MORAINE VALLEY COMMUNITY COLLEGE
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
Comprehensive Annual Financial Report
Comprehensive Annual Financial Report
Fiscal Year Ended June 30, 2015
Fiscal Year Ended June 30, 2015
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
PALOS HILLS, ILLINOIS
10/08/2011
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2015
Prepared by:
Division of Finance
Robert J. Sterkowitz
Chief Financial Officer / Treasurer
Theresa O’Carroll
Controller
Stephanie Ladewig
Internal Auditor
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
Palos Hills, Illinois
COMPREHENSIVE ANNUAL FINANCIAL REPORT
June 30, 2015
TABLE OF CONTENTS
PAGE
INTRODUCTORY SECTION (UNAUDITED)
Transmittal Letter .....................................................................................
Principal Officials .....................................................................................
Organization Chart ...................................................................................
Certificate of Achievement for Excellence in Financial Reporting (GFOA)
Certificate of Excellence in Financial Reporting (ASBO) ........................
1
17
18
19
20
FINANCIAL SECTION
Independent Auditor’s Report ..................................................................
21
Required Supplementary Information
Management’s Discussion and Analysis ...............................................
24
Basic Financial Statements
Statement of Net Position ......................................................................
STATEMENT 1
35
Statement of Revenues, Expenses, and Changes in Net Position.......
STATEMENT 2
36
Statement of Cash Flows .....................................................................
STATEMENT 3
37
Notes to Basic Financial Statements.....................................................
39
Supplementary Information
Schedule of Management Information – Detail of Operating Expenses
By Function and Object .......................................................................
EXHIBIT 1
65
Schedule of Expenditures for Tort Immunity Purposes ........................
EXHIBIT 2
66
Required Supplementary Information
Defined Benefit Pension Plan
Schedule of College’s Proportionate Share of the
Net Pension Liability ...........................................................................
EXHIBIT 3
67
Schedule of College Contributions ........................................................
EXHIBIT 4
68
Notes to Required Supplementary Information .....................................
69
STATISTICAL SECTION (UNAUDITED)
Financial Trends
Net Position by Component ...................................................................
TABLE 1
70
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
Palos Hills, Illinois
COMPREHENSIVE ANNUAL FINANCIAL REPORT
June 30, 2015
TABLE OF CONTENTS
PAGE
Changes in Net Position ........................................................................
TABLE 2
72
Revenue Capacity
Assessed Value and Actual Value of Taxable Property .......................
TABLE 3
74
Property Tax Levies and Collections .....................................................
TABLE 4
76
Assessed Valuations, Taxes Extended and Tax Rates ........................
TABLE 5
77
Property Tax Rates-Direct and Overlapping Governments ..................
TABLE 6
79
Principal Property Taxpayers ................................................................
TABLE 7
81
Enrollment, Tuition and Fee Rates, Credit Hours, and Fee Revenues
Generated ............................................................................................
TABLE 8
83
Debt Capacity
Ratio of Net General Bonded Debt to Assessed Value and Personal
Income and Net General Obligation Bonded Debt per Capita ............
TABLE 9
85
Schedule of Ratios of Outstanding Debt ..............................................
TABLE 10
87
Computation of Direct and Overlapping Debt .......................................
TABLE 11
89
Legal Debt Margin Information ..............................................................
TABLE 12
92
Pledged Revenue Coverage .................................................................
TABLE 13
93
Demographic and Economic Information
District Demographics ............................................................................
TABLE 14
94
Student Enrollment Demographic Statistics ..........................................
TABLE 15
95
Student Enrollment and Miscellaneous Statistics Annual
Unduplicated Enrollment......................................................................
TABLE 16
96
Credit Hours Eligible for Funding by Illinois Community College
Board Reimbursement Categories ......................................................
TABLE 17
97
College Demographics ..........................................................................
TABLE 18
99
Principal Employers ...............................................................................
TABLE 19
100
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
Palos Hills, Illinois
COMPREHENSIVE ANNUAL FINANCIAL REPORT
June 30, 2015
TABLE OF CONTENTS
PAGE
Operating Information
Full-Time Equivalent Employees ...........................................................
TABLE 20
102
Capital Asset Statistics - Volume ..........................................................
TABLE 21
104
Capital Asset Statistics - Value..............................................................
TABLE 22
106
Supplemental Financial Information
Uniform Financial Statements
All Funds Summary .............................................................................
SCHEDULE 1
108
Summary of Capital Assets and Long Term Debt...............................
SCHEDULE 2
110
Operating Funds Revenues and Expenditures ...................................
SCHEDULE 3
111
Restricted Purposes Fund Revenues and Expenditures ....................
SCHEDULE 4
113
Current Funds Expenditures by Activity ..............................................
SCHEDULE 5
114
SPECIAL REPORTS SECTION
Certification of Chargeback Reimbursement
Certification of Chargeback Reimbursement ......................................
115
State Grants
Independent Auditor’s Report ................................................................
116
Independent Auditor’s Report on Internal Control over Financial
Reporting and on Compliance and Other Matters Based on an Audit
of Grant Program Financial Statements Performed in Accordance with
Government Auditing Standards .........................................................
119
State Adult Education Restricted Funds
Financial Statements:
Combined Balance Sheet ..................................................................
SCHEDULE 7
121
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances .............................................................
SCHEDULE 8
122
ICCB Compliance Statement for the Adult Education and
Family Literacy Grant.......................................................................
SCHEDULE 9
123
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
Palos Hills, Illinois
COMPREHENSIVE ANNUAL FINANCIAL REPORT
June 30, 2015
TABLE OF CONTENTS
PAGE
Career and Technical Education – Program Improvement
Financial Statements:
Balance Sheet....................................................................................
SCHEDULE 10 124
Statement of Revenues, Expenditures, and
Changes in Fund Balance ...............................................................
SCHEDULE 11 125
Notes to the Financial Statements ......................................................
126
Enrollment Data and Other Bases Upon Which Claims Are Filed
Independent Accountants’ Report .........................................................
127
Schedule of Enrollment Data and Other Bases
Upon Which Claims Are Filed..............................................................
SCHEDULE 12 129
Residency Policy (Unaudited) ...............................................................
SCHEDULE 13 131
Summary of Assessed Valuations (Unaudited) ....................................
SCHEDULE 14 132
MORAINE VALLEY COMMUNITY COLLEGE
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
Introductory Section
Introductory Section
Fiscal Year Ended June 30, 2015
Fiscal Year Ended June 30, 2015
The College follows a master plan document with respect to the review of the existing facilities and
land use on the campus, plus a solution of prioritized projects that respond to the challenges facing
the College as it functions in a dynamic environment. The College operates a total of 16 buildings:
10 buildings are less than fifteen years old, 4 buildings are between 20-30 years old, and 2
buildings are over 30 years old. The College will continue the master planning process to identify
needs and strategically plan and organize those goals to give the College direction. The facilities
master planning effort is required to integrate and balance academic priorities, financial strategies,
and physical resource management that will allow the College to carry out its mission.
The College is recognized by the Illinois Community College Board and governed by a locally
elected seven-member Board of Trustees and one elected, non-voting student representative.
Total staff at the College numbers approximately 2,000 and includes administrators, full and parttime faculty members, counselors and advisors, classified staff, various other professional and
student employees.
Moraine Valley Community College’s operating revenue is derived primarily from local property
taxes and tuition and fees. Additionally, the College receives state allocations and grant funding
from state and federal sources.
Moraine Valley's credit and noncredit annual enrollment is more than 36,000, making the College
the second largest community college in Illinois. The College offers 149 degree and certificate
programs, 750 credit courses, and 375 different noncredit courses. Online and hybrid courses,
including 250 different classes, enhance the accessibility of higher education for non-traditional
students.
The College is accredited through the Higher Learning Commission. The College maintains its
accredited status through participation in the Academic Quality Improvement Program (AQIP). The
College holds the distinction of being one of twelve Vanguard Learning Colleges in North America,
selected by the League for Innovation in the Community College.
Mission Statement
The College’s mission is guided by the Illinois Public Community College Act, which established
the statewide community college system. Simply stated, that mission is to serve the postsecondary educational needs of the residents of District 524.
The mission of our College is to educate the whole person in a learning-centered environment,
recognizing our responsibilities to one another, to our community, and to the world we share. We
value excellence in teaching, learning, and service as we maintain sensitivity to our role in a global,
multicultural community. We are committed to continuous improvement and dedicated to providing
accessible, affordable, and diverse learning opportunities and environments.
The College fulfills its educational mission through:

General Education—Courses and concepts integrated into the curriculum that foster
critical thinking and enable informed judgment and decision making

Transfer Programs—Courses in arts, sciences, and business leading to an associate’s
degree and fulfilling the first two years of a bachelor’s degree
2.

Career Education—Occupational courses and skill development that respond to industry
and community needs and lead to professional credentials, a certificate or an Associate in
Applied Science degree

Community Enrichment—Opportunities for residents to engage in lifelong education and
cultural enrichment in a learning community

Workforce Development—Partnerships with and customized training for business,
government, social, and civic institutions resulting in organizational and economic
improvement

Student Development—Programs and services to support and enhance academic, career,
and personal growth and success for our diverse student population

Developmental and Enrichment Education—Courses, programs, and services to support
and advance academic success leading to high school equivalency, English language
proficiency, or entry to college-level courses
Core Values
Integrity
Responsibility
Respect
Fairness
Diversity
Promise Statement
We promise to provide a student-centered environment and to focus all college staff and resources
on student learning, student development, and student success.
Vision Statement
We envision a world-class college that meets current and emerging community needs for
education and training through excellent service and outstanding programs offered in stimulating
learning environments.
Strategic Priorities
As a learning-centered college, we dedicate all programs, services and resources to student
success, with a commitment to continuously monitor, assess, and improve our performance.
Moraine Valley will:





Strengthen its focus on students’ college and career success
Develop innovative programs and services to anticipate and meet current and future
student, community and business needs
Enhance its use of technology in teaching and learning, student services and operations
Deepen its commitment to diversity and inclusion
Continue to identify alternative revenue sources, maximize resources, contain costs, and
keep tuition affordable
3.
Highlights of FY2015
Student Success
Our Main Focus
Student success is at the center of all we do at Moraine Valley Community College. We focus on
our students as we make decisions on what programs and services to offer. We look for ways to
help our students succeed in the classroom and in all other aspects of their lives. And our faculty
and staff continually look for ways to support our students as they pursue their educational goals.
This year, we instituted new initiatives to enhance our students’ education and expand their
options.
Emphasis on Student Success Gains Recognition
We received the prestigious 2015 Advancing Diversity Award from the American Association of
Community Colleges. This award acknowledges the efforts of community colleges that advance
diversity and advocate for social equity on their campuses and in their communities. Our Directing
Results through Education and Academic Mentoring (DREAM) program, which promotes faculty
and staff mentoring of students within the Multicultural Student Affairs Department, was identified
as one of the programs exemplifying the College’s commitment to promoting diversity.
Our Agree to Degree program was one of four finalists for the American Association of Community
Colleges’ 2015 Student Success Award, which recognizes community colleges that have
demonstrated a commitment to student success and have developed innovative programs to
advance this important effort.
On-Campus Conference Focuses on Student Retention
A two-day retention conference in May 2015 gave faculty and staff members the opportunity to
explore ways to ensure all Moraine Valley students complete their degree or certificate program
and do not leave the institution prior to reaching their educational goal. The attendees learned
about five pilot projects that focus on student success and gave their feedback. The projects
include a technology competency initiative to make sure students have technology skills necessary
to navigate online courses; a mentoring program for high-risk students; a simplified application
process for admission to the College; a toolbox to promote best practices in the classroom; and an
early-alert system that identifies students who may need interventions to graduate.
Expanding Options with New Programs and Classes
As a forward-thinking institution, Moraine Valley continually adds new programs and course
offerings to give our students the best possible education.
New Degrees and Certificates
This year, we introduced the first Sleep Studies Associate in Applied Science degree in Illinois. In
addition, we added an A.A.S. degree and three certificates in Geographic Information Systems.
And, we initiated our first online degree. Students can earn an Associate in Arts or an Associate in
Applied Science degree in Criminal Justice completely online.
4.
New Classes
We added over 30 credit classes in the areas of art, communications, fire science, nursing,
philosophy, radiologic technology, culinary arts, electronics, and vocational skills.
Services to Help Students Succeed Academically
Moraine Valley seeks to provide services throughout campus to aid our students in their academic
pursuits.
CRLA Tutoring Certification – Our Tutoring Center received its certification through the College
Reading and Learning Association (CRLA). To receive this designation, all tutors are required to
attend 10 hours of training.
Integrated Basic Education and Skills Training (I-BEST) for Welding Program – This nationally
recognized model pairs two instructors in the classroom, with one instructor teaching technical
skills and the other reinforcing terminology and math skills. This intervention can reduce the
amount of time students spend in developmental education classes.
Student Planner Incorporated into Educational Planning Sessions – This electronic planning tool
helps students select a major, see how their courses fulfill degree requirements, and lets them
identify which courses to register for to complete their program.
Peer Mentoring Program – The Collegiate Promise Meets Potential program matches a specially
trained Moraine Valley student mentor with a high school student to introduce resources that will
help him or her successfully begin college.
Children’s Learning Center Expands Opportunities
Children were able to attend the center during the College’s spring break for the first time. Closing
during break presented a challenge for approximately one-third of the enrolled children’s parents.
This change likely will help increase enrollments in the future.
Our Nursing Program collaborated with the center so the future nurses would have experience
interacting with healthy young children and have a better understanding of normal childhood
development. This is critical when using a child’s development as a point of reference when
comparing the behaviors of a sick and well child. The nursing students, who were participating in
their pediatric clinical rotations, also talked to the children and their parents about health topics, so
everyone involved benefitted from the connection.
Students Gain Skills and Make Connections for Future Jobs
Internships provide valuable work experience and often lead to a post-graduation hiring. This year,
our Fire Academy added the Oak Forest Fire Department and the Palos Fire Protection District to
its internship sites. In addition, our Health Sciences programs have several new affiliation
agreements to support student clinical or professional internships with institutions such as Alverno
Clinical Laboratories, Lawn Medical Center, Meridian Medical Associates, Norwegian American
Hospital, and Quest Diagnostics Patient Service Centers.
Our Job Resource Center offered numerous ways for students to connect with employers through
job listings, employment events, workshops, as well as individual student and alumni
appointments. The center hosted two job fairs that attracted more than 130 employers and over
5.
1,200 job seekers. More than 3,000 job seekers registered for the online job listing service College
Central Network, where they could post their resumes and portfolios for viewing by potential
employers.
Moraine Valley’s students offered job search assistance to help their peers. The Arab Student
Union sponsored a How to Market Yourself event to provide tips on effective resume writing and
interviewing. The Business, Finance and Entrepreneur Club partnered with the Moraine Valley
Foundation to hold a networking event where students could practice their networking skills with
alumni and business leaders. And, our Combat to College Student Veterans’ Organization hosted
a Military Career Expo to educate students about military occupations.
Money Matters
Nearly 40 percent of Moraine Valley students receive some form of financial aid, and we sought to
expand their knowledge of financial issues relating to their aid and other financial issues. We
offered financial aid literacy workshops to nearly 500 students who were in jeopardy of losing their
financial aid due to their academic performance. As a result, over 70 percent of participants
maintained satisfactory academic progress, and we saw a retention rate from fall 2014 to spring
2015 of more than 90 percent.
To educate their fellow students on tax issues that could affect them, the Business, Finance and
Entrepreneur Club held a Student Tax Concerns event.
Neighborhood Sites Offer New Resources
Moraine Valley is committed to providing students at the Southwest Education Center in Tinley
Park and the Education Center at Blue Island with resources that are available at the main campus
in Palos Hills. To this end, a prairie, comprised of 200 plant specimens, was installed on the
Southwest Education Center’s property. This on-site working lab lets students enrolled in science
courses participate in activities related to natural resource education. The prairie supports the
center’s commitment to sustainability by reducing travel since students do not need to leave the
center for labs. The center also added equipment that allows students to virtually connect with the
College’s Speaking and Writing Center. Both neighborhood sites also initiated a course retention
project in which staff members contacted all students who dropped a course to discuss the reason
they dropped and offer resources if necessary.
Partnerships with Four-Year Institutions Expand Options
Students desiring to pursue a bachelor’s degree in nursing now have additional opportunities due
to new articulation agreements between Moraine Valley and several four-year institutions. These
include Olivet Nazarene University, Rush University, University of St. Francis, and University of
Illinois at Chicago. In addition, students in our allied health programs can go on for a B.S. degree in
health care leadership at St. Francis.
Additional new articulation agreements include:




American Sentinel University – Geographic Information Systems
Chicago State University – Fitness Trainer
Lewis University – Criminal Justice
Lincoln College – Theater
6.
Our Students Make Us Proud
The Honors Program had its highest number of graduates, with more than 70 achieving this
distinction. Of these, 12 students achieved the top Honors Scholar status by earning between 19
and 26 credit hours in honors classes.
Our Phi Theta Kappa International Honor Society’s chapter was recognized at the annual Illinois
regional convention with the Hall of Honor Member Award, College Project Award and Illinois
Regional Officer Award. The chapter also received Five-Star Recognition, which is the highest
honor given for chapter development. In addition, two students were nominated for the Phi Theta
Kappa All-Academic Team.
The Forensics Team competed in the Phi Rho Pi National Speech and Debate Tournament and
brought home the Silver Medal. More than 500 students from 56 college teams participated, and
our team took home 10 individual awards, including one Gold Medal, three Silver Medals, four
Bronze Medals, the Distinguished Service Award, and the Student Fellowship Award, which is
given to the student who best embodies the qualities of speech and debate. In addition, the team
hosted a tournament here on campus, took second place at the Novice National Tournament, and
inducted 12 students into the Pi Kappa Delta National Communication Fraternity.
For the second consecutive year, Moraine Valley Management Information Systems students have
received two prestigious awards—the Terry O’Banion Student Developer Champion Award, from
the League for Innovation in the Community College, and the Student Innovation Award, given by
Common, the world’s largest professional association of IBM technology users.
Two Moraine Valley nursing students were invited to present at the National Organization for
Associate Degree Nursing’s annual convention in St. Louis. Student nurses from across the
country submitted entries, and students from only seven programs—including ours—were
accepted. Our students presented on “The Effects of Social Media on the Privacy of Health Care
Information: HIPAA.”
Three nontraditional-age students were awarded the Excellence in French Award from the
American Association of Teachers of French. This was the first time Moraine Valley students
received this recognition. One of the students also received second place in a national essay
competition held in conjunction with National French Week.
Moraine Valley’s student-run newspaper “The Glacier” received second place for front page design
and website from the Illinois Community College Journalism Association. In addition, two second
place and two honorable mention, individual awards were given to members of the paper’s staff.
“The Glacier” also placed ninth in Best of Show for Two-Year Student Newspapers at the National
College Media Convention.
The College was recognized by Cook County Clerk David Orr for its efforts to engage students and
recruit new election judges for local, state and national elections. Moraine Valley recruited nearly
90 students to serve as judges, which was more than any other college.
Two students who competed in the Illinois Skyway Collegiate Conference STEM Poster
Competition won second place in the engineering category.
It was another banner year for Moraine Valley athletics. We had 20 athletes represent the College
at NJCAA national tournaments. Our Cyclones also brought home two Region IV championships
7.
and five Skyway Conference championships. Two of our athletes were named Players of the Year,
and three coaches received recognition as Coach of the Year. And to top it off, the traveling
Skyway All Sport Trophy returns to Moraine Valley along with the new Women’s Skyway All Sport
Trophy.
Alum Richaun Holmes became the first Moraine Valley basketball player to be drafted by an NBA
team when the Philadelphia 76ers picked him in the second round in June. Richaun played on
Moraine Valley’s team in the 2011-12 season and was an NJCAA All-American, Illinois Skyway
Collegiate Conference Player of the Year and the number one blocker in the country.
Students Gain Knowledge Away from Campus
Learning can take place anywhere, and this year our students participated in professional
conferences and off-campus events that expanded their education. Students in our Honors
Program participated in a six-college tour through Illinois and Indiana, and participated in “City as
Text” projects, which encourage students to hone their observational skills as they explore a
specific place and attempt to gain an understanding of issues related to that geographic area. Two
Computer Integrated Technologies students attended the National Women in Cybersecurity
Conference held in Atlanta, where they attended sessions and heard from top women in the
cybersecurity field. Recreation Therapy students attended the annual Illinois Recreation Therapy
Conference and presented on creative programming. This was the first time Moraine Valley
students presented at this conference. And students in the Model Illinois Government Club took
part in a statewide simulation event to debate legislative bills in the state capital.
Moraine Valley Connects with the Community
Moraine Valley takes its role as a community college seriously and seeks to form valuable
partnerships with businesses and organizations within our district that will benefit our students and
our district residents. In addition, we invite the community to participate in the many programs we
offer that educate, enlighten and entertain.
Moraine Valley Gives Back on Community Learning Day
In an effort to give back to organizations that provide service in our community and learn about the
work they do, Moraine Valley initiated Community Learning Day. More than 300 faculty and staff
members went to help at nonprofit agencies such as the Ronald McDonald House, Sertoma
Centre, Animal Welfare League, and Greater Chicago Food Depository. Volunteers did everything
from fill over 2,000 bags with pasta to clean kennels to cut down invasive plants in a forest
preserve. Staff members who remained on campus had the opportunity to hear presentations from
a variety of organizations such as Catholic Charities, PAWS and the National Alliance on Mental
Illness. In addition, we collected donations of needed items for several of the organizations in the
weeks leading up to Community Learning Day.
Our President Meets the President
Moraine Valley’s president, Dr. Sylvia M. Jenkins, was invited to participate in the White House
College Opportunity Summit in Washington, D.C., in December. She and educational leaders from
around the country met with President Obama, Vice President Biden and the first lady to discuss
ways to help students successfully attain a college education. She also was able to attend the
annual White House Christmas tree lighting ceremony.
8.
Moraine Valley Students Help Others
More than 40 student-run groups participated in fundraisers, toy drives, food drives, and clothing
drives to benefit nonprofit organizations in the community and globally, such as the American
Cancer Society, American Red Cross, Heifer Organization, Holiday Mail for Heroes, and the
College’s own Project Care. Additionally, 190 units of blood were donated through drives, and over
100 students registered to be organ donors. Illinois Secretary of State Jesse White visited our
campus to recognize the Student Government Association and Women in Action for registering so
many new donors as a part of the Life Goes On and Be a Hero campaigns.
Potential Students Attend College Events
To introduce potential students to Moraine Valley, we hosted a number of events that showcased
the College.

The open house for high school students was revamped and posted the highest attendance
compared to the past five open houses.

The Education Center in Blue Island held tours for students from Dwight D. Eisenhower,
Delta Learning Center and Evergreen Park Community high schools.

The Center for Disability Services held three Parent Night events for high school students
and their parents informing them about the services the center has for those with special
needs.

The English Language Learner Center hosted a high school bridge day program, which
attracted more than 80 sophomore, junior and senior ESL students in attendance and
counselors from Stagg, Argo and Eisenhower high schools.

The Corporate, Community and Continuing Education subdivision partnered with the
Moraine Area Career System to host a Manufacturing Day, where 60 students learned
about well-paying, in-demand manufacturing jobs.
Moraine Makes Music
Moraine Valley’s Concert Band and Percussion Ensemble both celebrated their 10th anniversary.
The groups showcased their talents and hosted special guests at concerts, as well as had an
instrument “petting zoo,” where children could try out band instruments. A new ensemble—the
Moraine Orchestra—debuted with nearly 30 musicians participating. In addition, we hosted the
Illinois Skyway Collegiate Conference Jazz Festival, which brought together more than 100
community and student musicians from six different Skyway Conference colleges for a day of
performances, workshops and music clinics.
FitRec Celebrates Its First Anniversary
The College’s Health, Fitness & Recreation Center, also known as the FitRec, celebrated its oneyear anniversary in March. The center exceeded its first-year goals for memberships and
participation by successfully serving students, employees and members of the community.


Total number of non-student members: 3,500
Number of students who used the FitRec: 4,774
9.
Moraine Valley as Host
The College’s Cyclone Center was one of the sites for ESPN’s High School Basketball Showcase.
This exciting event, featuring Neal F. Simeon Career Academy and St. Rita of Cascia High School,
attracted hundreds of sports fans to our campus and provided national TV exposure for Moraine
Valley.
Students from nine local high schools participated in the second annual Technology Challenge,
which was hosted by our Computer Integrated Technologies Department.
For the first time in its history, the Northern Illinois Network Staff Exchange was held on Moraine
Valley’s campus. More than 100 staff members from Illinois community colleges met to share ideas
with peers from other institutions who hold the same position they do.
Our Automotive Technology Program participated in the second annual High School Automotive
Competition. The event was hosted by the College in collaboration with the Moraine Area Career
System.
The four Movies under the Moonlight events attracted more than 1,500 movie goers to our
campus.
Moraine Valley Foundation Contributes Financial and Additional Support


Donated $450,000 to the College to support student emergency assistance, the performing
arts, scholarships, and other endeavors.
Conducted the annual Employee Giving campaign, which raised more than $50,000.
Diversity
Moraine Valley Aids Refugees
Our Learning Enrichment and College Readiness dean was invited by the U.S. State Department
to serve as an English language specialist at a camp for refugees who fled the civil war in the
Central African Republic. The camp is operated by the United Nations High Commissioner for
Refugees, and the U.S. State Department works with them to provide education to refugees.
Moraine Valley’s English Conversation Clubs attracted the attention of the U.S. State Department,
and our dean will be helping to develop a handbook so these clubs can be replicated in refugee
camps around the world.
Training International Education Advisors
Moraine Valley was chosen as a training site for the EducationUSA Advisors Training Institute,
which attracted representatives from the U.S. Department of State and the Institute for
International Education, to learn more about the American community college system and its role
in providing education to international students. EducationUSA advisors came from more than 20
countries around the world and were impressed by the value community colleges can provide to
many of their international student clients. We provided training in conjunction with the University of
Illinois at Chicago, Illinois Institute of Technology, DePaul University, Loyola University,
Northwestern University, and University of Chicago, and Moraine Valley was the only community
college host.
10.
Diversity Efforts Garner Recognition
One of the College’s core values is diversity. And we have again received recognition for our
commitment to this value. The American Association of Community Colleges awarded us the
national first place award of Excellence for Advancing Diversity, which is given to institutions
dedicated to increasing diversity and advocating for social justice on the campus and in the
community. In addition, our College president, Dr. Jenkins, received the Egretha Award through
the “African-American Business and Career” magazine. The College also received the Higher
Education Excellence in Diversity Award from “INSIGHT Into Diversity” magazine. We were one of
six community colleges to receive the honor, and the only community college to have received this
award three times.
Enriches Our College Culture
Moraine Valley is proud we have such a diverse campus because we believe having students and
employees from many cultures, backgrounds and experiences enriches the experience of all.
Diversity Events

The Fine and Performing Arts Center presented singers from Tibet’s Drepung Loseling
Monastery.

