FINANCIAL
Fiscal 2018
College Revenues
Funds appropriated by the State of North Carolina support most College operations. State tuition from all of the 58 community colleges is pooled at the state level and used to fund a portion of each college’s state budget allocations. Curriculum tuition rates are set by the North Carolina General Assembly. The College’s tuition rates did not increase and remain at $76 per credit hour for in-state tuition and $268 per credit hour for out-of-state tuition. The College’s Financial Statements for the year ending June 30, 2018, report operating and non-operating revenues totaling $54,065,565.55. This includes state current aid of $30,340,055.61 and $861,086.69 for state capital aid. County current appropriations for the year totaled $5,156,638 while county capital aid was $2,588,740.07. The remaining revenue was from grants, sales and services receipts and student financial aid monies that are pass-through dollars to the student. Additionally, the total revenue figure includes $2,758,853.99 in student tuition and fees, but it is important to note that state tuition monies are remitted to the state and not kept by the College. The College continued capital projects at multiple campuses in both counties
during the year utilizing state capital dollars, Cabarrus County bond dollars and special capital appropriated funds from both counties to fund critically important renovation and construction projects. Operating revenues decreased by $1,216,151.63 to $3,521,332.42 for fiscal year 2018 primarily due to a decrease in student enrollment. Net non-operating revenues increased by $692,069.26 to $46,475,078.05 in fiscal year 2018. The increase is primarily due to an increase in county appropriations of $349,808.00 and an increase in non-capital grants of $299,298.00. The increase in county appropriations is primarily due to an increase in the operating budget, and the increase in non-capital grants is due to the College receiving two new grants from the Golden Leaf Foundation to start and develop mechatronics and light diesel technology programs. In Fiscal 2017-2018, the College helped 3,565 students receive financial aid totaling $11,785,159. The aid included $9.76 million in Pell grants which assisted approximately 2,903 students. The College also served and certified 229 veteran students who received $564,589 from the Department of Veteran Affairs.
College Expenses
Operating expenses for fiscal year 2018 decreased $431,004.78 to $51,468,800.90. The change was primarily due to the decrease in services expense of $284,210.89 attributable to a decrease in contracted services for maintenance expenses from the prior year. Scholarships and fellowships also decreased by $625,480.51 primarily due to a decrease in the enrollment of students who qualified for student financial aid. These decreases were offset by an increase in depreciation expense in the amount of $306,847.69, resulting from the College depreciating new capital assets placed in service.