REPORT NO MARCH 2014 MIAMI DADE COLLEGE. Financial Audit. For the Fiscal Year Ended June 30, 2013

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1 77 REPORT NO MARCH 2014 Financial Audit For the Fiscal Year Ended June 30, 2013

2 BOARD OF TRUSTEES AND PRESIDENT Members of the Board of Trustees and President who served during the fiscal year are listed below: Helen Aguirre Ferré, Chair (1) Armando J. Bucelo, Jr., Vice Chair (1) Mariana L. Cancio Jose K. Fuentes Benjamín Léon, III Armando J. Olivera Marielena A. Villamil (1) Dr. Eduardo J. Padrón, President Notes: (1) Board member served beyond the end of their term, May 31, The Auditor General conducts audits of governmental entities to provide the Legislature, Florida s citizens, public entity management, and other stakeholders unbiased, timely, and relevant information for use in promoting government accountability and stewardship and improving government operations. The audit team leader was Kirenia Nieto, and the audit was supervised by Ramon A. Gonzalez, CPA. Please address inquiries regarding this report to James R. Stultz, CPA, Audit Manager, by at or by telephone at (850) This report and other reports prepared by the Auditor General can be obtained on our Web site at by telephone at (850) ; or by mail at G74 Claude Pepper Building, 111 West Madison Street, Tallahassee, Florida

3 TABLE OF CONTENTS EXECUTIVE SUMMARY... PAGE NO. INDEPENDENT AUDITOR S REPORT... 1 Report on the Financial Statements... 1 Other Reporting Required by Government Auditing Standards... 2 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 BASIC FINANCIAL STATEMENTS Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position Statement of Cash Flows Notes to Financial Statements OTHER REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress Other Postemployment Benefits Plan Notes to Required Supplementary Information INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Report on the Financial Statements Internal Control Over Financial Reporting Compliance and Other Matters Purpose of this Report i

4 EXECUTIVE SUMMARY Summary of Report on Financial Statements Our audit disclosed that the College s basic financial statements were presented fairly, in all material respects, in accordance with prescribed financial reporting standards. Summary of Report on Internal Control and Compliance Our audit did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards, issued by the Comptroller General of the United States. Audit Objectives and Scope Our audit objectives were to determine whether Miami Dade College and its officers with administrative and stewardship responsibilities for College operations had: Presented the College s basic financial statements in accordance with generally accepted accounting principles; Established and implemented internal control over financial reporting and compliance with requirements that could have a direct and material effect on the financial statements; and Complied with the various provisions of laws, rules, regulations, contracts, and grant agreements that are material to the financial statements. The scope of this audit included an examination of the College s basic financial statements as of and for the fiscal year ended June 30, We obtained an understanding of the College s environment, including its internal control, and assessed the risk of material misstatement necessary to plan the audit of the basic financial statements. We also examined various transactions to determine whether they were executed, in both manner and substance, in accordance with governing provisions of laws, rules, regulations, contracts, and grant agreements. An examination of Federal awards administered by the College is included within the scope of our Statewide audit of Federal awards administered by the State of Florida. Audit Methodology The methodology used to develop the findings in this report included the examination of pertinent College records in connection with the application of procedures required by auditing standards generally accepted in the United States of America and applicable standards contained in Government Auditing Standards, issued by the Comptroller General of the United States. i

5 DAVID W. MARTIN, CPA AUDITOR GENERAL AUDITOR GENERAL STATE OF FLORIDA G74 Claude Pepper Building 111 West Madison Street Tallahassee, Florida PHONE: FAX: The President of the Senate, the Speaker of the House of Representatives, and the Legislative Auditing Committee Report on the Financial Statements INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial statements of Miami Dade College, a component unit of the State of Florida, and its discretely presented component unit as of and for the fiscal year ended June 30, 2013, 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 opinions on these financial statements based on our audit. We did not audit the financial statements of the discretely presented component unit, as described in note 1 to the financial statements, which represent 100 percent of the transactions and account balances of the discretely presented component unit columns. Those financial statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the discretely presented component unit, is based on the report of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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. 1

6 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, based on our audit and the report of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of Miami Dade College and of its discretely presented component unit as of June 30, 2013, and the respective changes in financial position and, where applicable, cash flows thereof for the fiscal year then ended, in accordance with accounting principles generally accepted in the United States of America. Other Matter Required Supplementary Information Accounting principles generally accepted in the United States of America require that MANAGEMENT S DISCUSSION AND ANALYSIS, SCHEDULE OF FUNDING PROGRESS OTHER POSTEMPLOYMENT BENEFITS PLAN, and NOTES TO REQUIRED SUPPLEMENTARY INFORMATION, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a required 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. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued a report on our consideration of Miami Dade College s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, rules, regulations, contracts, and grant agreements and other matters included under the heading INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Miami Dade College s internal control over financial reporting and compliance. Respectfully submitted, David W. Martin, CPA Tallahassee, Florida March 6,

