AGENDA ITEM: VI II C (i) Florida Polytechnic University ... · Florida Polytechnic University....
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AGENDA ITEM: VIII C (i) Florida Polytechnic University Board of Trustees August 26, 2013 Subject: Monthly Financial Reports Proposed Board Action No action required – Information only Background Information Staff is providing the monthly financial reports as of June 30, 2013 and July 31, 2013. Supporting Documentation: Monthly statements for June 2013 and July 2013 Prepared by: Josh Bresler and John Gray Agenda Item VIII C (i) - Monthly Budget Reports
Transcript of AGENDA ITEM: VI II C (i) Florida Polytechnic University ... · Florida Polytechnic University....
AGENDA ITEM: VIII C (i)
Florida Polytechnic University
Board of Trustees
August 26, 2013
Subject: Monthly Financial Reports
Proposed Board Action
No action required – Information only
Background Information
Staff is providing the monthly financial reports as of June 30, 2013 and July 31, 2013.
Supporting Documentation: Monthly statements for June 2013 and July 2013
Prepared by: Josh Bresler and John Gray
Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic University
Monthly Reporting Package - Financial Results
At June 30, 2013
Page 1 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityMonthly Financial Reporting PackageJune 30, 2013
Index
Page
3 Notes and Highlights of Monthly Activity
4 Comparison of End of Year Actual vs. Budget - All Departments Summarized by Account
5 Statement of Net Assets
6 Statement of Revenues, Expenses, and Changes in Net Assets
7 Statement of Cash Flows
Page 2 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityMonthly Financial Reporting PackageJune 30, 2013
Notes and Highlights
1 Total expenditures exceeded budget by $242,403 due to the initial activities of the University and unknown expenditure requirements. Best estimates were projected.
2 During FY2012-2014, State budget amendments #7 related to Student Financial Assistance had distributed after the initial allocation. Florida Polytechnic will hold this balance to be used for future Student Financial Assistance.
3 Monthly budget format is still being determined for the requested board financial reporting.
Page 3 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic University Actual Budget VarianceBudget vs. Actual Comparison 7/1/2012 to 7/1/2012 to Good /Total All Departments 6/30/2013 6/30/2013 (Bad)
Florida Polytechnic University Actual Budget VarianceBudget vs. Actual Comparison 7/1/2012 to 7/1/2012 to Good /Total All Departments 6/30/2013 6/30/2013 (Bad)
RevenuesState Appropriations (E&G) 22,461,504 22,411,523 49,981 State Appropriations - Plant Operations MaintStudent Tuition / FeesInvestment Income 775,391 709,677 65,714 Other Non-Operating Revenues 115,076 115,076 -
23,351,971 23,236,276 115,695 Expenses
Compensation and Employee Benefits (1,000,646) (1,127,319) 126,673 Services and Supplies (1,684,821) (1,680,836) (3,985) Utilities & Communications (72,480) (76,500) 4,020
(2,757,947) (2,884,655) 126,708
Annual Excess Revenues Over Expenses 20,594,024 20,351,621 242,403
Page 4 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityStatement of Net Assets
(Unaudited)
May 31, 2013 Balance
June 30, 2013 Balance
OPERATING REVENUES
Current Assets: Cash and Investments 18,816,833$ 26,104,812$ Accounts Receivable, Net - Due From State 12,610,328 11,941,323
Total Current Assets 31,427,161$ 38,046,135$
Noncurrent Assets: Restricted Cash and Cash Equivalents 35,886,843 31,441,735 Nondepreciable Capital Assets 55,808,113 58,101,427
Total Noncurrent Assets 91,694,957 89,543,162
TOTAL ASSETS 123,122,118$ 127,589,297$
LIABILITIES
Current Liabilities: Accounts Payable 3,007,255 181,953 Deposits Held in Custody 2,362 5,681,579 Due To University of Florida -
Total Current Liabilities 3,009,617 5,863,532
TOTAL LIABILITIES 3,009,617 5,863,532