For the first time, Moraine Valley students from the Gender and Sexuality Progress Club
attended the Midwest Bisexual Lesbian Gay Transgender Ally College Conference.

The Arab Student Union sponsored several programs to broaden understanding of the Arab
world, including Celebrating Athletes in the Middle East and an Arab Cultural Day/Fashion
Show.

Students in a History of the World Since 1945 class participated in a pilot program, which
allowed them to communicate with students in Middle Eastern countries through an online
program called Soliya Connect.

The International Student Ambassadors held a crosscultural conversation event to
celebrate International Student Week.

HIV testing was made available at a World AIDS Day event, sponsored by the Gender and
Sexuality Progress Club (GASP) and at the National Black HIV/AIDS Awareness Day,
sponsored by GASP and the Alliance of African-American Students.

The Asian Diversity Club sponsored an Asian heritage celebration.

The Muslim Student Association and Women in Action sponsored a Hijab Day to bring
awareness of women’s choices related to the wearing of a hijab.

Women in Action and the Art Club held a tea party to highlight the importance of Women’s
History Month.

The Fashion Valley Couture, Legacy X Dance Team and 24 Karat Dance Team held
performances to celebrate Black History Month and also performed at the B96 Summer
Bash, which was held at Toyota Park in Bridgeview.
11.
Energizing and Enhancing College Growth
With an unrelenting commitment to excellence, Moraine Valley utilizes our resources to grow and
maximize our students’ opportunities.
Improving Our Campus
Moraine Valley continually seeks ways to improve our processes, services, and educational
programs to ensure we become the best community college possible.
Library Expands Student Study Space
Students can participate in collaborative work in a beautiful, functional setting after the extensive
renovation project in the Library. The space was expanded approximately 3,200 square feet, and
eight new study rooms with LCD screens and whiteboards for sharing group presentations were
added. In addition, a multimedia lab with nine computers and media equipment that students can
use to create their own audio and video content is available, along with additional open study
space and new furniture.
Supporting Sustainability in Our Community

The College was awarded the Green Genome-Program Delivery Award for infusing
sustainability across the curriculum by the American Association of Community Colleges’
SEED Center.

We received an educational kiosk from the Illinois Green Economy Network that helps
explain the benefits of SmartGrid technology. This interactive touch screen kiosk could be
placed around campus to give many students the opportunity to learn about this
technology.

The Southwest Education Center hosted the South Metropolitan Higher Education
Consortium’s forum that focused on members from nonprofit, advocate, health care,
corporate and government organizations deepening their understanding of our social,
economic and environmental needs.

The College held an e-waste, textile and pharmaceuticals collection event to properly
dispose of obsolete electronics, textile materials and unwanted medicines.

The Go Green Club held a Zero Waste Challenge to show the impact of one day’s worth of
trash.

In conjunction with the Illinois Green Economy Network and the Illinois Green Governments
Council, we participated in the Electric Vehicle Road Trip, which showcased the College’s
electric chargers and highlighted the value of building the electric vehicle network.
12.
See How Sustainable We Are

Number of class sections incorporating sustainability in to their curriculum: 75

Number of faculty members involved in Sustainability Scholars Program: 80

Decrease in the amount of waste landfilled per student since 1987: 45.8%
Local Economy
The College’s district includes 26 communities in Cook County covering 139 square miles and is
located in northeastern Illinois. Cook County is at the center of the nation’s rail, air, freight and
trucking systems. The county plays a critical role in maintaining a large, efficient transportation
system and infrastructure that include many major expressways and commuter rail lines.
In 2014, the unemployment rate was between 5.1% and 6.6% in the largest in-district communities.
The median household income for the district was $60,667 in 2013 compared to $54,548 for all of
Cook County and $56,797 for the State of Illinois. Per capita income for the district was $27,993 in
2013 compared to $30,183 for all of Cook County and $29,666 for the State of Illinois.
The County has a very diverse economic base, comprised of construction and manufacturing,
wholesale and retail trade and various service sectors. On the district’s northern border is a large
manufacturing corridor, while on the south side, office buildings and warehouses are developing
along the I-80 corridor. A pro-business atmosphere, a commitment to a well-educated workforce
and modern transportation system make Cook County an ideal location for business expansion
and relocation.
The estimated population of District 524 is as follows:
Year
2000
2010
2013
Population
376,579 (actual)
388,606 (actual)
393,476 (estimated)
FINANCIAL INFORMATION
The College maintains its accounts and prepares its financial statements in accordance with
accounting principles generally accepted in the United States of America (GAAP) as set forth by
the Governmental and Financial Accounting Standards Boards (GASB and FASB), and the Illinois
Community College Board (ICCB).
The financial records of the College are maintained on the accrual basis of accounting whereby all
revenues are recorded when earned and all expenses are recorded when an obligation has been
incurred. The notes to the financial statements expand and explain the financial statements and
the accounting principles applied.
13.
Internal Controls
Management of the College is responsible for establishing and maintaining an internal control
structure designed to ensure that the assets of the College are protected from loss, theft, or misuse
and to ensure that adequate accounting data are compiled to allow for the preparation of financial
statements in conformity with generally accepted accounting principles. The internal control
structure is designed to provide reasonable, but not absolute, assurance that these objectives are
met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not
exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires
estimates and judgments by management.
Tests are made by the College's independent auditors to determine the adequacy of the internal
control structure, including that portion related to federal financial assistance programs, as well as
to determine that the College has complied with applicable laws and regulations. The results of the
tests for the fiscal year ended June 30, 2015 provided no instances of material weaknesses in the
internal control structure.
Budgetary Controls
In addition, the College maintains budgetary controls. The objective of the budgetary controls is to
ensure compliance with legal provisions embodied in the annual appropriated budget approved by
the College's Board of Trustees. The level of budgetary control (that is, the level at which
expenditures cannot exceed the appropriated amount) is established for each individual fund. The
College also maintains an encumbrance accounting system as one technique of accomplishing
budgetary control. Encumbered amounts lapse at year-end.
Budget decisions are made in accordance with the College’s Financial Plan and conform to the
requirements as set forth in the Illinois Community College Board Fiscal Management Manual.
Moraine Valley Community College’s budgetary goals include the following:








