Bucks County Community College (a Component Unit of the County of Bucks, Pennsylvania)

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1 (a Component Unit of the County of Bucks, Pennsylvania) Financial Statements and Required Supplementary Information

2 Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis 3 Financial Statements Statement of Net Position - Primary Institution 9 Statement of Financial Position - Component Unit 10 Statement of Revenues, Expenses and Changes in Net Position - Primary Institution 11 Statement Activities - Component Unit 12 Statement of Cash Flows - Primary Institution Required Supplementary Information Schedule of Funding Progress and Employer Contributions for Postemployment Benefit Plan 36 Page

3 Independent Auditors Report Board of Trustees Bucks County Community College Report on the Financial Statements We have audited the accompanying financial statements of Bucks County Community College (the College ), a component unit of the County of Bucks, Pennsylvania, and its discretely presented component unit, as of and for the years ended, and the related notes to the financial statements, which collectively comprise the College s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of the Bucks County Community College Foundation (the Foundation ), a discretely presented component unit. Those statements were audited by another auditor, whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for the discretely presented component unit, is based solely on the report of the other auditor. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 1

4 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of Bucks County Community College and of its discretely presented component unit as of, and the respective changes in financial position and, where applicable, cash flows thereof for the years then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management s Discussion and Analysis ( MD&A ) on pages 3 through 8 and the Schedule of Funding Progress and Employer Contributions for Postemployment Benefit Plan on page 36 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Philadelphia, Pennsylvania December 20,

5 Management s Discussion and Analysis (Unaudited) Bucks County Community College (the College ) was founded in 1964 in response to a need for a public two-year collegiate institution to serve graduates of the County's high schools and other citizens of the County of Bucks, Pennsylvania (the County ) who would benefit from an experience in higher education. The initial proposal for a community college was developed and presented to the public in 1963 by the then Office of Bucks County Superintendent of Schools. Subsequently, the Bucks County School Directors Association, urged the Bucks County Board of Commissioners in 1964 to become the sponsor for the proposed school under the provisions of Act 848 (the Community College Act ). The Board of Commissioners unanimously agreed to sponsor the College in a legal resolution adopted June 22, The Pennsylvania State Board of Education approved the proposal in September and a 15-member Bucks County Community College Board of Trustees was appointed October 5, 1964, by the County Commissioners. The site for the College was determined three months later, when the County acquired, from Temple University, 200 acres of the former Tyler Estate in Newtown Township. The Estate had been bequeathed to Temple University two years earlier by Mrs. Stella Elkins Tyler, a sculptress and patron of the arts who was a trustee of Temple University for 20 years. Most graduates of the College's transfer programs have attended Pennsylvania's four-year colleges or other state-related institutions. Other graduates of the College have gone on to pursue their studies at more than 300 other four-year institutions in forty-five states as well as the District of Columbia, Puerto Rico, Germany, France, Great Britain, and Sweden. Despite recent reports of significantly higher tuition costs at colleges and universities throughout the Commonwealth of Pennsylvania (the Commonwealth ) and nation, the College has held tuition increases to a minimum. The College s comparatively low tuition has helped the County residents make a two-year college education affordable. The Bucks County Community College Foundation (the Foundation ), a component unit of the College, has been presented as a discretely presented component unit, based on the criteria contained in accounting principles generally accepted in the United States of America. The Foundation is a nonprofit corporation, exempt under Section 501(c)(3) of the Internal Revenue code. The Foundation acts primarily as a fundraising organization to supplement the resources available to the College in support of its programs. A complete set of the Foundation s financial statements may be obtained at the College s administrative office. The Bucks County Community College Authority (the Authority ), a component unit of the County, was created to obtain funds needed for expansion and major renovations of the College. 3

6 Management s Discussion and Analysis (Unaudited) Fiscal Year 2013 Financial Highlights The College s net position increased approximately $2.2 million as a result of this year s operations. During Fiscal 2013, the College realized revenue increases from the following: Student tuition and fees increased approximately $250,000 in 2013, as compared to 2012, which was a result of an overall decrease in enrollment offset by an increase in tuition rates from the prior year. Federal grants and contracts increased approximately $846,000 in 2013, as compared to 2012, due to an increase in reimbursable expenditures for the trade adjustment assistance community college and career training grant program. Other gifts, grants and contracts increased approximately $746,000 in 2013, as compared to 2012, which was the result of a full year of reimbursement from the County for costs of operation of the Lower Bucks Fire School compared to one quarter in the prior year. Credit enrollment head count decreased approximately 1% in 2013 compared to a decrease of 8% in prior year, and noncredit enrollment head count increased 21% in 2013 as compared to a decrease of 24% in Total operating expenses decreased less than 1% from the prior year by approximately $15,000 in 2013, compared to a 1% increase in

