FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
June 28, 2010
Volume 41
Treasurer’s Report for May 2010
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 May 2010 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, CFO
Date: June 18, 2010
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.”
May Treasurer’s Report
Lawrence A. Gawthrop, CPA
Chief Financial Officer
June 18, 2010
Summary of Expenditures:
Month of May Spending:
General Fund:
All Other Funds:
Total:
$ 5,487,878
$ 5,414,858
----------------$ 10,902,736
========
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
Total revenues for the eleven month period ending May 31, is approximately $68.8
million, representing 91.9% of the annual budget. This is 1.5% ahead of last year at this
time, when we had recognized 90.4% of budgeted revenues. Expenditures year-to-date
are at $59.1 million dollars, which represented 78.9% of the annual budget. This is 2.2%
higher than last year’s spending at this time when compared to the previous year’s budget
percentage.
Revenues
Tuition and fee revenues are $33.9 million through May, an increase of $5.3 million from
last year at this time. Factors contributing to this increase included the summer, fall,
winter, and summer enrollment figures being higher than anticipated, and a 4.3% tuition
increase effective January 1, 2010.
Property taxes were $21.3 million through May, a decrease of $851 thousand when
compared to the prior year. Collections are 3.84% behind the last year’s budget, but are
expected to come in as budgeted, as property taxes are recorded on a cash basis and
variances are caused by timing of payments from the various local taxing authorities.
Additionally, we have budgeted a $936 thousand decrease in overall property tax
collections in the general fund.
State appropriations payments for FY2009-10 are paid in monthly installments starting
with October. The total allocation for the current year is $15 million and we received the
May payment as scheduled. We are faced with the potential that we may have a 3.1%
reduction in our State Aid funding for 2010-2011 or approximately $480 thousand.
Expenditures
Salaries and wages are approximately $34.4 million or 6% higher when compared to the
prior year. Fringe benefit expenses are 1.5% higher and approximate $12.7 million. This
increase is attributable to salary increases that took effect on July 1, and the additional
overload and part-time faculty required to meet the significant increase in enrollments.
Other Expenditures
Total other expenditures continue to track as expected with the additional increases in
Contracted Services, Materials and Supplies, and Operations/Communications resulting
in additional services and licenses required to address our enrollment growth.
•
Balance Sheet
Total Assets are at $26.7 million, a $3.6 million increase from last May. The largest
differences were comprised of a $13.8 million decrease in Short-term investments, which
is a result of our focus on keeping our balances insured (safe) while earning credits
against our bank fees, a $13 million increase in Cash and cash equivalents, the resulting
transfer from the Short-term investments, a $2.8 million increase in Accounts Receivable,
attributable to enrollment (web and walk-in) opening on April 1 this year versus April 15,
in the prior year for summer and fall semesters, and a $1.9 increase in due from(to) other
funds.
At $10.2 million, Total Liabilities are up approximately $3.7 million from last year’s
balance at May. The most significant changes were in the areas of Unearned Revenue
which is registrations for summer and fall semesters which opened 15 days earlier than
last year, and Accounts Payable elated to timing of payments on the check run in
accounts payable and the timing of payments on the health insurance payments in the
accrued payroll and related liabilities.
Comments on spending from other funds:
•
The May expenditures in the other funds were comprised mainly in the Maintenance and
Replacement Fund (72) and Bond Issue, Series 2008, which totaled $889 thousand and
the remaining $4.5 million was spent out of the Restricted Funds, most of which was for
student financial aid and grant activities.
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 11 Months Ended May 31, 2010
With Comparative Totals at May 31, 2009
FY 2009-2010
Budget
YTD Actuals
as of 05/31/10
Actual to
Actual $
Change
YTD Actuals
as of 05/31/09
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
Total revenues
$
32,960,753 $ 33,964,890 $
23,500,000
21,318,597
14,995,200
11,050,555
1,723,101
1,435,918
1,686,963
1,015,810
28,672,560
22,169,192
11,066,897
1,682,031
1,582,623
$
5,292,330
(850,595)
(16,342)
(246,113)
(566,813)
74,866,017
68,785,770
65,173,303
3,612,467
39,375,875
15,114,796
5,884,390
2,431,132
250,150
2,803,600
5,238,430
3,535,593
221,800
34,471,047
12,742,748
3,818,163
1,849,940
243,585
1,978,882
3,493,831
385,603
82,644
32,450,797
12,556,652
2,926,931
1,553,048
191,848
2,120,331
2,857,221
475,673
26,962
2,020,250
186,096
891,232
296,892
51,737
(141,449)
636,610
(90,070)
55,682
74,855,766
59,066,443
55,159,463
3,906,980
10,251
9,719,327
10,013,840
18.46%
-3.84%
-0.15%
-14.63%
-35.81%
5.54%
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
(294,513)
6.23%
1.48%
30.45%
19.12%
26.97%
-6.67%
22.28%
-18.94%
206.52%
7.08%
-2.94%
Mott Community College
General Fund
Balance Sheet
May 31, 2010
With Comparative Totals at May 31, 2009
As of
May 31
2010
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from (to) other funds
Accounts receivable - net of allowance
for uncollectible accounts ($3,352,965
for 2010 and $2,770,822 for 2009)
Inventories
Prepaid expenses and other assets
Total Assets
$
15,111,700 $
936
5,299,458
6,070,068
68,077
131,156
As of
May 31
2009
$
Change
2,106,042 $ 13,005,658
13,839,257
(13,838,321)
3,335,744
1,963,714
3,302,790
86,057
383,594
2,767,278
(17,980)
(252,438)
$
26,681,395 $
23,053,484 $
3,627,911
$
877,971 $
1,318,597
117,191
4,898,907
646,454 $
1,295,204
140,567
1,796,598
231,517
23,393
(23,376)
3,102,309
7,212,666
3,878,823
3,333,843
Accrued termination pay
2,967,087
2,562,595
404,492
Total Liabilities
10,179,753
6,441,418
3,738,335
Net Assets
Unrestricted
16,501,642
16,612,066
(110,424)
Total Net Assets
16,501,642
16,612,066
(110,424)
26,681,395 $
23,053,484 $
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Unearned revenue
Total Current Liabilities
Total Liabilities and Net Assets
$
3,627,911