FOR ACTION Board of Trustees Charles Stewart Mott Community College

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FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
December 21, 2015
Volume
Treasurer’s Report for November 2015
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 November, 2015 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: December 21, 2015
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.”
November Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
December 21, 2015
Summary of Expenditures:
Month of November Spending:
General Fund:
All Other Funds:
Total:
$
$
$
6,394,193
3,163,999
9,558,192
Comments on General Fund Financial Statements:

Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the five months ended November 30, were approximately
$36.9 million, representing 49.5% of the annual budget, down slightly from 52.4% a year
ago. The most significant change was in the Tuition and fees which is discussed further
below. Expenditures for the five months ended were $27.6 million, which represents
37.1% of the annual budget, compared to $30 million and 39.7%, one year ago.
Revenues
Tuition and fees revenues are $24.4 million, $2.7 million less than last year and 70.6% of
the budget, down from 75.7% a year ago. In addition to the budgeted decline in
enrollment, the Winter 2016 term is down significantly more than anticipated. The year
over year decline in the Winter enrollment at November 30 was 23.6%. As of December
11th the enrollment decrease was at 13% with contact hours down 11.9%, which will
significantly improve the November numbers.
Property taxes collected are roughly $7.3 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 second payment of $1.4 million as expected. The
total budgeted amount for the current fiscal year is $18.6 million or roughly $150 thousand
more than last year excluding the UAAL stabilization pass-through and renaissance zone
reimbursement.
Expenditures
Salaries and Wages are roughly $13.5 million, or 36.3% of the annual budget, compared
to $14.8 million and 39.4% a year ago.
Fringe Benefits are at $6.2 million, or 31.9% of the budgeted amount compared to $6.7
million and 39.0% of the budget one year ago.
Other Expenditures
A majority of the changes in the Other Expenses area for November continues to be a
result of decreases in the utilities and insurance attributable in part to energy savings,
decrease in operations and communications due to less bad debt write-offs, budget
reductions, and an increase in the transfer line related to making the transfers earlier than
the prior year.

Balance Sheet
Total Assets are at approximately $20.5 million, down $806 thousand from last
November. The largest differences are a $4.2 million increase in Cash and cash
equivalents, a $3.6 million decrease in Due from other funds, and a $1.3 million decrease
in Accounts receivable. The Accounts receivable decrease is a result of the Winter 2016
enrollment being significantly lower at November 30th than budgeted.
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 $4.6 million, Total Liabilities are down $1.5 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 the result of a timing difference
between years in the last A/P run of the month 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 $3.2 million expended in the other funds $236 thousand was expended out of
the Maintenance and Replacement and Bond funds, $573 thousand in depreciation and
the remaining $2.4 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 5 Months Ended November 30, 2015
With Comparative Totals at November 30, 2014
FY 2015-2016
Budget
YTD Actuals
as of 11/30/15
YTD Actuals
as of 11/30/14
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 $ 24,420,016 $
17,663,093
7,305,306
18,575,538
2,924,985
27,138,319
7,267,287
2,979,422
$ (2,718,303)
38,019
(54,437)
-10.02%
0.52%
-1.83%
1,942,482
1,822,979
572,373
808,062
913,776
475,222
788,103
947,517
97,151
19,959
(33,741)
20.44%
2.53%
-3.56%
74,602,968
36,944,518
39,595,870
(2,651,352)
-6.70%
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
19,415,434
13,483,218
6,196,295
14,802,669
6,695,051
1,319,451
498,756
8.91%
7.45%
5,390,893
2,266,365
174,625
2,802,800
5,221,634
1,659,704
230,500
572,373
1,790,885
638,817
90,852
1,274,961
2,260,432
1,291,645
15,708
475,222
2,004,606
854,706
86,964
1,405,547
2,537,000
961,606
93,862
Total expenditures
74,352,968
27,615,186
29,917,233
250,000
9,329,332
9,678,637
Total revenues
Expenditures:
Net increase/(decrease) in net
assets
(97,151)
213,721
215,889
(3,888)
130,586
276,568
(330,039)
78,154
2,302,047
(349,305)
-20.44%
10.66%
25.26%
-4.47%
9.29%
10.90%
0.00%
83.26%
7.69%
-3.61%
Mott Community College
General Fund
Balance Sheet - Modified Accrual
November 30, 2015
With Comparative Totals at November 30, 2014
As of
November 30
2015
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($4,750,196
for 2015 and $4,074,468 for 2014)
Inventories
Prepaid expenses and other assets
Total Assets
$
12,189,748 $
(748,837)
8,926,588
74,972
93,799
As of
November 30
2014
7,989,567 $
2,891,872
10,219,098
48,024
193,453
$
Change
4,200,181
(3,640,709)
(1,292,510)
26,948
(99,654)
$
20,536,270 $
21,342,014 $
(805,744)
$
474,514 $
1,595,219
14,337
177,218
1,153,607 $
2,311,088
15,312
151,457
(679,093)
(715,869)
(975)
25,761
2,261,288
3,631,464
(1,370,176)
Accrued termination pay
2,338,309
2,428,043
(89,734)
Total Liabilities
4,599,597
6,059,507
(1,459,910)
Net Assets
Unrestricted
15,936,673
15,282,507
654,166
Total Net Assets
15,936,673
15,282,507
654,166
20,536,270 $
21,342,014 $
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
$
(805,744)
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