HomeMy WebLinkAboutCuyahoga Community College - Public Financial ReportPOPULAR ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 2021
CUYAHOGA COMMUNITYCOLLEGE
CLEVELAND, OHIO
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
Letter from the President .................................2
Letter from the Treasurer ..................................3
Letter from the Tri-C Foundation .......................4
Cuyahoga Community College President and
Board of Trustees ............................................6
History and Overview of
Cuyahoga Community College ...........................7
Fiscal Year 2021 Accomplishments ..................8
Strategic Focus Areas ......................................8
Government Finance Officers Association
Awards for Financial Reporting ..........................9
Financial Review ............................................10
Statement of Net Position ..............................10
Financial Metrics for
Cuyahoga Community College .........................12
Where does the Money Come From? ...............12
Property Taxes: Where Does Your Dollar Go? ...13
Sources of Funds ...........................................14
What is the Money Used For? .........................15
Major Capital Projects ...................................16
mission
To provide high quality, accessible and affordable educational opportunities
and services – including university transfer, technical and lifelong learning
programs – that promote individual development and improve the overall
quality of life in a multicultural community.
vision
Cuyahoga Community College will be recognized as an exemplary teaching
and learning community that fosters service and student success. The
College will be a valued resource and leader in academic quality, cultural
enrichment, and economic development characterized by continuous
improvement, innovation, and community responsiveness.
values
To successfully fulfill the mission and vision, Cuyahoga Community College
is consciously committed to diversity, integrity, academic excellence, and
achievement of individual and institutional goals. We are dedicated to
building trust, respect, and confidence among our colleagues, students,
and the community.
LETTERS FROM THE TREASURER AND CUYAHOGA COMMUNITY COLLEGE FOUNDATION
Letter from the PRESIDENT
Founded in 1963 as Ohio’s first and largest community college, Cuyahoga Community
College (Tri-C®) has provided high-quality and affordable educational opportunities to more
than 1 million individuals. Offering more than 1,000 credit courses in over 200 programs and
more than 600 workforce and professional development programs, Tri-C provides students
with the education and resources they need to prosper.
While the last year posed unique challenges due to the impacts of COVID-19, our students
persevered and continued to succeed. In FY21, Tri-C conferred 3,425 associate degrees — a
record high — as well as 967 certificates and 10,567 workforce credentials. Every one of the
students achieving these milestones now has the tools and skills they need to secure well-
paying, family- sustaining jobs. And with more than 85% of our students choosing to remain
in Cuyahoga County, each of those students will also contribute to the economic success
and vitality of Northeast Ohio for many years to come.
I am incredibly proud of our students’ accomplishments, and it is both a privilege and
an honor to have continued to serve our communities throughout these uncertain times.
We remain mindful that part of the funding we receive derives from our careful stewardship
of the financial resources the public entrusts to us, both through local levy funding and
through the State of Ohio’s financial support. I thank the community for its stalwart support
and I look forward to what we will achieve together in the years to come.
Sincerely,
Alex Johnson, Ph.D.
President
2
Letter from the TREASURER
I am pleased to present the Popular Annual Financial Report
(PAFR) for Fiscal Year 2021. Prepared annually by the Adminis-
tration and Finance Division of Cuyahoga Community College, the
PAFR contains a variety of information presented in a simplified
and straightforward format. Using data compiled from the
College’s Annual Comprehensive Financial Report (ACFR), the
PAFR includes information on budget; finances; organizational
structure; strategic plans and goals; capital projects; and statistics
on students and employees.
For nearly two years, our friends, neighbors, co-workers and
families have felt the impacts of the COVID-19 pandemic. The
challenges we have faced have been complex and unprecedented
— and at times have felt overwhelming. But it is in circumstances
such as these that Tri-C rises to meet the challenges, working
harder than ever to ensure that our students and communities
have the resources they need to not merely weather these difficult
times, but to succeed in spite of them.
Our commitment to providing high-quality, accessible and
affordable educational opportunities and services is as strong
as ever, and Tri-C’s dedicated employees continue to develop
new and innovative ways to provide our students with access to
the skills and education they need for a bright and prosperous
future. As we welcome more students back on campus, we have
ensured a safe and secure campus environment in which they can
interact with their peers, our faculty and our staff. The College has
also continued to fortify its information technology and online
learning infrastructure, ensuring the best possible experience
for those students taking online and hybrid courses. And with
the expansion of our remote support services — such as virtual
enrollment, registration and financial aid assistance — our
students have the critical assistance they need, from anywhere,
at any time — day, night, weekend or holiday.
