HomeMy WebLinkAboutIllinois Valley Community College District No. 513 - Public Financial ReportFor the Fiscal Year Ending June 30, 2021
Popular Annual
Financial Report
Illinois Valley Community College
District 513
Illinois Valley Community
College
MISSION – Illinois Valley Community
College provides a high-quality, accessible,
and affordable educatfon that inspires
individuals and our community to thrive.
VISION – Illinois Valley Community College
is the preferred gateway to advance
individual and community success.
CORE VALUES
Responsibility – We will follow through on
our commitments, welcome constructfve
assessment and suggestfons for
improvement. We will meet performance
expectatfons for personal and professional
conduct.
Caring – We will nurture a culture of
mutual appreciatfon; cultfvate empathy and
a compassionate response to others.
Honesty – We will speak and act truthfully,
without hidden agendas – admitting when
we make mistakes or do not know, avoiding
silence when it may be misleading,
identffying and working with each other to
communicate and solve problems.
Fairness – We will treat students and
colleagues equitably, without favoritfsm or
prejudice, giving all the benefit of the
doubt and providing opportunitfes for
individual success.
Respect – We will consider the talents,
feelings and contributfons of everyone in
our interactfons and behaviors; practfce
actfve listening and collaboratfng in our
daily work; base our relatfonships on the
essentfal dignity of each individual; value
diverse cultures, backgrounds, lifestyles
and abilitfes; and understand that inclusion
makes us stronger and able to perform at
higher levels.
Table of Contents
Letter from the President ............................... 2
Members of the Board of Trustees ................ 3
Organizatfonal Overview ................................ 4
History and Overview of College .................... 5
Accomplishments and Initfatfves .................... 7
Financial Review: Assets, Liabilitfes, Net
Positfon ........................................................... 9
Where Does the Money Come From? .......... 11
What is the Money Used For? ...................... 13
Statfstfcal Informatfon .................................. 15
Government Finance Officers Associatfon
Awards .......................................................... 18
Glossary of Terms ......................................... 19
Office of the President
Jerome M. Corcoran, EdD
I am pleased to present to you the eleventh annual Popular Annual Financial Report (PAFR) of Illinois Valley
Community College. This report addresses the College’s financial conditfon for the fiscal year ended June 30,
2021. The PAFR is a summarized version of the College’s Annual Comprehensive Financial Report (ACFR).
Whereas the ACFR is voluminous and complex, the PAFR presents financial informatfon in a clear and concise
format. We believe that integrity and transparency in financial reportfng are essentfal to maintaining trust with
our stakeholders.
Our goals for fiscal year 2023 are:
1. Finish carrying out the succession plan.
2. Use good data as a basis for FY 2023 Budget.
3. Finishing transforming the Massage Therapy area into a Dental Hygiene lab.
4. Break ground on Phase 2 of the Agriculture Complex facility.
5. Partner with the high schools on more opportunitfes for earning college credit by way of both dual
enrollment and dual credit.
The on-going challenge is the contfnuing decline in enrollments. Area demographics play a major role in this
decline with decreases in all age categories except those over 60 years of age. IVCC contfnues to stay focused
on its mission: to provide a high-quality, accessible, and affordable educatfon that inspires individuals and our
community to thrive.
I am very proud of our dedicated IVCC Business Office staff on the work they have put into preparing the
college’s eleventh Popular Annual Financial Report and we hope that you will find it to be helpful in reviewing
important financial informatfon in an easy-to-read format.
Thank you for your trust in IVCC – where every employee is valued because we all play a role in helping
students achieve their academic and career goals.
