moraine valley community college · 2019. 6. 12. · october 14, 2011 to the citizens of moraine...

MORAINE VALLEY COMMUNITY COLLEGEComprehensive Annual Financial Report

Fiscal Year Ended June 30, 2011Community College District Number 524 • Palos Hills, IL

MORAINE VALLEY COMMUNITY COLLEGE COMMUNITY COLLEGE DISTRICT NUMBER 524

PALOS HILLS, ILLINOIS

10/08/2011

COMPREHENSIVE ANNUAL FINANCIAL REPORT

FISCAL YEAR ENDED JUNE 30, 2011

Prepared by:

Division of Finance

Robert J. Sterkowitz Chief Financial Officer / Treasurer

Theresa O’Carroll

Controller

William Corrello Internal Auditor


Palos Hills, Illinois

COMPREHENSIVE ANNUAL FINANCIAL REPORT June 30, 2011

TABLE OF CONTENTS

PAGE INTRODUCTORY SECTION (UNAUDITED)

Transmittal Letter ..................................................................................... i Principal Officials ..................................................................................... xix Organization Chart ................................................................................... xx Certificate of Achievement for Excellence in Financial Reporting (GFOA) xxi Certificate of Excellence in Financial Reporting (ASBO) ........................ xxii

FINANCIAL SECTION Independent Auditors’ Report .................................................................. 1 Management Discussion and Analysis .................................................... 3 BASIC FINANCIAL STATEMENTS: Statement of Net Assets ........................................................................ STATEMENT 1 13 Statement of Revenues, Expenses, and Changes in Net Assets ......... STATEMENT 2 14 Statement of Cash Flows ..................................................................... STATEMENT 3 15 Notes to Basic Financial Statements ..................................................... 17 SUPPLEMENTARY INFORMATION: Schedule of Management Information – Detail of Operating Expenses By Function and Object ......................................................................... EXHIBIT 1 37 Schedule of Expenditures for Tort Immunity Purposes ........................ EXHIBIT 2 38

STATISTICAL SECTION (UNAUDITED) Net Assets by Component ....................................................................... TABLE 1 39 Changes in Net Assets ............................................................................ TABLE 2 41 Assessed Value and Actual Value of Taxable Property ......................... TABLE 3 43 Property Tax Levies and Collections ....................................................... TABLE 4 45




TABLE OF CONTENTS

PAGE Assessed Valuations, Taxes Extended and Tax Rates .......................... TABLE 5 46 Property Tax Rates-Direct and Overlapping Governments .................... TABLE 6 48 Principal Property Taxpayers .................................................................. TABLE 7 50 Enrollment, Tuition, and Fee Rates, Credit Hours, and Fee Revenues Generated .............................................................................................. TABLE 8 52 Ratio of Net General Bonded Debt to Assessed Value and Personal Income and Net General Obligation Bonded Debt per Capita .............. TABLE 9 54 Schedule of Ratios of Outstanding Debt ................................................ TABLE 10 55 Computation of Direct and Overlapping Debt ......................................... TABLE 11 57 Legal Debt Margin Information ................................................................ TABLE 12 60 Pledged Revenue Coverage ................................................................... TABLE 13 62 District Demographics .............................................................................. TABLE 14 63 Student Enrollment Demographic Statistics ............................................ TABLE 15 64 Student Enrollment and Miscellaneous Statistics Annual Unduplicated Enrollment....................................................................... TABLE 16 65 Credit Hours Eligible for Funding by Illinois Community College Board Reimbursement Categories ........................................................ TABLE 17 66 College Demographics ............................................................................ TABLE 18 68 Principal Employers ................................................................................. TABLE 19 69 Full-Time Equivalent Employees ............................................................. TABLE 20 71 Capital Asset Statistics - Volume............................................................. TABLE 21 73 Capital Asset Statistics - Value ................................................................ TABLE 22 75




TABLE OF CONTENTS

PAGE SPECIAL REPORTS SECTION Uniform Financial Statements ................................................................. SCHEDULE 1 77 Certification of Chargeback Reimbursement .......................................... SCHEDULE 2 84 Independent Auditors’ Report .................................................................. 85 Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Grant Program Financial Statements Performed in Accordance with Government Auditing Standards ............................................................. 87 Workforce Development – Business/Industry Grant Program Financial Statements: Balance Sheet………………………………………………………… ....... SCHEDULE 3 89 Statement of Revenues, Expenditures, and Changes in Fund Balance ................................................................... SCHEDULE 4 90 ICCB Compliance Statement for the Workforce Development Business & Industry Grant .............................................. SCHEDULE 5 91 State Adult Education Restricted Funds Financial Statements: Combined Balance Sheet ...................................................................... SCHEDULE 6 92 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances ................................................................. SCHEDULE 7 93 ICCB Compliance Statement for the Adult Education and Family Literacy Grant ........................................................................... SCHEDULE 8 94




TABLE OF CONTENTS PAGE

Career and Technical Education – Program Improvement Financial Statements: Balance Sheet ........................................................................................ SCHEDULE 9 95 Statement of Revenues, Expenditures, and Changes in Fund Balance ................................................................... SCHEDULE 10 96 Student Success Grant Financial Statements: Balance Sheet ........................................................................................ SCHEDULE 11 97 Statement of Revenues, Expenditures, and Changes in Fund Balance ................................................................... SCHEDULE 12 98 Notes to the Financial Statements .......................................................... 99 Background Information on State Grant Activity (Unaudited) ................. 100 Enrollment Data and Other Bases Upon Which Claims Were Filed Independent Accountants’ Report ........................................................... 101 Schedule of Enrollment Data and Other Bases Upon Which Claims Were Filed .............................................................. SCHEDULE 13 103 Residency Policy (Unaudited) ................................................................. SCHEDULE 14 105 Summary of Assessed Valuations (Unaudited)....................................... SCHEDULE 15 106

MORAINE VALLEY COMMUNITY COLLEGEIntroductory Section

Community College District Number 524 • Palos Hills, IL

MORAINE VALLEY COMMUNITY COLLEGE

October 14, 2011

To the Citizens of Moraine Valley Community College - Community College District Number 524

The comprehensive annual financial report (CAFR) of Moraine Valley Community College -Community College District Number 524 (College), County of Cook, State of Illinois, for the fiscal year ended June 30, 2011 is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the College. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the College. All disclosures necessary to enable the reader to gain an understanding of the College's financial activities have been included.

FINANCIAL STATEMENTS

The Comprehensive Annual Financial Report is presented in four sections: introductory, financial , statistical and special reports. The introductory section includes this transmittal letter, the District's principal officials and an organization chart. The financial section includes the report of independent accountants, the management's discussion and analysis, basic financial statements, the notes to financial statements and supplementary information. The statistical section includes selected unaudited financial and demographic information. The special reports section includes Uniform Financial Statements, Certificate of Chargeback reimbursement, grant financial statements and enrollment schedules required by the Illinois Community College Board (ICCB), together with the related auditors' reports.

This letter of transmittal should be read in conjunction with the Management's Discussion and Analysis (pages 3-12), which focuses on current activities, accounting changes, and currently known facts.

PROFILE OF THE COLLEGE

The College is accredited by the Higher Learning Commission: A Commission of the North Central Association of Colleges and Schools. Founded in 1967, the College is located in southern Cook County approximately 25 miles southwest of Chicago's loop. It is the second largest community college in the state. It serves a diverse population of nearly 400,000 residents representing 26 communities. The main campus is located in Palos Hills. The College also operates satellite facilities in Blue Island and in Tinley Park.

Today, Moraine Valley's credit and noncredit annual enrollment is more than 35,000, making the College the second largest community college in Illinois. The College offers 115 degree and certificate programs, over 700 credit courses, and 375 different noncredit courses. Online courses, including 131 different classes, enhance the accessibility of higher education for non-traditional students.

9000 W. College Pkwy., Palos H ills, IL 60465-2478 <> 708.974.4300 <? morainevalley.edu

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VISION, MISSION, AND VALUES The College’s mission is guided by the Illinois Public Community College Act, which established the statewide community college system. Simply stated, that mission is to serve the post-secondary educational needs of the residents of District 524. The mission of our college is to educate the whole person in a learning-centered environment, recognizing our responsibilities to one another, to our community, and to the world we share. We value excellence in teaching, learning, and service as we maintain sensitivity to our role in a global, multicultural community. We are committed to continuous improvement and dedicated to providing accessible, affordable, and diverse learning opportunities and environments. We promise to provide a student-centered environment and to focus all College staff and resources on student learning, student development, and student success. STRATEGIC PRIORITIES As a learning-centered college, we dedicate all programs, services and resources to student success, with a commitment to continuously monitor, access, and improve our performance. Moraine Valley will:

• EMPHASIZE AND PROMOTE STUDENT SUCCESS • ENHANCE COMMUNITY CONNECTIONS AND PARTNERSHIPS • INCREASE COMMUNITY AWARENESS • EMBRACE DIVERSITY • PLAN, ACHIEVE, AND MANAGE GROWTH • BUILD ORGANIZATIONAL CAPABILITY THROUGH CONTINUOUS IMPROVEMENT

ECONOMIC CONDITION AND OUTLOOK The College is located on 296 acres of land and covers 139 square miles representing a population nearing 400,000. The College district is in all or part of the following 26 communities: Alsip Forest View Palos Heights Bedford Park Hickory Hills Palos Hills Blue Island Hometown Palos Park Bridgeview Justice Robbins Burbank Merrionette Park Summit Calumet Park Oak Forest (11%) Tinley Park (40%) Chicago Ridge Oak Lawn Willow Springs (80%) Crestwood Orland Hills Worth Evergreen Park Orland Park Providing Opportunities for Student Growth and Success At Moraine Valley Community College, we strive to create an atmosphere that heightens student achievement. Our exceptional faculty and staff, up-to-date technology, and comfortable facilities create a learning-centered environment for all students.

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Exceptional Education is Reflected in Enrollment Growth Moraine Valley has a well-known commitment to student success. People throughout the district have seen our exceptional graduates and how they positively impact their communities. This has resulted in continual growth at the College. Our spring 2011 enrollment of 20,100 set a record for Moraine Valley. Spring enrollment has increased 12 percent over the past five years. Our Welding Program has increased its student enrollment over the last year by 30 percent. Our Addictions Studies Program had the largest enrollment in its history. A record high of 180 students registered to take the Basic Nurse Assistant Training class in both the fall 2010 and spring 2011 semesters. This is an increase of 40 students from the previous year. And, our Honors Program enrollment grew 82 percent from spring 2010 to spring 2011, experienced 100 percent in student retention in fall 2010 and offered students unique learning opportunities. We awarded 2,205 degrees and certificates to 1,840 graduates, and the total number of degrees and certificates awarded to date is 49,196. New Classes Enhance Opportunity Moraine Valley strives to meet the needs of our current and future students by continually expanding the courses we offer to support their professional and personal development. Credit Classes • Biology Research • Discrete Mathematics • Health Safety Officer • High Availability Virtualization • Introduction to Marine Biology • Severe and Hazardous Weather Noncredit Classes • 50 Plus – Annuities: What You Should Know • 50 Plus – Stress Management • Automobile Basics • Chinese Facial Fusion Massage • Conversational Chinese, Beginning • Dream Analysis • Forensic Animation for Law Enforcement • Impressionistic Oil Painting with Palette Knife • Korea: The Forgotten War • Manufacturing Boot Camp • Staying Independent – Staying in Your Home • Sustainable Green for Business, Industry and Professionals • The Rise, Fall and Rebirth of Pullman • Writing the Mystery

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Changes to Curriculum Support Student Success

• Special sections of Human Potentials for the Adult Learner Program were developed to address the unique needs of the returning adult student. To support veteran students, a section of Human Potentials was designed to help assimilate them into the higher education system.

• Our revised Nursing Program gives students the option of sitting for the LPN boards after their second semester, and the first two groups of students under the new program were admitted.

Competitions Lead to National Championships and Other Coveted Awards

• The Cybersecurity Team placed first in the national Collegiate Cyber Defense Competition and third in the Illinois state competition. The team also placed second in the national Tiger Net Challenge and took second place in the Cisco Net Riders competition.

• The Glacier student newspaper won two national individual awards at the Associate Collegiate Press National College Newspaper Conference, a first for The Glacier. The paper also hosted the 36th Annual Illinois Community College Association’s Awards Banquet, where they captured first-place honors in the Mike Foster Overall Excellence Award. In addition, the newspaper and staff received 10 other awards.

• Students participated in the annual Skyway Collegiate Conference’s Science, Technology, Engineering, and Mathematics (STEM), art, jazz, and writing competitions, as well as in the annual League for Innovation in the Community College’s art and writing competitions. Ten students, making up three teams, swept the physical science STEM competition by placing first, second, and third. Four of our music students were recognized as outstanding soloists at the jazz competition. In the writing competition, one student received first place in creative nonfiction, and another placed second in poetry.

• The Forensics Team competed in the Phi Rho Pi National Speech Tournament held in Old Greenwich, Conn., and returned with a national champion as well as a third-place finisher. The team won the state championship and received the gold medal at regionals. In addition, at the regional tournament, one of our students was voted by his peers as the competitor who best embodies the quality of a good competitive speaker and won the Don Hagerty Award.

Students Receive Scholarships and Recognition

• For the first time, a Moraine Valley student received the Terry O’Banion Student Technology Award from the League for Innovation in the Community College.

• An Information Technology student was selected by the American Association of Community Colleges to highlight the impact of community colleges in technical career education.

• The student president of our Combat to College Student Veterans’ Organization was elected as the Chicago director for Student Veterans of America at the national conference in Washington, D.C.

• Three travel and meeting planner students received scholarships from Skål International, a worldwide organization of tourism executives.

• Students in the Honors Program participated in several interesting projects, including comparing populations in Phoenix, Ariz. (the second-fastest growing city) and Chicago (the traditional “second city”). They presented their work at the Second Cities Student Research Conference, and two student presenters had their work forwarded to the National Collegiate Honors Council for its national student research conference to be held in fall 2011. Some

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studied what motivates GED students and reported their findings to our GED program coordinators and at the Honors Council for the Illinois Region Conference, where Moraine Valley had the largest representation of any Illinois college or university.

Ways We Help Ensure Student Success Dual Degree Program Eases Transition Moraine Valley signed a dual degree program agreement with Governors State University, which will allow our students to seamlessly transfer to Governors State to earn their bachelor’s degrees after completing their associate’s degrees at Moraine Valley. They will receive academic advising from both institutions from the time they start at Moraine Valley and through to their transfer to the university. They also will have their university tuition locked in at the rate that is in effect at the time they begin their freshman year at Moraine Valley. In addition, our students may qualify for Governors State’s Promise scholarships, which enable low-income students to complete their bachelor’s degrees debt-free. Tutoring and Other Resources to Help Students Succeed Academically

• The Academic Skills Center provided over 16,000 hours of tutoring to nearly 3,800 students. The center also presented grammar and math vocabulary workshops for ESL students and created a new website to make resource materials more accessible for students and tutors.

• To expand access to assistance, tutors were assigned to the Blue Island Education Center and to the Southwest Education Center. Also, the number of locations offering tutoring through our Adult Literacy Program has expanded from 16 to 23, and 26 new volunteer tutors were trained.

• The Speaking and Writing Center served over 1,000 students who wanted feedback on their speeches and writing assignments.

• Almost 6,900 individuals received academic and educational counseling to improve their overall academic success from counselors in the Counseling and Career Development Center as the result of a new intake system designed to ascertain the support needs of our students.

• To encourage students to complete their associate’s degree or career certificate, the “Agree to Degree” campaign was launched in marketing and advertising projects.

• To support students who are not yet taking college-level courses, the following programs and services were put in place:

o The College offered its first annual Upward Bound Summer Bridge Program for high school graduates to participate in the summer before their freshman year of college. They attended academic classes and career workshops, as well as enjoyed recreational activities and field trips to the Mexican Museum of Art, Adler Planetarium, and Northeastern Illinois University. Upward Bound students also participated in a week-long college/cultural tour to Springfield, Ill., and St. Louis, Mo.

o Middle school students who participated in our Educational Talent Search program visited our campus for several events, such as the Taste of Moraine, Spring Fest, and a performance by Doktor Kaboom to help boost interest in science.

o Students from Eisenhower, Evergreen Park, Reavis, Richards, and Shepard high schools were able to take pre-admission placement testing at their schools with our new remote e-COMPASS testing program.

o Students from Andrew, Evergreen Park, and Argo high schools visited our Library to improve their transition from high school to college-level research.

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Student Life Activities Help Students Grow

• Participation in student clubs and organizations has increased by 10 percent. Seven new clubs and one new organization were chartered, for a total of 46 clubs and organizations for the 2010-2011 academic year.

• Phi Theta Kappa (PTK) Honor Society, Alpha Iota Lambda chapter, received the Pinnacle Award for increasing membership by more than 10 percent, and it maintained its Five-Star Chapter status. The chapter co-hosted the 2010 Illinois Honor Institute in Gurnee, Ill., which 45 PTK chapters attended.

• To gain insight from students on the effectiveness of the College’s marketing and advertising materials and efforts, we initiated a Student Marketing Council.

Opportunities Outside the Classroom Give Students New Level of Learning Our students enhanced their education by participating in professional development activities where they met industry leaders, learned more about their chosen careers, and gained actual experience in their fields of study.

• Many students gained hands-on experience by participating in internships in their chosen fields. This year, approximately 80 students participated in internships in the areas of business, communications, criminal justice, information technology, and more. In addition, after attending presentations about the Disney College Program, 23 of our students served as interns at Disneyland or Disney World.

• The Travel and Meeting Planner Club participated in an O’Hare International Terminal Tour and received a behind-the-scenes look at the customs and immigration arrival area to observe the rules and regulations that are applied to arriving visitors to the United States. They also participated in the American Society of Travel Agents’ fall trade show.

• The Child Care Program partnered with the Children’s Learning Center to develop a children’s garden on campus to provide hands-on learning.

• The College hosted a Teen Wellness Event, where young people in sixth through ninth grades were invited to participate in wellness activities planned by Moraine Valley students.

• Respiratory Therapy students attended the 2010 Illinois Society for Respiratory Care Conference and participated in sessions dealing with managing asthma, sleep apnea, obesity, and respiratory management in trauma.

Study Abroad Gives Students New World View Our Study Abroad Program allows students to learn about other cultures while earning college credit. This year, we had eight students who experienced international educational visits to Austria, Costa Rica, England, Northern Ireland, and Spain. New Partnerships and Expanded Schedule Enhance Programs

• To meet the community’s need for more healthcare workers, the College developed an evening Radiologic Technology Program, so students can complete all program requirements in evening classes.

• The College partnered with several local fire departments to offer internships as part of the Fire Service Program’s new Fire Service Operations A.A.S. degree program and to give the students the opportunity to participate in fire academy-related psychomotor objectives.

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• The Welding Program collaborated with Local 597 to allow for direct entry into the union. Over 50 percent of initial participants have successfully completed their first year in the apprenticeship program.

Healthcare Students are Applauded The inaugural Health Sciences Department pinning ceremony was attended by nearly 150 program graduates, and approximately 500 community members. Graduates received a pin symbolizing their entry into the healthcare profession. Athletic Highlights

• Twelve student-athletes qualified for National Junior College Athletic Association (NJCAA) Academic All-American awards. The College also led the Illinois Skyway Collegiate Conference (ISCC) in the total number of athletes named to the All-Academic team, with 32 student-athletes qualifying.

• A member of the women’s soccer and basketball teams was named the ISCC “Dick Durrant Award” winner, after earning a 4.0 GPA. This prestigious award recognizes the student with the top GPA for a female athlete in the conference.

• A softball team member was named the ISCC Softball Player of the Year. • Three women’s cross country team members earned 2010 Academic All-American honors;

the team also earned recognition as an Academic All-American team and was designated as an Academic Team of the Year. The team won their conference and qualified for the national finals.

• The men’s cross country team placed second at conference, and two members of the men’s team competed in the national race. The team also was named an Academic All-American team.

• One member of the men’s golf team went to nationals; earlier, he placed seventh at the Region IV tournament.

• The women’s soccer team made it to the regional quarter finals. • The men’s soccer team placed second in conference. • The men’s tennis team won the Illinois Skyway Collegiate Conference and advanced to the

national finals in Dallas, Texas. • A member of the women’s volleyball team was named Women’s Volleyball Second Team

All-American by the NJCAA. The team won their conference championship, the regional championship, and also went to national finals in Wisconsin.

• The men’s tennis and women’s cross country coaches were named ISCC Conference Coaches of the Year in their respective sports, and the head softball coach was named the ISCC Female Sports Team Coach of the Year.

Community Connections and Partnerships Thrive Moraine Valley reaches out to our community by developing connections with organizations and businesses that positively impact the lives of our students and all district residents. Moraine Valley Gives Back to Community

• The Parents as Educational Partners program, which helps parents of ESL students learn English within the context of their children’s school, continues to grow. Three classes were added at Kruse Elementary School in Orland Park, in addition to the classes previously offered at Stony Creek Elementary School in Alsip.

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• The Moraine Valley Education Center at Blue Island offered free HIV screenings in conjunction with the Haymarket Outreach group.

• Our Police Department became the main dispatch for the South Metropolitan Higher Education Consortium for mutual aid. During times of emergency and disaster, our staff will coordinate relief efforts for Moraine Valley students and employees, and for the other 11 higher education institutions in the consortium. The department also entered into an agreement with the Tinley Park Police Department to support the operations of the Moraine Valley Police at the Southwest Education Center. Finally, the department joined 38 local communities in forming a State of Illinois Field Force Team. This highly trained team will respond under state and federal mandates to provide crowd control and other support during times of local emergencies.

• Over 180 colleges, universities and military representatives were present at our annual district-wide College Career Night.

• The Testing Center has partnered with 35 new colleges, universities, and professional establishments to offer computer-based testing for community members who are involved in distance learning at other higher education institutions or are in need of professional certification exams. We currently collaborate with over 120 organizations.

• To support the arts in education, Moraine Valley art instructors collaborated with Stagg High School teachers to exchange ideas on resource sharing and the courses that each school offers.

• The Fine and Performing Arts Center engaged artists from the season to teach master classes to our students, along with area middle and high school students. Master classes were conducted by Charo, Second City, Doktor Kaboom, and the Chicago Tap Theatre performers.

• The College collaborated with Northern Illinois University to create a Jazz Summit, which included a concert by the NIU Jazz Ensemble and The Moraine Valley Jazz Combo. In addition, NIU hosted workshops, which gave students the opportunity to learn from NIU grad, trumpeter, and Grammy winner Randy Brecker. Our Jazz Ensemble also opened for the Rob Parton Jazz Orchestra and the Brass Tracks Jazz Orchestra in performances at local restaurants.

• Moraine Valley students volunteered for a Mardi Gras event, sponsored by the Illinois Special Recreation Association, with over 300 special needs adults in attendance; at the Special Olympics Swim Meet training sessions for athletes from Stagg High School; and at the 27th Annual Illinois Special Olympics Motor Activity Program, held in the Moraine Business and Conference Center.

• The College sponsored the South Suburban Professional Parks and Recreation Association Day Camp Workshop. Over 400 high school students training for seasonal summer positions at golf courses, day camps, sports camps, early childhood programs, morning and aftercare programs, gymnastic camps, and special recreation day camp programs attended.

