FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
May 19, 2014
Volume
Treasurer’s Report for April 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 April 2014 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: May 19, 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.”
April’s Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
May 19, 2014
Summary of Expenditures:
Month of April Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,951,605
12,224,057
18,175,662
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 $66.2
million, representing 90.3% of the annual budget. This is 2.6% higher than last year at
this time, when we had recognized 87.7% of budgeted revenues. The most significant
changes continue to be in the Tuition and fees, Property taxes, and State appropriations
which are discussed further below. Expenditures year-to-date are at $57.4 million dollars,
which represents 77.7% of the annual budget, .5% lower than it was one year ago.
Revenues
Tuition and fees revenues are $36.3 million for the ten months ended, which is $1.3
million more than last year. The final winter tuition and fee enrollment numbers were in
line with the decrease from fall and higher than what were originally budgeted. The
spring semester drop occurred on May 6, 2014 and will be reflected in the May treasurer’s
report.
Property taxes collected are $16.4 million through April. The amount budgeted is $17.3
million, down $324 thousand from last year’s $17.7 million and is based on final taxable
value figures provided by the Genesee County Equalization Department.
State appropriations payments for FY 2013-14 are paid in monthly installments starting
with October. We received the seventh often payments without exception. The total
budgeted amount for the current fiscal year is $15.3 million or approximately $285
thousand (2%) more than last year. Also included in this line item is roughly $976
thousand sent to MCC from the State of Michigan for pass-through to the Office of
Retirement Services.
Expenditures
Salaries and Wages are at $30.7 million, or 77.6% of the annual budget, .8% lower than it
was one year ago.
Fringe Benefits are at $14.0 million, or 79.8% of the budgeted amount and 1.4% higher
when compared to the previous year. This increase is entirely the result of the $976
thousand amount passed through to us from the State of Michigan and remitted to the
office of Retirement Services.
Other Expenditures
The changes in the Other Expenses area are in line with the past trends after factoring in
timing differences on payment of bills. The decrease in operations and communications is
a result of software and license expense reclassification in the technology area. The
increase in Transfers out line item when compared to the previous year is a timing
difference of when the transfer was made.
•
Balance Sheet
Total Assets are at approximately $24.6 million, up $2 million from last April. The
largest differences are a $3.2 million increase in Cash and Cash Equivalents, a $1.9
million decrease in Due from other funds and a $475 thousand increase in Accounts
receivable. These variances are due to timing of cash transfers between funds and the
changes made in delaying the timing of the Pell transmission, receipt and distribution in
an effort to reduce exposure on the Return of Funds.
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 $9.2 million, Total Liabilities are down approximately $332 thousand from
last April’s balance. The most significant changes were decreases in Accounts payable
and Accrued payroll and Accrued payroll and related liabilities, and Accrued
termination pay.
Comments on spending from other funds:
•
Of the $12.2 million expended in the other funds, $110 thousand was expended out of the
Maintenance and Replacement Funds for maintenance and improvements, $514
thousand in monthly depreciation, $6.6 million from the Debt Funds, $62 thousand from
the Bond funds, and the remaining $4.4 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, 2014
With Comparative Totals at April 30, 2013
FY 2013-2014
Budget
YTD Actuals
as of 04/30/14
Actual to
Actual $
Change
YTD Actuals
as of 04/30/13
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
36,350,790 $ 36,331,107 $
17,328,840
16,368,855
15,306,817
10,838,389
1,765,763
1,471,469
2,561,244
1,210,702
35,017,716
16,626,576
9,629,777
1,387,306
1,179,779
73,313,454
66,220,522
63,841,154
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers out
Equipment and Improvements
39,574,756
17,523,780
5,326,968
2,275,398
243,400
2,978,500
4,610,286
1,324,863
38,800
30,708,140
13,976,228
3,709,487
1,586,623
157,132
2,486,270
4,065,828
573,253
160,575
31,229,170
13,008,850
3,727,782
1,504,523
219,306
2,382,674
4,603,376
459,110
170,816
521,030
(967,378)
18,295
(82,100)
62,174
(103,596)
537,548
(114,143)
10,241
1.67%
-7.44%
0.49%
-5.46%
28.35%
-4.35%
11.68%
-24.86%
6.00%
Total expenditures
73,896,751
57,423,536
57,305,607
(117,929)
-0.21%
8,796,986
6,535,547
Total revenues
$
$
1,313,391
(257,721)
1,208,612
84,163
30,923
3.75%
-1.55%
12.55%
6.07%
2.62%
2,379,368
3.73%
Expenditures:
Net increase/(decrease) in net
assets
(583,297)
2,261,439
34.60%
Mott Community College
General Fund
Balance Sheet - Modified Accrual
April 30, 2014
With Comparative Totals at April 30, 2013
As of
April 30
2014
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($5,286,901
for 2014 and $6,637,556 for 2013)
Inventories
Prepaid expenses and other assets
Total Assets
$
17,842,155 $
(706,842)
6,911,435
44,069
501,595
As of
April 30
2013
14,607,398 $
1,246,948
6,435,861
28,730
268,896
$
Change
3,234,757
(1,953,790)
475,574
15,339
232,699
$
24,592,412 $
22,587,833 $
$
722,709 $
1,524,688
14,820
3,999,284
493,787
624,820 $
1,615,385
4,736
4,027,388
542,178
97,889
(90,697)
10,084
(28,104)
(48,391)
6,755,288
6,814,507
(59,219)
Accrued termination pay
2,458,977
2,732,556
(273,579)
Total Liabilities
9,214,265
9,547,063
(332,798)
Net Assets
Unrestricted
15,378,147
13,040,770
2,337,377
Total Net Assets
15,378,147
13,040,770
2,337,377
24,592,412 $
22,587,833 $
2,004,579
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Unearned revenue
Other accrued liabilities
Total Current Liabilities
Total Liabilities and Net Assets
$
2,004,579