Quincy Reporter

John Wood Community College Finance Committee met March 18.

Here is the minutes provided by the committee:

The Finance Committee communicated through email. Josh Welker; Dean of Business Services & Institutional Effectiveness sent the email with items to note. Bob Rhea and Andy Sprague; trustees, Mike Elbe; president, Susan Fifer, director of fiscal services, and Jenny Venvertloh; note taker, were recipients of the email.

Bills for Payment:

• The trend of higher claims continued into February. We paid $308k for claims and admin fees which is well above what I was hoping to see. We will continue to watch this and look into options we have to mitigate it.

Out of District Travel Requests:

•Due to the current situation, virtually all travel is not occurring.

Financials –

• Balance Sheet:

o Cash increased $637,793 from last month, receivables decreased $1,841,633 from last month, no other changes in other assets

o There was only a slight change to payroll liabilities and accrued expenses due to timing of the 2nd payroll of February

o Fund balance increased by $28k to $10,369,009

• Income Statement:

o State revenue increased by $28k since last month and is on schedule at the moment

o Tuition and fees increased by $55k since last month. This would typically get us pretty close to final tuition and fee amounts for the year, but we could expect some change due to the recent changes to classes due to the COVID-19 response. At this point we don’t have an estimate on what that might be, if any.

o Overall, we collected 96.22% of budgeted revenues and spent 61.56% of budgeted expenses.

o We expect to end the year in a strong position

Investments:

•We were notified from First Bankers Trust that the interest rate on our checking account was lowered to 0.70% from 1.00% which will be reflected in the March investment report.

•We bought 3 new CDs. Jenny sent out those details last week.

Board Item:

•Solar Panel Arrays: We only received one bid which we would recommend accepting to install solar panel arrays at the WDC. The IGEN grant is funding this project and we were on a tight timeline due to the timing from IGEN which is likely to have led to only one bid from a local vendor.

https://www.jwcc.edu/board-of-trustees/agendas-minutes/finance/