Minnesota State
Colleges Universities
Supplement to the Annual Financial Report
For the year ended June 30, 2011
MINNESOTA STATE
COLLEGES AND UNIVERSITIES
SUPPLEMENT TO THE
ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2011
Prepared by:
Minnesota State Colleges and Universities
30 7th St. E., Suite 350
St. Paul, MN 55101-7804
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MINNESOTA STATE COLLEGES AND UNIVERSITIES
SUPPLEMENT TO THE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2011
TABLE OF CONTENTS
Page
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
Reconciliation of Net Assets to Budgetary Fund Balance for Northeast Higher Education District .................................. 18
Statement of Net Assets by Institution ............................................................................................................................... 20
Statement of Net Assets for Northeast Higher Education District ...................................................................................... 28
Statement of Revenues, Expenses, and Changes in Net Assets by Institution.................................................................... 30
Statement of Revenues, Expenses, and Changes in Net Assets for Northeast Higher Education District .......................... 38
Minnesota State Colleges’ & Universities’ Foundations — Statements of Financial Position .......................................... 40
Minnesota State Colleges’ & Universities’ Foundations — Statements of Activities ........................................................ 42
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. Scholarship allowances are not applied to these statements, therefore 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. 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.
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.
Following the GAAP to budgetary reconciliation are the statements of net assets and statements 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. 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) also follow each
of the institution level statements. 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, 2011
(In Thousands)
General
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
$
Restricted Assets
Noncurrent Assets
Student loans, net
Capital assets, net
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
Payable to other funds
Total current liabilities
Noncurrent Liabilities
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
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
$
4
610,038
2,208
2,503
40,695
27,913
502
89
5,440
689,388
Special Revenue
$
27,012
5,816
13,917
4,625
15
268
51,653
Enterprise
$
57,566
18,958
7,875
12,109
4,080
1,184
101,772
16,356
-
434
1,456,427
1,456,427
8,397
8,397
26,405
49,387
75,792
2,162,171
60,050
177,998
120,046
26,818
24,374
10,698
2
20,126
21,398
52
223,514
5,648
6,600
10,429
20
581
1
2,357
25,636
1,131
3,942
1,496
115
3,533
225
125
9,178
19,745
247,198
138,314
385,512
6,675
6,675
26,545
1,822
30,169
58,536
609,026
32,311
78,281
1,196,375
35,259
321,511
1,142
2,851
23,746
19,319
356
3,911
76,131
1,553,145
$
27,739
$
99,717
Revenue
$
$
69,977
2,406
209
4,414
77,006
Agency
$
Eliminations &
Reclassifications
Sub Total
6,227
743
4,899
522
1,681
14,072
$
770,820
27,725
16,420
60,500
27,913
12,626
4,080
2,272
11,535
933,891
$
GAAP Total
(11,535)
(11,535)
$
770,820
27,725
16,420
60,500
27,913
12,626
4,080
2,272
922,356
162,963
-
179,753
-
179,753
240,629
240,629
-
26,405
1,754,840
1,781,245
-
26,405
1,754,840
1,781,245
480,598
14,072
2,894,889
(11,535)
2,883,354
1,249
1,731
2,982
10,737
3,087
7,878
308
27,972
115
2,419
1,907
9,600
31
14,072
128,189
41,510
41,188
21,435
3,089
9,735
32,118
21,931
209
11,535
310,939
(11,535)
(11,535)
128,189
41,510
41,188
21,435
3,089
9,735
32,118
21,931
209
299,404
261,445
1,675
263,120
-
541,863
141,811
30,169
713,843
291,092
14,072
1,024,782
105,825
66,008
17,673
-
-
1,322,661
66,364
59,694
421,388
189,506
$
-
$
1,870,107
5
-
541,863
141,811
30,169
713,843
(11,535)
1,013,247
$
-
1,322,661
66,364
59,694
421,388
$
1,870,107
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, 2011
(In Thousands)
Special
Revenue
General
Operating Revenues
Tuition
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
Other expense
Total operating expenses
832,637
55,370
16,008
11,226
915,241
$
1,125,733
147,231
80,230
26,275
81,144
9,151
24,697
1,494,461
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 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
$
6
$
81,553
21,872
15,658
2,785
343
381,004
13,311
516,526
7,885
105,191
666
2,410
116,152
17,661
13,821
64,373
3,023
3,386
1,183
5,254
108,701
(579,220)
(466,472)
613,382
13,884
2,275
3,769
(11,355)
(5,047)
616,908
420,175
51,597
18,475
1,465
(396)
(10,609)
480,707
37,688
14,235
8,091
65,480
386
1,325
45,609
(32,023)
3,148
121,613
169
190
9,489
(20,554)
44
3,573
3,721
(6,097)
(44)
5,671
24,166
94,046
1,431,532
Total Net Assets, End of Year
31,938
15,971
