092012SuppAnnFinReportCov_Layout 1 9/17/12 1:41 PM Page 1
Minnesota State
Colleges & Universities
Supplement to the Annual Financial Report
For the year ended June 30, 2012
MINNESOTA STATE
COLLEGES AND UNIVERSITIES
SUPPLEMENT TO THE
ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2012
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, 2012
TABLE OF CONTENTS
Page
Supplementary Information for both System and Individual Institutions ............................................................................. 2
Fund Types ........................................................................................................................................................................... 3
Consolidated Statement of Net Assets by Fund Type........................................................................................................... 4
Consolidated Statement of Revenues, Expenses, and Changes in Net Assets by Fund Type ............................................... 6
Consolidated Reconciliation of Net Assets to Budgetary Fund Balance — General Fund .................................................. 9
Reconciliation of Net Assets to Budgetary Fund Balance — General Fund by Institution ................................................ 10
Statement of Net Assets by Institution ............................................................................................................................... 18
Statement of Revenues, Expenses, and Changes in Net Assets by Institution.................................................................... 26
Minnesota State Colleges & Universities Foundations — Statements of Financial Position ............................................. 34
Minnesota State Colleges & Universities Foundations — Statements of Activities .......................................................... 36
SUPPLEMENTARY SECTION
Components of Northeast Higher Education District (NHED) and Components of Anoka Technical College and
Community College — Reconciliation of Net Assets to Budgetary Fund Balance — General Fund by Institution .......... 40
Components of Northeast Higher Education District (NHED) and Components of Anoka Technical College and
Community College — Statement of Net Assets by Institution ......................................................................................... 42
Components of Northeast Higher Education District (NHED) and Components of Anoka Technical College and
Community College — Statement of Revenues, Expenses, and Changes in Net Assets by Institution ............................. 44
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 assets and statement of revenues, expenses, and changes in net
assets presented by fund type. These statements were prepared using full accrual accounting for all institutions, with
the exception of the interfund activities which were not eliminated, and 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 and apply scholarship allowances 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).
The reconciliation schedule shows a GAAP to budgetary reconciliation of net assets to fund balance for the General
Fund. This reconciliation begins with total net assets for all funds from the statement of net assets and reconciles it
to the budgetary General Fund balance by eliminating all other fund types and GAAP adjustments. The budgetary
fund balance includes state grant revenue and budgetary restrictions which are eliminated. The remaining fund
balance may be designated by the colleges and universities for board required reserves and specific programs.
Differences between budgetary and GAAP include the effect of full accrual accounting (revenue recognized when
earned and expense when incurred) vs. budgetary basis (revenue and expenses recognized when cash is received or
expended). This reconciliation does not conform to GAAP.
This schedule is followed by a GAAP to budgetary reconciliation for each institution’s General Fund utilizing the
methodology described above. This reconciliation does not conform to GAAP.
Following the GAAP to budgetary reconciliation are the statement of net assets and statement of revenues, expenses
and changes in net assets presented for each institution. These statements were also 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.
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
FUND TYPES
Activities included in the fund types are as follows:
GENERAL FUND
ENTERPRISE
General operation
Bookstore
Customized training
Computer store
State grants
Food service
Capital projects
Parking
Imprest cash
REVENUE
SPECIAL REVENUE
Residence halls
Student activities
Parking
Health services
Student union
Intercollegiate activities
Wellness centers
Child care
AGENCY
Federal grants
Custodial accounts
Federal financial aid
Temporary accounts
State financial aid
Private gifts and grants
Miscellaneous special revenues
Private scholarships
Endowments
3
MINNESOTA STATE COLLEGES AND UNIVERSITIES
CONSOLIDATED STATEMENT OF NET ASSETS BY FUND TYPE (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
General
Special Revenue
Enterprise
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans, net
Other assets
Due from other funds
Total current assets
$
Total restricted assets
638,837 $
4,361
2,891
38,495
27,578
677
93
4,791
717,723
30,740 $
1,712
9,543
4,133
11
222
46,361
57,647
19,757
8,457
13,874
4,058
1,313
105,106
12,913
-
454
1,476,778
1,476,778
8,054
8,054
25,737
47,499
73,236
2,207,414
54,415
178,796
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
Payable to other funds
Total current liabilities
83,778
26,050
23,715
14,199
19,285
18,793
51
185,871
2,220
5,353
11,210
14
554
416
1,657
21,424
514
3,603
1,287
25
162
3,474
242
142
6,671
16,120
Noncurrent Liabilities
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Total noncurrent liabilities
236,310
140,561
376,871
5,706
7
5,713
23,074
1,763
29,829
54,666
562,742
27,137
70,786
1,223,670
34,722
386,280
1,794
3,506