Respectiully,
Dr. Jerome Corcoran
President
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 3
Ms. Jane E. Goetz
(2025)
Mr. Everett J. Solon, Chair
(2027)
Dr. Maureen Rebholz
(2027)
Mr. David O. Mallery
(2023)
Ms. Angela Stevenson, Secretary
(2023)
Mr. Jay McCracken, Vice-Chair
(2023)
Dr. Amy Boyles
(2025)
Principal Administratfve Officials
Dr. Jerome M. Corcoran – President
Dr. Deborah Anderson – Vice President for Academic Affairs
Ms. Bonnie Campbell – Associate Vice President for Academic Affairs
Mr. Mark Grzybowski – Vice President for Student Services
Dr. Matt Seaton – Vice President for Business Services & Finance/Treasurer
Mr. Fran Brolley – Executive Director of Community Relations & Development
Ms. Madison Miranda
Student Trustee – 2022
ILLINOIS VALLEY COMMUNITY COLLEGE
DISTRICT 513
Principal Officials
as of July 1, 2021
Members of the Board of Trustees
(with term expiratfon)
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 4
Organizatfonal Overview
The administratfve directfon of Illinois Valley Community College has been delegated by the Board of Trustees
to the President and administratfve staff. The following chart includes each department budget and number of
employees for FY2021:
Board of Trustees
$14,850
President
$359,006
2.5 FTE
Vice President for
Academic Affairs
$232,682
2 FTE
Vice President for
Business Services &
Finance
$2,628,905
2 FTE
Vice President for
Student Services
$430,742
6.5 FTE
Executfve Director of
Community Relatfons &
Development
$426,113
4 FTE
Academic
Administratfon
$270,509
3 FTE
Learning
Resources
$1,316,356
16.5 FTE
Contfnuing
Educatfon
$792,742
5 FTE
Instructfonal
Programs
$10,059,899
87 FTE
Adult
Educatfon
$453,005
5 FTE
Accountfng
Services
$607,190
7.5 FTE
Shipping &
Receiving
$161,498
1.5 FTE
Bookstore
$1,497,253
3.5 FTE
Informatfon
Technology
$2,052,902
12 FTE
Purchasing
$122,831
3 FTE
Facilitfes
$4,944,648
18.5 FTE
Instftutfonal
Research
$101,543
1 FTE
Counseling
$401,226
3.5 FTE
Human
Resources
$135,665
3 FTE
Educatfon Fund
Educatfon Fund
Educatfon Fund
Educatfon Fund
Educatfon Fund
Operatfons &
Maintenance Fund
Educatfon Fund
Operatfons &
Maintenance Fund
Enterprise Fund
Financial Aid
$384,614
6 FTE
Athletfcs
$306,697
10.5 FTE
Project Success
(TRiO Program)
$328,600
3.5 FTE
Educatfon Fund
Educatfon Fund
Educatfon Fund
Educatfon Fund
Educatfon Fund
Educatfon Fund
Auxiliary Enterprises
Restricted Purposes
Admissions &
Records
$405,117
6.5 FTE
Educatfon Fund
Full-Time Equivalents (FTE) excludes part-tfme faculty, student workers, and
temporary employees
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 5
History and Overview of Illinois Valley Community College
IVCC is a two-year instftutfon of higher learning in Oglesby, Illinois -
the only instftutfon of higher educatfon physically located within a 50
-mile radius, thereby providing the only access to college for many
area residents. The college serves a 2,000-square mile district
encompassing all of Putnam County and parts of Bureau, LaSalle,
DeKalb, Grundy, Lee, Livingston, and Marshall Countfes. The college
sits on a 425-acre campus that was constructed in 1972 and serves a
student body of approximately 4,500 students. The college was
accredited by The Higher Learning Commission of the North Central
Associatfon of Colleges and Schools in 1929.
In 1965, the Junior College Act was enacted providing the foundatfon for the present system of public
community colleges in Illinois. The local districts were coordinated and regulated by a new Illinois Junior
College Board, which in turn reported to the Illinois Board of Higher Educatfon. The act provided for local
-state sharing of capital funding, acquisitfon of sites, and operatfonal funding. On July 1, 1966, the
college’s name was officially changed to Illinois Valley Community College (IVCC). The relocatfon of the
campus to the present site was made possible due to an $8.25 million referendum approved by
members of District No. 513 to finance the beginning of IVCC. The first courses were held in the new
locatfon, in temporary buildings, on September 9, 1968.
In additfon to the main campus in Oglesby, the college opened a satellite IVCC Ottawa Center in 2010.
