Community College District 502 • Counties of DuPage, Cook and Will and State of Illinois
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2012
FINAN-12-10171 CAFR Cover.indd 1
9/10/12 2:05 PM
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
GLEN ELLYN, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEARS ENDED
JUNE 30, 2012 AND JUNE 30, 2011
Prepared by the Finance Office
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2012 AND JUNE 30, 2011
I. INTRODUCTORY SECTION
Table of Contents ......................................................................................................
1
Transmittal Letter ......................................................................................................
7
Principal Officials......................................................................................................
20
Organization Chart ....................................................................................................
21
Senior Management Team ........................................................................................
22
Certificate of Achievement for Excellence
in Financial Reporting............................................................................................
23
II. FINANCIAL SECTION
Independent Auditors’ Report ..................................................................................
24
Required Supplementary Information:
Management’s Discussion and Analysis ..................................................................
26
Basic Financial Statements:
Statements of Net Assets ..................................................................................... Statement 1
39
Statements of Revenues, Expenses, and Changes in Net Assets ........................ Statement 2
40
Statements of Cash Flows ................................................................................... Statement 3
41
Discretely Presented Component Unit
College of DuPage Foundation
Statement of Financial Position ....................................................................... Statement 4
42
Statement of Activities .................................................................................... Statement 5
43
Notes to Financial Statements ..............................................................................
44
Required Supplementary Information:
Schedule of Funding Progress ..............................................................................
80
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2012 AND JUNE 30, 2011
III. STATISTICAL SECTION (Unaudited)
Statistical Section Contents.......................................................................................
81
Financial Trends:
Net Assets by Component,
Last Ten Fiscal Years ..................................................................................... Table 1
82
Changes in Net Assets,
Last Ten Fiscal Years ..................................................................................... Table 2
83
Revenue Capacity:
Assessed Value and Actual Value of Taxable Property,
Last Ten Levy Years ...................................................................................... Table 3
84
Property Tax Rates - Direct and Overlapping Governments,
Last Ten Levy Years ...................................................................................... Table 4
85
Principal Property Taxpayers,
Current Levy Year and Nine Years Ago ....................................................... Table 5
86
Property Tax Levies and Collections,
Last Ten Levy Years ....................................................................................... Table 6
87
Enrollment, Tuition and Fee Rates, Credit Hours, and
Tuition and Fees Revenues Generated, Last Ten Fiscal Years ...................... Table 7
88
Debt Capacity:
Ratios of Outstanding Debt by Type,
Last Ten Fiscal Years .................................................................................... Table 8
89
Direct and Overlapping Governmental Activities Debt,
General Obligation Bonds .............................................................................. Table 9
90
Legal Debt Margin Information,
Last Ten Fiscal Years ..................................................................................... Table 10
91
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2012 AND JUNE 30, 2011
III. STATISTICAL SECTION (Unaudited) (Continued)
Debt Capacity (continued):
Pledged Revenue Coverage, Series 2003B, 2006, 2009A, 2009B,
and 2011B Bonds, Last Ten Fiscal Years ....................................................... Table 11
92
Demographic and Economic Information:
Personal Income per Capita, Last Ten Calendar Years ...................................... Table 12
93
Principal Employers, Current Year and Nine Years Ago ................................... Table 13
94
Student Enrollment Demographic Statistics by Category,
Last Ten Fiscal Years .................................................................................... Table 14
95
Student Enrollment Semester Credit Hours,
Last Ten Fiscal Years ..................................................................................... Table 15
96
State Credit Hour Grant Funding per Semester Credit Hour
by Instructional Category, Last Ten Fiscal Years ......................................... Table 16
97
Operating Information:
Employee Headcount and Classification,
Last Ten Fiscal Years ..................................................................................... Table 17
98
Operating Indicators,
Last Ten Fiscal Years ..................................................................................... Table 18
99
Capital Asset Statistics,
Last Ten Fiscal Years ..................................................................................... Table 19
100
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2012 AND JUNE 30, 2011
IV. SPECIAL REPORTS SECTION
Supplemental Financial Information:
(Illinois Community College Board Uniform Financial Statements)
All Subfunds Summary ....................................................................................... Exhibit 1
101
Summary of Capital Assets and Long-Term Debt ............................................. Exhibit 2
102
Operating Subfunds Revenues and Expenditures .............................................. Exhibit 3
103
Restricted Purposes Subfund Revenues and Expenditures ................................ Exhibit 4
105
Current Subfunds Expenditures by Activity ....................................................... Exhibit 5
107
Certification of Chargeback Reimbursement ..................................................... Exhibit 6
108
Other Supplemental Financial Information:
Combining Schedule of Revenues, Expenses, and Changes in Subfund
Balances, All Subfunds and Account Groups ...................................................... Exhibit A
109
Schedule of Auxiliary Subfunds .............................................................................. Exhibit B
111
Other Supplementary Financial Information ......................................................
112
State Grant Activity and Schedule of Enrollment Data:
State Grant Activity and Schedule of Enrollment Data Notes ................................
118
Independent Auditors’ Report ..................................................................................
119
Independent Auditors’ 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……………………………………………………….. ....
121
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2012 AND JUNE 30, 2011
IV. SPECIAL REPORTS SECTION (Continued)
ICCB Grant Statements:
Workforce Development (Business/Industry) Grant
Financial Statements:
Balance Sheet..................................................................................................Schedule 1
123
Statement of Revenues, Expenditures, and
Changes in Fund Balance ...........................................................................Schedule 2
124
Expenditures Compliance Statement ................................................................... Schedule 3
125
Notes to the Financial Statements .................................................................
126
State Adult Education and Family Literacy Restricted Fund Grants
(State Basic, Public Assistance, and Performance)
Financial Statements:
Combining Balance Sheet...............................................................................Schedule 4
127
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balance ...........................................................................Schedule 5
128
ICCB Compliance Statement .........................................................................Schedule 6
129
Notes to the Financial Statements…………………………………………..
130
Career and Technical Education – Program Improvement Grant
Financial Statements:
Balance Sheet..................................................................................................Schedule 7
131
Statement of Revenues, Expenditures, and Changes in
Fund Balance .............................................................................................Schedule 8
132
Notes to the Financial Statements .................................................................
133
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
TABLE OF CONTENTS
FISCAL YEARS ENDED JUNE 30, 2012 AND JUNE 30, 2011
IV. SPECIAL REPORTS SECTION (Continued)
Career & Technical Education Innovation Grant
Financial Statements:
Balance Sheet..................................................................................................Schedule 9
134
Statement of Revenues, Expenditures, and Changes in
Fund Balance .............................................................................................Schedule 10 135
Notes to the Financial Statements .................................................................
136
Enrollment Data and Other Bases Upon Which Claims Were Filed
Independent Accountants’ Report ..................................................................
137
Schedule of Enrollment Data and Other Bases Upon
Which Claims are Filed ..............................................................................Schedule 11 138
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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 high school district voters. This foresight created a new
community college to serve the dynamically growing and prospering DuPage area. College of
DuPage is the Midwest's largest comprehensive, single campus community college, 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
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).
College of DuPage 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.
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 4,098 (Spring 2012) 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.
College of DuPage offers its students diverse and far-reaching educational programs. Students can
choose from 71 different Associate degree programs, 151 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 60.3% of total operating revenues in FY2012 from
30.9% in FY2008. 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 FY2011, the College also had its Aaa/AAA bond ratings
(the highest ratings possible) re-affirmed from Moody’s and Standards & Poor’s, respectively. In
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addition, since 2009, C.O.D. has developed more than 30 new programs and certificates, as well as
20 new program accreditations and has implemented ten new 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 Illinois’ third
busiest airport and O’Hare International airport is on the County’s northeastern border.
The District normally has a relatively low unemployment rate and one of the highest equalized
assessed valuations per community college student. DuPage County has a highly skilled employment
pool, reflecting the educational commitment of its residents. Over 45% of DuPage’s population
has a college or professional degree, compared to the 32% statewide average. High school
graduation rates are 92% while the statewide average is 84%. 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 continues to change as follows:
Year
1992
2000
2010
2012
District 502 Population
Population
848,155 (actual)
965,009 (actual)
1,091,387 (actual)
1,061,506 (estimated)
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 and
last year welcomed more than 75,000 patrons from the greater Chicago area to more than 230
performances. The MAC is also home to the Buffalo Theatre Ensemble and the New Philharmonic.
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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.
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 is 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 FY2012
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 2012, the College accomplished much in furthering this mission. The following
highlights a few of the major achievements:
x
College of DuPage partnered with Lewis University to offer a second 3+1 program, which
enables students to complete a four-year Bachelor of Arts degree in Fire Service
Administration at C.O.D.'s Glen Ellyn campus.
x
The College signed three new 3+1 agreements with Benedictine University that enable
Accounting, Management and Marketing students to earn a Bachelor of Arts degree in
Management from Benedictine at C.O.D.’s Glen Ellyn campus.
x
A new 3+1 agreement for C.O.D. Nursing students to complete a Bachelor of Science
degree in Nursing (online) from Governors State University (GSU). In terms of the
C.O.D./GSU agreement, College of DuPage students will take three full years of
coursework at C.O.D. with the fourth year offered by GSU through online courses. The
online format for the fourth year of the program will be convenient for students who are
busy with jobs, family and other responsibilities.
x
The 65,000-square-foot Student Services Center opened in August, 2011. The facility
serves as the College’s new front door and is home to the College’s Admissions,
Registration, Financial Aid and Counseling and Advising offices, as well as the Office of
Student Life.
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x
On Tuesday, September 27, 2011, C.O.D. formally opened and dedicated the new
Homeland Security Education Center (HEC). This 65,000-square-foot facility serves as a
training ground for first responders and houses Fire Science/EMS and Criminal Justice
programs, as well as the C.O.D. Police Department. The HEC has state-of-the-art
equipment, but perhaps one of the most awe-inspiring components of this facility is a relic
from the site of the World Trade Center. This 27” x 120” beam was taken from the debris.
College of DuPage is one of thousands of institutions and organizations requesting a relic
and among only a few selected to receive a piece of this history.
x
On Monday, October 3, 2011, Waterleaf restaurant and Inn at Water’s Edge boutique hotel,
located in the Culinary & Hospitality Center opened. This fine dining establishment serves
lunch and dinner on select days of the week under the direction of Executive Chef JeanLouis Clerc and his staff. Waterleaf will provide a unique professional dining experience
unlike any other restaurant in the Chicago area. Waterleaf was recently identified as a
“Diner’s Choice” restaurant on OpenTable.com. This recognition is based upon more than
80 reviews provided by Waterleaf patrons, which also resulted in Waterleaf being named
one of the “Best Overall” restaurants in the western suburbs. Inn at Water’s Edge is an
elegant, six-room boutique hotel that features beautifully appointed suites, Continental
breakfast for guests and 24-hour concierge service. Reservations for Waterleaf can be made
by calling (630) 942-6888. Learn more about Inn at Water’s Edge at
www.innatwatersedgehotel.com.
x
The College's new Learning Commons opened Monday, June 11, 2012, in the Student
Resource Center, and provides students a single location for academic support services. The
center is conveniently located near the Library and provides tutoring, math, writing, reading
and speech assistance. Services are offered by faculty members, peer or professional tutors
and staff members and are free for registered C.O.D. students. The Learning Commons also
offers Course Connections, which includes FLEXible Learning (previously the Center for
Independent Learning); online, classroom and hybrid course support; and developmental
math and English courses.
x
College of DuPage implemented a new pilot program that provides scholarships to eligible
GED students to help them “jump start” their college education and improves their skills for
employment. The new Jump Start Scholarship awards $500 to students who reside in
District 502, have successfully completed the GED preparation course at the College, and
have received the GED credential in the past 12 months and within three months of
completing the prep course.
x
In August, 2011 the College sold half of the bonds approved under the $168 million
referendum approved in November, 2010 by the voters of District 502. The College also
refinanced $20.4 million of previously issued debt. This institution has long enjoyed a AAA
rating from Moody’s Investors Services and Standard & Poor’s, helping to draw top-level
investors to purchase bonds at exceptional prices. The stellar ratings have helped the
College to refinance bonds in the past, saving taxpayers millions of dollars in interest
payments. This current sale was no different and taxpayers were estimated to have saved $2
million in interest. Considering current market conditions, this translates into a savings of
about $860,000 to taxpayers over the life of the bonds originally issued in 2003.
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x
In August, 2011 a new payment policy was implemented that requires students pay their
tuition and fees at the time of registration. For students unable to pay their bill in full, the
College offers two convenient payment plans:
x
o Pay As You Go Plan (previously known as the Automatic Payment Plan). The Pay
As You Go Plan allows students to pay their tuition and fees in installments
automatically deducted from a checking or savings account or applied to a credit
card.
o Deferred Payment Plan (for those who are eligible for financial aid and veteran’s
assistance). The Deferred Payment Plan requires that a student have an EFC score
of 2,051 on their FASFA and be qualified for receiving veterans’ benefits, or
federal or state student assistance.
x
The College’s Associate Degree Nursing program received accreditation from the National
League for Nursing Accrediting Commission (NLNAC) through 2016, when C.O.D. will
receive the next evaluation visit. The NLNAC is nationally recognized for the specialized
accreditation of nursing education programs, including Clinical Doctorate, Master’s
Degree, Baccalaureate Degree, Associate Degree, Diploma and Practical Nursing programs.
The rigorous accreditation standards and criteria set by NLNAC include a review of the
ADN program’s mission and administrative capacity, faculty and staff credentials, student
services, curriculum, physical resources, and demonstration of student learning and
outcomes.
x
College of DuPage Foundation received a seven-figure gift from Glen Ellyn resident Cleve
Carney that will create an arts legacy for the community. The gift consists of a $700,000
cash donation and an in-kind gift of artwork for a total amount which exceeds $1.0 million.
The gift will be used to establish the Cleve Carney Art Space in the McAninch Arts Center
and the Cleve Carney Art Space Endowment Fund, which will support the exhibition of
contemporary art in the new space and provide funding to purchase artwork for the
College’s Permanent Art Collection.
x
College of DuPage named a record 63 Presidential Scholars for Fall 2012. The recent high
school graduates will receive full-tuition scholarships to College of DuPage for a maximum
of 64 semester hours. These high-achieving students have an average GPA of 4.013 and an
average ACT composite score of 28.07.
x
The College initiated a debit card program for student refunds/disbursements. This new
system will ease the process for students and help eliminate long lines at the Cashier’s
windows. To date, 800 students have enrolled in the program. There is no cost for C.O.D.
students to obtain the card and students can enroll online at myaccess.cod.edu. The card
provides a faster, more convenient alternative for students to receive refunds and financial
aid disbursements and provides a convenient, secure alternative to paper checks. Through
this new service, refunds and disbursements are automatically deposited to a student's
account without the requirement of check-cashing or bank visits. In addition, if a card is
lost, it can be replaced and the card balance restored. The card also can be used like any
other debit card for payment of such items as tuition, books and other living expenses.
x
College of DuPage has been selected to receive the Governor’s Award for Excellence in
Education by the Illinois Department of Veterans Affairs. C.O.D. is the first community
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college in the State to receive the award. The award highlights the work of Illinois colleges
and universities whose veteran’s services go above and beyond basic services, and whose
accomplishments in veteran-friendly programs significantly impact the overall experience
of the student veteran community.
x
College of DuPage Board of Trustees adopted a Tobacco-Free Campus Policy during its
April 19, 2012 regular meeting. Effective Monday, August 6, 2012, the use of tobacco and
tobacco-related products was prohibited on all College of DuPage premises and in all
College-owned vehicles.
x
College of DuPage and the Village of Glen Ellyn reached an agreement after a mediation
session with DuPage County Circuit Court Judge Hollis Webster. Under this agreement, all
regulatory control and authority over the College campus will be transferred from the
Village to DuPage County while the College will remain incorporated in the Village of
Glen Ellyn.
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
13
approved by the College’s Board of Trustees. Activities of the subfunds are included in the annual
appropriated budget.
The level of budgetary control (that is, the level at which expenditures cannot exceed the
appropriated amount) is established for each individual subfund. The College also maintains an
encumbrance accounting system as one technique of accomplishing budgetary control.
Encumbered amounts lapse at year end, unless reserved. However, encumbrances generally are
re-authorized as part of the following year’s budget.
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 2011 are collected in 2012.
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 2010 tax year, assessed valuations
in DuPage County decreased by 5.8% and decreased another 6.5% in levy year 2011. 2010 was the
first time DuPage County experienced such a decrease.
PROSPECTS FOR THE FUTURE
The President and Senior Management Team have reviewed and modified the College’s Facilities
Master Plan, developed Intuitional Priorities for FY2013 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, and
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. 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 LongRange 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.
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The Board approved a goal to build the unrestricted, undesignated fund balances in the Operating
& Maintenance, Education, Working Cash and Auxiliary Funds to 50% of Total Operating
Revenues by FY2013. At the end of FY2012, the College achieved this goal with a fund balance
ratio of 60.3%.
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 2012-2013) 10th day FTES enrollment by 1%,
from 29,967 to 30,267.
2. Implement the Enhanced Student Experience Implementation Plan (ESEIP) to increase student
satisfaction and to improve the combined Fall and Spring (Academic Year 2012-2013) withinterm retention rate by 1% for degree and certificate-seeking students taking traditional (face-toface) courses.
3. Add new degree and certificate programs, as well as modify and/or discontinue existing
programs, to ensure that our curricular offerings are high quality and in alignment with
changing community needs.
4. Add new 3+1 and hybrid 2+2 academic partnership agreements to reach a total of twenty
baccalaureate program options by June, 2013.
5. Ensure the financial integrity and performance of the College (e.g. receive clean audit opinion,
augment 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. Commence renovation of Physical Education Building, Seaton Computing Center, Student
Resource Center (Library and adjacent areas) and McAninch Arts Center; demolish M
Building; commence construction of Campus Maintenance Center; and continue site
development.
7. Provide at least $500,000 from the Foundation for academic scholarships and programs.
8. Develop and implement professional development programs that enhance employees’
effectiveness and capabilities in supporting the goals and tasks of the College.
9. Strengthen student and employee programs and activities which foster a culture of
inclusiveness.
10. Reaffirm Higher Learning Commission/AQIP accreditation by applying for the Illinois
Performance Excellence (ILPEx) Awards and advance institutional quality and innovation by
developing and implementing action plans around the ILPEx Feedback Report.
11. Ensure the College’s input in Illinois higher education performance-based funding guidelines
and align the College with those guidelines.
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12. Strengthen fiscal performance of all auxiliary enterprises (e.g., radio station, Waters
Edge/Waterleaf, MAC, Business Solutions), Multi-media services and five Regional Centers.
The Goals set by the College during the 2013 planning process are:
Goal 1 (Demographics)
Goal Statement: Strengthen programs and services to support the changing demographics of
District 502.
