Kern, DeWenter, Viere, Ltd. Summary of Audit Results

Kern, DeWenter, Viere, Ltd.Summary of Audit ResultsBemidji State UniversityMinnesota State University MoorheadNorthwest Technical CollegesSouthwest Minnesota State UniversityRochester Community and Technical College

Summary of Audit ResultsUnqualified Opinions issued for all audits.No Reportable Conditions noted for all audits.No Material Weaknesses Identified.Management Letters Issued for Each Audit, Includes Management Suggestions and Audit Test Results, Communicated at Campus Level No significant comments.

Bemidji State UniversityNet Assets 6/30/04 $44.2M. Invested in Capital Assets $36.2M.Restricted Net Assets $6.2M.Unrestricted Net Assets $1.8M.Cash and Investment Balance $17.9M or 30.4% of Operating Expenses Excluding Depreciation, down from 36.9% at 6/30/03.Change in Net Assets for 2003 was ($2.662M).Operating Revenues Increased 8.5%. Operating Expenses Increased 3.2%, Salaries up 4% to $37.3 Million.State Appropriations decreased 6.7%.Foundation Statements added to campus audit for 2004.

Bemidji State University

ML Data

BSU

Data for Management Letter

June 30, 2003

20012002200320042001200220032004

General:

Revenues$57,716$58,109$56,140$57,716,000$58,109,000$56,140,000

Expenditures$53,526$56,986$58,802$1,123$53,526,000$56,986,000$58,802,000$1,123,000

Restricted Net Assets$2,652,737$9,741$9,535$6,153$2,652,737$9,741,000$9,535,000$6,153,000

Unrestricted Net Assets$7,902,883$3,782$3,724$1,822$7,902,883$3,782,000$3,724,000$1,822,000

Invested in Capital Assets, Net of Related Debt$3,386,872$32,209$33,596$36,218$44,193$3,386,872$32,209,000$33,596,000$36,218,000$44,193,000

Cash and Investment Balance$20,027$21,459$17,876$20,027,000$19,706,000$17,876,000

Revenue Breakdown:

Tuition, Fees, Sales and Services, and Room and Board$18,516,055$19,318$20,905$23,64333.47%35.98%42.11%$18,516,055$19,318,000$20,905,000$23,643,00033470.79%35975.49%42114.36%

Federal Grants$3,647,672$6,073$6,283$5,98010.52%10.81%10.65%$3,647,672$6,073,000$6,283,000$5,980,00010522.21%10812.44%10651.94%

State and Private Grants$1,583,792$5,531$6,003$4,3639.58%10.33%7.77%$1,583,792$5,531,000$6,003,000$4,363,0009583.13%10330.59%7771.64%

Other$2,138,921$700$229$3561.21%0.39%0.63%$2,138,921$700,000$229,000$356,0001212.84%394.09%634.13%

Appropriations$319,283$25,823$24,553$21,63544.74%42.25%38.54%$319,283$25,823,000$24,553,000$21,635,00044741.49%42253.35%38537.58%

Investment Income$514,462$271$136$1630.47%0.23%0.29%$514,462$271,000$136,000$163,000469.54%234.04%290.35%

Other$644,281$644,281

$27,364,466$57,716$58,109$56,140$27,364,466$57,716,000$58,109,000$56,140,000

Expenditure Breakdown:

Salaries$8,564,896$33,270$35,895$37,338$8,564,896$33,270,000$35,895,000$37,338,000

Purchased Services$6,810,812$5,803$7,471$6,745$6,810,812$5,803,000$7,471,000$6,745,000

Supplies$3,831,904$2,519$2,222$3,025$3,831,904$251,900$2,222,000$3,025,000

Repairs and Maintenance$3,608,372$1,519$2,007$2,293$3,608,372$1,519,000$2,007,000$2,293,000

