REVIEW REPORT FISCAL YEAR 2022 Technical College System of Georgia Atlanta, Georgia Greg S. Griffin | State Auditor Technical College System of Georgia Table of Contents Financial Independent Accountant's Report Combining Statements Combining Statement of Net Position - (GAAP Basis) 1 Combining Statement of Revenues, Expenses and Changes in Net Position (GAAP Basis) 7 Combining Statement of Cash Flows - (GAAP Basis) 13 Combining Statement of Fiduciary Net Position - (GAAP Basis) 19 Combining Statement of Changes in Fiduciary Net Position - (GAAP Basis) 25 Related Financial Notes 32 Supplementary Information Combining Balance Sheet - (Non-GAAP Basis) - Budget Fund 65 Summary Budget Comparison and Surplus Analysis Reports (Non-GAAP Basis) Budget Fund by Budget Unit Administrative System 71 Albany Technical College 72 Athens Technical College 73 Atlanta Technical College 74 Augusta Technical College 75 Central Georgia Technical College 76 Chattahoochee Technical College 77 Coastal Pines Technical College 78 Columbus Technical College 79 Georgia Northwestern Technical College 80 Georgia Piedmont Technical College 81 Gwinnett Technical College 82 Lanier Technical College 83 North Georgia Technical College 84 Oconee Fall Line Technical College 85 Ogeechee Technical College 86 Savannah Technical College 87 Southeastern Technical College 88 South Georgia Technical College 89 Southern Crescent Technical College 90 Southern Regional Technical College 91 West Georgia Technical College 92 Wiregrass Georgia Technical College 93 Financial Greg S. Griffin State Auditor INDEPENDENT ACCOUNTANT'S REVIEW REPORT The Honorable Brian P. Kemp, Governor of Georgia Members of the General Assembly of the State of Georgia Members of the State Board of the Technical College System of Georgia and Mr. Gregory C. Dozier, Commissioner Technical College System of Georgia We have reviewed the accompanying financial statement of the business-type activities and the fiduciary activities of the Technical College System of Georgia, as of and for the year ended June 30, 2022, and the related notes (financial statements) as listed in the table of contents. A review includes primarily applying analytical procedures to management's financial data and making inquiries of management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Accountant's Responsibility Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion. We are required to be independent of the Technical College System of Georgia and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our review. Accountant's Conclusion Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America. 270 Washington Street, SW, Suite 4-101 Atlanta, Georgia 30334 | Phone (404) 656-2180 Required Supplementary Information Management has omitted the Management's Discussion and Analysis, Schedules of Contributions for Defined Benefit Pension Plan and OPEB Plan, Schedules of Proportionate Share of Net Pension and Net OPEB Liabilities, and Notes to the Required Supplementary Information that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a required part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting and for placing the basic financial statements in an appropriate operational, economic, or historical content. Other Matters The accompanying supplementary information, as listed in the table of contents, is presented for additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management. We have not audited or reviewed such information and we do not express an opinion, a conclusion, nor provide any assurance on it. We did, however, perform certain procedures on the supplementary information. Additionally, we have performed certain procedures to support our audit of the basic financial statements of the State of Georgia presented in the State of Georgia Annual Comprehensive Financial Report, as of year ended June 30, 2022. Respectfully submitted, Greg S. Griffin State Auditor January 11, 2023 Combining Statements TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF NET POSITION - (GAAP BASIS) JUNE 30, 2022 ASSETS Current Assets Cash and Cash Equivalents Short-term Investments Accounts Receivable, Net State Appropriations Federal Financial Assistance Other Prepaid Items Inventories Other Assets Total Current Assets Noncurrent Assets Investments Net OPEB Asset Capital Assets, Net Total Noncurrent Assets Total Assets Deferred Outflows of Resources Related to Defined Benefit Pension and OPEB Plans LIABILITIES Current Liabilities Contracts Payable Grants Payable Salaries Payable Accounts Payable Advances Funds Held for Others Leases Liability Compensated Absences Other Liabilities Total Current Liabilities Noncurrent Liabilities Leases Liabilities Compensated Absences Net OPEB Liability Net Pension Liability Total Noncurrent Liabilities Total Liabilities Deferred Inflows of Resources Related to Defined Benefit Pension and OPEB Plans NET POSITION Net Investment in Capital Assets Restricted Expendable Unrestricted (Deficit) Total Net Position TOTAL ADMINISTRATIVE SYSTEM OFFICE ALBANY ATHENS $ 120,416,266.84 $ 77,700.21 14,375,134.45 52,445,211.43 56,118,745.62 1,825,243.95 8,036,645.08 6,384.11 253,301,331.69 1,779,613.88 $ - 14,341,466.24 18,300,069.50 8,994,527.48 279,867.56 - 43,695,544.66 1,606,065.26 $ - 2,102,390.68 154,051.51 5,388.25 336,229.42 - 4,204,125.12 4,521,765.04 - 1,947,981.44 2,018,328.28 75,479.88 - 8,563,554.64 613,206.20 20,110,490.00 1,418,721,098.55 1,439,444,794.75 1,692,746,126.44 2,926,405.00 71,083,221.61 74,009,626.61 117,705,171.27 715,091.00 34,599,630.99 35,314,721.99 39,518,847.11 509,578.00 52,626,010.62 53,135,588.62 61,699,143.26 186,741,033.43 12,890,366.32 5,657,950.00 7,324,206.00 767,967.38 10,322,235.96 2,079,655.19 26,739,177.89 34,220,465.33 14,569,756.05 5,794,562.74 20,769,041.42 10,760.72 115,273,622.68 10,322,235.96 15,815.70 6,592,443.68 118,647.92 48,500.42 2,515,535.56 1,707,498.94 21,320,678.18 174,589.75 296,050.69 461,191.70 322,836.68 109,039.06 821,572.48 2,185,280.36 135,181.90 731,037.06 574,146.65 1,707.59 38,995.83 686,963.16 2,168,032.19 33,559,308.74 17,961,658.48 29,537,886.00 234,334,028.00 315,392,881.22 430,666,503.90 26,050,795.69 1,510,080.24 1,850,109.00 15,582,265.00 44,993,249.93 66,313,928.11 65,617.55 619,782.73 958,995.00 7,609,637.00 9,254,032.28 11,439,312.64 25,642.38 612,101.16 1,203,787.00 9,103,311.00 10,944,841.54 13,112,873.73 434,773,318.00 26,699,388.00 14,480,187.00 17,940,027.00 1,379,367,227.07 40,226,205.49 (405,546,094.59) $ 1,014,047,337.97 $ 42,516,890.36 34,424,974.38 52,561,372.41 22,219,021.19 (27,153,690.07) 37,582,221.48 $ 894,986.53 (16,062,663.44) 19,257,297.47 $ 509,578.00 (15,100,501.88) 37,970,448.53 - 1 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF NET POSITION - (GAAP BASIS) JUNE 30, 2022 ASSETS Current Assets Cash and Cash Equivalents Short-term Investments Accounts Receivable, Net State Appropriations Federal Financial Assistance Other Prepaid Items Inventories Other Assets Total Current Assets Noncurrent Assets Investments Net OPEB Asset Capital Assets, Net Total Noncurrent Assets Total Assets Deferred Outflows of Resources Related to Defined Benefit Pension and OPEB Plans LIABILITIES Current Liabilities Contracts Payable Grants Payable Salaries Payable Accounts Payable Advances Funds Held for Others Leases Liability Compensated Absences Other Liabilities Total Current Liabilities Noncurrent Liabilities Leases Liabilities Compensated Absences Net OPEB Liability Net Pension Liability Total Noncurrent Liabilities Total Liabilities Deferred Inflows of Resources Related to Defined Benefit Pension and OPEB Plans NET POSITION Net Investment in Capital Assets Restricted Expendable Unrestricted (Deficit) Total Net Position ATLANTA $ 1,282,632.82 $ - 3,523,857.27 4,385,983.73 10,423.00 667,614.07 1,012.03 9,871,522.92 607,100.00 33,123,310.80 33,730,410.80 43,601,933.72 7,847,094.09 3,198,367.58 1,190,884.46 685,074.46 469,115.30 802,548.37 6,345,990.17 109,907.73 802,379.75 1,219,577.00 9,923,551.00 12,055,415.48 18,401,405.65 17,120,614.00 32,544,287.77 607,100.00 (17,224,379.61) $ 15,927,008.16 $ AUGUSTA 11,680,848.50 $ 20,000.00 318,328.59 786,646.61 857,372.33 13,663,196.03 1,564,611.00 36,473,557.84 38,038,168.84 51,701,364.87 7,934,764.59 70,641.60 245,442.91 751,043.42 3,334,132.61 1,018,451.40 5,419,711.94 691,729.00 1,307,154.00 10,590,780.00 12,589,663.00 18,009,374.94 18,758,501.00 36,473,557.84 1,599,104.42 (15,204,408.74) 22,868,253.52 $ CENTRAL GEORGIA CHATTAHOOCHEE 1,070,929.69 $ 57,700.21 1,053,687.95 4,476,839.45 39,343.35 - 6,698,500.65 12,304,175.93 - 4,574,725.62 7,386,342.64 500,699.73 - 24,765,943.92 2,134,607.00 87,548,492.25 89,683,099.25 96,381,599.90 1,100,758.00 113,587,308.94 114,688,066.94 139,454,010.86 15,904,894.00 14,261,362.00 39,191.94 2,287,883.88 1,240,993.24 551,895.07 891,494.66 1,754,227.23 6,765,686.02 173,008.11 2,176,386.25 8,745,252.04 1,051,066.95 228,736.61 1,782,243.32 14,156,693.28 3,292,309.57 1,499,137.00 2,508,751.00 20,423,945.00 27,724,142.57 34,489,828.59 148,610.94 1,472,426.57 2,204,926.00 17,541,096.00 21,367,059.51 35,523,752.79 35,357,277.00 32,112,349.00 83,364,688.02 2,134,607.00 (43,059,906.71) 42,439,388.31 $ 113,209,961.39 1,145,281.28 (28,275,971.60) 86,079,271.07 - 2 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF NET POSITION - (GAAP BASIS) JUNE 30, 2022 ASSETS Current Assets Cash and Cash Equivalents Short-term Investments Accounts Receivable, Net State Appropriations Federal Financial Assistance Other Prepaid Items Inventories Other Assets Total Current Assets Noncurrent Assets Investments Net OPEB Asset Capital Assets, Net Total Noncurrent Assets Total Assets Deferred Outflows of Resources Related to Defined Benefit Pension and OPEB Plans LIABILITIES Current Liabilities Contracts Payable Grants Payable Salaries Payable Accounts Payable Advances Funds Held for Others Leases Liability Compensated Absences Other Liabilities Total Current Liabilities Noncurrent Liabilities Leases Liabilities Compensated Absences Net OPEB Liability Net Pension Liability Total Noncurrent Liabilities Total Liabilities Deferred Inflows of Resources Related to Defined Benefit Pension and OPEB Plans NET POSITION Net Investment in Capital Assets Restricted Expendable Unrestricted (Deficit) Total Net Position COASTAL PINES COLUMBUS GEORGIA NORTHWESTERN $ 5,867,559.83 $ - 7,203,421.09 $ - 6,319,437.94 $ - 308,630.13 1,414,926.22 128,304.98 487,987.98 8,207,409.14 1,053,895.03 2,731,070.77 1,522.12 355,338.26 11,345,247.27 2,117,984.94 1,859,979.77 62,320.92 - 10,359,723.57 422,260.00 56,073,282.95 56,495,542.95 64,702,952.09 550,709.00 31,016,391.73 31,567,100.73 42,912,348.00 1,307,830.00 81,800,498.09 83,108,328.09 93,468,051.66 6,055,363.00 6,757,848.72 9,400,163.55 118,836.49 484,462.97 527,011.10 215,768.93 8,806.17 544,787.01 1,899,672.67 35,613.00 484,996.64 2,772,090.01 744,370.17 19,060.55 639,565.91 4,695,696.28 168,972.61 2,039,488.41 952,847.90 425,894.09 87,578.63 1,187,017.41 4,861,799.05 34,578.89 399,051.16 943,414.00 7,237,649.00 8,614,693.05 10,514,365.72 89,900.76 576,338.84 1,030,666.00 7,952,997.00 9,649,902.60 14,345,598.88 937,370.50 1,476,336.00 11,927,745.00 14,341,451.50 19,203,250.55 13,513,288.00 14,867,889.00 21,469,751.00 56,029,897.89 30,907,430.42 81,712,919.46 422,260.00 (9,721,496.52) 551,770.58 (11,002,492.16) 1,308,411.22 (20,826,117.02) $ 46,730,661.37 $ 20,456,708.84 $ 62,195,213.66 $ GEORGIA PIEDMONT 10,878,229.10 - 1,628,680.98 1,839,553.73 37,596.40 310,450.97 5,372.08 14,699,883.26 410,140.00 31,416,009.12 31,826,149.12 46,526,032.38 5,865,129.00 138,487.15 523,728.61 1,454,026.04 1,091,697.70 3,457.04 730,155.40 3,941,551.94 8,644.17 553,671.81 990,502.00 7,557,453.00 9,110,270.98 13,051,822.92 16,740,394.00 31,403,907.91 505,622.35 (9,310,585.80) 22,598,944.46 - 3 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF NET POSITION - (GAAP BASIS) JUNE 30, 2022 ASSETS Current Assets Cash and Cash Equivalents Short-term Investments Accounts Receivable, Net State Appropriations Federal Financial Assistance Other Prepaid Items Inventories Other Assets Total Current Assets Noncurrent Assets Investments Net OPEB Asset Capital Assets, Net Total Noncurrent Assets Total Assets Deferred Outflows of Resources Related to Defined Benefit Pension and OPEB Plans LIABILITIES Current Liabilities Contracts Payable Grants Payable Salaries Payable Accounts Payable Advances Funds Held for Others Leases Liability Compensated Absences Other Liabilities Total Current Liabilities Noncurrent Liabilities Leases Liabilities Compensated Absences Net OPEB Liability Net Pension Liability Total Noncurrent Liabilities Total Liabilities Deferred Inflows of Resources Related to Defined Benefit Pension and OPEB Plans NET POSITION Net Investment in Capital Assets Restricted Expendable Unrestricted (Deficit) Total Net Position GWINNETT $ 9,230,164.60 $ - 738,723.24 7,273,149.35 26,105.59 - 17,268,142.78 613,206.20 979,767.00 75,281,197.58 76,874,170.78 94,142,313.56 13,469,994.00 767,967.38 - 154,781.63 1,407,127.72 6,776,066.24 300,637.03 183,871.42 1,042,105.45 10,632,556.87 228,381.11 1,392,696.87 2,065,574.00 17,166,099.00 20,852,750.98 31,485,307.85 28,762,165.00 74,868,945.05 979,767.00 (28,483,877.34) $ 47,364,834.71 $ LANIER NORTH GEORGIA 2,076,390.07 $ - 440,781.47 2,273,523.81 132,310.37 166,165.83 5,089,171.55 2,946,845.65 $ - 403,509.91 840,610.16 68,219.79 161,454.22 4,420,639.73 531,858.00 136,388,245.13 136,920,103.13 142,009,274.68 353,866.00 52,595,902.55 52,949,768.55 57,370,408.28 8,596,811.77 5,264,238.00 274,657.68 1,445,915.91 683,085.40 1,423,475.02 88,704.89 927,284.55 974.95 4,844,098.40 13,447.21 326,090.36 455,844.80 383,917.78 39,802.73 512,747.50 1,731,850.38 100,637.29 763,422.87 1,282,530.00 10,013,300.00 12,159,890.16 17,003,988.56 161,404.50 557,706.57 836,368.00 6,493,197.00 8,048,676.07 9,780,526.45 18,077,440.00 11,968,446.00 136,198,902.95 52,394,695.32 638,578.83 (21,312,823.89) 115,524,657.89 $ 430,562.49 (11,939,583.98) 40,885,673.83 $ OCONEE FALL LINE 3,462,829.88 - 1,236,618.28 417,648.81 123,781.48 357,135.36 5,598,013.81 422,992.00 34,067,209.99 34,490,201.99 40,088,215.80 3,894,213.00 57,564.14 1,423,528.60 477,907.18 234,357.01 44,068.54 533,286.62 5,785.77 2,776,497.86 135,047.93 433,162.94 660,510.00 4,952,917.00 6,181,637.87 8,958,135.73 10,265,570.00 33,888,093.52 422,994.41 (9,552,364.86) 24,758,723.07 - 4 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF NET POSITION - (GAAP BASIS) JUNE 30, 2022 ASSETS Current Assets Cash and Cash Equivalents Short-term Investments Accounts Receivable, Net State Appropriations Federal Financial Assistance Other Prepaid Items Inventories Other Assets Total Current Assets Noncurrent Assets Investments Net OPEB Asset Capital Assets, Net Total Noncurrent Assets Total Assets Deferred Outflows of Resources Related to Defined Benefit Pension and OPEB Plans LIABILITIES Current Liabilities Contracts Payable Grants Payable Salaries Payable Accounts Payable Advances Funds Held for Others Leases Liability Compensated Absences Other Liabilities Total Current Liabilities Noncurrent Liabilities Leases Liabilities Compensated Absences Net OPEB Liability Net Pension Liability Total Noncurrent Liabilities Total Liabilities Deferred Inflows of Resources Related to Defined Benefit Pension and OPEB Plans NET POSITION Net Investment in Capital Assets Restricted Expendable Unrestricted (Deficit) Total Net Position OGEECHEE SAVANNAH SOUTHEASTERN $ 3,144,880.87 $ - 815,396.46 635,399.90 29,762.00 250,180.96 4,875,620.19 3,477,725.76 $ - 1,755,706.62 2,256,475.23 92,680.31 436,246.48 8,018,834.40 2,190,180.96 $ - 354,759.08 459,290.11 600.00 386,016.54 3,390,846.69 223,465.00 43,709,222.37 43,932,687.37 48,808,307.56 502,151.00 50,254,285.32 50,756,436.32 58,775,270.72 610,887.00 29,294,984.59 29,905,871.59 33,296,718.28 4,690,229.00 7,731,951.00 4,313,849.00 79,288.43 155,216.14 513,270.16 261,021.16 75,999.32 603,666.19 4,000.00 1,692,461.40 84,726.01 129,478.41 875,658.57 209,433.72 496,007.34 813,276.91 2,608,580.96 90,752.57 413,231.43 321,766.00 273,856.56 58,802.70 574,975.88 1,733,385.14 213,829.52 384,054.66 743,082.00 5,417,644.00 6,758,610.18 8,451,071.58 2,429,422.11 779,044.38 1,213,063.00 9,620,815.00 14,042,344.49 16,650,925.45 68,332.34 495,283.64 715,847.00 5,454,233.00 6,733,695.98 8,467,081.12 11,289,686.00 17,850,254.00 10,589,330.00 43,419,393.53 47,328,855.87 29,167,849.55 223,465.00 (9,885,079.55) 526,540.45 (15,849,354.05) 682,138.18 (11,295,831.57) $ 33,757,778.98 $ 32,006,042.27 $ 18,554,156.16 $ SOUTH GEORGIA 531,714.03 - 11,500.00 1,990,438.32 1,327,861.03 21,955.58 161,736.98 4,045,205.94 945,964.00 28,147,853.85 29,093,817.85 33,139,023.79 3,989,614.00 22,372.11 785,185.36 614,745.66 73,162.09 122,365.12 481,420.42 2,099,250.76 68,493.88 482,934.75 637,607.00 5,278,691.00 6,467,726.63 8,566,977.39 10,161,575.00 27,956,994.85 964,096.60 (10,521,006.05) 18,400,085.40 - 5 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF NET POSITION - (GAAP BASIS) JUNE 30, 2022 ASSETS Current Assets Cash and Cash Equivalents Short-term Investments Accounts Receivable, Net State Appropriations Federal Financial Assistance Other Prepaid Items Inventories Other Assets Total Current Assets Noncurrent Assets Investments Net OPEB Asset Capital Assets, Net Total Noncurrent Assets Total Assets Deferred Outflows of Resources Related to Defined Benefit Pension and OPEB Plans LIABILITIES Current Liabilities Contracts Payable Grants Payable Salaries Payable Accounts Payable Advances Funds Held for Others Leases Liability Compensated Absences Other Liabilities Total Current Liabilities Noncurrent Liabilities Leases Liabilities Compensated Absences Net OPEB Liability Net Pension Liability Total Noncurrent Liabilities Total Liabilities Deferred Inflows of Resources Related to Defined Benefit Pension and OPEB Plans NET POSITION Net Investment in Capital Assets Restricted Expendable Unrestricted (Deficit) Total Net Position SOUTHERN CRESCENT SOUTHERN REGIONAL $ 10,901,891.69 $ - 211,577.18 1,393,118.37 53,875.62 857,217.35 13,417,680.21 1,658,801.90 $ - 22,168.21 2,016,831.81 1,220,823.32 1,249.22 852,088.04 5,771,962.50 546,232.00 68,456,945.91 69,003,177.91 82,420,858.12 991,837.00 98,847,383.89 99,839,220.89 105,611,183.39 7,691,395.00 10,094,409.26 57,870.68 492,676.23 1,807,418.04 1,061,565.19 20,055.40 966,675.52 4,406,261.06 13,815.74 19,450.92 716,501.56 490,276.50 218,991.80 966,230.99 2,425,267.51 20,160.98 790,888.05 1,322,175.00 9,995,145.00 12,128,369.03 16,534,630.09 158,112.96 818,595.32 1,507,057.00 11,746,732.00 14,230,497.28 16,655,764.79 20,238,289.00 21,767,330.00 68,416,729.53 681,363.35 (15,758,758.85) $ 53,339,334.03 $ 98,470,279.13 991,953.00 (22,179,734.27) 77,282,497.86 $ WEST GEORIGA WIREGRASS GEORGIA 8,539,294.84 $ - 672,877.56 948,002.74 133,757.80 1,014,848.59 11,308,781.53 7,740,867.51 - 4,877,759.37 1,024,592.60 378,561.70 14,021,781.18 1,210,714.00 96,910,430.06 98,121,144.06 109,429,925.59 541,668.00 75,419,722.37 75,961,390.37 89,983,171.55 8,933,266.37 8,171,921.76 48,376.60 651,994.32 1,272,491.60 1,067,110.64 8,559.57 1,006,639.47 4,055,172.20 111,664.14 428,993.81 917,575.64 317,998.68 65,514.50 665,701.29 2,507,448.06 25,688.87 797,877.77 1,554,620.00 12,383,481.00 14,761,667.64 18,816,839.84 123,789.57 591,921.90 1,305,236.00 10,361,345.00 12,382,292.47 14,889,740.53 24,289,533.00 20,454,035.00 96,876,181.62 1,210,715.73 (22,830,078.23) 75,256,819.12 $ 75,230,418.30 576,287.88 (12,995,388.40) 62,811,317.78 - 6 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 OPERATING REVENUES Student Tuition and Fees Less: Allowance for Doubtful Accounts Less: Sponsored Scholarships Grants and Contracts Federal Rents and Royalties Sales and Services (Net of COGS) Other Operating Revenues Total Operating Revenues OPERATING EXPENSES Salaries Employee Benefits Other Personal Services 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 Revenues Federal State Local Nongovernmental Expenses Gifts Interest and Other Investment Income Interest Expense (Capital Assets) Other Nonoperating Revenues Other Nonoperating Expenses Net Nonoperating Revenues Income (Loss) Before Other Revenues, Expenses, Gains, or Loss CAPITAL CONTRIBUTIONS Capital Grants and Gifts Federal State Local Nongovernmental Loss on Disposal of Capital Assets Special Item Transfer Total Capital Contributions Increase (Decrease) in Net Position Net Position - Beginning of Year, Restated Net Position - End of Year TOTAL ADMINISTRATIVE SYSTEM OFFICE ALBANY $ 229,918,373.78 $ (3,549,372.14) (80,921,700.52) - $ - 7,406,145.65 $ (337,290.61) (4,549,357.40) 1,418,119.78 2,254,383.13 29,587,342.59 3,217,809.99 181,924,956.61 1,092,296.99 911,196.95 2,003,493.94 30,585.12 2,375.00 910,675.94 18,231.84 3,481,365.54 389,679,896.83 40,873,429.31 4,081.10 2,276,759.19 207,133,337.60 28,554,821.54 173,136,500.67 83,368,600.36 925,027,426.60 (743,102,469.99) 20,700,762.20 4,894,451.52 525,189.78 606,519.65 21,999,465.92 6,105,779.83 54,832,168.90 (52,828,674.96) 13,301,125.18 924,596.34 69,633.73 7,898,310.77 1,232,126.83 6,291,672.05 2,557,206.40 32,274,671.30 (28,793,305.76) 394,546,825.88 67,970,376.69 12,078,912.73 567,995,504.23 7,068,490.08 531,949.38 606,528.47 (83,099,400.48) 12,493,266.29 39,910.45 (621,857.98) 2,600,576.69 (13,096,047.51) 889,065,745.50 145,963,275.51 93,846,409.08 128,162.51 20,539.05 (81,589,051.36) 224.00 - (298,833.78) - 80,077,826.19 27,249,151.23 20,386,065.47 254,716.98 111,292.69 2,781.34 (23,229.80) 51,585.00 (111,292.69) 32,750,831.72 3,957,525.96 398,350.15 106,616,488.38 1,718,812.15 513,935.44 (406,355.86) 108,841,230.26 379,701.10 (22,354.33) 357,346.77 254,804,505.77 27,606,498.00 759,242,832.20 9,975,723.48 $ 1,014,047,337.97 $ 37,582,221.48 $ 1,024,423.50 50,000.00 - (76,274.87) 88,338.97 1,086,487.60 5,044,013.56 14,213,283.91 19,257,297.47 $ ATHENS 8,072,796.59 - (2,026,091.37) 81,750.11 - 684,405.87 - 6,812,861.20 16,104,163.72 894,343.12 51,546.76 7,659,680.40 1,143,144.32 6,670,903.82 3,077,372.61 35,601,154.75 (28,788,293.55) 13,240,754.94 18,374,143.23 2,245,929.08 580,000.00 (876,755.58) 707,817.10 - (266.84) - (707,817.10) 33,563,804.83 4,775,511.28 7,427,920.05 27,200.00 7,455,120.05 12,230,631.33 25,739,817.20 37,970,448.53 - 7 