FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
April 23, 2012
Volume 44
Treasurer’s Report for March 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 March, 2012 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Larry Gawthrop, CFO
Date: April 23, 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.”
March Treasurer’s Report
Larry Gawthrop, CPA
Chief Financial Officer
April 23, 2012
Summary of Expenditures:
Month of March Spending:
General Fund:
All Other Funds:
Total:
$
$
$
6,023,411
1,993,591
8,017,002
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, was approximately $60.9
million, representing 79.8% of the annual budget. This is .1% lower than last year at this
time, when we had recognized 79.9% of budgeted revenues. The most significant changes
continue to be in the Tuition and fees, Property taxes and State Aid, and Grants and
other which are discussed further below. General Fund expenditures for the nine months
ended March 31, are at $51 million representing 65.7% of the annual budget, .1% higher
than one year ago.
Revenues
Tuition and fee revenues are $33.2 million for the nine months ended, which is $2.2
million ahead of last year, mainly due to the tuition rate increase.
Grants and other is at approx $1.1 million, up approximately $173 thousand from last
year largely due to the $250 thousand contribution from the Foundation for Mott
Community College.
Property taxes collected are $17.6 million though March. The amount budgeted is $19.1
million, down $1.8 million from last year’s $20.9 million and is based on final taxable
value figures provided by the Genesee County Equalization Department.
State appropriations We received our sixth installment in March, totaling approximately
$1.3 million. The total budgeted amount for the current fiscal year is $14.4 million or
approximately $700 thousand (4.88%) less than last year. This includes the loss of the
renaissance zone payments we received in past years.
Expenditures
Salaries and Wages are at $28.2 million, or 70.1% of the annual budget, down from
71.6% one year ago.
Fringe Benefits are at $12.5 million, or 70.2% of the annual budget, down from 70.9%
one year ago.
Other Expenditures
The Other Expenses area significant variances when compared to the prior year actuals
were in the Contracted services and Utilities and insurance areas. A majority of the
contracted services area is due to the Information Technology contractors being charged
to and paid out of the general fund instead of the 72 fund as was done previously. The
Utilities and insurance variance is mainly due to the difference in timing of payments
from the previous year.
In addition the Transfers line item increase of approximately $135 thousand reflects an
increase in institutional scholarships, a carryover from the previous month.
•
Balance Sheet
Total Assets are at approximately $22.8 million, down approximately $300 thousand
from last March. The largest differences are a $5.3 million decrease in Due from other
funds, a $4.6 million increase in Cash and cash equivalents, and a slight $324 thousand
increase in Accounts receivable. The increase in Accounts receivable is due to a
reduction in the allowance compared to the previous 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 approximately $5.4 million, Total Liabilities are up approximately $400 thousand from
last March’s balance. The most significant changes were in the areas of Accounts
payable-timing differences in check runs, Accrued payroll and related liabilities- timing
difference in the payment of the MPSERS and MESSA payments from year to year, Other
Accrued Liabilities which is the recording of the estimated amount of the real property
tax refunds created by the appeals filed with the Michigan Tax Tribunal, and a decrease
in Accrued termination pay partly due to employee retirements and a decrease in the
actuarial computation at year-end.
Comments on spending from other funds:
•
Of the approximately $2 million spent in the other funds, $354 thousand was expended out
of the Maintenance and Replacement Funds for capital improvements, and the remaining
$1.64 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 Month Ended March 31, 2012
With Comparative Totals at March 31, 2011
FY 2011-2012
Budget
YTD Actuals
as of 03/31/12
Actual to
Actual $
Change
YTD Actuals
as of 03/31/11
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
Total revenues
$
39,630,462 $ 33,175,306 $
19,125,451
17,567,908
14,383,600
7,923,488
1,514,908
1,188,133
1,736,542
1,069,587
30,979,738
18,744,977
8,296,242
1,225,747
895,834
$
2,195,568
(1,177,069)
(372,754)
(37,614)
173,753
7.09%
-6.28%
-4.49%
-3.07%
19.40%
76,390,963
60,924,422
60,142,538
781,884
1.30%
40,201,485
17,795,304
6,598,791
2,487,767
242,350
2,546,100
4,916,009
2,412,841
409,300
28,161,629
12,485,243
3,752,393
1,372,687
187,447
1,990,654
2,561,824
442,204
59,652
27,987,140
11,696,145
3,278,193
1,458,028
158,371
1,798,751
2,614,703
307,836
30,595
174,489
789,098
474,200
(85,341)
29,076
191,903
(52,879)
134,368
29,057
0.62%
6.75%
14.47%
-5.85%
18.36%
10.67%
-2.02%
43.65%
94.97%
77,609,947
51,013,733
49,329,762
(1,218,984)
9,910,689
10,812,776
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
1,683,971
(902,087)
3.41%
-8.34%
Mott Community College
General Fund
Balance Sheet
March 31, 2012
With Comparative Totals at March 31, 2011
As of
March 31
2012
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from (to) other funds
Accounts receivable - net of allowance
for uncollectible accounts ($2,824,934
for 2012 and $3,286,056 for 2011)
Inventories
Prepaid expenses and other assets
Total Assets
$
21,571,914 $
936
(1,599,344)
2,635,250
81,180
110,088
As of
March 31
2011
16,923,029 $
936
3,676,588
2,310,541
77,602
118,991
$
Change
4,648,885
(5,275,932)
324,709
3,578
(8,903)
$
22,800,024 $
23,107,687 $
(307,663)
$
480,673 $
1,950,710
22,554
480,732
269,135 $
1,442,328
14,596
521,023
211,538
508,382
7,958
(40,291)
2,934,669
2,247,082
687,587
Accrued termination pay
2,488,579
2,773,950
(285,371)
Total Liabilities
5,423,248
5,021,032
402,216
Net Assets
Unrestricted
17,376,776
18,086,655
(709,879)
Total Net Assets
17,376,776
18,086,655
(709,879)
22,800,024 $
23,107,687 $
(307,663)
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
$