Executive Summaries and Actual and Budgeted Revenues, Expenses and Changes in Net Position. For the Six Months Ended December 31, 2017 (Unaudited)

Transcription

1 Executive Summaries and Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 (Unaudited)

2 Arkansas Archeological Survey

3 ARKANSAS ARCHEOLOGICAL SURVEY For Quarter Ended December 31, 2017 Current Unrestricted Fund Statement of Budgeted and Actual Revenues and Expenditures For the Quarter Ended December 31, 2017 REVENUES STATE FUNDS State appropriations are 50.3% realized at 12/31/2017 with actual revenue of $1,243,090. OTHER INCOME Revenue in the amount of $14,812 is from sales of publications and user fees for AMASDA database. Revenue in the amount of $8,737 is from the spending distribution on the Hester A. Davis endowment. Revenue in the amount of $1,164 is from other miscellaneous sources. EXPENDITURES Total expenditures to date are 49.1% of annual budget. At 12/31/2017, expenditures are 1% less than total revenues received. George Sabo III Director

4 Page 1 of 2 Arkansas Archeological Survey Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized OPERATING REVENUE Student tuition & fees Patient services Federal and county appropriations Grants and contracts 100,000 36, % 100,000 36, % Sales/services of educational departments Insurance plan Auxiliary enterprises: Athletics Housing/food service Bookstore Other auxiliary enterprises Other operating revenues 33,591 24, % 33,591 24, % TOTAL OPERATING REVENUES 33,591 24, % ,000 36, % 133,591 61, % OPERATING EXPENSES Compensation & benefits 2,257,437 1,113, % 75,000 60, % 2,332,437 1,174, % Supplies & services 245, , % 25,000 12, % 270, , % Scholarships & fellowships Insurance plan Depreciation Contingency TOTAL OPERATING EXPENSES 2,503,426 1,230, % ,000 73, % 2,603,426 1,303, % OPERATING LOSS (2,469,835) (1,205,639) 48.8% (36,731) (2,469,835) (1,242,371) 50.3%

5 Page 2 of 2 Arkansas Archeological Survey Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized NON-OPERATING REVENUES (EXPENSES) State appropriations 2,469,835 1,243, % 2,469,835 1,243, % Property & sales tax Grants Gifts Investment income Interest on capital asset-related debt Other NET NON-OPERATING REVENUES 2,469,835 1,243, % ,469,835 1,243, % INCOME (LOSS) BEFORE OTHER REV/EXP - 37, (36,731) OTHER CHANGES IN NET POSITION Capital appropriations Capital gifts and grants Other TOTAL OTHER CHANGES TRANSFERS IN (OUT) Debt Service Other TOTAL TRANSFERS IN (OUT) INCREASE IN NET POSITION - 37, (36,731) - 719

6 Criminal Justice Institute

7 CRIMINAL JUSTICE INSTITUTE EXECUTIVE SUMMARY Statement of Budgeted and Actual Revenue and Expenditures For the Six Months Ended December 31, 2017 (Unaudited) Materiality Defined: Materiality is defined as a variance of 5% or more or a minimum of $50,000 of any item from the original budgeted amount. Revenues: Unrestricted state revenues realized through the first quarter of FY 2018 were $916,784 which is 50.2% of the annual appropriation. State Revenues are requested and received by the University of Arkansas at Fayetteville monthly based on projections of need calculated at the UAF campus. Other Revenues received through the 2nd quarter of FY 2018 included Indirect Costs Recovery from Federal and State grants of $149,881. The Criminal Justice Institute received a $125,000 grant from the Blue & You Foundation for the purchase of Naloxone and for training law enforcement personnel to administer the drug. The Criminal Justice Institute also received $84,000 from our 2018 Subscription program this quarter. These funds will not be expended this fiscal year. Budget Allocations: The Supplies and services category was increased by $125,000 to budget the funds from the Blue & You grant. Dr. Cheryl P. May Director

8 CRIMINAL JUSTICE INSTITUTE-UA SYSTEM Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized OPERATING REVENUE Student tuition & fees--out of State Student Fees 10,000 2, % 10,000 2, % Patient Services Federal and county appropriations Grants and contracts 2,439, , % 2,439, , % Sales/services of educational departments 84,000 84, % 84,000 84, % Insurance plan Auxiliary enterprises: Athletics Housing/food service Bookstore Other auxiliary enterprises Other operating revenues 237, , % 237, , % TOTAL OPERATING REVENUES 331, , % - - 2,439, , % 2,770, , % OPERATING EXPENSES Compensation & benefits 1,441, , % 896, , % 2,338,805 1,118, % Supplies & services 1,073, , % 1,603, , % 2,676, , % Indirect Costs--State and Federal Grants 237, , % 237, , % Insurance plan Depreciation Contingency TOTAL OPERATING EXPENSES 2,515,354 1,091, % - - 2,737, , % 5,252,949 2,084, % OPERATING LOSS (2,184,186) (854,309) 39.1% - - (298,575) (253,030) 84.7% (2,482,761) (1,107,339) 44.6%

9 CRIMINAL JUSTICE INSTITUTE-UA SYSTEM Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized NON-OPERATING REVENUES (EXPENSES) State appropriations 1,975,769 1,066, % 100, , % 2,075,769 1,166, % Property & sales tax Grants Gifts Investment income Interest on capital asset-related debt Other NET NON-OPERATING REVENUES 1,975,769 1,066, % , , % 2,075,769 1,166, % INCOME (LOSS) BEFORE OTHER REV/EXP (208,417) 212, % - - (198,575) (153,030) 77.1% (406,992) 59, % OTHER CHANGES IN NET POSITION Capital appropriations Capital gifts and grants Other TOTAL OTHER CHANGES TRANSFERS IN (OUT) Debt Service Transfer from the Plant Fund 302, % (302,417) 0.0% - TOTAL TRANSFERS IN (OUT) 302, % - - (302,417) - 0.0% - - INCREASE IN NET POSITION 94, , % - - (500,992) (153,030) 30.5% (406,992) 59, %