The IVCC Ottawa Center is approximately 15 miles from the main campus and more accessible to the
eastern portfon of the IVCC district. The college also offers day and evening classes at extension sites
throughout the district.
IVCC offers a variety of associate degrees and certfficates.
Associate in Applied Science degrees and program
certfficates prepare students for employment upon
completfon of the program. Associate Degrees in Arts,
Sciences, Engineering Sciences, and General Studies are
available for students wishing to transfer to a four-year
instftutfon.
College courses are also accessible to students in a variety of
formats, such as self-paced, online, independent study, dual
credit/dual enrollment, and blended – a combinatfon of both
in-person and online instructfon.
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 6
Enrollments
IVCC had record enrollments in FY2010 and FY2011, reaching 96,728 credit hours in FY2011. Since that
tfme, enrollments have declined more than 49 percent to 49,153 credit hours.
Historically, there is a correlatfon between credit hours and unemployment rates. There are six
alternatfve measures of labor utflizatfon published in the Bureau of Labor Statfstfcs monthly reports. The
official concept of unemployment as measured by U-3, in the U-1 to U-6 range of alternatfves, includes all
jobless persons who are available to take a job and have actfvely sought work in the past four weeks. U-6
is the most broadly defined measure and includes all jobless persons who want and are available to take
a job, and had looked for a job sometfme in the prior 12 months, plus persons employed part tfme,
working less than 35 hours per week who want to work full tfme. In 2012, the Illinois statewide average
unemployment rates were 8.7 percent for the U-3 rate and 16.0 percent for the U-6 rate. As of June 1,
2021 the statewide U-3 rate was 7.9 percent and the U-6 rate was 12.6 percent. Although
unemployment rates increased, the effects of the COVID-19 pandemic resulted in less credit hour
generatfon in 2020 and 2021.
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
0
2
4
6
8
10
12
14
16
18
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
U-3 U-6 Credit Hours
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 7
Accomplishments and Initfatfves
Illinois Valley Community College is committed to cultfvatfng a positfve environment that supports innovatfon,
teamwork, and successful outcomes. The past year has produced a number of successful projects and
initfatfves.
The FY2022 budget was developed with input from the
College’s Budget Council. Specific requests from budget
officers were evaluated and prioritfzed based upon the
strategic goals and objectfves as well as the following five
initfatfves set forth by the Board of Trustees:
1. Maintain fiscal discipline with adequate reserves.
2. Launch new programs with the same positfve results we
have experienced with cybersecurity, medical assistfng,
agriculture, and EMS. Proceed with work on Dental
Hygiene and the consortfum’s Central Illinois
Manufacturing Academy.
3. Build upon our high school partnerships with contfnued growth of College and Career Start
opportunitfes with a goal to increase enrollments.
4. Contfnue with the succession plan.
Maintain fiscal discipline with adequate reserves
Board Policy 4.9 requires a minimum fund balance in the general (or operatfng) funds of 25 percent of normal
operatfng expenditures. The fund balance as of June 30, 2021 was 69 percent. With the contfnued decline in
enrollments, the fund balance acts as a contfngency if targeted enrollment numbers are not met. The budget is
based on receiving $2,298,271 in State appropriatfons for the operatfng fund. The budget also includes a
contfngency of $271,188 in the event enrollments fall short of the targeted 47,400 credit hours, or State
funding is reduced.
Launch new programs with the same positfve results we have experienced with cybersecurity,
medical assistfng, agriculture, and EMS. Proceed with work on Dental Hygiene and the consortfum’s
Central Illinois Manufacturing Academy
The College committed to constructfon of a new
Dental Laboratory in the amount of $852,237. This
lab will facilitate growth in the Dental Assistfng
program while allowing the program to grow to begin
a Dental Hygiene program beginning in the fall of
2023. The College contfnues to maintain a
collaboratfve environment with other community
colleges in the Central Illinois Manufacturing
Academy. Although the group did not receive the
funding that was sought during the 2021-2022
academic year, the group is stfll working together to
accomplish many of the original goals set out by the
Academy.
