Community College District 502 • Counties of DuPage, Cook and Will and State of Illinois
Comprehensive Annual Financial Report
Fiscal Years Ended June 30, 2013 and 2012
FINAN-13-13963 CAFR Cover.indd 1
10/7/13 4:16 PM
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
GLEN ELLYN, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEARS ENDED
JUNE 30, 2013 AND JUNE 30, 2012
Prepared by the Finance Office
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, 2013 AND JUNE 30, 2012
I. INTRODUCTORY SECTION
Table of Contents ......................................................................................................
1
Transmittal Letter ......................................................................................................
6
Principal Officials ......................................................................................................
21
Organization Chart ....................................................................................................
22
Senior Management Team ........................................................................................
23
Certificate of Achievement for Excellence
in Financial Reporting ............................................................................................
24
II. FINANCIAL SECTION
Independent Auditor’s Report ..................................................................................
25
Required Supplementary Information:
Management’s Discussion and Analysis ..................................................................
28
Basic Financial Statements:
Statements of Net Position .................................................................................. Statement 1
45
Statements of Revenues, Expenses, and Changes in Net Position ..................... Statement 2
46
Statements of Cash Flows ................................................................................... Statement 3
47
Discretely Presented Component Unit
College of DuPage Foundation
Statements of Financial Position...................................................................... Statement 4
48
Statements of Activities .................................................................................. Statement 5
49
Notes to Financial Statements ..............................................................................
50
Required Supplementary Information:
Schedule of Funding Progress ..............................................................................
85
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2013 AND JUNE 30, 2012
III. STATISTICAL SECTION (Unaudited)
Statistical Section Contents.......................................................................................
86
Financial Trends:
Net Position/Net Assets by Component,
Last Ten Fiscal Years ..................................................................................... Table 1
87
Changes in Net Position/Net Assets,
Last Ten Fiscal Years ..................................................................................... Table 2
88
Revenue Capacity:
Assessed Value and Actual Value of Taxable Property,
Last Ten Levy Years ...................................................................................... Table 3
89
Property Tax Rates - Direct and Overlapping Governments,
Last Ten Levy Years ...................................................................................... Table 4
90
Principal Property Taxpayers,
Current Levy Year and Nine Years Ago ....................................................... Table 5
91
Property Tax Levies and Collections,
Last Ten Levy Years ....................................................................................... Table 6
92
Enrollment, Tuition and Fee Rates, Credit Hours, and
Tuition and Fees Revenues Generated, Last Ten Fiscal Years ...................... Table 7
93
Debt Capacity:
Ratios of Outstanding Debt by Type,
Last Ten Fiscal Years .................................................................................... Table 8
94
Direct and Overlapping Governmental Activities Debt,
General Obligation Bonds .............................................................................. Table 9
95
Legal Debt Margin Information,
Last Ten Fiscal Years ..................................................................................... Table 10
96
Pledged Revenue Coverage, Series 2003B, 2006, 2009A, 2009B,
and 2011B Bonds, Last Ten Fiscal Years ....................................................... Table 11
97
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2013 AND JUNE 30, 2012
III. STATISTICAL SECTION (Unaudited) (Continued)
Demographic and Economic Information:
Personal Income per Capita, Last Ten Calendar Years ...................................... Table 12
98
Principal Employers, Current Year and Nine Years Ago ................................... Table 13
99
Student Enrollment Demographic Statistics by Category,
Last Ten Fiscal Years .................................................................................... Table 14
100
Student Enrollment Semester Credit Hours,
Last Ten Fiscal Years ..................................................................................... Table 15
101
State Credit Hour Grant Funding per Semester Credit Hour
by Instructional Category, Last Ten Fiscal Years ......................................... Table 16
102
Operating Information:
Employee Headcount and Classification,
Last Ten Fiscal Years ..................................................................................... Table 17
103
Operating Indicators,
Last Ten Fiscal Years ..................................................................................... Table 18
104
Capital Asset Statistics,
Last Ten Fiscal Years ..................................................................................... Table 19
105
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2013 AND JUNE 30, 2012
IV. SPECIAL REPORTS SECTION
Supplemental Financial Information:
(Illinois Community College Board Uniform Financial Statements)
All Subfunds Summary ....................................................................................... Exhibit 1
106
Summary of Capital Assets and Long-Term Debt ............................................. Exhibit 2
107
Operating Subfunds Revenues and Expenditures .............................................. Exhibit 3
108
Restricted Purposes Subfund Revenues and Expenditures ................................ Exhibit 4
110
Current Subfunds Expenditures by Activity ....................................................... Exhibit 5
112
Certification of Chargeback Reimbursement ..................................................... Exhibit 6
113
Other Supplemental Financial Information:
Combining Schedule of Revenues, Expenses, and Changes in Subfund
Balances, All Subfunds and Account Groups ...................................................... Exhibit A
114
Schedule of Auxiliary Subfunds .............................................................................. Exhibit B
116
Other Supplementary Financial Information ......................................................
117
State Grant Activity and Schedule of Enrollment Data:
State Grant Activity and Schedule of Enrollment Data Notes ................................
123
Independent Auditor’s Report ..................................................................................
124
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……………………………………………………….. ....
126
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2013 AND JUNE 30, 2012
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
128
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balance ...........................................................................Schedule 2
129
ICCB Compliance Statement .........................................................................Schedule 3
130
Notes to the Financial Statements…………………………………………..
131
Career and Technical Education – Program Improvement Grant
Financial Statements:
Balance Sheet..................................................................................................Schedule 4
132
Statement of Revenues, Expenditures, and Changes in
Fund Balance .............................................................................................Schedule 5
133
Notes to the Financial Statements .................................................................
134
Enrollment Data and Other Bases Upon Which Claims Were Filed
Independent Accountant’s Report ..................................................................
135
Schedule of Enrollment Data and Other Bases Upon
Which Claims are Filed ..............................................................................Schedule 6
5
136
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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 (C.O.D.) 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 North Central
Association of Colleges and Schools Commission on Institutions of Higher Education. 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 site visits to review 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 79 different Associate degree programs, 158 certificate programs, and also complete
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 five 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 $55 million to 54.8% of total operating revenues in FY2013 from
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30.9% 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% of the total operating revenues. Total operating
funds balance has increased from $56.9 million in FY2008 to $143.1 million in FY2013, an
increase of $86.2 million. This increase in fund balance has been achieved during the one of the
most challenging economic times in recent memory as the economy continues to struggle to
recover from the recession that began in 2008. In FY2013, the College also had its Aaa/AAA bond
ratings (the highest ratings possible) re-affirmed from Moody’s and Standards & Poor’s,
respectively. In addition, since 2009, C.O.D. has developed more than 9 new degree programs and
42 new certificates, as well as 20 new program accreditations and has 21 programs that feed into 12
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’
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 46% of DuPage’s
population has a college or professional degree, compared to a 31% statewide average. High
school graduation rates are 92% while the statewide average is 87%. 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
2013
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, an art
gallery and classrooms for the College’s academic programming. This unique facility has presented
theater, music, dance and visual arts to more than 1.5 million people since its opening in 1986. The
MAC is also home to the Buffalo Theatre Ensemble and the New Philharmonic. The result is a
collection of touring, resident and student groups that foster enlightened education and
performance opportunities to encourage artistic expression, promote a lasting relationship between
people and art, and enrich the cultural vitality of the community. The MAC closed in November,
2012 for an extensive renovation, including upgrades in acoustics and performance spaces. The
MAC is expected to re-open in the Spring of 2014.
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.
A primary source 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 FY2013
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 2013, the College accomplished much in furthering this mission. The following
highlights a few of the major achievements:

College of DuPage was awarded the Illinois Performance Excellence (ILPEx) Bronze
Award for Commitment to excellence. College of DuPage is only the sixth community
college in the nation to receive an ILPEx award for performance excellence since the
organization (formerly the Lincoln Foundation for Performance Excellence) was founded in
1994. In order to achieve this level of recognition, an organization must exhibit systematic
approaches that are responsive to the basic requirements of the Baldrige Criteria and
demonstrate through a comprehensive plan a commitment toward general improvement.
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
C.O.D. President Dr. Robert L. Breuder received the 2012 Pacesetter of the Year award
from the National Council for Marketing and Public Relations (NCMPR)/District 3. This
prestigious honor is presented annually to a two-year community or technical college
president/CEO who has demonstrated leadership in marketing and public relations and has
shown support for membership in NCMPR.

Moody’s and Standard and Poor’s reaffirmed the College’s triple “A” rating (Aaa/AAA) on
existing debt, as well as the new $84 million Series 2013A bonds. Both Moody’s and
Standard and Poor’s cited the College’s large and diverse tax base, stabilizing enrollment
trends, sound financial operations and strong reserves in affirmation of the Aaa/AAA
ratings. The Series 2013A bond issue exhausted the $168 million referendum authority
provided by District voters in November, 2010.

Security Magazine has ranked the College of DuPage Police Department among the 500
best security programs in the country. In the Education category, which includes both twoand four-year institutions, College of DuPage is one of only 22 departments cited.

The American Woodworking Institute awarded College of DuPage the AWI Award of
Excellence for the millwork in the Culinary & Hospitality Center.

Illinois Virtual Campus reported the online learning program at College of DuPage has the
highest enrollment of any community college or public university in Illinois. The report,
based on information supplied by the Illinois Community College Board, also lists College
of DuPage as having the third largest online enrollment of any higher-learning organization
in Illinois. With more than 14 new courses added during the last two terms, C.O.D. Online
now offers more than 250 courses in 44 disciplines.

U.S. Bank opened a full-service branch on campus in April, 2013 which provides assistance
with checking accounts, savings, loans, mortgages and investment services. The bank is
located at the nexus of the Student Resource Center and Berg Instructional Center on the
second floor near Starbucks.

The Enhanced Student Experience Implementation Plan (ESEIP), a Presidential
Commission established to review the student experiences at College of DuPage, was
responsible for implementation of the recommendations of the Reconceiving the Student
Experience (ReSET) team. Fifty-four measurable outcomes were established by the ReSET
Commission. To date, thirty-six ESEIP Key Strategies have been met, including:
o An increase in Fall 2013 headcount enrollment in all ethnically diverse markets;
o Full implementation of Campus Central;
o Assigned a Advisor/Counselor to all new first-time, full-time degree-seeking
students;
o Implemented a new Graduation Initiative resulting in 1,474 more students earning a
degree or certificate.

College of DuPage and Lewis University signed a new 3+1 educational agreement that
enables students to earn a Bachelor of Science degree in Computer Science from Lewis
University on the College’s main campus. This program is open to all C.O.D. students and
alumni who have earned an Associate in Applied Science degree in Computer Information
Systems or Computer and Internetworking Technology from College of DuPage.
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
College of DuPage and Concordia University Chicago signed five new 3+1 agreements
which will bring the following three baccalaureate degree programs to C.O.D.’s main
campus:
o Bachelor of Arts degree in Healthcare Management, with transfer options for
students in the Associate of Applied Science degree in Dental Hygiene and the
Associate in Applied Science degree in Management
o Bachelor of Arts degree in Sports and Recreation Management, for students earning
the Associate in Science degree
o Bachelor of Arts degree in Visual Arts Administration, with transfer options for
students in the Associate in Fine Arts degree in Art and the Associate in Applied
Science degree in Graphic Design

College of DuPage and Purdue University signed a new 2+2 articulation agreement for
C.O.D. students to earn a Bachelor of Science degree in Construction Management and
Engineering Technologies from Purdue University’s Calumet Campus. Under this
agreement, students are offered a degree completion program and seamless transfer with
junior status to Purdue University Calumet after completing the College’s Associate in
Applied Science degree in Construction Management. Students are admitted to Purdue
University Calumet through this program via the standard undergraduate admissions
process.

Students interested in a teaching career can now pursue a Bachelor’s degree in Elementary
Education, Special Education or a combined major through Lewis University. The
Academic Plan has a streamlined approach, so full-time students can complete the degree in
four years and the 40% tuition discount continues for all coursework in semesters five
through eight, including credits for student-teaching. Lewis University is offering its first
Education course on campus this fall with the goal of recruiting more students for several
Education courses to be offered at C.O.D. in the spring semester.

Benedictine University is now the on-campus provider for C.O.D. students interested in
earning Bachelor of Science in Nursing degree. Current C.O.D. nursing students, as well as
alumni, are encouraged to apply for admission to this 3+1 program.

The Berg Instructional Center/Student Services Center project received Buildings
magazine’s Grand Prize ABBY (America’s Best Buildings of the Year) Award. The ABBY
awards celebrate design and operational excellence in commercial and institutional
facilities. Only three projects received the prestigious Grand Prize this year. The magazine
cited the project’s “innovative renovation” and praised the plan that allowed the BIC to be
used throughout the renovation. The project also received a Bronze citation from the
American School and University in the August 2012 Educational Interiors Showcase.

The Homeland Security Education Center was named the “Best Higher Education/Research
Project” in ENR Midwest’s Best Projects 2012 competition. ENR (Engineering NewsRecord) Midwest is a design and construction news service that covers Illinois, Indiana,
Wisconsin and Missouri, as well as Iowa, Ohio, Michigan and Minnesota. Its annual Best
Projects program recognizes outstanding design and construction in a variety of categories.
The panel of design and construction professionals reviewed more than 130 entries.
Winning projects were selected based on design and construction quality, innovation, safety
and the ability of their project teams to overcome unique challenges.
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
The new Hospital Simulation Lab in the Health and Science Center was opened. The
$350,000 facility is now being used for instructional purposes by approximately 400
Associate Degree seeking students per semester enrolled in Nursing, Practical Nursing and
Basic Nursing Assistant programs. The lab consists of a nurse’s station; four hospital
rooms, each containing a computerized mannequin and one room dedicated as a birthing
suite; two viewing rooms; and one debriefing room. The viewing rooms sit between two
hospital rooms and consist of one-way glass so lab staff and technicians can watch students
respond to the simulations. Based upon the student’s “intervention,” the lab staff can
manipulate the mannequin and even provide voiceover reactions. Simulations range from
the need for medication to cardiac arrest.

Fall 2012 Full-Time Equivalent (FTE) enrollment increased by 1.4 percent. Net Total
Headcount decreased 0.2% or 52 students less than last Fall. This is significant compared to
the decreases experienced by other community colleges:
Institution
C.O.D.
Elgin
Harper
Highland
John A. Logan
Joliet
Lake County
Oakton
Parkland
Richland
Rock Valley
Fall 2011
15,175
6,862
9,444
1,481
3,570
6,407
9,499
n/a
n/a
n/a
5,313
Fall 2012
15,393
6,757
8,792
1,348
3,571
6,013
9,552
n/a
n/a
n/a
5,206
Percent Change
1.4
-1.5
-6.9
-8.9
Even
-6.1
0.6
-2.5
-3.8
-5.0
-2.0

College of DuPage Spring 2013 semester 10th Day FTE enrollment was up 3.8 percent at
15,348. Credit Headcount is listed at 27,813, up 2.3 percent, and Total Headcount
(including non-credit students) is 28,783, up 1.6 percent compared to last Spring.

The Automotive Technology program at College of DuPage received master accreditation
from the National Automotive Technician Education Foundation. NATEF uses nationally
accepted standards of excellence in such areas as instruction, facilities and equipment
during its evaluation. This voluntary accreditation is for a period of five years and indicates
that this program meets or exceeds these standards.

The new Campus Maintenance Center, located on the southwest corner of campus was
completed in August 2013. The 35,789 square-foot facility provides much-needed space for
the College’s Facilities and Operations departments.

Sculptor Matthew Placzek finished the C.O.D. Chaparral mascot. The bronze sculpture is
located on the north side of the Student Services Center.
The College of DuPage Police Department implemented a new Rave Eyewitness text
messaging program, enabling students, staff and visitors to contact officers about
disturbances on campus via mobile phone. Anonymous tips can be submitted to the Police

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Department by typing 67283 in the address field with keyword "CODTIP," followed by a
space, then the content of the message. The text will go to C.O.D. Police Department
dispatch, and senders will receive an instant confirmation that the message has been
received. Tipsters’ identities are encrypted and protected, meaning anyone sending a tip
remains anonymous, but police are able to communicate with the tipster through the
console software.

College of DuPage became a Tobacco-Free Campus effective August 6, 2012.

