FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
August 24, 2015
Volume
Treasurer’s Report for July 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 July, 2015 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: August 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.”
July Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
August 24, 2015
Summary of Expenditures:
Month of July’s Spending:
General Fund:
All Other Funds:
Total:
$
$
$
3,767,187
1,998,818
5,766,005
Comments on General Fund Financial Statements:

Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the one month ended July 31, was approximately $11.6
million, representing 15.6% of the annual budget, up from 15.2% a year ago. The most
significant change was in the Tuition and fees, which is discussed further below.
Expenditures for the one month were $4.2 million, which represents 5.7% of the annual
budget, compared to $3.1 million and 4.1%, one year ago.
Revenues
Tuition and fees revenues are $11.1 million, $117 thousand more than last year and
32.2% of the budget, compared to 30.7% at this time last year.
Property taxes collected are roughly $289 thousand. 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.
Expenditures
Salaries and Wages are roughly $1.3 million, or 3.6% of the annual budget, compared to
$1.6 million and 4.2% a year ago.
Fringe Benefits are at $789 thousand, or 4.1% of the budgeted amount compared to $626
thousand and 3.2% of the budget one year ago. The increase in this line item is directly
attributed to the UAAL stabilization payment received by the State if Michigan that is
directly remitted to the Office of Retirement Services (ORS) for the unfunded retirement
obligation.
Other Expenditures
A majority of the changes in the Other Expenses area for July is due in large part to an
decrease in the utilities and insurance attributable in part to energy savings, increase in
operations and communications due to a timing difference in an Ellucian licensing
payment, and an increase in the transfer line related to making the transfers earlier than the
prior year.

Balance Sheet
Total Assets are at approximately $21.6 million, up $2.2 million from last July. The
largest differences are a $789 thousand increase in Cash and cash equivalents, a $152
thousand decrease in Due from other funds and a $142 thousand increase in State
appropriation receivable and a $742 thousand increase in Accounts receivable. The
Accounts receivable increase is due in part to the college implementing a payment plan for
the summer semester where the final payment was due August 1, 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 $5.9 million, Total Liabilities are up $856 thousand from the prior year. The
most significant changes were increases in Accounts payable and a decrease in Accrued
payroll and related liabilities. The accounts payable increase was the result of paying our
health and retirement payments later this year 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 $2 million expended in the other funds $103 thousand was expended out of
the Maintenance and Replacement funds, and the remaining $1.7 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 1 Months Ended July 31, 2015
With Comparative Totals at July 31, 2014
FY 2014-2015
Budget
YTD Actuals
as of 7/31/15
Actual to
Actual $
Change
YTD Actuals
as of 7/31/14
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
$
34,598,876 $ 11,135,793 $
17,663,093
289,306
18,575,538
1,942,482
161,612
1,822,979
25,084
11,018,466
302,820
147,147
26,370
74,602,968
11,611,795
11,494,803
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
1,341,963
789,641
164,448
83,322
29,488
197,692
605,925
1,029,930
-
1,578,027
626,887
168,516
70,802
26,988
246,561
405,476
-
236,064
(162,754)
4,068
(12,520)
(2,500)
48,869
(200,449)
(1,029,930)
-
14.96%
-25.96%
2.41%
-17.68%
-9.26%
19.82%
-49.44%
0.00%
100.00%
Total expenditures
74,352,968
4,242,409
3,123,257
(1,119,152)
-35.83%
250,000
7,369,386
8,371,546
(1,002,160)
-11.97%
Total revenues
$
117,327
(13,514)
14,465
(1,286)
1.06%
-4.46%
0.00%
9.83%
-4.88%
116,992
1.02%
Expenditures:
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet - Modified Accrual
July 31, 2015
With Comparative Totals at July 31, 2014
As of
July 31
2015
Assets
Current Assets
Cash and cash equivalents
Due from other funds
State appropriation receivable
Accounts receivable - net of allowance
for uncollectible accounts ($4,272,881
for 2015 and $3,777,951 for 2014)
Inventories
Prepaid expenses and other assets
Total Assets
$
As of
July 31
2014
$
Change
7,199,325 $
2,159,154
1,663,621
6,409,403 $
2,007,287
1,521,543
789,922
151,867
142,078
9,629,875
74,972
880,164
8,887,501
48,024
540,766
742,374
26,948
339,398
$
21,607,111 $
19,414,524 $
2,192,587
$
1,613,540 $
1,660,883
12,457
177,218
407,095 $
1,899,164
14,526
151,457
1,206,445
(238,281)
(2,069)
25,761
3,464,098
2,472,242
991,856
Accrued termination pay
2,386,762
2,522,328
(135,566)
Total Liabilities
5,850,860
4,994,570
856,290
Net Assets
Unrestricted
15,756,251
14,419,954
1,336,297
Total Net Assets
15,756,251
14,419,954
1,336,297
21,607,111 $
19,414,524 $
2,192,587
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
$