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Student Activities Center Fee Use Update Fiscal Year 2013

Student Activities Center Fee Use Update Fiscal Year 2013. Current SAC fee $100 per semester Fee began in Fall, 2007 (FY 08) Was $75 until this Fall (2013). Uses of Student Activities Center (SAC) Fee. Debt Service Student assistants for Fitness Center, Game Room, and set-up for ballroom

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Student Activities Center Fee Use Update Fiscal Year 2013

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  1. Student Activities Center Fee Use UpdateFiscal Year 2013

  2. Current SAC fee • $100 per semester • Fee began in Fall, 2007 (FY 08) • Was $75 until this Fall (2013)

  3. Uses of Student Activities Center (SAC) Fee • Debt Service • Student assistants for Fitness Center, Game Room, and set-up for ballroom • Two staff salaries • Operations and maintenance of building • Programming for building • Project proforma includes a state subsidy for partial operations and maintenance (utilities, supplies, and maintenance personnel salaries)

  4. SAC revenues for FY 2013 • Revenues: $1,375,907 Collected $1,230,035 (SAC fee), $53,806 from Fitness Center memberships, $51,514 from ballroom rentals to external clients and $40,552 from replacement funds

  5. SAC Fee Expenditures for FY 2012

  6. Expenditure Variances for FY 2012 • No unexpected expenditure variances • Know debt service amount for 30 years

  7. Net Revenue for FY 2012 • Total Revenues: $1,375,907 • Total Expenses: $1,468,129 • Net Loss - $92,222

  8. Reserve balance at the end of FY2012 (Net Assets) • Beginning of FY 2013 $715,529 • End of FY 2013 $623,307 • **In July, 2013 paid $160,739 to BOR for a debt service relief fund • Leaving an actual fund balance = $462,568 • Anticipated Uses of Reserve Balance • Protect against any type of situation that would possibly prevent us from making our debt service payment • Unexpected expenditures (items not under maintenance)

  9. Revenues for FY 2012: $1,174,768 • Debt Service FY 2012: $1,200,213 • Debt Service Ratio: Revenue-Expenses/ Debt Service • SAC Debt Service Ratio: .78 • Public Private Venture (borrowed funds to build and must pay back) • Bond Rating agencies require: 1.0 • “Under-performing project”

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