21,978
20,949
373
4,141
82,547
1,644,672 $
27,278 $
Noncurrent Assets
Student loans, net
Capital assets, net
Total noncurrent assets
Total Assets
Liabilities
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
4
108,010
Revenue
$
$
75,824 $
2,776
262
2,757
81,619
Agency
Sub Total
6,682 $
612
5,333
505
780
13,912
809,730 $
26,442
12,434
59,194
27,578
14,562
4,058
2,395
8,328
964,721
Eliminations &
Reclassifications
GAAP Total
- $
(8,328)
(8,328)
809,730
26,442
12,434
59,194
27,578
14,562
4,058
2,395
956,393
149,568
-
162,935
-
162,935
277,628
277,628
-
25,737
1,809,959
1,835,696
-
25,737
1,809,959
1,835,696
508,815
13,912
2,963,352
(8,328)
2,955,024
511
3,000
2,782
12,576
2,925
11,931
254
196
34,175
43
2,422
1,423
9,984
40
13,912
87,066
40,428
40,417
26,800
2,925
10,160
35,244
19,289
845
8,328
271,502
(8,328)
(8,328)
87,066
40,428
40,417
26,800
2,925
10,160
35,244
19,289
845
263,174
261,153
1,837
262,990
-
526,243
144,168
29,829
700,240
297,165
13,912
971,742
(8,328)
963,414
109,444
29,954
72,252
-
1,355,857
373
72,323
563,057
72,252
(72,252)
1,355,857
72,625
72,323
490,805
211,650 $
- $
1,991,610 $
5
-
- $
526,243
144,168
29,829
700,240
1,991,610
MINNESOTA STATE COLLEGES AND UNIVERSITIES
CONSOLIDATED STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET ASSETS BY FUND TYPE (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2012
(IN THOUSANDS)
General
Operating Revenues
Tuition, net
Fees
Sales and room and board
Restricted student payments
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
853,041 $
51,623
14,693
11,753
931,110
1,094,924
142,470
73,149
22,907
85,211
8,551
22,589
1,449,801
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
Transfers in
Transfers out
Gain (loss) on disposal of capital assets
Change in net assets
Total Net Assets, Beginning of Year
Total Net Assets, End of Year
$
6
Special
Revenue
- $
31,954
14,875
1,925
48,754
66,140
19,571
12,847
3,306
343
379,081
14,618
495,906
(518,691)
(447,152)
551,293
10,510
2,587
4,189
(11,413)
(3,622)
553,544
369,139
63,836
18,091
112
(372)
(7,559)
443,247
Enterprise
6,282
104,793
664
2,598
114,337
17,402
12,694
59,136
3,270
4,623
1,521
6,272
104,918
9,419
578
421
(329)
(50)
620
34,853
(3,905)
10,039
56,361
1,626
(869)
(444)
91,527
484
676
2,246
38
(461)
(1,734)
(12)
8,293
1,553,145
27,739
1,644,672 $
27,278 $
99,717
108,010
Revenue
$
- $
109,033
763
109,796
24,693
37,170
3,978
3,816
13,925
3,760
87,342
$
Eliminations &
Reclassifications
Sub Total
853,041 $
89,859
134,361
109,697
17,039
1,203,997
(314,494) $
(22,167)
(16,316)
(2,442)
(37)
(355,456)
1,203,159
211,905
149,110
33,299
104,102
389,153
47,239
2,137,967
(1,030)
(22)
(354,222)
(182)
(355,456)
GAAP Total
538,547
67,692
118,045
107,255
17,002
848,541
1,203,159
210,875
149,088
33,299
104,102
34,931
47,057
1,782,511
22,454
(933,970)
-
(933,970)
9,082
741
(10,412)
(589)
551,293
369,139
74,346
30,338
5,463
(22,526)
(11,231)
996,822
-
551,293
369,139
74,346
30,338
5,463
(22,526)
(11,231)
996,822
21,865
62,852
-
62,852
357
(78)
22,144
56,361
484
2,302
2,603
(2,603)
(496)
121,503
(2,603)
2,603
-
56,361
484
2,302
(496)
121,503
189,506
1,870,107
-
1,870,107
211,650 $
1,991,610 $
- $
1,991,610
7
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8
MINNESOTA STATE COLLEGES AND UNIVERSITIES
CONSOLIDATED RECONCILIATION OF NET ASSETS TO BUDGETARY FUND BALANCE
GENERAL FUND (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Total Net Assets
Less Restricted Assets
Invested in capital assets, net of related debt
Restricted net assets
Total unrestricted net assets
$
1,991,610
(1,355,857)
(144,948)
490,805
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(82,547)
(21,978)
386,280
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
159,354
(55,025)
General Fund - unrestricted budgetary fund balance
490,609
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2013 budget
Planned for fiscal year 2014 budget
(1,728)
(22,084)
(109,286)
(296,685)
(22,503)
(17,803)
Undesignated Budgetary Fund Balance
$
9
20,520
MINNESOTA STATE COLLEGES AND UNIVERSITIES
RECONCILIATION OF NET ASSETS TO BUDGETARY FUND BALANCE
GENERAL FUND BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Alexandria
Technical &
Community
College
$
25,832
Total Net Assets
Less Restricted Assets
Invested in capital assets, net of related debt
Restricted net assets
Total unrestricted net assets
Anoka Technical
College &
Community
College
$
80,637
Bemidji
State
University
$ 74,255
(20,418)
(642)
4,772
(57,886)
(2,703)
20,048
(47,620)
(7,476)
19,159
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(273)
(148)
4,351
(6,681)
(677)
12,690
(1,306)
(1,029)
16,824
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
2,958
(741)
6,568
5,419
(3,163)
14,946
5,712
(2,461)
20,075
(42)
(1,608)
(4,751)
(167)
-
(29)
(715)
(4,300)
(8,502)
(1,400)
-
(248)
(4,150)
(12,600)
(3,077)
-
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2013 budget
Planned for fiscal year 2014 budget
Undesignated budgetary fund balance
$
10
$
$
Central
Lakes
College
$ 32,046
$
Century
College
$
56,984
Dakota
County
Technical
College
$ 35,785
Fond du Lac
Tribal &
Community
College
$
24,449
Hennepin
Technical
College
$
43,863
Inver Hills
Community
College
$
43,877
Lake
Superior
College
$ 44,345
(26,901)
(769)
4,376
(41,040)
(1,894)
14,050
(24,817)
(310)
10,658
(19,706)
(498)
4,245
(34,265)
(672)
8,926
(27,469)
(1,164)
15,244
(35,806)
(846)
7,693
(1,216)
(154)
3,006
(3,805)
(281)
9,964
(939)
(437)
9,282
(691)
(73)
3,481
(2,030)
(239)
6,657
(2,799)
(497)
11,948
(1,877)
(630)
5,186
3,458
611
7,075
7,239
(3,675)
13,528
2,317
(427)
11,172
1,106
(531)
4,056
4,475
(1,368)
9,764
3,398
(737)
14,609
3,695
(947)
7,934
(73)
(5)
(1,895)
(5,102)
-
(770)
(425)
(4,000)
(8,333)
-
(710)
(1,766)
(8,696)
-
(800)
(2,006)
(500)
(750)
-
(506)
(3,044)
(4,006)
(1,465)
(743)
-
(428)
(2,392)
(11,771)
(18)
-
(151)
(2,265)
(5,518)
-
$
$
$
$
$
$
Continued…
11
MINNESOTA STATE COLLEGES AND UNIVERSITIES
RECONCILIATION OF NET ASSETS TO BUDGETARY FUND BALANCE
