FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
March 28, 2016
Volume
Treasurer’s Report for February 2016
This resolution is recommended.
Be it Resolved, that
The Charles Stewart Mott Community College Board of Trustees
Accepts the financial report of the College for the month of February, 2016 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: March 28, 2016
Board Policy Statement Reference:
“3100 Budget Adoption: General: The Board recognizes that its annual budget represents the programmatic
direction and vision of the College. It is also designed to meet both the legal requirements and needs of the College.
1. The Finance Committee shall receive and review budget reports on a monthly basis.”
February’s Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
March 28, 2016
Summary of Expenditures:
Month of February Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,206,887
2,527,282
7,734,169
Comments on General Fund Financial Statements:

Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the eight months ended February 29, were approximately
$54.1 million, representing 72.9% of the annual budget, down from 73.8% a year ago.
The most significant change was in the Tuition and fees which is discussed further below.
Expenditures for the eight months ended were $43.3 million, which represents 58.5% of
the annual budget, compared to $46.3 million and 61.5%, one year ago.
Revenues
Tuition and fees revenues are $29.0 million, $2.5 million less than last year and 86% of
the budget, down from 87.7% a year ago. This is due to the decline in enrollment.
Property taxes collected are roughly $13.9 million. The amount budgeted is $17.7
million, $225 thousand or 1.3% more than the 2014-2015 fiscal year and is based on final
taxable value figures provided by the Genesee County Equalization Department.
State appropriations payments for FY 2015-16 are paid in eleven monthly installments
starting in October. We received our fifth payment of $1.5 million as expected. The total
budgeted amount for the current fiscal year is $16.0 million or $218 thousand more than
last year excluding the UAAL stabilization pass-through.
Expenditures
Salaries and Wages are roughly $21.7 million, or 59.2% of the annual budget, compared
to $23.3 million and 62% a year ago.
Fringe Benefits are at $9.9 million, or 61.5% of the budgeted amount compared to $10.5
million and 62.2% of the budget one year ago.
Other Expenditures
A majority of the variances in the Other Expenditure area for February continues to be a
result of decreases in the utilities and insurance expenses, attributable in part to energy
savings, a decrease in operations and communications due to less bad debt write-offs, and
a decrease in contracted services due to budgeted reductions offset by the payments to
Cenergistics for the energy rebate payments on our energy savings.

Balance Sheet
Total Assets are at approximately $21.6 million, up $2 million from last February. The
largest differences are a $2.6 million increase in Cash and cash equivalents, a $423
thousand increase in Due from/(to) other funds, and a $83 thousand increase in Accounts
receivable.
Due to/Due from Other Funds result from the College maintaining one checking account
for all of its funds; deposits and disbursements. This necessitates the short-term “loaning”
or “borrowing” between the funds throughout the year depending on which funds revenue
or expenditures are being deposited or paid out. Each month the accounting department
clears these “due to’s” and “due from’s” respectively assigning the activity to the proper
fund. However, significant activity can occur after these transfers are completed, causing
large variances when compared to the previous period.
At roughly $4.2 million, Total Liabilities are down $342 thousand from the prior year.
The most significant changes were increases in Accounts payable and a decrease in the
Accrued payroll and related liabilities. The accounts payable increase was due to a
timing difference in the vouchering of bills and recording one additional day of payables
due to leap year. The decrease in the accrued payroll and related liabilities was the result
of having less payroll expenses than the prior year.
Comments on spending from other funds:

Of the roughly $2.5 million expended in the other funds $205 thousand was expended out of
the Maintenance and Replacement and Bond funds, $575 thousand in depreciation and
the remaining $1.7 million out of the Agency, Scholarships, and Federal Grants, for grant
activities and student scholarships.
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets - Modified Accrual
For the 8 Months Ended February 29, 2016
With Comparative Totals at February 28, 2015
FY 2015-2016
Budget
YTD Actuals
as of 02/29/16
YTD Actuals
as of 02/28/15
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
State appropriations UAAL Passthrough
Ballenger trust
Grants and other
$
33,665,891 $ 28,952,068 $
17,663,093
13,840,741
16,013,955
7,626,498
31,439,277
13,487,784
7,495,058
$ (2,487,209)
352,957
131,440
3,148,057
1,942,482
1,750,196
1,144,747
1,292,899
1,198,574
950,444
1,260,965
1,102,005
74,183,674
54,055,527
55,735,533
(1,680,006)
-3.01%
Salaries and wages
Fringe benefits
Fringe benefits UAAL Passthrough
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers out
Equipment and Improvements
36,583,235
16,132,571
21,664,295
9,914,091
23,281,273
10,506,643
1,616,978
592,552
6.95%
5.64%
3,148,057
5,968,980
2,386,496
204,625
2,663,817
5,063,517
1,645,246
137,130
1,144,747
2,962,360
1,113,309
139,723
1,892,426
2,904,684
1,450,744
68,356
950,444
3,275,393
1,314,273
134,611
2,015,771
3,502,249
1,165,878
172,941
Total expenditures
73,933,674
43,254,735
46,319,476
3,064,741
6.62%
250,000
10,800,792
9,416,057
1,384,735
14.71%
Total revenues
194,303
31,934
96,569
-7.91%
2.62%
1.75%
20.44%
2.53%
8.76%
Expenditures:
Net increase/(decrease) in net
assets
(194,303)
313,033
200,964
(5,112)
123,345
597,565
(284,866)
104,585
-20.44%
9.56%
15.29%
-3.80%
6.12%
17.06%
0.00%
60.47%
Mott Community College
General Fund
Balance Sheet - Modified Accrual
February 29, 2016
With Comparative Totals at February 29, 2015
As of
February 29
2016
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($4,647,823
for 2016 and $4,212,625 for 2015)
Inventories
Prepaid expenses and other assets
Total Assets
$
17,638,337 $
(658,873)
4,436,830
74,972
74,203
As of
February 28
2015
15,019,333 $
(235,501)
4,353,743
48,024
334,201
$
Change
2,619,004
(423,372)
83,087
26,948
(259,998)
$
21,565,469 $
19,519,800 $
$
762,770 $
936,435
13,882
177,218
278,476 $
1,700,666
14,997
151,457
484,294
(764,231)
(1,115)
25,761
1,890,305
2,145,596
(255,291)
Accrued termination pay
2,267,031
2,354,277
(87,246)
Total Liabilities
4,157,336
4,499,873
(342,537)
Net Assets
Unrestricted
17,408,133
15,019,927
2,388,206
Total Net Assets
17,408,133
15,019,927
2,388,206
21,565,469 $
19,519,800 $
2,045,669
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Other accrued liabilities
Total Current Liabilities
Total Liabilities and Net Assets
$
2,045,669