Minnesota State Colleges & Universities Supplement to the Annual Financial Report
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Minnesota State Colleges & Universities Supplement to the Annual Financial Report For the years ended June 30, 2014 and 2013 MINNESOTA STATE COLLEGES AND UNIVERSITIES SUPPLEMENT TO THE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2014 AND 2013 Prepared by: Minnesota State Colleges and Universities 30 7th St. E., Suite 350 St. Paul, MN 55101-7804 This page intentionally left blank. MINNESOTA STATE COLLEGES AND UNIVERSITIES SUPPLEMENT TO THE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2014 TABLE OF CONTENTS Page Supplementary Information for both System and Individual Institutions ............................................................................. 2 Statements of Net Position by Institution ............................................................................................................................. 4 Statements of Revenues, Expenses, and Changes in Net Position by Institution ............................................................... 12 Minnesota State Colleges & Universities Foundations — Statements of Financial Position ............................................. 20 Minnesota State Colleges & Universities Foundations — Statements of Activities .......................................................... 22 Revenue Fund—Statements of Net Position by Institution ................................................................................................ 24 Revenue Fund—Statements of Revenues, Expenses, and Changes in Net Position by Institution .................................... 28 SUPPLEMENTARY SECTION Components of Northeast Higher Education District (NHED) and Components of Anoka Technical College and Community College — Statement of Net Position by Institution....................................................................................... 34 Components of Northeast Higher Education District (NHED) and Components of Anoka Technical College and Community College — Statement of Revenues, Expenses, and Changes in Net Position by Institution ........................... 36 1 Supplementary Information for both System and Individual Institutions Included in the supplementary section are both system level and individual institution reports. The system level reports include the statement of net position and statement of revenues, expenses and changes in net position presented for each institution. These statements were prepared using full accrual accounting for all institutions with the exception of the interfund activities which were not eliminated at the institution level. An adjustments column has been added to the end of the report to eliminate interfund activities to enable the reader to compare the supplementary statements to the audited statements. These statements do not conform to GAAP. The statement of net position and statement of revenues, expenses, and changes in net position of the Revenue Fund are presented next. These statements were prepared using full accrual accounting for those institutions who participate in the Revenue Fund, with the exception of the scholarship allowances which were not applied to these statements. An adjustments column has been added to the end of the report to eliminate interfund activities to enable the reader to compare the supplementary statements to the audited statements. Since scholarship allowances are applied after the sub total and not within each applicable fund, these statements do not conform to generally accepted accounting principles (GAAP). Separate statements showing the components of the Northeast Higher Education District (NHED) and components of Anoka Technical College & Community College can be found at the back of the supplement under the supplementary section. Anoka Technical College & Anoka Ramsey Community College were aligned in 2012. NHED is a unique governance structure for five autonomous, yet interdependent two-year colleges in northeast Minnesota. These colleges are Hibbing Community College, Itasca Community College, Mesabi Range Community and Technical College, Rainy River Community College and Vermilion Community College. Each one of these institutions is separate for accreditation purposes but all are served by one president. 2 This page intentionally left blank. 3 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2014 AND 2013 (IN THOUSANDS) Alexandria Technical & Community College Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory Student loans, net Other assets Advances from other schools Total current assets $ 11,621 $ 131 415 512 74 120 12,873 Total restricted assets Noncurrent Assets Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Liabilities Current Liabilities Salaries and benefits payable Accounts payable Unearned revenue Payable from restricted assets Interest Payable Funds held for others Current portion of long-term debt Other compensation benefits Other liabilities Advances to other schools Total current liabilities Noncurrent Liabilities Advances to other schools Noncurrent portion of long-term debt Other compensation benefits Capital contributions payable Total noncurrent liabilities Total Liabilities Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position $ 4 Anoka Technical College & Community College 38,556 $ 554 3,231 1,207 1,445 31 57 45,081 Bemidji State