WESTFIELD STATE COLLEGE

Transcription

1 WESTFIELD STATE COLLEGE ANNUAL REPORT June 30, 2001

2 BOARD OF TRUSTEES (As of June 30, 2001) Deanna L. Clark (Secretary) John B. Davies, B.S. Representative Mass Mutual Life Insurance Company Lucille Gibbs, M.Ed. Gina Golash, M.B.A. Executive Director FOR Community Services, Inc./Sunshine Village James C. Hagan, M.B.A. Vice President/Commercial Loan Westfield Savings Bank Barbara W. James, B.A. Program Director Hawthorn Services, Inc. Cornelius D. Mahoney, M.B.A. (Chair) President and Chief Executive Officer Woronoco Savings Bank Joanne M. Moore, C.A.G.S. Principal Blueberry Hill School, Longmeadow Gregory A. Schmidt, J.D. (Vice Chair) Attorney Doherty, Wallace, Pillsbury & Murphy PC WESTFIELD STATE COLLEGE ANNUAL REPORT as of June 30, 2001 (Audited) Fiscal Year 2001 (July 1, June 30, 2001) Shalimar Colon Student Representative SENIOR ADMINISTRATION Frederick W. Woodward, Ed.D. President William H. Lopes, Ph.D. Senior Vice President, Academic Affairs Arthur R. Jackson, Ed.D. Vice President, Student Affairs FINANCIAL ADMINISTRATION Nick A. Wojtowicz, B.S. Chief Financial Officer Lisa M. Freeman, B.S.B.A. Financial Accounting Manager 1

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5 BALANCE SHEET June 30, 2001 Assets Liabilities and Fund Balance Current funds: Current funds: Unrestricted: Unrestricted: Cash and short-term investments $ 6,108,788 Accounts payable and accrued expenses $ 1,215,569 Accounts receivable, net of allowance Accrued salaries, wages and withholdings 2,081,569 for doubtful accounts of $428, ,065 Compensated absences 2,799,940 Other receivables 34,552 Deferred tuition and other revenue 1,158,348 Cash held by The State Treasurer 681,238 Deposits held 294,904 Deposits held by The State Treasurer 248,608 Other liabilities 12,388 Prepaid expense and deferred charges 12,738 Total liabilities 7,562,718 Inventories 293,896 Due from Foundation 481,226 Fund balance 423,393 Total unrestricted 7,986,111 Total unrestricted 7,986,111 Restricted: Restricted: Cash and short-term investments 292,564 Accounts payable and accrued expenses 40,981 Cash held by The State Treasurer 105,941 Accrued salaries, wages and withholdings 68,041 Deposits held by The State Treasurer 2,183 Other receivables 21,084 Total liabilities 109,022 Fund balance 312,750 Total restricted 421,772 Total restricted 421,772 Total current funds 8,407,883 Total current funds 8,407,883 Loan funds: Loan funds: Cash and short-term investments 158,239 Accounts payable 35 Loan receivable, net of allowance for Fund balances: doubtful accounts of $313, ,573 Federal grants 1,046,079 College funds 13,698 Total loan funds 1,059,812 Total loan funds 1,059,812 Endowment funds: Endowment funds: Fund balances: Cash and short-term investments 2,471 Permanent endowment 2,471 Total endowment funds $ 2,471 Total endowment funds $ 2,471 Continued 4

6 BALANCE SHEET, Continued June 30, 2001 Assets Liabilities and Fund Balance Plant funds: Plant funds: Unexpended: Unexpended: Cash and short-term investments $ 132,849 Accounts payable and accrued expenses $ 568,542 Cash held by The State Treasurer 413,755 Total liabilities 568,542 Deposit 474,329 Fund balance 452,391 Total unexpended 1,020,933 Total unexpended 1,020,933 Renewal and replacement: Renewal and replacement: Cash and short-term investments 725,220 Fund balance 725,220 Total renewal and replacement 725,220 Total renewal and replacement 725,220 Investment in plant: Investment in plant: Land 1,223,862 Accounts payable 28,170 Buildings and building improvements 30,843,983 Capital lease obligations 1,523,239 Equipment and furnishings 8,517,192 Notes payable 1,103,820 Library books 627,999 Total liabilities 2,655,229 Vehicles 625,997 Construction in progress 272,036 Fund balance 39,455,840 Total investment in plant 42,111,069 Total investment in plant 42,111,069 Total plant funds 43,857,222 Total plant funds 43,857,222 Agency Funds: Agency funds: Cash and short-term investments 12,360 Assets held in custody for others 51,352 Accounts receivable 38,992 Total agency funds $ 51,352 Total agency funds $ 51,352 The accompanying notes are an integral part of the financial statements. 5

