Unrestricted Cash / Board Designated Cash & Investments December 2015
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1 Unrestricted Cash / Board Designated Cash & Investments December Jul 1 Jul 31 Aug 31 Sep 30 Oct 31 Nov 30 Dec 31 Jan 31 Feb 28 Mar 31 Apr 30 May 31 Jun 30 FY16 FY15 FY14 Board Designated Cash & Investments total $4.5 million (included in total).
2 Statement of Net Position December 31, 2015 ASSETS Current assets Total Prior Month Prior Year All Funds Totals Difference Totals Difference Cash and cash equivalents $ 1,958,861 $ 1,919,634 $ 39,227 $ 3,733,309 $ (1,774,448) Board Designated Cash 1,500,000 1,500,000-1,500,000 - Board Designated Investments 3,000,000 5,000,000 (2,000,000) 5,000,000 (2,000,000) Short-term investments 41,761 35,761-35,761 - Accounts receivable, net 1,694,563 2,349,850 (655,287) 3,093,726 (1,399,163) Loans to students 3,178,733 3,212,043 (33,310) 3,328,414 (149,680) Inventories and supplies, at cost 1,454,042 1,435,439 18,603 1,349, ,932 Deposits and prepaid expenses 257, ,170 29, ,559 51,593 Total Current Assets 13,085,113 15,679,897 (2,600,784) 18,245,879 (5,166,766) Noncurrent assets: Restricted cash & cash equivalents 404, ,902 (8,870) 9,619,193 (9,215,162) Other long-term investments 38,493 38,493-39,527 (1,034) Capital assets, net 119,702, ,557, , ,026,605 14,675,734 Total Noncurrent Assets 120,144, ,008, , ,685,326 5,459,538 Total Deferred Outflows of Resources 4,186,288 4,186, ,186,288 TOTAL ASSETS 137,416, ,874,932 (2,464,667) 132,931,205 4,479,060 LIABILITIES Current liabilities: Accounts payable and accrued liabilities 1,903,869 1,490, ,310 2,575,991 (672,122) Deferred revenue 1,104,038 1,101,612 2,426 2,418,674 (1,314,636) Total Current Liabilities 3,007,908 2,592, ,736 4,994,665 (1,986,757) Noncurrent liabilities: Deposits 139, ,100 (900) 113,675 25,525 Deferred compensation 31,998 31,998-63,844 (31,846) Bonds payable 35,975,915 35,975,915-37,103,306 (1,127,391) Notes payable ,503,472 (1,503,472) Capital lease payable 27,084 27,645 (561) 44,704 (17,620) Accrued post-retirement liability 566, , , ,918 Accrued net pension liability 26,913,020 26,913, ,913,020 Accrued compensated absences 1,312,695 1,312,695-1,302,579 10,116 Deferred vending Commissions 77,500 80,000 (2,500) 107,500 (30,000) Deposits held in custody for others 287, , ,176 14,976 Total Noncurrent Liabilities 65,331,499 65,335,461 (3,961) 40,947,273 24,384,226 Total Deferred Inflows of Resources 7,847,171 7,847, ,847,171 TOTAL LIABILITIES 76,186,578 75,774, ,775 45,941,938 30,244,640 NET POSITION Invested in capital assets, net of related debt 78,644,404 78,505, ,850 74,370,144 4,274,260 Restricted for: Nonexpendable: Loans 3,723,261 3,723,261-3,822,524 (99,263) Expendable: Scholarships and fellowships 660, , , ,820 Capital projects 35,668 35,668-3,315,111 (3,279,443) Debt service 9,019 9,019-10,566 (1,547) Unrestricted (21,842,933) (18,833,641) (3,009,292) 5,011,475 (26,854,408) TOTAL NET POSITION $ 61,229,687 $ 64,100,129 $ (2,870,442) $ 86,989,267 $ (25,759,580) Note: The current year includes GASB68 (MOSERS) adjustment to Unrestricted Net Position. The prior year does not include this adjustment.
