FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
September 28, 2015
Volume
Treasurer’s Report for August 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 August, 2015 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: September 24, 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.”
August Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
September 24, 2015
Summary of Expenditures:
Month of August’s Spending:
General Fund:
All Other Funds:
Total:
$
$
$
4,996,157
8,047,698
13,043,855
Comments on General Fund Financial Statements:

Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the two months ended August 31, were approximately
$17.5 million, representing 23.4% of the annual budget, down from 23.6% a year ago.
The most significant change was in the Tuition and fees, Property taxes, and Grants and
other which are discussed further below. Expenditures for the two months ended were
$8.8 million, which represents 11.8% of the annual budget, compared to $8.8 million and
11.7%, one year ago.
Revenues
Tuition and fees revenues are $15.2 million, $491 thousand less than last year and 43.8%
of the budget, compared to 43.7% at this time last year. This is the impact of the decline
in summer and fall enrollments as projected.
Property taxes collected are roughly $1.5 million. The amount budgeted is $17.6 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.
Grants and other is up roughly $454 thousand which is largely attributable to the timing
of the FMCC operational pledge to the college which was recorded in August this year and
September last year.
Expenditures
Salaries and Wages are roughly $3.8 million, or 10.2% of the annual budget, compared to
$4.0 million and 10.6% a year ago.
Fringe Benefits are at $1.9 million, or 9.8% of the budgeted amount compared to $1.9
million and 10% of the budget one year ago.
Other Expenditures
A majority of the changes in the Other Expenses area for August is due in large part to an
decrease in the utilities and insurance attributable in part to energy savings and timing of
the recognition of the prepaid insurance, 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 $21.5 million, up $842 thousand from last August. The
largest differences are a $1.4 million increase in Cash and cash equivalents, a $3.8
million decrease in Due from other funds, a $641 thousand increase in Prepaid expenses
and other assets and a $2.5 million increase in Accounts receivable. The Accounts
receivable increase is largely 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 $5.1 million, Total Liabilities are down $1 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 less vendor and
bookstore payables at August 31 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 $8 million expended in the other funds $359 thousand was expended out of
the Maintenance and Replacement and Bond funds, $618 thousand in depreciation and
the remaining $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 2 Months Ended August 31, 2015
With Comparative Totals at August 31, 2014
FY 2015-2016
Budget
YTD Actuals
as of 8/31/15
Actual to
Actual $
Change
YTD Actuals
as of 8/31/14
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
$
34,598,876 $ 15,158,703 $
17,663,093
1,472,049
18,575,538
1,942,482
323,225
1,822,979
510,586
15,650,065
1,856,245
294,294
56,253
74,602,968
17,464,563
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
$
(491,362)
(384,196)
28,931
454,333
-3.14%
-20.70%
0.00%
9.83%
807.66%
17,856,857
(392,294)
-2.20%
3,789,548
1,910,116
453,095
171,764
45,482
476,896
883,309
1,029,930
3,207
3,986,043
1,945,445
573,089
217,119
40,482
812,132
1,214,888
30,765
196,495
35,329
119,994
45,355
(5,000)
335,236
331,579
(1,029,930)
27,558
4.93%
1.82%
20.94%
20.89%
-12.35%
41.28%
27.29%
0.00%
89.58%
74,352,968
8,763,347
8,819,963
56,616
0.64%
250,000
8,701,216
9,036,894
(335,678)
-3.71%
Expenditures:
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet - Modified Accrual
August 31, 2015
With Comparative Totals at August 31, 2014
As of
August 31
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 $3,577,951 for 2014)
Inventories
Prepaid expenses and other assets
Total Assets
$
7,871,525 $
6,259,083
6,487,584
74,972
853,728
As of
August 31
2014
6,457,068 $
10,031,208
3,955,744
48,024
212,568
$
Change
1,414,457
(3,772,125)
2,531,840
26,948
641,160
$
21,546,892 $
20,704,612 $
842,280
$
1,209,724 $
1,376,262
12,207
177,218
1,959,115 $
1,625,332
14,302
200,209
(749,391)
(249,070)
(2,095)
(22,991)
2,775,411
3,798,958
(1,023,547)
Accrued termination pay
2,338,309
2,464,883
(126,574)
Total Liabilities
5,113,720
6,263,841
(1,150,121)
Net Assets
Unrestricted
16,433,172
14,440,771
1,992,401
Total Net Assets
16,433,172
14,440,771
1,992,401
21,546,892 $
20,704,612 $
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
$
842,280