Audit report, state of Georgia, Dekalb College, Decatur, Georgia, year ended June 30, 1994

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STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA. GEORGIA 30334

REVIEW REPORT STATE OF GEORGIA DEKALB COLLEGE DECATUR, GEORGIA YEAR ENDED JUNE 30, 1994

DEKALB COLLEGE - TABLE OF CONTENTS -

SECTION I

FINANCIAL

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 CURRENTFUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

UNRESTRICTED

23

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

RESIDENT INSTRUCTION

24

2

LOTTERY FOR EDUCATION

26

SCHEDULES OF OPERATIONS

3

LOAN FUNDS

27

4

ENDOWMENT AND SIMILAR FUNDS

28

5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

29

6 CASH AND CASH EQUIVALENTS

30

7 ACCOUNTS RECEIVABLE

31

8 CHANGES IN INVESTMENT IN PLANT

32

9 SCHEDULE OF FUND BALANCES

CURRENTFUNDSANDPLANTFUNDS

34

DEKALB COLLEGE - TABLE OF CONTENTS -

SECTION I

FINANCIAL

SUPPLEMENTARY INFORMATION

SCHEDULES

10 SCHEDULE OF REVENUES

CURRENT FUNDS

36

SCHEDULES OF EXPENDITURES BY OBJECT

11

CURRENT FUNDS

38

12

PLANT FUNDS

40

13 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL

41

14 RECONCILIATION OF PER DIEM AND FEES

42

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS

SECTION I FINANCIAL

CLAUDE L. VICKERS STATE AUDIIDR (404) 656-2174
TAX RATIO (404) 656-0494

~epartment nf J\.units
254 WASHINGIDN STREET, S.W ROOM 214
J\.tlanhl, @enrgia 30334-8400
December 5, 1994

FINANCIAL AUDITS (404) 656-2180
PROGRAM AUDITS (404) 656-2006

Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia
and Honorable Martha T. Nesbitt, Acting President DeKalb College
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have reviewed the accompanying financial statements (ExhibitsA through D) of DeKalb College as of and for the year ended June 30, 1994, 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 ofDeKalb 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 described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the College to prepare its financial statements on a basis which is not consistent with generally accepted accounting principles with respect to the recording of encumbrances as expenditures and liabilities. To conform with generally accepted accounting principles, encumbrances should be recorded as a reservation of fund balance. The effects on the financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material.

94ARL-57

As described 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.
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 generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules 1 through 14) 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 etfects 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,
~~
Claude L. Vickers State Auditor
CLV:bh 94ARL-57

FINANCIAL STATEMENTS - 1-

DEKALB COLLEGE COMBINED BALANCE SHEET
ALL FUND GROUPS JUNE 30 1 1994

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Investment in Plant

CURRENT FUNDS ---------------------------UNRESTRICTED RESTRICTED

LOAN FUNDS

$ 1,587,885.59 2,300,765.97 $ 363,610.05 34,927.33

$ 47,820.13

43,526.01 66,390.64

------------- ------------- -------------

Total Assets

$4,287,188.94 $ 47,820.13 $ 109,916.65
============= ============= =============

LIABILITIES AND FUND BALANCES
Liabilities . Cash Overdraft Accounts Payable Deferred Revenue Tuition and Fees Deposits Held for Others Capital Lease Obligations
Total Liabilities
Fund Balances U. S. Government Grants Refundable Institutional Loans - Restricted Endowment Quasi-Endowment - Restricted Net Investment in Plant Restricted Unrestricted
Total Fund Balances

$
$1,839,500.62
2,154,276.21

12,856.30

$ 3,993,776.83 $ 12,856.30
$ 59,214.98 50,701.67
$ 34,963.83 $ 293,412.11
------------- ------------- -------------
$ 293,412.11 $ 34,963.83 $ 109,916.65
------------- ------------- -------------

Total Liabilities and Fund Balances

$4,287,188.94$ 47,820.13 $ 109,916.65
============= ============= =============

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)

$ 50,125.81 $2,433,489.48$ 808,262.55

$ 440,114.46 $ 5,363,403.90

7,901.23

31,373.19 2,454,251.16

363,610.05

34,927.33

$84,753,699.58

84,753,699.58

$ 50,125.81 $ 2,441,390.71 $ 808,262.55 $84,753,699.58$ 471,487.65 $92,969,892.02
============= ============= ============= ============= ============= =============

$ 101,950.60 $ 45,254.50

$ 12,856.30 $ 359,196.95 2,345,902.67

2,154,276.21

112,290.70

112,290.70

$ 228,853.74

228,853.74

------------- ------------- ------------- ------------- -------------

$ 101,950.60 $ 45,254.50 $ 228,853.74 $ 471,487.65 $ 4,854,179.62
------------- ------------- ------------- ------------- -------------

$ 38,715.22 11,410.59

$84,524,845.84

$ 2,339,440.11 $ 763,008.05

$ 59,214.98 50,701.67 38,715.22 11,410.59
84,524,845.84 34,963.83
3,395,860.27

$ 50,125.81 $ 2,339,440.11 $ 763,008.05 $84,524,845.84

$88,115,712.40

$ 50,125.81 $ 2,441,390.71 $ 808,262.55 $84,753,699.58$ 471,487.65 $92,969,892.02
============= ============= ============= ============= ============= =============

- 3-

DEKALB COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES
ALL FUND GROUPS YEAR ENDED JUNE 30, 1994

REVENUES AND OTHER ADDITIONS

Unrestricted Current Fund Revenues State Appropriations - Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Investment Income
Endowment Other 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 . Proceeds from Sale of Plant Assets

Total Revenues and Other Additions

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General Expenditures

Auxiliary Enterprises Expenditures

Indirect Costs Recovered

Refunds to Granters



Remittances to the Board of Regents of the

University srstem of Georgia

Prior Years Unrestricted Fund Balance

Surplus

Adjustments

Prior Years' Revenues/Accounts Receivable

Administrative and Collection Costs

Expended for Plant Facilities .

