MINNESOTA STATE
COLLEGES AND UNIVERSITIES
SUPPLEMENT TO THE
ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2010
Prepared by:
Office of the Chancellor
Minnesota State Colleges and Universities
Wells Fargo Place
30 7th St. E., Suite 350
St. Paul, MN 55101
This page intentionally left blank
MINNESOTA STATE COLLEGES AND UNIVERSITIES
SUPPLEMENT TO THE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2010
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
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, 2010
(In Thousands)
Special
Revenue
General
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans and other assets, net
Due from other funds
Securities lending collateral
Total current assets
$
Restricted Assets
Noncurrent Assets
Student loans and other assets, 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
Securities lending collateral
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
525,763
3,864
32,655
26,107
1,016
111
54,693
644,209
$
Enterprise
22,086
6,663
15,494
3,121
14
169
4,224
265
52,036
$
44,590
21,864
6,550
12,381
4,867
6,673
96,925
38,374
-
414
1,416,014
1,416,014
8,741
8,741
27,069
21,684
48,753
2,098,597
60,777
146,092
114,893
22,994
45,660
16,577
18,878
19,366
71
55,956
294,395
5,752
3,922
10,997
24
560
618
8
7,209
265
29,355
1,032
2,589
1,330
77
336
226
105
11,224
16,919
235,835
136,835
372,670
7,256
7,256
2,678
1,924
30,525
35,127
667,065
36,611
52,046
1,161,596
32,527
237,409
925
3,431
19,810
18,662
337
3,950
71,097
1,431,532
$
24,166
$
94,046
Revenue
$
$
60,415
2,092
223
10,348
73,078
Agency
$
Eliminations &
Reclassifications
Sub Total
2,526
2,596
24
3,691
510
8,640
17,987
$
655,380
31,123
19,382
48,109
26,107
13,411
5,880
84,578
265
884,235
$
GAAP Total
(84,578)
(84,578)
$
655,380
31,123
19,382
48,109
26,107
13,411
5,880
265
799,657
107,519
-
146,307
-
146,307
204,855
204,855
-
27,069
1,651,294
1,678,363
-
27,069
1,651,294
1,678,363
385,452
17,987
2,708,905
(84,578)
2,624,327
1,176
3,268
3,049
3,162
2,102
7,160
240
5,946
26,103
69
3,002
1,341
9,296
36
4,243
17,987
122,922
35,775
62,377
19,739
2,102
9,397
26,934
20,450
220
84,578
265
384,759
(84,578)
(84,578)
122,922
35,775
62,377
19,739
2,102
9,397
26,934
20,450
220
265
300,181
183,650
1,677
185,327
-
429,419
140,436
30,525
600,380
211,430
17,987
985,139
91,306
56,846
25,870
-
-
1,272,489
57,183
65,778
328,316
174,022
$
-
$
1,723,766
5
-
429,419
140,436
30,525
600,380
(84,578)
900,561
$
-
1,272,489
57,183
65,778
328,316
$
1,723,766
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, 2010
(In Thousands)
Special
Revenue
General
Operating Revenues
Tuition
Fees
Sales and room and board, net
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
784,628
53,562
12,343
9,746
860,279
$
1,110,465
140,010
71,836
26,867
75,476
8,201
21,731
1,454,586
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
$
7,042
45,524
627
2,467
55,660
83,379
18,626
12,888
2,611
343
350,256
13,571
481,674
19,642
14,348
3,076
2,734
1,866
818
5,907
48,391
(594,307)
(431,513)
7,269
614,169
77
14,700
2,596
3,896
(11,808)
(5,200)
618,430
360,405
72,566
15,389
875
(423)
(6,848)
441,964
454
1,851
(188)
(26)
2,091
24,123
10,451
9,360
119,774
733
951
31,760
(13,914)
(668)
162,759
1,163
161
8,852
(21,174)
11
(536)
17
442
1,886
(7,196)
(7)
4,502
24,702
89,544
1,268,773
Total Net Assets, End of Year
32,044
16,544
1,573
50,161
Enterprise
1,431,532
$
24,166
$
94,046
Revenue
$
99,498
1,027
100,525
24,223
35,573
4,418
2,599
10,755
3,613
81,181
$
Sub Total
$
784,628
92,648
74,411
100,125
14,813
1,066,625
Eliminations &
Reclassifications
GAAP Total
$
$
1,237,709
208,557
92,218
34,811
88,440
359,275
44,822
2,065,832
(255,555)
(21,499)
(15,037)
(3,430)
(295,521)
(1,265)
(16)
(293,962)
(278)
(295,521)
529,073
71,149
59,374
96,695
14,813
771,104
1,237,709
207,292
92,202
34,811
88,440
65,313
44,544
1,770,311
19,344
(999,207)
-
(999,207)
657
865
(7,723)
(6,201)
614,169
360,482
87,266
19,096
7,487
(20,142)
(12,074)
1,056,284
-
614,169
360,482
87,266
19,096
7,487
(20,142)
(12,074)
1,056,284
13,143
57,077
-
57,077
786
(1,000)
(13)
12,916
119,774
1,913
1,554
43,284
(43,284)
(677)
179,641
-
119,774
1,913
1,554
(677)
179,641
161,106
1,544,125
174,022
$ 1,723,766
(43,284)
43,284
-
$
7
-
1,544,125
-
$ 1,723,766
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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, 2010
(In Thousands)
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
$
1,723,766
(1,272,489)
(122,961)
328,316
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(71,097)