Tasks:
1.1 Expand and coordinate academic, social, and personal support systems for underrepresented
populations.
1.2 Enhance and expand opportunities to meet student learning needs through alternative delivery
systems.
Goal 2 (Student Success)
Goal Statement: Improve student success.
Tasks:
2.1 Implement ESEIP to develop, deploy, and effectively use electronic tools and programs to
support student retention and success.
2.2 Implement the ESEIP to promote advising and develop an educational plan for all full-time,
degree and certificate-seeking students.
Goal 3 (Programs)
Goal Statement: Ensure a viable academic portfolio that anticipates community needs.
Tasks:
3.1 Add new degree and certificate programs to meet the needs of the community.
3.2 Evaluate, modify and/or discontinue existing programs that are not aligned with community
needs.
Goal 4 (Funding)
Goal Statement: Enhance C.O.D.’s strong financial position.
Tasks:
4.1 Enhance public’s awareness of capital improvements.
4.2 Continue to strengthen the effectiveness of the C.O.D. Foundation and increase funding of
scholarships and programs.
4.3 Expand success in securing private and public sector funding.
4.4 Allocate resources in support of Institutional Priorities and objectives through the annual
budget process.
4.5 Grow enrollment through multiple strategies.
4.6 Ensure auxiliary enterprises are cost-effective and meeting community needs.
4.7 Maintain at least a 50% fund balance.
4.8 Continue to pursue opportunities for providing input into Illinois performance-based funding
guidelines.
16
Goal 5 (Partnerships)
Goal Statement: Strengthen community partnerships.
Tasks:
5.1 Deploy and further develop a comprehensive planning process.
5.2 Ensure that regional centers are cost-effective and meeting the unique needs of their respective
community.
5.3 Strengthen and diversify partnerships with high schools.
5.4 Create and strengthen partnerships with the community to enhance workforce development.
5.5 Enhance co-branding with select external partners.
5.6 Strengthen community’s awareness of programs, services and capabilities.
5.7 Pursue a legislative agenda that will assist in meeting the needs of students, community, and
the College.
5.8 Collaborate with additional post-secondary education institutions with a focus on adding
additional 3+1 and hybrid 2+2 degree programs.
5.9 Utilize the ILPEx (Baldrige-based) Awards as the initial step in reaffirming HLC/AQIP
accreditation.
Goal 6 (Facilities & Technology)
Goal Statement: Build a state-of-the-art physical and technological setting.
Tasks:
6.1 Continue site development according to FMP.
6.2 Implement an Information Technology Plan that enhances student learning and supports
faculty and staff productivity.
6.3 Improve information technology facility in order to maximize institutional effectiveness.
6.4 Continue to enhance aesthetics of campus buildings and grounds.
Goal 7 (Workforce)
Goal Statement: Develop and sustain a workforce committed to the C.O.D. mission.
Tasks:
7.1 Design and implement additional professional development programs that are aligned with the
goals and priorities of the College.
7.2 Through programs and activities continue to foster a culture of inclusiveness for students and
employees.
7.3 Improve College climate through enhanced collaboration.
7.4 Utilize performance improvement method and tools to identify and improve the effectiveness
of key work processes.
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 is a continuous process that
guides the future direction of the institution. Specifically, the Strategic Long-Range Plan (SLRP)
defines C.O.D.’s institutional philosophy, mission, vision, core values, long-term goals and
associated tasks.
17
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:
x
x
x
x
x
x
x
x
x
x
Annual operating expenditures not to exceed projected revenues. (Expenditures shall be
budgeted according to the College’s strategic priorities.)
Adequate funding to address debt service, both current (due in less than 12 months) and
long-term.
Adequate reserves for maintenance and repairs to its existing facilities.
Adequate reserves for acquisition, maintenance and replacement of capital equipment.
Adequate reserves for strategic capital projects.
Adequate funding levels to fulfill future terms and conditions of employment, including
early retirement benefits.
Adequate allocations for special projects related to the strategic directions of the College.
Appropriate allocations for contingencies (unforeseen events requiring expenditures of
current resources.)
Permanently stabilize its finances in their entirety (operating budget, reserves,
contingencies and ending fund balances) when it perceives a long-term change (increase or
decrease) to its available future recurring resources.
Build unrestricted fund balance to equal 50% of total operating revenue by 2013.
DEBT ADMINISTRATION
Equalized Assessed Valuation of Taxable Property
College of DuPage net General Obligation Bonded Debt
Long-Term Debt Percent of Assessed Valuation
$ 42,017,143,168
$ 151,207,499
0.36%
The legal debt limit is 2.875% of the District’s assessed valuation. The debt limitation would
therefore be $1,207,992,866. The College’s bonded debt of $151,207,499 is well below the legal
limit.
18
19
22
COM
MMUNITY COLLEGE
C
E DISTRICT
T #502
JU
UNE 30, 20 12
PRINC
CIPAL OFF
FICIALS
Board off Trustees
Trustee Name
Erin Birt
David Caarlin
Dianne McGuire
M
Allison O’Donnell
O
Kim Savage
Nancy Sv
voboda
Joseph C.
C Wozniak
Olivia Martin
M
Positio
on
Trusteee
Trusteee
Trusteee
Trusteee
Trusteee
Trusteee
Trusteee
Studentt Trustee
T
Term
Expiiration
22017
22013
22017
22015
22015
22015
22013
Aprril 2013
Appointed Annually
y
David Caarlin
Erin Birt
Allison O’Donnell
O
Thomas J.
J Glaser
Bo
oard Chairmaan to 2013
Bo
oard Vice Ch
hairman to 20013
Bo
oard Secretarry to 2013
Treeasurer to 20
013
Senior Managemen
M
t Team
Dr. Robeert L. Breud
der, Presideent
James Beenté, Vice Prresident, Plaanning & Insstitutional Efffectiveness
Catherinee Brod, Vicee President, Developmen
D
nt/Executivee Director Coollege of DuuPage Founddation
Joseph Collins,
C
Execcutive Vice President
P
Charles Currier,
C
Vicee President, Information Technologyy
Earl Dow
wling, Assocciate Vice Prresident, Enrrollment Mannagement
Thomas J.
J Glaser, Seenior Vice Prresident, Ad
dministrationn and Treasuurer
Jean Karrtje, Vice Preesident, Acad
demic Affairrs
Susan Martin, Dean, Student Afffairs
Mary An
nn Millush, Director,
D
Leg
gislative Rellations & Sppecial Assistaant to the Prresident
Joseph Moore,
M
Assocciate Vice Prresident, Maarketing & C
Communicatiions
Linda Saands-Vankerk
k, Vice Pressident, Humaan Resourcess
Officialss Issuing Reeport
Thomas J.
J Glaser, Seenior Vice Prresident, Ad
dministrationn and Treasuurer
Lynn M. Sapyta, Asssistant Vice President
P
Financial Affaairs and Conntroller
20
Associate Dean
Learning
Resources
Ellen Sutton
Dean
Learning
Resources
Lisa Stock
-Risk Management
-Academic Support Center
-Office of Instructional Development
- COD Online
-CIL Support
-Library
-Information Literacy Instruction Program
-Testing Center
21
Laura Ortiz
Humanities & Speech
Communication
Associate Dean
Associate Dean
Fine & Applied Arts
Cathryn Wilkinson
Director
Financial Aid
(VACANT)
Associate Dean
Technology
John Kronenburger
Associate Dean
Business
Kris Fay
Dean
Business &
Technology
Donna Stewart
Green box/bold type indicates member of Executive Management Team
Director
Performing Arts
Stephen Cummins
Associate Dean
English & ESL
Beverly Reed
Dean
Liberal Arts
Daniel Lloyd
-Admissions
-Records
-Registration
Services
-International
Student Services
Associate VP
Enrollment
Management
Earl Dowling
Center for
Entrepreneurship
Associate Dean
Physical Education
& Athletic Director
Paul Zakowski
Associate Dean
Nursing & Health
Sciences
Vickie Gukenberger
Associate Dean
Math & Physical
Sciences
Tom Schrader
-AQIP
-Student Retention
Initiatives
Director Research
& Analytics
Harlan Schweer
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
Dean
Health & Sciences
Thomas Cameron
Vice President
Academic Affairs
Jean Kartje
Executive VP
Joseph Collins
Associate Dean
Social & Behavioral
Sciences
Marianne Hunnicutt
-Career Services
-Center for Access &
Acommodations
-Counseling &
Advising
-Student Life
-Athletics
Dean
Student Affairs
Susan Martin
Director
Grants
Barbara Abromitis
Catherine Brod
Mary Ann Millush
Assistant VP
Development
Laura Mannion
VP for Development/
Executive Director
of COD Foundation
Director
Legislative Relations
Special Assistant to the
President
Director
Enrollment
Services
Jane Smith
Chief
of Police
Joe Mullin
Director
Facilities
Operations
Jim Ma
Director
Facilities Planning
& Development
John Wandolowski
Director
Business Affairs
Scott Engel
Assistant VP
Financial Affairs &
Controller
Lynn Sapyta
Senior VP
Administration and
Treasurer
Thomas J. Glaser
President
Robert Breuder
Board of Trustees
Assistant VP
Information
Systems
Donna Berliner
VP
Information
Technology
Chuck Currier
Director
Marketing and
Creative Services
Laurie Jorgensen
Associate VP
Marketing &
Communications
Joseph Moore
-SLEA
-Youth Ed
-Adult Continuing Ed
-COD Business Solutions
-Older Adult Institute
-Healthcare Ed
-ABE/GED/ESL
-Childcare Center
Associate Dean
Business Solutions
& Extended
Learning
(Vacant)
Dean
Continuing
Education/
Extended Learning
Joseph Cassidy
Internal Auditor
James Martner
COLLEGE OF DUPAGE ADMINISTRATION ORGANIZATION CHART
Director
Academic
Partnerships
Mary Klinefelter
Assistant Dean
Adjunct Faculty
Support
(Vacant)
Assistant Dean
Adjunct Faculty
Support
Mark Collins
Associate VP
Academic Affairs
Glenda Gallisath
-Regional Centers
-H.S. Partnerships
-Articulation
-Field &
Experiential Learning
-Adult Fast Track
-Centralized Scheduling
-Study Abroad
-Honors
-PTF Centers
-International Education
-WIB
-Perkins
Effective 05/29/2012
-Campus Marketing
-Creative Services
-Publications
-Website
-News Bureau
-Community Relations
-Community Development
-Multimedia Services
-WDCB Radio
College of DuPage Senior Management Team
Dr. Robert L. Breuder
President
James Benté
Catherine Brod
Joseph Collins
Charles Currier
Vice President
Planning and Institutional
Effectiveness
Vice President, Development
Executive Director,
College of DuPage Foundation
Executive Vice President
Vice President
Information Technology
Earl Dowling
Thomas J. Glaser
Jean Kartje
Susan Martin
Associate Vice President
Enrollment Management
Senior Vice President
Administration and
Treasurer
Vice President
Academic Affairs
Dean
Student Affairs
Mary Ann Millush
Joseph Moore
Linda Sands-Vankerk
Director
Legislative Relations and
Special Assistant to the
President
Associate Vice President
Marketing and
&RPPXQLFDWLRQV
Vice President
Human Resources
22
23
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Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT AUDITORS’ REPORT
To the Board of Trustees
College of DuPage
Community College District 502
Glen Ellyn, Illinois
We have audited the accompanying financial statements of the College of DuPage, Community College
District 502 (the College) and the discretely presented component unit, the College of DuPage Foundation, as
of and for the years ended June 30, 2012 and 2011, as listed in the Table of Contents. These financial
statements are the responsibility of the College’s management. 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 audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement. The
financial statements of the College of DuPage Foundation were not audited in accordance with Government
Auditing Standards. An audit includes consideration of internal control over financial reporting as a basis for
designing 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 over financial reporting. Accordingly, we express
no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the College, and the College of DuPage Foundation as of June 30, 2012 and 2011, and the results
of its operations and its cash flows, where applicable, for the years then ended, in conformity with accounting
principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated October 10, 2012
on our consideration of the College’s internal control over financial reporting and 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 and should be considered in assessing the results of our audit.
Accounting principles generally accepted in the United States of America require that the Management’s
Discussion and Analysis and Schedule of Funding Progress, designated in the table of contents as “Required
Supplementary Information” 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
24
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 inquires, the financial
statements, and other knowledge we obtained during our audit 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.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the College’s financial statements. The introductory section, statistical section, and the
supplemental financial information and the other supplemental financial information listed under the special
reports section of the table of contents are presented for purposes of additional analysis and are not a
required part of the financial statements. Such 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. The supplemental financial information listed under the special reports section of the table of
contents is required by the Illinois Community College Board and is presented on the modified accrual basis of
accounting. Such information have 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 accepting in the United States of America. In our opinion, the supplemental financial information
listed under the special reports section of the table of contents are fairly presented in all material respects in
relation to the financial statements as a whole. The introductory section, statistical section and the other
supplemental financial information as listed in the table of contents have not been subjected to the audit
procedures applied in the audit of the financial statements, and accordingly, we express no opinion on them.
Crowe Horwath LLP
Oak Brook, Illinois
October 10, 2012
25
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2012
Management’s Discussion and Analysis
(unaudited)
(This page left blank intentionally)
MANAGEMENT’S DISCUSSION AND ANALYSIS
INTRODUCTION AND BACKGROUND
This section of College of DuPage, Community College District 502’s (the College)
Comprehensive Annual Financial Report presents management’s discussion and analysis (MD&A)
of the College’s financial activity during the fiscal years ended June 30, 2012 and June 30, 2011.
Since this MD&A is designed to focus on current activities, resulting changes and currently known
facts, please read it in conjunction with the Transmittal Letter and the College’s basic financial
statements including the notes to the financial statements. Responsibility for the completeness and
fairness of this information rests with the College.
USING THIS ANNUAL REPORT
The financial statements focus on the College as a whole and are designed to emulate corporate
presentation models whereby all College activities are consolidated into one total. The financial
statements consists of four primary parts: (1) the statements of net assets, (2) statements of revenues,
expenses, and changes in net assets, (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.
The Statement of Net Assets is presented in the format where assets equal liabilities plus net assets.
Assets and liabilities are presented in order of liquidity and are classified as current (convertible into
cash within one year) and noncurrent. This statement combines and consolidates current financial
resources (short-term spendable resources) with long-term capital assets. The focus of this statement
is to show the overall liquidity and health of the College as of the end of the fiscal year.
The Statement of Revenues, Expenses, and Changes in Net Assets 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.
26
FINANCIAL HIGHLIGHTS
STATEMENT OF NET ASSETS
The major components of College of DuPage’s assets, liabilities, and net assets as of June 30,
2012, 2011, and 2010, are as follows (in millions of dollars):
Assets
Current assets
Non-current assets
Capital assets, net of depreciation
Bond issuance costs
Total assets
Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Invested in capital assets, net of debt
Restricted
Unrestricted
Total net assets
Change
2012-11
Change
2011-10
$
36.0
$ (54.3)
289.5
1.0
623.1
63.0
0.5
99.5
84.5
(0.1)
30.1
127.1
187.9
315.0
116.1
214.9
331.0
(10.6)
70.8
60.2
11.0
(27.0)
(16.0)
185.1
28.4
124.7
$ 338.2
162.3
29.9
99.9
$ 292.1
2012
2011
2010
$ 314.3
$ 278.3
$ 332.6
437.0
1.4
752.7
374.0
0.9
653.2
116.5
258.7
375.2
221.2
26.3
130.0
$ 377.5
$
36.1
(2.1)
5.3
39.3 $
22.8
(1.5)
24.8
46.1
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 $63.0 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 building. Also during
fiscal year 2012, the College began work on 2010 referendum projects: MAC renovations ($1.2
million), Physical Education building renovations ($2.8 million) Student Resource Center
27
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 $10.6 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 $70.8 over the previous year due to the issuance of $84.0 million of general
obligation bonds in FY2012.
Total net assets increased by $39.3 million over prior year. This increase is attributable to
favorable operating results and unspent bond proceeds. The College had an operating surplus of
$39.3 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.
Comparison of Net Assets
Fiscal Years 2012, 2011, 2010 (amounts
in millions)
$250
221.2
$200
185.1
162.3
$150
130.0 124.7
2012
99.9
$100
2011
2010
$50
26.3
28.4
29.9
$Net Investment in Capital
Assets
Restricted
Unrestricted
In addition to the restrictions presented on the financial statements, the Board of Trustees has
approved two additional reservations of net assets. $17,000,000 was approved to be set aside to
fund future pension payments to the State of Illinois and $3,000,000 to fund annual maintenance
costs which are expected to increase with the expansion of the College’s physical plant.
28
Fiscal Year 2011 Compared to 2010
Total current assets decreased by $54.3 million as compared to prior year. The primary reason for
the decrease is attributable to the reduction in cash and investments of $53.0 million as bond
proceeds were drawn down to pay for construction projects during fiscal year 2011.
Capital assets increased by $84.5 million due primarily to an increase in construction-in-progress
from spending on various capital projects. During fiscal year 2011, substantial construction work
occurred on the new Homeland Security Education Center, Culinary and Hospitality Center, and
BIC West renovation which were opened in August 2011 and the Student Services Center building
which was opened in September 2011 in time for the Fall school semester.
Current liabilities increased by $11.0 million due primarily to accounts payable increasing $12.9
million. The increase in accounts payable is due to the accrual of unpaid construction invoices for
work performed in fiscal year 2011. Non-current liabilities decreased by $27.0 million from prior
year due to the scheduled principal payments that will be made in fiscal year 2012 on the College’s
long-term bond debt.
Total net assets increased by $46.1 million over prior year. This increase is attributable to an
increase in construction spending and the College finishing the year with a surplus. The net
investment in capital assets increased by $22.8 million due to the increase in overall capital
assets investments during fiscal year 2011.
Unrestricted net assets increased by $24.8 million due to strong financial measures implemented
by College management during the year to reduce operating expenses and strengthen revenue
growth that resulted in a budget surplus that increased the fund balance.