Tri-C has also made education and workforce training more
affordable than ever. In addition to offering the lowest tuition
in the State of Ohio, the College also offers a variety of tuition-
incentive and -waiver programs — including the 30 Credit Hour
Standard and 15+ Perks programs — which not only reduce the
overall cost of attendance but also incentivize timely graduation,
helping students reach their goals without taking on the burden of
additional student loan debt. For students who have outstanding
financial obligations with the College, we have introduced the
College Comeback program, which provides eligible students up
to $1,000 of outstanding debt forgiveness so they can re-enroll and
continue their educational journey with Tri-C.
The College remains committed to responsible fiscal stewardship
and has again been recognized by the Government Finance
Officers Association (GFOA), an organization dedicated to
enhancing and promoting the professional management of
governmental financial resources by identifying, developing and
advancing fiscal strategies, policies and practices for the public
benefit. Tri-C has received the Best Practices in Community
College Budgeting Award; the Certificate of Achievement for
Excellence in Financial Reporting; and the Popular Annual
Financial Reporting Award from the GFOA, and we remain one
of only a handful of community colleges in the nation to achieve
these recognitions.
I hope that the information presented in this PAFR helps to further
demonstrate to our community members that their tax dollars
directly support the success of our students. Electronic copies of
both the ACFR and PAFR are available on the College’s website at
tri-c.edu/about/college-financial-information.html. I invite you
to share any questions, concerns or comments you may have by
contacting my office at 216-987-4790 or at david.kuntz@tri-c.edu.
Sincerely,
David J. Kuntz, CPA
Executive Vice President/Treasurer
Administration and Finance
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
3
Letter from the TRI-C FOUNDATION
The Cuyahoga Community College Foundation is a 501(c)(3) organization founded in 1973 to raise funds for
scholarships and critical programs that support students. The mission of the Tri-C Foundation is to advance
student success and transform the lives of those the College serves. The Foundation’s vision is to ensure that
Tri-C has the resources needed to help every student learn, thrive and succeed.
Philanthropic support is a crucial component of Tri-C’s funding mix. As outlined in this report, public
funding helps Tri-C keep tuition affordable, enhance its facilities and fund day-to-day operations.
Amid COVID-19, public funding also provided immediate, short-term relief from the negative effects
of the pandemic. The public funding Tri-C receives is not enough to meet the needs of our students
and community over the long term. As public sources of income stay the same or decrease, private
philanthropy provides vital support to fill the gaps. Annual giving from private donors has averaged
$9 million per year over the last 10 years. About 1,500 donors contribute each year, serving as
strategic and necessary partners to Tri-C.
Although Tri-C’s tuition is the lowest in Ohio, many of our students face significant disadvantages in
pursuing their education. The barriers students confront today go far beyond covering tuition costs.
In the current landscape, students have experienced significant job loss while needing to financially
support their families. Students are facing physical and mental health challenges not seen before,
needing access to social services, and feeling disconnected from higher education. Philanthropic support
helps transform an otherwise underserved and struggling student population into the talent that will help
grow our region’s workforce and economy.
Philanthropy improves academic outcomes for thousands of Tri-C students each year. Thanks to philanthropy, the
College has access to 175 endowed funds, a full-tuition scholarship program, technology resources and student emergency
funds. In addition to scholarships, dozens of programs addressing College priorities of access, equity and success are
mostly, if not fully, supported through grants and gifts. These include:
• College readiness, access, retention and completion initiatives that serve youth, veterans and their families, and women
entering or re-entering the workforce
• Digital literacy skill development, tutoring, mentoring and career guidance
• Support to adults seeking high school diplomas in conjunction with college degrees and industry-recognized credentials
• Wraparound services to address basic student needs such as food, housing, medical care, child care and transportation
• The Jack, Joseph and Morton Mandel Humanities Center, which integrates civic engagement and leadership into the
learning experience of scholars seeking a high school diploma, as well as associate and bachelor degrees
• Music, dance and vocal instruction to youth who otherwise would not have access to creative arts training
• On-the-job learning opportunities for students, such as internships and pre-apprenticeships
LETTER FROM THE TREASURER | LETTER FROM THE TRI-C FOUNDATION
4
(continued)
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
Letter from the CUYAHOGA COMMUNITY COLLEGE FOUNDATION
Charitable contributions to Tri-C are a direct investment in the people of Northeast Ohio. Our graduates
stay in our communities, and the money contributed to their education pays astronomical dividends in
their future earnings — as well as our tax base — and decreases unemployment. The Tri-C Foundation
Board of Directors comprises 60-plus community leaders who are committed to the fiscal integrity,
financial stability and long-term economic viability of the Foundation. Gifts of cash, stock, planned gifts,
bequests and all other types are treated with utmost fiscal responsibility.
Currently, the Tri-C Foundation is focused on building the workforce of the future. Funds are being secured
to support those most in need of education and training so they may succeed in high-demand fields such
as health careers, information technology, public safety and manufacturing. Donor partnerships enable
Tri-C to enhance and amplify services and raise the tide for all of Northeast Ohio, creating lasting change
for our entire community.