(19,810)
237,409
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
156,201
(50,243)
General Fund - unrestricted budgetary fund balance
343,367
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2011 budget
Planned for fiscal year 2012 budget
(4,021)
(21,446)
(91,391)
(184,064)
(8,916)
(25,037)
Undesignated Budgetary Fund Balance
$
9
8,492
MINNESOTA STATE COLLEGES AND UNIVERSITIES
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2010
(In Thousands)
Alexandria
Technical &
Community
College
$
24,559
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
AnokaRamsey
Community
College
$
48,165
Anoka
Technical
College
$ 20,833
(21,728)
(631)
2,200
(40,201)
(1,315)
6,649
(13,688)
(381)
6,764
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(12)
(90)
2,098
(4,226)
(646)
1,777
(849)
(222)
5,693
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
2,957
(867)
4,188
4,060
(1,552)
4,285
1,622
(611)
6,704
(244)
(1,659)
(2,285)
-
(2,963)
(1,322)
-
(286)
(1,294)
(4,424)
(200)
(500)
-
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2011 budget
Planned for fiscal year 2012 budget
Undesignated budgetary fund balance
$
10
$
$
Bemidji
State
University
$ 66,110
$
Central
Lakes
College
$ 30,988
Century
College
$
54,160
Dakota
County
Technical
College
$ 32,107
Fond du Lac
Tribal &
Community
College
$
21,781
Hennepin
Technical
College
$
29,472
Inver Hills
Community
College
$
40,442
(48,368)
(8,178)
9,564
(26,111)
(811)
4,066
(37,433)
(2,045)
14,682
(21,692)
(235)
10,180
(20,152)
(493)
1,136
(18,290)
(197)
10,985
(26,708)
(979)
12,755
(938)
(709)
7,917
(1,050)
(213)
2,803
(2,764)
(243)
11,675
(956)
(305)
8,919
(422)
(142)
572
(1,585)
(241)
9,159
(2,381)
(400)
9,974
6,246
(1,719)
12,444
3,254
(432)
5,625
6,366
(3,882)
14,159
2,228
(419)
10,728
898
(222)
1,248
3,962
812
13,933
2,786
(1,112)
11,648
(300)
(2,700)
(7,859)
(585)
(1,000)
-
(108)
(1,974)
(3,243)
(300)
-
(880)
(300)
(3,000)
(9,772)
(207)
-
(9)
(170)
(2,000)
(4,524)
(1,163)
(2,862)
-
(500)
(228)
(520)
-
(206)
(2,708)
(8,969)
(650)
(1,400)
-
(267)
(1,538)
(7,764)
(633)
(1,446)
-
$
$
$
$
$
$
Continued…
11
MINNESOTA STATE COLLEGES AND UNIVERSITIES
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2010
(In Thousands)
Lake
Superior
College
$ 31,172
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 2011 budget
Planned for fiscal year 2012 budget
Undesignated budgetary fund balance
$
12
Metropolitan
State
University
$
57,947
Minneapolis
Community &
Technical
College
$
94,074
(29,535)
(543)
1,094
(40,636)
(3,417)
13,894
(71,427)
(2,272)
20,375
(1,133)
(412)
(451)
(618)
(1,420)
11,856
(1,757)
(425)
18,193
3,498
(545)
2,502
5,110
(4,148)
12,818
6,437
(5,465)
19,165
(2,000)
(502)
-
(250)
(3,432)
(8,499)
(637)
-
(2,414)
(4,196)
(12,555)
-
$
$
Minnesota
State CollegeSoutheast
Technical
$
14,822
$
Minnesota State
Community &
Technical
College
$
32,370
Minnesota
State
University,
Mankato
$ 187,101
Minnesota
State
University
Moorhead
$ 89,088
Minnesota West
Community &
Technical
College
$
14,894
Normandale
Community
College
$
54,236
North
Hennepin
Community
College
$
46,556
(12,134)
(377)
2,311
(24,657)
(669)
7,044
(139,035)
(24,287)
23,779
(61,671)
(14,635)
12,782
(10,355)
(423)
4,116
(30,507)
(4,027)
19,702
(30,241)
(1,005)
15,310
(933)
(87)
1,291
(1,704)
(432)
4,908
(4,003)
(3,096)
16,680
(4,727)
(1,300)
6,755
(1,332)
(352)
2,432
(3,046)
(662)
15,994
(5,421)
(611)
9,278
1,768
(523)
2,536
4,285
(1,369)
7,824
15,041
(5,466)
26,255
7,967
(2,078)
12,644
2,808
(464)
4,776
4,622
(1,808)
18,808
3,589
(946)
11,921
(1,350)
(50)
(640)
(496)
-
(2,843)
(81)
(3,172)
(1,728)
-
(767)
(9,325)
(16,163)
-
(2,052)
(10,592)
-
(8)
(7)
(1,512)
(379)
(292)
(2,578)
-
(5,500)
(3,800)
(8,043)
(1,465)
-
(965)
(2,538)
(7,530)
(888)
-
$
$
$
$
$
$
Continued…
13
MINNESOTA STATE COLLEGES AND UNIVERSITIES
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2010
(In Thousands)
Northland
Community &
Technical
College
$
31,675
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 2011 budget
Planned for fiscal year 2012 budget
Undesignated budgetary fund balance
$
14
Pine
Technical
College
$
6,626
Ridgewater
College
$
28,901
(27,402)
(662)
3,611
(5,899)
(82)
645
(20,241)
(448)
8,212
(1,604)
(310)
1,697
(340)
(164)
141
(2,832)
(266)
5,114
2,670
(759)
3,608
818
(159)
800
3,836
(690)
8,260
(5)
(2,038)
(897)
(668)
-
(750)
(50)
-
(75)
(2,100)
(4,585)
(500)
(1,000)
-
$
$
Riverland
Community
College
$
17,957
$
Rochester
Community &
Technical
College
$
66,870
South
Central
College
$ 12,701
Southwest
Minnesota
State
University
$