University 36,721 383 498 2,079 954 289 625 18 41,567 125 1,084 2,961 25,067 25,067 294 71,689 71,983 4,209 69,189 73,398 38,065 118,148 117,926 1,690 682 627 4 16 419 429 5 3,872 4,318 1,297 1,192 88 63 622 1,131 754 13 8 9,486 4,927 1,654 1,194 120 156 269 1,546 901 10,767 4,793 2,346 7,139 13,772 5,312 370 19,454 21,594 5,492 4,441 31,527 11,011 28,940 42,294 19,912 101 589 6,452 57,286 419 2,208 29,295 47,469 4,191 3,837 20,135 27,054 $ 89,208 $ 75,632 Central Lakes College $ $ Century College 13,241 $ 1,300 1,765 558 989 4 37 17,894 22,719 $ 291 747 3,890 1,142 1,429 36 30,254 Dakota County Technical College 14,723 $ 494 1,349 380 168 19 12 17,145 Fond du Lac Tribal & Community College Hennepin Technical College 6,682 $ 343 1,449 385 85 19 8,963 Inver Hills Community College 14,407 $ 404 2,309 743 514 25 12 18,414 18,125 $ 1,479 148 1,470 747 406 37 22,412 Lake Superior College 14,314 216 1,717 774 598 16 17,635 6 1,088 25 - 253 20 76 13 28,938 28,951 55,554 55,554 32,015 32,015 22,175 22,175 43,862 43,862 36,291 36,291 44,019 44,019 46,851 86,896 49,185 31,138 62,529 58,723 61,730 2,075 1,594 369 6 79 607 441 5,171 4,346 1,400 1,595 240 24 44 1,183 816 9,648 1,680 475 623 25 86 318 285 20 56 3,568 876 373 335 105 297 147 8 2,141 2,903 937 734 253 87 496 523 25 5,958 2,369 396 1,399 20 3 550 310 5,047 2,270 1,212 477 76 4 598 417 19 5,073 3,469 2,924 21 6,414 12,569 6,829 19,398 278 3,862 2,291 6,431 33 3,200 1,101 4,334 8,212 3,891 12,103 6,151 2,764 8,915 6,231 3,316 9,547 11,585 29,046 9,999 6,475 18,061 13,962 14,620 24,862 640 9,764 42,137 429 1,627 13,657 27,835 555 10,796 18,678 467 5,518 35,154 833 8,481 29,590 825 14,346 37,190 760 9,160 35,266 $ 57,850 $ 39,186 $ 24,663 $ 44,468 $ 44,761 $ 47,110 Continued… 5 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2014 AND 2013 (IN THOUSANDS) Metropolitan State University Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory Student loans, net Other assets Advances from other schools Total current assets $ 36,906 $ 1,029 1,974 906 8 40,823 Total restricted assets Noncurrent Assets Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Liabilities Current Liabilities Salaries and benefits payable Accounts payable Unearned revenue Payable from restricted assets Interest payable Funds held for others Current portion of long-term debt Other compensation benefits Other liabilities Advances to other schools Total current liabilities Noncurrent Liabilities Advances to other schools Noncurrent portion of long-term debt Other compensation benefits Capital contributions payable Total noncurrent liabilities Total Liabilities Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position $ 26,521 $ 643 949 4,136 1,559 525 44 78 34,455 Minnesota State College Southeast Technical 4,145 378 800 277 450 38 6,088 34,522 2,605 - 39,410 39,410 106,221 106,221 15,395 15,395 114,755 143,281 21,483 4,517 1,450 2,659 4,740 285 58 677 580 725 24 15,715 3,747 1,467 1,352 149 126 20 1,834 701 9,396 1,715 272 313 203 191 2,694 40,096 5,477 45,573 26,483 6,135 32,618 2,308 1,723 4,031 61,288 42,014 6,725 32,643 1,674 19,150 79,683 3,149 2,295 16,140 12,884 313 1,561 53,467 $ 6 Minneapolis Community & Technical College 101,267 $ 14,758 Minnesota State Community & Technical College $ $ 15,294 $ 237 2,762 661 660 22 40 19,676 Minnesota State University, Mankato Minnesota State University Moorhead Minnesota West Community & Technical College 37,333 $ 1,484 466 2,055 1,538 961 263 44,100 North Hennepin Community College 27,791 $ 3,973 394 1,769 1,438 326 122 83 35,896 Northland Community & Technical College 86,495 $ 4,928 944 4,156 2,111 170 944 244 99,992 49,015 $ 3,209 193 1,959 1,644 541 665 212 57,438 601 12,618 10,438 7 4,462 2,464 1 123 41,211 41,334 5,522 228,125 233,647 5,253 112,329 117,582 108 18,548 18,656 86,395 86,395 1,271 69,823 71,094 98 31,569 31,667 61,611 346,257 185,458 32,556 134,957 109,454 47,348 3,416 1,088 644 334 15 113 631 557 14 6,812 13,253 4,544 4,266 276 780 371 4,545 1,960 3 29,998 8,699 1,577 2,026 1,018 233 234 2,738 1,245 53 82 17,905 1,565 444 667 7 55 239 333 5 3,315 3,968 1,166 2,329 40 252 76 2,258 762 31 10,882 2,569 705 1,482 2,435 123 1,146 502 1 30 8,993 1,952 451 288 1 121 372 530 2 3,717 7,886 4,632 176 12,694 87,583 14,651 6,034 108,268 40,539 7,339 5,607 53,485 3,494 2,569 142 6,205 38,073 5,344 43,417 15,037 3,797 1,335 20,169 4,026 2,580 115 6,721 19,506 138,266 71,390 9,520 54,299 29,162 10,438 32,840 204 831 8,230 141,865 10,763 10,601 44,762 76,081 19,928 5,621 12,438 14,815 407 7,814 48,344 3,009 3,730 25,575 53,640 1,659 24,993 27,171 528 9,211 42,105 $ 207,991 $ 23,036 $ 80,658 $ 80,292 $ 36,910 114,068 $ 11,979 $ 200 89 689 359 538 14 25 13,893 Normandale Community College 13,408 287 1,247 500 218 10 10 15,680 Continued… 7 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2014 AND 2013 (IN THOUSANDS) Pine Technical & Community College Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory Student loans, net Other assets Advances from other schools Total current assets $ 1,262 $ 1,653 649 101 105 5 9 3,784 Total restricted assets Noncurrent Assets Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Liabilities Current Liabilities Salaries and benefits payable Accounts payable Unearned revenue Payable from restricted assets Interest payable Funds held for others Current portion of long-term debt Other compensation benefits Other liabilities Advances to other