The College introduced a mobile version of the website, making it easier for smart phone
users to access information.
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
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 generally accepted accounting principles 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.
13
Encumbered amounts lapse at year end, unless reserved. However, encumbrances generally are
re-authorized as part of the following year’s budget.
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 2012 are collected in 2013.
Legislation limits the increase in the amount of taxes the College can levy to 5% 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. In the 2012 tax year, assessed valuations
in District 502 decreased for the third consecutive year. Valuations declined by 7.7%, after a 7.4%
decrease in 2011 and a 5.2% decrease in levy year 2010. Calendar year 2010 was the first year
DuPage County experienced a decrease in assessed valuation.
PROSPECTS FOR THE FUTURE
The President and Senior Management Team have developed Intuitional Priorities for FY2014 and
completed a comprehensive Strategic Long-Range Plan including review of the College’s mission,
vision and core values.
Given the current economic environment, continued state budget deficits, proposed pension reform,
and real estate tax cap legislation limiting C.O.D.’s ability to raise property taxes, the College’s
financial outlook remains challenging. The College is meeting these challenges 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 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.
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. Currently, the five-year plan anticipates further
increases in tuition and streamlining of operations to help address these challenges. 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.
The Board approved a goal to build the unrestricted, undesignated fund balances in the General,
Working Cash and Auxiliary Funds to 50% of Total Operating Revenues by FY2013. At the end
of FY2013, the College achieved this goal with a fund balance ratio of 54.8%.
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INSTITUTIONAL PRIORITIES
Looking forward to next fiscal year, the Board of Trustees has set the following as Institutional
Priorities:
1. Grow combined Fall and Spring (Academic Year 2013-2014) 10th day FTES enrollment by 1
percent, from 30,743 to 31,050.
2. Implement Quality Improvement Project (QIP) 15: Improving Academic Performance, to
address student retention, persistence, and graduation rates.
3. Restructure the Enrollment Management and Student Affairs functions into a single division that
will develop and implement a Student Success Model focus on improving retention, persistence
and completion rates.
4. 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.
5. Add five new 3+1 and/or enhanced 2+2 academic partnership agreements to reach a total of
twenty-five College of DuPage baccalaureate options, while also strengthening our 3+1
approaches through focused recruitment and retention efforts.
6. Ensure the financial integrity and performance of the College (e.g. receive clean audit opinion,
maintain the unrestricted fund balances in the General Fund, Auxiliary Fund and Working Cash
Fund to no less than 50% of total General Fund Operating Revenues and maintain “AAA/Aaa”
ratings by Standard & Poor’s and Moody’s, respectively).
7. Continue renovation of the Physical Education Center, McAninch Arts Center and Student
Resource Center (Academic Computing Center and Library); complete construction of the
Campus Maintenance Center; demolish all temporary buildings (M, L, FSC, K, OCC and
greenhouse); and continue site development.
8. Ensure that the Foundation increases the number of annual individual donors by 25%, grows its
assets by 5% and awards a minimum of $1 million in student scholarship, 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.
9. Develop and implement professional development programs that enhance employees’
effectiveness and capabilities in supporting the goals and tasks of the College including building
and enhancing leaderships’ skills through the establishment of a Leadership Academy.
10. Reaffirm Higher Learning Commission/AQIP accreditation by preparing the institution for a
Quality Checkup site visit.
11. Strengthen fiscal performance of all auxiliary enterprises (e.g., Radio Station, Water’s
Edge/Waterleaf, MAC, Business Solutions, Multi-media services and five Regional Centers).
15
The Goals and accompanied tasks set by the College during the 2014 planning process are as
follows:
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 by
1 percent, from 30,743 to 31,050.
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 five new 3+1 and/or enhanced 2+2 academic partnership agreements to reach a total of
twenty-five College of DuPage baccalaureate options, while also strengthening our 3+1
approaches through focused recruitment and retention efforts.
1.4
Enhance and expand opportunities to meet 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.
GOAL 2
Goal Statement: Demonstrate student success by implementing approaches resulting in top
quartile retention, persistence, and graduation rates.
Tasks:
2.1
Implement Quality Improvement Project (QIP) 15: Improving Academic Performance to
address student retention, persistence, and graduation rates.
2.2
Restructure the Enrollment Management and Student Affairs functions into a single
division that will develop and implement a Student Success Model focus on improving
retention, persistence and completion rates.
2.3
Continue and enhance ESEIP implementation to support student retention, persistence, and
success.
2.4
Grow financial resources to assist student persistence.
GOAL 3
Goal Statement: Strengthen local, national, and global partnerships.
Tasks:
3.1
Ensure that the Foundation increases the number of annual individual donors by 25%,
grows its assets by 5% and awards a minimum of $1 million in student scholarship,
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
Leverage Regional Centers to create and promote additional community partnering
opportunities.
3.3
Strengthen and diversify partnerships with District middle schools and high schools.
3.4
Expand partnering opportunities with other regional community colleges to create and
leverage purchasing power in the market place (i.e. health care insurance, etc.)
3.5
Position the C.O.D. Foundation to be among the top three charity choices for District
community members and alumni residing in the District.
3.6
Develop and align program support and student scholarships with the needs, interests, and
priorities of the College and donors.
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3.7
Continue to develop and plan for Phase II of the Homeland Security initiative.
GOAL 4
Goal Statement: Promote the assets of the College: people, programs, and facilities.
Tasks:
4.1
Reaffirm Higher Learning Commission/AQIP accreditation.
4.2
Influence community perception and differentiate the College from competitors through
branding.
4.3
Enhance public’s awareness of significant products, services, capabilities, and institutional
stewardship of taxpayer resources.
4.4
Leverage Regional Centers to promote College programs and services.
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 credit programs.
5.5
Enhance recruitment of and support for international students.
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 balances in the General Fund, Auxiliary Fund and
Working Cash Fund to no less than 50% of total General Fund Operating Revenues and
maintain “AAA/Aaa” ratings by Standard & Poor’s and Moody’s, respectively).
6.2
Strengthen fiscal performance of all auxiliary enterprises (e.g., Radio Station, Water’s
Edge/Waterleaf, MAC, Business Solutions), Multi-media services and five 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
Develop and implement professional development programs that enhance employees’
effectiveness and capabilities in supporting the goals and tasks of the College including
building and enhancing leaderships’ skills through the establishment of a Leadership
Academy.
7.2
Improve College climate through enhanced collaboration.
17
7.3
Promote and utilize the I Am C.O.D. Individual Award!, I Am C.O.D. Group Award!, I Am
C.O.D. O.N.E. Award!, and the I Am C.O.D. Chap Award! to reinforce high performance
and workforce engagement.
GOAL 8
Goal Statement: Expand and enhance state-of-the-art facilities.
Tasks:
8.1
Continue renovation of the Physical Education Center, McAninch Arts Center and Student
Resource Center (Academic Computing Center and Library); complete construction of the
Campus Maintenance Center; demolish all temporary buildings (M, L, FSC, K, OCC and
greenhouse); and continue site development.
8.2
Continue site development according to FMP.
8.3
Continue to enhance aesthetics of campus buildings and grounds
GOAL 9
Goal Statement: Ensure a dynamic technological environment.
Tasks:
9.1
Implement the Information Technology Strategic Plan.
9.2
Improve the information technology infrastructure in order to enhance student learning and
provide necessary support mechanisms.
9.3
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 which
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.
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.
18