7 Management s Discussion and Analysis (Unaudited) During fiscal year , the College received approximately $3.6 million from the Commonwealth for payment of debt service which is approximately $0.2 million less than the prior year. Also included in capital and debt service appropriations in the prior year was $3.3 million related to reimbursement from the County related to capital costs incurred by the College for the Lower Bucks Fire School project. Condensed Statement of Net Position (in millions) Percent Change Assets: Current assets $ 21.9 $ 25.9 (15)% Noncurrent assets: Capital % Other (84)% Total $ $ (3)% Liabilities: Current liabilities $ 15.4 $ 16.0 (4)% Noncurrent liabilities (10)% Total $ 58.5 $ 64.1 (9)% Net Position: Net investment in capital assets $ 55.3 $ % Unrestricted (25)% Total $ 66.9 $ % Total net position at June 30, 2013 increased approximately $2.2 million. This increase is mainly attributable to increases in federal grant funding and reimbursement of operating costs for the Lower Bucks Fire School project from the County. The College s expenditures decreased moderately as compared to prior year, due to scheduled increases in salary and benefits and higher depreciation expense related to the various ongoing capital projects offset by decreases in student aid expense and benefits expense. Auxiliary revenues decreased by approximately 3% primarily as a result of a decrease in bookstore revenues due to the decline in enrollment from the prior year. Net student tuition and fees increased approximately 1% as a result of an overall increase in tuition and fee rates offset by a decrease in enrollment. Other noncurrent assets decreased by approximately $2.1 million. This decrease is primarily due to various capital projects which were funded through debt proceeds. Proceeds from debt were received prior to year end in FY 2011 and were recorded as restricted cash on the statement of net position. Total decrease in restricted cash was approximately $2.0 million. The remainder of the decrease is due to a decrease in deposits held by Authority of approximately $135,000 for payment of construction costs. 5

8 Management s Discussion and Analysis (Unaudited) Capital assets, net of accumulated depreciation, increased approximately $2.6 million resulting from current year asset additions of approximately $8 million, reduced by current year depreciation expense. The most significant asset additions included the capitalization of the Commons as well as renovations to the library and lecture halls. Total liabilities overall decreased by approximately $5.7 million, compared to prior year. During 2013, the College paid approximately $2.7 million of scheduled principal payments on existing notes payable. Principal payments on capital lease obligations totaled approximately $3.9 million. The decrease in capital lease obligations was offset by current year capital lease additions of $1.1 million, an increase in postemployment benefit obligation of approximately $1 million and a decrease in accounts payable of approximately $1.8 million mainly due to various construction projects at the College which were completed during the year. Condensed Statement of Revenues, Expenses and Changes in Net Position (in millions) For the Years Ended Percent Change Operating revenues: Tuition and fees, net $ 33.1 $ % Auxiliary enterprises (2)% Other operating revenues (13)% Total operating revenues % Operating expenses % Operating loss (45.1) (45.2) 0 % Nonoperating revenues (expenses): Appropriations % Other gifts, grants, and contracts % Other nonoperating income -.1 (100)% Interest expense (1.9) (1.7) 12 % Retirement of property and equipment (.1) (.2) (50)% Nonoperating revenues, net % Loss before other revenues (1.4) (2.0) (30) % Capital and debt service appropriations (49) % Increase in net position (57) % Net Position: Net position at beginning of year % Net position at end of year $ 66.9 $ % 6

9 Management s Discussion and Analysis (Unaudited) Enrollment Highlights The combined unduplicated headcount for credit and non-credit enrollments for fiscal year 2013 was 21,654, an increase from 21,004, or 3% from The College enrolled 16,666 noncredit students during the fiscal year 2013, representing a decrease of 1% compared to the previous year. Noncredit FTEs increased from 4,125 to 4,988 or a 20% increase from Overview of Financial Statements The College's financial statements focus on the College as a whole, rather than upon individual funds or activities. The Governmental Accounting Standards Board reporting model is designed to provide readers with a broad overview of the College's finances and is comprised of three basic statements: The Statement of Net Position presents information on the College's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position serve as one indicator of how the financial position of the College is changing. The Statement of Revenues, Expenses, and Changes in Net Position presents information showing how the College's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods. The Statement of Cash Flows is reported on the direct method. The direct method of cash flow reporting portrays net cash flows from operations, financing, and investing receipts and disbursements. The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the financial statements. The notes contain details on both the accounting policies and procedures that the College has adopted as well as additional information for amounts reported in the financial statements. 7

