Finance 2018-19 Institution: Valencia College (138187)...Finance 2018-19 Institution: Valencia...

Finance 2018-19Institution: Valencia College (138187)User ID: P1381871

OverviewFinance Overview

Purpose The purpose of the IPEDS Finance component is to collect basic financial information from items associated with theinstitution's General Purpose Financial Statements.

There are a few minor additions to the 2018-19 collection.

• For GASB institutions, guidance has been added to Part D and Part C to accommodate implementation ofGASB Statements 74/75. Please carefully review FAQ #21 and the specified parts' instructions.

• For FASB not-for-profit institutions, a crosswalk has been developed to provide guidance for FASBAccounting Standard Update 2016-14, Not-for-profit Entities (Topic 950): Presentation of FinancialStatements of Not-for-profit Entities.

Resources:To download the survey materials for this component: Survey Materials

To access your prior year data submission for this component: Reported Data

If you have questions about completing this survey, please contact the IPEDS Help Desk at (877) 225-2568.

https://nces.ed.gov/ipeds/pdf/Crosswalk_FASB_ASU201614.pdf

https://surveys.nces.ed.gov/ipeds/VisIndex.aspx

http://192.168.102.89/ipeds/PriorYearDataRedirect.aspx?survey_id=5

Institution: Valencia College (138187)User ID: P1381871

Finance - Public Institutions' Reporting StandardReporting Standard

Please indicate which reporting standards are used to prepare your financial statements: GASB (Governmental Accounting Standards Board), using standards of GASB 34 & 35

FASB (Financial Accounting Standards Board)

Please consult your business officer for the correct response before saving this screen. Your response to thisquestion will determine the forms you will receive for reporting finance data.


Finance - Public Institutions Using GASB StandardsGeneral Information

GASB-Reporting Institutions (aligned form)To the extent possible, the finance data requested in this report should be provided from your institution's auditedGeneral Purpose Financial Statements (GPFS). Please refer to the instructions specific to each screen of the survey fordetails and references.1. Fiscal Year CalendarThis report covers financial activities for the 12-month fiscal year: (The fiscal year reported should be the mostrecent fiscal year ending before October 1, 2018.)Beginning: month/year (MMYYYY) Month: 7 Year: 2017And ending: month/year (MMYYYY) Month: 6 Year: 20182. Audit OpinionDid your institution receive an unqualified opinion on its General Purpose Financial Statements from your auditor for thefiscal year noted above? (If your institution is audited only in combination with another entity, answer this question basedon the audit of that entity.) Unqualified Qualified

(Explain inbox below)

Don't know OR in progress(Explain inbox below)

3. Reporting ModelGASB Statement No. 34 offers three alternative reporting models for special-purpose governments like colleges anduniversities. Which model is used by your institution? Business-type activities

Governmental Activities

Governmental Activities with Business-Type Activities

4. Intercollegiate AthleticsIf your institution participates in intercollegiate athletics, are the expenses accounted for as auxiliary enterprises ortreated as student services? Auxiliary enterprises

Student services

Does not participate in intercollegiate athletics

Other (specify in box below)

5. Endowment AssetsDoes this institution or any of its foundations or other affiliated organizations own endowment assets ? No

Yes - (report endowment assets)

6. PensionDoes your institution include pension liabilities, expenses, and/or deferrals for one or more defined benefit pension plansin its General Purpose Financial Statements? No

Yes You may use the space below to provide context for the data you've reported above.


Part A - Statement of Net Position Page 1Fiscal Year: July 1, 2017 - June 30, 2018

If your institution is a parent institution then the amounts reported in Parts A and D should include ALL of yourchild institutions

Line no. Current year amount Prior year amount

Assets 01 Total current assets 59,608,480 72,894,665

31 Depreciable capital assets, net of depreciation 224,015,382 194,744,94704 Other noncurrent assets

CV=[A05-A31] 83,787,998 108,012,474

05 Total noncurrent assets 307,803,380 302,757,421

06 Total assetsCV=(A01+A05)

367,411,860 375,652,086

19 Deferred outflows of resources 46,110,920 36,187,277 Liabilities

07 Long-term debt, current portion 272,136 579,41808 Other current liabilities

CV=(A09-A07) 28,779,030 26,059,260

09 Total current liabilities 29,051,166 26,638,678

10 Long-term debt 8,659,483 8,931,61811 Other noncurrent liabilities

CV=(A12-A10) 104,666,342 89,200,522

12 Total noncurrent liabilities 113,325,825 98,132,140

13 Total liabilitiesCV=(A09+A12)

142,376,991 124,770,818

20 Deferred inflows of resources 5,624,078 1,263,542 Net Position

14 Invested in capital assets, net of related debt 250,610,778 252,088,54615 Restricted-expendable 47,891,618 50,174,40616 Restricted-nonexpendable 0 017 Unrestricted

CV=[A18-(A14+A15+A16)] -32,980,685 -16,457,949

18 Net positionCV=[(A06+A19)-(A13+A20)]

265,521,711 285,805,003

You may use the space below to provide context for the data you've reported above. Unrestricted net position is negative due to reporting of deferred outflowsand deferred inflows.