• Recreation Management and Recreation Therapy students planned and led activities addressing young children’s skills in balance, eye-hand and eye-foot coordination, fitness, body image, hearing discrimination, and spatial awareness for kindergarten, first, and second grade children at Kolmar Avenue Elementary School.

• Approximately 300 early childhood teachers and directors participated in over 30 workshops at an Early Childhood Conference hosted by the College.

• The Valley Learning Center’s summer programs for children and teens had approximately 1,000 attendees. Programs offered included chemistry, math, reading, study skills, Lego robotics, art, music, and much more.

• Along with the Chicago Metropolitan Agency for Planning, we implemented a business visitation program to gain a better understanding of the issues facing local businesses and

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assist in resolving them. Participation included companies recommended by the Southwest Conference of Mayors, Moraine Valley advisory board members, and our Workforce Development and Community Services subdivision’s clients.

• We hosted the American Culinary Federation Chicago Chefs of Cuisine Association Dinner and Educational Seminar. The association awarded scholarships to five Moraine Valley Culinary Arts students.

• The College’s Center for System Security and Information Assurance (CSSIA) hosted several state and regional collegiate cyber defense competitions. Approximately 300 students from Illinois and five surrounding states participated in the events.

• Moraine Valley is a Cisco Area Training Center and was recognized by Cisco as a model than can be replicated at other Area Training Centers across the nation. Our Network Security Program, a designated National Center of Academic Excellence in Information Assurance, was recognized by U.S. Department of Homeland Security personnel at a ceremony held in Washington, D.C. and was asked to serve as one of only five mentoring centers in the nation.

• The College hosted the TRIO Day North Conference, which attracted over 300 students from colleges and high schools throughout northern Illinois. Attendees participated in workshops and activities designed to motivate them and address educational issues.

• The College has signed on to participate in the American Democracy Project partnership, a national coalition of public state colleges and universities committed to civic and democratic work. Participating institutions commit to support curricular and extracurricular programs that build civic skills among students, with an emphasis on students doing public works projects. In addition, faculty and staff members participate in civic engagement professional development. This initiative is sponsored by the American Association of State Colleges and Universities in partnership with The New York Times. We are the first area college to participate in the initiative.

• Our police chief spearheaded legislation that will better protect all students of higher education statewide by requiring that sex offenders register directly with campus police and public safety departments.

Science Education Gets Special Emphasis The College hosted the Pearson Strategies for Success Workshop, which focused on improving science education. Nearly 80 science educators shared ideas and strategies aimed at improving student success in the science disciplines. Also, science faculty members led a group of participants along a Nature Study Area trail and provided hands-on chemistry demonstrations for approximately 100 eighth grade students from Simmons Middle School. Science instructors and a student also represented the College at the Museum of Science and Industry’s annual Careers in Science Program, sponsored by the Illinois Chemical Education Foundation. Moraine Valley’s students consistently have shown themselves to be compassionate and have sought ways to help the community. This year, student groups held numerous events for this purpose, including:

• Book drive and story reading for the Children’s Learning Center • School supply drive for a low-income elementary school • Fundraiser to aid Red Cross’ efforts in providing relief to areas in Japan devastated by the

earthquake and tsunami • Winter dance to raise money for Chicago Cares Homeless Shelter Organization • Fundraisers for epilepsy, autism and “Dear Lisa” stop dating violence programs

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• Clothing drive for low-income parents of young children (collaborated with Penny Lane School)

• Twenty-five students, faculty, and staff members had their heads shaved to support cancer research at the St. Baldrick’s Foundation fundraiser sponsored by the College’s chapter of the Phi Theta Kappa International Honor Society. The event raised $6,000 for childhood cancer research.

With a difficult economy, and many unemployed and underemployed people in our district, Moraine Valley provided programs and one-to-one assistance to many students and community members. The Job Resource Center met with over 480 students and alumni to provide resume and cover letter critiques, as well as job search and interviewing strategies. The College hosted two Job and Internship Fairs, with over 80 employers and approximately 1,100 participants, and held two Mock Interview Days with over 20 employers and almost 100 attendees. Students and community members attended career-related workshops throughout the year to assist them in gaining a competitive edge in the marketplace. The College partnered with DeVry University in Tinley Park to provide access to each other’s respective career fairs, thereby increasing employment opportunities for our students and alumni. Moraine Valley jobseekers were given a special invitation to participate in three job fairs hosted on the DeVry campus, with over 100 employers and 300 participants attending. Moraine Valley also provided professional clothing for job fair attendees dressed in non-business attire. Moraine Valley’s Illinois workNet Center provided financial assistance totaling approximately $245,000 in vocational training activities to over 70 Workforce Investment Act (WIA) grant participants. Without the assistance from the WIA grants, these students, who were laid off from their jobs over the past year, would not have been able to afford to go back to school. In addition, over 130 program participants re-entered the workforce with assistance from the center. With the help of the Wal-Mart Brighter Futures Project, over 50 Moraine Valley students were successfully placed in a job. The College also developed a Job Club to provide peer support, informational services, networking opportunities, and employer recruiting activities for dislocated workers who participated in one of the grant programs offered through our center. And The Glacier student newspaper worked with the Job Resource Center to produce a column called Career Corner. The Workforce Development and Community Services subdivision assisted local companies in obtaining approximately $73,000 in grant funding to support workforce development, and provided support and start-up solutions for over 100 entrepreneurs. The Economic Development Council for the Southwest Suburbs hosted a Resource Fair and Business Expo to provide a one-stop resource for businesses to gather information about funding opportunities available through state, county, federal and not-for-profit agencies. Over 200 attendees participated in 30 workshops and visited 25 expo tables. Speakers at the event included president of the Cook County Board, Toni Preckwinkle, and the chief of staff for the Illinois Department of Commerce and Economic Opportunities, Stefan Konya. Expanding Community Awareness Moraine Valley embraces our role as a resource for all residents of District 524, and we offer educational programs, cultural events, and entertaining performances to fulfill this role.

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District residents discovered that Moraine Valley is a wonderful place to learn about community and college resources, participate in lively discussions, attend interesting events, and explore career and education options.

• The College hosted a traveling World War I Exhibit and Symposium, which featured speakers Susannah Buckles Flanagan (daughter of the last living U.S. veteran of World War I at the time) and David DeJonge (president of the National World War I Memorial Foundation and the exhibit’s creator). A reception also was held to recognize all veterans.

• We presented numerous workshops throughout the year, which delved into timely topics such as “The Dangers of Texting While Driving” and “Sexual Assault Awareness”.

• The Arab Student Union and Muslim Student Association hosted “Peaceful Protest: The Power of the People and Democracy” to celebrate the Egyptian revolution and recognize similar democratic developments across the globe. The Arab Student Union also sponsored a Cultural Diversity Celebration which featured henna artists, hip hop performances, beat boxing, and poetry readings.

• Two forensics tournaments were held on our campus. Fifteen schools from around the state of Illinois attended the Appel-Quest Speech Tournament in the fall, and we held the Phi Rho Pi Region IV Tournament here in the spring.

• More than 600 students and community members gained information on state-of-the-art medical treatments at lectures that were presented in partnership with Northwestern Memorial Hospital and covered topics such as Concussion Assessment and Management, Mind-Body Pain Management, Chronic Obstructive Pulmonary Disease: The New Essentials, and Status of Diagnosis, Treatment and Prevention of Lung Cancer.

• We held a Nurse Panel Discussion, featuring three nurses—an APN, an RN and a pediatric nurse—who discussed the diverse roles nurses can hold.

• William M. Hickey Jr., the president of Lapham-Hickey Steel Corporation, spoke at our discussion entitled “Is North American Manufacturing Under Attack?” that was held with 30 local manufacturers.

• Pater Hassen, senior director of Market Development and Community Affairs for the Chicago Blackhawks, was the keynote speaker at the 16th Annual Business Champion Awards Banquet, sponsored by the EDCSS.

• Yusuf Estes, an American-born convert to Islam spoke at the Muslim Student Association-sponsored “Unveiling the Truth about Islam” event.

Fine and Performing Arts Center Has Most Successful Season Ever

• The center presented 12 mainstage performances during the 2010-11 season to over 7,000 patrons. Attendance numbers and revenues were the highest in its history.

• The production of The 25th Annual Putnam County Spelling Bee sold out all of its performances, with over 1,000 audience members attending.

• The academic theater season also hit new highs in attendance. Over 600 patrons enjoyed our outdoor production of Macbeth, which was the first major event located at the College’s impressive Gateway.

Enriching College Culture through Diversity Moraine Valley is proud of our diversity and believes we all are enriched by exposure to differing ideas, opinions, and cultures.

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Greeting People from Around the Globe The College community is enriched by interacting with people from around the world who teach us about their cultures while learning about ours. This year, in addition to having over 250 international students studying here from 40 different countries, we hosted college administrators and faculty from the Netherlands for a day-long visit. A delegation of Dutch directors, principals, and deans of higher education met with faculty, staff and students to learn about the role of community colleges, transitioning high school students to them, and diversity on campus. We also welcomed Professor Jim Broeren from Holland for a two-week cultural exchange. Dialogue Encourages Diversity More than 100 people from the 26 communities we serve, including elected officials, school district administrators, law enforcement personnel, along with members of our faculty and staff, participated in the first annual Community Dialogue on Promoting Diversity and Inclusion. The event included thoughtful questions and discussions on these topics. The famed singers from the Drepung Loseling Monastery shared music, art, and other aspects of their culture during a visit to the College. While here, the Tibetan monks created a sand mandala in the Library, taught four workshops, and presented a performance of “Sacred Music, Sacred Dance of Tibet” in the Fine and Performing Arts Center’s Dorothy Menker Theater. Events Promote Diversity and Understanding

• Raised awareness about epilepsy by observing “Wear Purple Day” during Epilepsy Awareness Month.

• Celebrated Global Awareness Week with Greek and Lithuanian language labs and our own version of “Christmas Trees around the World.”

• Recognized the National Day of Silence, where participants voluntarily do not speak to bring awareness to the harassment that gay, lesbian, bisexual, and transgender individuals often face.

• Sponsored a presentation to familiarize attendees with the Invisible Children’s mission, which is to stop the abduction of children as soldiers for wars in Africa.

• Offered global diversity presentations covering topics such as “Global Perspectives: A Conversation with Moraine Valley International Students,” “Global Aging: Confronting the Challenges of Demographic Changes,” and “Is the U.S. Falling Behind Educationally”?

• Introduced participants to various ethnic foods prepared by our culinary arts students at cultural activities such as the Mardi Gras event, Greek Heritage Day, Taste of Moraine, and Diversity Week.

Nontraditional Careers Offer Diverse Job Choices

• Panel discussion featured individuals who worked in nontraditional careers discussing how they overcame barriers, broke stereotypes, and excelled in their unique careers. Career exploration summer camp introduced young people to careers they may not have been aware of, such as nondestructive testing, welding, electronics, travel, and emergency medical services.

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Energizing and Enhancing College Growth We strive to maximize students’ opportunities by expanding our resources and effectively utilizing them to support our commitment to excellence. Moraine Valley successfully secured $7,603,182 in external grant funding for 2010-11. This is an increase of 29 percent over the previous fiscal year. We received grants from the following sources: American Association of Community Colleges Arts Midwest Bill and Melinda Gates Foundation Illinois Arts Council Illinois Community College Board Illinois Department of Commerce and Economic Opportunity Illinois Secretary of State National Endowment for the Arts National Science Foundation US Department of Labor U.S. Department of Education U.S. Department of Health and Human Services U.S. Department of Homeland Security U.S. Department of Justice Walmart Foundation Continuous Improvement—A College Focus Part of the Moraine Valley mission is dedicated to continually improving our processes, services, and educational programs to ensure we become the best community college possible. College Takes “LEED” in Making Education Accessible and Sustainable The College’s first Leadership in Energy and Environmental Design (LEED)-certified building, the Southwest Education Center in Tinley Park, opened in October 2010. A dedication was held with over 200 people from the College and our district communities attending. College staff told visitors about the key sustainable features of the building and gave out course information. The new full-service center features classrooms, labs, a testing center, study areas, computer rooms, a cyber-café, and outdoor seating areas. The center hosted numerous student service events, including transfer workshops, registration help, financial aid assistance, and placement services to ensure proper course placement. To further our commitment to making a Moraine Valley education convenient, the College purchased the building that houses our Blue Island Education Center. After renovating the second floor, we will expand the center’s course selections and begin offering the additional classes in fall 2011.

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Green Features at Southwest Education Center

• Energy-saving geothermal system, which extracts power from heat stored in the earth to make heating and cooling more environmentally friendly and reduce overall energy consumption

• Water-efficient landscaping, vegetative bio-swales and porous paving materials to lessen water waste

• Daylighting, sun harvesting and lighting controls to reduce the need for artificial lighting • Tables and chairs crafted from recycled aluminum, recycled vehicle seatbelts, and rapidly

renewable linoleum • GreenGuard certified materials used in the furniture and fabrics to reduce impact on the

indoor air quality Environmental Sustainability Continues to be College Priority Moraine Valley has committed to making sustainability an integral part of all aspects of the College. We took numerous steps to conserve energy, reduce waste, and contribute to a healthier environment for our students, employees, and community. Here are some of the ways we are striving to be an environmentally responsible member of our world:

• Adopted a definition statement, which guides the operations of Moraine Valley in relation to sustainability, after the College’s Board of Trustees formally acknowledged sustainability as a priority for the College.

• Opened the Southwest Education Center, the College’s first LEED-certified building, in Tinley Park.

• Launched our new Center for Sustainability on main campus and held an open house to showcase its resources and how it supports sustainability in operations and academics. Attendees also gained knowledge on how the center can aid students, staff, faculty, and members of the community in developing a lifestyle that promotes sustainability.

• Hosted the South Metropolitan Higher Education Consortium Sustainability Planning Workshop. Over 100 participants from 12 member institutions attended workshops on integrating sustainability into their planning. Each school received a signed Illinois Campus Sustainability Compact and an institutional strategic plan for implementing and achieving the compact’s goals. President Crawley pledged that Moraine Valley would attempt to achieve the gold level of the compact.

• Completed the Sustainability Tracking, Assessment, and Rating System (STARS) self-evaluation tool. This national assessment benchmarks sustainability initiatives at the College against those established by the Association for the Advancement of Sustainability in Higher Education. The College received a bronze medal, based on strengths that were identified in our sustainability efforts.

• Coordinated the recycling of more than four tons of nonfunctional computers and multimedia equipment through Vintage Tech, a green recycler and held recycling drives for used inkjets, laser printer cartridges and cell phones. Also, over 300 computers were donated to local charities.

• Offered Bookstore shopping bags made of 100 percent recyclable material that will biodegrade in five years.

• Received a $500 award from the Pearson Higher Education Sustainable Solutions Fund for our Greening Your Curriculum Faculty Development Program.

• Celebrated Earth Month and offered numerous events throughout April.

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Being Prepared for Emergencies To ensure we are prepared to deal with any impending crisis, College staff conducted an emergency tabletop disaster drill to test our administrative disaster responses if we were to face an actual emergency. This was followed up with a communications tabletop drill, which tested our response if one of our South Metropolitan Higher Education Consortium (SMHEC) partners faced a crisis. Moraine Valley’s Police Dispatch procedures were used as an example of preferred practices. We hosted the SMHEC emergency press training for administrative staff and campus communications staff. Over 70 representatives from 12 colleges and universities attended and learned how to best communicate with College staff and students, members of the community, and the press during a crisis. The College contracted with a crisis consultant who would help direct our efforts in the event of a serious natural or human threat or disaster. Support to Our Veterans Moraine Valley is grateful to our military veterans for their commitment to our country. We continue to seek new ways to provide assistance to these valuable members of our community, and recognize their dedicated service.

• Implemented a new Mandatory Advising for Veterans program to ensure they understand and can maximize their benefits and educational requirements. Nearly 350 veterans attended the sessions.

• Sponsored outreach programs to the veterans’ senior community through our Combat to College Student Veterans’ Organization to provide care and support at a local nursing home.

FINANCIAL INFORMATION The College maintains its accounts and prepares its financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) as set forth by the Governmental and Financial Accounting Standards Board (GASB and FASB), National Association of College and University Business Officers (NACUBO) and the Illinois Community College Board (ICCB). Internal Controls Management of the College is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the College are protected from loss, theft, or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.

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Tests are made by the College's independent auditors to determine the adequacy of the internal control structure, including that portion related to federal financial assistance programs, as well as to determine that the College has complied with applicable laws and regulations. The results of the tests for the fiscal year ended June 30, 2011 provided no instances of material weaknesses in the internal control structure. Budgetary Controls In addition, the College maintains budgetary controls. The objective of the budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the College's Board of Trustees. Activities of the funds are included in the annual appropriated budget. The President is authorized to transfer budgeted amounts between programs within any fund; however, the Board of Trustees must approve any revisions that alter the total expenditures of any fund in a manner consistent with the original budget adoption process. Activities of the following fund groups and individual funds are included in the annual budget.

Fund Group Fund General Fund Education Operations and Maintenance of Plant Special Revenue Restricted Purposes Liability, Protection, and Settlement Audit Grants and Contracts Social Security/Medicare Debt Service Fund Bond and Interest Capital Projects Operations and Maintenance (Restricted) Proprietary Fund Auxiliary Enterprises

The level of budgetary control (that is, the level at which expenditures cannot exceed the appropriated amount) is established for each individual fund. The College also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts lapse at year-end. However, encumbrances generally are re-authorized as part of the following year’s budget. Cash Management For the purpose of overall investments in excess funds, the College is governed by the Illinois Public Community College Act (Chapter 110. of Illinois Complied Statutes Act 805) and the Illinois Public Funds Investment Act (Chapter 30. of Illinois Compiled Statutes Act 235). The fiduciary responsibility for said investments is entrusted to the College Board of Trustees; the Board has delegated this function to the Treasurer of the College as permitted by the Illinois Public Community College Act. In keeping with existing Board policy, all investments of excess funds are made in a prudent, conservative, and secure manner and in accordance with the guidelines detailed in the College Investment Policy No. 3120. Designation of depositories of College funds is approved by the Board of Trustees. Cash temporarily idle during the year was invested in demand deposits, certificates of deposit, and government secured overnight repurchase agreements. The College's investment policy is to minimize credit and market risks while maintaining a competitive yield on its

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portfolio. Of the College's $80,852,724 of investments, the entire amount is covered by either depository insurance or collateral held by a third party. Risk Management The College participates in the Illinois Community College Risk Management Consortium which was established in 1981 by several Chicago area community colleges as a means of reducing the cost of general liability insurance. The Consortium is a public entity risk pool currently operating as a common risk management and insurance program for the member colleges. The main purpose of the Consortium is to jointly self-insure certain risks up to an agreed upon retention limit and to obtain excess catastrophic coverage and aggregate stop-loss reinsurance over the selected retention limit. In 1992 the Consortium added worker’s compensation coverage. The College paid $587,570 to the Consortium for FY2011 coverage which included property, liability and worker’s compensation protection. Since the Consortium requests initial payments to cover substantially any losses to be incurred for that policy year, the College anticipates no future liabilities for incurred losses. The College maintains a comprehensive self-insurance plan through a third party administrator as options for employees’ health coverage. The activity is recorded in the self-insurance fund, an internal service fund. The cost for fiscal year 2011 was approximately $11,800 per covered employee. The College maintains adequate reserves to cover potential losses. OTHER INFORMATION Awards The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the College most recently for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2010. The Certificate of Achievement is a prestigious national award, recognizing conformance with the highest standards for preparation of a state or local government financial report. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized CAFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements. The Association of School Business Officials International (ASBO) awarded a Certificate of Excellence in Financial Reporting to the College most recently for its CAFR for the fiscal year ended June 30, 2010. In order to be awarded a Certificate of Excellence, the College must prepare its CAFR in an easily readable and efficiently organized manner. The CAFR is submitted to an ASBO Panel of Review. The panel of volunteers is comprised of professionals experienced in governmental accounting and auditing. Both the Certificate of Achievement and the Certificate of Excellence are valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet both programs’ requirements and we are submitting it to the GFOA and ASBO to determine its eligibility for another certificate.

Acknowledgements

The preparation of this report in a timely manner would not have been possible without the dedicated service of the entire staff of the finance division. Each member of the department has our sincere appreciation for the contributions made in the preparation of this report.

In closing, our thanks to the members of the Moraine Valley Board of Trustees, for without their leadership and support, the preparation of this report would not have been possible.

Vernon 0 . Crawley, D.Ed. President Treasurer

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PRINCIPAL OFFICIALS JUNE 30, 2011

BOARD OF TRUSTEES

Position Term Expires Joseph P. Murphy Chairman 2013 Patrick D. Kennedy Vice Chairman 2015 Susan Murphy Secretary 2017 John R. Coleman Trustee 2017 Lisa Szynalski Trustee 2013 Sandra S. Wagner Trustee 2013 Mark D. Weber Trustee 2015 Emmanuel Santoyo Student Trustee 2012

OFFICERS OF THE COLLEGE

Dr. Vernon O. Crawley President Dr. Margaret Lehner Interim Vice President, Institutional Advancement and Executive Assistant to the President Mr. Andrew Duren Executive Vice President, Administrative Services Dr. Sylvia Jenkins Vice President, Academic Affairs Dr. Normah Salleh-Barone Vice President, Student Development Mr. Robert J. Sterkowitz Chief Financial Officer/Treasurer

OFFICIALS ISSUING REPORT

Mr. Robert J. Sterkowitz Chief Financial Officer/Treasurer Ms. Theresa O’Carroll Controller Mr. William Corrello Internal Auditor

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MORAINE VALLEY COMMUNITY COLLEGEFinancial Section


A Crowe Horwath.

INDEPENDENT AUDITORS' REPORT

The Board of Trustees Moraine Valley Community College -Community College District Number 524


Crowe Horwath LLP Independent Member Crowe Horwath International

We have audited the accompanying basic financial statements of Moraine Valley Community College- Community College District No. 524 (the College) as of and for the year ended June 30, 2011, as listed in the table of contents. These financial statements are the responsibility of the College's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audit contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the basic financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Moraine Valley Community College -Community College District No. 524 as of June 30, 2011 and the changes in its financial position and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The management's discussion and analysis is not a required part of the basic financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The introductory section, supplementary information, statistical section, and special reports section information included in schedules 1 and 2 are presented for purposes of additional analysis and are not a required part of the basic financial statements. The special reports section information included in schedules 1 and 2 is required by the Illinois Community College Board and is presented on the modified accrual basis of accounting. The special reports section and the supplementary information have been subjected to the auditing procedures applied to the

1.

audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on them.

In accordance with Government Auditing Standards, we have also issued a report dated October 13, 2011 on our consideration of the College's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing , and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

Oak Brook, Illinois October 13, 2011

~ ~#nJJ~LtfJ Crowe Horwath LLP

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3.