7 MANAGEMENT S DISCUSSION AND ANALYSIS The management s discussion and analysis (MD&A) provides an overview of the financial position and activities of the College for the fiscal year ended June 30, 2013, and should be read in conjunction with the financial statements and notes thereto. This overview is required by Governmental Accounting Standards Board (GASB) Statement No. 35, Basic Financial Statements and Management s Discussion and Analysis for Public Colleges and Universities, as amended by GASB Statements Nos. 37 and 38. The MD&A, and financial statements and notes thereto, are the responsibility of College management. The MD&A contains financial activity of the College for the fiscal years ended June 30, 2013, and June 30, 2012, and its component unit the Miami Dade College Foundation, Inc., for the fiscal years ended March 31, 2013, and March 31, FINANCIAL HIGHLIGHTS The financial position of the College improved during the fiscal year ended June 30, 2013, as reflected by an $88.8 million, or 7.5 percent, increase in net position over the fiscal year. Net position represents the residual interest in the College s assets after deducting liabilities. The College s comparative total net position by category for the fiscal years ended June 30, 2013, and 2012, is shown in the following graph: Net Position: College (In Thousands) $800,000 $654,833 $598,559 $494,153 $468,160 $400,000 $120,735 $114,217 $0 Net Investment in Capital Assets Restricted Unrestricted 3

8 The following chart provides a graphical presentation of College revenues by category for the fiscal year: Total Revenues: College Nonoperating Revenues 70% Other Revenues 5% Operating Revenues 25% For the fiscal year ended June 30, 2013, College revenue and other support exceeded expenses, creating an increase in net position of $88.8 million (compared to an $84.7 million increase in the fiscal year). Nonoperating revenues represent 70 percent of total revenues and are primarily comprised of State noncapital appropriations and Federal and State student financial aid with a purpose of supporting operating activities. OVERVIEW OF FINANCIAL STATEMENTS Pursuant to GASB Statement No. 35, the College s financial report consists of three basic financial statements: the statement of net position; the statement of revenues, expenses, and changes in net position; and the statement of cash flows. These financial statements, and notes thereto, provide information on the College as a whole, present a long-term view of the College s finances, and include activities for the following entities: Miami Dade College (Primary Institution) Most of the programs and services generally associated with a college fall into this category, including instruction, public service, and support services. Miami Dade College Foundation, Inc. (Component Unit) Although legally separate, this component unit is important because the College is financially accountable for it, as the College reports its financial activities to the State of Florida. THE STATEMENT OF NET POSITION One of the most important questions asked about the College s finances is, Is Miami Dade College as a whole, better or worse off as a result of the year s activities? The statement of net position provides information on the College as a whole and on its activities in a way that helps answer this question. You can think of the College s net position, the difference between assets and liabilities, as one way to measure the College s financial health, or financial position. Over time, increases or decreases in the College s net position is one indication of whether its financial health is improving or deteriorating. You will need to consider many other nonfinancial factors, such as certain trends, student retention, condition of buildings, and the safety of the campus, to assess the College s overall financial health. 4

9 A condensed statement of assets, liabilities, and net position of the College and its component unit for the respective fiscal years ended is shown in the following table: Condensed Statement of Net Position at (In Thousands) College Component Unit Assets Current Assets $ 218,246 $ 188,250 $ 27,002 $ 18,584 Capital Assets, Net 495, ,145 Other Noncurrent Assets 678, , , ,898 Total Assets 1,392,345 1,278, , ,482 Liabilities Current Liabilities 103,133 78,263 21,647 18,595 Noncurrent Liabilities 19,491 19,765 Total Liabilities 122,624 98,028 21,647 18,595 Net Position Net Investment in Capital Assets 494, ,160 Restricted 654, , , ,472 Unrestricted 120, ,217 4,313 4,415 Total Net Position $ 1,269,721 $ 1,180,936 $ 120,662 $ 115,887 The College s net position increased by $88.8 million, or 7.5 percent. Changes in the College s net position were the result of the following factors: Net investment in capital assets increased by $26 million, or 5.6 percent, mainly due to the acquisition of capital assets. Restricted net position increased by $56.3 million, or 9.4 percent, mainly from transfers received from the current unrestricted funds for funding the acquisition of capital projects. THE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION The statement of revenues, expenses, and changes in net position presents the College s revenue and expense activity, categorized as operating and nonoperating. When revenues and other support exceed expenses, the result is an increase in net position. When the reverse occurs, the result is a decrease in net position. The relationship between revenues and expenses may be thought of as Miami Dade College s operating results. Revenues and expenses are recognized when earned or incurred, regardless of when cash is received or paid. The following summarizes the activities of the College and its component unit for the respective fiscal years ended: 5

