Rock Valley College Comprehensive Annual Financial Report ...

More documents

Recommendations

Info

Fiscal Years 2008 and 2007 Operating Expenses by Function Comparisons: 2008 2007 Increase Percent Amount % of total Amount % of total (Decrease) Change - Instruction $ 17,825,223 33.3 $ 17,176,057 32.9 $ 649,166 3.8 Academic Support 3,856,921 7.3 3,726,468 7.1 130,453 3.5 Student Services 3,057,211 5.8 2,810,344 5.4 246,867 8.8 Public Service 6,728,383 12.7 7,040,255 13.5 (311,872) (4.4) Plant, Operations & Maintenance 5,793,445 10.9 5,602,341 10.7 191,104 3.4 Institutional Support 8,434,693 15.9 8,348,682 16.0 86,011 1.0 Auxiliary Services 647,958 1.2 602,761 1.2 45,197 7.5 Amortization 263,800 0.5 248,205 0.5 15,595 6.3 Depreciation 6,461,293 12.2 6,386,168 12.2 75,125 1.2 Other 83,944 0.2 246,412 0.5 (162,468) (65.9) Total Expenses by Function $ 53,152,871 100.0 $ 52,187,693 100.0 $ 965,178 1.8 2008 Analysis of Operating Expenses by Function: The <strong>College</strong>’s operating expenses by function increased by approximately $1,000,000. The increase is primarily attributed to an increase in instruction of approximately $600,000 and an increase in academic support and student services in aggregate of approximately $400,000. Other contributing factors for the increase in expenses are due to an increase of approximately $600,000 in on-behalf payments and an increase in retirement benefits of approximately $200,000 offset by decreases in public service and other in aggregate of approximately $500,000. Fiscal Years 2007 and 2006 Operating Expenses by Function Comparisons: 2007 2006 Increase Percent Amount % of total Amount % of total (Decrease) Change - Instruction $ 17,176,057 32.9 $ 15,722,941 31.7 $ 1,453,116 9.2 Academic Support 3,726,468 7.1 3,283,344 6.6 443,124 13.5 Student Services 2,810,344 5.4 2,453,459 4.9 356,885 14.5 Public Service 7,040,255 13.5 6,950,452 14.0 89,803 1.3 Plant, Operations & Maintenance 5,602,341 10.7 5,597,258 11.3 5,083 0.1 Institutional Support 8,348,682 16.0 7,610,228 15.3 738,454 9.7 Auxiliary Services 602,761 1.2 800,874 1.6 (198,113) (24.7) Amortization 248,205 0.5 252,332 0.5 (4,127) (1.6) Depreciation 6,386,168 12.2 6,768,214 13.6 (382,046) (5.6) Other 246,412 0.5 252,331 0.5 (5,919) (2.3) Total Expenses by Function $ 52,187,693 100.0 $ 49,691,433 100.0 $ 2,496,260 5.0 2007 Analysis of Operating Expenses by Function: The <strong>College</strong>’s operating expenses by function increased by approximately $2,500,000. The increase is primarily attributed to an increase in instruction expense of approximately $1,500,000, an increase in academic support and student services in aggregate of roughly 800,000 and an increase in institutional support of approximately $700,000 offset by a decrease in auxiliary services of approximately $200,000. Other contributing factors for the increase in expenses are due to public service expenses increasing roughly $100,000 and an increase of approximately $600,000 in on-behalf payments. Offsetting the increases was depreciation that decreased by approximately $400,000 – primarily due to demolition of buildings A and B in November, 2006. 11
The following is a graphic illustration comparing fiscal years 2008, 2007 and 2006 operating expenses by function. Comparison of Operating Expenses by Function Fiscal Years 2008, 2007 and 2006 Millions $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 $‐‐ 2008 2007 2006 Instruction has increased from prior years, while academic support and student services have steadily increased from prior years due to wage increases and new faculty positions being filled. Public service remains relatively unchanged due to steady demand. Plant, operations and maintenance has slightly increased from prior years. Institutional support increased from last year. Auxiliary services have remained relatively unchanged from the prior year. Depreciation has fluctuated each year in relation to capital assets being acquired or capital assetss being disposed. 12
Page 1 and 2: Rock Valley College Comprehensive A
Page 3 and 4: CONTENTS INTRODUCTORY SECTION 2007
Page 5: INTRODUCTORY SECTION
Page 8 and 9: Local Economy Changes in the local
Page 10 and 11: ROCK VALLEY COLLEGE ILLINOIS COMMUN
Page 12: FINANCIAL SECTION
Page 18 and 19: Comparative Analysis of Net Assets
Page 20 and 21: Fiscal Years 2007 and 2006 Financia
Page 22 and 23: The following is a graphic illustra
Page 26 and 27: The following are graphical illustr
Page 28 and 29: Salary expenses increased by $883,6
Page 30 and 31: Fiscal Years 2008 and 2007 Capital
Page 32 and 33: BASIC FINANCIAL STATEMENTS
Page 34 and 35: 2008 2007 LIABILITIES Current liabi
Page 38 and 39: COMPONENT UNIT ROCK VALLEY COLLEGE
Page 60 and 61: UNIFORM FINANCIAL STATEMENTS #1 - #
Page 74 and 75:
STATISTICAL SECTION (UNAUDITED)
Page 76 and 77:
ROCK VALLEY COLLEGE COMMUNITY COLLE
Page 78 and 79:
ROCK VALLEY COLLEGE ILLINOIS COMMUN
Page 80 and 81:
ROCK VALLEY COLLEGE DISTRICT NUMBER
Page 82 and 83:
ROCK VALLEY COLLEGE DISTRICT NUMBER
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
SPECIAL REPORTS SECTION
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
ICCB COMPLIANCE STATEMENT FOR WORKF
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
ROCK VALLEY COLLEGE ILLINOIIS COMMU
Page 119:
ENROLLMENT DATA AND RESIDENCY REQUI
Page 122:
102
show all

Rock Valley College Comprehensive Annual Financial Report ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?