2,145
50,054
Enterprise
1,553,145
$
27,739
7,451
367
534
(230)
(31)
640
$
99,717
Revenue
$
105,641
752
106,393
$
832,637
95,193
137,170
106,307
16,533
1,187,840
$
(293,619)
(23,409)
(16,082)
(2,939)
(37)
(336,086)
GAAP Total
$
1,249,299
220,117
164,308
34,606
97,297
391,497
46,398
2,203,522
22,559
(1,015,682)
-
(1,015,682)
1,260
650
(8,881)
(6,971)
613,382
420,175
65,481
22,377
6,418
(20,862)
(15,687)
1,091,284
-
613,382
420,175
65,481
22,377
6,418
(20,862)
(15,687)
1,091,284
15,588
75,602
1,686
(1,831)
41
15,484
65,480
555
1,515
60,505
(60,505)
3,189
146,341
189,506
(1,279)
(16)
(334,610)
(181)
(336,086)
539,018
71,784
121,088
103,368
16,496
851,754
24,352
37,193
4,047
2,523
12,424
159
3,136
83,834
174,022
$
Eliminations &
Reclassifications
Sub Total
-
75,602
(60,505)
60,505
-
1,723,766
$
1,249,299
218,838
164,292
34,606
97,297
56,887
46,217
1,867,436
65,480
555
1,515
3,189
146,341
-
1,870,107
$
7
-
1,723,766
$
1,870,107
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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, 2011
(In Thousands)
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
$
1,870,107
(1,322,661)
(126,058)
421,388
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(76,131)
(23,746)
321,511
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
159,712
(54,727)
General Fund - unrestricted budgetary fund balance
426,496
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2012 budget
Planned for fiscal year 2013 budget
(1,906)
(18,706)
(101,690)
(246,492)
(23,613)
(24,298)
Undesignated Budgetary Fund Balance
$
9
9,791
MINNESOTA STATE COLLEGES AND UNIVERSITIES
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2011
(In Thousands)
Alexandria
Technical &
Community
College
$
25,543
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
AnokaRamsey
Community
College
$
51,812
Anoka
Technical
College
$ 19,945
(21,102)
(569)
3,872
(39,985)
(1,866)
9,961
(13,712)
(374)
5,859
(280)
(87)
3,505
(4,416)
(465)
5,080
(977)
(213)
4,669
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
2,982
(1,045)
5,442
4,115
(1,605)
7,590
1,576
(615)
5,630
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2012 budget
Planned for fiscal year 2013 budget
Undesignated budgetary fund balance
(7)
(1,657)
(3,510)
(268)
-
(3,017)
(4,573)
-
(1,296)
(2,237)
(1,347)
(750)
-
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
$
10
$
$
Bemidji
State
University
$ 70,296
$
Central
Lakes
College
$ 32,530
Century
College
$
56,443
Dakota
County
Technical
College
$ 34,561
Fond du Lac
Tribal &
Community
College
$
23,575
Hennepin
Technical
College
$
40,895
Inver Hills
Community
College
$
43,108
(48,914)
(7,347)
14,035
(26,054)
(813)
5,663
(40,881)
(1,916)
13,646
(22,323)
(279)
11,959
(20,198)
(498)
2,879
(28,663)
(552)
11,680
(26,649)
(886)
15,573
(1,213)
(1,047)
11,775
(1,029)
(177)
4,457
(3,214)
(260)
10,172
(872)
(410)
10,677
(586)
(138)
2,155
(1,781)
(259)
9,640
(2,813)
(476)
12,284
6,070
(2,405)
15,440
3,263
(636)
7,084
6,970
(4,324)
12,818
2,374
(712)
12,339
1,097
(437)
2,815
4,333
(1,066)
12,907
3,175
(2,210)
13,249
(373)
(3,900)
(9,293)
(563)
(1,311)
-
(111)
(69)
(1,965)
(4,939)
-
(770)
(425)
(3,500)
(7,373)
(750)
-
(9)
(1,963)
(5,745)
(1,795)
(2,827)
-
(692)
(1,123)
(400)
(600)
-
(1,332)
(2,933)
(4,426)
(2,116)
(2,100)
-
(801)
(2,371)
(10,077)
-
$
$
$
$
$
$
Continued…
11
MINNESOTA STATE COLLEGES AND UNIVERSITIES
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2011
(In Thousands)
Lake
Superior
College
$ 40,857
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 2012 budget
Planned for fiscal year 2013 budget
Undesignated budgetary fund balance
$
12
Metropolitan
State
University
$
56,123
Minneapolis
Community &
Technical
College
$
98,484
(34,921)
(878)
5,058
(34,953)
(2,878)
18,292
(73,446)
(3,395)
21,643
(1,570)
(531)
2,957
(372)
(1,540)
16,380
(2,114)
(514)
19,015
3,546
(946)
5,557
5,584
(4,338)
17,626
5,861
(4,177)
20,699
(100)
(2,500)
(2,957)
-
(29)
(107)
(3,652)
(11,738)
(850)
(1,250)
-
(2,060)
(4,213)
(14,426)
-
$
$
Minnesota
State CollegeSoutheast
Technical
$
15,994
$
Minnesota State
Community &
Technical
College
$
40,962
Minnesota
State
University,
Mankato
$ 200,101
Minnesota
State
University
Moorhead
$ 98,732
Minnesota West
Community &
Technical
College
$
18,506
Normandale
Community
College
$
60,561
North
Hennepin
Community
College
$
55,841
(11,945)
(389)
3,660
(31,285)
(953)
8,724
(145,165)
(21,910)
33,026
(67,103)
(17,188)
14,441
(11,855)
(441)
6,210
(30,391)
(4,744)
25,426
(33,766)
(1,384)
20,691
(1,143)
(118)
2,399
(1,452)
(562)
6,710
(5,158)
(3,739)
24,129
(4,458)
(1,120)
8,863
(1,441)
(399)
4,370
(3,259)
(949)
21,218
(5,577)
(573)
14,541
1,856
(529)
3,726
4,478
(2,017)
9,171
15,293
(5,304)
34,118
8,331
(1,867)
15,327
2,796
(597)
6,569
4,889
(2,148)
23,959
3,755
(1,844)
16,452
(1,400)
(1,218)
(1,108)
-
(866)
(100)
(3,244)
(4,711)
(250)
-
(327)
(10,157)
(23,634)
-
(3,522)
(11,805)
-
(9)
(13)
(1,764)
(2,968)
(743)
(1,072)
-
(5,042)
(3,885)
(15,032)
-
(401)
(2,743)
(11,104)
(842)
(1,362)
-
$
$
$
$
$
$
Continued…