schools Total current liabilities Noncurrent Liabilities Advances to other schools Noncurrent portion of long-term debt Other compensation benefits Capital contributions payable Total noncurrent liabilities Total Liabilities Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position Ridgewater College $ 8 21,043 $ 143 939 562 421 8 1 23,117 Riverland Community College 7,140 172 1,152 288 447 7 29 9,235 - 1,123 - 11,031 11,031 64 33,924 33,988 125 22,259 22,384 14,815 58,228 31,619 772 393 384 74 97 29 1,749 2,470 598 621 1,123 170 463 578 6,023 1,666 319 339 199 214 298 5 3,040 143 869 1,029 2,041 6,566 3,617 111 10,294 2,284 2,576 142 5,002 3,790 16,317 8,042 10,089 113 823 26,895 583 14,433 19,761 321 3,495 11,025 $ 41,911 $ 23,577 Rochester Community & Technical College $ $ 21,527 $ 1,118 469 2,384 523 535 34 37 26,627 South Central College 12,862 $ 162 785 391 296 15 14,511 Southwest Minnesota State University 17,460 $ 471 152 628 528 181 3 19,423 St. Cloud Technical & Community College St. Cloud State University 67,447 $ 2,409 922 3,582 3,036 168 1,000 325 131 79,020 25,506 $ 656 1,125 899 474 2 14 28,676 Saint Paul College 24,211 $ 288 228 2,827 895 442 2 51 28,944 Winona State University 66,407 6,016 253 2,189 1,701 1,223 345 102 78,236 1,587 450 3,059 21,677 141 1,922 7,603 89 65,774 65,863 21,944 21,944 876 72,976 73,852 4,990 256,321 261,311 43,415 43,415 52,993 52,993 2,086 170,445 172,531 94,077 36,905 96,334 362,008 72,232 83,859 258,370 3,222 998 967 1,587 279 456 469 3 7,981 2,321 495 510 450 14 280 361 4,431 3,298 1,546 574 6 146 94 1,366 757 45 7,832 14,034 5,079 5,325 380 435 1,235 8,455 2,199 500 37,642 2,406 851 541 141 106 635 368 13 5,061 2,381 1,017 912 104 115 136 1,100 317 1 6,083 11,049 5,340 3,170 10 406 534 3,550 1,410 25,469 5,867 3,920 466 10,253 4,737 2,880 7,617 145 18,041 4,523 1,023 23,732 93,029 16,659 5,791 115,479 8,070 2,797 10,867 18,389 2,972 21,361 48,816 8,972 2,616 60,404 18,234 12,048 31,564 153,121 15,928 27,444 85,873 59,451 842 15,550 16,926 412 7,519 55,589 707 1,410 7,064 170,460 12,352 10,810 15,265 34,709 969 20,626 35,020 403 1,223 19,769 120,696 12,297 6,777 32,727 75,843 $ 24,857 $ 64,770 $ 208,887 $ 56,304 $ 56,415 $ 172,497 Continued… 9 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2014 AND 2013 (IN THOUSANDS) Northeast Higher Education District Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory Student loans, net Other assets Advances from other schools Total current assets $ 22,011 $ 27 1,056 3,070 896 633 131 179 28,003 Total restricted assets Noncurrent Assets Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Liabilities Current Liabilities Salaries and benefits payable Accounts payable Unearned revenue Payable from restricted assets Interest payable Funds held for others Current portion of long-term debt Other compensation benefits Other liabilities Advances to other schools Total current liabilities Noncurrent Liabilities Advances to other schools Noncurrent portion of long-term debt Other compensation benefits Capital contributions payable Total noncurrent liabilities Total Liabilities Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position $ 10 System Office System-wide Activity 26,308 $ 174 284 47 26,813 43,080 50 697 492 223 10 337 44,889 511 - 4,245 798 55,665 56,463 8,682 8,682 774 1,214 1,988 84,977 35,495 51,122 3,670 2,047 1,311 213 349 819 798 70 231 9,508 1,458 2,466 385 112 472 4,893 945 2,996 2,276 9 2,992 176 168 30 9,592 665 9,613 5,665 1,211 17,154 4,324 4,324 1,729 1,519 3,248 26,662 9,217 12,840 45,231 298 2,311 10,475 8,682 214 17,382 773 4,249 1,472 31,788 58,315 $ 26,278 $ 38,282 Sub Total $ 856,260 $ 26,919 15,891 61,532 28,707 15,353 4,147 2,122 626 1,011,557 115,674 $ Eliminations & Reclassifications 2014 GAAP Total - $ (3,645) (626) (4,271) - 2013 GAAP Total 856,260 $ 26,919 15,891 57,887 28,707 15,353 4,147 2,122 1,007,286 856,943 26,165 22,970 61,085 28,512 14,650 3,840 2,223 1,016,388 115,674 142,959 25,919 1,994,028 1,214 2,021,161 (1,214) (1,214) 25,919 1,994,028 2,019,947 26,130 1,939,855 1,965,985 3,148,392 (5,485) 3,142,907 3,125,332 122,547 47,329 41,886 13,842 3,049 8,706 39,376 20,676 1,473 578 299,462 (3,643) 10,340 (517) (578) 5,602 122,547 43,686 52,226 13,842 3,049 8,706 38,859 20,676 1,473 305,064 109,089 47,907 40,531 24,714 3,236 9,158 36,890 19,654 927 292,106 1,264 567,388 151,966 29,601 750,219 (1,264) (9,823) (11,087) 557,565 151,966 29,601 739,132 571,183 149,703 29,662 750,548 1,049,681 (5,485) 1,044,196 1,042,654 1,464,361 72,499 67,457 494,394 - 1,464,361 72,499 67,457 494,394 1,428,789 70,852 68,013 515,024 2,098,711 $ - $ 2,098,711 $ 2,082,678 Concluded 11 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2014 AND 2013 (IN THOUSANDS) Alexandria Technical & Community College Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Total Net Position, End of Year $ 12 7,138 $ 1,237 1,247 128 25 9,775 Anoka Technical College & Community College 19,862 $ 2,723 4,560 703 134 27,982 Bemidji State University 22,400 2,680 2,592 10,286 598 38,556 16,585 1,985 2,184 527 1,493 492 1,041 24,307 (14,532) 49,225 6,242 6,334 816 3,527 1,662 3,446 71,252 (43,270) 51,156 12,614 3,945 1,717 5,334 1,346 4,408 80,520 (41,964) 9,755 3,528 1,487 134 80 (246) 14,738 25,317 16,274 3,825 47 179 (656) 44,986 22,267 11,893 4,441 3,210 260 (988) 41,083 206 1,716 (881) 17 45 (16) 252 272 107 (18) 2,077 1,883 (10) 992 26,802 27,054 $ 87,131 89,208 $ 74,640 75,632 Central Lakes College $ $ 7,239 $ 1,552 2,047 293 11,131 Century College 19,783 $ 2,009 3,719 670 396 26,577 Dakota County Technical College 7,715 $ 1,167 2,342 257 11,481 Fond du Lac Tribal & Community College Hennepin Technical College 2,033 $ 249 664 189 3,135 12,742 $ 1,363 2,278 230 16,613 Inver Hills Community College 12,139 $ 1,617 1,847 180 15,783 Lake Superior College 10,225 2,755 2,200 299 15,479 22,791 2,945 3,521 596 2,006 488 2,153 34,500 (23,369) 53,008 5,858 6,731 610 3,202 1,995 3,508 74,912 (48,335) 19,966 3,738 2,981 227 1,604 407 1,484 30,407 (18,926) 8,639 1,842 1,382 73 1,022 669 922 14,549 (11,414) 35,180 4,913 4,979 1,674 2,672 1,608 2,454 53,480 (36,867) 26,244 2,811 3,570 548 1,745 1,157 1,853 37,928 (22,145) 25,130 4,006 3,578 495 2,394 777 1,753 38,133 (22,654) 13,244 10,374 1,952 119 82 (201) 25,570 21,963 20,276 3,890 398 171 (569) 46,129 10,387 6,375 1,703 289 74 (145) 18,683 4,734 5,638 692 148 47 (174) 11,085 19,047 13,554 2,228 335 109 (379) 34,894 11,890 8,054 2,032 359 181 (316) 22,200 13,255 8,785 1,479 42 114 (327) (56) 23,292 2,201 (2,206) (243) (329) (1,973) 1 315 (27) 2,490 1,745 348 1 (112) 2,338 72 (21) 2,146 131 (198) 32,776 35,266 $ 57,962 57,850 $ 37,040 39,186 $ 24,861 24,663 $ 55 638 238 716 720 (299) 238 (5) 288 (11) 627 44,767 44,468 $ 44,473 44,761 $ 46,483 47,110 Continued… 13 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2014 AND 2013 (IN THOUSANDS) Metropolitan State University Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss 28,348 $ 1,407 927 326 132 31,140 Minneapolis Community & Technical College 13,788 $ 1,565 2,853 2,256 66 20,528 Minnesota State College Southeast Technical 4,617 797 1,077 35 6,526 53,907 10,514 2,450 1,725 2,258 1,648 5,985 78,487 (47,347) 49,037 5,805 4,639 876 5,476 3,121 2,801 71,755 (51,227) 14,976 2,378 2,342 284 931 436 944 22,291 (15,765) Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) 22,914 14,101 4,718 745 232 (1,324) (24) 41,362 21,920 24,612 4,098 326 288 (1,102) 50,142 7,565 5,696 777 7 56 (123) 13,978 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses (5,985) (1,085) (1,787) 61 (356) (6,280) 1,979 (11) 883 48 127 10 (1,602) 100,384 101,267 $ 16,360 14,758 Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Total Net Position, End of Year $ 14 59,747 53,467 $ Minnesota State Community & Technical College $ $ 11,942 $ 1,850 5,170 120 610 19,692 Minnesota State University, Mankato 75,838 $ 9,549 10,700 26,760 661 123,508 Minnesota State University Moorhead 31,875 $ 2,795 5,251 13,361 1,651 54,933 Minnesota West Community & Technical College 6,739 $ 774 1,790 160 9,463 Normandale Community College 21,213 $ 1,565 4,564 3,291 84 30,717 North Hennepin Community College 12,656 $ 1,711 2,404 105 16,876 Northland Community & Technical College 8,216 1,071 1,660 325 11,272 36,606 4,419 7,081 658 2,410 977 2,363 54,514 (34,822) 135,851 26,969 12,383 3,600 14,057 3,454 9,560 205,874 (82,366) 66,070 12,834 6,845 1,357 5,867 861 4,106 97,940 (43,007) 19,041 2,378 2,687 972 1,071 242 1,592 27,983 (18,520) 46,211 5,884 5,567 1,195 3,852 1,550 3,276 67,535 (36,818) 33,942 4,136 3,629 341 2,303 1,704 1,957 48,012 (31,136) 22,411 3,178 3,191 1,085 2,163 541 1,446 34,015 (22,743) 18,652 11,769 1,932 666 130 (399) 29 32,779 51,438 19,401 9,430 2,281 631 (3,907) 79,274 28,087 8,553 3,248 2,250 433 (1,600) 40,971 11,381 5,429 1,705 18 85 (131) (34) 18,453 19,271 13,737 3,853 70 313 (1,656) 35,588 14,160 13,165 2,592 58 308 (475) 29,808 12,450 8,713 1,081 296 86 (204) 22,422 (2,043) (3,092) (2,036) (67) (1,230) (1,328) (321) 574 272 (1) (1,198) 875 127 (5) (2,095) 3,898 (2) 1,860 573 112 79 697 (39) (80) (1,349) 13,270 (3) 11,939 132 1 (1) (189) 210,086 207,991 $ 112,208 114,068 $ 22,339 23,036 $ 82,007 80,658 $ 68,353 80,292 $ 43,303 42,105 $ 37,099 36,910 Continued… 15 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2014 AND 2013 (IN THOUSANDS) Pine Technical & Community College Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ 1,319 $ 191 2,613 29 4,152 Ridgewater College 9,027 $ 1,843 2,344 520 13,734 Riverland Community College 6,539 948 1,699 85 9,271 Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss 9,379 1,327 861 91 612 1,133 287 13,690 (9,538) 26,378 3,335 4,120 788 1,678 580 1,671 38,550 (24,816) 20,298 2,328 2,785 816 1,485 369 1,348 29,429 (20,158) Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) 3,162 5,679 2,433 39 18 (41) 11,290 14,328 7,443 2,058 18 101 (180) (21) 23,747 11,013 5,974 1,184 97 55 (126) 18,197 1,752 (1,069) (1,961) 1,035 2 2,789 6,681 392 9 6,013 286 490 (2) (1,187) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Total Net Position, End of Year $ 16 8,236 11,025 $ 35,898 41,911 $ 24,764 23,577 Rochester Community & Technical College $ $ 12,902 $ 2,292 4,118 591 19,903 South Central College 8,366 $ 1,004 1,706 686 11,762 Southwest Minnesota State University 13,346 $ 1,821 1,315 6,184 226 22,892 St. Cloud State University St. Cloud Technical & Community College 57,893 $ 9,185 12,201 19,133 2,521 100,933 10,123 $ 1,268 3,000 131 14,522 Saint Paul College 9,396 $ 983 2,967 1,078 195 14,619 Winona State University 44,366 5,444 16,210 20,590 1,437 88,047 34,036 3,864 5,216 893 4,094 982 2,315 51,400 (31,497) 24,434 2,663 2,984 209 1,026 676 1,596 33,588 (21,826) 33,147 6,558 1,506 777 3,694 548 2,245 48,475 (25,583) 139,832 22,918 10,132 2,800 14,621 3,127 8,420 201,850 (100,917) 26,380 2,171 