RVCC 2019 NECHE Self-Study

Capital assets, net of accumulated depreciation
The overall decrease in net capital assets of $2.3 million for 2018 was mainly attributable to a net
increase in buildings and improvements and associated construction in process (CIP) of $5.1 million
net of a net increase in accumulated depreciation of $7.4 million.
The net increase in buildings and improvements and decrease in CIP was due to the movement of the
HVAC building previously under construction from CIP starting in fiscal year 2017 to a depreciable asset
in fiscal year 2018.
The decrease in capital assets from 2016 to 2017 was due to projects at RVCC, MCC, GBCC, and
LRCC being placed into service in the current year, netted with annual depreciation expense.
Other noncurrent assets
Other noncurrent assets consist of $18.2 million in long-term investments, $1.52 million in the long term
portion of a note receivable taken on property in Stratham New Hampshire sold in fiscal year 2015 and
$456 thousand long-term portion of student loans receivable.
The increase in noncurrent assets from the prior year of $2 million is mainly attributable to an increase
in long-term investments. This increase is attributable to invested excess cash received from the State
of New Hampshire under the UNIQUE scholarship program. Under this program the State of New
Hampshire remits cash to CCSNH of which a portion is paid out to students, using a defined formula,
for tuition expenses and the remainder is re-invested for future use. Only the earnings on the reinvested
funds may be used for future use. The principal portion is held within the restricted
nonexpendable portion of net position.
The increase in other noncurrent assets from 2016 to 2017 is primarily attributable to an increase in
investments of $2.8 million due to a strong market performance in the investments and invested cash
received in 2017 from the State for the UNIQUE program as described above.
Deferred outflows of resources
The financial statement deferred outflows of resources category is used to report consumption of
resources applicable to a future reporting period. The balance reported for fiscal year 2018 includes
amounts for certain pension and other postemployment benefit changes while fiscal years 2017 and
2016 included amounts only for certain pension changes. The fiscal year 2018 includes other postemployment
benefit changes due to the implementation of GASB 75 described earlier. These changes
will be recognized as pension and other postemployment benefit expenses in future fiscal years.
Current liabilities
Current liabilities include accounts payable and accrued liabilities of $1.03 million, deferred revenue o f
$1.2 million, current portions of long-term debt of $2.15 million, and accrued salaries and benefits of
$6.96 million.
Current liabilities decreased by $630 thousand during fiscal year 2018. The decrease was primarily
attributable to a decrease in accounts payable on CIP. The decline was due to a significant decline in
CIP projects open at the end of fiscal year 2018 relative to fiscal year 2017.
Noncurrent liabilities
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