FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
September 24, 2012
Volume 45
Treasurer’s Report for August 2012
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 August 2012 as presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: September 24, 2012
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.”

Larry Gawthrop, CPA
Chief Financial Officer
September 24, 2012
Month of August Spending:
Fund: $ 4,795,992
All Other Funds:
Total:
$ 10,085,652
14,881,644
• Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the two months ended August 31, was approximately
$16.6 million, representing 21.6% of the annual budget. This is 2.1% lower than last year at this time, when we had recognized 23.7% of budgeted revenues. The most significant change was in the Tuition and fees and Grants and Other categories which is discussed further below. Expenditures year-to-date are at $8.7 million dollars, which represents
11.3% of the annual budget, the same as it was one year ago.
Revenues
Tuition and fee revenues are $13.9 million for the two months ended, which is $1.1 million less than last year, this is higher than the decreased enrollment expectations that was budgeted in June and may need to be amended in January.
Property taxes collected are $2.4 million through August. 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. 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 which was received in August of the previous year and will be made in two installments in the current year.

Expenditures
Salaries and Wages are at $4.2 million, or 10.3% of the annual budget, down from 10.8% one year ago. This is due to the enrollment reduction for the summer term resulting in less section offerings. There should be further reductions in line item as the impact of the course section management and decreased enrollment is fully reflected in September.
Fringe Benefits are at $2.0 million, a decrease of roughly $300 thousand from the previous year. This reduction is in part from the salary savings from reduced enrollment and the impact of P.A. 152.
Other Expenditures
The changes in the Other Expenses area were due mainly to an increase in Datatel, Oracle, and Adobe licensing costs, increases in water and electric bills and timing differences of invoice payments, and a reclassification of an ITS contractor to the general fund from the
72 fund – Contracted Services .
• Balance Sheet
Total Assets are at approximately $21.2 million, down $3.8 million from last August.
The largest differences are a $1.1 million decrease in Cash and Cash Equivalents , a $3.3 million decrease in Due from other funds and a $414 thousand increase in Accounts
Receivable.
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 $6.8 million, Total Liabilities are down approximately $628 thousand from last August’s balance. The most significant changes were in the areas of Accounts payable – significantly less due to Follet’s bookstore compared to the previous year ,
Accrued payroll and related liabilities timing difference in the payment of the health insurance payments from year to 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 decrease in Accrued termination pay from the employee retirements.
• Of the $2.8 million spent in the other funds, $204 thousand was expended out of the
for maintenance and improvements, and the remaining $2.6 million balance out of the grant activities and student scholarships.
for

Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 2 Months Ended August 31, 2012
With Comparative Totals at August 31, 2011
FY 2012-2013
Budget
YTD Actuals as of 08/31/12
YTD Actuals as of 08/31/11
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
Total revenues
17,652,500
15,021,410
1,600,000
1,916,500
$ 13,881,434
2,409,274
-
277,461
56,612
76,845,892 16,624,781
$ 15,017,231
2,411,173
-
272,388
342,516
18,043,308
$ (1,135,797)
(1,899)
-
5,073
(285,904)
(1,418,527)
-7.56%
-0.08%
0.00%
1.86%
-83.47%
-7.86%
Expenditures:
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers
Equipment and Improvements
Total expenditures
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
76,840,772
4,161,890
1,974,115
611,233
187,838
26,988
755,356
976,624
-
684
8,694,728
4,282,899
2,273,322
516,738
197,228
57,075
647,411
709,120
4,000
18,842
8,706,635
Net increase/(decrease) in net assets 5,120 7,930,053 9,336,673
(121,009)
(299,207)
94,495
(9,390)
(30,087)
107,945
267,504
(4,000)
(18,158)
11,907
(1,406,620)
-2.83%
-13.16%
18.29%
-4.76%
-52.71%
16.67%
37.72%
-100.00%
-96.37%
0.14%
-15.07%

Mott Community College
General Fund
Balance Sheet
August 31, 2012
With Comparative Totals at August 31, 2011
As of
August 31
2012
As of
August 31
2011
$
Change
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from (to) other funds
Accounts receivable - net of allowance for uncollectible accounts ($5,055,037 for 2013 and $4,201,136 for 2012)
Inventories
Prepaid expenses and other assets
Total Assets
$ 10,678,315
936
5,945,265
$ 11,753,507
936
9,251,646
$ (1,075,192)
-
(3,306,381)
$
4,354,624
28,730
224,728
21,232,598
43,263
$
3,940,109
91,833
25,081,294
414,515
(14,533)
$
132,895
(3,848,696)
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Other accrued liabilities
Total Current Liabilities
$ 1,851,871
1,579,061
18,668
582,579
$ 2,500,160
1,746,722
119,102
521,023
$ (648,289)
(167,661)
(100,434)
61,556
4,032,179 4,887,007 (854,828)
Accrued termination pay
Total Liabilities
2,765,143
6,797,322
2,538,635 226,508
7,425,642 (628,320)
Net Assets
Unrestricted 14,435,276 17,655,652 (3,220,376)
14,435,276 17,655,652 (3,220,376) Total Net Assets
Total Liabilities and Net Assets $ 21,232,598 $ 25,081,294 $ (3,848,696)