3,560 247 2,255 1,161 1,646 37,420 (22,898) 30,719 4,139 5,571 379 2,447 1,876 2,184 47,315 (32,696) 86,880 25,285 8,012 3,245 9,713 995 6,636 140,766 (52,719) 15,990 11,543 2,660 305 112 (212) 30,398 12,088 7,331 1,682 97 75 (123) (6) 21,144 15,562 4,865 1,985 1,370 138 (819) (91) 23,010 58,772 21,181 8,411 3,426 609 (3,191) (565) 88,643 11,917 10,902 2,135 77 137 (378) (6) 24,784 14,389 17,423 2,555 314 124 (839) 33,966 32,033 9,663 5,267 2,739 1,286 (2,229) (33) 48,726 (1,099) (682) (2,573) (12,274) 1,886 1,270 (3,993) 4,520 3,421 5,064 97 (1) 4,478 11 575 1 (1,986) 4,152 415 243 (7,464) 844 158 (11) 2,877 387 45 14 1,716 894 38 (39) (3,100) 216,351 208,887 $ 53,427 56,304 $ 72,422 75,843 $ 20,379 24,857 $ 66,756 64,770 $ 54,699 56,415 $ 175,597 172,497 Continued… 17 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2014 AND 2013 (IN THOUSANDS) Northeast Higher Education District Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss 11,255 $ 2,143 4,905 408 197 18,908 System Office - $ 1 463 464 System-wide Activity 51 3,178 1,319 4,548 38,987 5,758 5,039 1,954 3,413 1,572 3,224 59,947 (41,039) 13,216 2,273 25 140 2,852 (1,749) 16,757 (16,293) 5,218 7,586 327 153 220 292 1,716 15,512 (10,964) Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) 19,569 13,979 4,017 1,260 184 (377) (1) 38,631 13,851 7,506 95 188 (5,908) 15,732 8,871 1,236 1,367 783 41 (27) (3,520) 8,751 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses (2,408) (561) (2,213) 2,621 108 321 (561) (2,213) 26,839 26,278 $ 40,495 38,282 Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Total Net Position, End of Year $ 18 57,994 58,315 $ Sub Total $ 521,040 $ 67,610 116,148 105,294 14,830 824,922 1,274,880 215,654 140,157 31,868 113,497 38,446 88,591 1,903,093 (1,078,171) $ Eliminations & Reclassifications 2014 GAAP Total - $ (732) (732) 22,009 18,348 1,000 163 (42,252) (732) - 2013 GAAP Total 521,040 $ 67,610 116,148 105,294 14,098 824,190 542,199 68,369 121,879 104,706 14,224 851,377 1,296,889 234,002 141,157 32,031 113,497 38,446 46,339 1,902,361 (1,078,171) 1,251,635 225,056 145,557 33,608 107,890 43,782 49,489 1,857,017 (1,005,640) 591,242 354,652 92,917 22,418 6,927 (23,464) (10,236) 1,034,456 - 591,242 354,652 92,917 22,418 6,927 (23,464) (10,236) 1,034,456 553,246 367,862 91,665 19,809 5,836 (22,758) (12,004) 1,003,656 (43,715) - (43,715) (1,984) 54,729 4,452 567 16,033 - 54,729 4,452 567 16,033 88,497 24 4,538 (7) 91,068 2,082,678 2,098,711 $ - $ 2,082,678 2,098,711 $ 1,991,610 2,082,678 Concluded 19 MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATIONS STATEMENTS OF FINANCIAL POSITION (UNAUDITED) AS OF JUNE 30, 2014 AND 2013 (IN THOUSANDS) Bemidji State University Foundation Assets Current Assets Cash and cash equivalents Investments Restricted cash and cash equivalents Pledges and contributions receivable, net Other receivables and Other assets Annuities/Remainder interests/Trusts Finance lease receivable Total current assets Noncurrent Assets Annuities/Remainder interests/Trusts Long-term pledges receivable Finance lease receivable, net Investments Restricted investments Buildings, property and equipment, net Other assets Total noncurrent assets Total Assets Liabilities and Net Assets Current Liabilities Accounts payable Interest payable Unearned revenue Annuities payable Notes payable Bonds payable Scholarships payable and Other liabilities Total current liabilities Noncurrent Liabilities Annuities payable and Unitrust liabilities Notes payable Bonds payable Total noncurrent liabilities Total Liabilities Net Assets Unrestricted (deficit) Temporarily restricted Permanently restricted Total Net Assets Total Liabilities and Net Assets $ $ $ Minnesota State University, Mankato Foundation, Inc. Minnesota State University Moorhead Alumni Foundation, Inc. 52 $ 22,750 2,391 12 25,205 1,381 $ 647 85 2 2,115 1,938 $ 1,873 370 85 4,266 1,285 985 18 2,288 132 4,485 300 36 4,953 30,158 $ 3,178 30 3,208 5,323 $ 49,935 1,004 50,939 55,205 $ 5,022 17,211 2,567 24,800 27,088 42 $ 3 23 126 194 $ 399 $ 22 421 111 $ 111 37 14 54 100 205 173 732 905 1,099 $ Metropolitan State University Foundation 5,978 5,152 17,929 29,059 30,158 $ 20 421 257 2,136 2,509 4,902 5,323 $ 945 945 1,056 372 19,361 34,416 54,149 55,205 $ 611 2,916 3,527 3,732 940 10,798 11,618 23,356 27,088 St. Cloud State University Foundation, Inc. $ $ $ Winona State University Foundation 2014 Total 1,225 $ 33,788 1,022 731 57 50 870 37,743 170 $ 7,720 676 36 19 8,621 2,310 $ 281 232 171 2,994 8,361 64,905 1,022 7,022 727 325 870 83,232 336 2,002 6,678 272 251 9,539 47,282 $ 330 2,996 6,175 472 9,973 18,594 $ 1,028 27,931 9,388 1,006 39,353 42,347 $ 468 12,867 6,678 95,077 6,174 19,706 1,795 142,765 225,997 157 $ 62 46 165 870 80 1,380 226 $ 4 326 441 997 83 $ 13 382 541 102 1,121 1,055 96 326 505 706 1,411 330 4,429 303 2,880 8,570 11,753 13,133 $ Southwest Minnesota State University Foundation (4,469) 20,945 17,673 34,149 47,282 $ 4,950 4,950 5,947 1,638 7,736 3,273 12,647 18,594 $ 6,089 6,089 7,210 1,486 14,135 19,516 35,137 42,347 $ 21 2013 Total $ $ $ 8,667 68,289 1,022 6,588 283 230 845 85,924 449 16,093 7,548 66,010 5,754 19,445 1,499 116,798 202,722 1,202 118 212 373 1,096 1,358 111 4,470 2,032 9,701 16,436 28,169 32,598 3,234 11,810 17,662 32,706 37,176 6,202 80,263 106,934 193,399 225,997 14,321 51,273 99,952 165,546 202,722 $ MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATIONS STATEMENTS