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Appendix C - Financial Statements
CAPE COD COMMUNITY COLLEGE
(a Component Unit of the Commonwealth of Massachusetts)
 
Statements of Net Assets
June 30, 2007 and 2006
 
Assets
 
  Primary Government Component Unit
  2007
College		 2006
College		 2007
Foundation		 2006
Foundation
Current Assets:
  Cash and cash equivalents 5,628,523 5,351,868 2,579,411 2,437,167
  Cash held by State Treasurer 599,674 568,626 - -
  Accounts receivable, net 436,411 276,461 15,546 1,078
  Contributions receivable - current portion - - 25,000 75,911
  Prepaid and other assets 599,439 56,896 - -
  Total Current Assets 7,264,047 6,253,851 2,619,957 2,514,156
 
Non-Current Assets:
  Long-term investments 20,000 20,000 5,201,497 4,438,685
  Capital assets, net of accumulated depreciation 12,590,743 12,759,140 - -
  Total Non-Current Assets 12,610,743 12,779,140 5,201,497 4,438,685
 
  Total Assets $ 19,874,790 $ 19,032,991 $ 7,821,454 $ 6,952,841
 
Liabilities and Net Assets
Current Liabilities:
  Accounts payable and accrued liabilities 429,966 420,624 234,399 270,417
  Accrued payroll 1,281,465 1,131,223 - -
  Compensated absences 1,133,888 1,085,496 - -
  Students' deposits and unearned revenues 567,980 445,299 - -
  Other deferred revenues 98,860 54,038 - -
  Current portion of capital lease obligation 161,302 156,196 - -
  Current portion of loan payable 28,322 28,050 - -
  Total Current Liabilities 3,701,613 3,320,926 234,399 270,417
 
Non-Current Liabilities:
  Compensated absences 986,697 949,900    
  Loan payable 50,266 78,598    
  Capital lease obligations 1,026,020 1,187,322    
  Total Non-Current Liabilities 2,062,983 2,215,820    
 
  Total Liabilities 5,764,596 5,536,746 234,399 270,417
 
Net Assets:
  Invested in capital assets, net of related debt 11,403,421 11,415,622 - -
  Restricted
  Nonexpendable 20,000 20,000 3,813,451 3,144,004
  Expendable - - 3,079,912 2,926,713
  Unrestricted 2,686,773 2,060,623 693,692 611,705
 
  Total Net Assets 14,110,194 13,496,245 7,587,055 6,682,424
 
  Total Liabilities and Net Assets 19,874,790 19,032,991 7,821,454 6,952,841
CAPE COD COMMUNITY COLLEGE
(a Component Unit of the Commonwealth of Massachusetts)
 
Statements of Revenues, Expenses, and Changes in Net Assets
Year ended June 30, 2007 and 2006
 
  Primary Government Component Unit
  2007
College		 2006
College		 2007
Foundation		 2006
Foundation
Operating Revenues:
  Tuition and fees $ 9,445,698 $ 9,119,465 - -
  Less scholarship allowances (2,277,084) (2,005,718) - -
  Net student fees 7,168,614 7,113,747 - -
  Federal, state, local, and private grants and contracts 4,822,362 4,444,656 - -
  Gifts and contributions - - 1,589,516 1,348,171
  Other auxiliary enterprises 180,880 177,727 - -
  Other sources 921,979 970,896 - -
  Total Operating Revenues 13,093,835 12,707,026 1,589,516 1,348,171
 
Operating Expenses:
  Instruction 11,667,654 10,662,816 - -
  Academic support 3,431,340 3,135,037 273,510 299,688
  Student services 4,351,102 4,110,934 - -
  Scholarships and fellowships 1,236,009 1,293,530 117,219 124,406
  Public service 418,576 445,637 - -
  Operation and maintenance of plant 3,087,718 2,807,555 - -
  Institutional support 3,041,165 3,135,037 273,510 299,688
  Depreciation and amortization 688,631 481,883 - -
  Total Operating Expenses 27,922,195 25,925,367 677,292 578,244
  Net Operating Loss (14,828,360) (13,218,341) 912,224 769,927
 
