B7
Finance and Business Committee
July 26, 2013
10:00 a.m.
Board Room – Academic Services Building
Frankfort, Kentucky
Agenda Item Background
| To: | Board of Regents
Finance and Business | Date:
July 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 11 months ending May 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 May 31, 2013 and June 30, 2012. A brief summary explanation of certain current assets and plant items follows:
Cash and cash equivalents total $26.1 million and $23.8 million for May 2013 and June 2012 respectively. This amount for May 31, 2013 includes $18.5 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 $14.9 million and $13.9 million for May 2013 and June 2012, respectively, includes the receivables from students, grants and loans. As of May 31, 2013, this amount includes $6.3 million in student accounts receivables, and $8.6 million that is grants and other accounts receivables.
Current liabilities for May 31, 2013 and June 30, 2012 amounts to $5.5 million and $8.8 million respectively consisting of accounts payable and accrued payroll liabilities. Accrued compensated absences total $1.9 million and Deferred Revenue totals $1.3 million as of May 31, 2013.
As of May 2013, net assets reflect a $7.2 million increase primarily due to an increase in a gain in market value of endowment investment income, increase in net capital assets, decrease in bonds and capital lease obligations, a decrease in accounts payable and accrued liabilities.