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
Revenues:
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 leading revenue source accounting for $107.8 million or 43.4% of FY2012 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
29
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
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%
30
The following table presents the statement of revenues, expenses and changes in net assets for
the College for fiscal years 2012, 2011, and 2010 (in millions of dollars):
Statement of Revenues, Expenses, and Changes in Net Assets
2012
2011
Change
2012-11
2010
Change
2011-10
Revenues
Operating revenues
Student tuition and fees, net
$
Sales and service fees
Other operating revenues
59.1
$
62.0
$
54.4
$
(2.9) $
7.6
3.8
1.8
3.9
1.9
6.7
2.6
(0.1)
(0.1)
(2.8)
(0.7)
64.7
67.8
63.7
(3.1)
4.1
109.3
106.0
96.4
3.3
9.6
State appropriations
42.6
38.7
34.0
3.9
4.7
Federal grants and contracts
29.4
26.2
20.0
3.2
6.2
0.7
1.5
1.3
1.6
2.0
2.7
(0.6)
(0.1)
(0.7)
(1.1)
183.5
173.8
155.1
9.7
18.7
248.2
241.6
218.8
6.6
22.8
89.0
83.4
84.3
5.6
(0.9)
9.4
9.5
10.1
(0.1)
(0.6)
11.1
12.4
13.8
(1.3)
(1.4)
Public service
1.9
1.7
2.1
0.2
(0.4)
Independent operations
0.3
0.2
0.5
0.1
(0.3)
Operation and maintenance of plant
17.1
16.0
16.0
1.1
-
General administration
13.4
12.9
13.1
0.5
(0.2)
Total Operating revenues
Non-operating revenues
Real estate taxes & CPPRT
Investment income
Other non-operating revenues
Total non-operating revenues
Total revenues
Expenses
Operating expenses
Instruction
Academic support
Student services
General institutional
21.5
22.3
6.3
(0.8)
16.0
Auxiliary enterprises
12.5
10.9
11.9
1.6
(1.0)
Scholarship expense
Depreciation expense
12.5
14.4
12.2
7.7
6.6
6.4
0.3
6.7
5.6
1.3
Total Operating Expenses
203.1
189.2
171.1
13.9
18.1
5.8
-
6.3
-
6.3
-
(0.5)
-
-
Non-operating expenses
Interest on capital asset-related debt
Loss on sale of capital assets
Total non-operating revenues
Total expenses
Net income before capital contributions
5.8
6.3
6.3
(0.5)
-
208.9
195.5
177.4
13.4
18.1
39.3
46.1
41.4
(6.8)
4.7
Capital Contributions
-
-
-
-
-
Increase in net assets
39.3
46.1
41.4
(6.8)
4.7
Net assets at beginning of year
Net assets at end of year
$
338.2
377.5
31
$
292.1
338.2
$
250.7
292.1
$
46.1
39.3
$
41.4
46.1
Operating and Non-Operating Revenues
Fiscal Year 2011
Non-governmental
gifts and grants
0.7%
Federal grants and
contracts
10.8%
Other nonInvestment income
operating revenues
0.5%
0.0%
Student tuition and
fees, net
25.7%
State
appropriations
16.0%
Sales and service
fees
1.6%
Real estate taxes &
CPPRT
43.9%
Other operating
revenues
0.8%
Fiscal Year 2011 Compared to 2010
Operating and non-operating revenues total $241.6 million for fiscal year 2011, an increase of $22.8
million over fiscal year 2010. The largest component of revenues is local property taxes comprising
43.9% of total revenues. Revenues from student tuition and fees were $62.0 million in fiscal year
2011 and represent the second largest revenue component at 25.7% of total revenues. Revenues
from state and federal grants totaled $64.9 million in fiscal year 2011 and accounted for 26.8% of
total fiscal year 2011 revenues.
Operating revenues increased by $4.1 million. Revenues were down in chargeback, sales and
service fees and other operating revenues. Tuition and fee revenue was $62.0 million; this was $7.6
million greater than prior year. The FY2010 tuition revenue included a write off of $5.6 million of
uncollectable revenue. Without the uncollectable revenue adjustment tuition revenue year-overyear would have only been $2.0 million higher. Generally Accepted Accounting Principles
(GAAP) requires colleges to report tuition and fees funded by state and federal financial awards as
non-operating revenues and not as tuition. Student tuition and fees before adjustment were $86.6
million, or $10.5 million or 14% higher than the prior year. The semester credit hours for fiscal year
2011 were 475,595; a decrease of 28,873 hours from fiscal year 2010. Even though semester credit
hours were lower than prior year, tuition and fees exceeded prior year revenues due to an increase in
out-of-district students who pay a higher tuition rate than in-district.
32
Sales and service fees were $3.9 million; $2.8 million lower than prior year primarily due to
decreases in the College’s Auxiliary Fund program revenues. The Continuing Education program
had a decrease in its enrollment for the summer 2010 programs which resulted in a $0.5 decrease in
revenue. The Arts Center also had a decrease in revenues of $0.2 due to decreases in the number of
performances offered and a decrease in attendance. The bookstore revenue decreased by $0.5 from
fiscal year 2010 due to a decrease in the volume of books sold.
Non-operating revenues totaled $173.8 million for the year and were $18.7 million greater than
FY2010. This increase is primarily due to higher revenue from property taxes which increased $9.6
million in fiscal year 2011. For the first time in the history of DuPage County assessed valuations
declined by approximately 6.0%. Revenues from state and federal grants totaled $64.9 million in
fiscal year 2011 and were $10.9 million more than FY2010. The primary reason for the increase in
federal grants was an increase in Pell funding in fiscal year 2011.
FY2011
Student tuition and fees
Federal and State Awards
Student tuition and fees, net
FY2010
Change
2011-10
% Change
2011-10
$
86.6 $
(24.6)
76.1 $
(21.7)
10.5
(2.9)
14%
13%
$
62.0 $
54.4 $
7.6
14%
Expenses:
Fiscal Year 2012 Compared to 2011
Total expenses for FY2012 were $208.9 million, an increase of $13.4 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,
33
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 was $1.3
million lower than prior year.
Operating Expenses
Fiscal Year 2012
Auxiliary enterprises
6.2%
Scholarship expense
6.2%
Depreciation expense
7.1%
Instruction
43.8%
General institutional
10.6%
General administration
6.6%
Operation and
maintenance of plant
8.4%
Independent operations
Public service Student services
0.1%
0.9%
5.5%
Academic support
4.6%
Operating Expenses
Fiscal Year 2011
Auxiliary enterprises
5.8%
Scholarship expense
6.4%
Depreciation expense
4.1%
Instruction
44.1%
General institutional
11.8%
General
administration
6.8%
Operation and
maintenance of plant
8.5%
Independent
operations
Student services
0.1%
Public service
6.6%
0.9%
34
Academic support
5.0%
The following graph shows how the College’s operating expenses by function for the current year
and the two previous years ($ in millions).
$90.0
$80.0
$70.0
$60.0
$50.0
$40.0
2012
2011
$30.0
2010
$20.0
$10.0
$-
Fiscal Year 2011 Compared to 2010
The College’s total expenses were $195.5 million in fiscal year 2011, an increase of $18.1
million from the prior year. Operating expenses for fiscal year 2011 equaled $189.2 million and
were $18.1 million higher than prior year. The largest increase in year-over-year expenses was
in General Institution, which increased $16.0 million due to a change in accounting for fringe
benefits. Scholarship expense increased $5.6 million primarily due to a $5.0 million increase in
Pell awards from fiscal year 2010. Depreciation expense increased by $1.3 million due to a net
35
increase in depreciable capital assets of $156.2 million, most of which were added late in the fiscal
year and therefore did not have a full year depreciation expense. The remaining operating expense
categories were lower than the previous year as management continued to enforce cost controls
during the year to reduce costs in the event funding from the State did not materialize as
anticipated.
As shown in the operating expenses chart, fiscal year 2011 Instruction costs were $83.4 million.
This category represents all of the direct costs associated with teaching of students and is the
largest component of operating expenses, accounting for 44.1% of total operating expenses.
Instruction costs were $0.9 million less than fiscal year 2010. Operation and maintenance of
plant at $16.0 million represents 8.5% of total operating expenses and was flat with prior year.
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 $12.4 million in fiscal year 2011 and was $1.4
million lower than prior year.
STATEMENT OF NET CAPITAL ASSETS AND LONG-TERM DEBT
2012
Capital assets
Land and improvements
Construction in progress
Building and improvements
Equipment
$
Subtotal
Less accumulated depreciation
Capital assets, net
2011
47.8
40.0
428.5
40.8
$
557.1
(120.1)
$
437.0
$
Total bonds, net
Termination, OPEB &
Compensated Absences
Total long-term debt, net
$
$
481.2
(107.2)
$
374.0
11.2
203.3
136.8
39.3
$
390.6
(101.1)
$
2011
2012
Long-term debt
Bonds
General obligation bonds
Bond premiums
Deferred amount of refunding
45.2
137.7
259.4
38.9
2010
Change
2012-11
289.5
2010
Change
2011-10
2.6 $
(97.7)
169.1
1.9
75.9
(12.9)
$
63.0
Change
2012-11
34.0
(65.6)
122.6
(0.4)
90.6
(6.1)
$
84.5
Change
2011-10
261.0 $
14.9
(0.5)
203.6 $
7.5
(1.0)
229.4 $
8.9
(2.4)
57.4
7.4
0.5
275.4
210.1
235.9
65.3
(25.8)
8.6
7.0
6.4
1.6
0.6
284.0
$
36
217.1
$
242.3
$
66.9
$
$
(25.8)
(1.4)
1.4
(25.2)
Fiscal Year 2012 Compared to 2011
As of June 30, 2012, the College had net capital assets of $437.0 million, an increase of $63.0
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 $66.9 million from the prior year to $284.0 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,
is 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.
Fiscal Year 2011 Compared to 2010
As of June 30, 2011, the College had net capital assets of $374.0 million, an increase of $84.5
million from prior year. Net capital assets increased due primarily to an aggressive building
campaign undertaken by the College as part of its Facilities Master Plan. Construction in
progress decreased by $65.6 million in fiscal year 2011 primarily due to the transfer of $156.5
million to depreciable capital assets during fiscal year 2011. During fiscal year 2011, the
College completed the Technical Education Center, the Health Sciences Building and a parking
lot. The change in activities for capital assets is provided in Note 3 to the financial statements.
During fiscal year 2011, bonds payable outstanding decreased by $25.8 million. As of June 30,
2011, $9,505,000 (Series 2009A), $62,450,000 (Series 2009B), $11,715,000 (Series 2009C),
$72,945,000 (Series 2007), $7,760,000 (Series 2006 Refunding Bonds), $25,080,000 (Series
2003A) and $14,160,000 (Series 2003B) remain outstanding. The payment schedule, along with
changes in activities for debt, is 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).
37
ECONOMIC FACTORS THAT WILL AFFECT THE FUTURE
The College continues to be concerned with the budgetary deficits incurred by the State of
Illinois and the impacts these deficits may have on future funding for community colleges and
financial aid for students. The 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 provides 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 high unemployment experienced throughout the State and community continue to add
pressure on the College to maintain tuition costs and fees at their current levels to provide
affordable education and training for members of the community. Maintaining tuition costs will
have to be balanced with the need to cover expense to ensure the quality and breadth of the
College product offering is not hurt.
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.
CONTACTING FINANCIAL MANAGEMENT
This financial report is designed to provide our bondholders, customers 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.
38
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COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2012
BASIC FINANCIAL STATEMENTS
(This page left blank intentionally)
STATEMENT 1
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATEMENTS OF NET ASSETS
June 30, 2012 and 2011
2012
ASSETS
Current Assets
Cash and cash equivalents
Investments
Total cash, cash equivalents and investments
Receivables
Property taxes receivable (net of allowances
of $372,373 and $365,364, respectively)
Tuition and fees receivable (net of allowances
of $9,252,489 and $8,255,628, 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
Bond issuance costs
Total Non-Current Assets
Total Assets
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses
Accrued salaries and benefits
Claims payable
Unearned property tax revenues
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
NET ASSETS
Invested in capital assets, net of related debt
Restricted for:
Debt service
Working cash
Unspent grant proceeds
Unrestricted
Total Net Assets
$
$
160,573,393
81,666,348
242,239,741
$
158,644,127
50,351,829
208,995,956
54,903,002
53,567,305
6,793,041
8,276,025
8,242,069
236,377
1,061,145
71,235,634
172,341
665,299
314,313,015
3,655,763
971,524
1,440,996
67,911,613
238,073
1,192,052
278,337,694
44,718,266
512,318,885
(120,081,189)
1,410,950
438,366,912
752,679,927
142,503,112
338,740,373
(107,233,488)
850,261
374,860,258
653,197,952
16,692,241
3,473,970
982,891
49,721,959
16,968,016
58,430
87,897,507
22,555,000
2,751,049
1,600,000
1,141,303
227,871
309,981
116,482,711
21,423,320
3,363,839
982,891
52,141,090
16,822,731
265,418
94,999,289
27,160,000
2,589,589
1,200,000
875,474
213,036
80,559
127,117,947
252,841,554
3,353,713
2,451,284
40,677
258,687,228
375,169,939
182,952,180
2,281,236
2,556,289
48,107
187,837,812
314,955,759
221,164,380
185,096,593
18,021,452
8,262,954
74,224
129,986,978
377,509,988
20,233,785
8,229,678
124,682,137
338,242,193
See accompanying notes to financial statements.
39
2011
$
STATEMENT 2
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
2012
REVENUES
Operating Revenues
Student tuition and fees
$
59,100,863
2011
$
61,990,141
(net of scholarship allowances of $25,426,953 and
$24,643,016, respectively; and uncollectable of
$1,025,154 in FY2012 and $0 in FY2011)
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 Assets
Net Assets at Beginning of Year
Net Assets at End of Year
$
673,262
3,825,718
1,147,097
64,746,940
662,258
3,902,558
1,226,179
67,781,136
88,951,878
9,366,021
11,120,268
1,895,427
316,150
17,202,087
13,357,056
21,571,223
12,505,598
12,492,032
14,417,172
203,194,912
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
(138,447,972)
(121,357,135)
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
39,267,795
338,242,193
377,509,988
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
292,082,346
338,242,193
See accompanying notes to financial statements.
40
$
STATEMENT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
2012
CASH FLOWS FROM OPERATING ACTIVITIES
Tuition and fees
Sales and Services
Payment to suppliers
Payment to employees
Net Cash from Operating Activities
$
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Real estate taxes & CPPRT
State appropriations
Grants & contracts
Other revenues
Net Cash from Non-Capital Financing Activities
87,854,511
5,360,579
(73,625,746)
(121,744,265)
(102,154,921)
2011
$
105,546,855
11,624,404
34,207,986
151,379,245
107,087,903
15,497,723
31,811,608
609,731
155,006,965
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Proceeds from bonds
104,900,000
Premiums from bonds
11,033,477
Purchases of capital assets
(72,029,504)
Bond principal payments
(47,535,000)
Interest paid on capital debt
(13,910,413)
Proceeds from the Sales of Capital Assets
98,660
Net Cash from Capital and Related Financing Activities
(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
Net Increase (Decrease) in Cash
Cash and Cash Equivalents - Beginning of Year
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
88,322,929
5,199,879
(55,947,153)
(123,336,121)
(85,760,466)
(88,503,345)
(25,735,000)
(10,219,223)
14,585
(124,442,983)
19,898,221
1,543,129
(51,293,628)
(29,852,278)
100,150,527
2,227,762
(10,228,136)
92,150,153
1,929,266
36,953,669
158,644,127
121,690,458
$ 160,573,393
$ 158,644,127
$ (138,447,972)
$ (121,357,135)
14,417,172
22,955,612
1,972,836
65,732
246,821
(4,731,551)
655,896
(559,003)
145,285
1,360,042
(235,791)
$ (102,154,921)
7,741,061
17,777,103
$
1,100,679
(97,274)
74,443
12,993,387
(6,477,552)
148,628
(102,099)
2,338,218
100,075
(85,760,466)
Note: Noncash investing, capital and financing activities: Decrease in the fair value of investments, $211,300
in FY2012. Increase in the fair value of investments, $29,804 in FY2011.
See accompanying notes to financial statements.
41
STATEMENT 4
COLLEGE OF DUPAGE FOUNDATION
STATEMENT OF FINANCIAL POSITION
JUNE 30, 2012 and 2011
2012
ASSETS
Cash and Cash Equivalents
Investments
Pledges Receivable
Cash Surrender Value of Life Insurance Policies
Due from College of DuPage
Total Assets
$
$
2011
414,256
9,577,557
248,584
10,068
10,250,465
$
28,122
28,122
$
$
10,512,518
64,826
325,454
9,798
1,027
10,913,623
LIABILITIES AND NET ASSETS
LIABILITIES
Due to College of DuPage
Other Liabilities
Total Liabilities
$
NET ASSETS
Unrestricted
Temporarily Restricted
Permanently Restricted
Total Net Assets
2,668,091
4,738,502
2,815,750
10,222,343
TOTAL LIABILITIES AND NET ASSETS
$
10,250,465
See accompanying notes to financial statements.
42
311,645
34,052
345,697
3,122,055
4,576,736
2,869,135
10,567,926
$
10,913,623
STATEMENT 5
COLLEGE OF DUPAGE FOUNDATION
STATEMENT OF ACTIVITIES
FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
2012
Undesignated
REVENUES
Gifts and Contributions
Net Investment Income
Net Realized Gain (Loss) on Sale of Investments
Net Unrealized Gain (Loss) on Investments
Noncash Contributions
Change in Value of Split-Interest Agreement
Miscellaneous
Net Assets Released from Restrictions
Total Revenues
$
EXPENSES
Program
Scholarships Granted
Awards Granted
Cash Gifts to College of DuPage
Noncash Gifts to College of DuPage
Other
Management and General
Fundraising
Total Expenses
57,806
27,401
101,736
(172,832)
554,274
725,189
1,293,574
$
191,606
7,721
197,344
397,502
1,165
670,028
32,402
1,497,768
Change in Net Assets
(204,194)
Change in Classification of Donor Restrictions
(220,392)
Net Assets, Beginning of Year
Net Assets, End of Year
Unrestricted
Designated
$
1,246,431
273,535
4,324
55,229
(25,892)
13,661
36,694
357,551
$
121,640
30,375
120,800
54,084
300
388
59,342
386,929
1,451,038
$
1,421,660
331,341
31,725
156,965
(198,724)
567,935
36,694
725,189
1,651,125
$
$
Total
121,270
154,474
(329,129)
(53,385)
$
746,164
25,759
429,448
(537,421)
832,540
5,930
36,694
1,539,114
-
-
(233,572)
(58,626)
(53,385)
(220,392)
220,392
-
-
4,576,736
2,869,135
10,567,926
2,815,750
$ 10,222,343
3,122,055
$
Permanently
Restricted
293,553
(5,966)
118,009
(9,568)
264,605
5,930
(725,189)
(58,626)
313,246
38,096
318,144
451,586
1,465
670,416
91,744
1,884,697
(29,378)
1,671,017
Temporarily
Restricted
Total
2,668,091
$
4,738,502
$
313,246
38,096
318,144
451,586
1,465
670,416
91,744
1,884,697
(345,583)
2011
Undesignated
REVENUES
Gifts and Contributions
Net Investment Income
Net Realized Gain (Loss) on Sale of Investments
Net Unrealized Gain (Loss) on Investments
Noncash Contributions
Change in Value of Split-Interest Agreement
Miscellaneous
Net Assets Released from Restrictions
Total Revenues
$
EXPENSES
Program
Scholarships Granted
Awards Granted
Cash Gifts to College of DuPage
Noncash Gifts to College of DuPage
Other
Management and General
Fundraising
Total Expenses
Change in Net Assets
Net Assets, Beginning of Year
Net Assets, End of Year
$
201,037
62,590
164,782
(34,386)
655,162
1,544
692,619
1,743,348
Unrestricted
Designated
$
233,530
22,898
164,952
21,829
188,611
60,954
692,774
Total
$
434,567
85,488
329,734
(12,557)
843,773
62,498
692,619
2,436,122
Temporarily
Restricted
$
Permanently
Restricted
297,863
85,813
754,844
240,519
47,106
5,702
(692,619)
739,228
$
531
5,788
45,388
19,970
71,677
Total
$
732,961
177,089
1,129,966
247,932
890,879
5,702
62,498
3,247,027
262,857
4,560
378,000
182,663
3,886
598,895
5,880
1,436,741
101,998
8,750
196,665
211,056
8,326
48,491
35,821
611,107
364,855
13,310
574,665
393,719
12,212
647,386
41,701
2,047,848
-
-
364,855
13,310
574,665
393,719
12,212
647,386
41,701
2,047,848
306,607
81,667
388,274
739,228
71,677
1,199,179
1,364,410
1,369,371
2,733,781
3,837,508
2,797,458
9,368,747
2,869,135
$ 10,567,926
1,671,017
$
1,451,038
$
3,122,055
See accompanying notes to financial statements.
