Projections/Estimated - Unrestricted Cash / Board Designated Cash & Investments March 2018

Transcription

1 Projections/Estimated - Unrestricted Cash / Board Designated Cash & Investments March 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 FY18 FY17 FY16 Board Designated Cash & Investments total $6.5 million (included in total).

2 Statement of Net Position March 31, 2018 ASSETS Current assets Total Prior Month Prior Year All Funds Totals Difference Totals Difference Cash and cash equivalents $ 10,664,453 $ 12,488,288 $ (1,823,835) $ 8,354,836 $ 2,309,617 Board Designated Cash 6,500,000 6,500,000-6,500,000 - Short-term investments 35,761 35,761-35,761 - Accounts receivable, net 2,237,416 2,902,497 (665,081) 2,330,586 (93,170) Loans to students 2,907,891 2,942,897 (35,006) 3,001,475 (93,584) Inventories and supplies, at cost 776, ,261 35, ,871 (210,881) Deposits and prepaid expenses 345, ,933 8, ,955 (88,495) Total Current Assets 23,467,971 25,947,637 (2,479,667) 21,644,485 1,823,487 Noncurrent assets: Restricted cash & cash equivalents 5,376,597 4,699, ,081 1,412,057 3,964,539 Other long-term investments 21,851 21,851-21,851 - Capital assets, net 124,865, ,146,389 (280,523) 125,539,097 (673,232) Total Noncurrent Assets 130,264, ,867, , ,973,006 3,291,308 Total Deferred Outflows of Resources 17,817,625 17,819,229 (1,603) 6,723,118 11,094,507 TOTAL ASSETS 171,549, ,634,622 (2,084,712) 155,340,609 16,209,301 LIABILITIES Current liabilities: Accounts payable and accrued liabilities 2,772,199 2,525, ,889 2,627, ,665 Deferred revenue 8,855 9,035 (180) 66,408 (57,553) Total Current Liabilities 2,781,054 2,534, ,709 2,693,942 87,111 Noncurrent liabilities: Deposits 219, ,820 42, ,875 10,095 Bonds payable (includes MoHEFA) 37,379,819 37,381,307 (1,488) 34,392,675 2,987,144 Capital lease payable 27,875 28,966 (1,091) 40,671 (12,796) Accrued post-retirement liability 811, , , ,359 Accrued net pension liability 50,654,529 50,654,529-35,945,504 14,709,025 Accrued compensated absences 1,381,859 1,381,859-1,330,042 51,818 Deferred vending Commissions 10,000 12,500 (2,500) 40,000 (30,000) Deposits held in custody for others 352, , ,128 55,762 Total Noncurrent Liabilities 90,838,142 90,801,071 37,071 72,964,735 17,873,407 Total Deferred Inflows of Resources 1,404,022 1,404,022-1,206, ,479 TOTAL LIABILITIES 95,023,217 94,739, ,779 76,865,219 18,157,998 NET POSITION Invested in capital assets, net of related debt 77,521,542 77,346, ,979 81,698,703 (4,177,161) Restricted for: Nonexpendable: Loans 3,384,094 3,384,094-3,610,741 (226,647) Expendable: Scholarships and fellowships 421, , ,507 (24,591) Capital projects 652, , ,273 Debt service Unrestricted (5,453,132) (2,909,662) (2,543,470) (7,280,562) 1,827,430 TOTAL NET POSITION $ 76,526,693 $ 78,895,184 $ (2,368,491) $ 78,475,390 $ (1,948,697)

