Review report, state of Georgia, Coastal Georgia Community College, Brunswick, Georgia, year ended June 30, 1998

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REVIEW REPORT STATE OF GEORGIA COASTAL GEORGIA COMMUNITY COLLEGE BRUNSWICK, GEORGIA YEAR ENDED JUNE 30, 1998
STATE OF ~EORGIA DEPARTMENT OF AUDITS AND ACCOUNTS
254 WASHINGTON STREET
ATLANTA, GEORGIA 30334-8400

COASTAL GEORGIA COMMUNITY COLLEGE - TABLE OF CONTENTS -

INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

EXHIBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET

ALL FUND GROUPS

2

B COMBINED STATEMENT OF CHANGES IN FUND BALANCES

ALL FUND GROUPS

4

C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

6

D NOTES TO THE FINANCIAL STATEMENTS

7

SUPPLEMENTARY INFORMATION

E COMBINING BALANCE SHEET

CURRENT FUNDS - UNRESTRICTED

20

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS - UNRESTRICTED

21

G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

UNRESTRICTED

23

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

RESIDENT INSTRUCTION

24

2

LOTTERY FOR EDUCATION

27

3 CHANGES IN INVESTMENT IN PLANT

28

4 SCHEDULE OF FUND BALANCES

CURRENT FUNDS AND PLANT FUNDS

30

5 RECONCILIATION OF SALARIES AND TRAVEL

32

CLAUDE L. VICKERS
STATE AUDITOR
(404) 6562174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400
September 30, 1998

Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the University System of Georgia
and Honorable Dorothy L. Lord, President Coastal Georgia Community College
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have reviewed the accompanying financial statements (Exhibits A through D) of Coastal Georgia Community College as of and for the year ended June 30, 1998, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these fmancial statements is the representation ofthe management of Coastal Georgia Community College.
A review consists principally of inquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, with the exception of the matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles.
As disclosed in Note 1 to the financial statements, generally accepted accounting principles require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from generally accepted accounting principles on the financial statements were not reasonably determinable.

98ARL-67

As disclosed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $379,551.01 as of June 30, 1998, and the net change in fund balance for the year ended June 30, 1998, would be decreased by $11,744.17.
Our review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the fmancial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules 1 through 5) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review of the financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto.
Respectfully submitted,

CLV:jb 98ARL-67

Claude L. Vickers State Auditor

FINANCIAL STATEMENTS - 1-

COASTAL GEORGIA COMMUNITY COLLEGE COMBINED BALANCE SHEET ALL FUND GROUPS JUNE 30, 1998

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities Accounts Payable Deferred Revenue Tuition and Fees Other Deposits Held in Custody for Others Due to Other Fund Groups Capital Lease Obligations
Total Liabilities
Fund Balances U. S. Government Grants Refundable Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted
Total Fund Balances
Total Liabilities and Fund Balances

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$

127,723.04 $

3,454.32 $ 4,673.22

173,975.68

384,718.88

6,435.22

235,018.16

3,914.00

279,568.45

$

820,199.33 $ 388,173.20 $ 11,108.44

$

308,319.21 $ 22,764.21

227,432.40 40,529.53

279,568.45

$

576,281.14 $ 302,332.66

$ 4,505.96 6,602.48

$ 85,840.54

$

243,918.19

$

243,918.19 $ 85,840.54 $ 11,108.44

$

820,199.33 $ 388,173.20 $ 11,108.44

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
The notes to the financial statements are an integral part of this statement. -2-

EXHIBIT "A"

ENDOWMENT FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$

82,934.14 $

281,947.07 $

307,791.17

$ 69,757.89 $

878,280.85

131,779.54

696,909.32

235,018.16

3,914.00

279,568.45

_ _ _ _ _ _ $ 21,692,474.97

21,692,474.97

$

82,934.14 $

413,726.61 $

307,791.17 $ 21,692,474.97 $ 69,757.89 $ 23,786,165.75

$

413,726.61 $

$

413,726.61 $

400.28
$ 400.28 $

$ 38,881.74 $

784,092.05

26,196.34

30,876.15

227,432.40 40,529.53 30,876.15
279,568.45 26,196.34

26,196.34 $ 69,757.89 $ 1,388,694.92

$

4,505.96

6,602.48

$

82,934.14

82,934.14

$ 21,666,278.63

21,666,278.63

85,840.54

<.