10 Condensed Statement of Revenues, Expenses, and Changes in Net Position For the Fiscal Years Ended (In Thousands) College Component Unit Operating Revenues $ 132,253 $ 118,285 $ 10,393 $ 11,150 Less, Operating Expenses 442, ,016 15,697 12,625 Operating Loss (310,032) (318,731) (5,304) (1,475) Net Nonoperating Revenues 372, ,854 10,079 1,312 Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 62,599 55,123 4,775 (163) Other Revenues 26,186 29,581 Net Increase (Decrease) In Net Position 88,785 84,704 4,775 (163) Net Position, Beginning of Year 1,180,936 1,096, , ,050 Net Position, End of Year $ 1,269,721 $ 1,180,936 $ 120,662 $ 115,887 Operating Revenues GASB Statement No. 35 categorizes revenues as either operating or nonoperating. Operating revenues generally result from exchange transactions where each of the parties to the transaction either gives or receives something of equal or similar value. The following presents the operating revenues for the College and its component unit by source that were used to fund operating activities for the respective fiscal years ended: Operating Revenues For the Fiscal Years Ended (In Thousands) College Component Unit Net Tuition and Fees $ 77,692 $ 74,344 $ $ Federal Grants and Contracts 23,774 20,345 State and Local Grants and Contracts 4,752 3,984 Nongovernmental Grants and Contracts 12,095 9,642 Sales and Services of Educational Departments Auxiliary Enterprises 5,365 5,189 Other 7,827 4,197 10,393 11,150 Total Operating Revenues $ 132,253 $ 118,285 $ 10,393 $ 11,150 The following chart presents the College s operating revenues for the and fiscal years: 6

11 Operating Revenues: College (In Thousands) Student Tuition and Fees, Net Federal Grants and Contracts $23,774 $20,345 $77,692 $74, State and Local Grants and Contracts $4,752 $3,984 Nongovernmental Grants and Contracts $12,095 $9,642 Sales and Services of Educational Departments $747 $584 Auxiliary Enterprises $5,365 $5,189 Other $7,827 $4,197 $0 $50,000 $100,000 Operating revenues of the College increased by $14 million, or 11.8 percent, compared to the fiscal year as a result of the following factors: Student tuition and fees, net of scholarship allowances, increased by $3.3 million or 4.5 percent, primarily due to an increase in tuition and fee rates during the fiscal year. Operating revenues from Federal, State, and local governments increased $4.2 million, or 17.3 percent, primarily due to an increase in grants and contracts from Federal, State, and local sources over the fiscal year. Revenues from nongovernmental grants and contracts increased by $2.5 million, or 25.4 percent, primarily due to an increase in private contracts and grants received during the fiscal year. Revenues from sales and services of educational departments and auxiliary enterprises remained materially unchanged as compared to the fiscal year. Other operating revenues increased by $3.6 million, or 86.5 percent, primarily due to revenues generated from the use of college facilities and the recognition of indirect costs recovered. Operating Expenses Expenses are categorized as operating or nonoperating. The majority of the College s expenses are operating expenses as defined by GASB Statement No. 35. GASB gives financial reporting entities the choice of reporting operating expenses in the functional or natural classifications. The College has chosen to report the expenses in their natural classification on the statement of revenues, expenses, and changes in net position and has displayed the functional classification in the notes to financial statements. Operating expenses by natural classification for the College and its component unit for the respective fiscal years ended are presented in the following table: 7

12 Operating Expenses For the Fiscal Years Ended (In Thousands) College Component Unit Personnel Services $ 250,857 $ 242,710 $ 2,236 $ 1,962 Scholarships and Waivers 89,562 96,535 7,947 6,050 Utilities and Communications 11,577 11,501 Contractual Services 20,437 17,280 Other Services and Expenses 30,288 31,736 5,514 4,613 Materials and Supplies 19,568 15,387 Depreciation 19,996 21,867 Total Operating Expenses $ 442,285 $ 437,016 $ 15,697 $ 12,625 The following chart presents the College s operating expenses for the and fiscal years: Operating Expenses: College (In Thousands) Personnel Services Scholarships and Waivers $89,562 $96,535 $250,857 $242, Utilities and Communications $11,577 $11,501 Contractual Services $20,437 $17,280 Other Services and Expenses $30,288 $31,736 Materials and Supplies $19,568 $15,387 Depreciation $19,996 $21,867 $0 $150,000 $300,000 Operating expenses of the College increased by $5.3 million, or 1.2 percent, compared to the fiscal year as a result of the following factors: Personnel services increased by $8.1 million, or 3.4 percent, primarily due to an increase in the mandated employer contribution rates for FRS, new positions, associated payroll tax and benefits, and a salary enhancement program. Scholarships and waivers decreased by $7 million, or 7.2 percent, primarily due to a reduction in Federal and State student financial aid awards. Utilities and communication expenditures remained materially unchanged when compared to the fiscal year. Contractual services increased by $3.2 million, or 18.3 percent, mainly attributable to the need for additional activities and services. 8