OF ACTIVITIES (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2014 AND 2013 (IN THOUSANDS) Bemidji State University Foundation Support and Revenue Contributions Endowment gifts In-kind contributions Investment income Realized gains (losses) Unrealized gains (losses) Program income Special events Fundraising income Other income Total support and revenue $ Expenses Program services Program services Scholarships Institutional activities Special projects Total program services Supporting services Interest expense Management and general Fundraising Other expense Total supporting services Total expenses Change in Net Assets Net Assets, Beginning of Year Net Assets, End of Year $ 3,641 1,601 2,198 89 10 7,539 Minnesota State University, Mankato Foundation, Inc. Metropolitan State University Foundation $ 1,209 8 343 14 1,574 $ Minnesota State University Moorhead Alumni Foundation, Inc. 3,842 $ 2,498 1,140 5,776 (45) 242 13,453 4,274 2,698 288 10 5 7,275 1,077 1,884 2,961 595 595 3,692 3,692 1,271 754 2,025 189 680 869 3,830 209 246 455 1,050 711 1,925 22 2,658 6,350 484 603 1,087 3,112 3,709 524 7,103 4,163 25,350 29,059 $ 22 4,378 4,902 $ 47,046 54,149 $ 19,193 23,356 Southwest Minnesota State University Foundation St. Cloud State University Foundation, Inc. $ $ 3,687 1,869 1,083 327 3,314 10,280 $ 2,597 405 245 312 787 157 125 897 5,525 Winona State University Foundation $ 3,470 728 212 3,207 769 163 8,549 $ 2014 Total 2013 Total 22,720 $ 1,609 4,772 8,435 6,627 7,277 1,303 10 288 1,154 54,195 22,936 3,503 4,630 5,666 3,418 4,947 1,555 12 240 931 47,838 316 3,182 3,498 1,377 737 807 2,921 512 1,186 524 48 2,270 4,071 10,628 1,331 1,932 17,962 4,593 9,963 1,056 1,299 16,911 372 1,064 736 2,172 5,670 519 473 992 3,913 68 79 147 2,417 372 3,244 4,742 22 8,380 26,342 444 2,843 4,572 7 7,866 24,777 4,610 1,612 6,132 27,853 23,061 29,005 35,137 165,546 $ 193,399 142,485 $ 165,546 29,539 34,149 $ 11,035 12,647 $ 23 MINNESOTA STATE COLLEGES AND UNIVERSITIES REVENUE FUND STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2014 AND 2013 (IN THOUSANDS) Alexandria Technical & Community College Assets Current Assets Cash and cash equivalents Accounts receivable, net Advances from other schools Total current assets $ Current Restricted Assets Cash and cash equivalents Total current restricted assets Noncurrent Restricted Assets Construction in progress Total noncurrent restricted assets Total restricted assets Noncurrent Assets Capital assets, net Advances from other schools Total noncurrent assets Total Assets Liabilities Current Liabilities Salaries and benefits payable Accounts payable Unearned revenue Payable from restricted assets Interest Payable Current portion of long-term debt Other compensation benefits Total current liabilities Noncurrent Liabilities Advances to other schools Other liabilities Noncurrent portion of long-term debt Other compensation benefits Total noncurrent liabilities Total Liabilities Net Position Net investment in capital assets Restricted expendable Unrestricted Total Net Position $ Anoka Technical College & Community College 105 $ 4 109 556 $ 556 4,665 327 4,992 125 125 995 995 2,841 2,841 - - - 125 995 2,841 505 505 5,814 5,814 17,456 17,456 739 7,365 25,289 1 3 4 53 61 49 1 14 63 245 1 373 82 142 193 156 808 31 1,412 316 316 5,831 8 5,839 14,237 198 14,435 377 6,212 15,847 193 68 101 238 496 419 3,831 1,421 4,190 1,153 $ 9,442 362 $ 24 Bemidji State University Metropolitan State University Century College $ 452 $ 16 468 Minnesota State Community & Technical College Minnesota State University, Mankato Minnesota State University Moorhead 3,280 $ 142 3,422 224 $ 5 229 12,208 $ 1,162 13,370 20,946 $ 20,946 Normandale Community College 3,347 120 3,467 848 848 30,585 30,585 2,456 2,456 266 266 12,361 12,361 5,617 5,617 4,460 4,460 - 3,868 3,868 - - - 4,105 4,105 - 848 34,453 2,456 266 12,361 9,722 4,460 3,102 3,102 - 13,147 13,147 1,325 1,325 96,697 96,697 26,413 26,413 25,338 25,338 4,418 35,588 19,025 1,820 122,428 57,081 33,265 1 3 11 24 420 459 4 1 4,670 285 4,960 16 72 19 127 757 2 993 2 3 15 59 79 198 605 692 19 780 3,062 100 5,456 161 231 221 309 233 1,534 13 2,702 10 48 115 38 252 1,146 3 1,612 2,372 2,372 34,006 34,006 12,568 37 12,605 1,415 4 1,419 69,620 552 70,172 24,295 158 24,453 24,463 31 24,494 2,831 38,966 13,598 1,498 75,628 27,155 26,106 (3,378) 1,596 677 3,154 121 201 29,883 6,155 10,762 7,613 2,385 19,928 2,008 2,141 3,010 (3,378) $ 5,427 $ 322 $ 46,800 $ 29,926 $ 7,159 644 514 429 $ 1,113 $ 22 1,135 Minneapolis Community & Technical College 1,587 $ Continued… 25 MINNESOTA STATE COLLEGES AND UNIVERSITIES REVENUE FUND STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2014 AND 2013 (IN THOUSANDS) Southwest Minnesota State University Assets Current Assets Cash and cash equivalents Accounts receivable, net Advances from other schools Total current assets $ 1,139 $ 205 1,344 Current Restricted Assets Cash and cash equivalents Total current restricted assets Noncurrent Restricted Assets Construction in progress Total noncurrent restricted assets Total restricted assets Noncurrent Assets Capital assets, net Advances from other schools Total noncurrent assets Total Assets Liabilities Current Liabilities Salaries and benefits payable Accounts payable Unearned revenue Payable from restricted assets Interest payable Current portion of long-term debt Other compensation benefits Total current liabilities Noncurrent