10 Criminal Justice Institute-UA System Budget Adjustments Made in the Quarter Ended December 31, 2017 Beginning End Line Item of Q Budget Adjustments of Q Budget Fund Explanation % Change Grants (2,314,020) (125,000) (2,439,020) Other Receipt of $125,000 Blue & You Grant 5% Supplies & Services 1,478, ,000 1,603,433 Other Budgeting $125,000 Grant for Nalone purchase and law enforcement training expenses 8% 2018 Subscription revenue (84,000) (84,000) E&G Receipt of $84,000 in 2018 Subscription revenue from AR Law Enforcement Grants and contracts- Operating 2,439,020 2,439,020 E&G Reclassify Grant and contracts revenue from non-operating to operating revenues. Grants and contracts- Non-Operating 2,439,020 (2,439,020) - E&G Reclassify Grant and contracts revenue from non-operating to operating revenues. -100% Indirect Costs-State and Federal Grants 237,168 (237,168) E&G Reclassify indirect costs revenue from non-operating to operating revenues. -100% Other operating revenues 237, ,168 E&G Reclassify indirect costs revenue from non-operating to operating revenues. Total adjustments (84,000)

11 Division of Agriculture

12 UNIVERSITY OF ARKANSAS DIVISION OF AGRICULTURE EXECUTIVE SUMMARY Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Quarter Ended December 31, 2017 Revenues: State Appropriations: The Educational and General (E&G) State Appropriations budget consists of state revenue funded through the Revenue Stabilization Act (RSA) and the Educational Excellence Trust Fund Act (EETF). The Other State Appropriations budget consists of Tobacco Settlement funds allocated to the Division to fund the Arkansas Biosciences Institute (ABI). Federal Appropriations: This category consists of funds from US Department of Agriculture National Institute of Food and Agriculture (USDA NIFA) provided through the federal formula and are considered part of the base support for the Division of Agriculture. These funds are drawn down on a reimbursable basis. County Appropriations: This category consists of quarterly payments made by county governments based upon their agreement to fund a portion of the Cooperative Extension Service county program cost for each county operation. Sales/Services: This category consists of revenue from educational and research activities, including the sale of foundation seed to seed producers, crop and cattle sales, royalties, investments, and programmatic activity in each county depository account. Variance Explanations: Budgeted and Actual Revenue: A budget adjustment was made to the Other operating revenue line in both the E&G category and in the Other category to account for funds received from the Arkansas Attorney General ($500,000 E&G), for insurance reimbursements on storm claims and a fund transfer from UAF for a door repair ($27,265 E&G and $181,377 Other). In addition, a budget adjustment was made to Capital gifts and grants in the Other category to account for $4 million received from the Rice Research and Promotion Board for a land purchase for the new Northeast Research and Extension Center outside of Jonesboro. These funds were not anticipated when the FY18 budget was prepared.

13 Operating revenue from Sales/services of education departments is above schedule, while Grants and contracts revenue is below. Most grant revenue is not recognized until expenses have been incurred and are reimbursed a little later in the year. A significant portion of Grants and contracts revenue is received in the fourth quarter of the year and year-end accrual entries will recognize revenue earned but not received. This line will even out in future reporting periods as Grants and contracts revenue is realized from expenditures being submitted for reimbursement. Federal Appropriations are lower due to the timing of the draw down of the funds. In Non-operating revenues the Tobacco Settlement funds are received in one lump sum during the first quarter of the year and were slightly higher than anticipated accounting for 103.1% of the Other State appropriations budget being realized. This together with the strong receipts from Investment income account for 70.5% of the budget realized of Net Non-Operating Revenues in the Other category. Garvan Gardens has expenses that will be paid in the third quarter and even out this Non-Operating Expense line in the E&G category. Budgeted and Actual Expenditures Operating Expenses in the E&G category were substantially as predicted. The 117.2% of Budget Realized on the Operating Loss line in the Other Category is due to the timing of the funds received from Grants and contracts. As indicated above there is a lag between when expenditures are made and when the related revenue is received and recognized throughout the year. This line will even out in future reporting periods as Grants and contracts revenue is realized from expenditures being submitted for reimbursement. Transfers In (Out) The Capital line in the Other category is slightly higher than anticipated due to the timing of the purchase last quarter of several replacement vehicles and transfers for the Soils Testing Lab and equipment. Mark Cochran Vice President for Agriculture

