STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS

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COLUMBUS STATE UNIVERSITY
COLUMBUS, GEORGIA REPORT ON REVIEW
OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2001
Russell W. Hinton state Auditor

COLUMBUS STATE UNNERSITY - TABLE OF CONTENTS -

Page

SECTION I

FINANCIAL

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

EXHffiITS

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

7

D NOTES TO THE FINANCIAL STATEMENTS

8

SUPPLEMENTARY INFORMATION

E COMBINING BALANCE SHEET

CURRENT FUNDS - UNRESTRICTED

22

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS - UNRESTRICTED

24

G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

UNRESTRICTED

26

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

RESIDENT INSTRUCTION

28

2

LOTTERY FOR EDUCATION

30

3 CHANGES IN INVESTMENT IN PLANT

32

4 SCHEDULE OF FUND BALANCES

CURRENT FUNDS AND PLANT FUNDS

34

5 RECONCILIATION OF SALARIES AND TRAVEL

36

SECTIONll

AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

S

Y SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS

SECTION I FINANCIAL

RUSSELL W. HINTON
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
2)4 Washinglon Slr.:el. S.W, Suite 214 At Ianla. Georgia ~03~4-X4()()
August 28, 2001

Honorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the Board ofRegents of the University System of Georgia
and Honorable Frank D. Brown, President Columbus State University
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) ofColumbus State University as of and for the year ended June 30, 2001, 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 financial statements is the representation of the management of Columbus State University.
A review consists principally ofinquiries ofUniversity personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America, 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 0pl mon.
Based on our review, with the exception ofthe 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 accounting principles generally accepted in the United States of America.
As disclosed in Note 1 to the financial statements, accounting principles generally accepted in the United States of America 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 accounting principles generally accepted in the United States of America on the financial statements were not reasonably determinable.
01ARL-67

As disclosed in Note 1 to the financial statements, the University did not report the liability and related expenditure for compensated absences in the current funds as required by accounting principles generally accepted in the United States of America. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $1,365,678.99 as of June 30, 2001, and the net change in fund balance for the year ended June 30, 2001, would be decreased by $48,088.62.
Our review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with accounting principles generally accepted in the United States ofAmerica. The accompanying combining statements (Exhibits E through G) and the financial schedules (Schedules 1 through 5) are presented for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe 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,
-

RWH:jb 01ARL-67

Ru sell W. Hinton State Auditor

FINANCIAL STATEMENTS - 1-

COLUMBUS STATE UNIVERSITY COMBINED BALANCE SHEET ALL FUND GROUPS JUNE 30, 2001

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

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$ 4,243,145.44 $ 850,361.65 $ 577,440.41

240,846.02 143,360.91 307,698.53

897,597.10

697,617.50

$ 4,935,050.90 $ 1,747,958.75 $ 1,275,057.91

$ 1,176,949.09 $ 153,504.63
97,918.67 86,225.00

1,893,042.47 243,750.00

205,371.72

$ 3,497,885.23 $ 358,876.35
$ 557,886.69
717,171.22

$ 1,389,082.40 $ 1,437,165.67
$ 1,437,165.67 $ 1,389,082.40 $ 1,275,057.91

$ _ _4,935,050.90 $ 1,747,958.75 $ 1,275,057.91

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 AND
SIMILAR FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only')"--_

$ 1,458.507.97 $ 1,313,352.16 $

629,255.89

$ 220.246.56 $ 9.292,310.08

645,695.11

645,695.11

15.230.02

78.213.10

1,929,503.74

143,360.91

307.698.53

_ _ _ _ _ _ $ 86,948,223.26

86,948.223.26

$ _ _2,104,203.08 $ 1,328,582.18 $

62.9.,255.89 $ 86,948,223.26 $ 298,459.66 $ 99,266,791.63

$ 1.320.907.37 $

257.202.77

$ 94,632.52 $ 3,003,196.38 97.918.67 86,225.00

_ _ _ _ _ _ $ _.....:::39:::,..:.9::,::9:.:...;7..:...:73~

203.827.14

1.893.042.47 449.121.72 203.827.14 39,997.73

$ 1.320.907.37 $

257,202.77 $

39,997.73 $ 298,459.66 $ 5.773.329.11

$ 1,672.868.07 431,335.01
-----$
$ 2,104,203.08 $

$ 86,908,225.53

7,674.81 $ _ _...::3~72=,0:::::5~3:...:..1~2

7,674.81 $

372,053.12 $ 86.908,225.53

$ 557.886.69 717.171.22
1,672.868.07 431,335.01
86.908,225.53 1,389,082.40 1,816,893.60
$ 93,493,462.52

