
19,503
-
872
18,631
-
Series 2011B
852,240
-
89,709
762,531
-
26,454,644
-
1,636,210
24,818,434
-
348,879,644
-
20,596,210
328,283,434
20,005,000
Termination Benefits
3,638,102
-
2,545,522
1,092,580
703,836
Compensated Absences
3,525,842
2,769,303
3,773,466
2,521,679
1,907,305
33,428
-
33,428
-
-
Alternative Revenue Source
Subtotal
Bond Premiums
Alternative Revenue Source
Subtotal
Total G.O. Bonds
Other Post-Employment Benefits
Total Long-Term Debt
$
356,077,016 $
2,769,303 $ 26,948,626 $
70
331,897,693 $ 22,616,141
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
6. LONG-TERM DEBT (CONTINUED)
Balance
June 30, 2013
July 1, 2012
Retirements/
Balance
Current
Refunding
June 30, 2013
Portion
Issuances
General Obligation Bonds
Series 2003A
$
5,710,000 $
- $
5,710,000 $
- $
-
-
2,290,000
68,540,000
2,510,000
Series 2007
70,830,000
Series 2011A
95,440,000
-
9,875,000
85,565,000
11,655,000
Series 2013A
-
84,000,000
-
84,000,000
-
Alternative Revenue Source
Series 2003B
2,975,000
-
1,460,000
1,515,000
1,515,000
Series 2006
7,715,000
-
50,000
7,665,000
50,000
Series 2009A
6,400,000
-
3,170,000
3,230,000
3,230,000
Series 2009B
62,450,000
-
-
62,450,000
-
Series 2011B
9,460,000
-
-
9,460,000
-
260,980,000
84,000,000
22,555,000
322,425,000
18,960,000
Subtotal
Bond Premiums
Series 2003A
913,790
-
913,790
-
-
Series 2007
3,317,439
-
235,075
3,082,364
-
Series 2011A
9,546,678
-
504,670
9,042,008
-
Series 2013A
-
13,496,356
120,503
13,375,853
-
Series 2003B
35,250
-
23,500
11,750
-
Series 2006
14,223
-
1,662
12,561
-
165,727
-
107,362
58,365
-
Alternative Revenue Source
Series 2009A
Series 2009B
20,335
-
832
19,503
-
Series 2011B
941,950
-
89,710
852,240
-
14,955,392
13,496,356
1,997,104
26,454,644
-
275,935,392
97,496,356
24,552,104
348,879,644
18,960,000
Subtotal
Total G.O. Bonds
Termination Benefits
4,953,713
200,458
1,516,069
3,638,102
2,000,000
Compensated Absences
3,592,587
2,915,873
2,982,618
3,525,842
2,800,072
40,677
918,012
925,261
33,428
-
Other Post-Employment Benefits
Total Long-Term Debt
$
284,522,369 $ 101,530,699 $ 29,976,052 $
71
356,077,016 $ 23,760,072
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
6. LONG-TERM DEBT (CONTINUED)
B.
The long-term debt of the College outstanding at June 30, 2014 is as follows:
General Obligation Bonds (Alternate Revenue Source) – Series 2006
On October 31, 2006, the College issued the Series 2006 refunding bonds in the amount of
$7,890,000. The proceeds were used to advance refund, through an in-substance defeasance,
$7,375,000 of the Series 2003B bonds and to pay the cost of issuing the bonds. The $7,375,000
Series 2003B defeased bonds were called and paid on January 1, 2013. The Series 2006 refunding
bonds were issued with interest rates ranging from 3.75 percent to 4.00 percent with payment dates
of July 1 and January 1 each year through January 1, 2020. The College has pledged a portion of
tuition revenue and a debt service fee assessed to students for the repayment of these bonds.
Fiscal Year
2015
2016
2017
2018
2019
2020
Total
$
$
Principal
55,000
55,000
1,770,000
1,840,000
1,910,000
1,985,000
7,615,000
$
$
Interest
292,210
290,010
287,810
217,010
148,010
75,430
1,310,480
$
$
Total
347,210
345,010
2,057,810
2,057,010
2,058,010
2,060,430
8,925,480
General Obligation Bonds – Series 2007
On February 13, 2007, the College issued the Series 2007 bonds in the amount of $78,840,000. The
proceeds derived from the issuance of these bonds were used by the College to build and equip new
buildings, renovate existing facilities and to pay the cost of issuing the bonds. The bonds were
issued with interest rates ranging from 4.00 percent to 5.00 percent with payment dates of June 1
and December 1 each year through June 1, 2023. The College levies an annual property tax for the
repayment of these bonds.
Fiscal Year
Principal
Interest
Total
2015
$
4,120,000
$
3,193,425
$
7,313,425
2016
10,350,000
2,987,425
13,337,425
2017
6,410,000
2,469,925
8,879,925
2018
7,040,000
2,149,425
9,189,425
2019
7,515,000
1,797,425
9,312,425
2020
7,895,000
1,421,675
9,316,675
2021
8,290,000
1,026,925
9,316,925
2022
8,700,000
612,425
9,312,425
2023
5,710,000
242,675
5,952,675
$ 81,931,325
Total
$ 66,030,000
$ 15,901,325
72
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
6. LONG-TERM DEBT (CONTINUED)
General Obligation Bonds (Alternative Revenue Source) – Series 2009B
On May 4, 2009, the College issued the Series 2009B bonds in the amount of $62,450,000. The
proceeds derived from the issuance of these bonds were used by the College to finance certain
capital projects, including additions and renovations and to pay the cost of issuing the bonds. The
bonds were issued with interest rates ranging from 3.75 percent to 5.75 percent with payment dates
of July 1 and January 1 each year through January 1, 2029. The College has pledged a portion of
tuition revenue and a debt service fee assessed to students for the repayment of these bonds.
Fiscal Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Total
$
$
Principal
3,350,000
3,435,000
3,525,000
3,625,000
3,730,000
3,850,000
3,965,000
4,095,000
4,230,000
4,370,000
4,525,000
4,680,000
4,845,000
5,020,000
5,205,000
62,450,000
$
$
Interest
3,153,640
3,028,015
2,890,615
2,736,396
2,568,740
2,386,903
2,208,840
2,010,590
1,801,745
1,579,670
1,345,875
1,099,263
841,863
575,388
299,288
28,526,831
$
$
Total
6,503,640
6,463,015
6,415,615
6,361,396
6,298,740
6,236,903
6,173,840
6,105,590
6,031,745
5,949,670
5,870,875
5,779,263
5,686,863
5,595,388
5,504,288
90,976,831
These bonds are Build America Bonds and 35 percent of the interest paid each year by the College
is supposed to be reimbursed by the U.S. Department of Treasury. As a result of the Federal
government’s budget sequestration, the College did not receive the full amount that it was entitled
to under the terms of the Build America Bond program for the past two fiscal years. The College
received reductions of 7.8 percent and 8.7 percent in FY2014 and FY2013, respectively. The
College will receive a reduction of 7.2 percent in payments that will continue into future years
barring any intervening U.S. Congressional action.
Fiscal Year
2014
2013
Amount
Owed to College
$
1,103,744
1,103,744
Amount
Paid to College
$
1,024,000
1,055,760
73
$
Shortfall
(79,744)
(47,984)
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
6. LONG-TERM DEBT (CONTINUED)
General Obligation Bonds – Series 2011A
On August 10, 2011 the College issued the Series 2011A bonds of $95,440,000, of which
$84,000,000 was used by the College to finance certain capital projects, including additions and
renovations and to pay the cost of issuing the bonds. The $84 million represented the first issuance
of the November 2010 voter approved referendum for $168 million. The remaining $11,440,000
was issued to advance refund $11,375,000 of General Obligation Bonds Series 2003A. The
refunded 2003A bonds were subsequently called and are no longer outstanding. The 2011A bonds
were issued with interest rates ranging from 3.00 percent to 5.25 percent with payment dates of June
1 and December 1 each year through June 1, 2031. The College levies an annual property tax for
the repayment of these bonds.
Fiscal Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Total
$
$
Principal
10,660,000
2,845,000
6,255,000
5,025,000
3,935,000
2,915,000
1,840,000
725,000
2,905,000
7,785,000
6,960,000
6,110,000
5,200,000
4,245,000
3,240,000
2,185,000
1,080,000
73,910,000
$
$
Interest
3,516,600
3,105,200
3,009,400
2,715,800
2,464,550
2,267,800
2,122,050
2,030,050
1,994,800
1,849,550
1,460,300
1,094,900
789,400
529,400
317,150
155,150
45,900
29,468,000
Total
$ 14,176,600
5,950,200
9,264,400
7,740,800
6,399,550
5,182,800
3,962,050
2,755,050
4,899,800
9,634,550
8,420,300
7,204,900
5,989,400
4,774,400
3,557,150
2,340,150
1,125,900
$ 103,378,000
General Obligation Bonds (Alternative Revenue Source) – Series 2011B
On August 10, 2011, the College issued the Series 2011B bonds in the amount of $9,460,000. The
proceeds derived from the issuance of these bonds were used by the College to advance refund
$9,780,000 of General Obligation Bonds Series 2003B. The bonds were issued with interest rates
ranging from 4.00 percent to 4.75 percent with payment dates of July 1 and January 1 each year
through January 1, 2023. The College has pledged a portion of tuition revenue and a debt service
fee assessed to students for the repayment of these bonds.
74
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
6. LONG-TERM DEBT (CONTINUED)
Fiscal Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
$
$
Principal
1,530,000
1,585,000
2,025,000
2,110,000
2,210,000
9,460,000
$
$
Interest
410,800
349,600
286,200
286,200
286,200
286,200
286,200
205,200
104,975
2,501,575
$
$
Total
1,940,800
1,934,600
286,200
286,200
286,200
286,200
2,311,200
2,315,200
2,314,975
11,961,575
General Obligation Bonds – Series 2013A
On April 30, 2013 the College issued the Series 2013A bonds in the amount of $84,000,000. The
proceeds will be used by the College to finance certain capital projects, including additions and
renovations and to pay the cost of issuing the bonds. The $84 million represented the second and
final issuance of the November 2010 voter approved referendum for $168 million. The bonds were
issued with interest rates ranging from 3.15 percent to 5.00 percent with payment dates of June 1
and December 1 each year through June 1, 2031. The College levies an annual property tax for the
repayment of these bonds.
Fiscal Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Total
$
$
Principal
290,000
2,505,000
3,750,000
5,115,000
4,180,000
4,350,000
4,565,000
4,795,000
4,995,000
5,240,000
5,500,000
5,775,000
6,065,000
6,370,000
6,570,000
6,830,000
7,105,000
84,000,000
$
$
Interest
3,720,730
3,709,130
3,608,930
3,458,930
3,203,180
3,035,980
2,818,480
2,590,230
2,388,980
2,146,730
1,884,730
1,609,730
1,320,980
1,017,730
817,075
554,275
281,075
38,166,895
75
Total
$
4,010,730
6,214,130
7,358,930
8,573,930
7,383,180
7,385,980
7,383,480
7,385,230
7,383,980
7,386,730
7,384,730
7,384,730
7,385,980
7,387,730
7,387,075
7,384,275
7,386,075
$ 122,166,895
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
6. LONG-TERM DEBT (CONTINUED)
Bond Discounts, Premiums, and Deferred Amounts on Refunding
Bonds payable are reported net of the applicable bond premium or discount. Bond premiums and
discounts are amortized over the life of the bonds using the effective interest rate method. The
deferred amounts on refunding are reported as deferred outflows of resources (losses from
refunding bonds) and deferred inflows of resources (gains from refunding bonds).
Termination Benefits
A liability for termination benefits is recorded in the amount of $1,092,580 and $3,638,102 at June
30, 2014 and 2013 respectively, for expected future retirement benefit payments to administrators,
managers, classified, and faculty. The current portion of the termination benefits liability at June
30, 2014 and 2013 were $703,836 and $2,000,000, respectively.
Administrators
Year Ended
No. of
June 30,
Participants
Full-Time Faculty
Total
No. of
Liability Participants
Managerial & Classified
Total
No. of
Liability
Participants
Total
Total
No. of
Liability Participants
Total
Liability
2014
- $
-
25 $ 1,023,543
8 $ 69,037
33 $ 1,092,580
2013
- $
-
47 $ 3,356,815
16 $ 281,287
63 $ 3,638,102
Other Post-Employment Benefits
Based on the actuarial valuation, $72,280 was recorded as an other asset at present value at June 30,
2014. Based on the present value calculations a long-term liability was recorded in the amount of
$33,428 at June 30, 2013, for expected future retirement healthcare payments to administrators,
managers, classified, and faculty (see Note 4 for further details).
C. Pledges of Future Revenues
The College has pledged future tuition and fee revenues to repay Series 2006, Series 2009B and
Series 2011B bonds. Annual principal and interest payments on the Series 2006, Series 2009B and
Series 2011B bonds are 26.7 percent of the total debt services of all the College’s bonds. Proceeds
from the Series 2006, Series 2009B and Series 2011B bonds provided financing for the construction
of parking facilities, equipment, new buildings, renovating existing facilities, and related site
improvements. The bonds are payable solely from tuition and fees revenues and are payable
through years ended June 30, 2020, 2023 and 2029. Annual principal and interest payments on the
bonds are expected to require less than 15 percent of tuition and fees revenues. The total principal
and interest remaining to be paid on the bonds is $111,863,886. Principal and interest paid for the
current year, which includes Series 2003B and Series 2009A which were retired in FY2014, was
$8,813,150; and total tuition and fees revenues for the current year were $5,727,395.
76
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
7. OPERATING LEASES
A. BOOKSTORE LEASE
In April 2014, the College extended its lease for bookstore management services with Follett Higher
Education Group of Oak Brook, Illinois, through March 31, 2017. Under the terms of the
agreement, Follett will operate the bookstore on campus and guarantee a total minimum rental
payment of $3,300,000 over the three year term, or an annual minimum rental payment of
$1,100,000, beginning March 1, 2014. If the Colleges full time equivalent student enrollment
decreases by more than 5 percent from the previous academic year or store sales decrease by more
than 10 percent due to on-campus competition, the College would receive a percentage of the
bookstore’s sales rather than the guaranteed rental amounts listed above. The College shares
income with Follett, and under the new terms of the agreement, the College will receive 12.75
percent of annual gross revenues up to $5,000,000; plus 13.25 percent of annual gross revenues
between $5,000,000 and $8,000,000; plus 14.25 percent of annual gross revenues over $8,000,000.
For the year ended June 30, 2014, the College recognized income under the original and amended
agreements of $1,039,265; for the year ended June 30, 2013, the College recognized $1,176,945
under the original agreement.
B.
DINING SERVICES LEASE AND VENDING
In December 2013, the College extended its lease with Sodexo America, LLC, of Gaithersburg,
Maryland, through June 30, 2016, to operate the cafeteria, Starbucks Coffee, Einstein Bros. Bagels
and provide catering services to the College. Under the terms of the agreement, Sodexo agrees to
operate the cafeteria and shall retain surplus, if any, of up to 5 percent of net sales. Fifty percent of
the excess surplus shall be distributed to the College within 30 days after the end of each contract
year or within 30 days after the date the agreement is terminated. In addition to the surplus split,
Sodexo will provide the College with an annual gift of $20,000 payable on July 1st of each year,
from 2013 through 2015. For the year ended June 30, 2014, the College received $20,000 under the
agreement.
The College also has agreements with outside firms to provide vending program services. The
agreement for food vending with Ace Coffee Bar of Streamwood, Illinois, went into effect on
January 1, 2010, and is in effect until December 31, 2014. Under the terms of this agreement, Ace
Coffee Bar agrees to pay commissions at rate of 25.6 percent of sales, payable monthly, for the term
of the agreement. For the years ended June 30, 2014, and 2013, the College recognized income
under this agreement of $51,948 and $45,907, respectively.