13
MINNESOTA STATE COLLEGES AND UNIVERSITIES
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2011
(In Thousands)
Northland
Community &
Technical
College
$
33,070
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 2012 budget
Planned for fiscal year 2013 budget
Undesignated budgetary fund balance
$
14
Pine
Technical
College
$
8,554
Ridgewater
College
$
32,878
(27,147)
(633)
5,290
(6,773)
(104)
1,677
(21,306)
(437)
11,135
(1,689)
(261)
3,340
(262)
(313)
1,102
(3,258)
(511)
7,366
2,859
(562)
5,637
927
4
2,033
3,983
(586)
10,763
(131)
(2,095)
(3,411)
-
(519)
(1,304)
(10)
(200)
-
(5)
(2,577)
(6,481)
(1,000)
(700)
-
$
$
Riverland
Community
College
$
20,290
$
Rochester
Community &
Technical
College
$
67,451
South
Central
College
$ 15,971
Southwest
Minnesota
State
University
$
67,248
St. Cloud
State
University
$
174,542
St. Cloud
Technical &
Community
College
$
47,793
Saint Paul
College
$
49,715
(16,070)
(458)
3,762
(58,374)
(845)
8,232
(7,806)
(182)
7,983
(59,038)
(1,447)
6,763
(128,842)
(25,196)
20,504
(28,395)
(967)
18,431
(35,319)
(1,901)
12,495
(944)
(132)
2,686
(4,526)
(363)
3,343
(824)
(627)
6,532
(1,006)
(54)
5,703
(3,776)
(3,231)
13,497
(3,091)
(367)
14,973
(1,525)
(436)
10,534
2,751
(775)
4,662
4,004
(948)
6,399
3,292
(650)
9,174
4,167
(383)
9,487
16,352
(5,598)
24,251
2,935
(783)
17,125
3,086
(2,050)
11,570
(1,354)
(2,508)
(300)
(500)
-
(337)
(3,100)
(2,962)
-
(1,598)
(1,548)
(2,012)
(4,016)
$
-
(700)
(1,500)
(2,966)
(700)
(3,621)
-
(7,000)
(12,719)
(4,500)
32
(169)
(2,445)
(14,211)
(100)
(200)
-
(112)
(79)
(2,601)
(6,656)
(1,061)
(1,061)
-
$
$
$
$
$
Continued…
15
MINNESOTA STATE COLLEGES AND UNIVERSITIES
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2011
(In Thousands)
Winona State
University
$
157,979
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
Northeast
Higher
Education
District
$
52,939
System Office
$
20,856
(119,627)
(16,900)
21,452
(40,130)
(3,206)
9,603
(9,694)
11,162
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(6,699)
(2,957)
11,796
(3,337)
(530)
5,736
(123)
11,039
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
9,947
(2,868)
18,875
6,375
462
12,573
5,873
156
17,068
(172)
(4,100)
(14,603)
-
(42)
(3,184)
(6,239)
(1,288)
(1,620)
200
(4,502)
(6,622)
(1,500)
4,444
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2012 budget
Planned for fiscal year 2013 budget
Undesignated budgetary fund balance
$
16
$
$
System-wide
$
35,952
$
Sub Total
$ 1,870,107
Eliminations &
Reclassifications
$
-
GAAP Total
$
1,870,107
(829)
(4,522)
30,601
(1,322,661)
(126,058)
421,388
-
(1,322,661)
(126,058)
421,388
(1,469)
(264)
28,868
(76,131)
(23,746)
321,511
-
(76,131)
(23,746)
321,511
817
(1,324)
28,361
159,712
(54,727)
426,496
-
159,712
(54,727)
426,496
(1,412)
(9,243)
(12,591)
5,115
(1,906)
(18,706)
(101,690)
(246,492)
(23,613)
(24,298)
9,791
-
(1,906)
(18,706)
(101,690)
(246,492)
(23,613)
(24,298)
9,791
$
$
$
Concluded
17
COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2011
(In Thousands)
Hibbing
Community
College
$
20,681
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 2012 budget
Planned for fiscal year 2013 budget
Undesignated budgetary fund balance
$
18
Itasca
Community
College
$
8,977
Vermilion
Community
College
$
7,308
(15,729)
(1,133)
3,819
(6,257)
(514)
2,206
(6,431)
(301)
576
(1,229)
(234)
2,356
(661)
(80)
1,465
(384)
(41)
151
2,144
97
4,597
1,304
2,769
(1,079)
(2,753)
(362)
(403)
-
$
(600)
(877)
(585)
(700)
7
660
258
1,069
$
(311)
(758)
-
Mesabi Range
Community &
Technical
College
$
12,169
$
Rainy River
Community
College
$
3,804
$
Total
52,939
(9,337)
(1,230)
1,602
(2,376)
(28)
1,400
(40,130)
(3,206)
9,603
(900)
(149)
553
(163)
(26)
1,211
(3,337)
(530)
5,736
1,983
(341)
2,195
284
448
1,943
6,375
462
12,573
(42)
(694)
(601)
(341)
(517)
-
(500)
(1,250)
193
(42)
(3,184)
(6,239)
(1,288)
(1,620)
200
$
19
$
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2011
(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
Total current assets
$
Restricted Assets
Noncurrent Assets
Advances from other schools
Student loans, net
Capital assets, net
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
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 Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
20
8,599
240
867
567
64
18
10,355
AnokaRamsey
Community
College
$
15,668
2,961
705
1,807
771
801
35
92
22,840
Anoka
Technical
College
$
8,303
170
1,330
374
10,177
161
6,803
-
27,147
27,147
377
46,436
46,813
16,992
16,992
37,663
76,456
27,169
1,743
591
466
161
86
378
393
3,818
3,443
1,509
1,247
4
81
855
563
660
8
8,370
1,353
663
301
47
431
245
4
3,044
5,668
2,634
8,302
12,384
3,499
391
16,274
2,849
1,331
4,180
12,120
24,644
7,224
21,102
569
3,872
39,985
234
1,632
9,961
13,712
374
5,859
25,543
$
51,812
$
19,945
Bemidji
State
University
$ 28,620
2,499
646
1,316
1,055
136
600
146
35,018
Central
Lakes
College
$
Dakota
County
Technical
College
Century
College
10,854
557
1,159
689
458
3
43
13,763
$
23,564
392
3,671
1,162
1,263
33
30,085
$
Fond du Lac
Tribal &
Community
College
15,759
9