Annual expenditures not to exceed projected revenues. Expenditures shall be budgeted
according to the College’s strategic priorities.
Adequate funding to address debt service, both current and long-term.
Adequate reserves for maintenance and repairs to its existing facilities.
Adequate reserves for acquisition, maintenance and replacement of capital equipment.
Adequate reserves for strategic capital projects.
Adequate funding levels to fulfill future terms and conditions of employment, including
retirement benefits.
Adequate allocations for special projects related to the strategic direction of the College.
Appropriate allocations for contingencies (unforeseen events requiring expenditures of
current resources.)
Property Taxes
Taxes are collected on a calendar year basis; taxes levied in 2014 are collected in 2015.
Legislation known as the Truth in Taxation Law limits the aggregate amount of certain taxes which
can be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the
preceding year unless specified notice, hearing and certification requirements are met by the
taxing body. The express purpose of the law is to require published disclosure of, and hearing
upon, an intention to adopt a levy in excess of the specified levels. Current and historical
information on property taxes is presented in the Statistical Section of this report.
14.
Financial Planning
Long-term financial planning is performed on an ongoing basis. The controlling document is the
College’s 5-year financial plan which includes reserves by fund. Along with the adoption of the
2016 budget, a tuition increase of $2 per credit hour was approved by the Board of Trustees.
Given the current economic environment, continued state budget deficits, proposed pension
reform, and real estate tax cap legislation, the College’s financial outlook remains challenging. The
College is meeting these challenges through strategic tuition and fee increases, continuous
process improvements to lower costs, development of marketing programs to build enrollment, and
seeking additional grant and private funding to reduce operating costs. The College will continue
to conserve resources through the application of financial controls and reduction in expenses,
where possible without affecting the quality of our educational programs.
After an extensive strategic planning process, the College completed their 2015-2019 Strategic
Plan. The process began with an external scan to review regional, state and national environments
to determine what forces or trends will impact the institution. Based on this research, the
information was shared with more than 100 community, business, government, and education
leaders to gather their input into the plan. The plan provides the College with a roadmap for
enhancing student success during the 2015-2019 fiscal years. The plan was developed
collaboratively among College staff, faculty, and community stakeholders who were involved in the
process. The updated Strategic Plan includes five broad priorities and within these priority areas,
more specific strategic goals. The Strategic Plan was written in the spirit of continuous
improvement. The major purpose of both strategic and annual planning at the College is to
prepare for future challenges and to promote positive change.
OTHER INFORMATION
Awards
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the College most recently for its Comprehensive Annual
Financial Report (CAFR) for the fiscal year ended June 30, 2014. The Certificate of Achievement
is a prestigious national award, recognizing conformance with the highest standards for
preparation of a state or local government financial report. In order to be awarded a Certificate of
Achievement, a government unit must publish an easily readable and efficiently organized CAFR.
This report must satisfy both generally accepted accounting principles and applicable legal
requirements.
The Association of School Business Officials International (ASBO) awarded a Certificate of
Excellence in Financial Reporting to the College most recently for its CAFR for the fiscal year
ended June 30, 2014. In order to be awarded a Certificate of Excellence, the College must
prepare its CAFR in an easily readable and efficiently organized manner. The CAFR is submitted
to an ASBO Panel of Review. The panel of volunteers is comprised of professionals experienced
in governmental accounting and auditing.
Both the Certificate of Achievement and the Certificate of Excellence are valid for a period of one
year only. We believe that our current comprehensive annual financial report continues to meet
both programs’ requirements, and we are submitting it to the GFOA and ASBO to determine its
eligibility for another certificate.
15.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
PRINCIPAL OFFICIALS
JUNE 30, 2015
BOARD OF TRUSTEES
Position
Chairman
Vice Chairman
Secretary
Trustee
Trustee
Trustee
Trustee
Student Trustee
Joseph P. Murphy
John R. Coleman
Susan Murphy
Kimberly A. Hastings
Michael Murphy
Eileen O’Sullivan
Sandra S. Wagner
Karim Awwad
Term Expires
2019
2017
2017
2021
2021
2019
2019
2016
OFFICERS OF THE COLLEGE
Dr. Sylvia M. Jenkins
Dr. Margaret Lehner
Mr. Andrew Duren
Dr. Pamela Haney
Dr. Normah Salleh-Barone
Mr. Robert J. Sterkowitz
President
Interim Vice President, Institutional Advancement
and Executive Assistant to the President
Executive Vice President, Administrative Services
Vice President, Academic Affairs
Vice President, Student Development
Chief Financial Officer/Treasurer
OFFICIALS ISSUING REPORT
Mr. Robert J. Sterkowitz
Ms. Theresa O’Carroll
Ms. Stephanie Ladewig
Chief Financial Officer/Treasurer
Controller
Internal Auditor
DIVISION ISSUING REPORT
Finance Division
17.
18.
Dean, Academic Services
Jennifer Davidson
Dean, Career Programs
Kiana Battle
Dean, Learning Enrichment
and College Readiness
Michael Morsches
Dean
Liberal Arts
Wally Fronczek
Dean, Science, Business
and Computer Technology
Ryen Nagle
Director
Campus Operations
Rick Brennan
Director
Human Resources
Lynn Harrington
Chief
Police Department
Pat O'Connor
Director
Purchasing
Jane Bentley
Manager
Sustainability
Stephenie Presseller
Dean, Corporate, Community
and Continuing Education
Albert Lewis, Jr.
Dean, Academic Development/Outreach
and Learning Resources Center
(Open)
VICE PRESIDENT
Academic Affairs
Dr. Pamela Haney
Director
Auxiliary Services
Kashif Shah
EXECUTIVE VICE PRESIDENT
Administrative Services
Andrew Duren
Director
Childrens Learning Center
Denise Lumpkin
Director
Health Education & Wellness Center
Bill Finn
Dean
Student Success
Jo Ann Jenkins
Dean
Student Engagement
Scott Friedman
Dean
Student Services
Chet Shaw
Dean
Enrollment Services
Severo Balason
VICE PRESIDENT
Student Development
Dr. Normah Salleh-Barone
Foundation Director
Sue Linn
Internal Auditor
Stephanie Ladewig
PRESIDENT
Dr. Sylvia Jenkins
BOARD OF TRUSTEES
Supervisor
Cashiers
Gina Rinella
Director
Payroll
Gina Dever
Controller
Accounting; Grants; Assets
Theresa O'Carroll
CHIEF FINANCIAL OFFICER
Finance and Accounting
Robert Sterkowitz
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
ORGANIZATION CHART
INTERIM VICE PRESIDENT
Director
College & Community Relations
Mark Horstmeyer
Director
Marketing and Creative Services
Clare Briner
Director
Institutional Research and Planning
Elizabeth Reis
Director, Resource Development
and Institutional Effectiveness
Sharon Katterman
Institutional Advancement
Dr. Margaret Lehner
& EXEC. ASSISTANT TO PRESIDENT
CHIEF INFORMATION OFFICER
Information Technology
Kamlesh Sanghvi
19.
Association of School Business Officials International
The Certificate of Excellence in Financial Reporting Award
is presented to
Moraine Valley Community College
For Its Comprehensive Annual Financial Report (CAFR)
For the Fiscal Year Ended June 30, 2014
The CAFR has been reviewed and met or exceeded
ASBO International’s Certificate of Excellence standards
Mark C. Pepera, MBA, RSBO, SFO
President
John D. Musso, CAE, RSBA
Executive Director
20.
MORAINE VALLEY COMMUNITY COLLEGE
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
Financial Section
Financial Section
Fiscal Year Ended June 30, 2015
Fiscal Year Ended June 30, 2015
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT AUDITOR’S REPORT
The Board of Trustees
Moraine Valley Community College –
Community College District Number 524
Palos Hills, Illinois
Report on the Financial Statements
We have audited the accompanying financial statements of Moraine Valley Community College –
Community College District No. 524 (the College), as of and for the year ended June 30, 2015, 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 audit. 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 of 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.
21.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the College, as of June 30, 2015, and the changes in its financial position and
its cash flows thereof for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
Emphasis of a Matter
In June 2012 the GASB issued GASB Statement No. 68, “Accounting and Financial Reporting for
Pensions.” Also, in November 2013 the GASB issued GASB Statement No. 71, “Pension Transition
for Contributions Made Subsequent to the Measurement Date”. As discussed in note 7, Statements
68 and 71 are effective for the College’s fiscal year ending June 30, 2015. These Statements
replace the requirements of Statement No. 27, “Accounting for Pensions by State and Local
Governmental Employers” and Statement No. 50, “Pension Disclosures.” Statements 68 and 71
establish standards for measuring and recognizing liabilities, deferred outflows of resources,
deferred inflows of resources and expenses as well as identifies the methods and assumptions that
should be used to project benefit payments, discount projected benefit payments to their actuarial
present value and attribute that present value to periods of employee service. Note disclosures and
required supplementary information requirements about pensions are also addressed. Our opinion
is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that
Management’s Discussion and Analysis on pages 24 through 34 and Schedule of College’s
Proportionate Share of the Net Pension Liability and Schedule of College Contributions on pages 67
through 68 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.
Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements that
collectively comprise the College’s basic financial statements. The introductory section,
supplementary information, statistical section, supplemental financial information, and Certification
of Chargeback Reimbursement are presented for purposes of additional analysis and are not a
required part of the basic financial statements.
22.
The supplementary information and the supplemental financial information is the responsibility of
management and was derived from and relate directly to the underlying accounting and other
records used to prepare the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the supplementary information
and the supplemental financial information are fairly stated, in all material respects, in relation to the
basic financial statements as a whole.
The introductory section, statistical section, and Certification of Chargeback Reimbursement have
not been subjected to the auditing procedures applied in the audit of the basic financial statements,
and accordingly, we do not express an opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October
12, 2015 on our consideration of the College’s internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements
and other matters. The purpose of that report is to describe the scope of our testing of internal
control over financial reporting and compliance and the results of that testing, and not to provide an
opinion on 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
College’s internal control over financial reporting and compliance.
Crowe Horwath LLP
Oak Brook, Illinois
October 12, 2015
23.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
JUNE 30, 2015
MANAGEMENT’S DISCUSSION AND ANALYSIS
(unaudited)
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
MANAGEMENT’S DISCUSSION AND ANALYSIS
INTRODUCTION AND BACKGROUND
This section of Moraine Valley Community College District Number 524’s (the College)
Comprehensive Annual Financial Report presents management’s discussion and analysis (MD&A) of
the College’s financial activity during the fiscal year ended June 30, 2015. Since this MD&A is
designed to focus on current activities, resulting changes and currently known facts, please read it in
conjunction with the Transmittal Letter (pages 1 - 16), the College’s basic financial statements (pages
35 - 38) and the notes to the basic financial statements (pages 39 - 63). Responsibility for the
completeness and fairness of this information rests with the College.
USING THIS ANNUAL REPORT
The financial statements focus on the College as a whole and are designed to emulate corporate
presentation models whereby all College activities are consolidated into one total. The financial
statements consist of four primary parts: (1) statement of net position, (2) statement of revenues,
expenses, and changes in net position, (3) statement of cash flows and (4) notes to the basic financial
statements. The financial statements are prepared on the accrual basis of accounting and economic
resources measurement focus. Under the accrual basis of accounting, expenses are recorded when
incurred and revenues are recognized when earned in accordance with generally accepted
accounting principles.
The Statement of Net Position is presented in the format where assets equal liabilities plus deferred
inflows of resources plus net position. Assets and liabilities are presented in order of liquidity and are
classified as current (convertible into cash within one year) and non-current. This statement combines
and consolidates current financial resources (short-term spendable resources) with long-term capital
assets and deferred inflows and outflows of resources. The focus on this statement is to show the
overall liquidity and health of the College as of the end of the fiscal year.
The Statement of Revenues, Expenses, and Changes in Net Position focuses on both the gross and
net costs of College activities, which are supported substantially by property taxes, state and federal
grants, student tuition and fees and auxiliary enterprises revenues. This approach is intended to
summarize and simplify the user’s analysis of the financial results of the various College services to
students and the public.
The Statement of Cash Flows discloses net cash provided (or used) by operating, noncapital
financing and related financing activities, and investing activities. This statement shows the College’s
cash flows are sufficient to pay current liabilities.
(Continued)
24.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
The Notes to the Basic Financial Statements are an integral part of the basic statements and describe
the College’s significant accounting policies. The reader is encouraged to review the notes in
conjunction with the management discussion and analysis of the financial statements.
FINANCIAL HIGHLIGHTS
STATEMENT OF NET POSITION
The major components of Moraine Valley’s assets, liabilities, deferred inflows and net position as of
June 30, 2015 and 2014 are as follows:
($ in millions)
2015
2014
Increase
(Decrease)
Percent
Change
Assets
Current and Other Assets
Capital Assets, net of Accumulated Depreciation
$
Total Assets
187.2
183.0
$
186.3
183.4
$
0.9
(0.4)
0.5%
(0.2%)
370.2
369.7
0.5
21.4
20.5
0.9
4.4%
Non-Current Liabilities
Total Liabilities
146.9
168.3
152.1
172.6
(5.2)
(4.3)
(3.4%)
(2.5%)
Deferred Inflow of Resources
17.6
17.1
0.5
79.6
19.8
75.8
25.5
3.8
(5.7)
85.0
184.4
78.7
180.0
6.3
4.4
Liabilities
Current Liabilities
0.1%
2.9%
Net Position
Net Investment in Capital Assets
Restricted Net Position
Unrestricted Net Position
Total Net Position
$
$
$
5.0%
(22.4%)
8.0%
2.4%
Fiscal Year 2015 Compared to Fiscal Year 2014
Assets
Total current and other assets increased $0.9 million as compared to prior year. The primary reason
for this increase is attributable to an increase in property tax receivable.
Capital assets, net of accumulated depreciation, decreased $0.4 million. The College added $6.5
million in depreciated capital assets offset by $6.9 million in accumulated depreciation. Refer to the
capital assets section on page 33 of this MD&A for further discussion on capital assets.
(Continued)
25.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
Liabilities
Current liabilities increased $0.9 million compared to the prior year due to an increase in the current
portion of long-term bonds payable of $0.6 million and increases in accounts payable and accrued
payroll of approximately $0.3 million. Non-current liabilities decreased $5.2 million in fiscal year 2015
compared to fiscal year 2014. The primary reason for the decrease is attributable to a reduction in
long-term bonds payable of $5.0 million. Further discussion on long-term debt can be found on page
33.
Deferred Inflows of Resources
Deferred inflows of resources reflect the College’s implementation of Governmental Accounting
Standards Board (GASB) Statement No. 65 in fiscal year 2013. Deferred inflows of resources
increased $0.5 million over the prior year balance due to a slight increase in the property tax revenues
levied in calendar 2014 that are not collected until fiscal year 2016. This increase primarily reflects
the annual Consumer Price Index (CPI) growth in the property tax levy.
Comparison of Net Position
Fiscal Years 2015 and 2014
($ in millions)
$90
$80
$70
$60
$50
$40
$30
$20
$10
$-
2015
2014
Net Investment
Restricted
Unrestricted
Net Position
Total net position increased $4.4 million over prior year. This increase is attributable to favorable
operating results.
Current Ratio
The College had a current ratio of 5.00 times at June 30, 2015. The current ratio is total current
assets divided by total current liabilities. This means that for every dollar of current liabilities, the
College has $5.00 in current assets. This means that the College is financially secure on a short term
basis and is capable of paying its current obligations.
(Continued)
26.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
ANALYSIS OF NET POSITION
2015
($ in millions)
Net Position
Net Investment in Capital Assets
Restricted Net Position
Unrestricted Net Position
Total Net Position
$
$
79.6
19.8
85.0
184.4
2014
$
$
75.8
25.5
78.7
180.0
Increase
(Decrease)
$
$
3.8
(5.7)
6.3
4.4
Percent
Change
5.0%
(22.4%)
8.0%
2.4%
Analysis of Net Position
As of
June 30, 2015
Net Investment In
Capital Assets
43.2%
Unrestricted
46.1%
Restricted
10.7%
Fiscal Year 2015 Compared to Fiscal Year 2014
Changes in net position are an indicator of a governmental entity’s financial position. The College’s
combined net position increased 2.4 percent or $4.4 million. Unrestricted net position increased $6.3
million, primarily attributable to the Board of Trustees approving a $4.2 million transfer of restricted
assets to the Operations and Maintenance General Fund. These funds are to be used for a new
Student Success Center, upgrades to the wireless network, and renovations to the Blue Island facility.
The remaining $2.1 million increase in unrestricted net position is a result of a $5 per credit hour
tuition increase and infrastructure fee. Restricted net position decreased $5.7 million compared to
prior year due to a $4.1 million decrease in the amount restricted for debt service. As annual debt
service payments are made, the amount of funds available for debt service will continue to decrease.
Restricted for capital projects decreased $2.3 million and restricted for technology increased $0.7
million.
(Continued)
27.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
The following table presents the statement of revenues, expenses and changes in net position for the
College for fiscal years 2015 and 2014:
($ in millions)
2015
2014
Increase
(Decrease)
Percent
Change
Operating Revenues
Tuition and Fees
$
30.8
$
31.3
$
(0.5)
(1.6%)
Auxiliary Enterprise Revenue
7.9
7.2
0.7
9.7%
Other Operating Revenues
2.1
1.9
0.2
10.5%
Total Operating Revenues
40.8
40.4
0.4
1.0%
125.5
121.6
3.9
3.2%
(84.7)
(81.2)
(3.5)
4.3%
State Sources
34.3
29.6
4.7
15.9%
Property Taxes
35.6
34.9
0.7
2.0%
Federal Grants and Contracts
22.2
22.4
(0.2)
(0.9%)
Local Sources
0.9
1.1
(0.2)
(18.2%)
Investment income
1.0
4.3
(3.3)
(76.7%)
Interest on Capital Asset Related Debt
(5.5)
(4.8)
(0.7)
14.6%
Total Non-operating Revenues (Expenses)
88.5
87.5
1.0
1.1%
Increase in Net Position before Capital Contributions
3.8
6.3
(2.5)
(39.7%)
Capital Contributions
0.6
0.3
0.3
100.0%
Increase in Net Position
4.4
6.6
(2.2)
(33.3%)
180.0
173.4
Less Operating Expenses
Operating Income (Loss)
Non-operating Revenues (Expenses)
Net position, Beginning of Year
Net position, End of Year
$
184.4
$
180.0
$
6.6
3.8%
4.4
2.4%
Fiscal Year 2015 Compared to Fiscal Year 2014
Revenues
Operating and non-operating revenues totaled $134.8 million for fiscal year 2015, an increase of $2.1
million over fiscal year 2014. The largest component of revenues, $35.6 million, is from local property
taxes which comprises 26.4% of total revenues. Revenues from state sources were $34.3 million in
fiscal year 2015 and represent the second largest component of total revenues at 25.4%. Student
tuition and fees revenues totaled $30.8 million in fiscal year 2015 and represent the third largest
component of total revenues at 22.8%. Federal revenues were $22.2 million, accounting for 16.5% of
total fiscal year 2015 revenues.
(Continued)
28.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
Operating revenues from tuition and fees decreased $0.5 million from the previous year. This
decrease is attributable to a $0.5 million bad debt adjustment for uncollectible student receivables.
Generally Accepted Accounting Principles (GAAP) requires colleges to report tuition and fees funded
by state and federal financial awards as non-operating revenues and not as tuition. The amount of
state and federal scholarships applied to tuition was $21.3 million in fiscal year 2015 compared to
$21.7 million in fiscal year 2014, a decrease of $0.4 million which is classified in non-operating
revenues. The table below summarizes total gross tuition and fees revenues before reclassifying the
federal and state financial aid awards to non-operating revenues. As shown in the table below,
student tuition and fees before adjustment were $52.1 million for fiscal year 2015, or $0.9 million lower
than fiscal year 2014.
($ in millions)
2015
2014
Student Tuition and Fees
$ 52.1
$ 53.0
Federal and State Awards
Student Tuition and Fees, Net
(21.3)
$ 30.8
(21.7)
$ 31.3
Increase
(Decrease)
Percent
Change
$
(0.9)
(1.7%)
$
(0.4)
(0.5)
(1.8%)
(1.6%)
Total non-operating revenues and expenses increased $1.0 million overall. State revenues increased
$4.7 million due to a $2.6 million increase in the total pension plan contributions made by the State of
Illinois on behalf of employees participating in the State University Retirement System (SURS) plan.
In accordance with GASB, the employer of these members must disclose the on-behalf payments as
revenues and expenditures in the financial statements. Base Operating and Equalization grants from
the Illinois Community College System operating budget increased $1.6 million from the prior year
and student MAP grants increased $0.4 million from the prior year.
(Continued)
29.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
Operating and Non-Operating Revenues
June 30, 2015
Other
1.6%
Auxiliary
5.9%
State & Local
Sources
26.1%
Tuition & Fees
22.8%
Investment
0.7%
Federal Grants
/Contracts
16.5%
Property Taxes
26.4%
Operating Expenses
Operating expenses as of June 30, 2015 increased $3.9 million or approximately 3.2 percent over
fiscal year 2014. Instructional expenses increased $2.3 million overall, due primarily to an increase in
instructional salaries and benefits of $0.9 million and an increase of $1.4 million in State University
Retirement System (SURS) on-behalf pension payments made by the State. Academic Support
expenses were unchanged as increases in salaries and benefits were offset by less services provided
due to lower enrollment. Student and Public services each increased $0.5 million from salary and
benefit increases. Operations and Maintenance expenses decreased $1.1 million due to less
maintenance and capital projects compared to the prior year. Auxiliary Enterprises increased $1.7
million compared to fiscal year 2014 directly related to the Health, Fitness and Recreation center
which opened in March 2014. Financial Aid decreased $0.5 million, as Pell financial aid payments to
students were $17.7 million in fiscal year 2015 compared to $18.2 million in fiscal year 2014.
Depreciation expense increased $0.6 million compared to fiscal year 2014 from the addition of the
Health, Fitness, and Recreation center.
(Continued)
30.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
($ in millions)
2015
Operating Expenses
Instruction
Academic Support
Student Services
Public Service
Operations and Maintenance
Institutional Support
Auxiliary Enterprises
Financial Aid
Depreciation
Total Operating Expenses
$
$
2014
45.3
8.0
12.6
0.9
12.6
19.1
12.7
7.4
6.9
125.5
$
$
43.0
8.0
12.1
0.4
13.7
19.2
11.0
7.9
6.3
121.6
Increase
(Decrease)
$
2.3
–
0.5
0.5
(1.1)
(0.1)
1.7
(0.5)
0.6
$ 3.9
Percent
Change
5.3%
0.0%
4.1%
125.0%
(8.0%)
(0.5%)
15.5%
(6.3%)
9.5%
3.2%
Operating Expenses
June 30, 2015
Auxiliary
10.1%
Financial Aid
5.9%
Depreciation
5.5%
Institutional Support
15.2%
Operations &
Maintenance
10.0%
Instruction
36.1%
Public Service
Student Services
0.7%
10.1%
(Continued)
Academic Support
6.4%
31.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
As shown in the operating expenses chart, fiscal year 2015 instruction costs were $45.3 million. This
category represents all of the direct costs associated with teaching students and is the largest
component of operating expenses, accounting for 36.1% of total operating expenses. Financial Aid
expense represents the portion of financial aid that is refunded back to the student after tuition and
fees.
Comparison of Operating Expenses
Fiscal Years 2015 and 2014
($ in millions)
$50
$45
$40
$35
$30
$25
$20
$15
$10
$5
$Instruction
Academic
Support
Student
Services
Public Service
Operations &
Maintenance
2015
Institutional
Support
Auxiliary
Financial Aid
Depreciation
2014
(Continued)
32.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
STATEMENT OF NET CAPITAL ASSETS AND LONG-TERM DEBT
($ in millions)
Capital Assets
Construction in Progess
Land and Improvements
Building and Improvements
Equipment
Technology
Total
Less Accumulated Depreciation
Net Capital Assets
2015
$
$
($ in millions)
Long-Term Debt
General Obligation Bonds
Bond Premium
Bond Discount
Total Bonds, net
Compensated Absences &
Retirement Benefit Obligations
Total Long-Term Debt
1.7
23.4
217.7
7.0
6.7
256.5
(73.5)
183.0
2014
$
$
2015
$
$
148.9
3.8
(1.6)
151.1
2.0
153.1
1.6
21.8
216.5
6.3
6.6
252.8
(69.4)
183.4
2014
$
$
153.2
4.0
(1.7)
155.5
2.1
157.6
Increase
(Decrease)
$
$
0.1
1.6
1.2
0.7
0.1
3.7
6.2%
7.3%
0.6%
11.1%
1.5%
1.5%
(4.1)
(0.4)
(5.9%)
(0.2%)
Increase
(Decrease)
$
$
Percent
Change
Percent
Change
(4.3)
(0.2)
0.1
(4.4)
(2.8%)
(5.0%)
(5.9%)
(2.8%)
(0.1)
(4.5)
4.8%
(2.9%)
Fiscal Year 2015 Compared to Fiscal Year 2014
As of June 30, 2015, the College had $256.5 million investment in capital assets, and $73.5 million in
accumulated depreciation for total net capital assets of $183.0 million. Total capital assets decreased
$0.4 million during fiscal year 2015. Land Improvements increased $1.6 million, due to additional
parking, site and drainage improvements, and improvements to campus entrances. Buildings and
Building Improvements increased $1.2 million, primarily due to additional improvements to the Health,
Fitness and Recreation Center, additional space and technology improvements in the library, and
adding new roofs to existing buildings. Equipment increased $0.7 million primarily due to $0.3 million
for new bleachers and press box, $0.2 million for operations and maintenance equipment, and $0.2
million for a new back-up generator. Accumulated depreciation increased $4.1 million from the
addition of the new Health, Fitness and Recreation Center in March 2014. More detailed information
about capital assets is presented in Note 6 to the financial statements.
During fiscal year 2015, bonds payable decreased by $4.4 million. Detailed information about the
College’s long-term liabilities is presented in Note 5 to the financial statements.
(Continued)
33.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
MANAGEMENT’S DISCUSSION AND ANALYSIS
June 30, 2015
CURRENT ISSUES
The Board of Trustees passed a $95 million operating budget for fiscal year 2016, which included a
$2 per credit hour tuition increase. Management has seen credit hour decreases over the past two
years while headcount has also decreased for fiscal year 2015. As long as property tax and tuition
revenue increases stay in line with salary increases and there is not a large reduction in state funding,
the College projects balanced budgets in the foreseeable future.
Management is not aware of any other currently known facts, decisions, or conditions that would have
a significant impact on the College’s financial position (net position) or results of operations (revenues,
expenses, and other changes in net position).
ECONOMIC FACTORS THAT WILL AFFECT THE FUTURE
The State of Illinois’ new fiscal year began on July 1, 2015 without an enacted budget. Although
Governor Bruce Rauner signed the education portion of the budget, he vetoed the remaining
appropriations bills and the State has moved into the fiscal year operating on spending authority