The College entered into an agreement with Pepsi Beverages Company on January 1, 2010, ending
December 31, 2014. Under the terms of this agreement, Pepsi Beverages Company agrees to pay
commissions at an average rate of 30 percent of sales, payable monthly. For the years ended June
30, 2014, and 2013, the College recognized income of $86,697 and $82,672, respectively. In
accordance with the beverage vending agreement, Pepsi Beverages Company agrees to pay an
annual sponsorship fee of $50,000 payable on January 1st of each year from 2010 through 2014.
77
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
7. OPERATING LEASES (CONTINUED)
C. FACILITIES LEASE
The College has entered into operating leases for on-campus and off-campus facilities. The leases
are for various terms with the longest term running through April 30, 2018. Rental cost on these
facilities approximated $411,455 for fiscal year 2014 and $748,064 for fiscal year 2013, exclusive
of assessed common area maintenance charges and real estate taxes. The future minimum rental
payments on these leases are as follows:
Minimum Rental
Fiscal Year
Payments
2015
$
566,190
2016
367,056
2017
183,283
2018
155,791
Total
$
1,272,320
D. EQUIPMENT LEASES
The College has an operating lease with Xerox Corporation for copy machines which will expire on
September 30, 2014. In July 2014, the Board approved a five year contract with Xerox for
Managed Print Services which will go into effect on October 1, 2014. Rental cost on the lease was
$486,496 for fiscal year 2014 and $487,542 for fiscal year 2013. The future estimated minimum
rental payments on these leases are as follows:
Minimum Rental
Fiscal Year
Payments
2015*
$
855,921
2016*
750,000
2017*
750,000
2018*
750,000
2019*
750,000
Total
$
3,855,921
* Figures listed are estimates and will change once the final contract with Xerox is completed.
8. RISK MANAGEMENT
The College is exposed to various risks of loss related to torts, theft of, damage to, or destruction of
property, injuries to employees and natural disasters. The College is a member of the Illinois
Community College Risk Management Consortium (the “Consortium”). The Consortium is a
public entity risk pool operating as a common risk management and insurance program for eleven
local community colleges. Each college pays an annual premium to the Consortium as its pro rata
share for property and casualty insurance coverage. The Agreement for Formation of the
Consortium provides that the Consortium will be self-sustaining through member premiums and
will reinsure through commercial companies. The College continues to carry commercial insurance
coverage for directors’ and officers’ liability, and sports accident insurance.
78
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
8. RISK MANAGEMENT (CONTINUED)
The College participates in the Consortium, which was established in 1981 by several Chicago area
community colleges as a means of reducing the cost of general liability insurance. The main
purpose of the Consortium is to jointly self-insure certain risks up to an agreed upon retention limit
and to obtain excess catastrophic coverage and aggregate stop-loss reinsurance over the selected
retention limit. Coverages include all property, re-insurance ($20,000,000), and workers’
compensation. No settlement has exceeded coverage since establishment of the Consortium. The
College joined the consortium in fiscal year 1982. Since the Consortium requests initial payments
to cover substantially any losses to be incurred for that policy year, the College anticipates no future
liabilities for incurred losses. The policy is annual and renewable on July 1. The College’s level of
coverage has not changed for the past three years, and the amount of settlements has not exceeded
insurance coverage in each of the past three years.
On January 1, 2012 the College joined the Community College Health Care Consortium which
provides employees insurance coverage for medical and prescription drugs. The College pays the
Community College Health Care Consortium a monthly premium based on the number of
participants and the type of coverage that has been elected. The College maintains self-insurance
coverage through a third-party administrator for its dental insurance. The College currently
allocates all expenses associated with the employee health plans to each of the College’s individual
departments. Claims and expenses are reported when incurred and an estimate is made for incurred
but not reported claims. The College’s level of coverage has not changed for the past three years,
and the amount of settlements has not exceeded insurance coverage in each of the past three years.
The College’s estimate of liability for claims incurred but not reported for the past three fiscal years
is as follows:
Fiscal
Year
2014
2013
2012
Claims Payable
Beginning
of Year
$ 1,632,891
1,632,891
982,891
Claims
Incurred
$ 10,397,896
10,562,282
10,069,104
Claims
Paid
$ 10,397,896
10,562,282
9,419,104
Claims Payable
End
of Year
$ 1,632,891
1,632,891
1,632,891
9. LITIGATION
From time to time, the College is party to various pending claims and legal proceedings. Although
the outcome cannot be forecast with certainty, it is the opinion of management and legal counsel
that the likelihood is remote that any such claims or proceedings will have a material adverse effect
on the College’s financial position or results of operations.
79
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
10. NEW ACCOUNTING PRONOUNCEMENTS
In June 2012 the GASB issued Statement No. 68 Accounting and Financial Reporting for
Pensions—an amendment of GASB Statement No. 27. The primary objective of GASB 68 is to
improve accounting and financial reporting by state and local governments for pensions. It also
improves information provided by state and local governmental employers about financial support
for pensions that is provided by other entities. GASB 68 replaces the requirements of Statement No.
27, Accounting for Pensions by State and Local Governmental Employers, as well as the
requirements of Statement No. 50, Pension Disclosures, as they relate to pensions that are provided
through pension plans administered as trusts or equivalent arrangements that meet certain criteria.
Statement 68 requires the liability of employers and nonemployer contributing entities to employees
for defined benefit pensions (net pension liability) to be measured as the portion of the present value
of projected benefit payments to be provided through the pension plan to current active and inactive
employees that is attributed to those employees’ past periods of service (total pension liability), less
the amount of the pension plan’s fiduciary net position. Governments will also have to enhance note
disclosures and schedules of required supplementary information. GASB 68 is effective for fiscal
years beginning after June 15, 2014.
In January 2013, the GASB issued Statement 69, Government Combinations and Disposals of
Government Operations. The objective of this Statement is to improve accounting and financial
reporting for state and local governments’ combinations and disposals of government operations.
Government combinations include mergers, acquisitions, and transfers of operations. A disposal of
government operations can occur through a transfer to another government or a sale. The new
standard provides guidance for: determining whether a specific government combination is a
government merger, a government acquisition, or a transfer of operations; using carrying values
(generally, the amounts recognized in the pre-combination financial statements of the combining
governments or operations) to measure the assets, deferred outflows of resources, liabilities, and
deferred inflows of resources combined in a government merger or transfer of
operations; measuring acquired assets, deferred outflows of resources, liabilities, and deferred
inflows of resources based upon their acquisition values in a government acquisition; and reporting
the disposal of government operations that have been transferred or sold. GASB 69 is effective for
fiscal years beginning after December 15, 2013.
In November 2013, the GASB issued Statement No. 71 Pension Transition for Contributions Made
Subsequent to the Measurement Date - an amendment of GASB Statement No. 68. This Statement
amends Statement 68 to require that, at transition, a government recognize a beginning deferred
outflow of resources for its pension contributions, if any, made subsequent to the measurement date
of the beginning net pension liability. Statement 68, as amended, continues to require that beginning
balances for other deferred outflows of resources and deferred inflows of resources related to
pensions be reported at transition only if it is practical to determine all such amounts. Statement 71
will eliminate the source of a potential significant understatement of restated beginning net position
and expense in the first year of implementation of Statement 68 in the accrual-basis financial
statements of employers and nonemployer contributing entities. The provisions of Statement 71 are
required to be applied simultaneously with the provisions of Statement 68.
The College is currently evaluating the impact of adopting these GASB Standards, including
standards that are effective as of July 1, 2014. As a member of SURS, the College is dependent on
SURS to implement GASB 67 in order for the College to implement GASBs 68 and 71 for the
College’s FY2015 financial statements.
80
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
11. DISCRETELY PRESENTED COMPONENT UNIT
A. Nature of Activities
The College of DuPage Foundation (the Foundation) is a not-for-profit organization which was
formed to promote the educational development and general educational welfare of the College of
DuPage, Community College District Number 502 (the College).
B. Summary of Significant Accounting Policies
Reporting Entity
The Foundation operates and maintains the Foundation within the College. The Foundation is a
legally separate entity whose Board is elected by the Foundation Trustees. As required by
accounting principles generally accepted in the United States of America (GAAP), these financial
statements present the Foundation and any existing component units. Currently, the Foundation
does not have any component units. However, pursuant to the standards established in
Governmental Accounting Standards Board (GASB) Statement No. 14, The Financial Reporting
Entity, and GASB Statement No. 61, The Financial Reporting Entity: Omnibus, an amendment of
GASB Statements No. 14 and No. 34, the College is considered a primary government since it is
fiscally independent. The College has determined that the College of DuPage Foundation meets the
requirements of GASB Statement No. 39, Determining Whether Certain Organizations Are
Component Units, an amendment of GASB Statement 14, and GASB Statement No. 61, The
Financial Reporting Entity: Omnibus, an amendment of GASB Statements No. 14 and No. 34,
because of the nature and significance of the Foundation’s relationship with the College, which has
resulted in the College of DuPage Foundation being reported as a discretely presented component
unit of the College.
Basis of Presentation
The Foundation maintains its accounts in accordance with the principles and practices of fund
accounting. Fund accounting is the procedure by which resources for various purposes are
classified for accounting purposes in accordance with activities or objectives specified by donors.
These financial statements, which are presented on the accrual basis of accounting, have been
prepared to focus on the Foundation as a whole and to present balances and transactions according
to the existence or absence of donor-imposed restrictions. This has been accomplished by
classification of fund balances and transactions into three classes of net assets - permanently
restricted, temporarily restricted, or unrestricted. Accordingly, net assets and changes therein are
classified as follows:
Permanently Restricted Net Assets - Net assets subject to donor-imposed stipulations that
they be maintained permanently by the Foundation. Generally, the donors of these assets
permit the Foundation to use all or part of the income earned on related investments for
general or specific purposes.
Temporarily Restricted Net Assets - Net assets subject to donor-imposed stipulations that
will be met by actions of the Foundation and/or passage of time.
Unrestricted Net Assets - Net assets not subject to donor-imposed restrictions.
81
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
Revenues are reported as increases in either unrestricted net assets classification unless use of the
related assets is limited by donor-imposed restrictions. Expenses are reported as decreases in
unrestricted net assets as appropriate. Gains and losses on investments and other assets or liabilities
are reported as increases or decreases in unrestricted net assets unless their use is restricted by
explicit donor stipulation or by law. Expirations of temporary restrictions on net assets (i.e., the
donor stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are
reported as reclassifications between temporary and unrestricted classes of net assets.
The Foundation reports gifts of cash and other assets as restricted support if they are received with
donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is,
when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted
net assets are reclassified to unrestricted net assets and reported in the statement of activities as net
assets released from restrictions.
Contributions
Contributions, including unconditional promises to give, are recognized as revenue in the period
received. Conditional promises to give are not recognized as revenue until the conditions on which
they depend are substantially met. Contributions of assets other than cash are recorded at their fair
value. Contributions, from unconditional promises to give that are to be received after one year are
discounted at an appropriate discount rate; based on the Federal Funds rate. Amortization of
discounts is recorded as additional contribution revenue in accordance with donor-imposed
restrictions, if any, on the contributions. An allowance for uncollectible contributions is provided
based upon management’s judgment including such factors as prior collection history, type of
contribution, and nature of fundraising activity.
In the fourth quarter of fiscal year 2013, revenues received through contributions from private
fundraising for WDCB-FM radio station were accounted for in the Foundation’s financial
statements. Prior to this, these contributions were accounted for in the College’s financial
statements. Disbursements of these contributions to the radio station are included in the Cash Gifts
to College of DuPage expense line. Because of this accounting change, financial results for the
Foundations Gifts and Contributions revenue and Cash Gifts to College of DuPage expense line
items on the Statement of Activities are not comparable to prior years. In fiscal year 2014, total
contributions for WDCB-FM radio station accounted for in the Foundation were $736,180, and
disbursements recorded as Cash Gifts to College of DuPage were $722,712 compared to $102,574
contribution revenue and $93,980 of disbursements in FY2013.
Income from Permanently Restricted Net Assets
Contributions, investment income, and realized and unrealized net gains on investments of
permanently restricted net assets are reported as follows:
82
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
• As increases in permanently restricted net assets if the terms of the gift requires that they be
added to the principal of permanently restricted net assets;
• As increases in temporarily restricted net assets if amounts have not been appropriated for
expenditure; and
• As increases in unrestricted net assets in all other cases.
Cash and Cash Equivalents
The Foundation considers all highly liquid investments with a maturity of three months or less when
purchased to be cash equivalents.
Investments
Investment securities are reported in the statement of financial position at fair value based on quoted
market prices.
Art Collection
The Foundation’s art collection consists of approximately 143 pieces. Works of art are held for
public exhibition, and education, in furtherance of public service rather than for financial gain. The
works of art are kept un-encumbered, cared for and preserved, and subject to the donor agreement
that requires the proceeds of items that are sold be used to further develop the cultural experience at
the College. Additions to the collection are recorded at cost when purchased or at fair value when
contributed. In-kind contributions of art are reflected as revenue in the statement of activities.
Use of Estimates
In order to prepare these financial statements in conformity with GAAP, management has made a
number of estimates and assumptions that affect the reported amounts of assets and liabilities; the
disclosure of contingent assets and liabilities at the date of the financial statements; the reported
amounts of revenues and expenses; and gains and losses during the reporting period. Actual results
could differ from these estimates.
Fair Value Measurements
Assets and liabilities carried at fair value are classified and disclosed in one of the following
categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by
market data.
Level 3: Unobservable inputs that are not corroborated by market data.
83
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
Allocations of Expenses
Expenses are identified as either program, management and general and fundraising. Expenses not
directly identifiable in one of the three categories have been allocated one of the three
classifications by the Foundation’s management based on time spent or activity preformed.
C.
Charitable Remainder Trust
The Foundation administers a charitable remainder trust (the Trust). A charitable remainder trust
provides for the payment of distributions to the grantor or other designated beneficiaries over the
Trust’s term. Obligations to the beneficiaries are limited to the Trust’s assets. At the end of the
Trust’s term, the remaining assets are available for the Foundation’s use. Assets are recorded at fair
value when received and a liability is recorded for the net present value of the estimated future
payments to the beneficiaries. The portion of the Trust attributable to the net present value of the
future benefits to be received by the Foundation was recorded in the statement of activities as a
temporarily restricted contribution in the period the Trust was established. Assets held in the Trust
totaled $61,441 at June 30, 2014 and are reported at fair value in the Foundation’s statement of
financial position. The net present value of the estimated future payments to beneficiaries of
$15,560 as June 30, 2014 is calculated using the discount rate when the trust was established of 4
percent and is reflected in other liabilities in the accompanying statement of financial position.
D.
Income Taxes
The Foundation was determined to be exempt from income taxes under Section 501(c)(3) of the
Internal Revenue Code pursuant to a determination letter issued in September 1969. Accordingly,
no provision for income tax is included in the financial statements.
The Foundation adopted FASB ASC 740-10, Accounting for Uncertainty in Income Taxes. The
Internal Revenue Service determined that the Foundation is a tax exempt, not-for-profit
organization as defined in Section 501(c)(3) of the Internal Revenue Code (“IRC”). As such, the
Foundation is generally not subject to federal or state income taxes except for certain income
derived from unrelated business activities as defined by the IRC. Any such taxes resulting from
unrelated business activities are insignificant to the operations of the Foundation. GAAP prescribes
recognition thresholds and measurement attributes for the financial statement recognition and
measurement of a tax position taken or expected to be taken in a tax return. Tax benefits would be
recognized only if the tax position is more-likely-than-not to be sustained in a tax examination, with
a tax examination being presumed to occur. The amount recognized would be the largest amount of
tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions
not meeting the more-likely-than-not test, no tax benefit will be recorded. Management has
concluded that they are unaware of any tax benefits or liabilities to be recognized at June 30, 2014.