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 OPERATING REVENUES Student Tuition and Fees Less: Allowance for Doubtful Accounts Less: Sponsored Scholarships Grants and Contracts Federal Rents and Royalties Sales and Services (Net of COGS) Other Operating Revenues Total Operating Revenues ATLANTA AUGUSTA CENTRAL GEORGIA CHATTAHOOCHEE $ 8,548,596.35 $ 12,028,166.15 $ 18,243,309.53 $ - - (1,586,473.18) (4,785,927.58) (3,960,604.79) (5,436,394.26) 23,746,665.18 (54,267.71) (6,595,231.48) 98,541.50 - 2,269,120.23 710,793.97 6,841,124.47 74,270.27 24,812.50 1,842,579.39 22,761.25 10,031,984.77 72,627.99 85,440.00 3,504,358.86 490.46 14,883,359.40 114,824.34 137,510.95 1,789,586.79 57,064.05 19,196,152.12 OPERATING EXPENSES Salaries Employee Benefits Other Personal Services Travel Scholarships and Fellowships Utilities Supplies and Other Services Depreciation and Amortization Total Operating Expenses Operating Loss 17,002,513.34 2,197,646.37 33,074.07 12,221,746.38 1,274,812.40 5,603,640.11 2,613,883.67 40,947,316.34 (34,106,191.87) 16,580,339.33 925,867.21 64,107.19 11,633,781.38 977,650.09 11,238,685.64 5,373,940.65 46,794,371.49 (36,762,386.72) 32,848,404.11 4,258,917.22 175,528.10 12,670,119.52 2,600,978.81 7,690,715.68 4,784,421.13 65,029,084.57 (50,145,725.17) 29,639,186.44 3,529,314.70 62,946.17 12,055,808.48 1,965,438.80 8,937,537.49 5,415,574.66 61,605,806.74 (42,409,654.62) NONOPERATING REVENUES (EXPENSES) State Appropriations Grants and Contracts Revenues Federal State Local Nongovernmental Expenses Gifts Interest and Other Investment Income Interest Expense (Capital Assets) Other Nonoperating Revenues Other Nonoperating Expenses Net Nonoperating Revenues Income (Loss) Before Other Revenues, Expenses, Gains, or Loss 13,632,549.27 14,622,981.13 25,950,255.10 24,426,394.47 27,837,511.80 172,377.56 (75,224.00) 81,487.00 4,978.25 (27,598.75) 422,060.49 (284,066.00) 41,764,075.62 7,657,883.75 26,155,733.54 14,400.00 311,776.76 1,779.51 (311,776.76) 40,794,894.18 4,032,507.46 31,441,248.74 1,065,481.28 54,068.05 - 836,608.88 7.98 (93,141.46) 75,225.48 (836,608.88) 58,493,145.17 8,347,420.00 26,704,614.72 - 44,791.52 - 352,405.51 1,595.04 (14,503.28) - (352,405.51) 51,162,892.47 8,753,237.85 CAPITAL CONTRIBUTIONS Capital Grants and Gifts Federal State Local Nongovernmental Loss on Disposal of Capital Assets Special Item Transfer Total Capital Contributions 60,180.80 57,540.00 (265.92) - 117,454.88 - - - - 904,458.62 9,150,358.15 - - 18,000.00 - 8,500.00 - - - (14,096.17) - 27,200.00 - - 940,158.62 9,154,261.98 Increase (Decrease) in Net Position 7,775,338.63 4,032,507.46 9,287,578.62 17,907,499.83 Net Position - Beginning of Year, Restated Net Position - End of Year 8,151,669.53 18,835,746.06 33,151,809.69 68,171,771.24 $ 15,927,008.16 $ 22,868,253.52 $ 42,439,388.31 $ 86,079,271.07 - 8 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 OPERATING REVENUES Student Tuition and Fees Less: Allowance for Doubtful Accounts Less: Sponsored Scholarships Grants and Contracts Federal Rents and Royalties Sales and Services (Net of COGS) Other Operating Revenues Total Operating Revenues OPERATING EXPENSES Salaries Employee Benefits Other Personal Services 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 Revenues Federal State Local Nongovernmental Expenses Gifts Interest and Other Investment Income Interest Expense (Capital Assets) Other Nonoperating Revenues Other Nonoperating Expenses Net Nonoperating Revenues Income (Loss) Before Other Revenues, Expenses, Gains, or Loss CAPITAL CONTRIBUTIONS Capital Grants and Gifts Federal State Local Nongovernmental Loss on Disposal of Capital Assets Special Item Transfer Total Capital Contributions Increase (Decrease) in Net Position Net Position - Beginning of Year, Restated Net Position - End of Year COASTAL PINES COLUMBUS GEORGIA NORTHWESTERN $ 8,079,965.48 $ - (1,740,148.25) 7,325,481.94 $ - (2,916,977.36) 14,624,872.20 $ - (4,629,869.78) 10,625.28 33,944.80 510,306.61 2,824.15 6,897,518.07 68,504.89 - 1,082,684.51 176,654.84 5,736,348.82 10,139.03 - 731,310.29 - 10,736,451.74 11,699,384.78 1,173,662.22 112,480.29 7,110,015.80 1,177,396.80 6,895,526.97 3,540,694.24 31,709,161.10 (24,811,643.03) 13,267,913.71 1,477,429.44 71,882.73 7,714,839.78 899,212.38 6,867,747.39 2,196,387.63 32,495,413.06 (26,759,064.24) 20,805,421.22 1,873,905.46 (126.10) 143,447.32 14,822,850.49 1,587,814.53 8,973,277.58 5,108,388.66 53,314,979.16 (42,578,527.42) 14,333,842.08 11,649,135.11 18,564,292.34 14,768,241.53 21,144.85 54,914.73 9.83 (176.11) (54,914.73) 29,123,062.18 4,311,419.15 22,051,507.35 11,004.32 - 1,052,556.49 - (610.86) 258,784.69 (1,199,402.29) 33,822,974.81 7,063,910.57 27,985,929.02 - 17,606.96 - 257,398.15 13,690.18 (445.61) - (257,398.15) 46,581,072.89 4,002,545.47 880,542.77 15.99 880,558.76 5,191,977.91 41,538,683.46 $ 46,730,661.37 $ (53,661.01) (237,816.91) (291,477.92) 6,772,432.65 13,684,276.19 20,456,708.84 $ 1,016,422.78 190,138.00 - 1,206,560.78 5,209,106.25 56,986,107.41 62,195,213.66 $ GEORGIA PIEDMONT 6,557,901.02 (490,011.78) (4,046,048.50) 65,093.97 201,809.76 (2,591,750.14) 30.00 (302,975.67) 13,637,175.85 (865,879.05) 3,727.20 46,689.21 5,633,792.81 1,001,003.55 2,827,168.57 2,064,785.79 24,348,463.93 (24,651,439.60) 14,738,553.91 18,136,700.24 672,783.00 251,010.82 122,109.17 30.28 (134,854.71) 7,035.88 (714,375.66) 33,078,992.93 8,427,553.33 177,420.19 1,604.58 49,554.33 228,579.10 8,656,132.43 13,942,812.03 22,598,944.46 - 9 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 OPERATING REVENUES Student Tuition and Fees Less: Allowance for Doubtful Accounts Less: Sponsored Scholarships Grants and Contracts Federal Rents and Royalties Sales and Services (Net of COGS) Other Operating Revenues Total Operating Revenues OPERATING EXPENSES Salaries Employee Benefits Other Personal Services 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 Revenues Federal State Local Nongovernmental Expenses Gifts Interest and Other Investment Income Interest Expense (Capital Assets) Other Nonoperating Revenues Other Nonoperating Expenses Net Nonoperating Revenues Income (Loss) Before Other Revenues, Expenses, Gains, or Loss CAPITAL CONTRIBUTIONS Capital Grants and Gifts Federal State Local Nongovernmental Loss on Disposal of Capital Assets Special Item Transfer Total Capital Contributions Increase (Decrease) in Net Position Net Position - Beginning of Year, Restated Net Position - End of Year GWINNETT $ 20,639,888.00 $ (334,216.01) (7,256,830.00) 113,661.96 13,400.00 2,451,114.11 82,773.07 15,709,791.13 LANIER NORTH GEORGIA 11,397,069.48 $ (119,327.72) (2,189,772.92) 6,379,329.84 $ (138,875.42) (1,848,600.51) 48,989.75 815,681.36 1,267,149.53 60.00 11,219,849.48 70,902.03 143,077.85 2,029,021.02 736.00 6,635,590.81 28,208,146.50 4,323,895.06 106,759.05 16,377,687.77 1,035,589.01 8,008,970.15 4,167,060.82 62,228,108.36 (46,518,317.23) 17,837,182.52 2,900,248.29 66,421.46 8,585,003.37 963,911.71 6,168,986.03 6,258,432.62 42,780,186.00 (31,560,336.52) 11,630,556.52 1,517,931.24 80,724.62 7,526,079.02 1,055,627.33 4,923,878.10 2,985,253.95 29,720,050.78 (23,084,459.97) 18,564,572.86 12,538,506.97 10,609,121.19 39,133,297.38 - 97,125.54 5,989.42 258,730.49 651.68 (1,297.65) (258,730.49) 57,800,339.23 11,282,022.00 16,896,980.52 - 40,393.75 - (499,592.80) 392,363.34 (13,300.77) 743,864.81 (392,363.34) 29,706,852.48 (1,853,484.04) 14,886,428.34 - (26,400.00) 102,441.05 4,701.36 (2,779.69) (102,441.05) 25,471,071.20 2,386,611.23 387,391.44 627,204.85 1,397,519.15 (1,056.96) 2,411,058.48 13,693,080.48 33,671,754.23 $ 47,364,834.71 $ 156,087.88 242,932.53 27,200.00 426,220.41 (1,427,263.63) 116,951,921.52 115,524,657.89 $ 919,640.25 2,950.94 922,591.19 3,309,202.42 37,576,471.41 40,885,673.83 $ OCONEE FALL LINE 4,340,721.56 - (1,990,739.89) 29,931.80 198,333.60 758,950.13 117,313.58 3,454,510.78 9,179,325.72 457,241.72 107,838.28 3,525,377.31 986,809.88 4,378,904.68 2,115,542.69 20,751,040.28 (17,296,529.50) 9,653,848.76 10,236,810.59 - 181,206.12 - (554.56) 26,693.80 (181,206.12) 19,916,798.59 2,620,269.09 2,464,826.99 383.69 (2,231.25) 2,462,979.43 5,083,248.52 19,675,474.55 24,758,723.07 - 10 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 OPERATING REVENUES Student Tuition and Fees Less: Allowance for Doubtful Accounts Less: Sponsored Scholarships Grants and Contracts Federal Rents and Royalties Sales and Services (Net of COGS) Other Operating Revenues Total Operating Revenues OPERATING EXPENSES Salaries Employee Benefits Other Personal Services 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 Revenues Federal State Local Nongovernmental Expenses Gifts Interest and Other Investment Income Interest Expense (Capital Assets) Other Nonoperating Revenues Other Nonoperating Expenses Net Nonoperating Revenues Income (Loss) Before Other Revenues, Expenses, Gains, or Loss CAPITAL CONTRIBUTIONS Capital Grants and Gifts Federal State Local Nongovernmental Loss on Disposal of Capital Assets Special Item Transfer Total Capital Contributions Increase (Decrease) in Net Position Net Position - Beginning of Year, Restated Net Position - End of Year OGEECHEE SAVANNAH SOUTHEASTERN $ 6,243,039.53 $ 10,241,756.88 $ 3,887,516.44 $ - - (61,305.30) (2,300,353.18) (2,894,303.92) (868,974.20) 60,307.86 73,398.66 2,231,974.40 1,314.02 6,309,681.29 59,824.39 23,072.11 1,190,789.78 715,203.67 9,336,342.91 49,753.96 46,050.00 724,523.40 1,168.00 3,778,732.30 10,425,531.98 521,569.67 76,612.42 5,775,307.81 821,617.06 4,767,149.70 2,694,753.18 25,082,541.82 (18,772,860.53) 16,097,003.72 1,736,697.44 480.00 77,588.90 9,513,010.00 1,223,072.45 12,191,874.06 2,899,817.22 43,739,543.79 (34,403,200.88) 9,474,793.50 738,498.02 35,078.23 3,381,709.80 956,243.27 2,353,979.18 2,050,894.02 18,991,196.02 (15,212,463.72) 8,960,125.85 15,209,482.60 9,160,854.67 12,314,722.40 - 281,822.85 7,825.38 (429.95) 13,567.83 (281,822.85) 21,295,811.51 2,522,950.98 24,582,598.52 255,519.70 26,952.74 225,984.01 (871.65) 7,724.35 (225,984.01) 40,081,406.26 5,678,205.38 6,670,563.87 - 689,397.99 - (442.14) 85,719.30 (346,852.16) 16,259,241.53 1,046,777.81 633,171.85 771.37 (23,896.55) 27,200.00 637,246.67 160,286.25 33,175.00 10,104.76 (163,200.00) 40,366.01 349,335.82 91,245.27 (746.52) - 439,834.57 3,160,197.65 5,718,571.39 1,486,612.38 30,597,581.33 26,287,470.88 17,067,543.78 $ 33,757,778.98 $ 32,006,042.27 $ 18,554,156.16 $ SOUTH GEORGIA 5,118,291.57 - (849,992.05) 30,465.75 229,554.42 344,594.47 378,168.69 5,251,082.85 8,527,876.59 586,153.59 89,332.87 6,935,437.38 1,034,899.81 6,201,320.92 2,103,597.82 25,478,618.98 (20,227,536.13) 9,426,707.84 13,128,125.32 - 131,227.61 1,002.64 (299.36) (151,281.11) 22,535,482.94 2,307,946.81 904,598.43 60,519.00 (0.01) 88,338.97 1,053,456.39 3,361,403.20 15,038,682.20 18,400,085.40 - 11 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 OPERATING REVENUES Student Tuition and Fees Less: Allowance for Doubtful Accounts Less: Sponsored Scholarships Grants and Contracts Federal Rents and Royalties Sales and Services (Net of COGS) Other Operating Revenues Total Operating Revenues SOUTHERN CRESCENT SOUTHERN REGIONAL WEST GEORGIA WIREGRASS GEORGIA $ 12,756,125.32 $ 9,846,402.36 $ 15,898,179.13 $ 8,536,153.58 9,445.66 - (437,050.07) - (5,659,703.16) (4,239,957.93) (7,552,626.44) (2,583,195.55) 120,225.89 16,325.00 1,220,597.27 948.50 8,463,964.48 21,479.04 129,876.42 591,921.26 6,349,721.15 149,667.41 79,720.70 1,756,228.40 30.00 9,894,149.13 35,947.44 - 3,194,903.48 20,046.95 9,203,855.90 OPERATING EXPENSES Salaries Employee Benefits Other Personal Services Travel Scholarships and Fellowships Utilities Supplies and Other Services Depreciation and Amortization Total Operating Expenses Operating Loss 17,929,881.16 1,340,959.96 66,820.37 13,116,958.77 1,214,113.91 5,476,417.81 3,228,499.15 42,373,651.13 (33,909,686.65) 18,691,987.84 2,768,789.17 58,705.56 11,643,766.61 1,639,893.47 7,340,847.20 4,562,652.47 46,706,642.32 (40,356,921.17) 19,882,619.53 717,680.83 81,996.05 11,126,436.24 1,800,952.74 11,661,535.97 4,170,263.83 49,441,485.19 (39,547,336.06) 16,208,601.37 1,979,509.77 72,356.03 10,205,617.71 1,355,992.74 5,666,295.65 3,293,397.32 38,781,770.59 (29,577,914.69) NONOPERATING REVENUES (EXPENSES) State Appropriations Grants and Contracts Revenues Federal State Local Nongovernmental Expenses Gifts Interest and Other Investment Income Interest Expense (Capital Assets) Other Nonoperating Revenues Other Nonoperating Expenses Net Nonoperating Revenues Income (Loss) Before Other Revenues, Expenses, Gains, or Loss 15,236,463.70 19,754,152.07 19,600,094.98 14,624,846.62 29,304,914.39 44,689.54 184,956.88 67.42 (4,129.76) (168,763.14) 44,598,199.03 10,688,512.38 24,778,717.33 421,838.56 (22,168.21) 1,169,035.33 789.56 (2,284.45) 888,796.83 (1,169,035.33) 45,819,841.69 5,462,920.52 27,271,360.57 - 1,693,495.20 - (9.54) - (1,693,495.20) 46,871,446.01 7,324,109.95 21,102,880.28 1,760,442.70 (10,208.53) 3,294,014.94 (1,797.26) 19,518.23 (3,294,014.94) 37,495,682.04 7,917,767.35 CAPITAL CONTRIBUTIONS Capital Grants and Gifts Federal State Local Nongovernmental Loss on Disposal of Capital Assets Special Item Transfer Total Capital Contributions 1,304,232.28 18,000.00 (38,245.45) 1,283,986.83 689,502.54 7,000.59 88,338.97 784,842.10 44,669,932.92 25,500.00 780.00 (7,065.57) - 44,689,147.35 10,958.71 32,716,240.36 4,480.00 13,191.30 (190,420.16) 32,554,450.21 Increase (Decrease) in Net Position 11,972,499.21 6,247,762.62 52,013,257.30 40,472,217.56 Net Position - Beginning of Year, Restated Net Position - End of Year 41,366,834.82 71,034,735.24 23,243,561.82 22,339,100.22 $ 53,339,334.03 $ 77,282,497.86 $ 75,256,819.12 $ 62,811,317.78 - 12 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CASH FLOWS - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 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 Short-Term Custodial Fund Receipts Short-Term Custodial Fund Payments Other Receipts (Payments) Net Cash Used by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts (Payments) Net Cash Flows Provided by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations Capital Grants and Gifts Received Proceeds from Sale of Capital Assets Purchases of Capital Assets Principal Paid on Capital Debt and Lease Interest Paid on Capital Debt and Lease Net Cash Used by Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments Purchase of Investments Net Cash Provided by Investing Activities Net Increase/Decrease 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 Depreciation Expense Change in Assets and Liabilities: Accounts Receivables, Net Inventories Prepaid Items Other Assets Accounts Payable Accrued Payroll (Salaries Payable) Advances Funds Held for Others Other Liabilities Compensated Absences Net SEAD Asset Net OPEB Liability 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 ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts Fixed Assets Acquired by Incurring Lease Obligations Loss on Disposal of Capital Assets Special Item - Equipment, Buildings and Land-Capital Asset Transfer TOTAL ADMINISTRATIVE SYSTEM OFFICE $ 150,394,428.72 $ (3,763,052.51) 29,493,421.47 (384,230,173.61) (389,281,431.83) (207,133,337.60) 16,703,259.62 (15,978,433.37) 4,972,557.74 (798,822,761.37) - $ 1,092,296.99 (32,796,272.45) (20,586,337.25) 661,163.63 (689,477.26) 911,196.95 (51,407,429.39) ALBANY 2,371,829.11 $ (10,735.87) 910,675.94 (13,997,069.92) (13,220,493.09) (7,898,310.77) 204,366.89 (15,102.30) 20,606.84 (31,634,233.17) ATHENS 6,173,426.71 81,750.11 684,405.87 (14,626,885.50) (16,013,532.90) (7,659,680.40) 224,186.13 (288,361.40) (31,424,691.38) 380,644,488.39 488,278,025.25 (14,658,456.55) 854,264,057.09 53,966,417.31 5,607,451.56 (4,986,378.33) 54,587,490.54 12,078,912.73 20,260,787.35 (59,746.69) 32,279,953.39 13,266,437.04 19,014,536.86 (707,817.10) 31,573,156.80 149,100.29 10,883,332.21 26,600.00 (57,605,419.33) (5,765,989.15) (621,857.98) (52,934,233.96) 379,701.10 (816,648.36) (2,587,302.44) (298,833.78) (3,323,083.48) 1,006,423.50 (3,702,540.72) 106,804.52 (23,229.80) (2,612,542.50) 38,964.78 (2,085,605.19) (49,546.02) (266.84) (2,096,453.27) 39,258.77 (3.55) 39,255.22 2,546,316.98 117,869,949.86 $ 120,416,266.84 $ - (143,022.33) 1,922,636.21 1,779,613.88 $ 2,781.34 - 2,781.34 (1,964,040.94) 3,570,106.20 1,606,065.26 $ - (1,947,987.85) 6,469,752.89 4,521,765.04 $ (743,102,469.99) $ 83,368,600.36 (672,053.44) (429,820.13) (39,636.03) (7,590.77) 985,777.63 (317,813.61) (158,522.70) 724,826.25 8,760.72 714,143.74 (10,848,118.00) (90,621,513.00) (301,086,917.00) 274,641,381.00 (11,981,796.40) $ (798,822,761.37) $ (52,828,674.96) $ 6,105,779.83 (40,889.22) 2,053,623.96 (5,938.70) (28,313.63) 120,363.65 (1,677,757.00) (5,700,636.00) (18,062,999.00) 18,471,929.00 186,082.68 (51,407,429.39) $ (28,793,305.76) $ 2,557,206.40 (35,889.53) (85,621.88) (4,888.25) (112,853.84) 37,451.48 (153,099.99) 189,264.59 43,180.61 (380,109.00) (2,962,803.00) (9,876,770.00) 8,538,223.00 (594,218.00) (31,634,233.17) $ (28,788,293.55) 3,077,372.61 (24,336.59) 329,925.11 (4,496.78) 126,721.49 (64,175.27) 95,127.60 (269,532.00) (3,755,279.00) (13,937,164.00) 11,538,381.00 251,058.00 (31,424,691.38) $ 97,662,341.71 $ $ 36,699,679.56 $ $ (406,355.86) $ $ - $ - $ 30,911,037.97 $ - $ (22,354.33) $ 308,366.04 $ 114,994.61 $ (76,274.87) $ 88,338.97 $ 7,388,955.27 61,607.48 27,200.00 - 13 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CASH FLOWS - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 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 Short-Term Custodial Fund Receipts Short-Term Custodial Fund Payments Other Receipts (Payments) Net Cash Used by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts (Payments) Net Cash Flows Provided by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations Capital Grants and Gifts Received Proceeds from Sale of Capital Assets Purchases of Capital Assets Principal Paid on Capital Debt and Lease Interest Paid on Capital Debt and Lease Net Cash Used by Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments Purchase of Investments Net Cash Provided by Investing Activities Net Increase/Decrease 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 Depreciation Expense Change in Assets and Liabilities: Accounts Receivables, Net Inventories Prepaid Items Other Assets Accounts Payable Accrued Payroll (Salaries Payable) Advances Funds Held for Others Other Liabilities Compensated Absences Net SEAD Asset Net OPEB Liability 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 ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts Fixed Assets Acquired by Incurring Lease Obligations Loss on Disposal of Capital Assets Special Item - Equipment, Buildings and Land-Capital Asset Transfer ATLANTA AUGUSTA CENTRAL GEORGIA CHATTAHOOCHEE $ 3,617,507.98 $ 8,102,858.90 $ 11,775,343.23 $ 18,363,182.91 (2,278,679.72) (87,494.95) (133,721.23) (860,530.99) 2,269,120.23 1,842,579.39 3,466,879.55 1,789,586.79 (12,597,910.06) (20,185,351.20) (26,909,021.47) (24,122,086.25) (17,242,245.45) (16,695,484.00) (32,823,711.09) (29,475,951.00) (12,221,746.38) (11,633,781.38) (12,670,119.52) (12,055,808.48) 395,381.52 1,832,902.67 826,097.72 592,283.62 (248,241.62) (1,506,745.43) (752,273.88) (793,453.34) 710,793.97 47,573.75 85,930.46 194,575.00 (37,596,019.53) (38,282,942.25) (57,134,596.23) (46,368,201.74) 13,678,861.27 25,773,832.18 137,994.49 39,590,687.94 14,622,981.13 26,481,910.30 (311,776.76) 40,793,114.67 25,978,255.10 33,225,435.27 (761,383.40) 58,442,306.97 24,450,689.47 27,101,811.75 (352,405.51) 51,200,095.71 60,720.80 (1,836,875.15) (449,026.42) (27,598.75) (2,252,779.52) (2,468,325.43) (2,468,325.43) (1,066,920.50) (845,624.42) (93,141.46) (2,005,686.38) 1,092,589.33 (4,045,523.62) (211,919.39) (14,503.28) (3,179,356.96) 4,978.25 - 4,978.25 (253,132.86) 1,779.51 - 1,779.51 43,626.50 7.98 (3.55) 4.43 (697,971.21) 1,595.04 - 1,595.04 1,654,132.05 1,535,765.68 11,637,222.00 1,768,900.90 10,650,043.88 $ 1,282,632.82 $ 11,680,848.50 $ 1,070,929.69 $ 12,304,175.93 $ (34,106,191.87) $ (36,762,386.72) $ 2,613,883.67 5,373,940.65 (1,017,997.04) - 45,009.00 (999.22) 1,726,516.20 (298,362.07) (1,504,384.97) 147,139.90 - 58,629.96 (341,259.00) (3,529,726.00) (10,031,111.00) (174,235.12) (11,534.36) 131,756.66 (81,158.47) 47,767.44 326,157.24 - (33,986.20) (815,869.00) (3,956,906.00) (12,302,241.00) 10,303,481.00 (1,660,648.09) 11,386,016.00 (1,410,263.37) $ (37,596,019.53) $ (38,282,942.25) $ (50,145,725.17) $ 4,784,421.13 388,455.10 - (4,677.27) - (966,555.39) 12,736.09 (77,382.49) 73,823.84 11,956.93 (1,127,863.00) (7,648,404.00) (24,138,919.00) 23,046,110.00 (1,342,573.00) (57,134,596.23) $ (42,409,654.62) 5,415,574.66 (572,442.37) - (116,479.18) - 802,854.41 55,122.41 863,103.96 (201,169.72) 108,113.03 (598,662.00) (6,613,197.00) (21,529,847.00) 20,187,447.00 (1,758,965.32) (46,368,201.74) $ 50,000.00 $ $ 181,510.26 $ $ (265.92) $ $ - $ - $ - $ - $ - $ 912,958.62 $ 646,754.21 $ - $ 27,200.00 $ 8,075,768.82 90,975.64 (14,096.17) - - 14 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CASH FLOWS - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 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 Short-Term Custodial Fund Receipts Short-Term Custodial Fund Payments Other Receipts (Payments) Net Cash Used by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts (Payments) Net Cash Flows Provided by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations Capital Grants and Gifts Received Proceeds from Sale of Capital Assets Purchases of Capital Assets Principal Paid on Capital Debt and Lease Interest Paid on Capital Debt and Lease Net Cash Used by Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments Purchase of Investments Net Cash Provided by Investing Activities Net Increase/Decrease 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 Depreciation Expense Change in Assets and Liabilities: Accounts Receivables, Net Inventories Prepaid Items Other Assets Accounts Payable Accrued Payroll (Salaries Payable) Advances Funds Held for Others Other Liabilities Compensated Absences Net SEAD Asset Net OPEB Liability 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 ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts Fixed Assets Acquired by Incurring Lease Obligations Loss on Disposal of Capital Assets Special Item - Equipment, Buildings and Land-Capital Asset Transfer COASTAL PINES $ 