Georgia Perimeter College, Decatur, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2009

GEORGIA PERIMETER COLLEGE
DECATUR, GEORGIA
INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREEDUPON PROCEDURES FOR FISCAL YEAR ENDED JUNE 30, 2009
Georgia Department of Audits and Accounts Russell W. Hinton State Auditor

GEORGIA PERIMETER COLLEGE - TABLE OF CONTENTS -

INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES

EXHIBITS

A SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT

I

B STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING

SOURCE COMPARED TO BUDGET

2

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

DEPARTMENT OF AUDITS AND ACCOUNTS
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400
December 15, 2009

Members of the State Board of Regents of the University System of Georgia Honorable Anthony S. Tricoli, President Georgia Perimeter College
Independent Accountant's Report on Applying Agreed-Upon Procedures
Ladies and Gentlemen:
We have performed the procedures enumerated below, which were agreed to by the College and the University System Office (Oversight Unit) of the Board of Regents of the University System of Georgia, solely to assist you in assessing the accuracy of the financial information reported to the University System Office in the College's 2009 Annual Financial Report for inclusion in the State of Georgia's Comprehensive Annual Financial Report (CAFR) and Single Audit Report; and to assist you in assessing the accuracy of the budget basis information provided in the Summary Budget Comparison and Surplus Analysis Report and Statement ofProgram Revenues and Expenditures by Funding Source Compared to Budget which are attached as Exhibits A and B, respectively. Georgia Perimeter College's management is responsible for the financial information reported to the University System Office in the College's Annual Financial Report. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.
The procedures and the associated findings are as follows:
1. Review selected balance sheet items reported on the Annual Financial Report (cash, accounts receivable, accounts payable, deferred revenues, net assets). Confirm that these items have adequate supporting documentation and are properly reconciled to the College's general ledger.
We did not note any exceptions as a result of our procedures.

2. Obtain the College's GAAP basis Statement of Net Assets and Statement of Revenues Expenses and Changes in Net Assets (SRECNA) submitted for inclusion in the State's CAFR and Single Audit. Utilizing test scripts, confirm that financial information presented in these statements properly supports activity reported in the College's accounting records.
We did not note any exceptions as a result of our procedures.
3. Obtain the College's Statement of Cash Flows submitted for inclusion in the State's CAFR and Single Audit. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows.
We did not note any exceptions as a result of our procedures.
4. Obtain the College's Notes to the Financial Statements submitted for inclusion in the State's CAFR and Single Audit. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, Long-Term Debt, Lease Obligations and Retirement Plans have been properly reported.
We did not note any exceptions as a result of our procedures.
5. Review the College's year end GAAP basis journal entries. Obtain documentation for GAAP journal entries and confirm that the entries were posted to the College's Annual Financial Report.
We did not note any exceptions as a result of our procedures.
6. Confirm that State Appropriation revenues, receivables and remittances of prior year surplus balances have been properly recorded in the College's financial records. Prior year surplus balances should be netted against State Appropriation revenues in the GAAP basis financial statements; however, prior year surplus balances should be reflected as fund balance adjustments on the Budget basis financial statements.
We did not note any exceptions as a result of our procedures.
7. Obtain listing of write-off requests for accounts receivable less than $3,000.00 for fiscal year 2009. Confirm that these write-off requests have been approved by the State Accounting Officer and have been posted to the College's financial statements.
We did not note any exceptions as a result of our procedures.
8. Verify that the listing of salaries, travel, and professional services reported to the Department of Audits is in accordance with O.C.G.A. 50-6-27 and reconciles to amounts recorded in the College's financial statements.
We did not note any exceptions as a result of our procedures.

9. Review year end Budgetary Statements including the Summary Budget Comparison and Surplus Analysis Report (Exhibit A) and Statement of Program Revenues and Expenditures by Funding Source Compared to Budget (Exhibit B). Confirm that budget information presented in these statements supports activity reported in the College's accounting records and determine if any budget overexpenditures exist.
The College's budget comparison reflected an overexpenditure of $152,440.21 in Special Funding Initiative. See Exhibits A and B.
10. Obtain documentation for Budget basis reserves reported by College on the Summary Budget Comparison and Surplus Analysis Report (Exhibit A). Confirm that the reserves are properly documented, valid and appropriate.
We did not note any exceptions as a result of our procedures.
11. Review the H.O.P.E. Scholarship Program reconciliation between the College and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the College's financial records.
We did not note any exceptions as a result of our procedures.
12. Review the Schedule of Expenditures of Federal Awards information submitted by the College for inclusion in the Statewide Single Audit. Confirm that the information is properly presented and supported by the College's accounting records.
We did not note any exceptions as a result of our procedures.
13. Review capital asset records to ensure that (1) subsidiary ledgers are appropriately reconciled to the ledgers, (2) capitalization thresholds are being properly followed, and (3) a complete annual physical equipment inventory is being conducted and that issues noted during the physical inventory are being properly addressed by management.
We did not note any exceptions as a result of our procedures.
14. Review bank reconciliations during the year under review to ensure that management is preparing them timely and that reconciling items are being addressed by management timely and in an appropriate manner.
We did not note any exceptions as a result of our procedures.
15. Review documentation to ensure that all subsidiary modules including BANNER are reconciled to the general ledger at least quarterly in accordance with BPM 10.6.2. and ensure that reconciling items are adequately explained and resolved in a timely manner.
We did not note any exceptions as a result of our procedures.