43
$
4,576,736
$
(This page left blank intentionally)
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
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 as well as applicable
Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting
Principles Board Opinions, and Accounting Review Boards of the Committee on Accounting
Procedure issued on or before November 30, 1989, unless those pronouncements conflict with or
contradict GASB pronouncements. The College has elected not to follow FASB after that date.
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 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.
44
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
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 2011 tax year and collected in 2012 are recorded as revenue in
fiscal year 2012. The remaining 50% of revenues related to 2012 has been deferred and will be
recorded as revenue in fiscal year 2013. However, the 50% allocation is an approximation based on
tax collections in prior years. To the extent collections exceed 50% in a given year, the College
would record this as current year revenue.
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
45
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
collections. Currently the limitation is the lesser of five percent or the rate of inflation, measured by
the Consumer Price Index.
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 2011 tax levy is payable in calendar year 2012).
Education
Operations and Maintenance
Bond and Interest
Liability, Protection & Settlement *
Social Security/Medicare *
Audit *
Total
Maximum
Authority
2011
2010
2009
2008
2007
$ 0.7500
0.1000
none
none
none
0.0500
$ 0.1611
0.0263
0.0621
-
$ 0.1483
0.0242
0.0624
-
$ 0.1337
0.0217
0.0573
-
$ 0.1321
0.0211
0.0326
-
$ 0.1285
0.0213
0.0333
0.0023
0.0031
0.0003
$ 0.2495
$ 0.2349
$ 0.2127
$ 0.1858
$ 0.1888
* - These funds were consolidated into the Education fund starting in 2008.
The 2012 tax levy, which will attach as an enforceable lien on property as of January 1, 2012, has
not been recorded as a receivable as of June 30, 2012 as the tax has not yet been levied by the
counties within the College’s district and will not be levied until December 2012 and, therefore, the
levy is not measurable at June 30, 2012.
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).
46
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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
Years
50
20
20
20
10
20
10
6
4
4
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 $5,333,633 and $3,733,088
during fiscal years 2012 and 2011, 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, Citibank Savings 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.
47
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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: tax levies passed that are legally restricted for the subsequent fiscal
year; 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.
J. Net Assets
The College’s net assets are classified as follows:
Invested in capital assets, net of related debt – 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 of net assets that have 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 two additional reservations of net assets. $17,000,000 was approved to be set aside
to fund future pension payments to the State of Illinois and $3,000,000 to fund annual
maintenance costs which are expected to increase with the expansion of the College’s physical
plant.
Unrestricted net assets – This includes resources 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. When both restricted and unrestricted resources are available for use, the College uses
restricted resources first and then unrestricted resources as they are needed.
48
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
K. Long-Term Obligations
Long-term obligations are reported as liabilities in the applicable financial statements. Bond
premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the
bonds. Bonds payable are reported net of the applicable premium or discount. Bond issuance costs
are reported as deferred charges and amortized over the term of the related debt. Arbitrage
liabilities, if any, are recorded as interest expense in the year the potential liability is incurred.
L. 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. Incidental
expenses are classified as non-operating expenses.
M. Federal Financial Assistance Programs
The College participates in federally funded programs providing Pell Grants, Supplemental
Educational Opportunity Grants (SEOG), Federal Work-Study, Federal Direct Loans Program, and
support for other grant programs not related to student financial aid. Federal programs are audited in
accordance with the Single Audit Act Amendments of 1996, the U.S. Office of Management and
Budget Revised Circular A-133 Audit of States, Local Governments and Non-Profit Organizations
and the Compliance Supplement. The following table represents the amounts expended for the past
two fiscal years from federally funded programs:
Fiscal Year
2012
Pell Grants
SEOG
Federal Work-Study
Federal Direct Student Loans
Carl Perkins Grants
Federal Adult Education
Other Federal Support
Totals
$
$
49
24,054,852
235,943
236,115
30,732,826
583,409
732,235
525,820
57,101,200
2011
$
$
20,499,010
289,990
211,237
18,787,147
643,785
610,129
685,475
41,726,773
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
N. 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 2012
and 2011, the state made contributions of $22,955,612 and $17,777,103 respectively (see Note 4 for
further detail).
O. 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 and
the disclosure of contingent assets and liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses and gains and losses during the reporting period.
Actual results could differ from those estimates.
P. Comparative Information
The financial statements include the current and prior fiscal year. 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 or changes in net
assets.
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.
50
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
2. CASH DEPOSITS AND INVESTMENTS (CONTINUED)
The investments which the College may purchase are limited by Illinois law to the following: (one)
securities which are fully guaranteed by the U.S. Government as to principal and interest; (two)
certain U.S. Government Agency securities; (three) certificates of deposit or time deposits of banks
and savings and loan associations which are insured by a Federal corporation; (four) certain shortterm obligations of corporations (commercial paper) rated in the highest classifications by at least
two of the major rating services; (five) fully collateralized repurchase agreements; (six) the State
Treasurer’s Illinois and Prime Funds and (seven) money market accounts and certain other
instruments.
Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which
allows governments within the State to pool their funds for investment purposes. Illinois Funds is
not registered with the SEC as an investment company, but does operate in a manner consistent with
Rule 2a-7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at
Illinois Funds’ share price, which is the price for which the investment could be sold. These
investments are not required to be categorized based on custodial risk in accordance with GASB
Statement No. 40 because they are not securities. The relationship between the College and the
agent 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, 2012 and 2011, the College had no bank
balances on deposit which were uninsured and uncollateralized out of total bank balances on deposit
of $162,324,207 and $163,221,398, respectively. As of June 30, 2012 and 2011 the carrying value
of cash on hand was $160,573,393 and $158,644,127, respectively.
B. Investments
The following table presents the investment in debt securities of the College as of June 30, 2012 and
2011 by type of investment.
51
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
2. CASH DEPOSITS AND INVESTMENTS (CONTINUED)
June 30, 2012
Investment
Time Deposits
U.S. Treasury Bond / Notes
Commercial Paper
Corporate Bond
Federal Agency Bond / Notes
Total
Fair Value
Duration
1 to 3 Years
$
6,356,317
9,651,612
2,247,507
4,474,726
58,936,186
$
6,356,317
5,093,637
2,247,507
4,474,726
38,327,925
$
$
81,666,348
$
56,500,112
$ 25,166,236
June 30, 2011
Investment
Time Deposits
U.S. Treasury Bond / Notes
Commercial Paper
Federal Agency Bond / Notes
Duration Less
Than 1 Year
Total
Fair Value
Duration Less
Than 1 Year
4,557,975
20,608,261
Duration
1 to 3 Years
$
24,941,944
14,879,345
4,648,378
5,882,162
$
24,941,944
9,239,441
4,648,378
443,006
$
5,639,904
5,439,156
$
50,351,829
$
39,272,769
$ 11,079,060
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, 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%). At June 30, 2011, the College had greater than 5% of its overall investment portfolio
invested in certificates of deposit (40%) with varying maturity dates, and short-term money market
funds (10%).
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.
52
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
2. CASH DEPOSITS AND INVESTMENTS (CONTINUED)
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, 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 were
rated A-1/P-1 by S&P and Moody’s, respectively. The Corporate Bond were rated A to AA+ by
S&P and A1 to Aa3 by Moody’s.
At June 30, 2011 the Federal Agency Bond/Note investments held by the College were all rated
AAA/Aaa by Standard and Poors (S&P) and Moody’s, respectively. The Commercial Paper were
rated A-1/P-1 by S&P and Moody’s, respectively.
At June 30, 2012 and 2011, the College had no investments which were uninsured or
uncollateralized, out of total investment balances of $81,666,348 and $50,351,829, respectively.
53
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
3. CAPITAL ASSETS
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
Total Capital Assets, not
being depreciated
Capital Assets being depreciated
Land Improvements
207,142,525
5,407,565
-
51,575,855
264,125,945
Building Improvements
Buildings
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
being depreciated
Total Cost
Accumulated Depreciation
Land Improvements
(4,276,829)
(3,723,059)
-
-
(7,999,888)
(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)
Buildings
Total Accumulated Depreciation
Net Capital Assets
$
374,009,997 $
62,945,965 $
54
- $
- $
436,955,962
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
3. CAPITAL ASSETS (CONTINUED)
A summary of changes in capital assets for the fiscal year ended June 30, 2011 is as follows:
Balance
July 1, 2010
Balance
Additions
Retirements
Transfers
June 30, 2011
Capital Assets, not being
depreciated
Land
$
Construction in Progress
4,786,881 $
- $
- $
- $
4,786,881
203,356,303
90,901,069
-
(156,541,141)
137,716,231
208,143,184
90,901,069
-
(156,541,141)
142,503,112
Total Capital Assets, not
being depreciated
Capital Assets being depreciated
6,423,139
-
-
33,928,259
40,351,398
Buildings
Land Improvements
98,020,430
-
-
109,122,095
207,142,525
Building Improvements
38,773,208
-
-
13,490,787
52,263,995
Equipment
39,292,773
1,343,358
1,653,676
-
38,982,455
182,509,550
1,343,358
1,653,676
156,541,141
338,740,373
390,652,734
92,244,427
1,653,676
-
481,243,485
(3,121,661)
(1,155,168)
-
-
(4,276,829)
Buildings
(45,161,997)
(2,392,250)
-
-
(47,554,247)
Building Improvements
(20,862,770)
(1,735,112)
-
-
(22,597,882)
Equipment
(31,991,680)
(2,458,531)
(1,645,681)
-
(32,804,530)
(101,138,108)
(7,741,061)
(1,645,681)
-
(107,233,488)
Total Capital Assets
being depreciated
Total Cost
Accumulated Depreciation
Land Improvements
Total Accumulated Depreciation
Net Capital Assets
$
289,514,626 $
84,503,366 $
7,995 $
- $
374,009,997
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.
55
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
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 FY2013 is 34.51%.
The rates for fiscal years ended June 30, 2012, and 2011 were 12.71% and 21.27%, 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
2012
2011
2010
2009
2008
College
of DuPage
$
524,394
162,129
229,315
156,619
131,637
State
of Illinois
$
22,573,133
17,401,928
15,932,474
10,696,716
8,185,317
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.
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.
56
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
Employer contributions for the current and preceding two years are as follows:
Year Ended
June 30
2012
2011
2010
2009
College's
Contribution*
100%
100%
100%
100%
College
of DuPage
$
382,479
375,175
371,377
380,265
State
of Illinois
$
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.
The expected future payments for administrators, managers, classified and faculty at June 30, 2012
and 2011 are as follows:
Fiscal year 2013 payments
Value of payments beyond fiscal year 2013
Total Liability as of June 30, 2012
Fiscal year 2012 payments
Value of payments beyond fiscal year 2012
Total Liability as of June 30, 2011
$
$
$
$
1,600,000
3,353,713
4,953,713
1,200,000
2,281,236
3,481,236
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
57
2012
73
40
(30)
83
2011
75
15
(17)
2010
67
19
(11)
73
75
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
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. 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.
Schedule of Funding Progress
Fiscal Year
Ended
June 30
2012
2011
2010
2009
Actuarial
Value of
Assets
$
N/A
-
Actuarial
Accrued
Liability
(AAL) Entry Age
Unfunded
AAL
(UAAL)
Funded
Ratio
Covered
Payroll
UAAL as
a % of
Covered
Payroll
$ 14,598,947
N/A
12,013,103
11,357,994
$ 14,598,947
N/A
12,013,103
11,357,994
0.0%
N/A
0.0%
0.0%
$ 78,633,037
N/A
74,656,269
76,769,160
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, 2012
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
Net OPEB Obligation end of year
$
Percentage of OPEB Cost Contributed
58
June 30, 2011
June 30, 2010
919,017 $
962
(2,148)
740,036 $
2,640
(1,854)
505,665
2,781
(1,854)
917,831
925,261
740,822
745,511
506,592
509,406
(7,430)
48,107
(4,689)
52,796
(2,814)
55,610
40,677 $
48,107 $
52,796
100.8%
100.6%
100.6%
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
Three-Year Trend Information
Fiscal Year
Ended June 30
2012
2011
2010
Annual
OPEB Cost
$
917,831
740,822
506,592
Percentage of
Annual OPEB Cost
Contributed
100.80% $
100.60%
100.60%
Net OPEB
Obligation
40,677
48,107
52,796
Funding Policy and Actuarial Assumptions
Contribution Rates
College
Plan Members
Actuarial Cost Method
Amortization period
Remaining Amortization Period
Asset valuation method
Actuarial assumptions
Investment rate of return
Projected salary increases
Healthcare inflation rate (Healthcare benefit
is capped at a fixed specified dollar amount
and not subject to annual increases)
Initial
Ultimate
Mortality rate
June 30, 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%
5.00% ( includes 3%
inflation)
5.00%
5.00%
9.00%
5.00%
RP-2000 Combined Healthy
Tables, projected generationally
with Scale AA
Turnover & Retirement rates
Same rates utilized for SURS
Percentage of active employees assumed to 96%
elect benefit
Employer Provided Benefit
Retirement to age 65
Fixed Reimbursement; varies
by employee depending on date
of retirement notice.
$1,400 - $2,200 per year.
After age 65
Fixed Reimbursement; varies
by employee depending on date
of retirement notice.
$900 - $1,600 per year.
59
0.00%
0.00%
Same rates utilized for IMRF
Same rates utilized for IMRF
100%
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.
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
4. RETIREMENT, TERMINATION AND POST EMPLOYMENT RELATED BENEFITS
(CONTINUED)
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 calculations 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.
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, 2012
and 2011, employees had earned but not taken annual vacation leave which, at salary rates then in
effect, aggregated approximately $3,592,587 and $3,431,763, respectively.
Beginning
Balance
July 1
Fiscal
Year
2012
2011
2010
$
3,431,763
3,008,257
2,983,822
Issuances
$
1,914,965
3,775,209
2,888,904
Ending
Balance
June 30
Retirements
$
1,754,141
3,351,703
2,864,469
$
3,592,587
3,431,763
3,008,257
The ending balances as of June 30, 2012, and 2011 are reported in the financial statements as
follows:
Fiscal
Current
Long-term
Year
Portion
Portion
Total
2012
$ 1,141,303 $ 2,451,284 $ 3,592,587
2011
875,474
2,556,289
3,431,763
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.
60
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT
A.
A summary of long-term debt transactions for the years ended June 30, 2012 and 2011 is as
follows:
Balance
June 30, 2012
July 1, 2011
Issuances
Retirements/
Balance
Current
Refunding
June 30, 2012
Portion
General Obligation Bonds
Series 2003A
$ 25,080,000 $
- $ 19,370,000 $
5,710,000 $
5,710,000
Series 2007
72,945,000
-
2,115,000
70,830,000
2,290,000
Series 2009C
11,715,000
-
11,715,000
-
-
Series 2011A
-
95,440,000
-
95,440,000
9,875,000
14,160,000
-
11,185,000
2,975,000
1,460,000
7,760,000
-
45,000
7,715,000
50,000
Alternative Revenue Source
Series 2003B
Series 2006
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
3,541,987
-
224,548
3,317,439
-
Subtotal
Bond Premiums
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
-
-
253,418
121,200
132,218
-
Subtotal
Deferred Amount on Refunding
Series 2003A
-
(489,722)
(185,757)
(303,965)
-
Series 2006 - Alt Revenue Source
Series 2003B - Alt Revenue Source
(402,052)
-
(34,961)
(367,091)
-
Series 2009C
(572,425)
-
(572,425)
-
-
Subtotal
(974,477)
(236,304)
(671,943)
(538,838)
-
210,112,180
115,697,172
50,412,798
275,396,554
22,555,000
Total G.O. Bonds
Termination Benefits
3,481,236
2,563,206
1,090,729
4,953,713
1,600,000
Compensated Absences
3,431,763
1,914,965
1,754,141
3,592,587
1,141,303
48,107
917,831
925,261
40,677
-
Other Post-Employment Benefits
Total Long-Term Debt
$ 217,073,286 $ 121,093,174 $ 54,182,929 $ 283,983,531 $ 25,296,303
61
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT (CONTINUED)
Balance
June 30, 2011
July 1, 2010
Retirements/
Balance
Current
Refunding
June 30, 2011
Portion
Issuances
General Obligation Bonds
Series 2003A
$ 32,840,000 $
- $
7,760,000 $ 25,080,000 $
8,775,000
Series 2007
74,890,000
-
1,945,000
72,945,000
2,115,000
Series 2009C
23,300,000
-
11,585,000
11,715,000
11,715,000
15,515,000
-
1,355,000
14,160,000
1,405,000
7,805,000
-
45,000
7,760,000
45,000
Series 2009A
12,550,000
-
3,045,000
9,505,000
3,105,000
Series 2009B
62,450,000
-
-
62,450,000
-
229,350,000
-
25,735,000
203,615,000
27,160,000
Series 2003A
4,004,452
-
736,336
3,268,116
-
Series 2007
3,756,481
-
214,494
3,541,987
-
529,613
-
360,115
169,498
-
197,186
-
12,519
184,667
-
17,356
-
1,536
15,820
-
Series 2009A
372,748
-
102,308
270,440
-
Series 2009B
21,883
-
754
21,129
-
8,899,719
-
1,428,062
7,471,657
-
Alternative Revenue Source
Series 2003B
Series 2006
Subtotal
Bond Premiums
Series 2009C
Alternative Revenue Source
Series 2003B
Series 2006
Subtotal
Deferred Amount on Refunding
(437,012)
-
(34,960)
(402,052)
-
Series 2009C
Series 2006 - Alt Revenue Source
(1,946,248)
-
(1,373,823)
(572,425)
-
Subtotal
(2,383,260)
-
(1,408,783)
(974,477)
-
235,866,459
-
25,754,279
210,112,180
27,160,000
Termination Benefits
3,411,107
1,272,791
1,202,662
3,481,236
1,200,000
Compensated Absences
3,008,257
3,775,209
3,351,703
3,431,763
875,474
52,796
740,822
745,511
48,107
-
Total G.O. Bonds
Other Post-Employment Benefits
Total Long-Term Debt
$ 242,338,619 $
62
5,788,822 $ 31,054,155 $ 217,073,286 $ 29,235,474
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT (CONTINUED)
B.