The Foundation is no longer subject to examination by U.S. federal taxing authorities for years prior
to 2010 and through 2010 for all state income taxes.
84
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
The Foundation does not expect the total amount of unrecognized tax benefits to significantly
change in the next twelve months. The Foundation would recognize interest and penalties related to
unrecognized tax benefits in interest and income tax expense, respectively. The Foundation has no
amounts accrued for interest or penalties as of June 30, 2014.
12. SUBSEQUENT EVENTS
Subsequent to year-end, the College entered into various agreements totaling approximately
$11,564,959 for the purpose of construction and renovation of buildings and facilities and service
contracts. The College had outstanding purchase orders of $18,873,983. At the August 21, 2014
Board of Trustees meeting, the trustees approved a $4.00 per credit hour decrease in tuition starting
with registrations for the spring 2015 semester. This action will reduce tuition back to the FY2014
rate of $140.00 per credit hour.
85
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2014
Required Supplementary Information
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
REQUIRED SUPPLEMENTARY INFORMATION
OTHER POST EMPLOYMENT BENEFITS
Schedule of Funding Progress
Fiscal Year
Ended
June 30, 2014
June 30, 2013
June 30, 2012
June 30, 2011
June 30, 2010
June 30, 2009
Actuarial
Value of
Assets
$
Actuarial
Accrued
Liability
(AAL) Entry Age
- $ 15,056,291
N/A
14,598,947
N/A
12,013,103
11,357,994
Unfunded
AAL
(UAAL)
$ 15,056,291
N/A
14,598,947
N/A
12,013,103
11,357,994
Funded
Ratio
0.0% $ 79,618,107
N/A
N/A
0.0%
78,633,037
N/A
N/A
0.0%
74,656,269
0.0%
76,769,160
N/A - Information not available. Actuarial study was not performed in that year.
86
Covered
Payroll
UAAL as a
% of
Covered
Payroll
18.9%
N/A
18.6%
N/A
16.1%
14.8%
III. STATISTICAL SECTION
Values
Integrity:
Honesty:
Respect:
Responsibility:
We expect the highest standard of moral
character and ethical behavior.
We expect truthfulness and trustworthiness.
We expect openness to difference and to the
uniqueness of all individuals.
We expect fulfillment of obligations and
accountability.
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATISTICAL SECTION CONTENTS
JUNE 30, 2014
This section of the College of DuPage’s Comprehensive Annual Financial Report
presents additional historical perspective, context, and detailed information to assist the
reader in using the information in the financial statements, note disclosures, and required
supplementary information to understand and assess the College’s overall economic
condition.
Contents
Page
Financial Trends
Tabular information is presented to demonstrate changes in the
College’s financial position over time.
88
Revenue Capacity
These tables contain information to assist the reader in understanding
and assessing the College’s ability to generate its most significant
local revenue sources - real estate taxes and tuition and fees.
90
Debt Capacity
Data are shown to disclose the College’s current level of outstanding
debt and to indicate the College’s ability to issue additional debt.
95
Demographic and Economic Information
These tables offer information about the socioeconomic environment
within which the College operates. Data are provided to facilitate
comparisons of financial statement information over time and
between the College and other community colleges.
99
Operating Information
Non-financial information about the College’s operations and resources
is provided in these tables to facilitate the reader’s use of the College’s
financial statement information to understand and assess the College’s
economic condition.
104
Sources: Unless otherwise noted, the information in these tables is derived from the College’s Comprehensive Annual
Financial Reports for the relevant years
87
88
$ 444,376,459
173,714,323
13,247,859
8,321,799
321,794
$ 248,770,684
2014
$ 407,872,257
147,895,808
16,484,678
8,283,842
568,337
$ 234,639,592
2013
$ 376,099,038
128,576,028
18,021,452
8,262,954
74,224
$ 221,164,380
2012
$ 338,242,193
124,682,137
20,233,785
8,229,678
-
$ 185,096,593
2011
$ 292,082,346
99,925,517
21,225,545
8,123,977
461,414
$ 162,345,893
2010
$ 250,700,967
66,190,745
23,149,967
8,034,976
554,107
$ 152,771,172
2009
$ 228,440,738
55,186,492
19,594,285
8,034,976
1,375,089
$ 144,249,896
2008
1. The College implemented GASB Statements No. 63 and 65 for the year ended June 30, 2013. Fiscal year 2012 was restated to comply with these two new GASBs.
Notes:
Source: College of DuPage Comprehensive Annual Financial Reports.
Total Net Position/Net Assets
Unrestricted
Restricted
Debt service
Working cash
Other purposes
Net Investment in Capital Assets
Net Position/Net Assets
NET POSITION/NET ASSETS BY COMPONENT
LAST TEN FISCAL YEARS
FINANCIAL TRENDS
$ 208,840,594
71,248,914
14,584,822
8,034,976
1,375,595
$ 113,596,287
2007
$ 195,225,503
76,235,885
9,601,782
8,034,976
1,382,294
$ 99,970,566
2006
$ 187,498,857
77,179,758
9,616,450
8,034,976
1,204,593
$ 91,463,080
2005
TABLE 1
89
36,504,202
$
$
31,773,219
99,822,644
1,526,489
50,695,312
30,349,795
1,125,049
(29,307)
(7,363,226)
42,445
176,169,201
31,773,219
93,393,300
10,030,258
13,729,284
2,202,396
7,973
17,178,800
13,806,523
20,130,613
9,895,502
10,847,045
19,929,800
211,151,494
(144,395,982)
1,176,945
1,766,040
934,162
66,755,512
62,113,934
764,431
2013
$
$
38,707,106
107,807,680
1,494,002
42,633,843
29,415,386
1,363,232
727,102
(5,824,138)
98,660
177,715,767
38,707,106
88,951,878
9,366,021
11,120,268
1,895,427
316,150
17,202,087
13,357,056
22,131,912
12,505,598
12,492,032
14,417,172
203,755,601
(139,008,661)
1,118,558
2,707,160
1,147,097
64,746,940
59,100,863
673,262
2012
$
$
46,159,847
104,425,923
1,624,041
38,742,103
26,175,510
1,561,341
1,315,742
(6,342,263)
14,585
167,516,982
46,159,847
83,385,917
9,528,488
12,377,424
1,683,103
233,934
15,946,733
12,898,568
22,219,537
10,907,689
12,215,817
7,741,061
189,138,271
(121,357,135)
1,114,289
2,788,269
1,226,179
67,781,136
61,990,141
662,258
2011
$
$
41,381,379
95,138,277
1,252,327
34,000,077
20,018,562
1,318,726
2,024,357
1,187,737
(6,272,077)
175,924
148,843,910
41,381,379
84,295,911
10,131,827
13,789,957
2,109,646
550,549
16,013,297
13,057,232
6,283,201
11,908,173
6,578,760
6,444,716
171,163,269
(107,462,531)
1,584,230
5,148,296
1,771,906
63,700,738
54,420,351
775,955
2010
$
$
275,250
275,250
22,260,229
87,171,790
1,814,989
30,848,507
13,024,642
1,329,712
7,762,177
711,228
(9,217,940)
(109,040)
133,336,065
21,984,979
84,091,655
9,872,388
13,665,668
2,485,325
423,550
15,126,330
11,562,070
14,420,488
13,147,779
6,920,889
5,653,926
177,370,068
(111,351,086)
1,006,692
4,881,123
452,813
66,018,982
59,160,813
517,541
2009
$
$
59,438
59,438
19,600,144
82,100,987
1,794,791
29,087,797
10,167,590
1,302,882
10,517,209
157,391
(7,934,169)
(60,167)
127,134,311
19,540,706
76,609,450
9,483,446
12,529,969
2,623,898
154,873
15,312,683
10,658,353
14,019,867
14,320,304
4,602,028
5,399,659
165,714,530
(107,593,605)
926,332
5,113,412
296,539
58,120,925
51,276,425
508,217
2008
Notes: (1) The College is subject to two property tax caps in Illinois whereby the increase in the levy from year-to-year is limited to the lesser of 5% or the consumer price index for the state as
determined by the Illinois Department of Revenue, and individual rates are limited by maximum rates established by Illinois Compiled Statutes.
(2) The College implemented GASB Statements No. 63 and 65 for the year ended June 30, 2013. Fiscal year 2012 was restated to comply with these two new GASBs.
Sources: College of DuPage Comprehensive Annual Financial Reports and general ledger reports.
$
106,110,511
1,544,222
54,690,039
31,111,335
1,086,146
2,235,615
(9,948,113)
40,187
186,869,942
36,504,202
NON-OPERATING REVENUES (EXPENSES)
Real estate taxes
Corporate personal property replacement taxes
State appropriations
Federal grants and contracts
Non-governmental gifts and grants
Investment income
Other non-operating revenues
Interest on capital asset-related debt
Gain (loss) on disposal of capital assets
Net non-operating revenues (expenses)
Net income before capital contributions
CAPITAL CONTRIBUTIONS
Capital gifts and grants
Total capital contributions
CHANGE IN NET POSITION/NET ASSETS
93,280,995
10,078,118
16,018,220
2,787,075
9,923
18,358,900
13,951,158
21,834,358
9,974,369
11,092,632
24,071,416
221,457,164
(150,365,740)
OPERATING EXPENSES
Instruction
Academic support
Student services
Public services
Independent operations
Operation and maintenance of plant
General administration
General institutional
Auxiliary enterprises
Scholarship expense
Depreciation expense
Total operating expenses
Operating income (loss)
65,918,716
754,539
1,036,265
2,124,041
1,257,863
71,091,424
$
2014
OPERATING REVENUES
Student tuition and fees
Chargeback revenue
Sales and service fees:
Bookstore
Other
Other operating revenue
Total operating revenues
CHANGES IN NET POSITION/NET ASSETS
LAST TEN FISCAL YEARS
FINANCIAL TRENDS
$
$
41,800
41,800
13,615,091
76,301,141
1,628,249
27,416,450
9,166,655
618,351
11,401,935
13,309
(6,054,992)
(715,646)
119,775,452
13,573,291
72,868,157
10,360,929
12,028,071
2,860,059
51,778
14,457,218
9,739,609
16,973,154
13,053,615
4,408,225
4,975,163
161,775,978
(106,202,161)
927,682
5,883,529
333,256
55,573,817
47,850,011
579,339
2007
$
$
128,000
128,000
9,593,396
72,106,710
1,464,917
25,857,848
8,856,466
1,089,689
8,486,658
(5,256,422)
(69,356)
112,536,510
9,465,396
69,669,411
9,745,702
11,860,003
2,286,215
59,504
14,199,441
10,240,114
11,896,955
12,852,677
3,528,618
5,129,078
151,467,718
(103,071,114)
971,551
4,394,272
192,701
48,396,604
42,488,260
349,820
2006
$
$
785,499
785,499
9,223,792
69,879,209
1,140,989
27,906,061
9,152,295
328,920
5,135,012
(5,498,273)
1,569,343
109,613,556
8,438,293
68,639,277
8,827,676
12,295,833
2,947,607
211,008
10,483,733
13,288,096
11,848,961
11,511,965
5,155,093
6,032,853
151,242,102
(101,175,263)
1,068,363
5,374,772
37,392
50,066,839
43,128,495
457,817
2005
TABLE 2
90
6,027,992,934
6,296,510,530
6,609,559,803
6,913,153,224
7,283,415,255
6,766,483,282
6,775,696,972
6,528,100,751
6,084,070,636
$ 5,437,298,386
Commercial
Property
3,083,982,863
3,271,961,845
3,375,422,068
3,471,113,723
3,777,183,933
3,122,083,730
3,332,260,318
3,224,250,962
2,974,967,448
$ 2,440,233,422
Industrial
Property
$
4,683,159
3,213,331
2,964,788
2,700,325
3,036,702
2,601,938
2,798,434
2,952,530
3,057,663
3,116,198
Farm
Property
$
16,840,453
15,934,457
16,482,978
18,185,431
20,340,507
23,832,039
35,924,625
39,691,367
41,448,234
29,616,479
Railroad
Property
-
-
-
-
-
-
-
-
-
$ 2,922,703,981
Other (1)
Assessed
Value
35,549,604,475
38,691,586,701
41,586,227,017
44,727,271,771
47,797,629,872
47,883,147,236
45,371,787,099
42,017,143,168
38,763,381,046
$ 36,804,412,816
Total Taxable
Assessed
Value
0.1972
0.1874
0.1929
0.1888
0.1858
0.2127
0.2349
0.2495
0.2681
0.2956
Total
Direct
Tax
Rate
(3) (4)
Estimated
Actual
Taxable
Value
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
33.333%
Percentage of
Estimated
Actual
Taxable
Value
TABLE 3
(6) The assessed valuation for tax year 2013 decreased for the forth consecutive year. Valuations declined by 5.1%, after a 7.7% decrease in 2012, 7.4% and 5.2% in levy years 2011 and 2010, respectively.
Calendar year 2010 was the first year DuPage County experienced a decrease in assessed valuations.
(5) The increase in the 2012 levy is due to the addition of the College's Series 2011A bonds that were issued in FY2012. The 2013 levy also increased due to the issuance of Series 2013A bonds in FY2013.
(4) The total direct tax rate increased from .1874 to .1929 in 2006 due to (a) issuance of $78,840,000 in General Obligation bonds for building and equipping new buildings and renovation of existing College
facilities and (b) a direct tax levy to pay the debt service on those General Obligation bonds.
(3) The direct tax rates reported for the College are those of DuPage County, as it comprises approximately 90% of College of DuPage District 502.
(2) The breakdown by type of property for 2012 was adjusted from the previous year CAFR due to the receipt of the final Cook County property values which was received after the printing of the FY2013 CAFR.
(1) In levy year 2013, this column includes assessed values from Cook County, as the breakdown by type of property is not yet available at the time the CAFR is prepared. This will be adjusted each year as the
information becomes available.
106,648,813,425
116,074,760,103
124,758,681,051
134,181,815,313
143,392,889,616
143,649,441,708
136,115,361,297
126,051,429,504
116,290,143,138
$ 110,413,238,448
Notes :
Property in the College's district is reassessed each year. Property is assessed at 33% of actual value. The direct tax rates reported for the College are those of DuPage County.
Data Sources:
Offices of the County Clerks for DuPage, Cook, and Will Counties; DuPage County comprises approximately 90% of College of DuPage District 502.