14 UNIVERSITY OF ARKANSAS SYSTEM DIVISION OF AGRICULTURE Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized OPERATING REVENUE Federal and county appropriations ,083,073 7,257, % 17,083,073 7,257, % Grants and contracts ,132,437 9,082, % 29,132,437 9,082, % Sales/services of educational departments 11,507,105 6,565, % ,507,105 6,565, % Other operating revenues 527, , % 181, , % 709, , % TOTAL OPERATING REVENUES 12,034,870 7,093, % ,396,887 16,521, % 58,431,757 23,614, % OPERATING EXPENSES Compensation & benefits 66,051,178 33,942, % 27,040,034 13,035, % 93,091,212 46,978, % Supplies & services 14,590,917 6,740, % 19,477,808 7,671, % 34,068,725 14,412, % Scholarships & fellowships 10,877 4, % 285,102 66, % 295,979 70, % Depreciation - - 5,616,709 2,808, % 5,616,709 2,808, % Contingency 174, % , % TOTAL OPERATING EXPENSES 80,827,604 40,688, % ,419,653 23,581, % 133,247,257 64,270, % OPERATING LOSS (68,792,734) (33,594,786) 48.8% - - (6,022,766) (7,060,321) 117.2% (74,815,500) (40,655,107) 54.3% NON-OPERATING REVENUES (EXPENSES) State appropriations 68,749,240 34,802, % 1,549,481 1,597, % 70,298,721 36,399, % Grants Gifts 400, , % 3,680,000 2,096, % 4,080,000 2,221, % Investment income 312, , % 180, , % 492, , % Other-Garvan Gardens (160,000) (21,681) 13.6% - - (160,000) (21,681) 13.6% NET NON-OPERATING REVENUES 69,301,240 35,030, % - - 5,409,481 3,811, % 74,710,721 38,842, % INCOME (LOSS) BEFORE OTHER REV/EXP 508,506 1,436, % - - (613,285) (3,248,842) 529.7% (104,779) (1,812,792) % OTHER CHANGES IN NET POSITION Capital appropriations Capital gifts and grants - 4,000,000 4,000, % 4,000,000 4,000, % Other-Loss on disposal of capital assets - (4,419) (4,419) 100.0% (4,419) (4,419) 100.0% TOTAL OTHER CHANGES ,995,581 3,995, % 3,995,581 3,995, % TRANSFERS IN (OUT) Debt Service Other - Capital (2,438,622) (1,454,133) 59.6% 2,438,622 1,454, % - - Other - Indirect cost recovery 1,700, , % (1,700,000) (859,967) 50.6% - - TOTAL TRANSFERS IN (OUT) (738,622) (594,166) 80.4% , , % - - INCREASE IN NET POSITION (230,116) 841, % - - 4,120,918 1,340, % 3,890,802 2,182, %

15 UNIVERSITY OF ARKANSAS SYSTEM DIVISION OF AGRICULTURE Budget Adjustments Made in the Quarter Ended December 31, 2017 Beginning End Line Item of Q Budget Adjustments of Q Budget Fund Explanation % Change Other operating revenues Funds received from the Arkansas Attorney General and from storm damage insurance (527,765) E&G (527,765) claims Other operating revenues (181,377) (181,377) Other Funds received from storm damage insurance claims & UAF transfer for door repair Capital gifts and grants Funds received from the Rice Research and Promotion Board for a land purchase for the new (4,000,000) Other (4,000,000) Northeast Research and Extension Center Capital-Loss on disposal of capital assets Difference between depreciated value of a Mud-Master spray rig and trade-in value received 4,419 Other 4,419 in purchase of a new spray rig Total adjustments (4,704,723)

16 University of Arkansas, Fayetteville

17 University of Arkansas Fayetteville Campus Executive Summary For the Quarter Ended December 31, 2017 The University of Arkansas, Fayetteville financial reports for the Quarter ended December 31, 2017 are attached in the formats requested. These reports are prepared on a modified accrual basis of accounting. Educational & General Revenues are generally in line with expectations. The E&G debt service transfers reflects the fact that scheduled payments are made in the 2 nd and 4 th Quarters. Auxiliaries Revenues are generally in line with expectations. The Auxiliary debt service transfers reflects the fact that scheduled payments for Athletics are made in the 1 st and 3 rd Quarters. The variance reflected in Other Transfers is due to the fact that scheduled plant fund transfers for projects in Athletics, Housing, and Health Center will occur during the 3 rd and 4 th Quarters. Other Revenues and expenditures are generally in line with expectations. Other State appropriations includes a grant from NCRC in the amount of $510,000 for the restoration of the Historic Sandstone Wall on Arkansas Avenue. Capital gifts and grants includes a $10,000,000 gift from the Wingate Foundation for the School of Art. The amount budgeted for Other Investment Income is calculated based on the prior FYE balance of investments in the Total Return Pool, and the benchmark return, as provided by the manager of the pooled funds (Cambridge & Associates). Based on this calculation, the budgeted income for FY18 is $4.525 Million. The markets performed better than expected during the fiscal year, and therefore the returns have exceeded the benchmark. Joseph E. Steinmetz Chancellor

18 Page 1 of 2 UNIVERSITY OF ARKANSAS AT FAYETTEVILLE Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized OPERATING REVENUE Student tuition & fees 289,755, ,882, % 11,982,795 5,278, % 301,738, ,160, % (41,929,035) (22,851,324) 54.5% (41,929,035) (22,851,324) 54.5% (28,299,486) (15,423,220) 54.5% (28,299,486) (15,423,220) 54.5% Patient services Federal and county appropriations Grants and contracts 63,894,571 36,358, % 63,894,571 36,358, % Sales/services of educational departments 6,262,667 4,145, % 6,262,667 4,145, % Insurance plan Auxiliary enterprises: Athletics 104,782,690 73,280, % 104,782,690 73,280, % Housing/food service 67,238,747 35,867, % 67,238,747 35,867, % (6,980,794) (3,720,763) 53.3% (6,980,794) (3,720,763) 53.3% (4,711,601) (2,511,283) 53.3% (4,711,601) (2,511,283) 53.3% Bookstore 11,238,827 4,676, % 11,238,827 4,676, % (82,260) (34,220) 41.6% (82,260) (34,220) 41.6% (55,521) (23,097) 41.6% (55,521) (23,097) 41.6% Other auxiliary enterprises 12,099,259 8,225, % 12,099,259 8,225, % Other operating revenues 20,844,066 9,221, % 500, , % 21,344,066 9,428, % TOTAL OPERATING REVENUES 246,634, ,974, % 195,512, ,038, % 64,394,571 36,566, % 506,540, ,579, % OPERATING EXPENSES Compensation & benefits 307,484, ,591, % 54,255,174 25,422, % 64,849,295 29,389, % 426,589, ,402, % Supplies & services 61,273,234 36,255, % 89,923,195 48,527, % 46,078,526 30,901, % 197,274, ,684, % Scholarships & fellowships 6,953,822 3,774, % 7,726,574 4,770, % 5,481,981 4,196, % 20,162,377 12,741, % Insurance plan Depreciation 68,126,985 34,063, % 68,126,985 34,063, % Contingency 13,828,201 13,828,201 TOTAL OPERATING EXPENSES 389,540, ,621, % 151,904,943 78,720, % 184,536,787 98,550, % 725,981, ,892, % OPERATING LOSS (142,905,978) (58,646,885) 41.0% 43,607,199 42,318, % (120,142,216) (61,984,333) 51.6% (219,440,995) (78,312,745) 35.7%

