FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
February 22, 2016
Volume
Treasurer’s Report for January 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 January, 2016 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: February 22, 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.”
January’s Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
February 22, 2016
Summary of Expenditures:
Month of January Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,049,369
9,326,307
14,375,676
Comments on General Fund Financial Statements:

Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the seven months ended January 31, were approximately
$50.5 million, representing 67.7% of the annual budget, down from 68% a year ago. The
most significant change was in the Tuition and fees which is discussed further below.
Expenditures for the seven months ended were $38 million, which represents 51.2% of the
annual budget, compared to $40.8 million and 54.2%, one year ago.
Revenues
Tuition and fees revenues are $28.8 million, $2.4 million less than last year and 83.3% of
the budget, down from 87.1% a year ago. In addition to the overall budgeted decline in
enrollment, the Fall and Winter 2016 term is down more than anticipated. The February
budget amendment addresses this budget variance
Property taxes collected are roughly $12.4 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 fourth payment of $1.5 million as expected. The
total budgeted amount for the current fiscal year is $16.0 million or $148 thousand more
than last year excluding the UAAL stabilization pass-through.
Expenditures
Salaries and Wages are roughly $18.9 million, or 50.9% of the annual budget, compared
to $20.3 million and 54.2% a year ago.
Fringe Benefits are at $8.5 million, or 50.8% of the budgeted amount compared to $9.1
million and 53.7% of the budget one year ago.
Other Expenditures
A majority of the changes in the Other Expenditure area for January 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 $24.6 million, up $1.7 million from last January. The
largest differences are a $2.1 million increase in Cash and cash equivalents, a $765
thousand increase in Due from/(to) other funds, and a $511 thousand increase in
Accounts receivable. The Accounts receivable increase is a result of a decrease in the
allowance for doubtful accounts and an increase third party sponsorship billings.
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 $5.5 million, Total Liabilities are down $1.2 million from the prior year. The
most significant changes were decreases in Accounts payable and Accrued payroll and
related liabilities. The accounts payable decrease was substantially the result of Follet’s
invoice being substantially lower than the prior year and 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 $9.3 million expended in the other funds $1.1 million was expended out of
the Maintenance and Replacement and Bond funds, $532 thousand in depreciation and
the remaining $7.7 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 7 Months Ended January 31, 2016
With Comparative Totals at January 31, 2015
FY 2015-2016
Budget
YTD Actuals
as of 01/31/16
YTD Actuals
as of 01/31/15
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
$
34,598,876 $ 28,830,597 $
17,663,093
12,380,003
15,943,817
5,894,702
31,234,623
11,245,639
5,831,438
$ (2,404,026)
1,134,364
63,264
-7.70%
10.09%
1.08%
2,631,721
1,942,482
1,822,979
1,144,747
1,131,286
1,145,581
950,444
1,103,344
1,045,288
194,303
27,942
100,293
20.44%
2.53%
9.59%
74,602,968
50,526,916
51,410,776
(883,860)
-1.72%
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
37,191,013
16,783,713
18,915,736
8,531,149
20,326,716
9,081,917
2,631,721
5,390,893
2,266,365
174,625
2,802,800
5,221,634
1,659,704
230,500
1,144,747
2,541,238
978,634
112,734
1,685,151
2,646,864
1,450,744
40,850
950,444
2,925,750
1,153,958
118,728
1,808,093
3,124,261
1,165,878
162,715
Total expenditures
74,352,968
38,047,847
40,818,460
2,770,613
6.79%
250,000
12,479,069
10,592,316
1,886,753
17.81%
Total revenues
Expenditures:
Net increase/(decrease) in net
assets
1,410,980
550,768
(194,303)
384,512
175,324
5,994
122,942
477,397
(284,866)
121,865
6.94%
6.06%
-20.44%
13.14%
15.19%
5.05%
6.80%
15.28%
0.00%
74.89%
Mott Community College
General Fund
Balance Sheet - Modified Accrual
January 31, 2016
With Comparative Totals at January 31, 2015
As of
January 31
2016
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($4,647,823
for 2015 and $4,212,625 for 2014)
Inventories
Prepaid expenses and other assets
Total Assets
$
20,454,958 $
(1,030,517)
5,027,059
74,972
96,596
As of
January 31
2015
18,378,125 $
(265,205)
4,516,164
48,024
233,021
$
Change
2,076,833
(765,312)
510,895
26,948
(136,425)
$
24,623,068 $
22,910,129 $
$
1,879,898 $
1,193,417
13,832
177,218
2,481,395 $
1,673,581
14,912
151,457
3,264,365
4,321,345
(1,056,980)
Accrued termination pay
2,272,293
2,392,598
(120,305)
Total Liabilities
5,536,658
6,713,943
(1,177,285)
Net Assets
Unrestricted
19,086,410
16,196,186
2,890,224
Total Net Assets
19,086,410
16,196,186
2,890,224
24,623,068 $
22,910,129 $
1,712,939
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
$
1,712,939
(601,497)
(480,164)
(1,080)
25,761