7 Statement of Current Funds Revenues, Expenditures, and Other Changes for the Year Ended June 30, 2001 Unrestricted Restricted Total Revenues: Tuition and fees $ 13,612,920 $ 13,612,920 State appropriations 22,304,662 $ 567,405 22,872,067 Federal grants and contracts 2,228,997 2,228,997 State grants and contracts 1,669,996 1,669,996 Private gifts 58,311 35,408 93,719 Private grants and contracts 14, , ,641 Public service 279, ,233 Other sources 1,186,499 1,186,499 Total educational and general 37,455,958 4,991,114 42,447,072 Auxiliary operations 6,613,407 6,613,407 Total revenue 44,069,365 4,991,114 49,060,479 Expenditures: Educational and general: Instruction 16,731, ,030 16,987,303 Public service 321,164 29, ,314 Academic support 3,465, ,030 3,932,116 Student services 5,252, ,855 5,643,879 Institutional support 4,856,805 56,571 4,913,376 Operational and maintenance of plant 5,232,194 1,005 5,233,199 Scholarships and fellowships 3,773,213 3,773,213 Total educational and general expenditures 35,858,546 4,974,854 40,833,400 Auxiliary expenditures 5,623,220 42,110 5,665,330 Total expenditures 41,481,766 5,016,964 46,498,730 Excess (deficiency) of revenues over expenditures: 2,587,599 (25,850) 2,561,749 Mandatory and non-mandatory transfers: Transfers to other funds (2,010,433) (12,762) (2,023,195) Net increase (decrease) in fund balances $ 577,166 $ (38,612) $ 538,554 The accompanying notes are an integral part of the financial statements. 6

8 Statement of Changes in Fund Balances for the Year Ended June 30, 2001 Current Funds Plant Funds Total Unrestricted Restricted Loan Funds Endowment Funds Unexpended Renewal and Replacement Investment in Plant Revenues and other additions: Unrestricted current fund revenues $ 44,069,365 $ 44,069,365 State appropriations $ 567,405 $ 585,803 1,153,208 Federal grants and contracts 2,228,997 $ 17,489 2,246,486 State grants and contracts 1,669,996 1,669,996 Private gifts 35,408 35,408 Private grants and contracts 489,308 $ 235, ,769 Interest on loans receivable 7,165 7,165 Expended for plant facilities and plant additions $ 1,047,126 1,047,126 Total revenues and other additions 44,069,365 4,991,114 24, , ,461 1,047,126 50,953,523 Expenditures and other deductions: Educational and general expenditures 35,858,546 4,974,854 40,833,400 Auxiliary enterprises expenditures 5,623,220 42,110 5,665,330 Loan cancellations and write-offs 37,400 37,400 Expended for plant facilities (including non-capitalized expenditures of $177,975) 1,200,644 24,457 1,225,101 Amortization of library materials 1,223,213 1,223,213 Disposal of plant facilities 617, ,320 Total expenditures and other deductions 41,481,766 5,016,964 37,400-1,200,644 24,457 1,840,533 49,601,764 Mandatory transfers: Interfund transfers (93,053) 93,053 - Non-mandatory transfers: Plant (1,917,380) (105,815) 522,155 40,815 1,460,225 - Total transfers (2,010,433) (12,762) ,155 40,815 1,460,225 - Net increase (decrease) for the year 577,166 (38,612) (12,746) - (92,686) 251, ,818 1,351,759 Fund (deficit) balance at beginning of year (153,773) 351,362 1,072,523 $ 2, , ,401 38,789,022 41,080,083 Fund balance at end of year $ 423,393 $ 312,750 $ 1,059,777 $ 2,471 $ 452,391 $ 725,220 $ 39,455,840 $ 42,431,842 The accompanying notes are an integral part of the financial statements. 7