544
1,538
231
140
28
18,249
$
4,632
293
875
488
50
14
6,352
Hennepin
Technical
College
$
19,499
824
2,356
543
713
52
23,987
Inver Hills
Community
College
$
20,389
369
268
2,052
802
524
30
24,434
9,881
-
1,095
1
33
320
15
4,333
67,114
71,447
10
32,139
32,149
56,195
56,195
24,886
24,886
15
24,735
24,750
34,676
34,676
34,921
34,921
116,346
45,912
87,375
43,136
31,135
58,983
59,370
5,600
945
1,441
229
185
291
1,224
872
10,787
2,330
773
831
36
664
379
5,013
5,000
1,601
1,377
245
31
9
1,112
840
10,215
1,880
674
485
1
65
248
236
3,589
801
337
425
33
135
362
177
2,270
3,546
2,021
1,789
320
313
548
21
8,558
2,540
905
1,239
15
28
543
467
2
5,739
25,335
5,458
4,470
35,263
5,420
2,932
17
8,369
14,538
6,179
20,717
500
2,315
2,171
4,986
191
4,175
924
5,290
5,700
3,830
9,530
7,729
2,794
10,523
46,050
13,382
30,932
8,575
7,560
18,088
16,262
48,914
3,472
3,875
14,035
26,054
813
5,663
40,881
293
1,623
13,646
22,323
279
11,959
20,198
498
2,879
28,663
552
11,680
26,649
886
15,573
$ 70,296
$
32,530
$
56,443
$
34,561
$
23,575
$
40,895
$
43,108
Continued…
21
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2011
(IN THOUSANDS)
Lake
Superior
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
$
Restricted Assets
9,376
567
1,473
855
411
20
12,702
Metropolitan
State
University
Minneapolis
Community &
Technical
College
$
$
32,142
691
1,331
1,079
2
35,245
30,627
529
4,053
2,132
230
84
37,655
1,557
1,445
13,191
Noncurrent Assets
Advances from other schools
Student loans, net
Capital assets, net
Total noncurrent assets
1
42,895
42,896
46,829
46,829
86,856
86,856
Total Assets
57,155
83,519
137,702
2,052
425
681
1,557
676
429
5,820
4,325
1,309
3,172
532
54
63
1,001
655
11,111
4,267
1,521
1,204
1,256
112
1
1,306
586
10,253
7,298
3,180
10,478
11,327
4,958
16,285
23,647
5,318
28,965
16,298
27,396
39,218
34,921
878
5,058
34,953
634
2,244
18,292
73,446
1,697
1,698
21,643
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
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 Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
22
40,857
$
56,123
$
98,484
Minnesota
State College Southeast
Technical
Minnesota State
Community &
Technical College
$
$
$
6,445
304
140
544
379
379
6
8,197
15,100
499
3,513
846
608
30
34
20,630
Minnesota
State
University,
Mankato
$
73,185
7,296
1,589
4,479
2,268
141
840
282
90,080
Minnesota
State
University
Moorhead
$
41,699
4,478
605
1,792
1,562
571
600
129
51,436
Minnesota West
Community &
Technical
College
$
10,837
450
186
1,034
283
531
10
13,331
North
Hennepin
Community
College
Normandale
Community
College
$
37,585
400
1,747
1,108
812
176
41,828
$
26,268
1
124
2,106
1,104
289
144
41
30,077
1
2,634
41,183
14,883
174
20,789
1,060
15,260
15,260
148
39,432
39,580
5,647
212,651
218,298
5,046
97,811
102,857
89
14,649
14,738
40,208
40,208
1,164
42,128
43,292
23,458
62,844
349,561
169,176
28,243
102,825
74,429
1,444
306
537
1
275
194
2,757
3,943
1,705
767
983
20
6
713
519
8,656
14,452
3,573
3,771
2,342
939
96
3,172
2,227
30,572
6,647
2,475
1,977
1,860
284
1,230
1,948
1,269
17,690
2,033
847
791
174
70
198
306
4,419
4,657
905
2,503
3,847
173
79
936
553
33
13,686
2,590
815
429
1,060
107
663
538
1
6,203
3,040
1,667
4,707
9,012
4,018
196
13,226
98,828
13,682
6,378
118,888
39,798
7,357
5,599
52,754
2,596
2,530
192
5,318
24,145
4,433
28,578
7,699
3,259
1,427
12,385
7,464
21,882
149,460
70,444
9,737
42,264
18,588
11,945
389
3,660
31,285
11
942
8,724
145,165
13,231
8,679
33,026
67,103
12,296
4,892
14,441
11,855
441
6,210
30,391
1,970
2,774
25,426
33,766
1,384
20,691
15,994
$
40,962
$
200,101
$
98,732
$
18,506
$
60,561
$
55,841
Continued…
23
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2011
(IN THOUSANDS)
Northland
Community &
Technical
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
$
Restricted Assets
Noncurrent Assets
Advances from other schools
Student loans, net
Capital assets, net
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
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 Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
24
9,415
283
1,279
601
345
12
41
11,976
Pine
Technical
College
$
3,237
486
341
100
71
3
4,238
Ridgewater
College
$
17,767
200
769
426
537
7
19,706
584
10
57
105
32,672
32,777
7,609
7,609
67
25,185
25,252
45,337
11,857
45,015
2,069
544
445
584
108
428
411
4,589
823
343
352
10
9
59
89
1,685
2,589
591
705
57
183
311
614
5,050
5,097
2,466
115
7,678
776
842
1,618
3,567
3,417
103
7,087
12,267
3,303
12,137
27,147
633
5,290
6,773
104
1,677
21,306
437
11,135
33,070
$
8,554
$
32,878
Riverland
Community
College
$
$
6,875
500
104
1,040
421
564
25
24
9,553
Rochester
Community &
Technical
College
Southwest
Minnesota
State
University
109
179
276
3,424
23,108
882
11,891
155
19,489
19,644
159
64,180
64,339
9,634
9,634
858
79,258
80,116
5,102
197,489
202,591
37,183
37,183
45,453
45,453
29,306
83,581
25,625
100,605
312,461
64,657
79,381
1,821
337
374
109
333
436
5
3,415
3,460
928
1,172
179
103
589
535
6,966
2,586
1,138
491
276
113
466
1
5,071
3,200
565
407
279
180
56
1,270
534
35
6,526
14,838
3,167
5,394