Louis G. Joseph Alex Johnson Megan O’Bryan
Chairperson President President
Tri-C Foundation Cuyahoga Community College Tri-C Foundation
O VER
5
CUYAHOGA COMMUNITY COLLEGE PRESIDENT AND BOARD OF TRUSTEES
6
J. David Heller
County Executive
Appointment
Term ends 03-26-22
Ann M. Frangos
Governor Appointment
Term ends 10-12-22
Phoebe Lee
Governor Appointment
Term ends 10-12-23
Victor A. Ruiz
County Executive
Appointment
Term ends 01-17-22
John E. Skory
County Executive
Appointment
Term ends 01-16-25
Andrew E. Randall
Chair
Governor Appointment
Term ends 10-12-22
Helen Forbes Fields
Vice-Chair
County Executive
Appointment
Term ends 01-16-25
The Rev. Cory Jenkins
County Executive
Appointment
Term ends 06-22-21
Alex Johnson, Ph.D.
President
Geralyn M. Presti
County Executive
Appointment
Term ends 06-22-26
CUYAHOGA COMMUNITY COLLEGE PRESIDENT AND
BOARD OF TRUSTEES
A nine-member Board of Trustees governs the College in all policy matters requiring attention or action and is charged with fulfilling the
goals set forth in the College’s Mission Statement. Six trustees are appointed by the county executive and are subject to confirmation by
the Cuyahoga County Council, an 11-member body elected by residents of our neighborhoods as a link between government agencies
and citizens. Three trustees are appointed by the governor. All appointments are for five-year terms or the remainder of vacated terms.
The Board of Trustees delegates the College’s administrative direction to the President and administrative staff. Administrative staff
are appointed by the President and subject to Board approval.
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
7
History and Overview of CUYAHOGA COMMUNITY COLLEGE
Tri-C became Ohio’s first community college offering associate degrees
in September 1963. From an initial enrollment of 3,000 students in its
first academic term, today the College serves more than 50,000 credit and
noncredit students annually. Over its 58-year history, Cuyahoga Community
College has served more than 1 million members of our community.
The College encompasses four traditional campuses — Eastern Campus,
Western Campus, Metropolitan (Metro) Campus and Westshore Campus —
as well as Corporate College® East and Corporate College® West; the Man-
ufacturing Technology Center, which houses many workforce, community
and economic development programs; the Brunswick University Center; the
Hospitality Management Center at Public Square; the Jerry Sue Thornton
Center; the Advanced Technology Training Center; the District Administrative
Services office; the Gill and Tommy LiPuma Center for Creative Arts; the
Transportation Innovation Center; the KeyBank Public Safety Training
Center; the Mobile Training Unit; and numerous off-campus sites.
The tuition and fees at Tri-C are among the most affordable options in
Northeast Ohio. Financial resources available at Tri-C to provide accessible
and affordable education include student loans, work-study, scholarships,
grants and public benefits.
Cuyahoga Community College is fully accredited by the Higher Learning
Commission, a commission of the North Central Association of Colleges
and Schools that permits the College to award Associate of Arts, Associate
of Science, Associate of Applied Science, Associate of Applied Business and
Associate of Technical Study degrees.
The College offers more than 1,000 credit courses in more than 200 career
and technical programs and liberal arts curricula. Tri-C also grants short-
term certificates, certificates of proficiency and post-degree professional
certificates. A number of the College’s career programs are accredited or
approved by appropriate specialized associations or agencies. The College
offers 88 technical programs leading to an associate degree. Of these
programs, 66 lead to an Associate of Applied Science degree and 22 lead to
an Associate of Applied Business degree. Short-term professional certificates
are offered in 37 program areas and 60 programs offer a one-year certificate
of proficiency. The College offers nine post-degree professional certificate
programs and a variety of non-credit courses, support services and special
programs designed to meet the needs of a diverse student body and the
community at large.
The College has formal dual admission partnerships with local colleges and
universities. Through dual admissions, students complete their associate
degree at Tri-C with the intent to complete their bachelor’s degree at the
partner school. The College also has 125 formal articulation and transfer
agreements with both public and private four-year institutions.
In addition to providing educational and training opportunities, the College
partners with local organizations and groups to host and sponsor civic,
sporting and cultural events including the annual Tri-C JazzFest Cleveland,
arts and entertainment, senior adult education programs, youth programs,
safety courses and a variety of health and wellness events.
The College is committed to offering students a high-quality, affordable
education. Innovation in administrative areas such as participating in
consortium buying, implementing process efficiencies, using technology to
reduce costs and aggressively pursuing energy savings through sustainable
methods means that the College continues to do more with less — without
compromising the quality of its education and learning programs for students.
