Minnesota State Colleges & Universities Supplement to the Annual Financial Report
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Minnesota State Colleges & Universities Supplement to the Annual Financial Report For the years ended June 30, 2015 and 2014 MINNESOTA STATE COLLEGES AND UNIVERSITIES SUPPLEMENT TO THE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2015 and 2014 Prepared by: Minnesota State Colleges and Universities 30 7th St. E., Suite 350 St. Paul, MN 55101-7804 This page intentionally left blank MINNESOTA STATE COLLEGES AND UNIVERSITIES SUPPLEMENT TO THE ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 TABLE OF CONTENTS Page Supplementary Information for both System and Individual Institutions ............................................................................. 2 Statements of Net Position by Institution ............................................................................................................................. 4 Statements of Revenues, Expenses, and Changes in Net Position by Institution ............................................................... 12 Minnesota State Colleges & Universities Foundations — Statements of Financial Position ............................................. 20 Minnesota State Colleges & Universities Foundations — Statements of Activities .......................................................... 22 Revenue Fund—Statements of Net Position by Institution ................................................................................................ 24 Revenue Fund—Statements of Revenues, Expenses, and Changes in Net Position by Institution .................................... 28 SUPPLEMENTARY SECTION Components of Northeast Higher Education District (NHED) and Components of Anoka Technical College and Community College — Statement of Net Position by Institution....................................................................................... 34 Components of Northeast Higher Education District (NHED) and Components of Anoka Technical College and Community College — Statement of Revenues, Expenses, and Changes in Net Position by Institution ........................... 36 1 Supplementary Information for both System and Individual Institutions Included in the supplementary section are both system level and individual institution reports. The system level reports include the statements of net position and statements of revenues, expenses and changes in net position presented for each institution. These statements were prepared using full accrual accounting for all institutions with the exception of the interfund activities which were not eliminated at the institution level. An adjustments column has been added to the end of the report to eliminate interfund activities to enable the reader to compare the supplementary statements to the audited statements. These statements do not conform to GAAP. The statements of financial position and statements of activities for the Foundations of the seven state universities are presented next. These statements were prepared using full accrual accounting for all state university foundations. These statements conform to GAAP. The statements of net position and statement of revenues, expenses, and changes in net position of the Revenue Fund are presented next. These statements were prepared using full accrual accounting for those institutions who participate in the Revenue Fund, with the exception of the scholarship allowances which were not applied to these statements. An adjustments column has been added to the end of the report to eliminate interfund activities to enable the reader to compare the supplementary statements to the audited statements. Since scholarship allowances are applied after the sub total and not within each applicable fund, these statements do not conform to generally accepted accounting principles (GAAP). Separate statements showing the components of the Northeast Higher Education District (NHED) and components of Anoka Technical & Community College can be found at the back of the supplement under the supplementary section. Anoka Technical College & Anoka-Ramsey Community College were aligned in 2012. NHED is a unique governance structure for five autonomous, yet interdependent two-year colleges in northeast Minnesota. These colleges are Hibbing Community College, Itasca Community College, Mesabi Range College, Rainy River Community College and Vermilion Community College. Each one of these institutions is separate for accreditation purposes but all are served by one president. 2 This page intentionally left blank 3 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2015 AND 2014 (IN THOUSANDS) Alexandria Technical & Community College Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory and other assets Student loans, net Advances from other schools Total current assets Total restricted assets Noncurrent Assets Notes receivable Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources Liabilities Current Liabilities Salaries and benefits payable Accounts payable and other liabilities Unearned revenue Payable from restricted assets Interest payable Funds held for others Current portion of long-term debt Other compensation benefits Advances to other schools Total current liabilities Noncurrent Liabilities Noncurrent portion of long-term debt Other compensation benefits Net pension liability Capital contributions payable Advances to other schools Total noncurrent liabilities Total Liabilities Deferred Inflows of Resources Total Liabilities and Deferred Inflows of Resources Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position $ 12,070 $ 179 450 500 97 13,296 $ 4 Anoka Technical College & Community College 43,349 $ 759 3,079 1,084 1,137 47 49,455 Bemidji State University 34,316 405 424 2,105 1,057 254 750 39,311 194 1,639 6,932 25,978 25,978 39,468 1,017 40,485 234 69,866 70,100 121,194 2,165 123,359 4,011 73,795 77,806 124,049 1,853 125,902 1,320 428 607 67 