MANAGEMENT’S DISCUSSION AND ANALYSIS

10/8/2011

INTRODUCTION AND BACKGROUND This section of Moraine Valley Community College’s Comprehensive Annual Financial Report presents management’s discussion and analysis of the College’s financial activity during the fiscal year ended June 30, 2011. Since this management discussion and analysis is designed to focus on current activities, resulting changes and currently known facts, please read it in conjunction with the transmittal letter (pages i - xviii), the College’s basic financial statements (pages 13 - 16) and the footnotes (pages 17 - 35). Responsibility for the completeness and fairness of this information rests with the College.

USING THIS ANNUAL REPORT The financial statements focus on the College as a whole and are designed to emulate corporate presentation models whereby all College activities are consolidated into one total. The financial statements consist of four primary parts: (1) the statement of net assets, (2) statement of revenue, expenses, and changes in net assets, (3) statement of cash flows and (4) notes to the financial statements. The financial statements are prepared on the accrual basis of accounting and economic resources measurement focus. Under the accrual basis of accounting, expenses are recorded when incurred and all revenues are recognized when earned in accordance with accounting principles generally accepted in the United States of America. The Statement of Net Assets is presented in the format where assets equal liabilities plus net assets. Assets and liabilities are presented in order of liquidity and are classified as current (convertible into cash within one year) and noncurrent. This statement combines and consolidates current financial resources (short-term spendable resources) with long-term capital assets. The focus on this statement is to show the overall liquidity and health of the College as of the end of the fiscal year. The Statement of Revenues, Expenses, and Changes in Net Assets focuses on both the gross and net costs of College activities, which are supported substantially by property taxes, state and federal grants and contracts, student tuition and fees and auxiliary enterprises revenues. This approach is intended to summarize and simplify the user’s analysis of the financial results of the various College services to students and the public. The Statement of Cash Flows discloses net cash provided by or used for operating, non-capital financing and related financing activities. This statement shows the College’s cash flows are sufficient to pay current liabilities. The notes to the financial statements are an integral part of the basic statements and describe the College’s significant accounting policies. The reader is encouraged to review notes in conjunction with the management discussion and analysis of the financial statements.

4.

FINANCIAL HIGHLIGHTS

Comparison of Net Assets Fiscal Years 2011 and 2010

(in millions)

01020304050607080

Net Invested inCapital Assets

RestrictedExpendable

Unrestricted

20112010

STATEMENT OF NET ASSETS The major components of Moraine Valley’s assets, liabilities, and net assets as of June 30, 2011 and 2010 are as follows (in millions of dollars):

Increase Percent2011 2010 (Decrease) Change

Assets

Current and other assets $ 130.0 $ 134.0 ($ 4.0) (3.0%)

Capital assets, net of depreciation 153.0 145.4 7.6 5.2%

Total assets 283.0 279.4 3.6 1.3%

Liabilities

Current liabilities 35.5 30.7 4.8 15.6%

Non-current liabilities 80.8 83.4 (2.6) (3.1%)

Total liabilities 116.3 114.1 2.2 1.9%

Net Assets

Invested in capital assets, net of debt 71.5 64.1 7.4 11.5%

Restricted expendable 27.7 35.3 (7.6) (21.5%)

Unrestricted 67.5 65.9 1.6 2.4%

Total Net Assets $ 166.7 $ 165.3 $ 1.4 0.8%

5.

Fiscal Year 2011 Compared to 2010 Assets Current and Other Assets decreased by approximately $4.0 million due primarily to the sale of short-term investments. Cash and cash equivalents decreased $2.3 million to fund current payroll and other current payment commitments. Short-term investments decreased $15.4 million primarily due to funding disbursements related to capital projects and moving to long-term assets. Property tax receivable decreased $0.3 million due to a slight decrease in the district’s assessed property values. Student tuition and fees receivables increased by $5.9 million as a result of increases in the tuition rate and student enrollments. Interest receivable decreased $0.1 million due primarily to an overall decrease in investments of $6.9 million. Intergovernmental receivable decreased $0.6 million due to the collection of fiscal year 2010 receivable from the State. Capital Assets increased $7.6 million due to an increase in new capital asset additions. The college added $32.0 million in capital assets of which $19.4 million were previously recorded construction in progress payments that were part of capital assets not being depreciated. In addition, the college recorded $5.0 million in depreciation on these assets. Long-term investments increased $8.5 million. Overall, total assets increased $3.6 million. See capital assets section on page 11 for further discussion on the $7.6 million increase in capital assets, (net of depreciation). Liabilities Current liabilities increased $4.8 million. Unearned tuition and fees revenue increased $6.2 million. The increase in unearned tuition and fees is due to an increase in tuition rate and summer and fall student registrations. The decrease in accounts payable of $1.4 million is due to an increase in purchasing activity near year end. The accrued payroll liability decreased $0.2 million resulting from a decrease in the number of days unpaid at the end of the fiscal year. Current portion of the long-term obligation increased $0.1 million due to a scheduled increase in bond principal payments due in fiscal year 2012. Non-current liabilities decreased $2.6 million in fiscal year 2011 compared to 2010. Of the $2.6 million decrease, $2.3 million is attributed to the reduction of long term bonds payable and unamortized bond premium. Accrued retirement benefit obligations decreased by $0.3 million. Net Assets See net assets section explained on page 6 for the discussion of the $1.4 million increase in net assets. Current Ratio The College had a current ratio of 2.8 times at June 30, 2011. The current ratio is total Current Assets divided by total Current Liabilities. This means that for every dollar of Current Liabilities, the College has $2.80 in Current Assets. This means that the College is financially secured on a short term basis and is capable of paying its current obligations.

6.

ANALYSIS OF NET ASSETS

Increase Percent $ in millions 2011 2010 (Decrease) IncreaseNet Assets

Invested in Capital Assets, Net of Debt $ 71.5 $ 64.1 $ 7.4 11.5%Restricted Expendable 27.7 35.3 (7.6) (21.5%)Unrestricted 67.5 65.9 1.6 2.4%

Total $ 166.7 $ 165.3 $ 1.4 0.8%

Analysis of Net Assets

As of June 30, 2011

Unrestricted40.5%

Restricted16.6%

Net Investment In Capital Assets

42.9%

Fiscal Year 2011 Compared to 2010 Changes in net assets are an indicator of a governmental entity’s financial position. The College’s combined net assets increased by 0.8 percent or $1.4 million. The increase in unrestricted net assets of $1.6 million is due to a credit hour tuition rate increase, student enrollment increase offset by salary and employee benefit costs increase. Invested in capital asset net of related debt increased $7.4 million with the additions of the Southwest Education Center and Blue Island Education buildings along with new student and finance system. Restricted assets decreased by $7.6 million compared to 2010 primarily due to a decrease in bond proceeds used for capital projects.

7.

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS The following table presents the statement of revenues, expenses and changes in net assets for the College for fiscal years 2011 and 2010 (in millions of dollars):

Increase Percent2011 2010 (Decrease) Change

Operating revenueTuition and fees $ 28.7 $ 27.3 $ 1.4 5.1%Auxiliary 7.2 7.7 (0.5) (6.5%)Other 2.0 1.6 0.4 25.0%

Total operating revenue 37.9 36.6 1.3 (3.6%)

Less operating expenses 107.4 101.4 6.0 5.9% Operating income (loss) (69.5) (64.8) (4.7) 7.3%

Non-operating revenue (expenses)State grants and contracts 20.3 19.8 0.5 2.5%Federal grants and contracts 20.5 16.8 3.7 22.0%Property taxes 32.3 32.4 (0.1) (0.3%)Investment income 0.7 1.8 (1.1) (61.1%)Interest expense (3.6) (0.1) (3.5) 3500.0%Other income 0.6 0.7 (0.1) (14.3%)

Total non-operating revenue (expenses) 70.8 71.4 (0.6) -0.8%

Net Income before capital contributions 1.3 6.6 (5.3) (80.3%)Capital Contributions 0.1 – 0.1 N/A

Increase in net assets 1.4 6.6 (5.2) (78.8%)Net assets, beginning of year 165.3 158.7 6.6 4.2%

Net assets, end of year $ 166.7 $ 165.3 $ 1.4 0.8%

Fiscal Year 2011 Compared to 2010 Total revenues and expenses (Operating and Non-Operating) for fiscal year 2011 were $112.3 million and $111.0 million, respectively. Total revenues and expenses (Operating and Non-Operating) for fiscal year 2010 were $108.1 million and $101.5 million, respectively. Overall, the College’s net assets increased by $1.4 million.

8.

REVENUES: Operating revenue from tuition and fees increased $1.4 million from the previous year due to an increase in tuition from $92 a credit hour in FY10 compared to $100 a credit hour in FY11 and an increase in annual credit enrollment. Non-operating revenue and expenses decreased $0.6 million overall. State revenue increased $0.5 million and local tax revenue decreased $0.1 million. Federal grant income increased $3.7 million primarily due to increases in student federal financial aid and federal grants used to support student services. Investment income decreased $1.1 million due to a decrease in investment returns and a decrease in the value of the investment portfolio related to bond proceeds used to fund construction. Interest on capital related debt increased $3.6 million

Operating and Non-Operating Revenues June 30, 2011

Tuition & Fees25.5%

Investment0.7%

Local Tax Revenue28.7%

State Grants/Contracts

18.1%

Other2.3%

Auxiliary6.4%

Federal Grants /Contracts

18.3%

9.

OPERATING EXPENSES: Operating expenses as of June 30, 2011 increased $6.0 million or approximately 6 percent over fiscal year 2010. Instructional expenses increased $3.8 million overall. Included is a $0.8 million increase in State University Retirement System (SURS) on-behalf pension payments made by the State. The remaining $3.0 million increase is attributable to salaries, benefits and instructional supplies used to support increased enrollments. Academic Support increased $0.2 million. Student Services increased $1.2 million resulting from an increase in grant funded student success and student support programs. Public Service decreased $0.6 million resulting from reclassifying the Health Fitness Center into Auxiliary Services. Operations and Maintenance decreased 22.5 percent, or $3.6 million. This decrease is attributable to the completion of the college campus expansion projects. Institutional Support increased $0.7 million related to new capital projects and an increase of SURS on-behalf pension payments. Auxiliary Services increased $0.4 million from the reclassification of the Health Fitness Center. Financial Aid increased $2.9 million primarily from Pell student awards. Depreciation increased $1.0 million from the addition of the Southwest Education Center, the Blue Island Education Center and new Student and Finance System.

2011 2010 (Decrease) Change

Operating ExpenseInstruction $ 36.4 $ 32.6 $ 3.8 11.7%Academic Support 6.7 6.5 0.2 3.1%Student Services 10.1 8.9 1.2 13.5%Public Service 0.3 0.9 (0.6) (66.7%)Operations/Maintenance of Plant 12.4 16.0 (3.6) (22.5%)Instituitional Support 16.8 16.1 0.7 4.3%Auxiliary 10.0 9.6 0.4 4.2%Financial Aid 9.7 6.8 2.9 42.6%Depreciation 5.0 4.0 1.0 25.0%

Total $ 107.4 $ 101.4 $ 6.0 5.9%

10.

Operating Expenses June 30, 2011

Instruction33.9%

Academic Support6.2%Student Services

9.4%

Public Service0.3%

Institutional Support15.7%

Auxiliary9.3%

Financial Aid9.0%

Depreciation4.7%

Operations & Maintenance

11.5%

Comparison of Operating Expenses

Fiscal Years 2011 and 2010 (in millions)

0

5

10

15

20

25

30

35

40

Instruction AcademicSupport

StudentServices

PublicServices

Operations &Maintenance

InstitutionalSupport

Auxiliary Financial Aid Depreciation

2011 2010

11.

NET CAPITAL ASSETS AND LONG-TERM DEBT

Increase Percent 2011 2010 (Decrease) Change

Capital AssetsConstruction in Progess $ 1.8 $ 19.4 ($ 17.6) (90.7%)Land and Improvements 17.7 17.7 – 0.0%Building and Improvements 174.3 149.1 25.2 16.9%Equipment 7.0 6.7 0.3 4.5%Technology 6.2 1.5 4.7 313.3%

Total 207.0 194.4 12.6 6.5%

Less Accumulated Depreciation (54.0) (49.0) (5.0) 10.2%Net Capital Assets $ 153.0 $ 145.4 $ 7.6 5.2%

(in millions)June 30

Fiscal Year 2011 Compared to 2010 As of June 30, 2011, the College had $207.0 million investment in capital assets, and $54.0 million in accumulated depreciation for total net capital assets of $153.0 million. Total capital assets increased $12.6 million over fiscal year 2010. Buildings and Improvements increased $25.2 million, of which $19.4 million was previously recorded as construction in progress. The College added two new buildings, the Southwest Education Center located in Tinley Park and the Blue Island Education Center, in fiscal year 2011. Construction in Progress is $1.8 million which is related to a new parking lot, new roof, HVAC work, and renovations on the new Blue Island Education Center. Technology increased $4.7 million with $4.5 million coming from the new student and financial system and $0.2 million on a telecommunication and security system for the Southwest Education Center. Equipment increased by $0.3 million to support career education programs and institutional initiatives. More detailed information about capital assets can be found in Note 6 to the financial statements.

Increase Percent 2011 2010 (Decrease) Change

Long-Term DebtGeneral Obligation Bonds $ 82.2 $ 84.4 ($ 2.2) (2.6%)Other Long-Term Debt 2.1 2.4 (0.3) (12.5%)

Total $ 84.3 $ 86.8 ($ 2.5) (2.9%)

(in millions)June 30

As of June 30, 2011, the College had $84.3 million in general obligation bonds and other long-term debt outstanding. More detailed information about the College’s long-term liabilities is presented in Note 5 to the financial statements.

12.

CURRENT ISSUES The College is completing renovation on the Blue Island Education Center. After purchasing the building last winter, Moraine Valley took over the second floor to provide more classrooms, computer labs, student lounge areas, offices and larger tutoring center. The newly renovated center will open for fall classes. The College is currently in the process of updating their Masters Facility Plan. The Board of Trustees passed a $79 million operating budget for Fiscal Year 2012. The economic downturn has resulted in increased credit hours for the district. The Board of Trustees also passed a tuition increase from $100 per credit hour to $108 per credit hour for the Fall semester. Increases in enrollment and tuition rates will help to cover reductions in state funding. The budget is built on conservative revenue projections to be sure the College can sustain any shortfall if the state does not meet its obligations.

ECONOMIC FACTORS THAT WILL AFFECT THE FUTURE The College continues to be concerned with the budget deficits incurred by the State of Illinois and the impacts these deficits may have on future funding for Community Colleges and financial aid for students. The low interest rate environment has an adverse impact on the revenue the college generates from investments. The high unemployment experienced throughout the State and community continue to add pressure on the College to maintain conservative tuition in order to provide affordable education and training for members of the community. The College continues to track residential and commercial property values and economic activity in the residential and office construction sectors to forecast future funding impacts on the College. Revenues from property taxes represent approximately thirty-five percent of the revenues the College receives to fund operations. A slowdown in the growth of assessed valuations will have an adverse impact on College revenues.

CONTACTING FINANCIAL MANAGEMENT This financial report is designed to provide our customers with a general overview of Moraine Valley Community College’s finances and to show Moraine Valley Community College’s accountability for the revenue it receives. If you have questions about this report or need additional information, contact Theresa O’Carroll at 9000 W. College Parkway, Palos Hills, IL 60465 (708) 974-4300.

STATEMENT 1

MORAINE VALLEY COMMUNITY COLLEGECOMMUNITY COLLEGE DISTRICT NUMBER 524

STATEMENT OF NET ASSETSJUNE 30, 2011

ASSETS Current Assets: Cash and Cash Equivalents 18,670,448$ Short-term Investments 52,360,330 Property Tax Receivable 15,507,864 Tuition and Fees Receivable 8,882,260 Other Accounts Receivable 449,911 Interest Receivable 262,463 Other Accrued Revenue 307,274 Intergovernmental Receivable 2,846,276 Inventory 825,526 Prepaid Expenses 694,013 Total Current Assets 100,806,365 Non-current Assets: Long-term Investments 28,492,394 Deferred Charges 641,479 Capital Assets, not being depreciated 7,644,829 Capital Assets (net of accumulated depreciation) 145,391,588 Total Non-current Assets 182,170,290 Total Assets 282,976,655

LIABILITIES Current Liabilities: Accounts Payable 2,023,399 Accrued Payroll 2,898,904 Accrued Compensated Absences 1,062,490 Accrued Interest Payable 311,071 Accrued Retirement Benefit Obligations 250,095 Intergovernmental Payables 18,003 Unearned Tuition and Fees Revenue 10,826,529 Unearned Property Taxes 15,907,222 Current Portion of Long-term Obligations 2,170,000 Total Current Liabilities 35,467,713 Non-current Liabilities: Accrued Compensated Absences 354,163 Accrued Retirement Benefit Obligations 492,017 Long-term Bonds Payable 80,020,100 Total Non-current Liabilities 80,866,280 Total Liabilities 116,333,993

NET ASSETS Invested in Capital Assets, Net of Related Debt 71,487,797 Restricted Expendable for: Scholarships 187,171 Capital Projects 13,683,498 Debt Service 1,690,156 Technology 3,829,740 Working Cash 6,464,261 Other 1,828,439 Unrestricted 67,471,600

Total Net Assets 166,642,662$

See accompanying notes to basic financial statements.13.

STATEMENT 2MORAINE VALLEY COMMUNITY COLLEGE

COMMUNITY COLLEGE DISTRICT NUMBER 524STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

YEAR ENDED JUNE 30, 2011

REVENUES Operating Revenues Tuition and Fees (net of scholarship allowances of $15,670,504) 28,667,883$ Auxiliary Enterprise Revenue 7,209,618 Chargeback Revenue 15,854 Other Operating Revenues 2,017,446 Total Operating Revenues 37,910,801

EXPENSES Operating Expenses Instruction 36,380,429 Academic Support 6,704,030 Student Services 10,123,001 Public Service 338,558 Operations and Maintenance 12,347,063 Institutional Support 16,837,310 Auxiliary Enterprises 10,038,662 Financial Aid 9,658,719 Depreciation 4,972,550 Total Operating Expenses 107,400,322 OPERATING INCOME (LOSS) (69,489,521)

NON-OPERATING REVENUES (EXPENSES) State Sources 20,328,020 Local Tax Revenue 32,278,069 Federal Grants and Contracts 20,502,822 Local Sources 586,058 Investment Income 736,575 Interest on Capital Asset Related Debt (3,632,753) Total Non-operating Revenues (Expenses) 70,798,791

Increase in Net Assets before Capital Contributions 1,309,270

Capital Contributions 64,087

Increase in Net Assets 1,373,357

Net Assets - Beginning of Year 165,269,305

Net Assets - End of Year 166,642,662$


STATEMENT 3


STATEMENT OF CASH FLOWSYEAR ENDED JUNE 30, 2011

CASH FLOWS FROM OPERATING ACTIVITIESTuition and Fees 28,930,858$ Auxiliary Enterprises 7,209,618 Payments to: Employees (60,175,794) Suppliers (25,397,470) Students (9,658,719) Charge back Revenue 15,854 Other Receipts (Payments) 2,148,613

Net Cash Provided (Used) from Operating Activities (56,927,040)

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIESState Sources 11,182,158 Property Taxes 32,635,561 Local Sources 586,058 Federal Grants & Contracts 20,805,298

Net Cash Provided (Used) by Noncapital Financing Activities 65,209,075

CASH FLOWS FROM CAPITAL FINANCING ACTIVITIESConstruction Purchases from Bond Proceeds (10,377,859) Purchases of Capital Assets and Construction (2,183,788) Principal Paid on Capital Debt (2,035,000) Interest Paid on Capital Debt (3,771,131)

Net Cash Provided (Used) by Capital Financing Activities (18,367,778)

CASH FLOWS FROM INVESTING ACTIVITIESProceeds from Sales and Maturities of Investments 103,162,861 Interest on Investments 963,849 Purchases of Investments (96,303,729)

Net Cash Provided (Used) by Investing Activities 7,822,981

NET INCREASE (DECREASE) IN CASH (2,262,762)

CASH & CASH EQUIVALENTS - BEGINNING OF YEAR 20,933,210 CASH & CASH EQUIVALENTS - END OF YEAR 18,670,448$


STATEMENT 3


STATEMENT OF CASH FLOWSYEAR ENDED JUNE 30, 2011

RECONCILIATION OF NET OPERATING REVENUES/(EXPENSES) TO NET CASH PROVIDED(USED) FROM OPERATING ACTIVITIES:

Operating Income(Loss) (69,489,521)$ Adjustments to Reconcile Operating Income(Loss) to Net Cash

Provided(Used) by Operating Activities:Depreciation Expense 4,972,550 State University Retirement Payment 9,145,305 Changes in Assets and Liabilities:

Tuition and Fees Receivable, net (5,916,664) Inventories and Other Assets (91,156) Accounts Payable and Accrued Liabilities (1,461,669) Accrued Salaries and Wages (390,698) Prepaid Expenses 125,174 Unearned Tuition and Fees Revenue 6,179,639

Net Cash Provided(used) by Operating Activities (56,927,040)$

NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES:

Increase (decrease) in fair value of investments 26,060$ State payment of construction 64,087 State on-behalf payments for fringe benefits 9,145,305



NOTES TO BASIC FINANCIAL STATEMENTS June 30, 2011

(Continued)

17.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of Moraine Valley Community College - Community College District Number 524 (the College) conform to accounting principles generally accepted in the United States of America (GAAP) as applicable to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing accounting and financial reporting principles. These authoritative pronouncements are consistent with accounting practices prescribed or permitted by the Illinois Community College Board (ICCB). The following is a summary of the significant policies. The College’s reports are based on all applicable Government Accounting Standards Board (GASB) pronouncements as well as applicable Financial Accounting Standards Board (FASB) pronouncements issued on or before November 30, 1989, unless those pronouncements conflict with GASB pronouncements. The College has elected to not apply FASB pronouncements issued after the applicable date. Reporting Entity: The accompanying financial statements include only the accounts and transactions of the College following the criteria specified in Governmental Accounting Standards Board (GASB) Statement No. 14, The Financial Reporting Entity, as amended by Statement No. 39, Determining Whether Certain Organizations are Component Units.

The primary criterion for including a potential component unit within the reporting entity under GASB No. 14 is the financial accountability that the elected officials of the primary government have for the component unit. The criteria used in assessing financial accountability consist of (1) the primary government is financially accountable if it appoints a voting majority of the organization’s governing body and (a) it is able to impose its will on that organization or (b) there is a potential for the organization to provide specific financial benefits or impose specific financial burdens on the primary government; and (2) the primary government may be financially accountable if the organization is fiscally dependent. Based on this criteria, the College is not financially accountable for any other organizations.

Additionally, the College implemented the provisions of GASB Statement No. 39, Determining Whether Certain Organizations are Component Units during the year ended June 30, 2005. This statement amends Statement No. 14, The Financial Reporting Entity, to provide guidance to determine whether certain organizations for which the College is not financially accountable should be reported as component units based on the nature and significance of their relationship with the College. Generally, it requires reporting, as a component unit, an organization that raises and holds significant economic resources for the direct benefit of a government unit. The Moraine Valley Foundation is a legally separate, tax exempt organization that acts as a fund-raising organization to supplement the resources that are available to the College in support of its programs. These resources are not considered significant to the operations of the College. Accordingly, the Foundation is not reported as a component unit of the College.



