FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
February 24, 2014
Volume
Treasurer’s Report for January 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 January 2014 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: February 24, 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.”
January Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
February 24, 2014
Summary of Expenditures:
Month of January Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,069,046
11,076,274
16,145,320
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the seven months ended January 31, was approximately
$51 million, representing 67.8% of the annual budget. This is .9% lower than last year at
this time, when we had recognized 68.7% 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 $40 million dollars,
which represents 52.8% of the annual budget, .1% higher than it was one year ago.
Revenues
Tuition and fees revenues are $30.8 million for the seven months ended, which is $790
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 $12.1 million through January. The amount budgeted is
$17.2 million, down $372 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 FY2013-14 are paid in monthly installments starting
with October. We received the fourth 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.
Expenditures
Salaries and Wages are at $21.2 million, or 52.8% of the annual budget, .9% lower than it
was one year ago.
Fringe Benefits are at $9.4 million, or 55.2% of the budgeted amount and .8% higher
when compared to the previous years budgeted amount. This line item has been adjusted
upward in the Amend 1 budget to reflect the increase from what was originally budgeted.
Other Expenditures
The changes in the Other Expenses area were due mainly to decreases in contracted
service agreements in Financial Aid and ITS, a decrease in utilities due to the timing of
invoice payments, an overall decrease in supplies from the prior year, and a change in
recording of the bad debt expense monthly instead of at year-end. 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, down $955 thousand from last January.
The largest differences are a $6.6 million decrease in Cash and Cash Equivalents, a $5.1
million increase in Due from other funds and a $452 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 $6.9 million, Total Liabilities are down approximately $763 thousand from
last January’s balance. The most significant changes were decreases in Accounts payable
and Accrued payroll due to timing of payments and check runs, and a decrease in
Accrued termination pay from the employee retirements which was based on the actuarial
computation completed in June 2013.
Comments on spending from other funds:
•
Of the $11.1 million expended in the other funds, $589 thousand was expended out of the
Maintenance and Replacement Funds for maintenance and improvements, $533
thousand in monthly depreciation and the remaining $10 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
For the 7 Months Ended January 31, 2014
With Comparative Totals at January 31, 2013
FY 2013-2014
Budget
YTD Actuals
as of 01/31/14
Actual to
Actual $
Change
YTD Actuals
as of 01/31/13
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
38,999,911 $ 30,790,808 $
17,228,840
12,104,556
15,306,817
6,134,241
1,728,000
1,030,029
1,960,251
978,552
30,001,284
12,477,041
5,568,759
971,114
982,163
75,223,819
51,038,186
50,000,361
1,037,825
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers out
Equipment and Improvements
40,083,795
17,060,954
5,205,948
2,214,660
243,400
2,954,000
5,967,496
1,924,863
2,000
21,154,638
9,410,694
2,452,186
1,038,391
111,473
1,734,160
3,446,304
473,253
123,640
21,372,055
9,032,503
2,546,178
1,060,847
170,266
1,726,018
2,261,606
323,592
146,586
217,417
(378,191)
93,992
22,456
58,793
(8,142)
(1,184,698)
(149,661)
22,946
1.02%
-4.19%
3.69%
2.12%
34.53%
-0.47%
-52.38%
-46.25%
15.65%
Total expenditures
75,657,116
39,944,739
38,639,651
(1,305,088)
-3.38%
11,093,447
11,360,710
(267,263)
-2.35%
Total revenues
$
$
789,524
(372,485)
565,482
58,915
(3,611)
2.63%
-2.99%
100.00%
6.07%
-0.37%
2.08%
Expenditures:
Net increase/(decrease) in net
assets
(433,297)
Mott Community College
General Fund
Balance Sheet
January 31, 2014
With Comparative Totals at January 31, 2013
As of
January 31
2014
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($4,969,841
for 2014 and $4,993,622 for 2013)
Inventories
Prepaid expenses and other assets
Total Assets
$
14,634,520 $
5,281,268
4,365,196
44,069
298,271
As of
January 31
2013
21,243,145 $
190,639
3,912,850
28,730
202,555
$
Change
(6,608,625)
5,090,629
452,346
15,339
95,716
$
24,623,324 $
25,577,919 $
(954,595)
$
2,282,662 $
1,641,693
15,576
540,536
2,597,313 $
1,768,727
12,185
582,579
(314,651)
(127,034)
3,391
(42,043)
4,480,467
4,960,804
(480,337)
Accrued termination pay
2,468,249
2,751,182
(282,933)
Total Liabilities
6,948,716
7,711,986
(763,270)
Net Assets
Unrestricted
17,674,608
17,865,933
(191,325)
Total Net Assets
17,674,608
17,865,933
(191,325)
24,623,324 $
25,577,919 $
(954,595)
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
$