2,818
378
1,482
6,172
2,148
36,397
2,358
1,180
591
882
67
550
391
6,019
2,640
570
1,165
4
148
636
393
5,556
3,086
2,347
168
5,601
5,217
3,543
404
9,164
1,715
2,868
4,583
250
21,788
3,797
996
26,831
80,791
14,799
5,932
101,522
8,238
2,607
10,845
21,371
2,739
24,110
9,016
16,130
9,654
33,357
137,919
16,864
29,666
16,070
458
3,762
58,374
845
8,232
7,806
182
7,983
59,038
1,447
6,763
128,842
18,548
6,648
20,504
28,395
967
18,431
35,319
837
1,064
12,495
67,451
$ 15,971
$
14,926
494
95
701
639
189
21
17,065
$
67,248
$
74,931
2,465
1,408
4,211
2,203
128
1,000
416
86,762
174,542
$
$
23,962
206
1,312
859
231
22
26,592
Saint Paul
College
$ 12,846
711
1,537
173
434
14
15,715
$
$
St. Cloud
Technical &
Community
College
St. Cloud
State
University
15,344
471
407
1,594
676
378
100
93
19,063
20,290
$
South
Central
College
47,793
$
$
17,902
381
2,477
960
295
22
22,037
49,715
Continued…
25
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2011
(IN THOUSANDS)
Northeast
Higher
Education
District
Winona 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
$
Restricted Assets
Noncurrent Assets
Advances from other schools
Student loans, net
Capital assets, net
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
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 Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
26
47,609
5,402
471
2,059
2,000
1,057
400
223
59,221
$
21,821
26
1,151
2,782
843
465
85
163
27,336
System
Office
$
22,634
104
22,738
14,230
1,249
-
2,101
172,253
174,354
84
1,044
49,861
50,989
65
9,694
9,759
247,805
79,574
32,497
8,038
2,667
2,782
802
465
913
3,558
2,053
21,278
4,053
1,198
1,925
815
410
751
1,054
70
10,276
3,567
1,889
26
286
597
6,365
57,481
8,536
2,531
68,548
834
8,861
5,414
1,250
16,359
5,276
5,276
89,826
26,635
11,641
119,627
9,366
7,534
21,452
40,130
355
2,851
9,603
9,694
11,162
157,979
$
52,939
$
20,856
System-wide
$
$
42,400
548
686
507
44,141
Eliminations &
Reclassifications
Sub Total
$
770,820
27,725
16,420
59,935
28,706
12,626
4,080
2,272
922,584
$
GAAP Total
565
(793)
(228)
$
770,820
27,725
16,420
60,500
27,913
12,626
4,080
2,272
922,356
8,528
179,753
1,610
920
2,530
1,775
26,405
1,754,840
1,783,020
(1,775)
(1,775)
26,405
1,754,840
1,781,245
55,199
2,885,357
(2,003)
2,883,354
1,501
4,414
5,128
39
2,914
276
117
29
14,418
128,189
43,431
46,390
21,435
3,089
9,735
31,772
21,931
209
306,181
(1,921)
(5,202)
346
(6,777)
128,189
41,510
41,188
21,435
3,089
9,735
32,118
21,931
209
299,404
3,823
1,006
4,829
1,775
535,314
141,811
30,169
709,069
(1,775)
6,549
4,774
541,863
141,811
30,169
713,843
19,247
1,015,250
(2,003)
1,013,247
829
3,420
1,102
30,601
1,322,661
66,364
59,694
421,388
35,952
$
1,870,107
-
179,753
$
-
1,322,661
66,364
59,694
421,388
$
1,870,107
Concluded
27
COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2011
(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
Total current assets
$
Restricted Assets
Noncurrent Assets
Advances from other schools
Student loans, net
Capital assets, net
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
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 Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
28
Itasca
Community
College
7,880
348
918
403
164
28
1
9,742
$
4,605
291
709
82
80
54
104
5,925
Vermilion
Community
College
$
2,260
61
173
48
69
35
2,646
-
548
217
18
365
18,907
19,290
17
612
9,121
9,750
2
7,005
7,007
29,032
16,223
9,870
1,458
271
628
254
313
277
11
3,212
906
272
756
256
41
151
189
49
2,620
509
216
33
75
52
110
92
10
1,097
2,865
1,881
393
5,139
150
2,728
1,137
611
4,626
287
464
608
106
1,465
8,351
7,246
2,562
15,729
1,133
3,819
6,257
292
222
2,206
6,431
63
238
576
20,681
$
8,977
$
7,308
Mesabi Range
Community &
Technical
College
$
$
4,679
26
368
708
296
123
3
19
6,222
Rainy River
Community
College
$
2,397
83
274
14
29
4
2,801
Total
$
21,821
26
1,151
2,782
843
465
85
163
27,336
468
16
1,249
34
64
12,429
12,527
15
1
2,399
2,415
84
1,044
49,861
50,989
19,217
5,232
79,574
951
315
278
468
163
449
2,624
229
124
230
16
63
14
47
723
4,053
1,198
1,925
815
410
751
1,054
70
10,276
2,794
1,545
85
4,424
397
10
243
55
705
834
8,861
5,414
1,250
16,359
7,048
1,428
26,635
9,337
1,230
1,602
2,376
28
1,400
40,130
355
2,851
9,603
12,169
$
3,804
$
52,939
29
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2011
(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
$
7,084
1,325
1,468
54
9,931
AnokaRamsey
Community
College
$
17,227
3,493
3,753
26
2
24,501
Anoka
Technical
College
$
5,481
674
95
58
6,308
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
17,019
2,119
2,865
678
1,476
661
1,204
26,022
35,659
4,855
6,174
913
2,172
2,186
3,147
55,106
14,715
2,132
1,746
475
875
828
603
21,374
Operating loss
(16,091)
(30,605)
(15,066)
10,526
5,285
1,053
57
74
(319)
(95)
16,581
17,164
14,541
1,814
119
127
(363)
33,402
8,136
5,020
714
4
57
(141)
13,790
490
2,797
(1,276)
484
31
(21)
984
878
(28)
3,647
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
24,559
$
30
25,543
351
41
(4)
(888)
48,165
$
51,812
20,833
$
19,945
Central
Lakes
College
Bemidji
State
