FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
May 20, 2013
Volume 45
Treasurer’s Report for April 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 April 2013 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: May 20, 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.”
April Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
May 20, 2013
Summary of Expenditures:
Month of April Spending:
General Fund:
All Other Funds:
Total:
$
$
$
6,138,683
10,150,466
16,289,149
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, is roughly $63.8 million,
representing 87.2% of the annual budget. This is 1.8% lower than last year at this time,
when we had recognized 89% of budgeted revenues. The most significant changes
continue to be the Tuition and fees, Property taxes and State appropriations categories.
Expenditures year-to-date are at $57.3 million dollars, which represents 78% of the annual
budget compared to 73.8% one year ago.
Revenues
Tuition and fee revenues are $35 million for the ten months ended, compared to $38
million one year ago. The enrollment decrease is higher than initially budgeted in June
and has been amended to reflect the change.
Property taxes collected are $16.6 million through April, which is $1.1 million lower than
it was one year ago. The amount budgeted is $17.7 million, down $1.3 million from last
year’s $19 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. We received our seventh $1.4 million payment of eleven as expected. The
total budgeted amount for the current fiscal year is $15.0 million or approximately $637
thousand (4.4%) more than last year.
Grants and other includes the Foundation for Mott Community College unrestricted
contribution to be paid in two installments which we received in September and January.
Expenditures
Salaries and Wages are at $31.2 million, or 81.6% of the annual budget, down $247
thousand from one year ago. This is due in large part to less course section offerings and
less P/T and Overload salaries compared to the previous year.
Fringe Benefits are at $13 million, a decrease of approximately $928 thousand from the
previous year. This is due in part to the fewer wages from the offering less sections and
the impact of P.A. 152.
Other Expenditures
The changes in the Other Expenses area include an adjustment to the bad debt expense of
approximately $315 thousand, increases in Datatel, Oracle, and Adobe licensing costs Operations/communications; increases in water and electric bills - Utilities and
insurance; and a reduction in the Contracted services line item due to a reduction in
Workforce Development training and custodial services employees being hired full-time.
The Equipment and improvements line item increase by approximately $111 thousand as
more equipment purchases are being made out of the general fund instead of the 72 fund.
Balance Sheet
Total Assets are at approximately $22.6 million, down $6 million from last April. The
largest differences are a $3 million decrease in Cash and Cash Equivalents, $2.6 million
net decrease in Accounts Receivables and a $525 thousand decrease in Due to/ Due from
Other Funds. The Accounts Receivable decrease is due mainly to the increase in the
allowance account.
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 $9.5 million, Total Liabilities are down approximately $630 thousand from
last April’s balance. The most significant changes are in the areas of Accounts payable –
timing of check runs, Other Accrued Liabilities which is the recording of the potential
financial impact of current property tax appeals as calculated by the Genesee County
Equalization Department, and the increase in Accrued termination pay from the employee
retirements.
Comments on spending from other funds:
•
Of the approximately $10.2 million spent in the other funds, $439 thousand was expended
out of the Maintenance and Replacement Funds for maintenance and improvements,
$9.8 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 10 Months Ended April 30, 2013
With Comparative Totals at April 30, 2012
FY 2012-2013
Budget
YTD Actuals
as of 04/30/13
YTD Actuals
as of 04/30/12
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
36,967,524 $ 35,017,716 $
17,652,500
16,626,576
15,021,410
9,629,777
1,664,766
1,387,306
1,874,646
1,179,779
38,211,265
17,745,336
9,244,070
1,318,058
1,130,536
$ (3,193,549)
(1,118,760)
385,707
69,248
49,243
-8.36%
-6.30%
4.17%
5.25%
4.36%
73,180,846
63,841,154
67,649,265
(3,808,111)
-5.63%
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers
Equipment and Improvements
38,273,685
16,682,127
6,139,670
2,122,035
243,400
2,966,100
4,884,913
1,901,200
294,300
31,229,170
13,008,850
3,727,782
1,504,864
219,306
2,382,674
4,603,036
459,110
170,816
31,476,797
13,936,811
4,121,967
1,489,438
200,941
2,204,124
2,729,169
463,940
59,208
(247,627)
(927,961)
(394,185)
15,426
18,365
178,550
1,873,867
(4,830)
111,608
-0.79%
-6.66%
-9.56%
1.04%
9.14%
8.10%
68.66%
-1.04%
188.50%
Total expenditures
73,507,430
57,305,608
56,682,395
(623,213)
-1.10%
6,535,546
10,966,870
(4,431,324)
-40.41%
Total revenues
$
Expenditures:
Net increase/(decrease) in net
assets
(326,584)
Mott Community College
General Fund
Balance Sheet
April 30, 2013
With Comparative Totals at April 30, 2012
As of
April 30
2013
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($6,637,556
for 2013 and $2,824,934 for 2012)
Inventories
Prepaid expenses and other assets
Total Assets
$
14,606,461 $
936
1,246,948
6,435,861
28,730
268,896
As of
April 30
2012
17,531,786 $
936
1,772,571
9,051,720
83,372
169,439
$
Change
(2,925,325)
(525,623)
(2,615,859)
(54,642)
99,457
$
22,587,832 $
28,609,824 $
(6,021,992)
$
624,820 $
1,615,385
4,736
4,027,388
542,178
1,102,678 $
1,966,572
27,788
4,110,518
480,732
(477,858)
(351,187)
(23,052)
(83,130)
61,446
6,814,507
7,688,288
(873,781)
Accrued termination pay
2,732,556
2,488,579
243,977
Total Liabilities
9,547,063
10,176,867
(629,804)
Net Assets
Unrestricted
13,040,769
18,432,957
(5,392,188)
Total Net Assets
13,040,769
18,432,957
(5,392,188)
22,587,832 $
28,609,824 $
(6,021,992)
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
$