provided through continuing appropriations and mandated payments due to court orders and legally
binding documents. Moraine Valley adopted its 2016 budget with the assumption that the funding
from the State will be at the final 2015 budgeted amount. The College has ample reserves to cover
any shortages.
The College continues to analyze the potential impact the new health care reform law will have on the
College. The health care reform law includes an excise tax (”Cadillac tax”) on high cost health plans
that will go into effect in 2018. The tax will be imposed on plans with annual premiums exceeding
$10,200 for single coverage and $27,500 for a family coverage, including both employee and
employer contributions. The College made changes to its employee health plans that will take effect
in January 2016. These changes will minimize the effect of this potential tax to the College.
Revenues from local taxes represent approximately twenty-six percent of the revenues the College
receives to fund operations and maintenance. The College continues to track residential and
commercial property values and economic activity in the residential and office construction sectors to
forecast future funding impacts on the College.
CONTACTING FINANCIAL MANAGEMENT
This financial report is designed to provide its bondholders, customers and other interested parties
with a general overview of Moraine Valley Community College’s finances and to show Moraine Valley
Community College’s accountability for the revenues it receives. If you have questions about this
report or need additional information, contact Theresa O’Carroll at 9000 W. College Parkway, Palos
Hills, IL 60465 (708) 974-4300.
34.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
JUNE 30, 2015
BASIC FINANCIAL STATEMENTS
STATEMENT 1
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
STATEMENT OF NET POSITION
JUNE 30, 2015
ASSETS
Current Assets:
Cash and Cash Equivalents
Short-term Investments
Property Tax Receivable
Tuition and Fees Receivable
Other Accounts Receivable
Interest Receivable
Other Accrued Revenue
Intergovernmental Receivable
Inventory
Prepaid Expenses
Total Current Assets
Non-current Assets:
Long-term Investments
Long-term Investments - Restricted for Debt Service
Capital Assets, not being depreciated
Capital Assets, net of accumulated depreciation
Total Non-current Assets
Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable
Accrued Payroll
Accrued Compensated Absences
Accrued Interest Payable
Accrued Retirement Benefit Obligations
Intergovernmental Payables
Unearned Tuition and Fees Revenue
Current Portion of Long-term Obligations
Other Current Liabilities
Total Current Liabilities
Non-current Liabilities:
Accrued Compensated Absences
Accrued Retirement Benefit Obligations
Long-term Bonds Payable
Total Non-current Liabilities
Total Liabilities
DEFERRED INFLOW OF RESOURCES
Deferred Property Tax Revenue
Total Deferred Inflow of Resources
NET POSITION
Net Investment in Capital Assets
Restricted:
Scholarships
Capital Projects
Debt Service
Technology Projects
Working Cash
Liability Insurance Purposes
Audit Purposes
Unrestricted
Total Net Position
$
16,081,814
58,226,700
17,632,653
8,837,154
108,297
968,249
1,875,950
1,390,267
953,774
697,661
106,772,519
33,242,526
47,212,602
7,538,168
175,503,569
263,496,865
370,269,384
1,381,088
2,488,130
1,122,017
469,377
219,143
22,096
10,711,173
4,850,000
92,601
21,355,625
374,006
310,005
146,246,181
146,930,192
168,285,817
17,618,029
17,618,029
79,617,885
276,766
2,808,457
3,535,206
4,386,595
6,464,261
1,899,099
132,553
85,244,716
$ 184,365,538
See accompanying notes to basic financial statements.
35.
STATEMENT 2
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
YEAR ENDED JUNE 30, 2015
REVENUES
Operating Revenues
Tuition and Fees, net of scholarship allowances of $21,360,410
Auxiliary Enterprise Revenue
Chargeback Revenue
Other Operating Revenues
Total Operating Revenues
EXPENSES
Operating Expenses
Instruction
Academic Support
Student Services
Public Service
Operations and Maintenance
Institutional Support
Auxiliary Enterprises
Financial Aid
Depreciation
Total Operating Expenses
OPERATING INCOME (LOSS)
NON-OPERATING REVENUES (EXPENSES)
State Sources
Property Tax Revenue
Federal Grants and Contracts
Local Sources
Investment Income
Interest on Capital Asset Related Debt
Gain (Loss) on Disposal of Capital Assets
Total Non-operating Revenues (Expenses)
Increase in Net Position before Capital Contributions
Capital Contributions
$
30,778,456
7,896,751
16,687
2,142,787
40,834,681
45,284,704
8,035,517
12,604,860
885,352
12,590,713
19,117,399
12,648,365
7,419,550
6,927,671
125,514,131
(84,679,450)
34,266,592
35,649,995
22,232,483
911,813
1,011,333
(5,530,166)
(38,858)
88,503,192
3,823,742
546,895
Increase in Net Position
4,370,637
Net Position - Beginning of Year
Net Position - End of Year
179,994,901
$ 184,365,538
See accompanying notes to basic financial statements.
36.
STATEMENT 3
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
STATEMENT OF CASH FLOWS
YEAR ENDED JUNE 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Tuition and Fees
Sales and Services
Payments to:
Employees
Suppliers
Students
Chargeback Revenue
Net Cash Provided (Used) by Operating Activities
$
(68,115,068)
(22,790,392)
(7,419,550)
16,687
(57,452,019)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
State Sources
Property Taxes
Local Sources
Federal Grants and Contracts
Net Cash Provided (Used) by Noncapital Financing Activities
13,619,833
35,228,370
911,813
22,645,973
72,405,989
CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES
Construction Purchases from Bond Proceeds
Purchases of Capital Assets and Construction
Principal Paid on Capital Debt
Interest Paid on Capital Debt
Net Cash Provided (Used) by Capital Financing Activities
(1,642,462)
(4,385,700)
(4,260,000)
(5,711,753)
(15,999,915)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Sales and Maturities of Investments
Interest on Investments
Purchases of Investments
Net Cash Provided (Used) by Investing Activities
97,677,209
2,982,913
(102,273,767)
(1,613,645)
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
CASH & CASH EQUIVALENTS - BEGINNING OF YEAR
CASH & CASH EQUIVALENTS - END OF YEAR
30,706,299
10,150,005
(2,659,590)
$
18,741,404
16,081,814
See accompanying notes to basic financial statements.
37.
STATEMENT 3
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
STATEMENT OF CASH FLOWS
YEAR ENDED JUNE 30, 2015
RECONCILIATION OF NET OPERATING REVENUES (EXPENSES)
TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities:
Depreciation Expense
State University Retirement Payment
Changes in Assets and Liabilities:
Tuition and Fees Receivable, net
Inventories and Other Assets
Accounts Payable and Accrued Liabilities
Accrued Salaries and Wages
Prepaid Expenses
Unearned Tuition and Fees Revenue
Net Cash Provided (Used) by Operating Activities
$
(84,679,450)
6,927,671
20,331,286
$
146,776
101,040
158,535
131,414
(350,356)
(218,935)
(57,452,019)
NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES:
Increase (Decrease) in Fair Value of Investments
State Payment of Construction
State On-Behalf Payments for Fringe Benefits
$
(1,818,687)
546,895
20,331,286
See accompanying notes to basic financial statements.
38.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of Moraine Valley Community College - Community College
District Number 524 (the College) conform to accounting principles generally accepted in the United
States of America (GAAP) applicable to government units, as well as those prescribed by the Illinois
Community College Board (ICCB), as set forth in the ICCB Fiscal Management Manual. The
College’s reports are based on all applicable Governmental Accounting Standards Board (GASB)
pronouncements. The following is a summary of the significant accounting policies.
A. Reporting Entity:
As defined by GASB Statement No. 14, The Financial Reporting Entity, and amended by GASB
Statement No. 61, The Financial Reporting Entity: Omnibus the College as the financial reporting
entity consists of the primary government and organizations for which the primary government is
financially accountable. In addition, the primary government may determine, through exercise of
management's professional judgment, that the inclusion of an organization that does not meet the
financial accountability criteria is necessary in order to prevent the reporting entity's financial
statements from being misleading. In such instances, that organization should be included as a
component unit. The decision to include a potential component unit in the reporting entity was
made by applying the criteria set forth in GASB Statement Nos. 14, 39, and 61.
The primary criterion for including a potential component unit within the reporting entity under GASB
Statement No. 14, as amended by GASB Statement No. 61, is the financial accountability that the
elected officials of the primary government have for the component unit. The criteria used in
assessing financial accountability consist of (1) the primary government is financially accountable if
it appoints a voting majority of the organization’s governing body and (a) it is able to impose its will
on that organization or (b) there is a potential for the organization to provide specific financial
benefits or impose specific financial burdens on the primary government; and (2) the primary
government is financially accountable if the organization is fiscally dependent on and there is a
potential for the organization to provide specific financial benefits to, or impose specific financial
burdens on, the primary government. Based on this criteria, the College is not financially
accountable for any other organizations.
Additionally, GASB Statement No. 39, Determining Whether Certain Organizations are Component
Units provides guidance to determine whether certain organizations for which the College is not
financially accountable should be reported as component units based on the nature and
significance of their relationship with the College. Generally, it requires reporting, as a component
unit, an organization that raises and holds significant economic resources for the direct benefit of a
government unit. The Moraine Valley Foundation is a legally separate, tax exempt organization that
acts as a fundraising organization to supplement the resources that are available to the College in
support of its programs. These resources are not considered significant to the operations of the
College. Accordingly, the Foundation is not reported as a component unit of the College.
(Continued)
39.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B. Basis of Presentation:
GASB Statement No. 35 establishes standards for external financial reporting for public colleges
and universities and requires resources to be classified for accounting and reporting purposes into
the following three net position categories:
Net Investment in Capital Assets: Capital assets, net of accumulated depreciation and
outstanding debt obligations, attributable to the acquisition, construction, or improvement of
those assets.
Restricted Net Position: Consists of net position that has constraints placed on their use either
by 1) external groups such as creditors (such as debt covenants), grantors, contributors, or laws
or regulations of other governments or, 2) law through constitutional provisions or enabling
legislation.
Unrestricted Net Position: Net position that is not subject to externally imposed situations.
These resources are used for transactions relating to the educational and general operations of
the College and may be used at the discretion of the governing board to meet current expenses
for any purpose.
GASB Statement No. 35 also requires the Statement of Net Position, Statement of Revenues,
Expenses and Changes in Net Position and Statement of Cash Flows to be reported on an entitywide basis. These basic financial statements report information on all of the activities of the
College. For the most part, the effect of interfund activity has been removed from these statements.
C. Measurement Focus and Basis of Accounting:
For financial statement reporting purposes, Moraine Valley Community College is considered a
special purpose government engaged only in business-type activities as defined in GASB
Statement No. 34. Accordingly, the basic financial statements of the College have been prepared
using the flow of economic resources measurement focus and the accrual basis of accounting.
Under the accrual basis, revenues are recognized in the accounting period in which they are
earned, and expenses are recognized in the period incurred. All intra-agency and intra-fund
transactions have been eliminated.
Non-exchange transactions, in which the College receives value without directly giving equal value
in return, includes property taxes, federal, state, and local grants, State appropriations, and other
contributions. On an accrual basis, revenue from property taxes is recognized in the period for
which the levy is intended to finance. Revenue from grants, State appropriations, and other
contributions are recognized in the year in which all eligibility requirements have been satisfied.
Eligibility requirements include timing requirements, which specify the year when the resources are
required to be used or the fiscal year when use is first permitted, matching requirements, in which
the College must provide local resources to be used for a specified purpose, and expenditure
requirements, in which the resources are provided to the College on a reimbursement basis.
(Continued)
40.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Capital Assets:
All College activities are accounted for on a financial resources measurement focus. This means
that all assets and all liabilities (whether current or non-current) associated with these activities are
included on the Statement of Net Position. The College’s operating statement presents increases
(revenues) and decreases (expenses) in net position. Depreciation of all exhaustible capital assets
is charged as an expense against operations.
Capital assets include property, plant, equipment, and infrastructure assets, such as roads and
sidewalks. Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the date of
donation. The costs of normal maintenance and repairs that do not add value to the asset or
materially extend the asset’s life are not capitalized.
Property, plant, and equipment of the College over the following thresholds are depreciated using
the straight-line method over the following useful lives:
Useful Life
Not Depreciated
50 years
20 years
10 years
8 years
Land
Buildings
Building and Land Improvements
Equipment
Computer Technology
Thresholds
$ 25,000
50,000
25,000
10,000
10,000
Included with the College’s computer technology capital assets, the College has capitalized an
intangible asset, computer software. The College follows the same capitalization policy and
estimated useful life for its intangible asset as it does for its computer technology capital assets.
The College also amortizes the intangible asset utilizing the straight-line method.
Depreciation expense for 2015 was $6,927,671.
E. Inventory:
Inventories are reported at the lower of cost or market on the FIFO (first-in, first-out) basis.
Inventories represent items held for resale by the College’s Auxiliary Enterprises.
F. Unearned Revenues:
Unearned revenues include: (1) amounts received for tuition and fee revenues collected during the
fiscal year which relate to the subsequent fiscal year, and (2) amounts received from grant and
contract sponsors that have not yet been earned.
G. Deferred Outflows/Inflows of Resources:
In addition to assets, the statement of net position will sometimes report a separate section for
deferred outflows of resources. This separate financial statement element, deferred outflows of
resources, represents a consumption of net position that applies to a future period(s) and so will not
be recognized as an outflow of resources (expense) until then.
(Continued)
41.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
In addition to liabilities, the statement of net position will sometimes report a separate section for
deferred inflows of resources. This separate financial statement element, deferred inflows of
resources, represents an acquisition of net position that applies to a future period(s) and so will not
be recognized as an inflow of resources (revenue) until that time. The College reports resources
associated with imposed nonexchange revenue transactions that are received or reported as a
receivable before the period for which property taxes are levied as deferred inflows of resources.
These amounts are deferred and recognized as revenues in the succeeding year when services
financed by the levy are being provided.
H. Federal Financial Assistance Programs:
The College participates in federally funded Pell Grants, Supplemental Educational Opportunity
Grants (SEOG), Federal Work-Study Program and Federal Direct Loan Program. Federal
Programs are audited in accordance with the Single Audit Act Amendments of 1996, the U.S. Office
of Management and Budget Revised Circular A-133 Audit of States, Local Governments, and NonProfit Organizations, and the Compliance Supplement.
I. Property Tax Revenue Recognition:
The College’s property taxes are levied each calendar year on all taxable real property located
within the College’s district. Property taxes are recorded on an accrual basis of accounting.
Pursuant to the Board of Trustee resolution, 50% of property taxes extended for the 2014 tax year
and collected in 2015 are recorded as revenue in fiscal year 2015. The remaining 50% of revenue
related to the 2014 tax year extension and collected in 2015 has been deferred and will be recorded
as revenue in fiscal year 2016.
The County Assessor is responsible for assessment of all taxable real property within Cook County
except for certain railroad property, which is assessed directly by the State. The County Clerk
computes the annual tax for each parcel of real property and prepares tax books used by the
County Collector as the basis for issuing tax bills to all taxpayers in the County. Property taxes are
collected by the County Collector and are submitted to the County Treasurer, who remits to each
unit its respective share of the collections. Taxes levied in one year become due and payable in
two installments during the following year, generally on March 1 and August 1 of each year. The
first installment is an estimated bill and is fifty-five percent of the prior year’s tax bill. The second
installment is based on the current levy, assessment, equalization, and certificate to limit levy, if
any; changes from the prior year will be reflected in the second installment bill.
Taxes must be levied by the last Tuesday in December for the following collection year. The levy
becomes an enforceable lien against the property as of January 1 of the levy year. Tax bills are
levied in December by passage of a Tax Levy Ordinance. Public Act 89-1 placed limitations on the
annual growth of most local governments’ property tax collections. Currently, the limitation is the
lessor of five percent or the rate of inflation, measured by the Consumer Price Index. The personal
property replacement tax is recorded on the accrual basis based on the amounts held by the State.
(Continued)
42.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
J. Compensated Absences:
The College records a liability for employees’ vacation leave earned, but not taken. Employees are
allowed to carry over a limited number of vacation days from year to year. At June 30, 2015, the
College has recorded a vacation liability of $1,496,023. The College considers $1,122,017 of this
liability current as of June 30, 2015.
The College has no commitment for accumulated sick leave and no liability is recorded. Employees
who retire are given credit for unused sick leave towards years of service in the State Universities
Retirement System pension plan.
K. Classification of Revenues:
Operating revenue includes activities that have the characteristics of exchange transactions, such
as (1) student tuition and fees, net of scholarship discounts and allowances and (2) sales and
services of auxiliary enterprises. Non-operating revenue includes activities that have the
characteristics of non-exchange transactions, such as (1) local property taxes, (2) state
appropriations, and (3) most federal, state and local grants and contracts.
Operating expenses include the cost of sales and services, administrative expenses, and
depreciation on capital assets. Expenses not meeting this definition are reported as non-operating
expenses.
L. Cash and Investments:
Cash and Cash Equivalents - For purposes of the Statement of Cash Flows, the College
considers all highly liquid investments with an original maturity of three months or less when
purchased to be cash equivalents.
Investments - In accordance with GASB Statement No. 31, Accounting and Financial Reporting
for Certain Investments and for External Investment Pools, non-negotiable certificates of deposit
and investments with a maturity of less than one year at date of purchase are stated at
amortized cost. All other investments are stated at fair value.
M. On-Behalf Payments for Fringe Benefits and Salaries:
The College recognizes as revenues and expenses contributions made by the State of Illinois to the
State Universities Retirement System on behalf of the College’s employees. In fiscal year 2015, the
State made contributions of $20,158,831. (See Note 7 and Note 8).
N. Pensions:
For purposes of measuring the net pension liability, deferred outflows of resources and deferred
inflows of resources related to pensions, and pension expense, information about the plan net
position of the State Universities Retirement System (SURS or the System) and additions
to/deductions from SURS’ plan net position has been determined on the same basis as they are
reported by SURS. For the purpose, benefit payments (including refunds of employee contributions)
are recognized when due and payable in accordance with the benefit terms. Investments are
reported at fair value.
(Continued)
43.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
For purposes of financial reporting, the State of Illinois and participating employers are considered
to be under a special funding situation. A special funding situation is defined as a circumstance in
which a non-employer entity is legally responsible for making contributions directly to a pension plan
that is used to provide pensions to the employees of another entity or entities and either (1) the
amount of the contributions for which the non-employer entity is legally responsible is not
dependent upon one or more events unrelated to pensions or (2) the non-employer is the only entity
with a legal obligation to make contributions directly to a pension plan. The State of Illinois is
considered a non-employer contribution entity. Participating employers are considered employer
contributing entities.
O. Use of Estimates:
College management has made a number of estimates and assumptions relating to the reporting of
assets and liabilities to prepare these financial statements in conformity with accounting principles
generally accepted in the United States of America. Actual results could differ.
P. Early Retirement Incentive Program:
In addition to the retirement benefits provided by the College described in Note 8, the College
provides voluntary retirement benefits to certain classes of employees. These include employer
paid voluntary retirement stipends as well as a health care supplement.
Faculty and Administrative & Professional Staff – Full-time faculty and professional staff who are at
least 55 years of age, have at least 15 years of continuous service with the College, and are able to
retire according to the State University Retirement System are eligible for early retirement
remuneration. Compensation will be made in accordance with employment agreements.
2006-2011
The full-time faculty and professional staff’s postretirement benefit program consists of a $5,000
insurance supplement for six years to subsidize the state retiree health insurance program.
Faculty participation is limited to 23 participants over the length of the contract and professional
staff participation is limited to 8 participants.
2011-2013
The full-time faculty and professional staff’s postretirement benefit program consists of a $5,000
insurance supplement for five years to subsidize the state retiree health insurance program.
Faculty participation is limited to 4 participants over the length of the contract and professional
staff participation is limited to 3 participants.
2013-2015
The full-time faculty and professional staff’s postretirement benefit program consists of a $5,000
insurance supplement for five years to subsidize the state retiree health insurance program.
Faculty participation is limited to 4 participants over the length of the contract and professional
staff participation is limited to 4 participants.
(Continued)
44.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concluded)
Support Staff and Administrative Classified Staff – Support staff and administrative classified staff
who are at least 55 years of age, have at least 14 years of continuous service with the College, and
are able to retire according to the State University Retirement System are eligible for early
retirement remuneration. Compensation will be made in accordance with employment agreements.
2006-2011
Support staff and administrative classified staff are eligible for a $3,900 insurance supplement
for five years. Participation is limited to 15 support staff and 4 classified employees.
2011-2013
Support staff and administrative classified staff are eligible for a $3,900 insurance supplement
for five years. Participation is limited to 5 support staff and 3 classified employees.
2013-2015
Support staff and administrative classified staff are eligible for a $5,000 insurance supplement
for five years. Participation is limited to 8 support staff and 4 classified employees.
As of June 30, 2015, the College was obligated to pay 48 employees as part of the plans with
payments due through 2020. The net present value of the College’s liability at June 30, 2015
was $529,148. The College considers $219,143 of this liability current as of June 30, 2015.
NOTE 2 - BUDGET AND BUDGETARY ACCOUNTING
The College follows these procedures in establishing the budgetary data reflected in the financial
statements:
A. Management submits to the Board of Trustees a proposed operating budget for the fiscal
year. The operating budget includes proposed expenditures and the means of financing
them.
B. Budget hearings are conducted.
C. The budget is legally enacted through the passage of an ordinance.
D. The President may from time to time make transfers between the various items in any fund
not exceeding in the aggregate 10% of the total of any fund set forth in the budget.
E. The Board may from time to time amend the budget by the same procedure as is herein
provided for its original adoption.
Budgets are adopted on a basis consistent with GAAP. The budget was adopted and approved by
the Board of Trustees on September 10, 2014. Appropriations (i.e., budget) lapse at year-end.
(Continued)
45.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 3 - INSURANCE AND RISK MANAGEMENT
The College participates in the Illinois Community College Risk Management Consortium
(Consortium), which was established in 1981 by several Chicago area community colleges as a
means of reducing the cost of general liability insurance. The Consortium is a public entity risk pool
currently operating as a common risk management and insurance program for the member
colleges. The main purpose of the Consortium is to jointly self-insure certain risks up to an agreed
upon retention limit and to obtain excess catastrophic coverage and aggregate stop-loss
reinsurance over the selected retention limit. Coverages include all property, excess liability
($21,000,000), and workers’ compensation. No settlement has exceeded coverage since
establishment of the Consortium. The College joined the consortium in fiscal year 2004. Since the
Consortium requests initial payments to cover substantially any losses to be incurred for that policy
year, the College anticipates no future liabilities for incurred losses. The policy is annual and
renewable on July 1. The College’s level of coverage has not changed for the past three years.
During fiscal year 2012, the College joined the Community College Health Care Consortium which
provides employees insurance coverage for medical and prescription drugs. The College pays the
Community College Health Care Consortium a monthly premium based on the number of
participants and the type of coverage that has been elected. The College maintains voluntary, fullyinsured dental coverage through a third-party administrator for its dental insurance. The College
currently allocates all expenses associated with the employee health plans to each of the College’s
individual subfunds. Claims and expenses are reported when incurred. To limit its exposure of risk,
the College maintains a specific excess policy that provides coverage in excess of $125,000 per
employee for medical claims. The College’s level of coverage has not changed for the past three
years, and the amount of settlements has not exceeded insurance coverage in each of the past
three years.
Changes in the balances of health care claim liabilities during the past two years are as follows.
This liability, if present at year-end, is included within accounts payable on the Statement of Net
Position.
2015