13 Other services and expenses decreased by $1.4 million, or 4.6 percent, primarily due to College efforts to reduce operating costs. Materials and supplies increased by $4.2 million, or 27.2 percent, primarily due to an increase in activities and programs offered. Depreciation expense decreased by $1.9 million, or 8.6 percent. Nonoperating Revenues and Expenses Certain revenue sources that the College relies on to provide funding for operations, including State noncapital appropriations, Federal and State student financial aid, and investment income, are defined by GASB as nonoperating. Nonoperating expenses include capital financing costs and other costs related to capital assets. The following summarizes the College s nonoperating revenues and expenses for the and fiscal years: Nonoperating Revenues (Expenses): College (In Thousands) State Noncapital Appropriations $ 166,268 $ 164,083 Federal and State Student Financial Aid 186, ,815 Gifts and Grants 101 Investment Income 11,166 12,336 Net Realized and Unrealized Gain 9,087 1,861 Other Nonoperating Revenues Interest on Capital Asset-Related Debt (132) (453) Net Nonoperating Revenues $ 372,631 $ 373,854 Net nonoperating revenues decreased $1.2 million, or 0.3 percent, compared to the fiscal year, as a result of the following factors: State noncapital appropriations increased by $2.2 million, or 1.3 percent, which was the net effect of a decrease of $5.2 million in College Program Fund revenues and an increase of $7.4 million in Lottery revenues. Federal and State student financial aid decreased by $9.6 million, or 4.9 percent, primarily due to a reduction in Federal Pell grant awards. Investment income decreased by $1.2 million, or 9.5 percent; and, net realized and unrealized gains increased by $7.2 million, or percent, primarily as a result of an increase in the fair market value of investments. Gifts and grants, other nonoperating revenues, and interest on capital asset-related debt remained materially unchanged. Other Revenues, Expenses, Gains, or Losses This category is mainly composed of State capital appropriations and capital grants, contracts, gifts, and fees. The following summarizes the College s other revenues, expenses, gains, or losses for the and fiscal years: Other Revenues, Expenses, Gains, or Losses: College (In Thousands) State Capital Appropriations $ 2,933 $ 3,822 Capital Grants, Contracts, Gifts, and Fees 23,253 25,759 Total $ 26,186 $ 29,581 9

14 Other revenues, expenses, gains, or losses decreased by $3.4 million, or 11.5 percent, compared to the fiscal year, as a result of the following factors: State capital appropriations decreased by $0.9 million, or 23.3 percent, primarily as a result of a decrease in Public Education Capital Outlay funding. Capital grants, contracts, gifts, and fees decreased by $2.5 million, or 9.7 percent, as there was no capital asset donations during the fiscal year. THE STATEMENT OF CASH FLOWS The statement of cash flows provides information about the College s financial results by reporting the major sources and uses of cash and cash equivalents. This statement will assist in evaluating the College s ability to generate net cash flows, its ability to meet its financial obligations as they come due, and its need for external financing. Cash flows from operating activities show the net cash used by the operating activities of the College. Cash flows from capital financing activities include all plant funds and related long-term debt activities. Cash flows from investing activities show the net source and use of cash related to purchasing or selling investments, and earning income on those investments. Cash flows from noncapital financing activities include those activities not covered in other sections. The statement of cash flows also helps users assess: An entity s ability to generate future net cash flows. Its ability to meet its obligations as they come due. Its need for external financing. The following summarizes the College s cash flows for the and fiscal years: Condensed Statement of Cash Flows: College (In Thousands) Cash Provided (Used) by: Operating Activities $ (279,643) $ (293,975) Noncapital Financing Activities 350, ,377 Capital and Related Financing Activities 655 (14,381) Investing Activities 4,063 (1,528) Net Increase in Cash and Cash Equivalents 75,920 53,493 Cash and Cash Equivalents, Beginning of Year 432, ,153 Cash and Cash Equivalents, End of Year $ 508,566 $ 432,646 The College s liquidity increased during the reporting period. For the purpose of cash flows, cash and cash equivalents consist of cash on hand, cash in demand accounts, and cash invested with the State Board of Administration and the State Treasury. During the fiscal year, cash and cash equivalents increased by $75.9 million, when compared to the prior fiscal year. This increase in cash and cash equivalents and a discussion of categories of cash flows are as follows: Net cash used for operating activities was $279.6 million. Included in the calculation of this total are payments for employee salaries and benefits of $208.1 million and $39 million, respectively, payments for scholarships of $89.6 million, and payments to suppliers of $69.1 million. These are the four major outflows of operating activities. Primary inflows of operating activities consist of net tuition and fees and grants and contracts, totaling $77.9 million and $43.3 million, respectively. Cash used by operating activities decreased by $14.3 million. This decrease in cash used was primarily the result of a decrease in cash payments for scholarships of $7 million, an increase in cash provided from other receipts of $5.3 million, and an increase in 10