Capitalized



Non-Capitalized

Disposals/Deletions/Adjustments

Total Expenditures and Other Deductions

TRANSFERS BETWEEN FUNDS

Nonmandatory Renewals and Replacements

Net Increase/(Decrease) for the Year FUND BALANCES JULY 1, 1993

FUND BALANCES JUNE 30, 1994

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$49,607,101.62 $ 3,680,775.93 205,091.75 25,700.00 2,699.17 $
31,500.97 1,040.73

2,918.95

$49,639,643.32 $3,914,266.85$

2,918.95

$48,130,081.62 $ 3,888,686.87 1,351,245.49 28,435.21 $

10,892.87

103,289.05 11,983.74

4,645.20

$49,596,599.90$ 3,917,122.08 $ 15,538.07

$ -173,254.30
$ -130,210.88 $ 423,622.99

-2,855.23 $ -12,619.12 37,819.06 122,535.77

$====2=9=3=,4==1=2=.1=1= $=====3=4=,9==6=3=.8=3= $====1=0=9=,9==1=6=.6==5

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 "B"

ENDOWMENT AND SIMILAR
FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
Only)

$ 13,000.00

$

1,620.00

$49,607,101.62

13,000.00

3,680,775.93

205,091.75

$ 3,198.00

30,518.00

117,643.49 $ 20,500.52

2,699.17 141,062.96

730.20

32,231.17 1,040.73

1,872,803.26 1,872,803.26

132,429.49

132,429.49

112,445.62

112,445.62

2,208,395.68 2,208,395.68

------------- ------1-,7--8-6-.-0-0 ------------- ------------- ------1-,7--8-6-.-0-0 $------1-,6--2-0-.-0-0 $----1-3-2-,-4-2-9-.4--9 $-----2-1-,2--3-0-.7--2 $--4-,3-2--9-,2--7-2-.0--5 $-5-8-,0--4-1-,3--8-1-.-3-8

$

0.00

$52,018,768.49 1,351,245.49 28,435.21 10,892.87

$

3,989.85

132,429.49 $ 112,445.62 20,806.50 $

85,452.23

107,278.90 11,983.74 4,645.20 244,875.11 20,806.50 85,452.23

$

0.00 $ 136,419.34 $ 133,252.12 $ 85,452.23 $53,884,383.74

$ 173,254.30

$

0.00

$ 1,620.00 $ -3,989.85 $ 61,232.90$ 4,243,819.82 $ 4,156,997.64

48,505.81 2,343,429.96

701,775.15 80,281,026.02 83,958,714.76

$ 50,125.81
=============

$ 2,339,440.11
=============

$ 763,008.05
------=====--

$-8-4-,-5-=24=,=84=5-.-8-4-

$88,115,712.40
=============

- 5-

DEKALB COLLEGE
STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES
YEAR ENDED JUNE 30, 1994

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

$31,701,363.00

$31,701,363.00

15,106,268.63

15,106,268.63

52,755.21 $ 3,652,340.72 3,705,095.93

205,091.75

205,091.75

7,868.57

29,354.40

37,222.97

1,900.00

1,900.00

340,449.00

340,449.00

963,451.20

963,451.20

1,434,946.01

1,434,946.01

Total Revenues

$49,607,101.62 $ 3,888,686.87 $53,495,788.49

EXPENDITURES

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

$24,505,190.82 $ 71,105.79 $24,576,296.61

64,770.00

64,770.00

4,939,116.87

4,939,116.87

4,939,387.75

41,081.58 4,980,469.33

7,425,314.41

179,541.79 7,604,856.20

6,062,989.91

6,062,989.91

193,311.86 3,596,957.71 3,790,269.57

125,281.03

125,281.03

781,441.41

781,441.41

392,341.33

392,341.33

52,181.72

52,181.72

------------- ------------- -------------

$49,481,327.11 $ 3,888,686.87 $53,370,013.98

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

Excess of Restricted Receipts over/(under) Transfers to Revenues
Transfers for Renewals and Replacements 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)

$ $ -173,254.30
20,557.96

-2,855.23 $ -2,855.23 -173,254.30 20,557.96

-103,289.05

-103,289.05

------------- ------------- -------------

$ -255,985.39 $ -2,855.23 $ -258,840.62
------------- ------------- -------------

Net Increase/(Decrease) in Fund Balances

$ -130,210.88 $ -2,855.23 $ -133,066.11
============== ============= =============

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.
- 6-

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY DeKalb College is one ofthirty-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 DeKalb 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. DeKalb College does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, DeKalb 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 oflimitations and restrictions placed on the use of the resources available to the College, the accounts ofthe 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 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 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.
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 of the College, i.e., instruction, research, public service, auxiliary enterprises, and student activities.
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-

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE I: 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 AND SIMILAR FUNDS
The fund used to account for endowment funds .and quasi-endowment funds. Endowment funds are subject to the restrictions ofgift instruments requiring that the principal be invested in perpetuity and income only be utilized. While quasi-endowment funds have been established by the College for the same purposes as endowment funds, any portion of quasi-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 ofinstitutional 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 ofaccounting, 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 Industry Audit Guide, Audits ofColleges and Universities. 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.

- 8-

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEivffiNTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING Contractual obligations for services which have not been perfonned and for goods which have not been delivered 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 of this nature 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 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 leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$1,188,364.90, salary-related fringe benefits liabilities of approximately $90,909.91, and the related current year expenditure, which was not reasonably determinable, have not been reported in the current funds as required by generally accepted accounting principles.
Prior period adjustments are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with the State budgetary basis of accounting, 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. Fixed assets donated to the College are recorded at fair market value at the date ofthe gift and disposals are deleted at recorded cost. Depreciation on physical plant and equipment is not recorded.
It is the policy ofDeKalb College to record assets acquired through capital leases as additions to Investment in Plant when received at the total acquisition cost including interest. The liability for such leases at fiscal yearend is recorded in Investment in Plant including interest. This presentation differs from generally accepted accounting principles in that the assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception of the agreement at the net present value of the future minimum lease payments, not to exceed the fair value of the leased property. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements.

- 9-

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

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 of revenues and expenses.
BUDGET The Board ofRegents of the University System of Georgia - Administrative Central Office receives State appropriated funds for the organizational units ofthe University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1993-1994. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement ofthese funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office.
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics ofdemand deposit accounts in that the College may deposit additional cash at any time and also may withdraw cash at any time without prior notice or penalty.
Certain amounts reflected as Investments in the fiscal year 1993 financial statements are reflected as Cash and
Cash Equivalents in the accompanying financial statements. These funds are invested in the State Investment
Pool.
ACCOUNTS RECEIVABLE Accounts receivable consist ofallotments due from the Board ofRegents of the University System of Georgia, reimbursements due from Federal, State, local and private grants and contracts, and other receivables disclosed from information available.
INVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost based on the first-in, first-out method.
Inventories of goods for resale are valued at cost based on the first-in, first-out method.
PREPAID ITEMS Prepaid items are payments made to vendors in advance of the receipt ofgoods and services that will benefit periods subsequent to the balance sheet date.

- 10 -

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" to indicate that these totals are presented only to facilitate financial analysis. Data in these columns do not present 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 the 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 any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(1) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or ofthe State of Georgia.
(2) Bonds, bills, notes, certificates ofindebtedness or other obligations of the counties or municipalities ofthe State of Georgia.
(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose.
(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia.
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
(6) 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 the Board ofRegents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements.
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.
- 11 -

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

COLLATERALIZATION OF DEPOSITS For purposes ofanalysis ofcustodial credit risk, the College's bank balances are categorized below to give an indication of the level of risk assumed by the College at year-end:

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

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

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

Cash Deposits

Canying Amount

Bank Balances

Rilk Categories

2

3

S 232231338 S 96768905 S 15777700 S=====~0OOy S XQ991205

CATEGORIZATION OF INVESTMENTS At June 30, 1994, the carrying amount and market value of the College's total investments was $2,993,634.22
and consisted entirely offunds in the State In'{estment Pool administered by the Office ofTreasury and Fiscal
Services which are not required to be categorized since the College did not own any specific identifiable securities in the pool.