Liability for health care costs at July 1
Incurred claims
Payments on claims
Liability for health care costs at June 30
$
10,195,107
(10,195,107)
$
-
2014
$
9,493,548
(9,493,548)
$
-
The amount of premiums paid by the College to the Community College Health Care Consortium
exceeded the amount of claims incurred during fiscal year 2015 and estimated amount of claims
incurred but not reported as of June 30, 2015, resulting in no additional liabilities for incurred losses
as of year-end.
(Continued)
46.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 4 - DEPOSITS AND INVESTMENTS
A. Cash:
The carrying amount of cash was $14,183,505 at June 30, 2015, while the bank balances were
$15,484,521. As of June 30, 2015, all bank account balances were either insured by the Federal
Deposit Insurance Corporation (FDIC) for $250,000, or collateralized with securities of the United
States Government, United States Government Agencies, Certificates of Deposit or with letters of
credit issued by the Federal Home Loan Bank held in the College’s name by financial institutions
acting as the College’s agent.
B. Investments:
The investments which the College may purchase are limited by Illinois law to the following (1)
securities which are fully guaranteed by the U.S. Government as to principal and interest; (2) certain
U.S. Government Agency securities; (3) certificates of deposit or time deposits of banks and
savings and loan associations which are insured by a Federal corporation; (4) certain short-term
obligations of corporations (commercial paper) rated not less than A-1 or P-1 or an equivalent rating
by at least two of the major rating services; (5) fully collateralized repurchase agreements; (6) the
Illinois Public’s Treasurer’s Investment Pool; (7) the Illinois School District Liquid Asset Fund Plus;
(8) Municipal Bonds rated within the three highest general classifications established by at least one
major rating service; and (9) money market accounts and certain other instruments.
C. Certificates of Deposit:
Certificates of Deposit amounted to $60,336,003 at June 30, 2015. In accordance with College
policy, Certificates of Deposit were collateralized with securities of the U.S. Government in an
amount equal to 110% of the funds on deposit. All investment collateral is held in safekeeping in
the College’s name by financial institutions acting as the College’s agent. Collateral is priced to
market monthly and monitored regularly with additional collateral requested as necessary.
The following schedule reports the fair values and maturities (using the segmented time distribution
method) for the College’s certificates of deposits and investments at June 30, 2015.
Type
Certificates of Deposit
Investments:
U.S. Agencies
Municipal Bonds
Repurchase Agreements
Money Market Mutual Fund
Total
Investment
Fair Value
$ 60,336,003
Investment Maturies
Less than
One to
One Year
Five Years
$ 58,226,700 $
2,109,303
28,106,621
47,212,602
1,898,309
3,026,602
$ 140,580,137
1,898,309
3,026,602
$ 63,151,611
28,106,621
47,212,602
$ 77,428,526
(Continued)
47.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 4 - DEPOSITS AND INVESTMENTS (Continued)
D. Interest Rate Risk:
The College’s formal investment policy, to the extent possible, attempts to match its investments
with anticipated cash flow requirements. Unless matched to a specific cash flow, the College will
not directly invest in securities maturing more than five years from the date of purchase. Reserve
funds may be invested in securities exceeding one year if the maturity of such investments is made
to coincide as nearly as practicable with the expected use of the funds. Except for the investment of
bond proceeds and capital construction funds, no more than 40% of the College’s total investments
shall be invested in securities maturing more than one year from the date of purchase.
The following table summarizes the estimated effects of hypothetical increases in interest rates on
investment fair values. It assumes that the increases occur immediately and uniformly to each type
of investment. The hypothetical changes in market interest rates do not reflect what could be
deemed best- or worst-case scenarios. Variations in market interest rates could produce significant
changes in the timing of repayments due to any prepayment options. For these reasons, actual
results might differ from those reflected in the table.
June 30, 2015
Fair value of portfolio after basis point increase of:
100 points
200 points
300 points
Fair Value
$ 28,106,621
27,122,889
26,139,158
25,155,426
E. Credit Risk:
The College has no formal policy relating to specific investment related risk. Investments shall be
made with judgment and care, under circumstances then prevailing, which persons of prudence,
discretion and intelligence exercise in the management of their own affairs, not for speculation, but
for investment, considering the probable safety of their capital, as well as the probable income to be
derived.
The standard of prudence to be used by investment officials shall be the “prudent person” standard
and shall be applied in the context of managing an overall portfolio. The primary objective, in order
of priority, shall be:
•
•
•
•
Legality – conformance with federal, state and other legal requirements
Safety – preservation of capital and protection of investment principal
Liquidity – maintenance of sufficient liquidity to meet operating requirements
Yield – attainment of market rates of return
The portfolio is reviewed periodically as to its effectiveness in meeting the College’s needs for
safety, liquidity, rate of return, diversification and its general performance.
Credit ratings for the College’s investments in debt securities as described by Standard & Poor’s
and Moody’s at June 30, 2015 (excluding investments in U.S. Treasuries which are not considered
to have credit risk) are as follows:
(Continued)
48.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 4 - DEPOSITS AND INVESTMENTS (Continued)
Disclosure Rating for Debt Securities (S&P/Moody's)
(As a percentage of total fair value for debt securites)
Investment Type
U.S. Agencies
Municipal Bonds
Repurchase Agreements
Money Market Mutual Fund
AA/Aaa
100%
0%
0%
100%
A/A3
0%
100%
0%
0%
N/R
0%
0%
100%
0%
F. Custodial Credit Risk:
For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty,
the College will not be able to recover the value of its investments or collateral securities that are in
the possession of an outside party. The following is the College’s policy relating to custodial credit
risk.
All security transactions, including collateral for repurchase agreements, entered into by the College
shall be conducted on a delivery-versus-payment (DVP) basis. Securities will be held by an
independent third party custodian designated by the Treasurer. The safekeeping department of the
bank designated will be considered to be a third party for the purposes of safekeeping of securities.
Securities purchased through a broker/dealer may be held by the broker as long as they are
registered in the name of the College and they meet other credit requirements.
Banks that place purchased securities or securities that are provided as collateral by that bank into
that bank’s Trust Department shall be considered to have complied with the third party safekeeping
requirements. Financial institutions must collateralize all deposits in excess of $250,000 to 110% of
market value.
Acceptable collateral will include the following:
1. Bonds, notes, certificates of indebtedness, treasury bills, or other securities now or hereafter
issued which are guaranteed by the full faith and credit of the United States of America as to
principal and interest
2. Bonds issued by Moraine Valley Community College
3. Obligations of United States Government Agencies
All investments requiring collateral in accordance with the above section shall be witnessed by a
written agreement and held at an independent, third-party institution in the name of the College.
Except for the College’s investment in municipal bonds, the College was fully collateralized as of
June 30, 2015.
The only exception to this collateralization policy is limited to funds invested for capital construction
projects which the College Treasurer will be authorized to determine appropriate collateralization
levels based on cash flow needs necessary for the College to complete construction projects.
(Continued)
49.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 4 - DEPOSITS AND INVESTMENTS (Concluded)
G. Concentration of Credit Risk:
The total deposits in any one financial institution may not exceed 75% of the capital stock and
surplus of that institution, in accordance with the most recent call report of that institution. Further,
unless specifically authorized by the Board of Trustees, the Treasurer shall not have deposits in
excess of $22,000,000 in any one financial institution regardless of the calculation mentioned in this
section.
More than 5% of investments (other than United States Government and United States Government
Guaranteed Obligations) are invested in the following:
Investment
Federal National Mortgage Association
State of Illinois Municipal Bonds
Federal Home Loan Bonds
Percentage
5.78%
34.04%
11.09%
H. Reconciliation:
The following is a reconciliation of Deposits and Investments to the Statement of Net Position:
Deposits and Investments
Cash
Certificates of Deposit
Investments
Municipal Bonds
U.S. Agencies
Repurchase Agreements
Money Market Mutual Fund
Totals
Statement of Net Position
Cash and Cash Equivalents
Short-term Investments
Long-term Investments
Restricted Investments for Debt Service
Totals
June 30, 2015
$ 14,183,505
60,336,003
47,212,602
28,106,621
1,898,309
3,026,602
$ 154,763,642
$
16,081,814
58,226,700
33,242,526
47,212,602
$ 154,763,642
(Continued)
50.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 5 - LONG TERM OBLIGATIONS
A schedule of the College’s long-term debt activity for the year ended June 30, 2015 is as follows:
General Obligation Bonds
Add: Bond Premium
Less: Bond Discount
Compensated Absences
Retirement Benefit Obligation
Balance
Balance
Due within
July 1, 2014
Additions
Retirements June 30, 2015
one year
$ 153,165,000 $
$ (4,260,000) $ 148,905,000 $ 4,850,000
4,064,160
(241,878)
3,822,282
(1,703,107)
72,006
(1,631,101)
1,454,468
1,132,406
(1,090,851)
1,496,023
1,122,017
89,137
(194,571)
529,148
219,143
634,582
Total
$ 157,615,103 $
1,221,543 $ (5,715,294) $ 153,121,352 $
6,191,160
In addition to the principal retired during the year, the College paid interest of $5,711,753 on
General Obligation Bonds. See Note 1, pages 43-45, for more information on compensated
absences and retirement benefit obligations.
The General Obligation Bonds Repayment Schedule at June 30, 2015 is as follows:
In December 2006, the College issued Community College Bonds Series 2006 in the amount of
$10,000,000. These proceeds were used to i) build, equip, alter and repair buildings of the District,
including additional facilities for computer technology upgrades, job training and retraining
programs, new and improved science and other instructional facilities, and additional facilities for
student services and ii) paying certain costs associated with the issuance of the bonds. Repayment
of these bonds will be funded through an ad valorem tax levy on all of the taxable property located
within the College district.
Bond Issue Date
Current Portion
Long-term Portion
Interest Rate
Final Payment Date
Payment Dates
Year Ending
June 30
2016
2017
2018
2019
2020
2021-2025
2026-2027
Totals
Principal
$
10,000,000
$ 10,000,000
December 12, 2006
$$10,000,000
4.000% to 4.375%
December 1, 2026
June 1 and December 1, as set forth below
Total
Interest
Debt Service
$
432,025
$
432,025
432,025
432,025
432,025
432,025
432,025
432,025
432,025
432,025
2,160,125
2,160,125
589,638
10,589,638
$ 4,909,888
$ 14,909,888
(Continued)
51.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 5 - LONG TERM OBLIGATIONS (Continued)
In November 2007, the College issued Community College Bonds Series 2007B in the amount of
$73,750,000. These proceeds were used to i) build, equip, alter and repair buildings of the District,
including additional facilities for computer technology upgrades, job training and retraining
programs, new and improved science and other instructional facilities, and additional facilities for
student services and ii) paying certain costs associated with the issuance of the bonds. Repayment
of these bonds will be funded through an ad valorem tax levy on all of the taxable property located
within the College district.
Bond Issue Date
Current Portion
Long-term Portion
Interest Rate
Final Payment Date
Payment Dates
Year Ending
June 30
2016
2017
2018
2019
2020
2021-2025
2026
Totals
Principal
$ 3,520,000
3,675,000
3,910,000
4,590,000
4,820,000
31,355,000
6,410,000
$ 58,280,000
November 8, 2007
$3,520,000
$54,760,000
3.75% to 5.00%
December 1, 2025
June 1 and December 1, as set forth below
Interest
$ 2,798,825
2,636,938
2,456,500
2,244,000
2,008,750
5,792,125
160,250
$ 18,097,388
Total
Debt Service
$ 6,318,825
6,311,938
6,366,500
6,834,000
6,828,750
37,147,125
6,570,250
$ 76,377,388
In April 2012, the College issued Community College Bonds Series 2012A in the amount of
$9,505,000 in order to advance refund a portion of the District’s outstanding General Obligation
Community College Bonds, Series 2007B. A portion of the bond proceeds were used to fund an
escrow with bond obligations of the State of Illinois. Assuming the Illinois Bonds included in the
escrow are not called for redemption prior to their respective payment or maturity dates and
assuming principal and interest on all the Illinois Bonds are paid on a timely basis, the principal of
and interest to be earned on the Illinois Bonds will be sufficient (i) to pay when due the interest on
the refunded Series 2007B bonds, and (ii) to pay principal of the refunded Series 2007B bonds on
the redemption date. The remaining bond proceeds were used to pay costs of issuing the bonds.
Because the escrow is funded with Illinois Bonds, the refunded Series 2007B bonds will be
considered to be outstanding debt for purposes of the College’s statutory debt limit. In addition, the
Illinois Bonds are not a type of risk-free monetary asset that is required to accomplish an insubstance defeasance of the refunded bonds in accordance with GASB Statement No. 7.
Therefore, the outstanding amount of the Series 2007B bonds and the Series 2012A bonds are
both presented on the statement of net position as long-term obligations. Repayment of these
bonds will be funded through an ad valorem tax levy on all of the taxable property located within the
College district.
(Continued)
52.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 5 - LONG TERM OBLIGATIONS (Continued)
Bond Issue Date
Current Portion
Long-term Portion
Interest Rate
Final Payment Date
Payment Dates
Year Ending
June 30
2016
2017
2018
2019
2020
2021-2025
2026
Totals
Principal
135,000
135,000
140,000
2,645,000
6,450,000
$ 9,505,000
$
April 3, 2012
$$9,505,000
2.00% to 3.00%
December 1, 2025
June 1 and December 1, as set forth below
Interest
279,650
279,650
278,300
275,600
272,850
1,280,375
96,750
$ 2,763,175
$
Total
Debt Service
$
279,650
279,650
413,300
410,600
412,850
3,925,375
6,546,750
$ 12,268,175
In February 2012, the College issued Community College Bonds Series 2012B in the amount of
$15,885,000 in order to advance refund a portion of the District’s outstanding General Obligation
Community College Bonds, Series 2007B. A portion of the bond proceeds were used to fund an
escrow with bond obligations of the State of Illinois. Assuming the Illinois Bonds included in the
escrow are not called for redemption prior to their respective payment or maturity dates and
assuming principal and interest on all the Illinois Bonds are paid on a timely basis, the principal of
and interest to be earned on the Illinois Bonds will be sufficient (i) to pay when due the interest on
the refunded Series 2007B bonds, and (ii) to pay principal of the refunded Series 2007B bonds on
the redemption date. The remaining bond proceeds were used to pay costs of issuing the bonds.
Because the escrow is funded with Illinois Bonds, the refunded Series 2007B bonds will be
considered to be outstanding debt for purposes of the College’s statutory debt limit. In addition, the
Illinois Bonds are not a type of risk-free monetary asset that is required to accomplish an insubstance defeasance of the refunded bonds in accordance with GASB Statement No. 7.
Therefore, the outstanding amount of the Series 2007B bonds and the Series 2012B bonds are
both presented on the statement of net position as long-term obligations. Repayment of these
bonds will be funded through an ad valorem tax levy on all of the taxable property located within the
College district.
Bond Issue Date
Current Portion
Long-term Portion
Interest Rate
Final Payment Date
Payment Dates
February 22, 2012
$180,000
$15,090,000
0.89% to 4.00%
December 1, 2020
June 1 and December 1, as set forth below
(Continued)
53.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 5 - LONG TERM OBLIGATIONS (Continued)
Year Ending
June 30
2016
2017
2018
2019
2020
2021
Totals
Principal
180,000
185,000
185,000
4,780,000
4,880,000
5,060,000
$ 15,270,000
$
Interest
346,198
343,894
338,890
285,478
183,916
66,033
$ 1,564,409
$
Total
Debt Service
$
526,198
528,894
523,890
5,065,478
5,063,916
5,126,033
$ 16,834,409
In May 2012, the College issued Community College Bonds Series 2012C in the amount of
$23,605,000 in order to advance refund a portion of the District’s outstanding General Obligation
Community College Bonds, Series 2007B. A portion of the bond proceeds were used to fund an
escrow with bond obligations of the State of Illinois. Assuming the Illinois Bonds included in the
escrow are not called for redemption prior to their respective payment or maturity dates and
assuming principal and interest on all the Illinois Bonds are paid on a timely basis, the principal of
and interest to be earned on the Illinois Bonds will be sufficient (i) to pay when due the interest on
the refunded Series 2007B bonds, and (ii) to pay principal of the refunded Series 2007B bonds on
the redemption date. The remaining bond proceeds were used to pay costs of issuing the bonds.
Because the escrow is funded with Illinois Bonds, the refunded Series 2007B bonds will be
considered to be outstanding debt for purposes of the College’s statutory debt limit. In addition, the
Illinois Bonds are not a type of risk-free monetary asset that is required to accomplish an insubstance defeasance of the refunded bonds in accordance with GASB Statement No. 7.
Therefore, the outstanding amount of the Series 2007B bonds and the Series 2012C bonds are
both presented on the statement of net position as long-term obligations. Repayment of these
bonds will be funded through an ad valorem tax levy on all of the taxable property located within the
College district.
Bond Issue Date
Current Portion
Long-term Portion
Interest Rate
Final Payment Date
Payment Dates
May 23, 2012
$320,000
$22,655,000
0.79% to 3.25%
December 1, 2024
June 1 and December 1, as set forth below
(Continued)
54.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 5 - LONG TERM OBLIGATIONS (Continued)
Year Ending
June 30
2016
2017
2018
2019
2020
2021-2025
Totals
Principal
$
320,000
320,000
195,000
200,000
205,000
21,735,000
$ 22,975,000
Interest
$
672,723
668,755
665,038
661,559
657,373
1,909,041
$ 5,234,489
Total
Debt Service
$
992,723
988,755
860,038
861,559
862,373
23,644,041
$ 28,209,489
In October 2012, the College issued Community College Bonds Series 2012D in the amount of
$5,400,000. Proceeds of the Bonds will be used to (i) build and equip a new health education and
wellness center, (ii) capitalize interest on the Bonds through June 1, 2014, and (iii) pay certain costs
associated with the issuance of the Bonds.
Bond Issue Date
Current Portion
Long-term Portion
Interest Rate
Final Payment Date
Payment Dates
Year Ending
June 30
2016
2017
2018
2019
2020
2021-2022
Totals
Principal
$
640,000
650,000
665,000
680,000
695,000
1,445,000
$ 4,775,000
October 18, 2012
$640,000
$4,135,000
2.25% to 2.40%
June 1, 2022
June 1, as set forth below
Interest
$
108,533
94,133
79,508
64,545
49,245
51,128
$
447,092
Total
Debt Service
$
748,533
744,133
744,508
744,545
744,245
1,496,128
$ 5,222,092
(Continued)
55.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 5 - LONG TERM OBLIGATIONS (Concluded)
In December 2012, the College issued Community College Bonds Series 2013 in the amount of
$28,290,000. Proceeds of the Bonds will be used to (i) build and equip a new health education and
wellness center, (ii) capitalize interest on the Bonds through June 1, 2014, and (iii) pay certain costs
associated with the issuance of the Bonds.
Bond Issue Date
Current Portion
Long-term Portion
Interest Rate
Final Payment Date
Payment Dates
Year Ending
June 30
2016
2017
2018
2019
2020
2021-2025
2026-2030
2031-2035
2036-2040
2041-2042
Totals
Principal
190,000
200,000
205,000
210,000
210,000
3,400,000
5,525,000
6,695,000
7,930,000
3,535,000
$ 28,100,000
$
December 11, 2012
$190,000
$27,910,000
2.00% to 4.00%
June 1, 2042
June 1, as set forth below
Interest
912,538
908,738
904,738
900,638
896,438
4,371,350
3,743,650
2,566,869
1,341,856
173,225
$ 16,720,040
$
Total
Debt Service
$ 1,102,538
1,108,738
1,109,738
1,110,638
1,106,438
7,771,350
9,268,650
9,261,869
9,271,856
3,708,225
$ 44,820,040
(Continued)
56.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 6 - CAPITAL ASSETS
The following table presents the changes in the various capital asset categories for fiscal year 2015:
Balance
July 1, 2014
Capital Assets, not
Being Depreciated
Land
Construction in Progress
Total Capital Assets, not
Being Depreciated
Capital Assets,
Being Depreciated
Land Improvements
Buildings and Improvements
Equipment
Technology
Total Capital Assets,
Being Depreciated
Total Cost
$
5,848,757
1,593,481
Additions
$
1,689,411
Retirements
$
(1,593,481)
Balance
June 30, 2015
$
5,848,757
1,689,411
7,442,238
1,689,411
(1,593,481)
7,538,168
15,994,153
216,524,580
6,283,457
6,606,867
1,540,188
3,833,811
806,538
340,290
(28,051)
(2,618,724)
(97,972)
(235,320)
17,506,290
217,739,667
6,992,023
6,711,837
245,409,057
6,520,827
(2,980,067)
248,949,817
(4,573,548)
$ 256,487,985
$ 252,851,295
$
8,210,238
$
A summary of changes in the accumulated depreciation by asset categories for fiscal year 2015
follows:
Land Improvements
Buildings and Improvements
Equipment
Technology
Total Accumulated Deprecation
Balance
July 1, 2014
$
6,010,429
56,497,451
3,595,573
3,314,633
69,418,086
Net Capital Assets
$ 183,433,209
Additions
$
652,273
5,051,300
441,498
782,600
6,927,671
Retirements
$
(28,051)
(2,614,112)
(79,419)
(177,927)
(2,899,509)
Balance
June 30, 2015
$
6,634,651
58,934,639
3,957,652
3,919,306
73,446,248
$ 183,041,737
(Continued)
57.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 7 – DEFINED BENEFIT PENSION PLAN
The College implemented GASB Statements 68 and 71 as of July 1, 2014.
Plan Description: The College contributes to the State Universities Retirement System of Illinois
(SURS), a cost-sharing multiple-employer defined benefit pension plan with a special funding
situation whereby the State of Illinois makes substantially all actuarially determined required
contributions on behalf of the participating employers. SURS was established July 21, 1941 to
provide retirement annuities and other benefits for staff members and employees of the state
universities, certain affiliated organizations, and certain other state educational and scientific
agencies and for survivors, dependents, and other beneficiaries of such employees. SURS is
considered a component unit of the State of Illinois’ financial reporting entity and is included in the
State’s financial reports as a pension trust fund. SURS is governed by Section 5/15, Chapter 40, of
the Illinois Compiled Statutes. SURS issues a publicly available financial report that includes
financial statements and required supplementary information. That report may be obtained by
accessing the website www.SURS.org.
Benefits Provided: A traditional benefit plan was established in 1941. Public Act 90-0448 enacted
effective January 1, 1998, established an alternative defined benefit program known as the portable
benefit package. The traditional and portable plan Tier 1 refers to members that began participation
prior to January 1, 2011. Public Act 96-0889 revised the traditional and portable benefit plans for
members who begin participation on or after January 1, 2011, and who do not have other eligible
Illinois reciprocal system services. The revised plan is referred to as Tier 2. New employees are
allowed 6 months after their date of hire to make an irrevocable election. A summary of the benefit
provisions as of June 30, 2014 can be found in the SURS’s comprehensive annual financial report
(CAFR) Notes to the Financial Statements.
Contributions: The State of Illinois is primarily responsible for funding SURS on behalf of the
individual employers at an actuarially determined amount. Public Act 88-0593 provides a Statutory
Funding Plan consisting of two parts: (i) a ramp-up period from 1996 to 2010 and (ii) a period of
contributions equal to a level percentage of the payroll of active members of SURS to reach 90% of
the total Actuarial Accrued Liability by the end of Fiscal Year 2045. Employer contributions from
“trust, federal, and other funds” are provided under Section 15-155(b) of the Illinois Pension Code
and require employers to pay contributions which are sufficient to cover the accruing normal costs
on behalf of applicable employees. The employer normal cost for fiscal year 2014 and 2015
respectively, was 11.91% and 11.71% of employee payroll. The normal cost is equal to the value of
current year’s pension benefit and does not include any allocation for the past unfunded liability or
interest on the unfunded liability. Plan members are required to contribute 8.0% of their annual
covered salary. The contribution requirements of plan members and employers are established and
may be amended by the Illinois General Assembly.
Participating employers make contributions toward separately financed specific liabilities under
Section 15.139.5(e) of the Illinois Pension Code (relating to contributions payable due to the
employment of “affected annuitants” or specific return to work annuitants) and Section 15.155(g)
(relating to contributions payable due to earning increases exceeding 6% during the final rate of
earnings period). There were no such liabilities for the College at year end.
(Continued)
58.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 7 - DEFINED BENEFIT PENSION PLAN (Continued)
Pension Liabilities, Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
Net Pension Liability: At June 30, 2014, SURS reported a net pension liability (NPL) of
$21,790,983,139.
Employer Proportionate Share of Net Pension Liability: The amount of the proportionate share of
the net pension liability recognized for the College is $0. The proportionate share of the State’s net
pension liability associated with the College is $266,176,193 or 1.2215%. The net pension liability
was measured as of June 30, 2014, and the total pension used to calculate the net pension liability
was determined based on the June 30, 2013 actuarial valuation rolled forward. The basis of
allocation used in the proportionate share of net pension liability is the actual reported employee
contributions made to SURS during fiscal year 2014.
Pension Expense: At June 30, 2014 SURS reported a collective net pension expense of
$1,650,338,263.
Employer Proportionate Share of Pension Expense: The employer’s proportionate share of
collective pension expense is recognized as on-behalf payments as both revenue and expenditure
in the College’s financial statements. The basis of allocation used in the proportionate share of
collective pension expense is the actual reported employee contributions made to SURS during
fiscal year 2014. As a result, the College recognized an estimated on-behalf revenue and pension
expense of $20,158,831 for the fiscal year ended June 30, 2015.
Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions: Deferred
outflows of resources are the consumption of net position by the SURS that is applicable to future
reporting periods. SURS Collective Deferred Outflows and Deferred Inflows of Resources by
Sources are as follows:
Difference between expected
and actual experience
Change in assumption
Net Difference between
projected and actual earnings on
pension plan investments
Total
Deferred Outflows
of Resources
Deferred Inflows
of Resources
$
88,940,815
$
88,940,815
1,271,105,952
$ 1,271,105,952
$
-
Employer Deferral of Fiscal Year 2015 Pension Expense
The College paid $185,048 in federal, trust or grant contributions for the fiscal year ended June 30,
2015. These contributions were made subsequent to the pension liability measurement date of June
30, 2014. However, the amount is immaterial to the financial statements and has not been recorded
as Deferred Outflows of Resources as of June 30, 2015.
(Continued)
59.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 7 - DEFINED BENEFIT PENSION PLAN (Continued)
Assumptions and Other Inputs
Actuarial assumptions: The actuarial assumptions used in the June 30, 2014 valuation were based
on the results of an actuarial experience study for the period June 30, 2006 – 2010 and an
economic study completed June 2014. The total pension liability in the June 30, 2014 actuarial
valuation was determined using the following actuarial assumptions, applied to all periods included
in the measurement:
Inflation
Salary increases
Investment rate of return
2.75 percent
3.75 to 12.00 percent, including inflation