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% 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
$ 38,763,381,046
$
238,105,000
0.61%
The legal debt limit is 2.875% of the District’s assessed valuation. The debt limitation would
therefore be $1,114,447,205. The College’s current bonded debt of $238,105,000 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, 2012. 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. Such CAFR must satisfy
both generally accepted accounting principles and applicable legal requirements.
College of DuPage has also earned GFOA’s Award for Distinguished Budget Presentation for its
annual budget for the years ending June 30, 1999 through 2013. In order to receive this award, a
government unit must publish a budget document that meets program criteria as a policy document,
an operations guide, a financial plan and a communications device.
19
20
22
COM
MMUNITY COLLEGE
C
E DISTRICT
T #502
JU
UNE 30, 20 13
PRINC
CIPAL OFF
FICIALS
Boa
ard of Trusstees
Trustee
T
Nam
me
Erin
E Birt
Katharine
K
Haamilton
Dianne
D
McGu
uire
Allison
A
O’Do
onnell
Kim
K Savage
Nancy
N
Svobo
oda
Jo
oseph C. Wo
ozniak
Stephanie Torres
Position
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Student Truustee
Term
Expiration
2017
2019
2017
2015
2015
2015
2019
April 2014
App
pointed Ann
nually
Erin Birt
Katharine Hamilton
Joseph C. Wozniak
Allison O’’Donnell
Thomas J. Glaser
Boaard Chairmann to 2014
Boaard Vice Chaairman to 2014
Co-V
Vice Chairm
man to 2014
Boaard Secretaryy to 2014
Treaasurer to 20114
Senior Managemen
M
nt Team
Dr. Robertt L. Breuderr, Presidentt
mes Benté, Vice
V Presiden
nt, Planning & Institutionnal Effectiveeness
Jam
Catherine Brod,
B
Vice Prresident, Dev
velopment/E
Executive Diirector of thee Foundationn
Joseph Collinss, Executive Vice Presiddent
urrier, Vice President, Innformation T
Technology
Charles Cu
Earl Dowlling, Associaate Vice Preesident, Studdent Affairs
Thom
mas J. Glaserr, Senior Vicce President, Administraation and Treeasurer
Jean Kartje, Vicee President, A
Academic A
Affairs
Mary Ann
A Millush
h, Director, Legislative
L
R
Relations & S
Special Assiistant to the P
President
Joseph
J
Moorre, Vice Pressident, Markketing & Com
mmunicationns
Linda Sands-Vankerk,, Vice Presiddent, Humann Resources
Officials Issuing R
Report
Thom
mas J. Glaserr, Senior Vicce President, Administraation and Treeasurer
Lynn M.
M Sapyta, Assistant
A
Vice President F
Financial Afffairs and Coontroller
21
Associate Dean
Learning
Resources and
Director of COD
Library
Ellen Sutton
Dean
Learning
Resources
Vacant
-Risk Management
Director
Performing Arts
Vacant
Associate Dean
English &
Academic ESL
Beverly Reed
Associate Dean
Technology
John Kronenburger
Associate Dean
Business
Kris Fay
Dean
Business &
Technology
Donna Stewart
Student Financial
Assistance
Director
Financial Aid
(Vacant)
Double border indicates member of Senior Management Team
Laura Ortiz
Humanities & Speech
Communication
Associate Dean
Associate Dean
Fine & Applied Arts
Cathryn Wilkinson
Dean
Liberal Arts
Daniel Lloyd
-Campus Central
-Student Registration
Services
-Student Records
-International Student
Services
-Latino Outreach Center
-Veterans Services
Admissions &
Outreach
Associate Dean
Physical Education
& Athletic Director
Paul Zakowski
Dean
Student Affairs
Susan Martin
Vice President
Academic Affairs
Jean Kartje
Executive VP
Joseph Collins
Associate Dean
Math & Physical
Sciences
Tom Schrader
-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
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
Internal Auditor
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
Director
Enrollment
Services &
Registrar
Jane Smith
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
22
Assistant Dean
Adjunct Faculty
Support
Kirk Overstreet
Assistant Dean
Adjunct Faculty
Support
Mark Collins
Associate VP
Academic Affairs
Vacant
-Campus Marketing
-Creative Services
-Publications
-Website
-Field &
Experiential Learning
-Adult Fast Track
-Centralized Scheduling
-Study Abroad
-Honors
-PTF Centers
-International Education
-WIB
-Perkins
Regional Centers
H.S. Partnerships
Articulation
Effective 7/25/13
-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
Associate 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
Vice President
Academic Affairs
Treasurer
Vice President
Information Technology
Director
Legislative Relations
Special Assistant
to the President
Joseph Moore
Linda Sands-Vankerk
Vice President
Marketing and
Communications
Vice President
Human Resources
23
24
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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.”
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT AUDITOR’S REPORT
The Board of Trustees
College of DuPage
Community College District 502
Glen Ellyn, Illinois
Report on the Financial Statements
We have audited the accompanying financial statements of the business-type activities and the discretely
presented component unit of the College of DuPage, Community College District No. 502 (the College),
as of and for the years ended June 30, 2013 and 2012, and the related notes to the financial statements,
which collectively comprise the College’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audits. We
conducted our audits in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial statements are free from
material misstatement. The financial statements of the College of DuPage Foundation were not audited in
accordance with Government Auditing Standards.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the College’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the College’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
25
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the business-type activities and the discretely presented component unit of
the College, as of June 30, 2013 and 2012, and the respective changes in financial position and, where
applicable, cash flows thereof for the years then ended in accordance with accounting principles generally
accepted in the United States of America.
Emphasis of Matter
As discussed in Note 1 to the financial statements, in June 2011 the GASB issued GASB Statement No.
63, “Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net
Position”. Statement 63 is effective for the College’s fiscal year ending June 30, 2013. This Statement
provides a new statement of net position format to report all assets, deferred outflows of resources,
liabilities, deferred inflows of resources, and net position (which is the net residual amount of the other
elements). This Statement requires that deferred outflows of resources and deferred inflows of resources
be reported separately from assets and liabilities. This Statement also amends certain provisions of
GASB Statement No. 34, Basic Financial Statements -- and Management’s Discussion and Analysis -- for
State and Local Governments, and related pronouncements to reflect the residual measure in the
statement of financial position as net position, rather than net assets. Our opinion is not modified with
respect to this matter.
As discussed in Note 1 to the financial statements, in March 2012 the GASB issued GASB Statement 65,
“Items Previously Reported as Assets and Liabilities.” The provisions of this Statement are effective for
the College’s fiscal year ended June 30, 2014, with earlier application being encouraged. The College
has implemented this Statement for the year ended June 30, 2013 retroactively to restate net position as
of July 1, 2012. This Statement establishes accounting and financial reporting standards that reclassify,
as deferred outflows of resources or deferred inflows of resources, certain items that were previously
reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain
items that were previously reported as assets and liabilities. This Statement also provides other financial
reporting guidance related to the impact of the financial statement elements deferred outflows of
resources and deferred inflows of resources, such as changes in the determination of the major fund
calculations and limiting the use of the term deferred in financial statement presentations. Our opinion is
not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and the schedule of funding progress be presented to supplement the financial
statements. Such information, although not a part of the financial statements, is required by the
Governmental Accounting Standards Board who considers it to be an essential part of financial reporting
for placing the financial statements in an appropriate operational, economic, or historical context. We
have applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the financial statements, and other knowledge
we obtained during our audits of the financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Supplementary Information
Our audits were conducted for the purpose of forming opinions on the financial statements that
collectively comprise the College’s financial statements. The introductory section, statistical section,
supplemental financial information and the other supplemental financial information are presented for
purposes of additional analysis and are not a required part of the financial statements.
26
The supplemental financial information and the combining schedule of revenues, expenses, and changes
in subfund balances, all subfunds and account groups and the schedule of auxiliary subfunds as listed in
the other supplemental financial information is the responsibility of management and was derived from
and relates directly to the underlying accounting and other records used to prepare the financial
statements. Such information has been subjected to the auditing procedures applied in the audits of the
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the financial
statements or to the financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion, the supplemental
financial information and the combining schedule of revenues, expenses, and changes in subfund
balances, all subfunds and account groups and the schedule of auxiliary subfunds as listed in the other
supplemental financial information are fairly stated, in all material respects, in relation to the financial
statements as a whole.
The introductory section, the statistical section and the other supplementary financial information as listed
in the other supplemental financial information has not been subjected to the auditing procedures applied
in the audits of the financial statements, and accordingly, we do not express an opinion or provide any
assurance on them.
Report on Other Legal and Regulatory Requirements
In accordance with Government Auditing Standards, we have also issued our report dated October 10,
2013 on our consideration of the College’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the College’s internal control over
financial reporting and compliance.
Crowe Horwath LLP
October 10, 2013
Oak Brook, Illinois
27
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2013
Management’s Discussion and Analysis
(unaudited)
(This page left blank intentionally)
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2013 AND 2012 (UNAUDITED)
INTRODUCTION AND BAC KGROUND
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, 2013 and June 30, 2012.
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 RE PORT
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, as deferred outflows of resources or deferred inflows of resources,
certain items that were previously reported as assets and liabilities. As a result the College has
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 have been adjusted to
reflect the new presentation of the College’s financial statements. Balances from FY2012
and FY2011 have been restated to comply with the new GASB Statements and for
comparability to FY2013.
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.
28
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (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, 2013, 2012, and 2011, are as follows (in millions of
dollars):
Assets
Current assets
Non-current 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
2013
2012
2011
$ 362.8
$ 314.3
$ 278.3
506.6
869.4
436.9
751.2
374.0
652.3
0.4
0.7
0.9
76.2
332.3
408.5
66.7
259.3
326.0
53.4
53.4
234.7
25.3
147.9
$ 407.9
29
Change
2013-12
Change
2012-11
$
$
48.5
69.7
118.2
36.0
62.9
98.9
(0.3)
(0.2)
75.0
188.7
263.7
9.5
73.0
82.5
(8.3)
70.6
62.3
49.7
0.1
49.8
52.1
52.1
3.7
(0.1)
3.6
(2.4)
0.1
(2.3)
221.2
26.3
128.6
$ 376.1
185.1
28.4
123.9
$ 337.4
13.5
(1.0)
19.3
31.8 $
36.1
(2.1)
4.7
38.7
$
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
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
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 of 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.
30
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
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.
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.
Comparison of Net Position
Fiscal Years 2013, 2012, 2011 (amounts in millions)
$250
$200
234.7
$221.2
$185.1
147.9
$150
128.6 123.9
2012
$100
2011
$50
$-
2013
25.3
Net Investment in Capital
Assets
26.3
Restricted
28.4
Unrestricted
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
31
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
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.
Fiscal Year 2012 Compared to 2011
Total current assets increased by $36.0 million as compared to prior year. The primary reason for
the increase is attributable to the increase in investments of $31.3 million due to higher cash
balances and an increase in the receivables balance of $3.3 million. In November, 2010 the
College was successful in passage of a voter referendum allowing the College to issue 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
of 2011. The higher receivables balance is due to amounts owed the College from the State of
Illinois. The State of Illinois owes the College $4.2 million for the base operating grant as of June
30, 2012; this amount represents four monthly payments. The State of Illinois has appropriated the
$4.2 million and prior to the issuance of this report has paid the College the $4.2 million.
Capital assets increased $62.9 million during fiscal year 2012. During the year, the College
completed work and transferred from construction in progress to depreciable buildings $160.0
million as work was completed on the Homeland Security Education Center, Culinary and
Hospitality Center, BIC West renovations and the Student Services Center. Also during fiscal year
2012, the College began work on other 2010 referendum projects: MAC renovations ($1.2 million),
Physical Education Center renovations ($2.8 million) Student Resource Center rehabilitation ($35.9
million) and various infrastructure improvements ($22.3 million), which accounted for new
construction in progress of $62.2 million.
Current liabilities decreased $8.3 million primarily due to a decrease in accounts payable and
accrued expenses of $4.7 million and a decrease of $2.4 million in unearned property tax revenues
from the previous year. The lower payables balance reflects an acceleration of payments by the
College at the end of FY2012. Unearned property tax revenues declined from prior year as a higher
proportion of property tax receipts from Cook County were received in FY2012. Non-current
liabilities increased $70.6 over the previous year due to the issuance of $84.0 million of general
obligation bonds in FY2012.
Total net position increased by $38.7 million over prior year. This increase is attributable to
favorable operating results and unspent bond proceeds. The College had an operating surplus of
$38.7 million of which $23.3 million is due to unspent construction funds.
The net investment in capital assets increased by $36.1 million due to the increase in overall
capital assets investments net of related debt during fiscal year 2012.
32
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
STATEMENT OF REVENUE S, EXPENSES, AND CHA NGES IN NET
POSITION
The following table presents the statement of revenues, expenses and changes in net position for
the College for fiscal years 2013, 2012, and 2011 (in millions of dollars). The beginning equity
and results from operations have been restated as a result of the College implementing GASB
Statements 63 and 65:
Statement of Revenues, Expenses, and Changes in Net Position
2013
Revenues
Operating revenues
Student tuition and fees, net
Sales and service fees
Other operating revenues
Total Operating revenues
$
62.1
2.9
1.7
66.7
2012
$
59.1
3.8
1.8
64.7
Change
2013-12
2011
$
62.0
3.9
1.9
67.8
$
Change
2012-11
3.0 $
(0.9)
(0.1)
2.0
(2.9)
(0.1)
(0.1)
(3.1)
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
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
106.0
38.7
26.2
1.3
1.6
173.8
241.6
(8.0)
8.1
0.9
(0.7)
(0.3)
2.0
3.3
3.9
3.2
(0.6)
(0.1)
9.7
6.6
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
93.4
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
83.4
9.5
12.4
1.7
0.2
16.0
12.9
22.1
10.9
12.2
7.7
189.0
4.4
0.6
2.6
0.3
(0.3)
0.1
0.4
(2.0)
(2.6)
(1.7)
5.5
7.3
5.6
(0.1)
(1.3)
0.2
0.1
1.1
0.5
1.6
0.3
6.7
14.7
Non-operating expenses
Interest on capital asset-related debt
Total non-operating expenses
Total expenses
Increase in net position
7.4
7.4
218.4
31.8
5.8
5.8
209.5
38.7
6.3
6.3
195.3
46.3
1.6
1.6
8.9
(6.9)
(0.5)
(0.5)
14.2
(7.6)
Net position at beginning of year, as restated
Net position at end of year
$
376.1
407.9
33
$
337.4
376.1
$
291.1
337.4
$
38.7
31.8
$
46.3
38.7
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
Revenues:
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% of FY2013 total
revenues. The second largest source of revenue was student tuition and fees totaling $62.1 million
or 24.8% of total revenues in FY2013. The third largest revenue source, state and federal grants,
totaled $81.0 million, and accounted for 32.4% of fiscal year 2013 total revenues.
Non-governmental
gifts and grants
0.4%
Operating and Non-Operating Revenues
Fiscal Year 2013
Investment income
0.0%
Federal grants and
contracts
12.1%
Other non-operating
revenues
0.0%
Student tuition and
fees, net
24.8%
State appropriations
20.3%
Sales and service
fees
1.2%
Real estate taxes &
CPPRT
40.5%
Other operating
revenues
0.7%
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 students loss of financial aid
awarded, 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.
34
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
FY2013
Student tuition and fees
Federal and State Awards
Student tuition and fees, net
$
$
FY2012
91.1 $
(29.0)
62.1
FY2011
84.5 $
(25.4)
$
59.1
Change
2013-12
$
86.6 $
(24.6)
62.0
$
Change
2012-11
6.6 $
(3.6)
3.0
$
(2.1)
(0.8)
(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.
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% of the prior year's tax amount rather than 50%. 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% of the DuPage County levy; 2.5% which historically would have been
accounted for as revenue in FY2013. The College historically receives 99.5% of the annual tax levy
collections. Through June 30, 2013 the College has received approximately 50% 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.
35
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
FY2013
FY2012
Change
2013-12
FY2011
Change
2012-11
Interest earnings
Unrealized 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
$
Fiscal Year 2012 Compared to 2011
The College’s operating and non-operating revenues were $248.2 million for fiscal year 2012,
which was an increase of $6.6 million from the prior year. Local property taxes continue to be the
College’s major revenue source accounting for $107.8 million or 43.4% of FY2012 total revenues.
The second largest source of revenue is student tuition and fees which was $59.1 million or 23.8%
of total revenues in FY2012. Revenues from state and federal grants totaled $72.0 million and
accounted for 29.0% of total fiscal year 2012 revenues.
Operating revenues decreased $3.1 million in FY2012 due to a decrease in tuition and fees revenue.
The lower tuition revenue was due to a decrease in attendance. The reimbursable restricted and
unrestricted semester credit hours for state apportionment in fiscal year 2012 were 465,067; a
decrease of 10,528 hours from fiscal year 2011. The impact lower attendance had on revenue was
partially offset by an increase in tuition and fee rates. During FY2012, the College increased fees by
$3 per credit hour. Tuition revenues were also negatively impacted by the College increasing the
reserve for bad debts by $1.0 million. Per Generally Accepted Accounting Principles (GAAP), any
change to the bad debt reserve is offset against tuition revenue. The College was also able to
generate $9.1 million in out-of-district and out-of-state tuition and fee revenue in FY2012, an
increase of $0.6 million from the previous year. GAAP 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, student tuition and fees before adjustment was $84.5 million or $2.1 million lower than the
prior year.
FY2012
Student tuition and fees
Federal and State Awards
Student tuition and fees, net
$
$
FY2011
84.5 $
(25.4)
59.1
86.6 $
(24.6)
$
62.0
Change
2012-11
FY2010
$
76.1 $
(21.7)
54.4
$
Change
2011-10
(2.1) $
(0.8)
10.5
(2.9)
(2.9) $
7.6
The revenue for chargebacks, sales and service fees and other operating revenues remained
consistent with the prior year.
Property taxes increased $3.3 million in FY2012 due to the annual growth from the CPI and Cook
County paying a greater percentage of the first installment of taxes in fiscal year 2012 than in
previous fiscal years. State appropriations increased $3.9 million from FY2011 due to a $5.1
million increase in the on-behalf payment made by the state of Illinois to the State University
Retirement System (SURS) for the benefit of the College’s employees. The increase in on-behalf
payments was offset with decreases in other state funding including $0.9 million in the Student
Success grant, which was a one-time grant for FY2011, and $0.6 million in Illinois Veterans Grant
36
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
and $0.8 million decrease in the state of Illinois Monetary Assistance Program. The increase in
Federal grants and contracts is due to a $3.5 increase in Pell Grants received in FY2012.
Operating and Non-Operating Revenues
Fiscal Year 2012
Non-governmental gifts
and grants
0.6%
Federal grants and
contracts
11.8%
Other non-operating
revenues
0.0%
Investment
income
0.3%
Sales and service fees
1.5%
Student tuition and fees,
net
23.8%
State appropriations
17.2%
Real estate taxes &
CPPRT
44.0%
Other operating revenues
0.7%
Expenses:
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% 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
37
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
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.
Student Services expenses increased by $2.6 million due to the reclass 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, 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.
38
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
Fiscal Year 2012 Compared to 2011
Total expenses for FY2012 were $209.5 million, an increase of $14.2 million from the previous
fiscal year. The two primary categories of expense that increased were Instruction and
Depreciation. Instruction category represents all of the direct costs associated with teaching of
students and is the largest component of operating expenses, accounting for 43.8% of total
operating expenses. Instructional expenses increased $5.6 million over FY2011 primarily due to
higher SURS pension expense and termination benefits for retiring employees. SURS pension
contributions increased by $5.1 million to $22.6 million in FY2012. The state makes this
contribution on behalf of the College. As such the College records an expense and revenue for
the in-kind payment made by the State. This expense is then allocated to the different categories
based on their prorated share of labor expense. Instruction’s share of SURS pension expense
increased by $2.7 million from FY2011.
The College offers termination benefits to retiring employees. During fiscal year 2012, the last
year that this benefit is being offered to employees, forty employees put in application for
retirement. The retirement benefits for these employees is an increase of $2.6 million, of which
