LAKE WASHINGTON INSTITUTE OF TECHNOLOGY BOARD OF TRUSTEES - March 2019 Monthly Financial Summary-January 2019

Attached are the following financial reports:

1. Statement of Revenue and Expenditures by Fund Source 2. Statement of Revenue and Expenditures and Fund Balance 3. Budget Status - Operating Budget by Fund Source

Summary Report:

• The College is seven months through the fiscal year (58%). As of this time, we remain optimistic regarding the financial outlook for the year. Enrollments for Fall Quarter ended down .8% from the prior year and 4.7% below allocation targets. Tuition revenues for the year are slightly above last year which reflects the enrollment decline offset by the tuition increase of2.2%. Winter enrollments are flat as compared to last year. At this time, given the enrollment trends, the budget outlook remains neutral moving forward.

• For year to date, revenues total approximately $27.6 million, up 3.7% from the prior year. This is primarily due to an increase in the use of state allocation, tuition and fees, and grant revenues. Expenditures total approximately $26.1 million and are up 1.8% from the pnor year. This reflects increases in salary and benefit costs due to the January 1 mcrease.

• For all funds, revenues exceed expenditures by approximately $1,460,000. For the general and self-supporting funds, revenues exceed expenditures by approximately $2.1 million.

• As of January 31, the College has a total fund balance for all funds of approximately $7.0 million. As of January 31, the general operating reserve totals approximately $4.75 million (15.7%). This number will decline as expenditures are incurred over the quarter.

• For the general fund budget, expenditures total approximately $13 .7 million and are up 4.2% from the prior year. The increase is reflective of salary and benefit increases. However, there are no areas of concern at this point. Tuition revenue is up 3.4% from the prior year. However, this primarily reflects the tuition increase and program mix changes.

• For self-supporting fund activities, expenditures total approximately $1.98 million while revenues total approximately $2.58 million. As ofJanuary 31 , revenues exceed expenditures by approximately $602,000. There are no areas ofconcern at this time.

• Capital Projects: Expenditures through January total approximately $741,000. The Culinary Improvement ($192,000) and Storm Drain ($239,000) projects represent the largest amounts of expenditures. Other expenditures have been spread out amongst the various projects as the College is working to expend approximately $1.3 million remaining in state funded capital projects in this fiscal year. This is due to the late start on state funded projects due to the delay in the budget approval by the Legislature. The ASG funded East Building Commons remodel has gone out to bid for the work to be done in the Spring.

LAKE WASHINGTON INSTITUTE OF TECHNOLOGY Statement of Revenue and Expenditures by Fund Source thru month ended January 31 , 2019 FY2018-19

REVENUES Prior Year

Revenue % as of $ %

Fund Description Budget to Date Balance Received 1/31/18 Difference Change

001 Stale Allocalions 17,043,323 9,939,311 7,104,012 58.32% 9,119,512 819,799 8.99%

149 Tuition 7,600,000 5,168,628 2,431,372 68.01% 4,996,589 172,039 3.44%

149 Other/Investment 259,133 12,592 246,541 4.86% 254,434 (241,842) -95.05%

148 Local Dedicated Funds 4,240,602 2,584,988 1,655,614 60.96% 2,222,328 362,660 16.32%

145 Grants & Contracts 8,572,547 3,286,427 5,286,120 38.34% 2,866.421 420,006 14.65%

522 Student Activilies 1,190,000 723,228 466,772 60.78% 801,838 (78,610) -9.80%

524 Bookstore 100,000 96,070 3,930 96.07% 70,654 25,416 35.97%

528· Facilities/Safety 0 (28,461) 28,461 0 (28,461)

569 Food Service 250,000 98,606 151,394 39.44% 132,329 (33,723) -25.48%

570 Enterprise Activities 747,000 436,346 310,654 58.41% 440,600 (4,254) -0.97%

8xx Financial Aid 8,585,863 5,044,921 3,540,942 58.76% 5,453,120 (408,199) -7.49%