26,416,105,066
34,322,119,068
2007
2004
36,713,653,475
2008
29,103,966,538
37,968,146,247
2009
2005
35,225,106,750
2010
31,581,797,380
32,222,147,558
2011
2006
29,659,837,065
$ 25,971,444,350
2013
2012 (2)
Residential
Property
Levy
Year
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN LEVY YEARS
REVENUE CAPACITY
91
$
0.7500
0.0050
0.1000
None
None
None
Legal
Limit
$
0.1929
0.7240
1.2356
2.1294
1.9094
0.2925
0.1254
0.0033
0.3862
0.0830
0.1568
0.3079
0.0220
0.0201
0.1941
0.0317
0.0698
0.2956
2013
$
0.1929
0.6543
1.1155
1.8983
1.7139
0.2551
0.1092
0.0029
0.3467
0.0753
0.1418
0.2767
0.0177
0.0183
0.1818
0.0298
0.0565
0.2681
2012
$
0.1773
0.6498
1.0714
1.8319
1.6539
0.2579
0.1112
0.0028
0.3364
0.0723
0.1414
0.2698
0.0181
0.0196
0.1611
0.0263
0.0621
0.2495
2011
$
0.1659
0.6102
0.9819
1.6717
1.5243
0.2405
0.1023
0.0026
0.3090
0.0661
0.1321
0.2471
0.0159
0.0183
0.1483
0.0242
0.0624
0.2349
2010
$
0.1554
0.5692
0.8949
1.5226
1.3991
0.2185
0.0929
0.0024
0.2795
0.0534
0.1216
0.2241
0.0153
0.0170
0.1337
0.0217
0.0573
0.2127
2009
$
0.1557
0.5350
0.8839
1.4890
1.3802
0.1910
0.0922
0.0023
0.2736
0.0528
0.1206
0.2229
0.0177
0.0183
0.1321
0.0211
0.0326
0.1858
2008
$
0.1651
0.5430
0.8916
1.4978
1.4032
0.1940
0.0931
0.0023
0.2790
0.0542
0.1187
0.2248
0.0157
0.0191
0.1285
0.0003
0.0213
0.0023
0.0031
0.0333
0.1888
2007
$
0.1713
0.5412
0.9144
1.5584
1.4412
0.1984
0.0968
0.0024
0.2853
0.0548
0.1303
0.2298
0.0153
0.0207
0.1315
0.0002
0.0224
0.0020
0.0029
0.0339
0.1929
2006
$
0.1797
0.5607
0.9395
1.6083
1.4703
0.1960
0.0995
0.0025
0.2933
0.0569
0.1271
0.2235
0.0145
0.0222
0.1370
0.0002
0.0233
0.0021
0.0031
0.0217
0.1874
2005
$
0.1850
0.5102
0.9662
1.6305
1.4977
0.2055
0.1017
0.0025
0.2982
0.5830
0.1358
0.2288
0.0140
0.0239
0.1408
0.0001
0.0242
0.0006
0.0041
0.0274
0.1972
2004
TABLE 4
(2) The College is subject to two property tax caps in Illinois whereby the increase in the levy from year to year is limited to the lesser of 5% or the Consumer Price Index for the State as determined
by the Illinois Department of Revenue, and individual rates are limited by maximum rates established by Illinois Compiled Statutes.
Notes:
(1) The direct tax rates reported for the College are those of DuPage County, as it comprises approximately 90% of College of DuPage District 502.
Data Sources:
College of DuPage property tax records.
DuPage County property tax records as of November, 2013.
Overlapping Rates
County
Cities and Villages
High Schools
Unit District
Grade Schools
Junior Colleges
Townships
Sanitary District
Park Districts
Library
Forest Preserve
Fire Protection
Service Areas
Other Special Districts
College of DuPage (1) (2)
Educational Purposes
Audit
Operations and Maintenance
Liability Protection and
Social Security and Medicare
Bond and Interest
Total
Levy Year
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN LEVY YEARS
REVENUE CAPACITY
TABLE 5
REVENUE CAPACITY
PRINCIPAL PROPERTY TAXPAYERS CURRENT LEVY YEAR AND NINE YEARS AGO
2013 Levy Year
Taxpayer (a)
Assessed
Value (a)
(000s)
Type of Business
Prologis, Inc.
Commercial Property
Hamilton Partners, Inc.
$
Rank
2004 Levy Year
Percentage
of Total
District 502
Assessed
Valuation (b)
144,960
1
0.39%
Commercial Development
116,545
2
0.32%
Oakbrook Shopping Center
Shopping Center Property
91,140
3
Wells Real Estate Funds
Commercial Development
57,750
AMLI
Commercial Property
Arden Realty, Inc.
Assessed
Value (a)
(000s)
-
0.00%
150,772
1
0.42%
0.25%
-
-
0.00%
4
0.16%
-
-
0.00%
51,011
5
0.14%
-
-
0.00%
Commercial Property
50,088
6
0.14%
-
-
0.00%
Friedkin Realty Group
Commercial Property
49,586
7
0.13%
-
-
0.00%
Ryan, LLC
Financial Services
47,243
8
0.13%
-
-
0.00%
UBS Realty Investors, Inc.
Commercial Property
38,729
9
0.11%
-
-
0.00%
Navistar, Inc.
Manufacturer
38,452
10
0.10%
-
-
0.00%
Katten Muchin & Zavis
Shopping Center Property
-
-
0.00%
90,450
2
0.25%
Lucent Industries
Communications Research & Development
-
-
0.00%
82,304
3
0.23%
Trammell Crow Co.
Commercial Development
-
-
0.00%
72,236
4
0.20%
Dugan/Office LLC
Commercial Property
-
-
0.00%
57,973
5
0.16%
Centerpoint Properties
Property Development
-
-
0.00%
54,284
6
0.15%
Yorktown Joint Venture
Commercial Property
-
-
0.00%
49,077
7
0.14%
Commonwealth Edison
Utility
-
-
0.00%
47,183
8
0.13%
CNC
Commercial Property
-
-
0.00%
44,626
9
0.13%
McDonald's Corporation
Food Service
-
-
0.00%
42,541
10
0.12%
Total Assessed Value for Top 10 Businesses $
685,504
Equalized Assessed Value of District $
1.863%
36,804,412,816
Data Sources:
(a) DuPage County CAFR dated November 30, 2013; approximately 90% of College of DuPage District 502 lies in DuPage County.
(b) Assessed evaluation percentage is calculated by taking the assessed value of the taxpayers by total EAV of the District.
92
$
Rank
$
$
-
Percentage
of Total
District 502
Assessed
Valuation (b)
691,446
35,549,604,475
1.945%
93
41,586,227,017
38,691,586,701
35,549,604,475
2006
2005
2004
0.1990
0.1897
0.1951
0.1897
0.1882
0.2127
0.2315
0.2456
0.2648
0.2955
$
70,659,994
72,482,147
80,554,296
85,075,829
89,022,240
101,210,205
105,572,929
104,753,164
104,007,287
109,567,598
Taxes
Extended (2)
$
70,339,749
72,949,394
80,589,837
84,321,741
88,709,509
100,730,651
105,043,268
104,299,003
$
70,339,749
72,949,394
80,580,310
84,321,476
88,697,183
100,719,744
105,024,364
104,327,564
103,193,442
53,432,671
Total
Collected
Through
June 30, 2014 (4)
99.55%
100.64%
100.03%
99.11%
99.63%
99.52%
99.48%
99.59%
99.22%
48.77%
Percent of
Taxes
Extended
Collected
Through
June 30, 2014
1.90%
3.30%
3.40%
2.50%
4.10%
0.10%
2.70%
3.00%
1.70%
1.50%
Tax
Cap
Limit (5)
TABLE 6
(5) The College is subject to two property tax caps in Illinois whereby the increase in the levy from year-to-year is limited to the lesser of 5%, or the consumer price index for the state
as determined by the Illinois Department of Revenue, and individual rates are limited by maximum rates by Illinois Compiled Statutes.
(4) Taxes are generally due on June 1st and September 1st of the calendar year subsequent to the levy year.
(3) The column represents total cash collection during the fiscal year and not the total revenue recognized during the fiscal year.
(2) Taxes extended represent the total final extensions for DuPage, Cook and Will Counties.
-
-
(9,527)
(265)
(12,326)
(10,907)
(18,904)
28,561
53,106,340
53,432,671
Collected
During
Year Ended
June 30, 2014 (3)
- $
50,087,102
Total
Collected
Through
June 30, 2013
(1) The direct tax rates reported for the College are those of DuPage, Cook and Will Counties.
Notes:
Data Sources:
College of DuPage property tax records.
DuPage County property tax Records as of end of November.
44,727,271,771
47,883,147,236
2009
2007
45,371,787,099
2010
47,797,629,872
42,017,143,168
2011
2008
38,763,381,046
2012
36,804,412,816
2013
$
Assessed
Valuation
Levy
Year
Direct
Tax
Rate (1)
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN LEVY YEARS
REVENUE CAPACITY
94
15,393
15,175
15,902
16,036
14,913
14,601
14,431
14,645
17,676
17,661
2013
2012
2011
2010
2009
2008
2007
2006 (1)
2005
2004
30,378
29,852
27,117
26,032
25,768
25,668
27,083
26,722
26,209
26,156
28,627
Headcount
Credit
Courses
4,157
3,880
2,975
2,735
2,593
2,562
736
1,001
877
879
701
Headcount
Noncredit
Courses
$
69.00
75.00
87.00
96.00
103.00
108.00
116.00
129.00
132.00
136.00
140.00
189.00
202.50
243.00
250.00
292.00
296.00
305.00
316.00
319.00
323.00
327.00
$
259.50
271.50
286.00
307.00
305.00
359.00
370.00
386.00
389.00
393.00
397.00
264,915
265,140
219,675
216,465
219,015
223,695
240,540
238,530
227,625
230,895
248,475
Fall Term
Total Student
Credit Hours
10th Day
FTES
TABLE 7
$
39,896,752
44,771,150
46,625,384
49,580,720
53,409,218
62,869,007
62,131,406
70,336,737
70,373,718
78,068,948
83,162,423
$
11,253,904
10,065,853
10,110,830
12,519,709
12,815,622
13,205,703
13,956,074
16,296,420
14,154,098
13,011,000
13,123,092
(2) Tuition and Fee Revenues presented in Table 7 differ from amounts shown on the Statement 2 because this table presents these amounts before adjustments for scholarship allowance.
$
51,150,656
54,837,003
56,736,214
62,100,429
66,224,840
76,074,710
76,087,480
86,633,157
84,527,816
91,079,948
96,285,515
----------------------------- Tuition and Fee Revenues (2) ---------------------------Education Purposes
Auxiliary
and Operations and
Enterprises
Total
Maintenance Purposes
& Other
All
Subfunds
Subfunds
Subfunds
(1) At fall term of fiscal year 2006, the College changed from a quarter system to a semester system. Tuition rates for 2006 are per semester credit hour; tuition rates for all previous years have been adjusted
to semester hour equivalents for comparison purposes.
Notes:
$
-------------- Tuition and Fee Rates (1) -------------Out of State
In District
Out of District
Tuition and
Tuition and
Tuition and
Fees per
Fees per
Fees per
Semester Hour
Semester Hour
Semester Hour
Data Sources: College of DuPage records and Comprehensive Annual Financial Reports.
16,565
2014
Fiscal Year
FTES
Credit
Courses
------ Fall Term 10th Day Enrollment ------
ENROLLMENT, TUITION AND FEE RATES, CREDIT HOURS, AND TUITION AND FEE REVENUES GENERATED LAST TEN FISCAL YEARS
REVENUE CAPACITY
95
140,050,000
144,945,000
150,655,000
2009
2008
2007
$
6,651,652
6,042,863
7,702,474
9,506,741
9,545,832
8,290,546
6,979,601
13,777,907
25,500,225
$
29,080,000
27,900,000
27,210,000
25,975,000
99,670,000
98,320,000
93,875,000
89,000,000
84,320,000
79,525,000
General
Obligation
Alternate
Revenue Source
Bonds (1)
General
Obligation
Bonds
Premiums
(Discounts)
24,026,441
B
A-1
$
373,260
351,952
250,669
241,074
723,029
609,173
492,056
1,177,485
954,419
791,994
General
Obligation
Alternate
Revenue Source
Premiums
(Discounts)
B-1
$
118,009,912
110,589,815
185,818,143
180,667,815
249,988,861
238,249,719
211,086,657
275,935,392
348,879,644
328,283,435
Total
Net
Outstanding
Debt (2)
C
( =A + A-1 + B + B-1 )
(5) Estimated Population figures are compiled by the College of DuPage Research and Planning Office.
(4) Details of the College's outstanding debt can be found in the notes to the financial statements.
(3) Amounts equal net assets restricted for debt service per CAFR Statement of Net Assets.
(2) Details of the College's outstanding debt can be found in the notes to the financial statements.
(1) Balances include current and non-current portions of bond principal outstanding.
Notes:
D
$
9,616,450
9,601,782
14,584,822
19,594,285
23,149,967
23,939,727
22,823,375
20,772,501
19,740,455
16,045,414
Less: Amounts
Available
for Debt
Service (3)
Data Sources: College of DuPage records, Comprehensive Annual Financial Reports, and DuPage County records.
81,905,000
131,030,000
2010
2005
109,740,000
2011
76,295,000
171,980,000
2012
2006
238,105,000
2013
223,940,000
2014
$
General
Obligation
Bonds (1)
Fiscal
Year
Ended
A
$
78,940,202
72,736,081
143,772,652
134,857,456
126,445,865
115,380,819
93,896,226
164,985,406
243,864,770
231,921,027
Net
General
Bonded
Debt (4)
E
( = A + A-1 - D )
$
106,648,813,425
116,074,760,103
124,769,962,116
133,605,244,137
141,726,749,436
143,373,661,827
135,992,734,653
126,051,429,504
116,290,143,138
110,413,238,448
District 502
Estimated
Actual Taxable
Property
Value
F
RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS
DEBT CAPACITY
0.11%
0.10%
0.15%
0.14%
0.18%
0.17%
0.16%
0.22%
0.30%
0.30%
G
(=C/F)
Percentage of
Total Outstanding
Debt to Estimated
Actual Taxable
Property
Value
1,018,743
1,018,743
1,018,743
1,058,023
1,088,000
1,091,387
1,091,387
1,061,506
1,061,506
1,061,506
District
Population (5)
H
$
115.84
108.56
182.40
170.76
229.77
218.30
193.41
259.95
328.66
309.26
Total
Outstanding
Debt
Per
Capita
I
(=C/H)
0.07%
0.06%
0.12%
0.10%
0.09%
0.08%
0.07%
0.13%
0.21%
0.21%
J
(=E/F)
Percentage of
Net General Bonded
Debt to Estimated
Actual Taxable
Property
Value
$
77.49
71.40
141.13
127.46
116.22
105.72
86.03
155.43
229.73
218.48
Net
General
Bonded Debt
Per
Capita
K
(=E/H)
TABLE 8
TABLE 9
DEBT CAPACITY
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
GENERAL OBLIGATION BONDS
JUNE 30, 2014
Percentage of
Debt Applicable
to DuPage
County (2)
Total
Gross Debt
Outstanding
District
County
Forest Preserve
Cities and Villages
Townships
Parks
Fire Protection
Library
Special Service
Grade Schools
High Schools
Unit Schools
Subtotal Overlapping Debt
(3)
College of DuPage - Direct
Total Direct and Overlapping Debt
College's Assessed Valuation
$
283,911,881
226,803,000
9,334,434,052
200,000
1,352,410,469
17,630,000
57,095,000
5,797,025
402,343,077
326,624,414
1,032,918,459
13,040,167,377
223,940,000
100.00%
100.00%
(1)
(1)
DuPage
County
Share
of Debt (1)
$
283,911,881
226,803,000
8.90%
100.00%
28.08%
100.00%
29.08%
95.96%
96.61%
95.94%
56.47%
830,992,157
200,000
379,807,085
17,630,000
16,603,832
5,563,112
388,702,075
313,363,333
583,335,123
3,046,911,598
90.00%
201,546,000
$ 13,264,107,377
$ 36,804,412,816
$ 3,248,457,598
`
Data Sources:
DuPage County Illinois Comprehensive Annual Financial Report dated November 30, 2013, Computation of
Direct and Overlapping Debt, pg. 320, and College of DuPage records.
Notes:
(1)
Data includes City of Chicago, a minor portion of which overlaps into DuPage County.