Part A - Statement of Net Position Page 2Fiscal Year: July 1, 2017 - June 30, 2018

Line No. Description Ending balance Prior year

Ending balance Capital Assets

21 Land and land improvements 32,987,698 32,987,69822 Infrastructure 0 023 Buildings 340,994,134 301,775,96832 Equipment, including art and library collections 23,195,820 22,142,86227 Construction in progress 2,539,317 33,866,937

Total for Plant, Property and EquipmentCV = (A21+ .. A27)

399,716,969 390,773,465

28 Accumulated depreciation 149,763,774 138,763,08533 Intangible assets, net of accumulated amortization 0 034 Other capital assets 9,589,202 9,589,202

You may use the space below to provide context for the data you've reported above.


Part D - Summary of Changes In Net PositionFiscal Year: July 1, 2017 - June 30, 2018

If your institution is a parent institution then the amounts reported in Parts A and D should include ALL of yourchild institutions

Line No. Description Current year amount Prior year amount

01 Total revenues and other additions for thisinstitution AND all of its child institutions

280,358,002 275,898,039

02 Total expenses and deductions for this institution

AND all of its child institutions 298,581,618 266,153,920

03 Change in net position during year

CV=(D01-D02) -18,223,616 9,744,119

04 Net position beginning of year for this institutionAND all of its child institutions

285,805,003 276,058,506

05 Adjustments to beginning net position and othergains or lossesCV=[D06-(D03+D04)]

-2,059,676 2,378

06 Net position end of year for this institution AND allof its child institutions (from A18)

265,521,711 285,805,003

The notes below provide context for the data reported above and should reflect whether the institution wasimpacted by implementation of GASB 74/75 - Reporting for Postemployment Benefits Other than Pension(OPEB).

• Institutions NOT impacted by GASB 74/75 (e.g., cases where the system office or another entity absorbs allthe OPEB liabilities/assets for the campuses) should select option (1) "Non-applicable..." from the dropdownmenu and enter any additional comments in the context box.

• Institutions impacted by GASB 74/75 should include the full net OPEB liability/asset in line 05 and 06 andselect either the 2nd or 3rd option.***Choosing option (2) will require you to enter the amount of the net OPEB liability/asset in the context boxusing a specific number format ###,###,###. Choosing option (3) will allow you to enter the amount of the netOPEB liability/asset in the context box AND any other comments to explain the data. Place the OPEB amountin parentheses using the format (###,###,###) prior to entering the explanation text.***

(2) Institution’s adjustment to beg. net position includes net OPEB liability/asset. Enter amount only. 3,862,467


Part E - Scholarships and FellowshipsFiscal Year: July 1, 2017 - June 30, 2018

Do not report Federal Direct Student Loans (FDSL) anywhere in this section.

LineNo.

Scholarships and Fellowships Current yearamount

Prior yearamount

01 Pell grants (federal) 79,863,912 67,456,86802 Other federal grants (Do NOT include FDSL amounts) 1,302,348 1,034,41203 Grants by state government 10,120,019 5,568,15104 Grants by local government 0 005 Institutional grants from restricted resources 6,533,965 5,217,07806 Institutional grants from unrestricted resources

CV=[E07-(E01+...+E05)] 715,318 568,467

07 Total revenue that funds scholarships and fellowships 98,535,562 79,844,976 Discounts and Allowances

08 Discounts and allowances applied to tuition and fees 45,977,898 42,605,83509 Discounts and allowances applied to sales and services of

auxiliary enterprises 6,649,853 5,695,420

10 Total discounts and allowancesCV=(E08+E09)

52,627,751 48,301,255

11 Net scholarships and fellowships expenses after deducting

discounts and allowancesCV= (E07-E10) This amount will be carried forward to C10 of theexpense section.