$ _ _2,104,203.08 $ 1,328,582.18 $

629.255.89 $ 86,948,223.26 $ 298,459.66 $ 99,266,791.63

-3-

COLUMBUS STATE UNIVERSITY COMBINED STATEMENT OF CHANGES IN FUND BALANCES
ALL FUND GROUPS YEAR ENDED JUNE 30, 2001

REVENUES AND OTHER ADDITIONS
Unrestricted Current Fund Revenues State Appropriations
Regular Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Endowment Other Net Increase/Decrease in Fair Value of Investments Interest on Loans Receivable Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant Facilities Current Funds Plant Funds
Unexpended Renewals and Replacements Georgia State Financing and Investment Commission Other Additions Recovery of Prior Years' Cancelled Loans
Total Revenues and O1her Additions
EXPENDITURES AND OTHER DEDUCTIONS
Educational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Refunded to Grantors Remittances to the Board of Regents of the
University System of Georgia Prior Year's Unrestricted Fund Balance (SurplUS)
Adjustments Prior Years' Revenues/Accounts Receivable
Loan Cancellations and Write-Offs Administrative and Collection Costs Expended for Plant Facilities
Capitalized Noncapitalized Disposals/Deletions/Adjustments
Total Expenditures and Other Deductions
TRANSFERS BETWEEN FUNDS
Mandatory Investment Income for Principal
Nonmandatory Renewals and Replacements Capital Projects Endowment Principal for Object of Trust
Total Transfers Between Funds
Net Increase/(Decrease) for the Year
FUND B.AI,ANCES JUI.Y...1. 2000

CURRENT FUNDS

UNRESTRICTED

RESTRICTED

LOAN FUNDS

$ 45,212,137.38

$ 16,192,387.34
4,739,856.97
2,357,912.55 $
169,400.49 16,602.82 11,685.74
17,539.06 345.63

635.00
13,635.42 39,755.45

$ 45,230,022.07 $ 23,487,845.91 $

21 ,693.00 75,718.87

$ 42,286,632.39 $ 23,437,365.64
2,374,097.97 78,920.26 10,825.00
16,036.90
1,332.93
$

29,635.76 3,931.28

$ 44,678,100.19 $ 23,527,110.90 $

33,567.04

$

-9,306.94 $

-5,069.95

$

-229,121.92

-84,166.50

274,339.20

8,044.34

$

-313,288.42 $

265,032.26 $

2,974.39

$

238,633.46 $

225,767.27 $

45,126.22

1,198,532.21

1,163,315.13

1,229,931.69


FUND BALANCES JUNE 3D. 2001

$ _~1,437,165.67 $ 1,389,082.40 $ 1,275,057.91

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-

EXHIBIT "S"

ENDOWMENT AND SIMILAR
FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
OnIYJ....l_ _

$

1.010.000.00 $

120.000.00

$

24.917.09

1.309.279.58

-76.972.47

574.833.30

7.669.02

$

-52.055.38 $

3.021.781.90 $

$ 45.212.137.38

0.00
$

108.796.10

1.010.000.00 120.000.00
16.192.387.34 4.739.856.97 3.801.540.32

169.400.49 605.071.54 -65.286.73
39.755.45

25.208.08 345.63

1.539.115.30

1.539.115.30

2.931,431.70 439.554.03
6.564.150.35

2.931,431.70 439.554.03
6.564.150.35

21.693.00

...:O"".O::.::O~ $ 11.583.047.48 $ 83.346.360.85

$

0.00

$ 65.723.998.03 2.374.097.97 78.920.26 10.825.00

$

466.66

16.503.56

1.332.93 29.635.76
3.931.28

2.931,431.70 $

439.554.03

166.841.89

166.156.35

_ _ _ _ _ _ $ _....;5:.:::9:.:..7...:::.9:::92~.0~7_

3.370.985.73 332.998.24 597.992.07

$

0.00 $

3.098.740.25 $

605.710.38 $ 597.992.07 $ 72.541.220.83

$

14.376.89

$
-282.383.54
$ -268.006.65 $ $ -320.062.03 $
2.424.265.11

$
84.166.50
84.166.50 $ 7,208.15 $
466.66

$

0.00

229.121.92

0.00

0.00

0.00

229.121.92

$

0.00

-376.588.46 $ 10.985.055.41 $ 10,805.140.02

748.641.58

75.923.170.12

82.688,322.50

$ 2.104.203.08 $ _ _....7...674.81 $

3~7..;,2.053.12 $ 86.908.225.53 $ 93,493.462.52

-5-

COLUMBUS STATE UNIVERSITY STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,
AND OTHER CHANGES YEAR ENDED JUNE 30, 2001

