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Annual Financial Report This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp MINNESOTA STATE COLLEGES AND UNIVERSITIES ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2012 and 2011 Prepared by: Minnesota State Colleges and Universities 30 7th St. E., Suite 350 St. Paul, MN 55101-7804 Upon request, this publication is available in alternate formats by calling one of the following: General number: (651) 201-1800 Toll free: 1-888-667-2848 TTY: (651) 282-2660 MINNESOTA STATE COLLEGES AND UNIVERSITIES ANNUAL FINANCIAL REPORT FOR THE YEARS ENDED JUNE 30, 2012 and 2011 TABLE OF CONTENTS INTRODUCTION Page Transmittal Letter .................................................................................................................................. 4 Map of Campus Locations ..................................................................................................................... 5 College and University Presidents .......................................................................................................... 6 Board of Trustees and System Officers .................................................................................................. 7 FINANCIAL SECTION Independent Auditors’ Report ............................................................................................................. 10 Management’s Discussion and Analysis .............................................................................................. 12 Basic Financial Statements Consolidated Statements of Net Assets ........................................................................................ 20 Minnesota State Colleges & Universities Foundations – Statements of Financial Position .......... 21 Consolidated Statements of Revenues, Expenses, and Changes in Net Assets ............................. 22 Minnesota State Colleges & Universities Foundations – Statements of Activities ....................... 24 Consolidated Statements of Cash Flows ....................................................................................... 26 Statements of Fiduciary Net Assets Held for Pension Benefits - Minnesota State Colleges and Universities Defined Contribution Retirement Fund ...................... 28 Statements of Changes in Fiduciary Net Assets Held for Pension Benefits - Minnesota State Colleges and Universities Defined Contribution Retirement Fund ..................... 29 Notes to the Consolidated Financial Statements ........................................................................... 30 REQUIRED SUPPLEMENTARY INFORMATION SECTION Schedule of Funding Progress for Net Other Postemployment Benefits ............................................. 63 SUPPLEMENTARY SECTION Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ................................................. 66 1 This page intentionally left blank 2 INTRODUCTION 3 TWO-YEAR COLLEGES STATE UNIVERSITIES Alexandria Technical & Community College Minnesota West Community & Technical Bemidji State University** Anoka-Ramsey Community College*** College Metropolitan State University Anoka Technical College*** Normandale Community College Minnesota State University, Mankato Central Lakes College North Hennepin Community College Minnesota State University Moorhead Century College Northland Community & Technical St. Cloud State University Dakota County Technical College College Southwest Minnesota State University Fond du Lac Tribal & Community College Northwest Technical College** Winona State University Hennepin Technical College Pine Technical College Hibbing Community College* Rainy River Community College* *The Northeast Higher Education District is a Inver Hills Community College Ridgewater College consortium of five state colleges: Hibbing, Itasca Community College* Riverland Community College Itasca, Mesabi Range, Rainy River and Lake Superior College Rochester Community & Technical Vermilion. Mesabi Range Community & Technical College College* St. Cloud Technical & Community **Bemidji State University and Northwest Minneapolis Community & Technical College Technical College are aligned. College Saint Paul College Minnesota State College – Southeast South Central College ***Anoka-Ramsey College and Anoka Technical Vermilion Community College* Technical College are aligned. Minnesota State Community & Technical College 5 Minnesota State Colleges and Universities ALEXANDRIA TECHNICAL & INVER HILLS COMMUNITY MINNESOTA STATE UNIVERSITY RIVERLAND COMMUNITY COMMUNITY COLLEGE COLLEGE MOORHEAD COLLEGE Alexandria Inver Grove Heights Moorhead Albert Lea, Austin, Owatonna Kevin Kopischke, President Timothy Wynes, President Edna