$

307,390.89

551,309.08

$

82,934.14

$

307,390.89 $ 21,666,278.63

$ 22,397,470.83

$

82,934.14 $

413,726.61 $

307,791.17 $ 21,692,474.97 $ 69,757.89 $ 23,786,165.75

-3-

COASTAL GEORGIA COMMUNITY COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES
ALL FUND GROUPS YEAR ENDED JUNE 30, 1998

REVENUES AND OTHER ADDITIONS

Unrestricted Current Fund Revenues

State Appropriations

Regular

Federal Grants and Contracts

State Grants and Contracts

Private Gifts, Grants, and Contracts

",

Investment Income

Endowment

Other

Net Increase in the Fair Value of Investments

Adjustments

Prior Years' Expenditures/Accounts Payable

Expended for Plant Facilities

Current Funds

Plant Funds

Unexpended

Renewals and Replacements

Georgia State Financing and Investment Commission

Total Revenues and Other Additions

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the
University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus)
Expended for Plant Facilities Capitalized Noncapitalized
Disposals/Deletions/Adjustments

Total Expenditures and Other Deductions

TRANSFERS BETWEEN FUNDS

Nonmandatory Renewals and Replacements Realized Gain for Object of Trust

Total Transfers Between Funds

Net Increase/(Decrease) for the Year

FUND BALANCES JULY 1. 1997 (Restated - See Note 1)

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$ 9,369,643,77

$ 1,297,933,96 1,307,466,80 682,340,20
1,921 ,99 $

726.27

166.36

$ 9,369,810.13 $ 3,289,662,95 $ 726.27

$ 9,060,662.84 $ 3,271,465.53 $

0.00

303,419.83

21,341.41

342.47

$ 9,364,425.14 $ 3,292,806.94 $

0.00

$

-46,284.62

$

7,489.20

$

-46,284,62 $

7.489.20

$

-40,899,63 $

4,345.21 $ 726,27

284,817.82

81.495.33

10.382.17

FUND BALANCES JUNE 30, 1998
See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information, The notes to the financial statements are an integral part of this statement.
-4-

$

243,918,19 $ 85,840.54 $ 11,108.44

EXHIBIT"B"

ENDOWMENT FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
Only)

$ $ 402,600.00

$

1,220.00

11,117.01

46,616.12

$ 12,337.01 $ 449,216.12 $

0.00

$ 9,369,643.77

402,600.00 1,297,933.96 1,307,466.80
683,560.20

1,921.99 47,342.39 11,117.01

166.36

$ 737,970.84

737,970.84

449,216.12 59,978.22
1,938,495.69

449,216.12 59,978.22
1,938,495.69

0.00 $ 3,185,660.87 $ 16,307,413.35

$

0.00

$ 12,332,128.37 303,419.83 21,341.41

$

957.04

1,299.51

449,216.12 $

59,978.22 5,214.37 $

315,139.22

509,194.34 5,214.37
315,139.22

$

0.00 $ 450,173.16 $

65,192.59 $ 315,139.22 $ 13,487,737.05

'C

$

-7,489.20

$

-7,489.20

$

4,847.81 $

78,086.33

$
$ -957.04 $ 957.04

46,284.62

$

0.00

0.00

46,284.62

$

0.00

-18,907.97 $ 2,870,521.65 $ 2,819,676.30

326,298.86 18,795,756.98 19,577,794.53

$ 82,934.14 $

0.00 $

307,390.89 $ 21,666,278.63 $ 22,397,470.83

-5-

COASTAL GEORGIA COMMUNITY COLLEGE STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,
AND OTHER CHANGES YEAR ENDED JUNE 30, 1998

EXHIBIT"C"

UNRESTRICTED

RESTRICTED

TOTAL (Memorandum
Only)

