COMPREHENSIVE ANNUAL FINANCIAL REPORTStatistical section cover sheet 58 Financial Trends Net position by component - last ten fiscal years 59 ... Ms. Lynn Kearney ... transmittal letter,

Illinois Community College – District No. 511 – Rockford IL – Prepared by Financial Services

RockValleyCollege.edu

COMPREHENSIVE ANNUAL

FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2013

Illinois Community College District Number 511 Rockford, Illinois

Comprehensive Annual Financial Report

Fiscal Year Ended June 30, 2013

Prepared by:

Financial Services Department

Sam E. Overton, Jr. Vice President, Administrative Services

Jennifer Porter

Director, Financial Services

INTRODUCTORY SECTION

2012 Certificate of Achievement iLetter of Transmittal ii - vList of Principal Officials viOrganizational Chart vii

FINANCIAL SECTION

INDEPENDENT AUDITOR'S REPORT 1-3

MANAGEMENT'S DISCUSSION AND ANALYSIS 4-20

BASIC FINANCIAL STATEMENTS

Rock Valley College Statements of Net Position 21-22

Rock Valley College Statements of Revenues, Expenses and Changes in Net Position 23

Rock Valley College Statements of Cash Flows 24-25

Rock Valley College Foundation Statement of Financial Position 26

Rock Valley College Foundation Statement of Activities 27

Notes to financial statements 28-45

SUPPLEMENTARY INFORMATION

Uniform financial statements

Uniform financial statements cover sheet 46

All funds summary 47

Summary of capital assets and long-term debt 48

Operating funds revenues and expenditures 49-50

Restricted purposes fund revenues and expenditures 51-52

Current funds expenditures by activity 53-54

Certification of chargeback reimbursement for fiscal year 2014 55

Combining Balance Sheet - by Sub-Fund 56

Combining Schedule of Revenues, Expenses and Changes in Net Position-by Sub-Fund 57

STATISTICAL SECTION (UNAUDITED)

Statistical section cover sheet 58

Financial Trends

Net position by component - last ten fiscal years 59

Changes in net position - last ten fiscal years 60

Revenue Capacity

Equalized assessed valuation, tax rates and tax extensions - last ten levy years 61

Assessed value and actual value of taxable property - last ten levy years 62

Property tax rate - direct and overlapping governments - last ten levy years 63

Principal property taxpayers 64

Property tax levies and collections - last ten levy years 65

Enrollment, Tuition and Fee Rates, Credit Hours Claimed and Tuition Fee Revenue 66

Debt Capacity

Ratios of outstanding debt by type - last ten fiscal years 67

Ratios of net general bonded debt outstanding - last ten fiscal years 68

Direct and overlapping governmental activities debt general obligation bonds 69

Legal debt margin information - last ten fiscal years 70

CONTENTS

STATISTICAL SECTION (UNAUDITED) (Continued)

Demographic and Economic Information

Demographic and economic information - last ten fiscal years 71

Student enrollment demographic and total credit hour by year - last ten years 72

Principal employers - current year and nine years ago 73

Operating Information

Full-time equivalent employees - last ten fiscal years 74

Operating indicators - last ten fiscal years 75

Capital asset statistics - last ten fiscal years 76

History 77-84

SPECIAL REPORTS SECTION

ICCB STATE GRANT PROGRAMS

85-86

87

88

89-90

State adult education and family literacy grant program - balance sheet 91

92

ICCB compliance statement for the adult education and family literacy grant 93

Notes to financial statements - grant programs 94

ENROLLMENT DATA AND RESIDENCY REQUIREMENTS

95

Reconciliation of total semester credit hours 96

Schedule of enrollment data and other bases upon which claims are filed 97

CONTENTS

Career and technical education - program improvement grant program - balance sheet

Independent Accountant's Report on Enrollment Data and Other Bases Upon Which Claims are Filed and Supporting Reconciliation of Semester Credit Hours

State adult education and family literacy grant program - statement of revenues, expenditures and changes in program balance

Career and technical education - program improvement grant program - statement of revenues, expenditures and changes in program balanceIndependent Auditor's Report on Compliance with State Requirements for The Adult Education and Family Literacy Grant Program

Independent Auditor's Reports on Compliance with State Requirements for Career and Technical Education - Program Improvement Grant and State Adult Education and Family Literacy Restricted Grant.

INTRODUCTORY SECTION

i

ii

iii

iv

v

Board of Trustees FY13

Leadership for Rock Valley College is provided by a seven‐member board elected by citizens in the

college’s service area. Board members live, work, and pay taxes in our district, and serve without pay

except for mileage and expenses. The board is a cohesive, independent team that works well together

to serve the best interests of the district taxpayers.

Meetings of the Board of Trustees are normally held on the fourth Tuesday of the month and are open

to the public.

2012/2013 Board of Trustees

Mr. Michael Dunn, Jr., Chairperson

Mr. Michael Olson, Vice Chairperson

Ms. Mary Tuite, Secretary

Mr. Ted Biondo

Mr. Randy Schaefer

Ms. Kathy Kelley

Dr. Stephanie Raach

Mr. Daniel Slabaugh ‐ Student Trustee

2013/2014 Board of Trustees

Mr. Michael Dunn Jr., Chairperson

Ms. Kathy Kelley, Vice Chairperson

Mr. Randy Schaefer, Secretary

Ms. Mary Tuite

Ms. Lynn Kearney

Mr. Frank Haney

Mr. Patrick Murphy

Mr. Marshawn Massenat ‐Student Trustee

Administration

Dr. Jack Becherer, President

Dr. Diane Nyhammer, Provost/Chief Academic Officer

Mr. Sam E. Overton Jr., Vice President of Administrative Services

Ms. Pam Owens, Executive Director of Foundation and College Advancement

Ms. Amy Diaz, Associate Vice President of Student Development

Mr. Michael Mastroianni , Associate Vice President Outreach and Planning

Ms. Jessica Jones, Managing Director, Human Resource Services

Mr. Brian Sager, Associate Vice President of Academic Affairs

Ms. Susan Busenbark, Dean of Academic Development and Instructional Support

vi

Bo

ard

of

Tru

ste

es

Pre

sid

en

t/C

EO

Assis

tan

t to

Pre

sid

en

t

VP

of

Insti

tuti

on

al

Ad

van

cem

en

t

Foundatio

n &

Colle

ge

Advancem

ent

Pro

vo

st/

CA

O

VP

of

Ad

min

istr

ati

ve

Serv

ices

Associa

te V

P o

f

Stu

dent

Develo

pm

ent

Adm

inis

trative

Serv

ices

Busin

ess

Serv

ices

Facili

tie

s P

lannin

g

& P

OM

Fin

ancia

l

Serv

ices

Info

rmation

Technolo

gy

Associa

te V

P o

f

Outr

each &

Pla

nn

ing

Education

al

Opport

unitie

s

Pro

gra

m

Enro

llment

Serv

ices

Fin

ancia

l

Aid

LO

C

Recru

itm

en

t

&

Adm

issio

ns

Stu

dent

Life

Busin

ess

Outr

each

Com

mun

ity

Education

Em

plo

ym

en

t &

Tra

inin

g G

rants

Hum

an

Resou

rces

PT

AC

RV

C O

rgan

izati

on

al

Ch

art

Associa

te V

P o

f

Academ

ic A

ffairs

De

an

of

Aca

de

mic

De

ve

lop

me

nt

&

Instr

uctio

na

l S

up

po

rt

Adult

Education

AT

LE

Hig

h S

cho

ol

Con

nections

Associa

te D

ean

of

Lib

rary

& L

earn

ing

Support

Dis

ab

ility

Serv

ices

Lib

rary

Testing

Cen

ter

Tuto

ring

Cen

ter

Eig

er

Lab

Executive D

ire

cto

r

of In

stitu

tio

nal

Resea

rch

BU

S/C

IS/E

AT

Com

mun

ication

&

Education

FW

S

Math

& H

um

an

Serv

ices

Nurs

ing

Scie

nce

s

Socia

l S

cie

nce

&

Hum

an

itie

s

Technic

al/A

llie

d

Hea

lth

Sm

all

Busin

ess

Develo

pm

ent

Theatr

e

&

Art

s P

ark

Stu

dent R

ete

ntion

&

Success

Public

Safe

ty

Com

mun

ication

Mark

eting

vii

FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT

MANAGEMENT’S DISCUSSION AND ANALYSIS

ROCK VALLEY COLLEGE ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511 MANAGEMENT’S DISCUSSION AND ANALYSIS Management’s Discussion and Analysis:

This section of Rock Valley College’s Comprehensive Annual Financial Report presents management’s discussion and analysis of the College’s financial performance during the fiscal years ended June 30, 2013 and 2012 and is designed to focus on current activities. Therefore, please read this MD&A in conjunction with the accompanying transmittal letter, the College’s basic financial statements and the footnotes. Certain comparative information between the current year and the prior year is required to be presented in the MD&A. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the College. The enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and changes in financial position of the various funds and accounts of the College. All disclosures necessary to enable the reader to gain an understanding of the College’s financial activities have been included. Using This Annual Report: The financial statements focus on the College as a whole. The College’s financial statements are designed to emulate corporate presentation models whereby the College activities are consolidated into one total. The focus of the Statements of Net Position is designed to be similar to bottom line results for the College. This financial statement combines and consolidates current financial resources (short-term unrestricted resources) with capital assets and long-term liabilities. The Statement of Revenues, Expenses and Changes in Net Position focuses on operating revenue, operating expenses by function, and nonoperating revenue/expenses which are supported mainly by tuition and fees, property taxes, state, federal and other revenues. This approach is intended to summarize and simplify the user’s analysis of cost related to College services to students and the public. The remainder of the MD&A highlights the structure and contents of the primary government’s financial statements. For detailed information pertaining to the Foundation (the College’s discretely presented component unit), refer to the separately issued Foundation financial statements for the year ended June 30, 2013.

4

Comparative Analysis of Net Position – Fiscal Years 2013 and 2012

Increase Percent2013 2012 (Decrease) Change

Current assets 72,105,909$ 72,123,394$ (17,485)$ - Noncurrent assets

Nondepreciable assets 1,799,051 1,292,391 506,660 39.2 Depreciable assets, net of

depreciation 78,763,930 84,361,136 (5,597,206) (6.6) Total assets 152,668,890 157,776,921 (5,108,031) (3.2) Deferred Outflows 566,356 770,104 (203,748) (26.5) Total assets and deferred outflows of resources 153,235,246 158,547,025 (5,311,779) (3.4)

Current liabilities 20,690,816 22,621,340 (1,930,524) (8.5) Noncurrent liabilities 63,304,439 68,027,761 (4,723,322) (6.9) Total liabilities 83,995,255 90,649,101 (6,653,846) (7.3) Deferred inflows of resources 13,214,840 14,295,128 (1,080,288) (7.6) Total liabilities and deferred inflows of resources 97,210,095 104,944,229 (7,734,134) (7.4)

Net positionNet investment in

capital assets 29,375,419 27,348,873 2,026,546 7.4 Restricted 14,472,074 16,172,052 (1,699,978) (10.5) Unrestricted 12,177,658 10,081,871 2,095,787 20.8

Total net position 56,025,151$ 53,602,796$ 2,422,355$ 4.5

Net PositionAs of June 30

This schedule is prepared from the College’s Statement of Net Position (pages 21-22) which is presented on an accrual basis of accounting and the economic resources measurement focus whereby assets are capitalized and depreciated. The College’s total net position at June 30, 2013, increased from $53,602,796 to $56,025,151 – an increase of approximately 4.5 percent. In fiscal year 2013, the College’s total assets and deferred outflows of resources decreased from $158,547,025 to $153,235,246. Current assets decreased slightly from $72,123,394 to $72,105,909. The overall decrease in noncurrent assets of $5,090,546 is a result of depreciation expense of approximately $5.6 million. Total liabilities and deferred outflows of resources decreased from $104,944,229 to $97,210,095. Current liabilities decreased by $1,930,524 primarily attributed to a decrease in bonds payable, current portion of approximately $2.7 million, a decrease in claims payable of approximately $265,000 and a decrease in accrued interest of $100,000. The decreases in current liabilities were offset by an increase in accounts payable of roughly $788,000, an increase in unearned grant revenue of roughly $230,000 and an increase in unearned tuition and fees of approximately $120,000. Noncurrent liabilities decreased by $4,723,322. The decrease is primarily attributed to principal payments of roughly $4.6 million and a decrease in early termination payable of $100,000.

5

Comparative Analysis of Net Position– Fiscal Years 2012 and 2011:


Current assets 72,123,394$ 75,736,339$ (3,612,945)$ (4.8) Noncurrent assets

Nondepreciable assets 1,292,391 23,288,046 (21,995,655) (94.5) Depreciable assets, net of

depreciation 84,361,136 67,308,024 17,053,112 25.3 Total assets 157,776,921 166,332,409 (8,555,488) (5.1) Deferred outflows of resources 770,104 1,050,069 (279,965) (26.7) Total assets and deferred outflows of resources 158,547,025 167,382,478 (8,835,453) (5.3)

Current liabilities 22,621,340 25,259,351 (2,638,011) (10.4) Noncurrent liabilities 68,027,761 74,358,083 (6,330,322) (8.5) Total liabilities 90,649,101 99,617,434 (8,968,333) (9.0) Deferred inflows of resources 14,295,128 14,883,967 (588,839) (4.0) Total liabilities and defered inflows of resources 104,944,229 114,501,401 (9,557,172) (8.3)

Net positionNet investment in

capital assets 27,348,873 26,432,405 916,468 3.5 Restricted 16,172,052 16,287,860 (115,808) (0.7) Unrestricted 10,081,871 9,110,743 971,128 10.7

Total net position 53,602,796$ 51,831,008$ 1,771,788$ 3.4

Net PositionAs of June 30

This schedule is prepared from the College’s Statement of Net Position (pages 19-20) which is presented on an accrual basis of accounting and the economic resources measurement focus whereby assets are capitalized and depreciated. The College’s total net position at June 30, 2012, increased from $51,831,008 to $53,602,796 – an increase of approximately 3.4 percent. In fiscal year 2012, the College’s total assets decreased from $167,382,478 to $158,547,025. Current assets decreased from $75,736,339 to $72,123,394. The decrease in current assets of approximately $3.6 million is primarily attributed to a decrease in property tax receivables of roughly $2.4 million and a decrease in restricted investments of roughly $3.1 million offset by an increase in unrestricted investments of roughly $1.6 million, an increase in accounts receivable of roughly $470,000, an increase in cash and cash equivalents of roughly $450,000 and an increase in prepaid items of roughly $62,000. The overall decrease in noncurrent assets of $5,081,805 is a result of decrease in capital assets (net of accumulated depreciation) of approximately $22 million. Construction in progress decreased roughly $22 million while depreciable capital assets increased approximately $24 million offset by an increase in accumulated depreciation of approximately $7 million. The majority of the decrease in construction in progress was the result of the Karl J. Jacobs Center for Science and Math (JCSM) completion. Total liabilities and deferred inflows of resources decreased from $114,501,401 to $104,944,229. Current liabilities decreased by $2,638,011 primarily attributed to a decrease in accounts payable of approximately $2.1 million, a decrease in unearned tuition and fees of approximately $620,000, a decrease in bonds payable, current portion of approximately $210,000, a decrease in unearned grant revenue of $92,000 and a decrease in accrued interest of $71,000. The decreases in current liabilities were offset by an increase in claims payable of roughly $520,000. Noncurrent liabilities decreased by $6,330,322. The decrease is primarily attributed to principal payments of roughly $6.2 million and a decrease in early termination payable of $118,000.

6

Fiscal Years 2013 and 2012 Financial Highlights: At June 30, 2013 the College’s net position increased from $53,602,796 to $56,025,151. Revenues exceeded expenses by $2,422,355 as follows:


Operating revenues 14,360,414$ 15,900,079$ (1,539,665)$ (9.7) Nonoperating revenues 64,828,155 64,035,881 792,274 1.2

Total revenues 79,188,569 79,935,960 (747,391) (0.9)

Operating expenses 73,604,932 74,735,183 (1,130,251) (1.5) Nonoperating expenses 3,182,356 3,478,516 (296,160) (8.5)

Total expenses 76,787,288 78,213,699 (1,426,411) (1.8)

Income before capital contributions 2,401,281 1,722,261 679,020 39.4 Capital contributions 21,074 49,527 (28,453) (57.4) Increase in net position 2,422,355 1,771,788 650,567 36.7 Net position, beginning of year 53,602,796 52,811,548 791,248 1.5 Prior Period adjustment (PPA) - (980,540) 980,540 (100.0) Net Position, beginning of year restated 53,602,796 51,831,008 1,771,788 3.4 Net position, end of year 56,025,151$ 53,602,796$ 2,422,355 4.5

June 30

Total revenues decreased $747,391 – a decrease of approximately .9 percent. Operating revenues decreased $1,539,665 – a decrease of approximately 9.7 percent. The decrease in operating revenues is attributed to a decrease in student tuition and fees (net of scholarship allowances) of roughly $1,172,380 and a decrease in operating revenues of roughly $391,537. Auxiliary services revenue decreased roughly $63,000. Non-operating revenues increased $792,274 – an increase of roughly 1.2 percent. This increase is attributed to an increase in state appropriations roughly of $2.6 million, an increase in local grants and contracts of roughly $130,000 and an increase in personal property replacement tax of roughly $83,000. The increases are offset by an decrease in local property taxes of roughly $1.8 million. Total expenses decreased $1,426,411– a decrease of 1.8 percent although there was an increase in costs for the State Universities Retirement System of Illinois pension plan (SURS) of $2.5 million. Operating expenses, as of June 30, 2013, decreased $1,130,251– a decrease of roughly 1.5 percent. The decrease in operating expenses was attributed to a decrease in depreciation of approximately $975,000, a decrease in public service of $803,000 and a decrease in scholarships, grants and waivers of roughly $450,000. The decreases were offset by an increase in instruction expense of roughly $744,000; an increase in plant , operations & maintenance of approximately $255,000 and an increase in student services of approximately $158,000. Nonoperating expenses decreased roughly $297,000 primarily attributed to an increase in interest on capital assets – related debt. In general, the ending net position for fiscal year 2013 increased by $2,422,355. Details of revenues and operating expenses are covered in more detail in the subsequent sections.

7

Fiscal Years 2012 and 2011 Financial Highlights: At June 30, 2012 the College’s net position increased from $51,720,638 to $53,602,796. Revenues exceeded expenses by $1,390,884 as follows after a prior period adjustment of $980,540 attributed to the implementation of GASB 65, Items Previously Reported as Assets and Liabilities:


Operating revenues 15,900,079$ 15,132,197$ 767,882$ 5.1 Nonoperating revenues 64,035,881 64,901,500 (865,619) (1.3)

Total revenues 79,935,960 80,033,697 (97,737) (0.1)

Operating expenses 74,735,183 75,160,313 (425,130) (0.6) Nonoperating expenses 3,478,516 3,690,447 (211,931) (5.7)

Total expenses 78,213,699 78,850,760 (637,061) (0.8)

Income (loss) before capital contributions 1,722,261 1,182,937 539,324 45.6 Capital contributions 49,527 5,611 43,916 782.7 Increase (decrease) in net position 1,771,788 1,188,548 583,240 49.1 Net position, beginning of year 51,831,008 51,623,000 208,008 0.4 Prior Period adjustment (PPA) - (980,540) 980,540 Net position, beginning of year-restated 51,831,008 50,642,460 1,188,548 0.4 Net position, end of year 53,602,796$ 51,831,008$ 1,771,788$ 3.4

June 30

Total revenues decreased $97,737 – a decrease of approximately .1 percent. Operating revenues increased $767,882 – an increase of approximately 5.1 percent. The increase in operating revenues is attributed to an increase in student tuition and fees (net of scholarship allowances) of roughly $756,000. Sales and service fees increased roughly $150,000 offset by a decrease in other operating revenues of roughly $106,000. Auxiliary services revenue decreased roughly $34,000. Non-operating revenues decreased $865,619 – a decrease of roughly 1.3 percent. This decrease is attributed to a decrease in local property taxes of roughly $1.2 million, a decrease in federal grants and contracts of roughly $1.2 million and a decrease in personal property replacement taxes of roughly $189,000. The decreases are offset by an increase in state appropriations roughly of $1.2 million and an increase in state grants and contracts of roughly $604,000. Total expenses decreased $637,061 – a decrease of 1.1 percent. Operating expenses, as of June 30, 2012, decreased $800,458 – a decrease of roughly 1.1 percent. The decrease in operating expenses was attributed to a decrease in Scholarships, grants and waivers of roughly $1.4 million; an increase in instruction expense of roughly $459,000; an increase in institutional support of roughly $410,000; an increase in public services of roughly $96,000 and an increase of approximately $149,000 in aggregate in both academic support and student services. The increases were offset by a decrease in depreciation of roughly $163,000. Nonoperating expenses increased roughly $163,000 primarily attributed to an increase in interest on capital assets – related debt. In general, the ending net position for fiscal year 2012 increased by $1,188,548. A prior period adjustment of $980,540 is attributed to implementation of GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. With the implementation of GASB Statement No. 65, the College is required to write off previous bond issuance costs which were being amortized over the life of the bonds and to expense these amounts in the year of issuance. Details of revenues and operating expenses are covered in more detail in the subsequent sections.

8

Fiscal Years 2013 and 2012 Revenues (Operating and Nonoperating):

Increase Percent

Amount % of total Amount % of total (Decrease) Change

Student tuition & fees (net) 10,726,949 $ 13.4 11,899,329 $ 14.9 (1,172,380) $ (9.9)

Sales & serv ice fees 1,933,743 2.4 1,846,418 2.3 87,325 4.7

State grants and contracts 7,759,253 9.8 7,820,623 9.8 (61,370) (0.8)

Federal grants and contracts 17,845,614 22.5 17,911,717 22.4 (66,103) (0.4)

State appropriations 9,326,339 11.8 6,769,528 8.5 2,556,811 37.8

Local property taxes 27,651,849 34.9 29,444,706 36.8 (1,792,857) (6.1)

Personal property replacement tax 1,495,394 1.9 1,412,889 1.8 82,505 5.8

Investment income 104,043 0.1 122,965 0.2 (18,922) (15.4)

Other 2,345,385 3.0 2,707,785 3.4 (362,400) (13.4) Total Revenues 79,188,569 $ 99.8 79,935,960 $ 100.1 (747,391) $ (0.9)

2013 2012

2013 Analysis of Revenues: In FY 2013, the College’s total revenues decreased by approximately $747,000 – a decrease of .9 percent. This decrease is attributable to a decrease in local property taxes of roughly $1.8 million, a decrease in student tuition & fees (net) of approximately $1.2 million and a decrease of other revenue of approximately $362,000. The decreases are offset by increases in state appropriations of roughly $2.6 million. Fiscal Years 2012 and 2011 Revenues (Operating and Nonoperating):

Increase Percent


Student tuition & fees (net) 11,899,329 $ 14.9 11,143,235 $ 13.9 756,094 $ 6.8

Sales & serv ice fees 1,846,418 2.3 1,694,126 2.1 152,292 9.0

State grants and contracts 7,820,623 9.8 7,216,727 9.0 603,896 8.4

Federal grants and contracts 17,911,717 22.4 19,152,547 23.9 (1,240,830) (6.5)

State appropriations 6,769,528 8.5 5,630,984 7.0 1,138,544 20.2

Local property taxes 29,444,706 36.8 30,778,672 38.5 (1,333,966) (4.3)

Personal property replacement tax 1,412,889 1.8 1,601,965 2.0 (189,076) (11.8)

Investment income 122,965 0.2 129,944 0.2 (6,979) (5.4)

Other 2,707,785 3.4 2,685,497 3.4 22,288 0.8 Total Revenues 79,935,960 $ 100.1 80,033,697 $ 100.0 (97,737) $ (0.1)

2012 2011

2012 Analysis of Revenues: In FY 2012, the College’s total revenues decreased by approximately $98,000 – a decrease of .1 percent. This decrease is attributable to a decrease in federal grants and contracts of approximately $1.2 million related to PELL; a decrease in local property taxes of roughly $1.3 million and a decrease in personal property replacement tax of roughly $189,000. The decreases are offset by increases in SURS on behalf payments of approximately $1.1 million; an increase in student tuition and fees (net), attributed to an increase in tuition in the fall of 2011 in the amount of $13/credit hour, state grants and contracts and sales and service fees in aggregate of roughly $1.5 million.

