11

versus a budgeted surplus $246,609.

Kellogg West Conference Center & Hotel

 – Revenues 

exceed budget by 4% or $6,234, salaries are 36% versus 

35% and expenditures are 49% versus 53% of revenues

generating a surplus greater than budgeted. 

University Village

 – Revenues  exceed budget by 6% or 

$63,194 and occupancy is at 100% versus 97% budgeted 

as we start the academic year, salaries and expenditures 

are 57% versus 60% of budget generating a surplus greater 

than budgeted. 

GENERAL ACTIVITIES

General Activities reported a surplus greater than budgeted 

mainly due to general investments unrealized gains. 

DESIGNATED EXPENSES

Designated Gifts generated a year to date deficit of 

$309,358 versus a budgeted deficit of $520,628 and the 

actual deficit is 59% of budgeted.

OTHER ACTIVITIES

Sponsored Research

 has generated a year-to-date surplus 

of $20,000 versus a budgeted surplus of $20,000; year to 

date indirect revenues are 96% or $20,222 short of budget 

and direct grant expenditures are short of budget by 11.5% 

or $593,719 generating an effective rate of 11.5% versus 

the budgeted rate of 11.5%.

Agriculture-Aid-to-Instruction 

year-to-date revenues are 

79.4% or $312,426 short of budget, costs of goods are 18% 

versus 14.7% of budget and payroll and expenditures are

93% versus 88% of budget generating a year to date 

deficit of $133,575 versus a budgeted deficit of $35,246 

due to Beef Unit, Arabian Horse Center, Sheep Unit and 

Pumpkin Festival. The cash deficit account balances of 

these programs is $1,536,930. The Office of the Provost is 

working with the Huntley College of Agriculture to develop

a sustainable, integrated collegewide operating budget. 

The outcome of this effort will include a plan to address the 

college’s cash deficit account balances with the Foundation. 

The Provost will provide ongoing updates to the 

Foundation’s Board of Directors and Finance Committee 

with a final report in February 2018.

Continuing Education

 year-to-date revenues are 83% or 

$365,200 short of budget; payroll and expenditures are 

66% versus 81% of budget generating a year to date surplus

of $612,321 versus $414,716 budgeted mainly due savings 

in services and payroll.

Foundation Programs–Unrestricted

 includes the activities 

that are not third party donor-imposed stipulations. Year to 

date revenues exceed budget by 83% or $128,293

generating a year to date surplus of $59,970 versus a zero 

budget and forecast. 

Endowment/Investment

 – Endowment contributions year 

to date are 92% or $12,925 short of budget generating a 

surplus of $127,727 versus a budgeted surplus of $162,333.

Year-to-date endowment investments outperformed the 

budget as unrealized/realized investment earnings are $5.8 

million versus budgeted earnings of $1.4 million less

endowment distribution of $3.9 million versus $3.8 

budgeted resulting in a surplus of $1.6 million versus a 

budgeted deficit of $2.7 million. 

Foundation Programs–Restricted 

includes the activities 

that are third-party donor-imposed stipulations. 

Year-to- date revenues are 96% or $284,850 short of 

budget; expenditures 75% or $1.2 million short of budget 

resulting in a net surplus of $2.8 million versus budgeted 

surplus of $1.9 million.

If you have any question or need additional information, 

please contact David Prenovost at 

dfprenovost@cpp.edu

 or 

call (909) 869-2948

.