REVENUES

State Appropriations

Tuition and Fees

Federal Grants and Contracts

State Grants and Contracts

Private Gifts, Grants, and Contracts

"),

Endowment Income

Sales and Services of Educational Activities

Sales and Services of Auxiliary Enterprises

Other Sources

$ 6,597,947,00

$ 6,597,947.00

2,148,509.70

2,148,509,70

11,507,41 $ 1,276,244,84

1,287,752.25

9,834,00

1,317,632,80

1,327,466.80

673,987,89

673,987.89

3,600,00

3,600.00

246,955.16

246,955,16

296,924.02

296,924,02

57,966,48

57,966,48

Total Revenues

$ 9,369,643,77 $ 3,271,465,53 $ 12,641,109,30

EXPENDITURES

Educational and General Instruction Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships
Auxiliary Enterprises Stores and Shops Intercollegiate Athletics Other Service Units

$ 4,193,041.19 $ 1,325,285,14 $ 5,518,326.33

125,398.24

100,284,89

225,683,13

852,497,12

7,299.65

859,796.77

952,460.89

667.70

953,128.59

1,634,292.36

91,903.46

1,726,195.82

1,072,151.27

1,072,151.27

230,821.77

1,746,024.69

1,976,846.46

146,955,49 129,515.06 26,949.28

146,955.49 129,515.06
26,949.28

Total Expenditures

$ 9,364,082.67 $ 3,271,465,53 $ 12,635,548,20

OTHER TRANSFERS AND ADDITIONS/{DEDUCTIONS)

Excess of Restricted Receipts over Transfers to Revenues
Transfers for Renewals and Replacements Transfer for Realized Gain for Object of Trust Prior Period Adjustments (Net) Remittances to the Board of Regents
of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus)

$

-3,143,99 $

-3,143.99

$

-46,284.62

-46,284.62

7,489,20

7,489.20

166.36

166.36

-342.47

-342,47

Total Other Transfers and Additions/(Deductions)

$

-46,460,73 $

4,345,21 $

-42,115.52

Net Increase/(Decrease) in Fund Balances

$

-40,899,63 $

4,345.21 $ =====-3=6,;:;,5:=54.=.4=2=

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Infonnation.
The notes to the financial statements are an integral part of this statement. -6-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY Coastal Georgia Community College is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Coastal Georgia Community College as a separate reporting entity.
The Board of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Coastal Georgia Community College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Coastal Georgia Community College is considered an organizational unit of the Board of Regents of the University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board of Regents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the College, the accounts of the College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying fmancial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all fmancial transactions have been recorded and reported by fund group.
Within each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies.
Fund groups and funds presented in the accompanying financial statements are as follows:
CURRENT FUNDS
UNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions ofthe College, e.g., instruction, public service, etc.
RESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes.
-7-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FUND ACCOUNTING
LOAN FUNDS
The fund used to account for resources which have been made available for financial loans to students.
ENDOWMENT FUNDS
The fund used to account for gifts that are subject to restrictions by the donors requiring that the principal be invested in perpetuity and income only be utilized.
PLANT FUNDS
UNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes.
RENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement of institutional properties.
INVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount of any indebtedness to others.
AGENCY FUNDS
The fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members, and organizations.
BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period.
Contractual obligations for goods and services which have not been received at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not
- 8-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles.
Compensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$379,551.01 and a related net current year expenditure of$11,744.17 have not been reported in the current funds as required by generally accepted accounting principles.
Prior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying fmancial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements.
To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf of the College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment.
The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses.
RESTATEMENT OF PRIOR YEAR FUND BALANCE In fiscal year 1998, Coastal Georgia Community College implemented GASB Statement 31, "Accounting and Financial Reporting for Certain Investments and for External Investment Pools". The statement requires certain investments to be reported at fair value rather than at cost. As a result, the beginning fund balance of the Endowment fund has been increased by $3,594.67 to implement this change in accounting principle.
BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19971998. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and
-9-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30,1998

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BUDGET Student Activities which are not subject to appropriation. The allocation of the appropriated budget is made to the College by the Administrative Central Office. In addition, the College receives Federal funds and other funds directly and includes these funds in the budget filed with the Administrative Central Office.

A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below:

Resident Instruction Capital Outlay

$ 63.808.71

This overexpenditure of budget constitutes a violation of Board of Regents policy, but does not constitute a statutory violation of budget authority. Statutory violations of budget authority are reported at the departmental level.

CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist ofpetty cash and demand deposits in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts.

INVESTMENTS Investments are reported at fair value. Funds received by the College as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board of Regents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded.

ACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Board of Regents of the University System of Georgia - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements.

INVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the weighted average method.

Inventories of goods for resale are valued at cost using the first-in, first-out method.

PREPAID ITEMS Prepaid items are payments made to vendors in advance ofthe receipt of goods and services that will benefit
periods subsequent to the balance sheet date.

- 10-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data.

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia 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 anyone or more of the following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:

(l) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia.

(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia.

(3) Bonds of any public authority created by the laws ofthe 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 ofa subsidiary corporation of

the United States government, which are fully guaranteed by the United States government both

"- ..

as to principal and interest, or 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.

As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements.

- 11 -

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES The treasurer of the Board of Regents is responsible for all details relative to furnishing the required depository protection for all units ofthe University System of Georgia.

CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 1998, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk:

Category 1 - Amounts covered by depository insurance or collateralized with securities (at fair value) held by the College or by its agent in the College's name.

Category 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the College's name.

Category 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized.

Cash Deposits

Carrying Amount

Bank Balances

Risk Categories

2

3

$ 783 192.39 $ 99909509 $ 10000000 $ 899 095.09 $==~Oo~o

CATEGORIZATION OF INVESTMENTS At June 30, 1998, the carrying amount of the College's total investments was $86,388.46 in the Board of Regents Pooled Investment Fund which are not required to be categorized since the College did not own any specific identifiable securities in the pool.

NOTE 3: INVESTMENTINPLANT

The following is a summary of Investment in Plant fixed assets as of June 30, 1998:

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections

$ 1,578,016.36 12,379,022.29 1,546,005.58 4,062,463.13 2,126,967.61

Total Investment in Plant

$ 21.692.474.97

- 12-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 4: OPERATING LEASES

Coastal Georgia Community College has entered into certain agreements to lease copiers which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date ofthe original term of the lease, the College has the option of renewing the lease on a year-to-year basis. Future minimum lease payments for operating leases as of June 30, 1998, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised.

Fiscal Year Ending June 30

1999 2000

$ 7,960.00 4,361.00

Total Future Minimum Lease Payments

$ 12,321.00

Expenditures for rental of copiers under operating leases for the year ended June 30, 1998, totaled $10,384.00.

NOTE 5: CAPITAL LEASES

Coastal Georgia Community College has acquired certain photocopiers through multi-year capital leases with varying terms and options. These agreements contain fiscal funding clauses in accordance with Official Code of Georgia Annotated Section 50-5-64 which prohibits the creation of a debt to the State of Georgia for the payment of any sums under such agreements beyond the fiscal year of execution if appropriated funds are not available. If renewal of such agreements is reasonably assured, however, capital leases requiring appropriation by the General Assembly of Georgia are considered noncancellable for financial reporting purposes.

As of June 30, 1998, future minimum lease payments under capital leases are as follows:

Fiscal Year Ending June 30

1999 2000 2001

$ 11,624.76 11,624.76 5,344.78

Total Future Minimum Lease Payments

$ 28,594.30

Less: Amounts Representing Interest

2,397.96

Present Value of Future Minimum Lease Payments

$ 26,196.34

- 13-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 6: RISK MANAGEMENT

Coastal Georgia Community College is a participant in the Board of Regents of the University System of

Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees

and retirees of the University System of Georgia. The College and participating employees and retirees pay

premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included

in the audit report of the Board of Regents of the University System of Georgia - Administrative Central

",

Office. All units ofthe University System of Georgia share the risk ofloss for claims of the Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its

members up to a maximum lifetime benefit of $1 ,000,000.00 per person and dental coverage up to an annual

maximum of $1,000.00 per person. The Board of Regents has contracted with Blue Cross Blue Shield of

Georgia to process claims in accordance with the Health Benefits Plan as established by the Board ofRegents.

The Department ofAdministrative 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 College, as an organizational unit of the Board of Regents of the University System of Georgia, 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.

A self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund.