$2.2 million was charged to Instruction expense.
Depreciation expense increased $6.7 million from the previous year due to the addition of four
new buildings and also building additions which were placed into service during FY2012, the
Homeland Security Education Center, Culinary and Hospitality Center, BIC West renovations and
the Student Services Center building. The College’s depreciable assets increased $173.6 million,
net of disposals of $1.6 million. The other operating expenses were consistent with the prior year as
management continues to contain costs and stay within budget.
Operation and maintenance of plant at $17.1 million represents 8.4% of total operating expenses
and increased $1.1 million from prior year due to more buildings being utilized in FY2012. This
expense includes utilities, security, insurance and all costs necessary to keep the physical
facilities open and ready for use. The costs associated with Student Services such as financial
aid, admissions, records and counseling equaled $11.1 million in fiscal year 2012 and were $1.3
million lower than prior year.
39
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
Depreciation expense
9.4%
Operating Expenses
Fiscal Year 2013
Scholarship expense
5.1%
Auxiliary &
Independent
operations
4.7%
Instruction
44.3%
General
administration &
institutional
16.1%
Operation and
maintenance of plant
8.2%
Public service Student services
1.0%
6.5%
Depreciation
expense
Scholarship expense
7.1%
6.1%
Auxiliary &
Independent
operations
6.3%
Academic support
4.7%
Operating Expenses
Fiscal Year 2012
Instruction
43.7%
General
administration &
institutional
17.4%
Operation and
maintenance of plant
8.4%
Public service
0.9%
Student services
5.4%
40
Academic support
4.6%
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
The following graph shows the College’s operating expenses by function for the current year and
the two previous years ($ in millions).
$100.0
$90.0
$80.0
$70.0
$60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$-
2013
41
2012
2011
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
STATEMENT OF NET CAP ITAL ASSETS AND LONG-TERM DEBT
2013
Capital assets
Land and improvements
Construction in progress
Building and improvements
Equipment
Subtotal
Less accumulated depreciation
Capital assets, net
2012
$
67.2 $
47.8 $
45.2 $
92.4
40.0
137.7
435.2
428.5
259.4
50.3
40.8
38.9
645.1
557.1
481.2
(120.2)
(107.2)
(138.5)
$ 506.6 $ 436.9 $ 374.0 $
2012
2013
Long-term debt
Bonds
General obligation bonds
Bond premiums
Total bonds, net
Termination, OPEB &
Compensated Absences
Total long-term debt, net
2011
Change
2013-12
$
$
322.4
26.5
$
261.0
14.9
2011
$
203.6
7.5
19.4 $
52.4
6.7
9.5
88.0
(18.3)
69.7 $
Change
2013-12
$
Change
2012-11
61.4
11.6
2.6
(97.7)
169.1
1.9
75.9
(13.0)
62.9
Change
2012-11
$
57.4
7.4
348.9
275.9
211.1
73.0
64.8
7.2
356.1
8.6
284.5
7.0
218.1
(1.4)
71.6 $
1.6
66.4
$
$
$
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.
42
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
Fiscal Year 2012 Compared to 2011
As of June 30, 2012, the College had net capital assets of $436.9 million, an increase of $62.9
million from the prior year. Net capital assets increased due to construction spending under the
Facilities Masters Plan. During FY2012 the College issued $84.0 million of the November 2010
approved referendum bonds. The College has begun spending the proceeds of the bonds in
FY2012 as well as completed the spending of the remaining proceeds of the College’s 2003
referendum bonds. Construction in progress decreased by $97.7 million in fiscal year 2012
primarily due to the transfer of $160.0 million to depreciable capital assets during fiscal year
2012 (the Homeland Security Education Center, Culinary and Hospitality Center, BIC West
renovations and the Student Services Center building). The change in activities for capital assets
is provided in Note 3 to the financial statements.
The College’s long-term debt increased $66.4 million from the prior year to $284.5 million.
During FY2012 the College issued $84.0 million in referendum bonds and $20.9 million in
refunding bonds. As a result of the bond issuances, the College received $11.0 million in bond
premiums and incurred deferred amounts on refunding of $0.3 million. The refunding bonds
were used to advance refund $11.3 million of Series 2003A and $9.8 million of Series 2003B.
The College retired $26.4 million in outstanding principal using property tax revenue and tuition
fees received during FY2012. 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.
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 assets) or results of
operations (revenues, expenses, and other changes in net assets).
ECONOMIC FACTORS THA T WILL AFFECT THE FU TURE
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 College is tracking proposed legislation for pension and retiree
healthcare benefits; both of which may have a significant impact on the College. 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.
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
43
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
MANAGEMENT’S DISCUSSION AND ANALYSIS JUNE 30, 2013 AND 2012 (UNAUDITED)
an individual plan and $27,500 for a family plan. The tax will be levied at a rate of 40% 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. A slowdown in the growth of assessed valuations will have an adverse impact on
College revenues and ultimately result in the College having to either raise tuition or reduce
costs or the product offering of services to contain costs.
Due to the continued uncertainty and inability of the State to make regular and timely payments,
the College has increased tuition by $4 per credit hour beginning with the Fall 2013 classes.
The College experienced record enrollment in the Fall 2013 term, 10th day enrollment. FTE’s
have increased 7.6% to 16,565 students, while the net credit headcount for full- and part-time
students is up 9.4 percent over last Fall to 28,627. The College is generating 248,475 credit
hours in the Fall 2013 term, or 17,520 more hours than Fall 2012 term. This is the highest
growth in enrollment since the College changed from quarters to semesters.
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.
44
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2013
BASIC FINANCIAL STATEMENTS
(This page left blank intentionally)
STATEMENT 1
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATEMENTS OF NET POSITION
June 30, 2013 and 2012
2013
ASSETS
Current Assets
Cash and cash equivalents
Investments
Total cash, cash equivalents and investments
Receivables
Property taxes receivable (net of allowances
of $356,708 and $372,373, respectively)
Tuition and fees receivable (net of allowances
of $10,176,295 and $9,252,489, respectively)
State government claims receivable
Interest receivable
Other accounts receivable
Total receivables
Inventory
Prepaid expenses
Total Current Assets
Non-Current Assets
Capital assets not being depreciated
Capital assets being depreciated,
Less allowance for depreciation
Total Non-Current Assets
Total Assets
$
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
Deferred charge on refunding
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
$
137,288,925
157,390,665
294,679,590
$
160,573,393
81,666,348
242,239,741
55,829,326
54,903,002
6,634,789
6,793,041
3,000,500
332,264
883,132
66,680,011
127,426
1,329,357
362,816,384
8,242,069
236,377
1,061,145
71,235,634
172,341
665,299
314,313,015
97,215,689
547,910,796
(138,547,706)
506,578,779
869,395,163
44,718,266
512,318,885
(120,081,189)
436,955,962
751,268,977
433,452
433,452
671,056
671,056
869,828,615
751,940,033
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
16,042,241
3,473,970
1,632,891
16,968,016
58,430
38,175,548
22,555,000
2,751,049
1,600,000
1,141,303
227,871
309,981
66,760,752
329,919,644
1,638,102
725,770
33,428
332,316,944
408,541,261
253,380,392
3,353,713
2,451,284
40,677
259,226,066
325,986,818
53,415,097
53,415,097
49,721,959
132,218
49,854,177
461,956,358
375,840,995
234,639,592
221,164,380
16,484,678
8,283,842
568,337
147,895,808
407,872,257
18,021,452
8,262,954
74,224
128,576,028
376,099,038
See accompanying notes to financial statements.
45
2012
$
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, 2013 AND 2012
2013
REVENUES
Operating Revenues
Student tuition and fees
$
62,113,934
2012
$
59,100,863
(net of scholarship allowances of $28,966,014 and
$25,426,953, respectively; and uncollectable of
$2,429,910 in FY2013 and $1,025,164 in FY2012)
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 (as restated)
Net Position at End of Year
$
764,431
2,942,985
934,162
66,755,512
673,262
3,825,718
1,147,097
64,746,940
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
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
(144,395,982)
(139,008,661)
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
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
337,391,932
376,099,038
See accompanying notes to financial statements.
46
$
STATEMENT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2013 AND 2012
2013
CASH FLOWS FROM OPERATING ACTIVITIES
Tuition and fees
Sales and Services
Payment to suppliers
Payment to employees
Net Cash from Operating Activities
$
95,229,342
4,012,868
(62,239,097)
(121,427,842)
(84,424,729)
2012
$
87,854,511
5,360,579
(73,625,746)
(121,744,265)
(102,154,921)
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Real estate taxes & CPPRT
104,115,947
State appropriations
16,805,569
Grants & contracts
39,387,282
Net Cash from Non-Capital Financing Activities
160,308,798
105,546,855
11,624,404
34,207,986
151,379,245
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Proceeds from bonds
84,000,000
Premiums from bonds
13,496,356
Purchases of capital assets
(86,140,547)
Bond principal payments
(22,555,000)
Interest paid on capital debt
(12,162,285)
Proceeds from the Sales of Capital Assets
42,445
Net Cash from Capital and Related Financing Activities
(23,319,031)
104,900,000
11,033,477
(72,029,504)
(47,535,000)
(13,910,413)
98,660
(17,442,780)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales and maturities of investments
Interest on investments
Purchase of investments
Net Cash from Investing Activities
498,000
984,870
(77,332,376)
(75,849,506)
19,898,221
1,543,129
(51,293,628)
(29,852,278)
Net Increase (Decrease) in Cash
(23,284,468)
1,929,266
Cash and Cash Equivalents - Beginning of Year
160,573,393
158,644,127
$ 137,288,925
$ 160,573,393
$ (144,395,982)
$ (139,008,661)
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
Changes in Assets and Liabilities:
Receivables (net)
Inventories
Prepaid expenses
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
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)
14,417,172
22,955,612
1,972,836
65,732
246,821
(4,731,551)
655,896
1,686
145,285
1,360,042
(235,791)
$ (102,154,921)
Note: Noncash investing, capital and financing activities: Decrease in the fair value of investments,
$1,209,404 in FY2013 and $211,300 in FY2012.
See accompanying notes to financial statements.
47
STATEMENT 4
COLLEGE OF DUPAGE FOUNDATION
STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2013 and 2012
2013
ASSETS
Cash and Cash Equivalents
Investments
Pledges Receivable
Cash Surrender Value of Life Insurance Policies
Total Assets
$
$
458,713
10,235,739
340,029
10,340
11,044,821
2012
$
$
414,256
9,577,557
248,584
10,068
10,250,465
LIABILITIES AND NET ASSETS
LIABILITIES
Other Liabilities
Total Liabilities
$
NET ASSETS
Unrestricted
Temporarily Restricted
Permanently Restricted
Total Net Assets
21,958
21,958
$
2,860,448
3,484,405
4,678,010
11,022,863
TOTAL LIABILITIES AND NET ASSETS
$
11,044,821
See accompanying notes to financial statements.
48
28,122
28,122
2,668,091
4,738,502
2,815,750
10,222,343
$
10,250,465
STATEMENT 5
COLLEGE OF DUPAGE FOUNDATION
STATEMENTS OF ACTIVITIES
FOR THE YEARS ENDED JUNE 30, 2013 AND 2012
2013
Unrestricted
REVENUES
Gifts and Contributions
$
669,713
Noncash Contributions
617,855
Net Realized Gain (Loss) on Sale of Investments
7,975
Net Investment Income
105,556
Net Unrealized Gain (Loss) on Investments
146,912
Change in Value of Split-Interest Agreement
Net Assets Released from Restrictions
351,303
Total Revenues
1,899,314
EXPENSES
Program
Scholarships Granted
379,126
Awards Granted
18,799
Cash Gifts to College of DuPage
468,635
Noncash Gifts to College of DuPage
155,577
Other
1,372
Total Program
1,023,509
Management and General
208,759
Fundraising
474,689
Total Expenses
1,706,957
Change in Net Assets
Net Assets, End of Year
Permanently
Restricted
$
$
224,384
16,726
6,796
42,554
49,787
6,164
(351,303)
(4,892)
-
Total
112,555
273
19,085
197,167
283,975
613,055
$ 1,006,652
634,854
33,856
345,277
480,674
6,164
2,507,477
-
379,126
18,799
468,635
155,577
1,372
1,023,509
208,759
474,689
1,706,957
192,357
(4,892)
613,055
800,520
-
(1,249,205)
1,249,205
-
2,668,091
4,738,502
2,815,750
10,222,343
$ 2,860,448
$ 3,484,405
$ 4,678,010
$ 11,022,863
Unrestricted
Temporarily
Restricted
Permanently
Restricted
$
$
Change in Classification of Donor Restrictions
Net Assets, Beginning of Year
Temporarily
Restricted
2012
REVENUES
Gifts and Contributions
$
331,341
Noncash Contributions
567,935
Net Realized Gain (Loss) on Sale of Investments
31,725
Net Investment Income
156,965
Net Unrealized Gain (Loss) on Investments
(198,724)
Change in Value of Split-Interest Agreement
Miscellaneous
36,694
Net Assets Released from Restrictions
725,189
Total Revenues
1,651,125
EXPENSES
Program
Scholarships Granted
313,246
Awards Granted
38,096
Cash Gifts to College of DuPage
357,625
Noncash Gifts to College of DuPage
503,140
Other
1,465
Total Program
1,213,572
Management and General
257,398
Fundraising
413,727
Total Expenses
1,884,697
293,553
264,605
(5,966)
118,009
(9,568)
5,930
(725,189)
(58,626)
-
121,270
154,474
(329,129)
(53,385)
-
Total
$
746,164
832,540
25,759
429,448
(537,421)
5,930
36,694
1,539,114
313,246
38,096
357,625
503,140
1,465
1,213,572
257,398
413,727
1,884,697
Change in Net Assets
(233,572)
(58,626)
Change in Classification of Donor Restrictions
(220,392)
220,392
-
-
3,122,055
4,576,736
2,869,135
10,567,926
$ 2,668,091
$ 4,738,502
$ 2,815,750
$ 10,222,343
Net Assets, Beginning of Year
Net Assets, End of Year
See accompanying notes to financial statements.
49
(53,385)
(345,583)
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COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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, 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, 2525 Cabot Drive, Suite 201, Lisle, Illinois 60532.
50
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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%
of property taxes extended for the 2012 tax year and collected in 2013 are recorded as revenue in
fiscal year 2013. The remaining 50% of revenues related to 2013 has been deferred and will be
recorded as revenue in fiscal year 2014. The 50% 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.
51
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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 2012 tax levy is payable in calendar year 2013).
Education
Operations and Maintenance
Bond and Interest
Maximum
Authority
2012
2011
2010
2009
2008
$ 0.7500
0.1000
none
$ 0.1818
0.0298
0.0565
$ 0.1611
0.0263
0.0621
$ 0.1483
0.0242
0.0624
$ 0.1337
0.0217
0.0573
$ 0.1321
0.0211
0.0326
$ 0.2681
$ 0.2495
$ 0.2349
$ 0.2127
$ 0.1858
Total
The 2013 tax levy, which will attach as an enforceable lien on property as of January 1, 2013, has
not been recorded as a receivable as of June 30, 2013 as the tax has not yet been levied by the
counties within the College’s district and will not be levied until December 2013 and, therefore, the
levy is not measurable at June 30, 2013.
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 the College
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
52
Years
50
20
20
20
10
20
10
6
4
4
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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 building, equipping, altering and repairing 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 $3,412,070 and $5,333,633
during fiscal years 2013 and 2012, 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, and are stated at lower of cost (first-in, firstout) or market. The cost is recorded as expenses 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.
53
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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.
In addition to the restrictions presented on the financial statements, the Board of Trustees has
approved three additional reservations of net position: $22,000,000 to fund future pension
payments to the State of Illinois; $11,000,000 to fund annual maintenance costs which are expected
to increase with the expansion of the College’s physical plant; and $13,000,000 for future
Information Technology Plan costs identified in the Information Technology Strategic Plan.
54
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 and contracts and federal appropriations, and gifts and contributions. Operating
expenses are those expenses directly attributable to the operations of the College.
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:
55
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fiscal Year
2013
Pell Grants
SEOG
Federal Work-Study
Federal Direct Student Loans
Carl Perkins Grants
Federal Adult Education
Other Federal Support
Totals
$
$
25,146,695
310,479
222,665
32,882,135
565,193
753,942
572,865
60,453,974
2012
$
$
24,054,852
235,943
236,115
30,732,826
583,409
732,235
525,820
57,101,200
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 on behalf of the College’s employees. In fiscal years 2013
and 2012, the state made contributions of $31,899,650 and $22,955,612 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.
Q. Comparative Information
The financial statements include the current and prior fiscal year results. In the process of
aggregating data for the financial statements, some amounts reported in the prior year have been
reclassified due to the implementation of GASB Statements 63 and 65 that resulted in changes to
total assets and liabilities; the addition of deferred outflows and inflows of resources; and net
position and changes in net position.
56
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
R. Implementation of New GASB Statements
During FY2013 the College implemented GASB Statements 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 outflows of resources or deferred inflows of resources.
As a result, the College has reclassified its deferred amounts on refunding as deferred inflows and
outflows of resources on the Statement of Position. The College’s equity was previously classified
as Net Assets; however, as required by GASB 63, the equity is now called Net 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 as follows:
Beginning Net Assets, as reported
Elimination of Bond Issuance Costs
Beginning Net Position, as restated
July 1, 2012
377,509,988
(1,410,950)
$ 376,099,038
$
July 1, 2011
338,242,193
(850,261)
$ 337,391,932
$
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:
legality, safety (preservation of capital and protection of investment principal), liquidity and yield.
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.
57
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
2. CASH DEPOSITS AND INVESTMENTS (CONTINUED)
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.
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). 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, 2013 and 2012, the College had no bank
balances on deposit which were uninsured and uncollateralized out of total bank balances on deposit
of $137,529,096 and $162,324,207, respectively. As of June 30, 2013 and 2012 the carrying value
of cash on hand was $137,288,925 and $160,573,393, respectively.
B. Investments
The following table presents the investment in debt securities of the College by type of investment.
June 30, 2013
Investment
Time Deposits
Mutual Funds
U.S. Treasury Bond / Notes
Commercial Paper
Corporate Bond
Federal Agency Bond / Notes
Municipal Bond
Total
Fair Value
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
June 30, 2012
Investment
Time Deposits
Mutual Funds
U.S. Treasury Bond / Notes
Commercial Paper
Corporate Bond
Federal Agency Bond / Notes
Duration Less
Than 1 Year
Total
Fair Value
Duration Less
Than 1 Year
Duration
1 to 5 Years
$
1,289,083
5,067,234
9,651,612
2,247,507
4,474,726
58,936,186
$
1,289,083
5,067,234
5,093,637
2,247,507
4,474,726
38,327,925
$
4,557,975
20,608,261
$
81,666,348
$
56,500,112
$
25,166,236
58
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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 33% of the overall portfolio and no more than 10% in one
corporation and limiting investments in mutual funds to the ten highest classifications established
by a recognized rating service with no more than 5% of the portfolio invested in this fashion. At
June 30, 2013, the College had greater than 5% of its overall investment portfolio invested in
mutual funds (52%), Federal National Mortgage Association (23%), U.S. Treasury Bond/Notes
(8%), and Federal Home Loan Mortgage Corporation (5%). At June 30, 2012, the College had
greater than 5% of its overall investment portfolio invested in Federal National Mortgage
Association (45%), Federal Home Loan Banks (13%), Federal Home Loan Mortgage Corporation
(11%) with varying maturity dates, and short-term money market funds (6%).
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% 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 issued by College of DuPage;
c. Obligations of United States Government Agencies; and
d. Collateralized Mortgage Obligations (CMO’s) issued by government agencies.
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 Paper were
rated A-1 to A-1+ by S&P and P-1 by Moody’s. The Corporate Bond 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, 2012 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 Paper was
rated A-1/P-1 by S&P and Moody’s, respectively. The Corporate Bonds were rated A to AA+ by
S&P and A1 to Aa3 by Moody’s.
At June 30, 2013 and 2012, the College had no investments which were uninsured or
uncollateralized, out of total investment balances of $157,390,665 and $81,666,348, respectively.
59
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
3. CAPITAL ASSETS
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
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
Total Capital Assets, not
being depreciated
Capital Assets being depreciated
Land Improvements
Equipment
Total Capital Assets
being depreciated
Total Cost
Accumulated Depreciation
Land Improvements
(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)
Total Accumulated Depreciation
Net Capital Assets
$
436,955,962 $
69,622,817 $
60
-
$
-
$
506,578,779
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
3. CAPITAL ASSETS (CONTINUED)
A summary of changes in capital assets for the fiscal year ended June 30, 2012 is as follows:
Balance
July 1, 2011
Balance
Additions
Retirements
Transfers
June 30, 2012
Capital Assets, not being
depreciated
Land
$
Construction in Progress
4,786,881 $
- $
- $
- $
4,786,881
137,716,231
62,195,119
-
(159,979,965)
39,931,385
142,503,112
62,195,119
-
(159,979,965)
44,718,266
40,351,398
1,788,876
-
855,539
42,995,813
207,142,525
5,407,565
-
51,575,855
264,125,945
Building Improvements
52,263,995
4,556,547
-
107,548,571
164,369,113
Equipment
38,982,455
3,415,030
1,569,471
-
40,828,014
338,740,373
15,168,018
1,569,471
159,979,965
512,318,885
481,243,485
77,363,137
1,569,471
-
557,037,151
Total Capital Assets, not
being depreciated
Capital Assets being depreciated
Land Improvements
Buildings
Total Capital Assets
being depreciated
Total Cost
Accumulated Depreciation
Land Improvements
(4,276,829)
(3,723,059)
-
-
(7,999,888)
Buildings
(47,554,247)
(5,039,775)
-
-
(52,594,022)
Building Improvements
(22,597,882)
(3,193,545)
-
-
(25,791,427)
Equipment
(32,804,530)
(2,460,793)
(1,569,471)
-
(33,695,852)
(107,233,488)
(14,417,172)
(1,569,471)
-
(120,081,189)
Total Accumulated Depreciation
Net Capital Assets
$
374,009,997 $
62,945,965 $
61
- $
- $
436,955,962
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