GENERAL FUND BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Metropolitan
State
University
$
56,774
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
Minneapolis
Community &
Technical
College
$
98,167
Minnesota
State CollegeSoutheast
Technical
$
17,100
(33,513)
(1,569)
21,692
(74,625)
(4,369)
19,173
(10,806)
(312)
5,982
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(1,346)
(1,596)
18,750
(2,401)
(715)
16,057
(1,134)
(137)
4,711
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
5,768
(4,471)
20,047
6,232
(3,648)
18,641
1,899
(989)
5,621
(1,280)
(3,703)
(14,566)
(98)
(400)
-
(13)
(250)
(3,951)
(14,427)
-
(1,400)
(2,700)
(1,021)
(500)
-
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2013 budget
Planned for fiscal year 2014 budget
Undesignated budgetary fund balance
$
12
$
$
Minnesota State
Community &
Technical
College
$
43,325
$
Minnesota
State
University,
Mankato
$ 210,363
Minnesota
State
University
Moorhead
$ 104,314
Minnesota
West
Community &
Technical
College
$
19,328
Normandale
Community
College
$ 72,222
North
Hennepin
Community
College
$
63,882
Northland
Community &
Technical
College
$
34,822
(33,007)
(912)
9,406
(147,174)
(23,358)
39,831
(68,647)
(21,418)
14,249
(12,111)
(317)
6,900
(39,197)
(5,252)
27,773
(38,060)
(1,298)
24,524
(27,772)
(531)
6,519
(1,524)
(597)
7,285
(4,895)
(3,668)
31,268
(3,357)
(540)
10,352
(1,450)
(386)
5,064
(2,902)
(946)
23,925
(6,504)
(497)
17,523
(1,835)
(176)
4,508
4,766
(1,573)
10,478
15,172
(4,557)
41,883
8,250
(2,133)
16,469
2,804
(723)
7,145
4,984
(1,958)
26,951
3,905
(1,724)
19,704
3,048
(635)
6,921
(630)
(521)
(3,338)
(5,150)
(589)
(250)
-
(1,839)
(10,525)
(27,519)
(2,000)
$
-
(5,218)
(8,713)
(2,538)
-
(11)
(1,916)
(3,918)
(528)
(772)
-
(1,350)
(4,200)
(21,401)
-
(568)
(2,872)
(13,283)
(2,981)
-
(62)
(55)
(2,095)
(4,709)
-
$
$
$
$
$
Continued…
13
MINNESOTA STATE COLLEGES AND UNIVERSITIES
RECONCILIATION OF NET ASSETS TO BUDGETARY FUND BALANCE
GENERAL FUND BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Pine
Technical
College
$ 8,586
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
Ridgewater
College
$
34,672
Riverland
Community
College
$
20,658
(6,772)
(121)
1,693
(20,663)
(383)
13,626
(15,835)
(400)
4,423
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(446)
30
1,277
(3,674)
(576)
9,376
(970)
(170)
3,283
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
941
(729)
1,489
3,702
(741)
12,337
2,568
(766)
5,085
(204)
(519)
(766)
-
(2,505)
(8,582)
(500)
(750)
-
(1,201)
(2,884)
(500)
(500)
-
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2013 budget
Planned for fiscal year 2014 budget
Undesignated budgetary fund balance
$
14
$
$
Rochester
Community &
Technical
College
$
70,581
$
South
Central
College
$ 16,557
Southwest
Minnesota
State
University
$
66,993
St. Cloud
State
University
$
198,399
St. Cloud
Technical &
Community
College
$
50,635
Saint Paul
College
$
54,042
Winona
State
University
$ 169,549
(57,726)
(780)
12,075
(8,658)
(180)
7,719
(58,223)
(1,409)
7,361
(131,599)
(34,578)
32,222
(29,646)
(905)
20,084
(34,356)
(2,221)
17,465
(120,213)
(19,325)
30,011
(4,906)
(408)
6,761
(459)
(712)
6,548
(937)
(232)
6,192
(2,975)
(2,735)
26,512
(3,182)
(306)
16,596
(2,535)
(426)
14,504
(7,523)
(2,480)
20,008
4,063
(1,820)
9,004
3,233
(509)
9,272
4,591
(45)
10,738
16,285
(6,696)
36,101
2,834
(825)
18,605
3,147
(2,916)
14,735
9,271
(2,096)
27,183
(303)
(3,100)
(5,601)
-
(1,530)
(1,811)
(2,563)
(3,368)
$
-
(78)
(487)
(2,000)
(5,875)
(511)
(1,787)
-
(2,758)
(10,500)
(15,343)
(5,500)
(2,000)
-
(224)
(2,145)
(15,636)
(300)
(300)
-
(62)
(420)
(2,822)
(10,483)
(948)
-
(344)
(4,400)
(22,439)
$
-
$
$
$
$
Continued…
15
MINNESOTA STATE COLLEGES AND UNIVERSITIES
RECONCILIATION OF NET ASSETS TO BUDGETARY FUND BALANCE
GENERAL FUND BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Northeast
Higher
Education
District
$
55,993
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
System
Office
$
23,296
System-wide
$
39,279
(41,172)
(3,194)
11,627
(9,113)
14,183
(531)
(5,317)
33,431
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(3,874)
(545)
7,208
14,183
(2,101)
5
31,335
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
6,391
525
14,124
4,960
(1,592)
17,551
763
(1,300)
30,798
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2013 budget
Planned for fiscal year 2014 budget
Undesignated budgetary fund balance
(155)
(3,626)
(9,088)
(528)
(354)
373
(6,322)
(4,463)
(100)
6,666
(1,774)
(9,500)
(6,043)
13,481
$
16
$
$
Sub Total
$ 1,991,610
$
Eliminations &
Reclassifications
$
-
GAAP Total
$
1,991,610
(1,355,347)
(145,123)
491,140
(510)
175
(335)
(1,355,857)
(144,948)
490,805
(82,547)
(21,978)
386,615
(335)
(82,547)
(21,978)
386,280
159,354
(55,360)
490,609
335
-
159,354
(55,025)
490,609
(1,728)
(22,084)
(109,286)
(296,685)
(22,503)
(17,803)
20,520
-
(1,728)
(22,084)
(109,286)
(296,685)
(22,503)
(17,803)
20,520
$
$
Concluded
17
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Alexandria
Technical &
Community
College
Anoka Technical
College &
Community
College
Bemidji
State
University
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans, net
Other assets
Total current assets
$
9,689 $
230
493
549
53
30
11,044
Total restricted assets
27,527 $
818
3,739
1,139
1,168
35
66
34,492
31,159
2,519
616
2,610
994
129
600
104
38,731
888
10,521
3,161
Noncurrent Assets
Student loans, net
Capital assets, net
Advances from other schools
Total noncurrent assets
26,030
26,030
347
67,319
67,666
4,148
71,766
75,914
Total Assets
37,962
112,679
117,806
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
1,334
742
623
320
5
25
418
357
3,824
3,265
1,227
1,416
3,449
67
809
1,081
661
15
11,990
3,686
1,299
1,302
937
170
447
1,470
720
10,031
Noncurrent Liabilities
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Advances to other schools
Total noncurrent liabilities
5,662
2,644
8,306
14,842
4,827
383
20,052
23,807
5,234
4,479
33,520
12,130
32,042
43,551
20,418
(6)
648
4,772
57,886
408
2,295
20,048
47,620
3,509
3,967
19,159
25,832 $