19 Page 2 of 2 UNIVERSITY OF ARKANSAS AT FAYETTEVILLE Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized NON-OPERATING REVENUES (EXPENSES) State appropriations 128,007,419 64,321, % 1,600,000 2,107, % 129,607,419 66,429, % Property & sales tax Grants 51,181,000 25,709, % 51,181,000 25,709, % Gifts 64,792,534 21,219, % 64,792,534 21,219, % Investment income 1,500,000 1,132, % 4,525,000 4,477, % 6,025,000 5,609, % Interest on capital asset-related debt (27,658,130) (10,820,199) 39.1% (27,658,130) (10,820,199) 39.1% Other 800, , % 6, , , % NET NON-OPERATING REVENUES 130,307,419 65,831, % ,440,404 42,699, % 224,747, ,531, % INCOME (LOSS) BEFORE OTHER REV/EXP (12,598,559) 7,184, % 43,607,199 42,318, % (25,701,812) (19,284,396) 75.0% 5,306,828 30,218, % OTHER CHANGES IN NET POSITION Capital appropriations Capital gifts and grants 14,746,864 15,675, % 14,746,864 15,675, % Other TOTAL OTHER CHANGES ,746,864 15,675, % 14,746,864 15,675, % TRANSFERS IN (OUT) Debt Service (29,954,747) (19,834,958) 66.2% (31,613,556) (24,454,445) 77.4% 61,568,303 44,289, % - - Other 42,553,306 21,463, % (11,993,643) (668,846) 5.6% (30,559,663) (20,794,891) 68.0% - - TOTAL TRANSFERS IN (OUT) 12,598,559 1,628, % (43,607,199) (25,123,291) 57.6% 31,008,640 23,494, % - - INCREASE IN NET POSITION - 8,813,340-17,195,182 20,053,692 19,885, % 20,053,692 45,894, %

20 University of Arkansas at Fort Smith

21 UNIVERSITY OF ARKANSAS FORT SMITH For Quarter Ended December 31, 2017 EXECUTIVE SUMMARY The University of Arkansas - Fort Smith s Educational & General unrestricted current fund revenues exceeded expenditures by $1,368,597 through the second quarter of FY18. Auxiliary unrestricted current fund revenues exceeded expenditures by $159,480 through the second quarter of FY18, and other operating fund revenues exceeded expenditures by $715,769 through the second quarter of FY18. For the total of all funds, revenues exceeded expenditures by a total of $2,243,846. Education and General Grants and contracts shortage due to grant reimbursements not yet received for second quarter. Sales/services of educational departments lag behind and expected in fourth quarter. Other operating revenues are high due to late payment fees. Compensation & benefits is low from unfilled job vacancies. Scholarships & fellowships lag less than expected due to reduction of scholarships awarded. Property and sales tax are low because receipts of sales tax revenue lag behind. Investment income changes due to market fluctuations. Debt service is due to payments being scheduled for various months throughout the fiscal year and the timing of the payments. Transfers-others are not yet made for the fiscal year. Auxiliary Grants and contracts are high because the majority of these are received in the first quarter. Other auxiliary enterprises revenues represent yearly parking permits purchased. Page 1

22 Compensation & benefits is low from unfilled job vacancies. UNIVERSITY OF ARKANSAS FORT SMITH For Quarter Ended December 31, 2017 EXECUTIVE SUMMARY Scholarships & fellowships expenditures are less than expected due to reduction of scholarships awarded. Investment income changes due to market fluctuations. Debt Service due to payments scheduled for various months throughout the year and the timing of the payments. Transfers-others are not yet made for the fiscal year. Other Athletics are high because the majority of revenue is received in the first quarter. Other operating revenues are from unanticipated, sporadic income. Compensation & benefits is from unfilled job vacancies related to grants. Scholarships & fellowships expenditures are higher than expected. Investment income are due to market fluctuations. Debt service due to debt service interest payments being scheduled for various months throughout the fiscal year. Transfers-other not yet made for the fiscal year. Paul B. Beran, PhD Chancellor Page 2

23 Page 1 of 3 UNIVERSITY OF ARKANSAS AT FORT SMITH Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q2 Year-to-Date Realized as of End of Q2 Year-to-Date Realized as of End of Q2 Year-to-Date Realized as of End of Q2 Year-to-Date Realized OPERATING REVENUE Student tuition & fees 34,445,824 17,573, % 4,701,632 2,509, % 39,147,456 20,083, % (3,803,566) (1,921,679) 50.5% (633,497) (357,142) 56.4% (4,437,063) (2,278,821) 51.4% (17,327,355) (8,754,315) 50.5% (17,327,355) (8,754,315) 50.5% Patient services Federal and county appropriations Grants and contracts 409,135 96, % 85,500 82, % 7,009,704 2,751, % 7,504,339 2,929, % Sales/services of educational departments 309,798 71, % 9,700 3, % 319,498 75, % Insurance plan Auxiliary enterprises: Athletics 119,871 88, % 8,300 8, % 128,171 97, % Housing/food service 5,536,750 2,943, % 5,536,750 2,943, % (396,082) (180,434) 45.6% (396,082) (180,434) 45.6% (2,063,607) (1,038,294) 50.3% (2,063,607) (1,038,294) 50.3% Bookstore 387, , % 387, , % Other auxiliary enterprises 531, , % 531, , % (250,000) (169,114) 67.6% (250,000) (169,114) 67.6% Other operating revenues 352, , % , , % TOTAL OPERATING REVENUES 31,713,191 16,098, % 10,333,124 5,768, % (12,613,258) (7,198,521) 57.1% 29,433,057 14,668, % OPERATING EXPENSES Compensation & benefits 41,915,263 17,816, % 2,185, , % 3,160,127 1,367, % 47,261,385 20,148, % Supplies & services 13,165,307 5,673, % 5,012,211 2,464, % 2,256, , % 20,433,926 9,108, % Scholarships & fellowships 1,428, , % 369, , % 1,865,449 1,171, % 3,663,517 1,765, % Insurance plan Depreciation 7,725,000 3,860, % 7,725,000 3,860, % Contingency TOTAL OPERATING EXPENSES 56,509,334 23,940, % 7,567,510 3,572, % 15,006,984 7,370, % 79,083,828 34,882, % OPERATING LOSS (24,796,143) (7,841,399) 31.6% 2,765,614 2,196, % (27,620,242) (14,568,558) 52.7% (49,650,771) (20,213,935) 40.7%