Liabilities Advances to other schools Other liabilities Noncurrent portion of long-term debt Other compensation benefits Total noncurrent liabilities Total Liabilities Net Position Net investment in capital assets Restricted expendable Unrestricted Total Net Position St. Cloud State University $ 26 13,854 $ 694 14,548 Saint Paul College 727 727 3,027 3,027 7,891 7,891 1,821 1,821 - 13,511 13,511 - 3,027 21,402 1,821 27,674 27,674 63,140 63,140 10,160 10,160 32,045 99,090 12,708 37 41 89 146 966 14 1,293 182 1,379 528 106 435 2,569 49 5,248 2 197 8 115 450 772 180 13,265 130 13,575 160 45,068 475 45,703 10,654 2 10,656 14,868 50,951 11,428 16,222 248 707 31,128 4,660 12,351 571 305 404 17,177 $ 48,139 $ 1,280 Winona State University $ $ 13,987 $ 841 14,828 System Office Sub Total Eliminations & Reclassifications - $ (448) (35) (483) 2014 GAAP Total 80,967 $ 3,144 84,111 2013 GAAP Total 4,364 $ 54 35 4,453 80,967 $ 3,592 35 84,594 78,934 2,766 81,700 7,603 7,603 2,110 2,110 83,006 83,006 - 83,006 83,006 112,913 112,913 - - 21,484 21,484 - 21,484 21,484 26,945 26,945 7,603 2,110 104,490 - 104,490 139,858 67,150 67,150 145 145 357,921 145 358,066 (145) (145) 357,921 357,921 334,980 334,980 89,581 6,708 547,150 (628) 546,522 556,538 398 1,728 646 10 406 2,203 80 5,471 21 222 8 175 5 431 1,159 4,674 2,543 5,152 3,049 14,447 298 31,322 (448) (448) 1,159 4,226 2,543 5,152 3,049 14,447 298 30,874 889 2,125 2,613 3,959 3,236 12,799 265 25,886 35,997 455 36,452 1,727 48 1,775 180 160 295,834 2,098 298,272 (180) (180) 160 295,834 2,098 298,092 178 310,933 1,958 313,069 41,923 2,206 329,594 (628) 328,966 338,955 31,568 3,793 12,297 215 4,287 125,495 23,199 68,862 - 125,495 23,199 68,862 121,093 25,992 70,498 47,658 $ 4,502 $ 217,556 $ - $ 217,556 $ 217,583 Concluded 27 MINNESOTA STATE COLLEGES AND UNIVERSITIES REVENUE FUND STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2014 AND 2013 (IN THOUSANDS) Alexandria Technical & Community College Operating Revenues Room and board Fees Sales and services Other income Total operating revenues $ Anoka Technical College & Community College Bemidji State University - $ 107 21 68 196 - $ 627 76 30 733 9,512 922 224 238 10,896 Operating Expenses Salaries and benefits Food service Other purchased services Supplies Repairs and maintenance Depreciation Other expense Total operating expenses Operating income (loss) 3 1 1 59 39 7 110 86 166 28 15 2 153 126 490 243 3,187 3,279 1,172 527 388 1,409 272 10,234 662 Nonoperating Revenues (Expenses) Private grants Interest income Interest expense Total nonoperating revenues (expenses) 1 (16) (15) 3 (247) (244) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Captial contributions Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Total Net Position, End of Year $ 28 30 (623) (593) 71 (1) 69 71 (1) 69 291 362 $ 1,154 1,153 $ 9,373 9,442 Century College $ $ - $ 590 80 670 Metropolitan State University - $ 324 1 325 Minneapolis Community & Technical College Minnesota State Community & Technical College Minnesota State University, Mankato Minnesota State University Moorhead Normandale Community College - $ 1,016 1,240 2,256 - $ 120 105 225 21,283 $ 4,566 1,303 90 27,242 10,405 $ 2,612 544 185 13,746 2,851 440 22 3,313 463 258 44 242 405 137 1,549 707 59 4 6 3 35 14 121 104 6,651 5,652 4,348 1,203 1,084 4,891 340 24,169 3,073 2,422 3,581 1,654 486 605 1,715 557 11,020 2,726 364 388 37 84 701 131 1,705 1,608 97 (2,985) (2,888) 6 81 17 29 207 9 349 321 20 57 660 2,327 3,064 (2,739) 10 (88) (78) 14 (1,015) (1,001) 17 (477) (460) 2 (60) (58) 243 (3,740) 247 46 185 2,082 628 243 (3,740) 247 46 185 2,082 628 1,344 1,587 $ 362 (3,378) $ 5,180 5,427 $ 276 322 $ 46,615 46,800 $ 171 99 (914) (644) 27,844 29,926 $ 18 (998) (980) 6,531 7,159 Continued… 29 MINNESOTA STATE COLLEGES AND UNIVERSITIES REVENUE FUND STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2014 AND 2013 (IN THOUSANDS) Southwest Minnesota State University Operating Revenues Room and board Fees Sales and services Other income Total operating revenues $ Operating Expenses Salaries and benefits Food service Other purchased services Supplies Repairs and maintenance Depreciation Other expense Total operating expenses Operating income (loss) Nonoperating Revenues (Expenses) Private grants Interest income Interest expense Total nonoperating revenues (expenses) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Captial contributions Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Total Net Position, End of Year $ 30 St. Cloud State University Saint Paul College 5,218 $ 711 378 14 6,321 14,509 $ 3,633 1,657 1,780 21,579 1,361 1,981 567 103 103 1,169 226 5,510 811 6,269 4,996 2,689 1,049 495 3,625 2,468 21,591 (12) 83 14 42 266 97 558 520 7 (589) (582) 10 122 (1,241) (1,109) 41 (445) (404) 229 (1,121) 116 1 230 (1,121) 116 16,947 17,177 $ 49,260 48,139 $ 4 1,074 1,078 56 - 1,164 1,280 Winona State University $ $ System Office Sub Total 78,125 $ 21,233 7,609 2,890 109,857 Eliminations & Reclassifications - $ - 2014 GAAP Total 78,125 $ 21,233 7,609 2,890 109,857 2013 GAAP Total 17,198 $ 3,150 572 54 20,974 - $ 303 303 77,468 21,728 7,329 2,843 109,368 5,757 5,690 1,959 1,052 805 3,135 421 18,819 2,155 48 10 27 85 218 26,832 25,179 13,299 4,554 4,601 17,750 7,159 99,374 10,483 - 26,832 25,179 13,299 4,554 4,601 17,750 7,159 99,374 10,483 25,350 24,697 13,578 4,476 4,199 16,196 6,110 94,606 14,762 97 (1,545) (1,448) 24 (31) (7) 181 582 (11,274) (10,511) - 181 582 (11,274) (10,511) 674 (10,615) (9,941) 707 211 (28) - (28) 4,821 707 211 1 (27) - 1 (27) 3,331 (312) 7,840 46,951 47,658 $ 4,291 4,502 $ 217,583 217,556 $ - $ 217,583 217,556 $ 209,743 217,583 Concluded 31 This page intentionally left blank. 