Subtotal 48,588,468 27,362,656 21,225,812 56.32% 26,357,825 1,004,831 3.81%

440 Central Stores 40,000 1,783 38,217 4.46% 11,199 (9,416) -84.08%

448 Printing/Copying 250,000 92,220 157,780 36.89% 97,633 (5,413) -5.54%

840 Agency 0 135,679 (135,679) 141,490 (5,811) -4.11%

Subtotal 290,000 229,682 60,318 79.20% 250,322 (20,640) -8.25%

Total Revenues 48,878,468 27,592,338 21 ,286,130 56.45% 26,608,147 984,191 3.70%

----------- ----------- ----------- ---------- -------=== --------=

EXPENDITURES Expended % YTD $ %

Fund Description Budget to Date Balance Expended 2017-2018 Difference Change

000 General Operating 24,902,456 13,665,173 11,237,283 54.87% 13,118,192 546,981 4.17%

148 Local Dedicated 4,015,602 1,982,930 2,032,672 49.38% 1,828,139 154,791 8.47%

145 Grants & Contracts 8,572,547 3,533,365 5,039,182 41.22% 3,038,990 494,375 16.27%

522 Student Activities 1,120,000 566,526 553,474 50.58% 893,494 (326,968) -36.59%

524 Bookstore 50,000 (441) 50,441 -0.88% (304) (137) 45.04%

528· Facilities/Safety 0 1,273 (1,273) 0 1,273

569 Food Service 300,000 161,460 138,540 53.82% 189,385 (27,925) -14.75%

570 Enterprise Activities 747,000 401 ,219 345,781 53.71% 368,092 33,127 9.00%

8xx Financial Aid 8,585,863 5,678,572 2,907,291 66.14% 6,096,767 (418,195) -6.86%

Subtotal 48,293,468 25,990,078 22,303,390 53.82% 25,532,755 457,323 1.79%

440 Central Stores 40,000 8,150 31 ,850 20.38% 11,226 (3,076) -27.40%

448 Printing/Copying 250,000 99,287 150,713 39.71% 103,967 (4,680) -4.50%

840 Agency 0 34,150 (34,150) 13,147 21,003 159.75%

Subtotal 290,000 141,587 148,413 48.82% 128,340 13,247 10.32%

Total Expenditures 48,583,468 26,131,665 22,451,803 53.79% 25,661,095 470,570 1.83%

----------- ----------- ----------- ---------- ========== ---------Total Revenue Over(under) Expend 295,000 1,460,673 947,052

Capital Projects: 147 Local Capital Fund 63,241 92,806 (29,565) 146.75% 0 92,806

057/060 Capital Projects - State 1,261,350 648,282 613,068 51.40% 102,856 545,426

·Moved to Fund 148

Monthly Financial Statement January 2019 2/20/2019

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LAKE WASHINGTON INSTITUTE OF TECHNOLOGY Statement of Revenue and Expenditures and Fund Balance thru month ended January 31, 2019

Operating Funds

001 State Allocations

149 Tuition Other/Investment

149 Subtotal

148 Local Dedicated Funds 145 Grants & Contracts 522 Student Activities 524 Bookstore 528 Facilities/Safety 569 Food Service 570 Enterprise Activities

846/849/850/860 Financial Aid

Total Operating

440 Central Stores 448 Printing/Copying 840 Agency

Subtotal

Total All Operating Funds

Total All Operating Funds

Capital Projects - State Capital Projects - Local

Total All Funds

General Operating Reserve % of Operating Budget as of 1131119

General Operating Reserve Requirement

Source: BA1203/1204; GA 1332;

Fund Balance 07/01118

Year-to-Date Revenue

0 9,939,311

(2,071,716) 5,168,628

0 12,592

(2,071,716) 5,181,220

2,121,389 2,584,988 2,182,645 3,286,427 2,169,129 723,228

191,002 96,070 32,711 (28,461)

(166,112) 98,606 14.454 436,346

412,919 5,044,921

4,886,421

18,918 522,594

43,048

584,560

5,470,981

5,470,981

0 63,523

5,534,503

2,909,408

17,423,345

1.783 92,220

135,679

229,682

27,592,338

27,592,338

648,282 99,942

28,340,562

Year-to-Date Expenditure

9,939,311

3,725,862

3,725,862

1,982,930 3,533,365

566,526 (441)

