FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
February 25, 2013
Volume 45
Treasurer’s Report for January 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 January 2013 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: February 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.”
January Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
February 25, 2013
Summary of Expenditures:
Month of January Spending:
General Fund:
All Other Funds:
Total:
$
$
$
5,440,329
13,771,212
19,211,541
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, is roughly $50
million, representing 65.1% of the annual budget. This is 4.5% lower than last year at this
time, when we had recognized 69.6% of budgeted revenues. The most significant changes
continue to be the Tuition and fees, Property Taxes and State Appropriations categories
which are discussed further below. Expenditures year-to-date are at $38.6 million dollars,
which represents 50.3% of the annual budget compared to 50.5% one year ago.
Revenues
Tuition and fee revenues are $30 million for the seven months ended, compared to $32.7
million one year ago. The enrollment decrease is higher than initially budgeted in June
and will be amended in February.
Property taxes collected are $12.5 million through January, which is $610 thousand 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 fourth $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 $21.4 million, or 52.7% of the annual budget, down from
54.4% 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 $9 million, a decrease of approximately $419 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 continue to be increases in Datatel, Oracle, and
Adobe licensing costs, increases in water and electric bills, timing difference in
scholarship awards -Transfers as well as a reduction this month in the Contracted
services line item due to a reduction in Workforce Development training.
Balance Sheet
Total Assets are at approximately $25.6 million, down $4.4 million from last January.
The largest differences are a $5.4 million decrease in Cash and Cash Equivalents, $265
thousand increase in Accounts Receivables. The gross Accounts Receivable increase is
actually $2.3 million and is offset by an increase in the allowance account of $2.1million
which is adjusted annually.
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 $7.7 million, Total Liabilities are down approximately $650 thousand from
last January’s balance. The most significant changes were in the areas of Accounts
payable – timing of check runs, Accrued payroll and related liabilities- lower monthly
invoices for health insurance payments compared to the previous year, 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 $13.8 million spent in the other funds, $799 thousand was expended
out of the Maintenance and Replacement Funds for maintenance and improvements,
$13.5 million out of the Agency, Scholarships, and Federal Grants, for grant activities and
student scholarships and a $438 thousand correction of an over posting of interest expense in
December out of the Debt Retirement Fund.
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 7 Months Ended January 31, 2013
With Comparative Totals at January 31, 2012
FY 2012-2013
Budget
YTD Actuals
as of 01/31/13
YTD Actuals
as of 01/31/12
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
40,655,482 $ 30,001,284 $
17,652,500
12,477,041
15,021,410
5,568,759
1,600,000
971,114
1,916,500
982,163
32,746,020
13,087,205
5,282,324
928,282
907,954
$ (2,744,736)
(610,164)
286,435
42,832
74,209
-8.38%
-4.66%
5.42%
4.61%
8.17%
76,845,892
50,000,361
52,951,785
(2,951,424)
-5.57%
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers
Equipment and Improvements
40,566,402
17,021,414
6,267,174
2,560,069
245,350
2,951,300
4,858,563
1,871,200
499,300
21,372,055
9,032,503
2,546,178
1,060,847
170,266
1,726,018
2,261,606
323,592
146,586
21,497,020
9,451,607
2,896,114
1,036,740
160,458
1,574,225
2,004,330
142,094
42,917
(124,965)
(419,104)
(349,936)
24,107
9,808
151,793
257,276
181,498
103,669
-0.58%
-4.43%
-12.08%
2.33%
6.11%
9.64%
12.84%
127.73%
241.56%
Total expenditures
76,840,772
38,639,651
38,805,505
165,854
5,120
11,360,710
14,146,280
Total revenues
$
Expenditures:
Net increase/(decrease) in net
assets
(2,785,570)
0.43%
-19.69%
Mott Community College
General Fund
Balance Sheet
January 31, 2013
With Comparative Totals at January 31, 2012
As of
January 31
2013
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from (to) other funds
Accounts receivable - net of allowance
for uncollectible accounts ($4,993,622
for 2013 and $2,854,580 for 2012)
Inventories
Prepaid expenses and other assets
Total Assets
$
21,242,209 $
936
190,639
3,912,850
28,730
202,555
As of
January 31
2012
26,675,816 $
936
(495,420)
3,646,989
70,220
74,642
$
Change
(5,433,607)
686,059
265,861
(41,490)
127,913
$
25,577,919 $
29,973,183 $
(4,395,264)
$
2,597,313 $
1,768,727
12,185
582,579
3,428,284 $
1,835,309
84,798
521,023
(830,971)
(66,582)
(72,613)
61,556
4,960,804
5,869,414
(908,610)
Accrued termination pay
2,751,182
2,491,402
259,780
Total Liabilities
7,711,986
8,360,816
(648,830)
Net Assets
Unrestricted
17,865,933
21,612,367
(3,746,434)
Total Net Assets
17,865,933
21,612,367
(3,746,434)
25,577,919 $
29,973,183 $
(4,395,264)
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
$