FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
March 25, 2013
Volume 45
Treasurer’s Report for February 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 February 2013 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: March 25, 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.”
February Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
March 25, 2013
Summary of Expenditures:
Month of February Spending:
General Fund:
All Other Funds:
Total:
$
$
$
6,598,068
12,653,091
19,251,159
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the eight months ended February 28, is roughly $53
million, representing 72.2% of the annual budget. This is 2.2% lower than last year at this
time, when we had recognized 74.4% 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 $45.2 million dollars, which represents 61.5% of the
annual budget compared to 58.6% one year ago.
Revenues
Tuition and fee revenues are $30.1 million for the eight months ended, compared to $33
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 $13.6 million through February, which is $1.3 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 fifth $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 $24.6 million, or 64.2% of the annual budget, down $238
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 $10.3 million, a decrease of approximately $550 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 $905 thousand, increases in Datatel, Oracle, and Adobe licensing costs Operations/communications; increases in water and electric bills - Utilities and
insurance; timing difference in scholarship awards –Transfers; 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 $24.3 million, down $370 thousand from last February.
The largest differences are a $507 thousand decrease in Cash and Cash Equivalents, $1.2
net decrease in Accounts Receivables and a $1.3 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 $4.6 million from last
February’s balance. The most significant changes are in the areas of Accounts payable –
timing of check runs, Deposits held for others – timing of posting of student Accounts
Receivable refund payments, 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 $12.7 million spent in the other funds, $147 thousand was expended
out of the Maintenance and Replacement Funds for maintenance and improvements,
$12.5 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 8 Months Ended February 28, 2013
With Comparative Totals at February 29, 2012
FY 2012-2013
Budget
YTD Actuals
as of 02/28/13
YTD Actuals
as of 02/29/12
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
36,967,524 $ 30,137,488 $
17,652,500
13,623,822
15,021,410
6,922,431
1,664,766
1,109,844
1,874,646
1,015,379
32,974,864
14,925,585
6,602,906
1,058,207
1,017,997
$ (2,837,376)
(1,301,763)
319,525
51,637
(2,618)
-8.60%
-8.72%
4.84%
4.88%
-0.26%
73,180,846
52,808,964
56,579,559
(3,770,595)
-6.66%
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
24,577,340
10,258,164
2,925,251
1,219,019
183,760
1,945,134
3,513,484
448,823
166,745
24,815,164
10,807,917
3,338,278
1,192,528
173,952
1,794,889
2,377,476
442,422
47,700
(237,824)
(549,753)
(413,027)
26,491
9,808
150,245
1,136,008
6,401
119,045
-0.96%
-5.09%
-12.37%
2.22%
5.64%
8.37%
47.78%
1.45%
249.57%
Total expenditures
73,507,430
45,237,720
44,990,326
(247,394)
-0.55%
7,571,244
11,589,233
(4,017,989)
-34.67%
Total revenues
$
Expenditures:
Net increase/(decrease) in net
assets
(326,584)
Mott Community College
General Fund
Balance Sheet
February 28, 2013
With Comparative Totals at February 29, 2012
As of
February 28
2013
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from (to) other funds
Accounts receivable - net of allowance
for uncollectible accounts ($5,946,753
for 2013 and $2,833,256 for 2012)
Inventories
Prepaid expenses and other assets
Total Assets
$
14,096,207 $
936
8,943,839
967,529
28,730
218,667
As of
February 29
2012
14,602,785 $
936
7,633,608
2,224,335
76,796
88,299
$
Change
(506,578)
1,310,231
(1,256,806)
(48,066)
130,368
$
24,255,908 $
24,626,759 $
(370,851)
$
200,113 $
1,693,390
4,992,578
542,178
825,064 $
1,711,737
25,036
521,023
(624,951)
(18,347)
4,967,542
21,155
7,428,259
3,082,860
4,345,399
Accrued termination pay
2,751,182
2,488,579
262,603
Total Liabilities
10,179,441
5,571,439
4,608,002
Net Assets
Unrestricted
14,076,467
19,055,320
(4,978,853)
Total Net Assets
14,076,467
19,055,320
(4,978,853)
24,255,908 $
24,626,759 $
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
$
(370,851)