32 SUPPLEMENTARY SECTION 33 COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT (NHED) AND COMPONENTS OF ANOKA TECHNICAL COLLEGE AND COMMUNITY COLLEGE STATEMENT OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2014 (IN THOUSANDS) Hibbing Community College Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory Student loans, net Other assets Advances from other schools Total current assets $ 6,671 $ 131 1,437 375 252 41 43 8,950 Total restricted assets Noncurrent Assets Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Liabilities Current Liabilities Salaries and benefits payable Accounts payable Unearned revenue Payable from restricted assets Interest Payable Funds held for others Current portion of long-term debt Other compensation benefits Other liabilities Advances to other schools Total current liabilities Noncurrent Liabilities Advances to other schools Noncurrent portion of long-term debt Other compensation benefits Capital contributions payable Total noncurrent liabilities Total Liabilities Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position Itasca Community College $ 3,598 147 134 34 90 1 57 4,061 - 508 - 301 18,239 18,540 460 12,336 12,796 6,001 6,001 27,490 19,511 10,062 1,238 701 406 199 309 273 11 3,137 971 523 515 210 32 243 140 49 18 2,701 504 382 66 26 25 136 10 155 1,304 2,074 2,126 418 4,618 115 3,450 1,221 537 5,323 322 302 808 111 1,543 7,755 8,024 2,847 15,855 930 2,950 8,643 298 342 2,204 5,674 187 1,354 19,735 $ 34 4,851 $ 202 792 133 121 85 23 6,207 Vermilion Community College 11,487 $ 7,215 Mesabi Range College $ $ Northeast Higher Education District Total Rainy River Community College 4,157 $ 27 471 532 354 162 4 37 5,744 2,734 $ 105 175 8 19 3,041 22,011 27 1,056 3,070 896 633 131 179 28,003 AnokaRamsey Community College $ 29,810 $ 482 2,627 910 1,069 30 57 34,985 Anoka Technical College 8,746 $ 72 604 297 376 1 10,096 Anoka Technical College & Community College Total 38,556 554 3,231 1,207 1,445 31 57 45,081 3 - 511 1,084 - 1,084 37 16,329 16,366 2,760 2,760 798 55,665 56,463 294 55,623 55,917 16,066 16,066 294 71,689 71,983 22,113 5,801 84,977 91,986 26,162 118,148 763 270 180 3 39 242 197 23 1,717 194 171 144 53 52 35 649 3,670 2,047 1,311 213 349 819 798 70 231 9,508 3,172 767 977 88 63 568 897 609 5 8 7,154 1,146 530 215 54 234 145 8 2,332 4,318 1,297 1,192 88 63 622 1,131 754 13 8 9,486 3,782 1,183 90 5,055 228 5 327 55 615 665 9,613 5,665 1,211 17,154 11,776 4,055 370 16,201 1,996 1,257 3,253 13,772 5,312 370 19,454 6,772 1,264 26,662 23,355 5,585 28,940 12,304 773 2,264 2,755 79 1,703 45,231 298 2,311 10,475 43,451 419 1,906 22,855 13,835 302 6,440 57,286 419 2,208 29,295 15,341 $ 4,537 $ 58,315 68,631 $ 20,577 $ 89,208 $ 35 COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT (NHED) AND COMPONENTS OF ANOKA TECHNICAL COLLEGE AND COMMUNITY COLLEGE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEAR ENDED JUNE 30, 2014 (IN THOUSANDS) Hibbing Community College Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating income (loss) Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position 4,249 $ 784 980 11 6,024 $ 36 2,441 $ 489 1,156 408 88 4,582 Vermilion Community College 1,506 301 1,849 3 3,659 11,895 1,946 1,697 603 1,372 352 303 18,168 (12,144) 9,478 1,383 1,313 465 531 750 1,071 14,991 (10,409) 5,704 884 850 236 489 104 325 8,592 (4,933) 5,833 4,029 1,689 28 60 (102) 11,537 4,078 3,870 935 1,056 33 (86) (1) 9,885 2,612 1,615 602 134 11 (16) 4,958 (607) (524) 323 103 (181) Total Net Position, Beginning of Year Total Net Position, End of Year Itasca Community College 19,916 19,735 $ 2,272 4 1,752 9,735 11,487 $ 25 1 26 7,189 7,215 Mesabi Range College $ 2,378 $ 436 437 41 3,292 9,070 1,059 834 460 828 295 1,253 13,799 (10,507) 5,283 3,673 668 25 71 (173) 9,547 $ Rainy River Community College 681 $ 133 483 54 1,351 Northeast Higher Education District Total 11,255 2,143 4,905 408 197 18,908 Anoka-Ramsey Community College $ 15,457 $ 2,096 3,420 703 101 21,777 Anoka Technical College 4,405 $ 627 1,140 33 6,205 Anoka Technical College & Community College Total 19,862 2,723 4,560 703 134 27,982 2,840 486 345 190 193 71 272 4,397 (3,046) 38,987 5,758 5,039 1,954 3,413 1,572 3,224 59,947 (41,039) 36,024 4,425 4,783 482 2,593 1,321 2,045 51,673 (29,896) 13,201 1,817 1,551 334 934 341 1,401 19,579 (13,374) 49,225 6,242 6,334 816 3,527 1,662 3,446 71,252 (43,270) 1,763 792 123 17 9 2,704 19,569 13,979 4,017 1,260 184 (377) (1) 38,631 17,761 12,307 2,856 45 128 (555) 32,542 7,556 3,967 969 2 51 (101) 12,444 25,317 16,274 3,825 47 179 (656) 44,986 (960) (342) (2,408) 2,646 (930) 1,716 25 (935) 1 (341) 2,621 108 321 272 (14) 2,904 107 (4) (827) 272 107 (18) 2,077 16,276 15,341 $ 4,878 4,537 $ 57,994 58,315 65,727 68,631 $ 21,404 20,577 $ $ 37 87,131 89,208 This page intentionally left blank. 38 30 7TH ST. E., SUITE 350 ST. PAUL, MN 55101-7804 Twin Cities: 651-201-1800 Toll free: 1-888-667-2848 www.mnscu.edu The Minnesota State Colleges and Universities System is an Equal Opportunity Employer and Educator. Consumers with hearing or speech disabilities may contact us via their preferred Telecommunications Relay Service.