Non-Operating Revenues (Expenses):
  State appropriations - unrestricted 13,662,419 12,405,722 - -
  State appropriations - restricted 337,526 331,532 - -
  Net Investment income 345,618 259,532 - -
  Interest expense (25,446) (36,818) - -
  Payments between the College and the Foundation 568,940 894,881 (568,940) (894,881)
  Total Net Non-Operating Revenues 14,889,057 13,854,849 340,164 (373,514)
 
  Net Income Before Other Revenues 60,697 636,508 1,252,388 396,413
 
Capital gift 347,757 - (347,757) -
Capital appropriations 205,495 - 1,116,855 -
  Total Increase in net assets 613,949 1,753,363 904,631 396,413
 
Net assets; Beginning of year 13,496,245 11,742,882 6,682,424 6,286,011
 
Net assets, End of year $ 14,110,194 $ 13,496,245 $ 7,587,055 $ 6,682,424
CAPE COD COMMUNITY COLLEGE
(a Component Unit of the Commonwealth of Massachusetts)
 
Statements of Cash Flows
Year ended June 30, 2007 and 2006
 
  2007 2006
Cash flows from Operating Activities:
  Tuition and student fees $ 7,190,712 $ 7,224,463
  Grants and contracts 4,762,995 4,334,922
  Payments to suppliers (5,941,878) (7,516,968)
  Payments to employees (16,983,631) (13,948,281)
  Payments to students (1,236,009) (1,293,530)
  Other cash receipts 1,102,859 1,074,233
  Net Cash Applied to Operating Activities (11,104,952) (10,125,161)
 
Cash flows from Non-Capital Financing Activities:
  State appropriations 10,674,770 10,180,001
  Gifts and contributions 568,940 894,881
  Net Cash Provided by Non-Capital Financing Activities 11,243,710 11,074,882
 
Cash Flows from Capital and Related Financing Activities:
  Capital appropriation 33,019 -
  Purchase of capital assets - (3,082,040)
  Principal paid on capital leases and loans payable (184,246) (181,776)
  Interest paid on capital leases and loans payable (25,446) (36,818)
  Net Cash Applied to Capital Financing Activities (176,673) (3,300,634)
 
Cash Flows from Investing Activities:
  Interest on investments 345,618 259,532
  Net Cash Provided by Investing Activities 345,618 259,532
 
Net Increase (Decrease) in Cash and Equivalents 307,703 (2,091,381)
 
Cash and Equivalents, Beginning of Year 5,920,494 8,011,875
 
Cash and Equivalents, End of Year 6,228,197 5,920,494
 
Noncash transactions:
  Fringe benefits provided by the State 3,325,175 2,557,253
  Capital appropriations and Foundation capital gift 520,233 1,116,855
 
Reconciliation of Net Operating Revenue (Expenses) to
Net Cash Applied to Operating Activities:
  Net operating loss (14,828,360) (13,218,341)
 
  Adjustments to reconcile net loss to net cash applied to operating activities:
  Depreciation 688,631 481,883
  Fringe benefits provided by the State 3,325,175 2,557,253
  Changes in assets and liabilities:
    Accounts receivable, net (159,950) 97,318
    Prepaid and other current assets (542,543) (513)
    Accounts payable and accrued liabilities 53,983 (124,558)
    Accrued employee compensation and benefits 235,431 280,294
    Students' deposits and unearned revenues 122,681 (170,726)
    Loan payable - (27,771)
  Net Cash Applied to Operating Activities (11,104,952) (10,125,161)
 
Reconciliation of cash and equivalents, end of year
  Cash and equivalents 5,628,523 5,351,868
  Cash held by State Treasurer 599,674 568,626
 
  Total 6,228,197 5,920,494
 

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