9 1. Summary of Significant Accounting Policies: Basis of Presentation WESTFIELD STATE COLLEGE NOTES TO FINANCIAL STATEMENTS The financial statements of Westfield State College (the "College") have been presented utilizing the AICPA Industry Audit Guide, Audits of Colleges and Universities, and are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles promulgated by the Governmental Accounting Standards Board. The Statement of Current Funds Revenues, Expenditures and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period, as would a statement of income or a statement of revenues and expenses. The financial statements present the financial condition, changes in fund balances, revenues, expenditures and other changes of the College, an agency of The Commonwealth of Massachusetts (the "Commonwealth"). As described further in Note 5, the accounts of Westfield State College Foundation, Inc. (the "Foundation"), a related tax-exempt organization founded to foster and promote the growth, progress and general welfare of the College, are excluded from the accompanying financial statements. As described further in Note 6, the accompanying financial statements do not include the College's proportionate share of the assets and liabilities of Massachusetts State College Building Authority (the "Building Authority"), an agency of the Commonwealth, but do reflect the Building Authority Trust Fund activity of the College. Adoption of New Accounting Principle During 2001, the College adopted Governmental Accounting Standards Board (GASB) Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions. GASB Statement No. 33 requires that unspent cash advances received for restricted purposes be recorded as deferred revenue rather than as a component of restricted current fund balance, and that unconditional promises to give be recorded as receivables and revenues when all applicable eligibility requirements have been met and collection is deemed probable. The provisions of GASB Statement No. 33 have been applied to the year presented. There was no impact to the College s financial statements from the adoption of this new accounting principle. Future Changes in Accounting Principles In 1999, the GASB issued GASB Statement No. 35, Basic Financial Statements and Management s Discussion and Analysis for Public Colleges and Universities- an amendment of GASB Statement 34. As originally issued, GASB Statement No. 34, Basic Financial Statements and Management s Discussion and Analysis for State and Local Governments was not applicable to public institutions. Rather than issuing separate standards the GASB decided to provide financial reporting guidance for public institutions by amending GASB 34 to extend its applicability to them. The College will implement GASB 35 at the same time as the Commonwealth implements GASB 34. As a component unit of the Commonwealth, the College will implement GASB 35 for year ending June 30,

10 NOTES TO FINANCIAL STATEMENTS, Continued Future Changes in Accounting Principles, continued Under the provisions of GASB 34, the College is permitted to report its financial activities as a special purpose government engaged only in Business Type Activities (BTA). BTA reporting will require the College to present only the basic financial statements and required supplementary information (RSI) for an enterprise fund that includes management s discussion and analysis (MD&A), a statement of net assets or a balance sheet, a statement of revenues, expenses, and changes in net assets, a statement of cash flows, notes to the financial statements, and other applicable RSI. The required basic financial statements described above will be prepared using the economic resources measurement focus and the accrual basis of accounting. Fund financial statements are not required for BTA reporting. GASB 34 will also require the College to retroactively and prospectively report all capital assets, net of accumulated depreciation, in the statement of net assets, and report depreciation expense in the statement of revenues, expenses, and changes in net assets. Management is currently evaluating the impact of the implementation of the statements on the College s financial statements. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and judgements that affect the reported amounts of assets and liabilities and disclosures of contingencies at the date of the financial statements and revenues and expenditures recognized during the reporting period. Actual results could differ from those estimates. Fund Accounting In order to ensure observance of limitations and restrictions placed on the use of the resources available to the College, the accounts of the College are maintained in accordance with the principles of fund accounting. Resources for various purposes are classified for accounting and reporting purposes into funds in accordance with the activities or objectives specified. This is done in accordance with the regulations, restrictions, or limitations imposed by donors or sponsoring agencies outside the College or in accordance with directives issued by the Board of Trustees. A fund is a self-balancing set of accounts for recording assets, liabilities, and fund balance. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into the same fund group. Current Funds While unrestricted funds may be used at the discretion of the Board of Trustees or its designees to meet current expenditures for any activities directly related to the College's objectives, restricted funds may be used only to meet current expenditures for the purposes specifically identified by the donors or other external sponsoring agencies. To the extent that current funds, whether restricted or unrestricted, are used to support other fund groups, the amounts so provided are accounted for as non-mandatory transfers. Loan Funds Student loan funds consist primarily of the Perkins Loan program. The federal government provides a portion of the funds to support this program. Loan funds under this program may be reloaned after collection, but are ultimately refundable to the federal government. 9

