FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
April 28, 2014
Volume
Treasurer’s Report for March 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 March 2014 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: April 28, 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.”
March’s Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
April 28, 2014
Summary of Expenditures:
Month of March Spending:
General Fund:
All Other Funds:
Total:
$
$
$
6,420,980
11,525,631
17,946,611
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the nine months ended March 31, was approximately $59.2
million, representing 80.7% of the annual budget. This is 1.9% higher than last year at
this time, when we had recognized 78.8% 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 $51.5 million dollars,
which represents 69.7% of the annual budget, .1% lower than it was one year ago.
Revenues
Tuition and fees revenues are $31.1 million for the nine months ended, which is $927
thousand 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. This
decrease has been reflected in the Amended budget.
Property taxes collected are $16.3 million through March. 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 six of ten 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 $837 thousand sent to MCC
from the State of Michigan for pass-through to the Office of Retirement Services.
Expenditures
Salaries and Wages are at $27.4 million, or 69.3% of the annual budget, .6% lower than it
was one year ago.
Fringe Benefits are at $12.3 million, or 70.4% of the budgeted amount and 1% higher
when compared to the previous years budgeted amount. This increase is entirely the
result of the $837 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 $19.2 million, up $500 thousand from last March. The
largest differences are a $1.7 million increase in Cash and Cash Equivalents, a $1.9
million decrease in Due from other funds and a $500 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 $4.9 million, Total Liabilities are down approximately $1 million from last
March’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 $11.5 million expended in the other funds, $206 thousand was expended out of the
Maintenance and Replacement Funds for maintenance and improvements, $523
thousand in monthly depreciation, $35 thousand from the Bond funds, and $10.9 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 9 Months Ended March 31, 2014
With Comparative Totals at March 31, 2013
FY 2013-2014
Budget
YTD Actuals
as of 02/28/14
Actual to
Actual $
Change
YTD Actuals
as of 02/28/13
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
36,350,790 $ 31,103,384 $
17,328,840
16,279,871
15,306,817
9,316,847
1,765,763
1,324,322
2,561,244
1,170,619
30,176,549
16,547,066
8,276,104
1,248,575
1,105,725
73,313,454
59,195,043
57,354,019
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
27,444,266
12,342,815
3,310,372
1,412,595
143,438
2,224,034
3,869,514
573,253
151,642
27,847,288
11,519,591
3,314,199
1,371,900
203,254
2,167,195
4,113,618
459,110
170,768
403,022
(823,224)
3,827
(40,695)
59,816
(56,839)
244,104
(114,143)
19,126
1.45%
-7.15%
0.12%
-2.97%
29.43%
-2.62%
5.93%
-24.86%
11.20%
Total expenditures
73,896,751
51,471,929
51,166,923
(305,006)
-0.60%
7,723,114
6,187,096
Total revenues
$
$
926,835
(267,195)
1,040,743
75,747
64,894
3.07%
-1.61%
12.58%
6.07%
5.87%
1,841,024
3.21%
Expenditures:
Net increase/(decrease) in net
assets
(583,297)
1,536,018
24.83%
Mott Community College
General Fund
Balance Sheet - Modified Accrual
March 31, 2014
With Comparative Totals at March 31, 2013
As of
March 31
2014
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($5,286,901
for 2014 and $6,366,162 for 2013)
Inventories
Prepaid expenses and other assets
Total Assets
$
23,817,869 $
(6,191,098)
1,120,721
44,069
449,589
As of
March 31
2013
22,093,070 $
(4,243,151)
$
Change
1,724,799
(1,947,947)
571,408
28,730
229,105
549,313
15,339
220,484
$
19,241,150 $
18,679,162 $
561,988
$
440,794 $
1,481,372
15,196
540,536
861,114 $
1,847,272
2,589
542,178
(420,320)
(365,900)
12,607
(1,642)
2,477,898
3,253,153
(775,255)
Accrued termination pay
2,458,977
2,733,690
(274,713)
Total Liabilities
4,936,875
5,986,843
(1,049,968)
Net Assets
Unrestricted
14,304,275
12,692,319
1,611,956
Total Net Assets
14,304,275
12,692,319
1,611,956
19,241,150 $
18,679,162 $
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
$
561,988