FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
October 28, 2013
Volume
Treasurer’s Report for September 2013
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 September 2013 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: October 28, 2013
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.”
October Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
October 28, 2013
Summary of Expenditures:
Month of September Spending:
General Fund:
All Other Funds:
Total:
$
$
$
4,879,382
4,004,961
8,884,343
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the three months ended September 30, was approximately
$21 million, representing 28% of the annual budget. This is .1% higher than last year at
this time, when we had recognized 27.9% of budgeted revenues. The most significant
changes continue to be in the Tuition and fees and Grants and Other which are discussed
further below. Expenditures year-to-date are at $14.6 million dollars, which represents
19.3% of the annual budget, .1% lower than it was one year ago.
Revenues
Tuition and fee revenues are $15.4 million for the three months ended, which is $942
thousand more than last year, mainly due to the tuition increase from January 2013
coupled with a less than anticipated decrease in enrollment. A 3% decrease in enrollment
and contact hours was budgeted for this fiscal year.
Property taxes collected are $4.7 million through September. The amount budgeted is
$17.2 million, down $500 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 FY2012-13 are paid in monthly installments starting
with October. 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 $7.3 million, or 18.1% of the annual budget, .3% lower than it
was one year ago.
Fringe Benefits are at $3.3 million, or 19.5% of the budgeted amount and .2% lower than
last year’s budgeted amount.
Other Expenditures
The changes in the Other Expenses area were due mainly to decreases in contracted
service agreements in Financial Aid and ITS, an increase in water and electric rates, and
an overall decrease in supplies from the prior year.
•
Balance Sheet
Total Assets are at approximately $20.1 million, up $112 thousand from last September.
The largest differences are a $758 thousand increase in Cash and Cash Equivalents, a 2.3
million increase in Accounts Receivable and a $2.7 million decrease in Due (from) to
other funds. These variances are due to the timing of the second Pell transmission, receipt
and distribution. In the prior year, this transmission was done in September but will be
done in October of this year in an effort to reduce the Return of Funds to the federal
government.
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 $7.1 million, Total Liabilities are down approximately $280 thousand from
last September’s balance. The most significant changes was in the areas of an increase in
Accounts payable- caused by timing differences in the check runs from year to year, 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 $4 million spent in the other funds, $400 thousand was expended out of the
Maintenance and Replacement Funds for maintenance and improvements, $1.6 million in
depreciation for July through September and the remaining $2 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 3 Months Ended September 30, 2013
With Comparative Totals at September 30, 2012
FY 2013-2014
Budget
YTD Actuals
as of 09/30/13
Actual to
Actual $
Change
YTD Actuals
as of 09/30/12
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
38,999,911 $ 15,397,298 $
17,228,840
4,674,115
15,306,817
58,007
1,728,000
441,441
1,960,251
462,208
14,455,212
5,086,990
416,192
392,424
75,223,819
21,033,069
20,350,818
682,251
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
7,273,065
3,330,992
917,680
305,083
54,076
966,219
1,669,213
59,940
7,318,592
3,267,625
1,065,900
354,815
46,482
847,220
1,234,793
77,380
(45,527)
63,367
(148,220)
(49,732)
7,594
118,999
434,420
(17,440)
-0.62%
1.94%
-13.91%
-14.02%
16.34%
14.05%
35.18%
0.00%
-22.54%
Total expenditures
75,657,116
14,576,268
14,212,807
(363,461)
-2.56%
6,456,801
6,138,011
318,790
5.19%
Total revenues
$
$
942,086
(412,875)
58,007
25,249
69,784
6.52%
-8.12%
100.00%
6.07%
17.78%
3.35%
Expenditures:
Net increase/(decrease) in net
assets
(433,297)
Mott Community College
General Fund
Balance Sheet
September 30, 2013
With Comparative Totals at September 30, 2012
As of
September 30
2013
Assets
Current Assets
Cash and cash equivalents
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($5,529,041
for 2014 and $5,043,324 for 2013)
Inventories
Prepaid expenses and other assets
Total Assets
$
As of
September 30
2012
16,609,463 $
(963,309)
4,053,838
44,069
402,211
15,850,953 $
1,745,215
2,226,180
28,730
182,959
$
Change
758,510
(2,708,524)
1,827,658
15,339
219,252
$
20,146,272 $
20,034,037 $
112,235
$
2,522,986 $
1,515,656
17,293
540,536
2,430,762 $
1,594,370
22,050
582,579
92,224
(78,714)
(4,757)
(42,043)
4,596,471
4,629,761
(33,290)
Accrued termination pay
2,511,839
2,761,042
(249,203)
Total Liabilities
7,108,310
7,390,803
(282,493)
Net Assets
Unrestricted
13,037,962
12,643,234
394,728
Total Net Assets
13,037,962
12,643,234
394,728
20,146,272 $
20,034,037 $
112,235
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
$