University
$
23,445
3,067
2,932
9,559
451
39,454
$
Century
College
$
23,901
2,643
4,358
799
454
32,155
$
8,922
1,405
2,111
183
12,621
Fond du Lac
Tribal &
Community
College
$
2,282
285
682
239
3,488
Inver Hills
Community
College
Hennepin
Technical
College
$
14,727
1,342
2,766
1,115
19,950
$
14,168
1,860
2,656
153
18,837
50,463
10,471
4,885
1,933
4,813
1,943
4,652
79,160
23,112
2,786
4,083
780
1,987
1,153
1,859
35,760
53,555
6,331
7,693
1,088
2,704
3,502
3,744
78,617
19,402
4,077
3,346
575
1,395
719
1,553
31,067
7,817
1,261
1,003
504
963
848
412
12,808
35,273
5,373
6,651
1,775
1,806
2,273
2,095
55,246
26,560
2,332
4,138
1,593
1,605
1,278
2,167
39,673
(39,706)
(24,668)
(46,462)
(18,446)
(9,320)
(35,296)
(20,836)
23,951
14,661
3,714
1,740
234
(963)
(142)
43,195
12,581
11,077
1,590
122
77
(257)
25,190
22,453
21,770
2,433
287
162
(618)
46,487
10,367
7,274
1,458
227
75
(111)
19,290
5,251
4,715
630
171
38
(205)
10,600
19,498
14,535
1,213
99
58
(257)
(18)
35,128
12,894
8,766
1,108
404
104
(472)
22,804
3,489
522
696
20
(19)
4,186
70,296
25
945
33
42
1,542
66,110
$
7,080
1,280
2,132
600
11,092
Dakota
County
Technical
College
2,172
92
(6)
2,283
30,988
$
32,530
54,160
$
56,443
844
1,280
(168)
1,467
144
(1)
2,454
505
9
1,794
1,789
9,813
(11)
11,423
21,781
29,472
32,107
$
34,561
$
23,575
$
40,895
1,968
699
13
(14)
2,666
40,442
$
43,108
Continued…
31
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2011
(IN THOUSANDS)
Lake
Superior
College
Operating Revenues
Tuition, net
Fees, net
Sales and room and board, net
Restricted student payments, net
Other income
Total operating revenues
$
9,655
2,855
1,932
420
14,862
Metropolitan
State
University
Minneapolis
Community &
Technical
College
$
$
26,272
1,878
972
1,376
45
30,543
16,558
1,694
3,460
1,487
52
23,251
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
24,573
3,433
3,363
575
2,067
1,070
1,698
36,779
45,829
8,975
1,547
1,200
2,367
1,820
3,341
65,079
45,223
6,679
6,638
1,719
4,899
4,547
4,812
74,517
Operating loss
(21,917)
(34,536)
(51,266)
14,021
10,217
832
71
88
(256)
(141)
24,832
21,650
13,335
2,984
898
227
(527)
(24)
38,543
22,418
29,069
2,908
125
260
(924)
(125)
53,731
2,915
4,007
2,465
6,737
33
9,685
3,797
(9,629)
1
(1,824)
2,153
(185)
(23)
4,410
31,172
57,947
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
40,857
$
56,123
94,074
$
98,484
Minnesota State
College Southeast
Technical
$
$
5,263
713
1,447
36
7,459
Minnesota State
Community &
Technical
College
$
13,516
2,032
5,235
106
180
21,069
Minnesota State
University,
Mankato
$
68,069
7,751
10,529
26,401
448
113,198
Minnesota
State
University
Moorhead
$
28,408
4,224
5,371
12,895
762
51,660
Minnesota West
Community &
Technical
College
$
6,979
823
2,025
266
10,093
North
Hennepin
Community
College
Normandale
Community
College
$
23,523
3,106
5,585
1,299
48
33,561
$
14,387
1,611
2,590
139
18,727
13,979
2,179
2,819
451
856
624
912
21,820
36,292
4,691
8,123
1,642
2,114
1,885
2,921
57,668
125,539
21,579
11,593
2,373
12,185
3,880
8,281
185,430
62,034
11,273
9,369
1,631
4,718
1,406
4,728
95,159
19,439
2,516
3,415
983
950
1,265
1,420
29,988
44,464
5,300
7,143
784
2,242
2,293
3,827
66,053
30,293
3,433
4,130
107
1,822
1,741
2,494
44,020
(14,361)
(36,599)
(72,232)
(43,499)
(19,895)
(32,492)
(25,293)
7,859
6,825
721
1
46
(163)
15,289
19,618
15,490
1,767
738
109
(337)
(26)
37,359
52,149
24,507
6,121
2,209
640
(3,805)
(8)
81,813
29,277
13,019
2,503
4,211
372
(1,608)
(127)
47,647
11,748
8,343
1,366
23
75
(107)
21,448
19,616
15,902
2,161
662
219
(1,004)
(6)
37,550
14,522
13,297
1,435
88
159
(294)
29,207
9,581
4,148
1,553
5,058
3,914
3,057
504
20
(162)
13,000
5,559
(63)
9,644
1,560
495
4
3,612
1,307
(40)
6,325
4,922
449
9,285
928
760
226
18
1,172
5,042
230
2,560
8,592
14,822
32,370
15,994
$
40,962
187,101
$
200,101
89,088
$
98,732
14,894
$
18,506
54,236
$
60,561
46,556
$
55,841
Continued…
33
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2011
(IN THOUSANDS)
Northland
Community &
Technical
College
Operating Revenues
Tuition, net
Fees, net
Sales and room and board, net
Restricted student payments, net
Other income
Total operating revenues
$
7,597
980
1,706
61
10,344
Pine
Technical
College
$
1,620
184
2,439
96
4,339
Ridgewater
College
$
9,786
1,544
2,464
310
14,104
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
22,175
3,194
3,546
476
1,780
1,094
1,571
33,836
8,096
1,451
876
464
469
1,337
326
13,019
25,636
3,299
4,727
787
1,984
1,346
1,753
39,532
Operating loss
(23,492)
(8,680)
(25,428)
13,154
9,122
1,102
340
66
(285)
23,499
3,430
5,057
1,157
32
13
(35)
9,654
15,170
9,856
1,493
138
359
(168)
26,848
974
1,420
852
20
516
1,395
961
(7)
1,928
2,407
152
(2)
3,977
31,675
6,626
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
7
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
$
34
33,070
$
8,554
28,901
$
32,878
Riverland
Community
College
$
7,451
1,139
1,691
76
10,357
Rochester
Community &
Technical
College
$
$
9,708
1,347
2,316
479
13,850
$
St. Cloud
Technical &
Community
College
St. Cloud
State
University
13,167
1,560
1,492
5,808