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’ 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% 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 FY2014 is 35.20%.
The rates for fiscal years ended June 30, 2013, and 2012 were 34.51% and 12.71%, 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
2013
2012
2011
2010
2009
College
of DuPage
$
166,319
524,394
162,129
229,315
156,619
State
of Illinois
$ 31,532,350
22,573,133
17,401,928
15,932,474
10,696,716
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.
62
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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% of covered
payroll and every community college district to contribute 0.5% 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.
Employer contributions for the current and preceding two years are as follows:
Year Ended
June 30
2013
2012
2011
2010
2009
College's
Contribution*
100%
100%
100%
100%
100%
College
of DuPage
$
367,300
382,479
375,175
371,377
380,265
State
of Illinois
$
367,300
382,479
375,175
371,377
380,265
*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.
Termination Benefit
The College provides compensation payments to its eligible benefited employees to encourage early
retirement. Termination benefit payments are 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, is recorded in the fiscal year of election for
retirement. As part of the new negotiated labor contracts, the College has terminated this benefit
going forward for employees.
63
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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, 2013 and 2012 are as
follows:
Fiscal year 2014 payments
Value of payments beyond fiscal year 2014
Total Liability as of June 30, 2013
$
Fiscal year 2013 payments
Value of payments beyond fiscal year 2013
Total Liability as of June 30, 2012
$
$
$
2,000,000
1,638,102
3,638,102
1,600,000
3,353,713
4,953,713
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
2013
83
(20)
63
2012
73
40
(30)
83
2011
75
15
(17)
73
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, 2011 to determine the employer’s annual required contribution (ARC) as of June 30,
2012.
64
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
Schedule of Funding Progress
Fiscal Year
Ended
June 30
Actuarial
Value of
Assets
2013
2012
2011
2010
2009
N/A
$
N/A
-
Actuarial
Accrued
Liability
(AAL) Entry Age
Unfunded
AAL
(UAAL)
Funded
Ratio
Covered
Payroll
UAAL as
a % of
Covered
Payroll
N/A
$ 14,598,947
N/A
12,013,103
11,357,994
N/A
$ 14,598,947
N/A
12,013,103
11,357,994
N/A
0.0%
N/A
0.0%
0.0%
N/A
$ 78,633,037
N/A
74,656,269
76,769,160
N/A
18.6%
N/A
16.1%
14.8%
N/A – Actuarial study not performed in that year.
Annual OPEB Cost and Net OPEB Obligation
June 30, 2013
Annual Required Contribution
Interest on Net OPEB Obligation
Adjustment to Annual Required Obligation
$
Annual OPEB Cost
Contributions Made
Increase (Decrease) in Net OPEB Obligation
Net OPEB Obligation beginning of year
June 30, 2012
919,017 $
814
(1,819)
919,017 $
962
(2,148)
740,036
2,640
(1,854)
918,012
925,261
917,831
925,261
740,822
745,511
(7,249)
40,677
Net OPEB Obligation end of year
$
Percentage of OPEB Cost Contributed
June 30, 2011
33,428
(7,430)
48,107
$
100.8%
40,677
(4,689)
52,796
$
100.8%
Three-Year Trend Information
Fiscal Year
Ended June 30
2013
2012
2011
Annual
OPEB Cost
$
918,012
917,831
740,822
Percentage of
Annual OPEB Cost
Contributed
100.80% $
100.80%
100.60%
65
Net OPEB
Obligation
33,428
40,677
48,107
48,107
100.6%
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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
Turnover & Retirement rates
Percentage of active employees assumed to
elect benefit
Employer Provided Benefit
Retirement to age 65
After age 65
June 30, 2012
June 30, 2010
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)
5.00%
5.00% (includes 3% inflation)
5.00%
9.00%
5.00%
RP-2000 Combined Healthy
Tables, projected generationally
with Scale AA
Same rates utilized for SURS
96%
0.00%
0.00%
Same rates utilized for IMRF
Fixed Reimbursement; varies
by employee depending on date
of retirement notice.
$1,400 - $2,200 per year.
Fixed Reimbursement; varies
by employee depending on date
of retirement notice.
$900 - $1,600 per year.
Fixed Reimbursement; varies
by employee depending on
date of retirement notice.
$1,400 - $2,200 per year.
Fixed Reimbursement; varies
by employee depending on
date of retirement notice.
$900 - $1,600 per year.
Same rates utilized for IMRF
100%
The first actuarial evaluation for the plan was performed as of June 30, 2009 and updated for June
30, 2010 and June 30, 2012. 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.
66
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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, 2013
and 2012, employees had earned but not taken annual vacation leave which, at salary rates then in
effect, aggregated approximately $3,525,842 and $3,592,587 respectively
Beginning
Ending
Fiscal
Balance
Balance
Year
July 1
Issuances
Retirements
June 30
2013
$ 3,592,587 $ 2,915,873 $ 2,982,618 $ 3,525,842
2012
3,431,763
2,980,668
2,819,844
3,592,587
2011
3,008,257
2,832,509
2,409,003
3,431,763
The ending balances as of June 30, 2013, and 2012 are reported in the financial statements as
follows:
Fiscal
Current
Long-term
Year
Portion
Portion
Total
2013
$ 2,800,072 $
725,770 $ 3,525,842
2012
1,141,303
2,451,284
3,592,587
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)
Current
Prior
Change
40
40
0
25
40
(15)
20
40
(20)
40
40
0
40
40
0
As a result of the change in policy, the FY2013 current portion of compensated absences payable
has been increased as FY2014 will be a transition year for employees to use their carryover hours.
In future fiscal years, the total balance will decrease as the employees will have fewer days to
carryover each fiscal 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.
67
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
6. LONG-TERM DEBT
A.
A summary of long-term debt transactions for the years ended June 30, 2013 and 2012 is as
follows:
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
$
-
$
-
Series 2007
70,830,000
-
2,290,000
68,540,000
2,510,000
Series 2011A
95,440,000
-
9,875,000
85,565,000
11,655,000
Series 2013A
-
84,000,000
-
84,000,000
-
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
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
-
35,250
-
23,500
11,750
-
Alternative Revenue Source
Subtotal
Bond Premiums
Series 2003A
Alternative Revenue Source
Series 2003B
Series 2006
14,223
-
1,662
12,561
-
Series 2009A
165,727
-
107,362
58,365
-
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
-
284,522,369
$ 101,530,699
$ 29,976,052
356,077,016
$ 23,760,072
Other Post-Employment Benefits
Total Long-Term Debt
$
68
$
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
6. LONG-TERM DEBT (CONTINUED)
Balance
June 30, 2012
July 1, 2011
Issuances
Retirements/
Balance
Current
Refunding
June 30, 2012
Portion
General Obligation Bonds
-
$ 19,370,000
Series 2007
Series 2003A
$
72,945,000
25,080,000
$
-
2,115,000
$
70,830,000
5,710,000
$
5,710,000
2,290,000
Series 2009C
11,715,000
-
11,715,000
-
-
Series 2011A
-
95,440,000
-
95,440,000
9,875,000
Alternative Revenue Source
Series 2003B
14,160,000
-
11,185,000
2,975,000
1,460,000
Series 2006
7,760,000
-
45,000
7,715,000
50,000
Series 2009A
9,505,000
-
3,105,000
6,400,000
3,170,000
Series 2009B
62,450,000
-
-
62,450,000
-
Series 2011B
-
9,460,000
-
9,460,000
-
203,615,000
104,900,000
47,535,000
260,980,000
22,555,000
Series 2003A
3,268,116
-
2,354,326
913,790
-
Series 2007
Subtotal
Bond Premiums
3,541,987
-
224,548
3,317,439
-
Series 2009C
169,498
-
169,498
-
-
Series 2011A
-
10,009,292
462,614
9,546,678
-
184,667
-
149,417
35,250
-
Alternative Revenue Source
Series 2003B
Series 2006
15,820
-
1,597
14,223
-
Series 2009A
270,440
-
104,713
165,727
-
Series 2009B
21,129
-
794
20,335
-
Series 2011B
-
1,024,184
82,234
941,950
-
7,471,657
11,033,476
3,549,741
14,955,392
-
211,086,657
115,933,476
51,084,741
275,935,392
22,555,000
Termination Benefits
3,481,236
2,563,206
1,090,729
4,953,713
1,600,000
Compensated Absences
3,431,763
2,980,668
2,819,844
3,592,587
1,141,303
48,107
917,831
925,261
40,677
-
218,047,763
$ 122,395,181
$ 55,920,575
284,522,369
$ 25,296,303
Subtotal
Total G.O. Bonds
Other Post-Employment Benefits
Total Long-Term Debt
$
69
$
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
6. LONG-TERM DEBT (CONTINUED)
B.
The long-term debt of the College outstanding at June 30, 2013 is as follows:
General Obligation Bonds (Alternate Revenue Source) – Series 2003B
On February 20, 2003, the College issued the Series 2003B bonds in the amount of $31,580,000.
The proceeds derived from the issuance of these bonds were used by the College to construct
parking facilities and related site improvements and to pay the cost of issuing the bonds. On
November 1, 2006 and August 11, 2011, the College refunded $7,375,000 and $9,780,000,
respectively, of the Series 2003B bonds. The bonds were issued with interest rates ranging from
3.25% to 5.25% with payment dates of July 1 and January 1 each year through January 1, 2014. 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
2014
Total
$
$
Principal
1,515,000
1,515,000
$
$
Interest
60,600
60,600
$
$
Total
1,575,600
1,575,600
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 in
defeased bonds outstanding were called and paid on January 1, 2013. The bonds were issued with
interest rates ranging from 3.75% to 4.00% 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
2014
2015
2016
2017
2018
2019
2020
Total
$
$
Principal
50,000
55,000
55,000
1,770,000
1,840,000
1,910,000
1,985,000
7,665,000
$
$
Interest
294,210
292,210
290,010
287,810
217,010
148,010
75,430
1,604,690
$
$
Total
344,210
347,210
345,010
2,057,810
2,057,010
2,058,010
2,060,430
9,269,690
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% to 5.00% 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.
70
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
6. LONG-TERM DEBT (CONTINUED)
Fiscal Year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
$
$
Principal
2,510,000
4,120,000
10,350,000
6,410,000
7,040,000
7,515,000
7,895,000
8,290,000
8,700,000
5,710,000
68,540,000
$
$
Interest
3,318,925
3,193,425
2,987,425
2,469,925
2,149,425
1,797,425
1,421,675
1,026,925
612,425
242,675
19,220,250
$
$
Total
5,828,925
7,313,425
13,337,425
8,879,925
9,189,425
9,312,425
9,316,675
9,316,925
9,312,425
5,952,675
87,760,250
General Obligation Bonds (Alternative Revenue Source) – Series 2009A
On May 4, 2009, the College issued the Series 2009A bonds in the amount of $12,550,000. 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 2.00% to 4.00% with payment dates of July 1
and January 1 each year through January 1, 2014. 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
2014
Total
$
$
Principal
3,230,000
3,230,000
$
$
Interest
129,200
129,200
$
$
Total
3,359,200
3,359,200
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% to 5.75% 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.
These bonds are Build America Bonds and 35% of the interest paid each year by the College is
supposed to be reimbursed by the U.S. Department of Treasury. In fiscal year 2013, as a result of
the Federal government’s budget sequestration, the College received only $1,055,760 of the
$1,103,774 that it was entitled to under the terms of the Build America Bond program. The College
will receive a reduction of 8.7% in payments that will continue into future years barring any
intervening U.S. Congressional action.
71
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
6. LONG-TERM DEBT (CONTINUED)
Fiscal Year
2014
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
3,153,640
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
31,680,471
$
$
Total
3,153,640
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
94,130,471
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 voter approved $168 million November 2010 referendum. The remaining $11,440,000 was
issued to advance refund $11,375,000 of General Obligation Bonds Series 2003A. The bonds were
issued with interest rates ranging from 3.00% to 5.25% 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.
72
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
6. LONG-TERM DEBT (CONTINUED)
Fiscal Year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Total
$
$
Principal
11,655,000
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
85,565,000
$
$
Interest
3,982,800
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
33,450,800
Total
$ 15,637,800
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
$ 119,015,800
General Obligation Bonds – 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% to 4.75% 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.
73
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
6. LONG-TERM DEBT (CONTINUED)
Fiscal Year
2014
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
410,800
349,600
286,200
286,200
286,200
286,200
286,200
205,200
104,975
2,912,375
$
$
Total
410,800
1,940,800
1,934,600
286,200
286,200
286,200
286,200
2,311,200
2,315,200
2,314,975
12,372,375
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 voter approved $168 million November 2010 referendum. The bonds were
issued with interest rates ranging from 3.15% to 5.00% 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
Principal
Interest
Total
2014
$
$
4,041,127
$
4,041,127
2015
290,000
3,720,730
4,010,730
2016
2,505,000
3,709,130
6,214,130
2017
3,750,000
3,608,930
7,358,930
2018
5,115,000
3,458,930
8,573,930
2019
4,180,000
3,203,180
7,383,180
2020
4,350,000
3,035,980
7,385,980
2021
4,565,000
2,818,480
7,383,480
2022
4,795,000
2,590,230
7,385,230
2023
4,995,000
2,388,980
7,383,980
2024
5,240,000
2,146,730
7,386,730
2025
5,500,000
1,884,730
7,384,730
2026
5,775,000
1,609,730
7,384,730
2027
6,065,000
1,320,980
7,385,980
2028
6,370,000
1,017,730
7,387,730
2029
6,570,000
817,075
7,387,075
2030
6,830,000
554,275
7,384,275
2031
7,105,000
281,075
7,386,075
$
126,208,022
Total
$ 84,000,000
$ 42,208,022
74
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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 $3,638,102 and $4,953,713 at June
30, 2013 and 2012 respectively, for expected future retirement benefit payments to administrators,
managers, classified, and faculty. The current portion of the termination benefits liability at June
30, 2013 and 2012 were $2,000,000 and $1,600,000, respectively.
Administrators
Year Ended
No. of
June 30,
Participants
Full-Time Faculty
Total
Liability
Managerial & Classified
Total
No. of
Total
No. of
Total
No. of
Total
Participants
Liability
Participants
Liability
Participants
Liability
2013
- $
-
47 $ 3,356,815
16 $
281,287
63 $ 3,638,102
2012
6 $
235,861
59 $ 4,313,436
18 $
404,416
83 $ 4,953,713
Other Post-Employment Benefits
Based on the actuarial valuation, a long-term liability is recorded at present value in the amount of
$33,428 and $40,677 June 30, 2013 and 2012, respectively, 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 2003B, Series 2006, Series
2009A, Series 2009B and Series 2011B bonds. Annual principal and interest payments on the bonds
are 26.6% of the total debt. Proceeds from the bonds provided financing for the construction of
parking facilities, building and equipping new buildings and 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, 2014, 2020, 2014, 2029 and 2031, respectively. Annual
principal and interest payments on the bonds are expected to require less than 15% of tuition and
fees revenues. The total principal and interest remaining to be paid on the bonds is $120,707,336.
Principal and interest paid for the current year and total tuition and fees revenues were $8,850,060
and $5,628,851 respectively.
75
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
7. OPERATING LEASES
A. BOOKSTORE LEASE
In March 2009, a five-year lease for bookstore management services was awarded to Follett Higher
Education Group of Oak Brook, Illinois with the current contract expiring on March 13, 2014.
Under the terms of this agreement, the service provider agrees to operate the bookstore facility with
a total minimum rental guarantee of $5,500,000 or an annual minimum of $1,100,000. The College
shares income with Follett, under the terms of the contract, the College receives 12.1% of annual
net sales up to $5,000,000; plus 13.1% of annual net sales between $5,000,000 and $8,000,000; plus
14.1% of annual net sales over $8,000,000. For the years ended June 30, 2013 and 2012, the
College recognized income under this agreement of $1,176,945 and $1,118,558 respectively.
B.
DINING SERVICES LEASE AND VENDING
In August 2011 the College entered into a five-year lease with Sodexo America, LLC, of
Gaithersburg, Maryland through August 5, 2016 to operate the cafeteria, Starbucks Coffee, and
provide catering services for the College. Under the terms of the agreement Sodexo agrees to
operate the cafeteria and Sodexo shall retain surplus, if any, up to 5% 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. For the years ended June 30, 2013
and 2012, the College recognized $0 income under the agreement for both years.
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 an average rate of 25.6%, payable monthly, for the term of
the agreement. For the years ended June 30, 2013 and 2012, the College recognized income under
this agreement of $45,907 and $45,987, 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%, payable monthly. For the years ended June 30, 2013 and
2012, the College recognized income of $82,672 and $76,346, respectively. In accordance with the
beverage vending agreement, Pepsi Beverages Company agrees to pay an annual sponsorship fee of
$50,000 payable on January 1 of each year from 2010 through 2014.
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 expiring April 30, 2018. Rental cost on these facilities
approximated $748,064 for fiscal year 2013 and $1,047,571 for fiscal year 2012, exclusive of
assessed common area maintenance charges and real estate taxes. The future minimum rental
payments on these leases are as follows:
76
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
7. OPERATING LEASES (CONTINUED)
Minimum Rental
Payments
$
429,647
340,711
352,903
183,283
187,211
$
1,493,755
Fiscal Year
2014
2015
2016
2017
2018
Total
D. EQUIPMENT LEASES
The College has entered into an operating lease with Xerox for copiers across the entire campus.
The lease is set to expire on October 31, 2014. Rental cost on the lease was $487,582 for fiscal year
2013 and $462,681 for fiscal year 2012. The future minimum rental payments on these leases are as
follows:
Minimum Rental
Fiscal Year
Payments
2014
$
416,226
2015
138,742
Total
$
554,968
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.
77
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
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, excess liability ($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
2013
2012
2011
Claims Payable
Beginning
of Year
$
1,632,891
982,891
834,654
Claims
Incurred
$ 10,562,282
10,069,104
7,027,366
$
Claims
Paid
10,562,282
9,419,104
6,879,129
Claims Payable
End
of Year
$
1,632,891
1,632,891
982,891
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 appropriate 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.
78
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
10. NEW ACCOUNTING PRONOUNCEMENTS
In March 2012, the GASB issued Statement No. 66 Technical Corrections—2012—an amendment
of GASB Statements No. 10 and No. 62. GASB 66 was issued in order to improve accounting and
financial reporting for a governmental financial reporting entity by resolving conflicting guidance
that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting
and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial
Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.
GASB 66 also amends Statement No. 10, Accounting and Financial Reporting for Risk Financing
and Related Insurance Issues, by removing the provision that limits fund-based reporting of an
entity’s risk financing activities to the general fund and the internal service fund type. This
Statement also amends Statement 62 by modifying the specific guidance on accounting for (1)
operating lease payments that vary from a straight-line basis, (2) the difference between the initial
investment (purchase price) and the principal amount of a purchased loan or group of loans, and (3)
servicing fees related to mortgage loans that are sold when the stated service fee rate differs
significantly from a current (normal) servicing fee rate. Statement 66 is effective for financial
statements for fiscal years beginning after December 15, 2012, earlier application is encouraged.
In June 2012 the GASB issued Statement No. 67 Financial Reporting for Pension Plans—an
amendment of GASB Statement No. 25. The objective GASB 67 is to improve financial reporting
by state and local governmental pension plans and add additional transparency. This Statement
replaces the requirements of Statements No. 25, Financial Reporting for Defined Benefit Pension
Plans and Note Disclosures for Defined Contribution Plans, and No. 50, Pension Disclosures, as
they relate to pension plans that are administered through trusts or equivalent arrangements that
meet certain criteria. GASB 67 requires the net pension liability to be measured as the total pension
liability, less the amount of the pension plan’s fiduciary net position and enhanced note disclosures
and schedules of required supplementary information are also required for pension plans to disclose
in their financial statements. Statement 67 is effective for financial statements for fiscal years
beginning after June 15, 2013, earlier application is encouraged.
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, earlier application is encouraged.
79
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
10. NEW ACCOUNTING PRONOUNCEMENTS (CONTINUED)
In April 2013, the GASB issued Statement No. 70 Accounting and Financial Reporting for
Nonexchange Financial Guarantees. GASB 70 requires a government that extends a nonexchange
financial guarantee to recognize a liability when qualitative factors and historical data, if any,
indicate that it is more likely than not that the government will be required to make a payment on
the guarantee. This Statement also requires a government that has issued an obligation guaranteed
in a nonexchange transaction to recognize revenue to the extent of the reduction in its guaranteed
liabilities. This Statement also requires a government that is required to repay a guarantor for
making a payment on a guaranteed obligation or legally assuming the guaranteed obligation to
continue to recognize a liability until legally released as an obligor. This Statement specifies the
information required to be disclosed by governments that extend nonexchange financial guarantees.
In addition, this Statement requires new information to be disclosed by governments that receive
nonexchange financial guarantees. Statement 70 is effective for financial statements for fiscal years
beginning after June 15, 2013, earlier application is encouraged.
The College is currently evaluating the impact of adopting these GASB Standards, including
standards that are effective as of July 1, 2013. As a member of SURS, the College is dependent on
SURS to implement GASB 67 in order for the College to implement GASB 68 for the College’s
FY2015 financial statements.
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 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, 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.
80
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
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 Undesignated Net Assets - Net assets not subject to donor-imposed restrictions.
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 undesignated or unrestricted designated net assets as appropriate. Gains and losses on
investments and other assets or liabilities are reported as increases or decreases in unrestricted
undesignated or unrestricted designated 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 the applicable 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.
81
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
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 at the date the promise is
made. 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.
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:



