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REVIEW REPORT STATE OF GEORGIA EAST GEORGIA COLLEGE SWAINSBORO, GEORGIA YEAR ENDED JUNE 30, 1997 
 
STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS 
254 WASHINGTON STREET ATLANTA, GEORGIA 30334-8400 
 
 EAST GEORGIA COLLEGE -TABLE OF CONTENTS - 
 
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 
 
EXlllBITS 
 
FINANCIAL STATEMENTS 
 
A COMBINED BALANCE SHEET 
 
ALL FUND GROUPS 
 
2 
 
B COMBINED STATEMENT OF CHANGES IN FUND BALANCES 
 
ALL FUND GROUPS 
 
4 
 
C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
 
AND OTHER CHANGES 
 
6 
 
D NOTES TO THE FINANCIAL STATEMENTS 
 
7 
 
SUPPLEMENTARY INFORMATION 
 
E COMBINING BALANCE SHEET 
 
CURRENT FUNDS -UNRESTRICTED 
 
20 
 
F COMBINING STATEMENT OF CHANGES IN FUND BALANCES 
 
CURRENT FUNDS- UNRESTRICTED 
 
21 
 
,. 
 
G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
 
AND OTHER CHANGES 
 
-~ . 
 
UNRESTRICTED 
 
23 
 
SCHEDULES 
 
SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 
 
1 
 
RESIDENT INSTRUCTION 
 
24 
 
2 
 
LOTTERY FOR EDUCATION 
 
26 
 
3 CHANGES IN INVESTMENT IN PLANT 
 
27 
 
4 SCHEDULE OF FUND BALANCES 
 
CURRENTFUNDSANDPLANTFUNDS 
 
28 
 
5 RECONCILIATION OF SALARIES AND TRAVEL 
 
30 
 
 v CLAUDE L. ICKERS STATE AUDITOR (404) 656-2174 
 
DEPARTMENT oF Aunrrs AND AccoUNTS 
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 
October 16, 1997 
 
Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the University System of Georgia 
and Honorable Jeremiah J. Aschroft, President East Georgia College 
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 
Ladies and Gentlemen: 
We have reviewed the accompanying financial statements (Exhibits A through D) of East Georgia College as of and for the year ended June 30, 1997, 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 East Georgia College. 
A review consists principally of inquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. 
Based on our review, with the exception of the matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. 
As disclosed in Note 1 to the financial statements, generally accepted accounting principles require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from generally accepted accounting principles on the financial statements were not reasonably determinable. 
 
97ARL-67 
 
 As disclosed in Note I to the fmancial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $136,484.72 as of June 30, I997, and the net change in fund balance for the year ended June 30, I997, would be decreased by $32,532.06. 
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 confonnity with generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules I through 5) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review of the financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. 
Red~~ 
 
CLV:jy 97ARL-67 
 
Claude L. Vickers State Auditor 
 
 FINANCIAL STATEMENTS -I - 
 
 EAST GEORGIA COLLEGE COMBINED BALANCE SHEET 
ALL FUND GROUPS JUNE 30. 1997 
 
ASSETS 
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant 
 
CURRENT FUNDS UNRESTRICTED RESTRICTED 
 
LOAN FUNDS 
 
$ 
 
343,366.39 $ 
 
23,117.04 $ 
 
6,774.03 
 
61,682.56 
 
79,091.66 
 
17,231.38 
 
47,325.20 
 
941.00 3,106.00 
 
Total Assets 
 
$ 
 
493,788.66 $ 
 
84,799.60 $ ==4::i:l:'=04=7=.0=0 
 
LIABILITIES AND FUND BALANCES 
Liabilities Accounts Payable Deferred Revenue Tuition and Fees Deposits Held in Custody for Others Due to Other Fund Groups 
Total Liabilities 
Fund Balances Institutional Loans- Restricted Endowment Net Investment in Plant Restricted Unrestricted 
Total Fund Balances 
 
$ 
 
213,866.18 
 
106,967.50 
 
$ 
 
47,325.20 
 
$ 
 
320,833.68 $ 
 
47,325.20 
 
$ 
 
$ 
 
37,474.40 
 
$ 
 
172,954.98 
 
$ 
 
172,954.98 $ 
 
37,474.40 $ 
 
4,047.00 4,047.00 
 
Total Liabilities and Fund Balances 
 
$ 
 
493,788.66 $ 
 
84,799.60 $===4=,0==4=7.=00= 
 
See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
The notes to the financial statements are an integral part of this statement. 
-2 - 
 