NOTE 7: DEFERRED COMPENSATION PLAN

The State of Georgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination~ retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights ofthe State of Georgia subject only to the claims ofthe State's general creditors. Participants' rights under the plan are equal to those of a general creditor of

- 14-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 7: DEFERRED COMPENSATION PLAN

the State of Georgia in an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1998.

A change in the Internal Revenue Code Section 457, effective August 20, 1996, requires that by January 1, 1999, all existing eligible deferred compensation plans must be held in trust for the exclusive benefit of participants and their beneficiaries. The State of Georgia's plan was converted effective July 1, 1998.

NOTE 8: RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Plan Description Coastal Georgia Community College participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer defmed benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts.

Funding Policy Employees of the College who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1998, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 3.91% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows:

Fiscal Year

Percentage Contributed

Required Contribution

1998 1997 1996

100% 100% 100%

$ 566,679.01 $ 555,282.58 $ 539,140.06

REGENTS RETIREMENT PLAN

Plan Description The Regents Retirement Plan, a single-employer defmed contribution plan, is an optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the purpose of providing retirement and death benefits for eligible faculty

- 15 -

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 8: RETIREMENT PLANS
REGENTS RETIREMENT PLAN
Plan Description and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms ofthe annuity contracts.
Funding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State of Georgia. The employer contributes 7.75% ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times.
The College and the covered employees made the required contributions of $98,145.74 (7.75%) and $63,319.66 (5%), respectively.
GEORGIA DEFINED CONTRIBUTION PLAN
Plan Description Coastal Georgia Community College participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defmed contribution plan established by the General Assembly of Georgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia.
Benefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. If a member has less than $ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu of making periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute.
Contributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member.
Total contributions made by employees during fiscal year 1998 amounted to $24,227.37 which represents 7.50% of covered payroll. These contributions met the requirements ofthe plan.
- 16-

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 9: LEAVE POLICIES

Employees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Basis of Accounting (Compensated Absences)

Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph.

Effective July 1, 1998, certain employees who retire with a minimum of three months of unused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia.

NOTE 10: 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 expenditures which are disallowed under grant terms. The amount ofexpenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position.

Litigation, claims and assessments filed against Coastal Georgia Community College (an organizational unit of the Board of Regents ofthe University System of Georgia), 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 Comprehensive Annual Financial Report for the fiscal year ended June 30, 1998.

NOTE 11: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS

Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the

Board of Regents of the University System of Georgia has established group health and life insurance

"'-.,

programs for regular employees ofthe University System of Georgia. It is the policy of the Board of Regents

to permit employees ofthe University System of Georgia eligible for retirement or that become permanently

and totally disabled to continue as members ofthe group health and life insurance programs. Employees who

are eligible for retirement or disability under the criteria established by the Teachers Retirement System of

Georgia and who have at least ten years of service with the University System of Georgia are eligible for these

postemployment health and life insurance benefits. Organizational units of the Board of Regents of the

University System of Georgia pay the employer portion for group insurance for affected individuals.

As of June 30, 1998, there were 42 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1998, Coastal Georgia Community College recognized as incurred $71,214.00 of expenditures, which was net of $25,307.34 of participant contributions.

- 17 -

COASTAL GEORGIA COMMUNITY COLLEGE NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1998

EXHIBIT "D"

NOTE 12: ENROLLMENT The equivalent full-time student enrollment of Coastal Georgia Community College was as follows:

- 18 -

SUPPLEMENTARY INFORMATION - 19-

COASTAL GEORGIA COMMUNITY COLLEGE COMBINING BALANCE SHEET
CURRENT FUNDS - UNRESTRICTED JUNE 30, 1998

EXHIBIT"E"

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups

RESIDENT INSTRUCTION

LOTIERY FOR EDUCATION

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

$

60,622,08 $

127,305.43

29,562.68

3,914.00

279,568.45

15,242.51 $

32,530.41 $ 46,670.25 205,455.48

19,328.04 $

127,723.04 173,975.68 235,018.16
3,914.00 279,568.45

Total Assets
'"

$

500,972.64 $

15,242.51 $

284,656.14 $

19,328.04 $

820,199.33

LIABILITIES AND FUND BALANCES

Liabilities Accounts Payable Deferred Revenue Tuition and Fees Other

$

225,569.85 $

210,197.40 40,529.53

15,242.51 $

65,395.68 $ 9,575.00

2,111.17 $ 7,660.00

308,319.21
227,432.40 40,529.53

Total Liabilities

$

476,296.78 $

15,242.51 $

74,970.68 $

9,771.17 $

576,281.14

Fund Balances Unrestricted

24,675.86

209,685.46

9,556.87

243,918.19

Total Liabilities and Fund Balances

$

500,972.64 $

15,242.51 $

284,656.14 $.