10 Management s Discussion and Analysis (Unaudited) Expenses By Natural Classification for the Year Ended Salaries $ 41,932,492 $ 41,728,857 Benefits 13,486,367 14,287,391 Pension 2,941,214 2,649,641 Supplies, maintenance and other 15,160,534 14,533,340 Student aid 3,933,242 4,830,420 Utilities 1,474,024 1,252,551 Depreciation and amortization 5,286,490 4,947,365 Total operating expenses $ 84,214,363 $ 84,229,565 This financial report is designed to provide a general overview of the College s financial position. Bucks County Community College is financially strong, and we are proud of that accomplishment. Most importantly, however, we are proud of the affordable, high-quality educational programs and services we offer to our community. Economic Outlook Fiscal year continued a string of positive financial years at the College. Five months into fiscal year projects the College to again achieve a balanced budget for the year. Though revenues from State and County sources remain flat, prudent management of expenses will allow the College to manage budget goals. The College is currently preparing the annual operating budget for fiscal year Revenue projections for the fiscal year from State and County sources, along with projected enrollments will continue to remain flat. Student tuition increases are expected to be in the range of fiscal year , which will be significantly lower than and Expenses will grow in the salary area in accordance with contracts in place. The College will present a balanced budget for fiscal year without the use of reserves. Dennis Matthews Vice-President for Administrative Affairs and CFO 8

11 Statement of Net Position - Primary Institution Assets Current Assets Cash and cash equivalents $ 13,830,344 $ 17,738,712 Receivables, net: Student 2,842,712 2,366,272 Federal and state agencies 934, ,728 Third-party tuition 548, ,276 Other 2,254,400 2,187,773 Prepaid expenses 579,840 1,784,825 Inventory 969, ,406 Total current assets 21,959,257 25,971,992 Noncurrent Assets Student loan and interest receivable, net 47,990 52,547 Deferred financing costs 304, ,212 Deposits held by Authority - 134,625 Restricted cash - 1,989,504 Capital assets, net 103,086, ,447,460 Total assets $ 125,398,692 $ 128,936,340 Liabilities and Net Position Current Liabilities Accounts payable and accrued liabilities $ 663,466 $ 1,298,585 Accounts payable - construction 477,322 1,667,572 Accrued compensation and benefits 4,767,396 4,006,411 Deferred revenue 2,073,211 1,848,461 Other liabilities 802, ,457 Notes payable, current portion 2,752,911 2,674,332 Lease obligations, current portion 3,873,863 3,737,777 Total current liabilities 15,410,633 16,093,595 Noncurrent Liabilities Notes payable 20,118,692 22,871,603 Lease obligations 21,093,532 24,025,289 Postemployment benefit liability 1,886,617 1,215,389 Total liabilities 58,509,474 64,205,876 Net Position Net investment in capital assets 55,247,512 49,262,588 Unrestricted 11,641,706 15,467,876 Total net position 66,889,218 64,730,464 Total liabilities and net position $ 125,398,692 $ 128,936,340 See notes to financial statements 9

12 Statement of Financial Position - Component Unit Assets Cash and Cash Equivalents $ 411,002 $ 438,034 Pledges Receivable 93, ,456 Investments 5,466,667 4,499,265 Total assets $ 5,970,872 $ 5,078,755 Liabilities and Net Assets Liabilities Accounts payable $ 481,686 $ 409,961 Present value of gift annuities payable 35,862 37,699 Total liabilities 517, ,660 Net Assets Unrestricted 23, ,245 Temporarily restricted 1,255,150 1,085,431 Permanently restricted 4,174,207 3,427,419 Total net assets 5,453,324 4,631,095 Total liabilities and net assets $ 5,970,872 $ 5,078,755 See notes to financial statements 10

13 Statement of Revenues, Expenses and Changes in Net Position - Primary Institution Years Ended Operating Revenue Student tuition and fees (net of scholarship allowances of $6,438,903 in 2013 and $5,072,493 in 2012) $ 33,039,418 $ 32,790,480 Auxiliary enterprises 4,736,429 4,874,667 Other operating revenues 1,320,428 1,492,566 Total operating revenue 39,096,275 39,157,713 Operating Expenses Educational and general: Instruction 36,870,913 37,253,141 Academic support 5,513,150 6,114,424 Student services 4,605,041 4,699,133 Institutional support 16,014,964 14,481,920 Public support 314, ,911 Operation and maintenance of plant 7,686,986 7,347,570 Student aid 3,933,242 4,830,420 Depreciation and amortization 5,286,490 4,947,365 Auxiliary services 3,989,407 4,297,681 Total operating expenses 84,214,363 84,229,565 Operating loss (45,118,088) (45,071,852) Nonoperating Revenues (Expenses) Appropriations: Local 13,254,402 13,198,000 Commonwealth 18,943,329 18,847,765 Federal grants and contracts 11,500,006 10,653,588 Commonwealth grants and contracts 114,426 1,289,874 Other gifts, grants and contracts 1,848,603 1,101,974 Investment income 32,111 74,796 Interest on indebtedness (1,898,155) (1,813,319) Loss on retirement of property and equipment (109,085) (236,243) Nonoperating revenues, net 43,685,637 43,116,435 Loss before other revenues (1,432,451) (1,955,417) Other Revenues Capital and debt service appropriations 3,591,205 7,065,435 Increase in net position 2,158,754 5,110,018 Net Position, Beginning 64,730,464 59,620,446 Net Position, Ending $ 66,889,218 $ 64,730,464 See notes to financial statements 11

