FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
August 18, 2014
Volume
Treasurer’s Report for July 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 July 2014 as presented by
the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: August 18, 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.”
July’s Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
August 18, 2014
Summary of Expenditures:
Month of July Spending:
General Fund:
All Other Funds:
Total:
$
$
$
3,933,547
2,480,524
6,414,071
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 $11.5
million, representing 15.2% of the annual budget. This is .9% lower than last year at this
time, when we had recognized 16.1% 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 one month ended were $3.1 million dollars, which
represents 4.1% of the annual budget, 1.1% lower than it was one year ago.
Revenues
Tuition and fees revenues are $11.0 million which is $171 thousand less than last year.
The fall enrollment is less than budgeted. We will be monitoring enrollment as it
progresses for potential negative budget impact.
Property taxes collected are $300 thousand. 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 20114-15 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.
Expenditures
Salaries and Wages are at $1.6 million, or 3.9% 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 $627 thousand, or 3.6% of the budgeted amount and 1.3% lower
when compared to the previous year. This decrease is due in part to the lower summer
enrollment and a timing difference in the MPSERS accrual.
Other Expenditures
The changes in the Other Expenses area for July are due in large part to timing differences
of invoices from receipt and vouchering of invoices from last year and are line with the
past trends after factoring in timing differences on payment of bills.

Balance Sheet
Total Assets are at approximately $19.4 million, down $187 thousand from last July. The
largest differences are a $118 thousand decrease in Cash and Cash Equivalents, a $535
thousand increase in Due from other funds and a $1.0 million decrease in Accounts
receivable. The Accounts receivable decrease is due in part to lower enrollment and
efforts made to more closely monitor and update the student A/R records more timely.
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 $5 million, Total Liabilities are statistically the same as 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 $2.5 million expended in the other funds, $151 thousand was expended out of the
Maintenance and Replacement Funds for maintenance and improvements, $2.5 thousand
from the Bond funds, and the remaining $2.6 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, 2014
With Comparative Totals at July 31, 2013
FY 2013-2014
Budget
YTD Actuals
as of 07/31/14
Actual to
Actual $
Change
YTD Actuals
as of 07/31/13
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
$
38,177,492 $ 11,018,466 $
17,338,093
302,820
15,736,817
1,815,763
147,147
2,362,191
26,370
11,190,153
519,547
147,147
210,780
75,430,356
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
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
$
(171,687)
(216,727)
(184,410)
-1.53%
-41.71%
0.00%
0.00%
-87.49%
12,067,627
(572,824)
-4.75%
1,578,027
626,887
168,516
70,802
26,988
246,561
405,476
-
1,740,186
911,909
127,736
11,215
26,988
484,835
573,968
2,661
162,159
285,022
(40,780)
(59,587)
238,274
168,492
2,661
9.32%
31.26%
-31.93%
-531.32%
0.00%
49.15%
29.36%
0.00%
100.00%
75,424,741
3,123,257
3,879,498
756,241
19.49%
5,615
8,371,546
8,188,129
183,417
2.24%
Expenditures:
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet - Modified Accrual
July 31, 2014
With Comparative Totals at July 31, 2013
As of
July 31
2014
Assets
Current Assets
Cash and cash equivalents
Due from other funds
State appropriation receivable
Accounts receivable - net of allowance
for uncollectible accounts ($3,777,951
for 2015 and $5,423,636 for 2014)
Inventories
Prepaid expenses and other assets
Total Assets
$
As of
July 31
2013
6,409,403 $
2,007,287
1,521,543
6,528,355 $
1,472,732
1,353,674
8,887,501
48,024
540,766
9,900,064
44,069
302,206
$
Change
(118,952)
534,555
167,869
(1,012,563)
3,955
238,560
$
19,414,524 $
19,601,100 $
(186,576)
$
407,095 $
1,899,164
14,526
151,457
470,126 $
1,472,886
2,137
540,536
(63,031)
426,278
12,389
(389,079)
2,472,242
2,485,685
(13,443)
Accrued termination pay
2,522,328
2,531,085
(8,757)
Total Liabilities
4,994,570
5,016,770
(22,200)
Net Assets
Unrestricted
14,419,954
14,584,330
(164,376)
Total Net Assets
14,419,954
14,584,330
(164,376)
19,414,524 $
19,601,100 $
(186,576)
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
$