24 Page 2 of 3 UNIVERSITY OF ARKANSAS AT FORT SMITH Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q2 Year-to-Date Realized as of End of Q2 Year-to-Date Realized as of End of Q2 Year-to-Date Realized as of End of Q2 Year-to-Date Realized NON-OPERATING REVENUES (EXPENSES) State appropriations 23,962,374 12,025, % 23,962,374 12,025, % Property & sales tax 6,219,517 1,514, % 6,219,517 1,514, % Grants 19,439,500 9,964, % 19,439,500 9,964, % Gifts Investment income 3,500 5, % 2,500 2, % 3,100 12, % 9,100 20, % Interest on capital asset-related debt (2,658,540) (1,142,439) 43.0% (2,658,540) (1,142,439) 43.0% Other 545 1, % 1,000 1, % NET NON-OPERATING REVENUES 30,185,391 13,545, % 2,500 2, % 16,785,060 8,834, % 46,972,951 22,382, % INCOME (LOSS) BEFORE OTHER REV/EXP 5,389,248 5,704, % 2,768,114 2,198, % (10,835,182) (5,733,910) 52.9% (2,677,820) 2,168, % OTHER CHANGES IN NET POSITION Capital appropriations 135,743 75, % 135,743 75, % Capital gifts and grants Other TOTAL OTHER CHANGES ,743 75, % 135,743 75, % TRANSFERS IN (OUT) Debt Service (5,310,829) (4,335,733) 81.6% (2,671,688) (2,038,840) 76.3% 7,982,517 6,374, % - - Other (487,531) 0.0% (96,426) 0.0% 583, % - TOTAL TRANSFERS IN (OUT) (5,798,360) (4,335,733) 74.8% (2,768,114) (2,038,840) 73.7% 8,566,474 6,374, % - - INCREASE IN NET POSITION (409,112) 1,368, % - 159,480 (2,132,965) 715, % (2,542,077) 2,243, %

25 UNIVERSITY OF ARKANSAS AT FORT SMITH Budget Adjustments Made in the Quarter Ended December 31, 2017 Beginning End Line Item of Q2 Budget Adjustments of Q2 Budget Fund Explanation % Change Student tuition & fees (34,412,224) (33,600) (34,445,824) E&G assessment fees collected and then paid on behalf of students 0.10% Operating Revenue/Grants and contracts (408,805) (330) (409,135) E&G private gifts 0.08% Sales/services of educational departments (294,010) (15,788) (309,798) E&G labor reimbursements-eversity 5.37% Other operating revenues (350,200) (1,800) (352,000) E&G income from Amer Democracy Project & Grad Adm fees 0.51% Compensation & benefits 41,896,829 18,434 41,915,263 E&G labor reimbursements-eversity 0.04% Supplies & services 13,178,744 (13,437) 13,165,307 E&G decrease for capital purchases -0.10% Scholarships & fellowships 1,425,564 3,200 1,428,764 E&G grant required scholarship match/move from Supplies & services 0.22% Transfers/Other 474,014 13, ,531 E&G transfers for plant expenditures 2.85% Athletics (97,400) (22,471) (119,871) Auxiliary new ad sales and game guarantees 23.07% Supplies & services 4,989,790 22,421 5,012,211 Auxiliary new ad sales and game guarantees 0.45% Scholarships & fellowships 369, ,304 Auxiliary transferred from Supplies & services 0.01% Grants and contracts (6,958,025) (51,679) (7,009,704) Other new grants and increaed funding of current grants 0.74% Sales/services of educational departments (18,000) 8,300 (9,700) Other moved budget to auxiliary enterprise-athletics % Athletics - (8,300) (8,300) Other moved budget from sales/services of ed departs Compensation & benefits 3,205,742 (45,615) 3,160,127 Other grant award moved to supplies and services -1.42% Supplies & services 2,209,394 47,014 2,256,408 Other grant award moved from comp & benefits & new grant awarded 2.13% Scholarships & fellowships 1,867,848 (2,399) 1,865,449 Other grant awarad reduced -0.13% Other (570,440) (13,517) (583,957) Other transfers for plant expenditures 2.37% Total adjustments (96,000)