NET ASSETS TOTAL NET ASSETS 120,112,500 121,725,764
TOTAL LIABILITIES AND NET ASSETS 123,122,118$ 127,589,296$
Page 5 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityStatement of Revenues, Expenses, and Changes in
Net Assets
(Unaudited) June
Activity YTD Activity
OPERATING REVENUESStudent Tuition and Fees - 4,377,759$ Sales and Services of Auxiliary Enterprises - 671,821
Total Operating Revenues - 5,049,580
OPERATING EXPENSESCompensation and Employee Benefits 235,975 1,000,646 Services and Supplies 111,157 1,684,821 Utilities and Communications 3,543 72,480
Total Operating Expenses 350,676 2,757,947
Net Operating Income / (Loss) (350,676) 2,291,633
NONOPERATING REVENUES / (EXPENSES) Noncapital State Appropriations ("E&G") 1,910,512 27,256,972 Investment Income 53,429 775,391 Other Nonoperating Revenues / (Expenses) - 115,076
Net Nonoperating Revenues / (Expenses) 1,963,941 28,147,439
Gains, or Losses 1,613,265 30,439,072
Capital State Appropriations - 79,054,097 Capital Grants, Contracts, Donations, and Student Fee - 12,232,595
Total Other Revenues, Expenses, Gains, or Losses - 91,286,692
Increase (Decrease) in Net Assets 1,613,265 121,725,764
Net Assets, Beginning of Period 120,112,500 - Adjustment to Beginning Net Assets - Adjusted Net Assets, Beginning of Period, as Restated 120,112,500 -
Net Assets, End of Period 121,725,764$ 121,725,764$
Page 6 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityStatement of Cash Flows
(Unaudited)
Fiscal YTD June 30, 2013
Cash Flows From Operating ActivitiesTuition and Fees, Net 4,377,759$ Sales and Services of Auxiliary Enterprises 671,821 Payment to Employees (1,000,646) Payments to Suppliers for Goods and Services (1,575,347) Net Cash Provided / (Used) by Operating Activities 2,473,586
Cash Flows From Noncapital Financing ActivitiesState Appropriations 27,256,972 Net Change in Funds Held for Others 5,681,579 Other Receipts 115,076 Net Cash Provided / (Used) by Noncapital Financing Activities 33,053,627
Cash Flows From Capital and Related Financing ActivitiesCapital Appropriations 67,112,774 Capital Grants, Contracts, Donations, and Student Fees 10,500,000 Other Receipts for Capital Projects 1,732,595 Purchase or Construction of Capital Assets (58,101,427) Net Cash Provided / (Used) by Capital and Related Financing Activ 21,243,943
Cash Flows From Investing ActivitiesSale of Investments 26,802,569 Purchase or Sale of Investments, Net (78,855,050) Investment Income 775,391 Net Cash Provided / (Used) by Investing Activities (51,277,091)
Net Increase / (Decrease) in Cash and Cash Equivalents 5,494,065 Cash and Cash Equivalents, Beginning of Period -
Cash and Cash Equivalents, End of Period 5,494,065$
Cash and Cash Equivalents, End of Period 5,494,065 Investments 20,610,747
Cash and Investments 26,104,812$
Page 7 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic University
Monthly Reporting Package - Financial Results
At July 31, 2013
Page 8 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityMonthly Financial Reporting PackageJuly 31, 2013
Index
Page
10 Notes and Highlights of Monthly Activity
11-12 Comparison of YTD Actual vs. Budget - All DepartmentsSummarized by Account
13 Statement of Net Position
14 Statement of Revenues, Expenses, and Changes in Net Position
15 Statement of Cash Flows
Page 9 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityMonthly Financial Reporting PackageJuly 31, 2013
Notes and Highlights
1 Actual expenditures were under the budget for July by $610,000 primarily due to very conservative budgeting in the early months of the new fiscal year. Additionally, certain personnel hires were deferred and some eliminated based on further refinement of the department and staff organization of the University. E&G funds were received on time and as expected, and PECO funds continued to come as requested for ongoing construction.