 EXHIBIT"A" 
 
ENDOWMENT FUNDS 
 
UNEXPENDED 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
AGENCY FUNDS 
 
TOTAL (Memorandum 
Only) 
 
$ 
 
32,500.00 $ 357,261.96 $ 
 
60,728.91 
 
$ 
 
29,061.42 $ 846,976.72 
 
23,040.00 
 
94,602.59 
 
79,091.66 
 
17,231.38 
 
47,325.20 
 
- - - - - - $ 6,820,497.83 
 
6,820,497.83 
 
$ 
 
32,5oo:oo $ 380,301.96 $ 
 
60,728.91 $ 6,820,497.83 $ 
 
29,061.42 $ 7,905,725.38 
 
$ 377,973.36 
 
$ 377,973.36 
 
$ 
 
32,500.00 
 
$ 
 
$ 
 
32,500.00 $ 
 
2,328.60 $ 2,328.60 $ 
 
$ 
 
32,500.00 $ 380,301.96 $ 
 
$ 
 
11,327.63 $ 603,167.17 
 
17,733.79 
 
106,967.50 17,733.79 47,325.20 
 
$ 
 
29,061.42 $ 775,193.66 
 
$ 6,820,497.83 60,728.91 60,728.91 $ 6,820,497.83 
 
$ 
 
4,047.00 
 
32,500.00 
 
6,820,497.83 
 
37,474.40 
 
236,012.49 
 
$ 7,130,531.72 
 
60,728.91 $ 6,820,497.83 $ 
 
29,061.42 $ 7,905,725.38 
 
-3- 
 
 EAST GEORGIA COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES 
ALL FUND GROUPS YEAR ENDED JUNE 30. 1997 
 
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 Adjustments Prior Years' Expenditures/Accounts Payable Expended for Plant Facilities Current Funds Plant Funds 
Unexpended 
Total Revenues and Other Additions 
EXPENDITURES AND OTHER DEDUCTIONS 
Educational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the 
University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) 
Adjustments Prior Years' Revenues/Accounts Receivable 
Expended for Plant Facilities Capitalized Noncapitalized 
Disposals/Deletions/Adjustments 
Total Expenditures and Other Deductions 
TRANSFERS BElWEEN FUNDS 
Nonmandatory Renewals and Replacements 
Net lncrease/(Decrease) for the Year 
FUND BALANCES JULy 1I 1996 
 
CURRENT FUNDS UNRESTRICTED RESTRICTED 
 
LOAN FUNDS 
 
$ 3,950,472.53 
 
$ 488,468.24 226,855.64 28,747.37 $ 
1,869.66 
299.84 
 
1,200.00 
 
$ 3,950,772.37 $ 745 940.91 $ 
 
1,200.00 
 
$ 3,905,137.07 $ 735,251.64 $ 
 
0.00 
 
21,409.34 
 
3,324.00 
 
1,792.11 2,300.25 
 
$ 3,930,638.77 $ 738,575.64 $ 
 
0.00 
 
$ 
 
-11 022.47 
 
$ 
 
9,111.13 $ 
 
7,365.27 $ 
 
163,843.85 
 
30,109.13 
 
1,200.00 2 847.00 
 
FUND BALANCES JUNE 30. 1997 
 
$ 
 
172,954.98 $ 
 
37.474.40 $ ===4=0=4=7.=0=0 
 
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 FUNDS 
 
UNEXPENDED 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
TOTAL (Memorandum 
Only) 
 
$ 
 
0.00 
 
$ 3,950,472.53 
 
$ 389,043.00 160,000.00 
 
$ 
 
25,469.59 
 
389,043.00 160,000.00 488,468.24 226,855.64 
55,416.96 
 
25,969.32 $ 
 
1,012.55 
 
1,869.66 26,981.87 
 
125.00 
 
424.84 
 
225,814.54 
 
225,814.54 
 
522,198.46 
 
522,198.46 
 
$ 
 
0.00 $ 575,137.32 $ 
 
1,012.55 $ 773,482.59 $ 6,047,545.74 
 
$ 
 
0.00 
 
$ 
 
$ 
 
606.88 
 
522,198.46 52,813.86 
 
$ 
 
0.00 $ 575,619.20 $ 
 
0.00 
 
$ 4,640,388.71 
 
21,409.34 
 
3,324.00 
 
$ 0.00 $ 
 
2,398.99 
 
2,300.25 
 
14,214.25 
 
522,198.46 52,813.86 14,214.25 
 
14,214.25 $ 5,259,047.86 
 
$ $ ----'3=2..,.,5;.;;;.0..;;;.;0.=00.;;... 
 