(2)
Debt percentage applicable to DuPage County is calculated by applying the ratio of assessed value of the
specific district to that portion which is in DuPage County. Percentages have been rounded to the nearest
hundredth.
(3)
Approximately 90% of College of DuPage District 502 lies in DuPage County.
96
TABLE 10
DEBT CAPACITY
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Debt Limit
(Assessed Value X
Fiscal
Assessed
Debt Limit
Year
Value
Rate
2014
$ 36,804,412,816
2.875%
2013
38,763,381,046
2.875%
1,114,447,205
2012
42,017,143,168
2.875%
2011
45,371,787,099
2010
Net Debt
Applicable
(1)
to Debt Limit
Debt Limit Rate)
$
1,058,126,868
$
207,894,586
Legal Debt
Margin
$
Net Debt
Applicable to
Debt Limit as a
Percentage of
Debt Limit (2)
850,232,282
19.65%
218,364,545
896,082,660
19.59%
1,207,992,866
151,207,499
1,056,785,367
12.52%
2.875%
1,304,438,879
86,916,625
1,217,522,254
6.66%
47,883,147,236
2.875%
1,376,640,483
107,090,273
1,269,550,210
7.78%
2009
47,797,629,872
2.875%
1,358,214,682
116,900,033
1,241,314,649
8.61%
2008
44,727,271,771
2.875%
1,285,909,063
125,350,715
1,160,558,348
9.75%
2007
41,586,227,017
2.875%
1,195,604,027
136,070,178
1,059,533,849
11.38%
2006
38,691,586,701
2.875%
1,112,383,118
66,693,218
1,045,689,900
6.00%
2005
35,549,604,475
2.875%
1,022,051,129
72,288,550
949,762,579
7.07%
Data Sources: College of DuPage records, Comprehensive Annual Financial Reports, and DuPage County records.
Notes:
(1)
Balances include current and non-current portions of Series 2007, Series 2011A and Series 2013A bond principal outstanding, less net
assets restricted for debt services. Series 2003B, Series 2006, Series 2009A, Series 2009B and Series 2011B bonds do not count against the
legal debt limitation unless taxes are extended to pay debt service thereon. Details of the College's outstanding debt can be found in the
notes to the financial statements.
(2)
The increase from 2011 is attributable to the decline in assessed valuations in DuPage County and the issuance of $168 million in bonds.
Assessed valuations declined by 5.1% in levy year 2013, after a 7.7% in levy year 2012, 7.4% decrease in levy year 2011 and 5.2% in levy
year 2010. Levy year 2010 was the first year DuPage County experienced a decrease in assessed valuations. In total assessed valuations
declined $11,078,734,420 from levy year 2010, a 23.2% decrease.
97
TABLE 11
DEBT CAPACITY
PLEDGED REVENUE COVERAGE
SERIES 2006 BONDS
SERIES 2009B BONDS
SERIES 2011B BONDS
LAST TEN FISCAL YEARS (1)
Levy
Year
Fiscal Year
Ending June 30
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Restricted
Pledged
Revenues (2)
$
5,727,395
5,628,851
5,284,224
5,584,192
5,143,233
5,297,488
4,770,360
4,572,585
2,309,085
2,560,950
TOTAL DEBT SERVICE
Principal
and Interest
$
8,843,450
8,850,060
8,816,482
8,880,436
4,651,412
2,362,046
2,376,543
2,600,475
2,396,935
2,399,185
$
52,177,024
Coverage
0.65
0.64
0.60
0.63
1.11
2.24
2.01
1.76
0.96
1.07
Data Source: College of DuPage records.
Notes:
(1) Series 2006 General Obligation Bonds (Alternate Revenue Source) were issued
November 1, 2006. Series 2009B General Obligation Bonds (Alternative Revenue
Source) were issued May 4, 2009. Series 2011B General Obligation Bonds (Alternative
Revenue Source) were issued August 10, 2011.
(2) Restricted pledged revenues represent the portion of tuition and fees that are
designated for the payment of debt service in the bond and interest subfund.
(3) Additional information regarding historical tuition and fees can be found in Table 7 Enrollment, Tuition and Fee Rates, Credit Hours, and Tuition and Fee Revenues
Generated.
(4) Details of the College's outstanding debt can be found in the notes to the financial
statements.
(5) Series 2003B and 2009A General Obligation Bonds were retired in 2014.
98
TABLE 12
DEMOGRAPHIC AND ECONOMIC INFORMATION
PERSONAL INCOME PER CAPITA LAST TEN CALENDAR YEARS
Calendar
Year
DuPage County
Total Personal
Income (2009 $) (2)
DuPage County
Population (1)*
2014
957,437
2013
945,863
2012
$
51,455,920,000
DuPage County
Per Capita
Personal
Income (2009 $) (3)
$
DuPage County
Unemployment
Rate (4)
53,743
5.8%
50,283,600,000
53,162
8.6%
934,447
49,212,390,000
52,665
7.9%
2011
923,222
48,348,250,000
52,369
9.0%
2010
917,942
47,675,390,000
51,937
8.9%
2009
912,732
47,524,560,000
52,068
6.4%
2008
909,798
52,503,340,000
57,709
5.0%
2007
907,426
52,115,850,000
57,433
3.8%
2006
908,685
52,109,580,000
57,346
3.4%
2005
911,378
49,586,710,000
54,409
4.7%
Data Sources:
(1) Population figures are provided by Woods & Poole Economics, Inc., 2014, Washington, D.C., Copyright 2014.
(2) DuPage County Total Personal Income figures are provided by Woods & Poole Economics, Inc., 2014, Washington,
D.C., Copyright 2014, and are based on 2009 dollars using the Consumer Price Index.
(3) DuPage County Per Capita Personal Income figures are provided by Woods & Poole Economics, Inc., 2014,
Washington, D.C., Copyright 2014, and are based on 2009 dollars using the Consumer Price Index.
(4) DuPage County unemployment data was provided by the Illinois Department of Employment Security (IDES), Local
Area Unemployment Statistics (LAUS). The 2014 rate is year-to-date, as of 6/30/14.
Note: Approximately 90% of College of DuPage District 502 lies in DuPage County.
*Population estimates for previous years were revised by Woods & Poole Economics, Inc., in the 2014 report.
99
100
Total
Total number of jobs
in DuPage County
City
Naperville
Lemont
Glen Ellyn
Warrenville
Wheaton
Warrenville
Downers Grove
Lisle
Naperville
Oak Brook
723,416
30,182
Number of
Jobs
7,700
3,350
3,000
2,965
2,899
2,723
2,500
2,045
1,500
1,500
Rank
1
2
3
4
5
6
7
8
9
10
4.17%
Percent of
Total
DuPage County
Employment
1.06%
0.46%
0.41%
0.41%
0.40%
0.38%
0.35%
0.28%
0.21%
0.21%
Employer
BP America, Inc.
Lucent Technologies, Inc.
Edward Hospital
Central DuPage Hospital
Elmhurst Memorial Hospital
DuPage County
Argonne National Lab
McDonald's Corporation
College of DuPage
Advocate Health Care
Total
Notes:
(1) Approximately 90% of College of DuPage District 502 lies in DuPage County.
(2) The total number of jobs in DuPage County as of November 30, 2013, is compiled from data from the Bureau of Economic Analysis (BEA).
(3) Employer statistics for 2002-2005 are not available. Information from 2006 is being presented.
Data Sources:
Primary Employers, DuPage County CAFR dated November 30, 2013
Primary Employers, DuPage County CAFR dated November 30, 2006
Employer
Edward Hospital
Argonne National Lab
College of DuPage
Navistar, Inc.
DuPage County
BP America, Inc.
Advocate Health Care
Molex Incorporated
Alcatel-Lucent
McDonald's Corporation
2013
PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO
DEMOGRAPHIC AND ECONOMIC INFORMATION
Total number of jobs
in DuPage County
City
Warrenville
Naperville
Naperville
Winfield
Elmhurst
Wheaton
Lemont
Oak Brook
Glen Ellyn
Downers Grove
2006
719,575
34,771
Number of
Jobs
4,999
4,600
4,247
4,000
3,156
2,944
2,900
2,800
2,600
2,525
Rank
1
2
3
4
5
6
7
8
9
10
4.83%
Percent of
Total
DuPage County
Employment
0.69%
0.64%
0.59%
0.56%
0.44%
0.41%
0.40%
0.39%
0.36%
0.35%
TABLE 13
101
*
*
*
*
*
Credit
28,627
26,156
26,209
26,722
27,083
25,668
25,768
26,032
27,117
29,852
Total
29,328
27,035
27,086
27,723
27,819
28,230
28,361
28,767
30,092
33,732
Fall Enrollment
Headcount
Non-Credit
701
879
877
1,001
736
2,562
2,593
2,735
2,975
3,880
FTE
16,565
15,397
15,175
15,902
16,036
14,913
14,601
14,431
14,646
17,676
Gender
M
F
46% 52%
47% 52%
47% 53%
47% 53%
46% 54%
45% 55%
45% 55%
45% 55%
45% 55%
43% 57%
Attendance
FT
PT
35% 65%
37% 63%
36% 64%
39% 61%
39% 61%
38% 62%
36% 64%
34% 66%
32% 68%
36% 64%
Cont
49%
53%
53%
49%
47%
56%
56%
52%
51%
50%
Enrollment Status *
New Transfer Readmit
22%
5%
10%
22%
4%
11%
20%
5%
11%
21%
6%
12%
21%
3%
21%
17%
7%
15%
16%
8%
15%
17%
7%
18%
19%
5%
20%
18%
6%
20%
Other
13%
10%
11%
12%
11%
5%
5%
5%
5%
6%
In-District
Residency
85%
90%
90%
90%
91%
90%
90%
90%
90%
89%
Legend:
FTE (Full-Time Equivalent), M (Male), F (Female), FT (Full-Time), PT (Part-Time), Cont (Continuing Student)
* - Starting in 2009 both pre-college enrollees and college degree holders were classified as "Other." In prior years, pre-college was classified as "Other"
and college degree holders were distributed throughout the remaining categories.
Data Source: Fall 10th Day Reports, College of DuPage Office of Research; for Fall 2013, Enrollment Status, Residency, Mean & Median Age are
from ICCB E1 Submission; for prior years Enrollment Status, Residency, and age statistics were derived from MIS 7005 reports.
Note -The above statistics reflect tenth day total enrollment (credit) for Fall terms of year listed.
The College operates on a fiscal year starting July 1 and ending June 30.
Year
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
Calendar
STUDENT ENROLLMENT DEMOGRAPHIC STATISTICS BY CATEGORY
LAST TEN FISCAL YEARS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Mean
Age
27
28
28
28
28
29
30
30
28
31
Median
Age
22
23
23
23
23
23
23
24
22
24
TABLE 14
102
301,080
48,411
49,086
29,716
38,771
30,365
497,429
Baccalaureate
Business Occupational
Technical Occupational
Health Occupational
Remedial Developmental
Adult Basic/Secondary
Education
Total Credit Hours
482,331
31,615
33,838
29,449
44,629
46,789
296,011
2013
465,067
28,271
32,623
28,169
43,252
43,914
288,838
2012
475,595
36,664
33,681
28,849
43,077
41,319
292,005
2011*
504,468
46,975
35,475
29,590
45,003
43,601
303,824
472,827
44,805
38,252
27,563
42,065
39,235
280,907
Semester Credit Hours
2010
2009
454,493
41,354
38,439
27,322
40,415
38,319
268,645
2008
*Note : FY2011 figures revised in FY2012
Data Source: College reports for all semesters of Certified Reimbursable Credit Hours submitted to the Illinois Community College Board.
2014
Funding Category
STUDENT ENROLLMENT SEMESTER CREDIT HOURS
LAST TEN FISCAL YEARS
DEMOGRAPHIC AND ECONOMIC INFORMATION
449,944
43,744
37,676
26,699
40,471
37,923
263,431
2007
449,860
43,628
38,645
26,132
40,151
34,014
267,290
2006
500,041
37,777
34,442
26,181
50,487
38,720
312,434
2005
TABLE 15
103
18.68
56.87
80.27
80.27
56.45
53.22
51.42
56.23
46.37
58.71
ABE/ASE (1)
$
57.49
$
33.63
39.23
39.23
39.24
33.04
32.87
31.97
31.20
31.52
Average
31.97
Data Source: College Records.
In FY2013, the State implemented a loss limit on the Base Operating Grant, following FY2012 in which rates were frozen.
94.88
9.51
9.51
14.40
16.57
16.01
15.78
13.82
7.03
Remedial
$
9.66
(3)
59.26
27.90
101.94
101.94
90.56
100.59
97.19
91.58
89.33
58.91
Health
$
54.87
The State of Illinois did not publish credit hour grant rates for FY2012. The College received the same credit hour grant reward as in FY2011.
49.45
49.45
55.39
63.81
61.65
59.36
61.05
30.96
46.98
46.98
29.96
23.78
22.98
23.62
27.02
34.96
Technical
$
31.80
(2)
13.13
13.13
19.41
19.26
18.61
19.06
19.31
Hold harmless funding
21.72
Hold harmless funding
21.26
Business
$
35.66
Adult Basic Education / Adult Secondary Education.
(2)
2012
2011
2010
2009
2008
2007
2006
2006
2005
2005
Baccalaureate
$
21.98
State
(1)
(3)
2013
Year
2014
Fiscal
-5.27%
0.00%
-0.03%
18.77%
0.52%
2.82%
2.47%
-7.23%
-19.65%
(Decrease)
1.43%
State
Average
Annual
Percentage
Increase
STATE CREDIT HOUR GRANT FUNDING PER SEMESTER CREDIT HOUR BY INSTRUCTIONAL CATEGORY
LAST TEN FISCAL YEARS
DEMOGRAPHIC AND ECONOMIC INFORMATION
$
28.91
29.34
29.52
29.12
28.14
28.38
28.99
0.87
30.95
0.98
27.24
Average
27.45
College of
DuPage
-6.53%
-6.48%
-1.47%
-0.61%
1.37%
3.48%
-0.85%
-2.10%
-5.78%
(Decrease)
0.77%
College of
DuPage
Average
Annual
Percentage
Increase
TABLE 16
104
21
21
252
834
1,086
120
120
21
21
260
871
1,131
105
1
106
20
20
262
907
1,169
100
4
104
412
323
735
45
735
104
1,169
20
217
2,290
2,290
2012
23
23
265
800
1,065
-
481
304
785
44
785
1,065
23
212
2,129
2,129
2011
20
20
268
767
1,035
-
503
313
816
45
816
1,035
20
260
2,176
2,176
2010
26
26
284
716
1,000
-
530
327
857
56
857
1,000
26
274
2,213
2,213
2009
25
25
290
687
977
-
490
354
844
46
844
977
25
290
2,182
2,182
2008
26
26
288
665
953
-
533
340
873
48
873
953
26
289
2,189
2,189
2007
27
27
292
762
1,054
-
558
367
925
52
925
1,054
27
274
2,332
2,332
2006
24
24
315
824
1,139
Notes:
(1) The student counts do not include students that are part of the Federal Work Study Program.
(2) All counts are based on Headcounts.
(3) Managerial group was created in FY2012. In previous years the managers were reported with the Classified staff.
-
591
373
964
49
964
1,139
24
213
2,389
2,389
2005
Data Source: College records, which represents the June Employee Submission Report, for total employee headcount, as of June 30th, submitted to the Labor Department by Human Resources.
The FY2014 information represents the employee headcount as of June 30, 2014, however, the College submitted the June 15, 2014 employee headcount to the Labor Department.
