B3
Agenda Item Background
| To: | Board of Regents
Finance Administration | Date:
April 25, 2014 |
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| From: | Ms. Anita Lockridge, Vice President for Finance Administration | |
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| Subject: | Unaudited Comparative Financial Statements for the five months ending November 30, 2013 | |
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| Reason for Consideration: | Informational Item | Enclosures: Yes |
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The comparative Interim Statement of Revenues, Expenses and Changes in Net Position (SRECNP) are included as of February 28, 2014 and March 31, 2013. Finance is using March 31, 2013 as comparison due to lack of documentation from February 28, 2013.
The Statement of Net Position (SNP) is as of February 28, 2014 and June 30, 2013. The SNP is a summary of the financial balances at a given point in time, whereas the SRECNP shows the university's revenues and expenses during a particular period of time. A brief summary explanation of certain current assets and plant items follows:
Cash and cash equivalents total $30.1 million and $21.1 million for February 2014 and June 2013, respectively. The amount for February 2014 includes $18.7 million that is restricted for Land Grant and Action Agenda programs and $1.3 million that is restricted for plant purposes. The remainder is current operating cash that will be available for current operations during the year.
Accounts receivable totaling $12.8 million and $10.9 million for February 2014 and June 2013, respectively, includes the receivables from students, grants and loans. As of February 2014, this amount includes $8.4 million in student accounts receivables, and $4.1 million that is grants and other accounts receivables. Student accounts receivable has increased $2.8 million since June 30, 2013, from $5.6 million to $8.4 million. Grants receivable has decreased $1.2 million due to recovered receivables since June 2013. The KSU Student Balance Required Payment Schedule was implemented in November 2013 to address the issue of