NOTE 3: INVESTMENT IN PLANT

The following is a summary of Investment in Plant fixed assets at June 30, 1994:

Land Buildings Improvements Other Than Buildings Eguipment Library Books and Collections
Total Investment in Plant

$ 2,898,633.67 61,086,422.98
3,465,882.47 8,827,785.10 8,474,975.36
S 84,753,699.58

- 12 -

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 4: CAPITAL LEASES

The following is a schedule of the future minimum lease payments under capital leases at June 30, 1994:

Fiscal Year Ending June 30
1995 1996 1997 1998
Total Future Minimum Lease Payments

$ 64,221.63 65,852.85 65,852.83 32,926.43
$ 228 853.74

NOTE 5: DEFERRED COMPENSATION PLAN

The State of Georgia offers its employees a deferred compensation plan created 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 e~ployees until termination, retirement, death, or unforeseeable emergency. All amounts ofcompensation 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 of the State of Georgia subject only to the claims of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State ofGeorgia in an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan is presented in the financial report of the State Personnel Board Merit System ofPersonnel Administration for the year ended June 30, 1994.

NOTE6: RETIREMENTPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by units of the University System of Georgia are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multipleemployer public employee retirement system (PERS).

TRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age of55 years and has at least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number of years of creditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of 7% for each month the member is below

- 13 -

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEl\ffiNTS
JUNE 30, 1994

EXHIBIT "D"

NOTE6: RETIR.El\ffiNTPLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS PLAN DESCRIPTION age 60, or by 7% for each year or fraction thereofby which the member has less than 30 years of service. The nonnal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death.
Retirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of IO years of service) and compensation up to the date of death or up to the time of disability.
Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest.
The College's payroll for employees covered by TRS for the year ended June 30, 1994, was $19,914,688.82; total payroll was $29,776,734.33.
TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the College who are covered by TRS are required to pay 6% oftheir gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1994, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 5.60% to the TRS on behalfof employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.50%.
Total contributions made during fiscal year 1994 amounted to $3,791,723.63, ofwhich $2,596,843.82 was made by the College and $1,194,879.81 was made by employees. These contributions represented 13.04% (College) and 6% (employees) of covered payroll.
TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers.

- 14 -

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 6: RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS FUNDING AND STATUS IN PROGRESS Total unfunded pension benefit obligation of TRS as of June 30, 1993, which was the latest information available, was as follows:

Total pension benefit obligation

$ 13,912,014,000.00

Net assets available for benefits, at cost

12,821,722,000.00

Unfunded pension benefit obligation

$ 1,090,292,000 00

The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1993. Net assets available to pay pension benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers.

Total contributions from all employers to TRS for fiscal year ended June 30, 1994, were $507,582,176.00. The College's contribution for the year ended June 30, 1994, of $2,596,843.82 was actuarially determined and represented .5116% of total contributions made by all participating employers.

Ten year historical trend information is presented in -the 1994 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due.

TRS RELATED-PARTY INVESTMENTS During the fiscal year 1994 and as ofJune 30, 1994, the TRS held no securities issued by the College or other related parties.

REGENTS RETIREMENT PLAN The State of Georgia provides optional pension benefits for eligible faculty and principal administrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings.

State legislation requires that the employee contribute 6% arid the employer contribute 4% of the participating employee's earnable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1994, was $4,373,555.07; total payroll was $29,776,734.33. The College and the covered employees made the required contributions of $174,942.20 (4%) and $262,413.30 (6%), respectively.

- 15 -

DEKALB COLLEGE NOTES TO THE FINANCIAL STATE:MENTS
JUNE 30, 1994

EXIIlBIT "D"

NOTE6: RETIREMENTPLANS
GEORGIA DEFINED CONTRIBUTIONS PLAN The State ofGeorgia provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Teachers Retirement System of Georgia through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% of their gross salary, with no matching contribution by the employer. The College's payroll for employees covered by the Georgia Defined Benefit Plan for the year ended June 30, 1994, was $3,582,816.96; total payroll was $29,776,734.33. Total contributions from the covered employees of the College during fiscal year 1994 amounted to $268,832.97 (7.5%). Amounts attributable to the plan are fully vested and a member who terminates employment may apply for a refund of contributions and interest. Benefits are based solely on the amount contributed by the employee plus
investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of65 with the option ofreceiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board of Trustees of the Employees' Retirement System of Georgia. Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System ofGeorgia for the year ended June 30, 1994.
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 ofcontinuous State service with maximum accumulation offorty-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.
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 of expenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, ifany, to be immaterial to its overall financial position.
Litigation, claims and assessments filed against DeKalb College (as a 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. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program ofpurchased insurance and self-insurance which provides coverage for such litigation, claims and

- 16 -

DEKALB COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIDBIT "D"

NOTE 8: CONTINGENCIES

assessments. 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, 1994.

NOTE 9: BONDING INFORMATION

The President and all employees of DeKalb College are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October 1, 1994. Under this agreement, the public employee dishonesty coverage insures DeKalb College to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the College to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment.

All employees of DeKalb College are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626 011675 2, on which the premium was paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the College to a maximum of$4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

NOTEl0: ENROLLMENT

The equivalent full-time student enrollment ofDeKalb College was as follows:

Regular Term Fall Quarter, 1993 Winter Quarter, 1994 Spring Quarter, 1994

10,755 10,335 9,762

Average

10,284

Summer School, 1993

4,714

- 17 -

SUPPLEMENTARY INFORMATION - 19 -

DEKALB COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED
JUNE 30. 1994

EXHIBIT "E"

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities Cash Overdraft Accounts Payable Deferred Revenue Tuition and Fees
Total Liabilities Fund Balances
Unrestricted

RESIDENT LOTTERY FOR AUXILIARY

STUDENT

INSTROCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

------------- ------------- ------------- ------------- -------------

$1,818,988.68$

0.00

$ 205,258.30$ 2,024,246.98

1,860,048.62

$ 440,717.35

2,300,765.97

94,175.95

269,434.10

363,610.05

28,106.10

5,464.27

1,356.96

34,927.33

------------- ------------- ------------- ------------- -------------

$3,801,319.35$

0.00 $ 715,615.72$ 206,615.26$ 4,723,550.33

========== ========== =========== ============= ========:--===

$1,768,898.52 1,926,638.88
$ 3,695,537.40 105,781.95 $

$ 436,361.39

$ 436,361.39

46,506.60$ 24,095.50 1,839,500.62

55,281.19 172,356.14 2,154,276.21
------------- ------------- -------------
$ 538,149.18$ 196,451.64$ 4,430,138.22