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 8
Build upon our high school partnerships with contfnued growth of College and Career Start
opportunitfes with a goal to increase enrollments
The College has taken on multfple measures
to increase high school partnerships for the
purpose of increasing enrollments. Many of
these initfatfves stalled during the COVID-19
pandemic for logistfcal reasons, however, with
the College returning to full in-person services
in 2021-2022, it is antfcipated that these
efforts will once again be prioritfzed.
Between Fall of 2019 and Fall of 2020, dual
credit enrollments at the College decreased
by 93% due to the COVID-19 pandemic, a drop
from 1,702 credit hours to just 107 credit
hours. Enrollment in Fall of 2021 is projected to rebound to near pre-pandemic levels.
Contfnue with the succession plan
In December 2020, the Human Resources Department identffied 43 percent of employees, both full– and
part-tfme, as being over 55 years of age. There were 67 full-tfme employees (41%) over 55 years of age.
According to the State Universitfes Retfrement System (SURS), there were 103 full– and part-tfme
employees eligible to retfre. This does not mean they will necessarily retfre in the next year. In December
2019, there were 48 employees eligible for SURS retfrement, but only six retfred during the past year.
Employees that have met the age and years of service requirements for SURS have been identffied on an
organizatfonal chart which is used as a tool to identffy employees for succession planning. As employees
retfre, our departments and processes are reviewed for opportunitfes to restructure and gain efficiencies
in our operatfons. Professional development opportunitfes are identffied to train employees.
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 9
Financial Review
The following is an overview of the college’s financial operatfons for the fiscal year ended June 30, 2021
(FY2021). Most of the informatfon contained within this Popular Annual Financial Report (PAFR) is
extracted from the financial informatfon contained within the FY2021 Annual Comprehensive Financial
Report (ACFR). The ACFR is a more detailed and complete financial presentatfon prepared in conformance
with generally accepted accountfng principles (GAAP) and is audited by the college’s independent
auditors, receiving an unmodified opinion. An unmodified opinion is given when an auditor can state that
the financial statements are accurately and fairly presented. The financial informatfon for the college’s
Foundatfon, a component unit, is not included within this PAFR. Other than the omission of the
component unit and the omission of notes to the financial statement, the financial data in this PAFR
conforms with GAAP. The statfstfcal, economic, and demographic data is taken from various sources and is
unaudited.
Financial Highlights
Statement of Net Positfon
The college’s financial positfon in FY2021 contfnues to remain strong with total assets of $97.6 million,
total liabilitfes of $16.4 million, and total net positfon of $72.6 million. The following condensed
informatfon from the college’s Statement of Net Positfon includes all assets and liabilitfes of the college:
Net Positfon
as of June 30, 2021 (in millions)
2021 2020 2019
Current assets $38.4 $30.9 $31.3
Non-current assets
Capital assets, net of depreciatfon 59.1 63.9 62.1
Total assets 97.6 94.9 93.5
Deferred outilows of resources .6 .6 .4
Total assets and deferred outilows of
resources 98.2 95.4 93.9
Current liabilitfes 4.5 2.6 2.1
Non-current liabilitfes 11.9 12.4 12.1
Total liabilitfes 16.4 15.0 14.2
Deferred inflows of resources 9.2 8.5 7.9
Total liabilitfes and deferred inflows of
resources 25.6 23.5 22.1
Net positfon
Net investment in capital assets 59.1 59.8 54.9
Restricted-expendable 10.7 11 12
Unrestricted 2.7 1.4 .5
Total net positfon $72.6 $71.9 $71.8
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 10
Assets
Total assets increased by $7,473,039, or 24.1 percent, from the previous year. Cash increased by
$3,706,627, offset by a decrease in investments. As interest rates declined, investments were
converted to cash. Accounts receivable increased by $2,518,655, caused partly by the COVID-19
pandemic promptfng the college to delay the due date for student tuitfon payments.
