Projections/Estimated - Unrestricted Cash / Board Designated Cash & Investments September 2017

Transcription

1 Projections/Estimated - Unrestricted Cash / Board Designated Cash & Investments September 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 September 30, 2017 Total All Funds Totals Prior Month Difference Totals Prior Year Difference ASSETS Current assets Cash and cash equivalents $ 8,317,675 $ 3,587,086 $ 4,730,590 $ 8,613,744 $ (296,069) Board Designated Cash 6,500,000 6,500,000-6,500,000 - Short-term investments 35,761 35,761-35,761 - Accounts receivable, net 3,592,645 18,014,697 (14,422,051) 3,535,827 56,818 Loans to students 3,094,889 3,041,559 53,330 3,154,580 (59,692) Inventories and supplies, at cost 1,053, , ,701 1,255,515 (201,858) Deposits and prepaid expenses 210, ,597 (10,702) 182,500 28,395 Total Current Assets 22,805,522 32,319,655 (9,514,134) 23,277,927 (472,405) Noncurrent assets: Restricted cash & cash equivalents 4,813,220 4,684, , ,827 3,958,392 Other long-term investments 21,851 21,851-21,851 - Capital assets, net 126,384, ,688,248 (303,621) 118,753,439 7,631,188 Total Noncurrent Assets 131,219, ,394,246 (174,548) 119,630,118 11,589,581 Total Deferred Outflows of Resources 17,828,849 17,828,849-6,734,341 11,094,507 TOTAL ASSETS 171,854, ,542,750 (9,688,681) 149,642,386 22,211,683 LIABILITIES Current liabilities: Accounts payable and accrued liabilities 1,712,178 1,798,907 (86,730) 1,828,606 (116,428) Deferred revenue 11, ,550 (102,402) 83,037 (71,890) Total Current Liabilities 1,723,326 1,912,457 (189,132) 1,911,643 (188,318) Noncurrent liabilities: Deposits 196, ,375 12, ,275 16,476 Bonds payable (includes MoHEFA) 37,390,350 39,385,235 (1,994,885) 34,403,207 2,987,144 Capital lease payable 34,354 35,417 (1,064) 46,832 (12,478) 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 24,750 27,500 (2,750) 55,000 (30,250) Deposits held in custody for others 352, , ,128 55,762 Total Noncurrent Liabilities 90,846,682 92,833,005 (1,986,323) 72,966,827 17,879,855 Total Deferred Inflows of Resources 1,404,022 1,404,022-1,206, ,479 TOTAL LIABILITIES 93,974,030 96,149,485 (2,175,455) 76,085,014 17,889,016 NET POSITION Invested in capital assets, net of related debt 80,781,475 79,352,024 1,429,451 75,480,674 5,300,801 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 (7,359,719) 1,582,959 (8,942,677) (5,980,549) (1,379,170) TOTAL NET POSITION $ 77,880,039 $ 85,393,265 $ (7,513,226) $ 73,557,372 $ 4,322,667

3 Statement of Revenues, Expenses, and Changes in Net Position % of Budget Actual Budget Budget Balance OPERATING REVENUES Student tuition and fees $ 17,207,946 $ 32,085,915 54% $ 14,877,969 Federal grants and contracts 600,547 3,252,200 18% 2,651,653 State and local grants and contracts 1,407,711 1,005, % (402,711) Auxiliary enterprises 5,806,426 10,481,400 55% 4,674,974 Total Operating Revenues 25,022,631 46,824,515 21,801,884 OPERATING EXPENSES Compensation and benefits: Compensation 6,563,682 31,233,390 21% 24,669,708 Health insurance 978,922 3,774,406 26% 2,795,484 Other benefits 1,501,840 6,749,672 22% 5,247,832 Travel 181,932 1,416,582 13% 1,234,650 Contracted services 1,525,460 3,517,879 43% 1,992,419 Supplies and materials 1,675,267 4,292,467 39% 2,617,200 Utilities 612,686 2,967,150 21% 2,354,464 Depreciation and amortization 1,483,042 5,500,000 27% 4,016,958 Scholarships 11,902,370 22,971,755 52% 11,069,385 Repairs and maintenance 295,236 1,283,774 23% 988,538 Other operating expenses 1,453,811 3,303,366 44% 1,849,555 Total Operating Expenses 28,174,248 87,010,441 58,836,193 Operating Income (Loss) (3,151,617) (40,185,926) (37,034,309) NONOPERATING REVENUES (EXPENSES) State appropriations (Net of Governor's withholding) 5,585,076 22,331,177 25% 16,746,101 State appropriations Satellite Dental Program Institutional contingency - (500,000) (500,000) Private gifts 777,710 2,371,489 33% 1,593,779 Investment income, net of investment exp 47,110 21, % (26,110) Interest on capital asset--related debt (635,061) (1,259,044) 50% (623,983) Federal Pell Grants 6,105,421 11,750,000 52% 5,644,579 Other nonoperating revenues 304,654 2,398,615 13% 2,093,961 Total nonoperating revenues (expenses) 12,184,910 37,113,237 24,928,327 Income (Loss) Before Other Revenues 9,033,293 (3,072,689) (12,105,982) OTHER REVENUES Capital appropriations--state 358,391 - (358,391) Capital gifts and grants 40,000 - (40,000) Total other revenues 398,391 - (398,391) Increase (Decrease) in Net Position $ 9,431,684 $ (3,072,689) $ (12,504,373)