4 4 424 393 3,247 3,849 2,750 1,524 646 61 555 1,108 753 11,246 4,326 1,535 1,003 4,096 148 216 1,671 886 13,881 4,322 2,408 6,790 13,520 16,767 3,644 20,411 12,805 5,677 12,929 370 31,781 43,027 9,079 52,106 22,503 5,670 12,880 4,415 45,468 59,349 10,049 69,398 21,288 96 577 (1,887) 20,074 $ 56,452 404 2,154 12,243 71,253 $ 51,041 3,282 3,948 (1,767) 56,504 Central Lakes College $ $ 14,613 $ 954 2,455 454 1,059 4 19,539 Century College 23,846 $ 290 611 3,443 1,146 949 30,285 Dakota County Technical College 15,257 $ 349 736 357 176 16,875 Fond du Lac Tribal & Community College Hennepin Technical College 7,781 $ 553 944 376 92 9,746 15,001 $ 500 1,918 712 470 18,601 Inver Hills Community College Lake Superior College 17,243 $ 1,533 135 1,274 730 579 21,494 12,601 234 1,745 770 528 15,878 282 1,481 410 - 1,087 - 1,318 19 28,506 28,525 48,346 1,198 49,544 54,621 54,621 86,387 2,065 88,452 32,135 32,135 49,420 873 50,293 21,230 21,230 30,976 333 31,309 43,546 43,546 63,234 1,938 65,172 36,572 36,572 58,066 909 58,975 46,415 46,415 63,611 1,343 64,954 1,930 1,392 855 282 176 493 412 5,540 3,993 1,633 1,187 634 21 16 1,199 1,249 9,932 1,607 639 438 410 85 317 264 54 3,814 769 196 182 128 277 155 8 1,715 2,620 900 706 1,087 86 497 453 6,349 2,097 381 1,030 10 549 343 4,410 2,017 704 403 1,318 557 444 5,443 3,032 3,125 7,716 26 13,899 19,439 4,644 24,083 11,512 6,840 14,534 32,886 42,818 10,003 52,821 3,540 2,509 5,935 222 12,206 16,020 3,899 19,919 2,892 1,150 2,238 25 6,305 8,020 1,530 9,550 7,752 4,063 12,607 24,422 30,771 7,767 38,538 5,569 2,942 6,449 14,960 19,370 5,395 24,765 6,724 3,376 7,309 17,409 22,852 3,968 26,820 24,981 531 (51) 25,461 $ 42,245 430 1,627 (8,671) 35,631 $ 28,278 389 1,707 30,374 $ 35,297 796 (9,459) 26,634 $ 30,455 797 2,958 34,210 $ 39,134 773 (1,773) 38,134 18,061 387 3,311 21,759 $ Continued… 5 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2015 AND 2014 (IN THOUSANDS) Metropolitan State University Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory and other assets Student loans, net Advances from other schools Total current assets Total restricted assets Noncurrent Assets Notes receivable Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources Liabilities Current Liabilities Salaries and benefits payable Accounts payable and other liabilities Unearned revenue Payable from restricted assets Interest payable Funds held for others Current portion of long-term debt Other compensation benefits Advances to other schools- noncurrent Total current liabilities Noncurrent Liabilities Noncurrent portion of long-term debt Other compensation benefits Net pension liability Capital contributions payable Advances to other schools Total noncurrent liabilities Total Liabilities Deferred Inflows of Resources Total Liabilities and Deferred Inflows of Resources Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position $ $ 30,059 $ 719 1,464 1,205 9 33,456 Minneapolis Community & Technical College 29,815 $ 657 529 4,879 1,532 433 37,845 Minnesota State College Southeast Technical 3,391 611 770 282 361 5,415 42,585 3,562 477 59,695 59,695 135,736 2,072 137,808 103,348 103,348 144,755 2,033 146,788 16,225 16,225 22,117 779 22,896 4,309 3,339 2,742 8,160 285 5 1,119 621 20,580 3,153 999 1,128 1,094 122 82 1,885 747 9,210 1,386 309 346 477 217 190 2,925 47,356 6,276 11,084 64,716 85,296 8,775 94,071 24,953 6,177 13,067 44,197 53,407 9,532 62,939 2,472 1,800 5,044 9,316 12,241 2,697 14,938 46,815 1,963 (5,041) 43,737 $ 78,339 2,924 2,203 383 83,849 $ 13,536 316 (5,894) 7,958 6 Minnesota State Community & Technical College $ $ 15,602 $ 532 2,664 708 314 11 19,831 Minnesota State University, Mankato 87,771 $ 4,967 1,277 3,822 2,287 356 1,156 101,636 Minnesota State University Moorhead 48,457 $ 3,218 197 1,486 1,680 722 789 56,549 Minnesota West Community & Technical College 12,468 $ 200 212 553 338 743 10 14,524 Normandale Community College 40,089 $ 1,535 457 1,543 1,432 997 46,053 North Hennepin Community College 25,052 $ 4,051 176 1,634 1,614 365 191 33,083 Northland Community & Technical College 13,376 299 1,392 528 477 31 16,103 577 46,529 14,986 22 4,457 28 891 125 40,724 40,849 61,257 1,578 62,835 4,960 224,438 229,398 377,563 3,469 381,032 5,097 109,515 114,612 186,147 1,795 187,942 130 18,247 18,377 32,923 1,036 33,959 83,509 83,509 134,019 1,430 135,449 1,187 70,285 71,472 104,583 1,956 106,539 62 31,132 31,194 48,188 919 49,107 2,990 1,077 764 337 15 10 581 532 6,306 11,787 3,644 4,364 1,354 963 338 4,867 2,081 29,398 5,600 2,234 1,665 1,096 265 372 2,789 1,341 15,362 1,475 502 672 22 47 239 312 3,269 3,431 482 2,022 146 243 2,264 521 9,109 2,280 1,056 1,039 29 111 1,138 484 6,137 1,710 627 208 891 103 375 386 4,300 7,507 4,996 10,683 180 23,366 29,672 6,825 36,497 116,917 15,844 24,741 6,002 163,504 192,902 22,586 215,488 42,660 8,098 13,948 5,651 70,357 85,719 11,643 97,362 3,219 2,633 6,967 141 12,960 16,229 4,534 20,763 35,990 5,492 10,300 51,782 60,891 7,844 68,735 14,505 3,942 9,788 1,307 29,542 35,679 6,682 42,361 3,866 2,620 6,165 115 12,766 17,066 4,040 21,106 32,757 231 933 (7,583) 26,338 $ 141,365 9,033 10,813 4,333 165,544 $ 14,788 391 (1,983) 13,196 $ 47,481 4,232 3,571 11,430 66,714 $ 54,642 1,861 7,675 64,178 $ 26,892 627 482 28,001 75,827 20,474 5,562 (11,283) 90,580 $ Continued… 7 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2015 AND 2014 (IN THOUSANDS) Pine Technical & Community College Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory and other assets Student loans, net Advances from other schools Total current assets Total restricted assets Noncurrent Assets Notes receivable Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources Liabilities Current Liabilities Salaries and benefits payable Accounts payable and other liabilities Unearned revenue Payable from restricted assets Interest payable Funds held for others Current portion of long-term debt Other compensation benefits Advances to other schools Total current liabilities Noncurrent Liabilities