126
22,153
$
67,650
9,477
12,523
20,863
4,282
114,795
$
10,027
1,278
3,574
104
14,983
Saint Paul
College
$
9,803
895
3,251
141
149
14,239
20,118
2,459
2,971
716
1,233
624
1,261
29,382
33,942
3,782
6,910
621
3,763
1,780
2,707
53,505
24,004
2,675
4,817
850
851
1,094
1,124
35,415
30,977
6,652
2,169
867
3,565
769
2,323
47,322
142,467
21,093
10,522
2,543
10,343
3,534
9,412
199,914
24,462
2,683
4,545
836
1,852
1,785
1,629
37,792
27,350
6,014
5,978
848
2,123
2,843
2,232
47,388
(19,025)
(30,410)
(21,565)
(25,169)
(85,119)
(22,809)
(33,149)
11,749
6,922
773
110
56
(148)
19,462
16,344
12,132
1,869
57
104
(241)
30,265
12,951
10,250
1,178
161
48
(78)
(19)
24,491
15,660
6,828
1,655
1,053
151
(1,005)
(5)
24,337
58,476
28,254
6,393
2,355
419
(2,255)
(204)
93,438
12,389
11,313
1,373
122
119
(333)
(52)
24,931
14,990
19,200
1,403
354
91
(690)
35,348
8,319
2,122
2,199
437
(145)
2,926
1,915
(19)
2,333
657
69
581
276
8
60
3,270
1,943
52
190
72
1,425
2,474
88
10,881
3,093
3
5,218
1,360
26
3
3,588
66,870
12,701
65,823
163,661
42,575
46,127
17,957
$
14,188
2,665
4,900
1,342
23,095
Southwest
Minnesota
State
University
South
Central
College
20,290
$
67,451
$
15,971
(832)
$
67,248
$
174,542
$
47,793
$
49,715
Continued…
35
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2011
(IN THOUSANDS)
Northeast
Higher
Education
District
Winona State
University
Operating Revenues
Tuition, net
Fees, net
Sales and room and board, net
Restricted student payments, net
Other income
Total operating revenues
$
39,411
4,854
15,213
21,594
1,398
82,470
$
11,663
2,183
4,951
604
295
19,696
System
Office
$
194
865
1,059
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
76,522
24,017
8,253
1,436
9,071
1,707
5,336
126,342
39,139
5,250
5,706
1,307
2,794
2,348
3,592
60,136
12,559
1,696
686
3,014
237
18,192
Operating loss
(43,872)
(40,440)
-
(17,133)
32,447
14,016
3,567
3,042
1,650
(2,427)
(2,020)
50,275
20,542
17,685
3,826
1,548
140
(380)
43,361
14,882
165
1
(4)
15,044
6,403
2,921
(2,089)
989
(19)
7,373
4,207
(164)
6,964
(67)
(2,156)
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
150,606
Total Net Assets, End of Year
$
36
157,979
45,975
$
52,939
23,012
$
20,856
System-wide
$
77
2,225
1,208
3,510
Sub Total
$
$
(460)
50
410
-
GAAP Total
$
24,394
17,873
1,364
561
(44,199)
(7)
539,018
71,784
121,088
103,368
16,496
851,754
6,218
4,905
498
515
439
704
1,043
14,322
1,224,905
200,965
162,928
34,045
97,297
56,887
90,416
1,867,443
(10,812)
(1,015,689)
-
7
(1,015,682)
-
15,499
11,892
1,167
644
(75)
(12,675)
16,452
613,382
420,175
65,481
22,377
6,418
(20,855)
(15,687)
1,091,291
(7)
(7)
613,382
420,175
65,481
22,377
6,418
(20,862)
(15,687)
1,091,284
1,249,299
218,838
164,292
34,606
97,297
56,887
46,217
1,867,436
5,640
75,602
-
75,602
(68)
5,572
65,480
555
1,515
3,189
146,341
-
65,480
555
1,515
3,189
146,341
1,723,766
-
1,723,766
30,380
$
539,018
72,244
121,038
102,958
16,496
851,754
Eliminations &
Reclassifications
35,952
$
1,870,107
$
-
$
1,870,107
Concluded
37
COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2011
(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
$
3,751
818
1,265
11
5,845
Vermilion
Community
College
Itasca
Community
College
$
2,775
489
1,030
367
129
4,790
$
1,535
327
1,723
237
52
3,874
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
12,166
1,536
1,721
233
1,143
615
929
18,343
9,116
1,066
1,153
350
546
1,141
1,123
14,495
5,254
979
900
395
490
121
481
8,620
Operating loss
(12,498)
(9,705)
(4,746)
6,469
5,542
1,209
29
38
(117)
13,170
3,921
4,468
579
1,280
32
(149)
10,131
2,866
1,955
394
20
10
(23)
5,222
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
672
426
(42)
630
246
(27)
645
20,051
$
38
20,681
476
996
4
1,476
8,332
$
8,977
5,832
$
7,308
Mesabi Range
Community &
Technical
College
$
2,718
399
545
25
3,687
Rainy River
Community
College
$
$
11,663
2,183
4,951
604
295
19,696
9,893
1,132
1,579
220
451
396
807
14,478
2,710
537
353
109
164
75
252
4,200
39,139
5,250
5,706
1,307
2,794
2,348
3,592
60,136
(10,791)
(2,700)
(40,440)
5,243
4,705
1,576
113
50
(91)
11,596
2,043
1,015
68
106
10
3,242
20,542
17,685
3,826
1,548
140
(380)
43,361
805
542
2,921
2,965
(99)
3,671
542
4,207
(164)
6,964
8,498
$
884
150
388
78
1,500
Total
12,169
3,262
$
3,804
45,975
$
52,939
39
MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATIONS
STATEMENTS OF FINANCIAL POSITION (Unaudited)
AS OF JUNE 30, 2011 AND 2010
(IN THOUSANDS)
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
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
Bemidji
State
University
Foundation
Century
College
Foundation
Fergus Area
College
Foundation
Metropolitan
State University
Foundation
$
$
$
$
$
11
14,830
593
15
15,449
111
334
309
33
787
16,236
$
54
3
18
75
$
$
171
732
903
978
$
595
2,555
12,108
15,258
16,236
40
151
1,751
2
1
1,905
1,905
98
98
$
$
98
$
(45)
754
1,098
1,807
1,905
$
100
3,432
11
3,543
3,543
71
71
$
$
1,581
766
480
4
2,831
2,597
55
2,652
5,483
122
54
176
71
176
103
546
2,823
3,472
3,543
353
2,544
2,410
5,307
5,483
$
Minnesota State
University,
Mankato
Foundation, Inc.