80,637 $
74,255
Liabilities
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
18
Central
Lakes
College
$
$
Century
College
Dakota
County
Technical
College
Fond du Lac
Tribal &
Community
College
Hennepin
Technical
College
Inver Hills
Community
College
Lake
Superior
College
10,677 $
366
1,235
612
472
3
40
13,405
22,172 $
279
373
4,101
1,104
1,344
35
29,408
14,391 $
429
1,473
218
132
3
16,646
5,267 $
225
1,333
413
53
24
7,315
14,839 $
317
2,466
640
452
37
18,751
19,611 $
1,354
122
1,643
789
492
142
24,153
11,584
238
1,430
817
838
50
14,957
58
850
479
31
936
253
202
11
30,748
30,759
55,219
55,219
26,864
26,864
23,794
23,794
42,009
42,009
35,176
35,176
43,821
43,821
44,222
85,477
43,989
31,140
61,696
59,582
58,980
1,524
1,012
533
58
145
609
508
4,389
3,508
1,054
1,342
75
29
674
1,091
827
8,600
1,346
526
670
479
87
226
217
3,551
569
306
399
32
1
295
127
1,729
2,378
1,274
946
936
410
592
32
6,568
1,755
1,222
1,031
254
254
543
502
5,561
1,383
748
358
203
64
622
432
3,810
4,771
2,997
19
7,787
13,423
6,470
19,893
2,076
2,133
444
4,653
3,851
990
121
4,962
7,334
3,931
11,265
7,164
2,980
10,144
7,503
3,322
10,825
12,176
28,493
8,204
6,691
17,833
15,705
14,635
26,901
769
4,376
41,040
329
1,565
14,050
24,817
310
10,658
19,706
498
4,245
34,265
672
8,926
27,469
1,164
15,244
35,806
846
7,693
32,046 $
56,984 $
35,785 $
24,449 $
43,863 $
43,877 $
44,345
Continued…
19
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Metropolitan
State
University
Minneapolis
Community &
Technical
College
Minnesota
State College Southeast
Technical
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans, net
Other assets
Total current assets
$
Total restricted assets
32,916 $
950
1,635
1,013
7
36,521
27,083 $
638
420
4,592
1,309
358
99
34,499
8,141
207
276
671
325
409
(1)
3
10,031
101
3,798
3
Noncurrent Assets
Student loans, net
Capital assets, net
Advances from other schools
Total noncurrent assets
41,478
41,478
99,253
99,253
13,821
13,821
Total Assets
78,100
137,550
23,855
3,120
1,575
2,540
325
25
717
607
8,909
2,969
1,141
990
465
161
85
1,572
697
8,080
1,201
391
241
3
227
174
2,237
7,248
5,169
12,417
25,694
5,609
31,303
2,788
1,730
4,518
21,326
39,383
6,755
33,513
1,569
21,692
74,625
2,352
2,017
19,173
10,806
312
5,982
56,774 $
98,167 $
17,100
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
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Advances to other schools
Total noncurrent liabilities
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
20
Minnesota State
Community &
Technical College
$
$
14,880 $
225
2,631
732
898
30
24
19,420
Minnesota
State
University,
Mankato
Minnesota
State
University
Moorhead
Minnesota West
Community &
Technical
College
37,287 $
1,351
155
1,957
1,323
1,103
225
43,401
North
Hennepin
Community
College
27,143 $
3,132
299
1,851
1,010
340
144
80
33,999
Northland
Community &
Technical
College
82,842 $
740
758
4,410
2,207
115
888
265
92,225
43,991 $
3,856
290
1,648
1,733
556
600
130
52,804
2,463
40,062
14,325
371
19,157
619
150
135
41,183
41,318
5,317
215,823
221,140
5,288
97,913
103,201
105
14,683
14,788
65,124
65,124
1,210
47,931
49,141
99
32,883
32,982
63,201
353,427
170,330
27,657
127,682
83,759
45,878
2,551
778
818
790
16
151
723
528
6,355
9,355
4,783
4,522
2,315
859
305
4,269
2,082
28,490
4,940
2,531
2,029
974
254
834
2,268
1,126
14,956
1,340
368
564
371
73
172
337
3,225
3,001
1,382
2,209
3,213
266
171
1,575
485
51
12,353
1,827
706
1,400
619
120
767
510
5,949
1,519
565
378
150
160
388
431
3,591
9,030
4,301
190
13,521
94,432
13,869
6,273
114,574
38,025
7,442
5,593
51,060
2,401
2,514
189
5,104
38,512
4,595
43,107
9,104
3,431
1,393
13,928
4,724
2,626
115
7,465
19,876
143,064
66,016
8,329
55,460
19,877
11,056
33,007
27
885
9,406
147,174
12,058
11,300
39,831
68,647
15,908
5,510
14,249
12,111
317
6,900
39,197
2,202
3,050
27,773
38,060
1,298
24,524
27,772
531
6,519
43,325 $
210,363 $
19,328 $
72,222 $
63,882 $
34,822
104,314 $
8,023 $
2,569
71
803
252
758
10
12
12,498
Normandale
Community
College
10,382
81
1,346
547
356
12
22
12,746
Continued…
21
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Pine
Technical
College
Ridgewater
College
Riverland
Community
College
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans, net
Other assets
Total current assets
$
2,238 $
799
547
114
102
4
3,804
19,088 $
115
987
379
540
7
11
21,127
10
236
7
Noncurrent Assets
Student loans, net
Capital assets, net
Advances from other schools
Total noncurrent assets
7,708
7,708
60
24,232
24,292
149
18,901
19,050
Total Assets
11,522
45,655
28,479
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
539
169
337
11
66
78
1,200
1,921
469
727
235
193
273
490
4,308
1,245
382
261
14
92
262
252
2,508
Noncurrent Liabilities
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Advances to other schools
Total noncurrent liabilities
869
867
1,736
3,296
3,264
115
6,675
2,805
2,347
161
5,313
2,936
10,983
7,821
6,772
121
1,693
20,663
383
13,626
15,835
400
4,423
8,586 $
34,672 $
20,658
Total restricted assets
6,754
500
193
1,142
361
433
22
17
9,422
Liabilities
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
22
Rochester
Community &
Technical
College
$
$
South
Central
College
Southwest
Minnesota
State
University
16,652 $
990
466
2,873
613
315
100
99
22,108
12,041 $
463
1,056
170
299
18
14,047
509
179
3,583
33,742
84
62,979
63,063
10,362
10,362
820
77,258
78,078
85,680
24,588
2,462
1,094
1,016
551
268
565
453
6,409
24,758 $
118
1,315
838
241
1
24
27,295
Saint Paul
College
Winona
State
University
58,724
5,081
249
2,310
1,924
833
400
174
69,695
288
13,660
10,940
4,984
201,861
206,845
38,190
38,190
43,814
43,814
1,997
171,694
173,691
99,842
333,915
65,773
83,112
254,326
1,777
602
495
179
113
374
1
3,541
2,227
817
523
601
171
97
1,548
548
35
35
6,602
10,491
2,584
5,142
6,139
358
609
7,230
1,688
611
34,852
1,786
695
835
288
95
568
289
4,556
1,715
263
1,211
1,222
122
16
1,061
364
5,974
5,858
4,081
3,001
841
447
931
3,390
1,382
19,931
4,687
3,660
343
8,690
1,590
2,900
4,490
20,869
4,178
985
215
26,247
79,590