6,114,581.40 $ 151,915.65 508,033.11 (13,644,427.40) (11,692,469.61) (7,110,015.80) 126,972.84 (122,929.60) (339,222.24) (26,007,561.65) COLUMBUS GEORGIA NORTHWESTERN 5,440,073.93 $ 68,504.89 1,082,684.51 (14,847,218.80) (13,275,891.03) (7,714,839.78) 298,130.53 (358,457.92) 176,654.84 (29,130,358.83) 9,819,729.12 $ 10,139.03 711,750.17 (18,841,856.33) (20,553,034.49) (14,822,850.49) 622,193.84 (558,924.48) (43,612,853.63) GEORGIA PIEDMONT 5,028,044.47 (652,698.60) (2,591,750.14) (11,781,512.31) (13,732,078.30) (5,633,792.81) 268,680.35 (383,803.59) 201,839.76 (29,277,071.17) 14,333,842.08 14,717,671.18 (54,914.73) 28,996,598.53 11,649,135.11 22,271,829.89 203,557.47 34,124,522.47 18,564,292.34 25,382,932.82 (257,398.15) 43,689,827.01 14,738,553.91 20,984,212.82 (707,339.78) 35,015,426.95 868,136.77 (3,322,061.02) (25,919.93) (176.11) (2,480,020.29) (1,913,071.43) (125,774.70) (610.86) (2,039,456.99) 31,727.07 (2,527,821.76) (89,549.23) (445.61) (2,586,089.53) 177,420.19 5,624.22 (567,360.48) (270,946.77) (134,854.71) (790,117.55) 9.83 9.83 509,026.42 5,358,533.41 $ 5,867,559.83 $ - 2,954,706.65 4,248,714.44 7,203,421.09 $ 13,690.18 - 13,690.18 (2,495,425.97) 8,814,863.91 6,319,437.94 $ 30.28 - 30.28 4,948,268.51 5,929,960.59 10,878,229.10 $ (24,811,643.03) $ 3,540,694.24 (418,593.25) 28,524.79 1,740.05 88,583.39 (1,147.85) (43,616.90) 4,043.24 5,000.67 (235,260.00) (2,713,251.00) (9,207,845.00) 8,709,199.00 (953,990.00) $ (26,007,561.65) $ (26,759,064.24) $ 2,196,387.63 921,085.39 (41,139.14) (1,522.12) - (678,281.10) 4,978.85 110,483.96 (60,327.39) (12,956.17) (292,809.00) (3,001,894.00) (10,038,088.00) 9,232,335.00 (709,548.50) (29,130,358.83) $ (42,578,527.42) $ 5,108,388.66 (21,257.22) - (32,585.72) - 1,168,358.86 12,526.16 (173,576.20) 63,269.36 - 239,860.57 (731,751.00) (4,407,751.00) (14,227,990.00) 13,439,948.00 (1,471,766.68) (43,612,853.63) $ (24,651,439.60) 2,064,785.79 2,377,517.95 41,208.17 (9,780.65) (5,329.32) (2,132,332.03) (33,797.82) (89,106.79) (115,123.24) (61,104.63) (219,368.00) (2,979,440.00) (10,607,870.00) 7,527,013.00 (382,904.00) (29,277,071.17) $ 12,421.99 $ - $ 1,016,422.78 $ $ 66,344.82 $ $ 8,472.40 $ $ - $ (53,661.01) $ - $ $ - $ (237,816.91) $ - $ 1,604.58 49,554.33 - 15 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CASH FLOWS - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 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 Short-Term Custodial Fund Receipts Short-Term Custodial Fund Payments Other Receipts (Payments) Net Cash Used by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts (Payments) Net Cash Flows Provided by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations Capital Grants and Gifts Received Proceeds from Sale of Capital Assets Purchases of Capital Assets Principal Paid on Capital Debt and Lease Interest Paid on Capital Debt and Lease Net Cash Used by Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments Purchase of Investments Net Cash Provided by Investing Activities Net Increase/Decrease 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 Depreciation Expense Change in Assets and Liabilities: Accounts Receivables, Net Inventories Prepaid Items Other Assets Accounts Payable Accrued Payroll (Salaries Payable) Advances Funds Held for Others Other Liabilities Compensated Absences Net SEAD Asset Net OPEB Liability 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 ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts Fixed Assets Acquired by Incurring Lease Obligations Loss on Disposal of Capital Assets Special Item - Equipment, Buildings and Land-Capital Asset Transfer GWINNETT $ 13,137,620.73 $ 224,498.34 2,483,858.31 (22,113,907.78) (28,389,844.27) (16,377,687.77) 604,729.11 (576,087.69) 366,999.84 (50,639,821.18) LANIER 9,688,337.66 $ 757,190.66 1,268,124.48 (15,565,918.53) (17,867,821.58) (8,585,003.37) 421,597.21 (500,760.14) 815,741.36 (29,568,512.25) NORTH GEORGIA 4,384,518.32 $ 68,061.43 2,032,055.05 (11,234,728.29) (11,623,281.50) (7,526,079.02) 191,153.66 (155,337.22) 143,813.85 (23,719,823.72) OCONEE FALL LINE 2,281,175.48 (110,888.61) 753,578.88 (8,210,564.86) (9,018,900.51) (3,525,377.31) 148,765.94 (142,598.97) 313,466.11 (17,511,343.85) 18,575,573.86 39,495,142.83 (258,730.49) 57,811,986.20 12,538,506.97 16,830,144.81 351,501.47 29,720,153.25 10,609,121.19 14,825,089.10 13,824.00 25,448,034.29 9,653,848.76 9,327,497.47 (154,512.32) 18,826,833.91 1,715,140.59 (5,918,247.21) (188,830.30) (1,297.65) (4,393,234.57) 224,708.47 (304,027.23) (100,899.81) (13,300.77) (193,519.34) 919,640.25 (2,463,440.93) (31,583.92) (2,779.69) (1,578,164.29) 2,464,826.99 19,077.73 (3,280,764.35) (39,706.16) (554.56) (837,120.35) - 2,778,930.45 - (41,878.34) 6,451,234.15 2,118,268.41 $ 9,230,164.60 $ 2,076,390.07 $ 4,701.36 - 4,701.36 154,747.64 2,792,098.01 2,946,845.65 $ - 478,369.71 2,984,460.17 3,462,829.88 $ (46,518,317.23) $ 4,167,060.82 (718,032.14) - (6,217.45) - (488,679.06) (18,033.76) 1,221,218.23 28,641.42 - (163,664.01) (520,357.00) (6,154,771.00) (18,955,486.00) 19,315,699.00 (1,828,883.00) $ (50,639,821.18) $ (31,560,336.52) $ 6,258,432.62 1,322,711.66 (64,348.34) (7,390.12) (1,262.23) (600,029.57) 1,766.17 (14,141.93) (79,162.93) 974.95 (32,405.23) (278,520.00) (3,943,131.00) (13,313,975.00) 12,147,831.00 594,474.22 (29,568,512.25) $ (23,084,459.97) $ 2,985,253.95 69,179.11 (30,680.82) 45,471.61 - 119,710.21 (61,826.44) (76,321.27) 35,816.44 69,101.46 (176,744.00) (2,645,174.00) (8,772,526.00) 8,056,428.00 (253,052.00) (23,719,823.72) $ (17,296,529.50) 2,115,542.69 (194,376.53) 36,434.86 61,553.47 - 1,195,950.60 23,984.26 (22,802.39) 6,166.97 5,785.77 136,440.95 (231,885.00) (2,073,082.00) (7,985,853.00) 6,574,332.00 136,993.00 (17,511,343.85) $ 696,974.85 $ $ 370,355.71 $ $ (1,056.96) $ $ - $ 242,932.53 $ 23,244.14 $ - $ 27,200.00 $ 2,950.94 $ 141,753.08 $ - $ - $ 383.69 216,430.91 (2,231.25) - - 16 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CASH FLOWS - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 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 Short-Term Custodial Fund Receipts Short-Term Custodial Fund Payments Other Receipts (Payments) Net Cash Used by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts (Payments) Net Cash Flows Provided by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations Capital Grants and Gifts Received Proceeds from Sale of Capital Assets Purchases of Capital Assets Principal Paid on Capital Debt and Lease Interest Paid on Capital Debt and Lease Net Cash Used by Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments Purchase of Investments Net Cash Provided by Investing Activities Net Increase/Decrease 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 Depreciation Expense Change in Assets and Liabilities: Accounts Receivables, Net Inventories Prepaid Items Other Assets Accounts Payable Accrued Payroll (Salaries Payable) Advances Funds Held for Others Other Liabilities Compensated Absences Net SEAD Asset Net OPEB Liability 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 ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts Fixed Assets Acquired by Incurring Lease Obligations Loss on Disposal of Capital Assets Special Item - Equipment, Buildings and Land-Capital Asset Transfer OGEECHEE SAVANNAH SOUTHEASTERN $ 3,841,596.45 $ 65,700.36 2,299,954.19 (10,088,908.61) (10,411,575.58) (5,775,307.81) 214,543.59 (152,246.60) 76,712.68 (19,929,531.33) 6,825,804.74 $ (1,454,239.10) 1,054,115.02 (21,357,472.16) (16,017,447.40) (9,513,010.00) 367,509.93 (337,100.66) 738,275.78 (39,693,563.85) 3,036,658.18 $ 49,753.96 724,523.40 (7,519,030.01) (9,407,869.47) (3,381,709.80) 130,649.30 (172,337.07) 47,218.00 (16,492,143.51) SOUTH GEORGIA 3,806,398.13 21,102.35 344,594.47 (11,065,548.57) (8,508,443.60) (6,935,437.38) 178,751.90 (232,206.38) 607,723.11 (21,783,065.97) 8,960,125.85 12,240,912.36 (268,255.02) 20,932,783.19 15,209,482.60 25,091,054.97 (218,259.66) 40,082,277.91 9,160,854.67 7,289,261.00 (340,912.88) 16,109,202.79 9,415,207.84 13,259,352.93 (151,281.11) 22,523,279.66 508,510.79 1,898.05 (2,242,063.30) (29,657.42) (429.95) (1,761,741.83) 98,360.00 170,391.01 (2,123,957.61) (462,945.01) (871.65) (2,319,023.26) 349,335.82 (1,175,544.63) (66,685.92) (442.14) (893,336.87) (1,083,376.08) (1,019,837.73) (118,212.64) (299.36) (2,221,725.81) 7,825.38 - 7,825.38 (750,664.59) - (1,930,309.20) 3,895,545.46 5,408,034.96 $ 3,144,880.87 $ 3,477,725.76 $ - (1,276,277.59) 3,466,458.55 2,190,180.96 $ 1,002.64 - 1,002.64 (1,480,509.48) 2,012,223.51 531,714.03 $ (18,772,860.53) $ (34,403,200.88) $ 2,694,753.18 2,899,817.22 (5,429.78) (65,339.68) 38,457.00 47,907.23 (12,488.31) (22,287.83) 62,296.99 2,000.00 26,492.53 (127,953.00) (2,198,472.00) (8,852,317.00) (1,966,605.86) (44,382.23) (21,058.63) 683.55 14,536.69 (205,780.61) 30,409.27 65,019.63 (262,962.00) (3,703,879.00) (11,636,934.00) 7,087,862.00 167,847.87 10,693,713.00 (1,152,940.00) $ (19,929,531.33) $ (39,693,563.85) $ $ 125,432.43 $ 479,120.01 $ $ 319,486.26 $ 3,262,349.51 $ $ (23,896.55) $ - $ $ 27,200.00 $ (163,200.00) $ - 17 - (15,212,463.72) $ 2,050,894.02 57,650.44 (1,159.67) 320.00 - 147,823.36 18,689.09 21,770.80 (41,687.77) 48,234.94 (308,857.00) (2,174,074.00) (7,864,521.00) 6,890,972.00 (125,735.00) (16,492,143.51) $ (20,227,536.13) 2,103,597.82 (494,486.60) (23,864.54) 11,935.92 264,785.24 529.01 23,221.81 (53,454.48) 18,903.98 (491,430.00) (2,112,247.00) (7,027,846.00) 6,356,149.00 (131,324.00) (21,783,065.97) 91,245.27 $ 117,160.88 $ (746.52) $ - $ 757,060.60 33,303.15 (0.01) 88,338.97 TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CASH FLOWS - (GAAP BASIS) YEAR ENDED JUNE 30, 2022 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 Short-Term Custodial Fund Receipts Short-Term Custodial Fund Payments Other Receipts (Payments) Net Cash Used by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts (Payments) Net Cash Flows Provided by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES State Capital Appropriations Capital Grants and Gifts Received Proceeds from Sale of Capital Assets Purchases of Capital Assets Principal Paid on Capital Debt and Lease Interest Paid on Capital Debt and Lease Net Cash Used by Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Earnings on Investments Purchase of Investments Net Cash Provided by Investing Activities Net Increase/Decrease 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 Depreciation Expense Change in Assets and Liabilities: Accounts Receivables, Net Inventories Prepaid Items Other Assets Accounts Payable Accrued Payroll (Salaries Payable) Advances Funds Held for Others Other Liabilities Compensated Absences Net SEAD Asset Net OPEB Liability 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 ACTIVITY Gift of Capital Assets Reducing Proceeds of Capital Grants and Gifts Fixed Assets Acquired by Incurring Lease Obligations Loss on Disposal of Capital Assets Special Item - Equipment, Buildings and Land-Capital Asset Transfer SOUTHERN CRESCENT $ 7,119,958.33 $ 120,225.89 1,220,597.27 (15,076,574.30) (17,829,340.72) (13,116,958.77) 4,833,837.61 (4,817,396.68) (377,016.39) (37,922,667.76) SOUTHERN REGIONAL 5,706,280.49 $ 21,479.04 591,921.26 (18,365,010.85) (18,657,862.53) (11,643,766.61) 1,182,047.55 (1,047,672.69) 129,876.42 (42,082,707.92) 15,236,463.70 29,879,230.31 (168,763.14) 44,946,930.87 19,731,983.86 25,226,421.16 (757,148.14) 44,201,256.88 50,740.29 956,324.28 (4,345,535.44) (58,259.52) (4,129.76) (3,400,860.15) 696,503.13 (4,253,066.61) (267,365.18) (2,284.45) (3,826,213.11) 67.42 - 67.42 3,623,470.38 7,278,421.31 $ 10,901,891.69 $ 789.56 - 789.56 (1,706,874.59) 3,365,676.49 1,658,801.90 $ WEST GEORGIA 7,828,763.42 $ 149,667.41 1,756,228.40 (23,428,919.85) (20,061,022.80) (11,126,436.24) 798,334.59 (613,418.56) 79,750.70 (44,617,052.93) WIREGRASS GEORGIA 5,930,739.03 35,947.44 3,197,608.33 (15,853,978.11) (16,176,793.66) (10,205,617.71) 1,578,979.49 (1,513,499.89) 20,046.95 (32,986,568.13) 19,600,094.98 28,765,872.45 (1,622,214.00) 46,743,753.43 14,624,846.62 25,225,633.88 (3,226,096.77) 36,624,383.73 (2,989,667.96) (8,558.22) (9.54) (2,998,235.72) 305,643.42 (3,136,512.67) 155,519.75 (1,797.26) (2,677,146.76) - (871,535.22) 9,410,830.06 8,539,294.84 $ - 960,668.84 6,780,198.67 7,740,867.51 $ (33,909,686.65) $ 3,228,499.15 (302,352.14) (31,538.75) (10.82) - (309,699.68) 27,216.27 (77,847.24) 16,440.93 73,324.17 (300,068.00) (4,169,609.00) (14,100,891.00) 12,088,271.00 (154,716.00) $ (37,922,667.76) $ (40,356,921.17) $ 4,562,652.47 113,987.40 (2,913.21) (234.36) - (339,798.01) (1,867.15) (14,151.34) 134,374.86 - 35,992.46 (469,954.00) (4,835,393.00) (16,630,211.00) 14,923,715.00 798,013.13 (42,082,707.92) $ $ 365,908.00 $ $ 18,443.48 $ $ (38,245.45) $ $ - $ - $ 20,813.43 $ - $ 88,338.97 $ - 18 - (39,547,336.06) $ 4,170,263.83 47,146.95 (12,157.05) 25,947.30 (589,917.30) 1,629.41 (126,886.15) 184,916.03 (179,153.02) (694,795.00) (5,130,806.00) (17,492,179.00) 15,108,948.00 (382,674.87) (44,617,052.93) $ (29,577,914.69) 3,293,397.32 (48,089.86) (121,308.28) (874,555.17) (9,862.15) 28,575.71 65,479.60 41,669.86 (294,354.00) (4,211,588.00) (14,493,334.00) 13,017,379.00 197,936.53 (32,986,568.13) 44,696,212.92 $ 42,806.66 $ (7,065.57) $ - $ 32,439,226.95 51,834.96 (190,420.16) - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS JUNE 30, 2022 TOTAL ADMINISTRATIVE SYSTEM OFFICE ALBANY ASSETS Current Assets Cash and Cash Equivalents Receivables Other Total Assets $ 384,845.68 $ 9,907,186.21 10,292,031.89 25,086.82 $ 25,086.82 - $ 348,519.00 348,519.00 LIABILITIES Current Liabilities Cash Overdraft Accounts Payable Benefits Payable Deposits Held For Other Organizations Custodial Fund Escheatment Other Liabilities Total Liabilities 8,021,108.68 748,435.08 347.84 28,969.41 6,225.44 8,805,086.45 - 266,939.34 - 20,400.00 - - - - - - - 287,339.34 NET POSITION Restricted for: Individuals, Organizations, and Other Governments $ 1,486,945.44 $ 25,086.82 $ 61,179.66 $ ATHENS 392,441.00 392,441.00 248,073.58 - 248,073.58 144,367.42 - 19 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS JUNE 30, 2022 ATLANTA AUGUSTA CENTRAL GEORGIA CHATTAHOOCHEE ASSETS Current Assets Cash and Cash Equivalents Receivables Other Total Assets $ - $ - $ 368,945.00 368,945.00 348,362.00 348,362.00 - $ 590,625.00 590,625.00 - 1,369,123.00 1,369,123.00 LIABILITIES Current Liabilities Cash Overdraft Accounts Payable Benefits Payable Deposits Held For Other Organizations Custodial Fund Escheatment Other Liabilities Total Liabilities 341,368.51 6,259.96 - 3,286.33 - 350,914.80 150,148.87 - 150,148.87 448,474.56 11,592.40 - 460,066.96 1,226,291.36 27.20 - 21,641.65 - 1,247,960.21 NET POSITION Restricted for: Individuals, Organizations, and Other Governments $ 18,030.20 $ 198,213.13 $ 130,558.04 $ 121,162.79 - 20 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS JUNE 30, 2022 COASTAL PINES COLUMBUS GEORGIA NORTHWESTERN GEORGIA PIEDMONT ASSETS Current Assets Cash and Cash Equivalents Receivables Other Total Assets $ - $ 123,850.73 $ 530,855.00 530,855.00 459,413.44 583,264.17 - $ 855,064.00 855,064.00 140,090.53 289,202.50 429,293.03 LIABILITIES Current Liabilities Cash Overdraft Accounts Payable Benefits Payable Deposits Held For Other Organizations Custodial Fund Escheatment Other Liabilities Total Liabilities 527,264.06 300.00 - 527,564.06 422,108.89 - 422,108.89 773,969.18 - 773,969.18 - 5,314.19 5,314.19 NET POSITION Restricted for: Individuals, Organizations, and Other Governments $ 3,290.94 $ 161,155.28 $ 81,094.82 $ 423,978.84 - 21 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS JUNE 30, 2022 GWINNETT ASSETS Current Assets Cash and Cash Equivalents Receivables Other Total Assets $ - $ 344,316.95 344,316.95 LIABILITIES Current Liabilities Cash Overdraft Accounts Payable Benefits Payable Deposits Held For Other Organizations Custodial Fund Escheatment Other Liabilities Total Liabilities 236,018.37 28,782.25 - 264,800.62 NET POSITION Restricted for: Individuals, Organizations, and Other Governments $ 79,516.33 $ LANIER NORTH GEORGIA OCONEE FALL LINE 95,817.60 $ 13,827.72 109,645.32 - $ 6,219.00 6,219.00 - 440,859.00 440,859.00 93,541.53 - 93,541.53 10,478.94 - 10,478.94 408,899.41 23,098.00 - 286.72 - 432,284.13 16,103.79 $ (4,259.94) $ 8,574.87 - 22 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS JUNE 30, 2022 OGEECHEE SAVANNAH SOUTHEASTERN SOUTH GEORGIA ASSETS Current Assets Cash and Cash Equivalents Receivables Other Total Assets $ - $ 452,499.00 452,499.00 - $ - - $ 336,387.00 336,387.00 - 369,041.00 369,041.00 LIABILITIES Current Liabilities Cash Overdraft Accounts Payable Benefits Payable Deposits Held For Other Organizations Custodial Fund Escheatment Other Liabilities Total Liabilities 442,468.91 - 442,468.91 464,074.28 - 464,074.28 203,007.05 18.00 - 3,754.71 - 206,779.76 333,273.86 - 333,273.86 NET POSITION Restricted for: Individuals, Organizations, and Other Governments $ 10,030.09 $ (464,074.28) $ 129,607.24 $ 35,767.14 - 23 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS JUNE 30, 2022 SOUTHERN CRESCENT SOUTHERN REGIONAL ASSETS Current Assets Cash and Cash Equivalents Receivables Other Total Assets $ - $ 495,837.00 495,837.00 - $ 572,865.79 572,865.79 LIABILITIES Current Liabilities Cash Overdraft Accounts Payable Benefits Payable Deposits Held For Other Organizations Custodial Fund Escheatment Other Liabilities Total Liabilities 359,363.22 53,076.00 - 911.25 413,350.47 436,111.71 65,535.00 - 501,646.71 NET POSITION Restricted for: Individuals, Organizations, and Other Governments $ 82,486.53 $ 71,219.08 $ WEST GEORGIA WIREGRASS GEORGIA - $ 733,019.68 733,019.68 - 589,764.13 589,764.13 575,891.27 19,001.85 347.84 595,240.96 568,992.20 4,694.00 - 573,686.20 137,778.72 $ 16,077.93 - 24 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS YEAR ENDED JUNE 30, 2022 ADDITIONS Investment Income Dividends and Interest Federal Financial Aid State Financial Aid Other Financial Aid Clubs and Other Organizations Fund Raising Miscellaneous Total Additions TOTAL ADMINISTRATIVE SYSTEM OFFICE $ 122.98 $ 18,708,994.00 82,321,809.66 1,777,465.42 938,551.61 2,227,433.26 105,974,376.93 - $ - DEDUCTIONS Scholarships and Other Student Support Student Organizations Support Other Payments Total Deductions 105,200,959.71 - 477,575.13 - 939,258.06 - 106,617,792.90 - Net Increase (Decrease) in Fiduciary Net Position (643,415.97) - Net Position, Beginning of Year 2,130,361.41 25,086.82 Net Position, End of Year $ 1,486,945.44 $ 25,086.82 $ ALBANY - $ 2,205,883.08 169,173.86 2,375,056.94 2,205,883.08 - 179,080.70 2,384,963.78 (9,906.84) 71,086.50 61,179.66 $ ATHENS 3,065,034.00 394,824.34 3,459,858.34 3,438,800.54 - 3,438,800.54 21,057.80 123,309.62 144,367.42 - 25 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS YEAR ENDED JUNE 30, 2022 ADDITIONS Investment Income Dividends and Interest Federal Financial Aid State Financial Aid Other Financial Aid Clubs and Other Organizations Fund Raising Miscellaneous Total Additions ATLANTA AUGUSTA $ - $ 5,973,060.00 2,313,381.00 10,190.00 100.00 93.29 8,296,824.29 - $ 2,177,985.00 1,735.00 75,139.00 2,254,859.00 DEDUCTIONS Scholarships and Other Student Support Student Organizations Support Other Payments Total Deductions 8,286,441.00 10,283.29 93.49 8,296,817.78 2,233,044.59 1,746.13 - 2,234,790.72 Net Increase (Decrease) in Fiduciary Net Position 6.51 20,068.28 Net Position, Beginning of Year 18,023.69 178,144.85 Net Position, End of Year $ 18,030.20 $ 198,213.13 $ CENTRAL GEORGIA CHATTAHOOCHEE - $ 7,476,437.50 60,065.93 24,888.84 7,561,392.27 6,548,828.56 1,058,857.28 7,607,685.84 7,481,004.50 15,674.01 53,347.90 7,550,026.41 11,365.86 119,192.18 130,558.04 $ 7,301,159.41 295,859.56 - 7,597,018.97 10,666.87 110,495.92 121,162.79 - 26 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS YEAR ENDED JUNE 30, 2022 ADDITIONS Investment Income Dividends and Interest Federal Financial Aid State Financial Aid Other Financial Aid Clubs and Other Organizations Fund Raising Miscellaneous Total Additions COASTAL PINES COLUMBUS GEORGIA NORTHWESTERN GEORGIA PIEDMONT $ - $ - $ - 319,943.00 4,378,330.00 2,383,491.00 45,426.40 83,434.30 - 199,386.91 - - 4,423,756.40 2,986,255.21 - $ 1,285,456.00 6,780,691.94 83,926.99 - 8,150,074.93 2,419,697.50 75,603.58 2,495,301.08 DEDUCTIONS Scholarships and Other Student Support Student Organizations Support Other Payments Total Deductions 4,434,001.56 - 4,434,001.56 2,818,415.84 457.95 177,427.52 2,996,301.31 8,161,826.36 - 93.04 8,161,919.40 2,446,458.93 - 262,639.34 2,709,098.27 Net Increase (Decrease) in Fiduciary Net Position (10,245.16) (10,046.10) (11,844.47) (213,797.19) Net Position, Beginning of Year 13,536.10 171,201.38 92,939.29 637,776.03 Net Position, End of Year $ 3,290.94 $ 161,155.28 $ 81,094.82 $ 423,978.84 - 27 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS YEAR ENDED JUNE 30, 2022 ADDITIONS Investment Income Dividends and Interest Federal Financial Aid State Financial Aid Other Financial Aid Clubs and Other Organizations Fund Raising Miscellaneous Total Additions GWINNETT $ - $ 11,130,535.00 3,983,483.32 - 2,167.00 294,840.64 15,411,025.96 DEDUCTIONS Scholarships and Other Student Support Student Organizations Support Other Payments Total Deductions 15,383,252.54 - 33,430.46 15,416,683.00 Net Increase (Decrease) in Fiduciary Net Position (5,657.04) Net Position, Beginning of Year 85,173.37 Net Position, End of Year $ 79,516.33 $ LANIER - $ 4,626,950.69 253,895.72 4,880,846.41 4,869,182.18 8,226.42 - 4,877,408.60 3,437.81 12,665.98 16,103.79 $ NORTH GEORGIA OCONEE FALL LINE 122.98 $ - 3,154,843.02 101,959.38 - 3,256,925.38 2,096,253.00 194,431.00 7,434.50 2,298,118.50 3,276,633.82 - 3,276,633.82 (19,708.44) 15,448.50 (4,259.94) $ 2,290,684.00 - 2,290,684.00 7,434.50 1,140.37 8,574.87 - 28 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS YEAR ENDED JUNE 30, 2022 ADDITIONS Investment Income Dividends and Interest Federal Financial Aid State Financial Aid Other Financial Aid Clubs and Other Organizations Fund Raising Miscellaneous Total Additions OGEECHEE SAVANNAH SOUTHEASTERN SOUTH GEORGIA $ - $ - 2,777,660.65 449,226.00 34,290.65 - 3,261,177.30 - $ 3,144,499.95 44,124.68 3,188,624.63 - $ 1,996,339.00 180,878.00 73,122.25 70.00 2,250,409.25 2,495,158.00 40,280.06 2,535,438.06 DEDUCTIONS Scholarships and Other Student Support Student Organizations