Finance and Business Committee
April 26, 2013
10:00 a.m.
Board Room – Academic Services Building
Frankfort, Kentucky
Agenda Item Background
B4
| To: | Board of Regents
Finance and Business Committee | Date:
April 26, 2013 |
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| From: | Ms. Anita Lockridge, Vice President for
Finance Administration | |
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| Subject: | Preliminary Unaudited Financial
Statements for nine months – Ending
March 31, 2013 | |
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| Reason for
Consideration: | Informational | Enclosures: Yes |
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The comparative Interim Financial Statements are included as of March 31, 2013 and March 31, 2012. A brief summary explanation of certain current assets and plant items follows:
Cash and cash equivalents total $26.3 million and $31.9 million for March 2013 and 2012 respectively. This amount for March 31, 2013 includes $17.8 million that is restricted for Land Grant and Action Agenda programs and $2.7 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 $15.1 million and $15.3 million for March 2013 and 2012, respectively, includes the receivables from students, grants and loans. As of March 31, 2013, this amount includes $8 million in student accounts receivables, and $7.1 million that is grants and other accounts receivables. There is a decrease in accounts receivable of $256,741 comparing 2013 to 2012.
Current liabilities for March 31, 2013 and March 31, 2012 amounts to $6.1 million and $7.4 million consisting of accounts payable and accrued payroll liabilities. Accrued compensated absences total $1.7 million and Deferred Revenue totals $1.4 million as of March 31, 2013. There is a variance of $1.3 million in current liabilities primarily due to processing of payroll related deductions.