Depreciation$3,187$3,223$3,015$3,187,000$3,223,000$3,015,000

Financial Aid$3,437$3,293$2,546$3,437,000$3,293,000$2,546,000

Other$3,653$2,597$3,567$3,653,000$2,597,000$3,567,000

Interest$684,734$139$278$273$684,734$139,000$278,000$273,000

$23,500,718$53,527$56,986$58,802$23,500,718$51,259,900$56,986,000$58,802,000

GenRev

193186073553170025823271

209056283600322924553136

236435980436335621635163

Tuition, Fees, Sales and Services, and Room and Board

Federal Grants

State and Private Grants

Other

Appropriations

Investment Income

Revenues - 2002 to 2004(in Thousands)

GenExpPie

33270580325191519318734373653139

35895747122222007322332932597278

37338674530252293301525463567273

Salaries

Purchased Services

Supplies

Repairs and Maintenance

Depreciation

Financial Aid

Other

Interest

Expenses - 2002 to 2004(In Thousands)

GenFB

200273220997413782

214593359695353724

178763621861531822

Cash and Investment Balance

Invested in Capital Assets, Net of Related Debt

Restricted Net Assets

Unrestricted Net Assets

Cash and Investment and Net Asset Balances(In Thousands)

GenRev04

GenRev04

23643

5980

4363

356

21635

163

2004

Revenues - 2004 (In Thousands)

GenRev03

20905

6283

6003

229

24553

136

Revenues - 2003 (In Thousands)

Appropriations$24,552,85142%

State and Private Grants$6,003,10911%

GenRev02

19318

6073

5531

700

25823

271

Revenues - 2002

Appropriations$25,822,60645%

GenExp04

GenExp04

37338

6745

3025

2293

3015

2546

3567

273

Expenses - 2004 (In Thousands)

GenExp03

35895

7471

2222

2007

3223

3293

2597

278

Expenses - 2003 (In Thousands)

GenExp02

33270

5803

2519

1519

3187

3437

3653

139

Expenses - 2002

Minnesota State University MoorheadNet Assets 6/30/04 $49.1M.Invested in Capital Assets $41.6M.Restricted Net Assets $6.3M.Unrestricted Net Assets 6/30/04 $1.1M vs (862K) at 6/30/03.Unrestricted Cash and Investment Balance $16.8M or 24.8% of Operating Expenses Excluding Depreciation, unchanged from 6/30/03.Change in Net Assets $7.3M, due to decrease in expenses from $77.6M to $70.9M.Operating Revenues Increased 2.5% After Change in Allowance Method.Operating Expenses Decreased 8.5%, Salaries Decreased 3%.State Appropriation decreased 5.9% to $29.5 MillionFoundation added to Audit Report for 2004.

Minnesota State University Moorhead

PY Rev

31355264

9084374

29791884

6741921

4892758

1159776

2003 Revenues

CY Rev

29508000

6528000

30367000

6458000

4350000

1716000

2004

2004 Revenues

PY Exp

51965352

9233585

3020378

3277357

2968625

4455056

3227936

2003 Expenses

CY Exp

50287000

8799000

3459000

1355000

3249000

665000

3163000

2004

2004 Expenses

Net Assets

314216923548000041658000

331849872440006330000

-67664-8620001140000

125953171851000016780000

2002

2003

2004

Net Assets and Cash & Investments

Data

MSU - Moorhead

Data Page for ML

200220032004

Base Appropriations$31,290,672$31,355,264$29,508,00037.4%

Capital Appropriations$1,302,014$9,084,374$6,528,0008.3%

Tuition, Fees, Sales & Service and Room & Board$26,322,436$29,791,884$30,367,00038.5%

