FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
June 22, 2009
Volume 43
Treasurer’s Report for May 2009
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 2009 as presented
by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, CFO
Date: June 22, 2009
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 12, 2009
Summary of Expenditures:
Month of May Spending:
General Fund:
All Other Funds:
Total:
$ 5,511,820
$ 4,683,440
----------------$ 10,195,260
========
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
Total revenues for the eleven month period ending May 30, was approximately $65.2
million, representing 91.6% of the annual budget. This was slightly ahead of last year at
this time, when we had recognized 91.5% of budgeted revenues. Expenditures year-todate were at $55.2 million dollars, which represented 77.7% of the annual budget. This
was .6% ahead of last year’s spending at this time when compared to the previous year’s
budget percentage.
Revenues
Tuition and fee revenues were $28.7 million through May, an increase of $2.6 million
from last year at this time. The fall and winter enrollment figures were higher than
anticipated causing a majority of the increase. In addition, Spring enrollment opened on
Aril 1st and also appears to be higher than originally anticipated.
Property taxes were $22.2 million through May, a decrease of $43 thousand when
compared to the prior year. Collections are slightly behind the budget when compared to
last year, but is 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.
State appropriations payments for FY2008-09 are paid in monthly installments starting
with October. The total allocation for the current year is $15.2 million and we received
the May payment as scheduled.
Expenditures
Salaries and wages are approximately $32.5 million, or 2.3% higher when compared to
the prior year. Fringe benefit expenses are 1% higher at $12.6 million. The final salary
and related costs of the labor negotiations has been finalized and the financial impact is
reflected in these expenditure amounts.
Other Expenditures
Total expenditures are comparable to the prior year and are all tracking as budgeted.
Other than the salary related expenditures, the Contracted Services and
Operations/communications show the largest whole dollar changes for reasons addressed
in previous Treasurer Reports.
•
Balance Sheet
Total Assets were at $23.1 million, down 1.3%, or $310 thousand from last May. The
largest differences were comprised of a $3.3 million decrease in Short-term investments,
caused by cash needs for funding the $2.8 million inter-fund activities, and a $269
thousand increase in Prepaid Expenses and Inventories. The College in its efforts to
safely maximize interest earnings invested $2.6 million in Certificates of Deposits with
original maturities ending no later than December 2009. This strategy offers additional
FDIC insurance while moderately increasing on our investment earnings and maintaining
liquidity.
At $6.4 million, Total Liabilities were down 4.6%, or approximately $314 thousand from
last year’s balance through May. The most significant changes were in the areas of
Accounts Payable which were directly related to timing of payments and Accrued payroll
and related liabilities as a result of the accounting implementation of the Faculty
Assignment application in Datatel in the current year. An estimate of the total faculty
salaries are no longer accrued at the beginning of each semester and are now expensed as
they are paid.
Comments on spending from other funds:
•
The May expenditures in the other funds were comprised mainly in Debt Retirement
Fund (73), which totaled $477 thousand, and Maintenance and Replacement Fund (72)
and Bond Issue, Series 2008, which totaled $583 thousand. The majority of the
remaining $3.6 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, 2009
With Comparative Totals at May 31, 2008
FY 2008-2009 YTD Actuals as
Amend 1 Budget
of 5/31/09
Actual to
Actual $
Change
YTD Actuals
as of 5/31/08
Actual to
Actual %
Change
Revenues:
Tuition and fees
Property taxes
State appropriations
Ballenger trust
Grants and other
27,557,348
24,440,631
15,159,600
1,841,880
2,166,199
$ 28,672,560
22,169,192
11,066,897
1,682,031
1,582,065
71,165,658
65,172,745
64,502,517
670,228
Salaries and wages
Fringe benefits
Contracted services
Materials and supplies
Facilities rent
Utilities and insurance
Operations/communications
Transfers
Capital outlay
36,707,271
14,826,825
4,696,833
1,945,047
214,949
2,923,927
5,627,184
3,849,217
217,813
32,504,833
12,556,652
2,872,894
1,552,968
191,848
2,120,331
2,857,301
475,673
26,962
31,758,734
12,430,092
3,442,244
1,451,716
183,547
2,264,550
2,043,538
547,383
62,246
746,099
126,560
(569,350)
101,252
8,301
(144,219)
813,763
(71,710)
(35,284)
Total expenditures
71,009,066
55,159,462
54,184,050
975,412
1.77%
Net increase/(decrease) in net
assets
156,592
10,013,283
10,318,467
(305,184)
-3.05%
Net Assets
Net Assets - Beginning of Yea
Net Assets - YTD
6,289,572
6,446,164
6,289,572
16,302,855
6,289,572
16,608,039
Total revenues
$
$
26,087,447
22,212,250
12,266,298
1,633,981
2,302,541
$
2,585,113
(43,058)
(1,199,401)
48,050
(720,476)
9.02%
-0.19%
-10.84%
2.86%
-45.54%
1.03%
Expenditures:
2.30%
1.01%
-19.82%
6.52%
4.33%
-6.80%
28.48%
-15.08%
-130.87%
Mott Community College
General Fund
Balance Sheet
May 31, 2009
With Comparative Totals at May 31, 2008
As of
May 31,
2009
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($2,770,822
for 2009 and $2,381,428 for 2008)
Inventories
Prepaid expenses and other assets
Total Assets
Liabilities and Net Assets
Current Liabilities
Accounts payable
Accrued payroll and related liabilities
Deposits held for others
Unearned revenue
$
2,104,057
13,839,257
3,335,744
As of
May 31,
2008
$
3,302,790
86,057
383,594
2,126,361
17,156,710
577,962
$
Change
$
3,300,583
46,045
154,350
(22,304)
(3,317,453)
2,757,782
2,207
40,012
229,244
$
23,051,499
$
23,362,011
$
(310,512)
$
645,028
1,295,204
140,567
1,796,598
$
494,558
2,309,645
15,685
1,428,028
$
150,470
(1,014,441)
124,882
368,570
Total Current Liabilities
3,877,397
4,247,916
(370,519)
2,562,595
2,506,057
56,538
6,439,992
6,753,973
(313,981)
Net Assets
Unrestricted
16,611,507
16,608,038
3,469
Total Net Assets
16,611,507
16,608,038
3,469
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
23,051,499
$
23,362,011
$
(310,512)