FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
May
, 2015
Volume
Treasurer’s Report for April 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 April, 2015 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: May 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.”
April Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
May 21, 2015
Summary of Expenditures:
Month of April’s Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,793,618
12,139,776
17,933,394
Comments on General Fund Financial Statements:

Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the ten months ended April 30, was approximately $66.4
million, representing 87.9% of the annual budget, compared to 88.2% in the prior year.
The most significant changes are in the Tuition and fees and State appropriations which
are discussed further below. Expenditures for the ten months ended were $57.6 million,
which represents 76.4% of the annual budget, compared $57.4 million and 76.3%, one
year ago. A significant difference in the current year is a combination of the Unfunded
Actuarial Accrued Liability (UAAL) pass-through from the State of Michigan appearing in
both State Appropriations and Fringe benefits, a timing difference in when the transfers
were made, and savings in Salaries and wages.
Revenues
Tuition and fees revenues are $35.4 million, $893 thousand less than last year and 98.8%
of the budget, compared to 99.3% at this time last year. This is attributable to the fall
enrollment being less than originally budgeted. The amended budget reflects the revised
actuals from fall and winter and a revised estimate for the spring 2015semester.
Property taxes collected are roughly $16.3 million. The amount budgeted is $17.4
million, the same as it was in the 2013-2014 fiscal year and is based on final taxable value
figures provided by the Genesee County Equalization Department.
State appropriations payments for FY 2014-15 are paid in eleven monthly installments
starting in October. The total budgeted amount for the current fiscal year is $18.4 million
or roughly $400 thousand (2.7%) more than last year excluding the UAAL stabilization
pass-through. We received our April payment without exception.
Expenditures
Salaries and Wages are roughly $29.1 million, or 77.1% of the annual budget, compared
to $30.7 million and 76.8% a year ago. The decrease in actual expenses year over year is
attributable to the lower class offerings in response to lower enrollment and thereby less
instructional costs, continued holds on vacant positions and transfer of Mott temporary
workers to a temporary agency on January 1st.
Fringe Benefits are at $14.5 million, or 74.4% of the budgeted amount compared to $14
million and 75.1% 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 April is due in large part to an
increase in the contracted services line item in the area of maintenance, ITS, and moving
Mott temps to the temp agency and the timing of the transfers made from year to year.

Balance Sheet
Total Assets are at approximately $23.2 million, down $1.4 million from last April. The
largest differences are a $2.7 million decrease in Cash and cash equivalents, a $2.2
million increase in Due from other funds and a $690 thousand decrease in Accounts
receivable. The Accounts receivable decrease is due to lower enrollment, the reduction of
the allowance for doubtful accounts and continued work on the collection and student
accounts receivable management process.
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 $8.1 million, Total Liabilities are up $1.1 million from the prior year. The
most significant changes were decreases in Other accrued liabilities and Accrued payroll
and related liabilities. The other accrued liabilities were due to an overall reduction in the
valuation we recorded for past property tax refund obligations and reduction in the
actuarial valuation of the college liability for termination benefits paid upon leaving
employment at MCC and accrued payroll is due in part to timing differences in month-end
cutoff year over year as well as less payroll overall.
Comments on spending from other funds:

Of the roughly $12.2 million expended in the other funds, $88 thousand was expended out of
the Maintenance and Replacement funds, $127 thousand out of the Bond funds, $6.2
million out of the Debt Retirement funds, and the remaining $5.8 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 10 Months Ended April 30, 2015
With Comparative Totals at April 30, 2014
FY 2014-2015
Budget
YTD Actuals
as of 4/30/15
Actual to
Actual $
Change
YTD Actuals
as of 4/30/14
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
$
35,872,035 $ 35,437,777 $
17,438,093
16,326,939
18,427,215
11,772,742
1,891,446
1,576,206
1,935,841
1,327,771
36,331,107
16,368,855
10,838,389
1,471,469
1,210,702
75,564,630
66,441,435
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers out
Equipment and Improvements
37,804,980
19,495,862
5,965,929
2,300,771
172,052
2,734,635
5,261,539
1,345,617
324,137
Total expenditures
Total revenues
$
(893,330)
(41,916)
934,353
104,737
117,069
-2.46%
-0.26%
8.62%
7.12%
9.67%
66,220,522
220,913
0.33%
29,145,341
14,510,481
4,061,601
1,657,420
167,599
2,417,428
4,275,692
1,165,878
197,511
30,708,140
13,976,228
3,709,487
1,586,623
157,132
2,486,270
4,065,828
573,253
160,575
1,562,799
(534,253)
(352,114)
(70,797)
(10,467)
68,842
(209,864)
(592,625)
(36,936)
5.09%
-3.82%
-9.49%
-4.46%
-6.66%
2.77%
-5.16%
-103.38%
-23.00%
75,405,522
57,598,951
57,423,536
(175,415)
-0.31%
159,108
8,842,484
8,796,986
45,498
0.52%
Expenditures:
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet - Modified Accrual
April 30, 2015
With Comparative Totals at April 30, 2014
As of
April 30
2015
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($4,529,594
for 2015 and $5,286,901 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
$
15,129,041 $
1,482,693
6,220,985
48,024
334,699
As of
April 30
2014
17,842,155 $
(706,842)
6,911,435
44,069
501,595
$
Change
(2,713,114)
2,189,535
(690,450)
3,955
(166,896)
$
23,215,442 $
24,592,412 $
(1,376,970)
$
606,414 $
894,675
14,582
151,457
722,709 $
1,524,688
14,820
493,787
(116,295)
(630,013)
(238)
(342,330)
Total Current Liabilities
5,752,989
6,755,288
(1,002,299)
Accrued termination pay
2,332,096
2,458,977
(126,881)
Total Liabilities
8,085,085
9,214,265
(1,129,180)
Net Assets
Unrestricted
15,130,357
15,378,147
(247,790)
Total Net Assets
15,130,357
15,378,147
(247,790)
23,215,442 $
24,592,412 $
Total Liabilities and Net Assets
$
(1,376,970)