7.25 percent beginning with the actuarial valuation as
of June 30, 2014
Mortality rates were based on the RP2000 Combined Mortality Table, projected with Scale AA to
2017, sex-distinct, with rates multiplied by 0.80 for males and 0.85 for females.
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best-estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These ranges are combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentage and by
adding expected inflation. Best estimates of arithmetic real rates of return were adopted by the
plan’s trustees after considering input from the plan’s investment consultant(s) and actuary(s). For
each major asset class that is included in the pension plan’s target asset allocation as of June 30,
2014, these best estimates are summarized in the following table:
Asset Class
Target Allocation
U.S. Equity
Private Equity
Non-U.S. Equity
Global Equity
Fixed Income
Treasury-Inflation Protected Securities
Real Estate
REITS
Opportunity Fund
Total
Inflation
Expected Geometrical Normal Return
31%
6%
21%
8%
19%
4%
6%
4%
1%
100%
Long-Term Expected
Real Rate of Return
7.65%
8.65%
7.85%
7.90%
2.50%
2.30%
6.20%
6.20%
2.50%
5.00%
2.75%
7.75%
(Continued)
60.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 7 - DEFINED BENEFIT PENSION PLAN (Concluded)
Discount Rate: A single discount rate of 7.090% was used to measure the total pension liability.
This single discount rate was based on an expected rate of return on pension plan investments of
7.250% and a municipal bond rate of 4.290% (based on the weekly rate closest to but not later than
the measurement date of the 20-Year Bond Buyer Index as published by the Federal Reserve). The
projection of cash flows used to determine this single discount rate were the amounts of
contributions attributable to current plan members and assumed that plan member contributions will
be made at the current contribution rate and that employer contributions will be made at rates equal
to the statutory contribution rates under SURS’s funding policy. Based on these assumptions, the
pension plan’s fiduciary net position and future contributions were sufficient to finance the benefit
payments through the year 2065. As a result, the long-term expected rate of return on pension plan
investments was applied to projected benefit payments through the year 2065, and the municipal
bond rate was applied to all benefit payments after that date.
Sensitivity of SURS’s Net Pension Liability to Changes in the Discount Rate: Regarding the
sensitivity of the net pension liability to changes in the single discount rate, the following presents
the plan’s net pension liability, calculated using a single discount rate of 7.09%, as well as what the
plan’s net pension liability would be if it were calculated using a single discount rate that is 1percentage- point lower or 1- percentage-point higher:
1% Decrease
6.09%
$ 26,583,701,134
Current Single Discount
Rate Assumption
7.09%
$
21,790,983,139
1% Increase
8.09%
$ 17,796,570,836
Additional information regarding the SURS basic financial statements including the Plan Net
Position can be found in the SURS comprehensive annual financial report by accessing the website
at www.SURS.org.
NOTE 8 - RETIREE HEALTH PLAN
Plan Description: In addition to the pension plan described in Note 7, the College contributes to the
State of Illinois Community College Health Insurance Security Fund (CIP), a cost-sharing multipleemployer defined benefit postemployment healthcare plan administered by the state of Illinois. CIP
provides health, vision and dental benefits to retired staff and dependent beneficiaries of
participating Community Colleges. The benefits, employer, employee, retiree and state
contributions are dictated by Illinois Compiled Statutes (ILCS) through the State Group Insurance
Act of 1971 (Act) and can only be changed by the Illinois General Assembly. Separate financial
statements, including required supplementary information, may be obtained from the Department of
Healthcare and Family Services, 201 South Grand Avenue East, Springfield, Illinois 62763.
The Act requires every active contributor (employee) of SURS to contribute 0.5% of covered payroll
and every community college district to contribute 0.5% of covered payroll. Retirees pay a premium
for coverage that is also determined by ILCS. The State Pension Funds Continuing Appropriation
Act (40/ILCS 15/1.4) requires the State of Illinois to make an annual appropriation to the CIP to
(Continued)
61.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 8 - RETIREE HEALTH PLAN (Concluded)
cover any expected expenditures in excess of the contributions by active employees, employers
and retirees. The result is pay as you go financing of the plan. The employer contributions to the
Plan for the years ending June 30, 2015, 2014, and 2013 were $207,926, $201,229, and $185,626,
respectively. The College contributions were equal to the required contributions for each year.
As disclosed in Note 1, the State contribution to the CIP plan is reported as an “on-behalf-payment”
in accordance with GASB Statement No. 24, Accounting and Financial Reporting for Certain Grants
and Other Financial Assistance.
NOTE 9 - CONTINGENT LIABILITIES AND COMMITMENTS
The College had construction commitments of $9,112,857 as part of the campus expansion project
as of June 30, 2015.
The District has received federal and state grants for specific purposes that are subject to review
and audit by the grantor agencies. Such audits could lead to requests for reimbursements to the
grantor agency for expenses disallowed under terms of the grants. Management believes such
disallowances, if any, would be immaterial.
NOTE 10 - NEW ACCOUNTING PRONOUNCEMENTS
In February 2015, the GASB issued Statement No. 72, Fair Value Measurement and Application.
The objective of this Statement is to address accounting and financial reporting issues related to fair
value measurements and provide guidance for determining a fair value measurement for financial
reporting purposes. This Statement also provides guidance for applying fair value to certain
investments and disclosures related to all fair value measurements. This Statement is effective for
the College’s fiscal year ended June 30, 2016. Management has not determined what impact, if
any, this statement will have on its financial statements.
In June 2015, the GASB issued Statement No. 73, Accounting and Financial Reporting for Pensions
and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to
Certain Provisions of GASB Statements 67 and 68. This Statement establishes requirements for
those pensions and pension plans that are not administered through a trust not covered by
Statements 67 and 68. This Statement is effective for the College’s fiscal year ended June 30,
2016. Management has not determined what impact, if any, this statement will have on its financial
statements.
In June 2015, the GASB issued Statement No. 74, Financial Reporting for Postemployment Benefit
Plans Other Than Pension Plans. Statement No. 74 addresses the financial reports of defined
benefit OPEB plans that are administered through trusts that meet specified criteria. The Statement
follows the framework for financial reporting of defined benefit OPEB plans in Statement No. 45 by
requiring a statement of fiduciary net position and a statement of changes in fiduciary net position.
The Statement requires more extensive note disclosures and RSI related to the measurement of
(Continued)
62.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO BASIC FINANCIAL STATEMENTS
Year Ended June 30, 2015
NOTE 10 - NEW ACCOUNTING PRONOUNCEMENTS (Concluded)
OPEB liabilities for which assets have been accumulated, including information about the annual
money-weighted rates of return on plan investments. Statement No. 74 also sets forth note
disclosure requirements for defined contribution OPEB plans. This Statement is effective for the
College’s fiscal year ended June 30, 2017. Management has not determined what impact, if any,
this statement will have on its financial statements.
In June 2015, the GASB issued Statement No. 75, Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions. This Statement replaces the requirements of
Statement 45 and requires governments to report a liability on the face of the financial statements
for the OPEB that they provide. Statement No. 75 requires governments in all types of OPEB plans
to present more extensive note disclosures and required supplementary information (RSI) about
their OPEB liabilities. Among the new note disclosures is a description of the effect on the reported
OPEB liability of using a discount rate and a healthcare cost trend rate that are one percentage
point higher and one percentage point lower than assumed by the government. The new RSI
includes a schedule showing the causes of increases and decreases in the OPEB liability and a
schedule comparing a government’s actual OPEB contributions to its contribution requirements.
This Statement is effective for the College’s fiscal year ended June 30, 2018. Management has not
determined what impact, if any, this statement will have on its financial statements.
In June 2015, the GASB issued Statement No. 76, The Hierarchy of Generally Accepted Accounting
Principles for State and Local Governments. The objective of this Statement is to identify—in the
context of the current governmental financial reporting environment—the hierarchy of generally
accepted accounting principles (GAAP). The “GAAP hierarchy” consists of the sources of
accounting principles used to prepare financial statements of state and local governmental entities
in conformity with GAAP and the framework for selecting those principles. This Statement reduces
the GAAP hierarchy to two categories of authoritative GAAP and addresses the use of authoritative
and nonauthoritative literature in the event that the accounting treatment for a transaction or other
event is not specified within a source of authoritative GAAP. The requirements of this Statement are
effective for the College’s fiscal year ending June 30, 2016, and should be applied retroactively.
This statement will not have an impact on the College’s financial statements.
In August 2015, the GASB issued Statement No. 77, Tax Abatement Disclosures. This Statement is
intended to improve financial reporting by requiring disclosure of tax abatement information about a
reporting government’s own tax abatement agreements and those that are entered into by other
governments and that reduce the reporting government’s tax revenues. This Statement is effective
for the College’s fiscal year ended June 30, 2017. Management has not determined what impact, if
any, this statement will have on its financial statements.
63.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
SUPPLEMENTARY INFORMATION
June 30, 2015
The following supplementary information is maintained for management information purposes.
64.
EXHIBIT 1
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
SCHEDULE OF MANAGEMENT INFORMATION
DETAIL OF OPERATING EXPENSES BY FUNCTION AND OBJECT
YEAR ENDED JUNE 30, 2015
Instruction
Academic Support
Student Services
Public Service
Operations and
Maintenance of Plant
Institutional Support
Auxiliary Enterprises
Financial Aid
Depreciation
Totals
Salaries
$ 28,884,329
4,025,131
6,830,379
257,312
Benefits
$ 14,738,125
2,614,447
4,347,987
180,846
Services
317,056
398,691
505,417
247,959
Supplies
$ 1,087,448
801,417
553,404
74,510
3,961,265
8,693,113
3,557,533
-
2,764,081
5,504,754
2,218,466
-
3,065,787
2,338,449
2,122,713
-
728,412
1,469,808
4,267,707
-
$ 56,209,062
$ 32,368,706
$ 8,996,072
$ 8,982,706
$
Other
257,532
195,831
367,673
124,725
Totals
$ 45,284,704
8,035,517
12,604,860
885,352
1,931,492
61,748
33,953
-
139,676
1,049,527
447,993
7,419,550
6,927,671
12,590,713
19,117,399
12,648,365
7,419,550
6,927,671
$ 2,027,407
$ 16,930,178
$ 125,514,131
$
Utilities
214
-
$
65.
EXHIBIT 2
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
SCHEDULE OF EXPENDITURES FOR TORT IMMUNITY PURPOSES
YEAR ENDED JUNE 30, 2015
General Liability
Worker's Compensation Insurance
Unemployment Insurance
$
292,062
204,161
65,306
Total Tort Immunity Purposes Expenditures
$
561,529
Since the College levies property taxes for tort immunity/liability insurance purposes, as
required by Public Act 91-068 passed by the Illinois General Assembly, the College is
including the above list of tort immunity purposes expenditures in its annual financial
report.
The College's tax extension for tort immunity/liability insurance for tax year 2014 as
levied by Cook County was $600,270. Any shortfall to cover expenditures in excess of
taxes collected is derived from previous years' excess or other general fund revenues
of the College. Any excess of revenues over expenditures is carried forward to
subsequent fiscal years subject to a statutory formula.
66.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
JUNE 30, 2015
REQUIRED SUPPLEMENTARY INFORMATION
EXHIBIT 3
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
REQUIRED SUPPLEMENTARY INFORMATION
DEFINED BENEFIT PENSION PLAN
SCHEDULE OF THE COLLEGE'S PROPORTIONATE SHARE OF
THE NET PENSION LIABILITY
LAST FISCAL YEAR
2015
College's Proportion of the Net Pension Liability
College's Proportionate Share of the Net Pension Liability
0.00%
$
Nonemployer Contributing Entities' Proportionate Share
of the Net Pension Liability associated with the College
-
266,176,193
Total
$
266,176,193
College's Covered Employee Payroll
$
49,784,608
College's Proportionate Share of the Net Pension
Liability as a Percentage of its Covered Employee Payroll
SURS Plan Net Position as a Percentage of Total
Pension Liability
0.00%
44.39%
Note: SURS implemented GASB No. 68 in fiscal year 2015. The information above is
presented for as many years as available. The Schedule is intended to show information
for 10 years.
The amounts presented for each fiscal year were determined as of the year-end that
occurred one year prior.
67.
EXHIBIT 4
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
REQUIRED SUPPLEMENTARY INFORMATION
DEFINED BENEFIT PENSION PLAN
SCHEDULE OF COLLEGE CONTRIBUTIONS
LAST FISCAL YEAR
Federal, Trust, Grant and Other Contribution
$
Contribution in relation to Required Contribution
2015
185,048
185,048
Contribution Deficiency (Excess)
$
College's Covered Employee Payroll
$ 1,609,453
Contributions as a Percentage of Covered Employee
Payroll
-
11.50%
Note: SURS implemented GASB No. 68 in fiscal year 2015. The information above is
presented for as many years as available. The Schedule is intended to show
information for 10 years.
68.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
DEFINED BENEFIT PENSION PLAN
YEAR ENDED JUNE 30, 2015
Changes of benefit terms. There were no benefit changes recognized in the Total Pension Liability
as of June 30, 2014.
Changes in assumptions. In accordance with Illinois Compiled Statutes, an actuarial review is to
be performed at least once every five years to determine the reasonableness of actuarial
assumptions regarding retirement, disability, mortality, turnover interest and salary of the
members and benefit recipients of SURS. An experience review for the years ended June 30,
2010 to June 30, 2014 was performed in February 2015, resulting in the adoption of new
assumptions as of June 30, 2015. There are no changes of assumptions that affect measurement
of the total collective pension liability since the prior measurement date.
69.
MORAINE VALLEY COMMUNITY COLLEGE
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
Statistical Section
Statistical Section
Fiscal Year Ended June 30, 2015
Fiscal Year Ended June 30, 2015
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
STATISTICAL SECTION (UNAUDITED)
JUNE 30, 2015
This section of Moraine Valley Community College’s Comprehensive Annual Financial Report
presents additional historical perspective, context, and detailed information to assist the reader in
using the information in the financial statements, note disclosures, and required supplementary
information to understand and assess the College’s overall economic condition.
Contents
Page
Financial Trends
Tabular information is presented to demonstrate changes in the
College’s financial position over time.
70-73
Revenue Capacity
These tables contain information to assist the reader in understanding
and assessing the College’s ability to generate its most significant
local revenue sources – real estate taxes and tuition and fees.
74-84
Debt Capacity
Data are shown to disclose the College’s current level of outstanding
debt and to indicate the College’s ability to issue additional debt.
85-93
Demographic and Economic Information
These tables offer information about the socioeconomic environment
within which the College operates. Data are provided to facilitate
comparisons of financial statement information over time and
between the College and other community colleges.
94-101
Operating Information
Non-financial information about the College’s operations and resources
is provided in these tables to facilitate the reader’s use of the College’s
financial statement information to understand and assess the College’s
economic condition.
102-107
Sources: Unless otherwise noted, the information in these tables is derived from the College’s
Comprehensive Annual Financial Reports for the relevant years.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
FINANCIAL TRENDS
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
2015
Net Position:
Net Investment in
Capital Assets
$
Restricted
Scholarships
Capital Projects
Debt Service
Technology Projects
Working Cash
Liability Insurance
Audit Purposes
Unrestricted
Total Net Position
$
79,617,885
2014
$
75,818,713
2013
$
76,381,814
2012
$
76,635,607
276,766
2,808,457
3,535,206
4,386,595
6,464,261
1,899,099
132,553
329,501
5,187,493
7,645,585
3,771,550
6,464,261
1,782,037
112,946
376,809
5,283,488
6,934,352
3,758,802
6,464,261
1,632,645
104,215
279,032
10,245,931
2,486,581
3,755,039
6,464,261
1,591,783
75,059
85,244,716
78,882,815
72,433,036
66,639,951
173,369,422
$ 168,173,244
184,365,538
$
179,994,901
$
Source: College Financial Records
Note:
(1) During fiscal year 2006, the College changed the capitalization threshold from $2,500 to $10,000.
This statement reflects this change retroactively.
70.
TABLE 1
2011
$
71,487,797
2010
$
64,047,551
2009
$
63,194,665
2008
$
62,380,916
2007
$
2006 (1)
52,674,474
$ 49,076,114
187,171
13,683,498
1,690,156
3,829,740
6,464,261
1,573,980
35,775
273,661
20,638,922
1,545,456
4,618,675
6,464,261
1,550,103
15,433
307,586
20,007,878
1,311,848
5,285,429
6,464,261
1,142,665
35,109
307,512
14,158,760
3,199,615
4,891,662
6,464,261
790,357
51,006
291,196
6,954,917
2,561,283
3,709,258
6,464,261
568,670
28,429
278,508
6,732,094
2,456,216
2,952,269
6,464,261
451,773
69,178
67,690,284
66,115,243
60,959,404
56,115,447
58,713,158
54,566,723
$ 166,642,662
$ 165,269,305
$ 158,708,845
$ 148,359,536
$ 131,965,646
$ 123,047,136
71.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
FINANCIAL TRENDS
CHANGES IN NET POSTION
LAST TEN FISCAL YEARS
2015
OPERATING REVENUES
Tuition and Fees, net of scholarship allowances
Auxiliary Enterprise Revenue
Chargeback Revenue
Other Operating Revenues
$
Total Operating Revenues
OPERATING EXPENSES
Instruction
Academic Support
Student Services
Public Service
Operations and Maintenance
Institutional Support
Auxiliary Enterprises
Financial Aid
Depreciation
Total Operating Expenses
Operating Income (Loss)
NON-OPERATING REVENUES (EXPENSES)
State Sources
Property Taxes (1)
Federal Grants and Contracts
Local Sources
Investment Income
Interest on Capital Asset Related Debt
Gain (Loss) on Disposal of Capital Assets
Total Non-Operating Revenues (Expenses)
Net Income Before Capital Contributions
CAPITAL CONTRIBUTIONS
State Appropriations
Total Capital Contributions
CHANGE IN NET POSTION
2013
2012
31,347,745
7,204,215
14,333
1,856,389
$ 31,179,582
6,720,190
17,938
2,398,101
$ 27,669,294
7,384,332
100,252
2,518,775
40,834,681
40,422,682
40,315,811
37,672,653
45,284,704
8,035,517
12,604,860
885,352
12,590,713
19,117,399
12,648,365
7,419,550
6,927,671
125,514,131
(84,679,450)
43,025,800
8,019,968
12,119,869
392,306
13,698,851
19,172,422
10,938,153
7,947,171
6,326,932
121,641,472
(81,218,790)
40,717,950
8,215,403
11,373,003
321,134
11,797,328
19,136,264
10,917,646
7,319,332
5,797,526
115,595,586
(75,279,775)
38,161,603
7,153,862
10,399,301
430,844
11,975,328
20,070,166
10,142,671
8,366,379
5,463,902
112,164,056
(74,491,403)
34,266,592
35,649,995
22,232,483
911,813
1,011,333
(5,530,166)
(38,858)
88,503,192
3,823,742
29,650,355
34,903,424
22,464,967
1,102,860
4,301,274
(4,846,799)
(18,978)
87,557,103
6,338,313
26,787,955
34,041,114
22,899,762
326,788
1,899,592
(4,745,620)
27,632
81,237,223
5,957,448
22,810,695
33,588,471
22,370,595
391,405
1,096,217
(3,794,052)
(554,459)
75,908,872
1,417,469
30,778,456
7,896,751
16,687
2,142,787
2014
$
546,895
546,895
$
4,370,637
287,166
287,166
$
6,625,479
21,865
21,865
$
5,979,313
113,113
113,113
$
1,530,582
Source: College Financial Records
Note:
(1) The College is subject to two property tax caps in Illinois whereby the increase in the levy from year to year is
limited to the lesser of the consumer price index for the State as determined by the Illinois Department of Revenue,
and individual rates are limited by maximum rates established by Illinois Compiled Statutes.
72.
TABLE 2
2011
$
28,667,883
7,209,618
15,854
2,017,446
2010
$
2008
37,910,801
36,596,063
34,453,039
31,575,478
30,029,806
28,068,105
36,380,429
6,704,030
10,123,001
338,558
12,347,063
16,843,310
10,038,662
9,658,719
4,972,550
107,406,322
(69,495,521)
32,609,666
6,510,210
8,924,818
886,260
15,993,215
16,001,950
9,621,183
6,794,301
3,976,924
101,318,527
(64,722,464)
29,382,619
5,607,265
7,775,475
813,907
10,574,404
16,495,092
9,172,894
4,735,530
2,521,275
87,078,461
(52,625,422)
27,332,136
5,009,679
6,887,438
747,265
7,463,041
14,578,529
9,123,821
4,217,361
2,395,949
77,755,219
(46,179,741)
25,508,362
4,927,290
7,186,156
949,609
7,616,517
14,890,313
7,947,078
3,708,636
2,166,792
74,900,753
(44,870,947)
25,223,345
4,940,446
6,758,015
960,904
7,552,515
12,174,337
7,334,327
3,535,614
2,123,587
70,603,090
(42,534,985)
20,328,020
32,278,069
20,502,822
586,058
736,575
(3,632,753)
6,000
70,804,791
1,309,270
19,809,643
32,382,364
16,800,477
631,089
1,801,678
(49,188)
(109,719)
71,266,344
6,543,880
18,643,082
29,828,329
10,715,001
391,788
4,527,529
(1,171,789)
16,971
62,950,911
10,325,489
16,991,608
31,835,073
8,592,989
381,779
6,061,539
(1,788,980)
(217,909)
61,856,099
15,676,358
16,211,595
22,194,183
8,372,240
414,220
4,639,417
(434,964)
8,984
51,405,675
6,534,728
15,535,528
21,563,865
8,428,390
310,830
3,129,885
(133,322)
(280,272)
48,554,904
6,019,919
1,373,357
$
23,820
23,820
6,560,460
$ 10,349,309
22,563,915
7,966,925
84,687
959,951
$
717,532
717,532
$
16,393,890
21,454,011
7,871,990
36,229
667,576
2006
$ 25,530,678
7,601,553
62,769
1,258,039
16,580
16,580
$
2007
27,289,153
7,706,139
38,487
1,562,284
64,087
64,087
$
2009
$
2,383,782
2,383,782
$
8,918,510
19,645,872
7,747,875
74,351
600,007
$
6,019,919
73.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
REVENUE CAPACITY
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN LEVY YEARS
Fiscal
Year
Levy
Year
Residential
Property
Commercial
Property
2014
2013
$ 6,096,296,413
2013
2012
6,504,355,168
2,084,450,025
1,281,478,463
581,809
25,140,936
2012
2011
7,124,609,970
2,252,154,536
1,385,696,695
620,349
25,492,353
2011
2010
8,642,229,242
2,614,359,250
1,563,504,213
632,633
23,722,754
2010
2009
8,391,336,183
2,797,563,163
1,677,616,609
623,778
22,442,108
2009
2008
7,740,786,899
3,070,135,659
1,913,690,028
974,642
20,897,635
2008
2007
6,955,839,627
2,619,654,132
1,721,403,833
925,198
21,591,919
2007
2006
6,487,903,294
2,470,710,693
1,657,874,519
911,447
20,243,278
2006
2005
6,280,358,066
2,494,320,979
1,682,214,483
1,031,115
20,274,953
2005
2004
5,302,678,499
2,079,585,469
1,509,631,848
1,131,510
20,198,044
$
1,987,560,168
Industrial
Property
$
1,193,477,862
Farm
Property
$
585,006
Railroad
Property
$
25,817,442
Source: Cook County Assessor's Office
Note: 2014 Levy Year numbers were not available.
74.
TABLE 3
Total Taxable
Assessed
Value
$
Total
Direct
Tax
Rate
9,303,736,891
0.375
9,896,006,401
Estimated
Actual
Taxable
Value
$
Ratio of Total
Assessed Value to
Total Estimated
Actual Value
27,914,002,073
33.33%
0.346
29,690,988,302
33.33%
10,788,573,903
0.311
32,368,958,605
33.33%
12,844,448,092
0.256
38,537,197,996
33.33%
12,889,581,841
0.247
38,672,612,784
33.33%
12,746,484,863
0.247
38,243,005,296
33.33%
11,319,414,709
0.262
33,961,640,291
33.33%
10,637,643,231
0.270
31,916,721,365
33.33%
10,478,199,596
0.208
31,434,598,791
33.33%
8,913,225,370
0.253
26,739,676,110
33.33%
75.
TABLE 4
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
REVENUE CAPACITY
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Fiscal
Year
Ended
June 30,
Tax
Levy
Year
2015
2014
2014
Collected within the
Fiscal Year of the Levy
Percentage
Amount
of Levy
Assessed
Value
Taxes Levied
for the
Fiscal Year
8,925,844,845
$ 35,955,162
$ 17,603,405
48.96%
2013
9,303,736,891
34,887,425
17,501,841
2013
2012
9,896,006,401
34,165,011
2012
2011
10,788,573,903
2011
2010
2010
$
Collections
in Subsequent
Year
$
Total Collections to Date
Percentage
Amount
of Levy
-
$ 17,603,405
48.96%
50.17%
16,288,549
33,790,390
96.86%
17,129,575
50.14%
16,118,358
33,247,933
97.32%
33,512,876
16,792,891
50.11%
15,696,862
32,489,753
96.95%
12,844,448,092
32,763,233
16,306,578
49.77%
15,593,215
31,899,793
97.36%
2009
12,889,581,841
31,770,742
15,902,141
50.05%
14,990,725
30,892,866
97.24%
2009
2008
12,746,484,863
31,389,089
14,116,980
44.97%
16,937,662
31,054,642
98.93%
2008
2007
11,319,414,709
29,555,451
13,307,602
45.03%
15,457,781
28,765,383
97.33%
2007
2006
10,637,643,231
28,749,407
10,398,839
36.17%
17,991,509
28,390,348
98.75%
2006
2005
10,478,199,596
21,714,331
11,370,766
52.37%
10,340,626
21,711,392
99.99%
Sources: Cook County Treasurer's Office and Moraine Valley Community College Financial Records
Note: Property taxes in Cook County, Illinois are due in two installments, March 1 and August 1 in the calendar year following
the levy year. Approximately one-half of the total tax levy year is generally collected by June 30 of the following year.
76.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
REVENUE CAPACITY
ASSESSED VALUATIONS, TAXES EXTENDED AND TAX RATES
LAST TEN LEVY YEARS
Amount of Levy
Year of Levy
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Cook County
Assessed Valuation
$
8,925,844,845
9,303,736,891
9,896,006,401
10,788,573,903
12,844,448,092
12,889,581,841
12,746,484,863
11,319,414,709
10,637,643,231
10,478,199,596
Education Fund
$ 20,039,931
19,500,000
19,501,708
18,750,541
18,597,031
17,398,873
17,010,112
16,015,032
15,408,679
14,471,374
Operations and
Maintenance
Fund
$ 7,016,734
6,762,998
6,613,063
6,343,681
6,090,965
5,732,958
5,496,594
4,805,250
4,617,007
4,309,482
Liability,
Protection, and
Settlement
Fund
$
600,988
800,725
818,749
798,354
815,730
860,977
1,141,707
1,501,915
1,520,603
1,609,504
Life Safety
Fund
$ 1,501,794
1,500,000
959,402
1,089,645
955,865
900,000
916,117
900,425
871,112
820,000
Tax Rates (Per $100 of assessed valuation)
Tax Year
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Education Fund
0.2245
0.2096
0.1971
0.1738
0.1448
0.1350
0.1334
0.1415
0.1449
0.1381
Liability,
Operations and Protection, and
Maintenance
Settlement
Fund
Fund
0.0786
0.0067
0.0727
0.0086
0.0668
0.0083
0.0588
0.0074
0.0474
0.0064
0.0445
0.0067
0.0431
0.0090
0.0425
0.0133
0.0434
0.0143
0.0411
0.0154
Life Safety
Fund
0.0168
0.0161
0.0097
0.0101
0.0074
0.0070
0.0072
0.0080
0.0082
0.0078
Sources: Cook County Treasurer's Office
77.
TABLE 5
Bond and
Interest Fund
$ 6,696,596
6,221,702
6,161,000
6,422,770
6,197,993
6,136,634
6,135,321
5,732,679
5,773,532
-
Bond and
Interest Fund
0.0750
0.0669
0.0623
0.0595
0.0483
0.0476
0.0481
0.0506
0.0543
0.0000
Audit Fund
$
99,119
102,000
111,089
107,885
105,649
102,000
94,666
60,029
50,647
31,000
Audit Fund
0.0011
0.0011
0.0011
0.0010
0.0008
0.0008
0.0007
0.0005
0.0005
0.0003
Social
Security and
Medicare
Fund
$
639,300
594,572
540,121
507,827
472,971
Social
Security and
Medicare
Fund
0.0000
0.0000
0.0000
0.0000
0.0000
0.0050
0.0047
0.0048
0.0038
0.0045
$
Total
35,955,162
34,887,425
34,165,011
33,512,876
32,763,233
31,770,742
31,389,089
29,555,451
28,749,407
21,714,331
Total
0.4030
0.3750
0.3460
0.3110
0.2560
0.2470
0.2470
0.2612
0.2694
0.2072
78.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
REVENUE CAPACITY
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN LEVY YEARS
Taxing Bodies
2014
2013
2012
2011
City of Palos Hills
School District #117
School District #118
North Palos Fire
Protection District
Green Hills Public
Library District
Consolidated High School
District #230
South Cook County
Mosquito Abatement District
Metropolitan Water
Reclamation District
General Assistance Palos
Road and Bridge Palos
Township of Palos
Consolidated Elections
Suburban TB Sanitarium
Forest Preserve District of
Cook County
County of Cook
Total Overlapping Rate
Moraine Valley
Community College Dist 524
0.675
5.614
3.133
0.637
5.391
2.989
0.579
4.916
2.743
0.515
4.406
2.457
1.134
1.076
0.974
0.869
0.469
0.442
0.403
0.358
2.770
2.641
2.438
2.180
0.017
0.016
0.014
0.012
0.430
0.007
0.052
0.066
0.000
0.000
0.417
0.006
0.049
0.063
0.031
0.000
0.370
0.005
0.046
0.057
0.000
0.000
0.320
0.005
0.042
0.050
0.025
0.000
0.069
0.568
15.004
0.069
0.560
14.387
0.063
0.531
13.139
0.058
0.462
11.759
0.403
0.375
0.346
0.311
Total Rate
15.407
14.762
13.485
12.070
Moraine Valley
Community College Dist 524
Percentage of Total
2.62%
2.54%
2.57%
2.58%
Source: Cook County, Illinois Tax Extension Division
For Local Property Tax Payers of Palos Hills Village