1,273 161,460 401,219

5,678,572

16,050,767

8,150 99,287 34,150

141,587

26,131 ,665

26,131,665

648,282 92,806

26,872,752

1/31119 1/31118 Balance Balance

0

(628,950) 12,592

(6 16,358)

2,723,446 1,935,706 2,325,831

287,513 2,977

(228,966) 49,581

(220,731)

(1,063,539)

2,480,709 1,747,815 2,251.417

280,920 0

(178,656) 48,645

(186,585)

6,258,999 5,380,726

12,551 22,771 515,527 538,378 144,577 136.493

sn,655 I 697,642

6,931,654 I 6,078,368

-----======== 6,931,654 6,078,368

0 70,659

0 63,241

7,002,313 6,141,609

4,752,637 3,940,284 15.68% 13.96%

4,545,759 15%

Monthly Financial Statement January 2019 2120/2019

LAKE WASHINGTON INSTITUTE OF TECHNOLOGY

Budget Status - Operating Budget FY18-19 thru month ended January 31, 2019

General Funds 001 /149 Approved Expenditure Category Budget

Adjusted Budget

Actual to Date Projected Balance

% Expended/

Encumbered Prior Year

to Date %

Differenc e

Salaries

Benefits

Goods & Services•

Equipment

Travel

Grants, Client Services

HS Academ y Transfer

International Prog. Transfer

Transfer of Charges

Total Expenditures

$ 16,787,164

5,989,502

2,339,334

210,354

68,550

791,506

(1,155,103)

0

(305,659)

$ 24,725,648

$

$

16,637,072

5,934,749

2,537,627

353,691

77,550

822,529

(1,155,103)

(305,659)

24,902,456

$ 8,821 ,361

3,273,163

1,589,381

49,916

46,175

476,145

(466,683)

0

(124,285)

$13,665,173

$ 7,260,000

2,686,200

371 ,578

179,544

5,689

5,000

$10,508,011

$ 555,711

(24,614)

576,668

124,231

25,686

341,384

(688,420)

(181,374)

$729,272

96.66%

100.41%

77.28%

64.88%

66.88%

58.50%

40.40%

40.66%

97.07%

$

$

8,445,526

3,162,146

1,339,831

183,910

53,868

416,742

(342,307)

(141,524)

13,118,192

4.45%

3.51 %

18.63%

-72.86%

-14.28%

14.25%

36.33%

-12.18%

4.17%

Revenue Category

State Allocations $ 16,865,515 $ 17,043,323 $ 9,939,311 $ 7,104,01 2 58.32% $ 9,119,51 2 8.99%

Tuition 7,600,000 7,600,000 5,168,628 2,431,372 68.01 % 4,996,589 3.44%

Investment 1,000 0 0

Other 259,133 259,133 12,592 246,541 4.86% 254,434 -95.05%

Total Revenue $ 24,725,648 $ 24,902,456 $ 15,120,531 $ $ 9,781 ,925 60.72% $ 14,370,535 5.22%

Revenue Over (Under) Ex penditur• $ $ $ 1,455,358 $ 1,252,343

Monthly Financial Statement January 2019 2/20/2019

LAKE WASHINGTON INSTITUTE OF TECHNOLOGY

Budget Status - Operating Budget FY18-19 thru m onth ended January 31 , 2019

Self Supporting Fund 148 Approved Expenditure Category Budget

Adjusted Budget

Actual to Date Projected Balance

% Expended/

Encumbered Prior Year

to Date %

Difference

Salaries

Benefits

Goods & Services

Equipment

Travel

Grant/Cl ient Services

Transfer of Charges

Total Expenditures

$ 1,229,969

514,152

2,092,937

181 ,039

5,300

0

(20,980)

$ 4,002,417 $

1,254,724

509,708

2,085,811

181,039

5,300

(20,980)