45,907,811 31,543,721



Part B - Revenues by Source (1)Fiscal Year: July 1, 2017 - June 30, 2018

Line No. Source of Funds Current year amount Prior year amount Operating Revenues

01 Tuition and fees, after deducting discounts & allowances 68,624,628 69,701,813 Grants and contracts - operating

02 Federal operating grants and contracts 735,816 497,85803 State operating grants and contracts 0 004 Local government/private operating grants and contracts 0 0

04a Local government operating grants and contracts 0 0 04b Private operating grants and contracts 0 0

05 Sales and services of auxiliary enterprises,after deducting discounts and allowances

10,010,744 10,853,172

06 Sales and services of hospitals,after deducting patient contractual allowances

0 0

26 Sales and services of educational activities 55,079 51,42807 Independent operations 0 008 Other sources - operating

CV=[B09-(B01+ ....+B07)] 393,021 414,292

09 Total operating revenues 79,819,288 81,518,563



LineNo.

Source of funds Current yearamount

Prior yearamount

Nonoperating Revenues 10 Federal appropriations 0 011 State appropriations 85,826,707 87,267,47312 Local appropriations, education district taxes, and similar support 0 0

Grants-nonoperating 13 Federal nonoperating grants Do NOT include Federal Direct Student

Loans 91,286,279 74,059,432

14 State nonoperating grants 13,327,245 11,449,83615 Local government nonoperating grants 0 016 Gifts, including contributions from affiliated organizations 0 017 Investment income 1,329,096 791,49618 Other nonoperating revenues

CV=[B19-(B10+...+B17)] 80,898 132,959

19 Total nonoperating revenues 191,850,225 173,701,19627 Total operating and nonoperating revenues

CV=[B19+B09] 271,669,513 255,219,759

28 12-month Student FTE from E12 31,115 30,28929 Total operating and nonoperating revenues per student FTE

CV=[B27/B28] 8,731 8,426



Line No. Source of funds Current year amount Prior year amount

Other Revenues and Additions 20 Capital appropriations 2,870,929 14,869,49321 Capital grants and gifts 5,817,560 5,808,78722 Additions to permanent endowments 0 023 Other revenues and additions

CV=[B24-(B20+...+B22)] 0 0

24 Total other revenues and additionsCV=[B25-(B9+B19)]

8,688,489 20,678,280

25 Total all revenues and other additions 280,358,002 275,898,039

You may use the space below to provide context for the data you've reported above. The college has no permanent endowments. Our foundation holds theendowments.


Part C-1 - Expenses by Functional ClassificationFiscal Year: July 1, 2017 - June 30, 2018

Report Total Operating AND Nonoperating Expenses in this sectionLine No. Expense: Functional Classifications Total amount Prior Year

Total AmountSalaries and wages Prior Year

Salaries and wages (1) (2)

01 Instruction 114,477,400 106,941,634 71,192,345 66,449,08802 Research 0 0 0 003 Public service 0 0 0 005 Academic support 25,290,403 24,680,711 13,668,362 13,578,38306 Student services 42,459,458 37,917,783 22,510,782 20,658,45307 Institutional support 52,669,377 47,445,491 20,571,771 15,774,35510 Scholarships and fellowships expenses,

net of discounts and allowances(from Part E, line 11)

45,907,811 31,543,721

11 Auxiliary enterprises 17,777,169 17,624,580 1,260,865 1,262,42912 Hospital services 0 0 0 013 Independent operations 0 0 0 014 Other Functional Expenses and deductions

CV=[C19-(C01+...+C13)] 0 0 0 0

19 Total expenses and deductions 298,581,618 266,153,920 129,204,125 117,722,708


Part C-2 - Expenses by Natural ClassificationFiscal Year: July 1, 2017 - June 30, 2018

Line No. Expense: Natural Classifications Total Amount Prior year amount

19-2 Salaries and Wages(from Part C-1,Column 2 line 19) 129,204,125 117,722,70819-3 Benefits 39,620,021 33,150,24219-4 Operation and Maintenance of Plant (as a natural expense) 30,147,812 26,880,44519-5 Depreciation 11,362,174 10,378,69619-6 Interest 572,928 600,34919-7 Other Natural Expenses and Deductions

CV=[C19-1 - (C19-2 + ... + C19-6)] 87,674,558 77,421,480

19-1 Total Expenses and Deductions(from Part C-1, Line 19)

298,581,618 266,153,920

20-1 12-month Student FTE (from E12 survey) 31,115 30,28921-1 Total expenses and deductions per student FTE

CV=[C19-1/C20-1] 9,596 8,787



Part M - Pension InformationFiscal Year: July 1, 2017 - June 30, 2018

Line No. Description Current year amount Prior Year amount

01 Pension expense 14,457,256 11,150,891 02 Net Pension liability 93,721,799 80,774,199 03 Deferred inflows related to pension 5,392,204 1,263,542 04 Deferred outflows related to pension 46,063,205 36,187,277



Part H - Details of Endowment AssetsFiscal Year: July 1, 2017 - June 30, 2018

LineNo.