79.
TABLE 6
2010
2009
2008
2007
2006
2005
0.414
3.602
2.011
0.409
3.506
1.983
0.422
3.488
2.052
0.450
3.712
2.298
0.461
3.755
2.375
0.437
3.531
2.346
0.701
0.691
0.694
0.734
0.750
0.709
0.288
0.285
0.290
0.309
0.283
0.253
1.812
1.764
1.801
1.926
1.985
1.939
0.010
0.009
0.009
0.006
0.007
0.010
0.274
0.004
0.033
0.040
0.000
0.000
0.261
0.004
0.032
0.039
0.021
0.000
0.252
0.004
0.032
0.039
0.000
0.000
0.263
0.004
0.034
0.041
0.012
0.000
0.284
0.004
0.034
0.041
0.000
0.005
0.315
0.003
0.033
0.039
0.014
0.005
0.051
0.423
9.663
0.049
0.394
9.447
0.051
0.415
9.549
0.053
0.446
10.288
0.057
0.500
10.541
0.060
0.386
10.080
0.256
0.247
0.247
0.262
0.270
0.208
9.919
9.694
9.796
10.550
10.811
10.288
2.58%
2.55%
2.52%
2.48%
2.50%
2.02%
80.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
REVENUE CAPACITY
PRINCIPAL PROPERTY TAXPAYERS
2013 TAX LEVY YEAR AND NINE YEARS AGO
2013 TAX LEVY YEAR
Taxpayer
Equalized
Assessed
Valuation
Type of Business
$
Rank
Percentage of
Total Assessed
Valuation
105,618,040
1
1.14%
Simon Property Group
Shopping Center
Star West Chicago Ridge
Shopping Center
49,020,500
2
0.53%
IRC
Shopping Center
35,420,284
3
0.38%
Wal-Mart Stores
Discount Department Store
32,958,393
4
0.35%
New Plan Dept
Shopping Center
28,782,170
5
0.31%
New Plan Excel Properties
Shopping Center
20,920,581
6
0.22%
Sears
Retail Store
18,754,577
7
0.20%
McRIL LLC
Department Store
16,713,247
8
0.18%
Menard, Inc.
DIY Retail Store
13,050,530
9
0.14%
Robin Realty Management
Shopping Center
12,802,132
10
0.14%
TOTAL
$
TOTAL ASSESSED VALUATION
$ 9,303,736,891
334,040,454
3.59%
Source: Cook County Clerks Office
Note: 2013 latest available information
81.
TABLE 7
2004 TAX LEVY YEAR
Taxpayer
Equalized
Assessed
Valuation
Type of Business
$
Rank
Percentage of
Total Assessed
Valuation
64,255,985
1
0.72%
Simon Property Group
Shopping Center
Chicago Ridge Mall
Shopping Center
49,922,668
2
0.56%
Centerpoint Center
Shopping Center
28,550,285
3
0.32%
Sears
Retail Store
24,496,713
4
0.27%
Orland Park Joint Venture
Shopping Center
23,974,348
5
0.27%
Evergreen Plaza Assoc
Shopping Center
18,548,855
6
0.21%
Bradley Operating LP
Shopping Center
16,456,420
7
0.18%
JC Penney Co.
Department Store
13,925,800
8
0.16%
CNC
Shopping Center
11,745,189
9
0.13%
Robbins Realty
Shopping Center
11,333,049
10
0.13%
$
263,209,312
2.95%
$ 8,913,225,370
82.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
REVENUE CAPACITY
ENROLLMENT, TUITION AND FEE RATES, CREDIT HOURS,
AND FEE REVENUES GENERATED
LAST TEN FISCAL YEARS
Fall Term Enrollment
Tuition and Fee Rates
Out of
District
Tuition and
Fees per
Semester
Hour
$
292
Out of
State
Tuition and
Fees per
Semester
Hour
$
338
FTE
Credit
Courses
9,651
Headcount
Credit
Courses
15,286
Headcount
Noncredit
Courses
1,880
In District
Tuition and
Fees per
Semester
Hour
$
131
2014
9,965
16,106
1,498
126
280
324
2013
10,226
16,650
1,640
121
275
319
2012
10,680
18,169
1,593
108
255
297
2011
10,846
17,387
1,200
100
247
289
2010
10,851
17,774
1,297
92
237
277
2009
10,360
17,477
1,259
82
227
267
2008
9,678
15,859
1,286
74
214
257
2007
9,447
15,693
1,460
72
204
247
2006
9,532
15,929
1,445
69
204
247
Fiscal Year
2015
Source: College Records
83.
TABLE 8
Tuition and Fee Revenues
Education
Fund
$ 48,970,041
Auxiliary
Enterprises
& Other
Funds
$
4,063,397
49,691,736
4,540,282
54,232,018
48,839,949
4,410,926
53,250,875
45,760,488
2,316,442
48,076,930
43,543,864
1,857,292
45,401,156
36,488,500
2,057,396
38,545,896
31,028,315
2,038,027
33,066,342
27,330,495
1,639,880
28,970,375
26,638,345
1,875,558
28,513,903
24,754,954
2,001,750
26,756,704
$
Total
All Funds
53,033,438
84.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEBT CAPACITY
RATIO OF NET GENERAL BONDED DEBT
TO ASSESSED VALUE AND PERSONAL INCOME
AND NET GENERAL OBLIGATION BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Fiscal
Year
Ended
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
General
Obligation
Bonds (1)
$ 148,905,000
153,165,000
156,435,000
125,675,000
78,850,000
80,885,000
82,845,000
84,150,000
15,250,000
-
Premiums
(Discounts)
$ 2,191,181
2,361,053
2,523,261
2,795,013
3,076,978
3,232,494
3,380,990
3,523,068
149,766
-
Total
Net
Outstanding
Debt (2)
$ 151,096,181
155,526,053
158,958,261
128,470,013
81,926,978
84,117,494
86,225,990
87,673,068
15,399,766
-
Less Amounts
Available for
Debt Service (3)
$
45,075,000
45,075,000
45,075,000
45,075,000
-
Net
General
Obligation
Bonded Debt (2)
$ 106,021,181
110,451,053
113,883,261
83,395,013
81,926,978
84,117,494
86,225,990
87,673,068
15,399,766
-
Sources: College Records, Comprehensive Annual Financial Reports, and Cook County Records
Notes:
(1) Balances include current and non-current portions of bonds outstanding.
(2) Details of the College's oustanding debt can be found in CAFR Financial section Notes to
Basic Financial Statements
(3) Only the portion restricted for principal payments is included. See Long-term Investments Restricted for
Debt Service per CAFR Financial Section Statement of Net Position.
(4) U.S. Census Bureau
85.
TABLE 9
Assessed
Value
$ 8,925,844,845
9,303,736,891
9,896,006,401
10,788,573,903
12,844,448,092
12,889,581,841
12,746,484,863
11,319,414,709
10,637,643,231
10,478,199,596
Percentage of
Net General
Obligation
Bonded Debt to
Assessed Value
1.19%
1.19%
1.15%
0.77%
0.64%
0.65%
0.68%
0.77%
0.14%
0.00%
Population (4)
393,476
391,778
388,606
388,606
388,606
376,000
376,000
376,000
376,000
376,000
Total
Personal
Income
$ 11,014,573,668
10,880,066,838
10,720,862,328
10,720,862,328
10,720,862,328
10,373,088,000
8,656,044,894
8,656,044,894
8,656,044,894
8,656,044,894
Percentage of
Net General
Obligation
Bonded Debt
to Personal
Income
0.96%
1.02%
1.06%
0.78%
0.76%
0.81%
1.00%
1.01%
0.18%
0.00%
Net
General
Obligation
Bonded
Debt
Per Capita
$ 269.45
281.92
293.06
214.60
210.82
223.72
229.32
233.17
40.96
-
86.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEBT CAPACITY
SCHEDULE OF RATIOS OF OUTSTANDING DEBT
LAST TEN FISCAL YEARS
2015
2014
2013
2012
$ 151,096,181
$ 155,526,053
$ 158,958,261
$ 128,470,013
Capital Lease Obligations
-
-
-
-
Total Outstanding Debt
$ 151,096,181
$ 155,526,053
$ 158,958,261
$ 128,470,013
$
$
$
$
Debt
General Bonded Debt
Per Student (1)
Percentage of
Personal Income
4,626.05
1.37%
4,526.37
1.43%
4,502.17
1.48%
3,270.87
1.20%
Source: College Records
Notes: (1) Debt per student is calculated using unduplicated credit and non-credit enrollment total
for the fiscal year.
(2) - Less than 0.01%
87.
TABLE 10
2011
2010
2009
2008
2007
$ 81,926,978
$ 84,117,494
$ 86,225,990
$ 87,673,068
$ 15,399,766
-
-
199,652
480,562
740,271
$ 81,926,978
$ 84,117,494
$ 86,425,642
$ 88,153,630
$ 16,140,037
$
350,293
$
$
$
$
$
$
9.75
2,225.67
0.76%
2,276.03
0.81%
2,470.72
1.00%
2,473.38
1.02%
439.35
0.19%
2006
$
350,293
(2)
88.
TABLE 11
PAGE 1 OF 3
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEBT CAPACITY
COMPUTATION OF DIRECT AND OVERLAPPING DEBT*
GENERAL OBLIGATION BONDS
JUNE 30, 2015
Taxing District
Direct
Moraine Valley Community College District 524
Overlapping
County and Township Special Service Areas:
Cook County
Cook County Forest Preserve
Lyons Township
Bonds
Overlapping
$
Percent
70,955,000 (1)(5)
100.000%
Amount
$
70,955,000
3,466,976,750
118,610,000 (1)
7,675,000
7.388%
7.388%
18.767%
256,140,242
8,762,907
1,440,367
Fire Protection Districts:
Orland Fire District
2,275,000
100.000%
2,275,000
Library Districts:
Acorn Library District
Alsip-Merrionette Park Library District
Green Hills Library District
Summit Library District
- (1)
- (1)
- (1)
3,475,000
20.478%
100.000%
100.000%
94.030%
3,267,543
100.000%
100.000%
95.674%
100.000%
100.000%
100.000%
100.000%
100.000%
54.862%
100.000%
100.000%
100.000%
0.014%
100.000%
1.967%
14.532%
100.000%
99.022%
100.000%
100.000%
0.024%
99.907%
100.000%
52.201%
37.823%
100.000%
18,600,676
16,710,000
1,257,466
246,105,000
9,205,000
6,025,000
4,250,000
11,637,000
864,077
640,000
12,875,000
455,000
750
1,463,000
221,093
3,630,094
66,315,000
94,674,934
6,300,000
342
493,100
111,000
18,178,998
565,384
785,000
Municipalities:
Village of Alsip
Village of Bedford Park
City of Blue Island & Library
Village of Bridgeview & Library
City of Burbank
Village of Calumet Park & Library
Village of Chicago Ridge & Library
Village of Evergreen Park & Library
Village of Forest View
City of Hickory Hills
Village of Homer Glen
Village of Justice
Village of Lyons
Village of Merrionette Park
Village of Midlothian & Library
City of Oak Forest**
Village of Oak Lawn & Library
Village of Orland Park & Library
City of Palos Heights
Village of Palos Park & Library
Village of Posen
Village of Robbins
Summit Special Service Area 5
Village of Tinley Park & Library
Village of Willow Springs
Village of Worth
18,600,676
16,710,000
1,314,324
246,105,000
9,205,000
6,025,000
4,250,000
11,637,000
1,575,000
640,000
12,875,000
455,000
5,360,000
1,463,000
11,240,135
24,980,000
66,315,000
95,610,000
6,300,000
1,425,000
493,559
111,000
34,825,000
1,494,815
785,000
(1)
(1)
(4)
(1)
(1)
(1)
(1)
(1)
(4)
(1)
(1)
(1)
(1)
89.
TABLE 11
PAGE 2 OF 3
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEBT CAPACITY
COMPUTATION OF DIRECT AND OVERLAPPING DEBT*
GENERAL OBLIGATION BONDS
JUNE 30, 2015
Bonds
Overlapping
Taxing District
Park Districts:
Alsip Park District
Bedford Park Park District
Blue Island Park District
Bridgeview Park District
Burbank Park District
Central Stickney Park District
Chicago Ridge Park District
Hickory Hills Park District
Justice Park District
Midlothian Park District
Mokena Community Park District and
Mokena Community 2005 Bond
Oak Forest Park District
Oak Lawn Park District
Pleasantdale Park District
Robbins Park District
Summit Park District
Tinley Park Park District
Worth Park District
Sanitary Districts:
Metropolitan Water Reclamation District
South Palos Twp Sanitary District
School Districts:
School District #104
School District #108
School District #109
School District #111
School District #117
School District #118
School District #122
School District #123
School District #124
School District #125
School District #126
School District #127
School District #127-1/2
School District #128
School District #130
School District #132
School District #135
School District #142
School District #143
School District #143 1/2
School District #146
$
Percent
Amount
2,965,000
3,170,000
293,685
575,000 (1)
2,530,000 (1)
499,000
334,880 (1)
1,715,000
647,000
407,000
100.000%
100.000%
95.467%
100.000%
100.000%
98.298%
100.000%
100.000%
100.000%
1.967%
6,813,000
868,000
1,949,890 (1)
1,140,000 (1)
37,605
507,890
10,992,000
197,740
0.586%
8.689%
100.000%
0.571%
99.910%
94.016%
64.825%
100.000%
39,924
75,421
1,949,890
6,509
37,571
477,498
7,125,564
197,740
2,619,000,317 (3)
632,000
7.536%
100.000%
197,367,864
632,000
29,880,000
4,765,000
12,180,000
7,261,710
24,650,000
3,820,000
48,109,721
26,572,573
11,115,000
5,235,218
4,795,000
2,646,975
5,085,000
1,790,000
13,151,809
3,893,000
1,820,000
9,865,193
2,640,000
4,365,000
21,000,000
96.962%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
99.248%
100.000%
15.771%
30.819%
36.739%
51.173%
28,972,246
4,765,000
12,180,000
7,261,710
24,650,000
3,820,000
48,109,721
26,572,573
11,115,000
5,235,218
4,795,000
2,646,975
5,085,000
1,790,000
13,151,809
3,863,725
1,820,000
1,555,840
813,622
1,603,657
10,746,330
(2)
(2)
(2)
(2)
(2)
(1)
(2)
$
2,965,000
3,170,000
280,372
575,000
2,530,000
490,507
334,880
1,715,000
647,000
8,006
90.
TABLE 11
PAGE 3 OF 3
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEBT CAPACITY
COMPUTATION OF DIRECT AND OVERLAPPING DEBT*
GENERAL OBLIGATION BONDS
JUNE 30, 2015
Bonds
Overlapping
Taxing District
High School Districts:
High School District #217
High School District #218
High School District #220
High School District #228
High School District #229
High School District #230
High School District #231
$
12,875,000
29,293,171 (1)(2)
25,700,000
30,135,000
4,940,000
38,490,000
1,350,000
Percent
100.000%
100.000%
100.000%
3.213%
100.000%
100.000%
100.000%
Amount
$
Total Overlapping General Obligation Bonded Debt
Total Direct And Overlapping General Obligation Bonded Debt
12,875,000
29,293,171
25,700,000
968,238
4,940,000
38,490,000
1,350,000
1,348,044,554
$
1,418,999,554
*Tax Year 2013 equalized assessed values and outstanding bonds as of June 30, 2015 were used in the
calculations of this statement.
Because of the small percentage (.0002215 of 1%) of equalized assessed valuation in the City of Chicago ($138,162),
the debt of the City, park, and schools are excluded from this statement.
**Includes Tax Increment Finance Area bonds of the municipality.
(1) Excludes principal amounts of outstanding General Obligation (Alternate Revenue Source) Bonds
which are expected to be paid from sources other than general taxation. Excludes self-supporting bonds.
Excludes debt certificates and TIF bonds.
(2) Includes original principal amounts of outstanding Capital Appreciation Bonds.
(3) Includes IEPA Revolving Loan Fund Bonds.
(4) Includes self-supporting bonds.
(5) Moraine Valley Community College's bonds as of June 30, 2015.
Sources: Offices of the Cook County Clerk, Comptroller and Treasurer of Metropolitan Water Reclamation District
91.
TABLE 12
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEBT CAPACITY
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Fiscal
Year
Tax
Year
Assessed Value
Debt
Limit
Rate
Debt Limit
(Assessed Value X
Debt Limit Rate)
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
$ 8,925,844,845
9,303,736,891
9,896,006,401
10,788,573,903
12,844,448,092
12,889,581,841
12,746,484,863
11,319,414,709
10,637,643,231
10,478,199,596
2.875% $
2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
2.875%
256,618,039
267,482,436
284,510,184
310,171,500
369,277,883
370,575,478
366,461,440
325,433,173
305,832,243
301,248,238
Net Debt
Applicable to
Debt Limit
$
148,905,000
153,165,000
156,435,000
125,675,000
78,850,000
80,885,000
82,845,000
84,150,000
15,250,000
-
Legal Debt
Margin
Net Debt
Applicable
to Debt
Limit as a
% of Debt
Limit
$ 107,713,039
114,317,436
128,075,184
184,496,500
290,427,883
289,690,478
283,616,440
241,283,173
290,582,243
301,248,238
58.03%
57.26%
54.98%
40.52%
21.35%
21.83%
22.61%
25.86%
4.99%
0.00%
Source: College Financial Records
92.
TABLE 13
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEBT CAPACITY
PLEDGED REVENUE COVERAGE
LAST TEN FISCAL YEARS
Xerox Capital Leases
Fiscal
Year
2015
Other
Operating
Revenues
$
2,142,787
2014
1,856,389
-
2013
2,398,101
2012
Principal
$
Interest
-
$
Coverage
Ratio
Total
-
$
-
-
-
-
-
-
-
-
-
2,518,775
-
-
-
-
2011
2,017,446
-
-
-
-
2010
1,562,284
199,652
8,564
208,216
7.50
2009
1,258,039
280,910
38,445
319,355
3.94
2008
959,951
259,710
59,221
318,931
3.01
2007
667,576
260,951
79,222
340,173
1.96
2006
600,007
250,181
100,112
350,293
1.71
Source: College Financial Records
Note:
Other operating revenues consists of child care center fees, library fees, library fines, rental of
facilities and traffic fines.
93.
TABLE 14
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEMOGRAPHIC AND ECONOMIC INFORMATION
DISTRICT DEMOGRAPHICS
LAST TEN FISCAL YEARS
Fiscal
Year
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
Population
393,476
391,778
388,606
388,606
388,606
376,579
376,579
376,579
376,579
376,579
Total Personal
Income
$ 11,014,573,668
10,880,066,838
10,720,862,328
10,720,862,328
10,720,862,328
10,373,088,000
8,656,044,894
8,656,044,894
8,656,044,894
8,656,044,894
Per Capita
Personal
Income
$ 27,993
27,771
27,588
27,588
27,588
27,546
22,986
22,986
22,986
22,986
Unemployment
Rate
6.5%
7.1%
9.0%
9.1%
9.5%
9.3%
10.2%
6.5%
5.1%
4.7%
Sources: U.S. Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau
94.
TABLE 15
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEMOGRAPHIC AND ECONOMIC INFORMATION
STUDENT ENROLLMENT DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Fiscal
Year
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
Full
Time
6,624
6,764
6,983
7,307
7,736
7,761
7,368
6,896
6,660
6,654
Fall Enrollment-Census Day
Part
Head
Credit
Time
Count
Hours
8,662
15,286
144,764
9,342
16,106
149,481
9,667
16,650
153,396
10,862
18,169
160,199
9,651
17,387
162,691
10,013
17,774
162,766
10,109
17,477
155,404
8,963
15,859
145,173
9,033
15,693
141,702
9,275
15,929
142,986
FTE
9,651
9,965
10,226
10,680
10,846
10,851
10,360
9,678
9,447
9,532
Headcount for Credit Courses
Yearly
Yearly
Percent
Total
Increase
Change
39,370
(2,615)
-6.23%
41,985
(1,677)
-3.84%
43,662
(2,137)
-4.67%
45,799
(250)
-0.54%
46,049
(817)
-1.74%
46,866
1,237
2.71%
45,629
3,326
7.86%
42,303
195
0.46%
42,108
443
1.06%
41,665
(299)
-0.71%
Source: College Records
95.
TABLE 16
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEMOGRAPHIC AND ECONOMIC INFORMATION
STUDENT ENROLLMENT AND MISCELLANEOUS STATISTICS
ANNUAL UNDUPLICATED ENROLLMENT
LAST TEN FISCAL YEARS
High
School
Participation
Rates
30%
Fiscal
Year
2015
Credit
Enrollment
26,307
Noncredit
Enrollment
6,355
Total
Credit
Hours
324,145
2014
28,228
6,132
336,089
31%
2013
29,869
5,438
346,553
31%
2012
33,209
6,068
361,591
29%
2011
31,301
5,509
370,735
30%
2010
31,444
5,514
371,643
31%
2009
30,174
4,806
352,030
29%
2008
30,522
5,119
333,776
30%
2007
30,925
5,811
326,454
28%
2006
30,326
5,602
323,179
28%
Source: College Records as of Census Day
96.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEMOGRAPHIC AND ECONOMIC INFORMATION
CREDIT HOURS ELIGIBLE FOR FUNDING
BY ILLINOIS COMMUNITY COLLEGE BOARD
REIMBURSEMENT CATEGORIES
LAST TEN FISCAL YEARS
2015
Baccalaureate
2014
2013
2012
194,687.0
197,416.0
203,033.0
210,718.0
Business Occupational
14,358.0
15,420.5
16,043.0
18,512.5
Technical Occupational
28,620.0
29,978.5
29,815.5
28,592.0
Health Occupational
20,867.5
21,717.5
25,497.5
24,379.5
Remedial Development
28,507.0
29,376.0
31,749.0
33,004.0
Adult Basic Secondary
Education
8,804.0
7,971.0
10,891.0
13,119.0
295,843.5
301,879.5
317,029.0
328,325.0
TOTAL CREDIT HOURS
Source: College Records
97.
TABLE 17
2011
2010
2009
2008
2007
2006
214,965.0
214,437.0
197,611.0
188,029.0
182,732.0
186,693.0
16,236.0
16,102.0
15,740.0
18,594.5
21,202.5
21,878.5
26,785.5
28,250.5
25,916.5
22,944.5
20,736.5
21,213.0
26,485.5
25,132.5
22,750.5
21,725.5
20,023.0
18,930.5
32,775.0
35,621.0
32,732.0
31,042.0
30,174.0
30,136.0
13,176.0
12,950.0
13,531.0
13,320.0
14,739.0
15,939.0
330,423.0
332,493.0
308,281.0
295,655.5
289,607.0
294,790.0
98.
TABLE 18
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEMOGRAPHIC AND ECONOMIC INFORMATION
COLLEGE DEMOGRAPHICS
JUNE 30, 2015
DEGREES AND CERTIFICATES AWARDED FY 2015
Degree Type
Associate in Arts (AA)
Associate in Fine Arts (AFA)
Associate in Science (AS)
Total Transfer Degrees
Associate in Applied Science (AAS)
403
6
863
1,272
454
Total Degrees Awarded
1,726
Total Certificates Awarded
1,225
Total Completions
2,951
Source: College Records
99.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
DEMOGRAPHIC AND ECONOMIC INFORMATION
PRINCIPAL EMPLOYERS
JUNE 30, 2015 AND EIGHT YEARS AGO
JUNE 30, 2015
Employers
Rank
Business
% Total
No. of
District
Employees Employed
Christ Advocate Medical Center
1
Hospital and home health care
5,500
2.6%
Palos Community Hospital
2
Hospital and home health care
3,118
1.5%
Moraine Valley Community College
3
Education
1,999
0.9%
Metro South Medical Center
4
Hospital and home health care
1,200
0.6%
Oak Forest Hospital
5
Hospital and home health care
1,000
0.5%
Village of Orland Park
6
Municipality
862
0.4%
Oak Lawn Comm. H.S. Dist 218
7
Education
800
0.4%
Orland School District 135
8
Education
785
0.4%
Uniforms To You
9
Uniform sales & service
775
0.4%
CPC International
10
Food
670
0.3%
16,709
7.9%
TOTAL
Total number of employed within district
211,881
Source: Illinois Department of Commerce & Economic Opportunity, US Census Bureau, College Records
Note: Information from 2005 is not available.
100.
TABLE 19
JUNE 30, 2007
Employers
Rank
Business
% Total
No. of
District
Employees Employed
Panduit Corporation
1
Producer of network and electrical
solutions
3,500
1.8%
Little Company of Mary Hospital
2
General medical and surgical hospital
1,700
0.9%
Moraine Valley Community College
3
Education
1,510
0.8%
Allied Tube and Conduit-Harvey
4
Manufacturers galvanized pipe, electrical
conduit and tubing
1,500
0.8%
St. Francis Hospital and
Healthcare Center
5
General medical and surgical hospital
1,470
0.8%
Yellow Transportation Inc.
6
Long distance trucking company
1,432
0.7%
Advocate South Suburban
Hospital
7
Hospital and home health care
1,338
0.7%
Andrew Corporation
8
Manufactures antenna, transmission lines &
acccessories, microwave equipment and
shipment shelters
1,200
0.6%
Chemcentral Corporation
9
Chemical distributor
1,008
0.5%
Berry Plastic Corporation
10
Manufactures plastic products
600
0.3%
15,258
7.9%
TOTAL
Total number of employed within district
192,201
101.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
OPERATING INFORMATION
FULL-TIME EQUIVALENT EMPLOYEES
LAST TEN FISCAL YEARS
2015
FACULTY
Full-Time
Part-Time (2)
Total Faculty FTE
2014
2013
2012
196
535
731
193
603
796
188
587
775
189
603
792
6
15
5
15
5
15
6
14
21
20
20
20
27
25
24
24
PROFESSIONAL STAFF
Full-Time
Part-Time
Total Professional Staff
153
29
182
161
24
185
160
17
177
157
19
176
CLASSIFIED EMPLOYEES
Full-Time
Part-Time
Total Classified Employees
200
69
269
200
67
267
203
73
276
202
79
281
1,230
1,293
1,272
1,293
144
147
127
115
1,374
1,440
1,399
1,408
LIBRARY, COUNSELORS, AND ADVISORS
Library
Counselors and Advisors
Total Library, Counselors,
and Advisors
ADMINISTRATORS
TOTAL FTE EMPLOYEES
(before student employee FTE)
STUDENT EMPLOYEES (1)
TOTAL FTE EMPLOYEES
(including student employee FTE)
Source: College Records
Note:
(1) Student FTE are based upon 20 hours per week.
(2) Part-time faculty FTE is based on 9 Ech per semester
102.
TABLE 20
2011
2010
2009
2008
2007
2006
178
575
753
182
630
812
183
580
763
180
602
782
171
607
778
165
584
749
5
14
7
13
6
13
6
12
5
14
5
13
19
20
19
18
19
18
23
23
24
25
25
25
156
25
181
138
15
153
141
20
161
129
15
144
119
15
134
117
18
135
200
79
279
197
78
275
186
82
268
180
78
258
181
74
255
179
79
258
1,255
1,283
1,235
1,227
1,211
1,185
122
132
128
129
116
122
1,377
1,415
1,363
1,356
1,327
1,307
103.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
OPERATING INFORMATION
CAPITAL ASSET STATISTICS - VOLUME
LAST TEN FISCAL YEARS
2015
2014
2013
2012
42,000
31,000
251,258
100,323
65,131
129,048
64,613
91,361
4,000
19,500
2,500
26,088
47,969
91,934
15,000
113,614
42,000
31,000
251,258
100,323
65,131
129,048
64,613
91,361
4,000
19,500
2,500
26,088
47,969
91,934
15,000
113,614
42,000
31,000
251,258
100,323
65,131
129,048
64,613
91,361
4,000
19,500
2,500
26,088
47,969
91,934
15,000
-
42,000
31,000
251,258
100,323
65,131
129,048
64,613
91,361
4,000
19,500
2,500
26,088
47,969
91,934
15,000
-
Equipment (number of assets)
230
213
210
206
Technology (number of assets)
56
64
54
42
Capital assets disposed (number of assets)
22
14
8
27
CAPITAL ASSET TYPE:
Buildings (Gross Area Sq. Ft.)
Education Center at Blue Island (ECBI)
Southwest Education Center (SWEC)
Campus Operations (Building 100) (2)
Building A, G & L
Building B
Student Services Center (Building S)
Center for Contemporary Technology (Building T)
Building D
Fine and Performing Arts Center (Building F)
Shipping and Receiving (Building S/R)
Police/Campus Operations (Building P)
Storage Garage
Student Union (Building U)
Moraine Conference & Business Center (Building M)
Dr. Vernon O. Crawley Science Hall (Building C)
Church (Building R)
Health, Fitness and Recreation Center (Building H)
Source: College Records
Notes:
(1) During fiscal year 2006, the College changed the capitalization threshold from $2,500 to $10,000.
This statement reflects this change retroactively.
(2) Campus Operations Building 100 demolished Fall of 2008
104.
TABLE 21
2011
2010
2009
2008
2007
2006 (1)
42,000
31,000
251,258
100,323
65,131
129,048
64,613
91,361
4,000
19,500
2,500
26,088
47,969
91,934
-
7,300
251,258
100,323
65,131
129,048
64,613
91,361
4,000
19,500
2,500
26,088
47,969
91,934
-
7,300
251,258
100,323
56,300
129,048
64,613
91,361
4,000
19,500
2,500
-
7,300
20,000
251,258
100,323
56,300
129,048
64,613
91,361
4,000
19,500
2,500
-
7,300
20,000
251,258
100,323
56,300
129,048
64,613
91,361
4,000
-
7,300
20,000
251,258
100,323
56,300
129,048
64,613
91,361
4,000
-
212
189
184
183
167
164
46
51
66
54
51
46
1
75
3
5
4
8
105.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
OPERATING INFORMATION
CAPITAL ASSET STATISTICS - VALUE
LAST TEN FISCAL YEARS
2015
2014
2013
2012
CAPITAL ASSET TYPE:
Land
$
5,848,757
$
5,848,757
$
5,848,757
$
5,848,757
Land Improvements
17,506,290
15,994,153
15,680,214
13,055,752
Total Land and Land Improvements
23,355,047
21,842,910
21,528,971
18,904,509
217,739,667
216,524,580
184,798,311
179,167,787
Construction in Progress
1,689,411
1,593,481
11,698,483
4,203,447
Equipment
6,992,023
6,283,457
5,855,562
5,398,419
Technology
6,711,837
6,606,867
6,397,203
6,112,923
$
256,487,985
$ 252,851,295
$ 230,278,530
$ 213,787,085
$
546,895
$
$
$
Buildings/Building Improvements
Total Capital Assets
OTHER INFORMATION:
Capital Contributions
Depreciation Expense
6,927,671
287,166
6,326,932
21,865
5,797,526
113,113
5,463,902
Source: College Records
Note:
(1) During fiscal year 2006, the College changed the capitalization threshold from $2,500 to $10,000.
This statement reflects this change retroactively.
106.
TABLE 22
2011
$
5,848,757
2010
$
5,848,757
2009
$
5,848,757
2008
$
5,848,757
2007
$
584,000
2006 (1)
$
584,000
11,873,007
11,873,007
10,691,893
10,691,893
6,240,856
5,230,883
17,721,764
17,721,764
16,540,650
16,540,650
6,824,856
5,814,883
174,301,177
149,050,745
84,656,489
83,542,448
78,925,751
78,925,751
1,796,072
19,419,182
60,499,338
20,693,631
6,519,596
317,410
6,921,755
6,745,373
8,146,181
7,737,937
7,435,402
7,562,042
6,245,183
1,449,686
1,864,589
1,878,336
1,685,106
1,450,963
$
206,985,951
$
194,386,750
$
171,707,247
$
130,393,002
$
101,390,711
$
94,071,049
$
64,087
$
16,580
$
23,820
$
717,532
$
2,383,782
$
-
4,972,550
3,976,924
2,521,275
2,395,949
2,166,792
2,123,587
107.
MORAINE VALLEY COMMUNITY COLLEGE
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
COMMUNITY COLLEGE DISTRICT NUMBER 524, PALOS HILLS, IL
Special Reports Section
Special Reports Section
Fiscal Year Ended June 30, 2015
Fiscal Year Ended June 30, 2015
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
JUNE 30, 2015
SUPPLEMENTAL FINANCIAL INFORMATION
UNIFORM FINANCIAL STATEMENTS
The Uniform Financial Statements are required by the Illinois Community College Board for the
purpose of providing consistent audited data for every community college district. Regardless of the
basis of accounting used for a College’s balance sheet and statement of revenues and
expenditures, the Uniform Financial Statements are completed using the modified accrual basis of
accounting prescribed by the NCGA Statement No. 1 and related interpretations.
The Uniform Financial Statements include the following schedules:
1
2
3
4
5
All Funds Summary
Summary of Capital Assets and Long Term Debt
Operating Funds Revenues and Expenditures
Restricted Purposes Fund Revenues and Expenditures
Current Funds Expenditures by Activity
SCHEDULE 1
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
UNIFORM FINANCIAL STATEMENTS
ALL FUNDS SUMMARY
FOR THE YEAR ENDED JUNE 30, 2015
Education
Fund
Fund Balance June 30, 2014
$
Operations
and
Maintenance
Fund
42,151,773
$ 6,948,543
20,487,805
16,687
4,925,041
48,970,041
2,146,552
76,546,126
6,674,666
5,496,328
19,960
12,190,954
Instruction
Academic Support
Student Services
Public Service/Continuing
Education
Auxiliary Services
Operations and Maintenance
Institutional Support
Scholarships, Grants, Waivers
Total Expenditures
33,072,739
6,438,558
8,001,639
Net Transfers
Operations
and
Maintenance
Fund
(Restricted)
$
18,232,003
Bond and
Interest
Fund
$
Auxiliary
Enterprises
Fund
52,628,764
$ 9,107,618
1,453,711
2,495,194
410,592
4,359,497
6,258,758
437,832
6,696,590
673,632
7,962,478
8,636,110
-
-
-
-
45,857
18,280,129
7,215,233
73,054,155
11,886,183
11,886,183
2,851,356
2,851,356
9,971,752
9,971,752
11,361,577
11,361,577
(4,232,020)
60,000
(603,933)
1,853,933
2,382,020
41,411,724
$ 7,313,314
51,207,535
$ 8,764,171
Revenues:
Local Tax Revenue
All Other Local Revenue
ICCB Grants
All Other State Revenue
Federal Revenue
Student Tuition and Fees
All Other Revenue
Total Revenues
Expenditures:
Fund Balance June 30, 2015
$
$
19,136,211
$
Note: This statement is prepared under the modified accrual basis of accounting which is in accordance
with generally accepted accounting principles (GAAP).
108.
SCHEDULE 1
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
UNIFORM FINANCIAL STATEMENTS
ALL FUNDS SUMMARY
FOR THE YEAR ENDED JUNE 30, 2015
Restricted
Purposes
Fund
$
$
5,560,652
Working
Cash
Fund
$
Trust and
Agency
Fund
13,330,264
$
Liability,
Protection
Settlement
Fund
Audit
Fund
46,253
$
Total
Current Funds
112,948
$ 1,782,037
$
65,663,571
Total
All Funds
$
149,900,855
830,566
2,683,371
22,232,483
714,755
26,461,175
82,443
82,443
168,871
168,871
97,381
84
97,465
677,674
918
678,592
27,937,526
16,687
11,251,935
2,683,371
22,232,483
49,643,673
10,844,747
124,610,422
35,649,995
16,687
11,251,935
2,683,371
22,232,483
52,138,867
11,944,485
135,917,823
1,764,263
153,137
1,966,989
-
155,099
-
-
34,837,002
6,591,695
9,968,628
34,837,002
6,591,695
10,123,727
746,423
118,000
201,333
21,564,727
26,514,872
-
10,527
165,626
77,860
77,860
561,530
561,530
792,280
11,361,577
12,004,183
19,120,852
28,779,960
123,456,177
792,280
11,361,577
14,855,539
29,092,604
28,790,487
136,444,911
600,000
(60,000)
-
-
-
(1,190,000)
-
132,553
$ 1,899,099
6,106,955
$
13,352,707
$
49,498
$
$
65,627,816
$
149,373,767
109.
SCHEDULE 2
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
UNIFORM FINANCIAL STATEMENTS
SUMMARY OF CAPITAL ASSETS AND LONG TERM DEBT
FOR THE YEAR ENDED JUNE 30, 2015
Capital
Assets/Long
Term Debt
July 1, 2014
Additions
Deletions
Capital
