Westmoreland County Community College, PA State Public School Building Authority (Commonwealth of Pennsylvania) College Revenue Bonds (Westmoreland County Community College 1 Project), Series of 2016, $5,365,000 Dated: June 14, 2016 State Public School Building Authority (Commonwealth of Pennsylvania) College Revenue Bonds (Westmoreland County Community College 2 Project), Series A of 2016, $41,340,000 Dated: June 14, 2016 3 State Public School Building Authority (Commonwealth of Pennsylvania) (Westmoreland County Community College Project) College Revenue Bonds, Series A of 2012, $16,975,000 Dated: May 30, 2012 4 State Public School Building Authority (Commonwealth of Pennsylvania) (Westmoreland County Community College Project) College Revenue Bonds, Series B of 2012, $4,900,000 Dated: May 30, 2012 5 State Public School Building Authority (Commonwealth of Pennsylvania) (Westmoreland County Community College Project) College Revenue Bonds, Series A of 2008, $3,770,000 Dated: March 1, 2008 6 State Public School Building Authority (Commonwealth of Pennsylvania) (Westmoreland County Community College Project) College Revenue Bonds, Series B of 2008, $7,135,000 Dated: March 1, 2008 7 State Public School Building Authority (Commonwealth of Pennsylvania) College Revenue Bonds, (Westmoreland County Community College Project), Refunding Series of 2004, $5,110,000 Dated: February 1, 2004 Series 2016A, B, 2012A,B, 2008A,B Westmoreland County Community College Operating Budget Fiscal Year Ended June 30, Revenues Budget 2017 18 Sponsor 1,244,287 State 12,005,383 FICA State 753,699 Student Tuition 20,143,566 Miscellaneous 244,290 Grants Administration 80,813 Sub Total Revenues 34,472,038 Grants 3,391,922 Total Revenues 37,863,960 Expenditures Wages 18,702,556 Staff Benefits 8,508,317 Facilities 2,570,370 Supplies 530,362 Contracted Serv, Phone, Postage 1,918,754 Equipment/Facilities Repair and Maintenance 754,175 Travel and Hospitality 297,996 Other 977,525 Grant Match 101,983 Small Equipment/Furniture 110,000 Sub Total Expenditures 34,472,038 Grants 3,391,922 Total Expenditures 37,863,960 Total Fund Balance Transfers 0 Net Fund Balance Change 0
Series 2008A,B Capital Budget Fiscal Year Ended June 30, Revenues Budget 2017 18 Sponsor 2,805,304 State 3,479,478 Foundation 31,806 Student Fees & Miscellaneous 2,212,539 Grant Funds 342,271 Total Revenues 8,871,398 Expenditures Debt Service 5,472,147 Leases 447,239 Equipment and Renovations 3,595,406 Grant Equipment (State Unfunded) 342,271 Total Expenditures 9,857,063 Total Fund Balance Transfers 485,665 Net Fund Balance Change (500,000) Series 2012A,B Employee Relations The College enjoys a positive employee relations climate with a dedicated and loyal staff. The labor contract with the faculty's union, the Westmoreland County Community College Professional Association, is three years in length and the current contract expires June 30, 2018. The labor contract with the support staff s union, the Employee Support Professionals, is three years in length and the current contract expires June 30, 2018. Both unions are PSEA/NEA affiliates. Employees Faculty (Full time) 82 Faculty (Part time) 287 Administrators 36 Support Staff 85 Enrollment Semester Headcount Full Time Equivalent Fiscal Year Credit Non Credit Total Credit Non Credit Total 13,006 9,516 22,522 4,256 434 4,690 Series 2016A,B, 2008A,B, 2004 Student Fees and Charges Tuition (per credit hour for Residents of the sponsoring county) 122 Student Fee (per credit hour) 47 Total Per Year 169
