Georgia Military College, Milledgeville, Georgia, independent accountant's report on applying agreed-upon procedures for fiscal year ended 2024 June 30

GEORGIA MILITARY COLLEGE
MILLEDGEVILLE, GEORGIA
INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES
FOR FISCAL YEAR ENDED JUNE 30, 2024

Georgia Military College

Table of Contents

Independent Accountant's Report on Applying Agreed-Upon Procedures

Exhibits

A Statement of Net Position

2

B Statement of Revenues, Expenses and Changes in Net Position

3

C Statement of Cash Flows

4

Greg S. Griffin State Auditor
INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES
Members of the State Board of Trustees of the Georgia Military College
and Lieutenant General William B. Caldwell, IV, President Georgia Military College
Ladies and Gentlemen:
We have performed the procedures enumerated below, which were agreed to by the Georgia Military College (College), solely to assist you in assessing the accuracy of the financial information reported in the College's 2024 Annual Financial Report for inclusion in the State of Georgia's Annual Comprehensive Financial Report (ACFR) and Single Audit Report (SAR) pursuant to the Single Audit Act Amendments, as of and for the year ended June 30, 2024. Management is responsible for the financial information reported in the College's Annual Financial Report. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The entity has acknowledged that the procedures are appropriate to meet the intended purpose. The procedures performed may not address all of the items of interest to a user of this report and may not meet the needs of all users in this report, and, as such, users are responsible for determining whether the procedure performed are appropriate for their purposes.
The procedures and the associated findings are as follows:
1. Obtain selected balance sheet items reported on the Annual Financial Report (cash, capital
assets, accounts receivable, accounts payable, deferred revenues, net position). Confirm that these items have adequate supporting documentation and are properly reconciled to the College's general ledger.
We did not note any exceptions as a result of our procedures.
2. Obtain the College's GAAP basis Statement of Net Position and Statement of Revenues, Expenses and Changes in Net Position (SRECNP) submitted for inclusion in the State's ACFR and SAR. Confirm that financial information presented in these statements properly supports activity reported in the College's accounting records.
We did not note any exceptions as a result of our procedures.
3. Obtain the College's Statement of Cash Flows submitted for inclusion in the State's ACFR and SAR. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows.
We did not note any exceptions as a result of our procedures.
270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180

4. Obtain the College's Notes to the Financial Statements submitted for inclusion in the State's ACFR and SAR. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, Long-Term Debt, Lease Obligations, Retirement Plans, and Other Postemployment Benefits (OPEB) Plans have been properly reported.
We did not note any exceptions as a result of our procedures.
5. Obtain the College's year end GAAP basis journal entries. Inspect documentation for GAAP journal entries and confirm that the entries were posted to the College's Annual Financial Report.
We did not note any exceptions as a result of our procedures.
6. Obtain the listing of write-off requests for accounts receivable less than $3,000.00 for fiscal year 2024 and confirm their accuracy.
We did not note any exceptions as a result of our procedures.
7. Confirm that the listing of salaries and travel reported to the Department of Audits and Accounts is in accordance with the Official Code of Georgia Annotated (O.C.G.A.) 50-6-27 and reconciles to amounts recorded in the College's Annual Financial Report.
We did not note any exceptions as a result of our procedures.
8. Obtain the Helping Outstanding Pupils Educationally (H.O.P.E.) Scholarship Program reconciliation between the College and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the College's financial records.
We did not note any exceptions as a result of our procedures.
9. Obtain the Schedule of Expenditures of Federal Awards information submitted by the College for inclusion in the State's SAR. Confirm that the information is properly presented and supported by the College's accounting records.
We did not note any exceptions as a result of our procedures.
10. Obtain capital asset records to ensure that (1) subsidiary ledgers are appropriately reconciled to the ledgers, (2) capitalization thresholds are being properly followed, and (3) a complete physical equipment inventory is being conducted and that issues noted during the physical inventory are being properly addressed by management.
We did not note any exceptions as a result of our procedures.
11. Obtain bank reconciliations during the year under review to ensure that management is preparing them timely and that reconciling items are being addressed by management timely and in an appropriate manner.
A bank reconciliation was not completed timely for the quarter ended June 30, 2024 for one change fund.
2

We were not engaged to and did not conduct an examination, the objective of which could have resulted in the expression of an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of Georgia Military College and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the specified users listed above and is not intended to be and should not be used by anyone other than these specified parties. Respectfully, Greg S. Griffin State Auditor December 4, 2024
3

EXHIBITS
- 4 -

GEORGIA MILITARY COLLEGE STATEMENT OF NET POSITION - (GAAP BASIS)
JUNE 30, 2024
ASSETS Current Assets
Cash and Cash Equivalents Accounts Receivable, Net
Federal Financial Assistance Other Inventories Prepaid Items
Total Current Assets
Noncurrent Assets Capital Assets, Net Intangible Right-to-Use Assets, Net Subscription Right-to-Use Assets, Net Total Noncurrent Assets Total Assets
DEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plans
Total Deferred Outflows of Resources
LIABILITIES Current Liabilities
Accounts Payable Salaries Payable Unearned Revenue Lease Obligations - External Subscription Liability Compensated Absences
Total Current Liabilities
Noncurrent Liabilities Lease Obligations - External Subscription Liability Net Pension Liability Net OPEB Liability Total Noncurrent Liabilities Total Liabilities
DEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plans Related to OPEB Plans
Total Deferred Inflows of Resources
NET POSITION Net Investment in Capital Assets Unrestricted (Deficit)
Total Net Position
- 5 -