$ _ _....:..11:..z.;,0::2=2:..:.4.:..7 
 
-481.88 $ 
 
12,035.02 $ 
 
2 810.48 
 
48 693.89 
 
$ ----=0.:.:.0.::..0 759,268.34 $ 788,497.88 
6,342,033.84 
 
$ 
 
32,500.00 $ 
 
2,328.60 $ 
 
60,728.91 $ 6,820,497.83 $ 7,130,531.72 
 
-5- 
 
 EAST GEORGIA COLLEGE STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES. 
AND OTHER CHANGES YEAR ENDED JUNE 30. 1997 
 
EXHIBIT"C" 
 
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 
Total Revenues 
EXPENDITURES 
Educational and General Instruction Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships 
Auxiliary Enterprises Food Services Stores and Shops Other Service Units 
Total Expenditures 
OTHER TRANSFERS AND ADDITIONS/<DEDUCTIONS) 
Excess of Restricted Receipts over 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) 
 
UNRESTRICTED RESTRICTED 
 
TOTAL (Memorandum 
Only) 
 
$ 2,902,660.00 
 
$ 2,902,660.00 
 
962,352.30 
 
962,352.30 
 
3,324.00 $ 485,144.24 
 
488,468.24 
 
226,855.64 
 
226,855.64 
 
23,001.76 
 
23,001.76 
 
250.00 
 
250.00 
 
3,005.49 
 
3,005.49 
 
38,817.49 
 
38,817.49 
 
40,313.25 
 
40,313.25 
 
$ 3,950,472.53 $ 735,251 .64 $ 4,685,724.17 
 
$ 1,553,735.61 $ 
 
8,596.31 $ 1,562,331.92 
 
11,143.84 
 
11 '143.84 
 
567,868.54 
 
567,868.54 
 
369,271.07 
 
369,271.07 
 
839,186.01 
 
9,880.74 
 
849,066.75 
 
565,163.84 
 
565,163.84 
 
9,912.00 
 
705,630.75 
 
715,542.75 
 
2,782.09 18,147.45 
479.80 
 
2,782.09 18,147.45 
479.80 
 
$ 31926,546.41 $ 735,251.64 $ 4,661,798.05 
 
$ 
 
$ 
 
-11,022.47 
 
-2,000.41 
 
-1,792.11 
 
$ 
 
-14,814.99 $ 
 
7,365.27 $ 
 
7,365.27 -11,022.47 
-2,000.41 
 
7,365.27 $ 
 
-1,792.11 -7 449.72 
 
Net lncrease/(Decrease) in Fund Balances 
 
$ 
 
9,111.13 $ 
 
7,365.27 $=====1.:!6',;,;47=6=.4~0 
 
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 - 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT"D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
REPORTING ENTITY East Georgia College is one of thirty-four (34) State supported member institutions of higher edu~ation in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying fmancial statements reflect the operations of East Georgia 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. East Georgia College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, East Georgia College is considered an organizational unit ofthe Board ofRegents ofthe University System of Georgia reporting entity for fmancial reporting purposes because ofthe significance ofits legal, operational, and financial relationships with the Board of Regents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. 
FUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the College, the accounts 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. 
Fund groups and funds presented in the accompanying financial statements are as follows: 
CURRENT FUNDS 
UNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions ofthe College, e.g., instruction, public service, etc. 
RESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. 
- 7- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
FUND ACCOUNTING 
LOAN FUND 
The fund used to account for resources which have been made available for financial loans to students for the Student Government Association Loan Fund. 
ENDOWMENT FUNDS 
The fund used to account for gifts that are subject to. the restrictions by the donors requiring that the principal be invested in perpetuity and income only be utilized. 
PLANT FUNDS 
UNEXPENDED- The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. 
RENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement of institutional properties. 
INVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value of physical properties belonging to the College less the amount of any indebtedness to others. 
AGENCY FUNDS 
The fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members, and organizations. 
BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis of accounting is defmed 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- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
BASIS OF ACCOUNTING Contractual obligations for goods and services which have not been received at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. 
 
Compensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of $136,484.72 and the related current year expenditure of $32,532.06 have not been reported in the current funds as required by generally accepted accounting principles. 
 