14 Statement of Activities - Component Unit Years Ended Temporarily Permanently Temporarily Permanently Unrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total Revenues, Gains and Other Support Contributions and grants $ 180,965 $ 284,203 $ 653,853 $ 1,119,021 $ 130,792 $ 376,227 $ 167,020 $ 674,039 Donated services and facility usage 526, , , ,874 Change in unrealized gain/(loss) on investments - 353, ,297 - (46,403) - (46,403) Investment income realized 4, , ,074 5, , ,715 Actuarial loss on annuity obligations (1,263) - - (1,263) (644) - - (644) Net assets released from restriction 640,315 (640,315) ,805 (700,805) - - Total revenues, gains and other support 1,351, , ,853 2,156,115 1,318,582 (247,021) 167,020 1,238,581 Expenses Program services 693, , , ,574 Support expense 61, ,774 74, ,308 Fundraising 578, , , ,052 Total expenses 1,333, ,333,886 1,290, ,290,934 Excess (deficit) of revenues, gains and other support over expenses before transfers 17, , , ,229 27,648 (247,021) 167,020 (52,353) Transfers (111,846) 18,911 92,935 - (935) (10,793) 11,728 - Changes in net assets (94,278) 169, , ,229 26,713 (257,814) 178,748 (52,353) Net Assets, Beginning of Year 118,245 1,085,431 3,427,419 4,631,095 91,532 1,343,245 3,248,671 4,683,448 Net Assets, End of Year $ 23,967 $ 1,255,150 $ 4,174,207 $ 5,453,324 $ 118,245 $ 1,085,431 $ 3,427,419 $ 4,631,095 See notes to financial statements 12

15 Statement of Cash Flows - Primary Institution Years Ended Cash Flows from Operating Activities Student tuition and fees $ 31,546,642 $ 31,406,101 Payments to suppliers (16,583,196) (15,882,345) Payments for utilities (1,474,024) (1,252,551) Payments to employees (41,259,415) (43,191,104) Payments for benefits (12,786,451) (13,577,430) Payments for student aid (3,933,242) (4,830,420) Auxiliary services 4,736,429 4,874,667 Other receipts 1,274,019 1,583,897 Net cash used in operating activities (38,479,238) (40,869,185) Cash Flows from Noncapital Financing Activities Local appropriations 13,254,402 13,198,000 Commonwealth appropriations 19,030,089 20,127,931 Federal appropriations 11,366,611 10,867,719 Grants, gifts, and contracts for other than capital purposes 1,750,138 (104,121) Net cash provided by noncapital financing activities 45,401,240 44,089,529 Cash Flows from Capital Financing Activities Commonwealth capital and debt service appropriations 3,591,205 7,065,435 Purchases of capital assets (8,056,801) (17,243,599) Principal paid on capital debt (6,569,594) (6,398,510) Interest paid on capital debt (1,956,584) (1,974,161) Net cash used in capital financing activities (12,991,774) (18,550,835) Cash Flows from Investing Activities Decrease in deposits held by Authority 134,625 4,224,046 Decrease in restricted cash 1,989,504 9,368,367 Repayments of student loans 4,557 6,283 Interest income 32,718 74,813 Net cash provided by investing activities 2,161,404 13,673,509 Net decrease in cash and cash equivalents (3,908,368) (1,656,982) Cash and Cash Equivalents, Beginning 17,738,712 19,395,694 Cash and Cash Equivalents, Ending $ 13,830,344 $ 17,738,712 Reconciliation of Operating Loss to Net Cash Used in Operating Activities Operating loss $ (45,118,088) $ (45,071,852) Adjustments to reconcile operating loss to net cash used in operating activities: Depreciation and amortization 5,286,490 4,947,365 Bad debt expense 1,241,086 1,147,797 Changes in assets and liabilities: Student receivables (1,717,526) (1,330,208) Other receivables (46,409) 91,331 Prepaid expenses 1,204,985 (779,079) Inventory (318,850) (43,703) Accounts payable and accrued liabilities (609,896) 686,438 Accrued compensation and benefits 760,985 (828,993) Deferred revenue 224,750 (54,171) Other liabilities (57,993) 252,272 Postemployment benefit liability 671, ,618 Net cash used in operating activities $ (38,479,238) $ (40,869,185) Supplemental Disclosure of Noncash Capital and Financing Activity Fixed asset additions in accounts payable $ 477,322 $ 1,667,572 Assets acquired via capital leases $ 1,132,797 $ 1,634,368 See notes to financial statements 13