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 $ 17,207,946 $ 16,745,209 $ 462,737 (1) $ 27,252 $ 135,126 $ (107,874) Federal grants and contracts 600, ,224 (17,677) 269, ,088 (13,711) State and local grants and contracts 1,407,711 1,555,772 (148,061) (2) 1,358,888 1,514,068 (155,180) Auxiliary enterprises 5,806,426 5,559, ,635 (3) 185,557 94,075 91,482 Total Operating Revenues 25,022,631 24,478, ,635 1,841,073 2,026,356 (185,283) CURRENT OPERATING EXPENSES Compensation and benefits: Compensation 6,563,682 6,538,412 25,270 2,528,464 2,637,424 (108,960) Health insurance 978, , ,129 (4) 261, ,201 (53,032) Other benefits 1,501,840 1,366, ,455 (5) 540, ,983 18,688 Travel 181, ,369 (20,437) 85,235 90,118 (4,883) Contracted services 1,525,460 1,358, ,037 (6) 575, , ,327 Supplies and materials 1,675,267 1,828,915 (153,648) (7) 315, ,617 (163,648) Utilities 612, ,964 (24,279) 298, ,682 (4,184) Depreciation and amortization 1,483,042 1,465,711 17, , ,867 3,741 Scholarships 11,902,370 11,566, ,435 (8) 11,514,528 11,116, ,699 Repairs and maintenance 295, ,173 (163,937) (9) 63, ,689 (109,064) Other operating expenses 1,453,811 1,453, , ,206 (71,746) Total Operating Expenses 28,174,248 27,735, ,942 17,010,074 16,932,136 77,938 Operating Income (Loss) (3,151,617) (3,256,310) 104,693 (15,169,001) (14,905,780) (263,221) NONOPERATING REVENUES (EXPENSES) State appropriations (Net Governor's withholding) 5,585,076 6,137,448 (552,372) (10) 1,861,692 2,045,816 (184,124) State appropriations Satellite Dental Program - 485,001 (485,001) (11) - 161,667 (161,667) Private gifts 777, ,228 15, , ,403 8,446 Investment income, net of investment exp 47,110 30,178 16,932 14,865 12,678 2,187 Interest on capital asset--related debt (635,061) (588,099) (46,961) (634,428) (587,346) (47,081) Federal Pell Grants 6,105,421 5,815, ,408 (12) 6,105,421 5,815, ,408 Other nonoperating revenues (expenses) 304, ,502 (40,849) 143, ,768 9,607 Total nonoperating revenues (expenses) 12,184,910 12,987,271 (802,361) 7,655,775 7,738,000 (82,225) Income (Loss) Before Other Revenues 9,033,293 9,730,961 (697,668) (7,513,226) (7,167,780) (345,446) OTHER REVENUES Capital appropriations--state 358,391 1,347,333 (988,942) (13) 871,898 (871,898) Capital gifts and grants 40,000 25,000 15, Total other revenues 398,391 1,372,333 (973,942) 871,899 (871,898) Increase (Decrease) in Net Position $ 9,431,684 $ 11,103,294 $ (1,671,610) $ (7,513,226) $ (6,295,882) $ (1,217,344) 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) State grants decrease due Access Missouri grant award per student less than prior year (FY18 $2,000 / FY17 $2,250). (3) Auxiliary increase from increased housing rates and additional child care revenue offset by decreased Rec Center and Bookstore revenue. (4) Health insurance includes additional claims expense in the current year. (5) Other benefits reflects additional expense due to increase in MOSERS rate. (6) Contract services increase from timing of payments. (7) Supplies decrease is due to timing on expenditure payments with some changes in costs. (8) Scholarships include additional institutional awards and more students receiving Pell grants offset with decreased Access Missouri awards. (9) Repair and Maintenance decrease from timing of payments as well as campus projects. (10) State appropriations decrease reflects the 9% reduction in FY18 base appropriations. (11) State appropriations in prior year for satellite dental program. (12) Pell grants current year increase from additional students receiving the grant. (13) State capital appropriations for Reynolds Hall renovation in both the current and prior 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 9,431,684 16,944,910 (7,513,225) 11,103,294 (1,671,610) (Increase) Decrease in student receivables C (1,278,602) (15,700,654) 14,422,051 (1,280,815) 2,213 Depreciation & amortization D 1,483, , ,608 1,465,711 17,331 Bond Liability Accounts E (1,997,861) (2,976) (1,994,885) (1,582,861) (415,000) Capital asset expenditures F (466,313) (322,326) (143,987) (1,575,978) 1,109,666 Board Designated Cash & Investments G Changes in other assets & liabilities H (3,969,516) (3,566,616) (402,900) (3,500,708) (468,806) Net Increase (Decrease) in Cash 3,202,435 (1,657,227) 4,859,662 4,628,643 (1,426,208) 09/30/17 08/31/17 09/30/16 Ending Cash Balance I 19,630,895 14,771,233 4,859,662 15,968,571 3,662,324 Summary: Unrestricted Cash Balance 8,317,675 3,587,086 4,730,589 8,613,744 (296,069) Board Designated Cash & Investments 6,500,000 6,500,000-6,500,000 - Total Unrestricted & Board Designated 14,817,675 10,087,086 4,730,589 15,113,744 (296,069) Restricted Cash Balance 4,813,220 4,684, , ,827 3,958,393 Total 19,630,895 14,771,233 4,859,662 15,968,571 3,662,324 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.