Prior period adjustments and certain other items are reported as additions to and deductions from fund 
 
balances of current funds in the accompanying financial statements. This presentation is in accordance with 
 
accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but differs 
 
from generally accepted accounting principles in that immaterial adjustments should be reported as current 
 
period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair 
 
presentation of the financial statements. 
 
 
 
To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf of the College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. 
 
The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. 
 
BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19961997. 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 of these 
 
- 9- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT"D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
BUDGET 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. 
 
A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: 
 
Resident Instruction Operating Expenses: Education, General and Departmental Services Sponsored Operations 
 
$ 363.00 $45.386.44 
 
These overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the departmental level. 
 
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 of demand deposit accounts. 
 
ACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Board of Regents of the University System of Georgia- Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. 
 
INVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the weighted-average cost method. 
 
Inventories of goods for resale are valued at cost using the first-in, first-out method. 
 
PREPAID ITEMS Prepaid items are payments made to vendors in advance of the receipt of goods and services that will benefit 
periods subsequent to the balance sheet date. 
 
- 10- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT"D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
MEMORANDUM ONLY- TOTAL COLUMNS The total columns on the fmandal statements are captioned "Memorandum Only" because they do not represent consolidated financial information and are presented only to facilitate fmancial analysis. The columns do not present information that reflects fmancial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: 
(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia. 
(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. 
(3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. 
(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. 
(5) .Bonds, bills, certificates of indebtedness, notes, or other obligations 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. 
 
- 11 - 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30. 1997 
 
EXHIBIT "D" 
 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES The treasurer of the Board of Regents is responsible for all details relative to furnishing the required depository protection for all units 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 of June 30, 1997, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: 
 
Category I - 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 collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the College's name. 
 
Category 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. 
 
Cash Deposits 
 
Carrying Amount 
 
Bank Balances 
 
Risk Categories 
 
. 2 
 
3 
 
$ 457 273 39 $ 121 765 02 $ 254 781 11 $.====odofolo~o $ 536 983.25 
 
CATEGORIZATION OF INVESTMENTS At June 30, 1997, the carrying amount and market value ofthe College's total investments was $389,453.33 and consisted entirely of funds in the Short-Term Investment Fund which is a pool investment account administered by the Board of Regents Administrative Central Office which are not required to be categorized since the College did not own any specific identifiable securities in the fund. 
 
NOTE 3: INVESTMENT IN PLANT 
 
The following is a summary oflnvestment in Plant fixed assets as of June 30, 1997: 
 
Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections 
 
$ 152,859.45 2,181,674.48 1,945,300.44 1,542,741.82 997.921.64 
 
Total Investment in Plant 
 
$ 6.820.497.83 
 
- 12- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHffiiT"D" 
 
NOTE 4: RISK MANAGEMENT 
East Georgia College is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the audit report ofthe Board ofRegents ofthe University System of Georgia- Administrative Central Office. All units of the University System of Georgia share the risk of loss for claims ofthe Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of $1,000,000.00 per person and dental coverage up to an annual maximum of $1,000.00 per person. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the Health Benefits Plan as established by the Board of Regents. 
The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia ofmaking and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment.  
A self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund. 
NOTE 5: DEFERRED COMPENSATION PLAN 
The State of Georgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights ofthe State of Georgia subject only to the claims 
 
- 13- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT"D" 
 
NOTE 5: DEFERRED COMPENSATION PLAN 
of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1997. 
A change in the Internal Revenue Code Section 457, effective August 20, 1996, requires that by January 1, 1999, all existing eligible deferred compensation plans must be held in trust for the exclusive benefit of participants and their beneficiaries. The State of Georgia's plan will be converted effective July 1, 1998. 
NOTE 6: RETIREMENT PLANS 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
Plan Description East Georgia College participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. 
TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 y~ars and has at least ten years of creditable service, or (2) 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, normal retirement benefits are equal to 2% of the average ofthe member's two consecutive highest paid years of service multiplied by the number of years of creditable service up to 40 years. Early retirement benefits are reduced by the lesser of 1/12 of 7% for each month the member is below age 60, or by 7% for each year or fraction thereof by which the member has less than 30 years of service. The normal retirement pension is payable monthly for life; however, 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 10 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 of employer contributions occurs, but the member's contributions are refunded with interest. 
 
- 14- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT "D" 
 
NOTE6: RETrnEMENTPLANS 
 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
 
Funding Policy Employees of the College who are covered by TRS are required to pay 5% of their 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 1997, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 4.24% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.50%. The College's payroll for the year ended June 30, 1997, for employees covered by TRS was $1,517,485.87. The College's total payroll for all employees was $2,235,362.09. 
 