65,823
St. Cloud
State
University
$
163,661
St. Cloud
Technical &
Community
College
$
42,575
Saint Paul
College
$
46,127
(14,565)
(444)
2,948
(59,782)
(808)
6,280
(6,527)
(177)
5,997
(59,515)
(1,486)
4,822
(127,073)
(25,006)
11,582
(26,120)
(792)
15,663
(35,057)
(1,170)
9,900
(1,089)
(92)
1,767
(4,675)
(262)
1,343
(743)
(495)
4,759
(836)
(16)
3,970
(5,343)
(2,163)
4,076
(2,678)
(267)
12,718
(2,080)
(276)
7,544
2,524
(895)
3,396
3,872
(1,112)
4,103
3,309
(445)
7,623
3,827
(361)
7,436
16,984
(2,784)
18,276
2,761
(1,148)
14,331
3,034
(1,395)
9,183
(1,271)
(1,825)
(300)
-
(2,129)
(1,974)
-
(1,482)
(1,874)
(607)
(3,660)
$
-
(874)
(1,100)
(2,178)
(846)
(2,438)
-
(7,000)
(10,924)
(300)
52
(305)
(2,200)
(11,026)
(300)
(500)
-
(233)
(5)
(2,601)
(5,594)
(100)
(650)
-
$
$
$
$
$
Continued…
15
MINNESOTA STATE COLLEGES AND UNIVERSITIES
Reconciliation of Net Assets to Budgetary Fund Balance - General Fund by Institution (Unaudited)
As of June 30, 2010
(In Thousands)
Winona State
University
$
150,606
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
Northeast
Higher
Education
District
$
45,975
Office of the
Chancellor
$
(276)
(118,074)
(18,951)
13,581
(38,258)
(1,415)
6,302
(677)
(1)
(954)
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(5,687)
(3,042)
4,852
(1,889)
(444)
3,969
(954)
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
9,843
(1,601)
13,094
6,230
103
10,302
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2011 budget
Planned for fiscal year 2012 budget
Undesignated budgetary fund balance
(1,063)
(2,200)
(9,831)
-
(48)
(73)
(3,417)
(5,242)
(1,522)
-
$
16
$
1,926
1,237
2,209
$
(379)
(369)
(693)
768
Shared
Services
$ 23,288
System-wide
$
30,380
(9,492)
$
Sub Total
$ 1,723,766
Eliminations &
Reclassifications
$
-
GAAP Total
$
1,723,766
13,796
(1,155)
(4,599)
24,626
(1,274,406)
(122,961)
326,399
1,917
1,917
(1,272,489)
(122,961)
328,316
(5)
13,791
(1,444)
23,182
(71,097)
(19,810)
235,492
1,917
(71,097)
(19,810)
237,409
4,223
(3,625)
14,389
840
(1,876)
22,146
156,201
(48,326)
343,367
(1,917)
-
156,201
(50,243)
343,367
(6,723)
(3,590)
(1,407)
2,669
(79)
(9,390)
(7,674)
5,003
(4,021)
(21,446)
(91,391)
(184,064)
(8,916)
(25,037)
8,492
$
$
$
-
$
(4,021)
(21,446)
(91,391)
(184,064)
(8,916)
(25,037)
8,492
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, 2010
(In Thousands)
Hibbing
Community
College
$
20,051
Total Net Assets
Less Restricted Assets
Invested in capital assets, net
Restricted net assets
Total unrestricted net assets
Itasca
Community
College
$
8,332
Vermillion
Community
College
$
5,832
(16,510)
(584)
2,957
(6,548)
(498)
1,286
(5,744)
(139)
(51)
Less Non-General Fund Unrestricted Net Assets
Enterprise Fund
Special Revenue Fund
General Fund - unrestricted net assets
(203)
(202)
2,552
(432)
(73)
781
(284)
(36)
(371)
GAAP Accruals Not Recognized in Budget
Other compensation benefits
Other accruals, net
General Fund - unrestricted budgetary fund balance
2,428
(132)
4,848
1,131
112
2,024
2,392
129
2,150
(47)
(1,438)
(2,913)
(450)
-
(30)
(500)
(1,100)
(394)
-
(14)
(1,254)
(541)
(341)
-
Less Budgetary Designations
External programs
Prior year encumbrances
Board required reserve
Designated for programs
Planned for fiscal year 2011 budget
Planned for fiscal year 2012 budget
Undesignated budgetary fund balance
$
18
$
$
Mesabi Range
Community &
Technical
College
$
8,498
Rainy River
Community
College
$
3,262
(6,957)
(167)
1,374
(2,499)
(27)
736
(38,258)
(1,415)
6,302
(796)
(120)
458
(174)
(13)
549
(1,889)
(444)
3,969
(446)
12
$
Total
45,975
(12)
-
279
440
1,268
(18)
(225)
(688)
(337)
-
$
19
6,230
103
10,302
$
(48)
(73)
(3,417)
(5,242)
(1,522)
-
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2010
(IN THOUSANDS)
Alexandria
Technical &
Community
College
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans and other assets, net
Securities lending collateral
Total current assets
$
Restricted Assets
7,268
859
584
625
59
71
9,466
AnokaRamsey
Community
College
$
12,854
1,921
408
1,732
757
805
122
18,599
Anoka
Technical
College
$
9,624
231
533
375
1
10,764
190
462
38
Noncurrent Assets
Advances from other schools
Student loans and other assets, net
Capital assets, net
Total noncurrent assets
Total Assets
27,869
27,869
37,525
392
47,025
47,417
66,478
17,222
17,222
28,024
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
Securities lending collateral
Total current liabilities
1,871
641
997
190
102
374
371
4,546
3,116
989
1,795
462
616
553
677
8
8,216
1,348
312
331
38
421
237
5
2,692
Noncurrent Liabilities
Advances to other schools