Liabilitfes
Total liabilitfes increased by $1,379,811, or 9.2 percent. OPEB liability decreased by $333,075 to
$11,799,705. Accounts payable decreased by $297,375 and other accrued expenses decreased by
$411,507.
Net Positfon
The largest component of net positfon, $59.1 million, reflects the college’s investment in capital assets
(land, buildings, furniture, and equipment). The college uses these capital assets to provide services to
residents of the college’s district; consequently, these assets are not available for future spending.
Restricted assets represent resources that are subject to restrictfons on how they may be spent.
Restricted assets totaled $10.7 million and are committed for capital projects, debt service, and
specific instructfonal programs. The unrestricted portfon of net positfon is $2.7 million.
59.9 59.8 59.1
11.3 10.7 10.7
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
2019 2020 2021
Net investment in capital assets Restricted Unrestricted
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 11
Where Does the Money Come From?
Sources of Funds for Fiscal Year 2021
Total Operatfng and Non-Operatfng Revenue
$42.8 million
Sources of Funds (in millions)
2021 2020 2019
Net tuitfon and fees $5.5 $5.1 $5.5
Auxiliary & other 2.3 1.8 1.6
State grants & contracts 14.8 13.8 12.5
Federal grants and contracts 6.2 4.5 4.5
Property taxes 12.6 12.7 12.3
Interest income .3 .4 .5
Other non-operatfng 1.1 .3 .7
Total $42.8 $38.6 $37.5
Total revenue for FY2021 increased by $4,211,286, or 10.9 percent from FY2020.
Student tuition and
fees, net
13%
Auxiliary & other
5%
Real estate and
other taxes
29%
State
appropriations
35%
Federal grants and
contracts
14%
Investment income
1%
Other non-operating
revenues
3%
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 12
The State’s contributfons for SURS (State University Retfrement System) and CIP (College Insurance
Plan) increased by $827,125 to $10,764,419.
Property tax revenues decreased by $113,986, or 0.9 percent, the result of a decrease in tax rate for
FY2021.
Net tuitfon and fees increased by $402,160, or 7.9 percent. Tuitfon and fee rates remained the same
for the fourth year in a row.
Auxiliary revenues decreased by $17,249, or 0.9 percent. The major source of auxiliary revenue is the
bookstore. Lower enrollments and the trend toward rental books and e-books has changed the
dynamics of the bookstore.
Gifts in FY2021 included a $17,150 donatfon from Ralph Scriba for the Medical Assistfng Program and
$32,000 from local hospitals in support of the nursing program.
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 13
What is the Money Used For?
Uses of Funds for Fiscal Year 2021
Total Operatfng and Non-Operatfng Expenses
$42.3 million
Use of Funds (in millions)
2021 2020 2019
Instructfon $17.3 $16.8 $16.3
Academic support 2.3 2.2 2.0
Student services 3.4 3.4 3.2
Public service .8 .9 1.0
Auxiliary 2.0 2.0 2.0
Operatfons & maintenance 3.3 3.1 3.3
Instftutfonal support &
scholarships
10.7 7.4 7.1
Depreciatfon 2.5 2.7 2.6
Total $42.3 $38.5 $37.5
Total operatfng expenses for FY2021 increased by $3,733,525, or 9.7 percent, from FY2020.
Instruction
41%
Academic support
5%Student services
8%
Public service
2%
Operation and
maintenance of plant
8%
Institutional Support
& Scholarships
25%
Auxiliary enterprises
5%
Depreciation expense
6%
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 14
Functfonal expense categories realized the following
changes from FY2020 to FY2021:
Instructfonal expenses increased by $446,171, or 2.6
percent.
Academic support expenses increased by $70,922, or 3.2
percent.
Student services expenses were decreased by $36,939,
or 1.1 percent.
Instftutfonal support expenses increased by $338,785, or 5.9 percent.
Public service expenses decreased by $115,257, or 13.2 percent as enrollments decreased due to the
COVID-19 pandemic.
Operatfons and maintenance expenses increased by $211,057, or 6.7 percent.
Auxiliary expenses remained nearly the same as FY2020 with a slight decrease of $17,249, or 0.8
percent.