15,242
5,832
100,664
7,976
2,606
10,582
20,264
2,832
23,096
53,842
8,461
2,543
64,846
15,099
8,031
32,849
135,516
15,138
29,070
84,777
57,726
780
12,075
8,658
180
7,719
58,223
1,409
7,361
131,599
18,443
16,135
32,222
29,646
905
20,084
34,356
613
1,608
17,465
120,213
12,516
6,809
30,011
66,993 $
198,399 $
50,635 $
54,042 $
169,549
16,557 $
82,460 $
2,424
853
3,445
2,567
199
950
430
93,328
St. Cloud
Technical &
Community
College
20,530 $
279
231
2,570
944
1,084
25,638
70,581 $
15,844 $
496
186
871
587
168
29
18,181
St. Cloud
State
University
Continued…
23
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Northeast
Higher
Education
District
System
Office
System-wide
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans, net
Other assets
Total current assets
$
Total restricted assets
Noncurrent Assets
Student loans, net
Capital assets, net
Advances from other schools
Total noncurrent assets
Total Assets
22,794 $
27
983
2,658
811
490
85
188
28,036
23,299 $
104
23,403
44,944
519
587
544
4
1
46,599
1,206
-
149
983
50,472
51,455
9,113
84
9,197
537
3,266
3,803
80,697
32,600
50,551
2,641
1,392
1,667
751
433
750
913
70
8,617
1,227
2,577
236
302
446
1
4,789
606
4,501
655
2,694
92
29
600
9,177
8,549
5,587
1,216
735
16,087
4,515
4,515
895
1,200
2,095
24,704
9,304
11,272
41,172
373
2,821
11,627
9,113
14,183
531
4,068
1,249
33,431
55,993 $
23,296 $
39,279
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
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Advances to other schools
Total noncurrent liabilities
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
24
Sub Total
$
$
809,730 $
26,442
12,434
62,532
27,578
14,562
4,058
2,393
959,729
Eliminations &
Reclassifications
GAAP Total
- $
(3,338)
2
(3,336)
809,730
26,442
12,434
59,194
27,578
14,562
4,058
2,395
956,393
162,937
(2)
162,935
25,737
1,809,959
3,350
1,839,046
(3,350)
(3,350)
25,737
1,809,959
1,835,696
2,961,712
(6,688)
2,955,024
87,066
43,256
40,417
26,800
2,925
10,160
35,269
19,289
845
635
266,662
(2,828)
(25)
(635)
(3,488)
87,066
40,428
40,417
26,800
2,925
10,160
35,244
19,289
845
263,174
526,728
144,168
29,829
2,715
703,440
(485)
(2,715)
(3,200)
526,243
144,168
29,829
700,240
970,102
(6,688)
963,414
1,355,347
72,800
72,323
491,140
510
(175)
(335)
1,355,857
72,625
72,323
490,805
1,991,610 $
- $
1,991,610
Concluded
25
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS BY INSTITUTION (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2012
(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
$
6,608 $
1,279
1,504
155
9,546
Anoka
Technical
College &
Community
College
Bemidji
State
University
23,530 $
3,316
4,854
717
453
32,870
23,465
2,807
2,554
9,611
414
38,851
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
16,305
2,108
2,299
614
1,471
475
1,026
24,298
47,332
5,800
5,906
1,367
3,228
1,837
3,531
69,001
46,534
10,852
4,492
1,219
5,236
1,045
4,441
73,819
Operating loss
(14,752)
(36,131)
(34,968)
9,273
4,313
1,245
159
74
(258)
14,806
23,444
17,092
2,651
26
158
(641)
42,730
20,276
12,496
4,135
1,834
202
(964)
37,979
54
6,599
3,011
211
24
289
2,297
(16)
8,880
1,073
(125)
3,959
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 assets
Total Net Assets, Beginning of Year
Total Net Assets, End of Year
$
26
25,543
71,757
70,296
25,832 $
80,637 $
74,255
Central
Lakes
College
$
$
Century
College
Dakota
County
Technical
College
7,226 $
1,171
2,375
135
10,907
22,841 $
2,305
4,222
766
426
30,560
8,321 $
1,299
2,143
222
11,985
22,792
2,861
4,037
804
2,037
378
1,770
34,679
51,982
5,823
7,310
930
3,030
2,076
3,260
74,411
19,092
3,980
3,434
494
1,550
608
1,534
30,692
(23,772)
(43,851)
11,661
9,509
1,848
118
72
(252)
22,956
Fond du Lac
Tribal &
Community
College
2,235 $
252
694
72
3,253
Hennepin
Technical
College
Inver Hills
Community
College
Lake
Superior
College
13,939 $
1,313
2,553
1,106
18,911
13,517 $
1,801
2,368
148
17,834
10,141
2,681
1,858
225
14,905
7,826
1,262
1,223
197
977
636
717
12,838
35,583
5,476
5,925
1,683
2,136
1,344
2,034
54,181
26,341
2,366
3,883
655
1,643
1,180
2,444
38,512
24,018
3,524
3,061
585
2,188
631
1,889
35,896
(18,707)
(9,585)
(35,270)
(20,678)
(20,991)
19,743
21,574
2,478
48
154
(618)
43,379
9,118
7,073
1,643
258
66
(110)
18,048
4,491
5,300
580
212
51
(198)
10,436
17,193
14,115
1,439
64
167
(276)
(2)
32,700
11,114
8,248
1,220
310
104
(361)
20,635
12,656
9,150
1,085
67
94
(392)
(124)
22,536
(816)
(472)
(659)
851
(2,570)
(43)
1,545
383
(51)
(484)
944
25
44
541
698
1,073
112
1,224
16
7
874
5,693
(155)
2,968
820
(8)
769
1,978
(35)
3,488
32,530
56,443
34,561
23,575
40,895
43,108
40,857
32,046 $
56,984 $
35,785 $
24,449 $
43,863 $
43,877 $
44,345
Continued…
27
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS BY INSTITUTION (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2012
(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
$
Minneapolis
Community &
Technical
College
Minnesota State
College Southeast
Technical
27,452 $
1,867
907
134
30,360
15,007 $
1,738
3,310
2,417
186
22,658
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
46,850
8,669
2,533
1,406
2,313
739
3,592
66,102
47,052
6,199
7,314
1,451
5,392
3,120
4,563
75,091
14,193
2,114
2,182
589
809
338
770
20,995
Operating loss
(35,742)
(52,433)
(13,809)
20,524
13,067
2,927
1,198
198
(359)
(24)
37,531
19,815
26,612
2,879
515
239
(1,081)
48,979
6,976
6,117
951
2
47
(153)
13,940
1,789
(3,454)
131
702
(2,184)
345
(1)
651
953
2,184
(317)
891
84
1,106
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 assets
Total Net Assets, Beginning of Year
Total Net Assets, End of Year
$
28
5,067
802
1,300
17
7,186
56,123
98,484
15,994
56,774 $
98,167 $
17,100
Minnesota State
Community &
Technical College
$
Minnesota
State
University
Moorhead
13,040 $
1,961
5,003
130
312
20,446
71,093 $
7,994
10,615
27,428
1,009
118,139
30,866 $
2,309
5,079
13,331
976
52,561
36,759
4,110
6,360
926
2,113
852
2,828
53,948
120,746
23,382
12,479
2,842
12,987
2,242
9,029
183,707
59,635
11,335
8,555
1,741
5,206
605
3,658
90,735
(33,502)
(65,568)
17,749
13,595
1,879