3 Statement of Revenues, Expenses, and Changes in Net Position % of Budget Actual Budget Budget Balance OPERATING REVENUES Student tuition and fees $ 15,510,260 $ 28,848,733 54% $ 13,338,473 Federal grants and contracts 1,016,078 3,187,024 32% 2,170,946 State and local grants and contracts 1,569, , % (634,864) Auxiliary enterprises 5,281,671 9,500,553 56% 4,218,882 Total Operating Revenues 23,377,873 42,471,310 19,093,437 OPERATING EXPENSES Compensation and benefits: Compensation 14,576,943 31,100,559 47% 16,523,616 Health insurance 1,626,736 3,372,340 48% 1,745,604 Other benefits 3,070,736 6,726,852 46% 3,656,116 Travel 520,790 1,415,448 37% 894,658 Contracted services 2,062,223 3,062,634 67% 1,000,411 Supplies and materials 2,579,074 4,085,440 63% 1,506,366 Utilities 1,364,997 2,938,652 46% 1,573,655 Depreciation and amortization 2,614,863 5,500,000 48% 2,885,137 Scholarships 11,627,968 21,426,801 54% 9,798,833 Repairs and maintenance 715,347 1,135,943 63% 420,596 Other operating expenses 2,881,728 3,043,195 95% 161,468 Total Operating Expenses 43,641,404 83,807,864 40,166,460 Operating Income (Loss) (20,263,532) (41,336,554) (21,073,022) NONOPERATING REVENUES (EXPENSES) State appropriations (Net of Governor's withholding) 11,841,744 23,683,484 50% 11,841,740 Institutional contingency - (500,000) (500,000) Private gifts 1,164,725 1,694,528 69% 529,803 Investment income, net of investment exp 86,879 40, % (46,879) Interest on capital asset--related debt (689,649) (1,273,660) 54% (584,011) Federal Pell Grants 5,984,582 11,833,000 51% 5,848,418 Other nonoperating revenues 656,344 2,378,340 28% 1,721,996 Total nonoperating revenues (expenses) 19,044,625 37,855,692 18,811,067 Income (Loss) Before Other Revenues (1,218,906) (3,480,862) (2,261,956) OTHER REVENUES Capital appropriations--state 61,920 - (61,920) Capital gifts and grants 667,688 - (667,688) Total other revenues 729,608 - (729,608) Increase (Decrease) in Net Position $ (489,298) $ (3,480,862) $ (2,991,563)
4 Comparative Statement of Revenues, Expenses, and Changes in Net Position Year-To-Date Totals Current Month Totals Current Prior Current Prior Year Year Difference Year Year Difference CURRENT OPERATING REVENUES Student tuition and fees $ 15,510,260 $ 14,706,365 $ 803,895 (1) $ 6,790 $ (10,912) $ 17,702 Federal grants and contracts 1,016,078 1,107,008 (90,929) 42,585 90,634 (48,049) State and local grants and contracts 1,569,864 1,115, ,288 (2) 49,246 16,235 33,011 Auxiliary enterprises 5,281,671 4,901, ,747 (3) 94, ,016 Total Operating Revenues 23,377,873 21,830,873 1,546, ,005 96,326 96,679 CURRENT OPERATING EXPENSES Compensation and benefits: Compensation 14,576,943 14,339, ,936 (4) 2,813,320 2,579, ,565 Health insurance 1,626,736 1,402, ,395 (5) 313, ,351 38,844 Other benefits 3,070,736 3,044,037 26, , ,373 40,388 Travel 520, ,964 (24,174) 115, ,353 (29,417) Contracted services 2,062,223 2,065,831 (3,608) 193, ,250 (104,851) Supplies and materials 2,579,074 2,411, ,641 (6) 237, ,333 (9,234) Utilities 1,364,997 1,239, ,579 (7) 229, ,595 36,966 Depreciation and amortization 2,614,863 2,715,443 (100,580) 431, ,966 (18,211) Scholarships 11,627,968 10,851, ,147 (8) 44,719 75,587 (30,868) Repairs and maintenance 715, ,993 (14,646) 48,518 66,078 (17,561) Other operating expenses 2,881,728 3,081,953 (200,226) (9) 266, ,168 (33,454) Total Operating Expenses 43,641,404 42,426,243 1,215,161 5,274,977 5,168, ,167 Operating Income (Loss) (20,263,532) (20,595,370) 331,838 (5,081,972) (5,072,484) (9,488) NONOPERATING REVENUES (EXPENSES) State appropriations (Net Governor's withholding) 11,841,744 11,574, ,817 (10) 1,973,624 1,980,789 (7,165) Private gifts 1,164,725 1,032, ,600 (11) 31,702 62,549 (30,847) Investment income, net of investment exp 86, ,535 (36,656) 11,081 19,180 (8,099) Interest on capital asset--related debt (689,649) (609,543) (80,106) (62) (2,377) 2,315 Federal Pell Grants 5,984,582 6,169,279 (184,697) (12) 30,523 22,762 7,761 Other nonoperating revenues (expenses) 656, ,774 (43,429) 102, ,729 (14,987) Total nonoperating revenues (expenses) 19,044,625 18,990,097 54,529 2,149,610 2,200,632 (51,022) Income (Loss) Before Other Revenues (1,218,906) (1,605,273) 386,367 (2,932,362) (2,871,852) (60,510) OTHER REVENUES Capital appropriations--state 61,920-61,920 61,920-61,920 Capital