EXHIBIT "COO

UNRESTRICTED RESTRICTED

TOTAL (Memorandum
Only,L)_ _

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

$ 26,249,086.00

$ 26,249,086.00

14,818,746.46

14,818,746.46

60,047.00 $ 16,220,373.53

16,280,420.53

16,076.77

4,721,811.91

4,737,888.68

2,796.49

2,281,670.98

2,284,467.47

213,509.22

213,509.22

40,890.23

40,890.23

1,628,197.26

1,628,197.26

2,396,297.17

2,396,297.17

Total Revenues

$ 45,212,137.38 $ 23,437,365.64 $ 68,649,503.02

EXPENDITURES AND MANDATORY TRANSFERS

Educational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Mandatory Transfers for: Investment Income for Endowment Principal
Auxiliary Enterprises Student Housing Food Services Stores and Shops Intercollegiate Athletics Other Service Units

$ 19,161,410.72 $ 2,917,267.12 $ 22,078,677.84

5,172,513.47

206,712.86

5,379,226.33

2,678,154.10

20,900.00

2,699,054.10

5,515,698.55

528,625.00

6,044,323.55

5,201,902.20

5,201,902.20

4,556,953.35

19,763,860.66

24,320,814.01

9,306.94

9,306.94

961,074.71 22,306.63 19,466.88
1,029,104.38 342,145.37

961,074.71 22,306.63 19,466.88
1,029,104.38 342,145.37

Total Expenditures and Mandatory Transfers

$ 44,660,730.36 $ 23,446,672.58 $ 68,107,402.94

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS}

Excess of Restricted Receipts over Transfers to Revenues
Transfers for Renewals and Replacements Transfers for Capital Projects Transfers of Endowment Principal 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)

$

-39,264.99 $

-39,264.99

$

-229,121.92

-229,121.92

-84,166.50

-84,166.50

274,339.20

274,339.20

16,551.76

16,551.76

-16,036.90

-16,036.90

Total Other Transfers and Additions/(Deductions) $

-312,773.56 $

235,074.21 $ _---'-7"""7..J.:6,"",9.:.,:9.~35=-

Net Increase/(Decrease) in Fund Balances

$

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.
-7 -

225,767.27 $ ........4..6. 4;,,;,,400.73

COLUMBUS STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT liD"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
Columbus State University is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System ofGeorgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Columbus State University as a separate reporting entity.
The Board of Regents has constitutional authority to govern, control and manage the University System ofGeorgia. 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. Columbus State University does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Columbus State University is considered an organizational unit ofthe Board ofRegents ofthe University System ofGeorgia reporting entity for financial reporting purposes because ofthe significance ofits legal, operational, and financial relationships with the Board ofRegents 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 University, the accounts of the University 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 financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group.
Within each fund group, the University's fund balance allocations and designations represent those portions ofthe 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 University retains full control to use for purposes of performing the primary functions of the University, e.g., instruction, academic support, etc.

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COLUMBUS STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30,2001

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FUND ACCOUNTING
CURRENT FUNDS
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.
LOAN FUNDS
The fund used to account for resources which have been made available for financial loans to students.
ENDOWMENT AND SIMILAR FUNDS
.
The fund used to account for endowment funds and quasi-endowment funds. Endowment funds are subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and income only be utilized. While quasi-endowment funds have been established by the University for the same purposes as endowment funds, any portion ofquasi-endowment funds may be expended. Restricted quasi-endowment funds may be expended only for the purposes established by the source of such funds.
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 University. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the University less the amount of any indebtedness to others.
AGENCY FUNDS
The fund used to account for resources held by the University as custodian or fiscal agent for individual students, faculty, staff members, and organizations.

