FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
September 22, 2014
Volume
Treasurer’s Report for August 2014
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 2014 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: September 22, 2014
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’s Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
September 22, 2014
Summary of Expenditures:
Month of August Spending:
General Fund:
All Other Funds:
Total:
$
$
$
4,886,419
9,647,673
14,534,092
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, was approximately $17.2
million, representing 22.8% of the annual budget. This is .8% lower than last year at this
time, when we had recognized 23.6% of budgeted revenues. The most significant changes
are in the Tuition and fees, Property taxes, and Grants and other which are discussed
further below. Expenditures for the two month ended were $8.8 million, which represents
11.7% of the annual budget, .2% higher than it was one year ago.
Revenues
Tuition and fees revenues are $15.0 million and while it is roughly $130 thousand more
than last year, it is 1.4% lower than originally budgeted. This is attributable to the fall
enrollment being less than originally budgeted. The final fall enrollment numbers will be
reported in the September Treasurer’s report.
Property taxes collected are roughly $1.9 million. The amount budgeted is $17.3 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 monthly installments starting
with October. The total budgeted amount for the current fiscal year is $15.7 million or
roughly $400 thousand (2.7%) more than last year excluding the UAAL stabilization passthrough. The $58 thousand change from last year in this line item is attributable to the
timing difference receipt of the Renaissance Zone payment from August in the prior year
and September in the current year.
Expenditures
Salaries and Wages are at $4.0 million, or 9.9% of the annual budget, .5% lower than it
was one year ago, mainly due to less summer classes and related wages.
Fringe Benefits are at $1.9 million, or 11% of the budgeted amount and .2% lower when
compared to the previous year. This decrease is due to the lower wages as discussed
above.
Other Expenditures
The changes in the Other Expenses area for August are due in large part to timing
differences of invoices from receipt and vouchering of invoices from last year as well as a
change in the recognition of prepays from monthly to once a year.

Balance Sheet
Total Assets are at approximately $20.7 million, down $1.9 million from last August.
The largest differences are a $2.6 million decrease in Cash and Cash Equivalents, a $1.7
million increase in Due from other funds and a $856 thousand decrease in Accounts
receivable. The Accounts receivable decrease is due in part to lower enrollment, reduced
allowance for bad debts and efforts made to more closely monitor and update more timely
the student A/R records.
Due to/Due from Other Funds The College maintains 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 $6.3 million, Total Liabilities are approximately $732 thousand lower than the
prior year. The most significant changes were decreases in Accounts payable and Other
accrued liabilities and an increase in Accrued payroll and related liabilities. These were
the effects of timing differences in payments from the prior year.
Comments on spending from other funds:

Of the $9.6 million expended in the other funds, $191 thousand was expended out of the
Maintenance and Replacement Funds for maintenance and improvements, $500
thousand from the Bond funds, and the remaining $8.9 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 2 Months Ended August 31, 2014
With Comparative Totals at August 31, 2013
FY 2014-2015
Budget
YTD Actuals
as of 08/31/14
Actual to
Actual $
Change
YTD Actuals
as of 08/31/13
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
$
38,177,492 $ 14,966,062 $
17,338,093
1,856,245
15,736,817
1,815,763
294,294
2,362,191
56,253
14,836,117
2,219,335
58,007
294,294
311,228
75,430,356
17,172,854
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers out
Equipment and Improvements
40,310,719
17,608,243
5,131,756
2,126,599
205,400
2,938,000
5,284,424
1,453,100
366,500
Total expenditures
Total revenues
$
129,945
(363,090)
(58,007)
(254,975)
0.88%
-16.36%
-100.00%
0.00%
-81.93%
17,718,981
(546,127)
-3.08%
3,986,043
1,945,445
573,089
217,119
40,482
812,132
1,214,888
30,765
4,173,226
2,076,179
507,520
142,376
40,582
613,920
1,105,394
17,522
187,183
130,734
(65,569)
(74,743)
100
(198,212)
(109,494)
(13,243)
4.49%
6.30%
-12.92%
-52.50%
0.25%
-32.29%
-9.91%
0.00%
-75.58%
75,424,741
8,819,963
8,676,719
(143,244)
-1.65%
5,615
8,352,891
9,042,262
(689,371)
-7.62%
Expenditures:
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet - Modified Accrual
August 31, 2014
With Comparative Totals at August 31, 2013
As of
August 31
2014
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($3,777,951
for 2015 and $5,247,901 for 2014)
Inventories
Prepaid expenses and other assets
Total Assets
$
6,457,068 $
10,031,208
3,955,744
48,024
212,568
As of
August 31
2013
9,105,600 $
8,307,146
4,811,746
44,069
351,215
$
Change
(2,648,532)
1,724,062
(856,002)
3,955
(138,647)
$
20,704,612 $
22,619,776 $
(1,915,164)
$
1,959,115 $
1,625,332
14,302
200,209
2,383,650 $
1,530,087
16,488
540,536
(424,535)
95,245
(2,186)
(340,327)
3,798,958
4,470,761
(671,803)
Accrued termination pay
2,464,883
2,525,592
(60,709)
Total Liabilities
6,263,841
6,996,353
(732,512)
Net Assets
Unrestricted
14,440,771
15,623,423
(1,182,652)
Total Net Assets
14,440,771
15,623,423
(1,182,652)
20,704,612 $
22,619,776 $
(1,915,164)
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
$