Degrees and Certificates Awarded
4500
4000
3500
3000
2500
2000
1500
1000
500
0 20202021 2019 2018 2017
Associate of Arts
Associate of Applied Business
Associate of Applied Science
Associate of Science
Associate of Technical Study
Certificate
Post-degree Certificate
Short-term Certificate
HISTORY AND OVERVIEW OF CUYAHOGA COMMUNITY COLLEGE | FISCAL YEAR 2021 ACCOMPLISHMENTS
8
Fiscal Year 2021 ACCOMPLISHMENTS
Cuyahoga Community College is committed to creating environments that generate
positive, nurturing and learning-focused experiences that support innovation,
teamwork and successful outcomes. Tri-C continually strives for innovation, excellence
and improvement in academics and administration in support of student success. The
College celebrated a number of achievements that further its mission to provide high-
quality, accessible and affordable education opportunities to Northeast Ohio while
keeping a focus on helping our students succeed in their chosen educational path
and beyond.
• Tri-C earned its 12th consecutive Military Friendly School designation in recognition
of its commitment to serving veterans and active military students as well as their
families. The College works with thousands of military families through its veteran
services centers, which offer a full array of support services to help veterans reach
their educational and career goals as they transition from soldiers to civilians.
• Jim and Claudia Hower committed $500,000 to establish the Hower Family Fire/
EMS Workforce Endowed Scholarship and Public Safety Work Readiness Fund. This
fund will support students pursuing fire/EMS training by offering scholarships and
assistance for equipment, certification exams and other ancillary costs.
• The College was recognized as one of the nation’s “Best Community Colleges” by
Intelligent.com. Tri-C ranked fifth in Intelligent.com’s list of top two-year schools
across the country and earned the top spot in the Northeast region. Evaluations
were based on curriculum quality, graduation rate, reputation and post-
graduate employment.
• The College opened a new food pantry at the Metro Campus, made possible by
a $1,020,000 gift from Char and Chuck Fowler. The Pantry, located in the south
concourse adjacent to the Metro Campus Center, will provide eligible students with
up to 15 pounds of food, toiletries and other basic necessities each week.
• Medical Mutual pledged a $1 million gift to the Cuyahoga Community College
Foundation to address the immediate needs of Tri-C students. The gift, announced
May 13 during the Foundation’s virtual 2021 Presidential Scholarship Luncheon,
will establish the Medical Mutual Workforce Training Endowed Scholarship and
Medical Mutual Student Response Endowment Fund and will also support the
Western Campus food pantry expansion.
• Tri-C was a recipient of the NorthCoast 99 award in 2021 — its 15th year as an
honoree. The award recognizes that Tri-C’s policies and practices are among the
best in the region when it comes to compensation benefits, work-life balance and
other significant factors that attract and retain outstanding employees.
Strategic FOCUS AREAS
The College-wide strategic plan 2018-2022 represents the formal-
ization and consolidation of College-wide priorities and is rooted
in the foundational principles of access, equity and success.
College initiatives align with five strategic focus areas, each with
accompanying goals and metrics that sharpen the focus and
clarify the path to success. We believe that these strategic focus
areas will allow us to serve our students while achieving the goals
set forth by the governor and the Ohio Department of Higher
Education.
STUDENT EXPERIENCE
In order for all students to access a quality education and suc-
ceed in their goals, Tri-C will provide a comprehensive student
experience within a welcoming and safe learning environment.
BRAND/IMAGE
Tri-C will continue to increase communication and engagement
with its internal and external communities by promoting a culture
of transparency, accountability and inclusion.
COMMUNITY
Tri-C will build upon its external community partnerships —
including alumni, employers, educational institutions, organiza-
tions and governments — to meet student needs and improve the
quality of life throughout the region.
WORKFORCE
Tri-C will strengthen internal pathways and ensure that
programs, degrees and credentials align with employer needs so
that residents are prepared to participate in the skilled workforce
and growing economy of Northeast Ohio.
AFFORDABILITY
Tri-C will maintain its longstanding commitment to providing
affordable educational opportunities and services, removing
barriers to educational access, exercising good stewardship of
taxpayer resources and ensuring institutional integrity.
Government Finance Officers Association
AWARDS FOR FINANCIAL REPORTING
The GFOA has given an Award for Outstanding Achievement in Popular Annual Financial Reporting
to Cuyahoga Community College for its Popular Annual Financial Report for the fiscal year ended June
30, 2020. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious
national award that recognizes conformance with the highest standards for preparation of state and
local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a
government unit must publish a Popular Annual Financial Report, the contents of which conform to
program standards of creativity, presentation, understandability and reader appeal.
An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of
one year only. We believe our current report continues to conform to the Popular Annual Financial Re-
porting requirements and we are submitting it to the GFOA to determine its eligibility for another award.