9

The following is a graphic illustration comparing fiscal years 2013, 2012, and 2011 revenues by source:

Student tuition and fees (net of scholarship allowances) decreased from last year. Sales and service fee slightly increased from prior years primarily due to Starlight Theatre ticket sales, Rockford Symphony Orchestra ticket sales and Traffic Safety. State grants and contracts remained stable from the previous year. Federal grants and contracts have decreased from previous years primarily due to PELL. State appropriations increased roughly 38 percent from the prior year. Local property taxes decreased from the previous year due to the equalized assessed valuation dropping roughly 6 percent.

$‐

$5

$10

$15

$20

$25

$30

$35

Millions

Comparison of Revenues by Source Fiscal Years 2013, 2012 and 2011

2013 2012 2011

10

The following are graphic illustrations of fiscal years 2013 and 2012 revenue by source.

13.6%

2.4%

9.8%

22.5%

11.8%

34.9%

1.9%

0.1%

3.0%

Percent of 2013 Revenue by Source

Student tuition & fees (net), 13.6%

Sales & service fees, 2.4%

State grant and contracts, 9.8%

Federal grants and contracts, 22.5%

State appropriations, 11.8%

Local property taxes, 34.9%

Personal property replacement tax, 1.9%

Investment income, .1%

Other, 3.0%

14.8%

2.3%

9.8%

22.4%

8.5%

36.8%

1.8%

0.2% 3.4%

Percent of 2012 Revenue by Source

Student tuition & fees (net), 14.8%

Sales & service fees, 2.3%

State grant and contracts, 9.8%

Federal grants and contracts, 22.4%

State appropriations, 8.5%

Local property taxes, 36.8%

Personal property replacement tax, 1.8%

Investment income, .2%

Other, 3.4%

11

Fiscal Years 2013 and 2012 Operating Expenses by Function Comparisons:

Increase Percent


Instruction 24,406,750 $ 33.2 23,663,088 $ 31.8 743,662 $ 3.1 Academic Support 4,943,375 6.7 4,990,261 6.7 (46,886) (0.9) Student Services 3,983,836 5.4 3,825,589 5.1 158,247 4.1 Public Service 7,737,454 10.5 8,539,964 11.4 (802,510) (9.4) Plant, Operations & Maintenance 6,694,762 9.1 6,439,673 8.6 255,089 4.0 Institutional Support 9,699,890 13.2 9,727,453 13.0 (27,563) (0.3) Auxiliary Services 846,041 1.1 831,452 1.1 14,589 1.8 Depreciation 6,234,670 8.5 7,209,540 9.6 (974,870) (13.5) Scholarships, grants & waivers 9,058,154 12.3 9,508,163 12.7 (450,009) (4.7) Total Expenses by Function 73,604,932 $ 100.0 74,735,183 $ 100.0 (1,130,251) $ (1.5)

2013 2012

2013 Analysis of Operating Expenses by Function: The College’s operating expenses by function decreased by approximately $1,130,000 although there was an increase in costs for the State Universities Retirement System of Illinois pension plan (SURS) of $2.5 million. The decrease is primarily attributed to a decrease in depreciation of roughly $975,000, a decrease in public service of roughly $803,000 and a decrease in scholarships, grants and waivers of roughly $450,000 primarily related to the unfunded Illinois Veteran Grant. The decrease is offset by increases in instruction, plant operations & maintenance and in student services in aggregate account for roughly $904,000. Fiscal Years 2012 and 2011 Operating Expenses by Function Comparisons:

Increase Percent


Instruction 23,663,088 $ 31.8 23,203,646 $ 30.9 459,442 $ 2.0 Academic Support 4,990,261 6.7 4,793,237 6.4 197,024 4.1 Student Services 3,825,589 5.1 3,872,990 5.2 (47,401) (1.2) Public Service 8,539,964 11.4 8,444,403 11.2 95,561 1.1 Plant, Operations & Maintenance 6,439,673 8.6 6,463,020 8.6 (23,347) (0.4) Institutional Support 9,727,453 13.0 9,317,901 12.4 409,552 4.4 Auxiliary Services 831,452 1.1 784,683 1.0 46,769 6.0 Depreciation 7,209,540 9.6 7,372,468 9.8 (162,928) (2.2) Scholarships, grants & waivers 9,508,163 12.7 10,907,965 14.5 (1,399,802) (12.8) Total Expenses by Function 74,735,183 $ 100.0 75,160,313 $ 100.0 (425,130) $ (0.6)

2012 2011

2012 Analysis of Operating Expenses by Function: The College’s operating expenses by function decreased by approximately $425,000. The decrease is primarily attributed to a decrease in scholarships, grants and waivers of roughly $1.4 million primarily related to PELL and Dislocated Worker Program. The decrease is offset by increases in instruction, institutional support, academic support and in public service in aggregate account for roughly $1.1 million. The following is a graphic illustration comparing fiscal years 2013, 2012 and 2011 operating expenses by function.

12

Instruction has increased from prior years, due to wage increases and new positions being filled. Public service experienced a decrease from previous years due to reductions in programs such as Rockford Area Strategic Initiative and Dislocated Worker. Academic support, student services, auxiliary services, plant, operations and maintenance and institutional support remained relatively unchanged from the previous year. Depreciation has decreased each year in relation to capital assets being disposed.

$‐

$5

$10

$15

$20

$25

$30

Millions

Comparison of Operating Expenses by Function Fiscal Years 2013, 2012 and 2011

201320122011

13

The following are graphical illustrations of fiscal years 2013 and 2012 operating expenses by function.

33.2%

6.7%

5.4%

10.5%

9.1%13.2%

1.1%

8.5%

12.3%

Percent of 2013 Operating Expenses by Function

Instruction, 33.2%

Academic Support, 6.7%

Student Services, 5.4%

Public Service, 10.5%

Plant, Operations & Maint., 9.1%

Institutional Support, 13.2%

Auxiliary Services, 1.1%

Depreciation, 8.5%

Scholarships, grants & waivers, 12.3%

31.8%

6.7%

5.1%

11.4%

8.6%

13.0% 1.1%

9.6%

12.7%

Percent of 2012 Operating Expenses by Function

Instruction, 31.8%

Academic Support, 6.7%

Student Services, 5.1%

Public Service, 11.4%

Plant, Operations & Maint., 8.6%

Institutional Support, 13.0%

Auxiliary Services, 1.1%

Depreciation, 9.6%

Scholarships, grants & waivers, 12.7%

14

Fiscal Years 2013 and 2012 Operating Expenses by Object:

Increase Percent Amount % of total Amount % of total (Decrease) Change

Salaries 30,086,694 $ 40.8 30,865,647 $ 41.3 (778,953) $ (2.5) Employee Benefits 15,903,005 21.6 15,389,678 20.6 513,327 3.3 Contractual Services 4,442,530 6.0 4,237,709 5.7 204,821 4.8 General Materials and Supplies 3,525,847 4.8 3,636,101 4.9 (110,254) (3.0) Travel & Conference/Meeting Expense 579,826 0.8 553,980 0.7 25,846 4.7 Fixed Charges 1,294,890 1.8 1,250,703 1.7 44,187 3.5 Utilities 1,410,666 1.9 1,468,442 2.0 (57,776) (3.9) Depreciation 6,234,670 8.5 7,209,540 9.6 (974,870) (13.5) Other 10,126,804 13.8 10,123,383 13.5 3,421 -

Total Expenses by Object 73,604,932 $ 100.0 74,735,183 $ 100.0 (1,130,251) $ (1.5)

2013 2012

2013 Analysis of Operating Expenses by Object: Overall, the College’s fiscal year operating expenses decreased $1,130,251, or 1.5 percent. The decreases in salaries, general materials and supplies, depreciation, utilities and other in aggregate of approximately $1.9 million are offset by increases in employee benefits and contractual services. Salary expenses decreased by $778,953, or 2.5 percent. Salaries decreased this year due to retiree replacements and reallocation of vacant positions. The increase in employee benefits is directly attributed to an increase in the SURS pension plan “on-behalf payment” of approximately $2.5 million which has been offset with the reduction in healthcare costs. General materials and supplies decreased $110,254, or 3.0 percent. Depreciation expense decreased $974,870 primarily due to disposals of assets. Fiscal Years 2012 and 2011 Operating Expenses by Object:

Increase Percent Amount % of total Amount % of total (Decrease) Change

Salaries 30,865,647 $ 41.3 31,693,361 $ 42.2 (827,714) $ (2.6) Employee Benefits 15,389,678 20.6 13,361,426 17.8 2,028,252 15.2 Contractual Serv ices 4,237,709 5.7 3,740,972 5.0 496,737 13.3 General Materials and Supplies 3,636,101 4.9 3,856,475 5.1 (220,374) (5.7) Travel & Conference/Meeting Expense 553,980 0.7 609,687 0.8 (55,707) (9.1) Fixed Charges 1,250,703 1.7 1,183,332 1.6 67,371 5.7 Utilities 1,468,442 2.0 1,608,315 2.1 (139,873) (8.7) Depreciation 7,209,540 9.6 7,372,468 9.8 (162,928) (2.2) Other 10,123,383 13.5 11,734,277 15.6 (1,610,894) (13.7)

Total Expenses by Object 74,735,183 $ 100.0 75,160,313 $ 100.0 (425,130) $ (0.6)

2012 2011

2012 Analysis of Operating Expenses by Object: Overall, the College’s fiscal year operating expenses decreased $425,130, or .6 percent. The decreases in salaries, general materials and supplies, depreciation, utilities, travel and conference/meeting expense and other in aggregate of approximately $3.0 million are offset by increases in employee benefits and contractual services. Salary expenses decreased by $827,714, or 2.6 percent. Salaries decreased this year due to retiree replacements and reallocation of vacant positions. The increase in employee benefits is directly attributed to an increase in plan

15

participants and an increase in the SURS pension plan “on-behalf payment” of approximately $1.1 million. General materials and supplies decreased $220,374, or 5.7 percent. This decrease is due to a drop in IT, Plant Operations and Maintenance, Library and Illinois Community College Board’s Student Success Grant spending. Other expense decreased $1,610,894 primarily due to decreases in PELL.

Salaries decreased this year due to retiree replacements and reallocation of vacant positions. Employee benefits increased over the past three years due to an increase in SURS pension plan “on-behalf payment”, however in 2013 the increase smaller due to the reduction in healthcare costs. Contractual services increased from prior year. General materials/supplies decreased from the previous two years. Travel and conference, fixed charges, utilities, amortization and depreciation have remained relatively unchanged. As noted in previous charts, depreciation has fluctuated each year in relation to capital assets being acquired or capital assets being disposed.

$‐

$5

$10

$15

$20

$25

$30

$35

Millions

Comparision of Operating Expenses by Object Fiscal Years 2013, 2012 and 2011

201320122011

16

The following are graphical illustrations of fiscal years 2013 and 2012 operating expenses by object.

40.8%

21.6%

6.0%

4.8%

0.8%

1.8%

1.9%

8.5%

13.8%

Percent of 2013 Operating Expenses by ObjectSalaries, 40.8%

Employee Benefits, 21.6%

Contractual Services, 6.0%

General Materials/Supplies, 4.8%

Travel & Conference/Meeting, 0.8%

Fixed Charges, 1.8%

Utilities ,1.9%

Depreciation, 8.5%

Other Expenses including PELL, 13.8%

41.3%

20.6%

5.7%

4.9%

0.7%1.7%

2.0%

9.6%

13.5%

Percent of 2012 Operating Expenses by Object

Salaries, 41.3%

Employee Benefits, 20.6%

Contractual Services, 5.7%

General Materials/Supplies, 4.9%

Travel & Conference/Meeting, 0.7%

Fixed Charges, 1.7%

Utilities, 2.0%

Depreciation, 9.6%

Other Expenses including PELL, 13.5%

17

Fiscal Years 2013 and 2012 Capital Assets & Long-Term Debt: Net Capital Assets Increase Percent

2013 2012 (Decrease) ChangeLand 200,000$ 200,000$ -$ - Land and improvements 13,231,794 13,231,794 - - Building and improvements 134,851,799 134,839,944 11,855 - Equipment 25,638,356 25,217,786 420,570 1.7 Fine Art / Historic Treasures 102,000 102,000 - - Construction in progress 1,497,051 990,391 506,660 51.2 Total gross assets 175,521,000 174,581,915 939,085 0.5 Total accumulated depreciation (94,958,019) (88,928,388) (6,029,631) 6.8 Total 80,562,981$ 85,653,527$ (5,090,546)$ (5.9)

June 30

2013 Capital Assets: The capital assets balance increased by approximately $939,000 from $174,581,915 one year ago to $175,521,000. The increase is mainly attributable to Rock Valley’s logistics, renovations to accommodate for the CLI Addition and Renovations ($450,000) which is targeted to be completed in FY2016 and the acquisition of additional instructional and service equipment. The current year’s depreciation expense of approximately $6 million decreased relative to prior annual depreciation expense of $6.9 million as a result in assets reaching the end of their estimated useful life. 2013 Long-term Debt: As of June 30, 2013, the College’s bonds payable decreased from $74,353,691 to $67,116,126. The decrease is attributed to principal payments of roughly $7.4 million and interest payments on bonds were $3,182,356. Rock Valley College is scheduled to pay off its bonded debt in FY2021. During 2013, the College maintained its debt rating Aa2 from Moody’s Investor’s Service and there were no negative changes in the debt limitation. The College’s accrued compensated absences balance for fiscal year 2013 was $684,475, with the current portion due within one year at $102,671. Accrued compensated absences decreased by $15,952 from fiscal year 2012 from a balance of $700,427. In fiscal year 2006, the College implemented GASB 47 Statement Accounting for Early Termination Benefits. This Statement requires the College to record and accrue for voluntary and involuntary benefits employees receive after employment has ended with the RVC that relates to an early termination plan and offering. The College currently has retired employees who opted to participate in an early retirement plan that qualify to have early retirement benefits recorded under this Statement. As of June 30, 2013, early termination payable was $344,536 with the current portion amounting to $38,027. The net decrease in early retirement benefits amounted to $159,084. See Capital Assets Note No. 4, Long-Term Debt Note No. 5 and Early Retirement Benefits Note No.7 to the basic financial statements for further information.

18

Fiscal Years 2013, 2012 and 2011 Net Position: Analysis of Net Position:

Amount % Amount % Amount %

Net investment in capital assets 29,375,419$ 52.4 27,348,873$ 47.6 26,432,405$ 48.3 Restricted debt service 3,989,240 7.1 5,423,955 6.6 5,619,876 6.2 Restricted liability, protection and settlement 4,336,939 7.7 4,024,968 8.3 3,924,946 8.7 Other restricted 6,145,895 11.0 6,723,129 15.7 6,743,038 14.7 Unrestricted 12,177,658 21.7 10,081,871 21.8 9,110,743 22.1

Total Net Position 56,025,151$ 99.9 53,602,796$ 100.0 51,831,008$ 100.0

2013 2012 2011

2013 Analysis The College’s total net position has increased during the past three years to $56,025,151 in part to the increase in capital assets, payment of bonded debt related to construction without any new bond issuances in the last three years. Additionally, Rock Valley has unspent bond proceeds of approximately $13 million, which is primarily earmarked as a mandatory 25% local match for state funded appropriations for upcoming capital improvements including additions and renovations to existing buildings and the construction of performance venues over the next five to ten years. 2012 Analysis The College’s total net position has increased to $53,602,796. Invested in capital assets, net of related debt increased $916,468– an increase of 3.5 percent. A substantial portion of the increase in invested in capital assets, net of related debt is attributed to an increase in capital assets of $2.3 million. The $2.3 million increase is comprised primarily of net buildings increasing $1 million due to the completion of the Karl J. Jacobs Center for Science and Math, a majority of which was recorded as construction in progress as of June 30, 2011, and building additions approximately $1 million. Restricted debt service decreased $195,921 from fiscal year 2011 – a decrease of 3.5 percent. Economic Factors That May Affect the Future The College continues to be concerned with the budgetary 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 College is tracking proposed legislation for pension and retiree healthcare benefits; both of which may have a significant impact on the College. The low interest rate environment has an adverse impact on the revenue the College generates from working cash and bond proceeds to help finance operations and capital investment. The high unemployment experienced throughout the State and community continue to add pressure on the College to maintain tuition costs and fees at their current levels to provide affordable education and training for members of the community. Maintaining tuition costs will have to be balanced with the need to cover expense to ensure the quality and breadth of the College product offering is not impacted. The College continues to track property values and economic activity to forecast funding impacts. A decrease in the assessed valuation has had an adverse impact on College revenues and will ultimately result in the College having to either raise tuition or reduce costs or the product offering of services to contain costs. The College has implemented a tax management rate swap program whereas in the past two years, the College has not levied for Liability, Protection & Settlement funds. In Levy Year 2013 and subsequently Levy Year 2014 the College will levy for Liability, Protection & Settlement funds, after which the College again will forgo this portion of its levy profile in favor of a higher bond and interest levy to meet the $ .45 projected total tax rate.

19

Request for Information: This financial report is designed to provide a general overview of Rock Valley College’s finances to all those interested in the College’s accountability for the revenue it receives. Questions, concerns, or additional information regarding this report or any information contained therein should be directed to the Vice President of Administrative Services; 3301 North Mulford Road; Rockford, IL 61114.

20

BASIC FINANCIAL STATEMENTS

(THIS PAGE WAS INTENTIONALLY LEFT BLANK)

2013 2012

ASSETS

Current assets:

Cash and cash equivalents 15,691,374 $ 17,745,406 $ Current investments 14,641,983 12,239,059 Receivables:

Due from component unit 9,606 375 Property taxes, net of allowance for

uncollectible balances of $133,500 for 2013and $287,900 for 2012 13,170,965 13,985,179

Accounts, net of allowance for uncollectiblebalances of $563,000 for 2013 and $202,347 for 2012 11,815,703 11,481,040

Accrued interest 94,067 84,266 Cash held by paying agent 952,877 1,056,808 Prepaid items 807,554 809,996 Restricted cash and cash equivalents 11,703,338 10,187,998 Restricted investments 3,218,442 4,533,267

Total current assets 72,105,909 72,123,394

Noncurrent assets:

Capital assets: Depreciable assets, net of accumulated depreciation 78,763,930 84,361,136 Nondepreciable assets 1,799,051 1,292,391

Total noncurrent assets 80,562,981 85,653,527

Total assets 152,668,890 157,776,921

Deferred outflows of resources:

Unamortized loss on refunding 566,356 770,104 Total deferred outflows of resources 566,356 770,104

Total assets and deferred outflows of resources 153,235,246 $ 158,547,025 $

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

ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511

STATEMENTS OF NET POSITIONJune 30, 2013 and 2012

21

2013 2012

LIABILITIES

Current liabilities:

Accounts payable 2,231,593 $ 1,443,751 $ Accrued payroll 1,136,025 1,165,407 Accrued interest 1,160,020 1,267,277 Due to component unit - 862 Claims payable 1,202,185 1,467,002 Other accrued liabilities 56,091 4,229 Compensated absences 102,671 105,064 Bonds payable, current portion 4,700,000 7,370,000 Early termination payable, current portion 38,027 54,913 Deposits held in custody for others 801,031 827,832 Unearned revenue:

Tuition and fees 8,972,546 8,853,154 Grant revenue 290,628 61,849

Total current liabilities 20,690,817 22,621,340

Noncurrent liabilities:

Compensated absences 581,803 595,363 Bonds payable 62,416,126 66,983,691 Early termination payable 306,509 448,707

Total noncurrent liabilities 63,304,438 68,027,761

Total liabilities 83,995,255 90,649,101

Deferred inflows of resources:

Property taxes 13,214,840 14,295,128 Total deferred inflows of resources 13,214,840 14,295,128

Total liabilities and deferred inflows of resources 97,210,095$ 104,944,229$

NET POSITION

Net investment in capital assets 29,375,419 27,348,873 Restricted for:

Liability protection and settlement 4,336,939 4,024,968 Debt service 3,989,240 5,423,955 Audit 91,461 134,010 Restricted for captial improvements 6,054,434 6,589,119

Unrestricted 12,177,658 10,081,871

Total net position 56,025,151$ 53,602,796$


22


2013 2012

REVENUESOperating revenues:

Student tuition and fees, net of scholarshipallowances of $7,100,932 for 2013 and$6,610,645 for 2012 10,726,949 $ 11,899,329 $

Sales and service fees 1,933,743 1,846,418 Auxiliary services revenue 246,205 309,278 Other operating revenues 1,453,517 1,845,054

Total operating revenues 14,360,414 15,900,079

EXPENSESOperating expenses:

Instruction 24,406,750 23,663,088 Academic support 4,943,375 4,990,261 Student services 3,983,836 3,825,589 Public service 7,737,454 8,539,964 Operations and maintenance of plant 6,694,762 6,439,673 Institutional support 9,699,890 9,727,453 Auxiliary services 846,041 831,452 Depreciation 6,234,670 7,209,540 Scholarships, Grants & Waivers 9,058,154 9,508,163

Total operating expenses 73,604,932 74,735,183 Operating loss (59,244,518) (58,835,104)

NONOPERATING REVENUES (EXPENSES)Local property taxes 27,651,849 29,444,706 Personal property replacement tax 1,495,394 1,412,889 State appropriations 9,326,339 6,769,528 State grants and contracts 7,759,253 7,820,623 Federal grants and contracts 17,845,614 17,911,717 Local grants and contracts 616,957 486,504 Investment income 104,043 122,965 Gain on disposal of capital assets 28,706 66,949 Interest on capital assets - related debt (3,182,356) (3,478,516)

Nonoperating revenues (expenses), net 61,645,799 60,557,365

Income before capital contributions 2,401,281 1,722,261

Capital contributions 21,074 49,527

Increase in net position 2,422,355 1,771,788

Net position, beginning of year 53,602,796 52,811,548 Prior period adjustment - (980,540) Net position, beginning of year, as restated 53,602,796 51,831,008

Net position, end of year 56,025,151 $ 53,602,796 $



STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITIONYears Ended June 30, 2013 and 2012

23

2013 2012

Cash Flows from Operating ActivitiesTuition and fees 10,438,831 $ 11,401,676 $ Sales and service fees 1,933,743 1,846,418 Auxiliary enterprise charges 325,218 174,391 Cash paid to suppliers (27,226,127) (29,471,233) Cash paid to employees (30,581,022) (30,525,590) Other 1,445,917 1,845,054

Net cash used in operating activities (43,663,440) (44,729,284)

Cash Flows from Noncapital Financing ActivitiesLocal property taxes 27,385,775 31,215,603 Local grants and contracts 700,576 583,850 State grants and contracts 7,791,109 6,959,803 Personal property replacement tax 1,495,394 1,412,889 Federal grants and contracts 17,942,659 18,122,346

Net cash provided by noncapital financing activities 55,315,513 58,294,491

Cash Flows from Capital and Related Financing ActivitiesBond payments (7,370,000) (7,575,000) Purchases of capital assets (1,013,292) (4,845,636) Proceeds from sale of capital assets 35,883 93,453 Interest paid on capital debt (2,849,499) (3,081,939)

Net cash provided by (used) in capital and related financing activities (11,196,908) (15,409,122)

Cash Flows from Investing ActivitiesProceeds from sales and maturities of investments 11,172,980 12,606,090 Interest received 109,351 107,538 Purchase of investments (12,276,188) (11,063,027)

Net cash provided by in investing activities (993,857) 1,650,601

Net increase (decrease) in cash and cash equivalents (538,692) (193,314)

Cash and cash equivalents, beginning of year 27,933,404 28,126,718

Cash and cash equivalents, end of the year 27,394,712 $ 27,933,404 $



STATEMENTS OF CASH FLOWSYears Ended June 30, 2013 and 2012

24

2013 2012

Classified in the statement of net assets as follows:Cash and cash equivalents 15,691,374 $ 17,745,406 $ Restricted cash and cash equivalents 11,703,338 10,187,998

27,394,712 $ 27,933,404 $

Reconciliation of net operating income (loss) to net cash provided by (used in) operating activities:

Operating loss (59,244,518) $ (58,835,104) $ Adjustments to reconcile net operating loss to net cashprovided by (used in) operating activities:

State on-behalf payments 9,326,339 6,769,528 Depreciation 6,234,670 7,209,540 Changes in assets and liabilities:

Increase in receivables, net (328,497) (13,119) (Increase) decrease in prepaid items 2,442 (62,234) Increase in accounts payable 670,907 493,927 Decrease accrued payroll (29,382) (14,934) Decrease in compensated absences (15,953) (16,033) Increase (decrease) in claims payable (264,817) 517,742 Decrease in early retirement payable (159,084) (128,725) Increase (decrease) in other accrued liabilities 51,862 (24,055) Decrease in deposits held in custody for others (26,801) (6,396) Increase in unearned tuition and fees 119,392 (619,421)

Net cash used in operating activities (43,663,440) $ (44,729,284) $

Supplemental Noncash Capital and Related Financing Activities:

Accreted interest converted to long-term debt 256,000 $ 245,000 $

State on-behalf payments 9,326,339 $ 6,769,528 $

In-kind capital gifts 21,074 $ 49,527 $

The accompanying notes are an integral part of this financial statement


STATEMENTS OF CASH FLOWS (Continued)Years Ended June 30, 2013 and 2012

25

ROCK VALLEY COLLEGE FOUNDATION STATEMENT OF FINANCIAL POSITION June 30, 2013 (with Summarized Financial Information for the Year Ended June 30, 2012)

2013 2012

ASSETS

Cash and cash equivalents 217,575$ 50,059$ Receivables:

Due from Rock Valley College - 862 Pledges, net 379,981 320,508

8,583,597 7,993,692 Cash surrender value of life insurance 8,764 8,764

Total assets 9,189,917$ 8,373,885$

LIABILITIES AND NET ASSETS

LIABILITIES

Accounts payable 7,517$ 4,260$ Due to Rock Valley College:

General operating 9,106 - Scholarships payable 500 375

Grants payable 19,850 14,619 Total liabilities 36,973 19,254

NET ASSETS

Board designated for scholarships 56,726 50,590 Board designated for endowments 1,209,669 1,074,072 Undesignated 1,972,926 1,991,625

Total unrestricted 3,239,321 3,116,287 Temporarily restricted 4,161,786 3,518,676 Permanently restricted 1,751,837 1,719,668

Total net assets 9,152,944 8,354,631

Total liabilities and net assets 9,189,917$ 8,373,885$

See accompanying notes to financial statements.