11 NOTES TO FINANCIAL STATEMENTS, Continued Endowment Funds Endowment funds include restricted funds, which are subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and only the income be used to meet current expenditures. Plant Funds The College's policy is to capitalize plant assets and equipment amounts greater than $1,000 when purchased or constructed. The cost of maintenance and repairs is expensed as incurred. Most major construction projects for new physical plant and original buildings, land and equipment financed from state capital outlay appropriations, are managed and controlled by the Commonwealth's Division of Capital Planning and Operations. These projects are generally not recognized as unexpended plant funds by the College and the College does not recognize additions to investment in plant for these projects until completed and formally accepted by the Trustees. No provision for depreciation has been recorded in the financial statements. Agency Funds Agency funds reflect resources held by the College on behalf of others in the capacity of custodian or fiscal agent. Cash and Short-Term Investments Cash consists of petty cash, demand deposit accounts, and deposits held by the State Treasurer. Short-term investments consists of deposits with the Massachusetts Municipal Depository Trust (MMDT) and The Common Fund, with original maturities of three months or less when purchased and are recorded at cost which approximates fair value. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially effect the amounts reported in the balance sheet. Investment income is recognized on an accrual basis; interest and dividends are recorded when earned. Restricted Gifts The College records restricted gifts as revenues or receivables in the restricted funds when all applicable eligibility requirements, including time requirements, are met. Restricted Grants and Contracts The College receives monies from federal and state governments and other private agencies under grants and contracts. The costs, both direct and indirect, charged to these grants and contracts are subject to audit by the granting agency. The College administration believes that any audit adjustments would not have a material effect on the College's financial condition or on its current funds revenue, expenditures and other changes. 10

12 NOTES TO FINANCIAL STATEMENTS, Continued Inventories The College's inventories consist of plant operation and maintenance supplies and operating supplies which are valued at the lower of cost (first-in, first-out and replacement cost methods) or market. Compensated Absences Employees earn the right to be compensated during absences for vacation leave and sick leave. A portion of such unused sick leave is payable in cash upon retirement. The accompanying balance sheet reflects an accrual for the amount earned and ultimately payable for such benefits. Funding of these amounts is anticipated to be part of the annual appropriation process from the Commonwealth of Massachusetts. Tuition Recorded in the College s financial statements is tuition revenue of $3,800,257 received by the College and transmitted to the State Treasurer's Office for deposit to the general fund of the Commonwealth of Massachusetts. The amount of State Appropriations received by the College has been reduced by the corresponding amount. Deferred Tuition and Fees Tuition and fee revenue for summer programs, which overlap fiscal years, is deferred and recognized in the fiscal year in which the programs are conducted. Fringe Benefits The College participates in the Commonwealth's fringe benefit programs, including health insurance, pension and worker's compensation benefits. Health insurance, pension and administrative costs are billed through a fringe benefit rate charged to the College. The College's workers' compensation program is administered by the Commonwealth's Division of Public Employee Retirement Administration. Worker's compensation costs are accrued based upon an estimate of the College's actual expense. Income Tax Status The College is an agency of the Commonwealth and is exempt from federal income tax under Code Section 1215 of the Internal Revenue Code. 2. Management Accounting and Reporting System: Section 15C of the Massachusetts General Laws requires Commonwealth Colleges to report activity of campus based funds (trust funds) to the Comptroller of the Commonwealth on the Commonwealth's Statewide Accounting System, Massachusetts Management Accounting and Reporting System (MMARS) on the statutory basis of accounting. The statutory basis of accounting is a modified accrual basis of accounting and differs from the information included in these financial statements. The amounts on MMARS meet the guidelines of the Comptroller's Guide for Higher Education Audited Financial Statements. 11