Noncurrent portion of long-term debt Other compensation benefits Net pension liability Capital contributions payable Advances to other schools Total noncurrent liabilities Total Liabilities Deferred Inflows of Resources Total Liabilities and Deferred Inflows of Resources Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position $ Ridgewater College 1,093 $ 1,671 424 98 85 3,371 21,094 $ 640 908 681 472 7 23,802 Riverland Community College 6,280 198 1,000 249 470 15 8,212 - 573 54 10,480 10,480 13,851 790 14,641 70 35,566 35,636 60,011 1,497 61,508 92 21,567 21,659 29,925 1,137 31,062 735 395 304 74 101 29 1,638 2,188 663 437 573 179 480 591 5,111 1,408 371 262 54 157 181 288 2,721 770 1,144 3,159 114 5,187 6,825 2,084 8,909 6,669 3,765 9,657 109 20,200 25,311 5,699 31,010 2,088 2,742 7,239 133 12,202 14,923 4,345 19,268 28,417 702 1,379 30,498 $ 19,298 278 (7,782) 11,794 9,636 102 (4,006) 5,732 $ $ 8 Rochester Community & Technical College $ $ South Central College Southwest Minnesota State University 16,167 $ 501 117 804 532 12 191 18,324 St. Cloud Technical & Community College St. Cloud State University 55,906 $ 2,368 1,195 4,061 3,046 387 1,100 68,063 Saint Paul College 27,674 $ 391 1,146 867 436 30,514 27,424 $ 288 344 2,535 911 414 31,916 Winona State University 23,970 $ 832 353 1,856 656 629 30 28,326 13,075 $ 806 703 472 321 15,377 62,960 5,952 450 2,785 1,706 894 345 75,092 15 659 4,018 9,539 2 2,301 7,363 2,238 62 66,198 68,498 96,839 1,890 98,729 24,242 24,242 40,278 1,202 41,480 878 71,046 71,924 94,266 923 95,189 4,858 255,728 260,586 338,188 3,622 341,810 43,713 43,713 74,229 1,322 75,551 52,710 52,710 86,927 1,649 88,576 2,086 167,222 169,308 251,763 2,537 254,300 2,911 1,339 808 15 255 457 561 6,346 1,928 969 400 659 311 347 4,614 2,611 807 707 337 136 116 1,620 689 36 7,059 13,736 3,792 4,677 216 403 596 8,437 2,079 33,936 2,156 1,228 583 2 88 633 334 5,024 2,185 1,064 1,014 488 112 41 1,123 324 6,351 7,907 4,133 2,725 475 381 370 3,342 1,368 20,701 5,722 4,536 9,635 496 20,389 26,735 6,609 33,344 5,221 2,937 7,722 15,880 20,494 4,423 24,917 16,947 4,904 6,738 1,012 109 29,710 36,769 5,612 42,381 83,584 17,236 26,809 5,429 133,058 166,994 22,928 189,922 7,385 3,026 8,665 19,076 24,100 4,865 28,965 17,645 3,250 9,234 30,129 36,480 5,199 41,679 45,068 9,442 18,558 2,595 75,663 96,364 15,494 111,858 60,019 702 4,664 65,385 $ 18,709 485 (2,631) 16,563 $ 55,956 695 1,424 (5,267) 52,808 $ 168,285 8,865 10,176 (35,438) 151,888 $ 35,695 953 9,938 46,586 $ 35,458 720 1,233 9,486 46,897 $ 121,870 10,294 6,595 3,683 142,442 Continued… 9 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2015 AND 2014 (IN THOUSANDS) Northeast Higher Education District Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory and other assets Student loans, net Advances from other schools Total current assets Total restricted assets Noncurrent Assets Notes receivable Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources Liabilities Current Liabilities Salaries and benefits payable Accounts payable and other liabilities Unearned revenue Payable from restricted assets Interest payable Funds held for others Current portion of long-term debt Other compensation benefits Advances to other schools Total current liabilities Noncurrent Liabilities Noncurrent portion of long-term debt Other compensation benefits Net pension liability Capital contributions payable Advances to other schools Total noncurrent liabilities Total Liabilities Deferred Inflows of Resources Total Liabilities and Deferred Inflows of Resources Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position $ $ 22,068 $ 27 1,328 3,088 1,162 669 154 28,496 System Office System-wide Activity 28,658 $ 400 407 706 30,171 43,066 36 1,334 271 335 45,042 5,269 - 28,190 691 54,730 55,421 89,186 2,261 91,447 7,837 49 7,886 38,057 1,410 39,467 683 940 1,623 74,855 74,855 3,148 2,661 2,750 503 39 227 826 674 208 11,036 1,321 3,060 1,037 1,290 460 7,168 574 1,852 25,794 27 2,723 144 31,114 13,447 5,475 13,970 1,137 519 34,548 45,584 8,628 54,212 4,331 8,066 12,397 19,565 8,252 27,817 2,731 1,368 4,099 35,213 35,213 7,836 218 3,596 11,650 $ 682 3,995 1,417 33,548 39,642 44,837 809 1,993 (10,404) 37,235 $ 10 Sub Total $ 851,592 $ 26,824 17,636 59,407 29,878 15,178 4,831 335 1,005,681 185,440 $ Eliminations & Reclassifications 2015 GAAP Total - $ 116 (2,144) (335) (2,363) - 2014 GAAP Total 851,592 $ 26,824 17,752 57,263 29,878 15,178 4,831 1,003,318 856,260 26,919 15,891 57,887 28,707 17,475 4,147 1,007,286 185,440 115,674 2,238 24,562 2,001,504 989 2,029,293 3,220,414 51,001 3,271,415 (989) (989) (3,352) (3,352) 2,238 24,562 2,001,504 2,028,304 3,217,062 51,001 3,268,063 25,919 1,994,028 2,019,947 3,142,907 3,142,907 105,457 47,161 64,383 25,468 3,225 8,386 40,050 20,527 335 314,992 (2,144) 1,493 (75) (335) (1,061) 105,457 45,017 65,876 25,468 3,225 8,386 39,975 20,527 313,931 122,547 45,159 52,226 13,842 3,049 8,706 38,859 20,676 305,064 587,373 159,794 330,626 29,118 989 1,107,900 1,422,892 239,274 1,662,166 (1,418) (989) (2,407) (3,468) (3,468) 585,955 159,794 330,626 29,118 1,105,493 1,419,424 239,274 1,658,698 557,565 151,966 29,601 739,132 1,044,196 1,044,196 1,486,372 66,484 66,391 (9,882) 1,609,365 $ 1,464,361 72,499 67,457 494,394 2,098,711 1,486,372 66,484 66,497 (10,104) 1,609,249 $ (106) 222 116 $ Concluded 11 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 (IN THOUSANDS) Alexandria Technical & Community College Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Cumulative Effect of Change in Accounting Principle Total Net Position, Beginning of Year, as Restated Total Net Position, End of Year $ 12 6,629 $ 1,147 1,221 131 22 9,150 Anoka Technical College & Community College 20,633 $ 2,958 5,116 749 144 29,600 Bemidji State University 22,060 2,554 2,506 10,460 444 38,024 15,821 2,154 2,424 443 1,491 604 884 23,821 (14,671) 48,941 6,069 8,356 857 3,669 2,422 3,835 74,149 (44,549) 51,325 12,450 5,183 1,737 5,403 1,400 4,099 81,597 (43,573) 10,364 