Support Other Payments Total Deductions 3,258,428.48 - 3,258,428.48 3,625,630.97 - 48,798.78 3,674,429.75 2,207,495.29 - 2,207,495.29 2,495,158.00 - 48,522.76 2,543,680.76 Net Increase (Decrease) in Fiduciary Net Position 2,748.82 (485,805.12) 42,913.96 (8,242.70) Net Position, Beginning of Year 7,281.27 21,730.84 86,693.28 44,009.84 Net Position, End of Year $ 10,030.09 $ (464,074.28) $ 129,607.24 $ 35,767.14 - 29 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - (GAAP BASIS) CUSTODIAL FUNDS YEAR ENDED JUNE 30, 2022 ADDITIONS Investment Income Dividends and Interest Federal Financial Aid State Financial Aid Other Financial Aid Clubs and Other Organizations Fund Raising Miscellaneous Total Additions SOUTHERN CRESCENT SOUTHERN REGIONAL WEST GEORGIA WIREGRASS GEORGIA $ - $ - $ - $ - - - 4,059,314.00 3,912,032.79 5,933,042.66 - - 97,499.50 - - 139,511.32 153,835.86 155,585.01 - 4,213,149.86 4,067,617.80 6,170,053.48 4,392,473.00 437,453.00 4,829,926.00 DEDUCTIONS Scholarships and Other Student Support Student Organizations Support Other Payments Total Deductions 4,059,102.00 - 135,824.07 4,194,926.07 4,067,618.10 - 4,067,618.10 6,030,673.29 145,327.77 - 6,176,001.06 4,830,065.23 - 4,830,065.23 Net Increase (Decrease) in Fiduciary Net Position 18,223.79 (0.30) (5,947.58) (139.23) Net Position, Beginning of Year 64,262.74 71,219.38 143,726.30 16,217.16 Net Position, End of Year $ 82,486.53 $ 71,219.08 $ 137,778.72 $ 16,077.93 - 30 - (This page left intentionally blank) TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity The Technical College System of Georgia (System), an organizational unit of the State of Georgia, is comprised of twenty-two (22) State Technical Colleges and the System Office. The State Board of the Technical College System of Georgia is composed of one member from each Congressional District in the State and nine at large members appointed by the Governor and confirmed by the Senate for fiveyear terms. The Commissioner is the chief executive officer of the System and is selected by the State Board to serve at its pleasure. The System does not have the authority to determine the amount of funding it will receive from the State of Georgia for any given fiscal year. Such authority is vested in the General Assembly of Georgia. The System does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, the Technical College System of Georgia is included within the State of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards. The accompanying financial statements represent the financial position, changes in financial position and cash flows of only that portion of the business-type activities and fiduciary activities of the State that is attributable to the transactions of the System. These financial statements do not purport to, and do not, present fairly the financial position of the State of Georgia as of June 30, 2022, the changes in its financial position or its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. The accompanying basic financial statements should be read in conjunction with the State's Annual Comprehensive Financial Report (ACFR). The most recent State of Georgia ACFR is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. Basis of Accounting and Financial Statement Preparation The financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) as prescribed by the GASB and are presented as required by these standards to provide a comprehensive, entity-wide perspective of the System's assets, deferred outflows of resources, liabilities, deferred inflows of resources, net position, revenues, expenses, changes in net position and cash flows. The System's business-type activities and fiduciary activities financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an obligation has been incurred. Grants and similar items are recognized as revenues in the fiscal year in which eligibility requirements imposed by the provider have been met. All significant intra-college transactions have been eliminated. The System reports the following fiduciary activities: Custodial funds Accounts for activities resulting from the System acting as an agent or fiduciary for various governments, companies, clubs or individuals. - 32 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 New Accounting Pronouncements In fiscal year 2022, the System adopted Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. This statement establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use asset, and a lessor is required to recognize a lease receivable and deferred inflow of resources. In January 2020, the GASB issued Statement No. 92, Omnibus 2020, effective for fiscal years beginning after June 15, 2020. In fiscal year 2020, the System adopted GASB Statement No. 95, Postponement of Effective Dates of Certain Authoritative Guidance which postponed the effective dates of Statement No. 92 to fiscal year 2022. The objective of this statement is to enhance comparability in accounting and financial reporting and improve the consistency of authoritative literature by focusing on practice issues that have been identified during the implementation of various GASB Statements. The adoption of this statement does not have a significant impact on the financial statements. In April 2022, the GASB issued Statement No. 99, Omnibus 2022, effective for certain elements of the requirement effective upon issuance. The objectives of this statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing practice issues that have been identified during implementation. The adoption of this statement does not have a significant impact on the financial statements. Cash and Cash Equivalents Cash and cash equivalents include petty cash, demand deposits and time deposits in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts. This includes the State Investment Pool (Georgia Fund 1). Investments Investments include financial instruments with terms in excess of 13 months. The System accounts for its investments at fair value. Changes in fair value of investments are reported as a component of investment income in the Statement of Revenues, Expenses and Changes in Net Position. Investments that cannot be used to pay current liabilities are classified as non-current assets in the Statement of Net Position. Accounts Receivable Accounts receivable consist of tuition and fee charges to students, allotments due from the Office of the State Treasurer of Georgia, reimbursements due from federal, state, local and private grants and contracts, and other receivables disclosed from information available. Accounts receivable are recorded net of estimated uncollectible amounts. Capital Assets Capital assets are recorded at cost at date of acquisition, or fair value at the time of donation in the case of gifts. The System capitalizes all land and land improvements. For equipment, the System's capitalization policy includes all items with a unit cost of $5,000.00 or more, and an estimated useful life of greater than one year. Buildings and building improvements, improvements other than buildings, and intangible assets other than software that exceed $100,000.00 or significantly increase the value or - 33 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 extend the useful life of the asset are capitalized. For infrastructure and software, the System's capitalization threshold is $1,000,000.00. Routine repairs and maintenance are charged to operating expense in the year in which the expense was incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 to 60 years for buildings, 10 to 100 years for infrastructure, 15 to 50 years for improvements other than buildings, 10 years for library collections, 3 to 20 years for equipment, 3 to 10 years for software, and 20 years for intangibles. To fully portray capital assets acquired by the System, it is necessary to look at the activities of the Georgia State Financing and Investment Commission (GSFIC) - an organization that is external to both the Technical Colleges and the Technical College System of Georgia. The GSFIC issues bonds for and on behalf of the State of Georgia, pursuant to powers granted to it in the Constitution of the State of Georgia and the Act creating GSFIC. The bonds are issued for the purpose of acquiring capital assets and this debt constitutes direct and general obligations of the State of Georgia, to the payment of which the full faith, credit and taxing power of the State are pledged. For major construction projects, GSFIC records construction in progress on its books throughout the construction period and at project completion transfers the entire project costs to the System to be recorded as an asset on the System's books. Advances Advances includes amounts received for tuition and fees, grant and contract sponsors and other exchange type activities prior to the end of the fiscal year but related to the subsequent accounting period. Deferred Outflows of Resources Deferred outflows of resources consist of the consumption of net assets by the System that are applicable to a future reporting period. Compensated Absences Employee vacation pay is accrued for financial statement purposes when vested. The liability and expense incurred are recorded at year-end as accrued vacation payable in the Statement of Net Position, and as a component of compensation and benefit expense in the Statement of Revenues, Expenses and Changes in Net Position. Noncurrent Liabilities Noncurrent liabilities include (1) liabilities that will not be paid within the next fiscal year; (2) capital lease obligations with contractual maturities greater than one year; and (3) other liabilities that, although payable within one year, are to be paid from funds that are classified as noncurrent assets. Deferred Inflows of Resources Deferred inflows of resources consist of the acquisition of net assets by the System that are applicable to a future reporting period. - 34 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Other Post-Employment Benefit (OPEB) For purposes of measuring the net OPEB liability/asset, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Georgia State Employees Post-Employment Benefit Fund (State OPEB Fund) and additions to/deductions from the State OPEB Fund's fiduciary net position have been determined on the same basis as they are reported by the State OPEB Fund. For this purpose, the State OPEB Fund recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value. Pension and Net Pension Liability The net pension liability represents the System's proportionate share of the difference between the total pension liability as a result of the exchange for employee services for compensation and the fiduciary net position or the fair value of the plan assets as of a given measurement date. For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the pension plans' fiduciary net position, additions to/deductions from the plans fiduciary net position have been determined on the same basis as they are reported by Teachers Retirement System of Georgia and Employees' Retirement System of Georgia. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Net Position The System's net position is classified as follows: Net Investment in Capital Assets: This represents the System's total investment in capital assets, net of outstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component of the net investment in capital assets. The term "debt obligations" as used in this definition does not include debt of the GSFIC as discussed previously in Note 1 Capital Assets section. Restricted expendable: Includes resources in which the System is legally or contractually obligated to spend resources in accordance with restrictions by external third parties. Unrestricted: Unrestricted represents resources derived from student tuition and fees, state appropriations, and sales and services of educational departments. These resources are used for transactions relating to the educational and general operations of the System, and may be used at the discretion of the System to meet current expenses for those purposes, except for unexpended state appropriations (surplus) in the amount of $478,931.51. Unexpended state appropriations must be refunded to the Office of the State Treasurer. When an expense is incurred that can be paid using either restricted or unrestricted resources, the Systems policy is to first apply the expense towards unrestricted resources, and then towards restricted resources. - 35 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Scholarship Allowances Scholarship allowances are the differences between the stated charge for goods and services provided by the System, and the amount that is paid by students and/or third parties making payments on the students' behalf. Certain governmental grants, such as Pell grants, and other Federal, state or nongovernmental programs are recorded as either operating or non-operating revenues in the System's financial statements. To the extent that revenues from such programs are used to satisfy tuition and fees and other student charges, the System has recorded contra revenue for scholarship allowances. NOTE 2: DEPOSITS AND INVESTMENTS Reconciliation of cash and cash equivalents and investments to carrying value of deposits: Combining Statement of Net Position Current Cash and Cash Equivalents Short-Term Investments NonCurrent Investments Combining Statement of Fiduciary Net Position Cash and Cash Equivalents $ 120,416,266.84 77,700.21 613,206.20 (7,636,263.00) $ 113,470,910.25 Cash on hand, deposits, and investments as of June 30, 2022 consist of the following: Cash on hand Deposits with financial institutions Investments $ 60,731.41 112,796,972.64 613,206.20 Total carrying value of deposits - June 30, 2022 $ 113,470,910.25 - 36 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Deposit Deposits include certificates of deposits and demand deposit accounts, including certain interest bearing demand deposit accounts. The custodial credit risk for deposits is the risk that in the event of a bank failure, the System's deposits may not be recovered. Funds belonging to the State of Georgia (and thus the System) cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more of the following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: 1. Bonds, bills, notes, certificates of indebtedness, or other direct obligations of the United States or of the State of Georgia. 2. Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities of the State of Georgia. 3. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. 4. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. 5. Bonds, bills, certificates of indebtedness, notes or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association and the Federal National Mortgage Association. 6. Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. At June 30, 2022, the bank balances of the System's deposits totaled $136,385,064.88. Of these deposits, $129,483,036.61 were exposed to custodial credit risk as follows: Uninsured and uncollateralized $ 174,129.04 Uninsured and collateralized with securities held by the pledging financial institution 48,151,230.76 Uninsured and collateralized with securities held by the pledging financial institution's trust departments or agents, but not in the System's name 81,157,676.81 Total deposits exposed to custodial credit risk $ 129,483,036.61 - 37 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Investments At June 30, 2022, the System had the following investments: Investment Type Fair Value Investment Maturity Less Than 1 Year Debt Securities Money Market Mutual Fund $ 613,206.20 $ 613,206.20 Fair Value of Investments The System measures and records its investments using fair value measurement guidelines established by generally accepted accounting principles. These guidelines recognize a three-tiered fair value hierarchy, as follows: Level 1: Quoted prices for identical investments in active markets, Level 2: Observable inputs other than quoted market prices; and, Level 3: Unobservable inputs. The System has the following recurring fair value measurements as of June 30, 2022: Money Market Mutual Funds - Domestic of $613,206.20 are valued using quoted market prices. (Level 1 inputs) Credit Quality Risk Credit quality risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The System does not have a formal policy for managing credit quality risk: The investments subject to credit quality risk are reflected below: Related Debt Investments Money Market Mutual Fund Fair Value Unrated $ 613,206.20 $ 613,206.20 Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a single issuer. The System does not have a formal policy for managing concentration of credit risk. At June 30, 2022, all of business-type activity investments were investments in money market mutual funds. - 38 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 NOTE 3: ACCOUNTS RECEIVABLE Accounts receivable consisted of the following at June 30, 2022: Business-Type Activities Fiduciary Fund Student Tuition and Fees State Appropriations Federal, State and Private Funds GSFIC Other $ 35,775,133.50 $ 14,375,134.45 60,456,790.32 8,304,918.52 7,898,501.93 9,907,186.21 Less: Allowance for Doubtful Accounts 126,810,478.72 3,871,387.22 9,907,186.21 - Accounts Receivable $ 122,939,091.50 $ 9,907,186.21 - 39 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 NOTE 4: CAPITAL AND INTANGIBLE RIGHT-TO-USE ASSETS Following are the changes in capital assets for the year ended June 30, 2022: Beginning Balance (Restated) July 1, 2021 Special Item Transfer Additions Capital Assets, Not Being Depreciated/Amortized: Land and Land Improvements Works of Art and Collections Construction Work-In-Progress $ 75,277,228.30 $ 101,000.00 5,034,509.99 - $ - - $ 13,666,130.86 Total Capital Assets, Not Being Depreciated/Amortized 80,412,738.29 - 13,666,130.86 Capital Assets, Being Depreciated/Amortized: Building and Building Improvements Improvements Other than Buildings Capital Leases Works of Art Equipment Library Collections Intangible Assets - Software Licenses Intangible Assets - Right to Use Infrastructure 1,638,708,999.85 84,340,978.02 1,766,580.18 19,500.00 341,488,575.97 23,353,448.22 41,082,840.45 8,928,595.69 1,800,198.00 131,065.00 - 97,983,247.63 2,753,452.35 - 42,487,490.82 377,002.06 - 36,699,679.56 - Total Assets Being Depreciated/Amortized 2,141,489,716.38 131,065.00 180,300,872.42 Less: Accumulated Depreciation/Amortization: Building and Building Improvements Improvements Other than Buildings Capital Leases Works of Art Equipment Library Collections Intangible Assets - Software Licenses Intangible Assets - Right to Use Infrastructure 528,323,644.51 54,849,985.87 1,058,648.19 3,900.00 280,681,762.62 20,565,779.04 24,383,061.20 593,985.39 292,532.18 131,065.00 - 42,713,732.08 2,867,433.11 487.50 26,912,257.42 637,962.31 3,750,475.75 6,396,242.29 90,009.90 Total Accumulated Depreciation/Amortization 910,753,299.00 131,065.00 83,368,600.36 Total Capital Assets, Being Depreciated/Amortized, Net 1,230,736,417.38 - 96,932,272.06 Capital Assets, Net $ 1,311,149,155.67 $ - $ 110,598,402.92 $ Reductions Ending Balance June 30, 2022 1,553.00 $ - 1,852,465.80 75,275,675.30 101,000.00 16,848,175.05 1,854,018.80 92,224,850.35 348,000.00 346,924.89 1,766,580.18 6,884,206.72 1,157,620.03 - 10,503,331.82 1,736,344,247.48 86,747,505.48 19,500.00 377,222,925.07 22,572,830.25 41,082,840.45 45,628,275.25 1,800,198.00 2,311,418,321.98 313,200.00 321,130.29 1,058,648.19 6,469,015.48 1,168,896.62 - 9,330,890.58 570,724,176.59 57,396,288.69 4,387.50 301,256,069.56 20,034,844.73 28,133,536.95 6,990,227.68 382,542.08 984,922,073.78 1,172,441.24 1,326,496,248.20 3,026,460.04 $ 1,418,721,098.55 A comparison of depreciation and amortization expense for the last three fiscal years is as follows: Fiscal Year Depreciation/ Amortization Expense 2022 2021 2020 $ 83,368,600.36 $ 74,279,287.11 $ 74,497,187.74 - 40 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Changes in intangible right-to-use assets for the year ended June 30, 2022 are shown below: Beginning Balance, Restated July 1, 2021 Additions Reductions Ending Balance June 30, 2022 Intangible Right-to-Use Assets Building and Building Improvements $ 5,650,761.43 $ 34,684,668.25 $ Equipment 3,277,834.26 2,015,011.31 Total Leased Assets Being Amortized 8,928,595.69 36,699,679.56 - $ 40,335,429.68 - 5,292,845.57 - 45,628,275.25 Less: Accumulated Amortization: Building and Building Improvements Equipment Total Accumulated Amortization 593,985.39 593,985.39 4,908,127.72 1,488,114.57 6,396,242.29 - 4,908,127.72 - 2,082,099.96 - 6,990,227.68 Intangible Right-to-Use Assets, Net $ 8,334,610.30 $ 30,303,437.27 $ - $ 38,638,047.57 NOTE 5: LONG-TERM LIABILITIES The System's long-term liability activity for the year ended June 30, 2022 was as follows: Beginning Balance, Restated July 1, 2021 Additions Reductions Ending Balance June 30, 2022 Leases Lease Obligations $ 8,928,595.69 $ 36,699,679.56 $ 6,274,403.77 $ 39,353,871.48 $ Current Portion 5,794,562.74 Other Liabilities Compensated Absences 38,016,556.16 32,749,796.63 32,035,652.89 38,730,699.90 20,769,041.42 Total Long-Term Liabilities $ 46,945,151.85 $ 69,449,476.19 $ 38,310,056.66 $ 78,084,571.38 $ 26,563,604.16 - 41 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 NOTE 6: DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES Deferred outflows and inflows of resources reported on the Statement of Net Position as of June 30, 2022, consisted of the following: Deferred Outflows of Resources Deferred Loss on Defined Benefit Pension Plans Deferred Loss on OPEB Plan Fiscal Year 2022 $ 160,801,812.43 25,939,221.00 Total Deferred Outflows of Resources $ 186,741,033.43 Deferred Inflows of Resources Deferred Gain on Defined Benefit Pension Plans Deferred Gain on OPEB Plan $ 305,353,621.00 129,419,697.00 Total Deferred Inflows of Resources $ 434,773,318.00 NOTE 7: NET POSITION The breakdown of business-type activity net position for the System at June 30, 2022 is as follows: Net Investment in Capital Assets Restricted for Expendable Federal State, Local and Other Net OPEB Asset Unrestricted Other Unrestricted (Deficit) $ 1,379,367,227.07 783,409.12 19,332,306.37 20,110,490.00 40,226,205.49 (405,546,094.59) Total Net Position $ 1,014,047,337.97 - 42 