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Agenda Item Background
To:Board of Regents FinanceDate: January 22, 2015
From:
Subject:Unaudited Comparative Financial Statements for the five months ending December 31, 2014
Reason for Consideration:Informational ItemEnclosures: Yes
Background:
The comparative Statement of Net Position (SNP), Statement of Revenues, Expenses and Changes in Net Position (SRECNP) as well as the Statement of Cash Flows (SCF) as of December 31, 2014 and 2013, respectively. The following are specific key points related to the December 2014 and 2013 financial statements.
Statement of Net Position
Accounts Payable and Accrued Liabilities went up by $524K which is due in large part to a change in the timing of financial statement preparation where now an accrual entry is required for payroll whereas in the past no payroll accrual entry was necessary. The financial statements were prepared after payroll was posted.
Statement of Revenues, Expenses and Changes in Net Position
Revenues
Student Tuition and Fees totaled $13.6M of which $6M is for Spring Assessment.
Dining Revenue was $1.95M of which $735K is for Spring Assessment.
Residence Halls Revenue was $2.1M of which $819K is for Spring Assessment.
Operating Revenue went up by $322K over the prior year which is due primarily to an increase of $263K in Indirect Cost Recovery and an increase of $57K in Other Tuition and Fee related items.
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