3,492 1,603 241 83 (218) 15,565 26,411 15,844 4,001 639 203 (590) 46,508 22,771 11,509 4,895 2,264 265 (958) 40,746 894 1,959 (2,827) 1,820 157 16 2,887 1,186 139 3,284 6,212 233 (3) 3,615 27,054 (9,867) 17,187 20,074 $ 89,208 (21,239) 67,969 71,253 $ 75,632 (22,743) 52,889 56,504 Central Lakes College $ 6,751 $ 1,524 2,291 295 10,861 19,485 $ 2,014 3,281 661 404 25,845 7,148 $ 992 2,021 102 10,263 Fond du Lac Tribal & Community College Hennepin Technical College 2,283 $ 204 710 225 3,422 11,027 $ 1,311 1,995 186 14,519 Inver Hills Community College 11,536 $ 1,486 2,199 141 15,362 Lake Superior College 10,588 3,234 2,078 255 16,155 22,565 3,197 4,741 623 1,882 596 2,603 36,207 (25,346) 51,020 5,396 6,502 1,095 3,199 2,171 3,699 73,082 (47,237) 19,417 3,609 2,943 317 1,587 549 1,343 29,765 (19,502) 8,641 1,690 1,183 97 999 752 716 14,078 (10,656) 34,025 5,019 5,546 452 2,716 1,754 1,788 51,300 (36,781) 25,612 2,709 3,511 368 1,859 845 1,828 36,732 (21,370) 25,484 4,718 3,979 644 2,508 767 2,420 40,520 (24,365) 13,970 9,969 1,965 245 88 (174) 26,063 24,079 19,292 4,167 336 177 (559) (10) 47,482 11,166 5,881 1,887 603 79 (186) 19,430 4,868 5,645 736 293 50 (152) 11,440 20,864 13,130 2,539 740 123 (347) 37,049 12,998 7,511 2,094 218 73 (279) 22,615 13,975 7,751 1,791 79 147 (297) (68) 23,378 717 $ Century College Dakota County Technical College 245 (72) 784 268 1,245 (987) 742 548 54 2,061 1,331 263 (4) 1,835 592 200 17 737 784 977 498 1 1,744 73 1,318 2,343 148 (3) 1,501 35,266 (11,866) 23,400 25,461 $ 57,850 (24,054) 33,796 35,631 $ 39,186 (9,549) 29,637 30,374 $ 24,663 (3,688) 20,975 21,759 $ 44,468 (19,578) 24,890 26,634 $ 44,761 (11,869) 32,892 34,210 $ 47,110 (10,477) 36,633 38,134 Continued… 13 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 (IN THOUSANDS) Metropolitan State University Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss 27,622 $ 1,483 804 347 417 30,673 Minneapolis Community & Technical College 13,368 $ 1,566 2,790 2,177 75 19,976 Minnesota State College Southeast Technical 4,397 638 1,045 7 6,087 57,217 11,833 1,985 1,027 2,293 1,921 3,202 79,478 (48,805) 45,163 5,675 4,690 692 4,972 3,377 3,127 67,696 (47,720) 14,326 2,394 1,904 214 944 299 761 20,842 (14,755) Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) 24,811 14,263 5,079 1,060 330 (1,002) (124) 44,417 23,722 22,875 4,623 356 291 (1,090) 50,777 8,095 4,766 1,051 29 65 (108) 13,898 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses (4,388) 3,057 13,831 28 9,471 1,230 246 2 4,535 1,200 175 518 101,267 (21,953) 79,314 83,849 $ 14,758 (7,318) 7,440 7,958 Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Cumulative Effect of Change in Accounting Principle Total Net Position, Beginning of Year, as Restated Total Net Position, End of Year $ 14 53,467 (19,201) 34,266 43,737 $ (857) Minnesota State Community & Technical College $ 12,224 $ 1,762 4,454 107 111 18,658 75,588 $ 11,510 11,299 27,506 670 126,573 Minnesota State University Moorhead 30,344 $ 2,918 5,584 13,266 1,737 53,849 Minnesota West Community & Technical College 6,302 $ 704 1,497 190 8,693 Normandale Community College 21,196 $ 1,516 4,682 3,394 273 31,061 North Hennepin Community College 11,997 $ 1,645 2,392 74 16,108 Northland Community & Technical College 7,714 946 1,600 301 10,561 35,827 4,203 6,532 1,039 2,427 1,095 2,361 53,484 (34,826) 136,746 28,628 11,241 3,183 14,000 4,156 10,422 208,376 (81,803) 60,979 13,035 7,868 1,412 5,765 981 4,870 94,910 (41,061) 18,131 2,413 2,737 507 1,302 391 1,451 26,932 (18,239) 45,121 5,134 5,489 519 3,855 1,844 3,690 65,652 (34,591) 33,838 3,986 4,189 586 2,682 1,810 2,101 49,192 (33,084) 20,586 2,592 2,660 397 2,144 529 1,561 30,469 (19,908) 20,251 11,904 1,914 747 138 (364) (139) 34,451 54,675 19,256 10,359 2,208 627 (3,211) 83,914 29,271 7,729 3,248 3,279 428 (1,690) 42,265 11,817 4,829 1,696 384 91 (166) 18,651 20,705 13,769 4,617 199 296 (1,554) 38,032 15,444 12,596 3,131 147 310 (634) 30,994 12,319 5,828 1,145 437 97 (190) 19,636 2,111 1,204 3,441 (2,090) (272) 912 399 236 1,172 3,537 10 11 5,669 1,179 (176) 2,207 668 200 17 1,297 618 23 (4) 4,078 1,446 18 (2) (628) 1,233 29 990 42,105 (16,939) 25,166 26,338 $ 207,991 (48,116) 159,875 165,544 $ 114,068 (25,695) 88,373 90,580 $ 23,036 (11,137) 11,899 13,196 $ 80,658 (18,022) 62,636 66,714 $ 80,292 (15,486) 64,806 64,178 $ 36,910 (9,899) 27,011 28,001 (375) $ Minnesota State University, Mankato 412 Continued… 15 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 (IN THOUSANDS) Pine Technical & Community College Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Cumulative Effect of Change in Accounting Principle Total Net Position, Beginning of Year, as Restated Total Net Position, End of Year $ 16 1,259 $ 168 2,144 32 3,603 Ridgewater College 8,608 $ 2,368 2,056 273 13,305 Riverland Community College 6,532 915 1,651 88 9,186 9,700 1,644 1,002 92 707 1,554 331 15,030 (11,427) 26,023 3,631 4,201 677 1,722 719 1,737 38,710 (25,405) 20,003 2,248 2,535 421 1,580 297 1,543 28,627 (19,441) 3,547 4,749 2,522 57 16 (38) 10,853 15,241 8,878 2,079 43 139 (271) 26,109 11,412 5,246 1,345 98 57 (107) 18,051 (574) 704 26 9 (539) 2,137 438 (12) 3,267 11,025 (4,754) 6,271 5,732 $ 41,911 (14,680) 27,231 30,498 $ (1,390) 712 (3) (681) 23,577 (11,102) 12,475 11,794 Rochester Community & Technical College $ 12,644 $ 2,329 5,346 465 20,784 8,050 $ 894 1,674 354 10,972 Southwest Minnesota State University 13,382 $ 1,700 1,509 6,673 174 23,438 St. Cloud Technical & Community College St. Cloud State University 56,301 $ 8,536 12,698 19,227 2,820 99,582 9,948 $ 1,219 3,221 38 14,426 Saint Paul College 9,553 $ 452 3,363 1,494 370 15,232 Winona State University 43,770 5,236 16,170 20,474 1,596 87,246 33,356 4,111 5,868 1,112 4,037 755 2,717 51,956 (31,172) 22,978 2,636 3,062 149 1,083 678 1,509 32,095 (21,123) 31,352 7,003 1,715 837 3,699 575 2,269 47,450 (24,012) 139,103 22,537 7,622 2,544 16,634 3,400 7,609 199,449 (99,867) 25,507 2,335 3,911 237 2,345 1,197 1,659 37,191 (22,765) 