2 Monthly budget format is still being determined for the requested board financial reporting.
Page 10 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic University Actual Budget Variance
Budget vs Actual Comparison 7/1/2013 to 7/1/2012 to Good /
Total All Departments 7/31/2013 7/31/2013 (Bad) Notes
STATE APPROPRIATIONS - E&G 2,386,630 2,277,158 109,472 INTEREST ON INVESTMENTS 26,420 40,000 (13,580) Early monthly income budgeted too high; will reverse later in year - total should be accurate
EXEMPT EMPLOYEE EARNINGS 96,555 158,788 62,233 Certain employee hires deferred several monthsEXEMPT EMPLOYEE BENEFITS 23,053 42,255 19,202 Certain employee hires deferred several monthsNON-EXEMPT EMPLOYEE EARNINGS 17,542 44,407 26,865 Certain employee hires deferred several monthsNON-EXEMPT EMPLOYEE BENEFITS 7,784 18,936 11,152 Certain employee hires deferred several monthsOTHER PERSONAL SERVICES EARNINGS - 22,028 22,028 UF accounting process being adjusted to classify OPS employees here versus all in non-OTHER PERSONAL SERVICES BENEFITS - 658 658 See preceding comment
ACCOUNTING SERVICES 10,061 - (10,061) Monthly retainer invoice for PR firm will be moved to marketing account and charged properlyLEGAL SERVICES - 25,000 25,000 Outside firm invoices received after month end closingCONSULTING FIRMS 61,427 78,750 17,323 Business plan consultant invoice received after month end closingENGINEERING SERVICES 750 8,700 7,950 DATA PROCESSING SERVICES 30 - (30)ENTERTAINMENT SERVICES - 100 100BANK CHARGES & CUSTODIAL FEES 361 837 476ADVERTISING 2,859 50,650 47,791 Billboard and other expenses deferred for several monthsMEETING PLANNING SERVICES - 10,550 10,550 JANITORIAL SERVICES - 300 300OTHER PAYMENTS - NON EMPLOYEES 26,777 76,123 49,346 Budgeted branding exercise deferred and certain IT contract expenses budgeted too earlyMOVING CONTRACTOR - 45,000 45,000 Estimated movement of USFP assets; deferredAUDIO/VISUAL EQUIPMENT 964 800 (164)OFFICE SUPPLIES - GENERAL 1,101 6,969 5,868 BUILDING MAINT & SUPPLIES - 60,000 60,000 Budgeted stocking of building supplies too earlyCOMPUTER SUPPLIES - 4,125 4,125 COMPUTER SOFTWARE 3,077 - (3,077) COMPUTER SERVICES - 38,100 38,100 Budgeted start up of IT support services too earlyMOTOR FUELS AND LUBRICANTS 172 300 128MISC OTHER SUPPLIES 742 50 (692)REPAIRS & MAINT - BUILDINGS 2,544 - (2,544) MAINTENANCE CONTRACTS - EQUIP 216 - (216)REPAIRS & MAINT - VEHICLES 1,535 1,000 (535)IN STATE TRAVEL 3,200 10,500 7,300 OUT OF STATE TRAVEL 3,901 5,800 1,899
Page 11 of 15
Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic University Actual Budget Variance
Budget vs Actual Comparison 7/1/2013 to 7/1/2012 to Good /
Total All Departments 7/31/2013 7/31/2013 (Bad) Notes
MEMBERSHIPS & DUES 358 6,000 5,642 SUBSCRIPTIONS 126 10,160 10,034 PROMOTIONS 75 - (75)RENTALS - SPACE 12,399 - (12,399) Certain small lease payments paid at one timeRENTALS - EQUIPMENT - 6,550 6,550 OFFSET PRINTING - 5,350 5,350 PRINTING REPRODUCTION - OTHER 809 10,955 10,146 Estimated large admission and HR handbook printing too earlyPOSTAGE 62 6,860 6,798 COURIER SERVICE - 310 310FOOD & BEVERAGES - 100 100ENTERTAINMENT EXPENSE - 500 500MISCELLANEOUS OPERATING EXP - 3,700 3,700
ELECTRICITY 2,517 2,517 TELEPHONE CONTRACT 3,552 20,743 17,191 CELLULAR 3,585 3,585
Total All Costs 282,032 887,983 605,951
Page 12 of 15
Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityStatement of Net Position
(Unaudited)