15 cash received from grants and contracts of $12 million, which was offset by increases in cash payments to suppliers of $4.9 million, cash payments to employees of $3.3 million, and cash payments for benefits to employees of $2 million. The net cash provided by noncapital financing activities was $350.8 million. This amount included State noncapital appropriations in the amount of $166.3 million, Federal and State student financial aid in the amount of $186 million, and Federal direct student loan program receipts in the amount of $50.7 million which were offset by Federal direct student loan program disbursements in the amount of $52.2 million. Cash provided from noncapital financing activities decreased by $12.5 million. This decrease was primarily the result of a decrease in cash received from Federal Pell grant funding and other Federal and State student financial aid of $11.5 million and an increase of Federal direct student loan program disbursements of $6.3 million, which was offset by an increase in Federal direct student loan program receipts of $3 million and an increase in State noncapital appropriations of $2.2 million. The net cash provided by capital and related financing activities was $0.7 million. Included in the calculation of this total are purchases of capital assets in the amount of $44.7 million and the receipt of State capital appropriations and grants and gifts totaling, $22.6 million and $23.8 million, respectively. The purchases of capital assets primarily reflect construction and acquisition of facilities and equipment made during the fiscal year. These are the primary outflows and inflows of capital and related financing activities, respectively. Cash used by capital and related financing activities decreased by $15 million. This decrease in cash used was primarily due to a decrease in the purchase of capital assets of $32.9 million and an increase in cash received from capital grants and contracts of $5.3 million, which was offset by a decrease in State capital appropriations of $23.4 million. The net cash provided by investing activities was $4.1 million, which represents a decrease of $5.6 million in cash used for investing activities from the prior fiscal year. This increase in cash provided was the result of a decrease in investment income of $1.2 million and a decrease in the purchase of investments over proceeds from the sales of investments of $6.8 million. CAPITAL ASSETS AND DEBT ADMINISTRATION CAPITAL ASSETS At June 30, 2013, the College had $875.4 million in capital assets, less accumulated depreciation of $379.4 million, for net capital assets of $496 million. Depreciation charges for the current fiscal year totaled $20 million. The following table summarizes the College s capital assets, net of accumulated depreciation, at June 30: 11

16 Capital Assets, Net at June 30: College (In Thousands) Capital Assets Land $ 96,740 $ 96,740 Construction in Progress 68,630 57,587 Buildings 617, ,319 Other Structures and Improvements 30,503 28,750 Furniture, Machinery, and Equipment 62,248 59,298 Total 875, ,694 Less: Accumulated Depreciation Buildings 298, ,397 Other Structures and Improvements 25,653 24,759 Furniture, Machinery, and Equipment 54,815 52,393 Total 379, ,549 Capital Assets, Net $ 495,973 $ 471,145 CAPITAL EXPENSES AND COMMITMENTS The College has $53.4 million in major construction commitments at June 30, The commitments are for projects that include classrooms, parking garages, and academic support facilities. State capital appropriations together with local funds are expected to finance these projects. The following table summarizes the College s major construction commitments at June 30, 2013: 12 Amount (In Thousands) Total Committed $ 102,917 Completed to Date (49,518) Balance Committed $ 53,399 Additional information about the College s capital commitments is presented in the notes to financial statements. DEBT ADMINISTRATION As of June 30, 2013, the College had $1.8 million in SBE capital outlay bonds outstanding versus $2.8 million at the end of the fiscal year, representing a decrease of 35.9 percent. The SBE issues capital outlay bonds on behalf of the College. These bonds mature serially and are secured by the College s portion of the State-assessed motor vehicle license tax. During the fiscal year, there were no bond sales and debt repayments totaled $1 million. More detailed information about the College s long-term debt is presented in the notes to financial statements. ECONOMIC FACTORS THAT WILL AFFECT THE FUTURE The College s economic condition is closely tied to that of the State of Florida. While increases in student tuition and fees and interest income are expected to partially offset increased expenditures in the fiscal year, expectations of slight increases of State funding in future years are expected to challenge the College financially in this and future years.