30,375 4,326 5,477 698 2,518 2,385 2,161 47,940 (32,708) 83,876 24,346 7,810 2,252 9,799 502 6,453 135,038 (47,792) 16,409 10,736 3,004 116 144 (230) 30,179 12,781 7,483 1,854 63 95 (225) (6) 22,045 16,562 4,453 2,085 1,381 183 (757) (33) 23,874 61,193 20,902 9,079 3,744 438 (3,498) (548) 91,310 13,228 9,926 2,569 70 143 (369) 25,567 15,775 16,590 3,324 395 136 (795) 35,425 34,228 9,886 5,320 2,664 743 (2,100) (23) 50,718 (138) (8,557) 2,802 2,717 2,926 762 520 (65) 4,143 (993) $ South Central College 922 853 4,770 206 4,836 2,110 194 33 3,259 301 203 3 369 1,534 114 21 (6,888) 50 355 (60) 3,147 964 275 19 3,975 75,843 (15,294) 60,549 65,385 $ 24,857 (11,553) 13,304 16,563 $ 64,770 (12,331) 52,439 52,808 $ 208,887 (50,111) 158,776 151,888 $ 56,304 (12,865) 43,439 46,586 $ 56,415 (13,493) 42,922 46,897 $ 172,497 (34,198) 138,299 142,442 Continued… 17 MINNESOTA STATE COLLEGES AND UNIVERSITIES STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 (IN THOUSANDS) Northeast Higher Education District Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss 10,523 $ 1,880 4,858 401 260 17,922 System Office System-wide Activity - $ - 44 3,051 1,277 4,372 36,282 5,769 4,841 1,168 3,478 1,578 3,369 56,485 (38,563) 10,201 1,017 50 3 2,204 285 13,760 (13,760) 2,340 6,497 266 378 311 185 9,977 (5,605) Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) 19,989 13,610 3,012 1,216 190 (413) (355) 37,249 13,649 7,976 379 13 (6,632) 15,385 8,398 591 1,296 161 46 (47) (3,498) 6,947 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses (1,314) 1,625 1,342 1,777 7 20 490 1,625 18 1,360 58,315 (21,570) 36,745 37,235 $ 26,278 (16,253) 10,025 11,650 $ 38,282 38,282 39,642 Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Cumulative Effect of Change in Accounting Principle Total Net Position, Beginning of Year, as Restated Total Net Position, End of Year $ 18 Subtotal $ 509,462 $ 67,853 117,306 107,067 13,820 815,508 1,241,881 215,004 142,023 26,777 115,814 42,088 88,403 1,871,990 (1,056,482) 624,988 338,865 100,030 24,891 6,304 (22,619) (11,436) 1,061,023 $ Eliminations & Reclassifications - $ - 26,645 16,826 914 279 (44,864) (200) 200 116 116 2015 GAAP Total 2014 GAAP Total 509,462 $ 67,853 117,306 107,067 13,820 815,508 521,040 67,610 116,148 105,294 14,098 824,190 1,268,526 231,830 142,937 27,056 115,814 42,088 43,539 1,871,790 (1,056,282) 1,296,889 234,002 141,157 32,031 113,497 38,446 46,339 1,902,361 (1,078,171) 624,988 338,865 100,146 24,891 6,304 (22,619) (11,436) 1,061,139 591,242 354,652 92,917 22,418 6,927 (23,464) (10,236) 1,034,456 4,541 316 4,857 (43,715) 52,283 4,780 5,486 348 67,438 (200) 116 52,283 4,780 5,486 148 67,554 54,729 4,452 567 16,033 2,098,711 (556,900) 1,541,811 1,609,249 $ 116 $ 2,098,711 (556,900) 1,541,811 1,609,365 $ 2,082,678 2,082,678 2,098,711 Concluded 19 MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATIONS STATEMENTS OF FINANCIAL POSITION (UNAUDITED) AS OF JUNE 30, 2015 AND 2014 (IN THOUSANDS) Bemidji State University Foundation Assets Current Assets Cash and cash equivalents Investments Restricted cash and cash equivalents Pledges and contributions receivable, net Other receivables and Other assets Annuities/Remainder interests/Trusts Finance lease receivable Total current assets Noncurrent Assets Annuities/Remainder interests/Trusts Long-term pledges receivable Finance lease receivable, net Investments Restricted investments Buildings, property and equipment, net Other assets Total noncurrent assets Total Assets Liabilities and Net Assets Current Liabilities Accounts payable Interest payable Unearned revenue Annuities payable Notes payable Bonds payable Scholarships payable and Other liabilities Total current liabilities Noncurrent Liabilities Annuities payable and Unitrust liabilities Notes payable Bonds payable Total noncurrent liabilities Total Liabilities Net Assets Unrestricted (deficit) Temporarily restricted Permanently restricted Total Net Assets Total Liabilities and Net Assets $ $ $ $ Metropolitan State University Foundation Minnesota State University, Mankato Foundation, Inc. Minnesota State University Moorhead Alumni Foundation, Inc. 49 $ 24,291 2,429 4 26,773 646 $ 738 49 7 1,440 2,147 $ 1,744 87 83 4,061 1,866 1,279 23 3,168 91 2,308 325 11 2,735 29,508 $ 3,177 35 3,212 4,652 $ 49,006 1,004 50,010 54,071 $ 8,564 18,740 2,436 29,740 32,908 19 $ 23 57 99 $ 61 $ 5 66 111 $ 111 44 94 59 114 311 167 167 266 66 863 863 974 1,452 2,793 4,245 4,556 4,642 4,352 20,248 29,242 29,508 $ 285 1,755 2,546 4,586 4,652 $ 1,520 16,059 35,518 53,097 54,071 $ 1,274 10,919 16,159 28,352 32,908 20 St. Cloud State University Foundation, Inc. $ $ $ Winona State University Foundation 2015 Total 392 $ 34,594 1,022 842 67 48 885 37,850 60 $ 8,205 777 29 23 9,094 1,559 $ 340 235 172 2,306 6,719 67,828 1,022 7,460 452 326 885 84,692 325 1,300 5,793 254 222 7,894 45,744 $ 352 2,998 5,908 655 9,913 19,007 $ 741 31,877 9,048 917 42,583 44,889 $ 416 13,265 5,793 99,623 6,175 18,975 1,840 146,087 230,779 158 $ 54 45 630 885 96 1,868 348 $ 3 379 470 1,200 64 $ 12 351 555 982 805 163 379 478 630 2,024 158 4,637 291 1,440 7,586 9,317 11,185 $ Southwest Minnesota State University Foundation (2,206) 18,697 18,068 34,559 45,744 $ 4,469 4,469 5,669 1,255 8,766 3,317 13,338 19,007 $ 37 5,533 5,570 6,552 2,167 14,324 21,846 38,337 44,889 $ 2014 Total $ $ $ 8,361 64,905 1,022 7,022 727 325 870 83,232 468 12,867 6,678 95,077 6,174 19,706 1,795 142,765 225,997 1,396 96 326 505 706 1,411 330 4,770 2,773 1,477 20,381 24,631 29,268 2,032 9,701 16,436 28,169 32,939 8,935 74,874 117,702 201,511 230,779 6,202 79,922 106,934 193,058 225,997 21 $ MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATIONS STATEMENTS OF ACTIVITIES (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 (IN THOUSANDS) Bemidji State University Foundation Support and Revenue Contributions Endowment gifts In-kind contributions Investment income Realized gains (losses) Unrealized gains (losses) Program income Special events Fundraising