3 Statement of Revenues, Expenses, and Changes in Net Position % of Budget Actual Budget Budget Balance OPERATING REVENUES Student tuition and fees $ 31,814,138 $ 32,085,915 99% $ 271,777 Federal grants and contracts 1,682,088 3,252,200 52% 1,570,112 State and local grants and contracts 3,021,243 1,005, % (2,016,243) Auxiliary enterprises 10,880,847 10,481, % (399,447) Total Operating Revenues 47,398,316 46,824,515 (573,801) OPERATING EXPENSES Compensation and benefits: Compensation 22,171,497 31,233,390 71% 9,061,893 Health insurance 2,771,686 3,774,406 73% 1,002,720 Other benefits 4,795,707 6,749,672 71% 1,953,965 Travel 1,161,111 1,416,582 82% 255,471 Contracted services 2,985,836 3,517,879 85% 532,043 Supplies and materials 3,409,881 4,292,467 79% 882,586 Utilities 2,132,254 2,967,150 72% 834,896 Depreciation and amortization 4,424,249 5,500,000 80% 1,075,751 Scholarships 23,906,401 22,971, % (934,646) Repairs and maintenance 907,856 1,283,774 71% 375,918 Other operating expenses 3,251,547 3,303,366 98% 51,819 Total Operating Expenses 71,918,026 87,010,441 15,092,415 Operating Income (Loss) (24,519,710) (40,185,926) (15,666,216) NONOPERATING REVENUES (EXPENSES) State appropriations (Net of Governor's withholding) 16,755,228 22,331,177 75% 5,575,949 State appropriations ARRA Federal Stabilization State appropriations Satellite Dental Program Institutional contingency - (500,000) (500,000) Private gifts 2,023,385 2,371,489 85% 348,104 Investment income, net of investment exp 261,026 21, % (240,026) Interest on capital asset--related debt (1,257,956) (1,259,044) 100% (1,088) Federal Pell Grants 12,010,259 11,750, % (260,259) Other nonoperating revenues 1,246,012 2,398,615 52% 1,152,603 Total nonoperating revenues (expenses) 31,037,955 37,113,237 6,075,282 Income (Loss) Before Other Revenues 6,518,245 (3,072,689) (9,590,934) OTHER REVENUES Capital appropriations--state 1,251,211 - (1,251,211) Capital gifts and grants 308,881 - (308,881) Total other revenues 1,560,092 - (1,560,092) Increase (Decrease) in Net Position $ 8,078,337 $ (3,072,689) $ (11,151,026)

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 $ 31,814,138 $ 31,293,559 $ 520,579 (1) $ 377,685 $ 404,190 $ (26,505) Federal grants and contracts 1,682,088 1,886,636 (204,548) (2) 130, ,130 (112,789) State and local grants and contracts 3,021,243 3,291,365 (270,122) (3) 78, ,805 (92,580) Auxiliary enterprises 10,880,847 10,529, ,549 (4) 80,589 73,795 6,795 Total Operating Revenues 47,398,316 47,000, , , ,920 (225,079) CURRENT OPERATING EXPENSES Compensation and benefits: Compensation 22,171,497 22,126,080 45,417 2,518,776 2,582,621 (63,846) Health insurance 2,771,686 2,084, ,829 (5) 68, ,964 (301,387) Other benefits 4,795,707 4,463, ,820 (6) 534, ,696 22,080 Travel 1,161,111 1,036, ,468 (7) 269, ,661 74,687 Contracted services 2,985,836 3,047,184 (61,349) 283, ,612 (1,628) Supplies and materials 3,409,881 3,688,959 (279,077) (8) 203, ,432 43,710 Utilities 2,132,254 2,149,272 (17,018) 228, ,526 (6,790) Depreciation and amortization 4,424,249 4,378,432 45, , ,435 4,874 Scholarships 23,906,401 23,067, ,048 (9) 165, ,897 (15,254) Repairs and maintenance 907, ,218 (75,362) 55,675 81,525 (25,850) Other operating expenses 3,251,547 3,396,459 (144,912) (10) 293, ,949 (14,391) Total Operating Expenses 71,918,026 70,422,345 1,495,681 5,112,524 5,396,319 (283,795) Operating Income (Loss) (24,519,710) (23,421,488) (1,098,222) (4,445,683) (4,504,399) 58,716 NONOPERATING REVENUES (EXPENSES) State appropriations (Net Governor's withholding) 16,755,228 17,701,516 (946,288) (11) 1,861,692 1,690, ,290 State appropriations Satellite Dental Program - 1,131,669 (1,131,669) (12) Private gifts 2,023,385 1,873, ,673 (13) 82,896 85,648 (2,752) Investment income, net of investment exp 261, , ,046 (14) 59,360 15,659 43,701 Interest on capital asset--related debt (1,257,956) (1,167,840) (90,116) (621,501) (578,083) (43,418) Federal Pell Grants 12,010,259 11,386, ,094 (15) 75,609 24,431 51,179 Other nonoperating revenues (expenses) 1,246,012 1,090, ,985 (16) 218, ,015 49,142 Total nonoperating revenues (expenses) 31,037,955 32,142,229 (1,104,274) 1,676,213 1,407, ,141 Income (Loss) Before Other Revenues 6,518,245 8,720,741 (2,202,496) (2,769,470) (3,097,327) 327,857 OTHER REVENUES Capital appropriations--state 1,251,211 7,210,031 (5,958,820) (17) 393, ,333 (247,235) Capital gifts and grants 308,881 90, ,343 (18) 7,881-7,881 Total other revenues 1,560,092 7,300,569 (5,740,477) 400, ,333 (239,354) Increase (Decrease) in Net Position $ 8,078,337 $ 16,021,310 $ (7,942,973) $ (2,368,491) $ (2,456,994) $ 88,503 Explanation Notes to Year-To-Date "Difference" Column: (1) Tuition and fees reflect increased tuition rate and increased enrollment in both Lion Pride students and graduate classes. (2) Federal grants due to timing of revenue reimbursements. (3) State grants decrease due primarily from Access Missouri grant award per student less than prior year (FY18 $2,000 / FY17 $2,250). (4) Auxiliary increase from increased housing rates and additional child care revenue offset by decreased Rec Center and Bookstore revenue. (5) Health insurance includes additional claims expense in the current year plus new Health Saving contributions. The prior year had savings during the transition period. (6) Other benefits reflects additional expense due to increase in MOSERS and CURP rates. (7) Travel increase mostly due to timing of additional expenses in the current year for student international trips. (8) Supplies decrease is due to reduced computer, athletic gear, bookstore cost of goods sold and Reynolds FFE purchases in the prior year. (9) Scholarships include additional institutional, donor, foundation awards and more students receiving Pell grants offset with decreased Access Missouri awards. (10) Other operating expenses decrease from various reduced expenses offset with some increases. (11) State appropriations decrease reflects the 9% reduction in FY18 base appropriations. (12) State appropriations in prior year for satellite dental program. (13) Contributions reflect additional donor and foundation scholarships (14) Increase primarily from current year increased interest rate applied to our checking accounts. (15) Pell grants current year increase from additional students receiving the grant. (16) Other non-operating includes prior year Perkins Federal Contribution payment and current year timing of student trip revenue. (17) State capital appropriations for Reynolds/Nixon Hall renovation in both the current and prior year. (18) Capital gifts increase primarily from contribution for Reynolds/Nixon in the current year.