13 NOTES TO FINANCIAL STATEMENTS, Continued 3. Cash and Short-Term Investments: The College's cash management investment policy authorizes the College to invest in the MMDT and The Common Fund. Statement No. 3 of the Governmental Accounting Standards Board requires government entities to categorize investments to give an indication of the level of credit risk assumed by the College at year end. Category 1 includes investments that are insured or registered, or for which securities are held by the College or its agent in the name of the College. Category 2 includes uninsured and unregistered investments for which securities are held by the trust department in the name of the College. Category 3 includes uninsured and unregistered investments for which the securities are held by its trust department but not in the College's name. The carrying amount of the College's cash and short-term investments is $7,432,491, as compared to bank balances of $7,867,636. The differences in carrying amount and bank balances are primarily caused by outstanding checks and deposits in-transit. Of the balance, $100,000 is covered by federal deposit insurance. The remaining balance of $7,767,636 is uninsured. The carrying amount of MMDT deposits agrees to the bank balance of $2,233,639 at June 30, Carrying amount of cash and cash equivalents Short-term investments $7,432,491 Cash and Short-term investments as reported on the balance sheet $7,432,491 Bank deposits insured by the Federal Deposit Insurance Corporation 100,000 Bank deposits uninsured and uncollateralized 7,767,636 Total bank deposits at June 30 7,867,636 Carrying amount of deposits held by The State Treasurer $ 250,791 The carrying amount of the College's deposits held by The State Treasurer is $250,791 at June 30, These deposits are uninsured and are not collateralized. The funds invested in MMDT and The Common Fund are held in safekeeping accounts in trust depositories in the name of the College and are uninsured (Category 2). The cost and fair value of cash and short-term investments at June 30, 2001: Cost Fair Value Cash and cash equivalents $ 65,587 $ 65,587 Short-term investments: MMDT deposits 2,233,639 2,233,639 The Common Fund 5,244,205 5,133,265 $7,543,431 $7,432,491 12

14 NOTES TO FINANCIAL STATEMENTS, Continued 4. Cash Held By The State Treasurer: Accounts payable, accrued salaries, wages and withholdings to be funded from state appropriated funds totaled $1,200,934 at June 30, The College has recorded a comparable dollar amount of cash held by The State Treasurer for the benefit of the College, which was subsequently utilized to pay for such liabilities. 5. Related Party Transactions: The College provides certain personnel and payroll services to the Westfield State College Foundation (the Foundation) at no charge. As of June 30, 2001, net assets of the Foundation (unaudited), not included in the financial statements of the College, are $3,115,472 of which $1,349,872 are unrestricted, $328,346 are temporarily restricted and $1,437,254 are permanently restricted. 6. Massachusetts State College Building Authority: The Building Authority was created pursuant to Chapter 703 of the Acts of 1963 by the Commonwealth as a public instrumentality for the general purpose of providing dormitories, dining commons and other facilities primarily for use by students and staff of the nine state colleges of the Commonwealth. Assets of the Building Authority consist principally of land, buildings, furnishings and equipment. The assets attributable to the College amount to approximately $54,736,000 (unaudited) at June 30, Liabilities of the Building Authority consist principally of long-term debt obligations scheduled to mature through 2028 amounting to approximately $112,692,000 guaranteed by the Commonwealth. Because all facilities of the Building Authority are included collectively in its longterm debt obligation, it is not practicable to determine the specific liability attributable to the College. The College is obligated, under its contracts for financial assistance, management and services with the Building Authority, to collect rates, rents, fees and other charges with respect to such facilities sufficient to pay principal and interest on the Building Authority's debt obligations based on occupancy rates of the dormitories. The College's proportionate share of principal and interest on the debt obligations amounted to approximately $2,172,000 ($1,086,000, Fall Semester, 2000 and $1,086,000, Spring Semester 2001) for the year ended June 30, Investment in Plant: During the fiscal year ended June 30, 2001, construction expenditures on special projects (which are projects funded by the College and carried out on Building Authority assets) were approximately $9,