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 the terms of the gift impose restrictions on the
use of the income; 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.
Comparative Information
The financial statements include the current and prior fiscal year results. In the process of
aggregating data for the financial statements, some amounts reported in the prior year have been
reclassified, however, the reclassifications did not affect total assets, liabilities, net assets and
changes in net assets. During the year the Foundation staff reviewed expenses incurred and based
on this review, reclassified some expenses to properly reflect actual activities performed within the
three categories: Program, Management and General, and Fundraising expenses. The FY2013 and
FY2012 expenses have been reclassified as a result of the review process.
82
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ from those estimates
and the differences could be material to these financial statements.
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.
Change in Classification of Donor Restrictions
Current year changes initiated by donors to prior year donor restriction classifications are shown as
“Change in classification of donor restrictions” on the Statement of Activities. These changes was
initiated when major donors changes the classification of their prior year donations.
Allocations of Expenses
The majority of expenses can generally be directly identified with the programs or supporting
service to which they relate and are charged, accordingly. Other expenses have been allocated
among program and supporting service classifications on a basis determined by the College’s
management.
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
temporarily restricted contribution in the period the Trust was established. Assets held in the Trust
totaled $58,709 at June 30, 2013 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
$21,958 as June 30, 2013 is calculated using a discount rate of 4% and is reflected in other
liabilities in the accompanying statement of financial position.
83
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2013 AND 2012
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
D.
Income Taxes
The Foundation has been 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 has 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 will be
recognized only if the tax position is more-likely-than-not sustained in a tax examination, with a tax
examination being presumed to occur. The amount recognized will be the largest amount of tax
benefit that is greater than 50% 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, 2013. The
Foundation is no longer subject to examination by U.S. federal taxing authorities for years before
2009 and for all state income taxes through 2009. The Foundation does not expect the total amount
of unrecognized tax benefits to significantly change in the next 12 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, 2013.
12. SUBSEQUENT EVENTS
Subsequent to year-end, the College called the General Obligation Bonds Series 2003B and made
the January 1, 2014 principal payment of $1,515,000 on July 1, 2013. The College entered into
various agreements totaling approximately $4,578,223 for the purpose of construction and
renovation of buildings and facilities. The College had outstanding purchase orders of $37,625,526.
84
(This page left blank intentionally)
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2013
Required Supplementary Information
(This page left blank intentionally)
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
REQUIRED SUPPLEMENTARY INFORMATION
OTHER POST EMPLOYMENT BENEFITS
Schedule of Funding Progress
Fiscal Year
Ended
June 30, 2013
June 30, 2012
June 30, 2011
June 30, 2010
June 30, 2009
Actuarial
Value of
Assets
$
N/A
Actuarial
Accrued
Liability
(AAL) Entry Age
N/A
- $ 14,598,947
N/A
12,013,103
11,357,994
Unfunded
AAL
(UAAL)
N/A
$ 14,598,947
N/A
12,013,103
11,357,994
Funded
Ratio
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.
85
Covered
Payroll
UAAL as a
% of
Covered
Payroll
N/A
18.6%
N/A
16.1%
14.8%
(This page left blank intentionally)
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, 2013
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.
87
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.
89
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.
94
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.
98
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.
103
Sources: Unless otherwise noted, the information in these tables is derived from the College’s Comprehensive Annual
Financial Reports for the relevant years
86
87
$ 376,099,038
128,576,028
147,895,808
$ 407,872,257
18,021,452
8,262,954
74,224
$ 221,164,380
2012
16,484,678
8,283,842
568,337
$ 234,639,592
2013
$ 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
$ 208,840,594
71,248,914
14,584,822
8,034,976
1,375,595
$ 113,596,287
2007
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
$ 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
$ 178,275,065
69,798,330
9,455,651
8,034,976
1,234,046
$ 89,752,062
2004
TABLE 1
88
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
31,773,219
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
$
$
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
$
$
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
Notes: (1) Increase in operating expenses and state appropriations for fiscal year 2004 is due to a one-time increase in State Universities Retirement System on-behalf payments of $35,515,196.
(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
as determined by the Illinois Department of Revenue, and individual rates are limited by maximum rates established by Illinois Compiled Statutes.
(3) 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.
$
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)
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)
62,113,934
764,431
1,176,945
1,766,040
934,162
66,755,512
$
2013
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
$
$
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
$
$
30,995
30,995
6,268,486
67,360,185
974,052
63,930,337
7,898,636
710,072
3,682,338
(5,653,269)
(40,239)
138,862,112
6,237,491
85,167,259
11,030,267
14,721,950
3,583,598
1,299,069
14,769,724
13,865,832
13,447,238
12,297,422
3,702,501
6,046,836
179,931,696
(132,624,621)
980,392
4,860,775
137,148
47,307,075
40,647,507
681,253
2004
TABLE 2
89
34,322,119,068
31,581,797,380
2007
2006
5,654,153,197
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
$ 5,736,272,341
Commercial
Property
2,864,568,763
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
$ 2,559,501,097
Industrial
Property
$
5,020,343
4,683,159
3,213,331
2,964,788
2,700,325
3,036,702
2,601,938
2,798,434
2,952,530
3,043,437
Farm
Property
$
16,996,175
16,840,453
15,934,457
16,482,978
18,185,431
20,340,507
23,832,039
35,924,625
39,691,367
23,822,922
Railroad
Property
1,712,283,551
-
-
-
-
-
-
-
-
$ 3,096,213,474
Other (1)
Assessed
Value
32,986,226,299
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
Total Taxable
Assessed
Value
$
0.2100
0.1972
0.1897
0.1929
0.1888
0.1858
0.2127
0.2349
0.2495
0.2681
Total (2)(3)
Direct
Tax
Rate
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
(5) The assessed valuation for tax year 2012 decreased for the third consecutive year. Valuations declined by 7.7%, after a 7.4% decrease in 2011 and 5.2% in levy year 2010. Calendar year 2010 was the first year
DuPage County experienced a decrease in assessed valuations.
(4) 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 will also increase due the issuance of Series 2013A bonds in FY2013.
(3) The total direct tax rate increased from .1897 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.
(2) The direct tax rates reported for the College are those of DuPage County, as it comprises approximately 90% of College of DuPage District 502.
(1) For levy years 2003 and previous, amounts in the "Other Assessed Value" column are made up primarily of assessed values from Will County, as at that time Will County provided the College with information on
assessed valuations broken out only by "farm value" and "non-farm value". In levy year 2012, 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.
98,958,678,897
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
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.
22,733,204,270
36,713,653,475
2008
2003
37,968,146,247
2009
26,416,105,066
35,225,106,750
2010
2004
32,222,147,558
2011
29,103,966,538
$ 27,344,527,775
2012
2005
Residential
Property
Levy
Year
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN LEVY YEARS
REVENUE CAPACITY
90
$
0.7500
0.0050
0.1000
None
None
None
Legal
Limit
$
0.1774
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
$
0.1713
0.5412
0.9144
1.5584
1.4412
0.1984
0.0968
0.0024
0.2853
0.0548
0.1303
0.2298
0.0157
0.0207
0.1285
0.0003
0.0213
0.0023
0.0031
0.0333
0.1888
2007
$
0.1797
0.5607
0.9395
1.6083
1.4703
0.1960
0.0995
0.0025
0.2933
0.0569
0.1271
0.2235
0.0153
0.0222
0.1315
0.0002
0.0224
0.0020
0.0029
0.0339
0.1929
2006
$
0.1850
0.5702
0.9662
1.6305
1.4977
0.2055
0.1017
0.0025
0.2982
0.5830
0.1358
0.2288
0.0145
0.0239
0.1388
0.0002
0.0235
0.0021
0.0031
0.0220
0.1897
2005
$
0.1999
0.5862
1.0086
1.6758
1.5017
0.2154
0.1068
0.0027
0.3057
0.0583
0.1419
0.2363
0.0140
0.0254
0.1408
0.0001
0.0242
0.0006
0.0041
0.0274
0.1972
2004
$
0.2154
0.6046
1.0537
1.6688
1.4996
0.2229
0.1088
0.0028
0.2962
0.0613
0.1543
0.2429
0.0150
0.0267
0.1474
0.0002
0.0252
0.0001
0.0047
0.0324
0.2100
2003
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 end of November.
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
2012 Levy Year
Taxpayer (a)
Assessed
Value (a)
(000s)
Type of Business
Prologis / AMB
Commercial Property
Hamilton Partners, Inc.
$
Rank
2003 Levy Year
Percentage
of Total
District 502
Assessed
Valuation (b)
130,893
1
0.35%
Commercial Development
126,078
2
0.33%
Oakbrook Shopping Center
Shopping Center Property
97,133
3
Wells Real Estate Funds
Commercial Development
71,719
Arden Realty, Inc.
Commercial Property
AMLI
Assessed
Value (a)
(000s)
-
0.00%
148,323
1
0.45%
0.26%
-
-
0.00%
4
0.19%
-
-
0.00%
57,490
5
0.15%
-
-
0.00%
Commercial Property
51,623
6
0.14%
37,777
8
0.11%
Friedkin Realty Group
Commercial Property
49,669
7
0.13%
-
-
0.00%
UBS Realty Investors, Inc.
Commercial Property
43,110
8
0.11%
-
-
0.00%
Navistar, Inc.
Manufacturer
39,951
9
0.11%
-
-
0.00%
YTC Pacific (Yorktown Center)
Shopping Center Property
39,643
10
0.11%
-
-
0.00%
Lucent Industries (Bell Labs)
Commercial Property
-
-
-
82,356
2
0.25%
Aimco
Property Development
-
-
-
65,459
3
0.20%
Inland Real Estate
Commercial Property
-
-
-
63,988
4
0.19%
Duke Realty, Ltd.
Commercial Property
-
-
-
54,864
5
0.17%
RREEF America REIT Group
Real Estate Investment
-
-
-
48,754
6
0.15%
Trammell Crow Co.
Property Development
-
-
-
46,922
7
0.14%
BP - Amoco
Petroleum Product Research
-
-
-
35,963
9
0.11%
Centerpoint Properties Trust
Commercial Property
-
-
-
34,770
10
0.11%
Total Assessed Value for Top 10 Businesses $
Equalized Assessed Value of District $
707,309
1.825%
38,763,381,046
$
Rank
$
$
-
Percentage
of Total
District 502
Assessed
Valuation (b)
619,176
32,986,226,299
Data Sources:
(a) DuPage County CAFRs, dated November 30, 2012 and November 30, 2003; approximately 90% of College of DuPage District 502 lies in DuPage County.
(b) Assessed evaluation percentage calculated by taking Assessed value of tax payer by total EAV value of District.
91
1.877%
92
38,691,586,701
35,549,604,475
32,986,226,299
2005
2004
2003
0.2100
0.1990
0.1897
0.1951
0.1897
0.1882
0.2127
0.2315
0.2456
0.2681
$
68,924,720
70,389,994
73,030,950
80,729,055
84,423,396
89,505,364
101,338,217
105,572,929
104,753,085
104,007,287
Taxes
Extended (2)(3)
$
68,624,720
70,339,749
72,949,394
80,589,837
84,273,396
88,713,555
100,797,964
105,161,021
-
-
-
-
48,345
(4,046)
(67,313)
(117,753)
52,664,439
50,087,102
Collected
During
Year Ended
June 30, 2013 (4)
- $
51,634,564
Total
Collected
Through
June 30, 2012
$
68,624,720
70,339,749
72,949,394
80,589,837
84,321,741
88,709,509
100,730,651
105,043,268
104,299,003
50,087,102
Total
Collected
Through
June 30, 2013 (5)
99.56%
99.93%
99.89%
99.83%
99.88%
99.11%
99.40%
99.50%
99.57%
48.16%
Percent of
Taxes
Extended
Collected
Through
June 30, 2013
2.40%
1.90%
3.30%
3.40%
2.50%
4.10%
0.10%
2.70%
3.00%
1.70%
Tax
Cap
Limit (6)
TABLE 6
(6) 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, Cook and Will Counties.
(2) Taxes extended are shown net of the .5% allowance for uncollectible taxes.
(3) Due to differences in the computational methods followed by the three counties (DuPage, Cook, and Will), portions of each of which are within the District's boundaries, there may
be slight differences between the final levy amounts extended by the counties and those used for financial statement purposes.
(4) The column represents total cash collection during the fiscal year and not the total revenue recognized during the fiscal year.
(5) Taxes are generally due on June 1st and September 1st of the calendar year subsequent to the levy year.
Data Sources:
College of DuPage property tax records.
DuPage County property tax Records as of end of November.
41,586,227,017
47,797,629,872
2008
2006
47,883,147,236
2009
44,727,271,771
45,371,787,099
2010
2007
42,017,143,168
2011
38,763,381,046
2012
$
Assessed
Valuation
Levy
Year
Direct
Tax
Rate (1)
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN LEVY YEARS
REVENUE CAPACITY
93
15,175
15,902
16,036
14,913
14,601
14,431
14,645
17,676
17,661
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
26,155
Headcount
Credit
Courses
4,157
3,880
2,975
2,735
2,593
2,562
736
1,001
877
879
Headcount
Noncredit
Courses
$
69.00
75.00
87.00
96.00
103.00
108.00
116.00
129.00
132.00
136.00
189.00
259.50
271.50
202.50
307.00
305.00
359.00
370.00
386.00
389.00
393.00
286.00
$
243.00
250.00
292.00
296.00
305.00
316.00
319.00
323.00
264,915
265,140
219,675
216,465
219,015
223,695
240,540
238,530
227,625
230,895
Fall Term
Total Student
Credit Hours
10th Day
FTES
$
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
(2) Tuition and Fee Revenues presented in Table 7 differ from amounts shown on the Statement 2 because this table presents these amounts as before adjustment for scholarship allowance.
to semester hour equivalents for comparison purposes.
TABLE 7
$
11,253,904
10,065,854
10,110,830
6,891,500
12,815,622
13,205,703
13,956,074
16,296,420
14,154,098
13,010,999
$
51,150,656
54,837,004
56,736,214
56,472,220
66,224,840
76,074,710
76,087,480
86,633,157
84,527,816
91,079,947
----------------------------- 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-term system to a semester system. Tuition rates for 2006 are per semester credit hour; tuition rates for all previous years have been adjusted
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.
15,393
2013
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
94
7,260,442
6,651,652
6,042,863
7,702,474
9,506,741
9,545,832
8,290,546
6,979,601
13,777,907
$
30,235,000
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
General
Obligation
Alternate
Revenue Source
Bonds (1)
General
Obligation
Bonds
Premiums
(Discounts)
$ 25,500,225
B
A-1
$
394,568
373,260
351,952
250,669
241,074
723,029
609,173
492,056
1,177,485
954,419
General
Obligation
Alternate
Revenue Source
Premiums
(Discounts)
B-1
$
126,060,010
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
Total
Net
Outstanding
Debt (2)
C
( =A + A-1 + B + B-1 )
$
9,455,651
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
Less: Amounts
Available
for Debt
Service (3)
D
Notes:
(1) Balances include current and non-current portions of bond principal outstanding.
(2) 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.
(4) Details of the College's outstanding debt can be found in the notes to the financial statements.
(5) Estimated Population figures are compiled by the College of DuPage Research and Planning Office.
Data Sources: College of DuPage records, Comprehensive Annual Financial Reports, and DuPage County records.
88,170,000
81,905,000
2005
2004
76,295,000
140,050,000
2009
2006
131,030,000
2010
144,945,000
109,740,000
2011
150,655,000
171,980,000
2012
2008
$238,105,000
2013
2007
General
Obligation
Bonds (1)
Fiscal
Year
Ended
A
85,974,791
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
Net
General
Bonded
Debt (4)
E
( = A + A-1 - D )
98,958,678,897
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
District 502
Estimated
Actual Taxable
Property
Value
F
0.13%
0.11%
0.10%
0.15%
0.14%
0.18%
0.17%
0.16%
0.22%
0.30%
G
(=C/F)
Percentage of
Total Outstanding
Debt to Estimated
Actual Taxable
Property
Value
RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS
DEBT CAPACITY
1,010,975
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
District
Population (5)
H
$
124.69
115.84
108.56
182.40
170.76
229.77
218.30
193.41
259.95
328.66
Total
Outstanding
Debt
Per
Capita
I
(=C/H)
0.09%
0.07%
0.06%
0.12%
0.10%
0.09%
0.08%
0.07%
0.13%
0.21%
J
(=E/F)
Percentage of
Net General Bonded
Debt to Estimated
Actual Taxable
Property
Value
$
85.04
77.49
71.40
141.13
127.46
116.22
105.72
86.03
155.43
229.73
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, 2013
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
Subotal Overlapping Debt
(3)
College of DuPage - Direct
Total Direct and Overlapping Debt
$
297,075,000
189,315,100
9,319,185,899
200,000
1,371,833,982
18,580,000
88,415,000
5,601,125
410,826,934
341,880,306
1,197,241,727
13,240,155,073
238,105,000
(1)
(1)
100.00%
100.00%
8.96%
100.00%
27.94%
100.00%
24.18%
100.00%
96.47%
96.26%
58.55%
DuPage
County
Share
of Debt (1)
$
90.00%
$ 13,478,260,073
297,075,000
189,315,100
834,999,057
200,000
383,290,415
18,580,000
21,378,747
5,601,125
396,324,743
329,093,983
700,985,031
3,176,843,201
214,294,500
$ 3,391,137,701
`
College's Assessed Valuation
$ 38,763,381,046
Data Sources:
DuPage County Illinois Comprehensive Annual Financial Report dated November 30, 2012, 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.
95
TABLE 10
DEBT CAPACITY
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Fiscal
Assessed
Debt Limit
(Assessed Value X
Debt Limit
Year
Value
Rate
2013
$ 38,763,381,046
2.875%
2012
42,017,143,168
2.875%
1,207,992,866
2011
45,371,787,099
2.875%
2010
47,883,147,236
2009
Net Debt
Applicable
to Debt Limit
Debt Limit Rate)
$
1,114,447,205
$
(1)
218,364,545
$
Legal Debt
Net Debt
Applicable to
Debt Limit as a
Percentage of
Margin
Debt Limit (2)
896,082,660
19.59%
151,207,499
1,056,785,367
12.52%
1,304,438,879
86,916,625
1,217,522,254
6.66%
2.875%
1,376,640,483
107,090,273
1,269,550,210
7.78%
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%
2004
32,986,226,299
2.875%
948,354,006
78,714,349
869,639,657
8.30%
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 2003A, Series 2007, Series 2009C, Series 2011A and Series 2013A bond
principal outstanding, less net assets restricted for debt service. 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 7.2% in levy year 2012, after a 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.
96
TABLE 11
DEBT CAPACITY
PLEDGED REVENUE COVERAGE
SERIES 2003B BONDS
SERIES 2006 BONDS
SERIES 2009A BONDS
SERIES 2009B BONDS
SERIES 2011B BONDS
LAST TEN FISCAL YEARS (1)
Levy
Year
Fiscal Year
Ending June 30
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
Restricted
Pledged
Revenues (2)
$
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
2,563,155
TOTAL DEBT SERVICE
Principal
and Interest
$
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
1,987,267
$
36,470,781
Coverage
0.64
0.60
0.63
1.11
2.24
2.01
1.76
0.96
1.07
1.29
Data Source: College of DuPage records.
Notes:
(1) Series 2003B General Obligation Bonds (Alternate Revenue Source) were issued
February 20, 2003. Series 2006 General Obligation Bonds (Alternate Revenue Source)
were issued November 1, 2006. Series 2009A General Obligation Bonds (Alternate
Revenue Source). 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 represents the portion of tuition and fees that are
designated for payment of debt service in the bond and interest sub fund.
(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.
97
TABLE 12
DEMOGRAPHIC AND ECONOMIC INFORMATION
PERSONAL INCOME PER CAPITA LAST TEN CALENDAR YEARS
DuPage County
Population (1)*
946,280
DuPage County
Total Personal
Income (2005 $) (2)*
$
45,769,548,000
DuPage County
Per Capita
Personal
Income (2005 $) (3)
$
48,368
2012
934,654
45,087,899,000
48,240
7.9%
2011
923,222
44,489,663,000
48,190
9.0%
2010
917,942
43,674,578,000
47,579
8.9%
2009
912,732
43,779,486,000
47,965
6.4%
2008
909,798
48,223,762,000
53,005
5.0%
2007
907,426
47,966,305,000
52,860
3.8%
2006
908,685
48,053,853,000
52,883
3.4%
2005
911,378
45,748,700,000
50,197
4.7%
2004
913,940
45,725,468,000
50,031
5.0%
Calendar
Year
2013
DuPage County
Unemployment
Rate (4)
8.6%
Data Sources:
(1) Population figures are provided by Woods & Poole Economics, Inc. 2013, Washington, D.C. Copyright 2013
(2) DuPage County Total Personal Income figures are provided by Woods & Poole Economics, Inc. 2013,
Washington, D.C. Copyright 2013, and are based on 2005 dollars using the Consumer Price Index.
(3) DuPage County Per Capita Personal Income figures are provided by Woods & Poole Economics, Inc. 2013,
Washington, D.C. Copyright 2013, and are based on 2005 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 2013 rate is year-to-date, as of 6/30/13.
Note: Approximately 90% of College of DuPage District 502 lies in DuPage County.
*Population and Personal Income estimates revised by Woods & Poole Economics, Inc. in 2013 Report.
98
99
Total
Total number of jobs
in DuPage County
City
Naperville