The long-term debt of the College outstanding at June 30, 2012 is as follows:
General Obligation Bonds – Series 2003A
On February 20, 2003, the College issued the Series 2003A bonds in the amount of $92,815,000.
The proceeds derived from the issuance of these bonds will be used by the College to build and
equip new buildings and renovate existing facilities and to pay the cost of issuing the bonds. On
June 18, 2009 and August 11, 2011 the College refunded $21,030,000 and $11,375,000,
respectively, of the Series 2003A bonds and, as a result, a portion of the Series 2003A is considered
to be defeased and the liability for this portion of the bond series has been removed from the
College’s statement of net assets. The bonds were issued with interest rates ranging from 5.00% to
5.25% with payment dates of June 1 and December 1 each year through June 1, 2013. The College
levies an annual property tax for the repayment of these bonds.
Year Ended
June 30
2013
Total
$
$
Principal
5,710,000
5,710,000
$
$
Interest
279,750
279,750
$
$
Total
5,989,750
5,989,750
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 will be 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.
Year Ended
June 30
2013
2014
Total
$
$
Principal
1,460,000
1,515,000
2,975,000
$
$
Interest
116,810
60,600
177,410
$
$
Total
1,576,810
1,575,600
3,152,410
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 will be 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.
63
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT (CONTINUED)
Year Ended
June 30
2013
2014
2015
2016
2017
2018
2019
2020
Total
$
$
Principal
50,000
50,000
55,000
55,000
1,770,000
1,840,000
1,910,000
1,985,000
7,715,000
$
$
Interest
296,210
294,210
292,210
290,010
287,810
217,010
148,010
75,430
1,900,900
$
$
Total
346,210
344,210
347,210
345,010
2,057,810
2,057,010
2,058,010
2,060,430
9,615,900
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 will be 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.
Year Ended
June 30
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
$
$
Principal
2,290,000
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
70,830,000
$
$
Interest
3,433,425
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
22,653,675
64
$
$
Total
5,723,425
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
93,483,675
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT (CONTINUED)
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 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
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.
Year Ended
June 30
2013
2014
Total
$
$
Principal
3,170,000
3,230,000
6,400,000
$
$
Interest
192,600
129,200
321,800
$
$
Total
3,362,600
3,359,200
6,721,800
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 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
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 is reimbursed by the U.S.
Department of Treasury.
65
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT (CONTINUED)
Year Ended
June 30
2013
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
3,153,640
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
34,834,111
$
$
Total
3,153,640
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
97,284,111
General Obligation Bonds – Series 2011A
On August 10, 2011, the College issued the Series 2011A bonds in the amount of $95,440,000. The
capital proceeds received, $84,000,000, 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 $84.0
million represented the first issuance of the voter approved $168.0 million November 2010
referendum.
The remaining $11,440,000 was issued to advance refund $11,375,000 of General Obligation Bonds
Series 2003A. As a result of the refunding, the College realized a cash flow savings of $423,830
and an economic gain (present value of cash flow savings) of $451,160. 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.
66
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT (CONTINUED)
Year Ended
June 30
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Total
$
$
Principal
9,875,000
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
95,440,000
$
$
Interest
4,279,050
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
37,729,850
Total
$ 14,154,050
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
$ 133,169,850
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. As a result of the refunding, the College
realized a cash flow savings $643,000 and an economic gain (present value of cash flow savings) of
$540,000. 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.
67
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT (CONTINUED)
Year Ended
June 30
2013
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
380,200
349,600
286,200
286,200
286,200
286,200
286,200
205,200
104,975
3,292,575
$
$
$
$
Total
410,800
410,800
1,910,200
1,934,600
286,200
286,200
286,200
286,200
2,311,200
2,315,200
2,314,975
12,752,575
Bond Discounts, Premiums, and Issuance Costs
Bond premiums and discounts, as well as issuance costs and deferred amounts on refundings, are
deferred and amortized over the life of the bonds using the effective interest rate method. Bonds
payable are reported net of the applicable bond premium or discount.
Termination Benefits
A liability for termination benefits is recorded in the amount of $4,953,713 and $3,481,236 at June
30, 2012 and 2011 respectively, for expected future retirement benefit payments to administrators,
managers, classified, and faculty. The current portion of the termination benefits liability at June
30, 2012 and 2011 were $1,600,000 and $1,200,000, respectively.
Administrators
Year Ended
No. of
June 30,
Participants
2012
6
2011
9
$
Full-Time Faculty
Total
No. of
Liability
Participants
Managerial & Classified
Total
No. of
Liability
Participants
235,861
59
$ 4,313,436
18
421,160
54
2,834,407
10
$
Total
Total
No. of
Liability
Participants
Total
Liability
404,416
83
$ 4,953,713
225,669
73
3,481,236
Other Post-Employment Benefits
Based on the actuarial valuation, a long-term liability is recorded at present value in the amount of
$40,677 and $48,107 June 30, 2012 and 2011, respectively, for expected future retirement
healthcare payments to administrators, managers, classified, and faculty (see Note 4 for further
details).
68
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
6. LONG-TERM DEBT (CONTINUED)
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. Annual principal and interest payments on the bonds are
35.8% of the total debt. Proceeds from the bonds are providing 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 $129,526,796.
Principal and interest paid for the current year and total tuition and fees revenues were $8,816,482
and $5,284,224 respectively.
D. Bonds Authorized
In November, 2010 the College was successful in passage of a voter referendum allowing the
College to issue bonds in an amount up to $168.0 million for construction and renovations of
various College facilities. As of June 30, 2012 the College had issued $84.0 million of the
authorized bonds.
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. For the years ended June 30, 2012 and 2011, the College recognized income under
this agreement of $1,118,558 and $1,114,289 respectively.
B. DINING SERVICES LEASE AND VENDING
The College’s Dining Services program consists of manual operations and vending throughout
the campus. In August 2007, the College obtained a five-year lease for manual services with
Chartwells Dining Services of Rye Brook, New York through August 3, 2012. Under the terms
of this agreement dated August 4, 2007, the service provider agrees to operate the manual
operations with a total minimum rental guarantee of $276,282 or an annual minimum of
$50,000 with a 5% escalation each year. Chartwells terminated its contract with the College in
August 2011. For the years ended June 30, 2012 and 2011, the College recognized income
under this agreement of $2,693 and $53,647, respectively.
69
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
7. OPERATING LEASES (CONTINUED)
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 and provide food for
the College. Under the term of the agreement Sodexo agrees to operate the cafeteria and
Sodexo shall retain surplus, if any, up to 5% or 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 year ended June 30, 2012 the College
has not recognized any income from Sodexo because the first contract year had not ended.
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, 2012 and 2011, the College recognized
income under this agreement of $45,987 and $47,188, 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, 2012 and 2011, the College recognized income of $76,346 and $81,603, respectively.
In accordance with the beverage vending agreement, Pepsi Americas will also pay an annual
sponsorship fee of $75,000 for each full year of the agreement and $37,500 in the final partial
year of the agreement. Under the terms of the new 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 nine 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
nine facilities approximated $1,215,077 for fiscal year 2012 and $1,265,440 for fiscal year
2011, exclusive of assessed common area maintenance charges and real estate taxes. The future
minimum rental payments on these leases are as follows:
Minimum Rental
Payments
$
1,003,176
960,167
824,081
797,071
183,283
187,211
Fiscal Year
2013
2014
2015
2016
2017
2018
Total
$
70
3,954,989
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
7. OPERATING LEASES (CONTINUED)
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 $509,717 for fiscal
year 2012 and $516,271 for fiscal year 2011. The future minimum rental payments on these
leases are as follows:
Minimum Rental
Payments
$
416,226
416,226
138,742
$
971,194
Fiscal Year
2013
2014
2015
Total
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.
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.
71
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
8. RISK MANAGEMENT (CONTINUED)
The College maintained self-insurance coverage through a third-party administrator for its
employee health insurance through December 31, 2011. 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 subfunds. Claims and expenses are reported when
incurred. To limit its exposure of risk, the College maintains a specific excess policy that provides
coverage in excess of $125,000 per employee for medical 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
2012
2011
2010
Claims Payable
Beginning
of Year
$
982,891
834,654
747,456
Claims
Incurred
$
4,336,055
7,027,366
9,696,557
$
Claims
Paid
4,336,055
6,879,129
9,609,359
Claims Payable
End
of Year
$
982,891
982,891
834,654
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.
10. NEW ACCOUNTING PRONOUNCEMENTS
In November 2010 the GASB issued Statement No. 60, Accounting and Financial Reporting for
Service Concession Arrangements. This statement improves financial reporting by addressing
issues related to service concession arrangements (SCAs), which are a type of public-private or
public-public partnership. This Statement also provides guidance for governments that are
operators in an SCA. The requirements of this Statement improve financial reporting by
establishing recognition, measurement, and disclosure requirements for SCAs for both transferors
and governmental operators, requiring governments to account for and report SCAs in the same
manner, which improves the comparability of financial statements. Statement 60 is effective for
fiscal years beginning after December 15, 2011, earlier application is encouraged.
72
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
10. NEW ACCOUNTING PRONOUNCEMENTS (CONTINUED)
In November 2010 the GASB issued Statement No. 61, The Financial Reporting Entity: Omnibus
an amendment of GASB Statements No. 14 and No. 34. This statement modifies, amends and
clarifies certain requirements for inclusion of component units in the financial reporting entity. The
requirements of Statement 61 result in financial reporting entity financial statements being more
relevant by improving guidance for including, presenting, and disclosing information about
component units and equity interest transactions of a financial reporting entity. Statement 61 is
effective for fiscal years beginning after June 15, 2012, earlier application is encouraged.
In December 2010 the GASB issued Statement No. 62 Codification of Accounting and Financial
Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The
objective of Statement 62 is to incorporate into the GASB’s authoritative literature certain
accounting and financial reporting guidance that is included in Financial Accounting Standards
Board Statements and Interpretations, Accounting Principles Board Opinions, and Accounting
Research Bulletins of the American Institute of Certified Public Accountants’ Committee on
Accounting Procedure pronouncements issued on or before November 30, 1989, which does not
conflict with or contradict GASB pronouncements. The requirements in this Statement will
improve financial reporting by contributing to the GASB’s efforts to codify all sources of generally
accepted accounting principles for state and local governments so that they derive from a single
source. Statement 62 is effective for financial statements for fiscal years beginning after December
15, 2011, earlier application is encouraged.
In June 2011 the GASB issued Statement 63 Financial Reporting of Deferred Outflows of
Resources, Deferred Inflows of Resources, and Net Position. Statement 63 provides financial
reporting guidance for deferred outflows and inflows of resources which are distinct from assets and
liabilities. The requirements Statement 63 will improve financial reporting by standardizing the
presentation of deferred outflows and inflows of resources and their effects on a government’s net
position. It alleviates uncertainty about reporting those financial statement elements by providing
guidance where none previously existed. Statement 63 is effective for financial statements for fiscal
years beginning after December 15, 2011, earlier application encouraged.
In March 2012, the GASB issued Statement No. 65 Items Previously Reported as Assets and
Liabilities. 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. GASB 65 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. Statement 65 is effective for financial statements for fiscal years beginning
after December 15, 2012, with earlier application encouraged.
73
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
10. NEW ACCOUNTING PRONOUNCEMENTS (CONTINUED)
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.
74
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
10. NEW ACCOUNTING PRONOUNCEMENTS (CONTINUED)
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.
The College is currently evaluating the impact of adopting these GASB Standards, including
standards that are effective as of July 1, 2012.
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 Statement No. 39 of the Governmental
Accounting Standards Board, Determining Whether Certain Organizations are Component Units,
the College has determined that the Foundation should be considered a discretely presented
component unit of the College.
75
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
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.
Unrestricted Designated Net Assets - Net assets not subject to donor-imposed restrictions
but subject to Foundation Board imposed stipulations.
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 undesignated or unrestricted designated net assets and
reported in the statement of activities as net assets released from restrictions.
76
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
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:
x
x
x
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.
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.
77
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
11. DISCRETELY PRESENTED COMPONENT UNIT (CONTINUED)
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 $59,176 at June 30, 2012 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
$28,122 as June 30, 2012 is calculated using a discount rate of 4% and is reflected in other
liabilities in the accompanying statement of financial position.
78
COLLEGE OF DUPAGE – COMMUNITY COLLEGE DISTRICT 502
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011
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, 2012. The
Foundation is no longer subject to examination by U.S. federal taxing authorities for years before
2008 and for all state income taxes through 2008. 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, 2012.
12. SUBSEQUENT EVENTS
Subsequent to year-end, the College entered into various agreements totaling approximately
$32,344,000 for the purpose of construction and renovation of buildings and facilities. The College
has outstanding purchase orders of $23,748,073.
79
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2012
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, 2012
June 30, 2011
June 30, 2010
June 30, 2009
Actuarial
Value of
Assets
$
Actuarial
Accrued
Liability
(AAL) Entry Age
Unfunded
AAL
(UAAL)
- $ 14,598,947 $ 14,598,947
N/A
N/A
12,013,103
12,013,103
11,357,994
11,357,994
Funded
Ratio
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.
80
Covered
Payroll
UAAL as a
% of
Covered
Payroll
18.6%
N/A
16.1%
14.8%
(This page left blank intentionally)
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATISTICAL SECTION CONTENTS
JUNE 30, 2012
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.
82
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.
84
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.
89
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.
93
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.
98
Sources: Unless otherwise noted, the information in these tables is derived from the College’s Comprehensive Annual
Financial Reports for the relevant years. The College implemented GASB Statements 34 and 35 in fiscal year 2003;
the data contained in some tables may begin in that year if it is otherwise unavailable.
81
82
$ 377,509,988
129,986,978
18,021,452
8,262,954
74,224
$ 221,164,380
2012
$ 338,242,193
124,682,137
20,233,785
8,229,678
-
$ 185,096,593
2011
$ 292,082,346
99,925,517
21,225,545
8,123,977
461,414
$ 162,345,893
2010
2009
$ 250,700,967
66,190,745
23,149,967
8,034,976
554,107
$ 152,771,172
Note: The College implemented GASB Statement No. 34 for the year ended June 30, 2003.
Source: College of DuPage Comprehensive Annual Financial Reports.
Total Net Assets
Unrestricted
Restricted
Debt service
Working cash
Other purposes
Invested in Capital Assets
Net of Related Debt
Net Assets
$ 228,440,738
55,186,492
19,594,285
8,034,976
1,375,089
$ 144,249,896
2008
2007
$ 208,840,594
71,248,914
14,584,822
8,034,976
1,375,595
$ 113,596,287
NET ASSETS BY COMPONENT
LAST TEN FISCAL YEARS
FINANCIAL TRENDS
76,235,885
9,601,782
8,034,976
1,382,294
99,970,566
$ 195,225,503
$
2006
77,179,758
9,616,450
8,034,976
1,204,593
91,463,080
$ 187,498,857
$
2005
69,798,330
9,455,651
8,034,976
1,234,046
89,752,062
$ 178,275,065
$
2004
63,382,278
8,330,428
8,034,976
2,021,303
90,237,594
$ 172,006,579
$
2003
TABLE 1
83
$
$
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
$
$
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
Notes: (1) The College implemented GASB Statement No. 34 for the year ended June 30, 2003.
(2) 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.
(3) 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.
Sources: College of DuPage Comprehensive Annual Financial Reports and general ledger reports.
$
39,267,795
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
39,267,795
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 ASSETS
88,951,878
9,366,021
11,120,268
1,895,427
316,150
17,202,087
13,357,056
21,571,223
12,505,598
12,492,032
14,417,172
203,194,912
(138,447,972)
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)
59,100,863
673,262
1,118,558
2,707,160
1,147,097
64,746,940
$
2012
OPERATING REVENUES
Student tuition and fees
Chargeback revenue
Sales and service fees:
Bookstore
Other
Other operating revenue
Total operating revenues
CHANGES IN NET ASSETS
LAST TEN FISCAL YEARS
FINANCIAL TRENDS
$
$
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
$
$
111,800
111,800
10,725,730
60,530,513
866,227
30,497,544
6,697,188
411,381
2,670,667
(1,831,075)
(22,177)
99,820,268
10,613,930
58,627,497
7,977,193
10,601,913
2,853,426
184,038
11,347,700
9,549,621
12,219,848
11,430,680
2,553,262
6,011,236
133,356,414
(89,206,338)
897,598
4,791,429
490,830
44,150,076
37,356,721
613,498
2003
TABLE 2
84
$ 29,729,596,823
35,225,106,750
37,968,146,247
36,713,653,475
34,322,119,068
31,581,797,380
29,103,966,538
26,416,105,066
22,733,204,270
20,683,504,218
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
5,590,840,572
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
$ 6,154,366,286
Commercial
Property
2,826,438,586
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
$ 2,785,850,100
Industrial
Property
$
5,038,923
5,020,343
4,683,159
3,213,331
2,964,788
2,700,325
3,036,702
2,601,938
2,798,434
2,938,304
Farm
Property
$
17,136,616
16,996,175
16,840,453
15,934,457
16,482,978
18,185,431
20,340,507
23,832,039
35,924,625
22,479,966
Railroad
Property
1,538,782,711
1,712,283,551
-
-
-
-
-
-
-
$ 3,321,911,689
Other (1)
Assessed
Value
30,661,741,626
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
Total Taxable
Assessed
Value
$
0.2205
0.2100
0.1972
0.1897
0.1929
0.1888
0.1858
0.2127
0.2349
0.2495
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
(3) The total direct tax rate increased from .1888 to .1929 in 2007 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 total direct tax rate increased from .1965 in 2001 to .2205 in 2002 due to (a) a voter-approved referendum to issue $92,815,000 in General Obligation bonds for facility improvements and (b) a direct tax levy
to pay the debt service on those General Obligation bonds.
(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 2011, 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.
91,985,224,878
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
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.