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Total noncurrent liabilities
5,767
2,653
8,420
6,271
3,427
399
10,097
3,113
1,386
4,499
12,966
18,313
7,191
21,728
631
2,200
24,559
40,201
1,315
6,649
48,165
13,688
381
6,764
20,833
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
20
$
$
Bemidji
State
University
$
$
26,952
597
1,107
1,519
1,073
167
680
32,095
Central
Lakes
College
$
9,539
739
982
667
337
42
12,306
Dakota
County
Technical
College
Century
College
$
22,629
1,145
3,224
1,109
1,199
37
29,343
$
Fond du Lac
Tribal &
Community
College
13,527
412
703
1,278
225
183
13
16,341
$
2,636
275
719
484
36
13
4,163
Hennepin
Technical
College
$
19,872
324
1,237
149
461
29
22,072
Inver Hills
Community
College
$
17,081
521
216
1,408
894
508
43
20,671
1,942
176
1,705
94
4
284
465
4,249
68,497
72,746
106,783
8
32,711
32,719
45,201
53,483
53,483
84,531
24,515
24,515
40,950
15
25,019
25,034
29,201
19,704
19,704
42,060
35,385
35,385
56,521
5,652
1,405
1,704
315
101
438
1,157
708
11,480
2,315
1,090
712
176
651
383
5,327
4,530
728
1,692
844
33
72
1,076
628
9,603
1,835
682
521
94
47
262
216
20
3,677
729
114
370
4
169
359
116
1,861
3,242
1,072
2,538
284
79
488
22
7,725
2,308
569
1,174
465
537
353
2
5,408
18,909
5,822
4,462
29,193
5,949
2,922
15
8,886
14,990
5,778
20,768
555
2,561
2,050
5,166
259
4,509
791
5,559
1,334
3,529
4,863
8,140
2,531
10,671
40,673
14,213
30,371
8,843
7,420
12,588
16,079
48,368
3,874
4,304
9,564
66,110
26,111
811
4,066
$ 30,988
37,433
132
1,913
14,682
54,160
21,692
235
10,180
32,107
20,152
493
1,136
21,781
18,290
197
10,985
29,472
26,708
979
12,755
40,442
$
$
$
$
$
Continued…
21
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2010
(IN THOUSANDS)
Lake
Superior
College
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans and other assets, net
Securities lending collateral
Total current assets
$
Restricted Assets
6,249
455
1,250
525
276
30
8,785
Metropolitan
State
University
Minneapolis
Community &
Technical
College
$
$
26,176
603
1,532
1,230
3
29,544
27,600
666
3,932
2,884
509
16
35,607
407
2,271
12,321
Noncurrent Assets
Advances from other schools
Student loans and other assets, net
Capital assets, net
Total noncurrent assets
Total Assets
1
34,836
34,837
44,029
56,116
56,116
87,931
85,049
85,049
132,977
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
Securities lending collateral
Total current liabilities
2,158
508
632
407
532
455
4,692
4,241
587
3,084
1,356
57
47
1,121
617
11,110
4,050
955
1,122
886
112
127
863
931
9,046
Noncurrent Liabilities
Advances to other schools
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Total noncurrent liabilities
237
4,825
3,103
8,165
14,359
4,515
18,874
24,303
5,554
29,857
12,857
29,984
38,903
29,535
543
1,094
$ 31,172
40,636
679
2,738
13,894
57,947
71,427
1,005
1,267
20,375
94,074
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
22
$
$
Minnesota State
College Southeast
Technical
$
$
4,928
300
301
566
366
269
4
6,734
Minnesota State
Community &
Technical
College
$
13,389
279
2,597
648
912
60
17,885
Minnesota
State
University,
Mankato
$
61,066
7,588
1,459
3,801
2,455
84
1,171
77,624
Minnesota
State
University
Moorhead
$
33,383
6,260
1,149
1,746
1,517
653
718
45,426
Minnesota West
Community &
Technical
College
$
7,943
476
456
542
265
632
10
10,324
Normandale
Community
College
$
29,924
1,498
305
1,442
1,144
871
166
35,350
North
Hennepin
Community
College
$
20,794
1
154
1,487
712
756
161
24,065
230
564
18,177
6,619
174
16,995
6
15,705
15,705
22,669
159
31,476
31,635
50,084
5,792
205,935
211,727
307,528
5,127
94,029
99,156
151,201
88
12,920
13,008
23,506
40,348
40,348
92,693
1,047
36,358
37,405
61,476
1,494
230
548
230
274
167
2,943
3,720
1,254
833
564
571
453
7,395
13,572
3,670
3,880
2,187
584
208
3,080
1,990
29,171
6,455
2,486
1,900
2,103
188
1,088
1,841
1,554
17,615
1,888
562
235
174
92
189
260
3,400
4,477
983
2,516
230
175
44
911
511
13
9,860
2,405
1,059
217
6
25
554
514
1
4,781
3,297
1,607
4,904
6,247
3,877
195
10,319
71,056
13,710
6,490
91,256
31,586
7,292
5,620
44,498
2,429
2,585
198
5,212
24,366
4,231
28,597
5,562
3,117
1,460
10,139
7,847
17,714
120,427
62,113
8,612
38,457
14,920
12,134
377
2,311
14,822
24,657
669
7,044
32,370
139,035
11,448
12,839
23,779
187,101
61,671
8,457
6,178
12,782
89,088
10,355
423
4,116
14,894
30,507
1,564
2,463
19,702
54,236
30,241
1,005
15,310
46,556
$
$
$
$
$
$
Continued…
23
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2010
(IN THOUSANDS)
Northland
Community &
Technical
College