(Continued)

18.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Basis of Presentation: GASB Statement No. 35 establishes standards for external financial reporting for public colleges and universities and requires resources to be classified for accounting and reporting purposes into the following four net asset categories:

Invested in Capital Assets, Net of Related Debt: Capital assets, net of accumulated depreciation and outstanding debt obligations, attributable to the acquisition, construction, or improvement of those assets.

Restricted Net Assets:

Nonexpendable - Net assets subject to externally imposed stipulations that they be

maintained permanently by the College.

Expendable - This includes resources that the College is legally or contractually obligated to spend in accordance with restrictions imposed by external third parties. When both restricted and unrestricted resources are available for use, it is the College’s policy to use restricted resources first, then unrestricted resources when they are needed.

Working Cash – This represents the principal balance of the Working Cash subfund, which pursuant to College Board of Trustees resolution and Illinois Compiled Statutes, is held in perpetuity.

Other – This includes primarily net assets restricted by grantors and unspent property tax receipts in the Audit and Liability Protection and Settlement subfunds.

Unrestricted Net Assets: Net assets that are not subject to externally imposed situations. These resources are used for transactions relating to the educational and general operations of the College and may be used at the discretion of the governing board to meet current expenses for any purpose.

GASB Statement No. 35 also requires the Statement of Net Assets, Revenues, Expenses and Changes in Net Assets and Cash Flows to be reported on an entity-wide basis. These basic financial statements report information on all of the activities of the College. For the most part, the effect of interfund activity has been removed from these statements.

Measurement Focus and Basis of Accounting: For financial statement reporting purposes, Moraine Valley Community College is considered a special purpose government engaged only in business-type activities as defined in GASB Statement No. 34. Accordingly, the basic financial statements of the College have been prepared using the flow of economic resources measurement focus and the accrual basis of accounting. Under the accrual basis, revenues are recognized in the accounting period in which they are earned, and expenses are recognized in the period incurred. All intra-agency and intra-fund transactions have been eliminated.



(Continued)

19.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Non-exchange transactions, in which the College receives value without directly giving equal value in return, includes property taxes, federal, state, and local grants, State appropriations, and other contributions. On an accrual basis, revenue from property taxes is recognized in the period for which the levy is intended to finance. Revenue from grants, State appropriations, and other contributions are recognized in the year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the fiscal year when use is first permitted, matching requirements, in which the College must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the College on a reimbursement basis.

Capital Assets: All College activities are accounted for on a financial resources measurement focus. This means that all assets and all liabilities (whether current or noncurrent) associated with these activities are included on the Statement of Net Assets. The College’s operating statement presents increases (revenues) and decreases (expenses) in net total assets. Depreciation of all exhaustible capital assets used by proprietary funds is charged as an expense against their operations.

Capital assets include property, plant, equipment, and infrastructure assets, such as roads and sidewalks. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add value to the asset or materially extend the asset’s life are not capitalized.

Property, plant, and equipment of the College over the following thresholds are depreciated using the straight-line method over the following useful lives: Useful Life Thresholds Land Not Depreciated $ 25,000 Buildings 50 years 50,000 Building and Land Improvements 20 years 25,000 Equipment 10 years 10,000 Computer Technology 8 years 10,000

Included with the College’s computer technology capital assets, the College has capitalized an intangible asset, computer software. The College follows the same capitalization policy and estimated useful life for its intangible asset as it does for its computer technology capital assets. The College also amortizes the intangible asset utilizing the straight-line method. Depreciation expense for 2011 was $4,972,550.



(Continued)

20.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Inventory: Inventories are reported at the lower of cost or market on the FIFO (first-in, first-out) basis. Inventories represent items held for resale by the College’s Auxiliary Enterprises. Unearned Revenues: Unearned revenues include: (1) tax levy passed that is legally restricted for the subsequent fiscal year, (2) amounts received for tuition and fee revenues collected during the fiscal year which relate to the subsequent fiscal year, and (3) amounts received from grant and contract sponsors that have not yet been earned. Federal Financial Assistance Programs: The College participates in federally funded PELL Grants, SEOG Grants, Federal Work-Study Program and Direct Loan Program. Federal Programs are audited in accordance with the Single Audit Act Amendments of 1996, the U.S. Office of Management and Budget Revised Circular A-133 Audit of States, Local Governments, and Non-Profit Organizations, and the Compliance Supplement. Property Tax Revenue Recognition: The College’s property taxes are levied each calendar year on all taxable real property located within the College’s district. Property taxes are recorded on an accrual basis of accounting. Pursuant to the Board of Trustee resolution, 50% of property taxes extended for the 2010 tax year and collected in 2011 are recorded as revenue in fiscal year 2011. The remaining revenue related to the 2010 tax year extension has been deferred and will be recorded as revenue in fiscal year 2012.

The County Assessor is responsible for assessment of all taxable real property within Cook County except for certain railroad property, which is assessed directly by the State. The County Clerk computes the annual tax for each parcel of real property and prepares tax books used by the County Collector as the basis for issuing tax bills to all taxpayers in the County. Property taxes are collected by the County Collector and are submitted to the County Treasurer, who remits to each unit its respective share of the collections. Taxes levied in one year become due and payable in two installments during the following year, generally on March 1 and August 30 of each year. The first installment is an estimated bill and is approximately one-half of the prior year’s tax bill. The second installment is based on the current levy, assessment, equalization, and certificate to limit levy, if any; changes from the prior year will be reflected in the second installment bill.

Taxes must be levied by the last Tuesday in December for the following collection year. The levy becomes an enforceable lien against the property as of January 1 of the levy year. Tax bills are levied in December by passage of a Tax Levy Ordinance. Public Act 89-1 placed limitations on the annual growth of most local governments’ property tax collections. Currently, the limitation is five percent, or the rate of inflation, which ever is less. The personal property replacement tax is recorded on the accrual basis based on the amounts held by the State. Compensated Absences: The College records a liability for employees’ vacation leave earned, but not taken. Employees are allowed to carry over a limited number of vacation days from year to year. At June 30, 2011, the College has recorded a vacation liability of $1,416,653. The College considers $1,062,490 of this liability current as of June 30, 2011.



(Continued)

21.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The College has no commitment for accumulated sick leave and no liability is recorded. Employees who retire are given credit for unused sick leave towards years of service in the State Universities Retirement System pension plan.

Classification of Revenues: Operating revenue includes activities that have the characteristics of exchange transactions, such as (1) student tuition and fees, and (2) sales and services of auxiliary enterprises, net of scholarship discounts and allowances. Non-operating revenue includes activities that have the characteristics of non-exchange transactions, such as (1) local property taxes, (2) state appropriations, and (3) most federal, state and local grants and contracts.

Cash and Investments

Cash and Cash Equivalents - For purposes of the Statement of Cash Flows, the College considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

Investments - In accordance with Governmental Accounting Standards Board Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, non-negotiable certificates of deposit and investments with a maturity of less than one year at date of purchase are stated at amortized cost. All other investments are stated at fair value.

On-Behalf Payments for Fringe Benefits and Salaries: The College recognizes as revenues and expenses contributions made by the State of Illinois to the State Universities Retirement Systems on behalf of the College’s employees. In fiscal years 2011, the State made contributions of $9,145,305. (see Note 7 and Note 8).

Use of Estimates: College management has made a number of estimates and assumptions relating to the reporting of assets and liabilities to prepare these financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ. Early Retirement Incentive Program: In addition to the retirement benefits provided by the College described in Note 7, the College provides voluntary retirement benefits, considered early retirement incentives to certain classes of employees. These include employer paid voluntary retirement incentives as well as a health care stipend. As part of the 2002-2006 employment contracts, employees that are at least 55 years of age, have at least 14 years of continuous service with the College, and are able to retire according to the State University Retirement System are eligible for early retirement remuneration. Compensation will be made in accordance with employment agreements. The full-time faculty and Professional staff retirement incentive program (RIP) consists of a stipend equal to 55% of the participant’s final base salary to be paid over a three year period and a $2,000 insurance supplement for eight years to subsidize the state retiree health insurance program. The full-time support staff contract limits the number of participants to four applicants per calendar year.



(Continued)

22.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Application must be made within 120 days prior to the date of retirement. Participants will receive a $2,640 medical insurance premium for five years. If application is made 12 months prior to retirement, they are eligible to receive an additional $3,000 added to the base salary the final year of employment. As part of the 2012-2017 employment contracts, retiring faculty and professional staff are eligible for a $5,000 per year for six years insurance supplement. This is limited to 23 faculty members during the length of the contract. Approval for a post retirement benefit shall be limited to 8 professional employees through June 30, 2011. Classified and Support Staff retirees are eligible for a $3,900 insurance supplement for five years limited to 15 support staff and 4 classified employees through June 30, 2011.

As of June 30, 2011, the College was obligated to pay 77 employees as part of the plans with payments due through 2017. The net present value of the College’s liability at June 30, 2011 was $742,112. The College considers $250,095 of this liability current as of June 30, 2011. New Accounting Pronouncements: In November 2010, the GASB issued Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements. The Statement improves financial reporting by addressing issues related to service concession arrangements, which are arrangements between a transferor (government) and an operator (governmental or non-governmental entity in which (1) the transferor conveys to an operator the right and related obligation to provide services through the use of infrastructure in exchange for significant consideration and (2) the operator collects and is compensated by fees from third parties. This statement is effective for periods beginning after December 31, 2011. In November 2010, the GASB issued Statement No. 61, The Financial Reporting Entity: Omnibus. The Statement improves financial reporting for a governmental financial reporting entity. The requirements of Statement No. 14, The Financial Reporting Entity, and the related financial reporting requirements of Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, were amended to better meet user needs and to address reporting entity issues This Statement is effective for fiscal years beginning after June 15, 2012, with earlier application encouraged. In December 2010, the GASB issued Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The Statement incorporates into the GASB’s authoritative literature certain accounting and financial reporting guidance that is included in the following pronouncements issued on or before November 30, 1989, which does not conflict with or contradict GASB pronouncements: (1) Financial Accounting Standards Board (FASB) Statements and Interpretations; (2) Accounting Principles Board Opinions; and (3) Accounting Research Bulletins of the American Institute of Certified Public Accountants’ (AICPA) Committee on Accounting Procedure. This Statement is effective for fiscal years beginning after December 15, 2011 with earlier application encouraged.



(Continued)

23.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concluded) In June 2011, the GASB issued GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. This Statement provides a new statement of net position format to report all assets, deferred outflows of resources, liabilities, deferred inflows of resources, and net position (which is the net residual amount of the other elements). This Statement requires that deferred outflows of resources and deferred inflows of resources be reported separately from assets and liabilities. This Statement also amends certain provisions of GASB Statement No. 34, Basic Financial Statements -- and Management’s Discussion and Analysis -- for State and Local Governments, and related pronouncements to reflect the residual measure in the statement of financial position as net position, rather than net assets. This Statement is effective for financial statements for periods beginning after December 15, 2011, with earlier application encouraged. In June 2011, the GASB issued GASB Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions (an amendment of GASB Statement No. 53). This Statement clarifies that when certain conditions are met, the use of hedge accounting should not be terminated. The conditions specified in this Statement are:

• Collectability of swap payments is considered to be probable;

• Replacement of the counterparty or credit support provider meets the criteria of an assignment or in-substance assignment as described in GASB 64; and

• The counterparty or counterparty credit support provider (and not the government) has committed the act of default or termination event.

When all of these conditions exist, the GASB believes that the hedging relationship continues and hedge accounting should continue to be applied. This Statement is effective for periods beginning after June 15, 2011, with earlier application encouraged. Management has not determined what impact, if any, these GASB statements may have on its financial statements. NOTE 2 - BUDGET AND BUDGETARY ACCOUNTING The College follows these procedures in establishing the budgetary data reflected in the financial statements:

A. Management submits to the Board of Trustees a proposed operating budget for the fiscal year. The operating budget includes proposed expenditures and the means of financing them.

B. Budget hearings are conducted. C. The budget is legally enacted through the passage of an ordinance. D. The President may from time to time make transfers between the various items in any fund

not exceeding in the aggregate 10% of the total of any fund set forth in the budget.



(Continued)

24.

NOTE 2 - BUDGET AND BUDGETARY ACCOUNTING (Concluded) E. The Board may from time to time amend the budget by the same procedure as is herein

provided for its original adoption. Budgets are adopted on a basis consistent with GAAP. The budget was adopted and approved by the Board of Trustees on September 21, 2010. Appropriations (i.e., budget) lapse at year-end. NOTE 3 - INSURANCE AND RISK MANAGEMENT The College participates in the Illinois Community College Risk Management Consortium (Consortium), which was established in 1981 by several Chicago area community colleges as a means of reducing the cost of general liability insurance. The Consortium is a public entity risk pool currently operating as a common risk management and insurance program for the member colleges. The main purpose of the Consortium is to jointly self-insure certain risks up to an agreed upon retention limit and to obtain excess catastrophic coverage and aggregate stop-loss reinsurance over the selected retention limit. Coverages include all property, excess liability ($21,000,000), and workers’ compensation. No settlement has exceeded coverage since establishment of the Consortium. The College joined the consortium in fiscal year 2004. Since the Consortium requests initial payments to cover substantially any losses to be incurred for that policy year, the College anticipates no future liabilities for incurred losses. The policy is annual and renewable on July 1. The College’s level of coverage has not changed for the past two years. The College utilizes the services of Blue Cross/Blue Shield for their health program. This program provides coverage for up to a lifetime maximum reimbursement per claimant of $5,000,000 and $3,000,000 for the Basic Plus PPO Plan and Basic PPO Plan, respectively. For claims in excess of $100,000, per claimant, per year, the College has a Stop Loss policy. The following is a reconciliation of changes in the liability for health care costs for the length of time that the College has been self-insured. The liability is based on deposits net of charges for the past ten years and is required by employee contractual agreements. This liability is included within accounts payable on the Statement of Net Assets. 2011 2010

Liability for health care costs at July 1 $ 1,686,518 $ 1,541,953 Required Deposits 5,809,909 6,589,023 Payments on claims (6,925,731) (6,444,458) Liability for health care costs at June 30 $ 570,696 $ 1,686,518



(Continued)

25.

NOTE 4 - DEPOSITS AND INVESTMENTS

Cash: The carrying amount of cash was $13,074,500 at June 30, 2011, while the bank balances was $17,100,733. As of June 30, 2011, all bank account balances were either insured by the Federal Deposit Insurance Corporation (FDIC) for $250,000, or collateralized with securities of the United States Government, United States Government Agencies, Certificates of Deposit or with letters of credit issued by the Federal Home Loan Bank held in the College’s name by financial institutions acting as the College’s agent. Investments: The investments which the College may purchase are limited by Illinois law to the following (1) securities which are fully guaranteed by the U.S. Government as to principal and interest; (2) certain U.S. Government Agency securities; (3) certificates of deposit or time deposits of banks and savings and loan associations which are insured by a Federal corporation; (4) certain short-term obligations of corporations (commercial paper) rated in the highest classifications by at least two of the major rating services; (5) fully collateralized repurchase agreements; (6) the State Treasurer’s Illinois and Prime Funds, and (7) money market accounts and certain other instruments. Certificates of Deposit: Certificates of Deposit amounted to $51,939,741 at June 30, 2011. In accordance with College policy, Certificates of Deposit were collateralized with securities of the U.S. Government in an amount equal to 110% of the funds on deposit. All investment collateral is held in safekeeping in the College’s name by financial institutions acting as the College’s agent. Collateral is priced to market monthly and monitored regularly with additional collateral requested as necessary. The following schedule reports the fair values and maturities (using the segmented time distribution method) for the College’s certificates of deposits and investments at June 30, 2011.

Less than One to Six to Greater thanType Fair Value One Year Five Years Ten years Ten YearsCertificates of Deposit 51,939,741$ 51,689,741$ 250,000$ -$ -$ Investments:

U.S. Agencies 27,840,935 1,601,602 26,239,333 - - Repurchase Agreements 4,451,429 4,451,429 - - - Money Market Mutual Fund 2,216,567 213,506 2,003,061 - -

Total 86,448,672$ 57,956,278$ 28,492,394$ -$ -$

MaturitiesInvestment

Interest Rate Risk: The College’s formal investment policy, to the extent possible, attempts to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the College will not directly invest in securities maturing more than five years from the date of purchase. Reserve funds may be invested in securities exceeding one year if the maturity of such investments are made to coincide as nearly as practicable with the expected use of the funds. Except for the investment of bond proceeds and capital construction funds, no more than 40% of the College’s total investments shall be invested in securities maturing more than one year from the date of purchase.



(Continued)

26.

NOTE 4 - DEPOSITS AND INVESTMENTS (Continued) The following table summarizes the estimated effects of hypothetical increases in interest rates on investment fair values. It assumes that the increases occur immediately and uniformly to each type of investment. The hypothetical changes in market interest rates do not reflect what could be deemed best- or worst-case scenarios. Variations in market interest rates could produce significant changes in the timing of repayments due to any prepayment options. For these reasons, actual results might differ from those reflected in the table.

Fair Value June 30, 2011 $ 27,840,935 Fair value of portfolio after basis point increase of:

100 points 26,866,502 200 points 25,892,070 300 points 24,917,637 Credit Risk: The College has no formal policy relating to specific investment related risk. Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital, as well as the probable income to be derived. The standard of prudence to be used by investment officials shall be the “prudent person” standard and shall be applied in the context of managing an overall portfolio. The primary objective, in order of priority, shall be:

• Legality – conformance with federal, state and other legal requirements • Safety – preservation of capital and protection of investment principal • Liquidity – maintenance of sufficient liquidity to meet operating requirements • Yield – attainment of market rates of return

The portfolio is reviewed periodically as to its effectiveness in meeting the College’s needs for safety, liquidity, rate of return, diversification and its general performance.

Credit ratings for the College’s investments in debt securities as described by Standard & Poor’s and Moody’s at June 30, 2011 (excluding investments in U.S. Treasuries which are not considered to have credit risk) are as follows:

Investment Type AAA/Aaa AA/Aa A/AU.S. Agencies 100% 0% 0%Repurchase Agreements 100% 0% 0%Money Market Mutual Fund 100% 0% 0%

Disclosure Ratings for Debt Securities (S&P/Moody's)(As a percentage of total fair value for debt securities)



(Continued)

27.

NOTE 4 - DEPOSITS AND INVESTMENTS (Continued) Custodial Credit Risk: For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the College will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The following is the College’s policy relating to custodial credit risk.

All security transactions, including collateral for repurchase agreements, entered into by the College shall be conducted on a delivery-versus-payment (DVP) basis. Securities will be held by an independent third party custodian designated by the Treasurer. The safekeeping department of the bank designated will be considered to be a third party for the purposes of safekeeping of securities. Securities purchased through a broker/dealer may be held by the broker as long as they are registered in the name of the College and they meet other credit requirements. Banks that place purchased securities or securities that are provided as collateral by that bank into that bank’s Trust Department shall be considered to have complied with the third party safekeeping requirements. Financial institutions must collateralize all deposits in excess of $250,000 to 110% of market value.

Acceptable collateral will include the following:

1. Bonds, notes, certificates of indebtedness, treasury bills, or other securities now or hereafter issued which are guaranteed by the full faith and credit of the United States of America as to principal and interest

2. Bonds issued by Moraine Valley Community College 3. Obligations of United States Government Agencies

All investments requiring collateral in accordance with the above section shall be witnessed by a written agreement and held at an independent, third-party institution in the name of the College. The College was fully collateralized as of June 30, 2011. The only exception to this collateralization policy is limited to funds invested for capital construction projects which the College Treasurer will be authorized to determine appropriate collateralization levels based on cash flow needs necessary for the College to complete construction projects. Concentration of Credit Risk: The total deposits in any one financial institution may not exceed 75% of the capital stock and surplus of that institution, in accordance with the most recent call report of that institution. Further, unless specifically authorized by the Board of Trustees, the Treasurer shall not have deposits in excess of $22,000,000 in any one financial institution regardless of the calculation mentioned in this section.



(Continued)

28.

NOTE 4 - DEPOSITS AND INVESTMENTS (Concluded)

More than 5% of investments (other than United States Government and United States Government Guaranteed Obligations) are invested in the following: Investment Percentage Federal National Mortgage Association 10.6% Federal Home Loan Mortgage Corporation 8.6% Federal Home Loan Banks 7.5%

The following is a reconciliation of Deposits and Investments to the Statement of Net Assets:

June 30, 2011Deposits and InvestmentsCash 13,074,500$ Certificates of Deposit 51,939,741 Investments

U.S.Agencies 27,840,935 Repurchase Agreements 4,451,429 Money Market Mutual Fund 2,216,567

Totals 99,523,172$

Statement of Net AssetsCash and Cash Equivalents 18,670,448$ Short-term Investments 52,360,330 Long-term Investments 28,492,394 Totals 99,523,172$

NOTE 5 - LONG TERM OBLIGATIONS

A schedule of the College’s long-term debt activity for the year ended June 30, 2011 is as follows:

Balance Balance Due withinJuly 1, 2010 Additions Retirements June 30, 2011 one year

General Obligation Bonds 80,885,000$ -$ (2,035,000)$ 78,850,000$ 2,170,000$ Add: Bond Premium 3,510,953 - (170,853) 3,340,100 - Compensated Absences 1,386,344 1,070,067 (1,039,758) 1,416,653 1,062,490 Retirement Benefit Oblig. 1,009,880 - (267,768) 742,112 250,095 Total 86,792,177$ 1,070,067$ (3,513,379)$ 84,348,865$ 3,482,585$

In addition to the principal retired during the year, the College incurred $3,771,131 of interest expense on General Obligation Bonds.



(Continued)

29.

NOTE 5 - LONG TERM OBLIGATIONS (Continued) The General Obligation Bonds Repayment Schedule at June 30, 2011 is as follows: In November 2007, the College issued Community College Bonds Series 2007B in the amount of $73,750,000. These proceeds were used to i) build, equip, alter and repair buildings of the District, including additional facilities for computer technology upgrades, job training and retraining programs, new and improved science and other instructional facilities, and additional facilities for student services and ii) paying certain costs associated with the issuance of the bonds. Repayment of these bonds will be funded through an ad valorem tax levy on all of the taxable property located within the College district.

Bond Issue Date November 8, 2007 Current Portion $2,070,000 Long-term Portion $66,580,000 Interest Rate 3.750% to 5.000% Final Payment Date December 1, 2025 Payment Dates June 1 and December 1, as set forth below

Year Ending TotalJune 30 Principal Interest Debt Service

2012 2,070,000$ 3,251,425$ 5,321,425$ 2013 2,570,000 3,158,625 5,728,625 2014 2,780,000 3,051,625 5,831,625 2015 2,950,000 2,937,025 5,887,025 2016 3,520,000 2,798,825 6,318,825

2017 - 2021 22,130,000 11,106,063 33,236,063 2022 - 2026 32,630,000 4,192,500 36,822,500

Totals 68,650,000$ 30,496,088$ 99,146,088$



(Continued)

30.