In addition, Cuyahoga Community College’s Annual Comprehensive Financial Report for the fiscal
years ended June 30, 2020 and 2019, was awarded the Certificate of Achievement for Excellence in
Financial Reporting by Government Finance Officers Association of the United States and Canada. The
Certificate of Achievement is the highest form of recognition for excellence in state and local government
financial reporting.
In order to receive a Certificate of Achievement, a government unit must publish an easily readable and
efficiently organized ACFR, the contents of which conform to program standards. Such an ACFR must
satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current ACFR
continues to conform to the Certificate of Achievement Program’s requirements and we are submitting
it to GFOA to determine its eligibility for another certificate.
Finally, the College received the Award for Best Practices in Community College Budgeting for the
fiscal year beginning July 1, 2020. The budgeting process advocated by the best practices in community
college budgeting focuses on optimizing student achievement within available resources.
This award is valid for a period of one year only. We believe our current budget continues to conform to
program requirements and we are submitting it to GFOA to determine its eligibility for another award.
Cuyahoga Community College is an asset to the community it serves and touches countless lives in
significant ways. Cuyahoga Community College is where futures begin.
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
9
Financial REVIEW
The following is an overview of the College’s financial operations for the fiscal year ended June 30, 2021 (FY21). Most of the
information contained within this Popular Annual Financial Report is extracted from financial information contained within the
Annual Comprehensive Financial Report (ACFR) for fiscal years ended June 30, 2021 and 2020. The ACFR is a more detailed and
complete financial presentation prepared in conformance with Generally Accepted Accounting 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. While the financial data in this PAFR conform with GAAP,
the statistical, economic and demographic data are taken from various sources and are unaudited. Financial information for
the Cuyahoga Community College Foundation is not included within this PAFR. The ACFR and PAFR are both available at tri-c.
edu/about/college-financial-information.html.
GOVERNMENT FINANCE OFFICERS ASSOCIATION AWARDS FOR FINANCIAL REPORTING | FINANCIAL REVIEW
10
NET POSITION
(Dollars in thousands)
2021 2020 2019
Assets
Current assets
$ 306,427)
$ 239,013)
$ 233,465)
Non-current assets:
Capital assets, net 527,072)520,617)453,069)
Other 73,633)102,530)198,988)
Total non-current assets 600,705)623,147)652,057)
TOTAL ASSETS 907,132)862,160)885,522)
Deferred Outflows of Resources 35,479)51,023)82,195)
Liabilities
Current liabilities 55,498)59,449)80,351)
Non-current liabilities 495,086)601,072)651,982)
TOTAL LIABILITIES 550,584)660,521)732,333)
Deferred Inflows of Resources 192,780 174,558 131,215)
Net Position
Net investment in capital assets 239,199)249,848 247,753)
Restricted for other purposes - expendable 7,929)6,703)5,115)
Unrestricted (Deficit)(47,881)(178,447)(148,699)
TOTAL NET POSITION $ 199,247 $ 78,104 $ 104,169)
Financial HIGHLIGHTS
STATEMENT OF NET POSITION
The College’s financial position in FY21 continues
to remain strong, with total assets of $907.1 million,
total liabilities of $550.6 million and total net position
of $199.2 million.
The following condensed information from the
College’s Statements of Net Position includes all
assets, deferred outflows of resources, liabilities and
deferred inflows of resources of the College.
Statement of NET POSITION
Statement of NET POSITION
CURRENT ASSETS represent cash and other resources that are expected to be converted into cash within one
year. This includes cash, cash equivalents, investments, receivables and other assets.
NON-CURRENT ASSETS represent assets not easily convertible to cash within one year. This includes restricted
cash, restricted investments, other long-term investments, capital assets and other long-term assets.
DEFERRED OUTFLOW OF RESOURCES represent a consumption of net position, similar to prepaid expenses that
apply to a future period and will not be recognized as an outflow of resources (expense) until that time.
CURRENT LIABILITIES represent financial obligations that are due within a short period of time, usually no longer
than a year. This includes accounts payable and accrued liabilities, unearned revenues, portions of debt due within
a year and other short-term liabilities.
NON-CURRENT LIABILITIES represent financial obligations not expected to be satisfied within one year,
also referred to as long-term liabilities. This includes portions of debt and other liabilities due in more than one year.
DEFERRED INFLOW OF RESOURCES represent an acquisition of net position that applies to a future period and
will not be recognized until that time.
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
11
NET POSITION
In FY21, net position increased by $121.1 million
to $199.2 million, a 155.1 percent increase from
June 30, 2020. Net investment in capital assets
decreased by $10.6 million, $1.2 million increase in
restricted for other purposes, and $130.6 increase
in unrestricted net position mostly due to the
favorable effect of GASB 68 and GASB 75 in FY21
and decreases in operating expenses.