income Other income Total support and revenue $ Expenses Program services Program services Scholarships Institutional activities Special projects Total program services Supporting services Interest expense Management and general Fundraising expenses Other expense Total supporting services Total expenses Change in Net Assets Net Assets, Beginning of Year Net Assets, End of Year $ Metropolitan State University Foundation 1,715 $ 1,291 659 (10) 77 5 3,737 1,108 $ 7 86 15 1,216 Minnesota State University, Mankato Foundation, Inc. 3,706 $ 1,836 1,133 (1,234) (255) 89 5,275 Minnesota State University Moorhead Alumni Foundation, Inc. 8,602 374 (132) 283 19 9,146 1,193 1,483 2,676 848 848 3,659 3,659 2,251 899 3,150 189 689 878 3,554 134 209 343 1,191 573 2,087 8 2,668 6,327 309 691 1,000 4,150 183 25 (1,052) 4,996 29,059 29,242 $ 4,561 4,586 $ 22 54,149 53,097 $ 23,356 28,352 St. Cloud State University Foundation, Inc. $ $ 3,314 $ 2,080 943 7,607 (8,058) 5,886 Southwest Minnesota State University Foundation 2,227 $ 434 248 222 (143) 170 141 885 4,184 Winona State University Foundation 4,073 $ 979 5,612 (5,731) 873 136 5,942 2015 Total 2014 Total 24,745 $ 1,298 4,350 4,422 12,207 (14,314) 1,403 277 998 35,386 22,720 1,609 4,772 8,435 6,627 7,277 1,303 10 288 1,154 54,195 393 2,676 3,069 1,153 817 547 2,517 457 1,224 870 30 2,581 5,102 10,468 1,417 1,513 18,500 4,307 10,628 1,331 1,932 18,198 287 1,467 653 2,407 5,476 499 477 976 3,493 74 87 161 2,742 287 3,245 4,893 8 8,433 26,933 372 3,244 4,742 22 8,380 26,578 410 691 3,200 8,453 27,617 34,149 34,559 $ 12,647 13,338 $ 193,058 201,511 $ 165,441 193,058 35,137 38,337 $ 23 MINNESOTA STATE COLLEGES AND UNIVERSITIES REVENUE FUND STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2015 AND 2014 (IN THOUSANDS) Alexandria Technical & Community College Assets Current Assets Cash and cash equivalents Accounts receivable, net Advances from other schools Total current assets Total restricted assets $ Noncurrent Assets Advances from other schools Capital assets, net Total noncurrent assets Total Assets Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources Liabilities Current Liabilities Salaries and benefits payable Accounts payable Unearned revenue Payable from restricted assets Interest payable Current portion of long-term debt Other compensation benefits Advances to other schools Total current liabilities Noncurrent Liabilities Advances to other schools Other liabilities Noncurrent portion of long-term debt Other compensation benefits Net pension liability Total noncurrent liabilities Total Liabilities Deferred Inflows of Resources Total Liabilities and Deferred Inflows of Resources Net Position Net investment in capital assets Restricted expendable Unrestricted Total Net Position $ 24 100 $ 3 103 127 Anoka Technical College & Community College 407 $ 96 503 993 Bemidji State University 4,962 387 5,349 2,836 466 466 696 696 5,661 5,661 7,157 7,157 16,058 16,058 24,243 103 24,346 3 4 58 65 7 19 61 250 1 338 90 148 181 149 833 28 1,429 257 257 322 322 5,573 11 5,584 5,922 5,922 13,397 200 748 14,345 15,774 625 16,399 207 71 96 374 $ 338 494 403 1,235 $ 3,249 1,416 3,282 7,947 Century College $ $ 416 $ 43 459 847 Metropolitan State University 657 $ 6 663 38,330 Minneapolis Community & Technical College Minnesota State Community & Technical College 3,201 $ 172 3,373 2,468 251 $ 5 256 240 Minnesota State University, Mankato 13,087 $ 914 14,001 45,175 Minnesota State University Moorhead 22,211 $ 241 22,452 14,861 Normandale Community College 4,430 225 4,655 4,311 2,895 2,895 4,201 4,201 471 471 39,464 39,464 12,742 12,742 18,583 20 18,603 1,290 1,290 1,786 1,786 94,008 94,008 153,184 392 153,576 25,258 25,258 62,571 72 62,643 24,637 24,637 33,603 33,603 1 7 21 430 459 21 3,905 285 175 4,386 17 41 15 122 788 4 987 2 2 15 60 1 80 209 766 727 963 3,329 98 6,092 110 237 183 971 265 1,581 13 3,360 11 41 103 243 1,190 2 1,590 1,930 1,930 2,389 2,389 35,421 35,421 39,807 39,807 11,748 44 131 11,923 12,910 95 13,005 1,353 5 1,358 1,438 1,438 99,206 570 1,237 101,013 107,105 1,129 108,234 27,568 180 559 28,307 31,667 465 32,132 23,263 24 23,287 24,877 24,877 869 512 431 1,812 $ 471 3 (817) (343) $ 1,985 688 2,925 5,598 $ 119 229 348 $ 30,183 6,127 9,032 45,342 $ 7,870 2,168 20,473 30,511 $ 2,409 2,086 4,231 8,726 Continued… 25 MINNESOTA STATE COLLEGES AND UNIVERSITIES REVENUE FUND STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2015 AND 2014 (IN THOUSANDS) Southwest Minnesota State University Assets Current Assets Cash and cash equivalents Accounts receivable, net Advances from other schools Total current assets Total restricted assets $ Noncurrent Assets Advances from other schools Capital assets, net Total noncurrent assets Total Assets Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources Liabilities Current Liabilities Salaries and benefits payable Accounts payable and other liabilities Unearned revenue Payable from restricted assets Interest payable Current portion of long-term debt Other compensation benefits Advances to other schools Total current liabilities Noncurrent Liabilities Advances to other schools Other liabilites Noncurrent portion of long-term debt Other compensation benefits Net pension liability Total noncurrent liabilities Total Liabilities Deferred Inflows of Resources Total Liabilities and Deferred Inflows of Resources Net Position Net investment in capital assets Restricted expendable, other Unrestricted Total Net Position $ 26 1,659 $ 154 1,813 3,021 St. Cloud State University 12,252 $ 1,153 13,405 7,552 Saint Paul College 1,005 (121) 884 1,813 26,574 26,574 31,408 37 31,445 72,949 72,949 93,906 205 94,111 9,892 9,892 12,589 12,589 44 80 83 136 997 15 36 1,391 186 910 540 2 403 2,628 40 4,709 2 24 24 112 455 617 109 12,265 160 268 12,802 14,193 226 14,419 142 42,093 447 1,340 44,022 48,731 1,146 49,877 10,185 2 10,187 10,804 10,804 16,085 247 694 17,026 $ 31,452 3,916 8,866 44,234 $ 768 297 720 1,785 Winona State University $ $ System Office