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 NOTE 8: LEASE OBLIGATIONS Lease Obligations In accordance with O.C.G.A. 50-5-64, these agreements shall terminate absolutely and without further obligation at the close of the fiscal year in which it was executed and at the close of each succeeding fiscal year for which it may be renewed. These agreements may be renewed only by positive action taken by the System. In addition, these agreements shall terminate if the State does not provide funding, but that is considered a remote possibility. The System's principal and interest payments related to leases for the fiscal year 2022 were $6,086,385.07 and $621,857.98 respectively. Interest rates range from 0.010% to 20.906%. The following is a summary of the carrying values of intangible right-to-use assets held under lease at June 30, 2022: Description Leased Buildings and Building Improvements Leased Equipment Less: Accumulated Gross Amount Amortization ( + ) ( - ) $ 40,335,429.68 $ 4,908,127.72 $ 5,292,845.57 2,082,099.96 Net, Capital Outstanding Assets Held Balance per Under Lease Lease Obligations at Schedules at June 30, 2022 June 30, 2022 ( = ) 35,427,301.96 $ 35,936,971.10 3,210,745.61 3,416,900.38 Total Assets Held Under Lease at June 30, 2022 $ 45,628,275.25 $ 6,990,227.68 $ 38,638,047.57 $ 39,353,871.48 - 43 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 The following schedule lists the pertinent information for each of the System's leases. Lease Begin Description Lessor Original Principal Term Month/Year Century Place (Building) QuickStart (Building) Watercrest Georgia $ 20,853,522.33 10,057,515.64 10 yrs 13 yrs 07/2021 07/2021 Mail Machine Copier Copier Pitney Bowes Xerox Corp Xerox Corp 17,545.93 2 yrs 27,140.09 2 yrs 11,627.06 2 yrs 07/2021 07/2021 07/2021 Copier Copier Xerox Corp Xerox Corp 44,847.07 2 yrs 11,627.06 2 yrs 07/2021 07/2021 Copier Copier Xerox Corp Xerox Corp 44,847.07 2 yrs 11,627.06 2 yrs 07/2021 07/2021 Copier Copier Copier Xerox Corp Xerox Corp Canon 11,627.06 2 yrs 11,627.06 2 yrs 50,080.26 3 yrs 07/2021 07/2021 07/2021 Postage Meter - Dublin Postage Meter - Sandersville Pitney Bowes, Pitney Bowes, 19,940.10 5 yrs 19,945.87 5 yrs 02/2022 01/2022 Copiers Copiers Canon USA Canon USA 26,445.14 5 yrs 152,491.52 5 yrs 07/2021 07/2021 Real Property - 470 Bryan Street, Nahunta GA Real Property - 118 North McDonald Street Ludowici-Long Brantley Randall T. 14,167.60 1 yr 49,889.36 6 yrs 07/2021 07/2021 Postage Meter - Brunswick Postage Meter - Camden Postage Meter - Jesup Pitney Bowes Pitney Bowes Pitney Bowes 707.09 1 yr 2,287.86 4 yrs 1,126.54 1 yr 07/2021 07/2021 07/2021 Postage Meter - Waycross Postage Meter Pitney Bowes Pitney Bowes 1,126.54 1 yr 07/2021 844.27 1 yr 07/2021 Athletic Bus Copiers Albany Xerox 40,207.34 2 yrs 172,873.56 2 yrs 07/2021 07/2021 ATC-Terrell County ATC-Lee County Postage Meter Athens 69472 City of Sawtooth Quadient Inc 37,276.52 5 yrs 77,718.09 4 yrs 3,820.90 1 yr 07/2021 07/2021 07/2021 Postage Meter Elberton 69473 Economic Development Copy Machine 68432 Quadient Inc. Canon 2,512.41 2 yrs 7,858.46 3 yrs 07/2021 08/2021 Student Affairs Copier 68432 Business Division Copier 68431 RICOH RICOH 6,497.31 3 yrs 9,984.35 3 yrs 08/2021 08/2021 Business Office Copier 68429 Life Sciences 68427 ECC Business Office 68428 TOSHIBA TOSHIBA TOSHIBA 6,634.86 3 yrs 6,306.75 3 yrs 6,634.86 3 yrs 08/2021 08/2021 08/2021 Building M 68430 Adult Ed Bldg I 68442 TOSHIBA XEROX 8,209.85 3 yrs 5,157.73 2 yrs 08/2021 07/2021 Bldg F 68452 WIOA 68441 XEROX XEROX 5,157.73 2 yrs 5,018.83 2 yrs 07/2021 07/2021 Adult Ed K 69809 Adult Ed Walton 69808 Library Athens 68445 TOSHIBA TOSHIBA XEROX 4,740.52 3 yrs 4,740.52 3 yrs 6,899.00 2 yrs 02/2021 02/2021 07/2021 Library Walton 68444 Library Elbert 68443 XEROX XEROX 4,983.12 2 yrs 4,983.12 2 yrs 07/2021 07/2021 Elbert 68449 Building K 68450 XEROX XEROX 2,886.04 1 yr 07/2021 2,886.04 1 yr 07/2021 Walton 68448 Greene 68447 XEROX XEROX 2,886.04 1 yr 07/2021 2,886.04 1 yr 07/2021 Gen Ed 68446 XEROX 2,499.75 1 yr 07/2021 End Outstanding Month/Year Principal 06/2031 $ 19,038,683.38 06/2034 9,467,741.65 10/2022 12/2022 12/2022 3,736.19 5,211.63 2,256.79 12/2022 12/2022 8,611.85 2,256.79 12/2022 12/2022 9,998.67 2,619.23 12/2022 12/2022 09/2023 2,256.79 2,619.23 20,339.05 01/2027 12/2027 18,286.27 17,951.24 01/2026 06/2026 20,710.89 122,168.07 06/2022 06/2027 41,634.02 06/2022 07/2025 06/2022 1,751.04 - 06/2022 - 01/2022 - 02/2023 06/2023 18,763.92 56,373.09 06/2026 06/2025 07/2022 35,875.85 63,643.75 - 07/2023 07/2024 1,257.29 5,464.31 07/2024 07/2024 4,517.85 6,942.53 07/2024 07/2024 07/2024 4,613.49 4,385.34 4,613.49 07/2024 10/2023 5,708.65 2,951.51 10/2023 10/2023 2,951.51 2,872.02 01/2024 01/2024 10/2023 2,909.65 2,909.65 3,947.95 10/2023 10/2023 2,851.58 2,851.58 09/2022 09/2022 578.04 578.04 09/2022 09/2022 770.61 578.04 07/2022 385.08 - 44 - Description Real Property - 485 Atlanta South Pkwy Sharp Copiers Quadient IX7 Series Real Property - 1520 Metropolitan Pkwy Postage Meter LaGrange Postage Meter Murphy Copier Equipment Copier Equipment Postage Equipment Send Pro C Postage Equipment Send Pro 3000 Postage Equipment Relay 3500 Insert Receiving and Shipping Equipment Postage Meter Columbus Copy Machines (4) Copy Machine Copy Machine Copy Machine Copy Machine Building - Aviation Postage Meters Postage Meter Copier Copier Vehicle - F150 Copiers Neopost Mail Machine Real Estate Copier - V180B Copier - V180EFI Copier - D110CP Copier - XC70 C700FCSRV Print Server Copiers - toshiba Estudio 4515AC Sharp MX3071 Sharp MX3051 Sen pro C Auto Postage Meter Sen Pro WOW Copiers 1.1.19 Copiers 10.1.19 Copiers 12.1.19 Copiers 7.1.20 Copiers 10.1.20 Copiers 1.31.21 Copiers 4.30.21 Copiers 5.31.21 Copiers 8.31.21 Copiers 9.30.21 Copiers 2.1.22 Copiers 2.28.22 Dumpsters TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Lessor GIP Atlanta South LLC Sharp Electronics Quadient Leasing USA Inc. Atlanta Technical College Naspo Value Point Naspo Value Point Canon Canon Pitney Bowes Pitney Bowes Pitney Bowes Quadient Pitney Bowes CANON CANON CANON Xerox CANON Floyd County Pitney Bowes Quadient Ricoh Canon Enterprise Canon Quadient Wesley Chapel Xerox Corporation Xerox Corporation Xerox Corporation Xerox Corporation Xerox Corporation Toshiba Sharp Electronics Sharp Electronics Pitney Bowes, Inc. Pitney Bowes, Inc. Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Waste Mgmt Original Principal 806,853.66 160,276.32 21,233.94 39,685.53 20,232.41 22,574.25 133,768.94 344,715.55 9,876.05 60,206.40 20,893.19 19,806.81 43,458.82 31,481.11 31,362.91 59,708.37 63,124.41 5,600.39 147,511.85 4,125.27 1,503.66 15,514.68 4,241.40 4,231.00 49,662.61 15,418.34 217,967.03 8,722.37 4,054.59 7,731.81 6,189.56 2,764.13 10,553.75 3,347.50 4,745.00 3,034.36 7,316.62 293.30 53,160.39 1,905.58 38,745.89 18,740.28 29,548.39 43,835.55 44,497.74 17,288.01 15,148.04 1,876.05 107,291.42 193,578.20 Lease Term 2 yrs 3 yrs 5 yrs 4 yrs 5 yrs 5 yrs 3 yrs 2 yrs 5 yrs 5 yrs 5 yrs 3 yrs 2 yrs 1 yr 3 yrs 1 yr 2 yrs 2 yrs 2 yrs 1 yr 2 yrs 2 yrs 3 yrs 2 yrs 1 yr 4 yrs 1 yr 2 yrs 2 yrs 2 yrs 3 yrs 3 yrs 3 yrs 4 yrs 5 yrs 5 yrs 5 yrs 1 yr 1 yr 1 yr 2 yrs 2 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 5 yrs Begin Month/Year 07/2021 09/2021 03/2022 07/2021 07/2021 07/2021 07/2021 07/2021 12/2021 12/2021 12/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 11/2021 08/2021 01/2022 01/2022 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 08/2021 09/2021 02/2022 02/2022 07/2021 End Month/Year 07/2023 09/2024 02/2027 06/2025 06/2026 06/2026 10/2024 09/2023 12/2026 12/2026 12/2026 02/2024 01/2023 11/2022 04/2024 11/2022 06/2023 10/2023 06/2023 12/2022 06/2023 06/2023 06/2024 06/2023 06/2022 10/2025 06/2022 05/2023 05/2023 05/2023 03/2024 03/2024 08/2024 10/2025 07/2026 12/2026 12/2026 12/2021 09/2022 11/2022 07/2023 10/2023 01/2024 04/2024 05/2024 08/2024 09/2024 01/2025 02/2025 12/2026 Outstanding Principal 404,105.37 125,246.99 19,829.72 29,840.95 16,303.43 17,945.01 86,705.54 196,125.38 8,893.53 54,216.79 18,814.64 12,591.67 24,192.33 17,562.44 19,199.24 8,327.42 37,184.38 2,495.50 73,861.87 826.48 677.72 7,162.67 2,831.66 2,218.23 12,101.21 3,930.07 4,385.01 2,038.34 4,166.02 1,864.13 7,273.39 2,843.99 3,985.87 2,852.20 6,877.36 10,632.08 476.40 18,530.64 10,090.92 17,729.03 27,895.35 28,792.66 12,005.56 10,940.25 1,615.49 92,389.84 169,429.65 - 45 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Description Mail processing equipment Copiers Copiers 2018 Ford Explorer Police Interceptor 2017 Ford Explorer 2018 Kia Sorento 2018 Chevrolet Express 2500 2019 Ram 1500 Classic SLT 2019 Dodge Caravan 2020 Nissan Pathfinder -1 2020 Nissan Pathfinder -2 2020 Nissan Pathfinder -3 2021 Nissan Rogue -1 2021 Nissan Rogue -2 JA Discovery Center Kiosk Mailing System Building - Monroe County Building - Macon Bookstore Building - Jones County Building - Airport Mail Machine Vehicle - 2019 Dodge Caravan Vehicle - 2020 Ford F-150 Vehicle - 2020 Ford F250 Vehicle - 2020 Ford Escape Vehicle - 2020 Ford Explorer Vehicle - 2020 Ford Escape Vehicle - 2020 Ford Transit Van Xerox SC70 Ser #E2B-109244 Addt'l Item Ser #MOB-023120 Xerox C8035T Ser #2TX-063998 Xerox D95CP Ser #BG2-959461 Xerox WC3655S Ser #C4X-014054 Xerox WC3655S Ser #C4X-014404 Xerox C8070H Ser #6TB-437875 Xerox C8055H Ser #8TB-601891 Xerox C870H Ser #6TB-443910 Xerox D95CP Ser #BG2-959457 Xerox B7030H Ser #5DA-841906 Xerox B7035H Ser #5DA-842893 Xerox WC5325PT Ser #AE9-577593 Xerox WC3655S Ser #C4X-014052 Xerox B7035S Ser #2DA-799713 Xerox 3655S Ser #C4X-013983 Xerox B7030H Ser #5DA-842457 Xerox 3655S Ser #C4X-014403 Xerox B7030H Ser #5DA-842117 Xerox B8065H Ser # 3AG-882139 Xerox B8065H Ser # 3AG-882543 Xerox C8055H Ser # 8TB-602257 Copier - Xerox B7030S Ser # 2DA-799605 Lessor Pitney Bowes Canon Canon Enterprise Enterprise Enterprise Enterprise Enterprise Enterprise Enterprise Enterprise Enterprise Enterprise Enterprise Junior Quadient Smart Monroe County CGTC Foundation Jones County Macon-Bibb Pitney Bowes Enterprise FM Enterprise FM Enterprise FM Enterprise FM Enterprise FM Enterprise FM Enterprise FM Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Original Principal 35,173.99 25,753.22 70,851.75 3,159.49 5,911.60 2,717.53 3,344.59 12,831.96 9,672.60 10,928.25 32,452.95 31,865.76 28,365.30 28,365.30 9,666.62 13,577.52 56,456.78 115,320.89 152,909.33 4,366,932.19 18,508.79 15,742.25 20,674.21 23,059.78 23,059.78 23,059.78 23,059.78 15,742.25 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 2,397.59 3,055.18 3,055.18 3,055.18 1,599.13 - 46 - Lease Term 5 yrs 2 yrs 3 yrs 1 yr 1 yr 1 yr 1 yr 2 yrs 2 yrs 2 yrs 4 yrs 4 yrs 4 yrs 4 yrs 2 yrs 5 yrs 4 yrs 4 yrs 5 yrs 6 yrs 4 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs Begin Month/Year 12/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 09/2021 07/2021 07/2021 07/2021 07/2021 11/2021 07/2021 07/2021 08/2021 08/2021 08/2021 08/2021 10/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 11/2021 12/2021 12/2021 12/2021 01/2022 End Month/Year 06/2026 10/2023 06/2024 06/2022 06/2022 06/2022 06/2022 06/2023 11/2022 11/2022 02/2025 02/2025 02/2025 02/2025 06/2023 08/2026 06/2025 06/2025 06/2026 06/2027 10/2025 09/2024 06/2024 07/2024 07/2024 07/2024 07/2024 09/2024 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 10/2023 11/2023 11/2023 11/2023 12/2023 Outstanding Principal 11,724.64 15,509.59 49,477.47 5,307.12 4,919.01 5,557.57 24,753.54 24,305.66 21,635.68 21,635.68 4,833.31 11,407.55 42,667.46 87,154.27 123,262.48 3,674,262.09 14,413.67 11,823.86 13,811.47 16,043.70 16,043.70 16,043.70 16,043.70 11,823.86 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 1,600.39 2,166.34 2,166.34 2,166.34 1,200.34 Description Xerox B8075H Ser # 3AG-883735 Xerox B8075H Ser # 3AG-883736 Xerox C8055H Ser # 8TB-611652 Xerox D95CP Ser # BG2-481302 Xerox B7025S Ser # 2DA-800002 Xerox D95CP Ser # BG2-482336 Xerox B8045H Ser # Y4X-870361 Xerox C7025T Ser # 3UA-224740 Xerox DMP CTRL Ser #NQL-001648 Xerox C9070 Ser # DQP-135097 Xerox C8055H Ser #8TB-652583 Xerox B8045H Ser #Y4X-935289 Xerox B8045H Ser #Y4X-935076 Xerox B8045H Ser #Y4X-935074 Xerox B8045H Ser #Y4X-935079 Xerox B8045H Ser # Y4X-930332 Xerox B7035 Ser # 5DA-856043 Xerox C8170H Ser # EFQ-644534 Xerox B8155H Ser # HQH-263166 Xerox B9100 Ser # EDQ-722544 Xerox C7025T Ser # 3UA-229569 Xerox C8135H Ser # ELQ-587597 Xerox C8134H Ser # ELQ-519500 Xerox C8170H Ser # EFQ-265801 Neopost N22041146 Cannon 775255-1 Cannon 775255-2 Cannon 775255-3 Cannon 775255-4 Cannon 775255-5 Cannon 001-775255-004 Cannon 001-775255-005 Cannon 001-775255-006 Cannon 001-775255-007 Copier - AA Hoty COE Copier - AA ITC Copier - AA Parker Nellis Copier - AA Rubye Franklin Copier - AA Transportation Copier - AA Visual Tech Copier - AA Welding Copier - Carnesville Copier - Clarkesville Copier - AE Colwell Det Copier - AE Currahee Copier - AE Fannin Co Copier - AE Rabun Copier - AE Shirley Miller Copier - AE White Co. Copier - Blairsville Workroom TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Lessor Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Xerox Neopost Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Cannon Original Principal 2,751.12 2,751.12 3,460.91 3,460.91 3,460.91 9,778.51 3,406.63 4,591.85 4,591.85 4,591.85 3,756.58 3,756.58 3,756.58 3,756.58 3,756.58 4,933.92 4,924.91 4,924.91 4,924.91 15,306.64 3,939.00 6,000.37 6,000.37 6,000.37 9,975.75 31,480.66 266,009.28 57,173.82 118,213.61 10,837.68 40,095.86 20,095.81 11,778.39 78,809.08 7,704.00 2,370.00 10,764.00 7,704.00 18,038.28 7,704.00 7,450.39 2,370.00 6,830.08 2,370.00 11,296.40 6,304.20 2,370.00 9,345.21 2,370.00 24,465.60 Lease Term 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 4 yrs 4 yrs 4 yrs 4 yrs 4 yrs 5 yrs 5 yrs 5 yrs 5 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 3 yrs 2 yrs 2 yrs 2 yrs 2 yrs 2 yrs 1 yr 2 yrs 2 yrs 3 yrs 2 yrs 3 yrs 1 yr 2 yrs 1 yr 3 yrs 2 yrs 1 yr 3 yrs 1 yr 3 yrs Begin Month/Year 02/2022 02/2022 03/2022 03/2022 03/2022 08/2021 10/2021 04/2022 04/2022 04/2022 05/2022 05/2022 05/2022 05/2022 05/2022 08/2021 10/2021 10/2021 10/2021 04/2022 07/2021 01/2022 01/2022 01/2022 05/2022 07/2021 07/2021 07/2021 07/2021 08/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 2/2022 07/2021 2/2022 07/2021 07/2021 07/2021 6/2022 07/2021 07/2021 6/2022 07/2021 10/2021 End Month/Year 01/2024 01/2024 02/2024 02/2024 02/2024 07/2024 09/2024 03/2025 03/2025 03/2025 04/2025 04/2025 04/2025 04/2025 04/2025 07/2025 09/2025 09/2025 09/2025 03/2026 06/2026 12/2027 12/2027 12/2027 05/2025 02/2024 04/2024 05/2024 06/2024 08/2024 04/2023 11/2023 11/2023 11/2023 9/2023 9/2022 10/2023 9/2023 1/2025 9/2023 1/2025 9/2022 5/2023 9/2022 5/2025 9/2023 9/2022 5/2025 9/2022 9/2024 Outstanding Principal 2,179.33 2,179.33 2,885.29 2,885.29 2,885.29 6,803.34 2,558.69 4,210.06 4,210.06 4,210.06 3,547.88 3,547.88 3,547.88 3,547.88 3,547.88 3,810.37 4,007.31 4,007.31 4,007.31 14,352.93 3,157.74 5,404.81 5,404.80 5,404.80 9,700.06 17,529.45 162,888.09 36,595.91 78,944.88 7,838.45 11,198.12 9,515.60 5,577.20 37,317.00 5,809.54 902.58 8,283.46 5,809.54 17,334.18 5,809.54 7,074.38 902.58 4,555.22 902.58 11,296.40 4,754.62 902.58 9,345.21 902.58 22,265.18 - 47 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Description Copier - CE/ED Copier - Library Blairsville Copier - Library Currahee Copier - Marketing Copier - Mobley Business Office Copier - Student Affairs L Copier - Student Affairs U Crossroads Campus 59596 Various Copiers 59203, 59204 Copier - 59568 Copier - 59530 Copier - 58995 Copier - 59200 Copier - 59205 Copier - 59213 Copier - 59215 Copier - 59704 Copier - 59206 Copier - 59207 Copier-59210 Copier - 59211 Copier - 59212 Copier - 59216 Copier - 59218 Copier - 59217 Copier - 59208 Copier - 59209 Mail Machine 59220 Postage Meter 59219 Postage Meter Copier Admissions-XNE-100195 Copier Economic Development Copier Business Office-HQH272697 Copier Conference Room-EFQ648451 Copier Academic Affairs-3AG891590 Copier Financial Aid-HHZ169660 Copier Library A2M656583 Copier CAT Y4X931656 Copier Nursing 5DA080866 Copier Cordele Campus HHZ168555 Copier Law Enforcement Academy HHZ169342 VOIP-BAPCC, LLC Canon Swainsboro AA Dept Canon Swainsboro IT Dept Canon Swainsboro SA Dept (Color) Canon Vidalia SA Dept (Color) Canon Vidalia Gillis Canon Vidalia Library Color Canon Swainsboro Pres Canon Vidalia BO Postage Meter Vidalia Lessor Cannon Cannon Cannon Cannon Cannon Cannon Cannon University Financing CANON USA INC CANON USA INC TOSHIBA AMERICA TOSHIBA AMERICA GORDON RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC RICOH USA INC PITNEY BOWES INC PITNEY BOWES INC SGTC SGTC SGTC SGTC SGTC SGTC SGTC SGTC SGTC SGTC SGTC SGTC SGTC Canon Canon Canon Canon Canon Canon Canon Canon Pitney Bowes Original Principal 25,348.84 11,296.40 11,296.40 23,215.56 10,596.48 12,237.06 9,344.25 3,228,231.19 11,123.20 3,312.05 9,285.87 4,324.64 1,246.87 10,482.81 10,069.93 3,741.71 12,382.76 11,545.46 10,591.17 5,187.96 8,219.57 1,174.75 4,031.14 2,068.94 6,576.83 4,866.22 1,647.67 16,743.32 21,520.40 24,823.43 29,198.64 9,544.05 5,897.33 8,709.21 11,699.90 8,106.79 8,479.72 3,444.23 3,078.07 6,610.38 8,106.79 181,373.10 6,274.16 6,274.16 4,894.15 12,631.77 12,631.77 10,414.18 4,895.61 5,117.18 4,609.35 Lease Term 2 yrs 3 yrs 3 yrs 2 yrs 2 yrs 2 yrs 2 yrs 7 yrs 2 yrs 5 yrs 3 yrs 5 yrs 1 yr 4 yrs 4yrs 3 yrs 4 yrs 5 yrs 5 yrs 2 yrs 4 yrs 2 yrs 3 yrs 3 yrs 3 yrs 2 yrs 2 yrs 4 yrs 3 yrs 5 yrs 4 yrs 4 yrs 4 yrs 4 yrs 4 yrs 4 yrs 5 yrs 2 yrs 2 yrs 2 yrs 4 yrs 1 yr 2 yrs 3 yrs 2 yrs 3 yrs 3 yrs 3 yrs 2 yrs 3 yrs 1 yr Begin Month/Year 1/2022 6/2022 6/2022 1/2022 07/2021 07/2021 07/2021 07/2021 07/2021 04/2022 12/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 01/2022 06/2022 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 09/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 11/2021 07/2021 07/2021 07/2021 03/2022 07/2021 11/2021 07/2021 End Month/Year 12/2024 5/2025 5/2025 12/2024 3/2023 11/2023 11/2023 06/2028 09/2023 03/2027 11/2024 06/2026 03/2097 01/2025 01/2025 03/2024 03/2025 03/2026 03/2026 02/2023 12/2025 09/2023 02/2024 02/2024 05/2024 6/2023 06/2023 12/2025 12/2024 06/2027 12/2025 06/2025 03/2025 03/2025 03/2025 10/2025 09/2026 03/2023 01/2023 10/2023 10/2025 12/2022 10/2023 10/2024 10/2023 06/2024 06/2024 02/2025 08/2023 10/2024 10/2022 Outstanding Principal 24,069.60 11,296.40 11,296.40 22,043.98 8,747.22 9,584.65 7,318.81 2,788,185.92 6,495.99 3,146.89 7,485.65 3,464.67 9,394.89 9,024.85 3,430.39 11,610.49 10,969.75 10,063.04 4,324.54 7,196.25 734.96 3,584.26 1,839.58 6,393.22 2,436.61 825.02 15,311.84 19,510.64 24,823.45 22,749.15 7,168.30 4,332.16 6,397.75 8,594.70 6,246.73 7,214.99 1,478.64 1,135.98 3,783.87 6,246.73 90,686.55 2,906.24 4,904.48 2,807.52 9,463.20 9,463.20 10,169.64 2,645.58 4,000.08 1,653.24 - 48 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Description Postage Meter Swainsboro 2019 Escape 4849 2019 Escape 0235 2021 Malibu 0569 2021 Malibu 0837 2021 Explorer 5798 2021 Explorer 4100 Copiers Postage Machine Drinking Water Stations Copiers - Northern Region - #1 Copiers - Southern Region - #2 Copiers - Southern Region - #3 Copiers - Southern Region - #4 Copiers - Southern Region - #5 Postage Meter - Ben Hill-Irwin - #6 Postage Meter - Valdosta - #7 Cook County Property Lease - #8 Berrien County Property Lease - #9 Atkinson County Property Lease - #10 Lessor Pitney Bowes Enterprise Enterprise Enterprise Enterprise Enterprise Enterprise Canon Pitney Bowes Pure Water Concepts Xerox Xerox Xerox Xerox Xerox Quadient Quadient Cook County, GA Berrien County, GA City of Pearson, GA Original Principal 4,609.35 18,865.51 18,865.51 16,327.45 16,327.45 25,541.68 25,541.68 230,156.70 46,803.39 42,526.17 61,399.26 6,577.69 2,422.83 118,184.15 7,214.27 3,662.34 8,992.78 45,012.34 44,620.69 23,838.66 Lease Term 1 yr 2 yrs 2 yrs 4 yrs 4 yrs 3 yrs 3 yrs 4 yrs 5 yrs 4 yrs 2 yrs 2 yrs 2 yrs 5 yrs 5 yrs 5 yrs 4 yrs 3 yrs 5 yrs 3 yrs Begin Month/Year 07/2021 07/2021 07/2021 07/2021 07/2021 01/2022 01/2022 02/2022 05/2022 01/2022 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 07/2021 End Month/Year 10/2022 06/2023 06/2023 04/2025 04/2025 12/2025 12/2025 01/2026 04/2027 06/2026 07/2023 08/2023 08/2023 05/2026 06/2026 01/2026 12/2025 06/2024 06/2026 06/2024 Outstanding Principal 1,653.24 3,819.36 3,819.36 11,112.18 11,112.18 23,802.77 23,802.77 206,329.90 44,488.67 39,010.27 13,389.31 1,544.51 941.13 92,723.58 5,779.69 2,568.04 6,305.77 18,347.32 35,747.72 11,957.00 Total Leases $ 45,628,275.25 $ 39,353,871.48 Future Commitments Future commitments related to outstanding lease obligations as of June 30, 2022. were as follows: Capital Leases Year Ending June 30: 2023 2024 2025 2026 2027 2028 - 2032 2033 - 2037 $ 5,895,402.57 4,879,809.90 4,394,692.87 4,289,072.19 4,158,840.85 13,787,603.84 1,948,449.26 Total Minimum Lease Payments$ 39,353,871.48 - 49 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 NOTE 9: RETIREMENT PLANS The System participates in various retirement plans administered by the State of Georgia under two major retirement systems: Teachers Retirement System of Georgia (TRS) and Employees' Retirement System of Georgia (ERS). These two systems issue separate publicly available financial reports that include the applicable financial statements and required supplementary information. The reports may be obtained from the respective administrative offices. The significant retirement plans that the System participates in are described below. More detailed information can be found in the plan agreements and related legislation. Each plan, including benefit and contribution provisions, was established and can be amended by State law. Teachers Retirement System of Georgia and Employees' Retirement System of Georgia General Information about the Teachers Retirement System Plan Description: All teachers of the System as defined in O.C.G.A. 47-3-60 of the Official Code of Georgia Annotated (O.C.G.A.) are provided a pension through the Teachers Retirement System of Georgia (TRS). TRS, a cost-sharing multiple-employer defined benefit pension plan, is administered by the TRS Board of Trustees (TRS Board). Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. TRS issues a publicly available financial report that can be obtained at www.trsga.com/publications. Benefits Provided: TRS provides service retirement, disability retirement, and death benefits. Normal retirement benefits are determined as 2% of the average of the employee's two highest paid consecutive years of service, multiplied by the number of years of creditable service up to 40 years. An employee is eligible for normal service retirement after 30 years of creditable service, regardless of age, or after 10 years of service and attainment of age 60. Ten years of service is required for disability and death benefits eligibility. Disability benefits are based on the employee's creditable service and compensation up to the time of disability. Death benefits equal the amount that would be payable to the employee's beneficiary had the employee retired on the date of death. Death benefits are based on the employee's creditable service and compensation up to the date of death. Contributions: Per Title 47 of the O.C.G.A., contribution requirements of active employees and participating employers, as actuarially determined, are established and may be amended by the TRS Board. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees were required to contribute 6.00% of their annual pay during fiscal year 2022. The System's contractually required contribution rate for the year ended June 30, 2022 was 19.81% of annual payroll. System contributions to TRS were $32,840,213.02 for the year ended June 30, 2022. General Information about the Employees' Retirement System Plan Description: ERS is a cost-sharing multiple-employer defined benefit pension plan established by the Georgia General Assembly during the 1949 Legislative Session for the purpose of providing retirement allowances for employees of the State of Georgia and its political subdivisions. ERS is directed by a Board of Trustees. Title 47 of the O.C.G.A. assigns the authority to establish and amend the benefit provisions to the State Legislature. ERS issues a publicly available financial report that can be obtained at www.ers.ga.gov/financials. - 50 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Benefits Provided: The ERS Plan supports three benefit tiers: Old Plan, New Plan, and Georgia State Employees' Pension and Savings Plan (GSEPS). Employees under the old plan started membership prior to July 1, 1982 and are subject to plan provisions in effect prior to July 1, 1982. Members hired on or after July 1, 1982, but prior to January 1, 2009, are new plan members subject to modified plan provisions. Effective January 1, 2009, new state employees and rehired state employees who did not retain membership rights under the Old or New Plans are members of GSEPS. ERS members hired prior to January 1, 2009, also have the option to irrevocably change their membership to GSEPS. Under the old plan, the new plan, and GSEPS, a member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 60 or 30 years of creditable service regardless of age. Additionally, there are some provisions allowing for early retirement after 25 years of creditable service for members under age 60. Retirement benefits paid to members are based upon the monthly average of the member's highest 24 consecutive calendar months, multiplied by the number of years of creditable service, multiplied by the applicable benefit factor. Annually, postretirement cost-of-living adjustments may also be made to members' benefits, provided the members were hired prior to July 1, 2009. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension, at reduced rates, to a designated beneficiary upon the member's death. Death and disability benefits are also available through the ERS plan. Contributions: Member contributions under the old plan are 4% of annual compensation, up to $4,200.00, plus 6% of annual compensation in excess of $4,200.00. Under the old plan, the state pays member contributions in excess of 1.25% of annual compensation. Under the old plan, these state contributions are included in the members' accounts for refund purposes and are used in the computation of the members' earnable compensation for the purpose of computing retirement benefits. Member contributions under the new plan and GSEPS are 1.25% of annual compensation. The System's contractually required contribution rate, actuarially determined annually, for the year ended June 30, 2022 was 24.63% of annual covered payroll for old and new plan members and 21.57% for GSEPS members. The System's contributions to ERS totaled $32,582,877.41 for the year ended June 30, 2022. Contributions are expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At June 30, 2022, the System reported a liability for its proportionate share of the net pension liability for TRS and ERS totaling $234,334,028.00. The net pension liability was measured as of June 30, 2021. The total pension liability used to calculate the net pension liability was based on an actuarial valuation as of June 30, 2020. An expected total pension liability as of June 30, 2021 was determined using standard roll-forward techniques. The System's proportion of the net pension liability was based on contributions to TRS and ERS during the fiscal year ended June 30, 2021. At June 30, 2021, the System's TRS proportion was 1.278973%, which was a decrease of 0.064141% from its proportion measured as of June 30, 2020. At June 30, 2021, the System's ERS proportion was 5.182658%, which was an increase of 0.198831% from its proportion measured as of June 30, 2020. - 51 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 For the year ended June 30, 2022, the System recognized pension expense of $8,355,041.00 for TRS and $22,321,268.00 for ERS. At June 30, 2022, the System reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: TRS Deferred Outflows of Resources Deferred Inflows of Resources ERS Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $ 26,993,227.00 $ - $ 2,868,601.00 $ - Changes of assumptions 21,893,355.00 - 34,907,170.00 - Net difference between projected and actual earnings on pension plan investments - 165,457,679.00 - 112,033,675.00 Changes in proportion and differences between System contributions and proportionate share of contributions 1,330,223.00 26,951,729.00 7,386,146.00 910,538.00 System contributions subsequent to the measurement date 32,840,213.02 - 32,582,877.41 - Total $ 83,057,018.02 $ 192,409,408.00 $ 77,744,794.41 $ 112,944,213.00 The System's contributions subsequent to the measurement date for TRS and for ERS are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year Ended June 30: TRS ERS 2023 2024 2025 2026 $ (32,708,137.00) $ (30,211,545.00) $ (36,558,750.00) $ (42,714,171.00) $ 3,636,502.00 $ (14,267,190.00) $ (27,226,523.00) $ (29,925,085.00) - 52 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Actuarial Assumptions: The total pension liability as of June 30, 2021 was determined by an actuarial valuation as of June 30, 2020 using the following actuarial assumptions, applied to all periods included in the measurement: Teachers Retirement System: Inflation 2.50% Salary increases 3.00 8.75%, average, including inflation Investment rate of return 7.25%, net of pension plan investment expense, including inflation Cost of living adjustment 1.50% semi-annually Post-retirement mortality rates were based on the Pub-2010 Teachers Headcount Weighted Below Median Healthy Retiree mortality table (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. Post-retirement mortality rates for disability retirements were based on the Pub-2010 Teachers Mortality Table for Disabled Retirees (ages set forward one year and adjusted 106%) with the MP-2019 Projection scale applied generationally. The rates of improvement were reduced by 20% for all years prior to the ultimate rate. The Pub-2010 Teachers Headcount Weighted Below Median Employee mortality table with ages set forward one year and adjusted 106% as used for death prior to retirement. Future improved in mortality rates was assumed using the MP-2019 projection scale generationally. These rates of improvement were reduced by 20% for all years prior to the ultimate rate. The actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2013 June 30, 2018. Employees' Retirement System Inflation 2.50% Salary increases 3.00 6.75%, including inflation Investment rate of return 7.00%, net of pension plan investment expense, including inflation Post-retirement mortality rates were based on the Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale used for both males and females while in active service. Postretirement mortality rates were based on the Pub2010 Family of Tables, with the MP-2019 projection scale applied generationally, as follows: service retirees General Healthy Annuitant mortality table with further adjustments (set forward one year and adjusted 105% and 108% respectively for males and females); disability retirees General Disabled Table (set back three years for males, and adjusted 103% and 106% for males and females, respectively); beneficiaries General Contingent Survivors Table (set forward to two years for both males and females and adjusted 106% and 105% respectively). The actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2014 June 30, 2019. - 53 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 The long-term expected rate of return on TRS and ERS pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of pension plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Target allocation TRS Long-term expected real rate of return* Target allocation ERS Long-term expected real rate of return* Fixed income Domestic large stocks Domestic small stocks International developed market stocks International emerging market stocks Alternative 30.00% 46.30% 1.20% 11.50% 6.00% 5.00% (0.80)% 9.30% 13.30% 9.30% 11.30% 10.60% 30.00% 46.40% 1.10% 11.70% 5.80% 5.00% (1.50)% 9.20% 13.40% 9.20% 10.40% 10.60% Total 100.00% 100.00% * Rates shown are net of inflation Discount Rate: The discount rate used to measure the total TRS pension liability was 7.25% and ERS pension liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the TRS and ERS pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. - 54 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Sensitivity of the System's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following presents the System's proportionate share of the net pension liability calculated using the applicable discount rate of 7.25% for TRS and 7.00% for ERS, as well as what the System's proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current rate: Teachers Retirement System: System's proportionate share of the net pension liability 1% Decrease (6.25%) Current Discount Rate (7.25%) 1% Increase (8.25%) $ 304,706,236.54 $ 113,116,631.00 $ (43,877,829.03) Employees' Retirement System: System's proportionate share of the net pension liability 1% Decrease (6.00%) Current Discount Rate (7.00%) 1% Increase (8.00%) $ 222,128,048.13 $ 121,217,397.00 $ 35,874,980.59 Pension Plan Fiduciary Net Position: Detailed information about the pension plan's fiduciary net position is available in the separately issued TRS and ERS financial reports which are publicly available at www.trsga.com/publications and www.ers.ga.gov/financials, respectively. NOTE 10: RISK MANAGEMENT Public Entity Risk Pool The Department of Community Health administers for the State of Georgia a program of health benefits for the employees of units of government of the State of Georgia, units of county governments, and local education agencies located with the State of Georgia. This plan is funded by participants covered in the plan, by employers' contributions paid by the various units of government participating in the plan. Other Risk Management The Department of Administrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The System is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. - 55 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 NOTE 11: CONTINGENCIES Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditure disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the System expects such amounts, if any, to be immaterial to its overall financial position. Litigation, claims and assessments filed against the System, if any, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Annual Comprehensive Financial Report for the fiscal year ended June 30, 2022. NOTE 12: POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS Georgia State Employees Post-Employment Health Benefit Fund (State OPEB Fund) General Information about the State OPEB Fund Plan Description: Employees of State organizations as defined in 45-18-25 of the Official Code of Georgia Annotated (O.C.G.A.) are provided OPEB through the State OPEB Fund - a cost-sharing multiple-employer defined benefit postemployment healthcare plan, reported as an employee trust fund and administered by a Board of Community Health (Board). Title 45 of the O.C.G.A. assigns the authority to establish and amend the benefit terms of the group health plan to the Board. Benefits Provided: The State OPEB Fund provides healthcare benefits for retirees and their dependents due under the group health plan for employees of State organizations (including technical colleges) and other entities authorized by law to contract with Department of Community Health (DCH) for inclusion in the plan. Retiree medical eligibility is attained when an employee retires and is immediately eligible to draw a retirement annuity from one of the State's retirement plans. If elected, dependent coverage starts on the same day as retiree coverage. Medicare-eligible retirees are offered Standard and Premium Medicare Advantage plan options. Non-Medicare eligible retiree plan options include Health Reimbursement Arrangement (HRA), Health Maintenance Organization (HMO) and a High Deductible Health Plan (HDHP). The State OPEB Fund also pays for administrative expenses of the fund. By law, no other use of the assets of the State OPEB Fund is permitted. Contributions: As established by the Board, the State OPEB Fund is substantially funded on a payas-you-go basis; that is, annual cost of providing benefits will be financed in the same year as claims occur. Contributions to the State OPEB Fund from the System were $15,351,464.00 for the year ended June 30, 2022. Active employees are not required to contribute to the State OPEB Fund. OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB At June 30, 2022, the System reported a liability of $29,537,886.00 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of June 30, 2021. The total OPEB liability used to calculate the net OPEB liability was based on an actuarial valuation as of June 30, 2020. An expected total OPEB liability as of June 30, 2021 was determined using standard roll-forward techniques. The System's proportion of the net OPEB liability was based on the System's proportion of the prior year contributions received by the OPEB plan relative to the contributions for all participants in the plan. At June 30, 2021, the System's proportion was 10.746702%, which was an increase of 0.069643% from its proportion measured as of June 30, 2020. - 56 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 For the year ended June 30, 2022, the System recognized a credit to OPEB expense of $69,543,314.00. At June 30, 2022, the System reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources OPEB Deferred Inflows of Resources Differences between expected and actual Changes of assumptions $ - $ 1,526,436.00 79,533,159.00 31,138,011.00 Net difference between projected and actual earnings on OPEB plan investments - 5,163,570.00 Changes in proportion and differences between contributions and proportionate share of contributions 8,928,110.00 6,037,376.00 Contributions subsequent to the measurement Total 15,351,464.00 $ 25,806,010.00 $ 121,872,116.00 The System's contributions subsequent to the measurement date are reported as deferred outflows of resources and will be recognized as a reduction of the net OPEB liability in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ended June 30: 2023 2024 2025 2026 $ (55,925,374.00) $ (28,542,467.00) $ (18,885,528.00) $ (8,064,201.00) - 57 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 Actuarial Assumptions: The total OPEB liability as of June 30, 2021 was determined by an actuarial valuation as of June 30, 2020 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2021: Inflation 2.50% Salary increases 3.00% - 6.75%, including inflation Long-term expected rate of return Healthcare cost trend rate 7.00%, compounded annually, net of investment expense, and including inflation Pre-Medicare Eligible Medicare Eligible 6.750% Ultimate trend rate 5.125% Pre-Medicare Eligible Medicare Eligible 4.50% Year of Ultimate trend rate 4.50% Pre-Medicare Eligible 2029 Medicare Eligible 2023 Mortality rates were based on the RP-2010 General Employee Mortality Table for Males or Females, as appropriate, with no adjustments and with MP-2019 Projection scale applied generationally as follows: For ERS, JRS and LRS members: Post-retirement mortality rates for service retirements were based on the Pub-2010 General Healthy Annuitant Mortality Table (ages set forward one year and adjusted 105% for males and 108% for females) with the MP-2019 Projection scale applied generationally. Postretirement mortality rates for disability retirements were based on the Pub-2010 General Disables Mortality Table (ages set back three years for males and adjusted 103% for males and 106% for females) with the MP-2019 Projection scale applied generationally. Post-retirement mortality rates for beneficiaries were based on the Pub-2010 General Contingent Survivor Mortality Table (ages set forward two years and adjusted 106% for males and 158% for females) with the MP-2019 Projection scale applied generationally. The actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the pension systems, which covered the five-year period ending June 30, 2019 and adopted by the pension Board on December 17, 2020. The remaining actuarial assumptions (e.g. initial per capita costs, health care cost trends, rate of plan participation, rates of plan election, etc.) used in the June 30, 2020 valuation were based on a review of recent plan experience done concurrently with the June 30, 2020 valuation. Projection of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculation. - 58 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Target allocation Long-Term Expected Real Rate of Return* Fixed income Equities 30.00% 70.00% 0.14% 9.20% Total 100.00% *Net of Inflation Discount Rate: In order to measure the total OPEB liability, as of June 30, 2021, for the State OPEB Fund, a single equivalent rate of 7.00% was used, as compared with last year's discount rate of 7.06%. This is comprised of the yield or index rate for 20 year tax-exempt general obligation bonds with an average rating of AA or higher (2.16% per the Municipal Bond Index Rate) along with other factors. The projection of cash flows used to determine the discount rate assumed that contributions from members and from the employer will be made at the current level as leveraged over the last five years, adjusted for annual projected changes in headcount. Projected future benefit payments for all current plan members were projected through 2145. Sensitivity of the System's Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate: The following presents the System's proportionate share of the net OPEB liability calculated using the discount rate of 7.00%, as well as what the System's proportionate share of the net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.00%) or 1-percentage-point higher (8.00%) than the current discount rate: Proportionate share of the net OPEB liability $ 1% Decrease 6.00% Current Rate 7.00% 51,980,206.00 $ 29,537,886.00 $ 1% Increase 8.00% 10,143,286.00 Sensitivity of the System's Proportionate Share of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rates: The following presents the System's proportionate share of the net OPEB liability, as well as what the System's proportionate share of the net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentagepoint higher than the current healthcare cost trend rates: Proportionate share of the net OPEB liability $ 1% Decrease Current Rate 1% Increase 6,895,429.00 $ 29,537,886.00 $ 56,088,300.00 - 59 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 OPEB Plan Fiduciary Net Position Detailed information about the OPEB plan's fiduciary net position is available in the 2021 State of Georgia Annual Comprehensive Financial Report (ACFR) which is publicly available at https://sao.georgia.gov/statewide-reporting/acfr. Post-Employment Benefits Other Than Pensions (SEAD OPEB) General Information about the SEAD-OPEB Fund Plan Description: SEAD-OPEB was created in 2007 by the Georgia General Assembly to amend Title 47 of the O.C.G.A., relating to retirement, so as to establish a fund for the provision of term life insurance to retired and vested inactive members of the Employees' Retirement System of Georgia (ERS), the Legislative Retirement System (LRS), and the Georgia Judicial Retirement System (GJRS). The plan is a cost-sharing multiple-employer defined benefit other postemployment benefit plan as defined in Governmental Accounting Standards Board (GASB) Statement No. 74, Financial Reporting for Post-Employment Benefit Plans other than OPEB Plans. The SEAD-OPEB trust fund accumulates the premiums received from the aforementioned retirement plans, including interest earned on deposits and investments of such payments. Benefits Provided: The amount of insurance for a retiree with creditable service prior to April 1, 1964 is the full amount of insurance in effect on the date of retirement. The amount of insurance for a service retiree with no creditable service prior to April 1, 1964 is 70% of the amount of insurance in effect at age 60 or at termination, if earlier. Life insurance proceeds are paid in a lump sum to the beneficiary upon death of the retiree. Contributions: Georgia law provides that employee contributions to the plan shall be in an amount established by the Board of Trustees not to exceed one-half of one percent of the member's earnable compensation. There were no employer contributions required for the fiscal year ended June 30, 