632
114
(457)
(80)
33,432
(70)
2,314
241
(122)
2,363
$
Minnesota
State
University,
Mankato
Minnesota West
Community &
Technical
College
North
Hennepin
Community
College
Northland
Community &
Technical
College
22,654 $
1,844
5,185
2,876
40
32,599
13,136 $
2,345
2,376
128
17,985
8,041
921
1,594
29
10,585
18,765
2,465
2,910
1,205
1,037
226
1,138
27,746
43,594
4,846
6,058
837
2,611
1,440
3,379
62,765
30,429
3,303
2,974
269
1,850
2,751
2,208
43,784
20,938
3,067
3,677
722
1,860
679
1,362
32,305
(38,174)
(18,396)
(30,166)
(25,799)
(21,720)
47,290
19,059
7,669
2,296
743
(3,937)
73,120
25,905
9,709
3,360
3,613
366
(1,697)
41,256
10,828
6,087
1,394
23
108
(114)
18,326
17,417
14,537
2,788
745
234
(1,333)
34,388
12,952
14,014
1,852
39
153
(456)
28,554
11,736
9,800
770
573
59
(229)
22,709
7,552
3,082
(70)
4,222
2,755
989
2,311
411
101
(113)
10,262
2,398
102
5,582
806
86
822
7,649
(210)
11,661
5,286
8,041
767
(4)
1,752
98,732
18,506
60,561
55,841
33,070
19,328 $
72,222 $
63,882 $
34,822
40,962
200,101
43,325 $
210,363 $
6,829 $
756
1,628
137
9,350
Normandale
Community
College
104,314 $
Continued…
29
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS BY INSTITUTION (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2012
(IN THOUSANDS)
Pine
Technical
College
Operating Revenues
Tuition, net
Fees, net
Sales and room and board, net
Restricted student payments, net
Other income
Total operating revenues
$
1,346 $
204
2,257
5
3,812
Ridgewater
College
Riverland
Community
College
9,873 $
1,563
2,380
364
14,180
7,318
987
1,707
72
10,084
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
8,021
1,379
859
334
494
978
334
12,399
24,359
3,307
4,143
806
1,917
637
1,549
36,718
19,214
2,145
2,779
749
1,348
303
1,312
27,850
Operating loss
(8,587)
(22,538)
(17,766)
3,130
3,886
1,256
66
15
(47)
8,306
13,571
8,367
1,776
109
48
(154)
23,717
10,729
6,075
998
92
54
(148)
17,800
(281)
1,179
34
302
11
32
499
118
(2)
1,794
327
7
368
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 assets
Total Net Assets, Beginning of Year
Total Net Assets, End of Year
$
30
8,554
32,878
20,290
8,586 $
34,672 $
20,658
Rochester
Community &
Technical
College
$
$
South
Central
College
Southwest
Minnesota
State
University
St. Cloud
State
University
St. Cloud
Technical &
Community
College
Saint Paul
College
Winona
State
University
13,973 $
2,665
4,997
1,954
23,589
9,849 $
1,142
2,076
622
13,689
12,740 $
1,650
1,403
5,639
47
21,479
63,799 $
8,863
12,904
19,540
5,239
110,345
9,818 $
1,188
2,892
97
13,995
9,548 $
825
2,648
836
88
13,945
43,483
5,535
14,973
23,343
1,732
89,066
31,914
3,628
4,870
616
3,841
1,194
3,058
49,121
24,262
2,463
4,455
745
980
770
1,176
34,851
28,864
6,230
2,332
724
3,780
321
2,205
44,456
128,184
20,019
10,067
2,123
12,220
1,742
9,509
183,864
23,960
2,402
3,569
1,184
1,891
1,200
1,541
35,747
27,247
4,348
4,336
443
2,183
1,798
1,926
42,281
74,798
23,104
8,259
2,888
9,456
1,113
5,867
125,485
(25,532)
(21,162)
(22,977)
(73,519)
(21,752)
(28,336)
(36,419)
14,926
10,601
2,176
156
107
(252)
27,714
10,908
9,092
1,459
31
51
(80)
(6)
21,455
14,120
5,044
1,933
896
124
(968)
21,149
53,186
20,733
7,868
10,726
499
(2,724)
(134)
90,154
11,328
9,669
1,543
43
135
(400)
(31)
22,287
13,321
17,718
1,450
250
174
(773)
32,140
29,957
10,460
4,891
2,835
485
(2,535)
(374)
45,719
2,182
293
(1,828)
16,635
535
3,804
9,300
1,001
(53)
3,130
258
27
8
586
1,172
73
326
2
(255)
7,212
29
(19)
23,857
2,316
(9)
2,842
420
17
86
4,327
2,439
(169)
11,570
67,451
15,971
67,248
174,542
47,793
49,715
157,979
70,581 $
16,557 $
66,993 $
198,399 $
50,635 $
54,042 $
169,549
Continued…
31
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS BY INSTITUTION (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2012
(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
$
11,792 $
2,284
4,668
621
347
19,712
System
Office
- $
84
235
319
System-wide
25
2,934
1,349
4,308
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
38,028
4,930
5,339
1,407
2,757
1,409
3,157
57,027
9,166
1,598
625
3,191
265
14,845
5,461
5,810
429
611
370
264
890
13,835
Operating loss
(37,315)
(14,526)
(9,527)
18,216
15,756
2,770
1,683
158
(450)
38,133
16,764
9
14
156
(5)
16,938
10,976
10,262
1,433
705
54
(104)
(10,456)
12,870
818
2,412
3,343
2,225
11
3,054
28
2,440
(16)
3,327
52,939
20,856
35,952
55,993 $
23,296 $
39,279
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 assets
Total Net Assets, Beginning of Year
Total Net Assets, End of Year
$
32
Sub Total
$
538,547 $
67,692
118,045
107,255
18,475
850,014
1,180,244
194,905
148,674
33,166
104,102
34,931
87,962
1,783,984
$
Eliminations &
Reclassifications
GAAP Total
- $
(1,473)
(1,473)
22,915
15,970
414
133
(40,905)
(1,473)
538,547
67,692
118,045
107,255
17,002
848,541
1,203,159
210,875
149,088
33,299
104,102
34,931
47,057
1,782,511
(933,970)
-
(933,970)
551,293
369,139
74,346
30,338
5,463
(22,526)
(11,231)
996,822
-
551,293
369,139
74,346
30,338
5,463
(22,526)
(11,231)
996,822
62,852
-
62,852
56,361
484
2,302
(496)
121,503
-
56,361
484
2,302
(496)
121,503
1,870,107
-
1,870,107
1,991,610 $
- $
1,991,610
Concluded
33
MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATIONS
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
AS OF JUNE 30, 2012 AND 2011
(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
Investment property
Restricted investments
Assets held for endowment
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
Temporarily restricted
Permanently restricted
Total Net Assets
Total Liabilities and Net Assets
$
$
$
Century
College
Foundation
Metropolitan
State University
Foundation
208 $
15,628
1,462
13
17,311
138 $
1,668
67
1,873
60 $
3,582
5
3,647
1,368
588
74
3
2,033
139
2,930
315
31
3,415
20,726 $
1,873 $
3,647 $
130
2,736
2,866
4,899
59 $
3
18
21
101
92 $
92
- $
-
49
82
131
92
-
131
175
732
907
1,008
$
Fergus Area
College
Foundation
5,388
1,654
12,676
19,718
20,726 $
34
(30)
697
1,114
1,781
1,873 $
105
659
2,883
3,647
3,647 $
330
2,009
2,429
4,768
4,899
Minnesota State
University,
Mankato
Foundation, Inc.