16 1. Nature of Operations and Summary of Significant Accounting Policies Organization Bucks County Community College (the College ) was founded in 1964 in response to a need for a two-year collegiate institution to serve citizens within the local area who would benefit from an experience in higher education. The College is funded through a diversified financial support system from the County of Bucks (the County ), the Commonwealth of Pennsylvania (the Commonwealth ), and the students. The College, operating under a sponsorship agreement of the County, which expires October 26, 2019, is considered a component unit and as such the financial statements of the College are incorporated into the comprehensive annual financial report of the County. Reporting Entity In accordance with Governmental Accounting Standards Board ( GASB ) Statement 61, The Financial Reporting Entity: Omnibus, an amendment of GASB Statement No. 39, Determining Whether Certain Organizations are Component Units, an amendment of GASB Statement No. 14 and GASB Statement 14, The Financial Reporting Entity; the College has determined that the Bucks County Community College Foundation (the Foundation ) should be included in the College s financial statements as a discretely presented component unit. A component unit is a legally separate organization for which the primary institution is financially accountable or closely related. Under Section 501(c)(3) of the Internal Revenue Code, the Foundation is a legally separate, tax-exempt component unit of the College. The Foundation acts primarily as a fund-raising organization to supplement the resources that are available to the College in support of its programs. Although the College does not control the timing or amount of receipts from the Foundation, the majority of resources, or income thereon, that the Foundation holds and invests are restricted to the activities of the College by the donors. Since these restricted resources held by the Foundation can only be used by, or for the benefit of, the College, the Foundation is considered a component unit of the College and is discretely presented in the College s financial statements as of. Complete financial statements for the Foundation may be obtained at the College s administrative office. The Foundation is a private nonprofit organization that reports under Financial Accounting Standards Board ( FASB ) accounting standards codification. As such, certain revenue recognition criteria and presentation features are different from GASB revenue recognition criteria and presentation features. No modifications have been made to the Foundation s financial information in the College s financial reporting entity for these differences. 14

17 Measurement Focus, Basis of Accounting and Basis of Presentation The financial statements have been prepared using the economic resources measurement focus and the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America, as prescribed by the GASB. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met. The College functions as a business-type activity, as defined by GASB. Operating Revenues Operating revenues of the College consist of tuition and fees, grants and contracts, sales and services of educational activities and auxiliary enterprise revenues. In addition, governmental and private grants and contracts in which the grantor receives equal value for the funds given to the College are recorded as operating revenue. Transactions related to capital and financing activities, noncapital financing activities, investing activities and state, local, and federal appropriations are components of nonoperating revenue. Private grants and contracts in which the grantor does not receive equal value for the funds given to the College are also reported as nonoperating revenue. Scholarship Discounts and Allowances Student tuition and fee revenues, and certain other revenues from students, are reported net of scholarship discounts and allowances in the statement of revenues, expenses and changes in net position. Scholarship discounts and allowances are the difference between the stated charge for goods and services provided by the College and the amount that is paid by students and/or third parties making payments on students behalf. Certain governmental grants are recorded as either operating or nonoperating revenues in the College s financial statements. To the extent that revenues from such programs are used to satisfy tuition and fees and other student charges, the College has recorded a scholarship discount and allowance. Net Position The College maintains the following net position classifications: Net Investment in Capital Assets: Capital assets, net of accumulated depreciation and outstanding principal balances of debt, net of restricted cash, attributable to the acquisition, construction, repair or improvement of those assets. Restricted - Nonexpendable: Net position subject to externally imposed conditions requiring that they be maintained by the College in perpetuity. 15

