FOR ACTION
Board of Trustees
Charles Stewart Mott Community College
Regular Meeting,
November 26, 2007
Volume 39
Treasurer’s Report for October 2007
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 October 2007 as
presented by the Administration.
Reviewed and Submitted By:
_____________________________________
Lawrence A. Gawthrop, Interim CFO
Date: November 16, 2007
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.”
October Treasurer’s Report
Lawrence A. Gawthrop, CPA
Interim Chief Financial Officer
November 16, 2007
Summary of Expenditures:
Month of October Spending:
General Fund:
All Other Funds:
Total:
$ 4,438,058
$ 2,691,342
-------------$ 7,129,400
=======
Comments on General Fund Financial Statements:
•
Statement of Revenues, Expenditures and Changes in Net Assets
Total revenues year-to-date were $25.4 million, representing 37.6% of the annual budget.
This was 3.2% ahead of last year at this time, when we had recognized 34.4% of budgeted
revenues. Expenditures year-to-date were at 19.1 million dollars, which represented
28.5% of the annual budget. This was 0.6% higher in spending than last year at this time.
Revenues
Tuition and fee revenues were $11.6 million through October, an increase of $484
thousand from last year at this time. In the prior year, the tuition and fee revenue account
included approximately $365 thousand of winter tuition. In order to make a valid
comparison, the winter tuition and fees need to be subtracted out from the prior year
amount. After this adjustment is made, the true increase in tuition and fee revenue year
over year was $849 thousand.
Property taxes were $9.8 million through October, an increase of $1.1 million. Property
taxes are recorded on a cash basis and variances are caused by timing of payments from
the various local taxing authorities. In the current month, substantially all of the increase
was attributable to one Township remitting $1.05 million more than at the same time last
year. By the fiscal year end, these timing differences should wash out and be in line with
our budgeted amounts.
State appropriations payments for FY2007-08 are paid in monthly installments starting
with October. The total allocation for the current year is $16.2 million comprised of
$14.9 million in the general yearly allocation plus the $1.3 million restoration of the
August 2007 payment. We received the October payment as scheduled.
Expenditures
Salaries, wages and fringes are comparable to the prior year and on pace with budgeted
amounts. The final salary and related costs of the labor negotiations is unknown at this
time. If the situation is unresolved at the time of the January amended budget, a
contingency is being considered to reflect the potential effect on the current year budget.
Other Expenditures
Total expenditures are up 5.17% compared to the prior year but are all tracking well
compared to the budget. Besides the Salaries, Wages, and Fringes, the Contracted
Services, Utilities and insurance, Transfers show the largest increases for reasons
addressed in previous Treasurer Reports. There are no significant changes since the first
two months of the fiscal year and the changes are a carryover from those months.
•
Balance Sheet
Total Assets were at $18.6 million, up 16.2% from last October, with the largest increases
in the areas of cash and due from other funds with offsets from the short term investments
and accounts receivable.
At $6.1 million, Total Liabilities were up 7.8% from last year’s balance through October,
with the major difference in the amounts owed to other internal funds.
Comments on spending from other funds:
•
The October expenditures in the other funds was comprised of $1.2 million in capital outlay
from the Series 2006 Bond Issue and Maintenance and Replacement funds and the
bulk of remaining spending was from Agency and Restricted Funds, most of which was
for student financial aid and grant activities.
Audited Financial Statements
•
The annual financial statement audit is complete and will be presented at the November
Board of Trustees meeting in accordance with College policy. The College received an
unqualified or “clean” opinion on the basic financial statements. Also, there were no findings
or reportable conditions related to our compliance with and administration of our federal
awards.
Mott Community College
General Fund
Balance Sheet
October 31, 2007
With Comparative Figures at October 31, 2006
As of
October 31,
2007
Assets
Current Assets
Cash and cash equivalents
Short term investments
Due from other funds
Accounts receivable - net of allowance
for uncollectible accounts ($2,412,060
for 2007 and $2,870,340 for 2006)
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
Due to other funds
$
2,894,332
13,996,580
-
As of
October 31,
2006
$
1,563,014
46,045
153,216
2,366,659
12,150,379
183,798
$
Change
$
1,145,781
92,633
118,683
417,233
(46,588)
34,533
$
18,653,187
$
16,057,933
$
$
34,135
2,812,674
13,773
652,509
$
53,945
2,888,215
11,270
-
$
Total Current Liabilities
527,673
1,846,201
(183,798)
2,595,254
(19,810)
(75,541)
2,503
652,509
3,513,091
2,953,430
559,661
2,620,458
2,735,198
(114,740)
6,133,549
5,688,628
444,921
Net Assets
Unrestricted
12,519,638
10,369,305
2,150,333
Total Net Assets
12,519,638
10,369,305
2,150,333
Accrued termination pay
Total Liabilities
Total Liabilities and Net Assets
$
18,653,187
$
16,057,933
$
2,595,254
Mott Community College
General Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the 4 Months Ended October 31, 2007
With Comparative Figures at October 31, 2006
FY 2007-2008
Original Budget
YTD Actuals as YTD Actuals as
of 10/31/07
of 10/31/06
$
24,507,814
$ 11,605,482
Property taxes
24,018,727
9,782,112
State appropriations
14,571,386
Ballenger trust
Grants and other
Actual to
Actual $
Change
Actual to
Actual %
Change
Revenues:
Tuition and fees
484,746
4.18%
8,670,202
1,111,910
11.37%
2,773,925
1,394,389
1,379,536
49.73%
1,700,000
594,175
564,120
30,055
5.06%
2,616,372
608,388
713,881
(105,493)
67,414,299
25,364,082
22,463,328
2,900,754
11.44%
Salaries and wages
37,018,191
11,177,699
10,767,915
409,784
3.67%
Fringe benefits
14,553,548
4,098,329
4,056,936
41,393
1.01%
Contracted services
4,354,944
1,392,214
1,127,476
264,738
19.02%
Materials and supplies
1,899,171
473,598
447,550
26,048
5.50%
Total revenues
$
11,120,736
$
-17.34%
Expenditures:
Facilities rent
196,299
67,258
53,175
14,083
20.94%
Utilities and insurance
2,831,603
866,456
682,317
184,139
21.25%
Operations/communications
4,070,709
685,149
806,260
(121,111)
-17.68%
Transfers
2,175,197
356,749
192,267
164,482
46.11%
130,613
16,564
10,927
5,637
34.03%
67,230,275
19,134,016
18,144,823
989,193
5.17%
184,024
6,230,066
4,318,505
1,911,561
30.68%
Capital outlay
Total expenditures
Net increase/(decrease) in net
assets