$
$
$
St. Cloud State
University
Foundation, Inc.
Southwest
Minnesota
State
University
Foundation
Winona
State
University
Foundation
2012
Total
2,330 $
965
72
3,367
1,170 $
11,172
716
15
13,073
1,221 $
27,056
1,102
909
10
29
805
31,132
69 $
5,329
543
50
19
6,010
1,126 $
239
231
131
1,727
7,690
65,023
1,102
4,975
399
179
805
80,173
1,041
39,322
1,004
41,367
44,734 $
4,659
3,418
8,077
21,150 $
285
2,048
8,393
5
177
310
11,218
42,350 $
221
2,881
6,713
448
10,263
16,273 $
599
20,111
9,035
480
30,225
31,952 $
424
11,628
8,393
59,433
5
2,881
2,736
20,662
1,269
107,431
187,604
277 $
227
504
68 $
14
47
105
234
260 $
48
42
1,320
805
75
2,550
145 $
5
392
783
1,325
65 $
30
278
340
713
1,015
100
392
385
1,660
1,920
178
5,650
932
932
1,436
$
Minnesota State
University
Moorhead Alumni
Foundation, Inc.
8,833
2,093
32,372
43,298
44,734 $
716
3,120
3,836
4,070
1,471
6,062
9,547
17,080
21,150 $
300
5,280
10,482
16,062
18,612
(6,604)
13,745
16,597
23,738
42,350 $
35
5,190
5,190
6,515
605
5,998
3,155
9,758
16,273 $
7,114
7,114
7,827
815
7,902
15,408
24,125
31,952 $
2011
Total
$
$
$
9,516
62,047
1,379
4,560
780
1,742
750
80,774
399
6,057
9,808
12,206
738
50,752
55
21,103
1,230
102,348
183,122
653
152
603
163
323
1,674
146
3,714
2,123
13,126
18,792
34,041
39,691
1,837
8,188
20,848
30,873
34,587
10,913
40,819
96,181
147,913
187,604
15,518
42,179
90,838
148,535
183,122
$
MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATIONS
STATEMENTS OF ACTIVITIES (UNAUDITED)
FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
(IN THOUSANDS)
Support and Revenue
Contributions
Endowment gifts
In-kind contributions
Investment income (loss)
Realized gains (losses)
Unrealized gains (losses)
Program income
Special events
Fundraising income
Other income
Total support and revenue
Bemidji
State
University
Foundation
Century
College
Foundation
Fergus Area
College
Foundation
Metropolitan
State University
Foundation
$
$
$
$
Expenses
Program services
Program services
Scholarships
Institutional activities
Special projects
Total program services
Supporting services
Interest expense
Management and general
Fundraising expenses
Depreciation and amortization
Other expense
Total supporting services
Total expenses
Change in Net Assets
Net Assets, Beginning of Year
Net Assets, End of Year
$
6,218
817
83
5
67
3
7,193
476
73
6
18
(94)
15
494
50
127
86
68
64
395
860
(70)
13
803
767
1,433
2,200
120
291
411
141
141
1,127
1,127
107
426
533
2,733
98
11
109
520
79
79
220
40
175
215
1,342
4,460
(26)
175
15,258
19,718
$
36
1,807
1,781
$
3,472
3,647
(539)
$
5,307
4,768
Minnesota State
University,
Mankato
Foundation, Inc.
Minnesota State
University
Moorhead Alumni
Foundation, Inc.
$
$
$
2,564
1,872
1,169
(1,431)
(78)
75
4,171
3,991
414
843
3
5,251
St. Cloud State
University
Foundation, Inc.
Southwest
Minnesota
State
University
Foundation
Winona
State
University
Foundation
$
$
$
4,264
2,041
363
216
(481)
6,403
2,546
354
142
28
(123)
278
65
881
4,171
2,207
383
114
(519)
1,196
74
3,455
2012
Total
2011
Total
$ 23,126
867
4,340
2,617
(1,055)
(1,191)
2,452
18
203
959
32,336
$ 16,984
1,115
5,037
5,674
6,888
7,861
2,824
35
214
279
46,911
3,307
3,307
20
469
1,111
1,600
599
10,933
11,532
1,069
625
605
2,299
684
921
1,220
58
2,883
3,499
17,283
3,227
1,491
25,500
3,205
7,765
2,719
2,253
15,942
17
553
1,779
8
2,357
5,664
174
450
95
135
57
911
2,511
616
1,157
654
2,427
13,959
308
406
714
3,013
48
65
113
2,996
807
2,840
3,611
135
65
7,458
32,958
821
2,580
3,752
161
60
7,374
23,316
(1,493)
2,740
(7,556)
1,158
459
44,791
43,298
$
14,340
17,080
$
31,294
23,738
37
$
8,600
9,758
$
23,666
24,125
(622)
148,535
$ 147,913
23,595
124,940
$ 148,535
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38
SUPPLEMENTARY SECTION
39
COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT (NHED) AND
COMPONENTS OF ANOKA TECHNICAL COLLEGE AND COMMUNITY COLLEGE
RECONCILIATION OF NET ASSETS TO BUDGETARY FUND BALANCE
GENERAL FUND BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Hibbing
Community
College
$
20,182
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2013 budget
Planned for fiscal year 2014 budget
Undesignated budgetary fund balance
$
40
Itasca
Community
College
$
9,627
Vermilion
Community
College
$
7,168
(15,698)
(740)
3,744
(6,345)
(632)
2,650
(6,057)
(235)
876
(1,533)
(272)
1,939
(700)
(59)
1,891
(436)
(41)
399
2,563
(160)
4,342
1,303
(6)
3,188
(1,106)
(2,662)
(328)
(246)
-
(155)
(850)
(2,075)
(108)
-
$
774
248
1,421
$
(400)
(930)
91
Mesabi Range
Community &
Technical
College
$
14,412
$
Rainy River
Community
College
$
4,604
Northeast
Higher
Education
District
Total
$ 55,993
AnokaRamsey
Community
College
$
59,989
Anoka
Technical
College
$ 20,648
Anoka
Technical
College &
Community
College Total
$
80,637
(10,461)
(1,423)
2,528
(2,611)
(164)
1,829
(41,172)
(3,194)
11,627
(43,308)
(2,370)
14,311
(14,578)
(333)
5,737
(57,886)
(2,703)
20,048
(1,082)
(143)
1,303
(123)
(30)
1,676
(3,874)
(545)
7,208
(5,436)
(426)
8,449
(1,245)
(251)
4,241
(6,681)
(677)
12,690
1,445
1
2,749
306
442
2,424
6,391
525
14,124
3,926
(2,486)
9,889
1,493
(677)
5,057
5,419
(3,163)
14,946
(770)
(1,854)
125
(500)
(1,567)
(200)
157
(155)
(3,626)
(9,088)
(528)
(354)
373
(17)
(660)