0.00 177,466.54

1.0,163.62 293,412.11

Total Liabilities and Fund Balances $3,801,319.35$

0.00 $ 715,615.72 $ 206,615.26$ 4,723,550.33

========= ========== ========== ============= ====-===zs===

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statenents and Supplenentary Infonnation.
- 20 -

DEKALB COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES
CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 1994

EXHIBIT "F"

RESIDENT

LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES AND OTHER ADDITIONS

Unrestricted Current Fund Revenues

$46,850,930.98$

Adjustments

Prior Years' Expenditures/Accounts Payable

28,862.61

Prior Years' Checks Voided

1,040.73

80,881.00$ 1,498,966.26$ 1,176,323.38 $49,607,101.62

1,293.40

1,344.96

31,500.97 1,040.73

Total Revenues and Other Additions $46,880,834.32 $ 80,881.00$ 1,500,259.66$ 1,177,668.34 $49,639,643.32

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

$46,846,121.61 $
103,289.05 930.76

80,881.00

$ 1,203,079.01 $48,130,081.62

$ 1,351,245.49

1,351,245.49

11,102.83

-49.85

103,289.05 11,983.74

Total Expenditures and Other Deductions

$46,950,341.42 $ 80,881.00$ 1,362,348.32$ 1,203,029.16 $49,596,599.90

TRANSFERS BETWEEN FUNDS

Nonmandatory Renewals and Replacements

$ -173,254.30

$ -173,254.30

Net Increase/(Decrease) for the Year $ -69,507.10 $

FUND BALANCES JULY 1, 1993

175,289.05

0.00 $ -35,342.96 $ -25,360.82 $ -130,210.88

0.00 212,809.50

35,524.44 423,622.99

FUND BALANCES JUNE 30, 1994

$ 105,781.95$

0.00 $ 177,466.54$ 10,163.62 $ 293,412.11

=========== ============ ============ ============ ====~:=:=====

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Information.
- 21 -

DEKALB COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,
AND OTHER CHANGES UNRESTRICTED
YEAR ENDED JUNE 30, 1994

EXHIBIT "G"

RESIDENT

LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES

State Appropriations Tuition and Fees Federal Grants and Contracts Private Gifts, Grants, and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises
Other Sources

$31,620,482.00$ 13,623,337.07
52,755.21
340,449.00
1,213,907.70

80,881.00 $

$31,701,363.00

358,076.02$ 1,124,855.54 15,106,268.63

52,755.21

7,868.57

7,868.57

340,449.00

963,451.20

963,451.20

169,570.47

51,467.84 1,434,946.01

Total Revenues

$46,850,930.98$ 80,881.00$ 1,498,966.26$ 1,176,323.38 $49,607,101.62

EXPENDITURES

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

$24,492,579.82 $
4,939,116.87 3,BSl,008.10 7,425,314.41 6,062,989.91
75,112. so

12,611.00 64,770.00 3,500.00
$

$24,505,190.82 64,770.00
4,939,116.87 $1,084,879.65 4,939,387.75
7,425,314.41 6,062,989.91 118,199.36 193,311.86

125,281.03 781,441.41 392,341.33 52,181.72

125,281.03 781,441.41 392,341.33 52,181.72

Total Expenditures

$46,846,121.61 $ 80,881.00$ 1,351,245.49 $1,203,079.01 $49,481,327.11

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

Transfers for Renewals and Replacements Prior Period Adjustments (Net) Renittances to the Board of Regents of the
University Systen of Georgia
Prior Year's Unrestricted Fund Balance Surplus

$ 28,972.58 -103,289.05

$ -173,254.30

$ -173,254.30

-9,809.43 $ 1,394.81

20,557.96

-103,289.05

Total Other Transfers and Additions/

(Deductions)

$ -74,316.47

$ -183,063.73 $ 1,394.81 $ -255,985.39

Net Increase/(Decrease) in Fund Balances

$ -69,507.10 $

0.00 $ -35,342.96 $ -25,360.82 $ -130,210.88

============= ============= ============= ============= =============

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Information.
- 23 -

DEKALB COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 1994

REVENUES State Appropriations Other Revenues Retained
EXPENDITURES Personal Services:
Education, General and Departmental Services Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay Special Funding Initiative
Excess of Revenues over Expenditures
(1) To eliminate tuition waivers not budgeted and to reclassify prior year reserves budgeted as revenues.

CURRENT FUNDS UNRESTRICTED RESTRICTED
$31,620,482.00 15,230,448.98$ 3,888,686.87
$46,850,930.98$ 3,888,686.87

$36,218,900.86
$

23,701.16

10,587,220.75 3,864,985.71

40,000.00

$46,846,121.61 $3,888,686.87

$ 4,809.37 $

0.00

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

SCHEDULE "l"

PLANT FUNDS
RENEWALS AND UNEXPENDED REPLACEMENTS

TOTAL

ADJUSTMENTS

TOTAL

(1)

(Budget Basis)

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)

$ 119,429.49 $

$31,620,482.00

$ 31,620,482.00 $31,620,482.00$

0.00

20,500.52 19,259,065.86$ 37,639.10 19,296,704.96 19,716,010.00 -419,305.04

$ 119,429.49 $ 20,500.52 $50,879,547.86 $ 37,639.10 $ 50,917,186.96 $51,336,492.00 $ -419,305.04

$36,218,900.86 23,701.16

$ 36,218,900.86 $36,183,406.00$ -35,494.86

23,701.16

56,100.00

32,398.84

10,587,220.75$ -75,112.50 10,512,108.25 10,963,505.00

3,864,985.71

3,864,985.71 3,859,460.00

$ 119,429.49 $ 133,252.12

252,681.61

252,681.61

234,021.00

40,000.00

40,000.00

40,000.00

451,396.75 -5,525. 71
-18,660.61 0.00

$ 119,429.49 $ 133,252.12 $50,987,490.09 $ -75,112.50 $ 50,912,377.59 $51,336,492.00$ 424,114.41

$

0.00 $ -112,751.60 $ -107,942.23 $112,751.60$

4,809.37

$

4,809.37

- 25 -

DEKALB COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1994

SCHEDULE "2"

REVENUES
--------
State Appropriations
EXPENDITURES
Equipment, Technology and Construction Trust Fund
Distant Learning - Satellite Dishes

CURRENT FUNDS PLANT FUNDS

VARIANCE -

------------- ------------- TOTAL
UNRESTRICTED UNEXPENDED (Budget Bas;s) BUDGET

FAVORABLE (UNFAVORABLE)