19,328.04 $

820,199.33

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.

-20 -

COASTAL GEORGIA COMMUNITY COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES
CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30,1998

EXHIBIT"F"

REVENUES AND OTHER ADDITIONS
Unrestricted Current Fund Revenues Adjustments
Prior Years' Expenditures/Accounts Payable
Total Revenues and Other Additions
EXPENDITURES AND OTHER DEDUCTIONS
Educational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the
University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus)
Total Expenditures and Other Deductions
TRANSFERS BElWEEN FUNDS
Nonmandatory Renewals and Replacements
Net Increase/(Decrease) for the Year
FUND BALANCES JULY 1,1997

RESIDENT INSTRUCTION

LOTIERYFOR EDUCATION

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

$ 8,822,065,99 $ 166,36
$ 8,822,232,35 $

152,687,00 $ 152,687,00 $

317,270,78 $ 77,620,00 $ 9,369,643,77 166,36
317,270,78 $ 77,620,00 $ 9,369,810,13

$ 8,819,873,49 $

152,687,00 $

$ 88,102,35 $ 9,060,662,84

303,419,83

303,419,83

342.47

342,47

$ 8,820,215,96 $

152,687,00 $

303,419,83 $ 88,102,35 $ 9,364,425,14

$

2,016,39 $

22,659,47

$ 0,00 $ 0,00

-46,284,62

$

-32,433,67 $ -10,482,35 $

242,119,13

20,039,22

-46,284,62 -40,899,63 284,817,82

FUND BALANCES JUNE 30, 1998

$

24,675,86 $

0,00 $

209,685.46 $ 9,556,87 $ 243,918,19

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information,
21

TJDS PAGE LEFT BLANK

COASTAL GEORGIA COMMUNITY COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES EXPENDITURES,
AND OTHER CHANGES UNRESTRICTED
YEAR ENDED JUNE 30,1998

EXHIBIT"G"

REVENUES
State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources
Total Revenues
EXPENDITURES
Educational and General Instruction Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships
Auxiliary Enterprises Stores and Shops Intercollegiate Athletics Other Service Units
Total Expenditures
OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONSl
Transfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents
of the University System of Georgia Prior Yea~s Unrestricted Fund Balance (Surplus)
Total Other Transfers and Additions/(Deductions)

RESIDENT INSTRUCTION

LOTIERYFOR EDUCATION

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

$ 6,445,260,00 $ 2,070,889,70 11,507,41 9,834.00 246,955.16
37,619.72
$ 8,822,065,99 $

152,687,00
$ 152,687,00 $

$
296,924.02 20,346.76
317,270,78 $

$ 77,620,00

6,597,947,00 2,148,509,70
11,507.41 9,834.00
246,955.16 296,924,02
57,966.48

77,620.00 $ 9,369,643.77

$ 4,066,541.19 $ 125,398.24 826,310.12 867,993,15
1,634,292.36 1,072,151.27
227,187,16
$ 8,819,873.49 $

126,500.00 26,187,00
$ 152,687.00 $

$
146,955.49 129,515.06
26,949.28 303,419.83 $

$ 84,467.74
3,634.61
88,102.35 $

4,193,041,19 125,398.24 852,497.12 952,460.89
1,634,292.36 1,072,151.27
230,821.77
146,955.49 129,515.06
26,949.28
9,364,082.67

$

166.36

$

-46,284.62

$

-46,284.62

166.36

-342.47

$

-176.11

$

-46,284.62

-342.47

$

-46,460.73

Net Increasel(Decrease) in Fund Balances

$

2,016.39 $

0,00 $

-32,433.67 $

-10,482.35 $

-40,899.63

~

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.