Federal Grants$5,916,543$6,741,921$6,458,0008.2%

State and Private Grants$4,704,056$4,892,758$4,350,0005.5%

Other$1,818,894$1,159,776$1,716,0002.2%

$71,354,615$83,025,977$78,927,000

Salaries$47,146,131$51,965,000$50,287,000

Purchased Services$6,855,083$9,222,000$8,799,000

Supplies$2,667,668$3,020,000$3,459,000

Repairs and Maintenance$3,087,831$3,277,000$1,355,000

Depreciation$2,596,964$3,217,000$3,249,000

Financial Aid$2,476,409$4,455,000$665,000

Other$3,939,077$2,433,000$3,163,000

$68,769,163$77,589,000$70,977,000

Invested in Capital Assets Net of Related Debt$31,421,692$35,480,000$41,658,000

Restricted Net Assets$3,318,498$7,244,000$6,330,000

Unrestricted Net Assets$(67,664)$(862,000)$1,140,000

Unrestricted Cash and Investments$12,595,317$18,510,000$16,780,000

$49,128,000

Northwest Technical CollegesNet Assets 6/30/04 $22.4M.Invested in Capital Assets $17.7M.Restricted Net Assets $568K.Unrestricted Net Assets $4.1M.Cash and Investment Balance $9.2 M or 20.3% of Operating Expenses Excluding Depreciation, down from 21.2% at 6/30/03.Change in Net Assets ($1.2M).Operating Expenses Increased 3.9% to $44 Million.State Appropriations decreased 6.5%.Final Audit due to Reorganization.

Northwest Technical Colleges

ML Data

NWTC


All Data is in Thousands

2001200220032004

General:

Revenues$44,510$47,180$46,301

Expenditures$41,111$45,583$47,476

Restricted Net Assets$2,653$623$681$568

Unrestricted Net Assets$7,903$2,041$4,356$4,117

Invested in Capital Assets, Net of Related Debt$3,387$19,337$18,561$17,738

Cash and Investment Balanceunavailable$7,743$9,164$9,224

Revenue Breakdown:

Tuition, Fees, Sales and Services$18,516$10,722$12,737$13,590

Federal Grants$3,648$8,688$8,931$8,434

State and Private Grants$1,584$2,872$2,703$3,351

Other$2,139$138$143$210

Capital Appropriation$563$1,356$793

Operating Appropriation$319$21,527$21,310$19,923

$26,206$44,510$47,180$46,301


Salaries$8,565$25,520$27,773$29,932

Purchased Services$6,811$4,126$4,465$3,990

Supplies$3,832$2,742$3,063$2,976

Repairs and Maintenance$3,608$346$1,864$1,083

Depreciation$2,069$2,108$2,105

Financial Aid$4,310$4,513$5,001

Other$1,999$1,707$2,203

Interest$685$80$90$186

$23,501$41,192$45,583$47,476

Debt:

Gross Bonded Debt$0

Debt Service Fund Balance$0

Net Bonded Debt$0

Gross Bonded Debt does not include special assessment bonds or revenue bonds

Debt Service Fund Balance is the amount available for repayment of general obligation bonds