4,015,602 $

$751,952

292,083

709,181

209,506

18,433

1,775

1,982,930

$ 550,000

214,500

606,462

31,764

675

$1 ,403,401

$ (47,228)

3,125

770,168

(60,231)

(13,808)

(1,775)

(20,980)

$629,271

103.76%

99.39%

63.08%

133.27%

360.53%

0.00%

84.33%

$

$

592,710

222,116

894,990

98,998

16,553

2,770

1,828,137

26.87%

31 .50%

-20.76%

111 .63%

11 .36%

-35.92%

8.47%

Revenue Category

Inst. Program Fees $ 1,536,200

Inst. Ancillary Rev. 576,000

Testing 20,000

Other Fees & Income 2,095,217

Excess Enrollment Tuition & Fees 0

Total Revenue $ 4,227,417

Total Revenue over Expend. $ 225,000

$

$

$

1,536,200

576,000

20,000

2,108,402

0

4,240,602

225,000

$

$

$

1,125,744

234,780

17,495

1,206,969

0

2,584,988

602,058

$

$

$

410,456

341,220

2,505

901 ,433

1,655,614

73.28%

40.76%

87.48%

57.25%

60.96%

$

$

$

1,042,804

222,488

15,189

941 ,847

2,222,328

394,191

7.95%

5.52%

15.1 8%

28. 15%

16.32%

Monthly Financial Statement January 2019 2/15/2019

LAKE WASHINGTON INSTITUTE OF TECHNOLOGY Status - Capital Projects thru month ended January 31. 2019

Appropriation Approp.

Code Program Project No./ Dept. No.

Appropriation Amount

Actual Expended Balance

State Capital Appropriations (Funds 057/060): 2017-19 Biennium: 2017-18 2018-19 Encumbered

RMI 17-19 Facility Repair A Elevator Controls

U19 U89

900 900

N238 N055

$ 349,000 $ 97,000

$ $

14,695.95 300.00

$ $

52,245.02 14,220.50

$ $

$ 282,059.03 $ 82,479.50

Facility Repair A Water Valves U89 900 N057 $ 138,000 $ $ 17,938.20 $ $ 120,061.80

Site Repair A Electric Vaults Site Repair A Curbing Minor Works Faculty Offices Minor Works Culinary Minor Works Science Lab HVAC Preventive Mice.

U91 U91 U96 U96 U96 U55

900 900 900 900 900 992

N413 N414 N187 N1 88 N189 N355

$ 138,000 $ 422,000 $ 174,000 $ 340,000 $ 145,000 $ 423,400

$ $ $ $ $ $

14,938.25

22,053.53

211,700.00

$ $ $ $ $ $

239,410.92 8,691 .25

192,456.81 36,728.18 86,591.00

$ $ $ $ $ $

$ 138,000.00 $ 167,650.83 $ 165,308.75 $ 125,489.66 $ 108,271.82 $ 125,109.00

Total 17-19 Appropriations $ 2,226,400 $ 263,687.73 $ 648,281.88 $ $ 1,314,430.39

Prior Biennium:

NIA $ $

$ $

$ $

$ $

$ $

Total 15-17 Appropriations $ $ $ $ $

Total State Capital Appropriations $ 2,226,400.00 $ 263,687.73 $ 648,281.88 $ $ 1,314,430.39

Local Capital Project Appropriations (Fund 147): Available Funds (Balance & Revenue) ASG East Bldg. Commons Rem odel

$ 63,241 $ 1,300,000

$ $ 23,076.08

$ $ 92,805.56

$ $

$ $

63,241.00 1,184,118.36

Total Local Capital Funding $ 1,363,241.00 $ 23,076.08 $ 92,805.56 $ $ 1,247,359.36

Total Capital Projects - State & Local $ 3,589,641.00 $ 286,763.81 $ 741 ,087.44 $ $ 2,561 ,789.75

Following grojects deferred until 2019-21 biennium due to d~la::,:: in budget aggroval: Facility Repair A East Bldg HVAC 900 $ 531 ,000 Facility Repair A West Bldg HVAC 900 $ 670,000

capprojstatus 1719 January 2019 2115/2019