23 -

COASTAL GEORGIA COMMUNITY COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
RESIDENT INSTRUCTION YEAR ENDED JUNE 30,1998

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS RENEWALS AND
UNEXPENDED REPLACEMENTS

$ 6,445,260,00

$ 402,600,00

2,376,805.99 $ 3,271,465.53

46,616,12 $

0:.;.,.::.;00:....

$ 8,822,065,99 $ 3,271,465.53 $ 449,216,12 $

0._00_

EXPENDITURES
Personal Services: Education, General and Departmental Services Sponsored Operations
Operating Expenses: Education, General and Departmental Services Sponsored Operations
Capital Outlay Special Funding Initiative

$ 6,715,621.40 $ 830,836.04

1,943,098.59 161,153.50

2,440,629.49 $

449,216,12 $

65,192.59

$ 8,819,873.49 $ 3,271,465.53 $ 449,216.12 $

6_5;..1.'_92_,_59_

Excess of Revenues over Expenditures

$

2,192.50 $

0.00 $

0.00 $ =====-6=:5=,1::::;92=,=59=

(1) To eliminate tuition waivers not budgeted and to reclassify prior year fund balances budgeted as revenues.

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 24

SCHEDULE "1"

TOTAL

ADJUSTMENTS (1 )

TOTAL (Budget Basis)

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$ 6,847,860.00

$ 6,847,860.00 $ 6,847,860.00 $

5,694,887.64 $ _ _-.:.,15:.;6"""9:.;;;0.:.1..:..41,;.,,.

5,537,986.23

5,519,520.00

0.00 18,466.23

$ 12,542,747.64 $

-156,901.41 $ 12,385,846.23 $ 12,367,380.00 $

18..:..,4_6_6_.2_3

$ 6,715,621.40 830,836.04
1,943,098.59 $ 2,440,629.49
514,408.71 161,153.50

$ 6,715,621.40 $ 6,731,455.00 $

830,836.04

852,141.00

-222,094.00

1,721,004.59 2,440,629.49
514,408.71 161,153.50

1,728,299.00 2,441,539.00
450,600.00 163,346.00

15,833.60 21,304.96
7,294.41 909.51
-63,808.71 2,192.50

$ 12,605,747.73 $

-222,094.00 $ 12,383,653.73 $ 12,367,380.00 $

-.;. 16:.:.;,2:;.:.7. :;.3...:..7,;;....3

$ -63,000.09 $

65,192.59 $ ===2=1,:::92=:.5::::0=

$ ======2=,1.9.2.=.5::::0,=

- 25-

TIDS PAGE LEn BLAHK

COASTAL GEORGIA COMMUNITY COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
LOTIERY FOR EDUCATION YEAR ENDED JUNE 30,1998

SCHEDULE "2"

REVENUES State Appropriations
EXPENDITURES Equipment. Technology and Construction
Trust Fund Special Funding Initiatives

CURRENT FUNDS UNRESTRICTED

TOTAL (Budget Basis)

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)

$

- - - - - - 152,687.00 $ 152,687.00 $ 152,687.00 $

0.00

$

58,000.00 $

58,000.00 $ 58,000.00 $

94,687.00

94,687.00

94,687.00

$

152,687.00 $ 152,687.00 $ 152,687.00 $

0.00 0.00
0_.0_0_

Excess of Revenues over Expenditures

$

0.00 $ ====0.=00=

$=====0.:::00,=

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 27-

COASTAL GEORGIA COMMUNITY COLLEGE CHANGES IN INVESTMENT IN PLANT YEAR ENDED JUNE 30,1998

Land

BUildings

",

Improvements Other Than Buildings

Equipment

Library Books and Collections

ADDITIONS

BALANCE JULY 1,1997

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT UNEXPENDED

$ 1,578,016.36

10,239,754.38

$ 143,633.00

1,287,038.58

258,967.00

3,695,833.15 $

350,591.08 $ 291,152.77

46,616.12

2,030,740.62

94,733.49

1,493.50

$ 18,831,383.09 $

445,324.57 $ 292,646.27 $ 449,216.12

SUMMARY OF INVESTMENT
College Capital Leases

$ 18,795,756.98 $ 35,626.11

445,324.57 $ 292,646.27 $ 449,216.12

$ 18,831,383.09 $

445,324.57 $ 292,646.27 $ 449,216.12

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 28-

SCHEDULE "3"