Total contributions to the plan made during fiscal year 1997 amounted to $276,667.31, of which $200,792.77 was made by the College and $75,874.54 was made by employees. These contributions represented 13.23% (College) and 5% (employees) of covered payroll. 
 
Total contributions from all employers to TRS for the year ended June 30, 1997, were $652,928,555.00. The College's contribution for the year ended June 30, 1997, of $200,792.77 was actuarially determined and represented .0308% of total contributions made by all participating employers. 
 
Actuarial and Trend Information 
 
Actuarial and historical trend information is presented in the TRS June 30, 1997, financial report which can 
 
be obtained through TRS. 
 
 
 
REGENTS RETIREMENT PLAN 
 
Plan Description 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. 
 
Funding Policy State legislation requires that prior to January 1, 1997, the employer contribute 4% of the participating employee's earnable compensation, and on and after January 1, 1997, an amount equal to the normal cost contribution determined by the TRS Board of Trustees. Since January 1, 1997, the employer contribution rate was 7.42%. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1997, was $508,905.61. The College's total payroll for all employees was $2,235,362.09. 
 
The College and the covered employees made the required contributions of $29,944.37 (5.88%) and $25,445.46 (5%), respectively. 
 
- 15 - 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT"D" 
 
NOTE6: RETIREMENTPLANS 
GEORGIA DEFINED CONTRIBUTION PLAN 
Plan Description East Georgia College participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. 
Benefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than$ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu of making periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. 
The Employees' Retirement System of Georgia issues a financial report each fiscal year which may be obtained through ERS. 
Contributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross sala.fy. 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. The College's payroll for the year ended June 30, 1997, for employees covered by GDCP was $71,710.14. The College's total payroll for all employees was $2,235,362.09. 
Total contributions made by employees during fiscal year 1997 amounted to $5,378.36 which represents 7.50% of covered payroll. These contributions met the requirements of the plan. 
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. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Basis of Accounting (Compensated Absences) 
 
- 16- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 1997 
 
EXHIBIT"D" 
 
NOTE 7: LEAVE POLICIES 
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. 
NOTES: CONTINGENCIES 
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount ofexpenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall fmancial position. 
Litigation, claims and assessments filed against East Georgia College (an organizational unit of the Board of Regents ofthe University System of Georgia), if any, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1997. 
NOTE 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS 
Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board of Regents of the University System of Georgia has established gro~p health and life insurance programs for regular employees ofthe University System of Georgia. It is the policy ofthe Board of Regents to permit employees of the University System of Georgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years of service with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. 
As of June 30, 1997, there were 13 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1997, East Georgia College recognized as incurred $22,562.40 of expenditures, which was net of $7,329.60 of participant contributions. 
NOTE10: ENROLLMENT 
The equivalent full-time student enrollment of East Georgia College was as follows: 
 
- 17- 
 
 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30. 1997 
 
NOTE10: ENROLLMENT 
 
Regular Term 
 
Fall Quarter, 1996 
 
696 
 
Winter Quarter, 1997 
 
706 
 
Spring Quarter, 1997 
 
650 
 
Average 
 
Summer School, 1996 
 
EXHIBIT"D" 
 
- 18- 
 
 SUPPLEMENTARY INFORMATION - 19- 
 
 EAST GEORGIA COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED 
JUNE 30. 1997 
 
EXHIBIT"E" 
 
ASSETS 
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups 
 
RESIDENT 
 
LOTIERYFOR 
 
AUXILIARY 
 
STUDENT 
 
INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES 
 
TOTAL 
 
$ 239,488.41 $ 6,398.76 3,838.76 17,231.38 
47,325.20 
 
7,823.00 $ 
 
84,405.28 $ 375.27 
75,252.90 
 
11,649.70 $ 
 
343,366.39 6,774.03 
79,091.66 17,231.38 47,325.20 
 
Total Assets 
 
$ 314,282.51 $ 
 
7,823.00 $ 160,033.45 $ 11 649.70 $ 493,788.66 
 
LIABILITIES AND FUND BALANCES 
 
Liabilities Accounts Payable Deferred Revenue Tuition and Fees 
 
$ 206,043.18 $ 103,517.50 
 
Total Liabilities 
 
$ 309,560.68 $ 
 
Fund Balances Unrestricted 
 
4 721.83 
 
7,823.00 7,823.00 
 
$ 213,866.18 
 
$ 
 
3,450.00 
 
106,967.50 
 
$ 3,450.00 $ 320,833.68 
 
$ 160,033.45 
 
8,199.70 
 
172,954.98 
 
Total Liabilities and Fund Balances 
 
$ 314,282.51 $ 
 
7,823.00 $ 160,033.45 $ 11 649.70 $ 493,788.66 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-20- 
 