-9-

COLUMBUS STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 ofaccounting 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 ofthe 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 consistent with accounting principles generally accepted in the United States ofAmerica, which provide for the recording ofencumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with accounting principles generally accepted in the United States of America.
Compensated absences represent obligations ofthe University 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$I,365,678.99 and a related net current year expenditure of $48,088.62 have not been reported in the current funds as required by accounting principles generally accepted in the United States of America.
Prior period adjustments and certain other items are reported as additions to and deductions from .fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but differs from accounting principles generally accepted in the United States ofAmerica in that immaterial adjustments should be reported as current period revenues and expenditures. The effect ofthis departure is deemed to be immaterial to the fair presentation ofthe 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 behalfofthe University. 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.
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COLUMBUS STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
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 ofrevenues and expenses.
BUDGET
The Board ofRegents ofthe University System ofGeorgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of 2000-2001. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The allocation ofthe 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.
CASH AND CASH EQUIVALENTS
Cash and Cash Equivalents consist of petty 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 University 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 ofreimbursements 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 ofconsumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the weighted average method.
PREPAID ITEMS
Prepaid items are payments made to vendors in advance ofthe receipt ofgoods and services that will benefit periods subsequent to the balance sheet date.

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COLUMBUS STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

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 ofthis data.
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES
Funds belonging to the State ofGeorgia 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 ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(1) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations ofthe 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 ofGeorgia, providing that the statute that created the authority authorized the use of the bonds for this purpose.
(4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe 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, 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.
- 12-

COLUMBUS STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES
The treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the 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 ofJune 30, 2001, 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 University or by its agent in the University's name.

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

Cash Deposits

Carrying Amount

Bank Balances

Risk Categ~on..u:e:2,.S

_

1

2

3

$ 7,IQ7,034...6.l $ 9R55Q,33Mi~ $ lQQ,QQQ.QQ $ Z6.8.2Q8.4A $ 9'\.B..1,33.ti8

CATEGORIZATION OF INVESTMENTS
Investments are summarized and classified as to custodial credit risk within the three categories described below:

Category 1 - Insured or registered, or securities held by the University or its agent in the University's name.

Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the University's name.

Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the University's name.

The carrying amounts of investment balances as of June 30, 2001, are categorized below:

- 13 -

COLUMBUS STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS

me of Investment

Risk Categories

1

2

3

Carrying Amount

Common Stock

$ 616,363.80

Corporate Bonds

$

Municipal Bonds

5,000.00

U. S. Government Securities

$
11,639.50
554.00

0.00 $

616,363.80 11,639.50 5,000.00 554.00

Investments Not Subject to Categorizations:

$ 621.363.80 $

12,193.50 $==~O~.O~O $ 633,557.30

Board ofRegents Balanced Income Fund Short-Term Investment Fund
Real Estate Mortgage

1,646,353.98 533,708.49 12,137.81

Total Investments

$ 2.825.757.5

NOTE 3: INVESTMENT IN PLANT

The following is a summary of Investment in Plant fixed assets as of June 30, 2001:

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections

$ 1,857,840.30 58,747,337.94
3,784,459.11 15,875,529.74 6,683,056.17

Total Investment in Plant

NOTE 4: CAPITAL LEASES

Columbus State University acquires certain equipment through a mUlti-year capital lease 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, 2001, future minimum lease payments under the capital lease are as follows:

- 14-


COLUMBUS STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 4: CAP!TAL LEASES

Fiscal Year Ending June 30

2002 2003 2004 2005
Total Future Minimum Lease Payments
Less: Amounts Representing Interest

$ 13,396.08 13,396.08 13,396.08 4,465.36
$ 44,653.60
4,655.87

Present Value of Future Minimum Lease Payments

$ 32.99772

NOTE 5: RISK MANAGEMENT

Columbus State University 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 University 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 financial statements of the Board of Regents of the University System ofGeorgia - Administrative Central Office. All units ofthe University System of Georgia share the risk of loss 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 $2,000,000.00 per person and dental coverage up to an annual maximum of$1 ,000.00 per person. Blue Cross Blue Shield ofGeorgia processes medical and dental claims in accordance with the Health Benefits Plan as established by the Board of Regents. As of January 1, 2001, Express Scripts, Incorporated was contracted with to process pharmacy drug claims in accordance with the Pharmacy Benefit Program portion of the Health Benefits Plan.

The Department ofAdministrative Services (DOAS) has the responsibility for the State ofGeorgia ofmaking and carrying out decisions that will minimize the adverse effects ofaccidental 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 University, as an organizational unit ofthe 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.

