CHATTAHOOCHEE TECHNICAL COLLEGE MARIETTA, GEORGIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2015 Unit of the Technical College System of Georgia CHATTAHOOCHEE TECHNICAL COLLEGE - TABLE OF CONTENTS - COMPILATION LETTER BASIC FINANCIAL STATEMENTS EXHIBITS A STATEMENT OF NET POSITION B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION C STATEMENT OF CASH FLOWS Page 1 2 3 (This page left intentionally blank) BASIC FINANCIAL STATEMENTS (This page left intentionally blank) Greg S. Griffin STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS EDUCATION AUDIT DIVISION 270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400 Kristina A. Turner DIRECTOR (404)657-4352 March 31, 2016 Members of the State Board of the Technical College System of Georgia Members of the Local Board of Directors and Honorable Ron Newcomb, President Chattahoochee Technical College Ladies and Gentlemen: Management is responsible for the accompanying financial statements of Chattahoochee Technical College, a unit of the Technical College System of Georgia, which comprise the Statement of Net Position as of June 30, 2015, and the related Statement of Changes in Revenues, Expenditures, and Net Position, and Statement of Cash Flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. Respectfully submitted, Greg S. Griffin State Auditor (This page left intentionally blank) CHATTAHOOCHEE TECHNICAL COLLEGE STATEMENT OF NET POSITION - (GAAP BASIS) JUNE 30, 2015 ASSETS Current Assets Cash and Cash Equivalents Accounts Receivable, Net Federal Financial Assistance Other Prepaid Items Total Current Assets Noncurrent Assets Capital Assets, Net Total Assets DEFERRED OUTFLOWS OF RESOURCES Related to Defined Benefit Pension Plans LIABILITIES Current Liabilities Accounts Payable Salaries Payable Advances Funds Held for Others Capital Leases Compensated Absences Total Current Liabilities Noncurrent Liabilities Capital Leases Compensated Absences Net Pension Liability Total Noncurrent Liabilities Total Liabilities DEFERRED INFLOWS OF RESOURCES Related to Defined Benefit Pension Plans NET POSITION Net Investment in Capital Assets Restricted Expendable Unrestricted (Deficit) Total Net Position EXHIBIT "A" $ 7,781,538.71 1,476,380.65 6,683,540.13 80,189.87 16,021,649.36 82,124,825.77 98,146,475.13 3,546,402.77 1,263,328.98 109,398.02 6,702,322.34 1,237,600.77 14,293.27 1,203,119.30 10,530,062.68 34,084.41 994,772.31 29,844,060.00 30,872,916.72 41,402,979.40 10,162,674.00 82,076,448.09 81,018.07 -32,030,241.66 $ 50,127,224.50 - 1 - CHATTAHOOCHEE TECHNICAL COLLEGE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - (GAAP BASIS) YEAR ENDED JUNE 30, 2015 EXHIBIT "B" OPERATING REVENUES Student Tuition and Fees Less: Scholarship Allowances Grants and Contracts Federal Rents and Royalties Sales and Services Other Operating Revenues Total Operating Revenues OPERATING EXPENSES Salaries Benefits Travel Scholarships and Fellowships Utilities Supplies and Other Services Depreciation Total Operating Expenses Operating Loss NONOPERATING REVENUES (EXPENSES) State Appropriations Grants and Contracts Revenues Federal Local Expenses Gifts Interest and Other Investment Income Interest Expense (Capital Assets) Other Nonoperating Expenses Net Nonoperating Revenues Loss Before Other Revenues, Expenses, Gains, or Losses Capital Grants and Gifts State Local Loss on Disposal of Capital Assets Special Items Total Other Revenues, Expenses, Gains, or Losses Decrease in Net Position Net Position - Beginning of Year (Restated) Net Position - End of Year $ 24,570,456.02 -6,360,742.38 121,742.00 118,273.00 2,154,312.35 19,887.49 20,623,928.48 26,414,143.53 9,821,952.82 156,252.50 6,629,565.08 2,252,139.15 7,682,163.60 3,242,604.57 56,198,821.25 -35,574,892.77 20,460,009.30 14,624,699.38 1,210,813.12 -827,327.62 913,143.22 11,469.16 -7,801.80 -84,005.00 36,300,999.76 726,106.99 4,469,053.36 2,598,621.00 -8,668.95 510.43 7,059,515.84 7,785,622.83 42,341,601.67 $ 50,127,224.50 - 2 - CHATTAHOOCHEE TECHNICAL COLLEGE STATEMENT OF CASH FLOWS - (GAAP BASIS) YEAR ENDED JUNE 30, 2015 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 Net Cash Used by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Agency Funds Transactions Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts Net Cash Flows Provided by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Capital Grants and Gifts Received Purchases of Capital Assets Principal Paid on Capital Debt Interest Paid on Capital Debt Net Cash Used by Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments Net Increase in Cash Cash and Cash Equivalents - Beginning of Year Cash and Cash Equivalents - End of Year RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES: Operating Loss Adjustments to Reconcile Operating Income to Net Cash Used by Operating Activities Depreciation Expense Change in Assets and Liabilities: Accounts Receivable, Net Prepaid Items Salaries Payable Accounts Payable Unearned Revenue Compensated Absences Change in Deferred Inflows/Outflows of Resources: Deferred Inflows of Resources Deferred Outflows of Resources Net Pension Liability Net Cash Used by Operating Activities NONCASH ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts - 3 - EXHIBIT "C" $ 17,521,751.60 689,584.59 2,154,312.35 -20,940,082.25 -26,437,858.75 -6,629,565.08 138,160.49 -33,503,697.05 20,460,009.30 283,254.19 15,921,328.10 -84,005.00 36,580,586.59 244,126.98 -1,926,436.79 -20,182.20 -7,801.80 -1,710,293.81 11,469.16 1,378,064.89 6,403,473.82 $ 7,781,538.71 $ -35,574,892.77 3,242,604.57 134,615.60 47,003.55 16,046.47 676,879.04 -254,735.05 -39,761.69 10,162,674.00 -433,719.77 -11,480,411.00 $ -33,503,697.05 $ 6,823,547.38