gifts and grants 667,688 1,416,250 (748,562) (13) - 1,116,725 (1,116,725) Total other revenues 729,608 1,416,250 (686,642) 61,920 1,116,725 (1,054,805) Increase (Decrease) in Net Position $ (489,298) $ (189,023) $ (300,276) $ (2,870,442) $ (1,755,127) $ (1,115,315) Explanation Notes to Year-To-Date "Difference" Column: (1) Tuition - increased enrollment, rate increase and additional revenue from LionPride and Dual Credit program activities. (2) State grants reflect additional Access Missouri grant revenue from additional students receiving larger grant (FY16 $1,850/yr FY15 $1,500/yr). (3) Auxiliary increase from additional housing revenue (new residence hall opened August 2015) offset with decreased bookstore activity. (4) Compensation increase from across the board raise and timing of pay schedules (FY16: 13 pay periods; FY15: 12 pay periods). (5) Health Insurance reflects rate increase. (6) Supplies increase is from additional course fee purchase, technology purchases and some non-capitalized furniture. (7) Utilities increase due to new facilities across campus (Residence Halls, Baseball Stadium, FEMA building and Fieldhouse). (8) Scholarships include additional institutional awards due to change in award policy, increased Access Missouri, Donor and Foundation awards. This is offset with decreased Pell grants. (9) Other operating expense decrease is a mix of reduced expenses and timing of payments offset with some increased expenses. (10) Appropriations increase due to timing of delayed payment in the prior year. FY2016 anticipated increase is $18,652 per month for total year increase of $223,824. (11) Contributions increase is primarily from additional scholarship revenue. (12) Pell grants reduction is from less students receiving the grant. (13) Capital gifts in the current year are for the Turf replacement and the Baseball Stadium.
5 Cash Flow Statement Current Month Prior Month Prior Year Notes Balance Balance Difference Balance Difference 7/1/15 7/1/15 7/1/14 Beginning Unrestricted Cash Balance - July 1st 4,452,586 4,452,586-4,950,030 (497,443) Beginning Board Cash & Investments - July 1st 6,500,000 6,500,000-6,500,000 - Sub-Total Beginning Balance - July 1st 10,952,586 10,952,586-11,450,030 (497,443) Beginning Restricted Cash Balance - July 1st 1,622,101 1,622,101-19,252,035 (17,629,934) Total Beginning Balance - July 1st A 12,574,687 12,574,687-30,702,065 (18,127,378) Financial Transactions: Increase (Decrease) in Net Position B (489,298) 2,381,144 (2,870,442) (189,022) (300,276) (Increase) Decrease in student receivables C 1,728,048 1,072, , ,123 1,449,925 Depreciation & amortization D 2,614,863 2,183, ,755 2,715,443 (100,580) Bond Liability Accounts E (1,555,000) (1,555,000) - (1,978,768) 423,768 Capital asset expenditures F (2,721,791) (2,187,550) (534,242) (10,440,800) 7,719,008 Board Designated Cash & Investments G (2,000,000) - (2,000,000) - (2,000,000) Changes in other assets & liabilities H (3,288,617) (5,636,616) 2,347,999 (1,234,539) (2,054,076) Net Increase (Decrease) in Cash (5,711,794) (3,742,151) (1,969,643) (10,849,563) 5,137,769 12/31/15 11/30/15 12/31/14 Ending Cash Balance I 6,862,893 8,832,536 (1,969,643) 19,852,502 (12,989,609) Summary: Unrestricted Cash Balance 1,958,861 1,919,634 39,227 3,733,309 (1,774,448) Board Designated Cash & Investments 4,500,000 6,500,000 (2,000,000) 6,500,000 (2,000,000) Total Unrestricted & Board Designated 6,458,861 8,419,634 (1,960,773) 10,233,309 (3,774,448) Restricted Cash Balance 404, ,902 (8,870) 9,619,193 (9,215,161) Total 6,862,893 8,832,536 (1,969,643) 19,852,502 (12,989,609) Notes: A Agrees with July 1 cash and cash equivalents on the Statement of Net Assets. B Per Statement of Revenues, Expenses and Changes in Net Assets. C This is the amount of tuition recorded as revenue which has not been paid yet. D These are noncash transactions required by GASB. E Payments on bond principle plus noncash bond transactions over the life of the bond issues. F Payments on capital assets plus some minor construction expenditures. G Board Designated Cash & Investments H Cash received or paid for other receivables, inventories and payables. I Agrees with ending cash and cash equivalents (including restricted cash) on the Statement of Net Assets.
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