The College of Northern Colorado’s Finance and Audit Committee and Board of Trustees
each met final week to debate a variety of matters and updates concerning the college.
Finance and Audit Committee Assembly
The Finance and Audit Committee met on Thursday, Feb. 11, and discussed an intercollegiate athletics monetary report, enrollment replace, second quarter (Q2) monetary report and federal funding replace, and financial yr (FY) 2022 tuition
Intercollegiate Athletics Monetary Report
UNC Common Accounting Controller Ashley Bishop introduced the FY2020 intercollegiate
athletics monetary report, a routine annual audit to affirm UNC’s compliance with
NCAA bylaws. Total income for FY2020 was down by round $320,000 because of COVID-19 impacts and a lower in distribution from the NCAA and Big Sky Convention.
UNC Assistant Vice President for Enrollment Administration Kim Medina introduced an replace
on enrollment. In response to UNC’s spring 2021 census, there are roughly 7,079
undergraduates enrolled for the spring 2021 semester, a 13% lower in comparison with final
spring. Additionally, there are 2,735 graduate college students enrolled for the spring 2021 semester,
a 1% enhance in comparison with final spring. Total, there are 9,814 college students enrolled
at UNC for the spring 2021 semester.
Medina additionally touched on retention charges the place 86% of first-time, full time college students had been retained from the autumn 2020 semester to
the spring 2021 semester. , UNC tasks that there will likely be n estimated 7,850 undergraduate college students within the fall 2021 semester census, a projected 3.5% decrease. For graduate college students, it’s anticipated there will likely be little to no change in fall
The variety of new undergraduate college students anticipated to enroll within the coming fall semester
is up in comparison with the autumn 2020 semester with particular will increase in first-year college students,
college students of colour and in all schools at UNC. The State of Colorado’s and UNC’s personal
Free App Days all year long have had optimistic impacts on these projected will increase.
COVID-19 continues to affect pupil admissions and funds in higher-education establishments
all through the nation since final yr. There’s been a ten% lower in FAFSA purposes
nationwide and a high-school commencement charge enhance of lower than 1% in a extremely
FY2021 Second Quarter Monetary Report and Federal Funding
The preliminary monetary outlook for the FY2021 price range projected using $6 million of working
reserves, along with the carried out cost-savings initiatives of $17.3 million with the intention to offset the shortfall in revenues. An replace estimates about $2.6 million of reserves getting used on the finish of Q2.
Though the general outlook for FY21 has improved, it’s vital to acknowledge that revenues have been lowered by an extra $1.4 million for a complete income shortfall from price range of $2.7 million, primarily
because of COVID-19 impacts. Nevertheless, the decreased exercise, mixture of in-person and distant
providers and journey restrictions have all contributed to extra expense financial savings.
Forecasted expenditures have been lowered by $2.1 million following Q2, for a complete
discount in expenditures of $7.3 million as in comparison with the price range. The web affect
on the anticipated working outflows has improved by $1.4 million to a internet enchancment
of $3.4 million as in comparison with price range.
In December the Coronavirus Response and Aid Supplemental Appropriations Act (CRRSAA)
was signed into regulation and extra funding was allotted for Greater Training Emergency
Aid Fund (HEERF). The CRRSAA HEERF II funding that UNC acquired was $12.6 million,
with $3.8 million to be supplied on to college students, and the remaining $8.8 million for institutional use.
Excluding any potential affect of the HEERF II funding, the college’s money place
is projected to be at $46.3 million on the finish of the fiscal yr, which is $3.8 million greater than the FY2019 ending money place of $42.5 million. The money
place continues to enhance as an ongoing results of the establishment’s dedication
to strengthening the price range previous to, and regardless of, the pandemic’s impacts, and that work should proceed with the intention to enhance UNC’s liquidity and guarantee monetary
stability as we glance to the long run.
FY22 Tuition and Charge Preliminary Dialogue
The undergraduate gross tuition and price income for FY2021 is projected to be $86.5
million: 78% from tuition, 18% from necessary charges, 2% from program-specific differential
tuition and a couple of% from educational charges. The schooling for a full-time-equivalent undergraduate
resident for FY2021 is $7,596, and the overall of necessary charges is $2,465, with an total whole of $10,061.
In comparison with FY2020, there was a lower than 1% enhance within the whole tuition and charges
at UNC for undergraduate college students.
Throughout this preliminary dialogue, numerous FY2021-22 pricing situations had been shared with no resolution being made about potential tuition
and price will increase till the Board of Trustees’ assembly in June. Three rate-change
situations had been shared, together with 3%, 5% and seven% will increase:
Tuition and charges for graduate and doctoral college students differ from undergraduate charges
by being decided in quite a few tiers. A preliminary dialogue on having a 3% enhance
in tuition and charges for these tiers was additionally mentioned.
The following steps in figuring out the 2021-22 tuition and charges pricing includes refining situations because the state funding
image evolves, having extra campus conversations, presenting additional choices and proposals to the Board of Trustees in Could, after which having the Board of Trustees deciding on a state of affairs in June.
Board of Trustees Assembly
The Board of Trustees met on Friday, Feb. 12, and provided updates on Rowing Not Drifting 2030, Board Coverage Guide modification and different matters:
Rowing Not Drifting 2030
Through the November 2020 Board of Trustees assembly, UNC President Andy Feinstein shared the college’s progress in creating a set
of key actions and techniques for the primary two-year part of the strategic plan. After gathering suggestions from the trustees and campus neighborhood, the Part 1 key motion plan was updated and presented during the meeting.
FY2020 Audited Monetary Statements
In fiscal yr 2020, UNC acquired funding by means of the Coronavirus Help, Aid, and
Safety (CARES) Act. The college acquired direct CARES funding of $7.6 million
from the Greater Training Emergency Aid Fund (HEERF), 50% of which have to be used
to offer emergency grants to college students impacted by the coronavirus. The remaining
50% is to “cowl any prices related to important adjustments to the supply of
instruction as a result of coronavirus.” UNC additionally acquired $24.8 million in pass-through CARES funding from the Coronavirus
Aid Fund (CRF) allotted by Governor Jared Polis.
Highlights for the fiscal yr that ended on June 30, 2020 embody:
- College property whole $380.1 million, deferred outflows of sources whole $9.1
million, liabilities whole $312.8 million and deferred inflows of sources whole $55.6 million, which resulted
in a internet place of $20.8 million.
- Web place elevated $45.5 million on the assertion of revenues, bills and adjustments in internet place. The rise in internet place is partly as a result of change in UNC’s internet pension
legal responsibility that decreased $28.8 million from FY2019-20.
- Whole working revenues of $195.5 million, much less whole working bills of $175.4
million, resulted in a internet working achieve of $20.1 million.
Updates had been additionally supplied by UNC’s Labeled Employees Council, Skilled Administrative Employees Council and Pupil
—Written by Katie Corder