 EAST GEORGIA COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES 
CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30. 1997 
 
EXHIBIT"F" 
 
RESIDENT LOTTERY FOR AUXILIARY 
 
STUDENT 
 
INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES 
 
TOTAL 
 
REVENUES AND OTHER ADDITIONS 
 
Unrestricted Current Fund Revenues Adjustments 
Prior Years' Expenditures/Accounts Payable 
 
$ 3,852,731.39 $ 299.84 
 
24,000.00 $ 
 
44,080.29 $ 29,660.85 $ 3,950,472.53 299.84 
 
Total Revenues and Other Additions 
 
$ 3,853,031.23 $ 24,000.00 $ 
 
44,080.29 $ 29,660.85 $ 3,950,772.37 
 
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 
 
$ 3,852,309.40 $ 1,792.11 
 
24,000.00 $ 
 
$ 28,827.67 $ 3,905,137.07 
 
21,409.34 
 
21,409.34 
 
2,300.25 
 
1,792.11 2,300.25 
 
Total Expenditures and Other Deductions 
 
$ 3,854,101.51 $ 24,000.00 $ 
 
23,709.59 $ 28,827.67 $ 3,930,638.77 
 
TRANSFERS BETWEEN FUNDS 
 
Nonmandatory Renewals and Replacements 
 
$ 
 
-11,022.47 
 
$ -11,022.47 
 
Net lncrease/(Decrease) for the Year 
 
$ 
 
-1,070.28 $ 
 
0.00 $ 
 
9,348.23 $ 
 
833.18 $ 
 
9,111.13 
 
FUND BALANCES JULY 1, 1996 
 
5 792.11 
 
0.00 
 
150,685.22 
 
7,366.52 
 
163,843.85 
 
FUND BALANCES JUNE 30, 1997 
 
$ 
 
4,721.83 $ 
 
0.00 $ 160,033.45 $ 8,199.70 $ 172,954.98 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-21 - 
 
 THIS PAGE LErr BLANK 
 
 EAST GEORGIA COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXP!;NDITURES, 
AND OTHER CHANGES UNRETRICTED 
YEAR ENDED JUNE 30, 1997 
 
EXHIBIT"G" 
 
REVENUES 
State Appropriations Tuition and Fees Federal 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 Food Services Stores and Shops Other Service Units 
Total Expenditures 
OTHER TRANSFERS AND ADDITIONS/ <DEDUCTIONS) 
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) 
 
RESIDENT 
 
LOTTERY FOR 
 
AUXILIARY 
 
INSTRUCTION EDUCATION ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
$ 2,878,660.00 $ 932,833.80 3,324.00 3,005.49 
34,908.10 
$ 3,852,731.39 $ 
 
24,000.00 $ 
24,000.00 $ 
 
$ 
38,817.49 5,262.80 
 
$ 29,518.50 
142.35 
 
2,902,660.00 962,352.30 3,324.00 3,005.49 38,817.49 40,313.25 
 
44,080.29 $ 29,660.85 $ 3,950,472.53 
 
$ 1,549,735.61 $ 547,868.54 341,643.40 839,186.01 565,163.84 8,712.00 
 
4,000.00 20,000.00 
$ 
 
$ 3,852,309.40 $ 
 
24,000.00 $ 
 
$ 1,553,735.61 
 
567,868.54 
 
$ 27,627.67 
 
369,271.07 
 
839,186.01 
 
565,163.84 
 
1,200.00 
 
9,912.00 
 
2,782.09 18,147.45 
479.80 
 
2,782.09 18,147.45 
479.80 
 
21,409.34 $ 28,827.67 $ 3,926,546.41 
 
$ 
 
299.84 
 
-1792.11 
 
$ 
 
-1 492.27 
 
$ 
 
-11,022.47 
 
-2,300.25 
 
$ 
 
-13,322.72 
 
$ -11,022.47 -2,000.41 
-1 792.11 $ -14,814.99 
 
Net lncrease/(Decrease) in Fund Balances 
 
$ 
 
-1,070.28 $ 
 
0.00 $ 
 
9,348.23 $ 
 
833.18 $ =====9"'=11=1=.1=3 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-23- 
 