Glen Ellyn
Warrenville
Argonne
Downers Grove
Oak Brook
Wheaton
Oak Brook
Elmhurst
Warrenville
Rank
1
2
3
4
5
6
7
8
9
10
4.84%
Percent of
Total
DuPage County
Employment
0.75%
0.69%
0.66%
0.49%
0.47%
0.45%
0.42%
0.37%
0.30%
0.25%
Total
Employer
Lucent Technologies
Argonne National Lab
United Parcel Service
United States Postal Service
Edward Hospital
Indian Prairie School District
Northern Illinois Gas
Hinsdale Hospital
College of DuPage
DuPage County
Total number of jobs
in DuPage County
Lisle
Argonne
Addison
Various
Naperville
Aurora
Naperville
Hinsdale
Glen Ellyn
Wheaton
City
2002
685,025
35,765
Number of
Jobs
6,400
4,200
4,000
4,000
3,500
3,000
2,969
2,600
2,581
2,515
Notes:
(1) Approximately 90% of College of DuPage District 502 lies in DuPage County.
(2) The total number of jobs in DuPage County is compiled from data from the Department of Labor, the Bureau of Economic Analysis (BEA), and the U.S. Census Bureau
and is provided by Strategic Advantage.
(3) Information for 2003 is not available. 2002 information is being presented.
709,477
34,343
Number of
Jobs
5,286
4,905
4,676
3,456
3,300
3,186
2,949
2,635
2,150
1,800
Data Sources:
DuPage County Economic Profile - Major Employers - 2012
DuPage County Economic Profile - Major Employers - 2002
Employer
Edward Hospital
College of DuPage
BP America, Inc.
Argonne National Lab
Advocate Health Care
McDonald's Corporation
DuPage County
Ace Hardware
Elmhurst Memorial Hospital
Navistar, Inc.
2012
PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO
DEMOGRAPHIC AND ECONOMIC INFORMATION
Rank
1
2
3
4
5
6
7
8
9
10
5.22%
Percent of
Total
DuPage County
Population
0.93%
0.61%
0.58%
0.58%
0.51%
0.44%
0.43%
0.38%
0.38%
0.37%
TABLE 13
100
*
*
*
*
Credit
26,155
26,209
26,772
27,083
25,668
25,768
26,032
27,117
29,852
30,378
Headcount
Non-Credit
879
877
1,001
736
2,562
2,593
2,735
2,975
3,880
4,157
Total
27,034
27,086
27,773
27,819
28,230
28,361
28,767
30,092
33,732
34,535
FTE
15,393
15,175
15,902
16,036
14,913
14,601
14,431
14,646
17,676
17,661
Gender
M
F
47% 52%
47% 53%
47% 53%
46% 54%
45% 55%
45% 55%
45% 55%
45% 55%
43% 57%
43% 57%
Attendance
FT
PT
37% 63%
36% 64%
39% 61%
39% 61%
38% 62%
36% 64%
34% 66%
32% 68%
36% 64%
34% 66%
Cont
53%
53%
49%
47%
56%
56%
52%
51%
50%
48%
Enrollment Status*
New Transfer Readmit Other
22%
4%
11%
10%
20%
5%
11%
11%
21%
6%
12%
12%
21%
3%
21%
11%
17%
7%
15%
5%
16%
8%
15%
5%
17%
7%
18%
5%
19%
5%
20%
5%
18%
6%
20%
6%
17%
7%
22%
6%
In-District
Residency
90%
90%
90%
91%
90%
90%
90%
90%
89%
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 2012, 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
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Calendar
Fall Enrollment
STUDENT ENROLLMENT DEMOGRAPHIC STATISTICS BY CATEGORY
LAST TEN FISCAL YEARS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Mean
Age
28
28
28
28
29
30
30
28
31
32
Median
Age
23
23
23
23
23
23
24
22
24
25
TABLE 14
TABLE 15
DEMOGRAPHIC AND ECONOMIC INFORMATION
STUDENT ENROLLMENT SEMESTER CREDIT HOURS
LAST TEN FISCAL YEARS
Funding Category
Baccalaureate
Business Occupational
Technical Occupational
Health Occupational
Remedial Developmental
Adult Basic/Secondary
Education
Total Credit Hours
Funding Category
Baccalaureate
Business Occupational
Technical Occupational
Health Occupational
Remedial Developmental
Adult Basic/Secondary
Education
Total Credit Hours
2013
Semester Credit Hours
2012
2011*
2010
2009
296,011
46,789
44,629
29,449
33,838
288,838
43,914
43,252
28,169
32,623
292,005
41,319
43,077
28,849
33,681
303,824
43,601
45,003
29,590
35,475
280,907
39,235
42,065
27,563
38,252
31,615
28,271
36,664
46,975
44,805
482,331
465,067
475,595
504,468
472,827
2008
2007
268,645
38,319
40,415
27,322
38,439
263,431
37,923
40,471
26,699
37,676
267,290
34,014
40,151
26,132
38,645
312,434
38,720
50,487
26,181
34,442
307,485
38,422
55,151
25,353
34,238
41,354
43,744
43,628
37,777
37,888
454,493
449,944
449,860
500,041
498,537
Semester Credit Hours
2006
2005
Data Source: College reports for all semesters of Certified Reimbursable Credit Hours
submitted to the Illinois Community College Board.
*Note: 2011 figures revised in FY2012
101
2004
102
21.26
$
59.26
49.93
27.90
28.23
30.96
49.45
49.45
55.39
63.81
61.65
59.36
61.05
$
Technical
46.98
46.98
29.96
23.78
22.98
23.62
27.02
34.96
Business
$
93.43
94.88
101.94
101.94
90.56
100.59
97.19
91.58
89.33
58.91
Health
$
18.58
18.68
9.51
9.51
14.40
16.57
16.01
15.78
13.82
7.03
Remedial
$
69.99
56.87
80.27
80.27
56.45
53.22
51.42
56.23
46.37
58.71
ABE/ASE (1)
$
35.50
33.63
39.23
39.23
39.24
33.04
32.87
31.97
31.20
31.52
Average
State
In FY2013 the State implemented a loss limit on the Base Operating Grant, following FY2012 in which rates were frozen.
The State of Illinois did not publish credit hour grant rates for FY2012. The College received the same credit hour grant reward as in 2011.
Adult Basic Education / Adult Secondary Education.
13.13
13.13
19.41
19.26
18.61
19.06
19.31
Hold harmless funding
21.72
Hold harmless funding
24.63
Hold harmless funding
$
Baccalaureate
Data Source: College Records.
(3)
(2)
(1)
2012
2011
2010
2009
2008
2007
2006
2006
2005
2005
2004
2004
(2)
Year
2013 (3)
Fiscal
10.3%
(5.3%)
0.00%
(0.03%)
18.8%
0.5%
2.8%
2.5%
(7.2%)
(19.7%)
(Decrease)
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
31.52
2.64
27.24
Average
College of
DuPage
0.65%
-6.53%
-6.48%
-1.47%
-0.61%
1.37%
3.48%
-0.85%
-2.10%
-5.78%
(Decrease)
College of
DuPage
Average
Annual
Percentage
Increase
TABLE 16
103
21
21
260
871
1,131
105
1
106
20
20
262
907
1,169
100
4
104
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
292
762
1,054
27
27
26
26
-
558
367
925
52
925
1,054
27
274
2,332
2,332
2006
288
665
953
-
533
340
873
48
873
953
26
289
2,189
2,189
2007
24
24
315
824
1,139
-
591
373
964
49
964
1,139
24
213
2,389
2,389
2005
25
25
309
816
1,125
-
578
381
959
49
959
1,125
25
251
2,409
2,409
2004
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) Mangerial group was created in FY2012. In previous years the mangers were reported with the Classified staff.
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.
Professionals Full-Time
Professionals Part-Time
Total
Faculty Full-Time
Faculty Part-Time
Total
Managerial Full-Time
Managerial Part-Time
Total
412
323
735
Classification Broken From Part to Full Time
Classified Full-Time
411
Classified Part-Time
277
Total
688
2,290
45
735
104
1,169
20
217
2,290
2,199
2012
47
688
106
1,131
21
206
2,199
Classification
Administrators
Classified
Managerial
Faculty
Professionals
Students
Total
TOTAL HEADCOUNT
2013
EMPLOYEE HEADCOUNT AND CLASSIFICATION LAST TEN FISCAL YEARS
OPERATING INFORMATION
TABLE 17
TABLE 18
OPERATING INFORMATION
OPERATING INDICATORS LAST TEN FISCAL YEARS
2013
2012
2011
2010
2009
2008
2007
2006*
2005
2004
70,730
70,575
71,467
73,730
70,436
69,425
69,556
71,459
75,681
77,634
3,566
4,167
4,871
4,049
8,783
13,089
14,150
14,218
12,880
13,860
26,155
879
27,034
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
29,278
4,157
33,435
Seat Count (Credit)
Seat Count (Non-credit)
70,815
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
54,784
6,143
FTES (Credit)
15,393
15,175
15,902
16,036
14,913
14,601
14,431
14,645
17,676
17,661
9,622
16,533
26,155
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
10,322
20,056
30,378
Male
Female
Unreported
12,282
13,628
245
26,155
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
12,981
17,397
30,378
American Indian/Alaskan
Asian or Pacific Islander
Black, Non-Hispanic
Hispanic
White, Non-Hispanic
Other/Unknown
Unreported
83
2,770
2,272
4,452
15,670
908
26,155
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
17,287
310
25,932
73
3,216
1,563
3,780
18,191
294
27,117
84
3,475
1,579
3,513
20,855
346
29,852
60
3,633
1,468
3,592
21,213
412
30,378
2,485
2,840
3,231
3,150
3,986
4,150
4,428
4,952
6,043
6,255
5,693
14,108
1,272
3,476
27,034
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
7,815
15,905
2,817
1,743
34,535
92%
92%
92%
92%
91%
91%
91%
92%
91%
Annual Credit Head Count (1)
Annual Non-credit Head Count (2)
Fall 10th Day (3)
Head Count (Credit)
Head Count (Non-credit)
Credit Students Only Head Count
Full-Time
Part-Time
Prior Education (4)
Bachelors Degree or Higher
Some College through
Certificate and Associates Degree
HS/GED
< HS
Unknown
Within-Term Retention, Fall (5)
91%
* The College of DuPage changed from quarters to semesters in Fall 2005.
Data Source: College records
Notes:
(1) Credit headcount--Fall through Spring based on tenth day reports.
(2) Non-credit headcount--Fall through Spring based on tenth day reports.
(3) Fall 10th Day Reports.
(4) Total Headcount, Fall 10th Day thru 2012; credit headcount.
(5) Retention Report based on retention of Total Head Counts of Credit Students to the End of Term.
104
105
15
3
6
Total Number of Buildings - Owned Main Campus
Total Number of Buildings - Owned Off Campus
Total Number of Buildings - Leased On/Off Campus
8,080*
Total Number of Parking Spaces
N/A - Information for noted categories is not available.
Data Source: 2012-2013 College of DuPage Fact Book
*Approximate and subject to change due to ongoing construction.
155
Total Number of Computer Labs
5,038
1,032,693
35,313
68,275
Assignable Square Footage - Owned Main Campus
Assignable Square Footage - Owned Off Campus
Assignable Square Footage - Leased On/Off Campus
Total Number of Computers
1,968,255
54,661
85,509
283.92
11.53
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
2013
6,142*
154
5,001
15
3
7
1,236,329
35,313
74,501
1,968,255
54,661
93,389
283.92
11.53
2012
7,000*
150
4,830
15
3
8
995,789
35,313
54,661
1,752,621
55,157
74,501
283.92
11.53
2011
6,142*
150
4,822
15
3
6
1,043,520
35,313
48,684
1,778,642
55,157
64,881
283.92
11.53
2010
7,000
150
4,570
15
3
6
844,499
35,313
31,594
1,373,929
55,157
37,363
283.92
11.53
2009
CAPITAL ASSET STATISTICS LAST TEN FISCAL YEARS
OPERATING INFORMATION
7,000
140
4,380
15
3
6
863,194
33,297
22,984
1,358,343
55,157
34,520
283.92
11.53
2008
7,000
140
4,420
14
3
6
857,983
33,297
22,984
1,352,960
55,157
34,520
283.92
11.53
2007
7,237
140
4,380
9
7
N/A
860,150
33,297
N/A
1,292,419
55,157
20,812
283.92
11.53
2006
7,237
140
4,206
9
7
N/A
940,065
N/A
N/A
1,361,000
N/A
N/A
283.92
11.53
2005
7,237
124
3,894
9
6
N/A
940,065
N/A
N/A
1,350,759
N/A
N/A
283.92
31.03
2004
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, 2013
Supplemental Financial Information
(This page left blank intentionally)
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2013
The following special reports are required by the Illinois
Community College Board (ICCB).
(This page left blank intentionally)
106
137,391,868
Total Expenditures
83,370,553
93,457,204 $
769,105
23,801,928 $
83,370,553
-
79,958,874
142,834
2,365,136
13,384,842
95,851,686
80,976,071 $
13,099,795
9,312,332
3,787,463
-
10,813,627
376,681
2,701,110
105,921
13,997,339
22,135,279 $
Operations
and
Maintenance
Subfunds
(Restricted)
19,740,455 $
34,720,665
34,720,665
-
22,874,901
1,055,760
5,628,851
4,129,107
33,688,619
20,772,501 $
Bond &
Interest
Subfund
(589,605)
8,790,408 $
8,592,906
7,634,298
250,468
708,140
-
4,910,120
4,301,348
9,211,468
8,761,451 $
Auxiliary
Enterprises
Subfunds
$
8,283,842 $
6,118
6,118
-
27,006
27,006
8,262,954 $
Working
Cash
Subfund
Audit
Subfund
- $
-
-
-
- $
Liability
Protection &
Settlement
Subfunds
Total
(124,710,647)
(11,107)
(76,812)
(28,820)
2,161
889,518
(35,363)
(290,580)
(96,207,672)
(28,951,972)
(79,958,874)
(3,233,331)
(28,966,014)
(17,670,594)
(129,828,813)
218,514,720
93,393,300
10,030,258
13,729,284
2,202,396
9,895,502
17,178,800
13,814,496
47,423,639
10,847,045
99,822,644
1,526,489
764,431
14,458,428
36,236,884
30,349,795
62,113,934
5,015,334
250,287,939
- $ 150,960,071 $ 407,872,257
-
-
-
- $ 156,078,237 $ 376,099,038
GASB
34-35
Adjustments
2. The beginning balance of the GASB 34-35 Adjustments has been decreased by $1,410,950 due to the College implementing GASB Statements 63 and 65, which eliminated unamortized bond issuance costs.
568,337 $
66,043,462
21,681,502
1,818,281
2,424,374
992,896
1,371,686
2,137,276
2,343,371
2,821,634
30,452,442
1,238,942
35,715,227
29,294,035
106,893
182,478
66,537,575
74,224
Restricted
Purposes
Subfunds
Notes:
1. Revenues and expenditures in the Restricted Purposes Subfund include State on-behalf contributions to SURS of $31,899,650.
(179,500)
$ 102,270,012 $
71,722,905
8,288,789
11,333,730
1,207,339
5,764,555
11,505,119
18,222,856
9,346,575
Expenditures
Instruction
Academic support
Student services
Public service
Auxiliary services
Operations and maintenance
General administration
General institutional
Scholarship expense
Net Transfers
Net Position June 30, 2013
160,803,059
Total Revenues
79,038,321 $
66,134,116
1,526,489
764,431
16,452,817
2,142
75,367,838
555,226
$
Revenues
Local tax revenue
CPPRT
All other local revenue
ICCB grants
All other state revenue
Federal revenue
Student tuition and fees
All other revenue
Net Position July 1, 2012
Education
Purposes
Operations
and
Maintenance
Purposes
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
ALL SUBFUNDS SUMMARY
FOR THE YEAR ENDED JUNE 30, 2013
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, 2013
Capital Assets/
Long Term Debt
July 1, 2012
Capital Assets
Cost
Land
$
4,786,881 $
Land Improvements
42,995,813
Buildings
264,125,945
Building Improvements
164,369,113
Equipment
40,828,014
Construction in Progress
39,931,385
Total Cost
557,037,151
Accumulated Depreciation
Land Improvements
(7,999,888)
Buildings
(52,594,022)
Building Improvements
(25,791,427)
Equipment
(33,695,852)
Total Accumulated Depreciation
(120,081,189)
Net Capital Assets
$ 436,955,962 $
Long Term Debt
Bonds Payable
Less Current Portion
Other Long Term Debt
Total Long Term Debt
$
$
275,935,392 $
(22,555,000)
253,380,392
8,586,977
261,967,369 $
Additions
350,847
35,788
4,770,618
1,022,108
83,373,256
89,552,617
Deletions
$
1,463,283
1,463,283
Capital Assets/
Long Term Debt
June 30, 2013
Transfers
$
- $
19,057,852
(7,083,029)
8,988,980
9,912,030
(30,875,833)
-
4,786,881
62,404,512
257,078,704
178,128,711
50,298,869
92,428,808
645,126,485
(3,991,326)
(5,142,123)
(7,980,280)
(2,816,071)
(19,929,800)
69,622,817 $
(1,463,283)
(1,463,283)
- $
-
(11,991,214)
(57,736,145)
(33,771,707)
(35,048,640)
(138,547,706)
$ 506,578,779
97,496,356 $
(18,960,000)
78,536,356
4,034,343
82,570,699 $
24,552,104 $
(22,555,000)
1,997,104
5,423,948
7,421,052 $
-
$
$
348,879,644
(18,960,000)
329,919,644
7,197,372
337,117,016
Note: The beginning balance of Bonds Payable has been increased by $538,838 due to the implementation of GASB Statements 63
and 65 in FY2013. Deferred amounts on refunding are no longer classified with bonds payable in the financial statements.
107
EXHIBIT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OPERATING SUBFUNDS REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2013
(Page 1 of 2)
Operations
and
Maintenance
Purposes
Education
Purposes
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
$
66,134,116
764,431
1,526,489
68,425,036
10,813,627
10,813,627
$
76,947,743
764,431
1,526,489
79,238,663
15,525,035
927,782
2,142
16,454,959
376,681
376,681
15,525,035
927,782
378,823
16,831,640
-
-
-
70,471,908
4,895,930
75,367,838
2,701,110
2,701,110
73,173,018
4,895,930
78,068,948
(142,431)
697,657
555,226
160,803,059
77,396
28,525
769,105
875,026
14,766,444
(65,035)
726,182
769,105
1,430,252
175,569,503
(764,431)
$ 160,038,628
108
$
Total
$
(769,105)
13,997,339
(764,431)
(769,105)
$ 174,035,967
EXHIBIT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OPERATING SUBFUNDS REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2013
(CONTINUED)
(Page 2 of 2)
Operations
and
Maintenance
Purposes
Education
Purposes
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
$
71,722,905
8,288,789
11,333,730
1,207,339
5,764,555
11,505,119
18,222,856
9,346,575
179,500
137,571,368
$
(92,896)
(179,500)
$ 137,298,972
$
$
$
93,784,807
17,253,635
5,666,002
5,153,202
802,818
843,254
1,485,602
94,968
3,026,969
10,083,429
9,346,575
179,500
137,571,368
(92,896)
(179,500)
$ 137,298,972
$
Total
9,312,332
3,787,463
13,099,795
$
71,722,905
8,288,789
11,333,730
1,207,339
15,076,887
11,505,119
22,010,319
9,346,575
179,500
150,671,163
13,099,795
(92,896)
(179,500)
$ 150,398,767
3,065,849
648,754
1,932,044
603,041
3,810
699,889
4,397,182
1,738,951
10,275
13,099,795
$
13,099,795
(92,896)
(179,500)
$ 150,398,767
96,850,656
17,902,389
7,598,046
5,756,243
802,818
847,064
2,185,491
4,492,150
4,765,920
10,093,704
9,346,575
179,500
150,671,163
* Library materials of $802,818 is also included in the General Materials and Supplies amount of $5,153,202 and is,
therefore, not added into the total expenditures amount. Student Grants and Scholarships of $9,346,575 is also
included in the Other amount of $10,083,429, and is, therefore, not added into the total expenditures amount.
109
EXHIBIT 4
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RESTRICTED PURPOSES SUBFUND REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2013
(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
Financial aid
Other grants
Total state government
Federal government
College work study grants
Pell grants
Supplemental Educational Opportunity Grants
Other
Total Federal government
Other sources
Tuition and fees
Other
Total other sources
$
-
1,163,607
75,335
11,703
3,494,537
32,208,987
36,954,169
222,665
24,591,021
310,479
4,169,870
29,294,035
106,893
182,478
289,371
Transfers - Net
-
Total Restricted Purposes Fund Revenues
$
110
66,537,575
EXHIBIT 4
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RESTRICTED PURPOSES SUBFUND REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2013
(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
$
$
$
$
21,681,502
1,818,281
2,424,374
992,896
2,137,276
3,715,057
2,821,634
30,452,442
66,043,462
2,313,893
32,234,506
245,014
242,734
105,626
3,716
257,971
30,452,442
187,560
66,043,462
*Revenues and expenditures in the Restricted Purposes Subfund include State on-behalf
contributions to SURS of $31,899,650.
111
EXHIBIT 5
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CURRENT SUBFUNDS* EXPENDITURES BY ACTIVITY
FOR THE YEAR ENDED JUNE 30, 2013
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
$
93,404,407
93,404,407
2,200,235
4,695,390
5,411,680
10,107,070
3,440,102
3,535,701
1,130,779
5,651,522
13,758,104
1,169,762
3,266,359
3,176,199
868,463
4,562,859
1,887,928
145,317
2,137,276
17,214,163
1,098,527
4,589,130
1,581,834
1,379,555
5,449,912
14,098,958
$
105,747
13,478,665
11,955,681
25,540,093
39,799,017
9,005,984
225,128,031
* 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 $31,899,650.
112
113
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2013
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, 2013
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)
Proceeds from sale of bonds
Capitalized interest on bonds
Premium on bonds
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, as restated
Fund Balances at End of Year
Fund Balance Restricted for:
Future pension obligations
Information technology plan
Funded depreciation
Total Restricted Fund Balance
Unrestricted
Total Fund Balance
$
66,134,116
1,526,489
764,431
68,425,036
O&M
Subfund
$
15,525,035
927,782
2,142
16,454,959
75,367,838
192,691
(142,432)
$
$
$
Capital Projects
Subfund
10,813,627 $
10,813,627
-
Bond & Interest
Subfund
$
22,874,901
22,874,901
Restricted
Purposes
Subfund
Auxiliary Ent.
Subfund
$
-
$
Permanent
Subfund
Working Cash
- $
-
-
376,681
376,681
2,701,110
77,396
142,834
142,834
2,365,136
(111,514)
1,055,760
5,628,851
87,981
4,910,120
2,866,736
32,139
1,238,942
35,715,227
36,954,169
29,294,035
106,893
4,711
114
27,006
14,436
69,043
379,043
462,522
160,760,614
28,525
28,525
13,997,339
2,396,456
29,647,493
316,952
947,396
138,125
1,402,473
9,211,468
177,653
177,653
66,537,575
27,006
71,722,905
8,288,789
11,333,730
1,207,339
2,493
5,764,555
11,502,626
18,222,856
9,346,575
-
9,312,332
3,787,463
-
83,370,553
-
3,380
-
250,468
708,140
7,634,298
-
21,681,502
1,818,281
2,424,374
992,896
14,697
2,137,276
2,328,674
2,821,634
1,371,686
30,452,442
-
6,118
-
137,391,868
23,368,746
13,099,795
897,544
83,370,553
(80,974,097)
22,555,000
12,162,285
34,720,665
(5,073,172)
8,592,906
618,562
66,043,462
494,113
6,118
20,888
42,445
(179,500)
(137,055)
23,231,691
79,038,321
102,270,012 $
769,105
769,105
1,666,649
22,135,279
23,801,928
$
79,958,874
13,496,356
93,455,230
12,481,133
80,976,071
93,457,204 $
4,041,126
4,041,126
(1,032,046)
20,772,501
19,740,455 $
179,500
(769,105)
(589,605)
28,957
8,761,451
8,790,408 $
494,113
74,224
568,337 $
20,888
8,262,954
8,283,842
22,000,000
13,000,000
11,000,000
46,000,000
56,270,012
102,270,012
- $
23,801,928
23,801,928 $
- $
93,457,204
93,457,204 $
- $
19,740,455
19,740,455 $
- $
8,790,408
8,790,408 $
- $
568,337
568,337 $
8,283,842
8,283,842
$
$
1. Revenues and expenses in the Restricted Purposes Subfund include State on-behalf contributions to SURS of $31,899,650
2. The beginning balance of the General Long-term Debt Account Group has been decreased by $1,410,950 due to the College implementing GASB Statements 63 and 65, which
eliminated unamortized bond issuance costs.
114
Capital Assets
Account
Group
$
$
$
$
General
Long-term Debt
Account
Group
Agency
Subfund
$
GASB
Adjustments
totals
-
$
99,822,644
1,526,489
764,431
102,113,564
$
Adjusted
Total
- $
-
-
-
-
-
-
-
-
331,388
1,125,049
69,043
545,693
2,071,173
282,577,951
(11,212)
(750)
(11,962)
(32,332,457)
320,176
1,125,049
69,043
544,943
2,059,211
250,245,494
15,525,035
2,166,724
36,236,884
53,928,643
30,349,795
91,079,948
3,064,138
(29,310)
- $
(3,233,331)
(3,233,331)
(28,966,014)
(121,153)
3
99,822,644
1,526,489
764,431
102,113,564
12,291,704
2,166,724
36,236,884
50,695,312
30,349,795
62,113,934
2,942,985
(29,307)
(86,140,547)
19,929,800
33,127
(71,268)