26 University of Arkansas at Little Rock

27 University of Arkansas at Little Rock Executive Summary For the Quarter Ended December 31, 2017 The University of Arkansas at Little Rock financial reports for the quarter ended December 31, 2017 are attached in the format requested. These reports are prepared on a modified accrual basis of accounting. As of the end of this period, Educational & General, Auxiliary and Other revenues were greater than expenditures by $3,218,823, $3,274,335, and $101,118, respectively. The total of all funds reflects revenues exceeding expenditures by $6,594,276. Educational & General The accompanying reports reflect no material differences between budget and actual for revenue classifications. However, expenditures for supplies and services are below projection by 11.7% or $2,585,762 as of the end of the quarter primarily due to timing issues. Additionally, debt service transfers reflect that payments are made primarily in the first and third quarters. Other transfers indicate funds were moved as anticipated for the year in the first and second quarters. Auxiliary The accompanying reports reflect no material differences between budget and actual for revenue or expenditure classifications. However, debt service transfers reflect that payments are made primarily in the first and third quarters. Other transfers indicate funds were moved as anticipated for the year in the first and second quarters. Other The accompanying reports reflect no material differences between budget and actual for operating revenue classifications. However, supplies and services are below projection by 18.3% or $4,752,501 due to the timing of grant operations and various campus projects. Non-operating revenues, gifts and investment income, show variances of -22% and 73.8%, respectively. The variance in gifts is attributable to the timing of when funds are received for the year from donors and the UA-Little Rock Foundation. The positive variance in investment income is reflective of market earning and funds being conservatively budgeted for the year. Accounts will be reviewed and budget adjustments made as needed.

28 Debt service transfers reflect that payments are made primarily in the first and third quarters. Other transfers indicate funds were moved as anticipated for the year in the first and second quarters. BUDGET ADJUSTMENTS Budget adjustments and reclassifications totaling a net $1,234,263 or an estimated 1% of the total budgeted operating expenses were made during the quarter and are explained in detail on the enclosed report. Respectfully submitted, Andrew Rogerson Chancellor

29 UNIVERSITY OF ARKANSAS AT LITTLE ROCK Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized OPERATING REVENUE Student tuition & fees 76,816,725 41,096, % 76,816,725 41,096, % (9,903,649) (4,951,825) 50.0% (9,903,649) (4,951,825) 50.0% (13,383,571) (6,691,786) 50.0% (13,383,571) (6,691,786) 50.0% Patient services Federal and county appropriations Grants and contracts 35,750,012 14,146, % 35,750,012 14,146, % Sales/services of educational departments 818, , % 473, , % 1,291, , % Insurance plan Auxiliary enterprises: Athletics 6,286,288 3,636, % 6,286,288 3,636, % (527,485) (263,743) 50.0% (163,691) (81,846) 50.0% (691,176) (345,589) 50.0% (936,059) (468,030) 50.0% (936,059) (468,030) 50.0% Housing/food service 9,954,534 5,099, % 9,954,534 5,099, % (1,387,073) (693,537) 50.0% (430,442) (215,221) 50.0% (1,817,515) (908,758) 50.0% (2,461,463) (1,230,732) 50.0% (2,461,463) (1,230,732) 50.0% Bookstore 430, , % 430, , % (56,969) (28,485) 50.0% (17,679) (8,840) 50.0% (74,648) (37,325) 50.0% (101,096) (50,548) 50.0% (101,096) (50,548) 50.0% Other auxiliary enterprises 1,849,539 1,003, % 1,849,539 1,003, % Other operating revenues 2,271,051 1,525, % 2,050,000 1,411, % 4,321,051 2,936, % TOTAL OPERATING REVENUES 68,030,627 37,052, % 17,908,549 9,608, % 21,391,574 7,636, % 107,330,750 54,298, % OPERATING EXPENSES Compensation & benefits 95,239,488 45,709, % 6,318,057 2,992, % 16,408,810 8,989, % 117,966,355 57,690, % Supplies & services 22,143,825 8,486, % 9,772,402 4,015, % 25,911,676 8,203, % 57,827,903 20,705, % Scholarships & fellowships 4,911,943 2,776, % 2,110,607 1,087, % 9,648,683 4,063, % 16,671,233 7,927, % Insurance plan Depreciation 15,960,411 7,980, % 15,960,411 7,980, % Contingency 1,074, ,993-1,343,180 TOTAL OPERATING EXPENSES 123,369,443 56,972, % 18,470,059 8,095, % 67,929,580 29,236, % 209,769,082 94,303, % OPERATING LOSS (55,338,816) (19,919,446) 36.0% (561,510) 1,513, % (46,538,006) (21,599,388) 46.4% (102,438,332) (40,005,441) 39.1%

30 UNIVERSITY OF ARKANSAS AT LITTLE ROCK Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized NON-OPERATING REVENUES (EXPENSES) State appropriations 67,041,825 33,695, % 569,948 67,041,825 34,265, % Property & sales tax Grants 24,232,028 11,486, % 24,232,028 11,486, % Gifts 573, , % 2,881, , % 3,454,471 1,382, % Investment income 215, , % 651, , % 866, , % Interest on capital asset-related debt (4,556,706) (1,355,878) 29.8% (4,556,706) (1,355,878) 29.8% Other (104,176) (104,176) NET NON-OPERATING REVENUES 67,830,522 34,391, % ,207,410 12,207, % 91,037,932 46,599, % INCOME (LOSS) BEFORE OTHER REV/EXP 12,491,706 14,472, % (561,510) 1,513, % (23,330,596) (9,391,531) 40.3% (11,400,400) 6,594, % OTHER CHANGES IN NET POSITION Capital appropriations Capital gifts and grants Other TOTAL OTHER CHANGES TRANSFERS IN (OUT) Debt Service (5,707,120) (4,465,034) 78.2% (3,913,250) (2,501,857) 63.9% 9,620,370 6,966, % - - Other (6,784,586) (6,788,557) 100.1% 4,474,760 4,262, % 2,309,826 2,525, % - - TOTAL TRANSFERS IN (OUT) (12,491,706) (11,253,591) 90.1% 561,510 1,760, % 11,930,196 9,492, % - - INCREASE IN NET POSITION - 3,218,823-3,274,335 (11,400,400) 101, % (11,400,400) 6,594, %