- 15 -

COLUMBUS STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 5: RISK MANAGEMENT

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 SelfInsurance Fund.

NOTE 6: RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Plan Description Columbus State University participates in the Teachers Retirement System ofGeorgia (TRS), a costsharing multiple-employer defined 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 ofGeorgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System ofGeorgia 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 ofthe University who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The University makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2001, the employer contribution rate was 11.29% for covered employees. In addition, the University contributed 2.33% 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

2001 2000 1999

100% 100% 100%

$ 2,109,745.25 $ 2,231,998.28
$ 2,304,276.85

REGENTS RETIREMENT PLAN

Plan Description The Regents Retirement Plan, a single-employer defined 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

- 16-

COLUMBUS STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 6: RETIREMENTPLANS
REGENTS RETIREMENT PLAN
Plan Description
benefits for eligible faculty 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 of the 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 ofGeorgia. The employer contributes 8.81 % 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 University and the covered employees made the required contributions of$359,200.02 (8.81 %) and $203,860.06 (5%), respectively.
GEORGIA DEFINED CONTRIBUTION PLAN
Plan Description
Columbus State University participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and parttime 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 ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. Ifa member has less than $ 3,500.00 credited to his/her account, the Board ofTrustees has the option ofrequiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death ofa 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-halfpercent (7.5%) ofgross 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 2001 amounted to $71,197.56 which represents 7.5% of covered payroll. These contributions met the requirements of the plan.
- 17 -

COLUMBUS STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 7: 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. E'mployees 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 andis forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph.
Certain employees who retire with a minimum ofthree months of unused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia.
NOTE 8: 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 University expects such amounts, if any, to be immaterial to its overall financial position.
Litigation, claims and assessments filed against Columbus State University (an organizational unit of the Board of Regents of the 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, 2001.
NOTE 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-331, the Board of Regents ofthe University System ofGeorgia has established group health and life insurance programs for regular employees ofthe University System ofGeorgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally disabled to continue as members of the group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System ofGeorgia and who have at least ten years ofservice 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.

- 18 -

COLUMBUS STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2001

EXHIBIT "D"

NOTE 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS

As ofJune 30, 2001, there were 163 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 2001, Columbus State University recognized as incurred $432,674.21 of expenditures, which was net of $175,219.06 of participant contributions.

NOTE 10: ENROLLMENT

The equivalent full-time student enrollment of Columbus State University was as follows:

Regular Term Fall Semester, 2000 Spring Semester, 2001

3,754 3,527

Average

3,641

Summer School, 2000

1,097

- 19-


SUPPLEMENTARY INFORMATION
- 21 -

COLUMBUS STATE UNIVERSITY COMBINING BALANCE SHEET
CURRENT FUNDS - UNRESTRICTED JUNE 30, 2001

ASSETS Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items
Total Assets

RESIDENT INSTRUCTION

LOTIERYFOR EDUCATION

$ 2,432,023.65 $

0.00

225,463.43

143,360.91

307,098.53

$ 3,107,946.52 $ ===...;O:;;';"O~O~

LIABILITIES AND FUND BALANCES
Liabilities Accounts Payable Salaries Payable Student Deposits Deferred Revenue Tuition and Fees Other
Total Liabilities
Fund Balances Unrestricted
Total Liabilities and Fund Balances

$ 1,169,775.43 $
94,396.29 925.00
1,665,469.78
$ 2,930,566.50 $
177,380.02

0.00
0.00 0.00

$ 3,107,946.52 $ _ =_ _O~.~OO:;:..

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 22-

EXHIBIT "E"

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

$ 1,549,708.14 $ 261,413.65 $ 4,243,145.44

15,352.59

30.00

240,846.02

143,360.91

600.00

307,698.53

$ 1,565,060.73 $ 262,043.65 $ 4,935,050.90

$

2,556.47 $ 4,617.19 $ 1,176,949.09

2,542.41

979.97

97,918.67

85,300.00

86,225.00

165,549.99 243,750.00

62,022.70

1,893,042.47 243,750.00

$ 499,698.87 $ 67,619.86 $ 3,497,885.23

1,065,361.86 194,423.79 1,437,165.67

$ 1,565,060.73 $ 262,043.65 $ 4,935,050.90

- 23-

COLUMBUS STATE UNIVERSITY COMBINING STATEMENT OF CHANGES IN FUND BALANCES
CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 2001