Scholarships and grants increased significantly by $2,978,932, or 175.3% percent due to the large influx
of Federal and State dollars to support students during the COVID-19 pandemic.
Depreciatfon expenses decreased by $142,897, or 5.3 percent.
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 15
Statfstfcal Informatfon
Tuitfon and Fees
Academic
Year
Beginning in
Fall
Tuitfon and
Fees
Per
Credit Hour
Increase
(Decrease)
Percent
Illinois
Community
College
Average
Percent
of
State
Average
2012 91.77 9.9% 107.89 85.1%
2013 101.00 10.1% 112.65 89.7%
2014 111.00 9.9% 118.77 93.5%
2015 119.00 7.2% 125.49 94.8%
2016 124.00 4.2% 133.42 92.9%
2017 130.00 4.8% 140.80 92.3%
2018 133.00 2.3% 144.36 92.1%
2019 133.00 0.0% 145.96 91.1%
2020 133.00 0.0% 147.01 90.5%
2021 133.00 0.0% not yet available
Student Enrollment Statfstfcs
By Category
Last Ten Fiscal Years
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Baccalaureate 53,353 46,729 45,818 43,350 43,435 42,635 41,319 33,502 33,575 32,486
Business
Occupatfonal 5,334 4,790 4,640 4,216 4,110 4,031 3,112 2,205 2,708 2,499
Technical
Occupatfonal 10,645 9,263 8,099 7,598 8,117 8,215 7,842 7,333 7,182 7,091
Health
Occupatfonal 7,885 7,288 6,912 6,422 6,497 5,938 5,567 5,416 5,641 5,250
Remedial
Developmental 6,152 5,352 5,028 4,011 3,558 3,548 2,982 1,873 1,466 1,190
Adult Basic /
Secondary
Educatfon
2,615 2,634 1,557 1,653 1,339 955 1,236 1,317 945 637
Total Credit
Hours 85,984 76,056 72,054 67,249 67,056 65,322 62,058 51,646 51,517 49,153
Enrollments peaked in FY2011 during the Great Recession, followed by sharp declines in FY2012 through FY2021.
According to the Illinois Community College Board, statewide enrollments are at their lowest level since FY1986. The
low enrollments affect tuitfon revenues and State funding. The majority of State funding is based on a reimbursement
for credit hours with a two-year lag, i.e., FY2021 funding is based on FY2019 credit hours.
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 16
Student Enrollment and Demographic Statfstfcs - 10th day
Fiscal Year 2012 through 2021
Fall Enrollment Gender Attendance Age
Fall of
Fiscal
Year
Head
Count
%
Change FTE
%
Change Male Female
Full-
tfme
Part-
tfme
Avg.
Age
2012 4,355 (3.37%) 2,698 (6.64%) 40% 60% 43% 57% 25
2013 3,944 (9.44%) 2,419 (10.34%) 41% 59% 42% 58% 25
2014 3,705 (6.06%) 2,268 (6.24%) 41% 59% 40% 60% 24
2015 3,525 (4.85%) 2,169 (4.37%) 42% 58% 42% 58% 24
2016 3,310 (6.10%) 1,991 (8.21%) 42% 58% 39% 61% 24
2017 3,206 (3.14%) 1,981 (0.50%) 42% 58% 41% 59% 23
2018 3,241 1.09% 1,906 (3.79%) 43% 57% 39% 61% 23
2019 2,958 (8.73%) 1,718 (9.86%) 42% 58% 37% 63% 24
2020 2,841 (3.96%) 1,689 (1.69%) 42% 58% 39% 61% 23
2021 2,415 (14.99%) 1,519 (10.07%) 42% 58% 41% 59% 23
Average: 3,550 (5.96%) 2,036 (6.17%)
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 17
Approved Full-Time Employee Headcount
FY2018
Actual
FY2019
Actual
FY2020
Actual
FY2021
Actual
FY2022
Budgeted
Administrators 15 15 15 17 17
Professional/Technical 32 33 32 31 33
Faculty 75 72 80 79 78
Academic Support 3 3 3 3 3
Support Staff 35 37 34 32 32
Custodial/Maintenance 16 15 16 17 17
Total 176 175 180 179 180
Employee Statfstfcs
Approved Part-Time Employee Headcount
FY2018
Actual
FY2019
Actual
FY2020
Actual
FY2021
Actual
FY2022
Budgeted
Professional/Technical 8 10 8 6 7
Faculty 173 168 142 107 107
Support Staff 45 47 60 72 74
Custodial/Maintenance 1 1 1 1 1
Total 227 226 211 186 189
Total Employee Headcount (Full-Time and Part-Time)
FY2018
Actual
FY2019
Actual
FY2020
Actual
FY2021
Actual
FY2022
Budgeted
Grand Total 403 401 391 365 369
Enrollments also impact employee headcount, partfcularly in part-tfme employees. Part-tfme employees allow for
flexibility in scheduling based on student headcount. As positfons become vacant for a variety of reasons, our
processes are reviewed, looking for more efficient ways to serve our students. In some instances, the positfons are
not filled thus reducing the headcount.