17 On-going efforts to develop new revenue sources and contain costs have served the College well in its commitment to the growth of educational programs, improved student access, and overall excellence in service to its students and the community. The conservative budgetary stance taken by the College provides the framework for a focused response in support of our educational mission and provides financial stability in the face of limited economic growth and increased demand for State resources. REQUESTS FOR INFORMATION Questions concerning information provided in the MD&A (or other required supplementary information) and financial statements and notes thereto, or requests for additional financial information should be addressed to E. H. Levering, Senior Vice Provost of Business Affairs and Chief Financial Officer, Miami Dade College, S.W. 104 th Street, Miami, Florida

18 BASIC FINANCIAL STATEMENTS STATEMENT OF NET POSITION June 30, 2013 College Component Unit ASSETS Current Assets: Cash and Cash Equivalents $ 52,875,032 $ 2,834,513 Restricted Cash and Cash Equivalents 74,905, ,084 Cash Collateral Securities Lending 33,711,778 17,731,068 Accounts Receivable, Net 8,872,014 5,357,891 Notes Receivable, Net 4,229,794 Due from Other Governmental Agencies 39,336,115 Due from Component Unit/College 3,839, ,678 Inventories 55,828 Prepaid Expenses 343,943 Deposits 77,281 Other Assets 305,350 Total Current Assets 218,246,439 27,001,584 Noncurrent Assets: Restricted Cash and Cash Equivalents 380,785,476 15,100,188 Endowment Investments 94,874,140 88,609,326 Restricted Other Investments 144,314,482 Other Investments 45,602,349 11,597,578 Notes Receivable, Net 12,549,619 Depreciable Capital Assets, Net 330,602,928 Nondepreciable Capital Assets 165,369,928 Total Noncurrent Assets 1,174,098, ,307,092 TOTAL ASSETS 1,392,345, ,308,676 LIABILITIES Current Liabilities: Accounts Payable 6,422, ,214 Salary and Payroll Taxes Payable 22,229,323 Retainage Payable 2,520,378 Due to Other Governmental Agencies 558,436 Due to Component Unit/College 469,665 3,074,251 Unearned Revenue 11,406,874 Liability for Cash Collateral Securities Lending 33,711,778 17,731,068 Long-Term Liabilities - Current Portion: Bonds Payable 1,080,000 Deposits Held for Others 10,374, ,084 Compensated Absences Payable 14,360,073 Total Current Liabilities 103,132,708 21,646,617 Noncurrent Liabilities: Bonds Payable 740,000 Deposits Held for Others 5,000 Compensated Absences Payable 11,588,740 Other Postemployment Benefits Payable 7,157,242 Total Noncurrent Liabilities 19,490,982 TOTAL LIABILITIES 122,623,690 21,646,617 14

19 STATEMENT OF NET POSITION (CONTINUED) June 30, 2013 College Component Unit NET POSITION Net Investment in Capital Assets $ 494,152,856 $ Restricted: Nonexpendable: Endowment 47,727,434 Expendable: Endowment 94,940,566 Grants and Loans 40,192,867 Scholarships 3,647,606 68,621,929 Capital Projects 515,997,719 Debt Service 54,681 Unrestricted 120,735,376 4,312,696 TOTAL NET POSITION $ 1,269,721,671 $ 120,662,059 The accompanying notes to financial statements are an integral part of this statement. 15

20 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION For the Fiscal Year Ended June 30, 2013 College Component Unit REVENUES Operating Revenues: Student Tuition and Fees, Net of Scholarship Allowances of $114,993,874 $ 77,692,440 $ Federal Grants and Contracts 23,773,644 State and Local Grants and Contracts 4,752,413 Nongovernmental Grants and Contracts 12,094,902 Sales and Services of Educational Departments 746,943 Auxiliary Enterprises 5,365,404 Other Operating Revenues 7,827,072 10,392,907 Total Operating Revenues 132,252,818 10,392,907 EXPENSES Operating Expenses: Personnel Services 250,857,142 2,235,526 Scholarships and Waivers 89,561,900 7,947,481 Utilities and Communications 11,577,432 Contractual Services 20,436,467 Other Services and Expenses 30,287,994 5,513,973 Materials and Supplies 19,567,957 Depreciation 19,996,408 Total Operating Expenses 442,285,300 15,696,980 Operating Loss (310,032,482) (5,304,073) NONOPERATING REVENUES (EXPENSES) State Noncapital Appropriations 166,268,487 Federal and State Student Financial Aid 186,167,112 Investment Income 11,166,477 1,529,418 Net Realized and Unrealized Gain on Investments 9,086,641 8,549,889 Other Nonoperating Revenues 75,249 Interest on Capital Asset-Related Debt (131,974) Net Nonoperating Revenues 372,631,992 10,079,307 Income Before Other Revenues, Expenses, Gains, or Losses 62,599,510 4,775,234 State Capital Appropriations 2,933,261 Capital Grants, Contracts, Gifts, and Fees 23,252,493 Total Other Revenues 26,185,754 Increase in Net Position 88,785,264 4,775,234 Net Position, Beginning of Year 1,180,936, ,886,825 Net Position, End of Year $ 1,269,721,671 $ 120,662,059 The accompanying notes to financial statements are an integral part of this statement. 16