------------- ------------- -------------- ------------- -------------

$ 80,881.00 $ 13,000.00$ 93,881.00 $ 93,881.00 $

0.00

------------- ------------- -------------- =======-===== -------------

$ 80,881.00

$ 80,881.00 $ 80,881.00 $

0.00

$ 13,000.00

13,000.00 13,000.00

0.00

Excess of Revenues over Expenditures

$ 80,881.00 $ 13,000.00$ 93,881.00 $ 93,881.00 $

0.00

------------- ------------- -------------- =========-== -------------

$

0.00 $

0.00 $

0.00

---------== ---------- =-=-==--=-==

$-------0-.=00

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statenents and Supplenentary lnfonnation.
- 26 -

DEKALB COLLEGE SCHEDULE OF OPERATIONS
LOAN FUNDS YEAR ENDED JUNE 30. 1994

SCHEDULE "3"

FUND BALANCE

FUND BALANCE

FUND

JULY 1, 1993

ADDITIONS

DEDUCTIONS JUNE 30, 1994

------------- ------------- ------------- -------------

u. s. GOVERNMENT GRANTS REFUNDABLE
----------------------------------

Nursing Loan Fund

$ 74,405.08 $

347.97 $ 15,538.07 $ 59,214.98

------------- ------------- ------------- -------------

INSTITUTIONAL LOANS - RESTRICTED
--------------------------------

Aetna Loan Fund

$

728.32

$

728.32

Candler, Scott, Memorial Loan Fund

814.78

$

814.78

Citizens and Southern Bank Student Loan Fund

37.00

37.00

DeKalb Fund for Continuing Education Loan

Fund

16,445.24 $

837.50

17,282.74

Dental Hygiene Loan Fund

1,617.00

60.38

1,677.38

Druid Hills Lions Club Loan Fund

5,651.55

167.75

5,819.30

East DeKalb Rotary Club Loan Fund

233 .11

233 .11

Faculty Loan Fund for Student Assistnace

7,393.79

391.17

-150.18

7,935.14

Knight, David, Memorial Loan Fund

97.58

97.58

Lambert, Clark M., Student Loan Fund

7,433.39

589.00

8,022.39

Langford, Barbara, Memorial Loan Fund

4,804.06

525.18

5,329.24

Lockhart, Malcolm, Memorial Loan Fund

508.70

508.70

Rehoboth Lions Club Loan Fund

899.22

899.22

Sherrill, J. J., Loan Fund

154.57

154.57

Stone Mountain Loan Fund

113.18

113 .18

Student Emergency Aid Program Loan Fund

1,161.24

-728.32

1,889.56

Van Fleet Loan Fund

37.96

37.96

------------- ------------- ------------- -------------

$ 48,130.69 $

2,570.98 $

0.00 $ 50,701.67

------------- ------------- ------------- -------------

$ 122,535.77 $

2,918.95 $ 15,538.07 $ 109,916.65

============= ============= -=----==----- =============

RECONCILIATION OF STUDENT NOTES RECEIVABLE Balance July 1, 1993 Add: Loans to Students
Deduct: Repayment of Loans

$ 78,369.65 19,300.83
-------------
$ 97,670.48 31,279.84
-------------

Balance June 30, 1994

$ 66,390.64
=============

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

DEKALB COLLEGE SCHEDULE OF OPERATIONS ENDOWMENT AND SIMILAR FUNDS YEAR ENDED JUNE 30. 1994

SCHEDULE "4"

FUND BALANCE

FUND BALANCE

FUND

JULY 1. 1993 ADDITIONS DEDUCTIONS JUNE 30, 1994

------------- ------------- ------------- -------------

ENDOWMENT
---------

Cherry, Jim, Scholarship Fund

$

6,338.39

$

0.00 $

6,338.39

Cleveland Family Scholarship Fund

25,000.00

25,000.00

Colvin, Camille Cornwell, Scholarship Fund

5,756.83 $

1,620.00

7,376.83

------------- ------------- ------------- -------------

$ 37,095.22 $

1,620.00 $

0.00 $ 38,715.22

------------- ------------- ------------- -------------

QUASI-ENDOWMENT - RESTRICTED
----------------------------

Brunner, Richard, Memorial Scholarship Fund $ 1,410.59 $

0.00 $

0.00 $

1,410.59

Johns, Laurie s.. Scholarship Fund

10,000.00

10,000.00

------------- ------------- ------------- -------------

$ 11,410.59 $

0.00 $

0.00 $ 11,410.59

------------- ------------- ------------- -------------

$ 48,505.81 $

1,620.00$

0.00 $ 50,125.81

============= ============= ============= =============

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

DEKALB COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
AGENCY FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "5"

BALANCE

BALANCE

FUND

JULY 1, 1993 RECEIPTS DISBURSEMENTS JUNE 30, 1994

PAYROLL DEDUCTIONS

F. LC.A.
Federal Income Tax State Income Tax Retirement Group Insurance Tax Deferred Annuities Georgia Defined Contributions Plan U. S. Savings Bonds Garnishments Credit Union DeKalb College Foundation State Charitable Contributions EMPLOYER'S CONTRIBUTIONS

$

Bl. 71 $ 1,885,898.31 $ 1,885,980.02

2,763,151.91 2,763,151.91

1,051,181.52 898,165.20$ 153,016.32

1,457,286.77 1,457,286.77

49,835.41

959,733.40

957,019.15

52,549.66

268,832.97

268,832.97

553,382.51

553,382.51

60.00

9,578.71

9,550.00

88.71

857.27

74,745.71

75,602.98

541,443.87

541,443.87

8.00

8,922.68

8,930.68

------------- -----1-1-,-4-4-3-.5--0 -----1-1-,4--5-3-.-5-0 ----------1-0-.0--0

$-----5-0-,8--4-2-.3--9 $--9-,5-8--5-,6--0-1-.8--6 $-9-,-4-3-0--,7--9-9-.-5-6$----2-0-5-,-6-4-4-.6--9

F. I .C.A.
Retirement Group Insurance

$1,885,898.58$ 1,885,898.58 2,771,669.99 2,771,669.99
$ 143,749.66 2,490,805.16 2,481,670.56$ 152,884.26

$ 143,749.66$ 7,148,373.73$ 7,139,239.13$ 152,884.26

O--TH-E-R---FU--N-D-S

Alpha Beta Gamma

$

450.00 $

450.00

Association for Women in Psychology

$

-109.70

109.70

Athletic Housing

26,228.82

23,910.83 $

2,317.99

Benefits Seminar

600.00

375.79

224.21

Central Camfus Clearing Refund

-113 .20

124,590.42

125,331.52

-854.30

Continuing ducation

4,410.01

39,842.31

44,252.32

DeKalb Business Advisory Board

14,535.98

15,808.60

14,502.46

15,842.12

DeKalb College Foundation

536.02

51,843.29

52,379.31

Dental Insurance Fees

1,861.50

910.00

810.00

1,961.50

De~artmental Federal Assistance Financing

ystem

-52,215.97 3,595,288.00 3,574,445.22

-31,373.19

1 Facult Golf Tournament
Federa Funds Repayment

.