Professionals Full-Time
Professionals Part-Time
Total
Faculty Full-Time
Faculty Part-Time
Total
Managerial Full-Time
Managerial Part-Time
Total
411
277
688
Classification Broken From Part to Full Time
Classified Full-Time
419
Classified Part-Time
313
Total
732
2,199
47
688
106
1,131
21
206
2,199
2,234
2013
46
732
120
1,086
21
229
2,234
Classification
Administrators
Classified
Managerial
Faculty
Professionals
Students
Total
TOTAL HEADCOUNT
2014
EMPLOYEE HEADCOUNT AND CLASSIFICATION LAST TEN FISCAL YEARS
OPERATING INFORMATION
TABLE 17
TABLE 18
OPERATING INFORMATION
OPERATING INDICATORS LAST TEN FISCAL YEARS
2014
2013
2012
2011
2010
2009
2008
2007
2006*
2005
565,005
544,320
530,976
549,755
561,330
521,882
508,998
508,062
555,311
569,100
Annual FTES (Credit) (1)
37,667
36,288
35,398
36,650
37,422
34,792
33,933
33,871
37,021
37,940
Annual Credit Head Count (2)
72,904
70,730
70,575
71,467
73,730
70,436
69,425
69,556
71,459
75,681
3,253
3,566
4,167
4,871
4,049
8,783
13,089
14,150
14,218
12,880
28,627
701
29,328
26,156
879
27,035
26,209
877
27,086
26,722
1,001
27,723
27,083
736
27,819
25,668
2,562
28,230
25,768
2,593
28,361
26,032
2,735
28,767
27,117
2,975
30,092
29,852
3,880
33,732
Seat Count (Credit)
Seat Count (Non-credit)
76,674
719
70,838
1,068
69,881
1,046
73,065
1,175
73,661
900
68,636
3,516
67,067
3,704
66,504
2,894
67,667
4,483
64,523
5,764
FTES (Credit)
16,565
15,397
15,175
15,902
16,036
14,913
14,601
14,431
14,646
17,676
9,908
18,719
28,627
9,628
16,528
26,156
9,465
16,744
26,209
10,331
16,391
26,722
10,591
16,492
27,083
9,882
15,786
25,668
9,382
16,386
25,768
8,909
17,123
26,032
8,784
18,333
27,117
10,657
19,195
29,852
Male
Female
Unreported
13,063
14,873
691
28,627
12,293
13,650
213
26,156
11,964
13,516
729
26,209
12,390
14,148
184
26,722
12,430
14,622
31
27,083
11,648
14,020
25,668
11,518
14,250
25,768
11,814
14,218
26,032
12,165
14,952
27,117
12,924
16,928
29,852
American Indian/Alaskan
Asian or Pacific Islander
Black, Non-Hispanic
Hispanic
White, Non-Hispanic
Other/Unknown
Unreported
75
2,832
2,233
5,616
16,076
1,795
51
2,535
2,105
4,654
15,227
1,584
28,627
26,156
70
2,353
1,869
3,013
15,546
1,050
2,308
26,209
62
2,503
1,813
2,982
16,060
723
2,579
26,722
75
2,681
1,725
3,179
16,260
631
2,532
27,083
74
2,908
1,655
3,813
16,884
334
25,668
81
2,871
1,597
3,753
17,164
302
25,768
76
3,037
1,539
3,683
17,387
310
26,032
73
3,216
1,563
3,780
18,191
294
27,117
84
3,475
1,579
3,513
20,855
346
29,852
2,184
2,485
2,840
3,231
3,150
3,986
4,150
4,428
4,952
6,043
5,693
14,108
1,272
3,477
27,035
5,788
13,577
1,504
3,377
27,086
5,931
13,416
1,893
3,252
27,723
5,936
13,003
3,005
2,725
27,819
6,487
14,064
2,403
1,290
28,230
6,742
13,808
2,631
1,030
28,361
6,750
13,752
2,704
1,133
28,767
7,074
14,270
2,680
1,116
30,092
7,788
15,686
2,670
1,545
33,732
91%
92%
92%
95%
94%
94%
93%
96%
Annual Credit Hour Enrollment (Credit) (1)
Annual Non-credit Head Count (3)
Fall 10th Day (4)
Head Count (Credit)
Head Count (Non-credit)
Credit Students Only Head Count (4)
Full-Time
Part-Time
Prior Education (5)
Bachelors Degree or Higher
Some College through
Certificate and Associates Degree
HS/GED
< HS
Unknown
Within-Term Retention, Fall (6)
5,721
14,826
1,181
5,416
29,328 **
N/A
91%
N/A - Information not available at time of printing.
* The College of DuPage changed from quarters to semesters in Fall 2005.
** Starting in FY2014, the College stopped tracking non-credit headcount for prior education. The non-credit headcount is shown in Unknown.
Data Source: College records
Notes:
(1) 2005 annual credit hour enrollment and full-time equivalency counts were converted to semester hours by multiplying by 2/3.
(2) Credit headcount--Fall, Spring, and Summer terms based on tenth day reports. The 2005 Winter Quarter omitted for comparability.
(3) Non-credit headcount--Fall, Spring, and Summer terms based on tenth day reports. The 2005 Winter Quarter omitted for comparability.
(4) Data represents the Fall 10th Day Reports. For FY2005, the data represents the Fall quarter.
(5) Total Headcount, Fall 10th Day thru 2012; credit headcount.
(6) Within-Term retention based on percentage of Full-Time Equivalent of credit students at Midterm.
105
106
7,941*
Total Number of Parking Spaces
8,080*
155
17
3
3
1,957,565
55,157
27,525
283.92
11.53
2013
6,142*
154
16
3
7
1,968,255
54,661
93,389
283.92
11.53
2012
Notes:
(1) All figures are as of June 30th each year.
(2) FY2010 - FY2013 figures revised in FY2014 based on campus maps provided by Facilities.
N/A - Information for noted categories is not available.
Data Source: Research and Analytics department, College records
*Approximate and subject to change due to ongoing construction.
155
13
3
2
1,787,159
55,157
18,025
283.92
11.53
Total Number of Computer Labs
Total Number of Buildings - Owned Main Campus (2)
Total Number of Buildings - Owned Off Campus
Total Number of Buildings - Leased On/Off Campus
Gross Square Feet - Owned Main Campus
Gross Square Feet - Owned Off Campus
Gross Square Feet - Leased On/Off Campus
Total Acreage - Main Campus
Total Acreage - Regional Sites
2014
7,000*
150
16
3
8
1,752,621
55,157
74,501
283.92
11.53
2011
6,142*
150
13
3
6
1,778,642
55,157
64,881
283.92
11.53
2010
CAPITAL ASSET STATISTICS LAST TEN FISCAL YEARS
OPERATING INFORMATION
7,000
150
15
3
6
1,373,929
55,157
37,363
283.92
11.53
2009
7,000
140
15
3
6
1,358,343
55,157
34,520
283.92
11.53
2008
7,000
140
14
3
6
1,352,960
55,157
34,520
283.92
11.53
2007
7,237
140
9
7
N/A
1,292,419
55,157
20,812
283.92
11.53
2006
7,237
140
9
7
N/A
1,361,000
N/A
N/A
283.92
11.53
2005
TABLE 19
IV. SPECIAL REPORTS
Philosophy
“College of DuPage believes in the power of teaching and learning…is
committed to excellence…values diversity…promotes participation in
planning and decision making…the needs of our students and
communities are central to all we do.”
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2014
Supplemental Financial Information
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2014
The following special reports are required by the Illinois
Community College Board (ICCB).
107
70,968,094
8,315,791
13,064,145
1,213,764
6,266,993
11,538,602
15,608,641
10,463,757
137,439,787
Expenditures
Instruction
Academic support
Student services
Public service
Auxiliary services
Operations and maintenance
General administration
General institutional
Scholarship expense
Total Expenditures
$
41,697,426 $
$
769,105
25,668,496
2,555,115
2,405,702
821,495
5,782,312
93,457,204
57,542,090
57,542,090
$
$
9,862,407
3,530,033
13,392,440
11,568,382
17,598
2,748,910
155,013
14,489,903
23,801,928
Operations
and
Maintenance
Subfunds
(Restricted)
$
16,045,414 $
34,326,018
34,326,018
1,024,302
5,727,395
82,630
30,630,977
23,796,650
19,740,455
Bond &
Interest
Subfund
$
(589,605)
8,675,281 $
8,051,334
213,309
590,980
8,855,623
4,885,066
4,445,035
9,330,101
8,790,408
Auxiliary
Enterprises
Subfunds
$
321,794 $
22,805,206
1,886,516
3,070,861
1,605,432
1,206,064
2,345,397
2,545,363
3,160,433
30,992,995
69,618,267
1,284,397
37,680,084
30,087,033
104,929
215,281
69,371,724
568,337
Restricted
Purposes
Subfunds
(492,305)
(124,189)
(116,786)
(32,121)
716,971
(115,897)
(342,344)
(58,904,308)
(30,364,120)
(89,775,099)
(1,023,524)
(30,366,799)
(146,147)
(31,536,470)
$ 150,960,071
GASB
34-35
Adjustments
93,280,995
10,078,118
16,018,220
2,787,075
9,974,369
18,358,900
13,961,081
55,853,887
11,092,632
231,405,277
106,110,511
1,544,222
754,539
14,437,242
40,252,797
31,111,335
65,918,716
7,780,117
267,909,479
$ 407,872,257
Total
8,321,799 $ 209,198,700 $ 444,376,459
6,151
6,151
44,108
44,108
8,283,842
Working
Cash
Subfund
Notes:
1. Revenues and expenditures in the Restricted Purposes Subfund include State on-behalf contributions to SURS of $34,184,836.
2. The Audit and Liability Protection & Settlement Subfunds have been excluded from this exhibit. The activity for these subfunds were consolidated into the Education Purposes Subfund in FY2011.
(179,500)
$ 134,447,549 $
70,745,479
1,544,222
754,539
14,176,369
80,413,513
2,162,702
169,796,824
Revenues
Local tax revenue
CPPRT
All other local revenue
ICCB grants
All other state revenue
Federal revenue
Student tuition and fees
All other revenue
Total Revenues
Net Transfers
Net Position June 30, 2014
$ 102,270,012
Net Position July 1, 2013
Education
Purposes
Operations
and
Maintenance
Purposes
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
ALL SUBFUNDS SUMMARY
FOR THE YEAR ENDED JUNE 30, 2014
EXHIBIT 1
EXHIBIT 2
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
SUMMARY OF CAPITAL ASSETS AND LONG-TERM DEBT
FOR THE YEAR ENDED JUNE 30, 2014
Capital Assets/
Long Term Debt
July 1, 2013
Capital Assets
Cost
Land
$
4,786,881 $
Land Improvements
62,404,512
Buildings
257,078,704
Building Improvements
178,128,711
Equipment
50,298,869
Construction in Progress
92,428,808
Total Cost
645,126,485
Accumulated Depreciation
Land Improvements
(11,991,214)
Buildings
(57,736,145)
Building Improvements
(33,771,707)
Equipment
(35,048,640)
Total Accumulated Depreciation
(138,547,706)
Net Capital Assets
$ 506,578,779 $
Long Term Debt
Bonds Payable
Less Current Portion
Other Long Term Debt
Total Long Term Debt
$
$
348,879,644 $
(18,960,000)
329,919,644
7,197,372
337,117,016 $
Additions
1,455,810
58,923,580
60,379,390
Deletions
$
6,046,137
2,621,748
772,150
9,440,035
Capital Assets/
Long Term Debt
June 30, 2014
Transfers
$
- $
631,205
9,847,005
102,502,252
4,416,672
(117,397,134)
-
4,786,881
63,035,717
260,879,572
278,009,215
55,399,201
33,955,254
696,065,840
(5,922,668)
(5,194,062)
(8,890,533)
(4,064,154)
(24,071,417)
36,307,973 $
(6,046,137)
(2,602,762)
(725,047)
(9,373,946)
66,089 $
-
(17,913,882)
(56,884,070)
(40,059,478)
(38,387,747)
(153,245,177)
$ 542,820,663
- $
(20,005,000)
(20,005,000)
2,769,303
(17,235,697) $
20,596,210 $
(18,960,000)
1,636,210
6,352,416
7,988,626 $
-
$
108
$
328,283,434
(20,005,000)
308,278,434
3,614,259
311,892,693
EXHIBIT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OPERATING SUBFUNDS REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2014
(Page 1 of 2)
Operating Revenues By Source
Local government
Local taxes
Chargeback revenue
Corporate personal property replacement tax
Total local government
State government
Illinois Community College Board
ICCB-Career and Technical Education
Other State Grants
Total state government:
Federal government
Other
Total federal government
Student tuition and fees
Tuition
Fees
Total student tuition and fees
Other Sources
Facilities Revenue
Investment revenue
Other
Transfers from non-operating subfunds
Total other sources
Total Revenue and Transfers
Less: non-operating items
Chargeback revenue
Transfers from non-operating subfunds
Adjusted Revenue
Operations
and
Maintenance
Purposes
Education
Purposes
$
70,745,479
754,539
1,544,222
73,044,240
11,568,382
11,568,382
$
82,313,861
754,539
1,544,222
84,612,622
13,242,154
934,215
14,176,369
17,598
17,598
13,242,154
934,215
17,598
14,193,967
-
-
-
75,115,992
5,297,521
80,413,513
2,748,910
2,748,910
77,864,902
5,297,521
83,162,423
1,155,246
1,007,456
2,162,702
169,796,824
101,508
53,505
769,105
924,118
15,259,008
1,256,754
1,060,961
769,105
3,086,820
185,055,832
(754,539)
$ 169,042,285
109
$
Total
$
(769,105)
14,489,903
(754,539)
(769,105)
$ 183,532,188
EXHIBIT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OPERATING SUBFUNDS REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2014
(CONTINUED)
(Page 2 of 2)
Operating Expenditures By Program
Instruction
Academic support
Student services
Public service
Operations and maintenance of plant
General administration
General institutional
Scholarships, student grants, and waivers
Transfers
Total Operating Expenditures and Transfers By Program
Less non-operating items
Tuition chargeback
Transfers to non-operating subfunds
Adjusted Expenditures and Transfers
By Object
Salaries
Employee benefits
Contractual services
General materials and supplies
Library materials*
Conference and meeting
Fixed charges
Utilities
Capital outlay
Other
Student grants and scholarships*
Transfers
Total Expenditures and Transfers
Less non-operating items
Tuition chargeback
Transfers to non-operating subfunds
Adjusted Expenditures and Transfers
Operations
and
Maintenance
Purposes
Education
Purposes
$
70,968,094
8,315,791
13,064,145
1,213,764
6,266,993
11,538,602
15,608,641
10,463,757
179,500
137,619,287
$
(107,822)
(179,500)
$ 137,331,965
$
$
$
94,092,648
15,044,575
7,349,935
5,505,703
795,402
1,174,421
1,193,657
79,936
1,633,544
11,365,368
10,463,757
179,500
137,619,287
(107,822)
(179,500)
$ 137,331,965
$
Total
9,862,407
3,530,033
13,392,440
$
70,968,094
8,315,791
13,064,145
1,213,764
16,129,400
11,538,602
19,138,674
10,463,757
179,500
151,011,727
13,392,440
(107,822)
(179,500)
$ 150,724,405
3,081,581
920,261
1,859,541
510,017
6,677
635,198
4,350,734
2,025,539
2,892
13,392,440
$
13,392,440
(107,822)
(179,500)
$ 150,724,405
97,174,229
15,964,836
9,209,476
6,015,720
795,402
1,181,098
1,828,855
4,430,670
3,659,083
11,368,260
10,463,757
179,500
151,011,727
* Per ICCB reporting requirements, Library Materials and Student Grants and Scholarships of $795,402 and
$10,463,757, respectively, are included in this exhibit as memo only figures and are not added into the total
expenditures amount.
