FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
October 26, 2015
Volume
Treasurer’s Report for September 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 September, 2015 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: October 26, 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.”
September Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
October 26, 2015
Summary of Expenditures:
Month of September Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,020,738
3,343,587
8,364,325
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the three months ended September 30, were approximately
$21 million, representing 28.2% of the annual budget, down slightly from 28.6% a year
ago. The most significant change was in the Tuition and fees, State appropriations, and
Property taxes which are discussed further below. Expenditures for the two months ended
were $13.8 million, which represents 18.5% of the annual budget, compared to $15.5
million and 20.6%, one year ago.
Revenues
Tuition and fees revenues are $15.6 million, $564 thousand less than last year and 45% of
the budget, exactly the same as this time last year. This is the impact of the decline in
summer and fall enrollments as projected.
Property taxes collected are roughly $4.4 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. 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 passthrough and renaissance zone reimbursement. The $41 thousand difference from this
September to last September was a result of receiving the renaissance zone reimbursement
earlier last year.
Expenditures
Salaries and Wages are roughly $6.2 million, or 16.8% of the annual budget, compared to
$7 million and 18.6% a year ago.
Fringe Benefits are at $3 million, or 15.4% of the budgeted amount compared to $3.3
million and 16.8% of the budget one year ago.
Other Expenditures
A majority of the changes in the Other Expenses area for September 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 a timing differences in licensing payments, and an
increase in the transfer line related to making the transfers earlier than the prior year.
•
Balance Sheet
Total Assets are at approximately $19.9 million, up $1.5 million from last September.
The largest differences are a $754 thousand increase in Cash and cash equivalents, a $1.1
million decrease in Due from other funds, a $219 thousand increase in Prepaid expenses
and other assets and a $2 million 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, a reduction of the allowance for doubtful accounts, and an
increase in the dual enrollment activity.
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 $6.0 million, Total Liabilities are down $708 thousand 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 less vendor and
bookstore payables at September 30 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 $3.3 million expended in the other funds $866 thousand was expended out of
the Maintenance and Replacement and Bond funds, $490 thousand in depreciation and
the remaining $1.9 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 3 Months Ended September 30, 2015
With Comparative Totals at September 30, 2014
FY 2015-2016
Budget
YTD Actuals
as of 9/30/15
Actual to
Actual $
Change
YTD Actuals
as of 9/30/14
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
34,598,876 $ 15,558,831 $
17,663,093
4,385,651
18,575,538
1,942,482
484,837
1,822,979
634,181
16,123,014
4,340,429
40,768
451,914
671,946
74,602,968
21,063,500
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
$
$
(564,183)
45,222
(40,768)
32,923
(37,765)
-3.50%
1.04%
-100.00%
7.29%
-5.62%
21,628,071
(564,571)
-2.61%
6,249,809
2,994,209
907,216
324,668
63,864
937,754
1,270,557
1,027,854
8,151
6,985,513
3,275,298
1,062,226
387,758
59,976
1,063,956
1,657,484
961,606
58,094
735,704
281,089
155,010
63,090
(3,888)
126,202
386,927
(66,248)
49,943
10.53%
8.58%
14.59%
16.27%
-6.48%
11.86%
23.34%
0.00%
85.97%
74,352,968
13,784,082
15,511,911
1,727,829
11.14%
250,000
7,279,418
6,116,160
1,163,258
19.02%
Expenditures:
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet - Modified Accrual
September 30, 2015
With Comparative Totals at September 30, 2014
As of
September 30
2015
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($4,225,552
for 2015 and $3,729,733 for 2014)
Inventories
Prepaid expenses and other assets
Total Assets
$
As of
September 30
2014
14,663,012 $
(733,882)
5,546,809
74,972
382,129
13,908,516 $
383,750
3,971,325
48,024
163,103
$
Change
754,496
(1,117,632)
1,575,484
26,948
219,026
$
19,933,040 $
18,474,718 $
$
2,285,656 $
1,229,787
15,311
177,218
2,490,311 $
1,620,806
15,312
200,209
(204,655)
(391,019)
(1)
(22,991)
3,707,972
4,326,638
(618,666)
Accrued termination pay
2,338,309
2,428,043
(89,734)
Total Liabilities
6,046,281
6,754,681
(708,400)
Net Assets
Unrestricted
13,886,759
11,720,037
2,166,722
Total Net Assets
13,886,759
11,720,037
2,166,722
19,933,040 $
18,474,718 $
1,458,322
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
$
1,458,322