 EAST GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 
RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 1997 
 
REVENUES 
State Appropriations Other Revenues Retained 
 
CURRENT FUNDS UNRESTRICTED RESTRICTED 
 
PLANT FUNDS RENEWALS AND 
UNEXPENDED REPLACEMENTS 
 
$ 2,878,660.00 
 
$ 389,043.00 
 
974,071.39 $ 735,251.64 
 
25,969.32 $ _ _ _1;,~,;,0:;,:1,;2;,;:;,55:;, 
 
$ 3,852,731.39 $ 735,251.64 $ 415,012.32 $ _ _ _1_._01..;;2;._.5.,;,5 
 
EXPENDITURES 
 
Personal Services: 
 
Education, General and Departmental Services $ 2,778,472.40 
 
$ 
 
0.00 
 
Sponsored Operations 
 
$ 
 
3,487.20 
 
Operating Expenses: 
 
Education, General and Departmental Services 
 
981,172.00 
 
Sponsored Operations 
 
731,764.44 
 
Capital Outlay 
 
$ 415,012.32 
 
Special Funding Initiative 
 
92,665.00 
 
$ 3,852,309.40 $ 735,251.64 $ 415,012.32 $ _ _ _ _..;..,0._00,;_ 
 
Excess of Revenues over Expenditures 
 
$ 
 
(1) To eliminate tuition waivers not budgeted. 
 
421.99 $====..;;0;;.;;.0~0 $ . 
 
0.00 $ ===1....0..,1..,2..,55= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-24- 
 
 SCHEDULE "1" 
 
TOTAL 
 
ADJUSTMENTS 
 
TOTAL 
 
(1) 
 
(Budget Basis) 
 
BUDGET 
 
VARIANCEFAVORABLE (UNFAVORABLE) 
 
$ 3,267,703.00 1,736,304.90 $ _ _~:.....:.:.~ 
 
3,267,703.00 $ 3,267,703.00 $ 
 
1,727,592.90 
 
1,737,646.00 
 
0.00 -10,053.10 
 
$ 5,004,007.90 $ 
 
-8,712.00 $ 4,995,295.90 $ 5,005,349.00 $ _ _-_1..;..:0,~05_.;.3...;..1_0 
 
$ 2,778,472.40 3,487.20 
981,172.00 $ 731,764.44 415,012.32 
921665.00 
 
$ 2,778,472.40 $ 2,804,597.00 $ 
 
3,487.20 
 
13,500.00 
 
-8,712.00 
 
972,460.00 731,764.44 415,012.32 
921665.00 
 
972,097.00 686,378.00 436,112.00 
921665.00 
 
26,124.60 10,012.80 
-363.00 -45,386.44 21,099.68 
0.00 
 
$ 5,002,573.36 $ 
 
-8,712.00 $ 4,993,861.36 $ 5,005,349.00 $ _ _ _1-'1,_48_7_.6_4 
 
$ 
 
1,434.54 $ 
 
0.00 $ ===1.4..3.4===.5=4 
 
$ ====-1=43;..;4~.5==4. 
 
-25- 
 
 EAST GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 
LOTIERY FOR EDUCATION YEAR ENDED JUNE 30. 1997 
 
SCHEDULE "2" 
 
REVENUES State Appropriations 
 
CURRENT FUNDS PLANT FUNDS 
 
TOTAL 
 
UNRESTRICTED UNEXPENDED {Budget Basis) 
 
BUDGET 
 
VARIANCEFAVORABLE {UNFAVORABLE) 
 
$ 
 
24,000.00 $ 160,000.00 $ 184,000.00 $ 184,000.00 $ 
 
0.00 
 
EXPENDITURES 
 
Equipment, Technology and Construction 
 
Trust Fund 
 
$ 29,000.00 $ 29,000.00 $ 29,000.00 $ 
 
0.00 
 
Special Funding Initiatives 
 
$ 
 
24,000.00 
 
131,000.00 
 
155,000.00 155,000.00 
 
0.00 
 
$ 
 
24,000.00 $ 160,000.00 $ 184,000.00 $ 184,000.00 $ 
 
0.00 
 
Excess of Revenues over Expenditures 
 
$ 
 
0.00 $ 
 
0.00 $ 
 
0.00 
 
$ 
 
0.00 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-26- 
 
 EAST GEORGIA COLLEGE CHANGES IN INVESTMENT IN PLANT 
YEAR ENDED JUNE 30. 1997 
 
SCHEDULE "3" 
 