Vermilion Community College Eliminations & Reclassifications Sub Total 2015 GAAP Total 2014 GAAP Total 13,987 $ 1,122 15,109 7,014 4,197 $ 36 4,233 2,993 203 $ 513 716 4,471 83,025 $ 4,913 36 87,974 137,052 - $ (226) (36) (262) - 83,025 $ 4,687 87,712 137,052 80,967 3,144 84,111 104,490 65,554 65,554 87,677 183 87,860 109 109 7,335 7,335 1,310 1,310 6,497 6,497 109 359,765 359,874 584,900 1,012 585,912 (109) (109) (371) (371) 359,765 359,765 584,529 1,012 585,541 357,921 357,921 546,522 546,522 530 948 664 381 2,009 73 4,605 17 229 26 5 277 114 39 153 1,225 3,539 2,572 4,878 3,225 14,783 280 36 30,538 (226) (36) (262) 1,225 3,313 2,572 4,878 3,225 14,783 280 30,276 1,159 4,226 2,543 5,152 3,049 14,447 298 30,874 33,667 467 1,299 35,433 40,038 1,085 41,123 2,730 47 2,777 3,054 3,054 4,379 4,379 4,532 4,532 109 142 325,035 2,157 5,582 333,025 363,563 4,771 368,334 (109) (109) (371) (371) 142 325,035 2,157 5,582 332,916 363,192 4,771 367,963 160 295,834 2,098 298,092 328,966 328,966 32,935 3,508 10,294 46,737 $ 284 3,997 4,281 $ 1,310 142 513 1,965 $ 130,131 22,078 65,369 217,578 $ 130,131 22,078 65,369 217,578 $ 125,495 23,199 68,862 217,556 - $ Concluded 27 MINNESOTA STATE COLLEGES AND UNIVERSITIES REVENUE FUND STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 (IN THOUSANDS) Alexandria Technical & Community College Operating Revenues Room and board Fees Sales and services Other income Total operating revenues $ Anoka Technical College & Community College Bemidji State University - $ 112 20 132 - $ 644 104 748 9,719 922 296 21 10,958 Operating Expenses Salaries and benefits Food service Other purchased services Supplies Repairs and maintenance Depreciation Other expense Total operating expenses Operating income (loss) 3 60 39 4 106 26 176 58 12 153 33 432 316 3,130 3,454 1,159 746 382 1,373 272 10,516 442 Nonoperating Revenues (Expenses) Private grants Interest income Interest expense Total nonoperating revenues (expenses) 1 (15) (14) 5 (239) (234) 34 (593) (559) 12 82 (117) 12 82 (117) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Capital contributions Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Cumulative Effect of Change in Accounting Principle Total Net Position, Beginning of Year, as Restated Total Net Position, End of Year $ 28 362 362 374 $ 1,153 1,153 1,235 $ 9,442 (1,378) 8,064 7,947 Century College $ $ Metropolitan State University Minneapolis Community & Technical College Minnesota State Community & Technical College Minnesota State University, Mankato Minnesota State University Moorhead Normandale Community College - $ 581 81 1 663 - $ 347 984 1,331 - $ 980 1,197 9 2,186 - $ 107 102 209 22,257 $ 4,477 1,171 131 28,036 10,506 $ 2,557 467 92 13,622 2,855 539 411 3,805 5 107 23 22 207 4 368 295 19 3 3 15 40 1,291 440 133 58 172 405 148 1,356 830 61 3 3 11 35 14 127 82 6,710 5,986 4,345 1,075 969 4,814 964 24,863 3,173 2,423 3,650 1,556 826 570 1,666 487 11,178 2,444 269 203 10 2 701 112 1,297 2,508 110 (2,335) (2,225) 6 (76) (70) 43 (662) (619) 20 (459) (439) 2 (58) (56) 225 672 391 26 948 1,613 1,567 225 2,363 3,035 391 26 948 1,613 1,567 1,587 1,587 1,812 $ (3,378) (3,378) (343) $ 5,427 (220) 5,207 5,598 $ 322 322 348 $ 46,800 (2,406) 44,394 45,342 $ 20 131 (982) (831) 29,926 (1,028) 28,898 30,511 $ 29 (970) (941) 7,159 7,159 8,726 Continued… 29 MINNESOTA STATE COLLEGES AND UNIVERSITIES REVENUE FUND STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 (IN THOUSANDS) Southwest Minnesota State University Operating Revenues Room and board Fees Sales and services Other income Total operating revenues $ Operating Expenses Salaries and benefits Food service Other purchased services Supplies Repairs and maintenance Depreciation Other expense Total operating expenses Operating income (loss) Nonoperating Revenues (Expenses) Private grants Interest income Interest expense Total nonoperating revenues (expenses) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Capital contributions Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Cumulative Effect of Change in Accounting Principle Total Net Position, Beginning of Year, as Restated Total Net Position, End of Year $ 30 St. Cloud State University Saint Paul College 5,872 $ 673 333 75 6,953 15,301 $ 3,571 1,190 1,260 21,322 1,410 2,251 622 171 332 1,099 191 6,076 877 5,489 5,274 2,425 566 767 4,471 2,354 21,346 (24) 56 66 75 34 267 110 608 934 17 (553) (536) 91 (1,466) (1,375) 8 (437) (429) 341 (1,399) 505 341 (1,399) 505 17,177 (492) 16,685 17,026 $ 48,139 (2,506) 45,633 44,234 $ 1,238 256 48 1,542 1,280 1,280 1,785 Winona State University $ $ 17,277 $ 3,065 556 49 20,947 System Office - $ 206 206 Vermilion Community College - $ 2 2 Subtotal Eliminations & Reclassifications 80,932 $ 22,129 6,212 3,389 112,662 - $ - 2015 GAAP Total 80,932 $ 22,129 6,212 3,389 112,662 2014 GAAP Total 78,125 21,233 7,609 2,890 109,857 5,334 5,697 1,775 1,078 651 3,141 389 18,065 2,882 46 288 70 404 (198) 3 442 445 (443) 25,574 26,312 12,803 4,643 3,915 18,371 5,609 97,227 15,435 - 25,574 26,312 12,803 4,643 3,915 18,371 5,609 97,227 15,435 26,832 25,179 13,299 4,554 4,601 17,750 7,159 99,374 10,483 92 (1,501) (1,409) 25 (48) (23) 1 (33) (32) 20 615 (10,427) (9,792) - 20 615 (10,427) (9,792) 181 582 (11,274) (10,511) 1,473 (221) (475) 5,643 - 5,643 (28) 1,473 (221) 4,803 10,446 - 4,803 10,446 1 (27) 47,658 (2,394) 45,264 46,737 $ 4,502 4,502 4,281 $ 2,440 1,965 1,965 $ 217,556 (10,424) 207,132 217,578 $ - $ 217,556 (10,424) 207,132 217,578 $ 217,583 217,583 217,556 Concluded 31 This page intentionally left blank 32 SUPPLEMENTARY SECTION 33 COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT (NHED) AND COMPONENTS OF ANOKA TECHNICAL COLLEGE AND COMMUNITY COLLEGE STATEMENTS OF NET POSITION BY INSTITUTION (UNAUDITED) AS OF JUNE 30, 2015 (IN THOUSANDS) Hibbing Community College Assets Current Assets Cash and cash equivalents Investments Grants receivable Accounts receivable, net Prepaid expense Inventory and other assets Student loans, net Advances