These agreed-upon procedures do not constitute an audit of the financial statements or any part thereof, the objective of which is to express an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
This report is intended solely for the information and use of the specified users listed above and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,

RWH:as

Russell W. Hinton, CPA, CGFM State Auditor

EXHIBITS

GEORGIA PERIMETER COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT
YEAR ENDED JUNE 30, 2009

EXHIBIT "A"

REVENUES
State Appropriation State General Funds
Federal Funds Other Funds
Total Revenues
CARRY-OVER FROM PRIOR YEAR
Transfer from Reserved Fund Balance
Total Funds Available
EXPENDITURES
Special Funding Initiative Teaching
Total Expenditures
Excess of Funds Available over Expenditures
FUND BALANCE JULY 1
Reserved
ADJUSTMENTS
Prior Year Payables/Expenditures Prior Year Receivables/Revenues Mandatory Transfers Prior Year Reserved Fund Balance Included in Funds Available
FUND BALANCE JUNE 30
SUMMARY OF FUND BALANCE
Reserved Capital Outlay Departmental Sales and Services Indirect Cost Recoveries Technology Fees Restricted/Sponsored Funds Uncollectible Accounts Receivable Inventories Tuition Carry-Over
Total Reserved
Unreserved Surplus Regular
Total Fund Balance

BUDGET

ACTUAL

VARIANCEFAVORABLE (UNFAVORABLE}

$ 59,016,730.00 $ 59,016,730.00 $

605,807.00

605,807.00

87,128,242.00

83?99,664.42

$ 146,750,779.00 $ 143,422,201.42 $

0,00 0.00 -3,328,577.58
-3,328,577.58

0.00

4,157,336.97

$ 146,750?79.00 $ 147,579,538.39 $

4,157,336.97 828,759.39

$

15,045.00 $

167,485.21 $

146,735,734.00

142,926,927.02

$ 146 750 779.00 $ 143,094,412,23 $

$

000 $

4,485,126 16

-152,440.21 3,808,806.98
3,656,366,77

5,784,003.93

872,768.87 -488,821.47
86,730.00 -4 157 336.97

$

6,582,470.52

$

1,000,215.54

-371,014.68

50,466.92

2,881,136.38

269,918.34

1,390,083.24

191,951.36

785,766.02

$

6, 198,523.12

363 947.40

$

6,582,470.52

- 1-

GEORGIA PERIMETER COLLEGE STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING SOURCE COMPARED TO BUDGET
YEAR ENDED JUNE 30, 2009

Special Funding Initiatives
State Appropriation State General Funds

Original Appropriation

Final Budget

Current Year Revenues

Funds Available Comeared to Budaet

Prior Year Carry-Over

Total Funds Available

Variance Positive {Negative)

21,847.00 $

15,045.00 $

15,045.00 $

0.00 $

15 045.00 $

o.oo

Teaching State Appropriation State General Funds Federal Funds American Recovery and Reinvestment Act of 2009 Federal Stabilization Funds Other Funds
Total Teaching

67,346,376.00 $ 59,001,685.00 $ 59,001,685.00 $

0.00 $ 59,001,685.00 $

0.00

0.00 69 143 242.00
136 489 618.00

605,807.00 87 128 242.00
146 735 734.00

605,807.00 83 799 664.42
143.407.156.42

o.oo
4 157 336.97
4 157 336.97

605,807.00 87 957 001.39
147 564 493.39

0.00 828 759.39
828 759.39

Grand Totals All Programs

136,511.465.00 $ 146,750,779.00 $ 143,422,201.42 $ 4,157,336.97

147,579,538.39 $ 828 759.39

EXHIBIT"B"

Expenditures Compared to Budget

Variance

Positive

Actual

(Negative)

Actual Funds Available
Over/(Under) Expenditures

Prior Period Adjustments

other Adiustments

Program Fund
Balances

Transfers

Prosram Fund Balances

Reserve

Surplus

Total Fund Balance

167.485.21 $ -152,440.21 $

-152,440.21 $ 10,001.59 $

0.00 $ -142.438.62 $ 152,440.21 $

0.00 $ 10,001.59 $

10,001.59

59,001,685.00 $

000 $

0.00 $ 627,108.92 $

0.00 $ 627,108.92 $

000 $

000 s 627,108.92 $

627,108.92

605,807.00 83 319 435.02
142 926 927.02

0.00 3 808 806.98
3 808 806.98

000 4 637 566.37
4 637 566.37

0.00 -253 163.11
373 945.81

0 00 131 362.36
131 362.36

0.00 4,515,765.62
5 142 874 54

0.00 -152 44021
152 440.21

0.00 4 616 488.52
4 616 488.52

0.00 -253 163.11
373 945.81

0.00 4 363 325.41
4 990 434.33

143,094,412.23 $ 3,656,366.77 $ 4,485,126.16 $ 383,947.40 $ 131,362.36 $ 5,000,435.92 $

000 $ 4,616,488.52 $ 383,947.40 $ 5,000,435.92

Unexpendable Reserves Uncollectible Accounts Receivable Inventories

1,390,083 24 191 951.36
6 582 470.52

3-