NOTE 5 - LONG TERM OBLIGATIONS (Continued) In December 2006, the College issued Community College Bonds Series 2006 in the amount of $10,000,000. These proceeds were used to i) build, equip, alter and repair buildings of the District, including additional facilities for computer technology upgrades, job training and retraining programs, new and improved science and other instructional facilities, and additional facilities for student services and ii) paying certain costs associated with the issuance of the bonds. Repayment of these bonds will be funded through an ad valorem tax levy on all of the taxable property located within the College district.

Bond Issue Date December 12, 2006 Current Portion $- Long-term Portion $10,000,000 Interest Rate 4.000% to 4.375% Final Payment Date December 1, 2026 Payment Dates June 1 and December 1, as set forth below


2012 -$ 432,025$ 432,025$ 2013 - 432,025 432,025 2014 - 432,025 432,025 2015 - 432,025 432,025 2016 - 432,025 432,025

2017 - 2021 - 2,160,125 2,160,125 2022 - 2026 1,460,000 2,130,925 3,590,925

2027 8,540,000 186,813 8,726,813 Totals 10,000,000$ 6,637,988$ 16,637,988$



(Continued)

31.

NOTE 5 - LONG TERM OBLIGATIONS (Continued) In January 2007, the College issued Community College Bonds Series 2007 in the amount of $5,250,000. These proceeds were used to i) build, equip, alter and repair buildings of the District, including additional facilities for computer technology upgrades, job training and retraining programs, new and improved science and other instructional facilities, and additional facilities for student services and ii) paying certain costs associated with the issuance of the bonds. Repayment of these bonds will be funded through an ad valorem tax levy on all of the taxable property located within the College district.

Bond Issue Date January 11, 2007 Current Portion $100,000 Long-term Portion $100,000 Interest Rate 4.000% to 5.000% Final Payment Date December 1, 2012 Payment Dates June 1 and December 1, as set forth below


2012 100,000$ 6,000$ 106,000$ 2013 100,000 2,000 102,000 Totals 200,000$ 8,000$ 208,000$

Operating Leases: On October 1, 2004 the College entered into an eight year lease with A.M. Realty Western LLC, to lease space for the Blue Island extension site located at 12940 S. Western Avenue in Blue Island, Illinois. Under the terms of a non-cancelable operating lease agreement the College is required to make lease payments plus a pro rate share of certain operating costs and property taxes. Rent expense under the operating lease was $63,920 for the year ended June 30, 2011. The College purchased the building during fiscal year ended June 30, 2011 that ended the lease.

In fiscal year 2007, the College entered into a five-year lease agreement with Xerox Corporation. The lease allowed the College to replace copiers throughout the campus. The terms of the agreement call for a standard monthly fee unique to each machine plus additional charges for copies made above the allotted amount. The last scheduled payment date occurs on December 31, 2011. Rental expense under the operating lease was $35,892 for the year ended June 30, 2011.



(Continued)

32.

NOTE 5 - LONG TERM OBLIGATIONS (Concluded) The following is a schedule of future lease payments under the operating lease as of June 30, 2011.

Year ending June 30:

2012 $ 20,936 In fiscal year 2010, the College entered into a five-year lease agreement with Xerox Corporation. The lease allowed the College to replace copiers throughout the campus. The terms of the agreement call for a standard monthly fee unique to each machine plus additional charges for copies made above the allotted amount. The last scheduled payment date occurs on December 31, 2014. Rental expense under the operating lease was $251,669 for the year ended June 30, 2011. The following is a schedule of future lease payments under the operating lease as of June 30, 2011. Year ending June 30:

2012 $ 251,669 2013 226,827 2014 201,986 2015 100,993 Total $ 781,475

Compensated Absences: See Note 1. Early Retirement Incentive Obligation: See Note 1.



(Continued)

33.

NOTE 6 - CAPITAL ASSETS

The following table presents the changes in the various capital asset categories for fiscal year 2011

Balance BalanceJuly 1, 2010 Additions Retirements June 30, 2011

Capital Assets, not Being Depreciated: Land 5,848,757$ -$ -$ 5,848,757$ Construction in Progress 19,419,182 1,796,071 (19,419,181) 1,796,072

Capital Assets, Being Depreciated: Land Improvements 11,873,007 - - 11,873,007 Buildings and Improvements 149,050,745 25,250,432 - 174,301,177 Equipment 6,745,373 202,915 (26,533) 6,921,755 Technology 1,449,686 4,795,497 - 6,245,183 Total Capital Assets Being Depreciated 169,118,811 30,248,844 (26,533) 199,341,122

Total Cost 194,386,750$ 32,044,915$ (19,445,714)$ 206,985,951$

A summary of changes in the accumulated depreciation by asset categories for fiscal year 2011 follows:

Balance BalanceJuly 1, 2010 Additions Retirements June 30, 2011

Land Improvements 4,235,118$ 418,360$ -$ 4,653,478$ Buildings and Improvements 40,429,556 3,508,192 - 43,937,748 Equipment 3,519,086 419,016 (26,533) 3,911,569 Technology 819,757 626,982 - 1,446,739 Total Accumulated Depreciation 49,003,517$ 4,972,550$ (26,533)$ 53,949,534$

Net Capital Assets 145,383,233$ 153,036,417$



(Continued)

34.

NOTE 7 - STATE UNIVERSITIES RETIREMENT SYSTEM

Plan Description: The College’s employees contribute to the State Universities Retirement System of Illinois (SURS), a cost-sharing multiple-employer defined benefit pension plan with a special funding situation whereby the State of Illinois makes substantially all actuarially determined required contributions on behalf of the participating employers. SURS was established July 21, 1941 to provide retirement annuities and other benefits for staff members and employees of the state universities, certain affiliated organizations, and certain other state educational and scientific agencies and for survivors, dependents, and other beneficiaries of such employees. SURS is considered a component unit of the State of Illinois’ financial reporting entity and is included in the state’s financial reports as a pension trust fund. SURS is governed by Section 5/15, Chapter 40, of the Illinois Compiled Statutes. SURS issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by accessing the website www.SURS.org or calling 1-800-275-7877. Funding Policy: Plan members are required to contribute 8.0% of their annual covered salary and substantially all employer contributions are made by the State of Illinois on behalf of the individual employers at an actuarially determined rate. The rate for 2011 was 24.21%, of annual covered payroll. The contribution requirements of plan members and employers are established and may be amended by the Illinois General Assembly. Substantially all employer contributions are made by the State of Illinois on behalf of the individual employers at an actuarially determined rate. The employer contributions to SURS for the years ending June 30, 2011, 2010, and 2009 were $8,957,450 $7,574,332, and $4,543,683, respectively. The College contributions were in accordance with the actuarially determined requirement for each year. NOTE 8 – RETIREE HEALTH PLAN Plan Description: In addition to the pension plan described in Note 7, the College contributes to the state of Illinois Community College Health Insurance Security Fund (CIP), a cost-sharing multiple-employer defined benefit postemployment healthcare plan administered by the state of Illinois. CIP provides health, vision and dental benefits to retired staff and dependent beneficiaries of participating Community Colleges. The benefits, employer, employee, retiree and state contributions are dictated by Illinois Compiled Statutes (ILCS) through the State Group Insurance Act of 1971 (Act) and can only be changed by the Illinois General Assembly. Separate financial statements, including required supplementary information, may be obtained from the Department of Healthcare and Family Services, 201 South Grand Avenue East, Springfield, Illinois 62763. The Act requires every active contributor (employee) of SURS to contribute 0.5% of covered payroll and every community college district to contribute 0.5% of covered payroll. Retirees pay a premium for coverage that is also determined by ILCS. The State Pension Funds Continuing Appropriation Act (40/ILCS 15/1.4) requires the State of Illinois to make an annual appropriation to the CIP to cover any expected expenditures in excess of the contributions by active employees, employers and retirees. The result is pay as you go financing of the plan. The employer contributions to the Plan for the years ending June 30, 2011, 2010, and 2009 were $187,855, $172,374, and $159,830, respectively. The College contributions were equal to the required contributions for each year.



(Concluded)

35.

NOTE 8 – RETIREE HEALTH PLAN (Concluded) As disclosed in Note 1, the State contribution to the CIP plan is reported as an “on-behalf-payment” in accordance with GASB Statement No. 24, Accounting and Financial Reporting for Certain Grants and Other Financial Assistance. NOTE 9 – CONTINGENT LIABILITIES AND COMMITMENTS The College had construction commitments of $1,167,258 as part of the campus expansion project as of June 30, 2011. The District has received federal and state grants for specific purposes that are subject to review and audit by the grantor agencies. Such audits could lead to requests for reimbursements to the grantor agency for expenses disallowed under terms of the grants. Management believes such disallowances, if any, would be immaterial.


SUPPLEMENTARY INFORMATION June 30, 2011

36.

The following supplementary information is maintained for management information purposes.

EXHIBIT 1

Salaries Benefits Services Supplies Utilities Other TotalsInstruction 26,222,461$ 7,494,562$ 532,849$ 1,382,657$ 27,988$ 719,912$ 36,380,429$ Academic Support 3,808,173 1,477,022 255,587 975,025 1,879 186,344 6,704,030 Student Services 5,890,182 2,263,310 805,599 607,270 677 555,963 10,123,001 Public Services 151,371 55,334 90,131 19,946 - 21,776 338,558 Operations and Maintenance of Plant 3,670,887 1,573,513 2,949,214 1,960,749 1,926,836 265,864 12,347,063 Institutional Support 8,177,038 3,424,581 2,581,893 1,918,450 80,397 654,951 16,837,310 Auxiliary Enterprises 3,428,356 1,293,611 475,046 4,495,503 32,674 313,472 10,038,662 Financial Aid - - - - - 9,658,719 9,658,719 Depreciation - - - - - 4,972,550 4,972,550

Totals 51,348,468$ 17,581,933$ 7,690,319$ 11,359,600$ 2,070,451$ 17,349,551$ 107,400,322$

MORAINE VALLEY COMMUNITY COLLEGE COMMUNITY COLLEGE DISTRICT NUMBER 524SCHEDULE OF MANAGEMENT INFORMATION

DETAIL OF OPERATING EXPENSES BY FUNCTION AND OBJECTYEAR ENDED JUNE 30, 2011

37.

EXHIBIT 2


SCHEDULE OF EXPENDITURES FOR TORT IMMUNITY PURPOSESYEAR ENDED JUNE 30, 2011

General Liability 243,397$ Workmens' Compensation Insurance 317,630 Unemployment Insurance 119,404 Contractual Service 1,200

Total Tort Immunity Purposes Expenditures 681,631$

Since the College levies property taxes for tort immunity/liability insurance purposes, asrequired by Public Act 91-068 passed by the Illinois General Assembly, the College isincluding the above list of tort immunity purposes expenditures in its annual financialreport.

The College's tax extension for tort immunity/liability insurance for tax year 2010 aslevied by Cook County was $815,730. Any shortfall to cover expenditures in excess oftaxes collected is derived from previous years' excess or other general fund revenuesof the College. Any excess of revenues over expenditures is carried forward tosubsequent fiscal years subject to a statutory formula.

38.

MORAINE VALLEY COMMUNITY COLLEGEStatistical Section


MORAINE VALLEY COMMUNITY COLLEGE COMMUNITY COLLEGE DISTRICT NO. 524

STATISTICAL SECTION (UNAUDITED)

This part of the College’s Statistical section of the comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the College’s overall financial health. Contents Page Financial Trends 39-42 These schedules contain trend information to help the reader understand how the College’s financial performance and well-being have changed over time. Revenue Capacity 43-53 These schedules contain information to help the reader assess the College’s most significant local revenue source, the property tax. Debt Capacity 54-62 These schedules represent information to help the reader assess the affordability of the College’s current levels of outstanding debt and the city’s ability to issue additional debt in the future. Demographic and Economic Information 63-70 These schedules offer demographic and economic indicators to help the reader understand the environment within which the College’s financial activities take place. Operating Information 71-76 These schedules contain service and infrastructure data to help the reader understand how the information in the college’s financial

report relates to the services the College provides and the activities it performs.

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The College implemented GASB Statement 34 in 2002; schedules presenting government-wide information include information beginning in that year.

2011 2010 2009 2008Net Assets:

Invested in Capital Assets Net of Related Debt 71,487,797$ 64,047,551$ 63,194,665$ 62,380,916$

RestrictedScholarships 187,171 273,661 307,586 307,512Capital Projects 13,683,498 20,638,922 20,007,878 14,158,760Restricted for Debt Service 1,690,156 1,545,456 1,311,848 3,199,615Technology 3,829,740 4,618,675 5,285,429 4,891,662Working Cash 6,464,261 6,464,261 6,464,261 6,464,261Other 1,828,439 1,769,574 2,490,088 1,075,008

Unrestricted 67,471,600 65,911,205 59,647,090 55,881,802

Total Net Assets 166,642,662$ 165,269,305$ 158,708,845$ 148,359,536$

Source: College Records

Notes: (1) During fiscal year 2006 the College changed the capitalization threshold from 2,500 to 10,000. This statement reflects this change retroactively

(2) Beginning in fiscal year 2011, the College began displaying additional categories of restricted ne assets that were previously included in the “other” category. This statement reflects this change retroactively. The balances for these additional categories for fiscal year 2002 are not available.

NET ASSETS BY COMPONENTFINANCIAL TRENDS


LAST TEN FISCAL YEARS

39.

TABLE 1

2007 2006 (1) 2005 2004 2003 2002

52,674,474$ 49,076,114$ 49,729,887$ 47,038,687$ 47,771,463$ 46,553,572$

291,196 278,508 303,931 375,450 290,035 297,050 6,954,917 6,732,094 5,322,791 6,119,925 6,041,076 5,965,768 2,561,283 2,456,216 3,109,516 2,886,280 2,686,311 2,629,835 3,709,258 2,952,269 2,879,810 2,876,745 2,666,955 (2)6,464,261 6,464,261 6,464,261 6,464,261 6,464,261 6,464,261

804,292 698,515 586,496 678,344 1,024,514 2,439,294

58,505,965 54,389,159 50,801,485 46,391,580 42,910,223 39,794,668

131,965,646$ 123,047,136$ 119,198,177$ 112,831,272$ 109,854,838$ 104,144,448$

40.

2011 2010 2009 2008

OPERATING REVENUESStudent Tuition and Fees (net of scholarship allowances) 28,667,883$ 27,289,153$ 25,530,678$ 22,563,915$ Auxiliary Enterprise Revenue: 7,209,618 7,706,139 7,601,553 7,966,925 Chargeback Revenue 15,854 38,487 62,769 84,687 Other Operating Revenues 2,017,446 1,562,284 1,258,039 959,951

Total Operating Revenues 37,910,801 36,596,063 34,453,039 31,575,478

OPERATING EXPENSESInstruction 36,380,429 32,609,666 29,382,619 27,332,136 Academic Support 6,704,030 6,510,210 5,607,265 5,009,679 Student Services 10,123,001 8,924,818 7,775,475 6,887,438 Public Services 338,558 886,260 813,907 747,265 Operation and Maintenance 12,347,063 15,993,215 10,574,404 7,463,041 Institutional Support 16,837,310 16,111,669 16,478,121 14,796,438 Auxiliary Enterprises 10,038,662 9,621,183 9,172,894 9,123,821 Financial Aid 9,658,719 6,794,301 4,735,530 4,217,361 Depreciation 4,972,550 3,976,924 2,521,275 2,395,949

Total Operating Expenses 107,400,322 101,428,246 87,061,490 77,973,128 Operating Income (Loss) (69,489,521) (64,832,183) (52,608,451) (46,397,650)

NON-OPERATING REVENUES (EXPENSES)State Appropriations 20,328,020 19,809,643 18,643,082 16,991,608 Local Tax Revenue 32,278,069 32,382,364 29,828,329 31,835,073 Federal Grants and Contracts 20,502,822 16,800,477 10,715,001 8,592,989 Local Sources 586,058 631,089 391,788 381,779 Investment Income 736,575 1,801,678 4,527,529 6,061,539 Interest on Capital Asset-Related Debt (3,632,753) (49,188) (1,171,789) (1,788,980)

Net Non-Operating Revenues (Expenses) 70,798,791 71,376,063 62,933,940 62,074,008 Net Income Before Capital Contributions 1,309,270 6,543,880 10,325,489 15,676,358

CAPITAL CONTRIBUTIONSState Capital Appropriations 64,087 16,580 23,820 717,532 Total Capital Contributions 64,087 16,580 23,820 717,532

CHANGE IN NET ASSETS 1,373,357$ 6,560,460$ 10,349,309$ 16,393,890$

Source: Moraine Valley Community College Financial Records.

Notes:

(1) Increase in operating expenses and state appropriations for fiscal year 2004 is due to a one-time special State Universities Retirement System on-behalf appropriation of $16,743,330.

(2) The College is subject to two property tax caps in Illinois whereby the increase in the levy from year to year is limited to the lesser of the consumer price index for the State as determined by the Illinois Department of Revenue, and individual rates are limited by maximum rates established by Illinois Compiled Statutes.


FINANCIAL TRENDS CHANGES IN NET ASSETSLAST TEN FISCAL YEARS

41.

TABLE 2

2007 2006 2005 2004 2003 2002

21,454,011$ 19,645,872$ 19,342,722$ 16,251,477$ 14,164,062$ 14,165,938$ 7,871,990 7,747,875 7,484,479 7,324,510 7,590,761 6,793,242

36,229 74,351 75,623 62,600 43,396 36,933 667,576 600,007 381,925 682,828 550,812 567,143

30,029,806 28,068,105 27,284,749 24,321,415 22,349,031 21,563,256

25,508,362 25,223,345 24,090,982 31,710,631 21,082,827 19,923,567 4,927,290 4,940,446 5,234,333 5,261,624 4,772,992 4,001,359 7,186,156 6,758,015 6,821,124 8,593,429 6,503,633 5,784,101

949,609 960,904 992,085 1,064,721 1,250,500 1,211,663 7,616,517 7,552,515 7,944,587 7,108,932 5,420,093 5,522,880

14,881,329 12,454,609 12,703,760 14,427,801 11,531,595 12,066,969 7,947,078 7,334,327 6,939,834 7,061,333 6,773,260 6,736,393 3,708,636 3,535,614 3,611,946 2,981,768 2,739,831 2,431,721 2,166,792 2,123,587 3,158,339 3,948,497 3,720,166 3,589,932

74,891,769 70,883,362 71,496,990 82,158,736 63,794,897 61,268,585 (44,861,963) (42,815,257) (44,212,241) (57,837,321) (41,445,866) (39,705,329)

16,211,595 15,535,528 15,550,897 30,831,885 17,175,195 16,751,860 22,194,183 21,563,865 22,093,512 21,067,684 20,494,669 19,490,194

8,372,240 8,428,390 8,438,017 7,168,924 7,129,652 4,686,413 414,220 310,830 377,752 319,964 219,390 219,381

4,639,417 3,129,885 1,769,707 1,145,890 1,579,667 2,398,689 (434,964) (133,322) (269,208) (344,423) (464,119) (548,574)

51,396,691 48,835,176 47,960,677 60,189,924 46,134,454 42,997,963 6,534,728 6,019,919 3,748,436 2,352,603 4,688,588 3,292,634

2,383,782 - 1,137,747 - - - 2,383,782 - 1,137,747 - - -

8,918,510$ 6,019,919$ 4,886,183$ 2,352,603$ 4,688,588$ 3,292,634$

42.

Fiscal Levy Residential Commercial Industrial Farm RailroadYear Year Property Property Property Property Property

2011 2010 $ N/A $ N/A $ N/A $ N/A $ N/A

2010 2009 8,391,336,183 2,797,563,163 1,677,616,609 623,778 22,442,108

2009 2008 7,740,786,899 3,070,135,659 1,913,690,028 974,642 20,897,635

2008 2007 6,955,839,627 2,619,654,132 1,721,403,833 925,198 21,591,919

2007 2006 6,487,903,294 2,470,710,693 1,657,874,519 911,447 20,243,278

2006 2005 6,280,358,066 2,494,320,979 1,682,214,483 1,031,115 20,274,953

2005 2004 5,302,678,499 2,079,585,469 1,509,631,848 1,131,510 20,198,044

2004 2003 5,048,165,100 2,000,999,884 1,478,680,650 1,261,467 19,610,206

2003 2002 4,998,415,455 2,024,453,661 1,519,135,115 1,357,546 20,686,145

2002 2001 3,997,743,818 1,710,135,636 1,334,868,771 1,411,221 20,928,945

Source: Cook County Assessor's OfficeNote: The 2010 tax levy has not been finalized

LAST TEN LEVY YEARS


REVENUE CAPACITYASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY

43.

TABLE 3

Total Estimated Ratio of TotalTotal Taxable Direct Actual Assessed Value to

Assessed Tax Taxable Total EstimatedValue Rate Value Actual Value

12,844,448,092$ 0.256 38,537,197,996$ 33.33%

12,889,581,841 0.247 38,672,612,784 33.33%

12,746,484,863 0.247 38,243,005,296 33.33%

11,319,414,709 0.262 33,961,640,291 33.33%

10,637,643,231 0.270 31,916,721,365 33.33%

10,478,199,596 0.208 31,434,598,791 33.33%

8,913,225,370 0.253 26,739,676,110 33.33%

8,548,717,307 0.256 25,646,152,177 33.33%

8,564,047,922 0.245 25,720,248,250 33.30%

7,065,088,391 0.288 21,195,265,173 33.33%

44.

TABLE 4

FiscalYear Tax Taxes Levied Collections

Ended Levy Assessed for the Percentage in Subsequent PercentageJune 30, Year Value Fiscal Year Amount of Levy Years Amount of Levy

2011 2010 12,844,448,092$ 32,763,233$ 16,306,578$ 49.77% -$ 16,306,578$ 49.77%

2010 2009 12,889,581,841 31,770,742 15,902,141 50.05% 14,990,725 30,892,866 97.24%

2009 2008 12,746,484,863 31,389,089 14,116,980 44.97% 16,937,662 31,054,642 98.93%

2008 2007 11,319,414,709 29,555,451 13,307,602 45.03% 15,457,781 28,765,383 97.33%

2007 2006 10,637,643,231 28,749,407 10,398,839 36.17% 17,991,509 28,390,348 98.75%

2006 2005 10,478,199,596 21,714,331 11,370,766 52.37% 10,340,626 21,711,392 99.99%

2005 2004 8,913,225,370 22,538,567 10,414,329 46.21% 11,638,418 22,052,747 97.84%

2004 2003 8,548,717,307 21,821,982 10,051,423 46.06% 11,496,848 21,548,271 98.75%

2003 2002 8,564,047,922 20,976,157 10,072,748 48.02% 10,584,710 20,657,458 98.48%

2002 2001 7,065,088,391 20,292,278 9,638,396 47.50% 10,430,788 20,069,184 98.90%

Sources: Cook County Treasurer's Office and Moraine Valley Community College Financial Records

Note: Property taxes in Cook County, Illinois are due in two installments, March 1 and September 1 in the calendar year followingthe levy year. Approximately one-half of the total tax levy year is generally collected by June 30 of the following year

Collected within the Fiscal Year of the Levy Total Collections to Date


PROPERTY TAX LEVIES AND COLLECTIONSLAST TEN FISCAL YEARS

REVENUE CAPACITY

45.