Residential
Property
Levy
Year
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN LEVY YEARS
REVENUE CAPACITY
85
$
0.7500
0.0050
0.1000
None
None
None
Legal
Limit
$
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
$
0.2353
0.6081
1.0930
1.7113
1.5212
0.1996
0.1188
0.0029
0.3073
0.0636
0.1654
0.2416
0.0200
0.0290
0.1553
0.0001
0.0265
0.0024
0.0023
0.0339
0.2205
2002 (2)
TABLE 4
(3) The College is subject to two property tax caps in Illinois whereby the increase in the levy from year-to-year is limited to the lesser of 5% or the consumer price index for the state as determined
by the Illinois Department of Revenue, and individual rates are limited by maximum rates established by Illinois Compiled Statutes.
(2) The total direct tax rate increased from .1965 in 2001 to .2205 in 2002 due to (a) a voter-approved referendum to issue $92,815,000 in General Obligation bonds for facility improvements and
(b) a direct tax levy to pay the debt service on those General Obligation bonds.
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) (3)
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
2011 Levy Year
Taxpayer (a)
Assessed
Value (a)
(000s)
Type of Business
Prologis / AMB
Commercial Property
Hamilton Partners, Inc.
$
Rank
2002 Levy Year
Percentage
of Total
District 502
Assessed
Valuation (b)
129,245
1
0.31%
Commercial Development
125,086
2
0.30%
Oakbrook Shopping Center
Shopping Center Property
116,028
3
Wells Real Estate Funds
Commercial Development
68,803
AMLI
Commercial Property
Elmhurst Memorial Healthcare
Assessed
Value (a)
(000s)
-
0.00%
170,736
1
0.56%
0.28%
-
-
0.00%
4
0.16%
-
-
0.00%
61,901
5
0.15%
-
-
0.00%
Commercial Property
61,656
6
0.15%
-
-
0.00%
Arden Realty, Inc.
Commercial Property
61,586
7
0.15%
-
-
0.00%
AIMCO
Property Development
53,355
8
0.13%
-
-
0.00%
UBS Realty Investors, Inc.
Commercial Property
38,562
9
0.09%
-
-
0.00%
NS-MPG Inc. (Alcatel-Lucent)
Commercial Property
36,934
10
0.09%
-
-
0.00%
JMB/Urban Development Co.
Shopping Center Property
-
-
0.00%
133,533
2
0.44%
Lucent Industries (Bell Labs)
Commercial Property
-
-
0.00%
88,490
3
0.29%
Commonwealth Edison
Utility
-
-
0.00%
47,556
4
0.16%
McDonald's Corporation
Food Service
-
-
0.00%
47,185
5
0.15%
Inland Real Estate
Commercial Property
-
-
0.00%
47,160
6
0.15%
ZML Development
Commercial Development
-
-
0.00%
37,326
7
0.12%
Amoco ( Div of Standard Oil)
Petroleum Product Research
-
-
0.00%
29,240
8
0.10%
Dugan/Office LLC
Commercial Property
-
-
0.00%
29,158
9
0.10%
Yorktown Venture
Shopping Center Property
-
-
0.00%
26,152
10
0.09%
Total Assessed Value for Top 10 Business
$
753,156
Equalized Assessed Value of District
$
42,017,143,168
1.792%
$
Rank
-
Percentage
of Total
District 502
Assessed
Valuation (b)
$
656,536
$
30,661,741,626
Data Sources:
(a) DuPage County CAFRs, dated November 30, 2011 and November 30,2002; 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.
86
2.141%
87
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
30,661,741,626
2009
2008
2007
2006
2005
2004
2003
2002
0.2205
0.2100
0.1990
0.1897
0.1951
0.1897
0.1882
0.2127
0.2315
0.2456
$
67,271,095
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
Taxes
Extended (3)(4)
$
-
67,009,363
68,627,013
70,339,749
72,949,394
80,598,557
84,282,843
88,726,746
100,799,534
52,638,426
Total
Collected
Through
June 30, 2011
$
-
(2,293)
-
-
(8,720)
(9,447)
(13,191)
(1,570)
52,522,595
51,634,564
Collected
During
Year Ended
June 30, 2012 (5)
$
67,009,363
68,624,720
70,339,749
72,949,394
80,589,837
84,273,396
88,713,555
100,797,964
105,161,021
51,634,564
Total
Collected
Through
June 30, 2012 (6)
99.61%
99.56%
99.93%
99.89%
99.83%
99.82%
99.12%
99.47%
99.61%
49.29%
Percent of
Taxes
Extended
Collected
Through
June 30, 2012
1.60%
2.40%
1.90%
3.30%
3.40%
2.50%
4.10%
0.10%
2.70%
3.00%
Tax
Cap
Limit (7)
TABLE 6
(7) 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) The total direct tax rate increased from .1965 in 2001 to .2205 in 2002 due to (a) a voter-approved referendum to issue $92,815,000 in General Obligation bonds for facility
improvements and (b) a direct tax levy to pay the debt service on those General Obligation bonds.
(3) Taxes extended are shown net of the .5% allowance for uncollectible taxes.
(4) 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.
(5) The column represents total cash collection during the fiscal year and not the total revenue recognized during the fiscal year.
(6) 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.
45,371,787,099
2010
42,017,143,168
2011
$
Assessed
Valuation
Levy
Year
Direct
Tax
Rate (1)(2)
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN LEVY YEARS
REVENUE CAPACITY
88
15,902
16,036
14,913
14,601
14,431
14,645
17,676
17,661
17,024
2011
2010
2009
2008
2007
2006 (1)
2005
2004
2003
30,235
30,378
29,852
27,117
26,032
25,768
25,668
27,083
26,722
26,209
Headcount
Credit
Courses
4,300
4,157
3,880
2,975
2,735
2,593
2,562
736
1,001
877
Headcount
Noncredit
Courses
$
64.50
69.00
75.00
87.00
96.00
103.00
108.00
116.00
129.00
132.00
186.00
189.00
202.50
243.00
250.00
292.00
296.00
305.00
316.00
319.00
$
256.50
259.50
271.50
286.00
307.00
305.00
359.00
370.00
386.00
389.00
255,360
264,915
265,140
219,675
216,465
219,015
223,695
240,540
238,530
227,625
Fall Term
Total Student
Credit Hours
10th Day
FTES
$
36,720,923
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
$
10,986,619
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
before adjustment for scholarship allowance.
(2) Tuition and Fee Revenues presented in Table 7 differ from amounts shown on the Statement 2, Statement of Revenues, Expenses and Changes in Net Assets, because this table presents these amounts as
to semester hour equivalents for comparison purposes.
TABLE 7
$
47,707,542
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
----------------------------- 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) -------------In District
Out of District
Out of State
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.
15,175
2012
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
89
30,235,000
31,580,000
109,740,000
131,030,000
140,050,000
144,945,000
150,655,000
76,295,000
81,905,000
88,170,000
92,815,000
2011
2010
2009
2008
2007
2006
2005
2004
2003
$
124,395,000
118,405,000
110,985,000
104,195,000
177,865,000
170,920,000
239,720,000
229,350,000
203,615,000
260,980,000
Total
Outstanding
Debt (2)
C
(=A+B)
$
8,330,428
9,455,651
9,616,450
9,601,782
14,584,822
19,594,285
23,149,967
23,939,727
22,823,374
20,772,501
Less: Amounts
Available
for Debt
Service (3)
D
$
84,484,572
78,714,349
72,288,550
66,693,218
136,070,178
125,350,715
116,900,033
107,090,273
86,916,626
151,207,499
Net
General
Bonded
Debt (4)
E
(=A-D)
(5) Estimated Population figures are compiled by the College of DuPage Research and Planning Office.
(4) Details of the College's outstanding debt can be found in the notes to the financial statements.
(3) Amounts equal equity in the College's bond and interest subfund.
(2) Details of the College's outstanding debt can be found in the notes to the financial statements.
(1) Balances include current and non-current portions of bond principal outstanding.
Notes:
Data Sources: College of DuPage records, Comprehensive Annual Financial Reports, and DuPage County records.
29,080,000
27,900,000
27,210,000
25,975,000
99,670,000
98,320,000
93,875,000
89,000,000
$ 171,980,000
2012
$
General
Obligation
Bonds (1)
General Obligation
Alternate
Revenue Source
Bonds (1)
B
Fiscal
Year
Ended
A
91,985,224,878
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
District 502
Estimated
Actual Taxable
Property
Value
F
0.14%
0.12%
0.10%
0.09%
0.14%
0.13%
0.17%
0.16%
0.15%
0.21%
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
993,398
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
District
Population (5)
H
$
125.22
117.12
108.94
102.28
174.59
161.55
220.33
210.15
186.57
245.86
Total
Outstanding
Debt
Per
Capita
I
(=C/H)
0.09%
0.08%
0.07%
0.06%
0.11%
0.09%
0.08%
0.07%
0.06%
0.12%
J
(=E/F)
Percentage of
Net General Bonded
Debt to Estimated
Actual Taxable
Property
Value
$
85.05
77.86
70.96
65.47
133.57
118.48
107.44
98.12
79.64
142.45
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, 2012
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
College of DuPage - Direct
Percentage of
Debt Applicable
to DuPage
County (2)
(3)
Total Direct and Overlapping Debt
$
312,900,000
199,937,210
9,337,342,367
245,000
1,400,931,476
19,720,000
91,370,000
6,039,125
425,818,456
404,314,721
1,401,579,308
13,600,197,663
171,980,000
(1)
(1)
100.00%
100.00%
8.48%
100.00%
25.85%
98.60%
24.66%
100.00%
95.90%
96.94%
59.98%
DuPage
County
Share
of Debt (1)
$
90.00%
$ 13,772,177,663
312,900,000
199,937,210
791,806,633
245,000
362,140,787
19,443,920
22,531,842
6,039,125
408,359,899
391,942,691
840,667,269
3,356,014,376
154,782,000
$ 3,510,796,376
`
College's Assessed Valuation
$ 42,017,143,168
Data Sources:
DuPage County Illinois Comprehensive Annual Financial Report dated November 30, 2010, Computation of
Direct and Overlapping Debt, pg. 330, 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.
90
TABLE 10
DEBT CAPACITY
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Debt Limit
(Assessed Value X
Fiscal
Assessed
Debt Limit
Year
Value
Rate
2012
$ 42,017,143,168
2.875%
2011
45,371,787,099
2.875%
1,304,438,879
2010
47,883,147,236
2.875%
2009
47,797,629,872
2008
Net Debt
Applicable
to Debt Limit (1)
Debt Limit Rate)
$
1,207,992,866
$
151,207,499
$
Legal Debt
Net Debt
Applicable to
Debt Limit as a
Percentage of
Margin
Debt Limit
1,056,785,367
12.52%
86,916,626
1,217,522,253
6.66%
1,376,640,483
107,090,273
1,269,550,210
7.78%
2.875%
1,374,181,859
116,900,033
1,257,281,826
8.51%
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%
2003
30,661,741,626
2.875%
881,525,072
84,484,572
797,040,500
9.58%
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 and Series 2011B bond principal
outstanding, less net assets restricted for debt service. Series 2003B, Series 2006, Series 2009A, Series 2009B and 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.
91
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
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Restricted
Pledged
Revenues (2)
$
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
2,118,735
TOTAL DEBT SERVICE
Principal
and Interest
$
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
413,905
$
36,884,686
Coverage
0.60
0.63
1.11
2.24
2.01
1.76
0.96
1.07
1.29
5.12
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.
92
TABLE 12
DEMOGRAPHIC AND ECONOMIC INFORMATION
PERSONAL INCOME PER CAPITA LAST TEN CALENDAR YEARS
Calendar
Year
DuPage County
Population (1)*
2012
937,172
2011
927,790
2010
DuPage County
Total Personal
Income (2005 $) (2)
DuPage County
Per Capita
Personal
Income (2005 $) (3)
$
$
46,690,618,000
DuPage County
Unemployment
Rate (4)
49,821
7.9%
45,902,366,000
49,475
9.0%
918,764
48,854,884,000
53,175
8.9%
2009
912,732
47,315,244,000
51,839
6.4%
2008
909,798
47,573,264,000
52,290
5.0%
2007
907,426
47,246,638,000
52,067
3.8%
2006
908,685
45,836,665,000
50,443
3.4%
2005
911,378
44,071,783,000
48,357
4.7%
2004
913,940
43,717,454,000
47,834
5.0%
2003
914,078
43,395,436,000
47,475
5.5%
Data Sources:
(1) Population figures are provided by Woods & Poole Economics, Inc. 2012, Washington, D.C. Copyright
(2) DuPage County Total Personal Income figures are provided by Woods & Poole Economics, Inc. 2012,
Washington, D.C. Copyright 2011, and are based on 2005 dollars using the Consumer Price Index.
(3) DuPage County Total Personal Income figures are provided by Woods & Poole Economics, Inc. 2012,
Washington, D.C. Copyright 2011, 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 2012 rate is year-to-date, as of 6/30/12.
Note: Approximately 90% of College of DuPage District 502 lies in DuPage County.
*Population estimates revised by Woods & Poole Economics, Inc. in 2012 Report.
93
94
Total number of jobs
in DuPage County
City
Naperville
Glen Ellyn
Warrenville
Elmhurst
Oak Brook
Argonne
Wheaton
Downers Grove
Oak Brook
Warrenville
694,300
32,452
Number of
Jobs
5,000
4,800
4,000
3,600
3,000
2,900
2,852
2,500
2,000
1,800
Rank
1
2
3
4
5
6
7
8
9
10
4.67%
Percent of
Total
DuPage County
Employment
0.72%
0.69%
0.58%
0.52%
0.43%
0.42%
0.41%
0.36%
0.29%
0.26%
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.
Data Sources:
DuPage County Economic Profile - Major Employers - 2011
DuPage County Economic Profile - Major Employers - 2002
(earliest data available)
Total
Employer
Edward Hospital
College of DuPage
BP America, Inc.
Elmhurst Memorial Hospital
McDonald's Corporation
Argonne National Lab
DuPage County
Advocate Good Samaritan Hospital
Ace Hardward
Navistar, Inc.
2011
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
95
26,209
26,772
27,083
25,668
25,768
26,032
27,117
29,852
30,378
30,235
2011*
2010*
2009*
2008
2007
2006
2005
2004
2003
2002
877
1,001
736
2,562
2,593
2,735
2,975
3,880
4,157
4,300
Headcount
Non-Credit
27,086
27,773
27,819
28,230
28,361
28,767
30,092
33,732
34,535
34,535
Total
15,175
15,902
16,036
14,913
14,601
14,431
14,646
17,676
17,661
17,024
FTE
47%
47%
46%
45%
45%
45%
45%
43%
43%
43%
53%
53%
54%
55%
55%
55%
55%
57%
57%
57%
Gender
M
F
36%
39%
39%
38%
36%
34%
32%
36%
34%
32%
53%
49%
47%
56%
56%
52%
51%
50%
48%
47%
20%
21%
21%
17%
16%
17%
19%
18%
17%
18%
5%
6%
3%
7%
8%
7%
5%
6%
7%
5%
11%
12%
21%
15%
15%
18%
20%
20%
22%
22%
11%
12%
11%
5%
5%
5%
5%
6%
6%
7%
Enrollment Status*
Cont New Transfer Readmit Other
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 2011, 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.
64%
61%
61%
62%
64%
66%
68%
64%
66%
68%
Attendance
FT
PT
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.
Credit
Year
Calendar
Fall Enrollment
STUDENT ENROLLMENT DEMOGRAPHIC STATISTICS BY CATEGORY
LAST TEN FISCAL YEARS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Mean
Age
28
28
28
29
30
30
28
31
32
32
In-District
Residency
90%
90%
91%
90%
90%
90%
90%
89%
89%
88%
23
23
23
23
23
24
22
24
25
26
Median
Age
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
2012
Semester Credit Hours
2011*
2010
2009
2008
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
268,645
38,319
40,415
27,322
38,439
28,271
36,664
46,975
44,805
41,354
465,067
475,595
504,468
472,827
454,493
2007
2006
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
294,975
36,857
57,953
21,551
32,367
43,744
43,628
37,777
37,888
35,332
449,944
449,860
500,041
498,537
479,035
Semester Credit Hours
2005
2004
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
96
2003
97
Baccalaureate
Business
$
13.13
$ 46.98
13.13
46.98
19.41
29.96
19.26
23.78
18.61
22.98
19.06
23.62
19.31
27.02
Hold harmless funding
21.72
27.90
Hold harmless funding
24.63
28.23
Hold harmless funding
34.45
22.90
Health
$ 101.94
101.94
90.56
100.59
97.19
91.58
89.33
94.88
93.43
78.81
Technical
$ 49.45
49.45
55.39
63.81
61.65
59.36
61.05
59.26
49.93
40.03
25.52
18.58
18.68
Remedial
$ 9.51
9.51
14.40
16.57
16.01
15.78
13.82
13.16
69.99
56.87
ABE/ASE *
$
80.27
80.27
56.45
53.22
51.42
56.23
46.37
32.18
35.50
33.63
State
Average
$ 39.23
39.23
39.24
33.04
32.87
31.97
31.20
(0.1%)
10.3%
(5.3%)
College of
DuPage
Average
$
29.34
29.34
29.52
29.12
28.14
28.38
28.99
0.87
30.95
0.98
31.52
2.64
33.94
Data Source: College Records.
**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.
Fiscal
Year
2012**
2011
2010
2009
2008
2007
2006
2006
2005
2005
2004
2004
2003
State
Average
Annual
Percentage
Increase
(Decrease)
0.00%
(0.03%)
18.8%
0.5%
2.8%
2.5%
(7.2%)
STATE CREDIT HOUR GRANT FUNDING PER SEMESTER CREDIT HOUR BY INSTRUCTIONAL CATEGORY
LAST TEN FISCAL YEARS
DEMOGRAPHIC AND ECONOMIC INFORMATION
0.65%
-1.11%
-6.53%
-6.48%
College of
DuPage
Average
Annual
Percentage
Increase
(Decrease)
0.00%
-0.61%
1.37%
3.48%
-0.85%
-2.10%
TABLE 16
98
20
20
262
907
1,169
100
4
104
23
23
265
800
1,065
-
20
20
268
767
1,035
-
503
313
816
45
816
1,035
20
260
2,176
2,176
2010
26
26
284
716
1,000
-
530
327
857
56
857
1,000
26
274
2,213
2,213
2009
25
25
290
687
977
-
490
354
844
46
844
977
25
290
2,182
2,182
2008
26
26
288
665
953
-
533
340
873
48
873
953
26
289
2,189
2,189
2007
27
27
292
762
1,054
-
558
367
925
52
925
1,054
27
274
2,332
2,332
2006
24
24
315
824
1,139
-
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
481
304
785
Classification Broken From Part to Full Time
Classified Full-Time
412
Classified Part-Time
323
Total
735
2,129
44
785
1,065
23
212
2,129
2,290
2011
45
735
104
1,169
20
217
2,290
Classification
Administrators
Classified
Managerial
Faculty
Professionals
Students
Total
TOTAL HEADCOUNT
2012
EMPLOYEE HEADCOUNT AND CLASSIFICATION LAST TEN FISCAL YEARS
OPERATING INFORMATION
25
25
289
784
1,073
-
574
388
962
46
962
1,073
25
241
2,347
2,347
2003
TABLE 17
TABLE 18
OPERATING INFORMATION
OPERATING INDICATORS LAST TEN FISCAL YEARS
2012
2011
2010
2009
2008
2007
2006*
2005
2004
2003
70,575
71,467
73,730
70,436
69,425
69,556
71,459
75,681
77,634
77,123
4,167
4,871
4,049
8,783
13,089
14,150
14,218
12,880
13,860
13,725
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
30,235
4,300
34,535
Seat Count (Credit)
Seat Count (Non-credit)
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
63,081
6,157
FTES (Credit)
15,175
15,902
16,036
14,913
14,601
14,431
14,645
17,676
17,661
17,024
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
9,760
20,475
30,235
Male
Female
Unreported
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
12,941
17,294
30,235
American Indian/Alaskan
Asian or Pacific Islander
Black, Non-Hispanic
Hispanic
White, Non-Hispanic
Other/Unknown
Unreported
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
51
3,523
1,278
3,376
21,432
575
30,235
2,840
3,231
3,150
3,986
4,150
4,428
4,952
6,043
6,255
6,500
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
7,625
15,732
2,837
1,841
34,535
92%
92%
92%
92%
91%
91%
91%
92%
91%
92%
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)
* 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 2011; credit headcount.