REVENUES AND OTHER ADDITIONS
Unrestricted Current Fund Revenues Adjustments
Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided
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)
Adjustments Prior Years' Revenues/Accounts Receivable
Total Expenditures and Other .Deductions
TRANSFERS BETWEEN FUNDS
Nonmandatory Renewals and Replacements Capital Projects
Total Transfers Between Funds
Net Increase/(Decrease) for the Year
FUND BALANCES JULY 1, 2000
FUND BALANCES JUNE 30, 2001

RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

$ 41 ,523,229.00 $ 242,908.00
17,253.48 323.03
$ 41 ,540,805.51 $ _...::2::::,:42:.r.:9'~0.:::.,:8..:::.,:00::-

$ 41,585,440.47 $ 242,908.00

15,978.88 1,156.52

58.02

$ 41 ,?02,575.87 $ _...::2~42:.r.:'9~6.:::..:.6.:::,:02:,..

$

-61,770.36 $

239,150.38

-58.02 58.02

$

177,380.02 $ ......=-........=O~.~OO~

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

- 24-

,

EXHIBIT "F"

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

$ 2,920,098.83 $ 525,901.55 $ 45,212,137.38

275.12

10.46 22.60

17,539.06 345.63

$ 2,920,373.95 $ 525,934.61 $ 45,230,022.07

$ 458,283.92 $ 42,286,632.39

$ 2,374,097.97

2,374,097.97

163.01

13.40

16,036.90 1,332.93

$ 2,374,260.98 $ 458,297.32 $ 44,678,100.19

$ -229,121.92

$ -229,121.92

-27,450.00 $ -56,716.50

-84,166.50

$ -256,571.92 $ -56,716.50 $ -313,288.42

$ 289,541.05 $ 10,920.79 $ 238,633.46

775,820.81

183,503.00

1,198,532.21

$ 1,065,361.86 $ 194,423.79 $ 1,4371165.67

- 25-

COLUMBUS STATE UNIVERSITY COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,
AND OTHER CHANGES UNRESTRICTED
YEAR ENDED JUNE 30, 2001

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

RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

$ 26,006,178.00 $
14,369,130.76 60,047.00 16,076.77 2,796.49 40,890.23
1,028,109.75
$ 41,523,229.00 $

242,908.00 242,908.00

$ 18.918,502.72 $
5,172,513.47 2.225.570.18 5,515,698.55 5,201,902.20 4,551,253.35

242,908.00

$ 41.585,440.47 $ 242,908.00

$

16,419.99

-15.978.88 $ _ _~-5~8~.02==-

$

441.11 $ _ _---:;-~58~.~02=_

Net Increase/(Decrease) in Fund Balances

$ .........-.6. -.1.770.36 $ ....._ _-_5_8.~02:o..

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 26-


EXHIBIT "G"

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

$ 26,249,086.00

$ 449,615.70 14,818,746.46

60,047.00

16,076.77

2,796.49

40,890.23

$ 1,628,197.26

1,628,197.26

1,291,901.57

76,285.85

2,396,297.17

$ 2,920,098.83 $ 525,901.55 $ 45,212,137.38

$ 19,161,410.72

5,172,513.47

$ 452,583.92

2,678,154.10

5,515,698.55

5,201,902.20

5,700.00

4,556,953.35

$ 961,074.71 22,306.63 19,466.88
1,029,104.38 342,145.37

961,074.71 22,306.63 19,466.88
1,029,104.38 342,145.37

$ 2,374,097.97 $ 458,283.92 $ 44,660,730.36

$ -229,121.92

$ -229,121.92

-27,450.00 $ -56,716.50

-84,166.50

112.11

19.66

16,551.76

-16,036.90
$ -256,459.81 $ -56,696.84 $ -312,773.56

$ 289,541.05 $ 10,920.79 $ 238,633.46

- 27-

COLUMBUS STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 2001

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS RENEWALS AND
UNEXPENDED REPLACEMENTS

$ 26,006,178.00

$ 1,010,000.00

15,517,051.00 $ 23.437,365.64

1,884,112.88 $

~O~.O::.::O~

$ 41,523,229.00 $ 23,437,365.64 $ 2,894,112.88 $

-:O~.O:..:O~

EXPENDITURES

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

$ 29,336,730.60 $ 1,981,751.25

11,969.437.87 279,272.00

21.455,614.39 $ 2,978,273.59 $

605,710.38

$ 41,585.440.47 $ 23.437,365.64 $ 2,978,273.59 $ _ _..:::6.:::05~,7:....:1~0.::::3:::....8