Year of LevyCook County

Assessed Valuation Education Fund

Operations and Maintenance

Fund

Liability, Protection, and

Settlement Fund

Life Safety Fund

2010 12,844,448,092$ 18,597,031$ 6,090,965$ 815,730$ 955,865$ 2009 12,889,581,841 17,398,873 5,732,958 860,977 900,000 2008 12,746,484,863 17,010,112 5,496,594 1,141,707 916,117 2007 11,319,414,709 16,015,032 4,805,250 1,501,915 900,425 2006 10,637,643,231 15,408,679 4,617,007 1,520,603 871,112 2005 10,478,199,596 14,471,374 4,309,482 1,609,504 820,000 2004 8,913,225,370 13,903,835 3,983,952 1,480,684 860,397 2003 8,548,717,307 13,669,398 3,744,338 1,325,051 795,030 2002 8,564,047,922 13,428,427 3,682,540 967,737 779,328 2001 7,065,088,391 13,023,407 3,591,146 907,666 675,000

Tax Year Education Fund

Operations and Maintenance

Fund

Liability, Protection, and

Settlement Fund

Life Safety Fund

2010 0.1448 0.0474 0.0064 0.00742009 0.1350 0.0445 0.0067 0.00702008 0.1334 0.0431 0.0090 0.00722007 0.1415 0.0425 0.0133 0.00802006 0.1449 0.0434 0.0143 0.00822005 0.1381 0.0411 0.0154 0.00782004 0.1560 0.0447 0.0166 0.00972003 0.1599 0.0438 0.0155 0.00932002 0.1568 0.0430 0.0113 0.00912001 0.1843 0.0508 0.0128 0.0096

Sources: Cook County Treasurer's Office and Moraine Valley Community College Financial Records

Amount of Levy

Tax Rates (Per $100 of assessed valuation)


REVENUE CAPACITYASSESSED VALUATIONS, TAXES EXTENDED AND TAX RATES

LAST TEN TAX LEVY YEARS

46.

TABLE 5

Bond and Interest Fund Audit Fund

Social Security and

Medicare Fund Total

6,197,993$ 105,649$ -$ 32,763,233$ 6,136,634 102,000 639,300 31,770,742 6,135,321 94,666 594,572 31,389,089 5,732,679 60,029 540,121 29,555,451 5,773,532 50,647 507,827 28,749,407

- 31,000 472,971 21,714,331 1,840,482 28,013 441,204 22,538,567 1,843,632 25,646 418,887 21,821,982 1,749,872 25,692 342,561 20,976,157 1,770,059 25,000 300,000 20,292,278

Bond and Interest Fund Audit Fund

Social Security and

Medicare Fund Total

0.0483 0.0008 0.0000 0.25600.0476 0.0008 0.0050 0.24700.0481 0.0007 0.0047 0.24700.0506 0.0005 0.0048 0.26120.0543 0.0005 0.0038 0.2694

- 0.0003 0.0045 0.20720.0206 0.0003 0.0049 0.25280.0216 0.0003 0.0049 0.25530.0204 0.0003 0.0040 0.24490.0251 0.0004 0.0042 0.2872

47.

Taxing Bodies 2010 2009 2008 2007

City of Palos Hills 0.414 0.409 0.422 0.450School District #117 3.602 3.506 3.488 3.712School District #118 2.011 1.983 2.052 2.298North Palos Fire Protection District 0.701 0.691 0.694 0.734Green Hills Public Library District 0.288 0.285 0.290 0.309Consolidated High School District #230 1.812 1.764 1.801 1.926South Cook County Mosquito Abatement District 0.010 0.009 0.009 0.006Metropolitan Water Reclamation District 0.274 0.261 0.252 0.263General Assistance Palos 0.004 0.004 0.004 0.004Road and Bridge Palos 0.033 0.032 0.032 0.034Town of Palos 0.040 0.039 0.039 0.041Consol. Elections 0.000 0.021 0.000 0.012Suburban TB Sanitarium 0.000 0.000 0.000 0.000Forest Preserve District of Cook County 0.051 0.049 0.051 0.053County of Cook 0.423 0.394 0.415 0.446Total Overlapping Rate 9.663 9.447 9.549 10.288Moraine Valley Community College Dist 524 0.256 0.247 0.247 0.262

Total Rate 9.919 9.694 9.796 10.550

Moraine Valley Community College Dist 524 Percentage of Total 2.58% 2.55% 2.52% 2.48%

Source: Cook County, Illinois Tax Extension Division For Local Property Tax Payers of Palos Hills Village


REVENUE CAPACITYPROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS

FOR THE LAST TEN TAX LEVY YEARS

48.

TABLE 6

2006 2005 2004 2003 2002 2001

0.461 0.437 0.495 0.493 0.474 0.5713.755 3.531 3.495 2.759 2.687 3.5532.375 2.346 2.687 2.726 2.698 3.247

0.750 0.709 0.803 0.801 0.770 0.923

0.283 0.253 0.269 0.156 0.149 0.179

1.985 1.939 2.200 2.239 2.115 2.517

0.007 0.010 0.012 0.013 0.011 0.015

0.284 0.315 0.347 0.361 0.371 0.4010.004 0.003 0.004 0.004 0.004 0.0040.034 0.033 0.038 0.039 0.037 0.0440.041 0.039 0.043 0.045 0.043 0.0500.000 0.014 0.000 0.029 0.000 0.0320.005 0.005 0.001 0.004 0.006 0.007

0.057 0.060 0.060 0.059 0.061 0.0670.500 0.386 0.593 0.630 0.690 0.74610.541 10.080 11.047 10.358 10.116 12.356

0.270 0.208 0.253 0.256 0.245 0.288

10.811 10.288 11.300 10.614 10.361 12.644

2.50% 2.02% 2.24% 2.41% 2.36% 2.28%

49.

Equalized Percentage ofAssessed Total Assessed

Taxpayer Type of Business Valuation Rank Valuation

Simon Properties IRC Shopping Center 145,189,964$ 1 1.13%

Double Tree IRC Hotel 85,810,221 2 0.67%

WLFD Processing Dept./Chicago Ridge Mall Shopping Center 68,236,733 3 0.53%

Wal-Mart Stores Discount Department Stores 54,312,973 5 0.42%

Bradley Partnership Shopping Center 56,289,308 4 0.44%

CJFI CONAI HIFFMAN Shopping Center 39,138,933 6 0.30%

New Plan Exel Properties Shopping Center 33,617,145 7 0.26%

Target Discount Department Store 32,981,976 8 0.26%

Fedex Shipping Company 31,504,325 9 0.24%

Home Depot DIY Retail Store 29,067,662 10 0.23%

TOTAL 576,149,240$ 4.47%

TOTAL ASSESSED VALUATION 12,889,581,841$

Sources: Cook County Clerks Office 2009 latest available information

2009 TAX LEVY YEAR


PRINCIPAL PROPERTY TAXPAYERS2009 TAX LEVY YEAR AND NINE YEARS AGO

REVENUE CAPACITY

50.

TABLE 7

Equalized Percentage ofAssessed Total Assessed

Taxpayer Type of Business Valuation Rank Valuation

Robin Realty Management Shopping Center 14,632,509$ 1 0.22%

Manor Care Assessment Management Nursing Home 8,956,258 2 0.13%

Burr Wolf 6,373,974 3 0.09%

KRCV-(Big K Mart) Retail Sales 6,167,989 4 0.09%

Hilton Inn Oak Lawn Hotel 5,842,604 5 0.09%

Fifth Third Bank Bank Facilities 3,978,938 6 0.06%

Oak Lawn Association Retail Sales 3,920,411 7 0.06%

Advocate Accounting Apartments, single family homes 3,633,199 8 0.05%

Evangelical Hospital Corp/EHC (housing for doctors & nurses),

Accounting (Christ Hospital and classrooms, doctor's office Medical Center building and parking lots

National Tax Search LLC Shopping Centers 3,289,837 9 0.05%

W & K Sales 3,053,269 10 0.05%

59,848,988$ 0.89%

6,734,351,758$

2000 TAX LEVY YEAR

51.

Out of Out ofIn District District State

Tuition and Tuition and Tuition andFTE Headcount Headcount Fees per Fees per Fees per

Credit Credit Noncredit Semester Semester SemesterFiscal Year Courses Courses Courses Hour Hour Hour

2011 10,846 17,387 1,200 100$ 247$ 289$

2010 10,851 17,774 1,297 92 237 277

2009 10,360 17,477 1,259 82 227 267

2008 9,678 15,859 1,286 74 214 257

2007 9,447 15,693 1,460 72 204 247

2006 9,532 15,929 1,445 69 204 247

2005 9,515 16,077 1,309 64 204 247

2004 9,145 15,780 1,460 58 204 247

2003 8,286 14,480 1,817 56 199 241

2002 7,827 14,033 1,747 56 202 244

Source: College records


REVENUE CAPACITYENROLLMENT, TUITION, AND FEE RATES, CREDIT HOURS,

AND FEE REVENUES GENERATED

Fall Term Enrollment


Tuition and Fee Rates

52.

TABLE 8

AuxiliaryEnterprises

Education & Other TotalFund Funds All Funds

43,543,864$ 1,857,292$ 45,401,156$

36,488,500 2,057,396 38,545,896

31,028,315 2,038,027 33,066,342

27,330,495 1,639,880 28,970,375

26,638,345 1,875,558 28,513,903

24,754,954 2,001,750 26,756,704

24,016,440 1,898,102 25,914,542

20,651,262 2,175,257 22,826,519

18,273,393 2,830,059 21,103,452

17,949,484 2,633,212 20,582,696

Tuition and Fee Revenues

53.

TABLE 9

Ratio ofTotal

Net Ratio of Outstanding General Net General Total Debt to Net

Fiscal Bonded Assessed Bonded Debt to Personal Personal Bonded DebtYear Debt Value Assessed Value Population Income Income Per Capita2011 78,850,000$ 12,844,448,092$ 0.61% 388,606 8,656,044,894$ 0.91% 203$ 2010 80,885,000 12,889,581,841 0.63% 376,000 8,656,044,894 0.93% 215 2009 82,845,000 12,746,484,863 0.65% 376,000 8,656,044,894 0.96% 220 2008 84,150,000 11,319,414,709 0.74% 376,000 8,656,044,894 0.97% 224 2007 15,250,000 10,637,643,231 0.14% 376,000 8,656,044,894 0.18% 41 2006 - 10,478,199,596 0.00% 376,000 8,656,044,894 0.00% - 2005 - 8,913,225,370 0.00% 376,000 8,656,044,894 0.00% - 2004 800,589 8,548,717,307 0.01% 376,000 8,656,044,894 0.01% 2 2003 2,515,641 3,564,047,922 0.07% 376,000 8,656,044,894 0.03% 7 2002 3,992,281 7,065,088,391 0.06% 376,000 8,656,044,894 0.05% 11

Sources: Cook County Treasurer's Office, College Records and U.S. Bureau of the Census

AND NET GENERAL OBLIGATION BONDED DEBT PER CAPITALAST TEN FISCAL YEARS


RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND PERSONAL INCOME

DEBT CAPACITY

54.

2011 2010 2009 2008 2007Debt General Bond Debt 78,850,000$ 80,885,000$ 82,845,000$ 84,150,000$ 15,250,000$

Capital Lease Obligations - - 199,652 480,562 740,271

Total Outstanding Debt 78,850,000$ 80,885,000$ 83,044,652$ 84,630,562$ 15,990,271$

Per Student 2,142.08$ 2,188.57$ 2,374.06$ 2,374.53$ 435.28$

Percentage of Personal Income 0.91% 0.93% 0.96% 0.98% 0.18%

Source: Moraine Valley Community College Financial Records

Notes: Debt per student is calculated using unduplicated credit and non-credit enrollment total for the fiscal year. Information for 2002 not available

(1) - Less than 0.01%


DEBT CAPACITYSCHEDULE OF RATIOS OF OUTSTANDING DEBT

LAST NINE FISCAL YEARS

55.

TABLE 10

2006 2005 2004 2003

-$ -$ 800,589$ 2,515,641$

350,293 387,253 272,239 272,933

350,293$ 387,253$ 1,072,828$ 2,788,574$

9.75$ 11.37$ 31.68$ 80.85$

(1) (1) 0.01% 0.03%

56.

TABLE 11PAGE 1 OF 3

Taxing DistrictBonds

Overlapping Percent AmountDirectMoraine Valley Community College District 524 78,850,000$ (4) 100.000% 78,850,000$

OverlappingCounty and Township Special Service Areas:Cook County 3,499,615,000 7.235% 253,197,145 Cook County Forest Preserve 101,935,000 7.235% 7,374,997 Lyons Township 9,165,000 19.236% 1,762,979 Worth Township Special Service Area 1 255,000 100.000% 255,000

Fire Protection Districts:Orland Fire District 5,750,000 100.000% 5,750,000

Library Districts:Stickney-Forestview Library District 655,000 44.880% 293,964 Summit Library District 4,725,000 93.748% 4,429,593

Municipalities: Village of Alsip 18,780,000 (1) 100.000% 18,780,000 Alsip Special Service Area 14 87,798 100.000% 87,798 Village of Bedford Park 33,770,000 100.000% 33,770,000 City of Blue Island & Library 4,515,000 (1) 96.440% 4,354,266 Village of Bridgeview & Library 64,285,000 (1) 100.000% 64,285,000 City of Burbank 10,225,000 100.000% 10,225,000 Burbank Special Service Area 36 49,000 100.000% 49,000 Village of Calumet Park & Library 2,800,000 (1) 100.000% 2,800,000 Village of Chicago Ridge & Library 6,550,000 100.000% 6,550,000 Village of Evergreen Park & Library 11,740,000 100.000% 11,740,000 Village of Forest View 2,275,000 53.469% 1,216,420 City of Hickory Hills 1,301,000 (1) 100.000% 1,301,000 Village of Justice 700,000 (1) 100.000% 700,000 Village of Lyons 6,985,000 (1) 0.012% 838 Village of Merrionette Park 260,000 100.000% 260,000 Village of Midlothian & Library 13,710,000 (1) 1.959% 268,579 City of Oak Forest** 31,295,000 14.587% 4,565,002 Village of Oak Lawn & Library 49,965,302 (1) 100.000% 49,965,302 Oak Lawn Special Service Area 2001-1 4,520,000 100.000% 4,520,000 Village of Orland Park & Library 79,435,000 99.138% 78,750,270 City of Palos Heights 4,223,327 100.000% 4,223,327 Village of Posen 2,265,000 (1) 0.026% 589 Village of Robbins 620,000 (1) 99.904% 619,405 Village of Summit 123,000 (1) 94.014% 115,637 Summit Special Service Area 5 199,000 100.000% 199,000 Village of Tinley Park & Library 55,210,000 53.683% 29,638,384 Village of Willow Springs 2,560,000 (1) 39.957% 1,022,899 Village of Worth 480,000 (1) 100.000% 480,000

JUNE 30, 2011


COMPUTATION OF DIRECT AND OVERLAPPING DEBT*GENERAL OBLIGATION BONDS

DEBT CAPACITY

57.

TABLE 11PAGE 2 OF 3


Overlapping Percent Amount

Park Districts:Alsip Park District 4,355,000$ 100.000% 4,355,000$ Bedford Park Park District 1,885,000 100.000% 1,885,000 Blue Island Park District 452,400 96.246% 435,417 Bridgeview Park District 520,000 (1) 100.000% 520,000 Burbank Park District 2,530,000 100.000% 2,530,000 Central Stickney Park District 630,000 98.695% 621,779 Chicago Ridge Park District 307,700 (1) 100.000% 307,700 Hickory Hills Park District 2,355,000 100.000% 2,355,000 Justice Park District 65,000 100.000% 65,000 Midlothian Park District 243,000 1.960% 4,763 Mokena Community Park District and Mokena Community 2005 Bond 2,360,000 (2) 11.298% 266,633 Oak Forest Park District 1,551,770 8.398% 130,318 Oak Lawn Park District 1,725,000 (1) 100.000% 1,725,000 Pleasantdale Park District 995,000 (1) 0.646% 6,428 Summit Park District 233,700 93.694% 218,963 Tinley Park Park District 11,815,000 65.971% 7,794,474 Worth Park District 281,654 (2) 100.000% 281,654

Sanitary Districts:Metropolitan Water Reclamation District 1,974,078,439 (3) 7.384% 145,765,952 South Palos Twp Sanitary District 854,000 100.000% 854,000

School Districts:School District #104 32,010,000 97.127% 31,090,353 School District #108 5,040,000 100.000% 5,040,000 School District #109 11,135,000 100.000% 11,135,000 School District #111 12,813,686 (2) 100.000% 12,813,686 School District #117 19,920,000 100.000% 19,920,000 School District #118 4,510,000 100.000% 4,510,000 School District #122 26,498,700 (2) 100.000% 26,498,700 School District #123 35,680,072 (2) 100.000% 35,680,072 School District #124 7,745,000 100.000% 7,745,000 School District #125 4,388,550 (2) 100.000% 4,388,550 School District #126 7,095,000 100.000% 7,095,000 School District #127 4,689,914 (2) 100.000% 4,689,914 School District #127-1/2 7,635,000 100.000% 7,635,000 School District #128 5,155,000 100.000% 5,155,000 School District #130 14,487,660 100.000% 14,487,660 School District #132 4,724,000 99.409% 4,696,081 School District #135 19,895,000 (1) 100.000% 19,895,000 School District #140 7,450,622 (2) 100.000% 7,450,622 School District #142 12,315,193 (2) 15.194% 1,871,170 School District #143 1,875,000 31.224% 585,450 School District #143 1/2 3,690,000 37.780% 1,394,082 School District #146 28,095,000 51.905% 14,582,710

DEBT CAPACITYCOMPUTATION OF DIRECT AND OVERLAPPING DEBT*

GENERAL OBLIGATION BONDSJUNE 30, 2011


58.

TABLE 11PAGE 3 OF 3


Overlapping Percent Amount

High School Districts: High School District #217 14,311,017$ (2) 100.000% 14,311,017$ High School District #218 15,951,819 (1)(2) 100.000% 15,951,819 High School District #220 14,375,000 100.000% 14,375,000 High School District #228 31,930,000 2.944% 940,019 High School District #229 5,275,000 100.000% 5,275,000 High School District #230 68,525,000 100.000% 68,525,000 High School District #231 1,320,669 (2) 100.000% 1,320,669

Total Overlapping General Obligation Bonded Debt 1,142,732,049

Total Direct And Overlapping General Obligation Bonded Debt 1,221,582,049$

*Tax Year 2009 equalized assessed values and outstanding bonds as of June 30, 2011 were used in the calculations of this statement. Because of the small percentage (.0001462 of 1%) of equalized assessed valuation in the City of Chicago ($123,552) the debt of the City, park, and schools are excluded from this statement. **Includes Tax Increment Finance Area bonds of the municipality.

(1) Excludes principal amounts of outstanding General Obligation (Alternate Revenue Source) Bondswhich are expected to be paid from sources other than general taxation. Excludes self-supporting bonds.Excludes debt certificates and TIF bonds.

(2) Includes original principal amounts of outstanding Capital Appreciation Bonds.(3) Includes IEPA Revolving Loan Fund Bonds.

Sources: Offices of the Cook County Clerk, Comptroller and Treasurer of Metropolitan Water Reclamation District

DEBT CAPACITY

GENERAL OBLIGATION BONDSJUNE 30, 2011


COMPUTATION OF DIRECT AND OVERLAPPING DEBT*

59.

Legal Debt Margin Calculation for Fiscal Year 2011 (based on 2010 tax levy Assessed value 12,844,448,092$ Debt limit (2.875% of assessed value) 369,277,883 Debt applicable to limit 78,850,000 Legal debt margin 290,427,883$

2011 2010 2009 2008

Debt limit 369,277,883$ 370,575,478$ 366,458,818$ 325,433,173$

Total net debt applicable to limit 78,850,000 80,885,000 82,845,000 84,150,000

Legal debt margin 290,427,883$ 289,690,478$ 283,613,818$ 241,283,173$

Total net debt applicable to the limit as a percentage of debt limit 21.35% 21.83% 22.61% 25.86%


Fiscal Year

LEGAL DEBT MARGIN INFORMATIONLAST TEN FISCAL YEARS


DEBT CAPACITY

60.

TABLE 12

2007 2006 2005 2004 2003 2002

305,832,243$ 301,248,238$ 256,304,414$ 245,775,623$ 207,804,504$ 203,121,291$

15,250,000 - - 800,589 2,515,641 3,992,281

290,582,243$ 301,248,238$ 256,304,414$ 244,975,034$ 205,288,863$ 199,129,010$

4.99% 0.00% 0.00% 0.33% 1.21% 1.97%

61.

TABLE 13

OtherFiscal Operating CoverageYear Revenues Principal Interest Total Ratio2011 2,017,446$ - - - -

2010 1,562,284 199,652$ 8,564$ 208,216$ 7.50

2009 1,258,039 280,910 38,445 319,355 3.94

2008 959,951 259,710 59,221 318,931 3.01

2007 667,576 260,951 79,222 340,173 1.96

2006 600,007 250,181 100,112 350,293 1.71

2005 381,925 281,636 105,617 387,253 0.99

2004 682,825 210,083 62,156 272,239 2.51

2003 594,208 195,164 77,769 272,933 2.18

2002 604,076 81,067 67,404 148,471 4.07


Note: Other operating revenues consists of child care center fees, library fees, library fines, rental of facilities and traffic fines.


Xerox Capital Leases

COMMUNITY COLLEGE DISTRICT NUMBER 524

PLEDGED REVENUE COVERAGELAST TEN FISCAL YEARS

DEBT CAPACITY

62.

TABLE 14

Fiscal Year Population (1)

Total Personal Income (1)

Per Capita Personal Income (1) (3)

2011 388,606 (2) 8,656,044,894$ 22,275$ 9.5%2010 376,579 8,656,044,894 22,986 9.3%2009 376,579 8,656,044,894 22,986 10.2%2008 376,579 8,656,044,894 22,986 6.5%2007 376,579 8,656,044,894 22,986 5.1%2006 376,579 8,656,044,894 22,986 4.7%2005 376,579 8,656,044,894 22,986 6.3%2004 376,579 8,656,044,894 22,986 6.6%2003 376,579 8,656,044,894 22,986 7.2%2002 376,579 8,656,044,894 22,986 7.2%

Sources: (1) 2000 Census Data(2) Preliminary 2010 Census Data(3) U.S. Department of Labor, Bureau of Labor Statistics

DISTRICT DEMOGRAPHICSJUNE 30, 2011


Unemployment Rate


DEMOGRAPHIC AND ECONOMIC INFORMATION

63.