from other schools Total current assets Total restricted assets Noncurrent Assets Notes receivable Student loans, net Capital assets, net Advances from other schools Total noncurrent assets Total Assets Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources Liabilities Current Liabilities Salaries and benefits payable Accounts payable and other liabilities Unearned revenue Payable from restricted assets Interest payable Funds held for others Current portion of long-term debt Other compensation benefits Advances to other schools Total current liabilities Noncurrent Liabilities Noncurrent portion of long-term debt Other compensation benefits Net pension liability Capital contributions payable Advances to other schools Total noncurrent liabilities Total Liabilities Deferred Inflows of Resources Total Liabilities and Deferred Inflows of Resources Net Position Net investment in capital assets Restricted expendable, bond covenants Restricted expendable, other Unrestricted Total Net Position $ $ Itasca Community College Vermilion Community College 6,559 $ 273 1,340 577 158 54 8,961 4,637 $ 360 844 195 150 88 6,274 4,445 140 248 41 149 5,023 33 466 4,760 246 17,307 17,553 26,547 679 27,226 420 12,432 12,852 19,592 575 20,167 1 6,922 6,923 16,706 371 17,077 1,107 1,013 876 33 100 304 221 3,654 743 730 424 170 56 249 131 18 2,521 470 398 1,134 290 39 14 29 114 155 2,643 1,763 1,834 4,075 339 8,011 11,665 2,424 14,089 3,375 1,212 3,755 529 97 8,968 11,489 2,419 13,908 4,767 846 1,824 111 229 7,777 10,420 1,118 11,538 15,241 848 (2,952) 13,137 $ 8,809 296 330 (3,176) 6,259 $ 6,505 513 248 (1,727) 5,539 34 Mesabi Range College $ $ AnokaRamsey Community College Northeast Higher Education District Total Rainy River Community College 3,784 $ 27 458 565 347 177 12 5,370 2,643 $ 97 91 2 35 2,868 22,068 27 1,328 3,088 1,162 669 154 28,496 1 9 5,269 24 15,544 15,568 20,939 492 21,431 2,525 2,525 5,402 144 5,546 649 368 155 1 244 154 1,571 9,992 $ 244 744 288 251 11,519 43,349 759 3,079 1,084 1,137 47 49,455 1,623 16 1,639 691 54,730 55,421 89,186 2,261 91,447 234 54,534 54,768 94,327 1,612 95,939 15,332 15,332 26,867 553 27,420 234 69,866 70,100 121,194 2,165 123,359 179 152 161 9 57 54 35 647 3,148 2,661 2,750 503 39 227 826 674 208 11,036 2,914 1,439 1,286 630 61 519 875 613 8,337 935 1,311 238 16 36 233 140 2,909 3,849 2,750 1,524 646 61 555 1,108 753 11,246 3,530 1,217 3,338 103 8,188 9,759 1,970 11,729 12 366 978 55 193 1,604 2,251 697 2,948 13,447 5,475 13,970 1,137 519 34,548 45,584 8,628 54,212 11,067 4,454 9,077 370 24,968 33,305 6,420 39,725 1,738 1,223 3,852 6,813 9,722 2,659 12,381 12,805 5,677 12,929 370 31,781 43,027 9,079 52,106 11,769 549 (2,616) 9,702 $ 2,513 18 67 2,598 $ 43,091 404 1,866 10,853 56,214 $ 13,361 288 1,390 15,039 $ 56,452 404 2,154 12,243 71,253 44,837 809 1,993 (10,404) 37,235 $ $ 33,357 $ 515 2,335 796 886 47 37,936 Anoka Technical College Anoka Technical College & Community College Total 35 COMPONENTS OF NORTHEAST HIGHER EDUCATION DISTRICT (NHED) AND COMPONENTS OF ANOKA TECHNICAL COLLEGE AND COMMUNITY COLLEGE STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION BY INSTITUTION (UNAUDITED) FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 (IN THOUSANDS) Hibbing Community College Operating Revenues Tuition, net Fees, net Sales and room and board, net Restricted student payments, net Other income Total operating revenues $ Operating Expenses Salaries and benefits Purchased services Supplies Repairs and maintenance Depreciation Financial aid, net Other expense Total operating expenses Operating loss Nonoperating Revenues (Expenses) Appropriations Federal grants State grants Private grants Interest income Interest expense Grants to other organizations Total nonoperating revenues (expenses) Income (Loss) Before Other Revenues, Expenses, Gains, or Losses Capital appropriations Capital grants Donated assets and supplies Gain (loss) on disposal of capital assets Change in net position Total Net Position, Beginning of Year Cumulative Effect of Change in Accounting Principle Total Net Position, Beginning of Year, as Restated Total Net Position, End of Year $ 36 4,211 $ 687 1,285 54 6,237 Itasca Community College 2,473 $ 425 1,043 399 108 4,448 Vermilion Community College 1,330 286 1,710 2 22 3,350 11,229 1,643 1,797 214 1,317 310 1,063 17,573 (11,336) 8,848 1,403 1,285 367 528 745 892 14,068 (9,620) 5,443 1,019 686 114 496 94 409 8,261 (4,911) 6,031 3,799 1,042 67 58 (91) 10,906 4,447 3,664 831 1,041 40 (115) 9,908 2,703 1,598 382 20 14 (48) 4,669 (430) 288 (242) 24 3 (403) 397 5 690 1,285 1,043 19,735 (6,195) 13,540 13,137 $ 11,487 (5,918) 5,569 6,259 $ 7,215 (2,719) 4,496 5,539 Mesabi Range College $ $ 1,827 $ 348 352 32 2,559 Rainy River Community College 682 $ 134 468 44 1,328 Northeast Higher Education District Total 10,523 1,880 4,858 401 260 17,922 Anoka-Ramsey Community College $ 16,968 $ 2,308 4,007 749 91 24,123 Anoka Technical College 3,665 $ 650 1,109 53 5,477 Anoka Technical College & Community College Total 20,633 2,958 5,116 749 144 29,600 8,108 1,006 765 371 912 397 734 12,293 (9,734) 2,654 698 308 102 225 32 271 4,290 (2,962) 36,282 5,769 4,841 1,168 3,478 1,578 3,369 56,485 (38,563) 36,875 4,575 5,935 644 2,734 1,943 3,003 55,709 (31,586) 12,066 1,494 2,421 213 935 479 832 18,440 (12,963) 48,941 6,069 8,356 857 3,669 2,422 3,835 74,149 (44,549) 5,086 3,800 634 51 72 (158) (355) 9,130 1,722 749 123 37 6 (1) 2,636 19,989 13,610 3,012 1,216 190 (413) (355) 37,249 18,454 11,914 2,930 42 147 (504) 32,983 7,957 3,930 1,071 597 56 (86) 13,525 26,411 15,844 4,001 639 203 (590) 46,508 (604) (326) (1,314) 1,397 562 1,959 52 12 (540) 19 7 (300) 1,777 7 20 490 1,073 2,470 113 139 814 1,186 139 3,284 15,341 (5,099) 10,242 9,702 $ 4,537 (1,639) 2,898 2,598 $ 58,315 (21,570) 36,745 37,235 68,631 (14,887) 53,744 56,214 $ 20,577 (6,352) 14,225 15,039 $ 89,208 (21,239) 67,969 71,253 $ 37 This page intentionally left blank 38 30 7TH ST. 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