(4,646)
5,362
(8,476)
(35,363)
(569)
(1,907,280)
(57,602)
-
-
93,437,534
10,035,802
13,753,458
2,205,597
259,182
17,178,800
13,836,849
20,866,199
8,948,382
39,799,017
19,929,800
(44,234)
(5,544)
(24,174)
(3,201)
(251,209)
(30,326)
(735,586)
947,120
(28,951,972)
-
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
(3,412,070)
(69,622,817)
69,622,817
(22,555,000)
(1,386,989)
(25,988,704)
25,988,704
-
7,363,226
247,613,846
34,964,105
(29,099,126)
(3,233,331)
7,363,226
218,514,720
31,730,774
69,622,817
436,955,962
506,578,779
(79,958,874)
(4,041,126)
(13,496,356)
(97,496,356)
(71,507,652)
(285,134,580)
$ (356,642,232) $
-
42,445
948,605
(948,605)
42,445
35,006,550
371,842,183
406,848,733 $
- $
- $
506,578,779
(356,642,232)
506,578,779 $ (356,642,232) $
$
- $
- $
22,000,000
13,000,000
11,000,000
46,000,000
360,848,733
406,848,733
$
$
(3,233,331)
4,256,855
1,023,524 $
42,445
948,605
(948,605)
42,445
31,773,219
376,099,038
407,872,257
- $
1,023,524
1,023,524 $
22,000,000
13,000,000
11,000,000
46,000,000
361,872,257
407,872,257
115
EXHIBIT B
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
SCHEDULE OF AUXILIARY SUBFUNDS
FOR THE YEAR ENDED JUNE 30, 2013
Subfund
Balance
July 1, 2012
General Auxiliary:
Auxiliary services
Bookstore
Dining services
Campus and Events Scheduling
Total General Auxiliary
Student Activities:
Arts
Athletics
Student activities
Student activities fees
Total Student Activities
Specialized Accounts:
Athletics Tournament
BTE/Membership
Business & Prof. Institute
Child Development Center
Continuing Education
Culinary Arts
Field & Exp. Learning
Fleet Vehicles
Fringe Benefits
Hospitality Services
Library Auxiliary Services
Physical Education Facilities
Radio/TV/Audio Sales/Serv.
Seminar/Teleconference
The Art Center
WDCB Fundraising
Miscellaneous
Total Specialized Accounts
Total Auxiliary
Enterprises Subfund
$
$
Revenues
1,066,595 $
2,365,920
503,316
(54,171)
3,881,660
Intrafund
Transfers
In (Out)
Expenditures
1,176,945
179,609
256,806
1,613,360
$
10,453
17,254
303,708
331,415
$
Operating
Transfers
In (Out)
(1,066,595) $
503,828
(562,767)
Subfund
Balance
June 30, 2013
- $
(696,121)
(72,984)
(769,105)
289,276
(647,980)
828,959
842,390
1,312,645
122,273
122,273
487,243
487,243
(289,276)
647,980
(191,388)
(842,390)
(675,074)
-
84,729
(256,958)
521,674
(148,736)
1,421,308
162,236
33,262
61,609
64,799
(609,440)
204,670
247,421
(956,594)
52,252
(262,863)
1,342,337
1,605,440
3,567,146
3,630,535
106,247
1,134,061
660,539
37,675
91,601
436,815
871,978
506,384
7,475,835
84,729
3,581,937
108,605
962,477
1,219,509
105,172
26,358
777,913
708,140
199,408
7,774,248
256,958
(521,674)
148,736
272,905
(61,609)
(64,799)
(204,670)
(503,828)
956,054
(52,252)
(256,958)
1,268,978
1,237,841
179,500
179,500
8,761,451
$
9,211,468
$
8,592,906
$
-
$
(589,605) $
2,836,291
592,687
402,755
3,831,733
272,601
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
Notes:
1. During FY2013, the College reorganized the Auxiliary Fund and inactivated departments that no longer met the definition of an auxiliary
enterprise as defined by the ICCB. The Intrafund Transfers column summarizes the fund balances by department that were transferred within
the Auxiliary Fund during FY2013.
2. Effective in FY2013, the BTE/Membership subfund is now reported as part of the Art Center subfund.
3. The intrafund transfer in the Physical Education Facilities subfund represents the balance from the Physical Education Facilities Rental
subfund which is now part of Campus and Events Scheduling.
116
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2013
Debt Service Coverage
Series 2003B Bonds
Series 2006 Bonds
Series 2009A Bonds
Series 2009B Bonds
Series 2011B Bonds
Levy Year
Fiscal Year
Ending June 30
Pledged
Revenues*
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
$ 75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
75,367,838
TOTAL DEBT SERVICE
Estimated
Principal and
Interest
$
8,850,060
8,843,450
8,791,650
8,742,625
8,759,625
8,704,606
8,642,950
8,583,532
8,485,040
8,420,790
8,346,720
5,949,670
5,870,875
5,779,264
5,686,863
5,595,388
5,504,288
$129,557,396
* 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.
117
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2013
(Continued)
District Revenue
Revenue Source
Local Government
Student Tuition & Fees
State Government
Federal Government
Sales & Service Fees
Income on Investments
All Other
TOTAL
Amount
(000’s)
$ 102,114
62,114
50,695
30,350
2,943
(29)
2,058
$ 250,245
Percent of
Total
40.8%
24.8%
20.3%
12.1%
1.2%
0.0%
0.8%
100.0%
Increase
(Decrease)
From FY2012
(000’s)
$
(7,861)
3,013
8,061
935
(883)
(756)
(551)
$
1,958
Percent
Increase
(Decrease)
From FY2012
-7.1%
5.1%
18.9%
3.2%
-23.1%
-104.0%
-21.1%
0.8%
Source: District records (CAFR Exhibit A) for fiscal year ended June 30, 2013
The following chart shows revenue in the operating funds of the District over the past five years.
Total Operating Funds Revenue of District
FY2013
FY2012
FY2011
FY2010
FY2009
$ 175,527,058
$ 163,075,966
$ 164,196,984
$ 153,794,164
$ 151,126,770
Source: District records (CAFR Exhibit A). Amounts equal revenue plus transfers in.
118
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2013
(Continued)
History of Assessed Valuation of District
Assessment
Year
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
DuPage
Cook
Will
County
County
County
$ 33,451,760,619 $ 3,096,213,474 $ 2,215,406,953
36,370,343,716
3,321,911,689
2,324,887,763
38,913,477,604
4,056,945,632
2,401,363,863
41,322,377,605
4,016,070,084
2,544,699,547
41,338,403,397
3,924,143,457
2,535,083,018
38,909,050,896
3,368,763,397
2,449,457,478
36,137,439,494
3,176,573,005
2,272,214,518
33,462,991,322
3,180,333,360
2,048,262,019
31,151,154,721
2,529,008,117
1,869,441,637
28,876,986,380
2,393,940,805
1,715,299,114
Total
38,763,381,046
42,017,143,168
45,371,787,099
47,883,147,236
47,797,629,872
44,727,271,771
41,586,227,017
38,691,586,701
35,549,604,475
32,986,226,299
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):
Education
Operations & Maintenance
Liability, Protection and Settlement*
Social Security/Medicare*
Audit
Bond and Interest
Other**
Total
Max.
Auth.
$ 0.7500
0.1000
None
None
0.0050
None
None
State Avg.
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
2010
$ 0.1483
0.0242
None
None
None
0.0624
None
$ 0.2349
2011(1)
$ 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 Supp. Equity, Prot., Health., & Safety, and PBC Rental
Source: District records.
119
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2013
(Continued)
The following chart shows the total tax levies and collections of the District for the past ten
years, current as of June 30, 2013.
District Property Tax Levies and Collections
Year of
Levy
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Tax
Collection
Year
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
Total
Tax
Tax Levy*
Collections
$ 104,007,287 $
50,087,102
104,753,085
104,299,003
105,572,929
105,043,268
101,338,217
100,730,651
89,505,364
88,709,509
84,423,396
84,321,741
80,729,055
80,589,837
73,030,950
72,949,394
70,389,994
70,339,749
68,924,720
68,624,720
Percent of
Levy
Collected
48.16%
99.57%
99.50%
99.40%
99.11%
99.88%
99.83%
99.89%
99.93%
99.56%
* Total tax levy amounts are shown net of the .5% allowance for uncollectible taxes.
Source: District records.
120
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2013
(Continued)
District Tuition Rates and Tuition and Fee Revenues
Fiscal
Year
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
Total
Total
Total
Tuition and Tuition and Tuition and Operating
Funds
Fees in
Fees Out of Fees Out of
Tuition
District per District per State per
Hour
Hour
Hour
Revenue (1)
Operating
Operating Funds Tuition Total Tuition
Funds Fee
and Fee
and Fee
(1)
(1)
Revenue
Revenue
Revenue (2)
$
$
140.00 $
136.00
132.00
129.00
116.00
108.00
103.00
96.00
87.00 (4)
50.00
46.00
43.00
37.00
35.00
32.00
30.00
327.00
323.00
319.00
316.00
305.00
296.00
292.00
223.00
243.00
135.00
126.00
124.00
120.00
113.00
113.00
108.00
$
397.00
393.00
389.00
386.00
370.00
359.00
305.00
307.00
286.00
181.00
173.00
171.00
163.00
156.00
156.00
149.00
$
73,173,018
65,848,942
66,067,323
58,420,294
58,694,441
50,998,778
47,078,797
44,378,178
42,413,314
37,515,119
34,457,274
28,971,036
26,049,784
23,103,703
21,030,569
- $80,903,467(3) $96,058,309(3)
4,895,930
78,068,948
91,079,947
4,524,776
70,373,718
84,527,816
4,269,414
70,336,737
86,633,157
3,711,112
62,131,406
76,087,480
4,174,566
62,869,007
81,493,785
2,410,439
53,409,217
66,224,840
2,501,923
49,580,720
62,100,429
2,247,206
46,625,384
56,736,214
2,357,836
44,771,150
54,837,003
2,381,633
39,896,752
51,150,656
2,263,649
36,720,923
47,707,542
1,640,500
30,611,536
39,615,200
1,225,400
27,275,184
36,583,629
831,795
23,935,498
32,267,255
704,431
21,735,000
29,041,764
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 Fiscal Year 2006 the College tuition and fees rate is calculated on semester hours. All previous years
are based on quarter hours.
121
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2013
(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
Fiscal
Fall Term Annualized
Year Head Count
FTE*
2008-09
25,668
14,913
2009-10
27,083
16,036
2010-11
26,722
15,902
2011-12
26,209
15,175
2012-13
26,155
15,393
Five Year Projection
10th Day
Fiscal
Fall Term Annualized
Year Head Count
FTE*
2013-14
26,155
15,393
2014-15
26,286
15,470
2015-16
26,286
15,547
2016-17
26,549
15,703
2017-18
26,814
15,860
* Full-time equivalency.
Source: District records.
Direct General Obligation
Bonded Indebtedness of the District
Estimated Full Value of Taxable Property
(1)
$ 116,290,143,138
(1)
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): (2)
Per Capita
District Population Estimate:
(3)
$
38,763,381,046
$
322,425,000
0.28%
0.83%
19.59%
329
1,061,506
$
(1) As of assessment year 2012.
(2) 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.
(3) Population figures are compiled by the College of DuPage Research and Planning Office.
122
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE GRANT ACTIVITY AND SCHEDULE OF ENROLLMENT DATA NOTES
JUNE 30, 2013
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.
123
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Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT AUDITOR’S REPORT
The Board of Trustees
College of DuPage
Community College District 502
Glen Ellyn, Illinois
Report on the Financial Statements
We have audited the accompanying combining balance sheet of the College of DuPage, Community
College District No. 502 (the College) State Adult Education and Family Literacy Restricted Fund Grants
(State Basic, Public Assistance, and Performance) and accompanying balance sheet of the College’s
Career and Technical Education – Program Improvement Grant (Grant Programs), as of June 30, 2013
and the related combining statement of revenues, expenditures, and changes in fund balance and the
related statement of revenues, expenditures, and changes in fund balance for the year then ended, and
the related notes to the financial statements, which collectively comprise the Grant Programs’ basic
financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States and the guidelines of the Illinois Community College Board
Fiscal Management Manual. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the College’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the College’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
124
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
College’s State Adult Education and Family Literacy Restricted Fund Grants (State Basic, Public
Assistance, and Performance) and Career and Technical Education – Program Improvement Grant as of
June 30, 2013, and the revenues, expenditures, and changes in fund balances for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note 1, the financial statements present only the College’s State Adult Education and
Family Literacy Restricted Fund Grants (State Basic, Public Assistance, and Performance) and Career
and Technical Education – Program Improvement Grant and do not purport to, and do not, present fairly
the financial position of College of DuPage, Community College District No. 502, as of June 30, 2013,
and the changes in its financial position for the year then ended in accordance with accounting principles
generally accepted in the United States of America. Our opinions are not modified with respect to this
matter.
Other Matters
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Grant Programs’ financial statements. The supplementary information included on Schedule
3 is presented for purposes of additional analysis and is not a required part of the financial statements.
The supplementary information included on Schedule 3 is the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare the
financial statements. Such information has been subjected to the auditing procedures applied in the audit
of the financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the financial
statements or to the financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion, the supplementary
information included on Schedule 3 is fairly stated, in all material respects, in relation to the financial
statements as a whole.
Report on Other Legal and Regulatory Requirements
In accordance with Government Auditing Standards, we have also issued our report dated October 10,
2013 on our consideration of the Grant Programs’ internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the Grant Programs’ internal control over
financial reporting and compliance.
Crowe Horwath LLP
Oak Brook, Illinois
October 10, 2013
125
Crowe Horwath LLP
Independent Member Crowe Horwath International
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
The Board of Trustees
College of DuPage
Community College District 502
Glen Ellyn, Illinois
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States and the guidelines of the Illinois Community
College Board Fiscal Management Manual, the financial statements of the College of DuPage,
Community College District No. 502 (the College) State Adult Education and Family Literacy Restricted
Fund Grants (State Basic, Public Assistance, and Performance) and Career and Technical Education –
Program Improvement Grant (Grant Programs) as of and for the year ended June 30, 2013, and the
related notes to the financial statements, which collectively comprise Grant Programs’ basic financial
statements, and have issued our report thereon dated October 10, 2013.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the College’s internal
control over financial reporting (internal control) of the Grant Programs to determine the audit procedures
that are appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the College’s internal
control. Accordingly, we do not express an opinion on the effectiveness of the College’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a material
misstatement of the Grant Programs’ financial statements will not be prevented, or detected and
corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in
internal control that is less severe than a material weakness, yet important enough to merit attention by
those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
126
Compliance and Other Matters
As part of obtaining reasonable assurance about whether these financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts,
and grant agreements, noncompliance with which could have a direct and material effect on the
determination of the financial statement amounts. However, providing an opinion on compliance with
those provisions was not an objective of our audit and, accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the College’s internal control or on compliance. This report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the College’s internal
control and compliance. Accordingly, this communication is not suitable for any other purpose.
Crowe Horwath LLP
Oak Brook, Illinois
October 10, 2013
127
SCHEDULE 1
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE ADULT EDUCATION AND FAMILY LITERACY RESTRICTED FUND GRANTS
COMBINING BALANCE SHEET
JUNE 30, 2013
ASSETS
Public
Assistance
State Basic
Accounts Receivable
$
60,654
$
5,347
Performance
$
30,966
Total assets
Total
$
96,967
$
96,967
$
8,563
1,778
86,626
LIABILITIES AND FUND BALANCE
Liabilities
Accrued payroll
Accrued benefits
Cash overdraft
Total liabilities
$
554
16
60,084
$
5,347
$
8,009
1,762
21,195
$
60,654
$
5,347
$
30,966
96,967
Fund balance
-
Total liabilities and fund balance
$
See Notes to the Financial Statements.
128
96,967
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, 2013
State Basic
Revenue
State grant revenues
$
727,851
Public
Assistance
$
Performance
64,164
$
Total
371,592
$ 1,163,607
Expenditures by program
Instruction
Guidance services
Assessment and testing
Subtotal Instructional and Student Services
664,876
14,268
679,144
62,295
62,295
13,932
38,233
72,521
124,686
741,103
38,233
86,789
866,125
Improvement of instructional services
General administration
Operation and maintenance of plant services
Data and information services
Approved indirect costs
Subtotal Program Support
Total Expenditures
25,618
1,890
21,199
48,707
727,851
1,869
1,869
64,164
114,413
71,221
636
49,813
10,823
246,906
371,592
140,031
71,221
2,526
49,813
33,891
297,482
1,163,607
-
-
Revenues Equal to Expenditures
$
-
$
-
$
Fund Balance at Beginning of Year
-
Fund Balance at End of Year
$
See Notes to the Financial Statements.
129
-
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, 2013
EXPENDITURE AMOUNTS AND PERCENTAGES FOR ICCB GRANT FUNDS ONLY
FOR THE YEAR ENDED JUNE 30, 2013
State Basic
Instruction ( 45% Minimum
Required)
General Administration (9%
Maximum Allowed)
State Public Assistance
Instruction ( 45% Minimum
Required)
General Administration (9%
Maximum Allowed)
Audited Expenditure Amount
$
664,876
$
-
Audited Expenditure Amount
Actual Expenditure Percentage
91%
0%
Actual Expenditure Percentage
$
62,295
97%
$
-
0%
130
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, 2013
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, 2013. 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.
131
SCHEDULE 4
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER AND TECHNICAL EDUCATION
PROGRAM IMPROVEMENT GRANT
BALANCE SHEET
JUNE 30, 2013
ASSETS
Cash
Total assets
$
$
5,647
5,647
$
5,647
LIABILITIES AND FUND BALANCE
Liabilities
Accounts Payable
Total liabilities
5,647
Fund balance
-
Total liabilities and fund balance
$
See Notes to the Financial Statements.
132
5,647
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, 2013
Revenue
State grant revenues
$
Expenditures
Instructional Supplies
Capital outlay
Total expenditures
75,335
10,690
64,645
75,335
Revenues equal to expenditures
-
Fund Balance at Beginning of Year
$
Fund Balance at End of Year
See Notes to the Financial Statements.
133
-
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2013
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, 2013. 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.
134
(This page left blank intentionally)
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT ACCOUNTANT’S REPORT
The Board of Trustees
College of DuPage
Community College District 502
Glen Ellyn, Illinois
We have examined the accompanying Schedule of Enrollment Data and Other Bases Upon Which
Claims Were Filed (the Schedule), of College of DuPage, Community College District No. 502 for the year
ended June 30, 2013. The Schedule is the responsibility of the College’s management. Our
responsibility is to express an opinion on the Schedule based upon our examination.
Our examination was conducted in accordance with attestation standards established by the American
Institute of Certified Public Accountants, in accordance with the guidelines of the Illinois Community
College Board’s Fiscal Management Manual and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States, and
accordingly, included examining, on a test basis, evidence supporting the Schedule and performing such
other procedures as we considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion.
In our opinion, the accompanying Schedule of Enrollment Data and Other Bases Upon Which Claims
Were Filed, in all material respects, is fairly presented in accordance with the provisions of the
aforementioned guidelines.
In accordance with Government Auditing Standards, we have also issued a report dated October 10,
2013, on our consideration of the College’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of
our audit.
This report is intended solely for the information and use of the board of trustees, management, and the
Illinois Community College Board and is not intended to be and should not be used by anyone other than
these specified parties.
Crowe Horwath LLP
Oak Brook, Illinois
October 10, 2013
135
136
137
Difference
-
Total
Restricted
Hours
20,524.0
20,524.0
Total
Restricted Credit
Hours Certified to
the ICCB
20,524.0
20,524.0
Difference
-
In-District Residents
Out-of-District on Chargeback or Contractual Agreement
Total
Total Attending
(Unrestricted and Restricted)
440,042.5
1,676.0
441,718.5
Total Attending as Certified to the ICCB
(Unrestricted and Restricted)
Difference
440,042.5
1,676.0
441,718.5
-
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
296,010.5
46,789.0
44,629.0
29,449.0
33,838.5
11,091.0
461,807.0
Total
Unrestricted
Hours Certified
the ICCB
296,010.5
46,789.0
44,629.0
29,449.0
33,838.5
11,091.0
461,807.0
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RECONCILIATION OF TOTAL SEMESTER CREDIT HOURS
FOR THE YEAR ENDED JUNE 30, 2013
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-13-13963 CAFR Cover.indd 2
10/7/13 4:16 PM