TABLE 15


DEMOGRAPHIC AND ECONOMIC INFORMATIONSTUDENT ENROLLMENT DEMOGRAPHIC STATISTICS


Fall Enrollment Headcount for Credit CoursesFiscal Full Part Head Credit Yearly Yearly PercentYear Time Time Count Hours FTE Total Increase Change2011 7,736 9,651 17,387 162,691 10,846 46,049 (817) -1.74%2010 7,761 10,013 17,774 162,766 10,851 46,866 1,237 2.71%2009 7,368 10,109 17,477 155,404 10,360 45,629 3,326 7.86%2008 6,896 8,963 15,859 145,173 9,678 42,303 195 0.46%2007 6,660 9,033 15,693 141,702 9,447 42,108 443 1.06%2006 6,654 9,275 15,929 142,986 9,532 41,665 (299) -0.71%2005 6,527 9,550 16,077 142,727 9,515 41,964 815 1.98%2004 6,230 9,550 15,780 137,180 9,145 41,149 2,949 7.72%2003 5,674 8,806 14,480 124,289 8,286 38,200 1,964 5.42%2002 4,900 8,072 12,972 117,402 7,827 36,236 2,245 6.60%


64.

TABLE 16MORAINE VALLEY COMMUNITY COLLEGE


STUDENT ENROLLMENT AND MISCELLANEOUS STATISTICSANNUAL UNDUPLICATED ENROLLMENT


High Total School

Credit Noncredit Credit ParticipationYear Enrollment Enrollment Hours Rates2011 31,301 5,509 370,735 31%

2010 31,444 5,514 371,643 31%

2009 30,174 4,806 352,030 29%

2008 30,522 5,119 333,776 30%

2007 30,925 5,811 326,454 28%

2006 30,326 5,602 323,179 28%

2005 28,886 5,173 326,128 28%

2004 27,984 5,876 313,912 28%

2003 27,051 7,439 286,098 26%

2002 26,918 7,161 268,482 23%

Source: Semester opening reports, SC017


65.


DEMOGRAPHIC AND ECONOMIC INFORMATIONCREDIT HOURS ELIGIBLE FOR FUNDING

BY ILLINOIS COMMUNITY COLLEGE BOARD REIMBURSEMENT CATEGORIES


2011 2010 2009 2008

Baccalaureate 214,965.0 214,437.0 197,611.0 188,029.0

Business Occupational 16,236.0 16,102.0 15,740.0 18,594.5

Technical Occupational 26,785.5 28,250.5 25,916.5 22,944.5

Health Occupational 26,485.5 25,132.5 22,750.5 21,725.5

Remedial Development 32,775.0 35,621.0 32,732.0 31,042.0

Adult Basic Secondary Education 13,176.0 12,950.0 13,531.0 13,320.0

TOTAL CREDIT HOURS 330,423.0 332,493.0 308,281.0 295,655.5


66.

TABLE 17

2007 2006 2005 2004 2003 2002

182,732.0 186,693.0 188,575.0 185,888.0 169,523.0 153,694.0

21,202.5 21,878.5 23,077.0 19,180.0 19,174.0 26,473.0

20,736.5 21,213.0 18,501.5 20,849.0 20,968.0 22,784.0

20,023.0 18,930.5 18,267.0 16,913.5 15,243.0 13,238.0

30,174.0 30,136.0 31,533.0 28,675.0 25,518.0 22,016.0

14,739.0 15,939.0 15,795.0 15,900.0 9,864.0 11,117.0

289,607.0 294,790.0 295,748.5 287,405.5 260,290.0 249,322.0

67.

TABLE 18


COLLEGE DEMOGRAPHICSJUNE 30, 2011

DEGREES AND CERTIFICATES AWARDED FY 2011

Degree TypeAssociate in Arts (AA) 418 Associate in Science (AS) 673 Associate in Arts in Teaching (AAT) 1

Total Transfer Degrees 1,092

Associate in Applied Science (AAS) 432

Total Degrees Awarded 1,524

Total Certificates Awarded 711

Total Completions 2,235




68.

% TotalNo. of District

Employers Rank Business Employees Employed

Christ Advocate Med. Ctr 1 Hospital & Home Health Care 3,032 11%

Palos Hospital 2 Hospital & Home Health Care 3,000 31%

Little Company of Mary Hosp. 3 Hospital & Home Health Care 2,183 22%

Moraine Valley Comm. College 4 Education 1,919 20%

Metro South Medical Center 5 Hospital & Home Health Care 1,220 11%

Panduit 6 Network & electrical solutions 1,000 3%

Village of Orland Park 7 Municipality 862 3%

Corn Products 8 Wet Corn Milling 780 245%

CPC International 9 Foods 670 n/a

Wal Mart 10 Retail 350 n/a

Source: Illinois Department of Commerce & Economic Opportunity Illinois Census Data & Community Information

JUNE 30, 2011


PRINCIPAL EMPLOYERSJUNE 30, 2011 AND FOUR YEARS AGO


69.

TABLE 19

% TotalNo. of District

Employers Rank Business Employees Employed

Panduit Corp. 1 Producer of network and electrical 3,500 12%solutions

Little Co. of Mary Hospital 2 General medical and surgical hospital 1,700 17%

Allied Tube and Conduit-Harvey 3 Manufacturers galvanized pipe, electrical 1,500 12%conduit and tubing

St. Francis Hospital and 4 General medical and surgical hospital 1,470 13%Healthcare Center

Yellow Transportation Inc. 5 Long distance trucking company 1,432 18%

Advocate South Suburban 6 Hospital and Home Health Care 1,338 17%Hospital

Andrew Corp. 7 Manufactures antenna, transmission lines & 1,200 4%acccessories, microwave equipment andshipment shelters

Chemcentral Corporation 8 Chemical Distributor 1,008 316%

Berry Plastic Corporation 9 Manufactures plastic products 600 5%

Corn Products 10 Manufacturers corn starch syrup, dextrose, 400 8%sweeteners, margarine and vegetable oil

Source: Illinois Department of Employment Security US Census Bureau

JUNE 30, 2007

70.

2011 2010 2009 2008FACULTY Full-Time 178 182 183 180 Part-Time 575 630 580 602 Total Faculty FTE 753 812 763 782

LIBRARY, COUNSELORS, AND ADVISORS Library 5 7 6 6 Counselors and Advisors 14 13 13 12 Total Library, Counselors, and Advisors 19 20 19 18

ADMINISTRATORS 23 23 24 25

PROFESSIONAL STAFF Full-Time 156 138 141 129 Part-Time (2) 25 15 20 15 Total Professional Staff 181 153 161 144

CLASSIFIED EMPLOYEES Full-Time 200 197 186 180 Part-Time 79 78 82 78 Total Classified Employees 279 275 268 258

TOTAL FTE EMPLOYEES 1,255 1,283 1,235 1,227 (before student employee FTE)

STUDENT EMPLOYEES (1) 279 225 215 220

TOTAL FTE EMPLOYEES 1,534 1,508 1,450 1,447 (including student employee FTE)

Source: College records

Notes: (1) Student FTE are based upon 20 hours per week (2) The college began reporting part time professional staff in 2004.



OPERATING INFORMATIONFULL-TIME EQUIVALENT EMPLOYEES

71.

TABLE 20

2007 2006 2005 2004 2003 2002

171 165 165 162 165 161 607 584 596 531 626 565 778 749 761 693 791 726

5 5 5 5 5 5 14 13 14 13 12 12

19 18 19 18 17 17

25 25 25 27 28 27

119 117 108 117 116 106 15 18 20 10

134 135 128 127 116 106

181 179 178 180 182 179 74 79 82 73 68 62

255 258 260 253 250 241

1,211 1,185 1,193 1,118 1,202 1,117

167 122 111 124 130 126

1,378 1,307 1,304 1,242 1,332 1,243

72.

2011 2010 2009 2008

CAPITAL ASSET TYPE:

Buildings (Gross Area Sq. Ft.) Blue Island 42,000 7,300 7,300 7,300 Eisenhower High School 9,500 9,500 9,500 9,500 Southwest Education Center 31,000 Campus Operations* - - - 20,000 Building A 173,065 173,065 173,065 173,065 Building B 178,516 178,516 178,516 178,516 College Center (Building S) 65,131 65,131 56,300 56,300 Center for Contemporary Technology 129,048 129,048 129,048 129,048 Building D 64,613 64,613 64,613 64,613 Fine and Performing Arts Center 91,361 91,361 91,361 91,361 Shipping and Receiving 4,000 4,000 4,000 4,000 Building P 19,500 19,500 19,500 19,500 Storage Garage 2,500 2,500 2,500 2,500 Student Union (Building U) 26,088 26,088 - - Moraine Conference & Business Center 47,969 47,969 - - Science Hall (Building C) 91,934 91,934 - -

Equipment (number of assets) 212 189 184 183

Technology (number of assets) 46 51 66 54

Library Materials (number of assets) - - - -

Capital assets disposed (number of assets) 1 75 3 5

*Campus Operations Building 100 demolished Fall of 2008


Notes: (1) During fiscal year 2006 the College changed the capitalization threshold from 2,500 to 10,000. This statement reflects this new policy retroactively.


OPERATING INFORMATIONCAPITAL ASSET STATISTICS - VOLUME


73.

TABLE 21

2007 2006 (1) 2005 2004 2003 2002

7,300 7,300 7,300 - - - 9,500 9,500 9,500 9,500 9,500 9,500

20,000 20,000 20,000 20,000 20,000 20,000 173,065 173,065 173,065 173,065 173,065 173,065 178,516 178,516 178,516 178,516 178,516 178,516 56,300 56,300 56,300 56,300 56,300 56,300

129,048 129,048 129,048 129,048 129,048 129,048 64,613 64,613 64,613 64,613 64,613 64,613 91,361 91,361 91,361 91,361 91,361 91,361 4,000 4,000 4,000 4,000 4,000 4,000

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

167 164 832 805 694 493

51 46 338 317 280 301

- - - 32 31 30

4 8 119 25 57 360

74.

2011 2010 2009 2008CAPITAL ASSET TYPE:

Land 5,848,757$ 5,848,757$ 5,848,757$ 5,848,757$

Land Improvements 11,873,007 11,873,007 10,691,893 10,691,893

Total Land and Land Improvements 17,721,764 17,721,764 16,540,650 16,540,650

Buildings/Building Improvements 174,301,177 149,050,745 84,656,489 83,542,448

Construction in Progress 1,796,072 19,419,182 60,499,338 20,693,631

Equipment 6,921,755 6,745,373 8,146,181 7,737,937

Technology 6,245,183 1,449,686 1,864,589 1,878,336

Library Materials - - - -

Total Capital Assets 206,985,951$ 194,386,750$ 171,707,247$ 130,393,002$

OTHER INFORMATION:

Capital Contributions 64,087$ 16,580$ 23,820$ 717,532$

Depreciation Expense 4,972,550 3,976,924 2,521,275 2,395,949


Notes: (1) During fiscal year 2006 the College changed the capitalization threshold from 2,500 to 10,000.


OPERATING INFORMATIONCAPITAL ASSET STATISTICS - VALUE


75.

TABLE 22

2007 2006 (1) 2005 2004 2003 2002

584,000$ 584,000$ 584,000$ 584,000$ 584,000$ 584,000$

6,240,856 5,230,883 4,854,406 4,193,367 3,894,743 3,864,446

6,824,856 5,814,883 5,438,406 4,777,367 4,478,743 4,448,446

78,925,751 78,925,751 76,767,573 75,918,156 75,918,156 74,263,619

6,519,596 317,410 - - - -

7,435,402 7,562,042 11,569,918 11,688,354 11,396,326 9,429,685

1,685,106 1,450,963 4,247,190 4,475,157 7,055,228 2,682,583

- - - 7,878,337 7,878,337 7,797,460

101,390,711$ 94,071,049$ 98,023,087$ 104,737,371$ 106,726,790$ 98,621,793$

2,383,782$ -$ 1,137,747$ -$ -$ -$

2,166,792 2,123,587 3,158,339 3,948,497 3,720,166 3,589,932

76.

MORAINE VALLEY COMMUNITY COLLEGESpecial Reports Section



SPECIAL REPORTS SECTION JUNE 30, 2011

UNIFORM FINANCIAL STATEMENTS The Uniform Financial Statements are required by the Illinois Community College Board for the purpose of providing consistent audited data for every community college district. Regardless of the basis of accounting used for a College’s balance sheet and statement of revenues and expenditures, the Uniform Financial Statements are completed using the modified accrual basis of accounting prescribed by the NCGA Statement No. 1 and related interpretations. The Uniform Financial Statements include the following: No. 1 All Funds Summary No. 2 Summary of Fixed Assets and Debt No. 3 Operating Funds Revenue and Expenditures No. 4 Restricted Purposes Fund Revenues and Expenditures No. 5 Current Funds Expenditures by Activity CERTIFICATE OF CHARGEBACK REIMBURSEMENT No. 6 Certificate of Chargeback Reimbursement


UNIFORM FINANCIAL STATEMENT #1ALL FUNDS SUMMARY

FOR THE YEAR ENDED JUNE 30, 2011

$ 35,950,374 $ 5,628,467 $ 27,846,439 $ 9,202,682

18,573,105 5,659,079 892,180 - 15,854 - - - 2,910,697 4,733,762 - - - - - - - - - - 43,543,864 - - 794,522 1,908,548 31,416 296,952 7,286,400 66,952,068 10,424,257 1,189,132 8,080,922

29,075,779 - - - 5,473,276 - - -

Student Services 6,411,231 - - - Public Service/Continuing Education 22,552 - - -

- - - 9,404,062 - 10,127,347 11,797,814 - 16,645,900 - - - 6,730,793 - - - 64,359,531 10,127,347 11,797,814 9,404,062

(3,052,500) - 2,000,000 1,355,500

$ 35,490,411 $ 5,925,377 $ 19,237,757 $ 9,235,042

Note: This statement is prepared under the modified accrual basis of accounting which is in accordancewith generally accepted accounting principles (GAAP).

EducationFund

-

SCHEDULE 1Page 1 of 7

Operationsand

MaintenanceFund

(Restricted)

Operationsand

MaintenanceFund

Bond andInterestFund

AuxiliaryEnterprises

Fund

Total RevenueAll Other Revenue

ICCB Grants

Student Tuition and Fees -

Local Tax Revenue 5,946,013 All Other Local Revenue -

All Other State Revenue

Academic Support -

Revenues:

Fund Balance June 30, 2010 $ 1,545,456

-

5,950,832

Expenditures:

Federal Revenue -

Institutional Support 5,806,132

4,819

Instruction

Auxiliary Services - Operations and Maintenance -

-

-

Scholarships, Grants, Waivers -

-

Total Expenditures 5,806,132

Net Transfers -

Fund Balance June 30, 2011 $ 1,690,156

77.


UNIFORM FINANCIAL STATEMENT #1ALL FUNDS SUMMARY


$ 5,820,545 $ 13,702,744 $ 30,228 $ 15,434 $ 1,550,104 $ 86,014,045

- - - 99,777 1,107,916 25,439,877 161,470 - - - - 177,324 1,591,604 - - - - 9,236,063 1,932,128 - - - - 1,932,128 20,303,575 - - - - 20,303,575 - - - - - 44,338,386 586,694 129,085 238,385 65 6,736 9,819,859 24,575,471 129,085 238,385 99,842 1,114,652 111,247,212

2,690,186 - - - - 31,765,965 555,778 - - - - 6,029,054 2,407,846 - 252,713 - - 8,819,077

289,176 - - - - 311,728 - - - - - 9,404,062 81,480 - - - - 10,208,827 892,722 - - 79,500 1,090,776 18,708,898 18,598,430 - 7,216 - - 25,329,223 25,515,618 - 259,929 79,500 1,090,776 110,576,834

- (303,000) - - - (1,697,000)

$ 4,880,398 $ 13,528,829 $ 8,684 $ 35,776 $ 1,573,980 $ 84,987,423

177,324

$ 91,606,410

128,440,709

-

31,765,965 6,029,054

25,336,439


TotalAll Funds

$ 101,292,473

44,338,386 10,489,100

32,278,070

24,515,030

9,404,062 22,006,641

9,071,790

311,728

9,236,063 1,932,128 20,303,575

118,754,646

TotalCurrent Funds

RestrictedPurposes

Fund

WorkingCashFund

Trust andAgencyFund

AuditFund

Liability,ProtectionSettlement

Fund

78.


Fixed FixedAssets/Debt Assets/Debt

Account AccountGroups Groups

July 1, 2010 Additions Deletions June 30, 2011

Fixed Assets

Sites and Improvements 17,721,764$ -$ -$ 17,721,764$ Construction in Progress 19,419,182 1,796,071 19,419,181 1,796,072 Buildings, Additions, and Improvements 149,050,745 25,250,432 - 174,301,177 Equipment 6,745,373 202,915 26,533 6,921,755 Equipment - Technology 1,449,686 4,795,497 - 6,245,183

Total Fixed Assets 194,386,750 32,044,915 19,445,714 206,985,951

Accumulated Depreciation 49,003,517 4,972,550 26,533 53,949,534

Net Fixed Assets 145,383,233$ 27,072,365$ 19,419,181$ 153,036,417$

Fixed Debt

Bonds Payable 80,885,000$ -$ 2,035,000$ 78,850,000$ Premium on Bond Issuance 3,510,953 - 170,854 3,340,099

Total Fixed Liabilities 84,395,953$ -$ 2,205,854$ 82,190,099$



UNIFORM FINANCIAL STATEMENT #2SUMMARY OF FIXED ASSETS AND DEBT

79.


Operationsand Total

Education Maintenance OperatingFund Fund Fund

Local Government Revenue:Local Taxes 17,267,525$ 5,659,079$ 22,926,604$ CPPRT 1,305,580 - 1,305,580 Chargeback Revenue 15,854 - 15,854

TOTAL LOCAL GOVERNMENT 18,588,959 5,659,079 24,248,038

State Government:ICCB Credit Hour Grants 2,296,148 4,661,876 6,958,024 ICCB Equalization Grants 50,000 - 50,000 ICCB Career and Technical Education 564,549 - 564,549 ICCB Other - 71,886 71,886 Other - - -

TOTAL STATE GOVERNMENT 2,910,697 4,733,762 7,644,459

Federal Government:Department of Education - - -

TOTAL FEDERAL GOVERNMENT - - -

Student Tuition and FeesTuition 41,451,286 - 41,451,286 Fees 2,092,578 - 2,092,578

TOTAL TUITION AND FEES 43,543,864 - 43,543,864

Other SourcesSales and Service Fees 1,405,681 - 1,405,681 Facilities and Revenue 8,439 - 8,439 Investment Revenue 221,884 30,441 252,325 Other 272,544 975 273,519

TOTAL OTHER REVENUE 1,908,548 31,416 1,939,964

TOTAL REVENUE 66,952,068 10,424,257 77,376,325

Less: Non-Operating ItemsTuition Chargeback Revenue* 15,854 - 15,854

ADJUSTED REVENUE 66,936,214$ 10,424,257$ 77,360,471$

*Intercollege expenditures that do not generate related local credit hours are subtracted to allow for


UNIFORM FINANCIAL STATEMENT #3OPERATING FUNDS REVENUES AND EXPENDITURES


statewide comparisons.

OPERATING REVENUES BY SOURCE

(Continued) 80.


Operationsand Total

Education Maintenance OperatingFund Fund Fund

OPERATING EXPENDITURES

BY PROGRAMInstruction 29,075,779$ -$ 29,075,779$ Academic Support 5,473,276 - 5,473,276 Student Services 6,411,231 - 6,411,231 Public Service/Continuing Education 22,552 - 22,552 Auxiliary Services - - - Operations and Maintenance - 10,127,347 10,127,347 Institutional Support 16,645,900 - 16,645,900 Scholarships, Grants, Waivers 6,730,793 - 6,730,793 Transfers 3,052,500 - 3,052,500

TOTAL EXPENDITURES 67,412,031 10,127,347 77,539,378

Less Non-Operating ItemsTuition Chargeback* 176,700 - 176,700 Transfer to Non-Operating Funds 3,052,500 - 3,052,500

ADJUSTED EXPENDITURES 64,182,831$ 10,127,347$ 74,310,178$

BY OBJECTSalaries 41,343,772$ 3,556,880$ 44,900,652$ Employee Benefits 6,204,047 891,187 7,095,234 Contractual Services 3,789,221 2,595,986 6,385,207 General Materials and Supplies 4,252,126 715,739 4,967,865 Conferences and Meeting Expenses 517,652 7,026 524,678 Fixed Charges 191,662 13,473 205,135 Utilities 109,844 1,916,551 2,026,395 Capital Outlay 1,070,493 430,505 1,500,998 Other 6,880,714 - 6,880,714 Transfers 3,052,500 - 3,052,500

TOTAL EXPENDITURES 67,412,031 10,127,347 77,539,378

Less Non-Operating ItemsTuition Chargeback* 176,700 - 176,700 Transfer to Non-Operating Funds 3,052,500 - 3,052,500

ADJUSTED EXPENDITURES 64,182,831$ 10,127,347$ 74,310,178$

Note: This statement is prepared under the modified accrual basis of accounting whichis in accordance with generally accepted accounting principles (GAAP).

*Intercollege expenditures that do not generate related local credit hours are subtracted to allow forstatewide comparisons.


UNIFORM FINANCIAL STATEMENT #3OPERATING FUNDS REVENUES AND EXPENDITURES

FOR THE YEAR ENDED JUNE 30, 2011(CONCLUDED)

81.


RestrictedPurpose

FundREVENUE BY SOURCE:

State Government:ICCB - Workforce Development Grants 112,969$ ICCB - Career and Technical Education 46,072 ICCB - Adult Education and Family Literacy Grants 681,001 Illinois Student Assistance Commission 1,819,074 Other-State 864,616

TOTAL STATE GOVERNMENT 3,523,732

Federal GovernmentDept. of Education 17,868,962 Dept. of Labor 735,356 Other 1,699,257

TOTAL FEDERAL GOVERNMENT 20,303,575

Other SourcesTuition and Fees - Other 748,164 TOTAL OTHER SOURCES 748,164

TOTAL RESTRICTED PURPOSES FUND REVENUES 24,575,471$

EXPENDITURES BY PROGRAMInstruction 2,690,186$ Academic Support 555,778 Student Services 2,407,846 Public Service/Continuing Education 289,176 Auxiliary Services - Operations and Maintenance 81,480 Institutional Support 892,722 Scholarships, Grants and Waivers 18,598,430

TOTAL RESTRICTED PURPOSES FUND EXPENDITURES 25,515,618$

EXPENDITURES BY OBJECTSalaries 3,147,408$ Employee Benefits 680,301 Contractual Services 1,591,383 General Materials and Supplies 588,516 Conferences and Meetings 175,426 Fixed Charges 5,168 Utilities 1,097 Capital Outlay 31,603 Other 212,916 Financial Aid 19,081,800

TOTAL RESTRICTED PURPOSES FUND EXPENDITURES 25,515,618$


UNIFORM FINANCIAL STATEMENT #4RESTRICTED PURPOSES FUND REVENUES AND EXPENDITURES


82.