Series 2012A,B, 2008A,B, 2004 Westmoreland County Community College Statement of Revenues, Expenses and Changes in Net Assets Revenues Operating Revenues Student tuition and fees 19,461,332 Governmental grants 4,432,902 Contributions 0 Auxiliary enterprises Bookstore 2,988,157 Auxiliary 395,335 Other operating revenue, including state FICA reimbursement 1,269,475 Total Operating Revenues 28,547,201 Expenses Educational and general Instruction 15,036,982 Academic Support 2,641,328 Student services 3,938,029 Institutional support 6,485,026 Operation and facilities 4,740,412 Governmental grants 8,698,249 Scholarships 0 Fundraising 0 Depreciation 4,221,298 Amortization 5,013 Auxiliary enterprises Bookstore 2,815,425 Auxiliary 1,001,292 Total Operating Expenses 49,583,054 Operating income (loss) (21,035,853) Nonoperating Revenues (Expenses) State appropriations 12,005,383 Local appropriations 1,244,287 Federal Pell Grant Program 7,082,151 Investment income 174,929 Unrealized gain (loss) on investments 0 Interest on capital assets related debt (1,964,743) Loss on sale assets (71,859) Payments to WCCC 0 Payments received from WCCC Foundation 342,963 Net operating revenues (expenses) 18,813,111 Loss before other revenues (2,222,742) Other Revenues Capital appropriation 5,120,917 Capital grants 169,669 Total other revenues 5,290,586 Change in net assets 3,067,844 Net Assets beginning of year 33,549,052 Net assets end of year 36,616,896
Series 2012A,B, 2008A,B Westmoreland County Community College Statement of Net Assets Assets Current assets Cash 18,591,008 Investments short term 1,100,000 Accounts receivable, net 473,441 Other receivables 1,502,813 Prepaid expenses 504,782 Inventories 707,024 Total current assets 22,879,068 Noncurrent Assets Fixed assets, net 49,916,503 Investments long term 600,000 Investment income receivable 0 Endowments restricted 0 Inter affiliated transactions 0 Restricted cash 42,192,186 Other assets 85,456 Total noncurrent assets 92,794,145 Total assets 115,673,213 Deferred Outflows of Resources Deferred amounts from debt refunding 136,534 Deferred amounts from net pension liability 1,663,180 Total Deferred Outflow Of Resources 1,799,714 Total Assets And Deferred Outflow Of Resources 117,472,927 Liabilities Current liabilities Accounts payable 524,488 Current portion long term debt 3,620,264 Other Liabilities 0 Accrued liabilities 1,614,050 Payroll liabilities 1,362,485 Compensated absences 427,435 Deferred revenues 811,267 Total current liabilities 8,359,989 Noncurrent liabilities Net pension liability 8,337,521 Long term debt, net of current 60,755,393 Total Noncurrent Liabilities 69,092,914 Total liabilities 77,452,903 Deferred Inflow of Resources Deferred amounts from net pension liability 3,406,128 Net Position Invested in capital assets, net of related debt 28,001,671 Unrestricted 8,382,435 Temporarily restricted 232,790 Permanently restricted 0 Total net position 36,616,896 Total Liabilities, Deferred Inflow Of Resources and Net Position 117,475,927
Series 2008A,B, 2004 Existing Debt Gross Outstanding 2004 Series 520,000 2008 Series A 770,000 2012 Series A 13,500,000 2012 Series B 2,845,000 2016 Series A 39,905,000 2016 Series B 4,955,000 Total Debt 62,495,000 Financial Aid Grants PELL 2,233 PHEAA 1,003 Other (TRA/OVR/SEOG) 1,006 Loans Stafford 2,413 Employment College Work Study Program 35 Series 2012A,B Budgetary Procedures The College s annual operating and capital budget is prepared by the Controller in consultation with the President s Cabinet. A preliminary forecast is developed and submitted to the Pennsylvania Department of Education ( PDE ) the September prior to the start of the fiscal year (which begins the following July 1). The budget is further developed over the course of the year, and is then submitted to the Board of Trustees for approval, usually at its June regular meeting. The Board approved budget is then submitted to the PDE after the start of the fiscal year in September. After the close of the fiscal year, the College s financial statements are audited by an independent audit firm who also provide an agreed upon procedures report.