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VSE Executive Summary


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VSE Executive Summary


Charitable gifts to colleges and universities in the United States rose 7.6 percent in 2015, to $40.3 billion, according to the results of the annual Voluntary Support of Education survey conducted by the Council for Aid to Education. The VSE began collecting data in 1957 and is considered the gold standard of information for public and private four-year institutions nationwide, with 85-90 percent of all charitable giving to higher education reported.

The following summary highlights the Monroe Community College Foundation’s ranking when compared with SUNY community colleges, as well as all public associate degree-granting institutions in the country. 

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Audited Financial Statements


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Audited Financial Statements


STATEMENT OF FINANCIAL POSITION

ASSETS

UNRESTRICTED

TEMPORARILY RESTRICTED

PERMANENTLY RESTRICTED

TOTAL 2015

TOTAL 2014


Cash and cash equivalent

$500,483

$109,179

$183,498

$793,160

$692,908

Funds held for deferred giving

107,810

-

-

107,810

111,700

Investments

459,485

2,436,894

8,950,650

11,847,029

12,844,507

Pledge receivable, net of allowance for uncollectible pledges of $170,000 and $146,000, respectively.

291,564

4,011,430

232,929

4,535,923

3,082,749

Accrued interest on pledges receivable

148

45,776

3,293

49,217

334,636

Prepaid expenses and other assets

38,353

-

-

38,353

35,172

Fixed assets - net

26,131

-

-

26,131

19,371

Real estate held for sale

-

85,000

-

85,000

85,000


TOTAL ASSETS

$1,423,974

$6,688,279

$9,370,370

$17,482,623

$17,206,043


 

LIABILITIES AND NET ASSETS


LIABILITIES

Due to college

$604,947

$ -

$ -

$604,947

$576,159

Other accounts payable

52,530

-

-

52,530

53,873

Deferred giving obligations

32,107

-

-

32,107

31,309

Note payable - Field House

-

-

-

-

285,285

Deferred revenue

3,500

-

-

3,500

16,225

TOTAL LIABILITIES

693,084

-

-

693,084

962,851

 

NET ASSETS

Unrestricted

730,890

-

-

730,890

476,595

Temporarily restricted

-

6,688,279

-

6,688,279

6,823,933

Permanent restricted

-

-

9,370,370

9,370,370

8,942,664

TOTAL NET ASSETS

730,890

6,688,279

9,370,370

16,789,539

16,243,192


TOTAL LIABILITIES AND NET ASSETS

$1,423,974

$6,688,279

$9,370,370

$17,482,623

$17,206,043


 

STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED AUGUST 31, 2015

PUBLIC SUPPORT AND REVENUE

UNRESTRICTED

TEMPORARILY RESTRICTED

PREMANENTLY RESTRICTED

TOTAL 2015

TOTAL 2016


PUBLIC SUPPPORT

Gifts and donations

$513,902

$3,558,466

$405,611

$4,477,979

$2,529,151

Gifts in kind

365,256

13,860

-

379,116

216,343

Discounts on pledges

33,295

165,388

26,470

225,153

309,065

TOTAL PUBLIC SUPPORT

912,453

3,737,714

432,081

5,082,248

3,054,559

 

REVENUE

Interest and dividends

283

227,304

-

227,587

242,313

Unrealized and realized gain on investments

(673,618)

-

-

(673,618)

1,575,055

Contributed services

185,500

-

-

185,500

179,906

Special events

690,063

-

-

690,063

481,417

Management fee

279,263

-

-

279,263

401,081

TOTAL REVENUE

 481,491

227,304

-

708,795

2,879,772

Net assests released from restrictions

3,821,409

(3,821,409)

-

-

-

Total public support and revenue

5,215,353

143,609

432,081

5,791,043

5,934,331

 

EXPENSES

Payroll and fringe benefits

1,179,576

-

-

1,179,576

1,096,840

Management and general

622,478

279,263

-

901,741

773,267

Special events

189,648

-

-

189,648

197,936

Uncollectible accounts

83,685

-

-

83,685

49,153

Public relations

82,786

-

-

82,786

73,995

Professional services

18,589

-

-

18,589

20,680

Depreciation

8,731

-

-

8,731

5,633

TOTAL EXPENSES

2,185,493

279,263

-

2,464,756

2,217,504

 

PUBLIC SUPPORT AND REVENUE OVER EXPENSE

3,029,860

(135,654)

432,081

3,326,287

3,716,827

 

OTHER ITEMS

Support to college

(2,766,080)

-

-

(2,766,080)

(2,393,310)

Transfer of donated property

(13,860)

-

-

(13,860)

(78,121)

Impairment loss on real estate

-

-

-

-

(75,000)

Restriction reclass

4,375

-

(4,375)

-

-

Total other items

(2,775,565)

-

(4,375)

(2,779,940)

(2,546,431)

 

CHANGE IN NET ASSETS

254,295

(135,654)

427,706

546,347

1,147,535

 

NET ASSETS - BEGINNING

476,595

6,823,933

8,942,664

16,243,192

15,095,657

NET ASSETS - ENDING

$730,890

$6,688,279

$9,370,370

$16,789,539

$16,243,192

 

STATEMENT OF CASH FLOW

FOR THE YEARS ENDED AUGUST 31, 2015 AND 2014

 

2015

2014


CASH FLOWS FROM OPERATING ACTIVITIES

Change in net assets

$546,347

$1,147,535

Adjustments

Uncollectible accounts

83,685

49,153

Depreciation

8,731

5,633

Unrealized and realized gain on investments

673,618

(1,575,055)

Impairment loss on real estate

-

75,000

Change in assets and liabilities

Pledges receivable

(1,536,859)

(1,784,284)

Accrued interest on pledges receivable

285,419

39,434

Prepaid expenses and other assets

(3,181)

(3,919)

Due to college

28,788

62,975

Other accounts payable

(1,343)

2,608

Deferred giving obligations

798

(10,578)

Deferred revenue

(12,725)

2,425

Net cash flows from operating activities

73,278

1,579,495

 

CASH FLOWS FROM INVESTING ACTIVITIES

Investment activity - net

323,860

(1,195,188)

Purchases of fixed assets

(15,491)

(13,054)

Net cash flows from investing activities

308,369

(1,208,242)

 

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment on note payable

(285,285)

(143,567)

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

96,362

227,686

 

CASH AND CASH EQUIVALENTS - BEGINNING

804,608

576,922

 

CASH AND CASH EQUIVALENT - ENDING

$900,970

$804,608


RECONCILIATION OF TOTAL CASH AND CASH EQUIVALENTS

TO STATEMENT OF FINANCIAL POSITION

Cash and cash equivalents

$793,160

$692,908

Funds held for deferred giving

$107,810

$111,700


TOTAL

$900,970

$804,608