15 NOTES TO FINANCIAL STATEMENTS, Continued 8. Leases: The College leases certain office equipment under cancelable operating leases and other equipment under capital leases. Future minimum payments due under capital leases for the College are as follows: and thereafter Total minimum lease payments Capital Leases 242, , , , ,722 1,816,546 Less amount representing interest on capital leases 293,307 Present value of future minimum lease payments $1,523,239 Total rent expense was approximately $166,000 for the year ended June 30, 2001 under cancelable operating lease agreements. 9. Note Payable: The College has a note payable resulting from the purchase of the Stanhome facility. The note consists of a 4.8% mortgage, collateralized by all moneys paid or due to the College as and from the Capital Plan Fee, payable in 60 monthly installments of $28,170, including interest commencing March 1999 through March The College has a note payable for the telecommunications system, consisting of a 4.86% note, collateralized by equipment, payable in 48 monthly installments of $11,359, including interest commencing August 1999 through July Future principal payments are as follows: 10. Fringe Benefits: Due in Year Telecommunications Stanhome Total 2002 $126,498 $304,130 $ 430, , , , , ,353 Total notes payable $259,282 $844,538 $1,103,820 Current fund expenditures for the year ended June 30, 2001 include approximately $815,000 for the College's portion of fringe benefit costs for trust and grant funded employees (health insurance, pension benefits and administrative costs) and approximately $102,000 for worker's compensation costs assessed by the Commonwealth. The Commonwealth's portion of fringe benefits paid by the Commonwealth on behalf of certain state funded employees of the College is approximately $4,833,000 and has been reflected in the accompanying financial statements. Under a directive from the Commonwealth, the College has recorded a liability for workers' compensation claims outstanding of $570,611 as of June 30, Such amount has been included under the caption "Accounts payable and accrued expenses" in the accompanying balance sheet. The amount represents the College's estimate of the ultimate liability for medical and indemnity costs on outstanding claims. 14

16 NOTES TO FINANCIAL STATEMENTS, Continued 11. Retirement Plan: The Commonwealth of Massachusetts is statutorily responsible for the pension benefit of employees who participate in the State Employees' Retirement System (SERS). SERS, a single employer defined benefit public employee retirement system, is administered by the Commonwealth and covers substantially all non-student employees. The College makes contributions on behalf of the employees through a fringe benefit charge assessed by the Commonwealth. Such pension expense amounted to approximately $170,000 for year ended June 30, The annuity portion of the SERS is funded by employees who contribute a percentage of their regular compensation. Annual covered payroll approximated 92.4% of annual total payroll for the College for Commitments and Contingencies: Litigation The College is a defendant in several lawsuits; however, College management is of the opinion that the ultimate outcome of all litigation will not have a material effect on the financial position or operations of the College. 15

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18 SUPPLEMENTARY INFORMATION BUILDING AUTHORITY TRUST FUND Balance Sheet June 30, 2001 Assets Current funds: Unrestricted: Cash and short-term investments $ 775,975 Deposits held by The State Treasurer 99,534 Accounts receivable, net of allowance 7,259 Commission receivable 1,680 Total current funds 884,448 Liabilities and Fund Balance Current funds: Unrestricted: Accounts payable and accrued expenses 56,514 Accrued salaries, wages and withholdings 91,180 Compensated absences 179,246 Deposits 278,620 Fund balance 278,888 Total current funds $ 884,448 17

19 SUPPLEMENTARY INFORMATION BUILDING AUTHORITY TRUST FUND Statement of Current Funds Revenues, Expenditures, and Other Changes for the Year Ended June 30, 2001 Revenues: Room rent $ 5,192,180 Commissions-vending 28,221 Commissions-laundry 48,717 Summer income 142,245 Deposits forfeited 52,798 Other 52,697 Total revenues 5,516,858 Expenditures and mandatory transfers: Employee compensation 1,465,211 Employee related expenses 9,999 Special employees 232,523 Pension and insurance 404,657 Administrative expenses 36,693 Facility operational supplies 123,540 Energy costs 595,627 Consultant services 24,789 Operational services 130,000 Equipment purchase 66,199 Equipment lease, rental and maintenance 23,364 Student travel 740 Construction 156,520 Annual payment of the Massachusetts State Building Authority 2,172,435 Total expenditures and mandatory transfers 5,442,297 Excess of revenues over expenditures 74,561 Other transfers and additions: Interfund transfers (26,889) Net increase in fund balance 47,672 Fund balance at beginning of year 231,216 Fund balance at end of year $ 278,888 18