(3,089)
(4,723)
(1,400)
-
(12)
(55)
(1,211)
(3,779)
-
(29)
(715)
(4,300)
(8,502)
(1,400)
-
$
$
$
41
$
$
COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT (NHED) AND
COMPONENTS OF ANOKA TECHNICAL COLLEGE AND COMMUNITY COLLEGE
STATEMENT OF NET ASSETS BY INSTITUTION (UNAUDITED)
AS OF JUNE 30, 2012
(IN THOUSANDS)
Hibbing
Community
College
Itasca
Community
College
Vermilion
Community
College
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans, net
Other assets
Total current assets
$
7,282 $
176
1,107
386
186
28
21
9,186
5,113 $
263
588
81
62
54
105
6,266
106
395
150
357
18,545
18,902
574
9,071
9,645
3
6,519
6,522
28,194
16,306
9,533
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
Total current liabilities
956
374
502
106
253
304
366
11
2,872
600
450
691
84
8
156
125
49
2,163
333
225
35
6
80
105
185
10
979
Noncurrent Liabilities
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Advances to other schools
Total noncurrent liabilities
2,543
2,213
384
5,140
2,570
1,205
591
150
4,516
357
635
107
287
1,386
8,012
6,679
2,365
15,698
740
3,744
6,345
312
320
2,650
6,057
61
174
876
20,182 $
9,627 $
7,168
Total restricted assets
Noncurrent Assets
Student loans, net
Capital assets, net
Total noncurrent assets
Total Assets
2,508
115
105
37
60
36
2,861
Liabilities
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
42
Mesabi Range
Community &
Technical
College
$
$
Rainy River
Community
College
AnokaRamsey
Community
College
Northeast
Higher
Education
District Total
5,006 $
27
260
674
307
167
3
20
6,464
2,885 $
169
184
15
6
3,259
22,794
27
983
2,658
811
490
85
188
28,036
249
306
1,206
49
13,718
13,767
2,619
2,619
20,480
$
Anoka
Technical
College
7,672 $
117
894
335
387
1
9,406
27,527
818
3,739
1,139
1,168
35
66
34,492
10,516
5
10,521
983
50,472
51,455
347
49,958
50,305
17,361
17,361
347
67,319
67,666
6,184
80,697
85,907
26,772
112,679
588
153
254
249
33
185
200
1,662
164
190
185
306
59
37
941
2,641
1,392
1,667
751
433
750
913
70
8,617
2,294
742
1,099
3,444
67
744
830
477
8
9,705
971
485
317
5
65
251
184
7
2,285
3,265
1,227
1,416
3,449
67
809
1,081
661
15
11,990
3,071
1,256
79
4,406
8
278
55
298
639
8,549
5,587
1,216
735
16,087
12,311
3,519
383
16,213
2,531
1,308
3,839
14,842
4,827
383
20,052
6,068
1,580
24,704
25,918
6,124
32,042
10,461
1,423
2,528
2,611
164
1,829
41,172
373
2,821
11,627
43,308
408
1,962
14,311
14,578
333
5,737
57,886
408
2,295
20,048
14,412 $
4,604 $
55,993
59,989 $
20,648 $
80,637
$
43
19,855 $
701
2,845
804
781
34
66
25,086
Anoka
Technical
College &
Community
College Total
COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT (NHED) AND
COMPONENTS OF ANOKA TECHNICAL COLLEGE AND COMMUNITY COLLEGE
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS BY INSTITUTION (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2012
(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
$
3,866 $
890
1,040
109
5,905
Itasca
Community
College
2,773 $
505
1,116
378
61
4,833
Vermilion
Community
College
1,525
344
1,580
243
32
3,724
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
12,428
1,523
1,471
360
1,098
329
682
17,891
8,686
1,013
1,252
367
512
661
1,004
13,495
5,242
905
969
213
513
84
450
8,376
Operating loss
(11,986)
(8,662)
(4,652)
5,454
4,907
847
46
54
(119)
11,189
3,605
3,703
646
1,061
31
(145)
8,901
2,336
1,829
345
18
8
(29)
4,507
(797)
239
(145)
292
6
(499)
411
650
5
(140)
Nonoperating Revenues (Expenses)
Appropriations
Federal grants
State grants
Private grants
Interest income
Interest expense
Total nonoperating revenues (expenses)
Income (Loss) Before Other Revenues, Expenses, Gains, or Losses
Capital appropriations
Gain (loss) on disposal of capital assets
Change in net assets
Total Net Assets, Beginning of Year
Total Net Assets, End of Year
$
44
20,681
8,977
7,308
20,182 $
9,627 $
7,168
Mesabi Range
Community &
Technical
College
$
$
2,873 $
393
504
5
3,775
Rainy River
Community
College
Northeast
Higher
Education
District Total
Anoka-Ramsey
Community
College
755 $
152
428
140
1,475
11,792
2,284
4,668
621
347
19,712
9,002
1,094
1,210
120
471
281
782
12,960
2,670
395
437
347
163
54
239
4,305
38,028
4,930
5,339
1,407
2,757
1,409
3,157
57,027
33,350
4,145
4,601
1,000
2,231
1,275
3,044
49,646
13,982
1,655
1,305
367
997
562
487
19,355
47,332
5,800
5,906
1,367
3,228
1,837
3,531
69,001
(9,185)
(2,830)
(37,315)
(23,950)
(12,181)
(36,131)
4,759
4,462
753
404
56
(157)
10,277
2,062
855
179
154
9
3,259
18,216
15,756
2,770
1,683
158
(450)
38,133
16,061
12,572
1,850
7
104
(500)
30,094
7,383
4,520
801
19
54
(141)
12,636
23,444
17,092
2,651
26
158
(641)
42,730
1,092
429
818
1,151
2,243
371
800
2,225
11
3,054
12,169
3,804
52,939
14,412 $
4,604 $
55,993
$
$
45
18,199 $
2,523
3,868
717
389
25,696
Anoka
Technical
College
5,331 $
793
986
64
7,174
Anoka
Technical
College &
Community
College Total
23,530
3,316
4,854
717
453
32,870
6,144
455
6,599
2,049
(16)
8,177
248
703
2,297
(16)
8,880
51,812
19,945
71,757
59,989 $
20,648 $
80,637
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46
47
FinancialBackCover2012_Layout 1 9/17/12 1:37 PM Page 1
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Phone: (651) 201-1800
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48