Investments

Unrestricted:

26

ROCK VALLEY COLLEGE FOUNDATION STATEMENT OF ACTIVITIES Year Ended June 30, 2013 (with Summarized Financial Information for the Year Ended June 30, 2012)

UnrestrictedTemporarily

restrictedPermanently

restrictedTotal 2013 2012

Revenue, gains and other support:46,758$ 450,513$ 31,676$ 528,947$ 752,150$

Donated services 141,937 - - 141,937 125,886 Donated goods 24,253 - - 24,253 68,306 Special event revenue - - - - 96,780 Interest and dividend income 165,928 134,955 621 301,504 239,410 Net realized gain on sales of investments 156,293 95,925 489 252,707 103,799 Net unrealized gain (loss) on investments held 145,083 299,479 (617) 443,945 (307,213) Net assets released from educational program restrictions 162,262 (162,262) - - - Net assets released from capital campaign restrictions 175,500 (175,500) - - -

1,018,014 643,110 32,169 1,693,293 1,079,118

Expenses:Program:

Educational 420,746 - - 420,746 285,586 Donation to Rock Valley College for capital campaign 175,500 - - 175,500 250,000

General and administrative 200,855 - - 200,855 175,136 97,879 - - 97,879 90,508

Cost of special event - - - - 29,037 894,980 - - 894,980 830,267

Change in net assets 123,034 643,110 32,169 798,313 248,851

Net assets, beginning of year 3,116,287 3,518,676 1,719,668 8,354,631 8,105,780

Net assets, end of year 3,239,321$ 4,161,786$ 1,751,837$ 9,152,944$ 8,354,631$

See accompanying notes to financial statements.

Fund raising

Donations

27


ROCK VALLEY COLLEGE ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511 NOTES TO FINANCIAL STATEMENTS

Note 1 - Financial Reporting Entity, Measurement Focus, Basis of Accounting and Significant Accounting Policies The accounting policies of Rock Valley College (the College) conform to accounting principles generally accepted in the United States of America as applicable to colleges and universities as well as those prescribed by the Illinois Community College Board (ICCB). The College reports are based on all applicable Government Accounting Standards Board (GASB) pronouncements. Financial reporting entity: Accounting principles generally accepted in the United States of America require that the financial statements of the reporting entity include: (1) the primary government, (2) organizations for which the primary government is financially accountable and (3) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. The College is a unit of state and local government governed by a Board of Trustees (the Board) which is elected by the public and is financially accountable and fiscally dependant. The College has the statutory authority to adopt its own budget, to levy taxes and to issue bonded debt within certain dollar limits without the approval of another government and has the right to sue and be sued. Based on these criteria, the College is considered a primary government. Rock Valley College Foundation (the Foundation) has a significant relationship with the College and is therefore included as a discretely presented component unit of the College. The Foundation is reported after the College’s financial statements to emphasize it is legally separate from the College. Discretely presented component unit: The discretely presented component unit is the Foundation. The Foundation is a nonprofit organization with a fiscal year end of June 30. The Foundation’s mission is to advance and support the priorities of the College for quality programs and service to the College District by developing and obtaining financial contributions from private sources. The Foundation helps assure the College’s role as a catalyst for improving the quality of life in our community. The Foundation is managed by a Board of Directors ranging from 20 to 25 voting directors (currently 24) with an additional 5 ex officio directors and one liaison from the Board of Trustees. In addition, the Foundation has one Board emeritus member. The Foundation is exempt from federal income taxes pursuant to the provisions of Section 501(c)(3) of the Internal Revenue Code. Complete financial statements for the Foundation may be obtained at the Foundation’s administrative office: Rock Valley College Foundation, 3301 North Mulford Road, Rockford, IL 61114. Measurement focus, basis of accounting and basis of presentation: For financial reporting purposes, the College is considered a special-purpose government engaged only in business-type activities. Accordingly, the College’s financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis, revenues are recognized when earned and expenses are recorded when an obligation has been incurred. All significant intra-agency transactions have been eliminated. Non-exchange transactions, in which the College receives value without directly giving equal value in return, include 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 is recognized in the year in which all eligibility requirements have been satisfied. Eligibility requirements include (1) timing requirements, which specify the year when the resources are required to be used or the fiscal year when use is first permitted; (2) matching requirements, in which the College must provide local resources to be used for a specified purpose and (3) expenditure requirements, in which the resources are provided to the College on a reimbursement basis.

28


Note 1 - Financial Reporting Entity, Measurement Focus, Basis of Accounting and Significant Accounting Policies (Continued)

Accounting estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses, including functional allocations during the reporting period. Actual results could differ from those estimates. Cash equivalents: The College considers cash equivalents to be all demand deposits, Illinois Funds Money Market Fund and Illinois School District Liquid Asset Fund Plus. Investments which have a purchased maturity greater than 90 days are not considered to be cash equivalents. Investments: The College’s investments, with maturities less than one year when purchased and all certificates of deposit, are reported at cost or amortized cost. Investments, with a maturity greater than one year at the time of purchase, are recorded at fair value. Fair value is based on published fair values on June 30, 2013 and 2012. Prepaid items: Payments for goods and services that benefit future periods are recorded as prepaid items. Restricted cash and cash equivalents and investments: Restricted cash and cash equivalents and investments are restricted for the purpose of constructing and purchasing capital assets. Capital assets: Capital assets include property, plant, equipment and infrastructure assets, such as roads and sidewalks. Capital assets are defined by the College as assets with an initial unit cost of $5,000 or more and an estimated useful life in excess of two years. 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 to the value of the asset or materially extend assets’ lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Capital assets of the College are depreciated using the straight-line method over the following useful lives:

YearsLand improvements 10Buildings 40Building additions 20Office equipment 3Instructional equipment 3-5Service equipment 5Vehicles 3

Assets

29



Unearned tuition and fee revenue: Tuition and fee revenues received or receivable and related to the summer or fall period after June 30, 2013 and June 30, 2012 have been deferred. Deferred outflows/inflows of resources: In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense) until then. The College only has one item that qualifies for reporting in this category. It is the unamortized loss on refunding reported in the government-wide statement of net position. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The College has one item that qualifies for reporting in this category, property taxes accrued as a receivable before the period that the tax levy is intended to finance. Compensated absences: Full-time employees of the College are eligible to earn vacation days based on their service time. Each employee may accumulate these vacation days up to four weeks. Once the accumulated vacation days exceed four weeks, all unused excess days are forfeited as of December 31 of each year. Full-time employees also accrue 12 sick days per year and may accumulate an unlimited amount of sick days. The College does not accrue sick days as employees forfeit their sick days when ending employment with the College. As of June 30, 2013 and 2012, all vested vacation days have been accrued. Long-term obligations: The College reports long-term debt at face value in the basic financial statements. Any bond premiums and discounts capitalized and amortized over the term of the bond using the straight-line method. Net position: None of the College’s restricted net position is restricted as a result of enabling legislation of the College. The College’s net position is classified as follows: Net investment in capital assets – Represents the College’s total investment in capital assets, net of accumulated depreciation and the outstanding debt used to purchase capital assets. Restricted net position – 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. Unrestricted net position – Includes resources derived from student tuition and fees, state appropriations, sales and service fees and auxiliary services. 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. Classification of revenues: Operating revenues include activities that have the characteristics of exchange transactions, such as (1) student tuition and fees, net of scholarship allowances; (2) sales and service fees and (3) auxiliary services. Nonoperating revenues include activities that have the characteristics of non-exchange transactions, such as (1) property taxes; (2) state appropriations and (3) most Federal, state and local grants and contracts and state appropriations. Other revenue primarily consists of gifts and contributions. Classification of expenses: Operating expenses include the costs of delivering educational programs and services, facility operations, auxiliary enterprises, administrative expenses and depreciation. All other expenses, not meeting this definition, are reported as nonoperating expenses.

30



Reclassifications: Certain accounts relating to the prior year have been reclassified to conform to current year’s presentation. The reclassifications have no effect on net income. Federal Financial Assistance: The College participates in federally funded Pell Grants, SEOG Grants, Federal Work Study and Federal Family Education Loans. 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. On-behalf payments for fringe benefits and salaries: In accordance with GASB Statement No. 24, Accounting and Financial Reporting for Certain Grants and Other Financial Assistance, the College has recorded a revenue and expense for payments made to the State University Retirement System by the State of Illinois on behalf of certain employees of the College of $9,326,339 and $6,769,528 for the fiscal years ended June 30, 2013 and 2012, respectively. Note 2 - Cash, Cash Equivalents and Investments

The College’s investment policy authorizes the College to make deposits/invest in commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services and Illinois Funds. Illinois Funds was created by the Illinois State Legislature and is managed by the Illinois State Treasurer. It acts as a money market fund that maintains a $1 per share value. The College’s policy is to invest its funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the College and conforming to all state and local statutes governing the investment of public funds, using the “prudent person” standard for managing the overall portfolio. The primary objective of the policy is safety of principal, liquidity, yield and maintaining the public trust. Deposits: Custodial credit risk for deposits with financial institutions is the risk that in the event of bank failure, the College’s deposits may not be returned to it. The College’s investment policy requires pledging of collateral for all bank balances in excess of federal depository insurance with the collateral held by an independent third party in the College’s name. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the state to pool their funds for investment purposes. The pool invests primarily in short-term certificates of deposit and in high rated short-term obligations of the U.S. Treasury and major United States corporations and banks. The fair value of the College’s position in the pool is the same as the value of the pool shares. The credit rating provided by Standard & Poor’s of Illinois Funds was AAA at June 30, 2013 and 2012. Illinois School District Liquid Asset Fund Plus is a not-for-profit investment trust fund formed pursuant to the Illinois Municipal Code and is managed by a Board of Trustees elected from the participating members. The fund invests member deposits, on a pooled basis, primarily in short-term certificates of deposit and in high rated short-term obligations of the U.S. Treasury and major United States corporations and banks. The fair value of the College’s position in the pool is the same as the value of the pool shares. The credit rating provided by Standard & Poor’s of the Illinois School District Liquid Asset Fund Plus – Liquid and Max Class was AAA at June 30, 2013 and 2012. The cash held in the Illinois Funds Money Market Fund and the Illinois School District Liquid Asset Fund Plus is not subject to custodial credit risk categorization.

31


Note 2 - Cash, Cash Equivalents and Investments (Continued)

The College limits its exposure to credit risk, the risk that the issuer of a debt security will not pay its par value upon maturity, by primarily investing in obligations guaranteed by the United States Government or securities issued by agencies of the United States Government that are explicitly guaranteed by the United States Government. However, the College’s investment policy does not specifically limit the College to these types of investments. Custodial risk for investments is the risk that, in the event of a failure of the counterparty, the College will not be able to recover the value of investments that are in the possession of an outside party. The College’s investment policy requires all investments to be purchased on a delivery versus payment (DVP) basis with the underlying investment being held by an independent third party, acting as an agent of the College, in the College’s name. As of June 30, 2013, the College had investments and maturities as follows:

Less than 6 months 1 yearInvestment Type Fair Value 6 months to 1 year to 2 years

U.S. Government Agency Securities 239,402$ -$ 239,402$ -$ Mutual Funds 204,742 204,742 - - Totals 444,144$ 204,742$ 239,402$ -$

Investment Maturities

As of June 30, 2012, the College had investments and maturities as follows:

Less than 6 months 1 yearInvestment Type Fair Value 6 months to 1 year to 2 years

U.S. Government Agency Securities 487,703$ -$ 244,278$ 243,425$ Mutual Funds 207,142 207,142 - - Totals 694,845$ 207,142$ 244,278$ 243,425$

Investment Maturities

Credit risk is the risk that an issuer or other counter party to an investment will not fulfill its obligations. The College has adopted a policy to minimize credit risk by limiting investments types, pre-qualifying the financial institutions, broker/dealers, intermediaries, and advisers with which the College will do business and diversifying the investment portfolio so that the impact of potential losses from any one type of security or from any one individual issuer will be minimized. The U.S. Government Agency Securities are rated AAA. The money market mutual funds listed above are not rated. Interest rate risk is the risk that the market value of securities in the portfolio will fall due to changes in market interest rates. The College’s Investment Policy provides for the structuring of the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell maturities on the open market prior to maturity. The policy also provides for the investing of operating funds primarily in short-term securities, money market mutual funds, or similar investment pools and limiting the average maturity of the portfolio in accordance with this policy.

32


Note 2 - Cash, Cash Equivalents and Investments (Continued)

Concentration of credit risk is the risk of loss attributed to the magnitude of a government’s investment in a single issuer. The Investment of Public Funds Act limits investments in short-term obligations of corporations to no more than one-third of College Funds. Not more than 75 percent of the funds available for investment may be placed in a single allowable investment instrument or with a single investment entity. Derivatives - The College’s investment policy specifically prohibits the use of or the investment in derivatives. Note 3 - Property Taxes Property taxes are recognized as a receivable of the College at the time they are levied, and the property taxes receivable represent the portion of the applicable current year levy still uncollected. An allowance for uncollectible amounts (approximately 1 percent of the current levy) has been provided on the outstanding receivable amount and is based upon past collection experience. Property taxes are levied in December on all taxable real property in the District. The December tax levy attaches as an enforceable lien on the property as of the preceding January 1. Taxes become due and collectible in June and September and are collected by the county collector, who in turn remits to the College its respective share. The College receives these remittances approximately one month after the collection dates. The College recognizes the most recent levy passed in December as a receivable upon passage (this is the date upon which a legal claim exists and amounts are known). The College recognizes as revenue one-half of the current year levy in the current fiscal year with the second half to be recognized in the following fiscal year. The 2013 tax levy, which attached as an enforceable lien on property as of January 1, 2013, has not been recorded as a receivable as of June 30, 2013 as the tax has not yet been levied by the College and will not be levied until December 2013, and therefore, the levy is not measurable at June 30, 2013. The Referendum approved rates and the respective actual rates for the December 2012 and 2011 tax levies, per $100 of assessed valuation, are reflected in the following table:

33


Note 3 - Property Taxes (Continued)

2012 2011Referendum

Approved Actual ActualRate Rate Rate

Current:Education 0.2300 0.2300 0.2300 Operations and maintenance 0.0400 0.0400 0.0400 Liability, protection and settlement * 0.0302 0.0198 Audit 0.0025 0.0002 0.0002 Social Security/Medicare * 0.0083 0.0077

Plant:Protection, Health and Safety 0.0500 0.0230 -

Debt: Bond and Interest 2000 * 0.0067 0.0055 Bond and Interest 2005 * 0.0083 0.0067 Bond and Interest 2006 * 0.0062 0.0059 Bond and Interest 2008 * 0.0320 0.0235 Bond and Interest 2009 * 0.0127 0.0591 Bond and Interest 2010 A&B * 0.0501 0.0528

Total current levy 0.4477 0.4512

Note: Rate Extended by Winnebago County*No statutory maximum or referendum approved rate.

Levy Year

34


Note 4 - Capital Assets

The following tables present the changes in the College’s various capital asset categories for fiscal year ended 2013 and 2012:

Balance BalanceJune 30, 2012 Additions Deletions June 30, 2013

Land improvements 13,231,794 $ -$ -$ 13,231,794 $ Buildings 54,460,616 - - 54,460,616 Building additions 80,379,328 11,855 - 80,391,183 Office equipment 2,799,356 8,740 18,345 2,789,751 Instructional equipment 6,294,900 188,254 39,808 6,443,346 Service equipment 14,762,885 378,407 60,186 15,081,106 Vehicles 1,360,645 57,385 93,877 1,324,153

Total cost 173,289,524 644,641 212,216 173,721,949

Less accumulated depreciation:Land improvements 9,505,366 753,004 - 10,258,370 Buildings 18,397,019 1,036,249 - 19,433,268 Building additions 37,435,094 3,737,215 - 41,172,309 Office equipment 2,799,356 146 18,345 2,781,157 Instructional equipment 5,807,114 187,412 39,808 5,954,718 Service equipment 13,751,711 461,446 53,009 14,160,148 Vehicles 1,232,728 59,198 93,877 1,198,049

Total accumulated depreciation 88,928,388 6,234,670 205,039 94,958,019

Net capital assetsbefore nondepreciablecapital assets 84,361,136 (5,590,029) 7,177 78,763,930

Land 200,000 - - 200,000 Construction in process 990,391 506,660 - 1,497,051 Fine art/ historic treasures 102,000 - - 102,000

Total nondepreciablecapital assets 1,292,391 506,660 - 1,799,051

Total net capital assets 85,653,527 $ (5,083,369) $ 7,177 $ 80,562,981 $

Fiscal Year 2013

35


Note 4 - Capital Assets (Continued)

Balance BalanceJune 30, 2011 Additions Deletions June 30, 2012

Land improvements 13,231,794 $ -$ -$ 13,231,794 $ Buildings 31,867,545 22,609,335 16,264 54,460,616 Building additions 79,300,218 1,079,110 - 80,379,328 Office equipment 2,822,360 - 23,004 2,799,356 Instructional equipment 6,320,279 71,612 96,991 6,294,900 Service equipment 14,520,140 406,960 164,215 14,762,885 Vehicles 1,247,246 122,139 8,740 1,360,645

Total cost 149,309,582 24,289,156 309,214 173,289,524

Less accumulated depreciation:Land improvements 8,666,360 839,006 - 9,505,366 Buildings 17,354,717 1,048,638 6,336 18,397,019 Building additions 33,048,130 4,386,964 - 37,435,094 Office equipment 2,822,361 - 23,005 2,799,356 Instructional equipment 5,715,250 188,855 96,991 5,807,114 Service equipment 13,199,729 699,620 147,638 13,751,711 Vehicles 1,195,011 46,457 8,740 1,232,728

Total accumulated depreciation 82,001,558 7,209,540 282,710 88,928,388

Net capital assetsbefore nondepreciablecapital assets 67,308,024 17,079,616 26,504 84,361,136

Land 200,000 - - 200,000 Construction in process 22,801,456 20,438 21,831,503 990,391 Leasehold Improvement 184,590 - 184,590 - Fine art/ historic treasures 102,000 - - 102,000

Total nondepreciablecapital assets 23,288,046 20,438 22,016,093 1,292,391

Total net capital assets 90,596,070 $ 17,100,054 $ 22,042,597 $ 85,653,527 $

Fiscal Year 2012

.

36


Note 5 - Long-Term Debt

Changes in long-term debt for the year ended June 30, 2013 is as follows:

Balance Balance CurrentJune 30, 2012 Additions Reductions June 30, 2013 Portion

Accrued compensated absences 700,427$ 684,474$ 700,427$ 684,474$ 102,671$ Early termination benefits 503,620 - 159,084 344,536 38,027 Community College General Obligation

Bonds, Series 2000 2,810,000 - 180,000 2,630,000 240,000 Community College Capital Appreciation

Bonds, Series 2002B* 5,707,595 256,000 - 5,963,595 - Community College General Obligation

Bonds, Series 2005 9,970,000 - 35,000 9,935,000 100,000 Community College General Obligation


Bonds, Series 2008 3,890,000 - 1,365,000 2,525,000 1,810,000 Community College General Obligation

Bonds, Series 2009A 2,925,000 - 2,925,000 - - Community College General Obligation

Bonds, Series 2009B 22,685,000 - - 22,685,000 - Community College General Obligation

Bonds, Series 2010A 11,100,000 - 850,000 10,250,000 - Community College General Obligation

Bonds, Series 2010B 7,255,000 - 1,930,000 5,325,000 2,465,000 Unamortized Bond Premium 466,096 - 123,565 342,531 -

Total 75,557,738$ 940,474$ 8,353,076$ 68,145,136$ 4,840,698$

*Includes annual accretion of interest of Series 2002B Capital Appreciation Bonds.

37


Note 5 - Long-Term Debt (Continued)

Changes in long-term debt for the year ended June 30, 2012 is as follows:

Balance Balance CurrentJune 30, 2011 Additions Reductions June 30, 2012 Portion

Accrued compensated absences 716,460$ 700,426$ 716,459$ 700,427$ 105,064$ Early termination benefits 632,345 - 128,725 503,620 54,913 Community College General Obligation


Bonds, Series 2002A 1,600,000 - 1,600,000 - - Community College Capital Appreciation

Bonds, Series 2002B* 5,462,595 245,000 - 5,707,595 - Community College General Obligation

Bonds, Series 2003B 1,580,000 - 1,580,000 - - Community College General Obligation

Bonds, Series 2005 9,970,000 - - 9,970,000 35,000 Community College General Obligation


Bonds, Series 2008 5,215,000 - 1,325,000 3,890,000 1,365,000 Community College General Obligation

Bonds, Series 2009A 5,375,000 - 2,450,000 2,925,000 2,925,000 Community College General Obligation

Bonds, Series 2009B 22,685,000 - - 22,685,000 - Community College General Obligation

Bonds, Series 2010A 11,505,000 - 405,000 11,100,000 850,000 Community College General Obligation

Bonds, Series 2010B 7,255,000 - - 7,255,000 1,930,000 Unamortized Bond Premium 589,661 - 123,565 466,096 123,565

Total 83,156,061$ 945,426$ 8,543,749$ 75,557,738$ 7,653,542$

*Includes annual accretion of interest of Series 2002B Capital Appreciation Bonds.

