FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
November 23, 2015
Volume
Treasurer’s Report for October 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 October, 2015 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: November 23, 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.”
October Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
November 23, 2015
Summary of Expenditures:
Month of October Spending:
General Fund:
All Other Funds:
Total:
$
$
$
7,436,912
12,333,176
19,770,088
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the four months ended October 31, were approximately
$25.6 million, representing 34.4% of the annual budget, down slightly from 34.5% a year
ago. The most significant change was in the Tuition and fees which is discussed further
below. Expenditures for the two months ended were $21.7 million, which represents
29.2% of the annual budget, compared to $23.9 million and 31.7%, one year ago.
Revenues
Tuition and fees revenues are $15.6 million, $698 thousand less than last year and 45.1%
of the budget, down from 45.5% a year ago. This is the impact of the decline in summer
and fall enrollments as projected.
Property taxes collected are roughly $7.1 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 first 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 $10.6 million, or 28.5% of the annual budget, compared
to $37.5 million and 31% a year ago.
Fringe Benefits are at $4.8 million, or 24.6% of the budgeted amount compared to $5.2
million and 26.8% of the budget one year ago.
Other Expenditures
A majority of the changes in the Other Expenses area for October is due in large part to an
decrease 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 $22 million, down $458 thousand from last October.
The largest differences are a $2.7 million increase in Cash and cash equivalents, a $3.8
million decrease in Due from other funds, and a $451 thousand increase in Accounts
receivable. The Accounts receivable increase is due to the college having additional wait
times for IRS verification on accounts to process aid and a reduction of the allowance for
doubtful accounts
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 $11.5 million, Total Liabilities are down $3 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 reclassification of the
amounts owed to students from financial aid (student A/R credit balances) with the offset
in the decrease in due from other funds. 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 $12.3 million expended in the other funds $824 thousand was expended out
of the Maintenance and Replacement and Bond funds, $183 thousand in depreciation
and the remaining $11.3 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 4 Months Ended October 31, 2015
With Comparative Totals at October 31, 2014
FY 2015-2016
Budget
YTD Actuals
as of 10/31/15
Actual to
Actual $
Change
YTD Actuals
as of 10/31/14
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
34,598,876 $ 15,617,779 $
17,663,093
7,128,579
18,575,538
1,479,377
1,942,482
646,449
1,822,979
776,435
16,315,341
6,947,761
1,466,776
630,482
743,591
74,602,968
25,648,619
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers out
Equipment and Improvements
37,191,013
19,415,434
5,390,893
2,266,365
174,625
2,802,800
5,221,634
1,659,704
230,500
Total expenditures
Total revenues
$
$
(697,562)
180,818
12,601
15,967
32,844
-4.28%
2.60%
0.86%
2.53%
4.42%
26,103,951
(455,332)
-1.74%
10,601,702
4,776,685
1,417,602
484,888
77,358
1,121,560
1,965,335
1,291,645
8,863
11,637,610
5,228,870
1,589,310
667,362
73,470
1,198,193
2,417,580
961,606
88,331
1,035,908
452,185
171,708
182,474
(3,888)
76,633
452,245
(330,039)
79,468
8.90%
8.65%
10.80%
27.34%
-5.29%
6.40%
18.71%
0.00%
89.97%
74,352,968
21,745,638
23,862,332
2,116,694
8.87%
250,000
3,902,981
2,241,619
1,661,362
74.11%
Expenditures:
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet - Modified Accrual
October 31, 2015
With Comparative Totals at October 31, 2014
As of
October 31
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
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Other accrued liabilities
$
12,004,390 $
7,056,088
2,498,696
74,972
371,219
As of
October 31
2014
9,345,390 $
10,850,142
2,047,917
48,024
172,568
$
Change
2,659,000
(3,794,054)
450,779
26,948
198,651
$
22,005,365 $
22,464,041 $
(458,676)
$
7,183,439 $
1,781,790
14,287
177,218
9,746,639 $
2,277,094
15,312
151,457
(2,563,200)
(495,304)
(1,025)
25,761
Total Current Liabilities
9,156,734
12,190,502
(3,033,768)
Accrued termination pay
2,338,309
2,428,043
(89,734)
Total Liabilities
11,495,043
14,618,545
(3,123,502)
Net Assets
Unrestricted
10,510,322
7,845,496
2,664,826
Total Net Assets
10,510,322
7,845,496
2,664,826
Total Liabilities and Net Assets
$
22,005,365 $
22,464,041 $
(458,676)