Value of Endowment Assets MarketValue

Prior YearAmounts

Include not only endowment assets held by the institution, but any assets held byprivate foundations affiliated with the institution.

01 Value of endowment assets at the beginning of the fiscal year 72,895,867 65,606,77202 Value of endowment assets at the end of the fiscal year 78,317,853 72,895,867



Part J - Revenue Data for the Census BureauFiscal Year: July 1, 2017 - June 30, 2018

Source and type AmountTotal for all

fundsand operations

(includesendowment

funds,but excludescomponent

units)

Education andgeneral/independent

operations

Auxiliaryenterprises

Hospitals Agricultureextension/experiment

services

(1) (2) (3) (4) (5)01Tuition and fees 114,602,526 114,602,526 02Sales and services 16,715,676 55,079 16,660,597 0 003Federal

grants/contracts(excludes Pell Grants)

8,183,479 8,183,479 0 0 0

Revenue from the state government:04State appropriations,

current & capital 99,168,834 99,168,834 0 0 0

05State grants andcontracts

13,327,245 13,327,245 0 0 0

Revenue from local governments:06Local appropriation,

current & capital 0 0 0 0 0

07Local governmentgrants/contracts

0 0 0 0 0

08Receipts from propertyand non-propertytaxes

0

09Gifts and privategrants,NOT including capitalgrants

0

10Interest earnings 1,028,769 11Dividend earnings 489,225 12Realized capital gains 0 You may use the space below to provide context for the data you've reported above.


Part K - Expenditure Data for the Census BureauFiscal Year: July 1, 2017 - June 30, 2018

Category Total for all funds and operations (includesendowment funds,

but excludescomponent units)

Education andgeneral/

independentoperations

Auxiliaryenterprises

Hospitals Agricultureextension/experiment

services

(1) (2) (3) (4) (5)02Employee benefits, total 43,733,575 43,205,478 528,097 0 003Payment to state retirement funds

(may be included in line 02above)

9,388,087 9,292,044 96,043 0 0

04Current expenditures includingsalaries

242,427,252 223,821,380 18,605,872 0 0

Capital outlays 05Construction 10,147,866 10,147,866 0 0 006Equipment purchases 7,121,684 7,054,985 66,699 0 007Land purchases 0 0 0 0 008Interest on debt outstanding, all

funds and activities 0



Part L - Debt and Assets for Census Bureau, page 1Fiscal Year: July 1, 2017 - June 30, 2018

DebtCategory Amount01 Long-term debt outstanding at beginning of fiscal year 002 Long-term debt issued during fiscal year 003 Long-term debt retired during fiscal year 004 Long-term debt outstanding at end of fiscal year 005 Short-term debt outstanding at beginning of fiscal year 006 Short-term debt outstanding at end of fiscal year 0



Part L - Debt and Assets for Census Bureau, page 2Fiscal Year: July 1, 2017 - June 30, 2018

AssetsCategory Amount07 Total cash and security assets held at end of fiscal year in sinking or debt service funds 53,07408 Total cash and security assets held at end of fiscal year in bond funds 009 Total cash and security assets held at end of fiscal year in all other funds 96,140,214 You may use the space below to provide context for the data you've reported above.


Prepared byThe name of the preparer is being collected so that we can follow up with the appropriate person in the event that thereare questions concerning the data. The Keyholder will be copied on all email correspondence to other preparers.The time it took to prepare this component is being collected so that we can continue to improve our estimate of thereporting burden associated with IPEDS. Please include in your estimate the time it took for you to review instructions,query and search data sources, complete and review the component, and submit the data through the Data CollectionSystem.Thank you for your assistance. This survey component was prepared by: Keyholder SFA Contact HR Contact

Finance Contact Academic Library Contact Other

Name: Christine Kretchik Email: [email protected] How many staff from your institution only were involved in the data collection and reporting process of thissurvey component? 1.00Number of Staff (including yourself) How many hours did you and others from your institution only spend on each of the steps below whenresponding to this survey component?