2022. OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB At June 30, 2022, the System reported an asset of $20,110,490.00 for its proportionate share of the net OPEB asset. The net OPEB asset was measured as of June 30, 2021. The total OPEB asset used to calculate the net OPEB asset was based on an actuarial valuation as of June 30, 2020. An expected total OPEB asset as of June 30, 2021 was determined using standard roll-forward techniques. The System's proportion of the net OPEB asset was based on actual member salaries reported to the SEAD-OPEB plan during the fiscal year ended June 30, 2021. At June 30, 2021, the System's proportion was 3.265612%, which was an increase of 0.004419% from its proportion measured as of June 30, 2020. - 60 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 For the year ended June 30, 2022, the System recognized a credit to OPEB expense of $3,380,188.00. At June 30, 2022, the System reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: SEAD - OPEB Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ Changes of assumptions Net difference between projected and actual earnings on OPEB plan investments - $ - 59,992.00 626,933.00 - 6,710,800.00 Changes in proportion and differences between contributions and proportionate share of contributions 133,211.00 149,856.00 Total $ 133,211.00 $ 7,547,581.00 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ended June 30: SEAD - OPEB 2023 2024 2025 2026 $ (2,352,752.00) $ (1,649,670.00) $ (1,629,911.00) $ (1,782,015.00) Actuarial Assumptions: The total OPEB asset as of June 30, 2021 was determined by an actuarial valuation as of June 30, 2020 using the following actuarial assumptions and other inputs, applied to all periods included in the measurement: Inflation 2.50% Salary increases 3.00% 6.75% Investment rate of return 7.00%, net of OPEB plan investment expense, including inflation Mortality rates were based on the Pub-2010 General Employee Table, with no adjustments, projected generationally with the MP-2019 scale used for both males and females while in active service. Post retirement mortality rates were based on the Pub2010 Family of Tables, with the MP-2019 scale and with further adjustments, as follows: service retirees General Healthy Annuitant mortality table with further adjustments (set forward one year and adjusted 105% and 108% respectively for males and - 61 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 females); disability retirees General Disabled Table (set back three years for males, and adjusted 103% and 106% for males and females, respectively); beneficiaries General Contingent Survivors Table (set forward to two years for both males and females and adjusted 106% and 105% respectively). The actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period July 1, 2014 June 30, 2019. The long-term expected rate of return on OPEB plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected nominal returns, net of plan investment expense and the assumed rate of inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset class Fixed income Domestic large equities Domestic small equities International developed market equities International emerging market equities Alternatives Target allocation 30.00% 46.40% 1.10% 11.70% 5.80% 5.00% Long-term expected real rate of return* (1.50)% 9.20% 13.40% 9.20% 10.40% 10.60% Total 100.00% * Rates shown are net of inflation Discount Rate: The discount rate used to measure the total OPEB liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer and State of Georgia contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the longterm expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability. Sensitivity of the System's Proportionate Share of the Net OPEB Asset to Changes in the Discount Rate: The following presents the System's proportionate share of the net OPEB asset calculated using the discount rate of 7.00%, as well as what the System's proportionate share of the net OPEB asset would be if it were calculated using a discount rate that is one-percentage-point lower (6.00%) or one-percentage-point higher (8.00%) than the current rate: System's proportionate share of the net OPEB asset $ 1% Decrease (6.00%) 15,816,730.47 Current Discount Rate (7.00%) $ 20,110,490.00 $ 1% Increase (8.00%) 23,616,481.45 - 62 - TECHNICAL COLLEGE SYSTEM OF GEORGIA RELATED FINANCIAL NOTES JUNE 30, 2022 OPEB Plan Fiduciary Net Position Detailed information about the OPEB plan's fiduciary net position is available in the separately issued ERS annual comprehensive financial report which is publicly available at www.ers.ga.gov/financials. NOTE 13: RESTATEMENT OF PRIOR YEAR NET POSITION The System made prior period adjustments due to the adoption of GASB Statement No. 87, Leases, which required changes in the values of previously recorded leased assets and the corresponding lease liabilities. The result is a decrease in Net Position at July 1, 2021 of ($272,670.68) reported on the Consolidated Statement of Net Position and the Consolidated Statement of Revenues, Expenses and Changes in Net Position. This change is in accordance with generally accepted accounting principles. - 63 - Supplementary Information TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING BALANCE SHEET (NON-GAAP BASIS) BUDGET FUND JUNE 30, 2022 ASSETS Cash and Cash Equivalents Investments Accounts Receivable State Appropriation Federal Financial Assistance Other Prepaid Expenditures Inventories Other Assets Total Assets LIABILITIES AND FUND BALANCES Liabilities: Salaries Payable Benefits Payable Accounts Payable Encumbrance Payable Advances Funds Held for Others Other Liabilities Total Liabilities Fund Balances: Reserved Federal Financial Assistance Refunds to Grantor State Grants and Contracts Sales and Services Live Work Projects Prior Year Local Funds State Appropriations Continuing Education Technology Fee Uncollectible Accounts Inventories Bookstore Tuition Other Reserves Unreserved Undesignated Surplus Total Fund Balances Total Liabilities and Fund Balances TOTAL ADMINISTRATIVE SYSTEM OFFICE ALBANY ATHENS $ 110,733,740.04 $ 77,700.21 1,771,219.30 $ - 1,315,345.40 $ - 14,375,134.45 153,794,465.98 99,063,033.25 2,720,453.44 8,045,391.23 10,113.09 14,341,466.24 84,072,142.40 35,352,100.83 279,867.56 - 3,650,900.62 950,086.44 5,448.25 342,052.42 - $ 388,820,031.69 $ 135,816,796.33 $ 6,263,833.13 $ 4,542,216.77 - 3,014,726.80 2,333,773.41 86,851.56 - 9,977,568.54 $ 1,936,157.78 $ 19,350.50 25,346,284.57 206,519,206.35 32,807,084.99 363,034.93 4,979.22 266,996,098.34 15,815.70 $ - 6,664,039.36 109,704,900.41 116,384,755.47 128,655.83 $ - 331,311.97 3,708,600.95 449,962.62 15,155.35 - 4,633,686.72 135,181.90 - 359,227.10 5,515,601.81 558,397.35 6,568,408.16 481,050.86 302,358.26 93,252.76 9,133,549.62 3,405,735.63 1,407,552.30 19,260,000.00 7,301,443.45 35,151,163.24 3,837,865.93 3,628,256.41 14,038,372.22 17,846,271.23 5,458,129.93 27,483.64 2,277.36 2,855.19 51,107.77 - 19,260,000.00 - 178,070.06 3,625.47 - 217,925.88 10,200.18 39,955.85 397,023.55 89,122.08 58,000.00 119,180.79 397,803.98 116,514.00 111,787.49 27,965.94 183,188.11 160,464.46 2,890,714.89 9,069.00 - 478,931.51 121,823,933.35 $ 388,820,031.69 $ 88,316.90 19,432,040.86 135,816,796.33 $ 2,724.57 1,630,146.41 6,263,833.13 $ 25,970.49 3,409,160.38 9,977,568.54 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 65 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING BALANCE SHEET (NON-GAAP BASIS) BUDGET FUND JUNE 30, 2022 ASSETS Cash and Cash Equivalents $ Investments Accounts Receivable State Appropriation Federal Financial Assistance Other Prepaid Expenditures Inventories Other Assets Total Assets $ LIABILITIES AND FUND BALANCES Liabilities: Salaries Payable $ Benefits Payable Accounts Payable Encumbrance Payable Advances Funds Held for Others Other Liabilities Total Liabilities Fund Balances: Reserved Federal Financial Assistance Refunds to Grantor State Grants and Contracts Sales and Services Live Work Projects Prior Year Local Funds State Appropriations Continuing Education Technology Fee Uncollectible Accounts Inventories Bookstore Tuition Other Reserves Unreserved Undesignated Surplus Total Fund Balances Total Liabilities and Fund Balances $ ATLANTA AUGUSTA CENTRAL GEORGIA CHATTAHOOCHEE 1,175,752.00 $ - 5,334,494.61 5,438,225.47 667,614.07 1,024.84 12,617,110.99 $ 8,318,546.62 $ 20,000.00 725,971.63 $ 57,700.21 2,950,504.70 1,365,260.41 - 857,372.33 2,027.91 2,575,570.02 6,310,716.69 39,343.35 - 13,513,711.97 $ 9,709,301.90 $ 11,368,365.81 - 5,757,430.35 8,858,307.93 819,186.08 - 26,803,290.17 - $ 2,979,829.17 4,189,631.45 1,143,166.53 14,555.90 8,327,183.05 70,641.60 $ - 224,744.58 3,568,130.62 723,925.07 - 4,587,441.87 39,191.94 $ 13,031.44 2,079,595.22 3,557,763.03 1,170,582.53 44,539.60 6,904,703.76 173,008.11 - 1,851,387.56 8,819,247.88 8,566,900.09 96,420.53 - 19,506,964.17 111,167.36 149,429.81 162,163.94 695,948.56 498,159.26 1,335,670.27 1,258,922.92 - 942.88 33,550.54 270,836.36 519,874.80 2,548,180.08 129,783.44 857,372.33 3,309,866.56 1,255,736.75 - 1,721,072.68 51,267.81 109,067.54 458.42 418,537.22 287,524.99 216,669.48 - 44,523.28 662,664.62 49,852.80 - 4,659,750.95 48,675.25 - 1,786,587.91 - 78,465.82 4,289,927.94 12,617,110.99 $ 126.36 8,926,270.10 13,513,711.97 $ 2,804,598.14 9,709,301.90 $ 44,271.19 7,296,326.00 26,803,290.17 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 66 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING BALANCE SHEET (NON-GAAP BASIS) BUDGET FUND JUNE 30, 2022 ASSETS Cash and Cash Equivalents Investments Accounts Receivable State Appropriation Federal Financial Assistance Other Prepaid Expenditures Inventories Other Assets Total Assets LIABILITIES AND FUND BALANCES Liabilities: Salaries Payable Benefits Payable Accounts Payable Encumbrance Payable Advances Funds Held for Others Other Liabilities Total Liabilities Fund Balances: Reserved Federal Financial Assistance Refunds to Grantor State Grants and Contracts Sales and Services Live Work Projects Prior Year Local Funds State Appropriations Continuing Education Technology Fee Uncollectible Accounts Inventories Bookstore Tuition Other Reserves Unreserved Undesignated Surplus Total Fund Balances Total Liabilities and Fund Balances COASTAL PINES COLUMBUS GEORGIA NORTHWESTERN GEORGIA PIEDMONT $ 5,762,737.18 $ 6,422,634.59 $ - - 1,740,234.23 1,559,636.49 433,784.98 487,987.98 - 2,455,373.99 3,842,781.31 1,522.12 355,338.26 - $ 9,984,380.86 $ 13,077,650.27 $ 5,849,899.36 $ - 5,508,847.66 2,709,054.02 72,917.92 - 14,140,718.96 $ 9,757,391.03 - 2,801,605.61 3,451,666.00 35,594.00 310,450.97 5,934.90 16,362,642.51 $ 118,836.49 $ - $ - - 383,994.00 490,900.87 4,638,216.56 7,094,459.19 516,870.98 2,678,559.31 - 3,331.21 - - 5,657,918.03 10,267,250.58 168,972.61 $ - 1,957,230.88 5,875,664.57 909,108.73 - 8,910,976.79 138,487.15 - 213,608.68 6,025,884.27 1,419,755.72 32,368.82 - 7,830,104.64 405,096.04 340,160.29 1,783,747.06 82,933.57 863,745.80 841,737.38 - 1,061.58 164,557.55 152.00 766,823.63 777,521.79 99,859.42 1,000,000.00 581.22 159,904.62 71,285.22 - 3,444,944.92 76,909.68 - 1,471,618.60 - 94,449.58 1,032.77 - 335,483.13 33,244.10 11,591.98 342,832.33 754,061.82 1,132,071.87 310,450.97 405,754.26 822,606.03 4,248,925.61 9,042.69 4,326,462.83 423.72 2,810,399.69 $ 9,984,380.86 $ 13,077,650.27 $ 4,497.91 5,229,742.17 14,140,718.96 $ 40,033.42 8,532,537.87 16,362,642.51 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 67 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING BALANCE SHEET (NON-GAAP BASIS) BUDGET FUND JUNE 30, 2022 ASSETS Cash and Cash Equivalents Investments Accounts Receivable State Appropriation Federal Financial Assistance Other Prepaid Expenditures Inventories Other Assets Total Assets LIABILITIES AND FUND BALANCES Liabilities: Salaries Payable Benefits Payable Accounts Payable Encumbrance Payable Advances Funds Held for Others Other Liabilities Total Liabilities Fund Balances: Reserved Federal Financial Assistance Refunds to Grantor State Grants and Contracts Sales and Services Live Work Projects Prior Year Local Funds State Appropriations Continuing Education Technology Fee Uncollectible Accounts Inventories Bookstore Tuition Other Reserves Unreserved Undesignated Surplus Total Fund Balances Total Liabilities and Fund Balances GWINNETT LANIER NORTH GEORGIA OCONEE FALL LINE $ 9,623,615.72 $ - 4,100,392.54 8,470,294.01 127,205.16 - $ 22,321,507.43 $ 1,692,251.45 $ - 1,091,893.92 2,995,236.18 162,643.11 166,165.83 - 6,108,190.49 $ 2,961,754.43 $ - 919,537.48 665,160.74 68,219.79 161,454.22 - 4,776,126.66 $ 3,226,375.34 - 1,831,409.77 745,268.05 137,202.75 357,135.36 - 6,297,391.27 $ 154,781.63 $ 274,657.68 $ 13,642.17 $ - - - 2,029,356.99 1,420,704.95 288,355.41 7,902,615.19 1,735,429.65 1,205,608.14 6,613,303.40 653,726.16 443,963.90 94,101.07 3,488.24 18,491.87 - 979.22 - 16,794,158.28 4,088,985.90 1,970,061.49 57,564.14 - 1,421,340.05 1,513,010.80 477,907.18 3,042.02 - 3,472,864.19 3,600.00 112,705.06 613,397.82 2,359,845.34 509,145.03 1,898,393.59 - 34,489.94 72,230.89 498,721.16 99,500.73 6,625.74 - 171,447.50 669,115.99 88,156.12 246,188.20 92,690.32 76,696.49 431,322.98 135,157.65 1,320,926.61 41,087.26 115,000.00 160,722.02 504,273.31 - 2.41 389,590.61 21,010.66 150,905.73 1,213,081.24 269,954.95 317,576.68 458,892.30 - 30,262.31 5,527,349.15 $ 22,321,507.43 $ 40,038.00 2,019,204.59 6,108,190.49 $ 20,878.85 2,806,065.17 4,776,126.66 $ 3,512.50 2,824,527.08 6,297,391.27 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 68 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING BALANCE SHEET (NON-GAAP BASIS) BUDGET FUND JUNE 30, 2022 ASSETS Cash and Cash Equivalents Investments Accounts Receivable State Appropriation Federal Financial Assistance Other Prepaid Expenditures Inventories Other Assets Total Assets LIABILITIES AND FUND BALANCES Liabilities: Salaries Payable Benefits Payable Accounts Payable Encumbrance Payable Advances Funds Held for Others Other Liabilities Total Liabilities Fund Balances: Reserved Federal Financial Assistance Refunds to Grantor State Grants and Contracts Sales and Services Live Work Projects Prior Year Local Funds State Appropriations Continuing Education Technology Fee Uncollectible Accounts Inventories Bookstore Tuition Other Reserves Unreserved Undesignated Surplus Total Fund Balances Total Liabilities and Fund Balances OGEECHEE SAVANNAH SOUTHEASTERN SOUTH GEORGIA $ 2,873,979.96 $ - 1,450,968.69 1,403,706.14 29,762.00 250,180.96 - $ 6,008,597.75 $ 2,957,321.24 $ - 4,505,964.54 2,804,989.34 191,095.51 436,246.48 1,125.44 10,896,742.55 $ 1,921,075.21 $ - 923,491.29 685,320.31 600.00 386,016.54 - 3,916,503.35 $ 840,997.50 - 11,500.00 2,944,663.30 1,505,748.72 21,946.18 161,736.98 - 5,486,592.68 $ 79,288.43 $ 80,648.71 $ 90,752.57 $ 22,372.11 2,241.76 4,077.30 - - 146,403.30 121,967.50 412,939.43 540,791.98 1,701,414.23 4,195,225.02 1,056,663.90 2,160,934.95 498,803.49 847,535.64 295,350.80 512,590.66 - 33,630.38 574.66 - 4,000.00 - - - 2,432,151.21 5,283,084.55 1,856,281.36 3,236,689.70 464,115.49 66,152.15 1,290,108.87 208,583.24 190,970.83 664,239.81 690,502.87 - 10,489.45 13,900.00 285,363.82 131,642.82 265,000.00 1,109,354.48 2,371,097.92 228,441.73 152,408.24 212,875.34 786,484.00 - 71,251.18 54,397.72 56,611.31 658,126.30 205,969.31 748,398.67 265,467.50 - 18,132.60 1,729,382.98 108,635.55 - 52,818.71 252,700.46 35,395.05 50,455.45 - 1,773.28 3,576,446.54 $ 6,008,597.75 $ 46,600.20 5,613,658.00 10,896,742.55 $ 2,060,221.99 3,916,503.35 $ 2,382.18 2,249,902.98 5,486,592.68 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 69 - TECHNICAL COLLEGE SYSTEM OF GEORGIA COMBINING BALANCE SHEET (NON-GAAP BASIS) BUDGET FUND JUNE 30, 2022 ASSETS Cash and Cash Equivalents Investments Accounts Receivable State Appropriation Federal Financial Assistance Other Prepaid Expenditures Inventories Other Assets Total Assets LIABILITIES AND FUND BALANCES Liabilities: Salaries Payable Benefits Payable Accounts Payable Encumbrance Payable Advances Funds Held for Others Other Liabilities Total Liabilities Fund Balances: Reserved Federal Financial Assistance Refunds to Grantor State Grants and Contracts Sales and Services Live Work Projects Prior Year Local Funds State Appropriations Continuing Education Technology Fee Uncollectible Accounts Inventories Bookstore Tuition Other Reserves Unreserved Undesignated Surplus Total Fund Balances Total Liabilities and Fund Balances SOUTHERN CRESCENT SOUTHERN REGIONAL WEST GEORGIA WIREGRASS GEORGIA $ 9,742,941.27 $ - 4,302,171.94 2,355,155.59 48,503.63 857,217.35 - $ 17,305,989.78 $ 1,639,367.22 $ - 7,434,988.30 $ - 22,168.21 5,610,310.90 1,342,587.89 1,249.22 852,088.04 - 2,586,022.44 1,871,897.78 157,510.27 1,017,771.74 - 9,467,771.48 $ 13,068,190.53 $ 8,808,992.71 - 3,665,808.18 2,046,059.50 378,561.70 - 14,899,422.09 $ - $ 13,618.27 $ 48,376.60 $ - - - 502,985.25 9,299.07 603,742.42 6,181,028.20 4,606,592.62 3,915,164.64 1,523,127.05 716,501.56 1,213,886.75 3,335.28 - - - - - 8,210,475.78 5,346,011.52 5,781,170.41 111,664.14 - 312,528.83 7,647,418.27 873,159.47 - 8,944,770.71 135,125.31 6.04 19,146.39 502,534.11 280,595.38 24,562.12 411,132.28 2,252,865.20 106,847.98 228,664.19 3,147,539.19 1,986,082.74 - 116.00 383,134.91 206,504.65 137,840.21 795,112.29 690,363.42 741,077.73 1,167,609.13 - 1.73 833,102.13 535,755.88 333,486.77 1,996,680.17 437,050.07 297,145.32 1,123,840.81 1,690,835.12 - 34,619.88 274,938.03 46,078.60 3,846,396.18 1,611,770.17 118,567.83 22,206.38 - 413.07 9,095,514.00 $ 17,305,989.78 $ 1.62 4,121,759.96 39,122.12 7,287,020.12 9,467,771.48 $ 13,068,190.53 $ 74.31 5,954,651.38 14,899,422.09 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 70 - ADMINISTRATIVE SYSTEM FOR THE TECHNICAL COLLEGE SYSTEM OF GEORGIA SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 68,363,768.76 $ 68,363,768.76 $ - 78,737,765.86 76,656,596.93 (2,081,168.93) 40,563,061.92 21,934,723.66 (18,628,338.26) 187,664,596.54 166,955,089.35 (20,709,507.19) ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available 187,664,596.54 28,344.43 166,983,433.78 28,344.43 (20,681,162.76) EXPENDITURES Adult Literacy Departmental Administration QuickStart Technical Education Workforce Development Economic Development Total Expenditures Excess of Funds Available over Expenditures 11,261,053.17 7,729,018.00 10,554,430.75 91,683,078.33 63,314,919.07 3,122,097.22 187,664,596.54 $ - 10,060,731.38 7,728,576.55 10,554,427.86 52,614,656.32 63,308,603.44 3,015,789.78 147,282,785.33 19,700,648.45 $ 1,200,321.79 441.45 2.89 39,068,422.01 6,315.63 106,307.44 40,381,811.21 19,700,648.45 FUND BALANCE JULY 1 Reserved Unreserved 33,423.51 394,150.97 ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned to Technical College System of Georgia Year Ended June 30, 2021 Other Prior Year Reserved Fund Balance Included in Funds Available 12,326,887.84 (12,595,495.43) (394,150.97) (5,079.08) (28,344.43) FUND BALANCE JUNE 30 $ 19,432,040.86 SUMMARY OF FUND BALANCE Reserved Federal Financial Assistance Refunds to Grantors State Grants and Contracts Sales and Services State Appropriations $ 27,483.64 2,277.36 2,855.19 51,107.77 19,260,000.00 Total Reserved 19,343,723.96 Unreserved Surplus 88,316.90 Total Fund Balance $ 19,432,040.86 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 71 - ALBANY TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Federal Financial Assistance Refunds to Grantors Live Work Projects Prior Year Local Funds Continuing Education Technology Fees Uncollectible Accounts Receivable Inventories Bookstore Tuition Other Reserves Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 12,080,272.65 $ 12,080,272.65 $ 12,806,774.12 8,817,461.62 15,861,359.09 10,050,674.93 40,748,405.86 30,948,409.20 (3,989,312.50) (5,810,684.16) (9,799,996.66) 40,748,405.86 2,527,783.05 33,476,192.25 1,294,476.69 1,550,728.15 37,851,566.02 51,635.00 40,748,405.86 $ - 1,155,187.10 818,822.31 30,003,158.02 8,803.60 31,985,971.03 1,490,221.22 $ 2,676,484.00 1,359.92 2,345.02 (11,120.78) (1,359.92) (2,527,783.05) $ 1,630,146.41 2,527,783.05 (7,272,213.61) 139,289.59 731,905.84 7,848,408.00 42,831.40 8,762,434.83 1,490,221.22 $ 178,070.06 3,625.47 217,925.88 10,200.18 39,955.85 397,023.55 89,122.08 58,000.00 119,180.79 397,803.98 116,514.00 1,627,421.84 2,724.57 $ 1,630,146.41 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 72 - ATHENS TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 13,245,307.00 $ 13,245,307.00 $ - 11,490,108.30 9,226,647.11 (2,263,461.19) 21,788,210.43 12,271,553.31 (9,516,657.12) 46,523,625.73 34,743,507.42 (11,780,118.31) 46,523,625.73 1,170,250.00 617,295.04 44,735,180.69 900.00 46,523,625.73 $ - 3,993,787.52 38,737,294.94 1,063,305.26 559,881.27 33,713,602.83 900.00 35,337,689.36 3,399,605.58 3,993,787.52 (7,786,330.79) 106,944.74 57,413.77 11,021,577.86 - 11,185,936.37 3,399,605.58 FUND BALANCE JULY 1 Reserved Unreserved 4,002,856.52 4,552.06 ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 92,766.73 (92,280.93) (4,552.06) (3,993,787.52) $ 3,409,160.38 SUMMARY OF FUND BALANCE Reserved Sales and Services Live Work Projects Prior Year Local Funds Continuing Education Technology Fees Uncollectible Accounts Receivable Total Reserved Unreserved Surplus Total Fund Balance $ 111,787.49 27,965.94 183,188.11 160,464.46 2,890,714.89 9,069.00 3,383,189.89 25,970.49 $ 3,409,160.38 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 73 - ATLANTA TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 13,680,820.00 $ 13,680,820.00 $ - 16,242,006.76 12,265,047.51 (3,976,959.25) 23,096,373.73 13,973,493.78 (9,122,879.95) 53,019,200.49 39,919,361.29 (13,099,839.20) 53,019,200.49 905,900.00 1,496,904.84 50,154,274.92 462,120.73 53,019,200.49 $ - 1,167,082.10 41,086,443.39 1,167,082.10 (11,932,757.10) 701,847.08 926,899.12 35,203,999.53 461,928.98 37,294,674.71 3,791,768.68 $ 204,052.92 570,005.72 14,950,275.39 191.75 15,724,525.78 3,791,768.68 FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 1,665,241.36 48,270.73 (48,270.73) (1,167,082.10) $ 4,289,927.94 SUMMARY OF FUND BALANCE Reserved Sales and Services Live Work Projects Continuing Education Technology Fees Uncollectible Accounts Receivable Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance $ 111,167.36 149,429.81 162,163.94 695,948.56 498,159.26 1,335,670.27 1,258,922.92 4,211,462.12 78,465.82 $ 