(5) Retention Report based on retention of Total Head Counts of Credit Students to the End of Term.
99
100
15
3
7
Total Number of Buildings - Owned Main Campus
Total Number of Buildings - Owned Off Campus
Total Number of Buildings - Leased On/Off Campus
6,142*
Total Number of Parking Spaces
N/A - Information for noted categories is not available.
Data Source: 2011-2012 College of DuPage Fact Book
*Approximate and subject to change due to ongoing construction.
154
Total Number of Computer Labs
5,001
1,236,329
35,313
74,501
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
93,389
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
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
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
CAPITAL ASSET STATISTICS LAST TEN FISCAL YEARS
OPERATING INFORMATION
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
7,217
120
3,954
9
6
N/A
940,065
N/A
N/A
1,350,759
N/A
N/A
283.92
31.03
2003
TABLE 19
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2012
Supplemental Financial Information
(This page left blank intentionally)
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2012
The following special reports are required by the Illinois
Community College Board (ICCB).
101
$
(179,500)
79,038,321 $
$
80,976,071 $
$
263,828
22,135,279
81,916,339
2,420,849
9,249,653
93,586,841
57,638,014
70,248,784
70,248,784
$
$
9,671,525
2,188,946
11,860,471
11,202,336
29,219
2,336,449
81,113
13,649,117
20,082,805
Operations
and
Maintenance
Subfunds
(Restricted)
$
20,772,501 $
61,504,057
61,504,057
27,900,269
20,900,000
1,103,774
5,284,224
4,264,917
59,453,184
22,823,374
Bond &
Interest
Subfund
$
(84,328)
8,761,451 $
1,030,976
8,594,833
1,527,527
602,182
11,755,518
6,349,861
5,655,003
12,004,864
8,596,433
Auxiliary
Enterprises
Subfunds
*Revenues and expenditures in the Restricted Purposes Subfund include State on-behalf contributions to SURS of $22,955,612.
Net Transfers
Net Assets June 30, 2012
70,262,946
7,768,567
9,035,526
716,621
4,501
5,923,865
11,367,098
21,992,017
7,398,633
134,469,774
Expenditures
Instruction
Academic support
Student services
Public service
Auxiliary services
Operations and maintenance
General administration
General institutional
Scholarship expense
Total Expenditures
64,524,574
68,705,075
1,494,002
673,262
9,463,162
68,037,269
790,251
149,163,021
$
Revenues
Local tax revenue
CPPRT
All other local revenue
ICCB grants
All other state revenue
Federal revenue
Student tuition and fees
All other revenue
Total Revenues
Net Assets July 1, 2011
Education
Purposes
Operations
and
Maintenance
Purposes
74,224 $
16,546,924
1,423,249
2,043,050
1,145,646
749,580
1,556,965
2,304,885
1,218,439
30,518,233
57,506,971
1,331,491
27,582,335
28,282,393
99,164
335,880
57,631,263
(50,068) $
Restricted
Purposes
Subfunds
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
ALL SUBFUNDS SUMMARY
FOR THE YEAR ENDED JUNE 30, 2012
EXHIBIT 1
$
8,262,954 $
6,107
6,107
39,383
39,383
8,229,678
Working
Cash
Subfund
Audit
Subfund
- $
-
-
- $
Liability
Protection &
Settlement
Subfunds
2,142,008
174,205
41,692
(997,816)
3,156,684
49,732
(1,532,411)
(115,941,892)
(25,424,834)
(138,332,632)
(102,816,339)
4,256,855
(25,426,953)
(13,254,391)
(137,240,828)
88,951,878
9,366,021
11,120,268
1,895,427
12,505,598
17,202,087
13,673,206
41,812,533
12,492,032
209,019,050
107,807,680
1,494,002
673,262
15,051,508
27,582,335
29,415,386
59,100,863
7,161,809
248,286,845
$ 338,242,193
Total
- $ 157,489,187 $ 377,509,988
-
-
- $ 156,397,383
GASB
34-35
Adjustments
EXHIBIT 2
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
SUMMARY OF CAPITAL ASSETS AND LONG-TERM DEBT
FOR THE YEAR ENDED JUNE 30, 2012
Capital Assets/
Long Term Debt
July 1, 2011
Capital Assets
Cost
Land
$
4,786,881 $
Land Improvements
40,351,398
Buildings
207,142,525
Building Improvements
52,263,995
Equipment
38,982,455
Construction in Progress
137,716,231
Total Cost
481,243,485
Accumulated Depreciation
Land Improvements
(4,276,829)
Buildings
(47,554,247)
Building Improvements
(22,597,882)
Equipment
(32,804,530)
Total Accumulated Depreciation
(107,233,488)
Net Capital Assets
$ 374,009,997 $
Long Term Debt
Bonds Payable
Less Current Portion
Other Long Term Debt
Total Long Term Debt
$
$
210,112,180 $
(27,160,000)
182,952,180
6,961,106
189,913,286 $
Additions
1,788,876
5,407,565
4,556,547
3,415,030
62,195,119
77,363,137
Deletions
$
1,569,471
1,569,471
Capital Assets/
Long Term Debt
June 30, 2012
Transfers
$
- $
855,539
51,575,855
107,548,571
(159,979,965)
-
4,786,881
42,995,813
264,125,945
164,369,113
40,828,014
39,931,385
557,037,151
(3,723,059)
(5,039,775)
(3,193,545)
(2,460,793)
(14,417,172)
62,945,965 $
(1,569,471)
(1,569,471)
- $
-
(7,999,888)
(52,594,022)
(25,791,427)
(33,695,852)
(120,081,189)
$ 436,955,962
115,697,172 $
(22,555,000)
93,142,172
5,396,002
98,538,174 $
50,412,798 $
(27,160,000)
23,252,798
3,770,131
27,022,929 $
-
$
102
$
275,396,554
(22,555,000)
252,841,554
8,586,977
261,428,531
EXHIBIT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OPERATING SUBFUNDS REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2012
(Page 1 of 2)
Operations
and
Maintenance
Purposes
Total
68,705,075
673,262
1,494,002
70,872,339
$ 11,202,336
11,202,336
$ 79,907,411
673,262
1,494,002
82,074,675
8,513,709
949,453
9,463,162
-
8,513,709
949,453
9,463,162
-
29,219
29,219
29,219
29,219
63,512,493
4,524,776
68,037,269
2,336,449
2,336,449
65,848,942
4,524,776
70,373,718
210,157
580,094
790,251
149,163,021
56,014
25,099
263,828
344,941
13,912,945
266,171
605,193
263,828
1,135,192
163,075,966
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
$
(673,262)
$ 148,489,759
103
(263,828)
$ 13,649,117
(673,262)
(263,828)
$ 162,138,876
EXHIBIT 3
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OPERATING SUBFUNDS REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2012
(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 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
$
70,262,946
7,768,567
9,035,526
716,621
5,923,865
11,371,599
21,992,017
7,398,633
179,500
134,649,274
$
(126,150)
(179,500)
$ 134,343,624
$
$
$
90,757,721
18,716,887
4,950,565
5,358,251
681,439
433,335
2,164,895
92,650
3,145,757
8,849,713
7,398,633
179,500
134,649,274
(126,150)
(179,500)
$ 134,343,624
$
Total
9,671,525
2,188,946
11,860,471
$
70,262,946
7,768,567
9,035,526
716,621
15,595,390
11,371,599
24,180,963
7,398,633
179,500
146,509,745
11,860,471
(126,150)
(179,500)
$ 146,204,095
2,987,559
638,307
998,851
524,150
1,911
321,233
4,636,381
1,743,114
8,965
11,860,471
$
11,860,471
(126,150)
(179,500)
$ 146,204,095
93,745,280
19,355,194
5,949,416
5,882,401
681,439
435,246
2,486,128
4,729,031
4,888,871
8,858,678
7,398,633
179,500
146,509,745
* Library materials of $681,439 is also included in the General Materials and Supplies amount of 5,358,251 and is,
therefore, not added into the total expenditures amount. Student Grants and Scholarships of $7,398,633 is also
included in the Other amount of $8,849,713, and is, therefore, not added into the total expenditures amount.
104
EXHIBIT 4
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RESTRICTED PURPOSES SUBFUND REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2012
(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
$
-
165,098
1,089,299
77,094
12,802
4,229,629
23,339,904
28,913,826
236,115
23,039,641
235,943
4,770,694
28,282,393
99,164
335,880
435,044
Transfers - Net
-
Total Restricted Purposes Fund Revenues
$
105
57,631,263
EXHIBIT 4
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RESTRICTED PURPOSES SUBFUND REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2012
(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
$
$
$
$
16,546,924
1,423,249
2,043,050
1,145,646
1,556,965
3,054,465
1,218,439
30,518,233
57,506,971
2,449,926
23,340,995
364,862
326,843
96,589
415
306,111
30,518,233
102,997
57,506,971
*Revenues and expenditures in the Restricted Purposes Subfund include State on-behalf
contributions to SURS of $22,955,612.
106
EXHIBIT 5
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CURRENT SUBFUNDS* EXPENDITURES BY ACTIVITY
FOR THE YEAR ENDED JUNE 30, 2012
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
$
86,809,870
86,809,870
2,893,243
4,424,094
4,767,722
9,191,816
2,912,485
3,462,969
1,042,397
3,660,725
11,078,576
1,022,193
3,315,798
3,241,295
1,040,297
4,816,225
2,048,599
110,984
1,556,965
17,152,356
1,052,296
4,231,361
3,083,263
2,977,424
3,855,165
15,199,509
$
110,374
13,447,351
12,443,859
26,001,584
37,916,866
9,348,914
215,592,734
* 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 $22,955,612
107
108
(This page left blank intentionally)
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
JUNE 30, 2012
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, 2012
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
Transfers in
Transfers out
Transfer to bond paying agent
Total other financing sources (uses):
Net change in fund balances
Fund Balances at Beginning of Year
Fund Balances at End of Year
Fund Balance Restricted for:
Future pension obilgations
Funded depreciation
Total Restricted Fund Balance
Unrestricted
Total Fund Balance
$
$
$
68,705,075
1,494,002
673,262
70,872,339
O&M
Subfund
$
Capital Projects Bond & Interest
Subfund
Subfund
11,202,336 $
11,202,336
- $
-
Auxiliary Ent.
Subfund
27,900,269 $
27,900,269
- $
-
Restricted
Purposes
Subfund
Permanent
Subfund
Working Cash
- $
-
-
8,513,709
949,453
9,463,162
-
-
-
-
1,331,491
27,582,335
28,913,826
-
68,037,269
1,021
210,157
29,219
2,336,449
56,014
2,420,849
342,678
1,103,774
5,284,224
54,754
6,349,861
3,928,540
23,539
28,282,393
99,164
8,172
577
39,383
54,199
83,150
441,724
579,073
149,163,021
25,099
25,099
13,649,117
2,763,527
34,343,021
448,363
982,373
272,188
1,702,924
12,004,864
327,131
327,131
57,631,263
39,383
70,262,946
7,768,567
9,035,526
716,621
7,907
5,923,865
11,359,191
21,792,017
4,501
7,398,633
-
9,671,525
2,188,946
-
70,248,784
-
189,016
-
1,030,976
1,444,533
82,994
602,182
8,594,833
-
16,546,924
1,423,249
2,043,050
1,145,646
330,702
1,556,965
1,974,183
1,218,439
749,580
30,518,233
-
6,107
-
200,000
134,469,774
14,693,247
11,860,471
1,788,646
70,248,784
(67,485,257)
11,755,518
249,346
57,506,971
124,292
6,107
33,276
(179,500)
(179,500)
14,513,747
64,524,574
79,038,321 $
17,000,000
3,000,000
20,000,000
59,038,321
79,038,321
$
$
263,828
263,828
2,052,474
20,082,805
22,135,279 $
26,380,000
12,093,630
38,662,646
(4,319,625)
81,916,339
20,900,000
2,083,661
8,906,975
2,126,502
(22,841,411)
90,823,314
2,268,752
23,338,057
(2,050,873)
57,638,014
22,823,374
80,976,071 $ 20,772,501 $
179,500
(263,828)
(84,328)
165,018
8,596,433
8,761,451 $
124,292
(50,068)
74,224 $
33,276
8,229,678
8,262,954
- $
-
- $
-
- $
-
- $
-
- $
-
-
22,135,279
22,135,279 $
80,976,071
80,976,071 $
20,772,501
20,772,501 $
8,761,451
8,761,451 $
74,224
74,224 $
8,262,954
8,262,954
*Revenues and expenditures in the Restricted Purposes Subfund include State on-behalf contributions to SURS of $22,955,612
109
Capital Assets
Account
Group
$
General
Long-term Debt
Account
Group
GASB
Adjustments
Total
$
Adjusted
Total
- $
-
- $
-
- $ 107,807,680
1,494,002
673,262
109,974,944
-
-
-
8,513,709
2,280,944
27,582,335
38,376,988
4,256,855
4,256,855
12,770,564
2,280,944
27,582,335
42,633,843
-
-
-
29,415,386
84,527,816
3,937,733
727,102
(25,426,953)
(112,015)
-
29,415,386
59,100,863
3,825,718
727,102
-
-
-
448,363
1,363,703
83,150
739,011
2,634,227
269,594,196
(23,942)
(471)
(825)
(25,238)
(21,307,351)
424,421
1,363,232
83,150
738,186
2,608,989
248,286,845
- $ 107,807,680
1,494,002
673,262
109,974,944
(72,029,505)
14,417,172
2,206,251
182,055
47,212
33,703
(21,403)
49,732
65,677
(2,036,474)
8,408
(351)
-
-
89,016,121
9,373,871
11,125,788
2,926,946
1,761,739
17,202,087
13,488,152
22,173,405
9,357,322
37,916,515
14,417,172
(64,243)
(7,850)
(5,520)
(1,031,519)
(1,445,589)
(131,096)
(602,182)
3,148,276
(25,424,483)
-
88,951,878
9,366,021
11,120,268
1,895,427
316,150
17,202,087
13,357,056
21,571,223
12,505,598
12,492,032
14,417,172
(5,333,633)
(62,945,966)
62,945,966
(26,380,000)
(1,135,859)
(26,981,049)
26,981,049
-
5,824,138
234,583,256
35,010,940
(25,564,206)
4,256,855
5,824,138
209,019,050
39,267,795
62,945,966
374,009,996
$ 436,955,962 $
$
Agency
Subfund
- $
-
(102,816,339)
(2,083,661)
(11,033,477)
22,841,411
(93,092,066)
(66,111,017)
(217,612,613)
(283,723,630) $
- $
-
(283,723,630)
436,955,962
$ 436,955,962 $ (283,723,630) $
443,328
(443,328)
35,010,940
338,242,193
- $ 373,253,133 $
- $
-
17,000,000
3,000,000
20,000,000
353,253,133
- $ 373,253,133
$
$
443,328
(443,328)
4,256,855
39,267,795
338,242,193
4,256,855 $ 377,509,988
- $
-
17,000,000
3,000,000
20,000,000
4,256,855
357,509,988
4,256,855 $ 377,509,988
110
EXHIBIT B
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
SCHEDULE OF AUXILIARY SUBFUNDS
FOR THE YEAR ENDED JUNE 30, 2012
Subfund
Balance
July 1, 2011
General Auxiliary:
Auxiliary services
Bookstore
Dining services
Facilities 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 Accts.
Total Auxiliary
Enterprises Subfund
$
$
1,246,745
1,450,236
433,486
7,651
3,138,118
Revenues
$
1,755
1,118,558
176,027
155,298
1,451,638
Expenditures
$
181,905 $
10,599
34,644
217,120
444,268
266,230
(474,657)
868,858
847,034
1,507,465
441,874
484,612
784,766
(4,644)
1,706,608
418,828
657,935
824,665
1,901,428
94,164
(190,502)
300,897
(124,455)
1,132,976
150,262
94,481
98,095
65,928
163,073
265,167
(702,030)
52,252
1,311
1,098,196
1,451,035
3,950,850
50,381
417,123
888,279
842,929
2,096,339
88,276
939,819
17,276
831
577,299
119,849
296,530
75,218
1,052,076
812,270
572,123
8,846,618
59,816
483,579
667,502
867,210
1,808,007
76,302
1,001,038
53,762
1,960
1,186,739
78,252
305,026
329,782
1,505,000
568,129
417,718
9,409,822
8,596,433
$
12,004,864
111
Operating
Transfers
In (Out)
$
11,755,518
Subfund
Balance
June 30, 2012
- $
(192,275)
(71,553)
(263,828)
-
$
1,066,595
2,365,920
503,316
(54,171)
3,881,660
289,276
(647,980)
828,959
842,390
1,312,645
(9,250)
188,750
179,500
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
(84,328) $
8,761,451
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2012
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
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Pledged
Revenues*
$
TOTAL DEBT SERVICE
Estimated
Principal and
Interest
68,037,269 $
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
68,037,269
8,816,482
8,850,060
8,843,450
8,761,050
8,742,625
8,759,625
8,704,606
8,642,950
8,583,533
8,485,040
8,420,790
8,346,720
5,949,670
5,870,875
5,779,263
5,686,863
5,595,388
5,504,288
$ 138,343,275
* 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 .