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans and other assets, net
Securities lending collateral
Total current assets
$
Restricted Assets
7,439
408
1,032
639
416
20
9,954
Pine
Technical
College
$
1,800
732
218
80
59
2,889
Ridgewater
College
$
14,764
423
695
428
501
8
16,819
373
28
828
Noncurrent Assets
Advances from other schools
Student loans and other assets, net
Capital assets, net
Total noncurrent assets
Total Assets
86
33,106
33,192
43,519
6,744
6,744
9,661
86
24,161
24,247
41,894
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
Securities lending collateral
Total current liabilities
2,135
496
323
373
451
274
4,052
748
186
405
28
58
68
1,493
2,567
550
753
828
395
303
559
5,955
Noncurrent Liabilities
Advances to other schools
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Total noncurrent liabilities
5,253
2,411
128
7,792
787
755
1,542
3,618
3,326
94
7,038
11,844
3,035
12,993
27,402
662
3,611
31,675
5,899
82
645
6,626
20,241
448
8,212
28,901
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
24
$
$
Riverland
Community
College
$
$
6,020
499
274
764
404
636
47
8,644
Rochester
Community &
Technical
College
$
12,796
750
271
1,746
631
356
198
16,748
South
Central
College
$
11,293
434
1,238
167
326
14
13,472
Southwest
Minnesota
State
University
$
13,320
424
202
531
554
226
15,257
St. Cloud
Technical &
Community
College
St. Cloud
State
University
$
67,363
2,498
1,154
3,072
2,253
132
1,157
77,629
$
20,442
841
846
706
461
7
23,303
Saint Paul
College
$
14,482
627
1,933
1,074
371
34
18,521
336
293
15
5,360
3,195
73
283
134
17,990
18,124
27,104
221
65,973
66,194
83,235
8,468
8,468
21,955
880
79,664
80,544
101,161
5,566
170,915
176,481
257,305
33,864
33,864
57,240
45,795
45,795
64,599
1,814
326
514
336
7
334
250
3,581
3,485
849
971
293
132
601
590
6,921
2,677
847
426
15
113
394
1
4,473
3,151
665
511
2,270
188
52
1,433
395
39
8,704
14,447
3,292
5,942
1,020
170
1,776
2,720
1,881
31,248
2,362
1,167
491
73
487
306
11
4,897
2,517
806
1,044
283
634
348
5,632
3,091
2,309
166
5,566
5,590
3,371
483
9,444
1,828
2,953
4,781
22,039
3,589
1,006
26,634
40,701
15,700
5,995
62,396
7,257
2,511
9,768
10,105
2,735
12,840
9,147
16,365
9,254
35,338
93,644
14,665
18,472
14,565
444
2,948
17,957
59,782
808
6,280
66,870
6,527
177
5,997
12,701
59,515
1,486
4,822
65,823
127,073
18,185
6,821
11,582
163,661
26,120
792
15,663
42,575
35,057
1,170
9,900
46,127
$
$
$
$
$
$
Continued…
25
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF NET ASSETS BY INSTITUTION (Unaudited)
AS OF JUNE 30, 2010
(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 and other assets, net
Securities lending collateral
Total current assets
$
Restricted Assets
38,272
5,952
602
2,369
1,962
990
579
265
50,991
$
18,060
26
1,008
1,785
692
445
194
22,210
Office of the
Chancellor
$
1,744
14
21
1,779
47,654
1,092
-
Noncurrent Assets
Advances from other schools
Student loans and other assets, net
Capital assets, net
Total noncurrent assets
Total Assets
2,100
142,148
144,248
242,893
84
1,134
46,939
48,157
71,459
677
677
2,456
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
Securities lending collateral
Total current liabilities
8,237
2,161
2,565
2,528
481
857
3,518
2,259
265
22,871
4,157
919
2,119
677
423
684
874
70
9,923
452
354
162
968
Noncurrent Liabilities
Advances to other schools
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Total noncurrent liabilities
58,728
8,159
2,529
69,416
835
7,998
5,443
1,285
15,561
1,764
1,764
92,287
25,484
2,732
118,074
8,416
10,535
13,581
150,606
38,258
337
1,078
6,302
45,975
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
26
$
$
677
1
(954)
(276)
Shared
Services
$
$
System-wide
21,661
1,400
21
779
23,861
$
32,490
537
416
7
33,450
Eliminations &
Reclassifications
Sub Total
$
655,380
31,123
19,382
49,556
27,694
13,411
5,880
265
802,691
$
GAAP Total
(1,447)
(1,587)
(3,034)
$
-
23,653
146,307
256
9,492
9,748
33,609
1,712
1,156
2,868
59,971
2,068
27,069
1,651,294
1,680,431
2,629,429
(2,068)
(2,068)
(5,102)
27,069
1,651,294
1,678,363
2,624,327
1,648
2,340
2,110
360
6,458
1,119
2,368
23,016
13
570
96
101
28
27,311
122,922
37,222
65,881
19,739
2,102
9,397
26,837
20,450
220
265
305,035
(1,447)
(3,504)
97
(4,854)
122,922
35,775
62,377
19,739
2,102
9,397
26,934
20,450
220
265
300,181
3,863
3,863
182
1,031
1,067
2,280
2,068
427,599
140,436
30,525
600,628
(2,068)
1,820
(248)
429,419
140,436
30,525
600,380
10,321
29,591
905,663
(5,102)
900,561
9,492
13,796
23,288
1,155
3,086
1,513
24,626
30,380
1,274,406
57,183
65,778
326,399
1,723,766
(1,917)
1,917
-
1,272,489
57,183
65,778