31 UNIVERSITY OF ARKANSAS AT LITTLE ROCK Budget Adjustments Made in the Quarter Ended December 31, 2017 Beginning End Line Item of Q Budget Adjustments of Q Budget Fund Explanation % Change Student tuition & fees (76,719,761) (96,964) (76,816,725) E&G Increase for Weekend MBA program and Distance Education Tech fees 0% Sales/services of educational departments (795,241) (22,786) (818,027) E&G Increase for funds received from UA eversity 3% Other operating revenues (2,228,197) (42,854) (2,271,051) E&G Increase for various reimbursements and miscellaneous revenue 2% Compensation & benefits 94,678, ,226 95,239,488 E&G Primarily for adjustments for lecturers, interim appointments, graduate assistants, special stipends, and non-credit course support 1% Supplies & services 22,735,694 (591,869) 22,143,825 E&G Primarily adjusted to cover additional compensation and benefits incurred -3% Scholarships & fellowships 4,795, ,315 4,911,943 E&G Additional awards for graduate assistants and various other scholarships 2% Contingency 1,103,088 (28,901) 1,074,187 E&G Minor adjustment to cover compensation -3% Gifts (170,455) (402,928) (573,383) E&G Primarily for funds received from the foundation for various activities 236% Investment income (210,500) (4,814) (215,314) E&G Adjustment for additional earnings 2% Transfers (other) 6,271, ,575 6,784,586 E&G To redistribute and correct funds 8% Compensation & benefits 6,299,064 18,993 6,318,057 Aux Minor adjustments for various salaries 0% Supplies & services 8,803, ,366 9,772,402 Aux Additional funds not previously budgeted, but rolled from the prior year 11% Transfers (other) (3,486,401) (988,359) (4,474,760) Aux To redistribute and correct funds 28% Compensation & benefits 15,649, ,479 16,408,810 Other Increase for new grant funded positions in the new fiscal year 5% Transfers (other) (2,784,610) 474,784 (2,309,826) Other To redistribute and correct funds -17% Total adjustments 1,234,263

32 University of Arkansas for Medical Sciences

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39 University of Arkansas at Monticello

40 UNIVERSITY OF ARKANSAS AT MONTICELLO EXECUTIVE SUMMARY Enclosed are the quarterly reports for the University of Arkansas at Monticello for the quarter ended December 31, Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Quarter Ended December 31, 2017 Unrestricted Educational and General (E&G) Revenues exceeded Unrestricted E&G Expenses by $2,031,582 as of December 31, This is shown in the Actual Year-to-Date column for E&G as Increase in Net Position. Unrestricted Auxiliary Expenses exceeded Unrestricted Auxiliary Revenues by $670,225 for the second quarter shown as Actual Year-to-Date for Auxiliary. The Other category shown on the report includes the Restricted E&G Fund, Restricted Auxiliary, Plant Funds, Endowment Funds and Loan Funds. As shown in the Actual Year-to-Date column, these expenses exceeded the revenues by $1,151,657 for the quarter ending December 31, There are no material variances to explain in this second quarter report. Budget Adjustments Made in the Quarter Ended December 31, 2017 Several budget adjustments were made during the second quarter and these adjustments are explained in detail on the enclosed report. Karla Hughes Chancellor

41 UNIVERSITY OF ARKANSAS AT MONTICELLO Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized OPERATING REVENUE Student tuition & fees 18,559,011 10,891, % 18,559,011 10,891, % (2,108,025) (1,358,363) 64.4% (627,894) (343,125) 54.6% (2,735,919) (1,701,488) 62.2% (5,059,006) (2,697,878) 53.3% (5,059,006) (2,697,878) 53.3% Patient services Federal and county appropriations Grants and contracts 4,950,227 1,573, % 4,950,227 1,573, % Sales/services of educational departments 154, , % 154, , % Insurance plan Auxiliary enterprises: Athletics 1,202, , % 1,202, , % (77,341) (49,837) 64.4% (23,037) (12,589) 54.6% (100,378) (62,426) 62.2% (185,609) (98,982) 53.3% (185,609) (98,982) 53.3% Housing/food service 3,872,423 2,186, % 3,872,423 2,186, % (486,940) (313,773) 64.4% (145,039) (79,260) 54.6% (631,979) (393,033) 62.2% (1,168,597) (623,192) 53.3% (1,168,597) (623,192) 53.3% Bookstore 703, , % 703, , % (31,830) (20,510) 64.4% (9,481) (5,181) 54.6% (41,311) (25,691) 62.2% (76,388) (40,736) 53.3% (76,388) (40,736) 53.3% Other auxiliary enterprises 1,060, , % 1,060, , % (87,951) (56,673) 64.4% (26,197) (14,316) 54.6% (114,148) (70,989) 62.2% (211,071) (112,560) 53.3% (211,071) (112,560) 53.3% Other operating revenues 431, , % , , % TOTAL OPERATING REVENUES 16,352,743 9,407, % 6,006,647 3,258, % (1,750,444) (2,000,189) 114.3% 20,608,946 10,665, % OPERATING EXPENSES Compensation & benefits 24,175,837 11,667, % 1,736, , % 1,587, , % 27,500,043 13,515, % Supplies & services 6,614,567 3,186, % 3,363,629 1,840, % 2,455, , % 12,433,800 5,378, % Scholarships & fellowships 1,709,099 1,101, % 509, , % 4,101,619 2,187, % 6,319,788 3,566, % Insurance plan Depreciation 3,664,070 1,803, % 3,664,070 1,803, % Contingency 725, ,667 TOTAL OPERATING EXPENSES 33,225,170 15,954, % 5,609,429 2,974, % 11,808,769 5,334, % 50,643,368 24,264, % OPERATING LOSS (16,872,427) (6,547,849) 38.8% 397, , % (13,559,213) (7,335,035) 54.1% (30,034,422) (13,599,082) 45.3%