Land Buildings Improvements other Than Buildings Equipment Library Books and Collections 
 
BALANCE JULY 1, 1996 
 
CURRENT FUNDS UNRESTRICTED 
 
ADDITIONS PLANT FUNDS UNEXPENDED 
 
PRIVATE GIFTS 
 
DEDUCTIONS DISPOSALS/ DELETIONS/ ADJUSTMENTS 
 
BALANCE JUNE 30, 1997 
 
$ 152,859.45 
 
$ 152,859.45 
 
2,178,862.48 
 
$ 
 
2,812.00 
 
2,181,674.48 
 
1,518,018.44 
 
427,282.00 
 
1 ,945,300.44 
 
1,250,280.13 $ 
 
189,101.89 
 
92,104.46 $ 
 
25,469.59 $ 
 
-14,214.25 
 
1,542,741.82 
 
961,208.99 
 
36,712.65 
 
997,921.64 
 
$ 610611229.49 $ 
 
2251814.54 $ 5221196.46 $ 
 
251469.59 $ 
 
-14 214.25 $ 618201497.63 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-27- 
 
 EAST GEORGIA COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS 
JUNE 30. 1997 
 
NET INVESTMENT IN PLANT Investment in Plant Facilities 
RESTRICTED Designated for Subsequent Years' Expenditures 
UNRESTRICTED Designated For Capital Projects (GSFIC) For Inventory Reserve For Renewals and Replacements Reserve For Subsequent Years' Expenditures Surplus Regular Lottery for Education 
 
RESIDENT INSTRUCTION 
 
CURRENT FUNDS UNRESTRICTED LOTTERY FOR. AUXILIARY EDUCATION ENTERPRISES 
 
STUDENT ACTIVITIES 
 
$ 
 
4,000.00 
 
$ 75,252.90 
 
84,780.55 $ 
 
8,199.70 
 
721.83 
 
- - - - - $ _ _ __:;0;.:,00;.. 
 
$ 
 
4,721.83 $ 
 
0.00 $ 
 
160,033.45 $ _ _::..r.8,..:.:19~9.:..:..7.:..0 
 
$ 
 
4.721.83 $ 
 
0.00 $ 160,033.45 $ _ _..,8.:.;.;199.7-=o 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-28- 
 
 SCHEDULE "4" 
 
RESTRICTED 
 
UNEXPENDED REGULAR 
 
PLANT FUNDS 
 
LOTTERY FOR RENEWALS AND INVESTMENT 
 
EDUCATION REPLACEMENTS 
 
IN PLANT 
 
TOTAL 
 
$ 6,820,497.83 $ 6,820,497.83 
 
$ 
 
37.474.40 
 
$ 
 
37 474.40 
 
$ 
 
2,203.60 
 
$ 
 
60,728.91 
 
$ 
 
2,203.60 
 
79,252.90 
 
60,728.91 
 
92,980.25 
 
125.00 
__________ $ ______~0~.0=0 
 
$ 
 
2,328.60 $ 
 
0.00 $ ____~6:.:.0,..,_,72==8~.9:....:..1 
 
846.83 0.00 
$ 236,012.49 
 
$ 
 
37 474.40 $ 
 
2,328.60 $ 
 
0.00 $ 
 
60,728.91 $ 6,820,497.83 $ 7,093,984.72 
 
-29- 
 
 EAST GEORGIA COLLEGE RECONCILIATION OF SALARIES AND TRAVEL 
YEAR ENDED JUNE 30. 1997 
 
SCHEDULE "5" 
 
Totals per Annual Supplement 
Adjustments Shared Services on Jointly Staffed Personnel Augusta State University Prettelt, Gordon Georgia Institute of Technology Capps, Richard C. Georgia Southern University Strickland, David 
Totals per Report 
DISTRIBUTION BY FUND 
CURRENT FUNDS Unrestricted Resident Instruction Regular Auxiliary Enterprises Restricted Resident Instruction 
 
SALARIES 
$ 2,228,142.44 $ 
 
TRAVEL 36,280.17 
 
2,296.17 6,000.00 -1,076.52 
$ 2,235,362.09 $ =====3=6,=28=0=1.=7 
 
$ 2,219,685.52 $ 
12,754.57 
2,922.00 
 
36,048.17 232.00 
 
$ 2,235,362.09 $ =====3=6,=28=0=1.==7 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-30-