328,316
1,723,766
$
$
-
655,380
31,123
19,382
48,109
26,107
13,411
5,880
265
799,657
$
146,307
$
Concluded
27
COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT
STATEMENTS OF NET ASSETS (Unaudited)
AS OF JUNE 30, 2010
(IN THOUSANDS)
Hibbing
Community
College
Assets
Current Assets
Cash and cash equivalents
Investments
Grants receivable
Accounts receivable, net
Prepaid expense
Inventory
Student loans and other assets, net
Securities lending collateral
Total current assets
$
Restricted Assets
6,957
253
593
395
89
39
8,326
Itasca
Community
College
$
3,975
390
504
81
93
70
5,113
Vermillion
Community
College
$
1,556
84
133
54
81
64
1,972
40
281
515
Noncurrent Assets
Advances from other schools
Student loans and other assets, net
Capital assets, net
Total noncurrent assets
Total Assets
18
397
19,963
20,378
28,744
17
654
9,425
10,096
15,490
6,424
6,424
8,911
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
Securities lending collateral
Total current liabilities
1,409
169
537
40
236
313
295
11
3,010
895
347
996
7
39
146
102
49
2,581
593
177
97
374
99
105
99
10
1,554
Noncurrent Liabilities
Advances to other schools
Noncurrent portion of long-term debt
Other compensation benefits
Capital contributions payable
Total noncurrent liabilities
3,140
2,140
403
5,683
150
2,731
1,051
645
4,577
287
575
566
97
1,525
8,693
7,158
3,079
16,510
584
2,957
20,051
6,548
273
225
1,286
8,332
5,744
64
75
(51)
5,832
Total Liabilities
Net Assets
Invested in capital assets, net of related debt
Restricted expendable, bond covenants
Restricted expendable, other
Unrestricted
Total Net Assets
$
28
$
$
Mesabi Range
Community &
Technical
College
$
$
3,909
26
246
380
148
150
21
4,880
Rainy River
Community
College
$
1,663
35
175
14
32
1,919
Total
$
18,060
26
1,008
1,785
692
445
194
22,210
252
4
1,092
34
83
8,590
8,707
13,839
15
2,537
2,552
4,475
84
1,134
46,939
48,157
71,459
1,026
156
359
252
45
107
350
2,295
234
70
130
4
4
13
28
483
4,157
919
2,119
677
423
684
874
70
9,923
1,527
1,430
89
3,046
398
25
256
51
730
835
7,998
5,443
1,285
15,561
5,341
1,213
25,484
6,957
167
1,374
8,498
2,499
27
736
3,262
38,258
337
1,078
6,302
45,975
$
29
$
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2010
(IN THOUSANDS)
Operating Revenues
Tuition, net
Fees, net
Sales and room and board, net
Restricted student payments, net
Other income
Total operating revenues
Alexandria
Technical &
Community
College
AnokaRamsey
Community
College
$
$
6,478
1,332
1,197
116
9,123
18,026
2,802
1,270
12
22,110
Anoka
Technical
College
$
6,034
751
162
86
7,033
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
17,414
2,354
2,697
1,008
1,321
703
1,000
26,497
34,538
3,957
1,658
1,125
2,054
3,360
3,390
50,082
14,762
1,645
643
425
823
759
664
19,721
Operating loss
(17,374)
(27,972)
(12,688)
10,974
4,613
1,477
67
24
(310)
16,845
16,689
11,890
1,903
120
247
(283)
30,566
8,274
4,201
949
30
11
(175)
13,290
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
(529)
2,594
602
1,656
44
20
(26)
(29)
1,136
3,444
72
(6)
17
6,121
1,328
121
3
(8)
(21)
2,025
23,423
Total Net Assets, End of Year
$
30
24,559
42,044
$
48,165
18,808
$
20,833
Bemidji
State
University
$
21,326
2,788
1,749
9,028
542
35,433
Central
Lakes
College
$
Fond du Lac
Tribal &
Community
College
$
$
9,449
1,501
1,265
238
12,453
2,331
309
180
228
3,048
Hennepin
Technical
College
$
13,898
1,230
873
121
16,122
Inver Hills
Community
College
7,115
1,274
635
181
9,205
$ 24,047
2,819
781
599
532
28,778
50,060
9,662
3,853
1,637
4,500
2,335
5,079
77,126
22,267
2,881
2,832
945
2,002
1,600
1,805
34,332
50,626
4,471
3,613
817
2,385
3,586
3,416
68,914
19,297
4,178
2,124
961
1,339
775
1,432
30,106
7,693
999
494
319
957
892
653
12,007
31,813
4,086
3,802
1,645
1,493
2,066
1,732
46,637
25,371
2,008
2,189
1,109
1,351
1,275
2,204
35,507
(41,693)
(25,127)
(40,136)
(17,653)
(8,959)
(30,515)
(19,218)
24,383
13,933
4,724
1,483
177
(898)
(100)
43,702
12,855
9,670
2,039
176
44
(308)
24,476
22,571
18,531
3,727
177
81
(605)
44,482
10,797
5,995
1,824
189
37
(131)
18,711
4,657
3,881
711
107
29
(286)
9,099
19,766
10,604
1,937
86
10
(78)
(9)
32,316
12,394
6,917
1,416
452
46
(392)
20,833
$
13,742
1,855
609
83
16,289
2,009
(651)
4,346
1,058
140
1,801
1,615
3,352
68
(95)
1
5,335
1,409
109
26
(35)
38
896
6,146
85
282
(11)
16
10,864
1,623
949
124
2
(32)
(3)
3,721
478
25
(92)
(1)
550
3,200
12
(14)
(16)
4,983
3,893
8
167
(110)
(7)
5,566
60,775
$
Century
College
Dakota
County
Technical
College
66,110
$
30,092
43,296
30,988
$ 54,160
28,386
$
32,107
21,231
$
21,781
24,489
$
29,472