38



General Obligation Bonds The College issued general obligation bonds to finance various capital projects and improvements. General Obligation Bonds at June 30, 2013 and 2012 are as follows:

2013 2012Community College General Obligation Bonds, Series 2000, issued December 2000

under the provisions of the "Public Community College Act" of the State of Illinois.Principal payments are due beginning on October 1, 2009 through October 1, 2016. Interest at 4.50 percent to 6.30 percent is due April 1 and October 1 of each year. 2,630,000$ 2,810,000$

Community College General Obligation Refunding Bonds, Series 2005, issuedOctober 2005 under the provisions of the "Public Community College Act" of the State of Illinois. Principal payments are due annually beginning on April 1, 2006 through October 1, 2020. Interest at 3.75 percent to 3.95 percent is dueApril 1 and October 1 of each year. 9,935,000 9,970,000

Community College General Obligation Refunding Bonds, Series 2006, issuedJanuary 2006 under the provisions of the "Public Community College Act" ofthe State of Illinois. Principal payments are due annually beginning onApril 1, 2006 through October 1, 2018. Interest at 3.25 percent to 3.85 percent isdue April 1 and October 1 of each year. 7,460,000 7,545,000

Community College General Obligation Refunding Bonds, Series 2008, issuedMarch 2008 under the provisions of the "Public Community College Act" of theState of Illinois. Principal payments are due annually beginning on January 1, 2009through January 1, 2015. Interest at 3.0 percent to 3.5 percent is due January 1and July 1 of each year. 2,525,000 3,890,000

Community College General Obligation Bonds, Series 2009A, issuedDecember 2009 under the provisions of the "Public Community College Act" of theState of Illinois. Principal payments are due annually beginning on January 1, 2011through January 1, 2013. Interest at 3.0 percent is due January 1 and July 1 of each year. - 2,925,000

Community College Taxable General Obligation Bonds, Series 2009B, issuedDecember 2009 under the provisions of the "Public Community College Act" of theState of Illinois. The first principal payment is due on January 1, 2011 and annually beginning on January 1, 2018 through January 1, 2022. Interest at 1.625 percent to 5.410 percent is due January 1 and July 1 of each year. 22,685,000 22,685,000

Community College Taxable General Obligation Bonds, Series 2010A, issued December 2010under the provisions of the "Public Community College Act" of the State of Illinois.Principal payments are due annually beginning on January 1, 2012 through January 1, 2022.Interest at 1.7 percent to 5.65 percent is due January 1 and July 1 of each year. 10,250,000 11,100,000

Community College General Obligation Refunding Bonds, Series 2010B, issued December 2010 under the provisions of the "Public Community College Act" of theState of Illinois. Principal payments are due annually beginning on January 1, 2013 throughJanuary 1, 2015. Interest at 3 percent to 4 percent is due January 1 and July 1 of each year. 5,325,000 7,255,000

Total 60,810,000$ 68,180,000$

39



Capital Appreciation Bonds On October 1, 2002, the College issued Community College Capital Appreciation Bonds, Series 2002B under the provision of the “Public Community College Act” of the State of Illinois. Principal payments are due serially on December 30, 2015 and December 30, 2016. Interest at 4.60 percent is due December 30, 2015 and interest at 4.70 percent is due December 30, 2016 collateralized by designated capital improvements, buildings and equipment. The capital appreciation bonds are treated like zero-coupon bonds in that no regular interest payments are associated with these bonds until the bonds mature. Accordingly, the accreted value is added to these bonds. For the years ended June 30, 2013 and 2012, the accretion totaled approximately $256,000 and $245,000, respectively. Debt service to maturity on the Series 2002B bonds is as follows:

Fiscal YearEnding

June 30, Accretion Repayment

2003 $ 129,000 -$ 2004 172,000 - 2005 179,000 - 2006 188,000 - 2007 196,000 - 2008 205,000 - 2009 215,000 - 2010 225,000 - 2011 235,000 - 2012 245,000 - 2013 256,000 - 2014 269,000 - 2015 281,000 - 2016 294,000 3,975,000 2017 157,405 2,990,000 Total $ 3,246,405 $ 6,965,000

Accreted value at June 30, 2013 $ 5,963,595 Accretion 2014 - 2017 1,001,405 Maturity value $ 6,965,000

40



Future principal and interest payments due on long-term debt of the College are approximately as follows:

Due During theYear Ending June 30, Principal Interest Total

2014 4,700,000 2,729,271 7,429,271 2015 4,960,000 2,573,405 7,533,405 2016 3,730,000 2,324,843 6,054,843 2017 3,840,000 2,158,655 5,998,655 2018 7,660,000 2,002,921 9,662,921 2019 9,540,000 1,640,201 11,180,201 2020 9,295,000 1,200,682 10,495,682 2021 9,920,000 774,075 10,694,075 2022 7,165,000 390,026 7,555,026

60,810,000$ 15,794,079$ 76,604,079$

The June 30, 2013 legal debt margin of the College was $103,803,745. The debt margin was computed as 2.875 percent of the equalized assessed valuation of $5,933,124,874 less outstanding bond indebtedness of $66,773,595. The June 30, 2012 legal debt margin of the College was $109,222,328. The debt margin was computed as 2.875 percent of the equalized assessed valuation of $6,369,040,810 less outstanding bond indebtedness of $73,887,595. Note 6 - Pension Plan

Plan description: The College contributes 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 at www.SURS.org or by calling 1-800-275-7877.

41


Note 6 - Pension Plan (Continued)

Funding policy: Plan members are required to contribute 8 percent 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 rates as of June 30, 2013 and 2012 were 35.20 percent and 34.51 percent, respectively, of annual covered payroll. The contribution requirements of plan members and employers are established and may be amended by the Illinois General Assembly.

Ending RequiredJune 30, Contribution District State

2010 100% 128,695 4,727,939 2011 100% 137,087 5,492,179 2012 100% 154,678 6,614,850 2013 100% 99,741 9,102,078

The College contributions were in accordance with the actuarially determined amounts. Note 7 - Early Retirement Benefits The College offered two early retirement incentive plans for all employees. The first plan began June 1999, and the College offered an early retirement plan to all employees with 20 years of full-time service and are SURS eligible for retirement who elected to retire prior to or at the end of fiscal year 2003. The plan offered a percentage of the employees’ salary. In addition, the employee received this same amount paid over a one to two year period, based on when they elected to retire. The College also provided postretirement health care benefits to employees who elected the above described early retirement plan. Employees could elect to remain on the College’s general health plan or transfer to the State of Illinois College Insurance Program (CIP). Employees that elected to remain on the College’s health insurance plan could select coverage for single, single plus one and family. Employees that elected to take the single plan, the College pays 100 percent of their health insurance. Employees who elected the single plus one plan are required to pay annual premiums to the College of approximately $7,600, and the College pays the remaining amount. To estimate the health insurance liability, the College used annual health plan cost for single, single plus one and family and calculated a medical inflation rate of 12 percent compounded each fiscal year through fiscal year 2023 for each employee to account for the expected increase in health insurance to be paid by the College for the retirees. For those employees that elected the CIP option, the College reimburses up to $1,320, or the actual cost of annual CIP premium, whichever is less, up to age 65. To be eligible for this reimbursement, the retiree must participate in a Wellness Program sponsored by the College at a cost of $120. Upon successful completion of the program, the $120 fee is refunded to the retiree. The costs associated with the health insurance and CIP benefits are accrued in termination benefits liability. At June 30, 2013, and 2012, the College has accrued $300,526 and $459,610, respectively. At June 30, 2013 and 2012, the number of retirees covered by the College’s general health insurance plan was 3. At June 30, 2013 and 2012, the number of retirees covered by the CIP plan was 7.

42


Note 7 - Early Retirement Benefits (Continued) In August 2003, the second retirement incentive plan was offered to all employees that were 55 years or older with 10 years of service and with 30 years or credible SURS service (non-faculty). Employees that retired under this plan could elect to retire by December 31, 2003 and receive 20 percent of their salary compensation or retire by March 31, 2004 and receive 10 percent of their salary compensation all paid out in fiscal year 2004. All employees opting to retire under this plan were also eligible to receive up to $1,630 per year or the actual cost of their annual premium for the State of Illinois CIP, whichever is less, up to age 65. The costs associated with these benefits are accrued in termination benefits liability. At June 30, 2013 and 2012, the College has accrued $44,010. Approximately 8 retirees are covered by the CIP plan at June 30, 2013 and 2012.

Note 8 - Retiree Health Plan

Plan Description: In addition to the pension plan described previously, 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 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 .5% of covered payroll and every community college district to contribute .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.

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.

as aYears Percent of

Ending RequiredJune 30, Contribution College State

2010 100% 127,603 127,603 2011 100% 137,087 137,087 2012 100% 129,066 129,066 2013 100% 124,520 124,520

43


Note 9 - Risk Management

The College is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets, errors and omissions; injuries to employees; and natural disaster. The College is self-insured for employee hospital, surgical, medical, prescriptions, vision and major medical benefits up to approximately $5,000,000 in the aggregate per year and for employee dental benefits up to $1,250 per covered person per year. The College has a specific stop loss on health claims of $95,000 per claim and gets reimbursement for the amount above $95,000. The self-insured programs are administered by a third-party administrator (TPA) who processes the claims. The administration, with the help of an outside consultant, determines the funding requirements and the selection of the TPA. A liability for claims incurred but not paid as of the fiscal year end, including as estimate of incurred but not reported claims has been accrued as of June 30, 2013, 2012 and 2011. An analysis of claim activities consisted of the following at June 30:

2013 2012 2011

Self-insurance liability July 1, 1,467,002 $ 949,260 $ 1,090,347 $ Current year claims and changes

in estimates 4,453,291 6,173,558 7,347,512 Actual claims paid (4,718,108) (5,655,816) (7,488,599) Self-insurance liability June 30, 1,202,185 $ 1,467,002 $ 949,260 $

The College purchases commercial insurance for other significant risks of loss. Settled claims have not exceeded commercial insurance coverage in the current year or the three previous fiscal years. Note 10 - Related Party Transactions The College provides office space, equipment and support services for the Foundation. The value of such in-kind benefits to the Foundation was approximately $142,000 and $126,000 for the years ended June 30, 2013 and 2012, respectively. As of June 30, 2013 and 2012, pledge receivables from College employees to the Foundation amounted to approximately $9,200 and $7,110, respectively. As of June 30, 2013 and 2012, cash gifts received by the Foundation from College employees amounted to approximately $12,000 and $14,000, respectively. Note 11 – Restatement of Net Position Net position of business-type activities has been restated by $(980,540) due to the implementation of GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. With the implementation of GASB Statement No. 65, the College is required to write off previous bond issuance costs which were being amortized over the life of the bonds and to expense these amounts in the year of issuance. Note 12 - Discretely Presented Component Unit The financial statements of Rock Valley College Foundation (the Foundation) are presented in accordance with accounting principles generally accepted in the United States of America, as applied to not-for-profit foundations (hereinafter referred to as generally accepted accounting principles (GAAP)). The Foundation is exempt from federal income taxes pursuant to the provisions of Section 501(c)(3) of the Internal Revenue Code. The following is a summary of the significant accounting principles of the Foundation.

44


Note 12 - Discretely Presented Component Unit (continued) Measurement focus, basis of accounting and basis of presentation: The financial statements for the Foundation are maintained on the accrual basis of accounting. Cash equivalents: The Foundation considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents. Cash equivalents consist primarily of money market accounts. Pledges receivable: The Foundation’s pledge receivables are carried at the net present value of original pledge amount less an estimate made for uncollectible pledges based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for uncollectible pledges by regularly evaluating individual receivables and considering a donor’s financial condition and current economic conditions. Pledge receivables are written off when deemed uncollectible. Recoveries of pledge receivable previously written off are recorded when received. Interest on outstanding receivables is not charged. Investments: The Foundation’s investments consisting of debt and equity securities are measured at fair value, based on quoted market prices. Investment income or loss (including gains and losses on investments, interest and dividends) in the Foundation is unrestricted unless the income or loss is restricted by donor by law. All earnings on permanently restricted investments in the Foundation are temporarily restricted for educational programs. Net assets: The Foundation’s net assets are classified as follows: Unrestricted net assets are reflective of revenues and expenses associated with the principal programs and activities of the Foundation and are not subject to donor-imposed stipulations. Temporarily restricted net assets are those that are subject to donor-imposed stipulations that may or will be met either by actions of the Foundation and/or passage of time. Permanently restricted net assets are those that are subject to donor-imposed stipulations that they be maintained permanently by the Foundation. In the absence of donor specifications, earnings on such funds are recognized as unrestricted.

45

SUPPLEMENTARY INFORMATION

UNIFORM FINANCIAL STATEMENTS #1 - #5 AND

CERTIFICATION OF CHARGEBACK REIMBURSEMENT

ROCK VALLEY COLLEGE ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511

Uniform Financial Statements June 30, 2013

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. The Uniform Financial Statements include the following: No. 1 - All Funds Summary No. 2 - Summary of Capital Assets and Long-Term Debt No. 3 - Operating Funds Revenues and Expenditures No. 4 - Restricted Purposes Fund Revenues and Expenditures No. 5 - Current Funds Expenditures by Activity CERTIFICATION OF CHARGEBACK REIMBURSEMENT Certification of Chargeback Reimbursement

46

RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11A

LL F

UN

DS

SUM

MA

RY

UN

IFO

RM

FIN

AN

CIA

L ST

ATE

MEN

T 1

Fisc

al Y

ear E

nded

Jun

e 30

, 201

3Op

erati

ons

Oper

ation

san

dLia

bility

,an

dMa

inten

ance

Bond

and

Auxil

iary

Restr

icted

Prote

ction

Educ

ation

Maint

enan

ceFu

ndInt

eres

tEn

terpr

ises

Purp

oses

Audit

Settle

ment

Fund

Fund

(Res

tricted

)Fu

ndFu

ndFu

ndFu

ndFu

ndTo

talFu

nd B

alanc

e July

1, 20

1211

,630,1

77$

141,8

02$

19

,879,0

52$

5,423

,955

$

1,8

45,42

6$

(2

79,25

7)$

13

4,010

$

4,0

24,96

8$

42,80

0,133

$

Reve

nues

:Lo

cal T

ax R

even

ue15

,360,4

35

2,747

,102

67

8,594

8,339

,739

-

-

11

,905

2,009

,468

29

,147,2

43

Al

l Othe

r Loc

al Re

venu

e14

3,901

91

175,5

00

-

25

,520

27

1,945

-

-

61

6,957

ICCB

Gra

nts4,8

58,64

7

68

5,116

-

-

-

633,8

48

-

-

6,177

,611

Al

l Othe

r Stat

e Rev

enue

-

-

-

-

-

1,5

81,64

2

-

-

1,5

81,64

2

Fede

ral R

even

ue-

-

-

54

8,561

-

17,29

7,053

-

-

17,84

5,614

Stud

ent T

uition

and F

ees

14,81

2,701

2,6

46,26

8

-

-

36

8,912

-

-

-

17,82

7,881

Capit

al co

ntribu

tions

-

-

-

-

-

-

-

-

-

All O

ther R

even

ue49

9,307

48

,895

28

,387

2,8

32

2,9

58,47

4

19

1,065

421

44

,010

3,773

,391

To

tal R

even

ue35

,674,9

91

6,127

,472

88

2,481

8,891

,132

3,3

52,90

6

19

,975,5

53

12,32

6

2,0

53,47

8

76,97

0,339

Expe

nditu

res

Instru

ction

18,63

8,277

-

-

-

11

9,855

841,7

37

-

-

19,59

9,869

Acad

emic

Supp

ort

4,265

,323

-

-

-

5,558

9,9

34

-

-

4,2

80,81

5

Stud

ent S

ervic

es3,1

77,10

5

-

-

-

42

,286

41

,554

-

-

3,260

,945

Pu

blic S

ervic

e/Con

tinuin

g Edu

catio

n1,4

17,68

1

-

-

-

2,4

64,23

6

2,9

37,60

3

-

-

6,8

19,52

0

Orga

nized

Res

earch

-

-

-

-

-

-

-

-

-

Auxil

iary S

ervic

es11

7,219

-

-

-

61

4,903

-

-

-

732,1

22

Op

erati

ons a

nd M

ainten

ance

-

6,100

,159

50

6,660

-

-

50

,638

-

-

6,657

,457

Ins

titutio

nal S

uppo

rt6,8

81,51

8

84

,619

1,5

59

10,32

5,847

(1,22

7)

-

54

,875

1,741

,507

19

,088,6

98

Sc

holar

ships

, Gra

nts, W

aiver

s19

,368

-

-

-

-

16,13

9,718

-

-

16,15

9,086

Total

Exp

endit

ures

34,51

6,491

6,1

84,77

8

508,2

19

10

,325,8

47

3,2

45,61

1

20

,021,1

84

54,87

5

1,7

41,50

7

76,59

8,512

Reve

nues

Ove

r (Un

der)

Expe

nditu

res

1,158

,500

(57,3

06)

374,2

62

(1

,434,7

15)

107,2

95

(4

5,631

)

(4

2,549

)

31

1,971

371,8

27

Net T

rans

fers

1,081

,672

-

(1

,081,6

72)

-

-

-

-

-

-

Fund

Bala

nce J

une 3

0, 20

1313

,870,3

49$

84,49

6$

19,17

1,642

$

3,9

89,24

0$

1,952

,721

$

(324

,888)

$

91,46

1$

4,3

36,93

9$

43,17

1,960

$

47

ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511SUMMARY OF CAPITAL ASSETS AND LONG-TERM DEBTUNIFORM FINANCIAL STATEMENT 2Fiscal Year Ended June 30, 2013

Balance, Transfers/ Balance,July 1, 2012 Additions Deletions June 30, 2013

Capital Assets:Sites and Improvements 13,431,794 $ -$ -$ 13,431,794 $ Buildings, Additions, and Improvements 135,830,335 518,515 - 136,348,850 Equipment 25,217,787 632,786 212,216 25,638,357 Other Capital Assets 102,000 - - 102,000 Accumulated Depreciation (88,928,389) (6,234,670) (205,039) (94,958,020)

Net Capital Assets 85,653,527 $ (5,083,369) $ 7,177 $ 80,562,981 $

Long-Term Debt:Bonds Payable 73,887,595 $ 256,000 $ 7,370,000 $ 66,773,595 $ Bond Costs in Excess of Defeased Bonds, Net of Accumulated Amortization (304,008) - (80,183) (223,825) Early Termination Benefits 503,620 - 159,084 344,536 Compensated Absences 700,427 684,474 700,427 684,474

Total Long-Term Debt 74,787,634 $ 940,474 $ 8,149,328 $ 67,578,780 $

48

ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511OPERATING FUNDS REVENUES AND EXPENDITURESUNIFORM FINANCIAL STATEMENT 3Fiscal Year Ended June 30, 2013

Operationsand Total

Education Maintenance OperatingFund Fund Funds

OPERATING REVENUES BY SOURCELocal Government Revenue:

Local Taxes 14,134,212 $ 2,477,931 $ 16,612,143 $ Chargeback Revenue - - - CPPRT 1,226,223 269,171 1,495,394 Other 143,901 91 143,992

Total local government 15,504,336 2,747,193 18,251,529 State Government:

ICCB Base Operating Grants 3,121,084 685,116 3,806,200 ICCB Equalization Grants 1,425,993 - 1,425,993 ICCB Career & Technical Education - - - ICCB - Adult Education - - - ICCB CTE Formula Grant 306,204 - 306,204 lllinois Student Assistance Commission - - - Other (Include other ICCB grants not above) 5,366 - 5,366

Total state government 4,858,647 685,116 5,543,763 Federal Government:

Dept. of Education - - - Dept. of Labor - - - Dept. of Health & Human Services - - - Other - - -

Total federal government - - - Student Tuition and Fees:

Tuition 12,318,364 2,646,268 14,964,632 Fees 2,494,337 - 2,494,337 Other Student Assessments - - -

Total tuition and fees 14,812,701 2,646,268 17,458,969 Other Sources:

Sales and Service Fees 297,832 - 297,832 Facilities Revenue - - - Investment Revenue 38,028 311 38,339 Non-Governmental Grants - - - Other 163,447 48,584 212,031

Total other revenue 499,307 48,895 548,202 Total revenue 35,674,991 6,127,472 41,802,463

Less Non-Operating Items: *Tuition Chargeback Revenue - - - Instructional Service Contracts - - -

Adjusted revenue 35,674,991 $ 6,127,472 $ 41,802,463 $

* Enter as negative

49

ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511OPERATING FUNDS REVENUES AND EXPENDITURESUNIFORM FINANCIAL STATEMENT 3 (Continued)Fiscal Year Ended June 30, 2013

Operationsand Total

Education Maintenance OperatingFund Fund Funds

OPERATING EXPENDITURES By Program:

Instruction 18,638,277 $ -$ 18,638,277 $ Academic Support 4,265,323 - 4,265,323 Student Services 3,177,105 - 3,177,105 Public Service/Continuing Education 1,417,681 - 1,417,681 Organized Research - - - Auxiliary Services 117,219 - 117,219 Operations and Maintenance - 6,100,159 6,100,159 Institutional Support 6,881,518 84,619 6,966,137 Scholarships, Grants, Waivers 19,368 - 19,368

Total expenditures 34,516,491 6,184,778 40,701,269 Less Non-Operating Items:*

Tuition Chargeback - - - Instructional Service Contracts - - - Expense Transfers from Non-Operating Funds 1,081,672 - 1,081,672

Adjusted expenditures 35,598,163 $ 6,184,778 $ 41,782,941 $

By Object:Salaries 24,199,738 $ 2,243,431 $ 26,443,169 $ Employee Benefits 4,323,725 604,430 4,928,155 Contractual Services 1,805,272 1,351,012 3,156,284 General Materials and Supplies 2,117,759 621,012 2,738,771 Library Materials** 312,728 - 312,728 Conference and Meeting Expenses 224,834 (5,000) 219,834 Fixed Charges 595,231 245,089 840,320 Utilities 13,108 1,393,025 1,406,133 Capital Outlay 324,085 156,468 480,553 Other 912,739 (424,689) 488,050 Student Grants & Scholarships** - - -

Total expenditures 34,516,491 6,184,778 40,701,269 Less Non-Operating Items:*

Tuition Chargeback - - - Instructional Service Contracts - - - Expense Transfers from Non-Operating Funds 1,081,672 - 1,081,672

Adjusted expenditures 35,598,163 $ 6,184,778 $ 41,782,941 $

* Enter as negative** Non-add line.

50

ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511RESTRICTED PURPOSES FUND REVENUES AND EXPENDITURESUNIFORM FINANCIAL STATEMENT 4Fiscal Year Ended June 30, 2013

REVENUE BY SOURCE:

Total local government 271,945$

State government:ICCB - Mentoring Grant 129,761 ICCB - Program Improvement Grant 24,863 ICCB - Adult Education 476,224 ICCB - (Other, Attach Itemization) 3,000 Department of Commerce and Economic Opportunity 175,813 Illinois Student Assistance Commission 1,250,713 Other - (Attach Itemization) 155,116

Total state government 2,215,490

Federal government:Base Operating Grants 15,126,761 Dept. of Labor 1,244,577 Dept. of Health & Human Services 231,793 Other 693,922

Total federal government 17,297,053

Other sources:Tuition and Fees - Other 191,065

Total other sources 191,065

Total restricted purposes fund revenues 19,975,553$

51

ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511RESTRICTED PURPOSES FUND REVENUES AND EXPENDITURESUNIFORM FINANCIAL STATEMENT 4 (Continued)Fiscal Year Ended June 30, 2013

EXPENDITURES BY PROGRAMInstruction 841,737$ Academic Support 9,934 Student Services 41,554 Public Service/Continuing Education 2,937,603 Organized Research - Auxiliary Services - Operations and Maintenance 50,638 Institutional Support - Scholarships, Grants and Waivers 16,139,718

Total restricted purposes fund expenditures 20,021,184$

EXPENDITURES BY OBJECTSalaries 2,062,082$ Employee Benefits 367,325 Contractual Services 627,105 Student Financial Aid - General Materials and Supplies 352,356 Library Materials* - Travel & Conference/Meeting Expenses 156,467 Fixed Charges 175,612 Utilities 1,230 Capital Outlay 143,014 Other 16,135,993 Scholarships, Grants, Waivers* 16,139,718

Total restricted purposes fund expenditures 20,021,184$ * Non-add line

ITEMIZATION OF OTHER ICCB GRANT REVENUE

CTE Innovation Strand Grant 3,000$

ITEMIZATION OF OTHER STATE GOVERNMENT REVENUE

IDOT Careers Training Program 70,743$ ILDCEO PTAC 37,937$ IDHS New Americans 32,716 NAI DACA Processing Work Plan 11,394 Lincoln's Challenge 2,326 Total other 155,116 $

52

ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511CURRENT FUNDS EXPENDITURES BY ACTIVITY UNIFORM FINANCIAL STATEMENT 5Fiscal Year Ended June 30, 2013

INSTRUCTION:Instructional Programs 18,978,810 $ Other 621,059

Total instruction 19,599,869

ACADEMIC SUPPORT:Library Center 1,080,183 Instructional Materials Center - Educational Media Services - Academic Computing Support 1,280,164 Academic Administration and Planning 1,855,475 Other 64,993

Total academic support 4,280,815

STUDENT SERVICES SUPPORT:Admissions and Records 868,933 Counseling and Career Services 939,127 Financial Aid Administration 646,520 Other 806,365

Total student services support 3,260,945

PUBLIC SERVICE/CONTINUING EDUCATION:Community Education 3,017,288 Customized Training (Instructional) 1,563,102 Community Services 1,580,371 Other 658,759

Total public service/continuing education 6,819,520

ORGANIZED RESEARCH -

AUXILIARY SERVICES 732,122

53

ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511CURRENT FUNDS EXPENDITURES BY ACTIVITY UNIFORM FINANCIAL STATEMENT 5 (Continued)Fiscal Year Ended June 30, 2013

OPERATIONS AND MAINTENANCE OF PLANT:Maintenance 994,201 $ Custodial Services 679,057 Grounds 344,720 Campus Security 1,408,227 Transportation 171,035 Utilities 1,525,638 Administration 429,763 Other 598,156

Total operations and maintenance of plant 6,150,797

INSTITUTIONAL SUPPORT:Executive Management 796,273 Fiscal Operations 862,591 Community Relations 1,178,449 Administrative Support Services 774,958 Board of Trustees 32,491 General Institutional 2,317,667 Institutional Research 344,818 Administrative Data Processing 2,454,045 Other -

Total institutional support 8,761,292

SCHOLARSHIPS, STUDENTS GRANTS, & WAIVERS 16,159,086

Total current funds expenditures 65,764,446 $

* Current Funds include the Education; Operations and Maintenance; AuxiliaryEnterprises; Restricted Purposes; Audit; Liability, Protection, and Settlement; and PBC Operations and Maintenance funds.