110
EXHIBIT 4
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RESTRICTED PURPOSES SUBFUND REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2014
(Page 1 of 2)
Revenue By Source
Local government
Total local government
State government
ICCB - Workforce Development Grants:
Business/Industry Grant
ICCB - State Adult Education and Family Literacy Restricted Funds
ICCB - Career and Technical Education - Program Improvement Grant
ICCB - Career and Technical Education - Innovation Grant
ISAC
Financial aid
Other grants
Total state government
Federal government
Department of Education
College work study grants
Pell grants
Supplemental Educational Opportunity Grants
Perkins
Adult Education
English Literacy and Civics
Department of Labor
Other
Total Federal government
Other sources
Tuition and fees
Other
Total other sources
$
1,207,928
68,946
2,976,295
207,418
34,503,894
38,964,481
218,269
25,502,661
546,131
533,289
674,777
48,007
222,271
2,341,628
30,087,033
104,929
215,281
320,210
Transfers - Net
-
Total Restricted Purposes Fund Revenues
$
111
69,371,724
EXHIBIT 4
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RESTRICTED PURPOSES SUBFUND REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2014
(CONTINUED)
(Page 2 of 2)
Expenditures By Program
Instruction
Academic support
Student services
Public service
Operations and maintenance
General administration
General institutional
Scholarships, student grants, and waivers
Total Expenditures By Program
Expenditures By Object
Salaries
Employee benefits
Contractual services
General materials and supplies
Conference and meeting
Fixed charges
Capital outlay
Scholarships, student grants, and waivers
Other
Total Expenditures By Object
$
$
$
$
22,805,206
1,886,516
3,070,861
1,605,432
2,345,397
3,751,427
3,160,433
30,992,995
69,618,267
2,416,893
34,553,495
802,166
221,637
155,975
1,716
232,869
30,992,995
240,521
69,618,267
*Revenues and expenditures in the Restricted Purposes Subfund include State on-behalf
contributions to SURS of $34,184,836.
112
EXHIBIT 5
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CURRENT SUBFUNDS* EXPENDITURES BY ACTIVITY
FOR THE YEAR ENDED JUNE 30, 2014
Instruction
Instructional programs
Total instruction
Public Service
Academic Support
Library
Other academic support
Total academic support
Student Services Support
Admissions and records
Counseling and career services
Financial aid administration
Other student services support
Total student services support
Operations and Maintenance of Plant
O & M administration
Custodial services
Building maintenance
Grounds maintenance
Plant utilities
Security
Transportation
Other O & M
Total operations and maintenance of plant
General Administration
Executive office
Business office
General administrative services
Community relations
Other general administration
Total general administration
Institutional Support
Board of trustees
General institutional support
Data processing
Total institutional support
Scholarships, Student Grants And Waivers
Auxiliary Services
Total Current Funds Expenditures
$
93,773,300
93,773,300
2,819,196
4,885,627
5,316,680
10,202,307
3,885,814
3,877,238
1,290,936
7,081,018
16,135,006
1,044,806
3,667,270
3,709,762
955,207
4,529,044
2,083,239
140,072
2,345,397
18,474,797
1,041,924
4,654,255
1,468,753
1,218,952
5,913,390
14,297,274
$
93,131
10,463,863
12,333,093
22,890,087
41,456,752
9,257,398
229,306,117
* Current Subfunds include the Education; Operations and Maintenance; Auxiliary
Enterprises; Restricted Purposes; Audit; Liability, Protection and Settlement subfunds.
** Revenues and expenditures in the Restricted Purposes Subfund include State onbehalf contributions to SURS of $34,184,836.
113
114
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2014
Other Supplemental Financial Information
EXHIBIT A
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
COMBINING SCHEDULE OF REVENUES, EXPENSES, AND
CHANGES IN SUBFUND BALANCES ALL SUBFUNDS AND ACCOUNT GROUPS
FOR THE YEAR ENDED JUNE 30, 2014
Education
Subfund
Revenues
Local government sources:
Real estate taxes
Corporate personal property replacement tax
Chargeback revenue
Total Local government sources
State government sources:
ICCB base operating grant
ICCB Career and Technical Education grant
Other grants
Total State government sources
Federal government sources
Student tuition and fees
Sales and service fees
Interest on investments
Other revenue
Rentals
Non government gifts and grants
Indirect cost recoveries
Other
Total Other Revenue
Total revenues
Expenses
Current:
Instruction
Academic support
Student services
Public service
Independent operations
Operation and maintenance of plant
General administration
General institutional
Auxiliary enterprises
Scholarships, student grants & waivers
Depreciation expense
Debt service:
Principal retirement
Interest
Total expenses
Excess (deficiency) of revenues over expenses
Other financing sources (uses)
Gain on disposal of fixed assets
Transfers in
Transfers out
Total other financing sources (uses):
Net change in fund balances
Fund Balances at Beginning of Year
Fund Balances at End of Year
Fund Balance Restricted for:
Future pension obligations
Information technology plan
Capital Development Board 25% Match
Retiree OPEB Liability
New Teaching and Learning Center
Funded depreciation
Total Restricted Fund Balance
Unrestricted
Total Fund Balance
$
$
$
$
70,745,479
1,544,222
754,539
73,044,240
O&M
Subfund
$
Capital Projects
Subfund
11,568,382 $
11,568,382
- $
-
Bond & Interest
Subfund
23,796,650 $
23,796,650
Auxiliary Ent.
Subfund
- $
-
Restricted
Purposes
Subfund
-
13,242,154
934,215
14,176,369
80,413,513
258,149
1,155,246
17,598
17,598
2,748,910
101,508
2,555,115
2,555,115
2,405,702
811,495
1,024,302
5,727,395
82,630
4,885,066
3,017,630
40,628
1,284,397
37,680,084
38,964,481
30,087,033
104,929
4,605
-
21,922
4,298
78,739
607,556
712,515
169,760,032
53,505
53,505
14,489,903
10,000
10,000
5,782,312
30,630,977
381,823
861,173
143,781
1,386,777
9,330,101
210,676
210,676
69,371,724
70,968,094
8,315,791
13,064,145
1,213,764
6,266,993
11,538,602
15,608,641
10,463,757
-
9,862,407
3,530,033
-
57,542,090
-
5,017
-
213,309
590,980
8,051,334
-
22,805,206
1,886,516
3,070,861
1,605,432
10,958
2,345,397
2,534,405
3,160,433
1,206,064
30,992,995
-
137,439,787
32,320,245
13,392,440
1,097,463
57,542,090
(51,759,778)
18,960,000
15,361,001
34,326,018
(3,695,041)
8,855,623
474,478
69,618,267
(246,543)
36,792
(179,500)
(142,708)
32,177,537
102,270,012
134,447,549 $
769,105
769,105
1,866,568
23,801,928
25,668,496
$
(51,759,778)
93,457,204
41,697,426 $
(3,695,041)
19,740,455
16,045,414 $
179,500
(769,105)
(589,605)
(115,127)
8,790,408
8,675,281 $
(246,543)
568,337
321,794
17,000,000
5,000,000
6,250,000
14,000,000
33,000,000
16,000,000
91,250,000
43,197,549
134,447,549
- $
25,668,496
25,668,496 $
- $
41,697,426
41,697,426 $
- $
16,045,414
16,045,414 $
- $
8,675,281
8,675,281 $
321,794
321,794
$
$
1. Revenues and expenses in the Restricted Purposes Subfund include State on-behalf contributions to SURS of $34,184,836
115
Permanent
Subfund
Working Cash
$
$
$
$
- $
-
Capital Assets
Account
Group
-
General
Long-term Debt
Account
Group
$
-
Agency
Subfund
$
GASB
Adjustments
totals
- $
-
106,110,511
1,544,222
754,539
108,409,272
$
Adjusted
Total
- $
-
106,110,511
1,544,222
754,539
108,409,272
44,108
-
-
-
13,242,154
2,218,612
40,252,797
55,713,563
31,111,335
96,285,515
3,280,384
2,235,615
(1,023,524)
(1,023,524)
(30,366,799)
(120,078)
12,218,630
2,218,612
40,252,797
54,690,039
31,111,335
65,918,716
3,160,306
2,235,615
44,108
-
-
-
403,745
1,086,147
78,739
804,842
2,373,473
299,409,157
(28,114)
(1,350)
(29,464)
(31,539,865)
375,631
1,086,147
78,739
803,492
2,344,009
267,869,292
6,151
-
(56,855,167)
24,071,416
(437,312)
(116,323)
(86,629)
(33,046)
(115,897)
(107,130)
(1,124,071)
(81,711)
-
-
93,335,988
10,085,984
16,048,377
2,786,150
224,267
18,358,900
13,972,028
22,457,956
9,175,687
41,456,752
24,071,416
(54,993)
(7,866)
(30,157)
925
(214,344)
(20,870)
(623,598)
798,682
(30,364,120)
-
93,280,995
10,078,118
16,018,220
2,787,075
9,923
18,358,900
13,951,158
21,834,358
9,974,369
11,092,632
24,071,416
6,151
37,957
(3,454,738)
(36,238,489)
36,238,489
(18,960,000)
(1,958,150)
(23,020,269)
23,020,269
-
9,948,113
261,921,618
37,487,539
(30,516,341)
(1,023,524)
9,948,113
231,405,277
36,464,015
37,957
8,283,842
8,321,799 $
3,395
3,395
36,241,884
506,578,779
542,820,663
23,020,269
(356,642,232)
$ (333,621,963) $
-
40,187
948,605
(948,605)
40,187
37,527,726
406,848,733
444,376,459 $
- $
8,321,799
8,321,799 $
542,820,663
542,820,663
$
- $
- $
- $
(333,621,963)
$ (333,621,963) $
$
17,000,000
5,000,000
6,250,000
14,000,000
33,000,000
16,000,000
91,250,000
353,126,459
444,376,459
$
$
116
(1,023,524)
1,023,524
- $
- $
- $
40,187
948,605
(948,605)
40,187
36,504,202
407,872,257
444,376,459
17,000,000
5,000,000
6,250,000
14,000,000
33,000,000
16,000,000
91,250,000
353,126,459
444,376,459
EXHIBIT B
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
SCHEDULE OF AUXILIARY SUBFUNDS
FOR THE YEAR ENDED JUNE 30, 2014
Subfund
Balance
July 1, 2013
General Auxiliary:
Bookstore
Dining services
Campus and Events Scheduling
Total General Auxiliary
$
Student Activities:
Specialized Accounts:
Chaparral Fitness
Continuing Education
Culinary Arts
Field & Exp. Learning
Hospitality Services
Physical Education Facilities
Radio/TV/Audio Sales/Serv.
The Art Center
WDCB Fundraising
Miscellaneous
Total Specialized Accounts
Total Auxiliary
Enterprises Subfund
2,836,291
592,687
402,755
3,831,733
Revenues
$
272,601
1,742,811
159,878
204,846
(1,168,410)
(323,904)
64,703
(681,419)
1,506,175
3,181,394
4,686,074
$
8,790,408
$
1,039,265
209,645
273,512
1,522,422
Operating
Transfers
In (Out)
Expenditures
$
11,919
42,168
437,809
491,896
$
Subfund
Balance
June 30, 2014
(696,121) $
(72,984)
(769,105)
99,631
123,504
-
69,476
3,486,752
128,195
1,107,094
798,760
17,920
682,977
847,110
569,764
7,708,048
104,604
3,583,468
176,477
1,170,162
1,335,607
81,626
1,023,519
590,980
173,780
8,240,223
179,500
179,500
9,330,101
117
$
8,855,623
$
(589,605) $
3,167,516
687,180
238,458
4,093,154
248,728
(35,128)
1,646,095
111,596
141,778
(1,705,257)
(387,610)
64,703
(842,461)
1,762,305
3,577,378
4,333,399
8,675,281
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2014
Debt Service Coverage
Series 2003B Bonds
Series 2006 Bonds
Series 2009A Bonds
Series 2009B Bonds
Series 2011B Bonds
Levy Year
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Fiscal Year
Pledged
Ending June 30
Revenues*
2014
$ 80,413,513
2015
80,413,513
2016
80,413,513
2017
80,413,513
2018
80,413,513
2019
80,413,513
2020
80,413,513
2021
80,413,513
2022
80,413,513
2023
80,413,513
2024
80,413,513
2025
80,413,513
2026
80,413,513
2027
80,413,513
2028
80,413,513
2029
80,413,513
TOTAL DEBT SERVICE
Estimated
Principal and
Interest
$
8,813,150
8,791,650
8,742,625
8,759,625
8,704,606
8,642,950
8,583,533
8,485,040
8,420,790
8,346,720
5,949,670
5,870,875
5,779,263
5,686,863
5,595,388
5,504,288
$ 120,677,036
* Consists of actual student tuition and fees in the Educational Fund. See “THE DISTRICT –
Student Tuition and Fees – District Tuition Rates and Tuition and Fee Revenues” for additional
information regarding historical student tuition and fees.
During FY2014 the College retired Series 2003B and 2009A Bonds.
118
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2014
(Continued)
District Revenue
Revenue Source
Local Government
Student Tuition & Fees
State Government
Federal Government
Sales & Service Fees
Income on Investments
All Other
TOTAL
$
$
Percent of
Total
40.5%
24.6%
20.4%
11.6%
1.2%
0.8%
0.9%
100.0%
Amount
108,409,272
65,918,716
54,690,039
31,111,335
3,160,306
2,235,615
2,344,009
267,869,292
Increase
(Decrease)
From FY2013
$ 6,295,708
3,804,782
3,994,727
761,540
217,321
2,264,922
284,798
$ 17,623,798
Percent
Increase
(Decrease)
From FY2013
6.2%
6.1%
7.9%
2.5%
7.4%
N/A
13.8%
7.0%
Income on Investments was $(29,307) in FY2013.
Source: District records (CAFR Exhibit A) for fiscal year ended June 30, 2014.
The following chart shows revenue in the operating funds of the District over the past five years.
Total Operating Funds Revenue of District
FY2014
FY2013
FY2012
FY2011
FY2010
$ 185,019,040
$ 175,527,058
$ 163,075,966
$ 164,196,984
$ 153,794,164
Source: District records (CAFR Exhibit A). Amounts equal revenue plus transfers in.
119
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2014
(Continued)
History of Assessed Valuation of District
Assessment
DuPage
Cook
Will
Year
County
County
County
Total
2013
$ 31,661,507,852 $ 2,922,703,981 $ 2,220,200,983 $ 36,804,412,816
2012
33,451,760,619
3,096,213,474
2,215,406,953
38,763,381,046
2011
36,370,343,716
3,321,911,689
2,324,887,763
42,017,143,168
2010
38,913,477,604
4,056,945,632
2,401,363,863
45,371,787,099
2009
41,322,377,605
4,016,070,084
2,544,699,547
47,883,147,236
2008
41,338,403,397
3,924,143,457
2,535,083,018
47,797,629,872
2007
38,909,050,896
3,368,763,397
2,449,457,478
44,727,271,771
2006
36,137,439,494
3,176,573,005
2,272,214,518
41,586,227,017
2005
33,462,991,322
3,180,333,360
2,048,262,019
38,691,586,701
2004
31,151,154,721
2,529,008,117
1,869,441,637
35,549,604,475
Source: District records. Assessed value is equal to one-third of estimated actual value.
District Funds and Levy Limits
Levy Rates (per $100 of equalized assessed valuation):
Max.
Auth.
Education
$ 0.7500
Operations & Maintenance
0.1000
Liability, Protection and Settlement*
None
Social Security/Medicare*
None
Audit
0.0050
Bond and Interest
None
Other**
None
Total
State Avg.
