Fall Association Meeting 28 November 2011. SY1011 Reporting and Audit Current state of Finances Budget revision for SY1112 Process for SY1213.
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Presentation on theme: "Fall Association Meeting 28 November 2011. SY1011 Reporting and Audit Current state of Finances Budget revision for SY1112 Process for SY1213."— Presentation transcript:
SY1011 Reporting and Audit Current state of Finances Budget revision for SY1112 Process for SY1213 Budget Finance Committee Goals
Reporting vs. Budget SY1011 Accounts audited and approved with no significant findings SY1011 closed with a surplus of 607,384$ in line with budgeted amount of 548,662$ Benefited from weak rupee so preponed 330 K$ of capital expenses. 513,500$ of the surplus have been included in the SY1112 budget. First reimbursement of 1.2 M$ of our HS construction loan of 6 M$ in April 2011.
Budget ItemSY1011 BudgetSY1011 Actual Tuition & Fees28,231,92028,135,343 Non-Tuition Revenue1,825,6441,964,423 Total Revenue30,057,56430,099,766 Salaries & Benefits(20,437,439)(20,384,149) Non-Salary Operational Expenses(6,466,216)(6,172,920) Total Operating Expenses(26,903,655)(26,557,069) Capital Expenses(2,605,247)(2,935,313) Surplus (Deficit)548,662607,384 Loan Activity*(1,360,000)(1,326,414) Net Surplus (Deficit)(811,338)(719,030) *Includes only finance charges and loan repayment.
June 30, 2011June 30, 2010 Sources of Funds -General19,836,08720,232,817 -Deferred Grants68,72777,703 -Loan Funds4,800,0006,000,000 Total24,704,81426,310,520 Application of Funds -Fixed Assets18,624,99519,027,810 -Investments11,008,03010,507,469 -Current Assets, Loans, Advances7,677,6598,079,248 -Less Current Liabilities and Provisions (12,605,870)(11,304,007) Total24,704,81426,310,520.
Current State of Finances HS Construction Loan: reimbursed 2.4 M$ so far with another installment in April 2012 for 1.2 M$. Our liquidities as of October are good: ~25 M$ (including ~20 M$ of Investments) Construction is moving along - EFC report later Total enrollment this year already close to budget A few concerns have led us to revise the budget and adopt a cautionary approach to spending.
Budget ItemSY1112 BudgetSY1112 Budget_ Revised Tuition & Fees30,038,91029,515,910 Non-Tuition Revenue2,867,3233,113,260 Total Revenue32,906,23332,629,170 Salaries & Benefits(22,641,556)(22,553,896) Non-Salary Operational Expenses (6,851,090)(7,017,988) Total Operating Expenses(29,492,646)(29,571,884) Capital Expenses(3,296,690)(3,041,409) Surplus (Deficit)116,89715,877 Loan Activity*(2,520,000)(2,500,000) Net Surplus (Deficit)(2,403,103)(2,484,123) *Includes $2.4 million loan repayment and $100,000 finance charges.
Adjustments to budget SY1112 Surplus before loan activity (before revisions)116,897 FOREX (rate changed from 44 to 45.5)471,943 Reduction in registration and application fees(523,000) Net impact of several adjustments including higher housing costs, AMC and utilities (196,063) Freeze on capital expenses146,600 Surplus before loan activity (revised)15,877
Budget process for SY1213 From August to November: Faculty budgeting workshops Define working parameters: Forex, inflation, enrollment (max capacity, churn rate) School tuition benchmarking Triennial salary review by SBTF 5 year CIP by EFC Refine possible options: 3rd Language, Technology Review of SY1112 budget to anticipate shortcomings and areas of concerns for SY1213 December 14: Full Board Finance Committee to examine several scenarios January-February: Refining parameters, identifying priorities and holding a PSA parent forum March: Final Budget voted in Board meeting April: Budget presented at the Spring Assembly
Finance Committee Goals Continue to develop 5 year Operational Budget as well as 5 year Capital Investment Plan (Strategic vision) Create Guidelines for awarding large construction projects (Institutional memory) Maintain adequate reserves to cover emergencies and operating costs (Fiscal Integrity) Continue to improve budgeting and monitoring: - Historical analysis as well as Zero Base combined - Areas of scrutiny: Housing market, enrollment turnover and at maximum capacity, staffing, aging campus and continued local inflation