June 30, 2013 Balance
July 31, 2013 Balance
OPERATING REVENUESCurrent Assets:
Cash and Investments 26,104,812$ 10,363,876$ Accounts Receivable, Net - - Due From State 11,941,323 11,641,323
Total Current Assets 38,046,135 22,005,199
Noncurrent Assets: Restricted Cash and Cash Equivalents 31,441,735 46,612,386 Nondepreciable Capital Assets 58,101,427 64,704,964
Total Noncurrent Assets 89,543,162 111,317,350
TOTAL ASSETS 127,589,297 133,322,549
LIABILITIES Current Liabilities:
Accounts Payable 181,953 3,784,187 Donor Commitments Unspent 5,681,579 5,681,579
Total Current Liabilities 5,863,532 9,465,766
TOTAL LIABILITIES 5,863,532 9,465,766
NET ASSETS TOTAL NET ASSETS 121,725,765 123,856,783
TOTAL LIABILITIES AND NET ASSETS 127,589,297$ 133,322,549$
Page 13 of 15Agenda Item VIII C (i) - Monthly Budget Reports
JulyActivity
YTD Activity
OPERATING REVENUESStudent Tuition and Fees -$ -$ Sales and Services of Auxiliary Enterprises - - Total Operating Revenues - -
OPERATING EXPENSESCompensation and Employee Benefits 144,934 144,934 Services and Supplies 133,546 133,546 Utilities and Communications 3,552 3,552
Total Operating Expenses 282,032 282,032
Net Operating Income / (Loss) (282,032) (282,032)
NONOPERATING REVENUES / (EXPENSES) Noncapital State Appropriations ("E&G") 2,386,630 2,386,630 Investment Income 26,420 26,420 Other Nonoperating Revenues / (Expenses) - -
Net Nonoperating Revenues / (Expenses) 2,413,050 2,413,050
Gains, or Losses 2,131,018 2,131,018
Capital State Appropriations - - Capital Grants, Contracts, Donations, and Student Fees
- -
Increase (Decrease) in Net Assets 2,131,018 2,131,018
Net Assets, Beginning of Period 121,725,765 121,725,765 Adjustment to Beginning Net Assets - - Adjusted Net Assets, Beginning of Period, as Restated
121,725,765 121,725,765
Net Assets, End of Period 123,856,783$ 123,856,783$
Florida Polytechnic UniversityStatement of Revenues, Expenses, and Changes in Net Position
(Unaudited)
Page 14 of 15Agenda Item VIII C (i) - Monthly Budget Reports
Florida Polytechnic UniversityStatement of Cash Flows
(Unaudited)
Month of July 2013
Cash Flows From Operating ActivitiesTuition and Fees, Net -$ Sales and Services of Auxiliary Enterprises - Payment to Employees (144,934) Payments to Suppliers for Goods and Services (127,842) Net Cash Provided / (Used) by Operating Activities (272,776)
Cash Flows From Noncapital Financing ActivitiesState Appropriations 2,386,630 Other Receipts - Other Expenses - Net Cash Provided / (Used) by Noncapital Financing Activities 2,386,630
Cash Flows From Capital and Related Financing ActivitiesCapital Appropriations 300,000 Capital Grants, Contracts, Donations, and Student Fees - Transfer of E&G Carryforward Funds to Construction Account (17,890,156) Purchase or Construction of Capital Assets (291,054) Net Cash Provided / (Used) by Capital and Related Financing Activities (17,881,210)
Cash Flows From Investing ActivitiesSale of Investments 3,160,213 Purchase or Sale of Investments, Net (2,964,211) Investment Income 26,420 Net Cash Provided / (Used) by Investing Activities 222,422
Net Increase / (Decrease) in Cash and Cash Equivalents (15,544,934) Cash and Cash Equivalents, Beginning of Period (25,947,670)
Cash and Cash Equivalents, End of Period (41,492,604)$
Cash and Cash Equivalents, End of Period (41,492,604) Investments 51,856,480
Cash and Investments 10,363,876$
Page 15 of 15Agenda Item VIII C (i) - Monthly Budget Reports