54

55


RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11C

OM

BIN

ING

BA

LAN

CE

SHEE

T - B

Y SU

B-F

UN

DJu

ne 3

0, 2

013

Oper

ation

sOp

erati

ons

and

Liabil

ity,

and

Maint

enan

ceBo

nd an

dAu

xiliar

yRe

strict

edPr

otecti

onEd

ucati

onMa

inten

ance

Subfu

ndInt

eres

tEn

terpr

ises

Purp

oses

Agen

cyAu

ditSe

ttleme

ntTo

talEl

imina

tions

/Su

bfund

Subfu

nd(R

estric

ted)

Subfu

ndSu

bfund

Subfu

ndSu

bfund

Subfu

ndSu

bfund

Subfu

nds

Capit

al As

sets

L/T -

Debt

Adjus

tmen

tsTo

talA

SSET

SCu

rrent

asse

ts:Ca

sh an

d cas

h equ

ivalen

ts 2,9

02,68

4$

34

8,062

$

4,4

02,50

8$

3,0

44,94

4$

2,5

02,46

9$

-

$

1,0

50,80

8$

10

1,521

$

1,3

38,37

8$

15

,691,3

74$

-$

-$

-$

15,69

1,374

$

Inv

estm

ents

11,64

1,983

-

-

-

-

-

-

-

3,0

00,00

0

14

,641,9

83

-

-

-

14,64

1,983

Re

ceiva

bles:

Due f

rom

comp

onen

t unit

9,106

-

-

-

-

500

-

-

-

9,6

06

-

-

-

9,6

06

Du

e fro

m oth

er fu

nds

1,803

,604

-

-

-

-

-

-

-

-

1,803

,604

-

-

(1,80

3,604

)

-

Pr

oper

ty tax

es, n

et of

allow

ance

for

un

colle

ctible

balan

ces o

f $13

3,500

for 2

013

and $

287,9

00 fo

r 201

26,7

70,08

7

1,1

70,18

4

67

6,443

3,4

17,05

2

-

-

-

5,5

46

1,1

31,65

3

13

,170,9

65

-

-

-

13,17

0,965

Ac

coun

ts, ne

t of a

llowa

nce f

or un

colle

ctible

balan

ces o

f $56

3,000

for 2

013 a

nd

$202

,347 f

or 20

129,3

70,81

4

19

0,310

-

-

28

2,249

1,9

63,10

9

9,2

21

-

-

11

,815,7

03

-

-

-

11,81

5,703

Ac

crued

inter

est

64,11

3

-

12,82

9

-

-

-

-

-

17,12

5

94,06

7

-

-

-

94,06

7

Cash

held

by pa

ying a

gent

-

-

-

952,8

77

-

-

-

-

-

952,8

77

-

-

-

952,8

77

Prep

aid ite

ms

606,0

28

27,82

2

-

598

16

3,121

7,9

46

2,0

39

-

-

80

7,554

-

-

-

80

7,554

Re

strict

ed ca

sh an

d cas

h equ

ivalen

ts-

-

11

,703,3

38

-

-

-

-

-

-

11,70

3,338

-

-

-

11

,703,3

38

Restr

icted

inve

stmen

ts-

-

3,2

18,44

2

-

-

-

-

-

-

3,2

18,44

2

-

-

-

3,2

18,44

2

To

tal c

urre

nt a

sset

s 33

,168

,419

1,73

6,37

8

20,0

13,5

60

7,

415,

471

2,

947,

839

1,

971,

555

1,

062,

068

10

7,06

7

5,

487,

156

73

,909

,513

-

-

(1,8

03,6

04)

72

,105

,909

Nonc

urre

nt as

sets:

Capit

al as

sets:

De

prec

iable

asse

ts, ne

t of a

ccum

ulated

depr

eciat

ion-

-

-

-

-

-

-

-

-

-

78

,763,9

30

-

-

78,76

3,930

No

ndep

recia

ble as

sets

-

-

-

-

-

-

-

-

-

-

1,799

,051

-

-

1,799

,051

Tota

l non

curr

ent a

sset

s -

-

-

-

-

-

-

-

-

-

80

,562

,981

-

-

80,5

62,9

81

Tota

l ass

ets

33,1

68,4

19

1,

736,

378

20

,013

,560

7,41

5,47

1

2,94

7,83

9

1,97

1,55

5

1,06

2,06

8

107,

067

5,48

7,15

6

73,9

09,5

13

80

,562

,981

-

(1,8

03,6

04)

15

2,66

8,89

0

Defer

red o

utflow

s of r

esou

rces:

Unam

ortiz

ed lo

ss on

refun

ding

-

-

-

-

-

-

-

-

-

-

-

566,3

56

-

566,3

56

Tota

l def

erre

d ou

tflow

s of

reso

urce

-

-

-

-

-

-

-

-

-

-

-

566,

356

-

566,

356

Tota

l ass

ets

and

defe

rred

out

flow

s of

reso

urce

s33

,168

,419

1,73

6,37

8

20,0

13,5

60

7,

415,

471

2,

947,

839

1,

971,

555

1,

062,

068

10

7,06

7

5,

487,

156

73

,909

,513

80,5

62,9

81

56

6,35

6

(1

,803

,604

)

153,

235,

246

LIA

BIL

ITIE

SCu

rrent

liabil

ities:

Acco

unts

paya

ble

869,2

14

336,6

25

163,5

18

-

660,1

41

168,8

10

8,102

10,00

0

15,18

3

2,231

,593

-

-

-

2,231

,593

Accru

ed pa

yroll

1,077

,858

6,012

-

-

31,22

1

20,93

4

-

-

-

1,136

,025

-

-

-

1,136

,025

Comp

ensa

ted ab

senc

es, c

urre

nt po

rtion

71,27

9

19,29

3

-

-

10,22

9

1,870

-

-

-

102,6

71

-

-

-

102,6

71

Accru

ed in

teres

t-

-

-

-

-

-

-

-

-

-

-

1,1

60,02

0

-

1,1

60,02

0

Du

e to o

ther f

unds

-

-

-

-

-

1,8

03,60

4

-

-

-

1,8

03,60

4

-

-

(1

,803,6

04)

-

Claim

s pay

able

1,202

,185

-

-

-

-

-

-

-

-

1,202

,185

-

-

-

1, 202

,185

Othe

r acc

rued

liabil

ities

53,41

9

-

-

-

-

-

2,672

-

-

56,09

1

-

-

-

56,09

1

Bond

s pay

able,

curre

nt po

rtion

-

-

-

-

-

-

-

-

-

-

-

4,700

,000

-

4,700

,000

Early

term

inatio

n pay

able,

curre

nt po

rtion

38,02

7

-

-

-

-

-

-

-

-

38,02

7

-

-

-

38,02

7

Depo

sits h

eld in

custo

dy fo

r othe

rs-

-

-

-

-

-

80

1,031

-

-

80

1,031

-

-

-

80

1,031

Un

earn

ed re

venu

e:Tu

ition a

nd fe

es8,4

86,72

1

-

-

-

23

5,562

-

25

0,263

-

-

8,9

72,54

6

-

-

-

8,9

72,54

6

Gr

ant r

even

ue-

-

-

-

-

29

0,628

-

-

-

29

0,628

-

-

-

29

0,62

8

Tota

l cur

rent

liab

ilitie

s 11

,798

,703

361,

930

163,

518

-

937,

153

2,28

5,84

6

1,06

2,06

8

10,0

00

15,1

83

16,6

34,4

01

-

5,

860,

020

(1

,803

,604

)

20,6

90,8

17

No

ncur

rent

liabil

ities:

Comp

ensa

ted ab

senc

es40

3,914

10

9,327

-

-

57

,965

10

,597

-

-

-

58

1,803

-

-

-

58

1,803

Bo

nds p

ayab

le-

-

-

-

-

-

-

-

-

-

-

62

,416,1

26

-

62,41

6,126

Ea

rly te

rmina

tion p

ayab

le30

6,509

-

-

-

-

-

-

-

-

30

6,509

-

-

-

30

6,509

To

tal n

oncu

rren

t lia

bilit

ies

710,

423

109,

327

-

-

57,9

65

10,5

97

-

-

-

888,

312

-

62,4

16,1

26

-

63

,304

,438

Tota

l lia

bilit

ies

12,5

09,1

26

47

1,25

7

16

3,51

8

-

99

5,11

8

2,

296,

443

1,

062,

068

10

,000

15

,183

17

,522

,713

-

68,2

76,1

46

(1

,803

,604

)

83,9

95,2

55

De

ferre

d infl

ows o

f res

ource

s:Pr

oper

ty tax

es6,7

88,94

4

1,1

80,62

5

67

8,400

3,4

26,23

1

-

-

-

5,6

06

1,1

35,03

4

13

,214,8

40

-

-

-

13,21

4,840

To

tal d

efer

red

inflo

ws

of re

sour

ces

6,78

8,94

4

1,18

0,62

5

678,

400

3,42

6,23

1

-

-

-

5,60

6

1,

135,

034

13

,214

,840

-

-

-

13,2

14,8

40

To

tal l

iabi

litie

s an

d de

ferr

ed in

flow

s of

reso

urce

s19

,298

,070

1,65

1,88

2

841,

918

3,42

6,23

1

995,

118

2,29

6,44

3

1,06

2,06

8

15,6

06

1,15

0,21

7

30,7

37,5

53

-

68

,276

,146

(1,8

03,6

04)

97

,210

,095

NET

PO

SITI

ON

Net in

vestm

ent in

capit

al as

sets

-

-

-

-

-

-

-

-

-

-

80,56

2,981

(5

1,187

,562)

-

29

,375,4

19

Restr

icted

for:

Liabil

ity pr

otecti

on an

d sett

lemen

t-

-

-

-

-

-

-

-

4,3

36,93

9

4,3

36,93

9

-

-

-

4,3

36,93

9

De

bt se

rvice

-

-

-

3,989

,240

-

-

-

-

-

3,989

,240

-

-

-

3,989

,240

Audit

-

-

-

-

-

-

-

91,46

1

-

91,46

1

-

-

-

91,46

1

Capit

al im

prov

emen

ts-

-

19

,171,6

42

-

-

-

-

-

-

19,17

1,642

-

(1

3,117

,208)

-

6,0

54,43

4

Un

restr

icted

13

,870,3

49

84,49

6

-

-

1,952

,721

(324

,888)

-

-

-

15,58

2,678

-

(3

,405,0

20)

-

12,17

7,658

To

tal n

et p

ositi

on13

,870

,349

84,4

96

19,1

71,6

42

3,

989,

240

1,

952,

721

(3

24,8

88)

-

91,4

61

4,33

6,93

9

43,1

71,9

60

80

,562

,981

(67,

709,

790)

-

56,0

25,1

51

Tot

al li

abili

ties,

def

erre

d in

flow

s of

reso

urce

s, a

nd n

et

posi

tion

33,1

68,4

19$

1,

736,

378

$

20

,013

,560

$

7,41

5,47

1$

2,94

7,83

9$

1,97

1,55

5$

1,06

2,06

8$

107,

067

$

5,48

7,15

6$

73,9

09,5

13$

80

,562

,981

$

566,

356

$

(1,8

03,6

04)

$

15

3,23

5,24

6$

56

RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11C

OM

BIN

ING

SC

HED

ULE

OF

REV

ENU

ES, E

XPEN

SES

AN

D C

HA

NG

ES IN

NET

PO

SITI

ON

- B

Y SU

B-F

UN

DYe

ar E

nded

Jun

e 30

, 201

3

Non-

Oper

ation

sO p

erati

ons

and

Liabil

ity,

and

Maint

enan

ceBo

nd an

dAu

xiliar

yRe

strict

edPr

otecti

onEd

ucati

onMa

inten

ance

Subfu

ndInt

eres

tEn

terpr

ises

Purp

oses

Agen

cyAu

ditSe

ttleme

ntTo

talEl

imina

tions

/Su

bfund

Subfu

nd(R

estric

ted)

Subfu

ndSu

bfund

Subfu

ndSu

bfund

Subfu

ndSu

bfund

Subfu

nds

Capit

al As

sets

L/T -

Debt

Adjus

tmen

tsTo

talR

EVEN

UES

O per

ating

reve

nues

:St

uden

t tuitio

n and

fees

, net

of sc

holar

ship

allow

ance

s of $

7,100

,932 f

or 20

13 an

d$6

,610,6

45 fo

r 201

214

,812,7

01$

2,6

46,26

8$

-

$

-

$

368,9

12$

-

$

-

$

-$

-

$

17,82

7,881

$

-$

-$

(7,10

0,932

)$

10

,726,9

49$

Sa

les an

d ser

vice f

ees

297,8

33

-

-

-

1,6

26,21

9

9,6

91

-

-

-

1,933

,743

-

-

-

1,933

,743

Auxil

iary s

ervic

es re

venu

e -

-

-

-

246,2

05

-

-

-

-

246,2

05

-

-

-

246,2

05

Othe

r ope

ratin

g rev

enue

s13

1,064

48

,584

-

-

1,085

,022

181,3

74

-

35

8

7,115

1,4

53,51

7

-

-

-

1,4

53,51

7

To

tal o

pera

ting

reve

nues

15

,241,5

98

2,6

94,85

2

-

-

3,326

,358

191,0

65

-

35

8

7,115

21

,461,3

46

-

-

(7

,100,9

32)

14,36

0,414

EXPE

NSE

SOp

erati

ng ex

pens

es:

Instru

ction

23

,538,5

18

-

-

-

119,8

56

84

1,737

-

-

-

24,50

0,111

(93,3

61)

-

-

24

,406,7

50

Ac

adem

ic su

ppor

t 5,0

38,48

8

-

-

-

5,558

9,9

34

-

-

-

5,053

,980

(110

,605)

-

-

4,9

43,37

5

St

uden

t ser

vices

3,8

99,99

6

-

-

-

42,28

6

41,55

4

-

-

-

3,9

83,83

6

-

-

-

3,9

83,83

6

Pu

blic s

ervic

e 1,6

07,19

5

-

-

-

2,781

,912

3,348

,347

-

-

-

7,7

37,45

4

-

-

-

7,7

37,45

4

Op

erati

ons a

nd m

ainten

ance

of pl

ant

-

6,841

,245

506,6

60

-

-

50,63

8

-

-

-

7,3

98,54

3

(7

03,78

1)

-

-

6,694

,762

Institu

tiona

l sup

port

8,038

,620

84,61

9

1,559

7,372

,417

(1,22

7)

-

-

54

,875

1,741

,507

17,29

2,370

(222

,480)

(7

,370,0

00)

-

9,699

,890

Auxil

iary s

ervic

es13

9,193

-

-

-

706,8

48

-

-

-

-

846,0

41

-

-

-

846,0

41

Depr

eciat

ion

-

-

-

-

-

-

-

-

-

-

6,234

,670

-

-

6,234

,670

Othe

r19

,368

-

-

-

-

16

,139,7

18

-

-

-

16

,159,0

86

-

-

(7

,100,9

32)

9,058

,154

Tota

l ope

ratin

g ex

pens

es

42,28

1,378

6,925

,864

508,2

19

7,372

,417

3,655

,233

20,43

1,928

-

54,87

5

1,7

41,50

7

82

,971,4

21

5,1

04,44

3

(7

,370,0

00)

(7,10

0,932

)

73

,604,9

32

Ope

ratin

g In

com

e (lo

ss)

(27,0

39,78

0)

(4,23

1,012

)

(5

08,21

9)

(7,37

2,417

)

(328

,875)

(20,2

40,86

3)

-

(5

4,517

)

(1

,734,3

92)

(6

1,510

,075)

(5

,104,4

43)

7,370

,000

-

(5

9,244

,518)

N

ON

OPE

RA

TIN

G R

EVEN

UES

(EXP

ENSE

S)Lo

cal p

rope

rty ta

xes

14,13

4,212

2,477

,931

678,5

94

8,339

,739

-

-

-

11,90

5

2,0

09,46

8

27

,651,8

49

-

-

-

27

,651,8

49

Pe

rsona

l pro

perty

repla

ceme

nt tax

1,2

26,22

3

26

9,171

-

-

-

-

-

-

-

1,495

,394

-

-

-

1,495

,394

State

appr

opria

tions

7,764

,887

741,0

86

-

-

40

9,622

410,7

44

-

-

-

9,3

26,33

9

-

-

-

9,3

26,33

9

St

ate gr

ants

and c

ontra

cts4,8

58,64

7

68

5,116

-

-

-

2,2

15,49

0

-

-

-

7,759

,253

-

-

-

7,759

,253

Fede

ral g

rants

and c

ontra

cts-

-

-

54

8,561

-

17

,297,0

53

-

-

-

17

,845,6

14

-

-

-

17

,845,6

14

Lo

cal g

rants

and c

ontra

cts14

3,901

91

17

5,500

-

25,52

0

271,9

45

-

-

-

61

6,957

-

-

-

61

6,957

Inv

estm

ent in

come

38,02

7

311

24,88

7

2,832

1,0

28

-

-

63

36,89

5

104,0

43

-

-

-

104,0

43

Gain

on di

spos

al of

capit

al as

sets

32,38

3

-

3,500

-

-

-

-

-

-

35

,883

(7

,177)

-

-

28,70

6

Inter

est o

n cap

ital a

ssets

- re

lated

debt

-

-

-

(2,95

3,430

)

-

-

-

-

-

(2,95

3,430

)

-

(2

28,92

6)

-

(3,18

2,356

)

N

onop

erat

ing

reve

nues

(exp

ense

s), n

et

28,19

8,280

4,173

,706

882,4

81

5,937

,702

436,1

70

20

,195,2

32

-

11

,968

2,046

,363

61,88

1,902

(7,17

7)

(2

28,92

6)

-

61,64

5,799

Inco

me

(loss

) bef

ore

tran

sfer

s an

d ca

pita

l co

ntrib

utio

ns1,1

58,50

0

(5

7,306

)

374,2

62

(1,43

4,715

)

107,2

95

(4

5,631

)

-

(4

2,549

)

31

1,971

371,8

27

(5,11

1,620

)

7,1

41,07

4

-

2,401

,281

Tr

ansfe

rs1,0

81,67

2

-

(1

,081,6

72)

-

-

-

-

-

-

-

-

-

-

-

Capit

al co

ntribu

tions

-

-

-

-

-

-

-

-

-

-

21,07

4

-

-

21,07

4

Incr

ease

(dec

reas

e) in

net

pos

ition

2,240

,172

(57,3

06)

(7

07,41

0)

(1,43

4,715

)

107,2

95

(4

5,631

)

-

(4

2,549

)

31

1,971

371,8

27

(5,09

0,546

)

7,1

41,07

4

-

2,422

,355

Net p

ositio

n, be

ginnin

g of y

ear

11,63

0,177

141,8

02

19,87

9,052

5,423

,955

1,845

,426

(279

,257)

-

13

4,010

4,024

,968

42,80

0,133

85,65

3,527

(74,8

50,86

4)

-

53

,602,7

96

Net p

ositio

n, en

d of y

ear

13,87

0,349

$

84,49

6$

19,17

1,642

$

3,989

,240

$

1,952

,721

$

(324

,888)

$

-$

91

,461

$

4,336

,939

$

43,17

1,960

$

80,56

2,981

$

(67,7

09,79

0)$

-

$

56

,025,1

51$

57


STATISTICAL SECTION (UNAUDITED)

STATISTICAL SECTION

Contents Page(s)

Financial Trends

59-60

Revenue Capacity

61-66

Debt Capacity

67-70

Demographic and Economic Information

71-73

Operating Information

74-76

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year.

The schedules present information to help the reader assess the affordability of the College's current levels of outstanding debt and the College's ability to issue additional debt in the future.

These schedules offer demographic and economic indicators to help the reader understand the environment within which the College's financial activities take place.

These schedules contain trend information to help the reader understand how the College's financial performance and well-being have changed over time.

These schedules contain information to help the reader assess the College's most significant local revenue source, the property tax.

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 District provides and the activities it performs.

ROCK VALLEY COLLEGE

ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511

Statistical Section Cover Sheet

June 30, 2013

This part of the Rock Valley College's 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 displays about the College's overall financial health.

58

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

Net

Pos

ition

:

Net In

vestm

ent in

Cap

ital A

ssets

29,37

5,419

$

27

,348,8

73$

26,43

2,405

$

25

,274,7

20$

23,98

0,200

$

23

,479,3

42$

22,05

2,693

$

18,63

5,795

$

23,25

9,816

$

19,68

0,348

$

Restr

icted

for:

Liabil

ity pr

otecti

on an

d sett

lemen

t4,3

36,93

9

4,0

24,96

8

3,9

24,94

6

4,0

99,46

7

4,1

58,12

3

4,2

15,37

0

3,9

51,99

9

3,722

,817

3,432

,895

3,368

,367

Debt

Servi

ce3,9

89,24

0

5,4

23,95

5

5,6

19,87

6

5,2

20,19

5

3,3

34,34

6

2,9

94,05

6

2,5

30,68

5

2,096

,421

2,131

,791

3,232

,368

Audit

91,46

1

134,0

10

14

1,798

135,6

26

13

4,909

123,1

39

85

,843

13,85

9

-

-

Scho

larsh

ips an

d gra

nts-

-

-

-

-

-

-

25,61

1

65,98

3

402,8

92

Capit

al im

prov

emen

ts6,0

54,43

4

6,5

89,11

9

6,6

01,24

0

6,5

12,81

8

7,7

65,73

8

7,0

64,81

7

4,0

24,56

6

13,77

1,977

2,026

(19,9

67)

Unre

strict

ed12

,177,6

58

10,08

1,871

10

,091,2

83

10,38

0,174

10

,956,4

38

10,71

6,877

13

,293,0

03

5,0

74,17

4

14

,695,1

37

15

,639,3

97

Tota

l Net

Pos

ition

56,02

5,151

$

53

,602,7

96$

52,81

1,548

$

51

,623,0

00$

50,32

9,754

$

48

,593,6

01$

45,93

8,789

$

43,34

0,654

$

43,58

7,648

$

42,30

3,405

$

RO

CK

VA

LLEY

CO

LLEG

E

ILLI

NO

IS C

OM

MU

NIT

Y C

OLL

EGE

DIS

TRIC

T N

UM

BER

511

FIN

AN

CIA

L TR

END

S

NET

PO

SITI

ON

BY

CO

MPO

NEN

T

LAST

TEN

FIS

CA

L YE

AR

S

59

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

OPE

RA

TIN

G R

EVEN

UES

Stud

ent tu

ition a

nd fe

es10

,726,9

49$

11,89

9,329

$

11

,143,2

35$

8,015

,084

$

7,5

50,50

3$

6,626

,798

$

5,6

01,76

0$

4,859

,354

$

3,9

85,66

1$

4,754

,178

$

Sa

les an

d ser

vice f

ees

1,933

,743

1,8

46,41

8

1,694

,126

1,5

13,47

3

1,393

,994

1,6

06,46

4

1,865

,416

1,8

38,60

3

1,839

,079

1,5

32,23

3

Auxil

iary s

ervic

es re

venu

e24

6,205

309,2

78

34

3,467

400,5

25

47

8,817

760,4

64

64

3,348

812,4

09

1,1

21,64

8

938,3

11

Ot

her o

pera

ting r

even

ue1,4

53,51

7

1,845

,054

1,9

51,36

9

1,154

,206

95

6,601

200,3

34

10

7,602

39,91

5

268,5

39

24

3,076

Total

oper

ating

reve

nues

14,36

0,414

15

,900,0

79

15,13

2,197

11

,083,2

88

10,37

9,915

9,1

94,06

0

8,218

,126

7,5

50,28

1

7,214

,927

7,4

67,79

8

OPE

RA

TIN

G E

XPEN

SES

Instru

ction

24,40

6,750

23

,663,0

88

23,20

3,646

21

,996,8

57

19,72

3,160

17

,825,2

23

17,17

6,057

15

,722,9

41

16,80

4,293

20

,090,1

23

Acad

emic

supp

ort

4,943

,375

4,9

90,26

1

4,793

,237

4,3

09,04

2

3,849

,204

3,8

56,92

1

3,726

,468

3,2

83,34

4

2,532

,680

3,2

31,76

6.00

Stud

ent s

ervic

es3,9

83,83

6

3,825

,589

3,8

72,99

0

3,674

,113

3,1

71,06

7

3,057

,211

2,8

10,34

4

2,453

,459

2,1

30,04

8

2,955

,538.0

0

Pu

blic s

ervic

es7,7

37,45

4

8,539

,964

8,4

44,40

3

7,687

,252

6,6

79,61

2

6,728

,383

7,0

40,25

5

6,950

,452

7,0

63,35

6

8,040

,682.0

0

Op

erati

on an

d main

tenan

ce of

plan

t6,6

94,76

2

6,439

,673

6,4

63,02

0

6,274

,063

6,9

74,70

4

5,793

,445

5,6

02,34

1

5,597

,258

4,8

43,80

0

5,278

,243.0

0

Ins

titutio

nal s

uppo

rt9,6

99,89

0

9,727

,453

9,3

17,90

1

9,428

,483

8,6

37,97

3

8,434

,693

8,3

48,68

2

7,610

,228

8,2

17,37

7

10,63

6,514

.00

Auxil

lary s

ervic

es84

6,041

831,4

52

78

4,683

793,0

39

67

9,960

647,9

58

60

2,761

800,8

74

91

2,020

767,3

74.00

Am

ortiz

ation

expe

nse

-

-

375,3

28

28

9,085

260,8

65

26

3,800

248,2

05

25

2,332

-

-

Depr

eciat

ion ex

pens

e6,2

34,67

0

7,209

,540

7,3

72,46

8

7,742

,767

6,9

25,21

9

6,461

,293

6,3

86,16

8

6,768

,214

5,6

48,22

6

5,244

,949.0

0

Sc

holar

ships

, gra

nts &

waiv

ers

9,058

,154

9,5

08,16

3

10,90

7,965

5,6

54,27

3

3,274

,491

2,3

66,37

7

246,4

12

25

2,331

220,6

38

14

6,630

.00

Total

oper

ating

expe

nses

73,60

4,932

74

,735,1

83

75,53

5,641

67

,848,9

74

60,17

6,255

55

,435,3

04

52,18

7,693

49

,691,4

33

48,37

2,438

56

,391,8

19

Oper

ating

loss

(59,2

44,51

8)