INSTRUCTIONInstructional Programs 31,765,965$ Total Instruction 31,765,965

ACADEMIC SUPPORTLibrary Center 1,701,831 Educational Media Services 618,464 Academic Administration and Planning 2,476,086 Other 1,232,673 Total Academic Support 6,029,054

STUDENT SERVICES SUPPORTAdmissions and Records 1,305,293 Counseling and Career Services 3,525,022 Financial Aid Administration 924,685 Other 3,064,077 Total Student Services Support 8,819,077

PUBLIC SERVICE/CONTINUING EDUCATIONCommunity Education 160,575 Community Services 151,153 Total Public Service/Continuing Education 311,728

AUXILIARY SERVICES 9,404,062

OPERATIONS AND MAINTENANCE OF PLANTMaintenance 2,467,571 Custodial Services 2,130,890 Grounds 1,024,543 Campus Security 1,999,602 Transportation 120,151 Utilities 1,908,226 Other 557,844 Total Operations and Maintenance of Plant 10,208,827

INSTITUTIONAL SUPPORTExecutive Management 1,719,782 Fiscal Operations 1,921,247 Community Relations 471,324 Administrative Support Services 5,359,201 Board of Trustees 54,037 General Institutional 4,875,320 Institutional Research 368,256 Administrative Data Processing 3,820,414 Other 119,317 Total Institutional Support 18,708,898

SCHOLARSHIPS, STUDENT GRANTS, & WAIVERS 25,329,223

TOTAL CURRENT FUNDS EXPENDITURES 110,576,834$

*Current Funds include the Education; Operations and Maintenance; Auxiliary Enterprise; Restricted Purposes; Audit; and Liability, Protection, and Settlement Funds.


UNIFORM FINANCIAL STATEMENT #5CURRENT FUNDS* EXPENDITURES BY ACTIVITY


83.


Certification of Chargeback Reimbursement for Fiscal Year 2012

ALL FISCAL YEAR 2011 NONCAPITAL AUDITED OPERATING EXPENDITURES FROM THE FOLLOWING FUNDS:

Education Fund Operations and Maintenance Fund Public Building Commission Operations and Maintenance Fund Bond and Interest Fund Public Building Commission Rental Fund Restricted Purposes Fund Audit Fund Liability, Protection and Settlement Fund Auxiliary Enterprises Fund (subsidy only}

TOTAL NONCAPITAL EXPENDITURES

Depreciation on capital outlay expenditures (equipment, buildings and fixed equipment paid} from sources other than state and federal funds

TOTAL COSTS INCLUDED

Total Certified Semester Credit Hours for FY 2011

PER CAPITA COST

All FY 2011 state and federal operating grants for noncapital expenditures, except ICCB grants

FY 2011 state and federal grants per semester credit hour

District's average ICCB grant rate (excluding equalization grants) for FY 2012

District's student tuition and fee rate per semester credit hour for FY 2012

Chargeback reimbursement per semester credit hour

Approved: Chief Executive Officer

$ 63,289,038 9,696,842

$

$

5,806,132

25,484,015 79,500

1,090,776 1,355,500

2,499,641

330,423

23,186,513

SCHEDULE 2

$ 106,801,803

$ 109,301,444

$ 330.79

$ 70.17

$ 21.48

$ 108.00

$ 131.14

10/13/2011 Date

Date

84.

borast

Typewritten Text

10/13/2011

borast

Typewritten Text

10/13/2011

A Crowe Horwath.

INDEPENDENT AUDITORS' REPORT

The Board of Trustees Moraine Valley Community College -Community College District Number 524 Palos Hills, Illinois


We have audited the accompanying balance sheets of the Moraine Valley Community College -Community College District No. 524 (the College) Workforce Development- Business/Industry, State Adult Education (State Basic, Public Assistance, and Performance), Career and Technical Education- Program Improvement, and Student Success Grants (Grant Programs), as of June 30, 2011 , and the related statements of revenues, expenditures, and changes in fund balances for the year then ended. These financial statements are the responsibility of the College's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and the guidelines of the Illinois Community College Board Fiscal Management Manual. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

The financial statements presented are only for the Grant Programs and do not purport to , and do not, present fairly the financial position or results of operations of the College.

In our opinion, the financial statements referred to above present fairly, in all material respects , the financial position of the College's Workforce Development - Business/Industry, State Adult Education (State Basic, Public Assistance, and Performance), Career and Technical Education-Program Improvement, and Student Success Grants as of June 30, 2011 , and the revenues, expenditures, and changes in fund balances for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

85.

In accordance with Government Auditing Standards, we have also issued a report dated October 13, 2011 on our consideration of the College's internal control over financial reporting of the Grant Programs and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole for each of the grant programs referred to in the first paragraph. The supplementary information included on pages 91 and 94 and the background information on page 100 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Grant Programs. The supplementary information has been subjected to the auditing procedures applied in the audits of the financial statements and, in our opinion, is fairly stated in all material respects, in relation to the financial statements of the Workforce Development and the State Adult Education Grant Programs taken as a whole. The background information has not been subjected to the auditing procedures applied in the audit of the financial statements referred to above and, accordingly, we express no opinion on it.

This report is intended solely for the information and use of the board of trustees, management, and the Illinois Community College Board and is not intended to be and should not be used by anyone other than these specified parties.


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A Crowe Horwathe Crowe Horwath LLP Independent Member Crowe Horwath International

INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF GRANT PROGRAM FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS

The Board of Trustees Moraine Valley Community College -Community College District Number 524 Palos Hills, Illinois

We have audited the accompanying financial statements of the Moraine Valley Community College- Community College District No. 524 (the College) Workforce Development -Business/Industry, State Adult Education (State Basic, Public Assistance, and Performance), Career and Technical Education- Program Improvement, and Student Success Grants (Grant Programs), as of and for the year ended June 30, 2011, and have issued our report thereon dated October 13, 2011. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and the guidelines of the Illinois Community College Board Fiscal Management Manual.

Internal Control over Financial Reporting

Management of the College is responsible for establishing and maintaining effective internal control over financial reporting. In planning and performing our audits, we considered the College's internal control over financial reporting of the Grant Programs as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the College's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the College's internal control over financial reporting.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis.

87.

Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the College's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of the financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audits and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.


Oak Brook, Illinois October 13, 201 1

C" ~ #rr/#~LtfJ Crowe Horwath LLP

88.

SCHEDULE 3

ASSETS

Government Receivable 112,969$

LIABILITIES AND FUND BALANCE

Accounts Payable 112,545$ Accrued Payroll 424

TOTAL LIABILITIES 112,969

Fund Balance - Reserved for Encumbrances - Fund Balance - Unreserved -

TOTAL FUND BALANCE -

TOTAL LIABILITIES AND FUND BALANCE 112,969$


BALANCE SHEETJUNE 30, 2011


WORKFORCE DEVELOPMENT - BUSINESS/INDUSTRY GRANT PROGRAM

The accompanying notes to the financial statements are an integral part of this statement.89.

SCHEDULE 4

ActualREVENUE

State Sources 112,969$

EXPENDITURES

Current Year's Grant:Salaries 83,766 Employee Benefits 25,205 Materials and Supplies 1,498 Conference and Meeting Expenses 2,500

TOTAL EXPENDITURES 112,969

Excess of Revenue Over (Under)Expenses -

Fund Balance July 1, 2010 -

Fund Balance June 30, 2011 -$

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCEWORKFORCE DEVELOPMENT - BUSINESS/INDUSTRY GRANT PROGRAM





SCHEDULE 5

OPERATION OF WORKFORCE

DEVELOPMENTGENERAL OFFICE TOTAL

Salaries and Benefits** -$ 108,971$ 108,971$

Contractual Services - - -

Instructional Materials - - -

Instructional Equipment* - - -

Promotional Materials - - -

Staff Development** - - -

Conference and Meeting Expenses - 2,500 2,500

Travel** - - -

Costs of Operating a Business Assistance Center / Economic Development / Workforce Development Offices

Office Equipment* - - -

Utilities and Telephone - - -

Consumable Supplies - - -

Duplicating - 1,498 1,498

Facility Rental - - -

TOTALS -$ 112,969$ 112,969$ ***

* Sum of expenditures should be less than or equal to 25 percent of the district's total workforce development grant.

** Salaries charged to this grant should be paid commensurate with the percentage of time spent working on business and industry/economic development activities. Staff development and travel costs should only be paid for staff that spend 51 percent or more of their time on work in the business assistance center or economic development.

*** Sum of total expenditures (Column C) should equal total expenditures reported in Schedule of Revenue, Expenditures and Changes in Fund Balance plus year-end encumbrances.

BUSINESS/INDUSTRY GRANTTOTAL EXPENDITURES FOR ICCB GRANT FUNDS ONLY


EXPENDITURES


ICCB COMPLIANCE STATEMENT FOR WORKFORCE DEVELOPMENT

91.

SCHEDULE 6

Total State Basic Public Aid Performance (Memorandum Only)

ASSETS

Cash -$ -$ -$ -$ Accounts Receivable 167,014 30,302 167,044 364,360 Due From Other Funds - - - - Inventories - - - - Deferred Expenditures - - - -

TOTAL ASSETS 167,014$ 30,302$ 167,044$ 364,360$


LIABILITIESAccounts Payable 2,088$ 189$ 1,693$ 3,970$ Intergovernmental Payable to ICCB - - - - Salaries and Benefits Payable 1,507 3,364 1,482 6,353 Accrued Expenditures - - - - Deferred Revenue - - - - Due to Other Funds 163,419 26,749 163,869 354,037

TOTAL LIABILITIES 167,014 30,302 167,044 364,360

FUND BALANCEFund Balance - - - -

TOTAL FUND BALANCE - - - -

TOTAL LIABILITIES AND FUND BALANCE 167,014$ 30,302$ 167,044$ 364,360$



COMBINED BALANCE SHEET STATE ADULT EDUCATION RESTRICTED FUNDS



SCHEDULE 7

Total State Basic Public Aid Performance (Memorandum Only)

REVENUE

Grant Revenue 286,309$ 60,604$ 334,088$ 681,001$

EXPENDITURES BY PROGRAM

Instruction 143,873 38,717 45,684 228,274 Social Work Services 26,669 - 35,352 62,021 Guidance Services 48,788 - 145,827 194,615 Assistive and Adaptive Equipment - - - - Assessment and Testing 32,776 15,758 637 49,171 Student Transportation Services - - - - Literacy Services - - - - Child Care Services - - - -

Subtotal Instructional andStudent Services 252,106 54,475 227,500 534,081

Program Support:Improvement of Instructional Services 648 - 6,596 7,244 General Administration 2,432 - 65,335 67,767 Operation and Maintenance of

Plant Services 1,653 - 4,676 6,329 Workforce Coordination - - 401 401 Data and Information Services 8,182 1,671 4,699 14,552 Indirect Costs 21,288 4,458 24,881 50,627

Subtotal Program Support 34,203 6,129 106,588 146,920

TOTAL EXPENDITURES: 286,309 60,604 334,088 681,001

Excess of Revenue Over (Under)Expenditures - - - -

Fund Balances July 1, 2010 - - - -

Fund Balances June 30, 2011 -$ -$ -$ -$



COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESSTATE ADULT EDUCATION RESTRICTED FUNDS



SCHEDULE 8

Instruction (45% Minimum Required) 38,717$ 64.0%

General Administration (9% Maximum Allowed -$ 0.0%

State Public Assistance Audited Expenditure Amount

Actual Expenditure Percentage

General Administration (9% Maximum Allowed 2,432$ 1.0%

Instruction (45% Minimum Required) 143,873$

Actual Expenditure Percentage

50.0%

Audited Expenditure AmountState Basic


ICCB COMPLIANCE STATEMENT FOR THEADULT EDUCATION AND FAMILY LITERACY GRANT

FOR THE YEAR ENDED JUNE 30, 2011EXPENDITURES AMOUNTS AND PERCENTAGES FOR ICCB GRANT FUNDS ONLY


94.

SCHEDULE 9

ASSETS -$


LIABILITIES -$

FUND BALANCE -

TOTAL LIABILITIES AND FUND BALANCE -$


BALANCE SHEETJUNE 30, 2011


CAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT


SCHEDULE 10

ActualREVENUE

State Sources 46,072$

EXPENDITURES

Current Year's Grant: Salaries Employee Benefits - Contractual Services - Instructional Equipment 25,345

Materials and Supplies 20,702 Conference and Meeting Expense - Curriculum Development -

Staff Development 25


Excess of Revenue Over (Under)Expenditures -



STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCECAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT





SCHEDULE 11

ASSETS -$


LIABILITIES -$

FUND BALANCE -

TOTAL LIABILITIES AND FUND BALANCE -$


MORAINE VALLEY COMMUNITY COLLEGE COMMUNITY COLLEGE DISTRICT #524

STUDENT SUCCESS GRANTBALANCE SHEET


SCHEDULE 12

MORAINE VALLEY COMMUNITY COLLEGE COMMUNITY COLLEGE DISTRICT #524

STUDENT SUCCESS GRANTSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE


Actual

REVENUEState Sources 604,278$

EXPENDITURES

Salaries 508,308 Employee Benefits 69,710 Contractual Services 26,260


EXCESS OF REVENUE OVER (UNDER)EXPENDITURES -





STATE GRANTS NOTES TO FINANCIAL STATEMENTS

For the year ended June 30, 2011

99.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General: The accompanying statements include only those transactions resulting from the Workforce Development – Business/Industry, State Adult Education Restricted Funds, Career and Technical Education-Program Improvement, and Student Success grants. These transactions have been accounted for in a Restricted Purpose Fund.

Basis of Accounting: The statements have been prepared on the modified accrual basis. Expenditures include all accounts payable, representing liabilities for goods and services actually received as of June 30, 2011. Funds obligated for goods prior to June 30 for which the goods are received prior to August 31 are recorded as encumbrances. Unexpended funds are reflected as a reduction to fund balance and a liability due to the ICCB by October 15. Fixed Assets: Fixed asset purchases are recorded as capital outlay and not capitalized. NOTE 2 - PAYMENTS OF PRIOR YEAR’S ENCUMBRANCES Payments of prior year’s encumbrances for goods received prior to August 31 are reflected as expenditures during the current fiscal year.


BACKGROUND INFORMATION ON STATE GRANT ACTIVITY (UNAUDITED)

100.

Unrestricted Grants Base Operating Grants: General operating funds provided to colleges based upon credit enrollment with a small portion of the allocation based upon gross square footage of space at the college. Equalization Grants: Grants provided to institutions with less than the statewide average local tax dollars available per full-time equivalent student. Restricted Grants/Special Initiatives Workforce Development-Business/Industry Grants: Provides funding for a business/industry center at every college to provide a variety of employment training and business services outside of the classroom. Career and Technical Education-Program Improvement Grants: Grant funding recognizes that keeping career and technical education programs current and reflective of the highest quality practices in the workplace is necessary to prepare students to be successful in their chosen careers and to provide employers with the well-trained workforce they require. The grant funds are dedicated to enhancing instruction and academic support activities to strengthen and improve career and technical programs and services. Student Success Grant: This grant funding is intended to provide needed supplemental services to assist students in developing the academic skills necessary to remedy or correct educational deficiencies to allow the attainment of college educational goals. The students to be served by the Student Success Grant are those students with social, economic, physical, or developmental disabilities, and/or academic deficiencies that make it difficult for such a student to adapt to a college environment. Colleges will designate which of their students are eligible for services through the Student Success Grant as determined by college assessment procedures and instruments selected by the colleges. Restricted Adult Education Grants/State State Basic: Grant awarded to Adult Education and Family Literacy providers to establish special classes for the instruction of persons of age 21 and over or persons under the age of 21 and not otherwise in attendance in public school for the purpose of providing adults in the community, and other instruction as may be necessary to increase their qualifications for employment or other means of self-support and their ability to meet their responsibilities as citizens including courses of instruction regularly accepted for graduation from elementary or high schools and for Americanization and General Education Development Review classes. Included in this grant are funds for support services, such as student transportation and child care facilities or provision. Public Assistance: Grant awarded to Adult Education and Family Literacy providers to pay for any fees, books, and materials incurred in the program for students who are identified as recipients of public assistance. Performance: Grant awarded to Adult Education and Family Literacy providers based on performance outcomes.

SCHEDULE OF ENROLLMENT DATA AND OTHER BASES UPON WHICH CLAIMS WERE FILED

RECONCILIATION OF SEMESTER CREDIT HOURS

RECONCILIATION OF TOTAL REIMBURSABLE SEMESTER CREDIT HOURS

RECONCILIATION OF IN-DISTRICT/CHARGEBACK REIMBURSABLE CREDIT HOURS



JUNE 30, 2011

A Crowe Horwath.

INDEPENDENT ACCOUNTANTS' REPORT

The Board of Trustees Moraine Valley Community College -

Community College District Number 524 Palos Hills, Illinois


We have examined the accompanying Schedule of Enrollment Data and Other Bases Upon Which Claims Were Filed, of Moraine Valley Community College- Community College District No. 524 for the year ended June 30, 2011. The Schedule of Enrollment Data and Other Bases Upon Which Claims Were Filed is the responsibility of the College's management. Our responsibility is to express an opinion on the schedule based upon our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants , in accordance with the guidelines of the Illinois Community College Board's Fiscal Management Manual and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and accordingly, included examining , on a test basis, evidence supporting the Schedule of Enrollment Data and Other Bases Upon Which Claims Were Filed and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.

In our opinion, the accompanying Schedule of Enrollment Data and Other Bases Upon Which Claims Were Filed, in all material respects , is fairly presented in accordance with the provisions of the aforementioned guidelines.

The supplementary information on pages 105 and 106 has not been subjected to the examination procedures applied in the examination of the Schedule of Enrollment Data and Other Bases Upon Which Claims Were Filed, and accordingly, we express no opinion on them.

In accordance with Government Auditing Standards, we have also issued a report October 13, 2011 on our consideration of the College's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

101.



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102.

Baccalaureate

Business Occupational

Technical Occupational

Health Occupational

Remedial Development

Adult Basic/Secondary Education

Total


SCHEDULE OF ENROLLMENT DATA AND OTHER BASES UPON WHICH CLAIMS ARE FILED


Total Semester Credit Hours by Term (In-District and Out of District Reimbursable)

Summer Unrestricted Restricted Unrestricted

32,334.0 37.0 93,241 .0

1,656.0 6,888.0

2,130.5 10,597.5

3,432.5 11 ,403.0

2,614 .0 48.0 17,266.0

2,292.0

42,167.0 2,377.0 139,395.5

Attendinsln-District

Fall serins Restricted Unrestricted Restricted

89,353.0

7,692.0

14,057.5

11 ,650.0

12,847.0

4,873.0 6 011 .0

4,873.0 135,599.5 6,011 .0

Attending Out-of-District on Chargeback or a Cooperative/Contractual Asreement

Semester Credit Hours (All Terms) 279,541 .0 1,528.0

Reimbursable Semester Credit Hours (All Terms)

District 2010 Equalized Assessed Valuation (1)

Baccalaureate

Business Occupational

Technical Occupational

Health Occupational

Remedial Development

Adult Basic/Secondary Education

Total

Signatures:

Summer

Dual Credit

10,698.0

Correctional Semester Credit Hours by Term

Fall Winter Sprins

The accompanying notes to the financial statements are an integral part of this statement.

SCHEDULE 13 Page 1 of 2

Total Unrestricted Restricted

214,928.0 37.0

16,236.0

26,785.5

26,485.5

32,727.0 48.0

13 176.0

317,162.0 13,261 .0

Total

281 ,069.0

Dual Enrollment

1,188.0

$ 12,844,448,092

Total

103.



RECONCILIATION OF TOTAL SEMESTER CREDIT HOURS FOR THE YEAR ENDED JUNE 30, 2011

Total Total Restricted Total Unrestricted Credit Hours Credit Hours

Unrestricted Credit Certified to the Total Restricted Credit Certified to the Hours ICCB Difference Hours ICCB Difference

Baccalaureate 214,928.0 214,928.0 - 37.0 37.0 -

Business Occupational 16,236.0 16,236.0 - - - -

Technical Occupational 26,785.5 26,785.5 - - - -

Health Occupational 26,485.5 26,485.5 - - - -

Remedial Development 32,727.0 32,727.0 - 48.0 48.0 -

Adult Basic/Secondary Education - - - 13,176.0 13,176.0 -

Total 317,162.0 317,162.0 - 13,261.0 13,261.0 -

Difference

In- District Residents 279,541.0 279,541.0 -

Out-of-District on Chargeback or Contractual Agreement 1,528.0 1,528.0 -

Total 281,069.0 281,069.0 -

Total Reimbursable Total Reimbursable Certified to ICCB DifferenceDual Credit 10,698.0 10,698.0 -

Dual Enrollment 1,188.0 1,188.0 -

Total 11,886.0 11,886.0 -

DifferenceBaccalaureate - - -

Business Occupational - - -

Technical Occupational - - -

Health Occupational - - -

Remedial Development - - -

Adult Basic/Secondary Education - - -

Total - - -

Total Correctional Credit HoursTotal Correctional Credit Hours

Certified to the ICCB

RECONCILIATION OF IN-DISTRICT/CHARGEBACK AND COOPERATIVE/CONTRACTUAL AGREEMENT CREDIT HOURS

Total Attending as Certified to the ICCBUnrestricted and Restricted

RECONCILIATION OF TOTAL CORRECTIONAL SEMESTER CREDIT HOURS FOR THE YEAR ENDED JUNE 30, 2011

(Unrestricted and Restricted)Total Attending

104.

SCHEDULE 14

105.


COMMUNITY COLLEGE DISTRICT NUMBER 524 RESIDENCY POLICY A resident must live in the Moraine Valley Community College district at least 30 days prior to the start of the semester and meet at least one of these criteria:

• Under 18 whose parents or legal guardians reside in the college district;

• Under 18 who is married and who is established in a permanent family residence in the district;

• Under 18 who resides in the district in a dwelling he or she has purchased; and or

• 18 or older who resides in the district, providing residence was not for the sole purpose of attending college.

Refer to the Moraine Valley “At a Glance” section of our college catalog for a map of the Moraine Valley district. To verify your residency status, call 708/974-2110. Tuition rates are determined by the legal residence of the student. These rates are lower for residents of the Moraine Valley Community College district than they are for out-of-district residents who attend Moraine Valley. A student who temporarily moves into the district for the purpose of attending the College at a reduced tuition rate will not be considered as having established a bona fide residence within the district. It is the student’s responsibility to demonstrate residency status. A student may be asked to display verification of residence before class registration can be completed. The following documents may be presented to verify residency: Illinois driver’s license or state ID, property tax statement, vehicle registration, copy of lease or purchase agreement, utility or telephone bill, or voter’s registration card. Documents or bills that are used to verify residence are required to be in the student’s name. Residence status is determined at the time of registration. It will not be changed after the refund period for that semester. The Dean of Enrollment Services or a chosen representative will determine whether an applicant meets the residency criterion.

SCHEDULE 15

TAX LEVY YEAR

2010 12,844,448,092$

2009 12,889,581,841

2008 12,746,484,863

2007 11,319,414,709

2006 10,637,643,231

2005 10,478,199,596

2004 8,913,225,370

2003 8,548,717,307

2002 8,564,047,922

2001 7,065,088,391

Source: Cook County Treasurer's Office

EQUALIZED ASSESSED VALUATION


SUMMARY OF ASSESSED VALUATIONS FOR THE LAST TEN LEVY YEARS

106.

11713F

Board of Trustees Joseph P. Murphy, Chairman

Patrick D. Kennedy, Vice Chairman

Susan Murphy, Secretary

John R. Coleman

Lisa Szynalski

Sandra S. Wagner

Mark D. Weber

Emmanuel Santoyo, Student Trustee

Dr. Vernon O. Crawley, College President