Exclude the hours spent collecting data for state and other reporting purposes. Staff member Collecting Data

NeededRevising Data to MatchIPEDS Requirements

Entering Data Revising andLocking Data

Your office 3.00hours 10.00hours hours hours Other offices hours hours hours hours

Institution: Valencia College (138187) User ID: P1381871Summary

Finance Survey Summary

IPEDS collects important information regarding your institution. All data reported in IPEDSsurvey components become available in the IPEDS Data Center and appear as aggregated datain various Department of Education reports. Additionally, some of the reported data appearsspecifically for your institution through the College Navigator website and is included in yourinstitution’s Data Feedback Report (DFR). The purpose of this summary is to provide you anopportunity to view some of the data that, when accepted through the IPEDS quality controlprocess, will appear on the College Navigator website and/or your DFR. College Navigator isupdated approximately three months after the data collection period closes and Data FeedbackReports will be available through the Data Center and sent to your institution’s CEO inNovember 2018.

Please review your data for accuracy. If you have questions about the data displayed belowafter reviewing the data reported on the survey screens, please contact the IPEDS Help Desk at:1-877-225-2568 or [email protected].

Core Revenues

Revenue Source Reported values Percent of total corerevenues

Core revenues per FTEenrollment

Tuition and fees $68,624,628 25% $2,206

State appropriations $85,826,707 32% $2,758

Local appropriations $0 0% $0

Government grants and contracts $105,349,340 39% $3,386

Private gifts, grants, and contracts $0 0% $0

Investment income $1,329,096 0% $43

Other core revenues $9,217,487 3% $296

Total core revenues $270,347,258 100% $8,689

Total revenues $280,358,002 $9,010

Other core revenues include federal appropriations; sales and services of educational activities; other operating andnonoperating sources; and other revenues and additions (e.g., capital appropriations, capital grants and gifts, etc.). Corerevenues exclude revenues from auxiliary enterprises (e.g., bookstores, dormitories), hospitals, and independent operations.For institutions reporting in Full parent/child relationships, core revenues per FTE enrollment amounts will not be allocated tochild institutions.

Core Expenses

Expense function Reported values Percent of total coreexpenses

Core expenses per FTEenrollment

Instruction $114,477,400 41% $3,679

Research $0 0% $0

Public service $0 0% $0

Academic support $25,290,403 9% $813

Institutional support $52,669,377 19% $1,693

Student services $42,459,458 15% $1,365

Other core expenses $45,907,811 16% $1,475

Total core expenses $280,804,449 100% $9,025

Total expenses $298,581,618 $9,596

Other core expenses include scholarships and fellowships, net of discounts and allowances, and other expenses. Core expensesexclude expenses from auxiliary enterprises (e.g., bookstores, dormitories), hospitals, and independent operations. Forinstitutions reporting in Full parent/child relationships, core expenses per FTE enrollment amounts will not be allocated to childinstitutions.

Calculated value

https://nces.ed.gov/ipeds/use-the-data

FTE enrollment 31,115

The full-time equivalent (FTE) enrollment used in this report is the sum of the institution’s FTE undergraduate enrollment andFTE graduate enrollment (as calculated from or reported on the 12-month Enrollment component). FTE is estimated using 12-month instructional activity (credit and/or contact hours). All doctor’s degree students are reported as graduate students.

Institution: Valencia College (138187) User ID: P1381871Edit Report

Finance

Valencia College (138187)

Source Description Severity Resolved OptionsScreen: Statement of net position (1)

ScreenEntry

The value of this field is expected to be greater than zero.Please correct your data or explain. (Error #5148)

Explanation Yes

Reason: Unrestricted net position is negative due to reporting of deferred outflows and deferred inflows.Screen: Changes to Net Position

ScreenEntry

The calculated amount of change in net position duringthe year in Part D (line 03) is expected to be greater thanzero. Please confirm that the data reported are correct.(Error #5202)

Confirmation Yes

Screen: Revenues Part 3ScreenEntry

The amount of additions to permanent endowmentsreported in Part B (line 22) should not be zero or blank.Please confirm that the data reported are correct. (Error#5231)

Confirmation Yes

RelatedScreens:

Revenues Part 3

Screen: PensionScreenEntry

The amount reported is outside the expected range ofbetween 821,303 and 1,705,781 when compared with theprior year value. Please correct your data or explain.(Error #5301)

Explanation Yes

Reason: The increase is due to a decrease in the expected long-term rate of return on pension plan assets held by the State ofFlorida Retirement System.

Finance 2018-19 Institution: Valencia College (138187)...Finance 2018-19 Institution: Valencia...

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