EXHIBIT "A"

$

19,645,553.58

26,112.53 6,918,937.15 1,393,194.22
(305.70) 27,983,491.78

100,326,112.07 29,118,316.57 536,045.95
129,980,474.59 157,963,966.37

15,370,533.70 6,135,948.00
21,506,481.70

1,896,728.62 1,020,136.03 5,050,190.85 3,036,808.11
230,968.25 580,248.03 11,815,079.89

26,767,098.53 30,022.82
47,484,566.00 19,312,620.00 93,594,307.35 105,409,387.24

3,960,917.00 14,724,452.00 18,685,369.00

99,915,576.88 (44,539,885.05)

$

55,375,691.83

GEORGIA MILITARY COLLEGE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - (GAAP BASIS)
YEAR ENDED JUNE 30, 2024

OPERATING REVENUES

Student Tuition and Fees

$

Less: Scholarship Allowances

Grants and Contracts

Federal

State

Nongovernmental

Auxiliary Enterprises

Housing

Bookstore

Food Services

Athletics

Other

Other Operating Revenues

Total Operating Revenues

OPERATING EXPENSES Salaries Faculty Staff Employee Benefits OPEB Expense Travel Scholarships and Fellowships Utilities Supplies and Other Services Depreciation and Amortization Total Operating Expenses Operating Loss

NONOPERATING REVENUES (EXPENSES) State Appropriations Grants and Contracts Federal Gifts Interest and Other Investment Income Interest Expense Other Nonoperating Revenues Net Nonoperating Revenues Income (Loss) Before Other Revenues, Expenses, Gains or Losses

CAPITAL CONTRIBUTIONS State Capital Grants and Gifts Total Capital Contributions

Increase in Net Position

Net Position - Beginning of Year

Net Position - End of Year

$

EXHIBIT "B"
53,991,590.29 (26,668,046.07)
4,555,167.77 12,995,474.10
1,239,659.84
824,640.00 3,723,952.24 2,562,508.82
313,628.11 12,600.00
1,096,004.95 54,647,180.05
14,152,584.65 17,754,888.36 15,885,050.69 (1,231,091.00)
107,404.41 5,592,652.01 1,898,204.10 18,646,931.67 7,907,877.11 80,714,502.00 (26,067,321.95)
9,481,126.00
12,829,203.78 381,305.77
1,394,789.70 (346,151.36) 1,173,832.97 24,914,106.86 (1,153,215.09)
2,558,450.26 2,558,450.26
1,405,235.17
53,970,456.66
55,375,691.83

- 6 -

GEORGIA MILITARY COLLEGE STATEMENT OF CASH FLOWS - (GAAP BASIS)
YEAR ENDED JUNE 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES Tuition and Fees Grants and Contracts Sales and Services of Educational Departments Payments to Suppliers Payments to Employees Payments for Scholarships and Fellowships Other Receipts Net Cash Used by Operating Activities
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES State Appropriations Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts Net Cash Flows Provided by Non-Capital Financing Activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from Sale of Capital Assets Purchases of Capital Assets Principal Paid on Capital Debt and Leases Interest Paid on Capital Debt and Leases Net Cash Used by Capital and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning of Year
Cash and Cash Equivalents - End of Year
RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating Loss Adjustments to Reconcile Operating Loss to Net Cash
Used by Operating Activities Depreciation and Amortization Change in Assets and Liabilities: Accounts Receivable, Net Inventories Prepaid Items Accounts Payable Salaries Payable Unearned Revenue Compensated Absences Net Pension Liability Change in Deferred Inflows/Outflows of Resources: Deferred Inflows of Resources Deferred Outflows of Resources
Net Cash Used by Operating Activities
NONCASH INVESTING, NON-CAPITAL FINANCING, AND CAPITAL AND RELATED FINANCING TRANSACTIONS
Gift of Capital Assets
- 7 -

EXHIBIT "C"

$

27,243,629.54

18,864,266.09

7,437,329.17

(32,516,401.81)

(31,810,769.71)

(5,592,652.01)

1,096,004.95

(15,278,593.78)

9,481,126.00 13,210,509.55
1,173,832.97 23,865,468.52

37,709.64 (3,983,121.09) (3,379,026.51)
(346,151.36) (7,670,589.32)

1,394,789.70

2,311,075.12 17,334,478.46

$

19,645,553.58

$

(26,067,321.95)

7,907,877.11

(473,349.79) 180,274.90 111,830.76
72,415.91 37,149.61 467,399.49
4,818.18 (12,698,544.00)

1,641,149.00 13,537,707.00

$

(15,278,593.78)

$

2,558,450.26