Excess of Revenues over Expenditures

$

-62,211.47 $

0.00 $ _ _-~84~,160.71 $ _ _,;;-6;;,;;0;,::,5,710.38

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

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

SCHEDULE "1"

TOTAL

ADJUSTMENTS

TOTAL

_ _(1)!....-_ .JBudget BasisL

BUDGET

VARIANCE FAVORABLE JUNFAVORABLEL

$ 27,016,178.00 40,838,529.52 $

$ 27,016,178.00 $ 27,016,178.00 $

-3,860,910.47

36,977,619.05

44,260,430.00

0.00 -7,282,810.95

$ 67,854,707.52 $ -3,860,910.47 $ 63,993,797.05 $ 71,276,608.00 $ -7,282,810.95

$ 29,336,730.60
1,981,751.25
11,969,437.87 $
21,455,614.39 3,583,983.97 279,272.00

$ 29,336,730.60 $ 29,804,122.00 $

1,981,751.25

2,702,390.00

-4,550,787.35

7,418,650.52 21,455,614.39
3,583,983.97 279,272.00

7,530,244.00 25,999,080.00
4,961,500.00 279,272.00

467,391.40 720,638.75
111,593.48 4,543,465.61 1,377,516.03
0.00

$ 68,606,790.08 $ -4,550,787.35 $ 64,056,002.73 $ 71,276,608.00 $ _ _7"""2.;;;.20,",,,6;;..;;0...;;.5';.;;;;2~7

$ -752,082.56 $ _ _.6.8.9.,876.88 $ _ _-6.2.,205.68

$

-6.2.,205.68

29-

COLUMBUS STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
LOTTERY FOR EDUCATION
YEAR ENDED JUNE 30, 2001

REVENUES State Appropriations
EXPENDITURES Equipment, Technology and Construction
Trust Fund Special Funding Initiatives
Excess of Revenues over Expenditures

CURRENT FUNDS UNRESTRICTED

PLANT FUNDS UNEXPENDED

$

242,908.00 $ _--..:..:12::..:0:..:.::0,:.::0.::.:0.~OO=-

$

242,908.00

_ _ _ _ _ _ _ $ _ _1~2~0...:::,O~00:::..:."0~0~

$

242,908"00 $ _--..:..:12::..:0:..:.::,0:..::0.::..:0".::..:00:-

$

0.00 $ ===~O;';;;'"OO;;:...

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

SCHEDULE "2"

TOTAL (Budget Basis)

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)

$ 362,908.00 $ 362,908.00 $

....;0....;.0....;0_

$ 242,908.00 $ 242,908.00 $

0.00

120,000.00

120,000.00

0.00

$ 362,908.00 $ 362,908.00 $

o;;.;..o~o;...,

$ ........

0.,;;,;00...

$ =-==-=_ _0.....0.0...

- 31 -

COLUMBUS STATE UNIVERSITY CHANGES IN INVESTMENT IN PLANT
YEAR ENDED JUNE 30, 2001

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections

BALANCE JULY 1, 2000

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT UNEXPENDED

$ 1,836,732.30

49,881,599.31

$ 2,555,172.24

3,614,982.31

169,476.80

14,060,714.38 $

1,164,678.38 $ 252,412.07

206,782.66

6,529,141.82

113,863.63

8,161.22

$ 75,923,170.12 $

1,278,542.01 $ 260,573.29 $ 2,931,431.70

SUMMARY OF INVESTMENT
College Capital Leases

$ 75,923,170.12 $
0.00

1,278,542.01 $ 260,573.29 $ 2,931,431.70

$ 75,923,170.12 $

1,278,542.01 $ 260,573.29 $ 2,931,431.70

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

SCHEDULE "3"