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 2021 2020 2019
NET POSITION
Total Assets Total Liabilities Total Net Position
Financial Metrics for CUYAHOGA COMMUNITY COLLEGE
STATEMENT OF NET POSITION | FINANCIAL METRICS FOR CUYAHOGA COMMUNITY COLLEGE
12
COLLEGE PERFORMANCE METRICS
TARGET 2021*2020*2019*
Primary Reserve Ratio > 40.0%60.8%33.4%37.8%
Viability Ratio > 60.0%61.0%34.2%37.1%
Net Income Ratio 2%- 4%17.5%-3.6%4.7%
Debt Burden Ratio < 7.0%10.4%9.5%12.5%
Debt Service Coverage Ratio > 2.6x 3.5x 1.0x 1.3x
Return on Net Position Ratio > 4.4%17.6%-3.0%4.5%
*Ratios adjusted to be prior to the effect of GASB pronouncements numbers 68 and 75
The College’s financial ratios: The College uses performance metrics
to monitor fiscal health and to determine financial policies for future
periods. Senate Bill 6 requires the College to submit quarterly financial
statements to the Ohio Department of Higher Education, which are used
to calculate primary reserve, viability and net income ratios. These ratios
are assigned scores that, when combined into a composite score, help the
Ohio Department of Higher Education determine if the College should be
placed on fiscal watch and be subject to state oversight.
For a complete explanation of each ratio, please refer to Cuyahoga Com-
munity College’s Annual Comprehensive Financial Report for fiscal years
ended June 30, 2021 and 2020, available at tri-c.edu/about/college-finan-
cial-information.html, or visit ohiohighered.org/campus accountability.
Where does the
MONEY COME FROM?
SOURCES OF FUNDS FOR
FISCAL YEAR 2021
TOTAL OPERATING AND
NON-OPERATING REVENUES
$357,587,000
State Appropriations
$70,876 | 20%
Non-Operating Grants
and Contracts
$58,045 | 16%
State Capital
Appropriations
$4,098 | 1%
Investment Income
$18,398 | 5%
Tuition and Fees
$34,847 | 10%
Sales and Services
$5,002 | 2%
Operating Grants and Contracts
$17,631 | 5%
Auxiliary Enterprises
$8,129 | 2%
Other Operating
$866 | 0%
Property Taxes
$139,686 | 39%
Other Non-Operating
$9 | 0%
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
13
SOURCES OF FUNDS FOR FISCAL YEARS 2021 - 2020 - 2019
(Dollars in thousands)2021 2020 2019
DOLLAR
INCREASE
(DECREASE)
FROM 2020
TO 2021
PERCENT
INCREASE
(DECREASE)
FROM 2020
TO 2021
Operating Revenues:
Tuition and Fees $ 34,847 $ 39,001 $ 42,450 $ (4,154)(10.7%)
Sales and Services 5,002 5,442 7,565 (440)(8.1%)
Operating Grants and Contracts 17,631 15,890 16,082 1,741)11.0%)
Auxiliary Enterprises 8.129 10,663 11,783 (2,534)(23.8%)
Other Operating 866 2,183 3,384 (1,317)(60.3%)
Total Operating Revenues: 66,475 73,179 81,264 (6,705)(9.2%)
Non-Operating Revenues:
Property Taxes 139,686 112,380 130,957 27,306)24.3%)
State Appropriations 70,876 69,466 70,692 1,410)2.0%)
Non-Operating Grants and Contracts 58,045 33,291 31,922 24,754)74.4%)
State Capital Appropriations 4,098 11,183 4,661 (7,085)(63.4%)
Investment Income 18,398 6,894 11,210 11,504)166.9%)
Other Non-Operating Revenue 9 16 0 (7)(43.8%)
Total Non-Operating Revenues: 291,112 233,230 249,442 57,882)24.8%)
TOTAL SOURCES OF FUNDS $ 357,587 $ 306,409 $ 330,706 $ 51,177)16.7%)
K-12 Schools County City Library
Tri-C
K-12 Schools $ 0.61
County $ 0.16
City $ 0.12
Library $ 0.06
Tri-C $ 0.05
TOTAL $ 1.00
Property Taxes:
WHERE DOES YOUR DOLLAR GO?
The Cuyahoga County Budget Commission is responsible for the distri-
bution of property tax revenues to 38 cities, 19 villages, two townships, 33
school districts, nine library systems and four county taxing authorities:
the County Executive, the Port Authority, Tri-C and Cleveland Met-
roparks. More than $2.4 billion of tax revenues are distributed annually.
Property taxes support your city, school, library and county, with
just over 60 percent of your tax bill distributed to your school system.
The following illustrates the distribution of Cuyahoga County residential
property tax dollars by government entity. For each dollar of property
tax, Cuyahoga Community College receives approximately $.05.