FY2013 FY2015 FY2017 FY2019 FY2021
Students per F/T Faculty 49 42 41 41 32
Students per F/T Staff 32 34 32 29 25
Fall student headcount 3,944 3,525 3,206 2,958 2,413
% Tenured Faculty 88% 90% 85% 82% 82%
The College has a traditfon of affordability without compromising the quality of educatfon for IVCC students and
their families.
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 18
Government Finance Officers Associatfon
Awards for Financial Reportfng
The GFOA presented an Award for Outstanding Achievement in Popular Annual Financial Reportfng to
Illinois Valley Community College for its Popular Annual Financial Report for the fiscal year ending June
30, 2020. This was the tenth year that the college received this prestfgious award. The Award for
Outstanding Achievement in Popular Annual Financial Reportfng is a prestfgious natfonal award
recognizing conformance with the highest standards for preparatfon of state and local government
popular reports.
In additfon, the GFOA awarded a Certfficate of Achievement for Excellence in Financial Reportfng to
Illinois Valley Community College for its Annual Comprehensive Financial Report for the fiscal year ended
June 30, 2020. The college has received this prestfgious award every year since 1994. In order to be
awarded a Certfficate of Achievement, a government must publish an easily readable and efficiently
organized comprehensive annual financial report. This report must satfsfy both generally accepted
accountfng principles and applicable legal regulatfons.
The Annual Comprehensive Financial Report and Popular Annual Financial Report are both available on
the college’s website: www.ivcc.edu/businessservices
Illinois Valley Community College District 513 ● Popular Annual Financial Report
Fiscal Year Ending June 30, 2021 ● Page 19
GLOSSARY OF TERMS
CURRENT ASSETS
Cash or anything that can be readily converted into cash.
CURRENT LIABILITIES
Debts which are payable within a relatfvely short period of tfme, usually no longer than a year.
DEFERRED INFLOWS
Expenses which are not chargeable to the fiscal year in which they are made, but are carried over on the
asset side of the balance sheet pending amortfzatfon or some other dispositfon.
DEFERRED OUTFLOW
Monies or entftlements which have been recognized as revenues but have not been received and are
therefore not available for use; also considered a liability.
FULL-TIME EQUIVALENT (FTE)
For students, the FTE indicator is the total credit hours (both certfficate and degree) generated at the
college for the year divided by 30 credit hours. For faculty, the FTE is 30 instructfonal hour equivalents per
year. For classified staff, the FTE is 40 hours of work per week.
NET POSITION
Total assets minus total liabilitfes.
NET INVESTMENT IN CAPITAL ASSETS
Capital assets, net of accumulated depreciatfon, reduced by outstanding debt related to the acquisitfon,
constructfon, or improvement of those assets.
NON-CURRENT ASSETS
Assets which are not easily convertfble to cash or not expected to become cash within the next year.
NON-CURRENT LIABILITIES
Obligatfons that are not required to be satfsfied within 12 months of the balance sheet date; also called
long-term liability.