REVENUE REPORT – MAIN CAMPUS
Second quarter 2007
Covering July 1, 2006 to Dec. 31, 2006
The report for Wayne College is lower on this page.
Explanation of table
Tuition and fees – Greater-than-anticipated credit hour production in summer and fall (+4.4 percent above the forecast) is expected to follow through into spring and generate tuition and fee revenues in excess of the budget by more than $6.2 million by year end. While undergraduate collections ($5.6 million above forecast) were well above the target, the graduate revenues fell slightly below (off by $100,000). Receipts from non-resident surcharges and other student fees exceeded the six-month budget by $700,000. The dedicated portion of these revenues will be directed to the programs that assessed the fees.
State appropriations – We continue to estimate that our FY07 state share of instruction will come in close to the budget. Economic Growth Challenge funds of $200,000 were received as a part of the Innovative Incentive Program. These funds will be matched with institutional funds and invested in yet-to-be-determined Science, Technology, Engineering and Mathematics (STEM) programs.
Departmental sales and workforce development – This line item is favorable because of greater-than-expected revenues in the departmental sales and service areas ($100,000 above forecast) and because of workforce development revenues that were on target.
Indirect cost recovery – Revenue in this category is generated by externally funded grant activity. For instance, a grant may include funding to support indirect costs, which are incidental costs required to conduct the research or supported activity (such as office staff time). These revenues were 13.6% less than budgeted for the first six months. The receipts are based on the related spending and vary greatly from period to period.
Earnings from investments and endowments – Earnings from investments and endowments exceeded the budget by 41.3 percent, the result of favorable interest rates and market performance.
Miscellaneous income – This category's budget of $1.05 million is composed of two parts. As in past years, $50,000 relates to any income source that is not included in the above-referenced categories. The remaining $1 million reflects anticipated miscellaneous income from various sources.
REVENUE REPORT – WAYNE COLLEGE
Second quarter 2007
Covering July 1, 2006 to Dec. 31, 2006
Explanation of table
Tuition and fees – Less-than-anticipated credit hour production in the summer resulted in an $100,000 shortfall in tuition and fee revenue. Summer enrollment in fiscal year 2005 was extraordinarily high, and the current summer enrollment was expected to be 6 percent lower. Fall credit hour production was greater than expected by 2.8 percent.
State appropriations – The state share of instruction is expected to come in at the budgeted level.
Departmental sales and workforce development – Revenues in the sales and service areas exceeded the December budget by about $100,000. This positive return was primarily in the Workforce Development programming.
Miscellaneous income – The annual budget of $2,500 relates to any income source that is not included in the above-referenced categories. Year-to-date receipts of $2,308 are about 92 percent of the annual $2,500 budget.