27.00

400.00

27.00 400.00

Georgia Association Economics & Finance

3,820.80

2,190.19

1,630.61

Georgia Junior College Athletic Association

483.98

204.80

279.18

Gwinnett Center Promotion

1,951.74

1,999.67

668.47

3,282.94

1 Facult Club - Courtesy Committee
Gwinne t Refund Clearing

1,046.25 -27.00

1,684.42 9,271.75

1,304.85 9,244.75

1,425.82

Holidai Luncheon Fund

1,226.90

1,189.50

37.40

Human esource Meeting

425.00

425.00

Jazz Ensemble

20.00

750.00

392.50

377.50

JCLRC Conferences

263.34

263.34

LR C Sunshine Fund

132.23

370.00

137.55

364.68

Math Conference

7,320.97

5,857.52

3,657.09

9,521.40

Nature Tra i 1

1,272.36

9,264.72

5,110.51

5,426.57

North Cam~us Refund Clearing

36,219.21

37,632.21

-1,413.00

Nursing Cass of 1994

5.20

8,856.89

7,452.75

1,409.34

Nursin9 Sunshine Fund

440.91

191. 00

249.91

Polish1ni Cloth Presiden 's Discretionary Fund

899.60 493.92

1,115.54 8,324.71

1,754.45 8,012.41

260.69 806.22

Scholarships

Re~ents' Scholarship Fund

17,200.00

16,532.00

668.00

Ot er Scholarships fList on File)

21,939.88

126,888.46

117,398.18

31,430.16

South Campus Refund C earing

16,210.15

16,210.15

Student Loan Funds Student Nursing Fees

216,692.23

187,493.18

29,199.05

------8-,0-3--1-.8-1- -----1-1-,-1-1-0-.-0-0 -----1-1-,-0-5-8-.-1-0 ------8-,0--8-3-.7-1-

$-----1-2-,-5-0-2-.-5-8 $ --4-, 3--3-4-,-0-6-3-.-3-6 $ --4-, 2-6--4-, 9-8--0-. 4--3

$ 81,585.51
-------------

$ 207,094.63
=============

$21,068,038.95
=============

$=2=0=,=8=3=5=,=0=1=9=.=1=2 $ ---z4-4-0-,-1-1-=4 .=4 6-

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

- 29 -

DEKALB COLLEGE CASH AND CASH EQUIVALENTS
JUNE 30, 1994

SCHEDULE "6"

NONINTEREST BEARING ACCOUNTS

Trust Company Bank, Atlanta, Georgia

$ 2,264,780.74

INTEREST BEARING ACCOUNTS

First Union National Bank, Atlanta, Georgi a
Savings Account (2.25%)

Georgia Federal Credit Union,

Clarkston, Georgia

Certificate of Deposit (5.00%)

$

Savings Accounts (2.50%)

Wachovia Bank of Georgia, Atlanta, Georgia
Certificates of Deposit (3.15% - 3.75%)

State of Georgia - Office of Treasury and Fiscal Services State Investment Pool Local Government Investment Pool (4.19%)

$ 26,344.72

6,000.00 11,576.82

17,576.82 13,611.10

2,993,634.22 3,051,166.86

OTHER

Cash on Hand Petty Cash

34,600.00

$ 5,350,547.60

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

DEKALB COLLEGE ACCOUNTS RECEIVABLE
JUNE 30, 1994

SCHEDULE "7"

State_Appropriations Allotment from the Board of Regents of the University System of Georgia
Federal Grants and Contracts Research and Instruction
State Grants and Contracts Research and Instruction
Other Departmental Financial Assistance Financing System Georgia State Financing and Investment Comnission Returned Checks Student Accounts Student Notes Vendor Credit Memos Other

ClRRENT FUNDS

PLANT FUNDS

------------------------- LOAN ----------- AGENCY

UNRESTRICTED RESTRICTED FUNDS UNEXPENDED FUNDS

TOTAL

------------ ----------- ----------- ----------- ----------- ------------

$1,755,000.00 $ 28,190.38 19,629.75

$1,755,000.00 28,190.38 19,629.75

$ 27,002.36 27,002.36

$ 7,737.14

7,737.14

38,205.13

38,205.13

83,022.26

83,022.26

$ 66,390.64

66,390.64

410,334.65

410,334.65

14,203.93

164.09 4,370.83 18,738.85

------------ ----------- ----------- ----------- ----------- ------------

$2,300,765.97 $ 47,820.13$ 66,390.64 $ 7,901.23 $ 31,373.19 $2,454,251.16
========= ========= ======== ========= =========== ===-==z====

See accanpanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 31 -

DEKALB COLLEGE CHANGES IN INVESTMENT IN PLANT
YEAR ENDED JUNE 30. 1994

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections
SUMMARY OF INVESTMENT College Capital Leases

BALANCE JULY 1, 1993

CURRENT FUNDS UNRESTRICTED RESTRICTED

$ 2,871,487.00

58,542,711.64

3,430,306.42

7,355,910.68 $ 1,410,430.86 $

8,080,610.28

394,365.08

68,007.32

$80,281,026.02 $1,804,795.94 $ 68,007.32
============= ============= =============

$80,281,026.02 $1,804,795.94 $ 68,007.32 0.00
$80,281,026.02$ 1,804,795.94 $ 68,007.32
============= ============= =============

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

SCHEDULE "8"

ADDITIONS

---------------------------------------------------------------------------

PLANT FUNDS

GEORGIA STATE

---------------------------- FINANCING AND

RENEWALS AND INVESTMENT

CAPITAL

PRIVATE

UNEXPENDED REPLACEMENTS COMMISSION

LEASES

GIFTS

------------- ------------- ------------- ------------- -------------

DEDUCTIONS
DISPOSALS/ DELETIONS/ ADJUSTMENTS

BALANCE JUNE 30, 1994

$ 16,812.36

$ -10,334.31 $ 2,898,633.67

102,617.13 $ 90,297.93 $ 2,120,605.28

-230,191.00 61,086,422.98

4,076.05

-31,500.00 3,465,882.47

13,000.00

22,147.69

83,714.35$ 255,859.06$

3,198.00

384,482.86 8,827,785.10

8,474,975.36

$ 132,429.49 $ 112,445.62 $2,208,395.68$ 255,859.06$ 3,198.00$ 112,457.55 $84,753,699.58
============= ============= ============= ============= ============= ============= =============

