FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
April 22, 2013
Volume 45
Treasurer’s Report for March 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 March 2013 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: April 22, 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.”
March Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
April 22, 2013
Summary of Expenditures:
Month of March Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,929,207
1,527,816
7,457,023
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, is roughly $57.4 million,
representing 78.4% of the annual budget. This is 1.7% lower than last year at this time,
when we had recognized 80.1% 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 $51.2 million dollars, which represents 69.6% of the
annual budget compared to 66% one year ago.
Revenues
Tuition and fee revenues are $30.2 million for the nine months ended, compared to $33.2
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 $16.5 million through March, which is $1.0 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 sixth $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 $27.8 million, or 72.8% of the annual budget, down $314
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 $11.5 million, a decrease of approximately $687 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 $390 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.
Balance Sheet
Total Assets are at approximately $22.9 million, down $1.4 million from last March. The
largest differences are a $520 thousand increase in Cash and Cash Equivalents, $2.0
million net decrease in Accounts Receivables and a $2.6 million increase 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 $10.2 million, Total Liabilities are up approximately $3.5 million from last
March’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 $1.6 million spent in the other funds, $243 thousand was expended out
of the Maintenance and Replacement Funds for maintenance and improvements, $1.4
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
For the 9 Months Ended March 31, 2013
With Comparative Totals at March 31, 2012
FY 2012-2013
Budget
YTD Actuals
as of 03/31/13
YTD Actuals
as of 03/31/12
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
36,967,524 $ 30,176,549 $
17,652,500
16,547,066
15,021,410
8,276,104
1,664,766
1,248,575
1,874,646
1,105,725
33,174,301
17,567,908
7,923,488
1,188,133
1,070,594
$ (2,997,752)
(1,020,842)
352,616
60,442
35,131
-9.04%
-5.81%
4.45%
5.09%
3.28%
73,180,846
57,354,019
60,924,424
(3,570,405)
-5.86%
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
27,847,288
11,519,591
3,314,199
1,372,190
203,254
2,167,195
4,113,328
459,110
170,768
28,161,592
12,206,622
3,752,393
1,372,724
187,447
1,990,654
2,561,824
442,204
59,652
(314,304)
(687,031)
(438,194)
(534)
15,807
176,541
1,551,504
16,906
111,116
-1.12%
-5.63%
-11.68%
-0.04%
8.43%
8.87%
60.56%
3.82%
186.27%
Total expenditures
73,507,430
51,166,923
50,735,112
(431,811)
-0.85%
6,187,096
10,189,312
(4,002,216)
-39.28%
Total revenues
$
Expenditures:
Net increase/(decrease) in net
assets
(326,584)
Mott Community College
General Fund
Balance Sheet
March 31, 2013
With Comparative Totals at March 31, 2012
As of
March 31
2013
Assets
Current Assets
Cash and cash equivalents
Short term investments
Accounts receivable - net of allowance
for uncollectible accounts ($6,366,162
for 2013 and $2,824,934 for 2012)
Inventories
Prepaid expenses and other assets
Total Assets
$
22,092,134 $
936
571,408
28,730
229,105
As of
March 31
2012
21,571,914 $
936
2,635,251
81,180
110,088
$
Change
520,220
-
(2,063,843)
(52,450)
119,017
$
22,922,313 $
24,399,369 $
(1,477,056)
$
861,114 $
1,847,272
2,589
4,243,151
542,178
480,673 $
1,672,088
22,554
1,599,344
480,732
380,441
175,184
(19,965)
2,643,807
61,446
7,496,304
4,255,391
3,240,913
Accrued termination pay
2,733,690
2,488,579
245,111
Total Liabilities
10,229,994
6,743,970
3,486,024
Net Assets
Unrestricted
12,692,319
17,655,399
(4,963,080)
Total Net Assets
12,692,319
17,655,399
(4,963,080)
22,922,313 $
24,399,369 $
(1,477,056)
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Due to other funds
Other accrued liabilities
Total Current Liabilities
Total Liabilities and Net Assets
$