18 Restricted - Expendable: Net position whose use is subject to externally imposed conditions that can be fulfilled by the actions of the College or by the passage of time. Unrestricted: All other categories of net position. Unrestricted net position may be designated for specific purposes by the College s Board of Trustees. When both restricted and unrestricted assets are available for expenditure, the decision as to which assets are used first is left to the discretion of the College. Tuition Revenue Tuition revenue is recognized when instruction is provided. A receivable is recognized when a student application is processed and an invoice submitted, with revenue recognition deferred until the instruction starts. Cash Equivalents Short-term investments with a maturity of three months or less and nonnegotiable certificates of deposits are classified as cash equivalents. Accounts Receivable Accounts receivable consist of tuition and fees charged to current and former students or third parties, amounts due from federal and state governments in connection with reimbursements of allowable expenditures made pursuant to grants and contracts and other miscellaneous sources. Accounts receivable are reported at net realizable value. Accounts are written off when they are determined to be uncollectible based upon management s assessment of individual accounts. The allowance for doubtful accounts is estimated based upon the College s historical losses and periodic review of individual accounts. The allowance for doubtful accounts was approximately $950,000 and $800,000 as of, respectively. Inventory Inventory, consisting primarily of textbooks and clothing, is valued at the lower of cost or market with cost determined using the first-in, first-out ( FIFO ) method. Restricted Cash Restricted cash represents unspent proceeds related to notes payable held with PNC bank for $6,000,000 and $6,500,000 (Note 8), respectively, to be used by the College for capital improvements to the Newtown campus and payment of costs of issuance of the note. 16

19 Capital Assets Capital assets are stated at cost or at fair market value if received by donation. Depreciation and amortization are recorded on the straight-line basis over the estimated useful lives of the assets. The College capitalizes assets with a useful life in excess of one year and an original cost exceeding $500. The lives are as follows: Leasehold improvements Library books and microfilm Equipment 15 to 40 years 7 to 25 years 3 to 8 years The period of amortization of capitalized leased equipment and building improvements coincides with the lease terms. Net interest incurred for building construction funded by long-term debt of approximately $91,200 and $249,000 was capitalized in 2013 and This balance will be depreciated over the useful lives of the related assets. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and amortized over the term of the related debt using the straight-line method, which approximates the interest method. Amortization expense was approximately $35,300 in 2013 and Deferred Revenue Deferred revenue includes amounts received for tuition and fees, grants, corporate sponsorship payments and certain auxiliary activities prior to the end of the fiscal year but related to the subsequent accounting period. Compensated Absences Liability for compensated absences (unused vacation leave) is accounted for in accordance with the provisions of GASB Statement No. 16, Accounting for Compensated Absences, and accordingly, the liability for employees rights to receive compensation for future absences is recorded as a liability in the statement of net position. Termination Benefits The College provides monetary incentives to employees participating in voluntary early retirement programs, which are payable in a lump sum or over a maximum three-year period. The College accounts for these benefits in accordance with GASB Statement No. 47, Accounting for Termination Benefits. These benefits are recorded as liabilities in the statement of net position upon employees electing participation in the early retirement programs. 17

20 Postemployment Benefits Other than Pensions The College offers postemployment benefits, other than pension, to eligible retirees. These benefits include premium payments related to medical, dental, and life insurance. These benefits are accounted for in accordance with GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other than Pensions. Risk Management The College is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to and illnesses of employees; and natural disasters. The College purchases commercial insurance coverage for general liability, property and casualty, workers compensation, environmental and antitrust liabilities, and certain employee health benefits. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassification Certain items in the accompanying 2012 financial statements have been reclassified to conform to the current year presentation. New Accounting Standards The College adopted GASB Statement No. 61, The Financial Reporting Entity: Omnibus. Statement No. 61 modifies existing requirements for the assessment of potential component units in determining what should be included in the financial reporting entity and financial reporting entity display and disclosure requirements. The College implemented Statement No. 61 as of July 1, This implementation did not change the determination of the College s component unit or the related display and disclosure of its component unit. The College adopted GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. GASB No. 62 directly incorporates the applicable guidance from those FASB and AICPA pronouncements, issued prior to November 30, 1989, into the state and local government accounting and financial reporting standards. The College implemented the accounting and reporting requirement of GASB 62 as of July 1, This implementation did not materially change the College s accounting and reporting policies. 18