Sources of FUNDS
OPERATING REVENUES
For fiscal year 2021, operating revenues decreased $6.7 million to $66.5 million,
9.2 percent lower than the fiscal year ending June 30, 2020. Student tuition
and fees decreased $4.2 million, operating revenues associated with auxiliary
enterprises decreased $2.5 million, sales and services decreased $0.4 million
and other operating revenues decreased $1.3 million, offset by an increase of
$1.6 million for private grants. In addition to student tuition and fees, other
components of operating revenue include federal, state and local grants and
contracts; auxiliary enterprises which include bookstore, food services and
parking operations; and sales and service revenue which include revenues
from partner and customized training, non-credit course fees, special event
fees and fieldhouse/facility revenues. Other operating revenues are primarily
facility rentals through Tri-C’s Corporate College. Many of these components
of operating revenues were negatively impacted by the COVID-19 pandemic
in both fiscal year 2021 and 2020.
The majority of the College’s revenue sources are state appropriations,
property taxes, federal grants and contracts, as well as student tuition and
fees, which are kept low since they comprise only a small part of the revenue
pie. The College’s management utilizes performance metrics: indicators of
financial strength that enable the College to balance fiduciary responsibility
and achieve its mission, vision and values.
NON-OPERATING REVENUES
State share of instruction (SSI), the funding method developed by the State
of Ohio to determine allocations of funds to school districts, saw a marginal
2.0 percent increase in appropriations during fiscal year 2021. SSI increased
to $70.9 million from fiscal year 2020 revenues of $69.5 million.
Property tax revenues were up 24.3 percent for the year ended June 30, 2021,
at $139.7 million over $112.4 million for the year ended June 30, 2020. Tax
abatements have a negative impact on total revenues over the abatement
period granted; additional details on tax abatements are presented in Note 9
to the financial statements.
Restricted and unrestricted investment income together was $11.5 million
higher than the prior year. Interest on capital-related debt decreased
4.7 percent to $11.3 million from $11.9 million in fiscal year 2020.
Non-Operating Federal Grants revenue increased 76.4 percent to $57.8 million
from $32.8 million from fiscal year 2020. This is due to increases for COVID-19
pandemic funding including HEERF Institutional funding of $19.7 million,
HEERF Student funding of $6.4 million, HEERF Strengthening Institutions
funding of $1.5 million, Coronavirus Relief Funding (CRF) of $3.6 million and
$0.1 related to Mental Health CRF funding, offset by $6.2 million decreases
related to federal financial aid.
SOURCES OF FUNDS
14
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0 2021
70,876,000 69,466,000 70,692,000 72,105,000 71,092,000
2020 2019 2018 2017
STATE SHARE OF INSTRUCTION
What is the
MONEY USED FOR?
USE OF FUNDS FOR
FISCAL YEAR 2021
TOTAL OPERATING AND
NON-OPERATING EXPENSES
$236,444,000
Instruction &
Dept. Research
$90,077 | 38%
Public Service
$3,345 | 2%
Academic Support
$26,615 | 11%
Student Services
$2,692 | 1%
Institutional Support
$21,275 | 9%
Operation and
Maintenance of Plant
$18,875 | 8%
Student Aid
$26,597 | 11%
Depreciation, Interest and Other
$40,623 | 17%
Auxiliary Enterprises
$6,345 | 3%
USES OF FUNDS FOR FISCAL YEARS 2021 - 2020 - 2019
(Dollars in thousands)2021 2020 2019
DOLLAR
INCREASE
(DECREASE)
FROM 2020
TO 2021
PERCENT
INCREASE
(DECREASE)
FROM 2020
TO 2021
Educational and General:
Instruction & Dept. Research $ 90,077 $ 98,481 $ 86,668 $ (8,404)(8.5%)
Public Service 3,345 11,853 15,165 (8,508)(71.8%)
Academic Support 26,615 30,795 24,727 (4,180)(13.6%)
Student Services 2,692 28,127 30,534 (25,435)(90.4%)
Institutional Support 21,275 54,774 60,854 (33,499)(61.2%)
Operation and Maintenance of Plant 18,875 38,679 37,680 (19,804)(51.2%)
Student Aid 26,597 23,293 22,224 3,304)14.2%)
Depreciation, Interest and Other 40,623 38,070 34,994 2,553)6.7%)
Auxiliary Enterprises 6,345 8,607 10,877 (2,262)(26.3%)
TOTAL USES OF FUNDS $ 236,444 $ 332,679 $ 323,723 $ (96,236)(28.9%)
OPERATING EXPENSES
During the fiscal year ended June 30, 2021, total
operating expenses of $225.1 million decreased $95.7
million from the $320.8 million as of June 30, 2020.
This is primarily a result of the effects of expenses
recognized related to GASB 68 and GASB 75, which
decreased expenditures in 2021. Before adjusting
for the impact of GASB 68 and GASB 75, operating
expenses for fiscal years 2021 and 2020 were $283.7
million and $305.5 million, respectively.