$ 132,429.49 $ 112,445.62 $ 2,208,395.68 $

$ 255,859.06

3,198.00 $ 85,452.23 $84,524,845.84 27,005.32 228,853.74

$ 132,429.49 $ 112,445.62 $2,208,395.68$ 255,859.06$

3,198.00$ 112,457.55 $84,753,699.58

============= ============= ============= ============= ============= ============= =============

- 33 -

DEKALB COLLEGE SCHEDULE OF FUND BALANCES
CURRENT FUNDS AND PLANT FUNDS JUNE 30, 1994

NET INVESTMENT IN PLANT
Investment in Plant Facilities
RESTRICTED
Designated for Subsequent Years' Expenditures
UNRESTRICTED
Designated For Bus Replacement Reserve For DeKalb County Local Funds For Intercollegiate Athletics For Inventory Reserve For Renewals and Replacements Reserve For Subsequent Years' Expenditures
Undesignated Surplus Regular Lottery for Education

RESIDENT INSTRUCTION

CURRENT FUNDS
UNRESTRICTED
LOTTERY FOR AUXILIARY EDUCATION ENTERPRISES

$ 72,000.00

$ 24,692.86 269,434.10
-116,660.42

33,781.95
$
$ 105,781.95 $

0.00 0.00 $ 177,466.54

$ 105,781.95$

0.00 $ 177,466.54

============= ============= =============

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 34 -

SCHEDULE "9"

STUDENT ACTIVITIES

RESTRICTED

PLANT FUNDS

UNEXPENDED

REGULAR

LOTTERY FOR RENEWALS AND EDUCATION REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$84,524,845.84 $84,524,845.84

$ 34,963.83

$ 34,963.83

$ 10,163.62

$ 2,339,440.11

$ 40,419.73 722,588.32

$ 40,419.73 2,339,440.11 24,692.86 341,434.10 722,588.32 -106,496.80

$ 10,163.62

0.00 $
$ 2,339,440.11 $

0.00 0.00 $ 763,008.05

33,781.95 0.00
$ 3,395,860.27

$ 10,163.62 $ 34,963.83$ 2,339,440.11 $

0.00 $ 763,008.05 $84,524,845.84 $87,955,669.94

-============ ============= ============= ============= ============= ============= =============

- 35 -

DEKALB COLLEGE SCHEDULE OF REVENUES
CURRENT FUNDS YEAR ENDED JUNE 30, 1994

State Appropriations Allotments from the Board of Regents of the University System of Georgia Regular Special Funding Initiative Lottery Proceeds
Other Revenues Retained Tuition and Fees Matriculation Other Federal Grants and Contracts Research and Instruction Student Aid Contract Overhead State Grants and Contracts Student Aid Private Gifts, Grants, and Contracts Research and Instruction Student Aid Endowment Income Student Aid Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources Administrative Cost Allowances Camp Fees Cash Over-Short Commissions Extension and Public Service Parking Fines Rents Returned Check Fees Student Activities Sales and Fees Other

RESIDENT

LOTTERY FOR

INSTRUCTION EDUCATION

$31,580,482.00 40,000.00 $

80,881.00

$31,620,482.00$ 80,881.00

$13,299,234.82 324,102.25

52,755.21

340,449.00

3,734.46 -1,167.52 18,405.56 1,0B8,161.66 35,825.00 8,214.51 15,617.66 45,116.37
$15,230,448.98

$-4-6-,-8--5=0-,9-=30-=.9-8

$

80,881.00
----=-=--====

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

SCHEDULE "10"

UNRESTRICTED
AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESTRICTED
RESIDENT INSTRUCTION

TOTAL

$31,580,482.00 40,000.00 80,881.00
-------------
$31,701,363.00
-------------

$31,580,482.00 40,000.00 80,881.00
-------------
$31,701,363.00
-------------

$13,299,234.82 $ 358,076.02 $ 1,124,855.54 1,807,033.81

$13,299,234.82 1,807,033.81

$ 288,674.76

288,674.76

3,363,665.96 3,363,665.96

52,755.21

52,755.21

205,091.75

205,091.75

7,868.57

7,868.57

3,054.40 26,300.00

3,054.40 34,168.57

963,451.20

340,449.00 963,451.20

1,900.00

1,900.00 340,449.00 963,451.20

34,797.98 -105.98
99,134.26
21,819.69
13,924.52

35,049.09 16,418.75

3,734.46 34,797.98
-1,273.50 117,539.82 1,088,161.66 35,825.00 30,034.20
15,617.66
35,049.09 75,459.64

3,734.46 34,797.98 -1,273.50 117,539.82
1,088,161.66 35,825.00
30,034.20 15,617.66 35,049.09 75,459.64

$1,498,966.26$ 1,176,323.38 $17,905,738.62$ 3,888,686.87 $21,794,425.49

$1,498,966.26 $1,176,323.38 $49,607,101.62$ 3,888,686.87 $53,495,788.49
============= ===========-= ============= ============= =============

- 37 -

DEKALB COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30, 1994

PERSONAL SERVICES Salaries and Wages Employer's Contributions for: F. I .C.A. Group Insurance Retirement Liability Insurance Unemplorment Compensation Insurance Workers Compensation Insurance
OPERATING EXPENSES Travel Motor Vehicle Expenses Supplies and Materials Re~airs and Maintenance Ut11 ities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships College Work-Study Pro9ram Scholarships, Fellowsh1ps, Prizes, Awards and Other Other Operating Expenses Publications and Printing Equipment Purchases Non-Inventory Computer Charges Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Purchases Motor Vehicle Purchases Lease/Purchase of Equipment Inventory
OTHER SPECIAL FUNDING INITIATIVE Personal Services Salaries and Wages Other Costs Travel Other Expenses EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Supplies and Materials Equipment Purchases Non-Inventory Software Equipment Purchases Inventory
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 38 -

RESIDENT

LOTTERY FOR

INSTRUCTION EDUCATION

$28,864,802.60 1,844,883.04 2,421,177.73 2,709,742.49 110,462.00 17,001.00 250,832.00
$36,218,900.86

$ 282,711.21 78,220.59
1,316,840.36 523,402.80
1,321,014.65 137,674.57 39,025.79 59,846.88 75,112.50 565,113.01 393,764.21 703,703.54 43,311.07 292,441.69
1,126,803.29 483,020.02 553,284.35 864,029.13 95,848.86 66,027.44
1,566,024.79 $10,587,220.75

$ 38,749.04
400.00 850.96 $ 40,000.00
$ 3,010.71 31,128.68 25,145.49 21,596.!2
$ 80,881.00 $ 40,000.00 $ 80,881.00
$4618461121.61 $ 801881. 00

SCHEDULE "11"