(5

8,835

,104)

(60,4

03,44

4)

(5

6,765

,686)

(49,7

96,34

0)

(4

6,241

,244)

(43,9

69,56

7)

(4

2,141

,152)

(41,1

57,51

1)

(4

8,924

,021)

NO

N-O

PER

ATI

NG

REV

ENU

ES (E

XPEN

SES)

Loca

l pro

perty

taxe

s27

,651,8

49

29,44

4,706

30

,778,6

72

31,89

6,009

30

,422,4

95

27,89

5,192

27

,027,4

71

24,43

5,129

23

,480,7

25

22,22

3,506

Pe

rsona

l pro

perty

repla

ceme

nt tax

es1,4

95,39

4

1,412

,889

1,6

01,96

5

1,298

,607

1,5

63,98

4

1,784

,039

1,6

18,49

4

1,456

,122

1,1

89,53

4

983,0

38

St

ate ap

prop

riatio

ns9,3

26,33

9

6,769

,528

5,6

30,98

4

4,855

,542

3,0

14,54

0

2,270

,804

1,6

76,74

5

1,056

,038

1,7

34,46

0

11,64

4,849

St

ate gr

ant a

nd co

ntrac

ts7,7

59,25

3

7,820

,623

7,2

16,72

7

6,911

,489

7,2

97,32

8

8,015

,701

8,1

61,47

4

9,176

,227

9,1

76,32

0

8,420

,066

Fe

dera

l gra

nts an

d con

tracts

17,84

5,614

17

,911,7

17

19,15

2,547

14

,956,0

08

10,21

6,604

8,5

67,53

6

7,727

,842

8,0

33,18

4

8,252

,635

6,2

81,50

1

Loca

l gra

nts an

d con

tracts

616,9

57

48

6,504

373,9

23

40

1,763

268,6

18

81

8,494

896,2

78

55

,571

69

,252

28

,781

Inv

estm

ent in

come

104,0

43

12

2,965

129,9

44

19

6,724

775,8

51

1,5

98,26

0

1,561

,397

1,2

87,69

9

584,3

87

40

5,987

Gain

(loss

) on d

ispos

al of

capit

al as

sets

28,70

6

66,94

9

16,73

8

82,86

8

(1,42

3)

17,05

5

(2

33,87

5)

(5

2,358

)

-

-

Int

eres

t on c

apita

l ass

et-re

lated

debt

(3,18

2,356

)

(3,47

8,516

)

(3,31

5,119

)

(2,78

2,414

)

(2,09

5,904

)

(2,09

3,930

)

(2,05

1,024

)

(2,11

0,632

)

(2,41

3,902

)

(2,42

4,871

)

Net n

on-o

pera

ting r

even

ues

61,64

5,799

60

,557,3

65

61,58

6,381

57

,816,5

96

51,46

2,093

48

,873,1

51

46,38

4,802

43

,336,9

80

42,07

3,411

47

,562,8

57

Net in

come

(loss

) befo

re ca

pital

contr

ibutio

ns2,4

01,28

1

1,722

,261

1,1

82,93

7

1,050

,910

1,6

65,75

3

2,631

,907

2,4

15,23

5

1,195

,828

91

5,900

(1,36

1,164

)

CA

PITA

L C

ON

TRIB

UTI

ON

SCa

pital

contr

ibutio

ns21

,074

49

,527

5,6

11

40,00

0

70,40

0

22,90

5

18

2,900

175,5

42

36

8,343

1,129

,402

To

tal ca

pital

contr

ibutio

ns21

,074

49

,527

5,6

11

40,00

0

70,40

0

22,90

5

18

2,900

175,5

42

36

8,343

1,129

,402

CH

AN

GE

IN N

ET P

OSI

TIO

N2,4

22,35

5$

1,771

,788

$

1,1

88,54

8$

1,090

,910

$

1,7

36,15

3$

2,654

,812

$

2,5

98,13

5$

1,371

,370

$

1,2

84,24

3$

(231

,762)

$

Net p

ositio

n, be

ginnin

g of y

ear

53,60

2,796

52

,811,5

48

51,62

3,000

50

,329,7

54

48,59

3,601

45

,938,7

89

43,34

0,654

43

,587,6

48

42,30

3,405

42

,535,1

67

Prior

perio

d adju

stmen

t-

(980

,540)

-

20

2,336

-

-

-

(1

,618,3

64)

-

-

Ne

t pos

ition,

begin

ning o

f yea

r, as

resta

ted53

,602,7

96

51,83

1,008

51

,623,0

00

50,53

2,090

48

,593,6

01

45,93

8,789

43

,340,6

54

41,96

9,284

42

,303,4

05

42,53

5,167

Net p

ositio

n, en

d of y

ear

56,02

5,151

$

53

,602,7

96$

52,81

1,548

$

51

,623,0

00$

50,32

9,754

$

48

,593,6

01$

45,93

8,789

$

43

,340,6

54$

43,58

7,648

$

42

,303,4

05$

Sour

ce: R

ock V

alley

Coll

ege F

inanc

ial R

epor

ts

RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11FI

NA

NC

IAL

TREN

DS

CH

AN

GES

IN N

ET P

OSI

TIO

NLA

ST T

EN F

ISC

AL

YEA

RS

60

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Tota

l equ

aliz

ed a

sses

sed

valu

atio

ns5,1

71,16

8,227

$

5,3

36,79

0,418

$

5,6

21,21

2,221

$

6,1

34,92

8,471

$

6,5

96,79

9,828

$

6,9

08,49

4,500

$

6,9

08,66

2,559

$

6,6

73,35

8,941

$

6,3

69,04

0,810

$

5,9

33,12

4,874

$

EAV

% In

crea

se (D

ecre

ase)

4.99

3.2

0

5.3

3

9.14

7.5

3

4.72

0.0

1

(3.41

)

(4.56

)

(6.84

)

Tax

rate

s (p

er $

100

asse

ssed

val

uatio

n)Ed

ucati

onal

Fund

0.230

0

0.2

300

0.2

300

0.229

5

0.2

396

0.230

0

0.2

300

0.230

0

0.2

300

0.230

0

Op

erati

ons a

nd M

ainten

ance

Fun

d0.0

400

0.040

0

0.040

0

0.0

400

0.041

7

0.0

400

0.040

0

0.0

400

0.040

0

0.0

400

Debt

Servi

ce F

und

199

9 Bon

d0.0

169

0.015

4

0.015

6

0.0

157

0.015

0

-

-

-

-

-

200

0 Bon

d0.0

225

0.021

8

0.005

4

0.0

050

0.004

6

0.0

052

0.005

8

0.0

048

0.005

5

0.0

067

200

2 A&B

Bon

d0.0

976

0.044

5

0.039

5

0.0

299

0.027

4

0.0

045

0.026

9

0.0

245

-

-

200

3A B

ond

0.001

1

0.0

092

0.0

041

0.011

0

0.0

042

-

-

-

-

-

2

003B

Bon

d0.0

046

0.004

5

0.004

3

0.0

040

0.008

1

0.0

305

0.032

2

0.0

242

-

-

200

5 Ref i

nanc

ing B

ond

-

-

0.0

070

0.006

5

0.0

060

0.005

7

0.0

057

0.005

8

0.0

067

0.008

3

2

006 R

efina

ncing

Bon

d-

-

0.004

9

0.0

048

0.004

4

0.0

042

0.004

2

0.0

053

0.005

9

0.0

062

200

7 Refi

nanc

ing B

ond

-

-

-

0.012

4

0.0

127

-

-

-

-

-

2

008 B

ond

-

-

-

-

0.0

099

0.047

8

0.0

232

0.022

1

0.0

235

0.032

0

2

009 B

ond

-

-

-

-

-

-

0.0

459

0.049

7

0.0

591

0.012

7

2

010 A

&B B

ond

-

-

-

-

-

-

-

0.014

8

0.0

528

0.050

1

Lia

bility

, Pro

tectio

n and

Sett

lemen

t Fun

d: T

ort L

iabilit

y0.0

242

0.032

2

0.037

5

0.0

337

0.037

6

0.0

255

0.021

9

0.0

156

0.014

6

0.0

223

Wor

kers

Comp

ensa

tion

-

-

-

-

-

0.003

2

0.0

027

0.002

0

0.0

019

0.002

9

U

nemp

loyme

nt Ins

uran

ce-

-

-

-

-

0.0

029

0.002

5

0.0

018

0.001

7

0.0

026

Athl

etics

-

-

-

-

-

-

-

0. 000

6

0.0

005

0.000

9

P

rope

rty/C

asua

lty-

-

-

-

-

0.0

017

0.001

5

0.0

011

0.001

1

0.0

015

FIC

A0.0

071

0.006

6

0.007

7

0.0

069

0.005

8

0.0

055

0.005

7

0.0

069

0.007

7

0.0

083

Audit

Fun

d0.0

015

0.002

5

0.002

9

0.0

017

0.001

2

0.0

011

0.000

9

0.0

011

0.000

2

0.0

002

Prote

ction

, Hea

lth an

d Safe

ty Fu

nd0.0

073

0.046

3

0.048

2

0.0

649

0.030

2

0.0

500

0.009

2

-

-

0.0

230

Adjus

tmen

t for O

vere

xtend

ed T

ax-

-

-

-

(0.00

74)

-

-

-

-

-

To

tal T

ax R

ate

0.452

8

0.4

530

0.4

471

0.466

0

0.4

410

0.457

8

0.4

583

0.450

3

0.4

512

0.447

7

Tax e

xtens

ion:

Educ

ation

al Fu

nd11

,893,6

87$

12

,274,6

18$

12,92

8,788

$

14,07

9,661

$

15,72

4,300

$

15,89

0,026

$

15,88

9,947

$

15,34

8,493

$

14,64

8,794

$

13,64

6,187

$

Oper

ation

s and

Main

tenan

ce F

und

2,068

,467

2,1

34,71

6

2,248

,485

2,4

53,97

1

2,736

,190

2,7

63,49

3

2,763

,468

2,6

90,15

7

2,567

,511

2,3

89,11

8

Debt

Servi

ce F

und

199

9 Bon

d87

3,927

82

1,866

876,9

09

963,1

84

991,0

78

-

-

-

-

-

200

0 Bon

d1,1

63,51

3

1,163

,420

30

3,545

30

6,746

30

3,931

35

9,071

35

0,044

32

0,888

35

0,045

39

7,781

2

002 A

&B B

ond

5,047

,060

2,3

74,87

2

2,220

,379

1,8

34,34

4

1,810

,369

31

0,734

-

1,6

37,88

5

-

-

200

3A B

ond

56,88

3

49

0,985

230,4

70

674,8

42

277,5

02

-

-

-

-

-

200

3B B

ond

237,8

74

240,1

56

24

1,712

24

5,397

53

5,182

2,1

06,08

7

-

1,617

,799

-

-

2

005 R

efina

ncing

Bon

d-

-

393,4

85

398,7

70

396,4

31

393,5

96

426,4

20

387,7

37

426,4

20

492,7

74

200

6 Refi

nanc

ing B

ond

-

-

27

5,439

29

4,477

29

0,716

29

0,019

37

5,503

35

4,311

37

5,503

36

8,097

2

007 R

efina

ncing

Bon

d-

-

-

760,7

31

839,1

13

-

-

-

-

-

200

8 Bon

d-

-

275,4

39

294,4

77

654,1

11

3,300

,685

1,4

95,65

0

1,477

,411

1,4

95,65

0

1,899

,852

2

009 B

ond

-

-

-

-

-

-

3, 7

61,39

9

3,322

,503

3,7

61,39

9

754,0

04

201

0 A&B

Bon

d-

-

-

-

-

-

3,360

,439

98

9,397

3,3

60,43

9

2,974

,456

Lia

bility

, Pro

tectio

n and

Sett

lemen

t Fun

d: T

ort L

iabilit

y1,2

51,42

3

1,718

,447

2,1

07,95

5

2,067

,471

1,5

29,11

0

1,761

,308

1,5

11,60

4

1,042

,251

93

4,496

1,3

23,57

6

Wor

kers

Comp

ensa

tion

-

-

-

-

19

1,704

22

0,982

18

6,802

13

4,605

12

1,012

17

1,970

U

nemp

loyme

nt Ins

uran

ce-

-

-

-

173,8

41

200,2

57

172,5

38

121,2

58

108,6

63

154,6

30

Athl

etics

-

-

-

-

-

-

-

39

,139

32,04

0

51

,273

Pro

perty

/Cas

ualty

-

-

-

-

10

1,806

11

7,444

10

3,182

73

,406

63,69

0

89

,735

FIC

A36

7,153

35

2,228

432,8

33

423,3

10

383,1

29

379,3

40

392,7

59

460,3

70

489,5

47

490,8

82

Audit

Fun

d77

,568

133,4

20

16

3,015

10

4,294

78

,810

75,27

8

60

,590

72,43

6

11

,960

11,31

2

Pr

otecti

on, H

ealth

and S

afety

Fund

377,4

95

2,470

,934

2,7

09,42

5

3,981

,569

2, 4

86,01

0

3,454

,248

63

5,328

-

-

1,3

63,70

0

Adjus

tmen

t for O

vere

xtend

ed T

ax-

-

-

-

(336

,137)

-

-

5,5

84

15

0,882

-

To

tal L

ocal

Gov

ernm

ent S

uppo

rt23

,415,0

50$

24

,175,6

62$

25,40

7,879

$

28,88

3,244

$

29,16

7,196

$

31,62

2,568

$

31,48

5,673

$

30,09

5,630

$

28,89

8,051

$

26,57

9,347

$

% In

crea

se (D

ecre

ase)

9.26

3.2

5

5.1

0

13.68

0.98

8.4

2

(0.43

)

(4.41

)

(3.98

)

(8.02

)

RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11EQ

UA

LIZE

D A

SSES

SED

VA

LUA

TIO

N, T

AX

RA

TES

AN

D T

AX

EXTE

NSI

ON

S LA

ST T

EN T

AX

LEVY

YEA

RS

61

Levy

Ye

arFa

rm P

rope

rtyRe

siden

tial P

rope

rtyCo

mmer

cial

Prop

erty

Indus

trial

Prop

erty

Railro

ad

Prop

erty

Total

Tax

able

Asse

ssed

Valu

e

Tax R

ates

per $

100

Asse

ssed

Va

luatio

n

Estim

ated

Actua

l Ta

xable

Va

lueEs

timate

d Actu

al Ta

xable

Valu

e

2003

$

183

,329,9

31

$

3,6

34,22

8,314

$

7

10,54

2,755

$

63

7,964

,344

$ 5

,102,8

83

$ 5

,171,1

68,22

7 0.4

528

33.33

%15

,515,0

56,18

7$

2004

189

,201,6

22

3,7

50,62

5,389

7

33,30

0,021

65

8,397

,068

5

,266,3

18

5,336

,790,4

18

0.4

530

33.33

%16

,011,9

72,45

1$

2005

199

,285,0

35

3,9

50,51

3,253

7

72,38

0,910

69

3,486

,039

5

,546,9

84

5,621

,212,2

21

0.4

471

33.33

%16

,865,3

23,19

5$

2006

216,9

46,64

8

4,257

,787,4

26

859,6

00,29

0

795,3

27,95

1

5,2

66,15

6

6,1

34,92

8,471

0.466

0

33

.33%

18,40

6,626

,076

$

2007

233,8

71,88

4

4,636

,143,2

59

906,4

31,22

0

813,8

43,77

6

6,5

09,68

9

6,5

96,79

9,828

0.441

0

33

.33%

19,79

2,378

,722

$

2008

250,9

81,22

8

4,871

,860,0

14

959,8

23,55

9

817,2

13,58

6

8,6

16,11

3

6,9

08,49

4,500

0.457

8

33

.33%

20,72

7,556

,256

$

2009

260,6

37,10

4

4,853

,950,9

64

956,1

39,21

5

829,6

63,72

0

8,2

71,55

6

6,9

08,66

2,559

0.458

3

33

.33%

20,72

8,060

,483

$

2010

264,9

55,64

9

4,662

,880,4

39

922,1

07,94

8

813,1

58,87

7

10

,256,0

28

6,673

,358,9

41

0.4

503

33.33

%20

,022,0

79,03

1$

2011

265,8

20,24

0

4,406

,507,5

05

872,8

12,70

0

813,1

17,11

6

10

,783,2

49

6,369

,040,8

10

0.4

512

33.33

%19

,109,0

33,33

3$

2012

262,2

74,44

2

4,031

,103,3

41

813,4

01,02

4

814,2

63,44

6

12

,082,6

21

5,933

,124,8

74

0.4

477

33.33

%17

,801,1

54,73

7$

Sour

ce: C

ounti

es of

Winn

ebag

o, Bo

one,

Ogle,

Dek

alb, S

tephe

nson

& M

cHen

ry

ROCK

VAL

LEY

COLL

EGE

ILLIN

OIS

COMM

UNIT

Y CO

LLEG

E DI

STRI

CT N

UMBE

R 51

1AS

SESS

ED V

ALUE

AND

ACT

UAL V

ALUE

OF

TAXA

BLE

PROP

ERTY

Last

Ten L

evy Y

ears

62

Tax L

evy Y

ear

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Educ

ation

al0.2

300

0.230

00.2

300

0.229

50.2

396

0.230

00.2

300

0.230

00.2

300

0.230

0Op

erati

ons a

nd M

ainten

ance

0.040

00.0

400

0.040

00.0

400

0.041

70.0

400

0.040

00.0

400

0.040

00.0

400

Audit

Fun

d0.0

015

0.002

50.0

029

0.001

70.0

012

0.001

10.0

009

0.001

10.0

002

0.000

2Lia

bility

and P

rotec

tion

0.024

20.0

322

0.037

50.0

337

0.030

20.0

333

0.028

60.0

211

0.019

80.0

302

Bond

and I

ntere

st0.1

427

0.095

40.0

808

0.089

30.0

923

0.097

90.1

439

0.151

20.1

535

0.116

0So

cial S

ecur

ity0.0

071

0.006

60.0

077

0.006

90.0

058

0.005

50.0

057

0.006

90.0

077

0.008

3Pr

otecti

on, H

ealth

& S

afety

0.007

30.0

463

0.048

20.0

649

0.037

60.0

500

0.009

20.0

000

0.000

00.0

230

Adjus

tmen

t for O

vere

xtend

ed T

ax-

-

-

-

(0

.0074

)-

-

-

Total

Dire

ct Ra

te0.4

528

0.453

00.4

471

0.466

00.4

410

0.457

80.4

583

0.450

30.4

512

0.447

7

Winn

ebag

o Cou

nty0.7

923

0.797

3

0.7

900

0.782

9

0.7

704

0.783

5

0.7

934

0.829

9

0.8

676

0.942

3

Fo

rest

Pres

erve

Dist

rict

0.101

8

0.1

031

0.099

4

0.0

951

0.090

5

0.0

859

0.085

9

0.0

898

0.095

6

0.1

072

Rock

ford T

owns

hip0.1

058

0.107

6

0.1

062

0.105

2

0.1

048

0.105

2

0.1

070

0.108

8

0.1

119

0.120

0

Gr

eater

Roc

kford

Airp

ort A

uthor

ity0.3

075

0.320

0

0.2

665

0.089

3

0.0

884

0.089

0

0.0

901

0.095

4

0.0

937

0.102

4

Ci

ty of

Rock

ford

2.131

9

2.3

095

2.260

1

2.2

527

2.202

6

2.2

085

2.229

7

2.3

595

2.519

1

2.8

178

Rock

ford P

ark D

istric

t0.7

691

0.776

6

0.7

525

0.736

0

0.7

198

0.731

9

0.7

455

0.786

9

0.8

432

0.952

2

Ro

ck R

iver W

ater R

eclam

ation

Auth

ority

0.140

3

0.1

406

0.134

2

0.1

237

0.122

1

0.1

243

0.126

8

0.1

362

0.146

9

0.1

665

Rock

ford C

ity Li

brar

y0.3

200

0.320

0

0.3

171

0.315

6

0.3

147

0.323

3

0.3

309

0.356

4

0.3

860

0.442

2

Ro

ckfor

d Pub

lic S

choo

ls5.5

182

5.530

7

5.5

107

5.412

3

5.3

381

5.452

0

5.5

765

6.015

2

6.5

595

6.688

4

10

.1869

10.40

54

10

.2367

9.912

8

9.7

514

9.903

6

10

.0858

10.77

81

11

.6235

12.33

90

TOTA

L RAT

ES10

.6397

10.85

84

10

.6838

10.37

88

10

.1924

10.36

14

10

.5441

11.22

84

12

.0747

12.78

67

Sour

ce: W

inneb

ago C

ounty

Cler

k's O

ffice

COLL

EGE

DIRE

CT R

ATES

:

OVER

LAPP

ING

RATE

S:

ROCK

VAL

LEY

COLL

EGE

ILLIN

OIS

COMM

UNIT

Y CO

LLEG

E DI

STRI

CT N

UMBE

R 51

1PR

OPER

TY T

AX R

ATES

- DI

RECT

AND

OVE

RLAP

PING

GOV

ERNM

ENTS

Last

Ten L

evy Y

ears

63

Taxp

ayer

Type

of B

usine

ssTa

xable

Ass

esse

d Va

lueRa

nkTa

xpay

erTy

pe of

Bus

iness

Taxa

ble A

sses

sed

Value

Rank

Comm

onwe

alth E

dison

Publi

c Elec

tric U

tility

486,7

45,41

0$

1

Comm

onwe

alth E

dison

Ut

ility

$

4

48,38

0,187

1

New

Carg

o Acq

uisitio

n LLC

(Chr

ysler

)Au

tomoti

ve

19,26

4,126

2

CBL/C

herry

Vale

LLC

Real

Estat

e Hold

ings

15,17

0,319

2

Lowe

s Hom

e Cen

terDi

stribu

tion C

enter

14,86

6,723

3

Grea

ter R

ockfo

rd A

irpor

tAi

rpor

t12

,933,4

98

3CB

L/Che

rry V

ale LL

CRe

al Es

tate H

olding

s13

,682,3

52

4Ha

milto

n Sun

dstra

nd C

orp

Aero

spac

e7,2

63,72

2

4

Beloi

t Mem

orial

Hos

pital

Hosp

ital

11,27

0,552

5

Two S

tar P

rope

rtyGr

ocer

y5,6

74,33

9

5

Grea

ter R

ockfo

rd A

irpor

tAi

rpor

t11

,221,0

57

6Me

nard

s, Inc

Real

Estat

e Hold

ings

5,200

,987

6W

al-Ma

rtRe

tail

7,765

,615

7Si

mon P

rope

rty G

roup

Real

Estat

e Hold

ings

5,099

,661

7Fo

rest

Plaz

a LLC

Real

Estat

e Hold

ings

6,932

,827

8Pe

try F

amily

Tru

stRe

al Es

tate H

olding

s4,8

19,22

8

8

Petry

Fam

ily T

rust

Real

Estat

e Hold

ings

5,657

,028

9Sw

edish

Ame

rican

Hos

pital

Hosp

ital

4,762

,654

9Je

ffrey

Petr

yRe

al Es

tate H

olding

s5,4

97,13

5

10

MB R

ockfo

rd S

tate L

LCRe

al Es

tate H

olding

s4,6

21,50

9

10

Sour

ce: C

ounti

es of

Winn

ebag

o, Bo

one &

Ogle

Note:

Acc

urate

data

is on

ly av

ailab

le for

2006

and r

ecen

t yea

rs

ROCK

VAL

LEY

COLL

EGE

ILLIN

OIS

COMM

UNIT

Y CO

LLEG

E DI

STRI

CT N

UMBE

R 51

1PR

INCI

PAL P

ROPE

RTY

TAXP

AYER

S

2012

2006

CURR

ENT

LEVY

AND

SIX

YEA

RS A

GO

64

Levy

Yea

rTa

x Lev

ied*A

moun

tPe

rcenta

ge of

Levy

*Amo

unt

Perce

ntage

of Le

vy

**

2003

23,41

5,050

$

9,709

,994

$

41.47

13,38

6,041

$

23,09

6,035

$

98.64

2004

24,17

5,661

7,481

,577

30.95

16,49

7,866

23,97

9,443

99.19

2005

25,13

2,440

9,103

,842

36.22

15,98

8,073

25,09

1,915

99.84

2006

28,58

8,767

9,975

,565

34.89

18,16

1,846

28,13

7,411

98.42

2007

29,16

7,196

10,03

9,199

34.42

19,17

3,756

29,21

2,955

100.1

620

0831

,622,5

68

13

,473,9

75

42

.6118

,008,8

92

31

,482,8

6799

.5620

0931

,646,6

71

15

,763,0

24

49

.8115

,761,8

68

31

,524,8

9299

.6220

1030

,095,6

00

13

,423,0

20

44

.6016

,606,3

38

30

,029,3

5899

.7820

1128

,898,0

51

14

,608,0

16

50

.5514

,052,4

46

28

,660,4

6299

.1820

1226

,579,0

48

13

,258,7

15

49

.88-

13

,258,7

1549

.88

Sour

ce: D

istric

t and

Cou

nty T

reas

urer

's Of

fice -

for T

ax Le

vied

* Bas

ed on

the C

olleg

e's pr

oper

ty tax

rece

ipts a

nd in

terna

l reco

ncilia

tion d

ocum

entat

ion

** Th

e Coll

ege l

ies in

six c

ounti

es, th

erefo

re ou

r tax

levie

s are

deter

mine

d ind

ividu

ally b

y all s

ix co

untie

s. T

his sc

hedu

le is

prep

ared

using

the ta

xes l

evied

for t

he la

rges

t cou

nty th

e Coll

ege r

eside

s in a

djuste

d for

the e

stima

ted le

vies i

n the

othe

r cou

nties

. Bec

ause

of th

ises

timate

, coll

ectio

ns ca

n som

etime

s exc

eed 1

00%

of th

e esti

mated

total

levy

.