Operating expenses include academic and general
administrative operation costs, depreciation expense
and costs associated with auxiliary enterprises.
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
15
MAJOR CAPITAL PROJECTS
EASTERN CAMPUS QUAD RENOVATIONS (PHASE II)
This $6.4 million project continued the creation of a traditional campus quad by focusing on
greening and infrastructure improvements. This project enhanced pedestrian movement, added
outdoor gathering space and reconfigured parking and roadways. Phase II renovations were
completed in fall 2021.
METRO CAMPUS LAB RENOVATIONS
Construction on this $14 million project began in FY19. This project modifies and upgrades
existing laboratories and support spaces in the current Health Careers and Sciences building.
Since these labs were built, changes to the availability of and access to technology have been
substantial. Teaching methodologies and the delivery of course material have also advanced,
resulting in new and innovative developments in classroom configuration, lab settings,
equipment and equipment interface applications. The following disciplines will receive upgraded
labs: physics and chemistry; biology and human biology; anatomy and physiology; microbiology;
occupational therapy and physical therapy assisting; and EMT/paramedic. Lab renovations were
completed at the end of fall 2020.
INFRASTRUCTURE MAINTENANCE
Infrastructure maintenance project efforts continued in FY21. The $42 million infrastructure
maintenance projects will continue through December 2021. These include parking, roadway and
walkway repairs and maintenance, athletic track replacement, HVAC equipment replacement,
building envelope repairs, electrical panels, generator replacement, lighting retrofit, roof
replacement, restroom renovations, carpet replacement, floor tile replacement, gym floor
replacement, painting, safety and security systems, and building automation system upgrades.
SUSTAINABILITY
The College’s sustainability initiative continued moving forward in FY21. Key achievements
include receiving LEED Gold certification for the Western Campus STEM Center, LEED Silver
Certification for the Westshore Liberal Arts and Technology building, and LEED Certification
for the Public Safety Simulated Scenario Village Administrative Center. Engagement of Tri-C in
the Cuyahoga County sustainability community, support for infusion of sustainability into Tri-C
curricula and continued operational efficiency improvements continue to be three main areas
of focus, and progress has been made on all fronts.
MAJOR CAPITAL PROJECTS
16
TUITION
FISCAL
YEAR
TUITION/FEES
PER CREDIT HOUR
ANNUAL COST
PER FULL-TIME
STUDENT
INCREASE
DOLLARS
(INCREASE)
PERCENT
2021 $114.54 $3,436.20 $0.00 0.00%
2020 114.54 3,436.20 0.00 0.00%
2019 114.54 3,436.20 300.00 9.57%
2018 104.54 3,136.20 0.00 0.00%
2017 104.54 3,136.20 0.00 0.00%
2016 104.54 3,136.20 0.00 0.00%
2015 104.54 3,136.20 99.90 3.29%
2014 101.21 3,036.30 99.90 3.40%
2013 97.88 2,936.40 199.80 7.30%
2012 91.22 2,736.80 199.80 7.88%
ENROLLMENT BY MAJOR/PROGRAM
MAJOR/PROGRAM 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Health Careers 2,391 2,380 2,546 2,761 2,852 2,885 3,294 3,723 4,209 4,182
Nursing 2,507 2,688 3,024 3,058 2,956 2,979 3,124 3,420 4,363 4,706
Business 2,315 2,504 2,864 3,171 3,493 3,822 4,178 5,360 5,425 5,436
Engineering 619 522 638 681 691 777 823 908 1,223 1,151
Public Service 967 897 1,114 1,337 1,419 1,571 1,719 1,510 2,249 2,308
Applied Industrial Technology/
Associate of Technical Study 680 1,309 2,250 858 738 411 830 838 525 740
Associate of Arts/
Associate of Science 5,344 6,195 8,877 9,098 9,350 9,171 8,998 8,737 8.230 7,419
Creative Arts 585 624 796 838 761 760 864 999 1,329 1,528
Certificate Programs 967 948 1,230 1,096 1,184 1,096 1,073 993 1,575 1,080
Other 1,148 687 316 442 456 515 546 616 1,194 2,909
TOTAL 17,523 18,754 23,655 23,340 23,900 23,987 25,449 27,104 30,322 31,459
CUYAHOGA COMMUNITY COLLEGE | 2021 POPULAR ANNUAL FINANCIAL REPORT
17
FOLLOW US
Like Tri-C on
Facebook
for news and updates
throughout the day.
Follow Tri-C on
Twitter
at @tri-c.edu.
Download the
Tri-C Mobile app
on your smartphone.
Further detail of the College’s financial information is available in
the Annual Comprehensive Financial Report at
tri-c.edu/about/college-financial-information
20-0735