UNRESTRICTED AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESTRICTED RESIDENT
INSTRUCTION

TOTAL

$ 569,827.27 $ 279,655.42 $29,714,285.29 $

32,680.53 52,230.23 46,475.87

12,353.58 16,355.43 16,686.09

1,889,917.15 2,489,763.39 2,772,904.45
110,462.00 17,001.00
250,832.00

$ 701,213.90 $ 325,050.52 $37,245,165.28$

23,700.00 $29,737,985.29 1.16 1,889,918.31 2,489,763.39 2,772,904.45 110,462.00 17,001.00 250,832.00
23,701.16 $37,268,866.44

$ 18,916.25$ 10,699.05 $ 312,326.51 $

6,319.87

84,540.46

35,429.80

66,860.73 1,419,130.89

19,036.21

1,501.47

543,940.48

26,959.54

1,347,974.19

20,068.59

19,331.59

177,074.75

37,051.00

76,076.79

6,099.25 $ 318,425.76 84,540.46
2,752.23 1,421,883.12 543,940.48
1,347,974.19 177,074.75 76,076.79

59,846.88

179,540.63

239,387.51

132,354.60 189,998.74
11,694.62

118,199.36

325,666.46 3,596,957.71 3,922,624.17

383,959.57 1,139,071.32

3,380.12 1,142,451.44

79,472.21

484,931.04

1,671.25

486,602.29

16,966.81 419.51
36,808.92 14,137.29

25,983.71 4,325.98 7,257.62

746,654.06 43,311.07 297,187.18 1,163,612.21 504,414.93

495.00

747,149.06 43,311.07 297,187.18 1,163,612.21 504,414.93

15,525.10 37,755.74

106,224.17 29,503.30

675,033.62 931,288.17

6,082.20

681,115.82 931,288.17

30,589.00

95,848.86 66,027.44 24,709. 73 1,621,323.52

95,848.86 66,027.44 68,007.32 1,689,330.84

$ 650,031.59 $ 878,028.49 $12,115,280.83 $ 3,864,985.71 $15,980,266.54

$ 38,749.04
400.00 850.96 $ 40,000.00

$ 38,749.04
400.00 850.96 $ 40,000.00

$ 3,010.71 31,128.68 25,145.49 21,596.12
$ 80,881.00 $ 120,881.00

$ 3,010.71 31,128.68 25,145.49 21,596.12
$ 80,881.00 $ 120,881.00

$ 1,351,245.49 $ 1,203,079.01 $49,481,327.11 $ 3,888,686.87 $53,370,013.98

- 39 -

DEKALB COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
PLANT FUNDS YEAR ENDED JUNE 30. 1994

SCHEDULE "12"

CAPITAL OUTLAY
Equipment Purchases Non-Inventory
Per Diem, Fees and Contracts Per Diem and Fees Contracts
Equipment Purchases Inventory
OTHER
DISTANT LEARNING - SATELLITE DISHES Other Costs Equipment Purchases Inventory

UNEXPENDED

RENEWALS AND

---------------------------- REPLACEMENTS

LOTTERY FOR -------------

REGULAR

EDUCATION

AUXILIARY

TOTAL

$ 16,975.99 102,453.50
$ 119,429.49

$ 20,806.50 $ 20,806.50

9,650.00 80,647.93

26,625.99 183,101.43

22,147.69

22,147.69

------------- -------------

$ 133,252.12 $ 252,681.61
------------- -------------

$ 13,000.00

$ 13,000.00

$ 119,429.49 $ 13,000.00$ 133,252.12 $ 265,681.61
============= ============= ============= =============

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 40 -

DEKALB COLLEGE RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL
YEAR ENDED JUNE 30, 1994

SCHEDULE "13"

Totals per Annual Supplement

Adjustments

Shared Services on Jointly Staffed Personnel

Macon College

Devine,

Flora B.

Other Howard, Scruggs,

Walter Ji 11

Totals per Report

DISTRIBUTION BY .FUND
CURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Auxiliary Enterprises Student Activities Restricted Resident Instruction

SALARIES AND WAGES

TRAVEL

$29,765,519.33 $ 318,825.76

-300.00
3,600.00 7,915.00

$29,776,734.33 $ 318,825.76
============= =============

$28,864,802.60$ 38,749.04 569,827.27 279,655.42
23,700.00

282,711.21 400.00
18,916.25 10,699.05
6,099.25

$29,776,734.33 $ 318,825.76
============= =============

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 41 -

DEKALB COLLEGE RECONCILIATION OF PER DIEM AND FEES
YEAR ENDED JUNE 30. 1994

SCHEDULE "14"

Totals per Annual Supplement

Adjustments

Duberman,

Martin

Allison,

Dorothy

P.K. Construction Company

Totals per Report

DISTRIBUTION BY FUND
CURRENT FUNDS Unrestricted Resident Instruction Regular Auxiliary Enterprises Student Activities Restricted Resident Instruction
PLANT FUNDS Unexpended Regular Renewals and Replacements

TYPE PAYMENT
------------

TOTAL

FEE

EXPENSE

FEE AND

AMOUNT

AMOUNT

EXPENSE

------------- ------------- -------------

$ 672,550.08 $ 35,262.11 $ 707,812.19

Reimbursable Expense Reimbursable Expense Consultant

251.05

251.05

358.57

358.57

-680.00

-680.00

------------- ------------- -------------

$ 671,870.08$ 35,871.73 $ 707,741.81

$ 553,284.35 15,525.10 106,224.17 6,082.20
16,975.99 9,650.00
$ 707,741.81
==========z:=

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 42 -

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

DEKALB COLLEGE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1994

STATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS..

The status ofthe finding disclosed in the review report for the year ended June 30, 1993, is indicated below:

Audit Control Number

Status of Finding

571-93-01

Corrective Action Implemented

CURRENT YEAR

BUDGET PREPARATION/EXECUTION Overexpenditure ofBudget - Resident Instruction Financial Statements

The total approved budget for Resident Instruction of DeKalb College provided for expenditures totaling $51,336,492.00. A comparison of anticipated revenues and budgeted expenditures to actual revenues and expenditures is summariz.ed on Schedule "1" ofthis report. This comparison indicates that actual expenditures for Personal Services of Education, General and Departmental Services, Operating Expenses of Sponsored Operations, and Capital Outlay exceeded budgeted expenditures by $35,494.86, $5,525.71, and $18,660.61, respectively.

ELIGIBILITY Disbursements in Excess ofNeeds Federal Financial Assistance Pell Grant Program (CFDA 84.063) Amount: $123.00 Audit Control Number 571-94-01

For the year under review, a sample of 25 students receiving Federal Financial Aid disclosed four instances in which students were disbursed financial aid in excess of student need. Federal Regulations (34 CFR 674.14(b){l), 675.14(b)(l), and 676.14{b)(l) require financial aid directors to adjust awards as necessary to ensure that students do not receive financial aid in excess of their need. These disbursements in excess of need occurred because DeKalb College did not calculate the financial need correctly.

Procedures should be implemented by the College to ensure that students are not disbursed financial aid in excess of their needs.