Assets/Long
Term Debt
June 30, 2015
Capital Assets
Sites and Improvements
Construction in Progress
Buildings, Additions, and Improvements
Equipment
Equipment - Technology
Total Capital Assets
Accumulated Depreciation
$
21,842,910
1,593,481
216,524,580
6,283,457
6,606,867
$
1,540,188
1,689,411
3,833,811
806,538
340,290
$
28,051
1,593,481
2,618,724
97,972
235,320
$
23,355,047
1,689,411
217,739,667
6,992,023
6,711,837
252,851,295
8,210,238
4,573,548
256,487,985
69,418,086
6,927,671
2,899,509
73,446,248
$ 183,433,209
$
1,282,567
$
1,674,039
$ 183,041,737
Bonds Payable
Premium on Bond Issuance
Discount on Bond Issuance
$ 153,165,000
4,064,160
(1,703,107)
$
-
$
4,260,000
241,878
(72,006)
$ 148,905,000
3,822,282
(1,631,101)
Total Long Term Debt
$ 155,526,053
$
-
$
4,429,872
$ 151,096,181
Net Capital Assets
Long Term Debt
110.
SCHEDULE 3
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
UNIFORM FINANCIAL STATEMENTS
OPERATING FUNDS REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2015
Operations
and
Maintenance
Fund
Education
Fund
Total
Operating
Funds
OPERATING REVENUES BY SOURCE
Local Government:
Local Taxes
CPPRT
Chargeback Revenue*
TOTAL LOCAL GOVERNMENT
$
State Government:
ICCB Credit Hour Grants
ICCB Equalization Grants
ICCB Career and Technical Education
ICCB Other
TOTAL STATE GOVERNMENT
19,151,389
1,336,416
16,687
20,504,492
$
6,674,666
6,674,666
$
25,826,055
1,336,416
16,687
27,179,158
1,832,109
2,500,450
592,482
4,925,041
5,496,328
5,496,328
7,328,437
2,500,450
592,482
10,421,369
Student Tuition and Fees:
Tuition
Fees
TOTAL TUITION AND FEES
45,690,026
3,280,015
48,970,041
-
45,690,026
3,280,015
48,970,041
Other Sources:
Sales and Service Fees
Investment Revenue
Other
Transfers
TOTAL OTHER SOURCES
1,414,700
280,544
451,308
2,146,552
19,563
397
60,000
79,960
1,414,700
300,107
451,705
60,000
2,226,512
76,546,126
12,250,954
88,797,080
16,687
-
60,000
16,687
60,000
TOTAL REVENUES
Less Non-Operating Items
Tuition Chargeback Revenue*
Transfer from Non-Operating Funds
ADJUSTED REVENUES
$
76,529,439
$
12,190,954
$
88,720,393
*Intercollege expenditures that do not generate related local credit hours are subtracted to allow for
statewide comparisons.
(Continued)
111.
SCHEDULE 3
(Concluded)
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
UNIFORM FINANCIAL STATEMENTS
OPERATING FUNDS REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2015
Operations
and
Maintenance
Fund
Education
Fund
Total
Operating
Funds
OPERATING EXPENDITURES
BY PROGRAM
Instruction
Academic Support
Student Services
Public Service/Continuing Education
Operations and Maintenance
Institutional Support
Scholarships, Grants, Waivers
Transfers
TOTAL EXPENDITURES
Less Non-Operating Items
Tuition Chargeback*
Transfer to Non-Operating Funds
ADJUSTED EXPENDITURES
BY OBJECT
Salaries
Employee Benefits
Contractual Services
General Materials and Supplies
Conferences and Meeting Expenses
Fixed Charges
Utilities
Capital Outlay
Other
Transfers
TOTAL EXPENDITURES
Less Non-Operating Items
Tuition Chargeback*
Transfer to Non-Operating Funds
ADJUSTED EXPENDITURES
$
$
$
$
33,072,739
6,438,558
8,001,639
45,857
18,280,129
7,215,233
4,232,020
77,286,175
45,814
4,232,020
73,008,341
46,127,769
9,555,498
3,670,900
3,456,570
652,848
265,868
61,748
1,805,728
7,457,227
4,232,020
77,286,176
45,814
4,232,020
73,008,342
$
$
$
$
11,886,183
11,886,183
11,886,183
3,961,265
1,331,259
3,087,108
726,957
7,234
12,565
1,931,492
828,303
11,886,183
11,886,183
$
$
$
$
33,072,739
6,438,558
8,001,639
45,857
11,886,183
18,280,129
7,215,233
4,232,020
89,172,358
45,814
4,232,020
84,894,524
50,089,034
10,886,757
6,758,008
4,183,527
660,082
278,433
1,993,240
2,634,031
7,457,227
4,232,020
89,172,359
45,814
4,232,020
84,894,525
*Intercollege expenditures that do not generate related local credit hours are subtracted to allow for
statewide comparisons.
Note: This statement is prepared under the modified accrual basis of accounting which
is in accordance with generally accepted accounting principles (GAAP).
112.
SCHEDULE 4
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
UNIFORM FINANCIAL STATEMENTS
RESTRICTED PURPOSES FUND REVENUES AND EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2015
Restricted
Purposes
Fund
REVENUES BY SOURCE:
State Government:
ICCB Career and Technical Education
ICCB Adult Education and Family Literacy Grants
ICCB Other
Illinois Student Assistance Commission
Other
TOTAL STATE GOVERNMENT
$
Federal Government:
Department of Education
Department of Labor
Other
TOTAL FEDERAL GOVERNMENT
19,820,481
1,537,364
874,638
22,232,483
Other Sources:
Other
Transfer
TOTAL OTHER SOURCES
TOTAL REVENUES
EXPENDITURES BY PROGRAM:
Instruction
Academic Support
Student Services
Public Service/Continuing Education
Operations and Maintenance
Institutional Support
Scholarships, Grants and Waivers
TOTAL EXPENDITURES
EXPENDITURES BY OBJECT:
Salaries
Employee Benefits
Contractual Services
General Materials and Supplies
Conferences and Meeting Expenses
Fixed Charges
Utilities
Capital Outlay
Other
Financial Aid
TOTAL EXPENDITURES
43,541
726,750
60,275
2,437,639
245,732
3,513,937
714,755
600,000
1,314,755
$
27,061,175
$
1,764,263
153,137
1,966,989
746,423
118,000
201,333
21,564,727
26,514,872
$
$
$
2,819,517
672,739
620,241
467,732
206,247
1,783
214
161,079
224,080
21,341,240
26,514,872
113.
SCHEDULE 5
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
UNIFORM FINANCIAL STATEMENTS
CURRENT FUNDS* EXPENDITURES BY ACTIVITY
FOR THE YEAR ENDED JUNE 30, 2015
INSTRUCTION
Instructional Programs
Total Instruction
$
34,837,002
34,837,002
ACADEMIC SUPPORT
Library Center
Educational Media Services
Academic Administration and Planning
Other
Total Academic Support
1,940,348
622,047
3,081,663
947,637
6,591,695
STUDENT SERVICES
Admissions and Records
Counseling and Career Services
Financial Aid Administration
Other
Total Student Services
1,456,452
4,169,202
1,022,296
3,320,678
9,968,628
PUBLIC SERVICE/CONTINUING EDUCATION
Community Education
Community Services
Total Public Service/Continuing Education
47,915
744,365
792,280
AUXILIARY SERVICES
11,361,577
OPERATIONS AND MAINTENANCE
Maintenance
Custodial Services
Grounds
Campus Security
Transportation
Utilities
Other
Total Operations and Maintenance
3,368,651
2,474,347
1,178,976
2,250,879
133,060
1,924,606
673,664
12,004,183
INSTITUTIONAL SUPPORT
Executive Management
Fiscal Operations
Community Relations
Administrative Support Services
Board of Trustees
General Institutional
Institutional Research
Administrative Data Processing
Other
Total Institutional Support
1,695,611
2,259,312
585,319
6,296,576
58,952
3,887,216
407,284
3,697,624
232,958
19,120,852
SCHOLARSHIPS, GRANTS, & WAIVERS
28,779,960
TOTAL CURRENT FUNDS EXPENDITURES
$
123,456,177
*Current Funds include the Education; Operations and Maintenance; Auxiliary Enterprises; Restricted Purposes;
Audit; and Liability, Protection, and Settlement Funds.
114.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
CERTIFICATION OF CHARGEBACK REIMBURSEMENT FOR FISCAL YEAR 2016
The Fiscal Year 2016 Certificate of Chargeback Reimbursement Form was unable to be
completed by the October 15, 2015 audit due date because line 17 of the form (the FY
2016 average grant rate based on FY 2016 ICCB grants) was unavailable since the State
of Illinois budget had not yet been approved by the General Assembly and the Governor
of the State of Illinois. This page will be issued at a later date as an addendum page once
all information is available to complete the FY 2016 Chargeback Form.
115.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
JUNE 30, 2015
STATE GRANTS
STATE ADULT EDUCATION AND FAMILY LITERACY RESTRICTED FUNDS GRANTS
State Basic-Grant awarded to provide instruction for adults to become literate and obtain the
knowledge and skills necessary for employment and self-sufficiency, to become full partners in the
educational development of their children and to assist adults in the completion of a secondary
education. Eligible participants are individuals who (1) have attained 16 years of age; (2) are not
enrolled or required to be enrolled in secondary school under state law; (3) lack basic educational
skills to function effectively in society, do not have a secondary school diploma or its equivalent, or
are unable to speak, read, or write the English language.
Public Assistance-Grant awarded to provide educational services for adults on Temporary
Assistance to Needy Families (TANF) and adults who have been cancelled from TANF and
received extended medical assistance.
Performance-Grants awarded to Adult Education and Family Literacy providers based on
performance indicators of levels gained, secondary completions and test score gains.
CAREER AND TECHNICAL EDUCATION – PROGRAM IMPROVEMENT GRANT
The grant recognizes that keeping career and technical programs current and reflective of the
highest quality practices in the workplace is necessary to prepare students to be successful in their
chosen careers and to provide employers with the well trained workforce they require. The grant
funds are dedicated to enhancing instruction and academic support activities to strengthen and
improve career and technical programs and services.
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT AUDITOR’S REPORT
The Board of Trustees
Moraine Valley Community College –
Community College District Number 524
Palos Hills, Illinois
Report on the Financial Statements
We have audited the accompanying financial statements of the Moraine Valley Community
College – Community College District No. 524 (the College) State Adult Education (State Basic,
Public Assistance, and Performance), and Career and Technical Education – Program
Improvement Grants (Grant Programs), and the related notes to the financial statements, as of and
for the year ended June 30, 2015, 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
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.
116.
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, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the College’s State Adult Education (State Basic, Public Assistance,
and Performance), and Career and Technical Education – Program Improvement Grants, as of
June 30, 2015, and the respective changes in financial position for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter
As stated in Note 1, the financial statements present only the College’s Grant Programs and do not
purport to, and do not, present fairly the financial position of the College, as of June 30, 2015, and
the changes in its financial position for the year then ended in accordance with accounting
principles generally accepted in the United States of America. Our opinion is not modified with
respect to this matter.
Other Matters
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements for each of
the Grant Programs referred to in the first paragraph. The ICCB Compliance Statement on page
123 is presented for purposes of additional analysis and is not a required part of the financial
statements of the Grant Programs.
The ICCB Compliance Statement is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the financial
statements. Such information has been subjected to the auditing procedures applied in the audit of
the financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the
financial statements or to the financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our
opinion, the ICCB Compliance Statement is fairly stated, in all material respects, in relation to the
financial statements of the State Adult Education (State Basic, Public Assistance, and Performance)
Grant Program as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October
12, 2015 on our consideration of the College’s internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements
and other matters. The purpose of that report is to describe the scope of our testing of internal
control over financial reporting and compliance and the results of that testing, and not to provide an
117.
opinion on 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
College’s internal control over financial reporting and compliance.
Crowe Horwath LLP
Oak Brook, Illinois
October 12, 2015
118.
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
GRANT PROGRAM FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
The Board of Trustees
Moraine Valley Community College –
Community College District Number 524
Palos Hills, Illinois
We have audited, in accordance with the 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 and the guidelines of the Illinois
Community College Board Fiscal Management Manual, the financial statements of Moraine Valley
Community College – Community College District No. 524 (the College) State Adult Education
(State Basic, Public Assistance, and Performance), and Career and Technical Education – Program
Improvement Grants (Grant Programs) which comprise the balance sheet as of June 30, 2015, the
related statement of revenues, expenditures, and changes in fund balance for the year then ended,
and the related notes to the financial statements, and have issued our report thereon dated October
12, 2015. The financial statements present only the College’s Grant Programs and do not purport
to, and do not, present fairly the financial position of the College, as of June 30, 2015, and the
changes in its financial position for the year then ended.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the College’s
internal control over financial reporting (“internal control”) to determine the audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the College’s
internal control. Accordingly, we do not express an opinion on the effectiveness of the College’s
internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or
combination of deficiencies, in internal control, such that there is a reasonable possibility that a
material misstatement of the entity’s financial statements will not be prevented, or detected and
corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit
attention by those charged with governance.
119.
Our consideration of internal control over financial reporting was for the limited purpose described in
the first paragraph of this section and was not designed to identify all deficiencies in internal control
over financial reporting that might be material weaknesses or significant deficiencies. Given these
limitations, during our audit we did not identify any deficiencies in internal control that we consider to
be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the College’s financial statements are
free of material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the determination of the financial statement amounts. However, providing an
opinion on compliance with those provisions was not an objective of our audit and, accordingly, we
do not express such an opinion. The results of our tests disclosed no instances of noncompliance or
other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not provide an opinion on the
effectiveness of the entity’s internal control or on compliance. This report is an integral part of an
audit performed in accordance with Government Auditing Standards in considering the entity’s
internal control and compliance. Accordingly, this communication is not suitable for any other
purpose.
Crowe Horwath LLP
Oak Brook, Illinois
October 12, 2015
120.
SCHEDULE 7
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
STATE ADULT EDUCATION RESTRICTED FUNDS
COMBINED BALANCE SHEET
JUNE 30, 2015
Total
State Basic
Public Assistance
Performance
(Memorandum Only)
ASSETS
Accounts Receivable
TOTAL ASSETS
$
29,029
$
3,487
$
28,047
$
60,563
$
29,029
$
3,487
$
28,047
$
60,563
$
7,250
2,241
19,538
$
828
2,659
$
1,717
26,330
$
7,250
4,786
48,527
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts Payable
Salaries and Benefits Payable
Due to Other Funds
TOTAL LIABILITIES
29,029
3,487
28,047
60,563
FUND BALANCE
Fund Balance
-
-
-
-
TOTAL FUND BALANCE
-
-
-
-
TOTAL LIABILITIES AND FUND BALANCE
$
29,029
$
3,487
$
28,047
$
60,563
The accompanying notes to the financial statements are an integral part of this statement.
121.
SCHEDULE 8
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
STATE ADULT EDUCATION RESTRICTED FUNDS
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2015
Total
State Basic
Public Assistance
Performance
(Memorandum Only)
REVENUE
Grant Revenue
$
348,342
$
41,840
$
336,568
$
726,750
EXPENDITURES BY PROGRAM
Instruction
Guidance Services
Assessment and Testing
196,587
62,715
52,942
18,819
-
4,978
129,189
3,679
220,384
191,904
56,621
Subtotal Instructional and
Student Services
312,244
18,819
137,846
468,909
8,999
2,000
1,171
19,202
124,116
28,201
127,287
25,099
18,812
3,038
214
30,347
24,843
214
49,159
52,980
36,098
23,021
198,722
257,841
348,342
41,840
336,568
726,750
Excess of Revenue Over (Under)
Expenditures
-
-
-
-
Fund Balances July 1, 2014
-
-
-
-
Program Support:
Improvement of Instructional Services
General Administration
Operation and Maintenance of
Plant Services
Data and Information Services
Indirect Costs
Subtotal Program Support
TOTAL EXPENDITURES
Fund Balances June 30, 2015
$
-
$
-
$
-
$
-
The accompanying notes to the financial statements are an integral part of this statement.
122.
SCHEDULE 9
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
ICCB COMPLIANCE STATEMENT FOR THE
ADULT EDUCATION AND FAMILY LITERACY GRANT
EXPENDITURE AMOUNTS AND PERCENTAGES FOR ICCB GRANT FUNDS ONLY
FOR THE YEAR ENDED JUNE 30, 2015
State Basic
Instruction (45% Minimum
Required)
General Administration (9%
Maximum Allowed
State Public Assistance
Instruction (45% Minimum
Required)
General Administration (9%
Maximum Allowed
Audited Expenditure Amount
$
196,587
$
2,000
Audited Expenditure Amount
Actual Expenditure Percentage
56.4%
0.6%
Actual Expenditure Percentage
$
18,819
45.0%
$
1,171
2.8%
123.
SCHEDULE 10
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
CAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT
BALANCE SHEET
JUNE 30, 2015
ASSETS
$
-
$
-
LIABILITIES AND FUND BALANCE
LIABILITIES
FUND BALANCE
TOTAL LIABILITIES AND FUND BALANCE
$
-
The accompanying notes to the financial statements are an integral part of this statement.
124.
SCHEDULE 11
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
CAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2015
REVENUE
State Sources
$
43,541
EXPENDITURES
Current Year's Grant:
Salary and Benefits
Contractual Services
Instructional Equipment
Materials and Supplies
9,175
20,698
13,668
TOTAL EXPENDITURES
43,541
Excess of Revenue Over (Under)
Expenditures
-
Fund Balance July 1, 2014
-
Fund Balance June 30, 2015
$
-
The accompanying notes to the financial statements are an integral part of this statement.
125.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
STATE GRANTS
NOTES TO FINANCIAL STATEMENTS
For the year ended June 30, 2015
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of Moraine Valley Community College State Adult Education (State Basic,
Public Assistance, and Performance), and Career and Technical Education – Program
Improvement Grants (Grant Programs), conform to accounting principles generally accepted in the
United States of American (GAAP) as applicable to governments. The accompanying statements
include only those transactions resulting from the State Adult Education Restricted Funds and
Career and Technical Education-Program Improvement grants. The following is a summary of the
significant policies.
A. Basis of Accounting:
The Grant Programs were awarded by the Illinois Community College Board (ICCB) to Moraine
Valley Community College for the year ended June 30, 2015. The expenditures of these funds are
accounted for in the Restricted Purpose Fund on a modified accrual basis and in accordance with
the audit requirements of the ICCB. Accordingly, expenditures are recognized when liabilities are
incurred and grant revenues are recognized only to the extent of allowable expenditures.
Unexpended funds that are obligated prior to June 30 for which the goods are received or the
services are provided after June 30 but prior to August 31 are recorded as unearned revenue.
Unexpended funds, if any, are reflected as a liability due to the ICCB by October 15.
B. Capital Assets:
Capital asset purchases, if any, are recorded as capital outlays of the program from which the
expenditures are made.
C. Background Information on Grant Activity:
The State Adult Education and Family Literacy Restricted Funds Grants provides funding to assist
adults to become literate and obtain knowledge and skills necessary for employment and selfsufficiency, to assist adults who are parents obtain the education skills necessary to become full
partners in the educational development of their children, and to assist adults in the completion of a
secondary education.
The Career and Technical Education Program Improvement grant recognizes that keeping career
and technical programs current and reflective of the highest quality practices in the workplace is
necessary to prepare students to be successful in their chosen careers and to provide employers
with the well-trained workforce they require. The grants funds are dedicated to enhancing
instruction and academic support activities to strengthen and improve career and technical
programs and services.
126.
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
JUNE 30, 2015
ENROLLMENT DATA AND OTHER BASES UPON WHICH CLAIMS ARE FILED
SCHEDULE OF ENROLLMENT DATA AND OTHER BASES UPON WHICH CLAIMS ARE FILED
Credit hour grants are to be received for courses for each semester credit hour or equivalent for
students who were certified as being in attendance at midterm during each semester of the fiscal
year. There are no special restrictions on the use of these funds. The Schedule of Enrollment Data
and Other Bases on Which Claims Are filed provides information on which such grants are based.
Crowe Horwath LLP
Independent Member Crowe Horwath International
INDEPENDENT ACCOUNTANT’S REPORT ON THE SCHEDULE OF ENROLLMENT DATA
AND OTHER BASES UPON WHICH CLAIMS ARE FILED
The Board of Trustees
Moraine Valley Community College –
Community College District Number 524
Palos Hills, Illinois
We have examined the accompanying Schedule of Enrollment Data and Other Bases Upon Which
Claims Are Filed, of Moraine Valley Community College – Community College District No. 524 for
the year ended June 30, 2015. The Schedule of Enrollment Data and Other Bases Upon Which
Claims Are Filed is the responsibility of the College’s management. Our responsibility is to express
an opinion on the schedule based upon our examination.
Our examination was conducted in accordance with attestation standards established by the
American Institute of Certified Public Accountants, in accordance with the guidelines of the Illinois
Community College Board’s Fiscal Management Manual, and accordingly, included examining, on a
test basis, evidence supporting the Schedule of Enrollment Data and Other Bases Upon Which
Claims Are Filed and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for our opinion.
In our opinion, the schedule referred to above presents, in all material respects, the Enrollment Data
and Other Bases Upon Which Claims Are Filed for the year ended June 30, 2015, based on the
provisions of the aforementioned guidelines.
The supplementary information on pages 131 and 132 discusses the College’s residency policy and
provides a summary of assessed valuations and is the responsibility of the College’s management.
This information has not been subjected to the examination procedures applied in the examination
of the Schedule of Enrollment Data and Other Bases Upon Which Claims Are Filed and accordingly,
we do not express an opinion or provide any assurance on them.
127.
This report is intended solely for the information and use of the board of trustees, management, and
the Illinois Community College Board and is not intended to be and should not be used by anyone
other than these specified parties.
Crowe Horwath LLP
Oak Brook, Illinois
October 12, 2015
128.
SCHEDULE 12
Page 2 of 2
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
RECONCILIATION OF TOTAL SEMESTER CREDIT HOURS
FOR THE YEAR ENDED JUNE 30, 2015
Total
Unrestricted Credit
Hours
194,687.0
Baccalaureate
Total
Unrestricted Credit Hours
Certified to the
ICCB
194,687.0
Difference
-
Total Restricted Credit
Hours
-
Total Restricted
Credit Hours
Certified to the
ICCB
-
Difference
-
Business Occupational
14,358.0
14,358.0
-
-
-
-
Technical Occupational
28,620.0
28,620.0
-
-
-
-
Health Occupational
20,867.5
20,867.5
-
-
-
-
Remedial Development
28,507.0
28,507.0
-
-
-
-
Adult Basic/Secondary
Education
Total
287,039.5
287,039.5
-
8,804.0
8,804.0
-
-
8,804.0
8,804.0
-
RECONCILIATION OF IN-DISTRICT/CHARGEBACK AND COOPERATIVE/CONTRACTUAL AGREEMENT CREDIT HOURS
Total Attending
(Unrestricted and Restricted)
In- District Residents
Total Attending as Certified to the ICCB
Unrestricted and Restricted
243,606.5
243,606.5
-
216.5
216.5
-
243,823.0
243,823.0
-
7,696.0
Total Reimbursable Certified to ICCB
7,696.0
Difference
-
962.0
962.0
-
8,658.0
8,658.0
-
Out-of-District on
Chargeback or Contractual
Agreement
Total
Total Reimbursable
Dual Credit
Dual Enrollment
Total
Difference
RECONCILIATION OF TOTAL CORRECTIONAL SEMESTER CREDIT HOURS FOR THE YEAR ENDED JUNE 30, 2015
Total Correctional Credit Hours
Certified to the ICCB
Total Correctional Credit Hours
Baccalaureate
-
-
Difference
-
Business Occupational
-
-
-
Technical Occupational
-
-
-
Health Occupational
-
-
-
Remedial Development
-
-
-
Adult Basic/Secondary
Education
-
-
-
-
-
-
Total
130.
SCHEDULE 13
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
RESIDENCY POLICY
A resident must live in the Moraine Valley Community College district at least 30 days prior to the
start of the semester and meet at least one of these criteria:
•
Under 18 whose parents or legal guardians reside in the college district;
•
Under 18 who is married and who is established in a permanent family residence in the
district;
•
Under 18 who resides in the district in a dwelling he or she has purchased; and or
•
18 or older who resides in the district, providing residence was not for the sole purpose of
attending college.
Refer to the Moraine Valley “At a Glance” section of our college catalog for a map of the Moraine
Valley district. To verify your residency status, call (708)974-2110.
Tuition rates are determined by the legal residence of the student. These rates are lower for
residents of the Moraine Valley Community College district than they are for out-of-district residents
who attend Moraine Valley. A student who temporarily moves into the district for the purpose of
attending the College at a reduced tuition rate will not be considered as having established a bona
fide residence within the district.
It is the student’s responsibility to demonstrate residency status. A student may be asked to display
verification of residence before class registration can be completed. The following documents may
be presented to verify residency: Illinois driver’s license or state ID, property tax statement, vehicle
registration, copy of lease or purchase agreement, utility or telephone bill, or voter’s registration
card. Documents or bills that are used to verify residence are required to be in the student’s name.
Residence status is determined at the time of registration. It will not be changed after the refund
period for that semester.
The Dean of Enrollment Services or a chosen representative will determine whether an applicant
meets the residency criterion.
131.
SCHEDULE 14
MORAINE VALLEY COMMUNITY COLLEGE
COMMUNITY COLLEGE DISTRICT NUMBER 524
SUMMARY OF ASSESSED VALUATIONS
FOR THE LAST TEN LEVY YEARS
TAX LEVY YEAR
2014
Source:
EQUALIZED ASSESSED VALUATION
$
8,925,844,845
2013
9,303,736,891
2012
9,896,006,401
2011
10,788,573,903
2010
12,844,448,092
2009
12,889,581,841
2008
12,746,484,863
2007
11,319,414,709
2006
10,637,643,231
2005
10,478,199,596
Cook County Treasurer's Office
132.
160003E
Board of Trustees
Joseph P. Murphy, Chair
John R. Coleman, Vice Chair
Susan Murphy, Secretary
Kimberly A. Hastings
Michael Murphy
Eileen M. O’Sullivan
Sandra S. Wagner
Karim Awwad, Student Trustee
Board of Trustees
Joseph P. Murphy, Chair
John R. Coleman, Vice Chair
Susan Murphy, Secretary
Kimberly A. Hastings
Michael Murphy
Eileen M. O’Sullivan
Sandra S. Wagner
Karim Awwad, Student Trustee
Dr. Sylvia M. Jenkins, College President
Dr. Sylvia M. Jenkins, College President
It is the policy of Moraine Valley Community College not to discriminate on the basis of race, color, age, sex, religion,
national or ethnic origin, disability, creed, ancestry, marital status, sexual orientation, arrest record, military status
or ­unfavorable military discharge, citizenship status, or other legally protected ­characteristics or conduct in its
educational programs, activities or employment practices. Such discrimination is prohibited by Titles VI and VII of
the Civil Rights Act, Title IX of the Educational Amendments, Sections 503 and 504 of the Rehabilitation Act of 1974,
the Age Discrimination Acts of 1974 and 1975, and other federal and state statutes and regulations.
It is the policy of Moraine Valley Community College not to discriminate on the basis of race, color, age, sex, religion,
national or ethnic origin, disability, creed, ancestry, marital status, sexual orientation, arrest record, military status
or ­unfavorable military discharge, citizenship status, or other legally protected ­characteristics or conduct in its
educational programs, activities or employment practices. Such discrimination is prohibited by Titles VI and VII of
the Civil Rights Act, Title IX of the Educational Amendments, Sections 503 and 504 of the Rehabilitation Act of 1974,
the Age Discrimination Acts of 1974 and 1975, and other federal and state statutes and regulations.
160003E