ROCK

VAL

LEY

COLL

EGE

ILLIN

OIS

COMM

UNIT

Y CO

LLEG

E DI

STRI

CT N

UMBE

R 51

1PR

OPER

TY T

AX LE

VIES

AND

COL

LECT

IONS

Last

Ten L

evy Y

ears

Colle

cted w

ithin

the F

iscal

Year

of th

e Le

vy*C

ollec

tions

in

Subs

eque

nt Ye

ars

Total

Coll

ectio

ns to

Date

65

Fisca

l Yea

rFT

E Cr

edit

Cour

ses

Head

coun

t Cr

edit C

ourse

s

In Di

strict

Tuit

ion

and F

ees p

er

Seme

ster H

our

Out o

f Dist

rict

Tuitio

n and

Fee

s per

Se

meste

r Hou

r

Out o

f Stat

e Tuit

ion

and F

ees p

er

Seme

ster H

our

Total

Cre

dit

Hour

s Cl

aimed

Net T

uition

and F

ee

Reve

nue

Gros

s Tuit

ion

2004

5,484

15

,552

57.00

$

194.0

0$

289.0

0$

163,3

41

3,566

,137

$

9,8

90,23

3$

2005

5,357

15

,449

59.00

196.0

0

291.0

0

160,7

16

3,985

,661

11

,111,1

95

20

065,2

14

15,68

2

62

.00

20

2.00

42

5.00

15

6,407

4,8

59,35

4

11,67

7,367

2007

5,622

15

,734

69.00

253.0

0

409.0

0

154,5

02

5,601

,760

12

,318,1

62

20

085,6

02

15,34

0

69

.00

25

3.00

40

9.00

15

4,809

6,6

26,79

8

12,04

8,724

2009

6,003

16

,420

74.00

289.0

0

452.0

0

166,6

47

7,550

,503

13

,734,3

70

20

106,2

18

17,43

6

74

.00

28

9.00

45

2.00

18

6,538

8,0

15,08

4

15,88

2,533

2011

6,302

16

,530

80.00

272.0

0

453.0

0

189,0

50

11,14

3,235

16,95

8,308

2012

6,029

15

,759

93.00

274.0

0

466.0

0

180,8

58

11,89

9,329

18,50

9,974

2013

5,689

15

,133

93.00

274.0

0

466.0

0

173,4

77

10,72

6,949

17,82

7,881

Sour

ce: C

olleg

e rec

ords

Tuitio

n and

Fee

Rate

s

ROCK

VAL

LEY

COLL

EGE

ILLIN

OIS

COMM

UNIT

Y CO

LLEG

E DI

STRI

CT N

UMBE

R 51

1EN

ROLL

MENT

, TUI

TION

AND

FEE

RAT

ES, C

REDI

T HO

URS

CLAI

MED

AND

TUIT

ION

FEE

REVE

NUE

Last

Ten F

iscal

Year

s

66

Perce

ntage

ofDi

strict

511

Total

Outs

tandin

gTo

talEs

timate

dDe

bt to

Estim

ated

Outst

andin

gFis

cal

Gene

ral

Capit

al To

talAc

tual T

axab

leAc

tual T

axab

leDe

btYe

arOb

ligati

onAp

prec

iation

Outst

andin

gPr

oper

tyPr

oper

tyPo

pulat

ionPe

r En

ded

Bond

sBo

nds

Debt

Value

Value

(201

2 Esti

mated

)Ca

pita

2004

54,41

5,000

$

4,0

19,59

5$

58,43

4,595

$

5,171

,168,2

27$

1.1

333

5,314

17

4$

2005

49,33

5,000

4,1

98,59

5

53,53

3,595

5,336

,790,4

18

1.0

033

9,716

15

8

2006

47,96

0,000

4,3

86,59

5

52,34

6,595

5,621

,212,2

21

0.9

334

5,375

15

2

2007

45,17

5,000

4,5

82,59

5

49,75

7,595

6,134

,928,4

71

0.8

135

2,290

14

1

2008

51,61

5,000

4,7

87,59

5

56,40

2,595

6,596

,799,8

28

0.8

535

4,394

15

9

2009

47,48

0,000

5,0

02,59

5

52,48

2,595

6,908

,494,5

00

0.7

635

3,722

14

8

2010

72,78

5,000

5,2

27,59

5

78,01

2,595

6,908

,662,5

59

1.1

334

9,431

22

3

2011

75,75

5,000

5,4

62,59

5

81,21

7,595

6,673

,358,9

41

1.2

234

8,360

23

3

2012

68,18

0,000

5,7

07,59

5

73,88

7,595

6,369

,040,8

10

1.1

634

7,280

21

3

2013

60,81

0,000

5,9

63,59

5

66,77

3,595

5,933

,124,8

74

1.1

334

6,009

19

3

Note:

Deta

ils of

the C

olleg

e's ou

tstan

ding d

ebt c

an be

foun

d in t

he no

tes to

the f

inanc

ial st

ateme

nts.

* Se

e the

Sch

edule

of D

emog

raph

ic an

d Eco

nomi

c Stat

istics

for p

erso

nal in

come

and p

opula

tion d

ata.

LAST

TEN

FIS

CAL Y

EARS

ROCK

VAL

LEY

COLL

EGE

ILLIN

OIS

COMM

UNIT

Y CO

LLEG

E DI

STRI

CT N

UMBE

R 51

1DE

BT C

APAC

ITY

RATI

OS O

F OU

TSTA

NDIN

G DE

BT B

Y TY

PE

67

Distr

ict 51

1To

talLe

ss: A

moun

tsNe

tEs

timate

dGe

nera

lFis

cal

Gene

ral

Avail

able

Gene

ral

Actua

l Tax

able

Bond

ed D

ebt

Year

Oblig

ation

In De

btBo

nded

Prop

erty

Popu

lation

Per

Ende

dBo

nds

Servi

ce F

und

Debt

Value

(201

2 Esti

mated

)Ca

pita

2004

58,43

4,595

$

3,292

,731

$

55,14

1,864

$

5,171

,168,2

27$

1.0

733

5,314

16

4

2005

53,53

3,595

2,131

,791

51,40

1,804

5,336

,790,4

18

0.9

633

9,716

15

1

2006

52,34

6,595

2,096

,421

50,25

0,174

5,621

,212,2

21

0.8

934

5,375

14

5

2007

49,75

7,595

2,530

,685

47,22

6,910

6,134

,928,4

71

0.7

735

2,290

13

4

2008

56,40

2,595

2,994

,056

53,40

8,539

6,596

,799,8

28

0.8

135

4,394

15

1

2009

52,48

2,595

3,334

,346

49,14

8,249

6,908

,494,5

00

0.7

135

3,722

13

9

2010

78,01

2,595

5,220

,195

72,79

2,400

6,908

,662,5

59

1.0

534

9,431

20

8

2011

81,21

7,595

5,619

,876

75,59

7,719

6,673

,358,9

41

1.1

334

8,360

21

7

2012

73,88

7,595

5,423

,955

68,46

3,640

6,369

,040,8

10

1.0

834

7,280

19

7

2013

66,77

3,595

3,989

,240

62,78

4,355

5,933

,124,8

74

1.0

634

6,009

18

1

Note:

Deta

ils of

the C

olleg

e's ou

tstan

ding d

ebt c

an be

foun

d in t

he no

tes to

the f

inanc

ial st

ateme

nts.

* Se

e the

Sch

edule

of D

emog

raph

ic an

d Eco

nomi

c Stat

istics

for p

erso

nal in

come

and p

opula

tion d

ata.

LAST

TEN

FIS

CAL Y

EARS

ROCK

VAL

LEY

COLL

EGE

ILLIN

OIS

COMM

UNIT

Y CO

LLEG

E DI

STRI

CT N

UMBE

R 51

1DE

BT C

APAC

ITY

RATI

OS O

F NE

T GE

NERA

L BON

DED

DEBT

OUT

STAN

DING

Perce

ntage

of N

et Ge

nera

l Bon

ded

Debt

to Es

timate

d Ac

tual T

axab

le Pr

oper

ty Va

lue

68

Percentage WinnebagoTotal Debt Applicable County's

Gross Debt to Winnebago ShareOutstanding (1) County (2) of Debt

10,701,000$ 99.99 10,699,930$ 3,009,090 99.99 3,008,789

51,545,000 100.00 51,545,000 128,485,000 100.00 128,485,000

22,420,000 100.00 22,420,000 - 0.00 -

6,754,300 99.98 6,752,949 1,055,000 100.00 1,055,000

231,464,377 100.00 231,464,377 Subtotal 455,433,767 455,431,046

Rock Valley College 64,528,595 100.00 64,528,595

Total debt outstanding 519,962,362$ 519,959,640$

Notes:(1) : The source of these numbers was provided by the Winnebago County Clerk's office.

Cities and VillagesPark District

June 30, 2013

District

CountyForest PreserveSanitary District


DEBT CAPACITYDIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

GENERAL OBLIGATION BONDS

Fire ProtectionAirportLibrarySchools

(2): Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the College. This schedule estimates the portion of the the outstanding debt of those overlapping governments that is borne by the residents and businesses of the College. This process recognizes that, when considering the government's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping government.

69

Net D

ebt

Total

Appli

cable

toTa

xable

Debit

Limi

tTo

talDe

bt Lim

it as a

Fis

cal

Asse

ssed

Debt

Limit

(Ass

esse

d Valu

e xOu

tstan

ding

Lega

l Deb

tPe

rcenta

ge of

Year

Value

Statu

tory R

ateDe

bt Lim

it Rate

)De

btMa

rgin

Debt

Limit

2004

5,171

,168,2

27$

2.875

%14

8,671

,087

$

58,43

4,595

$

90

,236,4

92$

39

.3020

055,3

36,79

0,418

2.875

%15

3,432

,725

53,53

3,595

99,89

9,130

34.89

2006

5,621

,212,2

21

2.8

75%

161,6

09,85

152

,346,5

9510

9,263

,256

32.39

2007

6,134

,928,4

71

2.8

75%

176,3

79,19

449

,757,5

9512

6,621

,599

28.21

2008

6,596

,799,8

28

2.8

75%

189,6

57,99

556

,402,5

9513

3,255

,400

29.74

2009

6,908

,494,5

00

2.8

75%

198,6

19,21

752

,482,5

9514

6,136

,622

26.42

2010

6,908

,662,5

59

2.8

75%

198,6

24,04

978

,012,5

9512

0,611

,454

39.28

2011

6,673

,358,9

41

2.8

75%

191,8

59,07

081

,217,5

9511

0,641

,475

42.33

2012

6,369

,040,8

10

2.8

75%

183,1

09,92

373

,887,5

9510

9,222

,328

40.35

2013

5,933

,124,8

74

2.8

75%

170,5

77,34

066

,773,5

9510

3,803

,745

39.15

Note:

Deta

ils of

the C

olleg

e's ou

tstan

ding d

ebt c

an be

foun

d in t

he no

tes to

the f

inanc

ial st

ateme

nts.

LAST

TEN

FIS

CAL Y

EAR S

ROCK

VAL

LEY

COLL

EGE

ILLIN

OIS

COMM

UNIT

Y CO

LLEG

E DI

STRI

CT N

UMBE

R 51

1DE

BT C

APAC

ITY

LEGA

L DEB

T MA

RGIN

INFO

RMAT

ION

70

**

Total

Pe

rSt

ate of

*Pe

rsona

l Ca

pita

Illino

isFis

cal

Distr

ictInc

ome

Perso

nal

Winn

ebag

o Bo

one

Step

hens

onOg

leDe

Kalb

Mc H

enry

Unem

ploym

ent

Year

Popu

lation

($00

0)Inc

ome

Coun

tyCo

unty

Coun

tyCo

unty

Coun

tyCo

unty

Rate

2004

335,3

149,2

81,20

5$

27

,679

$

6.4

%7.2

%6.8

%6.2

%5.4

%5.2

%6.1

%20

0533

9,716

9,617

,734

28,31

1

5.7%

6.5%

5.4%

5.2%

5.3%

5.1%

5.7%

2006

345,3

7510

,189,3

09

29

,502

4.5

%5.7

%4.9

%5.0

%3.9

%3.7

%4.9

%20

0735

2,290

10,74

7,223

30,50

7

5.7%

5.7%

5.5%

5.8%

4.2%

4.1%

4.5%

2008

354,3

94

11

,292,6

10

31

,865

9.0

%8.9

%7.0

%7.9

%7.0

%6.7

%7.3

%20

0935

3,722

11,28

8,945

31,91

5

14.0%

14.1%

10.2%

11.5%

11.3%

10.9%

10.4%

2010

349,4

31

11

,649,6

56

33

,339

15

.6%16

.4%11

.7%13

.8%10

.4%9.6

%10

.3%20

1134

8,360

N/A

N/A

12.1%

12.1%

9.9%

11.9%

9.9%

9.2%

10.0%

2012

347,2

80

N/

AN/

A11

.8%11

.4%9.9

%11

.1%8.6

%8.3

%9.3

%20

1334

6,009

N/A

N/A

11.5%

10.9%

10.0%

10.8%

8.7%

8.3%

9.6%

Sour

ce: B

urea

u of E

cono

mic A

nalys

is, 19

95-2

010 (

most

rece

nt av

ailab

le)ID

ES Ju

ly 20

13 un

emplo

ymen

t rate

* Stat

istics

for R

ockfo

rd M

SA w

hich i

nclud

es W

inneb

ago a

nd B

oone

Cou

nties

.

2013

Pop

ulatio

n esti

mated

Unem

ploym

ent R

ates b

y Cou

nty

RO

CK

VA

LLEY

CO

LLEG

E

ILLI

NO

IS C

OM

MU

NIT

Y C

OLL

EGE

DIS

TRIC

T N

UM

BER

511

DEM

OG

RA

PHIC

AN

D E

CO

NO

MIC

INFO

RM

ATI

ON

LAST

TEN

FIS

CA

L YE

AR

S

71

Cat

egor

ies

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Bacc

alaur

eate

99,56

2.010

1,113

.097

,915.0

97,86

3.599

,935.0

105,0

33.5

11

8,591

.0

119,6

24.0

11

4,544

.5

111,9

89.5

Bu

sines

s Occ

upati

onal

8,388

.57,8

47.5

8,159

.57,5

75.5

6,798

.06,6

26.5

8,106

.0

8,1

78.0

7,599

.0

7,4

40.5

Tech

nical

Occu

patio

nal

22,87

5.020

,253.0

19,09

2.017

,994.0

16,40

8.517

,881.5

19,43

5.5

19

,506.5

19,58

4.0

18

,339.0

Healt

h Occ

upati

onal

8,035

.09,0

16.5

9,389

.59,4

11.5

9,804

.011

,268.0

12,10

1.0

11

,280.0

10,35

2.5

10

,021.5

Reme

dial D

evelo

pmen

t18

,080.0

16,91

1.015

,858.0

14,74

9.014

,883.0

15,71

5.0

16

,107.0

16,80

4.0

15

,323.0

14,15

0.0

Ad

ult B

asic

& Se

cond

ary E

d6,4

00.0

5,575

.05,9

93.0

6,908

.06,9

80.0

10,12

2.0

12

,197.0

13,65

7.5

13

,455.4

11,53

6.0

Tota

l cre

dit h

ours

163,3

40.5

160,7

16.0

156,4

07.0

154,5

01.5

154,8

08.5

166,6

46.5

18

6,537

.5

189,0

50.0

18

0,858

.4

173,4

76.5

% In

creas

e (de

creas

e)11

.1

(1

.6)

(2

.7)

(1

.2)

0.2

7.6

20

.5

1.3

(4.3)

(4.1)

Sour

ce: D

istric

t rec

ords

( Ap

portio

nmen

t Clai

m Re

ports

)

FISC

AL

YEA

R

RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11FI

NA

NC

IAL

TREN

DS

STU

DEN

T EN

RO

LLM

ENT

DEM

OG

RA

PHIC

AN

D T

OTA

L C

RED

IT H

OU

RS

BY

YEA

RLA

ST T

EN Y

EAR

S

72

% o

f%

of

Dis

tric

tD

istr

ict

Empl

oyer

Ran

kEm

ploy

ees

Popu

latio

nEm

ploy

erR

ank

Empl

oyee

sPo

pula

tion

Chrys

ler

14,5

001.3

0Ro

ckfor

d Hea

lth S

ystem

14,4

00

1.3

4Ro

ckfor

d Pub

lic S

choo

ls2

3,730

1.08

Rock

ford C

.U.S

.D #2

052

4,010

1.22

Rock

ford H

ealth

Sys

tems

33,0

000.8

7Te

xtron

, Inc.

33,5

60

1.0

9Sw

edish

Ame

rican

Hea

lth S

ystem

42,9

880.8

6Sw

edish

Ame

rican

Hea

lth S

ystem

42,9

13

0.8

9UT

C Ae

rosp

ace S

ystem

s5

2,296

0.66

Hami

lton S

unds

trand

Cor

p. 5

2,900

0.88

OSF

Healt

hcar

e6

1,800

0.52

Daim

ler-C

hrys

ler6

1,970

0.60

Rock

ford P

ark D

istric

t7

1,739

0.50

OSF

St. A

nthon

y Med

ical C

enter

71,9

50

0.5

9W

inneb

ago C

ounty

81,7

310.5

0Un

ited P

arce

l Ser

vice

81,7

00

0.5

2W

almar

t9

1,611

0.47

Coun

ty of

Winn

ebag

o9

1,600

0.49

Woo

dwar

d10

1,600

0.46

Inven

sys B

uildin

g Sys

tems

101,2

00

0.3

7

Total

% of

Dist

rict P

opula

tion

7.22

Total

% of

Dist

rict P

opula

tion

7.98

Sour

ce: R

ockfo

rd A

rea E

cono

mic D

evelo

pmen

t Cou

ncil

RO

CK

VA

LLEY

CO

LLEG

E

ILLI

NO

IS C

OM

MU

NIT

Y C

OLL

EGE

DIS

TRIC

T N

UM

BER

511

PRIN

CIP

AL

EMPL

OYE

RS

Cur

rent

Yea

r and

Nin

e Ye

ars

Ago

2013

2004

73

Func

tion/

Prog

ram

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Facu

lty

Full

-time

138

139

140

140

145

149

147

157

159

157

P

art-t

ime

172

152

142

142

145

161

228

267

281

292

Full-t

ime a

dmini

strato

rs47

31

32

32

33

31

33

36

35

34

Cl

assif

ied st

aff

Full

-time

225

244

239

271

234

238

241

246

238

223

P

art-t

ime

25

30

32

32

39

55

51

48

44

58

Total

full-t

ime s

taff

410

414

411

443

412

418

421

439

432

414

Total

emplo

yees

607

596

585

617

596

634

700

754

757

764

*Sou

rce: I

CCB

Repo

rts

Fisc

al Y

ear

RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11FU

LL-T

IME

EQU

IVA

LEN

T EM

PLO

YEES

LAST

TEN

FIS

CA

L YE

AR

S

74

Cat

egor

ies

FY 2

004

FY 2

005

FY 2

006

FY 2

007

FY 2

008

FY 2

009

FY 2

010

FY 2

011

FY 2

012

FY 2

013

Bacc

alaur

eate

99,56

2.010

1,113

.097

,915.0

97,86

3.599

,935.0

105,0

33.5

118,5

91.0

119,6

24.0

114,5

44.5

111,9

89.5

Busin

ess O

ccup

ation

al8,3

88.5

7,847

.58,1

59.5

7,575

.56,7

98.0

6,626

.58,1

06.0

8,178

.07,5

99.0

7,440

.5Te

chnic

al Oc

cupa

tiona

l22

,875.0

20,25

3.019

,092.0

17,99

4.016

,408.5

17,88

1.519

,435.5

19,50

6.519

,584.0

18,33

9.0He

alth O

ccup

ation

al8,0

35.0

9,016

.59,3

89.5

9,411

.59,8

04.0

11,26

8.012

,101.0

11,28

0.010

,352.5

10,02

1.5Re

media

l Dev

elopm

ent

18,08

0.016

,911.0

15,85

8.014

,749.0

14,88

3.015

,715.0

16,10

7.016

,804.0

15,32

3.014

,150.0

Adult

Bas

ic &

Seco

ndar

y Ed

6,400

.05,5

75.0

5,993

.06,9

08.0

6,980

.010

,122.0

12,19

7.013

,657.5

13,45

5.411

,536.0

Tota

l Cre

dit H

ours

163,3

40.5

160,7

16.0

156,4

07.0

154,5

01.5

154,8

08.5

166,6

46.5

186,5

37.5

189,0

50.0

180,8

58.4

173,4

76.5

Stud

ent h

eadc

ount

15,55

215

,449

15,68

215

,734

15,34

016

,420

17,43

616

,530

15,85

515

,133

Stud

ent F

TE5,4

845,3

575,2

145,6

225,6

026,0

036,2

186,3

026,0

295,6

89

*Tu

ition R

ate pe

r Hou

r45

$

51

$

54

$

61

$

61

$

66

$

66

$

71

$

83

$

83

$

Tuitio

n and

Fee

Rev

enue

9,890

,233

$

11,11

1,195

$

11,67

7,367

$

12,31

8,162

$

12,04

8,724

$

13,73

4,370

$

15,88

2,533

$

16,95

8,308

$

18,50

9,974

$

17,82

7,881

$

Degr

ees a

nd C

ertifi

cates

awar

ded:

A.A.

; A.S

.58

855

354

560

455

859

969

570

571

081

6A.

E.S.

00

00

00

00

12

A.G.

S1

52

12

21

00

A.A.