Minnesota State
University
Moorhead Alumni
Foundation, Inc.
St. Cloud
State
University
Foundation
Southwest
Minnesota
State
University
Foundation
Winona
State
University
Foundation
$
$
1,028
9,164
473
240
1,608
12,513
$
$
$
1,679
638
3,343
5,660
18,173
288
1,669
9,808
100
178
244
12,287
$ 43,985
$
$
$
$
$
$
2,478
40,186
1,489
38
44,191
1,158
1,004
2,162
46,353
142
245
387
$
$
13
15
16
164
208
1,226
27,661
1,379
572
110
750
31,698
41
100
46
750
92
1,029
17
4,443
634
56
5,150
480
2,726
7,008
473
10,687
15,837
64
3
603
515
1,185
$
$
2011
Total
2,924
17,449
317
305
134
21,129
$
737
9,261
480
10,478
31,607
399
6,057
9,808
738
5,323
55
21,103
1,230
44,713
$ 183,122
361
8,621
10,558
1,013
4,819
139
21,781
1,671
48,963
$162,188
$
$
48
31
83
323
485
9,516
119,682
1,379
4,560
780
1,742
750
138,409
2010
Total
653
152
603
163
323
1,674
146
3,714
$
5,571
98,318
1,379
5,134
625
1,473
725
113,225
1,368
166
90
309
1,640
371
3,944
949
226
1,175
1,562
400
3,225
3,625
3,833
317
11,345
11,662
12,691
6,052
6,052
7,237
7,456
7,456
7,941
1,837
8,188
20,848
30,873
34,587
2,044
8,512
22,748
33,304
37,248
10,806
2,139
31,846
44,791
46,353
1,491
5,056
7,793
14,340
18,173
735
14,675
15,884
31,294
$ 43,985
690
4,910
3,000
8,600
15,837
790
9,000
13,876
23,666
31,607
15,518
42,179
90,838
148,535
$ 183,122
6,472
33,356
85,112
124,940
$162,188
$
$
41
$
MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATIONS
STATEMENTS OF ACTIVITIES (Unaudited)
FOR THE YEARS ENDED JUNE 30, 2011 AND 2010
(IN THOUSANDS)
Support and Revenue
Contributions
Endowment gifts
In-kind contributions
Investment income
Realized gains
Unrealized gains
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
Minnesota State
University,
Mankato
Foundation, Inc.
$
$
$
$
$
1,686
761
2,152
46
67
32
4,744
532
146
14
41
214
21
968
354
115
308
91
59
927
1,066
370
322
15
1,773
3,185
2,053
1,197
5,926
166
180
12,707
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
678
2,182
2,860
152
298
450
145
145
715
715
3,036
3,036
172
337
509
3,369
157
17
174
624
74
1
75
220
40
168
208
923
29
607
1,630
12
8
2,286
5,322
Change in Net Assets
1,375
344
707
850
7,385
Net Assets, Beginning of Year
Net Assets, End of Year
$
13,883
15,258
$
42
1,463
1,807
$
2,765
3,472
$
4,457
5,307
$
37,406
44,791
Minnesota State
University
Moorhead Alumni
Foundation, Inc.
$
$
2,355
344
278
1,218
373
14
4,582
St. Cloud
State
University
Foundation
Southwest
Minnesota
State
University
Foundation
Winona
State
University
Foundation
System
Adjustment
$
$
$
$
2,641
2,098
1,103
324
3,109
9,275
2,454
370
115
217
451
982
53
3
4,645
3,065
312
102
2,334
1,311
102
7,226
2011
Total
2010
Total
64
64
$ 16,984
1,115
5,037
5,674
6,888
7,861
2,824
35
214
279
46,911
$ 21,526
947
5,092
4,523
2,016
4,129
2,297
22
228
946
41,726
62
466
1,527
2,055
661
1,752
2,413
1,064
671
373
2,108
703
865
521
71
2,160
-
3,205
7,765
2,719
2,253
15,942
3,985
7,478
3,081
2,670
17,214
182
390
89
149
52
862
2,917
610
788
1,005
2,403
4,816
306
470
776
2,884
46
35
81
2,241
-
821
2,580
3,752
161
60
7,374
23,316
889
2,523
3,742
174
69
7,397
24,611
1,665
4,459
1,761
4,985
64
23,595
17,115
124,940
$ 148,535
107,825
$ 124,940
12,675
14,340
$
26,835
31,294
$
6,839
8,600
$
18,681
23,666
43
$
(64)
-
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