FUNDS RENEWALS AND REPLACEMENTS

GEORGIA STATE FINANCING AND
INVESTMENT COMMISSION

DEDUCTIONS DISPOSALSI DELETIONSI ADJUSTMENTS

BALANCE JUNE 30, 1998

$ 1,578,016.36

$

57,139.22 $

1,938,495.69

12,379,022.29

1,546,005.58

2,839.00

$

324,568.99

4,062,463.13

2,126,967.61

$

59,978.22 $

1,938,495.69 $

324,568.99 $ 21,692,474.97

$

59,978.22 $

1,938,495.69 $

315,139.22 $ 21,666,278.63

9,429.77

26,196.34

$

59,978.22 $

1,938,495.69 $

324,568.99 $ 21,692,474.97

"- ..

- 29-

COASTAL GEORGIA COMMUNITY COLLEGE SCHEDULE OF FUND BALANCES
CURRENT FUNDS AND PLANT FUNDS JUNE 30, 1998

NET INVESTMENT IN PLANT

Investment in Plant Facilities

RESTRICTED

J,

Designated for Subsequent Years' Expenditures

UNRESTRICTED

Designated

For Bus Replacement Reserve

For Intercollegiate Athletics

For Inventory Reserve

For Renewals and Replacements Reserve

For Subsequent Years' Expenditures

For Uncollectible Accounts

SurplUS

Regular

Lottery for Education

RESIDENT INSTRUCTION

CURRENT FUNDS

UNRESTRICTED

LOTTERY FOR

AUXILIARY

EDUCATION

ENTERPRISES

STUDENT ACTIVITIES

$

21,000,00

1,317,00

2,358,86

$

$

24,675.86 $

$

24,675.86 $

$

2,701,71

205,455,48

1,528,27 $ 9,556,87

0,00 0,00 $

209,685,46 $ 9,556.87

0.00 $ 209,685,46 $ 9,556,87

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information,
- 30-

SCHEDULE "4"

RESTRICTED

PLANT FUNDS

UNEXPENDED

LOTIERY FOR RENEWALS AND

REGULAR

EDUCATION

REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$ 21,666,278.63 $ 21,666,278.63

$ 85,840.54

$ _ _8;,.;5.:.;,84;..;.;;.;0'.;.54.;,..

$

13,638.79

293,752.10

$

13,638.79

2,701.71

226,455.48

293,752.10

11,085.14

1,317.00

$

0.00

$

$

0.00 $

..::.0:.::..00::.0.00 $ _ _..::.3.;;.;07""",3;.:;9.;;.;0..;:.:89:....

2,358.86 0.00
$ 551,309.08

$ 85,840.54 $

0.00 $

0.00 $

307,390.89 $ 21,666,278.63 $ 22,303,428.25

~ ..

- 31 -

COASTAL GEORGIA COMMUNITY COLLEGE RECONCILIATION OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 1998

SCHEDULE "5"

Totals per Annual Supplement

Adjustments

Shared Services on Jointly Staffed Personnel

Armstrong Atlantic State University

Barber,

Gwen

Barber,

Henry

Chapman,

Lynn

Doster,

Janet

).

Dowdy,

Debbie

Freeman,

Mary

Hambright,

Marjorie

Howe,

Stacy

Robinger,

Gudrun

Toler,

Darryl

Wege,

Anthony

Student Assistants

Georgia Southern University

Barber,

Henry

Doster,

Janet

Howe,

Stacy

Mathews,

Don

Willis,

Faith

Student Assistants

University of Georgia

Francis,

Sybil

Valdosta State University

Lokrantz,

Jesse

SALARIES

TRAVEL

$ 6,296,188,93 $ 113,501.18

-2,400.00 -20,396,00
-1,500.00 -6,751.00 -2,290.00 -2,200.00 -2,040.00 -17,808.00 -2,200.00 -1,650.00 -3,440.00 -12,000.00
-20,396.00 -6,751.00 -7,632.00 -2,500.00 -6,000.00 -11,000.00
-24,045,00
1,400.00
$ 6,144,589.93 $ 113,501.18

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 32-