S.22

423

219

431

826

230

935

625

231

030

6Ce

rtifica

tes62

41,1

5165

366

756

452

857

069

268

266

2

Data

Sour

ces:

*IC

CB A

nnua

l Enr

ollme

nt an

d Com

pletio

n (A1

) Data

RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11O

PER

ATI

NG

IND

ICA

TOR

SLA

ST T

EN F

ISC

AL

YEA

RS

75

Facil

ity In

forma

tion

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Squa

re fe

et - c

lassro

oms

60,14

7

55

,173

52,63

7

52

,686

51,64

1

50

,561

61,17

6

64

,318

83,09

0

77

,169

Squa

re fe

et - la

bs11

1,700

11

2,388

11

9,800

11

2,476

11

0,579

10

4,614

10

7,237

12

1,625

11

7,408

13

1,055

Sq

uare

feet

- libr

aries

45,28

2

45

,282

45,07

6

18

,158

34,42

0

34

,420

34,23

9

34

,954

36,25

3

35

,290

Squa

re fe

et - o

ffices

60,65

0

70

,057

69,14

1

69

,357

70,53

2

71

,308

76,33

1

98

,166

84,84

7

81

,884

Total

assig

nable

squa

re fe

et45

4,320

45

6,659

50

4,800

48

7,858

46

6,002

49

7,141

48

1,338

48

8,789

55

1,422

32

5,398

Numb

er of

clas

sroom

s80

72

80

69

68

69

78

85

14

4

94

Numb

er of

labo

rator

ies95

96

10

7

98

105

97

10

0

144

15

2

142

Nu

mber

of lib

rarie

s45

45

46

27

43

43

42

46

49

48

Nu

mber

of of

fices

371

37

1

368

37

8

395

37

1

400

40

7

474

44

5

Numb

er of

build

ings

34

35

37

36

36

37

37

39

40

40

Acre

s 23

5

235

23

5

235

23

5

235

23

5

235

23

5

235

*Sou

rce: I

CCB

Facil

ities U

sage

Rep

ort

RO

CK

VA

LLEY

CO

LLEG

EIL

LIN

OIS

CO

MM

UN

ITY

CO

LLEG

E D

ISTR

ICT

NU

MB

ER 5

11C

API

TAL

ASS

ET S

TATI

STIC

SLa

st T

en F

isca

l Yea

rs

76

HISTORY

The College was established in 1964 through a district-wide referendum after a two-year study established the need for a community college. The College’s district is comprised of Winnebago and Boone counties and parts of Stephenson, Ogle, McHenry, and DeKalb counties. The College is located on a 217 acre tract of land at Mulford and Springbrook roads in Northeast Rockford. In addition to the main campus, the College operates programs at six owned or leased off-campus locations: Stenstrom Center for Career Education - home to several health and technical programs and now a degree site; Bell School Center - which houses the College’s Center for Learning and Retirement; Aviation Center at Chicago Rockford International Airport; Eiger Lab – business outreach center; North Main Street – employment assistance programs; the Learning and Opportunity Center – serving the downtown and west-side area of Rockford, and the Essex Building – which houses the truck driver training program. The College holds Continuing Education classes at more than 50 sites throughout the district and operates employment and training programs at the Illinois Employment Training Center in Rockford, Illinois. Since opening for classes in 1965, the College has grown from a small community college with 35 faculty members and 1,100 students to an institution of 156 faculty members, 267 part-time lecturers and more than 15,000 students. The College operates under the leadership of the Board of Trustees. The Board of Trustees consists of seven elected officials, all of whom are elected on a non-partisan basis, and one student trustee. The Board of Trustees is the policy making and legislative authority for the College. The Rock Valley College Foundation (Foundation), established in 1979, is a 501(c)(3) non-profit corporation responsible for encouraging and administering private gifts to enhance the College’s ability to serve the public. The Foundation is considered a component unit of the College and the Foundation’s financial statements are included in this financial report following the College’s financial statements. 1964 The legal entity was authorized by the voters of Boone and Winnebago Counties. 1965 Land was purchased at the intersection of Mulford and Springbrook Roads for the future campus. Classes began at various locations throughout the Rockford area with a total of 1,064 students. 1966 Voters approved a bond referendum to provide funds to finance the College’s portion of the building

program. College moved to interim campus at Mulford and Springbrook Roads. 1971 Full membership and accredited status was granted to the College by the North Central Association

of Colleges and Secondary Schools. 1972 Voters approved a tax referendum to increase the tax rate in the Educational Fund to a maximum of

11¢ and in the Building and Maintenance Fund to a maximum of 4¢ per $100 of tax valuation. 1975 Fund drive began for construction of a Community Arts Center. 1976 The majority of Phase 1 of Community Arts Center construction was completed. 1977 The western portion of the Oregon Community Unit District #220 annexed to Illinois Community

College District Number 511. 1978 The Leola Arnold buildings were sold by the trust.

77

1980 The Rock Valley College Foundation was established. 1982 Purchased the Bell Elementary School Building from School District #205. 1983 Purchased computerized energy management system. 1984 Completed retrofitting of Classroom Building I, Classroom Building II, Student Center, and the

Educational Resource Center to achieve energy savings. The North Central Association of Colleges and Secondary School extended full accreditation for ten

years. 1985 Illinois Building Authority transferred ownership of Educational Resource, Physical Education and

Student Centers to College. Voters approved tax referenda to increase the tax rate in the Educational Fund to a maximum of 23¢

and to make possible a new Technology Center to provide high-tech training for the Northern Illinois area. An architect was selected and planning begun.

1986 Construction started on the Technology Center. 1987 Acquisition of Automotive Center in Eastrock Industrial Park. 1989 Rock Valley College, Northern Illinois University and University of Illinois were awarded a second

$80,000 Higher Education Cooperation Act Grant, with Rock Valley College the grant administrator for technology and engineering joint programs.

1990 Completion of bookstore, game room and sidewalk cafe in the student center. 1991 Rock Valley College was awarded a $395,000 Challenge Grant to complete the development of the

Computer Integrated Manufacturing (CIM) Cell. The relocation of the Records & Admissions Office to Building B and the Nursing Program to Building F were completed.

1992 Extensive road work at the Mulford entrance to the College, including the creation of an additional

left turn lane and widening of the road.

1993 Rock Valley College was awarded two grants from the Department of Commerce and Community Affairs: (1) a $383,000 Industrial Training Program (ITP) grant to assist local manufacturing and other employers obtain skilled workers for expansion, and (2) a $54,413 ITP grant to develop a Supplier Network among several local larger manufacturing firms; and a $204,903 Project Opportunities Program grant from the Illinois Department of Public Aid to assure that needy families with children obtain the education, training, and employment to avoid long-term welfare dependence. The Automotive Facility was paid off. Parking lot #1 was redesigned and rebuilt. Most of the wooden- framed buildings were re-roofed.

1995 New bleachers were installed in the Physical Education Center (PEC). Emergency call boxes were

installed around the campus and at off campus college locations. The new Hewlett Packard mainframe using CARS software was phased in for payroll processing.

78

1996 On January 9, 1996, the Property Tax Appeal Board reduced the assessed valuation of the Byron Station for the tax years 1989, 1990, 1991 and 1992. Based on this decision, the Ogle County

Board of Review set the 1995 assessed valuation of the Byron Station at $471,791,515, a reduction of $523,969,287 from the originally published 1996 assessed valuation of $995,760,802. This reduces the College’s annual tax revenue by $1,414,717 for the tax year 1995. The PTAB decision has been appealed at the 2nd District Appellate Court in Elgin. The Ogle County Board of Review decision has been appealed at the 15th Judicial Circuit Court.

Rock Valley College, in conjunction with Fox Valley Education Alliance, was awarded a $600,000 grant from the Illinois Manufacturers Association for training of member company employees.

Rock Valley College Technology Center was designated a regional Best Manufacturing Practices Center of Excellence by the University of Maryland and the National Institute of Standards and Technology to service companies in the North Central states.

1997 The 2nd District Appellate Court in Elgin upheld the Property Tax Appeal Board’s opinion that

reduced the assessed valuation of the Byron Station. The Ogle County Intergovernmental Agency appealed the ruling to the Illinois State Supreme Court, where it awaits a decision.

Rock Valley College was designated the Northern Illinois Manufacturing Extension Center, a sub-center of the Illinois Manufacturing Extension Center. The College is providing extension services to small and mid-sized manufacturers in the northern third of Illinois. This activity is funded through a multi-year grant from the National Institute of Standards and Technology.

Rock Valley College, in conjunction with the Fox Valley Education Alliance, was awarded a $750,000 grant from the Illinois Manufacturing Association for training member company employees.

1998 Dr. Karl J. Jacobs retired as President of Rock Valley College on October 31, 1997, after serving as

president since January 20, 1969. Dr. Roland Chapdelaine assumed the presidency on November 1, 1997.

During the year ended June 30, 1998, the suit (with ComEd) was settled with all parties agreeing to the allocated sums. The College’s settlement amount, including related attorney fees, was $728,000, allocated pro rata to college funds levying property taxes, and was paid before June 30, 1998.

1999 The College received $250,000 from the Governor’s budget for planning the Arts Instructional

Center.

The College purchased the Rockford Regional Academic Center from District #205 and renovated the building as the Career Development Academy.

The College completed the first phase of the HVAC tunnel project and renovated the CLI Chemistry labs.

The College installed the Datatel Student Records System. 2000 Dr. Chapdelaine reorganized the College through two vice presidents and two executive deans.

The Rock Valley College Foundation initiated a $10 million capital campaign in support of several major College projects.

79

2000 Continued The College completed the second phase of the HVAC tunnel project. The College received a $300,000 State of Illinois membership initiative grant for planning and

design of the Arts Instructional Center.

The College completed the installation and startup of a co-generation power plant to generate electricity for the main campus.

The College initiated a multi-year Information Technology Plan for the main campus and other facilities owned by the College.

The College sold $15.5 million in funding bonds to support the Information Technology Plan and renovations at the Samuelson Road Center.

2001 Three new academic programs, mass communications, dental hygiene, and graphic arts

technology, were designed and prepared for offering in Fall 2001.

The first phase (expanded seating and support facilities) of the Bengt Sjostrom Theatre was completed prior to the Summer 2001 Starlight program.

The College sold $21.5 million in funding bonds to support Phase I of the Facilities Master Plan and defeased a portion of the 1999 bond issue.

The College sold the vocational programs property on 28th Avenue and purchased the house on Springbrook Road adjacent to the main campus.

2002 The College completed Datatel conversion with implementation of payroll/human resources and

general ledger modules.

The College initiated a multi-year strategic planning process with the current year strategic plan tied to the annual operating budget.

Phase II of the Bengt Sjostrom Theatre including the proscenium building was completed prior to the Summer 2002 Starlight program.

2003 The College sold $27.5 million in funding bonds to support Phase II of the Facilities Master Plan.

Phase III of the Bengt Sjostrom Theatre was completed and the gala grand opening was held on June 10, 2003.

Construction of the new Support Services Building (SSB) to be occupied by Plant Operations and Maintenance, Business Services, Human Resources, Public Safety and Financial Services was started.

The College began construction of Parking Lot 8 and the Information Technology Microwave Tower Projects.

Phase I of III of the Student Center Remodeling, which includes Levels 1 and 2, began.

The College received a federal Integrated Skills Technology grant to retrain dislocated workers under the federal Workforce Investment Act.

80

2004 The College received a ten-year accreditation from the Higher Learning Commission of the North Central Association.

The College completed construction of the new Support Services Building (SSB). Construction was completed on Phase I and Phase II, Level 1 and Level 2 of the Student Center

remodeling. Construction began on Phase III of the Student Center addition. The College sold $8.675 million in funding bonds to defease a portion of the 1999 bond issue.

The College developed a multi-year Financial Planning Model to assist in the long-term strategic and financial planning of the College.

2005 Dr. Jack Becherer assumed presidency on November 1, 2004 as Rock Valley College’s fifth

president.

Rock Valley College partnered with Northern Illinois University, Rockford College, and University of Illinois College of Medicine at Rockford to develop the Higher Education Alliance for the Rock River Region (HEARRR). HEARRR is an alliance of four, non-profit, higher education institutions that share a long-term commitment to the vitality of the Rock River Region.

Rock Valley College partnered with area manufacturers, research firms, and other higher education institutions to form the Eigerlab partnership as a venue for industry, education and government to focus on Advanced Manufacturing.

The College began implementation of a shared governance model and held elections for the various Shared Governance Councils. Shared Governance is a collaborative process in which member groups of the college community participate in deliberations regarding college rules and procedures.

In April, the final construction was completed on Phase III of the Student Center (Atrium) addition.

2006 The College sold $17.75 million in funding bonds to defease a portion of the 2000 bond issue.

Rock Valley College Board of Trustees approved the ERC remodel construction project totaling $7.5 million. Approved funding for the project is as follows: $4 million from Life Safety funds, $1.5 million from existing bond funds, and $2 million from the Rock Valley College Foundation.

The College established a new Certified Manufacturing Assistant program, a partnership initiative with Sauk (Dixon) and Highland (Freeport) Community Colleges.

2007 The $7.5 Million remodel of the Educational Resource Center (ERC) was substantially completed by

the start of Fall Term 2007. The construction time frame was reduced from 26 months to 14 months. The dramatic reduction in construction time for the project was made possible by moving all library services to Building F and relocating all the library books to an off-campus storage facility.

The College created an Honors Program to bring together exceptional students and faculty from a broad variety of disciplines.

The Illinois Community College Board (ICCB) granted the status of “Recognition Continued”

allowing the College to receive ICCB grants for which the College is entitled and eligible.

81

2007 Continued The Higher Learning Commission completed its focus visit. The Commission recognized the College’s improved financial condition and organizational stability. The Commission also required an additional progress report on assessment of student learning.

The College issued Refunding Bonds, Series 2007 - accelerating principal repayment on $1,490,000

of debt.

The College began the process of revising its 5-year Facilities Master Plan. Many of the College’s facilities need structural improvement and modernizing. The College is revising its Facilities Master Plan to accommodate changes needed for its facilities and creating a fiscally sound vision.

The College added four full-time faculty positions during FY 2006 and six full-time faculty positions during FY 2007.

The Foundation received a major gift from a single donor, LoRayne Logan, for the naming opportunity of the library located within the Educational Resource Center (ERC). The newly remodeled library - Estelle M. Black Library – was officially dedicated on August 9, 2007.

2008 The Board of Trustees adopted separate Tuition and Tax Rate Management philosophies.

A resolution was passed in February, 2008 providing for the issue of $9,995,000 General Obligation Community College Bonds, Series 2008, of Community College District No. 511. This bond issuance was to provide additional capital funds for continued improvements to facilities and grounds.

The Physical Education Center Renovations and Additions, a $13 million construction project, began in May 2008, in order to connect academics, athletics and the community through collaboration and shared usage of the building.

The First Year Experience (FYE) program was initiated this year. This program focuses on first-year

students and attempts to shape first-year experiences in educationally purposeful ways and integrate classroom experiences with support services. The program blends student services and learning services through collection, sharing and evaluation of data and research.

The Dislocated Workers Program moved from the 11th Street location to 303 North Main Street

location in Rockford.

The Stenstrom Center for Career Education renovations were initiated and include remodeling the old University Center, Surgical Tech Lab creation, and relocation of Student Support Services near the front door.

2009 The College hired instructors and restarted the Truck Driver Training program moving it to the Essex

Building on 2816 North Main Street in Rockford. The training combines classroom presentation with hands-on experience that leads to a Class A Commercial driver’s license.

The Academic Plan directs that the Stenstrom Center for Career Education became a degree site

and was remodeled to add new Science Labs, Science Storage, Lab Technicians space, 2nd Computer Lab, Faculty, Adjunct and Academic Support offices and to relocate Traffic Safety, Foster Care & Adult Education offices.

82

2009 Continued The Board of Trustees approved the college to move forward with the Science and Mathematics Classroom Building project (formerly known as the Classroom Building III capital project.)

2010 The College designates the Science and Math Building as the Karl J. Jacobs Center for Science and

Math. A resolution was passed in September 2009 providing for the issue of $30,230,000 General

Obligation Community College Bonds, Series 2009A and 2009B, of Community College District No. 511. The issuance of these bonds provided capital for the new Jacobs Center for Science and Mathematics classroom building and other smaller capital projects.

The Physical Education Center received the US Green Building Commission (USGBC) Leadership

in Energy and Environmental Design (LEED) Gold Level Certification for sustainable and green design.

The College received its first Certificate of Recognition for Budget Preparation from the Government

Finance Officers Association. The College converted from EdNet to ANGEL software for distance learning offerings, greatly

enhancing the quality and communications capabilities for instructors and students. The College significantly restructured the organization creating the office of the Provost. 2011 The College opened the Learning and Opportunity Center (LOC) in the Fall of 2010. The College received approval from the Higher Learning Commission to offer online courses. The College received the Economic Development Administration (EDA) pass thru grant from our

lead partners at the University of Wisconsin-Whitewater and utilizes those funds to support RASI and the EIGER Lab.

Rock Valley College became the manager over Rockford Area Strategic Initiatives (RASI). RASI

covers the expense of day to day operations at EIGER Lab. Karl J. Jacobs Center for Science and Math is 99% complete, and will be open for Fall 2011

classes. A resolution was passed in December 2010 providing for the issue of $18,939,748.74 General

Obligation Community College Bonds, Series 2010A and 2010B, of Community College District No. 511. The issuance of these bonds provided $10 million in capital for the new Arts and Instructional Center building (AIC) and other smaller capital projects and the remainder as refinancing opportunities for existing bonds.

(AIC) conceptual and schematic design is complete. The College received its second Certificate of Recognition for Budget Preparation from the

Government Finance Officers Association. The College received its fourth Comprehensive Annual Financial Report Award from the

Government Finance Officers Association.

83

2012 The College hosted Lt. Gov. Sheila Simon in her statewide tour of community colleges, and contributed to her report to Governor Quinn and the Illinois General Assembly.

The College received its third Certificate of Recognition for Budget Preparation from the

Government Finance Officers Association. The College received its fifth Comprehensive Annual Financial Report Award from the Government

Finance Officers Association. 2013 The College was awarded LEED Gold certification by the U.S. Green Building Council (USGBC) for

the Karl J. Jacobs Center for Science and Math (JCSM) building. The JCSM is the second RVC building to be LEED Gold certified.

The College received its sixth Comprehensive Annual Financial Report Award from the Government

Finance Officers Association. The College received its fourth Certificate of Recognition for Budget Preparation from the

Government Finance Officers Association. For the fourth year in a row, the College was named a Military Friendly School®. The 2013 Military

Friendly Schools® list honors the top 15 percent of colleges, universities and trade schools in the country that are doing the most to embrace America’s military service members, veterans, and spouses as students and ensure their success on campus.

84

SPECIAL REPORTS SECTION

ICCB STATE GRANT PROGRAMS


ROCK VALLEY COLLEGEILLINOIS COMMUNITY COLLEGE DISTRICT #511

CAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT PROGRAMBALANCE SHEET

ASSETS

Accounts receivable $ -

LIABILITIES AND PROGRAM BALANCE

Unearned revenueAccounts payable $ - Due to the Illinois College Board -

Total liabilities -

Program balance - reserved for encumbrances - Program balance - unreserved -

Total program balance -

Total liabilities and program balance $ -

See Notes to Financial Statements-Grant Programs.

June 30, 2013

87


CAREER AND TECHNICAL EDUCATION - PROGRAM IMPROVEMENT GRANT PROGRAMSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN PROGRAM BALANCEYear Ended June 30, 2013

Actual

Revenue -State sources $ 24,863

Expenses:Current year's grant:

Materials and supplies 23,710 Capital outlay - Conference and Meeting Expenses - Other expenditures 1,153

Total expenses 24,863

REVENUES (UNDER) EXPENDITURES -

Fund Balance July 1, 2012 -

Fund Balance June 30, 2013 $ -

See Notes to Financial Statements-Grant Programs.

88




STATE ADULT EDUCATION AND FAMILY LITERACY GRANT PROGRAMBALANCE SHEET

Total(Memorandum

Public Aid Performance Only)

ASSETS

Accounts receivable $ 13,937 $ 6,814 $ 18,934 $ 39,685

LIABILITIES AND PROGRAM BALANCE

Unearned revenue $ - $ - $ - $ - Accounts payable - - - - Due to restricted purposes subfund 13,937 6,814 18,934 39,685

Total liabilities 13,937 6,814 18,934 39,685

Program balance - - - -

Total program balance - - - -

Total liabilities and program balance $ 13,937 $ 6,814 $ 18,934 $ 39,685

See Notes to Financial Statements - Grant Programs.

State Basic

June 30, 2013

91


STATE ADULT EDUCATION AND FAMILY LITERACY GRANT PROGRAMSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN PROGRAM BALANCEYear Ended June 30, 2013

Total(Memorandum

State Basic Public Aid Performance Only)

Revenue:Grant revenue $ 167,244 $ 81,769 $ 227,211 $ 476,224

Expenses:Instructional and student services

Foreign Language Instruction 8,835 2,040 6,744 17,619 Instruction 75,996 72,025 37,813 185,834 Social Work Services 10,393 26,204 36,597 Guidance services 7,993 43,052 51,045 Assessment & Testing 6,993 26,265 33,258 Student Transportation Services - - Literacy Services 2,697 2,697

Total instructional andstudent services 112,907 74,065 140,078 327,050

Program Support:Improvement of instructional services 11,483 3,385 39,443 54,311 General administration 13,821 4,319 16,496 34,636 Data & Information Services 29,033 - 31,194 60,227

Total Program Support 54,337 7,704 87,133 149,174

Total expenditures 167,244 81,769 227,211 476,224

EXCESS REVENUE OVER (UNDER) EXPENDITURES - - - -

Program balance:Beginning, July 1, 2012 - - - -

Ending, June 30, 2013 $ - $ - $ - $ -

See Notes to Financial Statements - Grant Programs.

92

Enter the dollar amounts and percentages of actual, audited expenditures for each of the following grantstreams:

State Basic Audited Expenditure Amount Actual Expenditure PercentageInstruction (45% Minimum Required) 112,907 50.72%General Administration (9% Maximum Allowed) 13,821 8.26%

State Public Assistance Audited Expenditure Amount Actual Expenditure PercentageInstruction (45% Minimum Required) 74,065 90.58%

ICCB COMPLIANCE STATEMENT FOR THE

ADULT EDUCATION AND FAMILY LITERACY GRANT

FOR THE YEAR ENDED JUNE 30, 2013EXPENDITURE AMOUNTS AND PERCENTAGES FOR ICCB GRANT FUNDS ONLY

93

ROCK VALLEY COLLEGE ILLINOIIS COMMUNITY COLLEGE DISTRICT NUMBER 511 NOTES TO FINANCIAL STATEMENTS – GRANT PROGRAMS

Note 1 Establishment of Programs

Career and Technical Education Program Improvement Grant Program

Grant funds are dedicated to enhancing instruction and academic support activities to strengthen and improve career and technical programs and services.

State Adult Education and Family Literacy Grants

State Basic Grant awarded to Adult Education and Family Literacy providers to establish special classes for the instruction of persons of age 16 and over and not otherwise in attendance in public school; and 1) lack sufficient mastery of basic educational skills to enable the individuals to function effectively in society; 2) do not have a secondary school diploma or its recognized equivalent, and have not achieved an equivalent level of education; or 3) are unable to speak, read, or write the English language. Public Aid Grant awarded to Adult Education and Family Literacy to provide educational services for adults on Temporary Assistance to Needy Families (TANF) and adults who have been cancelled from TANF and receive extended medical assistance or receive food stamp assistance. Performance Grant awarded to Adult Education and Family Literacy providers based on performance outcomes.

Note 2 Significant Accounting Policies General: The accompanying statements include only those transactions resulting from the Illinois Community College Board (ICCB) Career and Technical Education - Program Improvement and State Adult Education and Family Literacy Grant programs. These transactions have all been accounted for in the Restricted Purpose Fund. Basis for accounting: The statements have been prepared on the full accrual basis under which revenue is recognized when earned and expenditures are recorded when the obligation has been incurred. Reserve for encumbrances: Funds obligated for goods prior to June 30 for which the goods are received prior to August 31 are recognized as reserved program balances for encumbrances for all grants. Capital assets: Capital asset purchases are recorded as capital outlay and are not capitalized.

94

ENROLLMENT DATA AND

RESIDENCY REQUIREMENTS

96

97

Documents

COMPREHENSIVE ANNUAL FINANCIAL REPORTStatistical section cover sheet 58 Financial Trends Net position by component - last ten fiscal years 59 ... Ms. Lynn Kearney ... transmittal letter,