42 UNIVERSITY OF ARKANSAS AT MONTICELLO Actual and Budgeted Revenues, Expenses and Changes in Net Position For the Six Months Ended December 31, 2017 Educational & General Auxiliary Other Total Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget Annual Budget ACTUAL % of Budget as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized as of End of Q Year-to-Date Realized NON-OPERATING REVENUES (EXPENSES) State appropriations 18,464,754 9,266, % 18,464,754 9,266, % Property & sales tax Grants 9,895,143 4,891, % 9,895,143 4,891, % Gifts 25, % 25,000 Investment income 269,243 14, % 3 205, , % 474, , % Interest on capital asset-related debt (1,213,665) (514,638) 42.4% (1,213,665) (514,638) 42.4% Other NET NON-OPERATING REVENUES 18,733,997 9,280, % - 3 8,911,478 4,527, % 27,645,475 13,808, % INCOME (LOSS) BEFORE OTHER REV/EXP 1,861,570 2,733, % 397, , % (4,647,735) (2,807,227) 60.4% (2,388,947) 209, % OTHER CHANGES IN NET POSITION Capital appropriations Capital gifts and grants 150, % 150,000 Other TOTAL OTHER CHANGES , % 150, % TRANSFERS IN (OUT) Debt Service (1,060,372) (701,540) 66.2% (1,198,416) (954,030) 79.6% 2,258,788 1,655, % - - Other (801,198) 0.0% 801, % - TOTAL TRANSFERS IN (OUT) (1,861,570) (701,540) 37.7% (397,218) (954,030) 240.2% 2,258,788 1,655, % - - INCREASE IN NET POSITION - 2,031,582 - (670,225) (2,238,947) (1,151,657) 51.4% (2,238,947) 209, %

43 UNIVERSITY OF ARKANSAS AT MONTICELLO Budget Adjustments Made in the Quarter Ended December 31, 2017 Beginning End Line Item of Q Budget Adjustments of Q Budget Fund Explanation % Change Contingency 932,481 (206,814) 725,667 E&G Contingency funds of $206,814 were transferred to line items as indicated below. -22% Compensation and Benefits 24,126,148 49,689 24,175,837 E&G Supplies and Services 6,457, ,125 6,614,567 E&G E&G Salary budgets were increased to cover Career Service Payments for $13,200 and to budget additional Non-Student Extra Help in the amount of $22,123. The amount of $14,366 was also budgeted for Salary Stipends. Transfers were made from Contingency. E&G Maintenance and Operation budgets were increased to budget the following: Building Maintenance Operations $90,000; Two Kawasaki Mules for Grounds Maintenance $22,000; Networking Equipment $16,122; Electromechanical Equipment for the Crossett Campus $15,000; AASCU Professional Fees $8,920; and miscellaneous one-time maintenance and operation needs $5,083. These budget increases totaling $157,125 were made from Contingency. 0% 2% Grants and contracts (4,853,802) (96,425) (4,950,227) Restricted Revenue was budgeted for new federal, state, and private grants awarded in FY 18. 2% Compensation and Benefits 1,568,884 18,592 1,587,476 Restricted Salaries, wages, and fringe benefits were budgeted for new grants awarded in FY 18. 1% Suppplies and Services 2,377,771 77,833 2,455,604 Restricted Supplies and expenses were budgeted for new grants awarded in FY 18. 3% Total adjustments -

44 University of Arkansas at Pine Bluff

45 UNIVERSITY OF ARKANSAS AT PINE BLUFF EXECUTIVE SUMMARY Current Unrestricted & Other Funds Budgeted and Actual Revenues, Expenditures and Changes in Net Position For the Six Months Ended December 31, 2017 Total actual E & G and auxiliary revenues of $28,432,727 (net) were $2,188,617 more than total actual E & G and auxiliary expenditures, debt service and non-mandatory transfers of $26,244,110. The following non-mandatory transfers of $661,223 were made from the E&G fund: (1) $569,117 to athletics and (2) $92,106 to the student union, both of which represent 50% of the amount expected to be transferred to these auxiliary units by year-end. Budget Adjustments: During the second quarter, the University made $3,870,206 in budget reductions to its operating budget. The University did not meet its projections during the fall semester and elected to reduce the budget. The following budget lines were affected: E&G student tuition and fee revenues decreased by $3,870,206, E&G compensation & benefit expenses decreased by $2,164,572, E&G supplies and services expenses decreased by $2,272,265 and the E&G contingency budget line increased by $574,561. The University also increased E&G other operating revenues by $7,930 for the collection of nursing fees collected from the student for nursing supplies. The athletic department moved funds from their private gifts account in the amount of $142,000 to cover Auxiliary operating expenses in supplies and services. The housing department moved $2,700 from supplies and service to compensation & benefits to cover additional extra help workers. Variances: E&G revenues from sales/services of educational departments are below expected revenue projection (33% of realized budget) because of the decrease in activity from various educational departments.

46 E&G other operating revenues are above the revenue projection (268% of the realized budget) due to the University receiving a refund on overpayment of taxes. Athletic revenues are below expected revenue projection (33% of realized budget) due to the department not generating expected revenues. The athletic department s revenues were below projections in the following areas: game guarantees, conference distributions, ticket sales, sponsorships and private donations. Grant revenues for operating grants are behind expected amount because the University had not received funds from various operating grants. These grants operate on a reimbursement. University will receive the funds within the next quarter. Sales/services of educational departments in the other funds exceed revenue projection (89% of realized budget) due to increases in daycare revenue. State appropriations in the other funds are below the revenue projection (0% of realized budget) since the University has not received any additional funding from the State. Investment income in the other funds exceed revenue projection (132% of realized budget) due to University s investments performing well during the fiscal year. Dr. Laurence B. Alexander Chancellor