112
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2012
(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)
$ 109,975
59,101
42,634
29,415
3,826
727
2,609
$ 248,287
Percent of
Total
44.3%
23.8%
17.2%
11.8%
1.5%
0.3%
1.1%
100%
Increase
(Decrease)
From FY2011
(000’s)
$
3,263
(1,864)
3,892
3,239
(77)
(589)
(192)
$
7,672
Percent
Increase
(Decrease)
From FY2011
3.1%
-4.7%
10.0%
12.4%
-2.0%
-44.8%
-6.9%
2.8%
Source: District records (CAFR Exhibit A) for fiscal year ended June 30, 2012.
The following chart shows revenue in the operating funds of the District over the past five years.
Total Operating Funds Revenue of District
FY2008
FY2009
FY2010
FY2011
FY2012
$ 138,198,347
$ 151,126,770
$ 153,794,164
$ 164,196,984
$ 163,075,966
Source: District records (CAFR Exhibit A). Amounts equal revenue plus transfers in.
113
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2012
(Continued)
History of Assessed Valuation of District
Assessment
DuPage
Cook
Will
Year
County
County
County
Total
2011
$ 36,370,343,716 $ 3,321,911,689 $ 2,324,887,763 $ 42,017,143,168
2010
38,913,477,604
4,056,945,632
2,401,363,863
45,371,787,099
2009
41,322,377,605
4,016,070,084
2,544,699,547
47,883,147,236
2008
41,338,403,397
3,924,143,457
2,535,083,018
47,797,629,872
2007
38,909,050,896
3,368,763,397
2,449,457,478
44,727,271,771
2006
36,137,439,494
3,176,573,005
2,272,214,518
41,586,227,017
2005
33,462,991,322
3,180,333,360
2,048,262,019
38,691,586,701
2004
31,151,154,721
2,529,008,117
1,869,441,637
35,549,604,475
2003
28,876,986,380
2,393,940,805
1,715,299,114
32,986,226,299
2002
26,748,869,388
2,371,458,718
1,541,413,520
30,661,741,626
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.
75.00%
10.00%
None
None
0.50%
None
None
State Avg.
2011
16.11%
2.63%
None
None
None
6.21%
None
24.95%
2010
14.83%
2.42%
None
None
None
6.24%
None
23.49%
2009
13.37%
2.17%
None
None
None
5.73%
None
21.27%
2010(1)
20.14%
5.86%
4.83%
None
0.25%
8.84%
12.20%
52.12%
(1) State average for community college district taxes levied in 2010 and collected in 2012 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.
114
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2012
(Continued)
The following chart shows the total tax levies and collections of the District for the past ten
years, current as of June 30, 2012.
District Property Tax Levies and Collections
Year of
Levy
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
Tax
Collection
Year
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Total
Tax
Tax Levy*
Collections
$ 104,753,085 $
51,634,564
105,572,929
105,161,021
101,338,217
100,797,964
89,505,364
88,713,555
84,423,396
84,273,396
80,729,055
80,589,837
73,030,950
72,949,394
70,389,994
70,339,749
68,924,720
68,624,720
67,271,095
67,009,363
Percent of
Levy
Collected
49.29%
99.61%
99.47%
99.12%
99.82%
99.83%
99.89%
99.93%
99.56%
99.61%
* Total tax levy amounts are shown net of the .5% allowance for uncollectible taxes
Source: District records.
115
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2012
(Continued)
District Tuition Rates and Tuition and Fee Revenues
Fiscal
Year
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
Total
Tuition and
Fees in
District per
Hour
$
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
Total
Total
Operating
Tuition and Tuition and Operating
Operating Funds Tuition Total Tuition
Funds
Fees Out of Fees Out of
Funds
Fee
and Fee
Tuition
and Fee
District per State per
(1)
(1)
(1)
Revenue
Revenue (2)
Revenue
Revenue
Hour
Hour
$
323.00 $
393.00 $
- $
- $75,486,042(3) $90,633,619(3)
319.00
389.00
65,848,942
4,524,776
70,373,718
84,527,816
316.00
386.00
66,067,323
4,269,414
70,336,737
86,633,157
305.00
370.00
58,420,294
3,711,112
62,131,406
76,087,480
296.00
359.00
58,694,441
4,174,566
62,869,007
81,493,785
292.00
305.00
50,998,778
2,410,439
53,409,217
66,224,840
223.00
307.00
47,078,797
2,501,923
49,580,720
62,100,429
243.00
286.00 44,378,178
2,247,206
46,625,384
56,736,214
135.00
181.00
42,413,314
2,357,836
44,771,150
54,837,003
126.00
173.00
37,515,119
2,381,633
39,896,752
51,150,656
124.00
171.00
34,457,274
2,263,649
36,720,923
47,707,542
120.00
163.00
28,971,036
1,640,500
30,611,536
39,615,200
113.00
156.00
26,049,784
1,225,400
27,275,184
36,583,629
113.00
156.00
23,103,703
831,795
23,935,498
32,267,255
108.00
149.00
21,030,569
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.
116
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
OTHER SUPPLEMENTARY FINANCIAL INFORMATION
JUNE 30, 2012
(Continued)
The following chart shows actual enrollments of the College for the past five years and projected
enrollments for the next five years.
College Enrollment
Five Year History
10th Day
Fall Term Annualized
Fiscal
Year Head Count
FTE*
2007-08
25,768
14,601
2008-09
25,668
14,913
2009-10
27,083
16,036
2010-11
26,722
15,902
2011-12
26,209
15,175
Five Year Projection
10th Day
Fall Term Annualized
Fiscal
Year Head Count
FTE*
2012-13
26,471
15,023
2013-14
26,736
15,173
2014-15
27,003
15,325
2015-16
27,273
15,478
2016-17
27,546
15,633
* Full-time equivalency.
Source: District records.
Direct General Obligation
Bonded Indebtedness of the District
Estimated Full Value of Taxable Property (1)
$ 126,051,429,504
(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)
$
42,017,143,168
$
260,980,000
0.21%
0.62%
12.52%
246
1,061,506
$
(1) As of assessment year 2011.
(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.
117
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE GRANT ACTIVITY AND SCHEDULE OF ENROLLMENT DATA NOTES
JUNE 30, 2012
The following audit reports are required by the Illinois Community College Board:
Workforce Development (Business/Industry) Grant
Provides funding to be used to operate a Business Assistance Center or economic development
office. Activities include assistance in commercial and industrial expansion and/or retention and
employment training services for unemployed or underemployed adults to improve their job skills
and assist them in seeking employment.
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.
Career and Technical Education – Innovation Grant
The purpose of this grant is to provide resources to help develop or enhance innovative
community college CTE programs and, when appropriate, support the expansion of these
innovations through collaborative activities with regional secondary partners and other relevant
stakeholders.
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.
118
(This page left blank intentionally)
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT AUDITORS’ REPORT
To the Board of Trustees
College of DuPage
Community College District 502
Glen Ellyn, Illinois
We have audited the accompanying balance sheets of the College of DuPage, Community College District
502 (the College) Workforce Development (Business/Industry), State Adult Education and Family Literacy
Restricted Funds (State Basic, Public Assistance, and Performance), Career and Technical Education –
Program Improvement and Career and Technical Innovation and Student Success Grants (Grant Programs)
as of June 30, 2012, and the related statements of revenues, expenditures, and changes in fund balances for
the year then ended. These financial statements are the responsibility of the College’s management. Our
responsibility is to express an opinion 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 audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes consideration of internal control over financial reporting as a basis for designing 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 over financial reporting. Accordingly, we express no such
opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and the significant
estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
The financial statements presented are only for the Grant Programs and do not purport to, and do not,
present fairly the financial position or results of operations of the College.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the College’s Workforce Development (Business/Industry), State Adult Education and Family
Literacy Restricted Funds (State Basic, Public Assistance, and Performance), Career and Technical
Education – Program Improvement and Career and Technical Innovation and Student Success Grants as of
June 30, 2012, and the revenues, expenditures, and changes in fund balances for the year then ended, in
conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated October 10, 2012 on
our consideration of the College’s internal control over financial reporting of the Grant Programs 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.
119
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise each of the Grant Programs referred to in the first paragraph. The supplementary information
included on pages 125 and 129, designated in the special reports section of the table of contents are
presented for purposes of additional analysis and are not a required part of the financial statements of the
Workforce Development (Business/Industry) and State Adult Education and Family Literacy Restricted Funds
Grant Programs, respectively. Such 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.
The supplementary information included on pages 125 and 129, designated in the special reports section of
the table of contents have 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 pages
125 and 129, designated in the special reports section of the table of contents is fairly stated in all material
respects, in relation to the financial statements of the Workforce Development (Business/Industry) and State
Adult Education and Family Literacy Restricted Funds Grant Programs taken as a whole.
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, 2012
120
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT AUDITORS’ 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
Report of Independent Auditors
To the Board of Trustees
College of DuPage
Community College District 502
Glen Ellyn, Illinois
We have audited the financial statements of the College of DuPage, Community College District 502 (the
College) Workforce Development (Business/Industry), State Adult Education and Family Literacy Restricted
Funds (State Basic, Public Assistance, and Performance), Career and Technical Education – Program
Improvement and Career and Technical Innovation and Student Success Grants (Grant Programs) as of and for
the year ended June 30, 2012 and have issued our report thereon dated October 10, 2012. 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 and the guidelines of the Illinois Community College Board Fiscal Management
Manual.
Internal Control Over Financial Reporting
Management of the College is responsible for establishing and maintaining effective internal control over financial
reporting. In planning and performing our audits, we considered the College’s internal control over financial
reporting of the Grant Programs as a basis for designing our auditing procedures 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 over financial reporting. Accordingly, we do not express an opinion on the
effectiveness of the College’s internal control over financial reporting of the Grant Programs.
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 combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the College’s Grant Program
financial statements will not be prevented, or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting of the Grant Programs was for the limited purpose
described in the first paragraph of this section and was not designed to identify all deficiencies in internal control
over financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting of the Grant Programs that we consider to be
material weaknesses, as defined above.
121
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.
This report is intended solely for the information and use of the board of trustees, management, and the Illinois
Community College Board, others within the College 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, 2012
122
SCHEDULE 1
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
WORKFORCE DEVELOPMENT (BUSINESS/INDUSTRY) GRANT
BALANCE SHEET
JUNE 30, 2012
ASSETS
Cash
Total assets
$
$
3,757
3,757
$
3,757
LIABILITIES AND FUND BALANCE
Liabilities
Accrued payroll
Total liabilities
3,757
Fund balance
-
Total liabilities and fund balance
$
See Notes to the Financial Statements.
123
3,757
SCHEDULE 2
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
WORKFORCE DEVELOPMENT (BUSINESS/INDUSTRY) GRANT
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2012
Revenue
State grant revenues
$
Expenditures
Salaries
Employee benefits
Contractual services
Materials and supplies
Conference and meeting
Fixed charges
Utilities
Capital outlay
Other expenditures
Total Expenditures
165,098
122,557
22,504
6,724
7,715
5,598
165,098
Revenues Equal to Expenditures
-
Fund Balance at Beginning of Year
-
Fund Balance at End of Year
$
See Notes to the Financial Statements.
124
-
SCHEDULE 3
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
WORKFORCE DEVELOPMENT (BUSINESS/INDUSTRY) GRANT
EXPENDITURES COMPLIANCE STATEMENT
FOR THE YEAR ENDED JUNE 30, 2012
Operation of
Workforce
Development
Office
General
Expenditures
Personnel (salaries and benefits)
$
Contractual services
Instructional materials
Instructional equipment
Promotional materials
Staff development
Conference and meeting
Travel
Costs of operating a Business Assistance
Center/Economic Development/Workforce
Preparation office:
Office equipment
Utilities and telephone
Consumable supplies
Duplicating
Facility rental
Total Expenditures
$
-
$
$
See Notes to the Financial Statements.
125
145,061
7,715
6,724
5,598
165,098
Total
$
$
145,061
7,715
6,724
5,598
165,098
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
WORKFORCE DEVELOPMENT (BUSINESS/INDUSTRY) GRANT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the College of DuPage Workforce Development (Business/ Industry)
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 Workforce Development (Business/Industry) Grant was awarded by the Illinois Community
College Board (ICCB) to College of DuPage for the year ended June 30, 2012. The expenditures of
these funds are accounted for in the Restricted Purposes Fund on an 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.
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 August 31 are recorded as deferred 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 Workforce Development (Business/Industry) Grant of the College of
DuPage, and are not intended to present the financial position or changes in financial position 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 Workforce Development (Business/Industry) Grant provides funding to be used to operate a
Business Assistance Center or economic development office. Activities include assistance in
commercial and industrial expansion and/or retention and employment training services for
unemployed or underemployed adults to improve their job skills and assist them in seeking
employment.
126
SCHEDULE 4
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
STATE ADULT EDUCATION AND FAMILY LITERACY RESTRICTED FUND GRANTS
COMBINING BALANCE SHEET
JUNE 30, 2012
ASSETS
Public
Assistance
State Basic
Accounts Receivable
$
343,939
$
30,383
Performance
$
85,164
Total assets
Total
$
459,486
$
459,486
$
5,730
1,260
452,496
LIABILITIES AND FUND BALANCE
Liabilities
Accrued payroll
Accrued benefits
Cash overdraft
Total liabilities
$
343,939
$
30,383
$
5,730
1,260
78,174
$
343,939
$
30,383
$
85,164
459,486
Fund balance
-
Total liabilities and fund balance
$
See Notes to the Financial Statements.
127
459,486
SCHEDULE 5
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, 2012
State Basic
Revenue
State grant revenues
$
687,879
Public
Assistance
$
Performance
60,375
$
Total
340,655
$ 1,088,909
Expenditures by program
Instruction
Guidance services
Assessment and testing
Subtotal Instructional and Student Services
649,712
4,681
654,393
58,995
58,995
37,130
58,920
64,945
160,995
745,837
58,920
69,626
874,383
Improvement of instructional services
General administration
Data and information services
Approved indirect costs
Subtotal Program Support
Total Expenditures
13,451
20,035
33,486
687,879
1,770
1,770
60,765
50,364
70,884
48,490
9,922
179,660
340,655
63,815
70,884
48,490
31,727
214,916
1,089,299
-
-
Revenues Equal to Expenditures
$
-
$
-
$
Fund Balance at Beginning of Year
-
Fund Balance at End of Year
$
See Notes to the Financial Statements.
128
-
SCHEDULE 6
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, 2012
EXPENDITURE AMOUNTS AND PERCENTAGES FOR ICCB GRANT FUNDS ONLY
FOR THE YEAR ENDED JUNE 30, 2011
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
$
649,712
$
-
Audited Expenditure Amount
Actual Expenditure Percentage
94%
0%
Actual Expenditure Percentage
$
58,995
97%
$
-
0%
129
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, 2012
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, 2012. The expenditures of these funds
are accounted for in the Restricted Purposes Fund on an 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 deferred 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.
130
SCHEDULE 7
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER AND TECHNICAL EDUCATION
PROGRAM IMPROVEMENT GRANT
BALANCE SHEET
JUNE 30, 2012
ASSETS
Cash
Total assets
$
$
-
$
-
LIABILITIES AND FUND BALANCE
Liabilities
Accounts Payable
Total liabilities
-
Fund balance
-
Total liabilities and fund balance
$
See Notes to the Financial Statements.
131
-
SCHEDULE 8
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, 2012
Revenue
State grant revenues
$
Expenditures
Contractual services
Staff travel
Capital outlay
Total expenditures
77,094
3,213
80
73,801
77,094
Revenues equal to expenditures
-
Fund Balance at Beginning of Year
-
Fund Balance at End of Year
$
See Notes to the Financial Statements.
132
-
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2012
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, 2012. The
expenditures of these funds are accounted for in the Restricted Purposes Fund on an 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.
133
SCHEDULE 9
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER & TECHNICAL EDUCATION
INNOVATION GRANT
BALANCE SHEET
JUNE 30, 2012
ASSETS
Accounts Receivable
Total assets
$
$
-
LIABILITIES AND FUND BALANCE
Liabilities
Accrued Payroll
Total liabilities
$
Fund balance
-
Total liabilities and fund balance
$
See Notes to the Financial Statements.
134
-
SCHEDULE 10
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER & TECHNICAL EDUCATION
INNOVATION GRANT
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2012
Revenue
State grant revenues
$
Expenditures
Materials and supplies
Instructional Equipment
Total expenditures
12,802
255
12,547
12,802
Revenues equal to expenditures
-
Fund Balance at Beginning of Year
-
Fund Balance at End of Year
$
See Notes to the Financial Statements.
135
-
COLLEGE OF DUPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
CAREER & TECHNICAL EDUCATION INNOVATION GRANT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2012
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the College of DuPage Career and Technical Education Innovation
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 Innovation Grant was awarded by the Illinois Community
College Board (ICCB) to College of DuPage for the year ended June 30, 2012. The expenditures
of these funds are accounted for in the Restricted Purposes Fund on an 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 Innovation 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 purpose of this grant is to provide resources to help develop or enhance innovative
community college Career and Technical Education programs and, when appropriate, support the
expansion of these innovations through collaborative activities with regional secondary partners
and other relevant stakeholders. The funds must be used only for projects and activities that
support one or more of the following: Leadership, Organization and Support; Access and
Opportunity; Alignment and Transition; Enhanced Curriculum and Instruction; Professional
Preparation and Development and Accountability and Program Improvement.
136
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT ACCOUNTANTS’ REPORT
To 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, of the College of DuPage, Community College District 502 for the year ended June 30, 2012. The
Schedule of Enrollment Data and Other Bases Upon Which Claims Were Filed 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 of Enrollment Data and Other Bases Upon Which Claims Were
Filed 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, 2012 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 examination.
This report is intended solely for the information and use of the board of trustees, management, and the Illinois
Community College Board, others within the College 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, 2012
137
138
139
Difference
-
Total
Restricted
Hours
20,125.0
20,125.0
Total
Restricted Credit
Hours Certified to
the ICCB
20,125.0
20,125.0
Difference
-
In-District Residents
Out-of-District on Chargeback or Contractual Agreement
Total
Total Attending
(Unrestricted and Restricted)
406,133.0
2,142.5
408,275.5
Total Attending as Certified to the ICCB
(Unrestricted and Restricted)
406,133.0
2,142.5
408,275.5
Difference
-
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
288,837.5
43,914.0
43,251.5
28,168.5
32,623.0
8,146.0
444,940.5
Total
Unrestricted
Hours Certified
the ICCB
288,837.5
43,914.0
43,251.5
28,168.5
32,623.0
8,146.0
444,940.5
COLLEGE OF DuPAGE
COMMUNITY COLLEGE DISTRICT NUMBER 502
RECONCILIATION OF TOTAL SEMESTER CREDIT HOURS
FOR THE YEAR ENDED JUNE 30, 2012
SCHEDULE 11
(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-12-10171 CAFR Cover.indd 2
9/10/12 2:05 PM