Szymanski, President Kent Hanson, Interim President 1-888-234-1222 (651) 450-3000 1-800-593-7246 1-800-247-5039 www.alextech.edu www.inverhills.edu www.mnstate.edu www.riverland.edu ANOKA-RAMSEY COMMUNITY ITASCA COMMUNITY COLLEGE** MINNESOTA WEST COMMUNITY ROCHESTER COMMUNITY COLLEGE *** Grand Rapids & TECHNICAL COLLEGE AND TECHNICAL COLLEGE Cambridge, Coon Rapids Sue Collins, President Canby, Granite Falls, Jackson, Rochester Jessica Stumpf, Interim President 1-800-996-6422 Pipestone, Worthington Don Supalla, President (763) 433-1100 www.itascacc.edu Richard Shrubb, President 1-800-247-1296 www.anokaramsey.edu 1-800-658-2330 www.rctc.edu LAKE SUPERIOR COLLEGE www.mnwest.edu ANOKA TECHNICAL COLLEGE*** Duluth ST. CLOUD STATE Anoka Patrick Johns, President NORMANDALE COMMUNITY UNIVERSITY Jessica Stumpf, Interim President 1-800-432-2884 COLLEGE St. Cloud (763) 576-4850 www.lsc.edu Bloomington Earl Potter, President www.anokatech.edu Joseph Opatz, President 1-877-654-7278 MESABI RANGE COMMUNITY & 1-866-880-8740 www.stcloudstate.edu BEMIDJI STATE UNIVERSITY* TECHNICAL COLLEGE** www.normandale.edu Bemidji Eveleth, Virginia ST. CLOUD TECHNICAL & Richard Hanson, President Sue Collins, President NORTH HENNEPIN COMMUNITY COMMUNITY COLLEGE 1-877-236-4354 1-800-657-3860 COLLEGE St. Cloud www.bemidjistate.edu www.mesabirange.edu Brooklyn Park Joyce Helens, President John O’Brien, President 1-800-222-1009 CENTRAL LAKES COLLEGE METROPOLITAN STATE 1-800-818-0395 www.sctcc.edu Brainerd, Staples UNIVERSITY www.nhcc.edu Larry Lundblad, President St. Paul, Minneapolis SAINT PAUL COLLEGE 1-800-933-0346 Sue Hammersmith, President NORTHLAND COMMUNITY & St. Paul www.clcmn.edu (651) 793-1300 TECHNICAL COLLEGE Rassoul Dastmozd, President www.metrostate.edu East Grand Forks, Thief River Falls 1-800-227-6029 CENTURY COLLEGE Anne Temte, President www.saintpaul.edu White Bear Lake MINNEAPOLIS COMMUNITY & Toll-free: 1-800-959-6282 Ron Anderson, President TECHNICAL COLLEGE www.northlandcollege.edu SOUTH CENTRAL COLLEGE 1-800-228-1978 Minneapolis Faribault, Mankato www.century.edu Phil Davis, President NORTHWEST TECHNICAL Keith Stover, President 1-800-247-0911 COLLEGE* 1-800-722-9359 DAKOTA COUNTY TECHNICAL www.minneapolis.edu Bemidji www.southcentral.edu COLLEGE Richard Hanson, President Rosemount MINNESOTA STATE COLLEGE - 1-800-942-8324 SOUTHWEST MINNESOTA Ronald Thomas, President SOUTHEAST TECHNICAL www.ntcmn.edu STATE UNIVERSITY 1-877-937-3282 Red Wing, Winona Marshall www.dctc.edu Jim Johnson, President PINE TECHNICAL COLLEGE Ron Wood, Interim President 1-877-853-8324 Pine City 1-800-642-0684 FOND DU LAC TRIBAL & www.southeastmn.edu Robert Musgrove, President www.smsu.edu COMMUNITY COLLEGE 1-800-521-7463 Cloquet MINNESOTA STATE COMMUNITY www.pinetech.edu VERMILION COMMUNITY Larry Anderson, President & TECHNICAL COLLEGE COLLEGE** 1-800-657-3712 Detroit Lakes, Fergus Falls, RAINY RIVER COMMUNITY Ely www.fdltcc.edu Moorhead, Wadena COLLEGE** Sue Collins, President Peggy Kennedy, President International Falls 1-800-657-3608 HENNEPIN TECHNICAL COLLEGE 1-877-450-3322 Sue Collins, President www.vcc.edu Brooklyn Park, Eden Prairie www.minnesota.edu 1-800-456-3996 Cecilia Cervantes, President www.rrcc.mnscu.edu WINONA STATE UNIVERSITY 1-800-345-4655 MINNESOTA STATE UNIVERSITY, Winona www.hennepintech.edu MANKATO RIDGEWATER COLLEGE Scott Olson, President Mankato Hutchinson, Willmar 1-800-342-5978 HIBBING COMMUNITY COLLEGE** Richard Davenport, President Douglas Allen, President www.winona.edu Hibbing 1-800-722-0544 1-800-722-1151 Sue Collins, President www.mnsu.edu www.ridgewater.edu 1-800-224-4422 www.hibbing.edu * Bemidji State University and Northwest Technical College are aligned. **The Northeast Higher Education District is a consortium of five state colleges: Hibbing, Itasca, Mesabi Range, Rainy River and Vermillion. ***Anoka-Ramsey College and Anoka Technical College are aligned. 6 Minnesota State Colleges and Universities Board of Trustees Ann Anaya Brett Anderson Margaret Anderson Kelliher Duane Benson Alexander Cirillo, Jr. Cheryl Dickson Dawn Erlandson Clarence Hightower, Chair Philip Krinkie Alfredo Oliveira David Paskach Maria Peluso Thomas Renier, Vice Chair Louise Sundin Michael Vekich, Treasurer Minnesota State Colleges and Universities System Officers Steven J. Rosenstone, Chancellor Darrel S. Huish, Vice Chancellor Chief Information Officer Laura M. King, Vice Chancellor Chief Financial Officer Douglas Knowlton, Vice Chancellor Academic and Student Affairs Michael Dougherty, Vice Chancellor Advancement Gail Olson, General Counsel 7 The financial activity of the Minnesota State Colleges and Universities is included
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