Debt Service ScheduleGeneral Obligation Bonds

PrincipalInterest

20043,317,6241,558,0444,875,668

20053,381,6981,605,8824,987,580

20063,990,6911,784,9925,775,683

20074,112,8231,752,3675,865,190

20084,165,7951,767,8165,933,611

20091,940,000618,6352,558,635

20102,045,000502,6052,547,605

20112,155,000379,2352,534,235

20122,285,000248,2522,533,252

20132,045,000119,5482,164,548

2014490,00036,592526,592

2015315,00015,750330,750

2016

2017

2018

30,243,63110,389,71840,633,349

CY GRev

13590

8434

3351

210

793

19923

2004 Revenues$ 46,301(in thousands)

Operating Appropriation$ 19,923 44%

Other$ 210 0%

Tuition, Fees, Sales and Services$ 13,590 29%

Federal Grants$ 8,434 18%

State and Private Grants$ 3,351 7%

Capital Appropriation$ 793 2%

PY GRev

12737

8931

2703

143

1356

21310

2003 Revenues$ 47,180(in thousands)

Operating Appropriation$ 21,310 45%

Other$ 143 0%

State and Private Grants$ 2,703 6%

Federal Grants$ 8,931 19%

Tuition, Fees, Sales and Services$ 12,737 27%

Capital Appropriation$ 1,356 3%

CY GExp

29932

3990

2976

1083

2105

5001

2203

186

2004 Expenses$ 47,476(in thousands)

Salaries$ 29,932 64%

Other$ 2,203 5%

Repairs and Maintenance$ 1,083 2%

Depreciation$ 2,105 4%

Financial Aid$ 5,001 11%

Supplies$ 2,976 6%

Purchased Services$ 3,990 8%

Interest$ 186 0%

PY GExp

27773

4465

3063

1864

2108

4513

1707

90

2003 Expenses$ 45,583(in thousands)

Salaries$ 27,773 60%

Other$ 1,707 4%

Repairs and Maintenance$ 1,864 4%

Depreciation$ 2,108 5%

Financial Aid$ 4,513 10%

Supplies$ 3,063 7%

Purchased Services$ 4,465 10%

Interest$ 90 0%

GenFB

6232041193377743

6814356185619164

5684117177389224





Cash and Investment and Net Asset Balances(in thousands)

Southwest Minnesota State UniversityNet Assets 6/30/04 $37.9M.Invested in Capital Assets $26.1M.Restricted Net Assets $11.0M, including fire insurance proceeds.Unrestricted Net Assets $803K.Unrestricted Cash and Investment Balance $17.9M or 43.7% of 2004 Operating Expenses.Change in Net Assets $4.8M.Operating Revenues Increased 13.7%.Operating Expenses Decreased 1.6%.

Southwest Minnesota State University

ML Data

SWSU


June 30, 2003

2001200220032004

General:

Revenues$39,930,098$49,740,000$44,598,000

Expenditures$41,488,000$40,871,000$8,252,000$3,727,000

Restricted Net Assets$14,513,000$11,045,000

Unrestricted Net Assets$982,000$803,000

Invested in Capital Assets, Net of Related Debt$18,707,000$26,081,000$34,202,000$37,929,000

Unrestricted Cash and Investment Balance$17,415,000$17,956,000

Revenue Breakdown:

Tuition, Fees, Sales and Services, and Room and Board$13,802,899$13,290,000$16,175,00036.27%

Federal Grants$2,608,558$2,752,000$2,997,0006.72%

State and Private Grants$3,948,899$3,473,000$3,077,0006.90%

Other$634,544$591,000$315,0000.71%

Operating Appropriations$18,152,013$16,713,000$16,136,00036.18%

Capital Appropriations$365,601$2,772,000$2,867,0006.43%

Investment Income$232,371$232,000$183,0000.41%

Fire Insurance Proceeds$185,2139,917,0002,848,0006.39%

$0$39,930,098$49,740,000$44,598,000


Salaries$24,098,742$26,316,000$26,071,000($245,000)-0.94%

Purchased Services$5,433,083$5,409,000$5,852,000$443,0007.57%

Repairs and Maintenance$796,707$2,304,000$1,249,000($1,055,000)-84.47%

Supplies$1,845,360$1,911,000$2,159,000$248,00011.49%

Depreciation$2,137,989$2,146,000$2,171,000$25,0001.15%

Financial Aid$2,102,413$1,849,000$2,023,000$174,0008.60%

Other$2,879,245$1,283,000$1,009,000($274,000)-27.16%

Interest$154,568$270,000$337,000$67,00019.88%

$0$39,448,107$41,488,000$40,871,000($617,000)-1.51%

GenRev

138028992608558394889963454418152013232371

132892482752425347262559129916713444232016

162148012996891307679131522316135633182839

Tuition, Fees, Sales and Services, and Room and Board

Federal Grants


Other

Operating Appropriations

Investment Income

Revenues - 2002-2004

GenExpPie

2409874254330831845360796707213798921024132879245154568

26315946540898419110402304104214577618485721247630270414

26071252585211421594501248862217056320228511047858337285

Salaries

Purchased Services

#REF!