21 STATEMENT OF CASH FLOWS For the Fiscal Year Ended June 30, 2013 College CASH FLOWS FROM OPERATING ACTIVITIES Tuition and Fees, Net $ 77,940,208 Grants and Contracts 43,326,068 Payments to Suppliers (69,069,763) Payments for Utilities and Communications (11,577,432) Payments to Employees (208,101,388) Payments for Employee Benefits (39,021,921) Payments for Scholarships (89,561,900) Loans Issued to Students (30,722,524) Collection on Loans to Students 31,473,631 Auxiliary Enterprises 5,244,822 Sales and Service of Educational Departments 746,943 Other Receipts 9,679,789 Net Cash Used by Operating Activities (279,643,467) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Noncapital Appropriations 166,268,487 Federal and State Student Financial Aid 186,013,978 Federal Direct Loan Program Receipts 50,699,562 Federal Direct Loan Program Disbursements (52,179,346) Other Nonoperating Receipts 42,382 Net Cash Provided by Noncapital Financing Activities 350,845,063 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations 22,612,953 Capital Grants and Gifts 23,817,425 Proceeds from Sale of Capital Assets 75,249 Purchases of Capital Assets (44,698,903) Principal Paid on Capital Debt (1,020,000) Interest Paid on Capital Debt (131,974) Net Cash Provided by Capital and Related Financing Activities 654,750 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from Sales and Maturities of Investments 128,338,134 Purchase of Investments (135,441,084) Investment Income 11,166,711 Net Cash Provided by Investing Activities 4,063,761 Net Increase in Cash and Cash Equivalents 75,920,107 Cash and Cash Equivalents, Beginning of Year 432,645,749 Cash and Cash Equivalents, End of Year $ 508,565,856 17

22 MIAMI DADE COLEGE STATEMENT OF CASH FLOWS (CONTINUED) For the Fiscal Year Ended June 30, 2013 College RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Operating Loss $ (310,032,482) Adjustments to Reconcile Operating Loss to Net Cash Used by Operating Activities: Depreciation Expense 19,996,408 Changes in Assets and Liabilities: Accounts Receivable, Net (314,328) Notes Receivable, Net 751,108 Due from Other Governmental Agencies (644,377) Due from Component Unit (1,518,134) Inventories (12,432) Prepaid Expenses (216,012) Accounts Payable 1,374,576 Salaries and Payroll Taxes Payable 2,489,080 Unearned Revenue 5,491,720 Deposits Held for Others 1,810,515 Due to Other Governmental Agencies 66,736 Due to Component Unit (9,743) Compensated Absences Payable 674,992 Other Postemployment Benefits Payable 448,906 NET CASH USED BY OPERATING ACTIVITIES $ (279,643,467) SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND CAPITAL FINANCING ACTIVITIES Unrealized gains on investments were recognized on the statement of revenues, expenses, and changes in net position, but are not cash transactions for the statement of cash flows. $ 5,300,680 The accompanying notes to financial statements are an integral part of this statement. 18

23 NOTES TO FINANCIAL STATEMENTS JUNE 30, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity. The governing body of Miami Dade College, a component unit of the State of Florida, is the District Board of Trustees. The Board constitutes a corporation and is composed of seven members appointed by the Governor and confirmed by the Senate. The District Board of Trustees is under the general direction and control of the Florida Department of Education, Division of Florida Colleges, and is governed by law and State Board of Education rules. However, the District Board of Trustees is directly responsible for the day-to-day operations and control of the College within the framework of applicable State laws and State Board of Education rules. Geographic boundaries of the District correspond with those of Miami Dade County. Criteria for defining the reporting entity are identified and described in the Governmental Accounting Standards Board s (GASB) Codification of Governmental Accounting and Financial Reporting Standards, Sections 2100 and These criteria were used to evaluate potential component units for which the District Board of Trustees is financially accountable and other organizations for which the nature and significance of their relationship with the District Board of Trustees are such that exclusion would cause the College s financial statements to be misleading. Based upon the application of these criteria, the College is a component unit of the State of Florida, and its financial balances and activities are reported in the State s Comprehensive Annual Financial Report by discrete presentation. Discretely Presented Component Unit. Based on the application of the criteria for determining component units, the Miami Dade College Foundation, Inc. (Foundation), a legally separate entity, is included within the College s reporting entity as a discretely presented component unit and is governed by a separate board. The Foundation is audited by other auditors pursuant to Section (6), Florida Statutes. The Foundation s audited financial statements are available to the public at the College. The financial data reported on the accompanying financial statements was derived from the Foundation s audited financial statements for the fiscal year ended March 31, The Foundation is also a direct-support organization, as defined in Section , Florida Statutes, and although legally separate from the College, is financially accountable to the College. The Foundation is managed independently, outside the College s budgeting process, and its powers generally are vested in a governing board pursuant to various State statutes. The Foundation receives, holds, invests, and administers property, and makes expenditures to or for the benefit of the College. Basis of Presentation. The College s accounting policies conform with accounting principles generally accepted in the United States of America applicable to public colleges and universities as prescribed by GASB. The National Association of College and University Business Officers (NACUBO) also provides the College with recommendations prescribed in accordance with generally accepted accounting principles promulgated by GASB and the Financial Accounting Standards Board (FASB). GASB allows public colleges various reporting options. The College has elected to report as an entity engaged in only business-type activities. This election requires the 19