21 The College adopted GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. This Statement provides financial reporting guidance for deferred outflows of resources and deferred inflows of resources and incorporates deferred outflows of resources and deferred inflows of resources into the definitions of the required components of the residual measure and by renaming that measure as net position, rather than net assets. The application of this guidance affects presentation only and therefore does not have an impact on the College s financial statements. New Accounting Pronouncements In March 2012, GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities. This Statement establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. The College is required to adopt Statement No. 65 for the fiscal year ending June 30, In March 2012, GASB issued Statement No. 66, Technical Corrections 2012 an amendment of GASB Statements No. 10 and No. 62. The objective of this Statement is to improve accounting and financial reporting for a government financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre- November 30, 1989 FASB and AICPA Pronouncements. To the extent applicable, the College is required to adopt Statement No. 66 for the fiscal year ending June 30, In June 2012, GASB issued Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27. Statement No. 68 requires costsharing employers to recognize a liability for its proportionate share of the net pension liability of all employers for benefits provided through the pension plan. Statement No. 68 also requires additional footnote disclosure and required supplementary information. The College is required to adopt Statement No. 68 for the fiscal year ending June 30, In January 2013, GASB issued Statement No. 69, Government Combinations and Disposals of Government Operations. The objective of this Statement is to establish accounting and financial reporting standards related to government combinations and disposals of government operations. It also improves the decision usefulness of financial reporting by requiring that disclosures be made by governments about combination arrangements in which they engage and for disposals of government operations. To the extent applicable, the College is required to adopt Statement No. 69 for the fiscal year ending June 30,

22 In April 2013, GASB issued Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees. The objectives of this Statement is to establish accounting and financial reporting standards related to governments that extend or receive financial guarantees for the obligations of another organization without directly receiving equal or approximately equal value in exchange. To the extent applicable, the College is required to adopt Statement No. 70 for the fiscal year ending June 30, The College has not yet determined the effect of Statement Nos. 65, 66, 68, 69 and 70 on its financial statements. 2. Cash and Cash Equivalents The College follows Section 1706 of the County Code of the Commonwealth of Pennsylvania for investment of College funds. As such, the College is authorized to invest its funds in the following: United States Treasury Bills Short-term obligations of the United States government or its agencies and instrumentalities. Deposits in savings accounts or time deposits, other than certificates of deposit, or share accounts of institutions having their principal place of business in the Commonwealth of Pennsylvania and insured by the Federal Deposit Insurance Corporation (FDIC) or other like insurance. Obligations of the United States of America or any of its agencies or instrumentalities backed by the full faith and credit of the United States of America, the Commonwealth of Pennsylvania or any of its agencies or instrumentalities backed by the full faith and credit of the Commonwealth of Pennsylvania or of any political subdivision of the Commonwealth of Pennsylvania or any of its agencies or instrumentalities backed by the full faith and credit of the political subdivision. Shares of an investment company registered under the Investment Company Act of 1940, whose shares are registered under the Securities Act of Certificates of deposit purchased from institutions having their principal place of business in or outside the Commonwealth of Pennsylvania that are insured by the FDIC or other like insurance. For any amounts in excess of the insured maximum, such deposits shall be collateralized by a pledge or assignment of assets pursuant to Act No. 72 of the General Assembly. Certificates of deposits may not exceed 20% of a bank s total capital surplus or 20% of a savings and loan s or savings bank s assets net of its liabilities. Commercial paper and prime commercial paper meeting certain requirements. Repurchase agreements that are fully collateralized by obligations of the United States of America. 20

23 The carrying amount of the College s deposits was $13,830,344 and $19,728,216 as of. The bank balance totaled $15,322,081 and $21,290,632 as of, respectively. The difference represents outstanding checks payable and normal reconciling items. Custodial credit risk for deposits is the risk that, in the event of a bank failure, the College s deposits may not be returned to it. The College does not have a deposit policy for custodial credit risk. Commonwealth of Pennsylvania Act 72 of 1971, as amended, allows banking institutions to satisfy the collateralization requirement by pooling eligible investments to cover total public funds on deposit in excess of federal insurance. Such pooled collateral is pledged with the financial institutions trust departments. The bank balance of the College s cash deposits is categorized as follows to give an indication of the level of risk assumed by the College at June 30: Insured $ 2,677,668 $ 3,165,199 Collateralized, Collateral held by pledging bank s trust department not in the College s name 12,644,413 18,125,433 Total $ 15,322,081 $ 21,290,632 Included in cash and cash equivalents in 2013 and 2012 is $63,723 and $406,125, respectively, of cash and cash equivalents held for Agency funds. Deposits Held by Authority The Bucks County Community College Authority (the Authority ), a component unit of the County, was created to issue bonds to obtain funds needed for expansion and major renovations of the College. Deposits held by the Authority include restricted proceeds of the 2008 College Building Revenue Bonds issued by the Authority (Note 8) to fund various capital projects at the College. Deposits held by the Authority are carried in the financial statements at fair value, as determined by quoted market prices, and consist of various short term cash equivalents. As of, deposits held by the Authority include the following: Cash and cash equivalent, Cash held by trustee $ - $ 134,625 Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The above investments are current in nature and this interest rate risk is minimal. 21

