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To: Board of Regents Finance and Business Committee Date: January 28, 2011
From: Alice B. Johnson Vice President for Finance and Business Affairs
Subject: Interim Financial Statements-December 2010
Reason for Consideration: Informational Item Enclosures: Yes
Interim Financial Statements are included as of December 2010. At December, six months of operations have occurred. A brief summary explanation of certain current assets and plant items follows:
Cash and cash equivalents total $23.5 million. This amount includes $15.1 million that is restricted for Land Grant and Action Agenda programs and $3.7 million that is restricted for plant purposes. The remainder is current operating cash that will be disbursed for current operations during the year.
Accounts receivable totaling $20.4 million includes the receivables from students, grants and loans. This amount includes $14.2 million in student accounts receivables, and $5.4 million that is grants and other accounts receivables.
Current liabilities of $5.8 million consist of accounts payable and accrued payroll liabilities. Accrued compensated absences total $1.7 million and Deferred Revenue totals $1.7 million.
As of December 2010, net assets reflect a $15.8 million increase primarily due to revenues for tuition and fees and federal grants and contracts.
The Statement of Cash Flows reflects a net increase of $556 thousand at December 2010. Operations consumed $16.6 million of cash through December 2010.
| Initiator: | Katherine Napier
Associate Vice President for Business Operations |
|---|
| Board Action Date: | January 28, 2011 |
| Effective Date: | January 28, 2011 |
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