24 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2013 adoption of the accrual basis of accounting and entitywide reporting including the following components: Management s Discussion and Analysis Basic Financial Statements: Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position Statement of Cash Flows Notes to Financial Statements Other Required Supplementary Information Basis of Accounting. Basis of accounting refers to when revenues, expenses, and related assets and liabilities are recognized in the accounts and reported in the financial statements. Specifically, it relates to the timing of the measurements made, regardless of the measurement focus applied. The College s financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Revenues, expenses, gains, losses, assets, and liabilities resulting from nonexchange activities are generally recognized when all applicable eligibility requirements, including time requirements, are met. The College follows GASB standards of accounting and financial reporting. The College s component unit uses the economic resources measurement focus and accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when incurred, and follows FASB standards of accounting and financial reporting for not-for-profit organizations. Significant interdepartmental sales between auxiliary service departments and other institutional departments have been accounted for as reductions of expenses and not revenues of those departments. The College s principal operating activity is instruction. Operating revenues and expenses generally include all fiscal transactions directly related to instruction as well as administration, academic support, student services, physical plant operations, and depreciation of capital assets. Nonoperating revenues include State noncapital appropriations, Federal and State student financial aid, investment income, and revenues for capital construction projects. Interest on capital asset-related debt is a nonoperating expense. The statement of net position is presented in a classified format to distinguish between current and noncurrent assets and liabilities. When both restricted and unrestricted resources are available to fund certain programs, it is the College s policy to first apply the restricted resources to such programs followed by the use of the unrestricted resources. The statement of revenues, expenses, and changes in net position is presented by major sources and is reported net of tuition scholarship allowances. Tuition scholarship allowances are the differences between the stated charge for goods and services provided by the College and the amount that is actually paid by the student or the third party making payment on behalf of the student. The College identified, within its accounting system, 20

25 NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2013 amounts paid for tuition and fees by financial aid. The total amount of these third-party payments is deducted from student tuition and fees. The statement of cash flows is presented using the direct method in compliance with GASB Statement No. 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting. Cash and Cash Equivalents. The amount reported as cash and cash equivalents consists of cash on hand, cash in demand accounts, and cash invested with State Treasury Special Purpose Investment Account (SPIA) and the State Board of Administration (SBA) Florida PRIME Investment Pool. For reporting cash flows, the College considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Under this definition, the College considers amounts invested in the State Treasury Special Purpose Investment Account (SPIA) and State Board of Administration (SBA) Florida PRIME investment pool to be cash equivalents. College cash deposits are held in banks qualified as public depositories under Florida law. All such deposits are insured by Federal depository insurance, up to specified limits, or collateralized with securities held in Florida s multiple financial institution collateral pool required by Chapter 280, Florida Statutes. Cash and cash equivalents that are externally restricted to make debt service payments, maintain sinking or reserve funds, or to purchase or construct capital or other restricted assets are classified as restricted. At June 30, 2013, the College reported as cash equivalents at fair value $281,922,891 in the State Treasury SPIA investment pool representing ownership of a share of the pool, not the underlying securities. The SPIA carried a credit rating of A+f by Standard & Poor s, had an effective duration of 2.65 years, and had a fair value factor of at June 30, The College relies on policies developed by the State Treasury for managing interest rate risk or credit risk for this investment pool. Disclosures for the State Treasury SPIA investment pool are included in the notes to financial statements of the State s Comprehensive Annual Financial Report. At June 30, 2013, the College reported as cash equivalents $211,956,251 in the Florida PRIME investment pool administered by the SBA pursuant to Section , Florida Statutes. The College s investments in the Florida PRIME investment pool, which the SBA indicates is a Securities and Exchange Commission Rule 2a7-like external investment pool, as of June 30, 2013, are similar to money market funds in which shares are owned in the fund rather than the underlying investments. The Florida PRIME investment pool carried a credit rating of AAAm by Standard & Poor s and had a weighted-average days to maturity (WAM) of 40 days as of June 30, A portfolio s WAM reflects the average maturity in days based on final maturity or reset date, in the case of floating-rate instruments. WAM measures the sensitivity of the Florida PRIME investment pool to interest rate changes. The investments in the Florida PRIME investment pool are reported at fair value, which is amortized cost. Capital Assets. College capital assets consist of land; construction in progress; buildings; other structures and improvements; and furniture, machinery, and equipment. These assets are capitalized and recorded at cost at the date of acquisition or at estimated fair value at the date received in the case of gifts and purchases of State surplus property. Additions, improvements, and other outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. The College has a 21

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