2013
$ 0.1941
0.0317
None
None
None
0.0698
None
$ 0.2956
2012
$ 0.1818
0.0298
None
None
None
0.0565
None
$ 0.2681
2011
$ 0.1611
0.0263
None
None
None
0.0621
None
$ 0.2495
(1)
2011
$ 0.2037
0.0606
0.0485
None
0.0027
0.0984
0.0920
$ 0.5059
(1) State average for community college district taxes levied in 2011 and collected in 2013 which is the latest data
available.
* State Average data combines Liability, Protection, & Settlement Fund levy rates with those of Social
Security/Medicare.
**State Average data combines Equity, Protection, Health, Safety, and Public Building Commission Rental
Source: District records.
120
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2014
(Continued)
The following chart shows the total tax levies and collections of the District for the past ten
years, current as of June 30, 2014.
District Property Tax Levies and Collections
Year of
Levy
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
Tax
Collection
Year
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Total
Tax
Tax Levy *
Collections
$ 109,567,598 $
53,432,671
104,007,287
103,193,442
104,753,164
104,327,564
105,572,929
105,024,364
101,210,205
100,719,744
89,022,240
88,697,183
85,075,829
84,321,476
80,554,296
80,580,310
72,482,147
72,949,394
70,659,994
70,339,749
Percent of Levy
Collected
48.77%
99.22%
99.59%
99.48%
99.52%
99.63%
99.11%
100.03%
100.64%
99.55%
* Total tax levy amounts represent the total final extensions for DuPage, Cook and Will
Counties.
Source: District records.
121
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2014
(Continued)
District Tuition Rates and Tuition and Fee Revenues
Fiscal
Year
2015
2014
Total Tuition Total Tuition Total Tuition
Operating
and Fees in and Fees Out and Fees Out
Funds
Tuition
District per of District per of State per
Revenue(1)
Hour
Hour
Hour
$
144.00
$
331.00
$
401.00
$
-
Operating
Funds Fee
Revenue(1)
$
-
Operating Funds
Tuition and Fee Total Tuition and
Revenue(1)
$84,603,454 (3)
Fee Revenue(2)
$100,884,388 (3)
327.00
323.00
397.00
393.00
77,864,902
73,173,018
5,297,521
4,895,930
83,162,423
96,285,515
2013
140.00
136.00
78,068,948
91,079,948
2012
132.00
319.00
389.00
65,848,942
4,524,776
70,373,718
84,527,816
2011
129.00
316.00
386.00
66,067,323
4,269,414
70,336,737
86,633,157
2010
116.00
305.00
370.00
58,420,294
3,711,112
62,131,406
76,087,480
2009
108.00
296.00
359.00
58,694,441
4,174,566
62,869,007
76,074,710
2008
103.00
292.00
305.00
50,998,778
2,410,440
53,409,218
66,224,840
2007
96.00
223.00
307.00
47,078,797
2,501,923
49,580,720
62,100,429
2006
87.00
243.00
286.00
44,378,178
2,247,206
46,625,384
56,736,214
(4)
75.00
202.50
271.50
42,413,314
2,357,836
44,771,150
54,837,003
(4)
2004
69.00
189.00
259.50
37,515,119
2,381,633
39,896,752
51,150,656
2003(4)
64.50
186.00
256.50
34,457,274
2,263,649
36,720,923
47,707,542
2002(4)
55.50
180.00
244.50
28,971,036
1,640,500
30,611,536
39,615,200
(4)
52.50
169.50
234.00
26,049,784
1,225,400
27,275,184
36,583,629
(4)
48.00
169.50
234.00
23,103,703
831,795
23,935,498
32,267,255
(4)
45.00
162.00
223.50
21,030,569
704,431
21,735,000
29,041,764
2005
2001
2000
1999
Source: District records.
(1) Includes only tuition and fee revenue deposited in the education and operation and maintenance funds of the District
less uncollectible tuition.
(2) Includes all tuition and fee revenue less uncollectible tuition.
(3) Budget estimate.
(4) Starting in FY2006 the College's tuition and fees rate was calculated on semester hours. All previous years' tuition rates
were based on quarter hours and have been increased by 50% and restated to reflect a semester hour rate.
122
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2014
(Continued)
The following chart shows actual enrollments of the College for the past five years and projected
enrollments for the next five years.
College Enrollment
Five Year History
10th Day
Fall Term Annualized
Fiscal
Year Head Count
FTE*
2009-10
27,083
16,036
2010-11
26,722
15,902
2011-12
26,209
15,175
2012-13
26,156
15,397
2013-14
28,627
16,565
Five Year Projection
10th Day
Fall Term Annualized
Fiscal
FTE*
Year Head Count
2014-15
28,770
16,648
2015-16
28,914
16,731
2016-17
29,059
16,815
2017-18
29,204
16,899
2018-19
29,496
17,068
* Full-time equivalency.
Source: District records.
Direct General Obligation
Bonded Indebtedness of the District
Estimated Full Value of Taxable Property
Equalized Assessed Valuation of Taxable Property
General Obligation Bonded Debt (including Alternative Revenue
Bonds):
Percentage to Full Value of Taxable Property:
Percentage to Equalized Assessed Valuation:
Percentage of Debt Limit (2.875% of EAV): (1)
Per Capita
District Population Estimate:
(2)
$ 110,413,238,448
$ 36,804,412,816
$
$
303,465,000
0.27%
0.82%
19.65%
309
1,061,506
(1) Does not include Alternative Revenue Bonds, which do not count against the legal debt
limitation of the District unless taxes are extended to pay debt service thereon.
(2) Population figures are compiled by the College of DuPage Research and Planning Office.
123
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE GRANT ACTIVITY AND SCHEDULE OF ENROLLMENT DATA NOTES
JUNE 30, 2014
The following audit reports are required by the Illinois Community College Board:
State Adult Education and Family Literacy Restricted Funds Grants
State Basic – Grant awarded to provide instruction for adults to become literate and obtain the
knowledge and skills necessary for employment and self-sufficiency, to become full partners in
the educational development of their children and to assist adults in the completion of a
secondary school education. Eligible participants are individuals who (1) have attained 16 years
of age; (2) are not enrolled or required to be enrolled in secondary school under state law; and (3)
lack basic educational skills to function effectively in society, do not have a secondary school
diploma or its equivalent, or are unable to speak, read, or write the English language.
Public Assistance – Grant awarded to provide educational services for adults on Temporary
Assistance to Needy Families (TANF) and adults who have been cancelled from TANF and receive
extended medical assistance.
Performance – Grant awarded to Adult Education and Family Literacy providers based on
performance indicators of levels gained, secondary completions and test score gains.
Career and Technical Education - Program Improvement Grant
The grant recognizes that keeping career and technical programs current and reflective of the
highest quality practices in the workplace is necessary to prepare students to be successful in their
chosen careers and to provide employers with the well-trained workforce they require. The grant
funds are dedicated to enhancing instruction and academic support activities to strengthen and
improve career and technical programs and services.
Schedule of Enrollment Data and Other Bases upon Which Claims Are Filed
Credit hour grants are to be received for courses for each semester credit hour or equivalent for
students who were certified as being in attendance at midterm during each semester of the fiscal
year. There are no special restrictions on the use of these funds. The Schedule of Enrollment Data
and Other Bases on Which Claims Are Filed provides the information on which such grants are
based.
124
SCHEDULE 1
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE ADULT EDUCATION AND FAMILY LITERACY RESTRICTED FUND GRANTS
COMBINING BALANCE SHEET
JUNE 30, 2014
ASSETS
Public
Assistance
State Basic
Accounts Receivable
$
61,817
$
4,777
Performance
$
34,067
Total assets
Total
$
100,661
$
100,661
$
9,480
1,918
89,263
LIABILITIES AND FUND BALANCE
Liabilities
Accrued payroll
Accrued benefits
Cash overdraft
Total liabilities
$
878
26
60,913
$
4,777
$
8,602
1,892
23,573
$
61,817
$
4,777
$
34,067
100,661
Fund balance
-
Total liabilities and fund balance
$
See Notes to the Financial Statements.
129
100,661
SCHEDULE 2
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE ADULT EDUCATION AND FAMILY LITERACY RESTRICTED FUND GRANTS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2014
State Basic
Revenue
State grant revenues
$
741,801
Public
Assistance
$
Performance
57,326
$
Total
408,801
$ 1,207,928
Expenditures by program
Instruction
Guidance services
Assessment and testing
Subtotal Instructional and Student Services
660,490
16,744
677,234
55,121
55,121
20,087
24,653
49,571
94,311
735,698
24,653
66,315
826,666
Improvement of instructional services
General administration
Operation and maintenance of plant services
Data and information services
Approved indirect costs
Subtotal Program Support
Total Expenditures
20,322
14,298
1,416
28,531
64,567
741,801
2,205
2,205
57,326
116,218
96,336
86,213
15,723
314,490
408,801
136,540
110,634
1,416
86,213
46,459
381,262
1,207,928
-
-
Revenues Equal to Expenditures
$
-
$
-
$
Fund Balance at Beginning of Year
-
Fund Balance at End of Year
$
See Notes to the Financial Statements.
130
-
SCHEDULE 3
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE ADULT EDUCATION AND FAMILY LITERACY RESTRICTED FUND GRANTS
ICCB COMPLIANCE STATEMENT
FOR THE YEAR ENDED JUNE 30, 2014
EXPENDITURE AMOUNTS AND PERCENTAGES FOR ICCB GRANT FUNDS ONLY
FOR THE YEAR ENDED JUNE 30, 2014
State Basic
Instruction ( 45% Minimum
Required)
General Administration (15%
Maximum Allowed)
State Public Assistance
Instruction ( 45% Minimum
Required)
General Administration (15%
Maximum Allowed)
Audited Expenditure Amount
Actual Expenditure Percentage
$
660,490
89%
$
14,298
2%
Audited Expenditure Amount
Actual Expenditure Percentage
$
55,121
96%
$
-
0%
131
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE ADULT EDUCATION AND FAMILY LITERACY RESTRICTED FUND GRANTS
(State Basic, Public Assistance, and Performance)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2014
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the College of DuPage State Adult Education and Family Literacy Funds including State Basic, Public Aid, and Performance Grants, conform to accounting principles
generally accepted in the United States of America (GAAP) as applicable to governments. The
following is a summary of the significant policies.
A. Basis of Accounting
The State Adult Education and Family Literacy Restricted Funds, including State Basic, Public
Assistance, and Performance Grants, were awarded by the Illinois Community College Board (ICCB)
to College of DuPage for the year ended June 30, 2014. The expenditures of these funds are
accounted for in the Restricted Purposes Fund on a modified accrual basis and in accordance with the
Adult Education and Family Literacy Audit Requirements of the ICCB. Accordingly, expenditures
are recognized when liabilities are incurred and grant revenues are recognized only to the extent of
allowable expenditures. Unexpended funds that are obligated prior to June 30 for which the goods
are received or the services are provided after June 30 but prior to July 31 are recorded as unearned
revenue. Unexpended funds, if any, are reflected as a liability due to the ICCB by October 15. The
financial statements presented are only for the State Adult Education and Family Literacy Restricted
Funds, including State Basic, Public Aid, and Performance Grants of the College of DuPage, and are
not intended to present the financial position or results of operations of the College of DuPage.
B. Capital Assets
Capital asset purchases, if any, are recorded as capital outlays of the Program from which the
expenditures are made.
2. BACKGROUND INFORMATION ON GRANT ACTIVITY
The State Adult Education and Family Literacy Restricted Funds Grant provides funding to assist
adults to become literate and obtain the knowledge and skills necessary for employment and selfsufficiency, to assist adults who are parents to obtain the educational skills necessary to become full
partners in the educational development of their children, and to assist adults in the completion of a
secondary school education.
132
SCHEDULE 4
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER AND TECHNICAL EDUCATION
PROGRAM IMPROVEMENT GRANT
BALANCE SHEET
JUNE 30, 2014
ASSETS
Cash
Total assets
$
$
-
$
-
LIABILITIES AND FUND BALANCE
Liabilities
Accounts Payable
Total liabilities
-
Fund balance
-
Total liabilities and fund balance
$
See Notes to the Financial Statements.
133
-
SCHEDULE 5
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER AND TECHNICAL EDUCATION
PROGRAM IMPROVEMENT GRANT
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2014
Revenue
State grant revenues
$
Expenditures
Instructional Supplies
Capital outlay
Total expenditures
68,946
4,293
64,653
68,946
Revenues equal to expenditures
-
Fund Balance at Beginning of Year
$
Fund Balance at End of Year
See Notes to the Financial Statements.
134
-
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2014
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the College of DuPage Career and Technical Education Program
Improvement Grant conform to accounting principles generally accepted in the United States of
America (GAAP) as applicable to governments. The following is a summary of the significant
policies.
A. Basis of Accounting
The Career and Technical Education Program Improvement grant was awarded by the Illinois
Community College Board (ICCB) to College of DuPage for the year ended June 30, 2014. The
expenditures of these funds are accounted for in the Restricted Purposes Fund on a modified
accrual basis and in accordance with the Fiscal Management Manual of the ICCB. Accordingly,
expenditures are recognized when liabilities are incurred and grant revenues are recognized only to
the extent of allowable expenditures. The financial statements presented are only for the Career
and Technical Education Program Improvement Grant of the College of DuPage, and are not
intended to present the financial position or results of operations of the College of DuPage.
B. Capital Assets
Capital asset purchases are recorded as capital outlays of the Program from which the expenditures
are made.
2. BACKGROUND INFORMATION ON GRANT ACTIVITY
The Career and Technical Education Program Improvement grant recognizes that keeping career
and technical programs current and reflective of the highest quality practices in the workplace is
necessary to prepare students to be successful in their chosen careers and to provide employers
with the well-trained workforce they require. The grant funds are dedicated to enhancing
instruction and academic support activities to strengthen and improve career and technical
programs and services.
135
137
138
Difference
-
Total
Restricted
Hours
19,646.5
19,646.5
Total
Restricted Credit
Hours Certified to
the ICCB
19,646.5
19,646.5
Difference
-
In-District Residents
Out-of-District on Chargeback or Contractual Agreement
Total
Total Attending
(Unrestricted and Restricted)
453,729.5
1,394.6
455,124.1
Total Attending as Certified to the ICCB
(Unrestricted and Restricted)
Difference
453,729.5
1,394.6
455,124.1
-
RECONCILIATION OF IN-DISTRICT/CHARGEBACK AND COOPERATIVE/CONTRACTUAL AGREEMENT CREDIT HOURS
Categories
Baccalaureate
Business Occupational
Technical Occupational
Health Occupational
Remedial Development
Adult Basic/Secondary Education
TOTAL
Total
Unrestricted
Hours
301,080.0
48,411.0
49,086.0
29,716.0
38,771.0
10,718.0
477,782.0
Total
Unrestricted
Hours Certified
the ICCB
301,080.0
48,411.0
49,086.0
29,716.0
38,771.0
10,718.0
477,782.0
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RECONCILIATION OF TOTAL SEMESTER CREDIT HOURS
FOR THE YEAR ENDED JUNE 30, 2014
SCHEDULE 6
(Page 2 of 2)
The mission of College of DuPage is to be a center for excellence in teaching, learning, and cultural
experiences by providing accessible, affordable, and comprehensive education.
College of DuPage
425 Fawell Blvd.
Glen Ellyn, IL 60137-6599
www.cod.edu
FINAN-14-167623 CAFR Cover.indd 2
FINAN-14-16723(8/14)80
9/2/14 2:33 PM