Depreciation

Financial Aid

Other

Interest

Expenses - 2002-2004

GenFB

145130009820001870700017415000

110450008030002608100017956000




Unrestricted Cash and Investment Balance

Cash and Investment and Net Asset Balances

GenRev04

16175000

2997000

3077000

315000

16136000

2867000

183000

2848000

Revenues - 2004

Operating Appropriations$16,135,63335%

Other$315,2231%

State and Private Grants$3,076,7917%

Federal Grants$2,996,8917%

Tuition, Fees, Sales and Services, and Room and Board$16,174,64635%

Fire Insurance Proceeds $2,848,0206%

Capital Appropriations$4,035,2999%

Investment Income$182,8390%

GenRev03

13290000

2752000

3473000

591000

16713000

2772000

232000

9917000

Revenues - 2003

Operating Appropriations $16,713,444 33%

GenExp04

26071252

5852114

1248862

2159450

2170563

2022851

1007703

337285

Expenses - 2004

GenExp03

26315946

5408984

2304104

1911040

2145776

1848572

1247630

270414

Expenses - 2003

Rochester Community and Technical CollegeNet Assets 6/30/04 $54.8M.Invested in Capital Assets $47.5M.Restricted Net Assets $520K.Unrestricted Net Assets $6.7M.Cash and Investment Balance $10.0M or 29.2% of Operating Expenses Excluding Depreciation.Change in Net Assets $3.8M.Prior Period Adjustment $4.00 M for reallocation of capital appropriations. Operating Revenues Increased 8.8%.Operating Expenses Increased 6.7%.

Rochester Community and Technical College

ML Data

RCTC


June 30, 2003

2003, Restated2004

General:

Revenues$37,997,000$36,948,000

Expenditures$34,783,000$37,139,000($191,000)

Restricted Net Assets$506,000$520,000

Unrestricted Net Assets$5,115,000$6,734,000

Invested in Capital Assets, Net of Related Debt$49,343,000$47,519,000$54,773,000

Cash and Equivalents Balance$8,856,000$9,976,000

Revenue Breakdown:

Tuition, Fees, Sales and Services$13,860,000$15,672,00036.48%

Federal Grants$4,577,000$4,816,00012.05%

State and Private Grants$1,537,000$1,433,0004.05%

Other$1,561,000$1,165,0004.11%

Operating Appropriations$14,217,000$13,368,00037.42%

Capital Appropriations$1,293,000$409,000

Investment Income$79,000$85,0000.21%

Donated Assets873,0000.0

$37,997,000$36,948,000


Salaries$23,783,000$25,273,000

Purchased Services$3,134,000$2,606,000

Supplies$1,609,000$1,981,000

Repairs and Maintenance$50,000$397,000

Depreciation$3,002,000$2,942,000

Financial Aid$1,914,000$2,058,000

Other$1,148,000$1,726,000

Interest$143,000$156,000

$34,783,000$37,139,000

GenRev

138598164576513151970115612031421746878180

156720004816000143300011650001336800085000

Tuition, Fees, Sales and Services

Federal Grants


Other

Operating Appropriations

Investment Income

Revenues - 2004 and 2003

GenExpPie

237825703133998160857749994300197119142821130746142750

2527300026060001981000397000294200020580001726000156000

Salaries

Purchased Services

Supplies


Depreciation

Financial Aid

Other

Interest

Expenses - 2003 and 2002

Chart1

5055701021629494485515676082

5200006734000475190009976000






GenFB

5060005115000493430008856000

5200006734000475190009976000




Cash and Equivalents Balance


GenRev04

15672000

4816000

1433000

1165000

13368000

409000

85000

2004 Revenues

GenRev03

13860000

4577000

1537000

1561000

14217000

1293000

79000

873000

2003 Revenues

Operating Appropriations $14,217,000 38%

Tuition, Fees, Sales and Services$13,860,000 37%

Other $1,561,000 4%

State and Private Grants $1,537,000 4%

Federal Grants $4,577,000 12%

Investment Income $79,000 0%

Capital Appropriations $1,293,000 3%

Donated Assets $873,0002%

GenExp04

25273000

2606000

1981000

397000

2942000

2058000

1726000

156000

2004 Expenses

GenExp03

23783000

3134000

1609000

50000

3002000

1914000

1148000

143000

2003 Expenses

Fergus Falls Community College/Northland Community CollegeBalance Sheet procedures performed for each campusNo material adjustments noted as a result of our proceduresNo audit assurance given, agreed upon procedures designed for future audit assurances

Kern, DeWenter, Viere, Ltd. Summary of Audit Results

Documents

Transcript of Kern, DeWenter, Viere, Ltd. Summary of Audit Results