5 Cash Flow Statement Current Month Prior Month Prior Year Notes Balance Balance Difference Balance Difference 7/1/17 7/1/17 7/1/16 Beginning Unrestricted Cash Balance - July 1st 5,237,017 5,237,017-4,433, ,201 Beginning Board Cash & Investments - July 1st 6,500,000 6,500,000-6,500,000 - Sub-Total Beginning Balance - July 1st 11,737,017 11,737,017-10,933, ,201 Beginning Restricted Cash Balance - July 1st 4,691,443 4,691, ,112 4,285,331 Total Beginning Balance - July 1st A 16,428,460 16,428,460-11,339,928 5,088,532 Financial Transactions: Increase (Decrease) in Net Position B 8,078,337 10,446,828 (2,368,490) 16,021,310 (7,942,973) (Increase) Decrease in student receivables C 76,627 (588,454) 665,081 (75,574) 152,201 Depreciation & amortization D 4,424,249 3,933, ,309 4,378,432 45,817 Bond Liability Accounts E (2,008,392) (2,006,904) (1,488) (1,593,392) (415,000) Capital asset expenditures F (1,618,758) (1,453,972) (164,786) (10,989,357) 9,370,599 Board Designated Cash & Investments G Changes in other assets & liabilities H (2,839,474) (3,072,095) 232,621 (2,814,454) (25,018) Net Increase (Decrease) in Cash 6,112,590 7,259,344 (1,146,754) 4,926,965 1,185,625 03/31/18 02/28/18 03/31/17 Ending Cash Balance I 22,541,050 23,687,804 (1,146,754) 16,266,893 6,274,157 Summary: Unrestricted Cash Balance 10,664,453 12,488,288 (1,823,835) 8,354,836 2,309,617 Board Designated Cash & Investments 6,500,000 6,500,000-6,500,000 - Total Unrestricted & Board Designated 17,164,453 18,988,288 (1,823,835) 14,854,836 2,309,617 Restricted Cash Balance 5,376,597 4,699, ,081 1,412,057 3,964,540 Total 22,541,050 23,687,804 (1,146,754) 16,266,893 6,274,157 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.