4,289,927.94 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 74 - AUGUSTA TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds $ Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Total Expenditures Excess of Funds Available over Expenditures $ FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Federal Financial Assistance Refunds to Grantors Live Work Projects Continuing Education Technology Fees Uncollectible Accounts Receivable Inventories Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 14,623,172.00 $ 17,027,764.92 17,750,656.34 49,401,593.26 14,623,172.00 $ 11,982,075.38 10,159,084.93 36,764,332.31 (5,045,689.54) (7,591,571.41) (12,637,260.95) 49,401,593.26 6,617,977.23 43,382,309.54 1,161,175.00 203,350.00 48,037,068.26 49,401,593.26 - 1,140,955.75 90,535.42 34,267,351.83 35,498,843.00 7,883,466.54 $ 7,594,702.80 190.87 66,077.99 (190.87) (6,617,977.23) $ 8,926,270.10 6,617,977.23 (6,019,283.72) 20,219.25 112,814.58 13,769,716.43 13,902,750.26 7,883,466.54 $ 942.88 33,550.54 270,836.36 519,874.80 2,548,180.08 129,783.44 857,372.33 3,309,866.56 1,255,736.75 8,926,143.74 126.36 $ 8,926,270.10 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 75 - CENTRAL GEORGIA TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds $ Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures $ FUND BALANCE JULY 1 Reserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Sales and Services Live Work Projects Prior Year Local Funds Continuing Education Technology Fees Uncollectible Accounts Receivable Tuition Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 25,951,014.00 $ 14,384,647.69 33,210,830.26 73,546,491.95 25,951,014.00 $ 14,377,462.71 23,353,271.02 63,681,747.73 (7,184.98) (9,857,559.24) (9,864,744.22) 73,546,491.95 2,455,347.66 66,137,095.39 2,455,347.66 (7,409,396.56) 3,792,082.61 3,469,235.65 66,209,573.69 75,600.00 73,546,491.95 - 3,792,082.61 2,617,769.93 57,192,371.87 53,300.00 63,655,524.41 2,481,570.98 $ 851,465.72 9,017,201.82 22,300.00 9,890,967.54 2,481,570.98 2,733,101.87 64,211.67 (18,938.72) (2,455,347.66) $ 2,804,598.14 $ 1,721,072.68 51,267.81 109,067.54 458.42 418,537.22 287,524.99 216,669.48 $ 2,804,598.14 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 76 - CHATTAHOOCHEE TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds $ Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures $ FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Sales and Services Live Work Projects Technology Fees Uncollectible Accounts Receivable Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 24,443,766.00 $ 20,313,060.93 46,235,466.64 90,992,293.57 24,443,766.00 $ 9,466,331.61 28,397,621.13 62,307,718.74 (10,846,729.32) (17,837,845.51) (28,684,574.83) 90,992,293.57 6,604,449.31 68,912,168.05 6,604,449.31 (22,080,125.52) 1,672,686.68 2,323,052.39 86,993,823.50 2,731.00 90,992,293.57 - 1,589,664.04 1,315,328.50 58,290,116.44 2,731.00 61,197,839.98 7,714,328.07 $ 83,022.64 1,007,723.89 28,703,707.06 29,794,453.59 7,714,328.07 6,658,645.93 17,371.53 313,472.84 (785,671.53) (17,371.53) (6,604,449.31) $ 7,296,326.00 $ 44,523.28 662,664.62 49,852.80 4,659,750.95 48,675.25 1,786,587.91 7,252,054.81 44,271.19 $ 7,296,326.00 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 77 - COASTAL PINES TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds $ Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures $ FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Sales and Services Live Work Projects Technology Fees Inventories Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 14,340,251.00 $ 7,639,529.04 14,424,397.30 36,404,177.34 14,340,251.00 $ 6,170,661.00 10,349,665.64 30,860,577.64 (1,468,868.04) (4,074,731.66) (5,543,599.70) 36,404,177.34 4,082,404.64 34,942,982.28 1,252,946.96 246,947.12 34,892,183.26 12,100.00 36,404,177.34 - $ 991,333.53 246,947.12 29,526,269.24 12,100.00 30,776,649.89 4,166,332.39 $ 4,165,338.21 6,408.92 110,925.09 (33,728.22) (6,408.92) (4,082,404.64) $ 4,326,462.83 4,082,404.64 (1,461,195.06) 261,613.43 - 5,365,914.02 - 5,627,527.45 4,166,332.39 $ 405,096.04 340,160.29 1,783,747.06 82,933.57 863,745.80 841,737.38 4,317,420.14 9,042.69 $ 4,326,462.83 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 78 - COLUMBUS TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 11,649,558.00 $ 11,649,558.00 $ - 15,400,482.61 12,447,766.73 (2,952,715.88) 18,397,632.28 10,450,779.00 (7,946,853.28) 45,447,672.89 34,548,103.73 (10,899,569.16) ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available 45,447,672.89 3,419,296.29 37,967,400.02 3,419,296.29 (7,480,272.87) EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures 1,048,050.83 499,156.96 43,837,801.60 62,663.50 45,447,672.89 1,031,820.22 486,489.51 33,617,568.74 22,731.52 35,158,609.99 16,230.61 12,667.45 10,220,232.86 39,931.98 10,289,062.90 $ - 2,808,790.03 $ 2,808,790.03 FUND BALANCE JULY 1 Reserved Unreserved 3,419,296.29 422.89 ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available 2,227.17 (617.51) (422.89) (3,419,296.29) FUND BALANCE JUNE 30 $ 2,810,399.69 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Live Work Projects Continuing Education Technology Fees Bookstore Tuition Other $ 1,061.58 164,557.55 152.00 766,823.63 777,521.79 99,859.42 1,000,000.00 Total Reserved 2,809,975.97 Unreserved Surplus 423.72 Total Fund Balance $ 2,810,399.69 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 79 - GEORGIA NORTHWESTERN TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 18,573,550.00 $ 18,573,550.00 $ 17,239,317.47 12,660,168.09 23,263,027.94 16,550,237.84 59,075,895.41 47,783,955.93 (4,579,149.38) (6,712,790.10) (11,291,939.48) ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available 59,075,895.41 4,362,067.76 52,146,023.69 4,362,067.76 (6,929,871.72) EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures 2,200,633.70 851,919.89 56,003,935.62 19,406.20 59,075,895.41 $ - 2,157,093.93 630,400.24 44,268,401.94 18,287.94 47,074,184.05 5,071,839.64 $ 43,539.77 221,519.65 11,735,533.68 1,118.26 12,001,711.36 5,071,839.64 FUND BALANCE JULY 1 Reserved Unreserved 4,438,977.44 9,257.66 ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Refunds to Grantors Federal Financial Assistance Returned to Technical College System of Georgia Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available 205,586.13 (124,482.87) (9,257.66) (110.41) (4,362,067.76) FUND BALANCE JUNE 30 $ 5,229,742.17 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Sales and Services Live Work Projects Technology Fees Uncollectible Accounts Receivable Tuition $ 581.22 159,904.62 71,285.22 3,444,944.92 76,909.68 1,471,618.60 Total Reserved 5,225,244.26 Unreserved Surplus 4,497.91 Total Fund Balance $ 5,229,742.17 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 80 - GEORGIA PIEDMONT TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Refunds to Grantors Federal Financial Assistance Returned to Technical College System of Georgia Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Federal Financial Assistance Refunds to Grantors Sales and Services Live Work Projects Prior Year Local Funds Continuing Education Technology Fees Uncollectible Accounts Receivable Inventories Bookstore Tuition Other Reserves Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 14,755,673.00 $ 9,063,913.62 17,116,765.75 40,936,352.37 14,755,673.00 $ 6,509,608.87 8,856,310.01 30,121,591.88 (2,554,304.75) (8,260,455.74) (10,814,760.49) 40,936,352.37 3,035,750.34 2,550,057.93 35,022,119.10 328,425.00 40,936,352.37 $ - $ $ $ 2,591,651.90 32,713,243.78 2,417,245.54 1,491,006.78 25,178,324.43 328,425.00 29,415,001.75 3,298,242.03 $ 8,363,143.65 17,119.09 (536,921.80) (17,119.09) (274.11) (2,591,651.90) 8,532,537.87 94,449.58 1,032.77 335,483.13 33,244.10 11,591.98 342,832.33 754,061.82 1,132,071.87 310,450.97 405,754.26 822,606.03 4,248,925.61 8,492,504.45 40,033.42 8,532,537.87 2,591,651.90 (8,223,108.59) 618,504.80 1,059,051.15 9,843,794.67 11,521,350.62 3,298,242.03 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 81 - GWINNETT TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR END JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues BUDGET $ 18,571,818.00 $ 22,326,940.41 35,641,319.21 76,540,077.62 ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 18,571,818.00 $ 17,304,689.71 26,086,893.77 61,963,401.48 (5,022,250.70) (9,554,425.44) (14,576,676.14) ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available 76,540,077.62 5,202,649.41 67,166,050.89 5,202,649.41 (9,374,026.73) EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures 3,060,920.68 1,674,895.95 71,803,660.99 600.00 76,540,077.62 $ - 2,533,055.37 989,978.29 58,008,233.36 600.00 61,531,867.02 5,634,183.87 $ 527,865.31 684,917.66 13,795,427.63 15,008,210.60 5,634,183.87 FUND BALANCE JULY 1 Reserved Unreserved 5,382,046.84 7,245.14 ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Refunds to Grantors Federal Financial Assistance Returned to Technical College System of Georgia Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available 92,480.10 (378,693.64) (7,245.14) (18.61) (5,202,649.41) FUND BALANCE JUNE 30 $ 5,527,349.15 SUMMARY OF FUND BALANCE Reserved Sales and Services Live Work Projects Prior Year Local Funds Technology Fees Uncollectible Accounts Receivable Tuition $ 3,600.00 112,705.06 613,397.82 2,359,845.34 509,145.03 1,898,393.59 Total Reserved 5,497,086.84 Unreserved Surplus 30,262.31 Total Fund Balance $ 5,527,349.15 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 82 - LANIER TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Refunds to Grantors Federal Financial Assistance Returned to Technical College System of Georgia Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Federal Financial Assistance Refunds to Grantors Sales and Services Live Work Projects Prior Year Local Funds Continuing Education Technology Fees Bookstore Tuition Other Reserve Total Reserved Unreserved Surplus Total Fund Balance BUDGET $ 12,606,877.00 $ 6,943,665.62 20,607,568.70 40,158,111.32 ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 12,606,877.00 $ 5,672,193.16 17,458,378.09 35,737,448.25 (1,271,472.46) (3,149,190.61) (4,420,663.07) 40,158,111.32 1,818,010.52 2,641,097.84 35,662,609.15 36,393.81 40,158,111.32 $ - $ 2,383,783.62 38,121,231.87 1,595,238.46 1,964,909.75 32,553,653.22 36,393.81 36,150,195.24 1,971,036.63 $ 2,383,783.62 68,370.03 130,098.73 (81,644.73) (68,370.03) (286.04) (2,383,783.62) 2,019,204.59 2,383,783.62 (2,036,879.45) 222,772.06 676,188.09 3,108,955.93 4,007,916.08 1,971,036.63 $ 34,489.94 72,230.89 498,721.16 99,500.73 6,625.74 171,447.50 669,115.99 88,156.12 246,188.20 92,690.32 1,979,166.59 40,038.00 $ 2,019,204.59 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 83 - NORTH GEORGIA TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds $ Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures $ FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Sales and Services Live Work Projects Technology Fees Uncollectible Accounts Receivable Inventories Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET 10,612,726.00 $ 9,116,506.81 13,631,805.69 33,361,038.50 ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 10,612,726.00 $ 5,575,851.95 10,006,703.14 26,195,281.09 (3,540,654.86) (3,625,102.55) (7,165,757.41) 33,361,038.50 885,100.00 671,494.00 31,795,885.50 8,559.00 33,361,038.50 - $ 2,262,267.76 28,457,548.85 2,262,267.76 (4,903,489.65) 791,443.44 499,408.91 24,379,281.42 6,759.00 25,676,892.77 2,780,656.08 $ 93,656.56 172,085.09 7,416,604.08 1,800.00 7,684,145.73 2,780,656.08 2,467,352.18 3,604.81 4,666.37 (184,341.70) (3,604.81) (2,262,267.76) 2,806,065.17 $ 76,696.49 431,322.98 135,157.65 1,320,926.61 41,087.26 115,000.00 160,722.02 504,273.31 2,785,186.32 20,878.85 $ 2,806,065.17 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 84 - OCONEE FALL LINE TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 9,654,383.00 $ 9,654,383.00 $ 6,032,234.65 4,609,246.74 8,566,882.16 6,645,622.22 24,253,499.81 20,909,251.96 (1,422,987.91) (1,921,259.94) (3,344,247.85) CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures $ 24,253,499.81 1,111,960.35 2,161,283.92 20,977,547.68 2,707.86 24,253,499.81 - 1,960,215.24 22,869,467.20 1,023,051.39 1,205,351.34 17,987,831.22 2,707.86 20,218,941.81 2,650,525.39 $ 1,960,215.24 (1,384,032.61) 88,908.96 955,932.58 2,989,716.46 4,034,558.00 2,650,525.39 FUND BALANCE JULY 1 Reserved Unreserved 2,230,170.19 534.24 ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds FUND BALANCE JUNE 30 9,080.18 (105,033.44) (534.24) (1,960,215.24) $ 2,824,527.08 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Sales and Services Live Work Projects Continuing Education Technology Fees Inventories Bookstore Tuition $ 2.41 389,590.61 21,010.66 150,905.73 1,213,081.24 269,954.95 317,576.68 458,892.30 Total Reserved Unreserved Surplus Total Fund Balance 2,821,014.58 3,512.50 $ 2,824,527.08 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 85 - OGEECHEE TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds $ Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures $ FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Sales and Services Live Work Projects Technology Fees Uncollectible Accounts Receivable Inventories Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET 8,961,054.00 $ 4,571,289.76 11,789,420.77 25,321,764.53 ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 8,961,054.00 $ 4,564,753.62 10,273,506.62 23,799,314.24 (6,536.14) (1,515,914.15) (1,522,450.29) 25,321,764.53 505,767.00 2,186,231.94 22,579,065.59 50,700.00 25,321,764.53 - $ 3,225,142.29 27,024,456.53 505,118.00 2,176,113.01 21,078,528.80 50,700.00 23,810,459.81 3,213,996.72 $ 3,618,566.81 928.15 1,763.70 (32,738.40) (928.15) (3,225,142.29) 3,576,446.54 3,225,142.29 1,702,692.00 649.00 10,118.93 1,500,536.79 1,511,304.72 3,213,996.72 $ 464,115.49 66,152.15 1,290,108.87 208,583.24 190,970.83 664,239.81 690,502.87 3,574,673.26 1,773.28 $ 3,576,446.54 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 86 - SAVANNAH TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR END JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Federal Financial Assistance Refunds to Grantors Sales and Services Live Work Projects Prior Year Local Funds Continuing Education Technology Fees Uncollectible Accounts Receivable Inventories Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET $ 15,219,479.38 $ 23,774,434.75 22,578,759.86 61,572,673.99 ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 15,219,479.38 $ 11,518,312.20 18,609,042.27 45,346,833.85 (12,256,122.55) (3,969,717.59) (16,225,840.14) 61,572,673.99 1,543,609.70 9,999,806.53 49,918,767.90 110,489.86 61,572,673.99 $ - $ $ $ 4,887,107.51 50,233,941.36 1,451,639.23 5,915,563.63 35,805,211.74 102,839.53 43,275,254.13 6,958,687.23 $ 5,266,773.38 9,996.78 115,824.01 (1,840,519.11) (9,996.78) (4,887,107.51) 5,613,658.00 10,489.45 13,900.00 285,363.82 131,642.82 265,000.00 1,109,354.48 2,371,097.92 228,441.73 152,408.24 212,875.34 786,484.00 5,567,057.80 46,600.20 5,613,658.00 4,887,107.51 (11,338,732.63) 91,970.47 4,084,242.90 14,113,556.16 7,650.33 18,297,419.86 6,958,687.23 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 87 - SOUTHEASTERN TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds $ Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures $ FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved State Grants and Contracts Sales and Services Live Work Projects Technology Fees Inventories Bookstore Tuition Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) 9,163,617.00 $ 2,649,616.56 9,185,281.06 20,998,514.62 9,163,617.00 $ 2,628,434.22 6,413,960.83 18,206,012.05 (21,182.34) (2,771,320.23) (2,792,502.57) 20,998,514.62 2,796,831.41 21,002,843.46 878,853.85 354,050.00 19,763,096.77 2,514.00 20,998,514.62 - 851,361.99 325,129.29 17,974,486.63 19,150,977.91 1,851,865.55 $ 3,002,800.72 2,762.33 2,387.13 (2,762.33) (2,796,831.41) $ 2,060,221.99 2,796,831.41 4,328.84 27,491.86 28,920.71 1,788,610.14 2,514.00 1,847,536.71 1,851,865.55 $ 71,251.18 54,397.72 56,611.31 658,126.30 205,969.31 748,398.67 265,467.50 $ 2,060,221.99 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 88 - SOUTH GEORGIA TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 9,433,053.00 $ 9,433,053.00 $ - 6,387,578.90 6,212,489.57 (175,089.33) 9,892,675.91 7,209,869.71 (2,682,806.20) 25,713,307.81 22,855,412.28 (2,857,895.53) ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available 25,713,307.81 2,136,143.48 24,991,555.76 2,136,143.48 (721,752.05) EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures 771,958.82 233,100.00 24,707,048.99 1,200.00 25,713,307.81 $ - 740,002.15 120,731.30 21,966,595.78 1,200.00 22,828,529.23 2,163,026.53 $ 31,956.67 112,368.70 2,740,453.21 2,884,778.58 2,163,026.53 FUND BALANCE JULY 1 Reserved Unreserved 2,222,671.87 6,345.16 ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 52,791.95 (52,443.89) (6,345.16) (2,136,143.48) $ 2,249,902.98 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Sales and Services Live Work Projects Continuing Education Technology Fees Uncollectible Accounts Receivable Inventories $ 18,132.60 1,729,382.98 108,635.55 52,818.71 252,700.46 35,395.05 50,455.45 Total Reserved 2,247,520.80 Unreserved Surplus Total Fund Balance 2,382.18 $ 2,249,902.98 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 89 - SOUTHERN CRESCENT TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Federal Financial Assistance Refunds to Grantors State Grants and Contracts Sales and Services Live Work Projects Prior Year Local Funds Continuing Education Technology Fees Uncollectible Accounts Receivable Inventories Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 15,236,472.00 $ 15,236,472.00 $ - 19,927,402.28 15,288,600.99 (4,638,801.29) 27,321,958.69 17,553,212.02 (9,768,746.67) 62,485,832.97 48,078,285.01 (14,407,547.96) 62,485,832.97 4,761,034.94 52,839,319.95 4,761,034.94 (9,646,513.02) 1,445,233.97 1,573,565.29 59,465,833.71 1,200.00 62,485,832.97 $ - 1,435,716.55 40,879.51 42,586,305.00 1,200.00 44,064,101.06 8,775,218.89 $ 9,517.42 1,532,685.78 16,879,528.71 18,421,731.91 8,775,218.89 5,107,466.66 8.30 14,741.63 (40,878.24) (8.30) (4,761,034.94) $ 9,095,514.00 $ 135,125.31 6.04 19,146.39 502,534.11 280,595.38 24,562.12 411,132.28 2,252,865.20 106,847.98 228,664.19 3,147,539.19 1,986,082.74 9,095,100.93 413.07 $ 9,095,514.00 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 90 - SOUTHERN REGIONAL TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Sales and Services Live Work Projects Prior Year Local Funds Technology Fees Inventories Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 19,757,629.21 $ 19,757,629.21 $ - 16,088,133.84 10,814,044.63 (5,274,089.21) 20,622,384.19 13,399,136.46 (7,223,247.73) 56,468,147.24 43,970,810.30 (12,497,336.94) 56,468,147.24 3,423,534.16 47,394,344.46 3,423,534.16 (9,073,802.78) 1,746,965.41 1,462,120.51 53,258,161.32 900.00 56,468,147.24 1,686,672.97 961,722.50 41,267,388.00 - 43,915,783.47 60,292.44 500,398.01 11,990,773.32 900.00 12,552,363.77 $ - 3,478,560.99 $ 3,478,560.99 4,114,013.58 3,477.14 76,110.02 (123,390.47) (3,477.14) (3,423,534.16) $ 4,121,759.96 $ 116.00 383,134.91 206,504.65 137,840.21 795,112.29 690,363.42 741,077.73 1,167,609.13 4,121,758.34 1.62 $ 4,121,759.96 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 91 - WEST GEORGIA TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Refunds to Grantors Federal Financial Assistance Returned to Technical College System of Georgia Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Sales and Services Live Work Projects Continuing Education Technology Fees Uncollectible Accounts Receivable Inventories Bookstore Tuition Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 19,688,445.00 $ 19,688,445.00 $ - 19,966,136.85 9,645,780.05 (10,320,356.80) 26,365,237.16 19,616,435.94 (6,748,801.22) 66,019,819.01 48,950,660.99 (17,069,158.02) 66,019,819.01 1,454,570.25 1,545,557.64 63,002,763.12 16,928.00 66,019,819.01 $ - 4,950,395.22 53,901,056.21 1,230,091.73 376,153.81 45,845,757.90 16,928.00 47,468,931.44 6,432,124.77 $ 6,006,133.90 88,350.02 3,586.65 95,570.02 (88,350.02) (300,000.00) (4,950,395.22) $ 7,287,020.12 $ 1.73 833,102.13 535,755.88 333,486.77 1,996,680.17 437,050.07 297,145.32 1,123,840.81 1,690,835.12 7,247,898.00 39,122.12 $ 7,287,020.12 4,950,395.22 (12,118,762.80) 224,478.52 1,169,403.83 17,157,005.22 18,550,887.57 6,432,124.77 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 92 - WIREGRASS TECHNICAL COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT (NON-GAAP BASIS) BUDGET FUND FOR THE FISCAL YEAR ENDED JUNE 30, 2022 REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues ADJUSTMENTS AND PROGRAM TRANSFERS CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Total Funds Available EXPENDITURES Adult Literacy Economic Development Technical Education Workforce Development Total Expenditures Excess of Funds Available over Expenditures FUND BALANCE JULY 1 Reserved Unreserved ADJUSTMENTS Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned From the Technical Colleges Year Ended June 30, 2021 Refunds to Grantors Federal Financial Assistance Returned to Technical College System of Georgia Year Ended June 30, 2021 Prior Year Reserved Fund Balance Included in Funds Available FUND BALANCE JUNE 30 SUMMARY OF FUND BALANCE Reserved Refunds to Grantors Live Work Projects Prior Year Local Funds Continuing Education Technology Fees Inventories Bookstore Total Reserved Unreserved Surplus Total Fund Balance BUDGET ACTUAL VARIANCE FAVORABLE (UNFAVORABLE) $ 14,640,965.00 $ 14,640,965.00 $ - 10,463,114.44 7,919,231.22 (2,543,883.22) 20,172,970.29 15,107,800.42 (5,065,169.87) 45,277,049.73 37,667,996.64 (7,609,053.09) 45,277,049.73 1,308,925.00 928,100.00 43,006,116.20 33,908.53 45,277,049.73 $ - 5,808,218.19 43,476,214.83 1,240,958.62 872,405.16 35,456,808.22 33,908.53 37,604,080.53 5,872,134.30 $ 6,003,602.70 16,118.38 19,784.28 (132,123.10) (16,118.38) 5,808,218.19 (1,800,834.90) 67,966.38 55,694.84 7,549,307.98 7,672,969.20 5,872,134.30 (528.61) (5,808,218.19) $ 5,954,651.38 $ 34,619.88 274,938.03 46,078.60 3,846,396.18 1,611,770.17 118,567.83 22,206.38 5,954,577.07 74.31 $ 5,954,651.38 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a special purpose framework. - 93 -