24 3. Accounts Receivable, Students Student accounts receivable represent amounts due for tuition fees from currently enrolled and former students and other entities. The College extends unsecured credit to students and other entities in connection with their studies and other educational services provided. Some of those students are no longer enrolled or have completed their degrees. Student accounts receivable consist of the following at June 30: Accounts receivable, student $ 3,792,712 $ 3,166,272 Less allowance for doubtful accounts 950, ,000 Total $ 2,842,712 $ 2,366, Component Unit - Investments The composition of investments is as follows at June 30: Total international stock $ 924,754 $ 660,675 Total international index 2,374,514 1,880,371 Total bond market index 1,039, ,852 Short-term investment growth 417, ,355 Intermediate term investment grade fund 619, ,418 Assets held in trust 90,730 85,594 Prime money market Total $ 5,466,667 $ 4,499,265 22

25 5. Capital Assets, Net Capital asset activity for the year ended June 30, 2013 consisted of the following: Balance July 1, 2012 Additions Retirements and Adjustments Balance June 30, 2013 Non-depreciable assets: Land $ 4,839,020 $ - $ - $ 4,839,020 Construction-in-progress 10,417,673 5,742,666 (16,116,782) 43,557 Total nondepreciable assets 15,256,693 5,742,666 (16,116,782) 4,882,577 Depreciable assets: Land improvements 272, ,309 Leasehold improvements 109,947,042-15,599, ,546,303 Furniture and equipment 20,633,011 2,256,682 (655,110) 22,234,583 Library equipment 4,182, ,182,381 Total depreciable assets 135,034,743 2,256,682 14,944, ,235,576 Less accumulated depreciation 49,843,976 5,251,213 (1,063,546) 54,031,643 Total $ 100,447,460 $ 2,748,135 $ (109,085) $ 103,086,510 23

26 Capital asset activity for the year ended June 30, 2012 consisted of the following: Balance July 1, 2011 Additions Retirements and Adjustments Balance June 30, 2012 Non-depreciable assets: Land $ 4,839,020 $ - $ - $ 4,839,020 Construction-in-progress 5,005,803 17,360,854 (11,948,984) 10,417,673 Total nondepreciable assets 9,844,823 17,360,854 (11,948,984) 15,256,693 Depreciable assets: Land improvements 272, ,309 Leasehold improvements 98,115,554-11,831, ,947,042 Furniture and equipment 19,017,677 2,452,718 (837,384) 20,633,011 Library equipment 4,182, ,182,381 Total depreciable assets 121,587,921 2,452,718 10,994, ,034,743 Less accumulated depreciation 45,692,868 4,869,745 (718,637) 49,843,976 Total $ 85,739,876 $ 14,943,827 $ (236,243) $ 100,447,460 24

27 6. Long-Term Liabilities Long-term liability activity for the years ended was as follows: Balance July 1, 2012 Additions Payments/ Settlements Balance June 30, 2013 Current Portion Notes payable $ 25,545,935 $ - $ 2,674,332 $ 22,871,603 $ 2,752,911 Lease obligations 27,763,066 1,132,797 3,928,468 24,967,395 3,873,863 Postemployment benefit liability 1,215, ,228-1,886,617 - Total $ 54,524,390 $ 1,804,025 $ 6,602,800 $ 49,725,615 $ 6,626,774 Balance July 1, 2011 Additions Payments/ Settlements Balance June 30, 2012 Current Portion Notes payable $ 28,220,564 $ - $ 2,674,629 $ 25,545,935 $ 2,674,332 Lease obligations 30,073,558 1,634,368 3,944,860 27,763,066 3,737,777 Postemployment benefit liability 1,101, ,618-1,215,389 - Total $ 59,395,893 $ 1,747,986 $ 6,619,489 $ 54,524,390 $ 6,412, Leases The following describes various financing arrangements between the Authority and the College. Lease and Sublease Agreement Dated June 15, 2008 In June 2008, the Authority issued $20,285,000 of College Building Revenue Bonds to fund various capital projects including construction of academic buildings at the College s Upper Bucks Campus (the Upper Campus Project ), ADA Code compliance renovations (the ADA Project ) and construction of the Lower Bucks fire training center (the Training Center Project ). In conjunction with the issuance of these bonds, the Authority, County, and the College entered into the first supplemental lease and sublease agreement, whereas the County will lease the project assets from the Authority and will sublease the project assets to the College related to the Upper Campus and ADA Projects. Project assets of the Upper Campus Project and the ADA Project are property of the Authority during the lease term. Project assets of the Training Center Project are property of the College during the lease term. The lease commits the College to pay the Authority annual rentals through 2028 for the use of all project assets. Lease payments are paid directly to the holder of the bonds. Lease payments to be made by the College will be sufficient to satisfy the debt service requirements of the bonds. Fixed rent payments escalate and decline over the lease term to fund the Authority s debt as it matures. 25

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