FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
August 27, 2012
Volume 45
Treasurer’s Report for July 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 July 2012 as presented by
the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: August 27, 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.”
July Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
August 27, 2012
Summary of Expenditures:
Month of July Spending:
General Fund:
All Other Funds:
Total:
$
$
$
3,898,737
2,115,278
6,014,015
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
In summary, total revenues for the one month ended July 31, was approximately $11.1
million, representing 14.5% of the annual budget. This is .9% lower than last year at this
time, when we had recognized 15.4% of budgeted revenues. The most significant change
was in the Tuition and fees which is discussed further below. Expenditures year-to-date
are at $3.9 million dollars, which represents 5.1% of the annual budget, .4% lower than it
was one year ago.
Revenues
Tuition and fee revenues are $10.6 million for the one month ended, which is $.5 million
less than last year, this is in line with decreased enrollment expectations that was
budgeted in June.
Property taxes collected are $369 thousand in July. 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.
Expenditures
Salaries and Wages are at $1.7 million, or 4.2% of the annual budget, down from 5.1%
one year ago. This is due to the enrollment reduction resulting in less section offerings.
Fringe Benefits are at $890 thousand, a decrease of roughly $345 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, 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 $24 million, down $1.4 million from last July. The
largest differences are a $3.5 million increase in Cash and Cash Equivalents, a $5.7
million decrease in Due from other funds and an $892 thousand increase in Accounts
Receivable due to a timing difference on the application of loans to the student A/R
accounts – applied July 28, in 2011-2012 fiscal year and August 6, in the current fiscal
year.
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 $6.0 million, Total Liabilities are down approximately $200 thousand from
last July’s balance. The most significant changes were in the areas of 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.
Comments on spending from other funds:
•
Of the $2.1 million spent in the other funds, $343 thousand was expended out of the
Maintenance and Replacement Funds for maintenance and improvements, and the
remaining $1.8 million balance 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 1 Month Ended July 31, 2012
With Comparative Totals at July 31, 2011
FY 2011-2012
Budget
YTD Actuals
as of 07/31/12
Actual to
Actual $
Change
YTD Actuals
as of 07/31/11
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
Total revenues
$
40,655,482 $ 10,620,298 $
17,652,500
369,278
15,021,410
1,600,000
138,731
1,916,500
36,609
11,152,553
359,169
136,194
39,946
76,845,892
11,164,916
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
$
(532,255)
10,109
2,537
(3,337)
-4.77%
2.81%
0.00%
1.86%
-8.35%
11,687,862
(522,946)
-4.47%
1,706,545
890,821
198,028
44,033
16,091
424,886
618,335
-
2,000,823
1,234,422
156,998
30,086
40,738
413,378
386,991
4,000
3,003
(294,278)
(343,601)
41,030
13,947
(24,647)
11,508
231,344
(4,000)
(3,003)
-14.71%
-27.83%
26.13%
46.36%
-60.50%
2.78%
59.78%
-100.00%
-100.00%
76,840,772
3,898,739
4,270,439
(371,700)
-8.70%
5,120
7,266,177
7,417,423
(151,246)
-2.04%
Expenditures:
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets
Mott Community College
General Fund
Balance Sheet
July 31, 2012
With Comparative Totals at July 31, 2011
As of
July 31
2012
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from (to) other funds
State appropriation receivable
Accounts receivable - net of allowance
for uncollectible accounts ($2,780,735
for 2013 and $2,806,090 for 2012)
Inventories
Prepaid expenses and other assets
$
8,777,917 $
936
1,285,857
1,320,583
As of
July 31
2011
5,307,378 $
936
7,027,163
1,365,128
$
Change
3,470,539
(5,741,306)
(44,545)
12,370,905
28,730
226,736
11,478,815
93,369
97,120
$
24,011,664 $
25,369,909 $
(1,358,245)
$
749,091 $
2,235,946
3,339
582,579
948,034 $
2,182,327
18,762
18,799
521,023
(198,943)
53,619
(15,423)
(18,799)
61,556
3,570,955
3,688,945
(117,990)
Accrued termination pay
2,447,270
2,646,924
(199,654)
Total Liabilities
6,018,225
6,335,869
(317,644)
Net Assets
Unrestricted
17,993,439
19,034,040
(1,040,601)
Total Net Assets
17,993,439
19,034,040
(1,040,601)
24,011,664 $
25,369,909 $
(1,358,245)
Total Assets
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
$
892,090
(64,639)
129,616