34,876
$
40,442
Continued…
31
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2010
(IN THOUSANDS)
Operating Revenues
Tuition, net
Fees, net
Sales and room and board, net
Restricted student payments, net
Other income
Total operating revenues
Lake
Superior
College
Metropolitan
State
University
Minneapolis
Community &
Technical
College
$ 9,873
2,492
353
201
12,919
$
$
24,855
1,738
903
1,385
47
28,928
18,517
2,070
1,476
46
22,109
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
25,237
3,060
1,613
861
1,989
887
1,728
35,375
43,615
9,118
1,581
1,294
2,299
2,092
3,815
63,814
46,891
5,712
4,506
2,138
4,328
4,111
3,699
71,385
Operating loss
(22,456)
(34,886)
(49,276)
14,139
8,851
1,448
71
32
(249)
(140)
24,152
21,987
11,043
4,092
589
91
(623)
(24)
37,155
22,851
25,741
3,589
82
85
(1,122)
51,226
Income (Loss) Before Other Revenues, Expenses, Gains, or Losses
1,696
2,269
1,950
Capital appropriations
Capital grants
Donated assets and supplies
Transfers in
Transfers out
Gain (loss) on disposal of capital assets
Change in net assets
1,580
38
(3)
140
3,451
9,017
322
156
(27)
(24)
11,713
3,343
(322)
24
(93)
(87)
4,815
Nonoperating Revenues (Expenses)
Appropriations
Federal grants
State grants
Private grants
Interest income
Interest expense
Grants to other organizations
Total nonoperating revenues (expenses)
Total Net Assets, Beginning of Year
27,721
Total Net Assets, End of Year
$ 31,172
32
46,234
$
57,947
89,259
$
94,074
Minnesota
State College Southeast
Technical
$
5,773
688
152
16
6,629
Minnesota State
Community &
Technical
College
$
Minnesota
State
University
Moorhead
Minnesota West
Community &
Technical
College
Normandale
Community
College
North
Hennepin
Community
College
$
$
$
$
$
62,326
7,347
9,285
24,305
1,296
104,559
29,942
4,609
2,721
11,622
848
49,742
6,754
821
564
129
8,268
23,539
3,313
1,740
1,036
285
29,913
14,724
1,785
378
111
16,998
13,935
2,503
1,471
589
848
708
689
20,743
36,102
4,626
2,959
952
1,998
2,250
2,279
51,166
125,916
19,434
9,073
1,996
10,786
4,161
8,856
180,222
62,110
11,280
5,406
1,665
4,333
4,321
5,232
94,347
19,338
2,573
1,567
1,168
894
695
1,262
27,497
43,468
5,231
1,956
1,134
2,135
2,519
3,828
60,271
30,356
3,232
1,415
148
1,750
1,534
2,488
40,923
(14,114)
(35,172)
(75,663)
(44,605)
(19,229)
(30,358)
(23,925)
7,895
6,038
1,015
3
47
(204)
14,794
19,903
13,046
2,285
1,224
42
(318)
36,182
53,789
22,525
8,217
1,645
913
(3,285)
(15)
83,789
30,334
13,504
3,929
2,283
455
(1,623)
(448)
48,434
12,034
7,089
1,930
15
34
(159)
20,943
19,754
13,214
2,800
536
93
(919)
35,478
14,528
11,268
2,049
43
(276)
27,612
680
1,010
8,126
3,829
1,714
5,120
3,687
820
(9)
1,491
3,417
57
37
(45)
4,476
12,590
1,173
23
273
(85)
(205)
21,895
8,354
360
156
18
12,717
1,101
15
94
(113)
5
2,816
1,559
124
(39)
(1)
6,763
1,603
45
5,335
13,331
$
12,743
1,878
1,089
284
15,994
Minnesota
State
University,
Mankato
14,822
$
27,894
165,206
32,370
$ 187,101
76,371
$
89,088
12,078
$
14,894
47,473
$
54,236
41,221
$
46,556
Continued…
33
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2010
(IN THOUSANDS)
Operating Revenues
Tuition, net
Fees, net
Sales and room and board, net
Restricted student payments, net
Other income
Total operating revenues
Northland
Community &
Technical
College
Pine
Technical
College
$
$
8,130
1,122
423
122
9,797
2,135
262
2,148
15
4,560
Ridgewater
College
$
9,729
1,537
473
308
12,047
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
23,197
3,081
1,815
681
1,652
848
1,605
32,879
7,425
1,292
408
293
449
1,957
303
12,127
26,615
3,466
2,641
1,226
1,768
1,552
1,898
39,166
Operating loss
(23,082)
(7,567)
(27,119)
13,581
8,146
1,399
364
25
(252)
23,263
3,262
3,203
1,226
76
4
(38)
7,733
15,563
8,704
2,162
251
21
(162)
26,539
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
181
166
2,008
73
(67)
6
2,201
1,361
4
(113)
129
1,547
4,310
48
9
57
3,844
5,079
25,057
29,474
Total Net Assets, End of Year
$
34
31,675
$
6,626
(580)
$
28,901
Riverland
Community
College
$
7,443
1,176
553
109
9,281
Rochester
Community &
Technical
College
$
$
Southwest
Minnesota
State
University
9,318
1,443
205
602
11,568
$ 12,935
1,514
1,401
5,118
165
21,133
St. Cloud
State
University
$
65,111
8,201
8,001
21,709
3,707
106,729
St. Cloud
Technical &
Community
College
$
10,535
1,288
1,121
734
13,678
Saint Paul
College
$
9,942
1,141
460
158
11,701
20,536
2,644
1,486
925
1,128
1,008
1,330
29,057
34,770
3,587
3,484
744
3,578
1,966
2,782
50,911
23,122
2,411
2,316
716
870
1,116
1,440
31,991
30,914
6,265
2,611
689
3,213
872
2,382
46,946
143,146
20,509
8,420
1,393
8,392