ADDITIONS
FUNDS RENEWALS AND REPLACEMENTS

GEORGIA STATE FINANCING AND
INVESTMENT COMMISSION

$

234,710.20 $

6,119,289.51

204,843.83

444,860.84 $

CAPITAL LEASES
$
47,000.00

PRIVATE GIFTS

DEDUCTIONS DISPOSALS! DELETIONS! ADJUSTMENTS

BALANCE JUNE 30, 2001

42,500.00 $

21,392.00 $

1,857,840.30

43,433.32

58,747,337.94

3,784,459.11

34,406.60

540,169.02

15,875,529.74

31 ,889.50

6,683,056.17

$

439,554.03 $

6,564,150.35 $

47,000.00 $ 108,796.10 $

604,994.34 $ 86,948,223.26

$

439,554.03 $

6,564,150.35

$ 108,796.10 $

597,992.07 $ 86,908,225.53

_ _ _ _ _ _ $ _--:.:47""",0=0=0.=00=-

7,002.27

39,997.73

$

439,554.03 $

6,564,150.35 $

47,000.00 $ 108,796.10 $ -====60..4..,994.34 $ 86,948,223.26

- 33-


COLUMBUS STATE UNIVERSITY SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS
JUNE 30, 2001

RESIDENT INSTRUCTION

CURRENT FUNDS

UNRESTRICTED

LOTTERY FOR

AUXILIARY

EDUCATION

ENTERPRISES

STUDENT ACTIVITIES

NET INVESTMENT IN PLANT Investment in Plant Facilities
RESTRICTED 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

$ 144,000.00
9,997.50 23,382.52 _____ $ $ 177,380.02 $

$

20,535.89

1,041,574.21 $ 3,251.76

194,423.79

O~.O~O~
O~.O~O~ $

1,065,361.86 $ _--!.194=,4~2~3.~79:::...

$ _ _17.7..380.02 $

0;,;,..0.0;.. $ 1.065,361.86 $ _....:.:194=.423.79

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.
34

SCHEDULE "4"

RESTRICTED

PLANT FUNDS

UNEXPENDED

LOTIERY FOR RENEWALS AND

REGULAR

EDUCATION

REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$ 86,908,225.53 $ 86,908,225.53

$ 1,389,082.40

$ 1,389,082.40

$

7,674.81

_____ $

$

7,674.81 $

$ 1,389,082.40 $

7,674.81 $

$

95,089.62

276,963.50

$

95,089.62

20,535.89

144,000.00

276,963.50

1,235,998.00

13,249.26

..::.O':'::'OO~
0.00 $ _ _...:::3~72::.:,O::::5:.::.3.:.:,;12=-

31,057.33 0.00
$ 1,816,893.60

0.00 $ _ _..;3~7,;;,2,053.12 $ 86,908,225.53 $ 90,114,201.53

- 35-

COLUMBUS STATE UNIVERSITY RECONCILIATION OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 2001

SCHEDULE "5"

Totals per Annual Supplement
Accruals June 30, 2001 June 30, 2000
Prepaid Salaries June 30, 2001 June 30, 2000

SALARIES
$ 25,490,240.26 $

TRAVEL 391,088.14

97,918.67 -100,666.99

-182,515.40 591,584.86

$ 25,896,561.40 $ ==39...1..,088.14

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 36-


SECTIONll AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

COLUMBUS STATE UNNERSITY AUDITEE'S RESPONSE
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2001

PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FS-0530-98-01

Further Action Not Warranted

PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FA-0530-00-01

Partially Resolved - See Corrective Action/Responses

CORRECTIVE ACTIONIRESPONSES

SPECIAL TESTS AND PROVISIONS Deficiencies In Student Financial Aid Refund Process Questioned Cost: $2,158.00 Finding Control Number: FA-0530-00-01

Each instructor is given a class roll the day after the drop/add period. Each instructor is told to notify the Registrar ofany discrepancies between the class rolls and the students in attendance. Discrepancies include students on the class roll and not attending, and students not on the class roll and attending. The Registrar will contact all students not attending classes listed on their registration fonns and infonn them how to rectify their enrollment discrepancies. At the end of the tenn, each instructor is required to report unofficial withdrawals to the Registrar for any student who has never attended class and for each student who has stopped attending class. The last date of attendance will be required for students who stopped attending class. Students who never attended any classes and students who stopped attending classes before the end of the refund period will be processed through the Federal Return to Title IV policy, where applicable.

Currently, the Department ofEducation has requested the institution review the academic transcripts of all 1999/2000 Title IV aid recipients to identify those students who either withdrew from the institution during the year without official notification, or failed to enroll for a tenn in which Title IV aid was received. The due date ofthis infonnation is the week of September 10, 2001. The institution is in the process of collecting this data.