5,494
9,785
197,139
23,858
2,543
1,639
1,297
1,860
1,736
1,573
34,506
26,716
5,403
2,641
1,089
1,817
3,134
2,549
43,349
(19,776)
(31,499)
(20,423)
(25,813)
(90,410)
(20,828)
(31,648)
12,124
6,548
1,367
106
21
(187)
19,979
16,275
10,600
2,295
55
56
(258)
29,023
12,881
7,604
1,623
65
11
(92)
(6)
22,086
16,044
5,830
2,186
1,203
97
(927)
(27)
24,406
58,891
25,051
9,483
2,603
1,032
(2,065)
(144)
94,851
12,409
8,837
1,939
76
42
(367)
(32)
22,904
15,198
16,557
1,856
316
50
(527)
33,450
203
(2,476)
1,663
(1,407)
4,441
2,076
1,802
2,597
13
(5)
(65)
2,743
4,422
17
442
8
(1)
2,412
979
8
3
(4)
(302)
2,347
7,035
363
158
115
(27)
(3)
6,234
10,501
300
626
(74)
(38)
15,756
915
23
(46)
2,968
3,335
12
118
(92)
5,175
15,214
$
14,142
2,786
1,949
535
19,412
South
Central
College
17,957
64,458
$
66,870
$
10,354
59,589
147,905
12,701
$ 65,823
$ 163,661
39,607
$
42,575
40,952
$
46,127
Continued…
35
MINNESOTA STATE COLLEGES AND UNIVERSITIES
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
FOR THE YEAR ENDED JUNE 30, 2010
(IN THOUSANDS)
Winona State
University
Operating Revenues
Tuition, net
Fees, net
Sales and room and board, net
Restricted student payments, net
Other income
Total operating revenues
$
37,188
4,747
11,928
19,847
1,279
74,989
Northeast
Higher
Education
District
$
10,973
2,417
1,956
570
224
16,140
Office of the
Chancellor
$
43
43
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
76,679
21,665
4,904
1,656
7,830
1,938
5,275
119,947
39,154
5,208
2,279
1,880
2,714
2,778
3,376
57,389
11,012
2,125
15
27
203
116
13,498
Operating loss
(44,958)
(41,249)
(13,455)
33,468
11,244
4,901
2,195
1,039
(2,289)
(637)
49,921
20,787
16,499
2,732
1,411
58
(423)
41,064
12,469
12
143
12,624
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
$
36
4,963
(185)
(831)
7,736
253
60
13,012
4,662
948
(1,619)
(2)
3,804
(5,208)
(6,039)
137,594
42,171
5,763
150,606
$
45,975
$
(276)
Shared
Services
$
$
4
753
967
1,724
System-wide
$
109
2,097
1,021
3,227
Sub Total
$
529,073
71,149
59,374
96,695
15,391
771,682
Eliminations &
Reclassifications
$
$
5,122
4,391
387
433
481
285
436
11,535
(2,186)
(8,308)
(999,340)
(133)
(999,207)
9,147
16
12
2,416
(3,195)
8,396
1,496
9,077
2,036
1,028
46
(293)
(7,297)
6,093
614,169
360,482
87,266
19,096
7,602
(20,124)
(12,074)
1,056,417
(115)
(18)
(133)
614,169
360,482
87,266
19,096
7,487
(20,142)
(12,074)
1,056,284
6,210
(2,215)
57,077
2,318
(1,605)
(11)
6,912
(949)
4,440
(1,063)
(157)
56
119,774
1,913
1,554
10,575
(10,575)
(677)
179,641
16,376
30,324
$
30,380
23,945
19,642
1,433
(174)
(45,557)
(711)
529,073
71,149
59,374
96,695
14,813
771,104
689
50
271
2,900
3,910
23,288
1,213,764
187,650
90,769
34,985
88,440
65,313
90,101
1,771,022
(578)
(578)
GAAP Total
-
1,723,766
57,077
(10,575)
10,575
-
1,544,125
$
1,237,709
207,292
92,202
34,811
88,440
65,313
44,544
1,770,311
119,774
1,913
1,554
(677)
179,641
$
-
1,544,125
$
1,723,766
Concluded
37
COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS (Unaudited)
AS OF JUNE 30, 2010
(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
$
3,335
1,002
264
63
4,664
Itasca
Community
College
$
2,523
501
362
357
59
3,802
Vermillion
Community
College
$
1,495
340
1,066
213
47
3,161
Operating Expenses
Salaries and benefits
Purchased services
Supplies
Repairs and maintenance
Depreciation
Financial aid, net
Other expense
Total operating expenses
12,577
1,511
694
514
1,149
799
907
18,151
8,788
1,087
461
473
561
1,115
907
13,392
5,552
968
204
330
413
90
482
8,039
Operating loss
(13,487)
(9,590)
(4,878)
6,753
5,153
712
22
15
(155)
12,500
3,972
4,037
858
1,210
24
(160)
9,941
2,632
1,660
263
67
3
(33)
4,592
(987)
351
(286)
290
143
(371)
7
(918)
313
368
(433)
599
1,687
206
(410)
(23)
1,174
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
TotalTotal
Net Assets,
Net Assets,
Beginning
Beginning
of Year
of Year
20,969
TotalTotal
Net Assets,
Net Assets,
End End
of Year
of Year
$
38
20,051
7,733
$
8,332
4,658
$
5,832
ICT
Mesabi Range
Community &
Technical
College
$
2,746
411
27
3
3,187
Rainy River
Community
College
$
874
163
237
52
1,326
$ 10,973
2,417
1,956
570
224
16,140
9,614
1,116
716
280
438
665
861
13,690
2,623
526
204
283
153
109
219
4,117
39,154
5,208
2,279
1,880
2,714
2,778
3,376
57,389
(10,503)
(2,791)
(41,249)
5,422
4,724
728
6
13
(74)
10,819
2,008
925
171
106
3
(1)
3,212
20,787
16,499
2,732
1,411
58
(423)
41,064
316
421
1,849
208
(290)
14
2,097
523
23
(115)
852
6,401
$
Total
8,498
$
39
(185)
4,662
948
(1,619)
(2)
3,804
2,410
42,171
3,262
$ 45,975
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