FORT VALLEY STATE UNIVERSITY - TABLE OF CONTENTS - SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION EXHffiITS FINANCIAL STATEMENTS A COMBINED BALANCE SHEET ALL FUND GROUPS 2 B COMBINED STATEMENT OF CHANGES IN FUND BALANCES ALL FUND GROUPS 4 C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTIlER CHANGES 6 D NOTES TO TIlE FINANCIAL STATEMENTS 7 SUPPLEMENTARY INFORMATION E COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED 20 F COMBINING STATEMENT OF CHANGES IN FUND BALANCES CURRENT FUNDS - UNRESTRICTED 22 G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES UNRESTRICTED 24 SCHEDULES SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 1 RESIDENT INSTRUCTION 26 2 LOTTERY FOR EDUCATION 28 3 CHANGES IN INVESTMENT IN PLANT 30 4 SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS 32 5 RECONCILIATION OF SALARIES AND TRAVEL 34 FORT VALLEY STATE UNIVERSITY - TABLE OF CONTENTS - SECTIONll AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS '1r>. Y SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS SECTION ill CURRENT YEAR FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS - SECTION I . FINANCIAL RUSSELL W. HINTON STATE AUDITOR (404) 6562174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400 November 21,2000 Honorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the University System of Georgia and Honorable Oscar L. Prater, President Fort Valley State University INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMAnON Ladies and Gentlemen: We have audited the accompanying financial statements (Exhibits A through D) ofFort Valley State University as of and for the year ended June 30, 2000. These financial statements are the responsibility ofthe University's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our OpI nIOn. As described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the University 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. 00ARL-63X As disclosed in Note 1 to the financial statements, the University did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $1,756,198.50 as ofJune 30, 2000, and the net change in fund balance for the year ended June 30, 2000, would be decreased by $52,636.93. As discussed in Note 1 to the financial statements, the University did not report an allowance for estimated uncollectible accounts receivable. To conform to generally accepted accounting principles, these amounts should be included in the financial statements. The effects on the financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material. In our opinion, except for the effects on the financial statements ofthe matters discussed in the third, fourth, and fifth paragraphs, the financial statements referred to above present fairly, in all material respects, the financial position of Fort Valley State University as ofJune 30, 2000, and the changes in fund balances and the current operating funds revenues, expenditures, and other changes for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying combining statements (Exhibits E through G) and the financial schedules (Schedules 1 through 5) are presented for purposes of additional analysis and are not a required part of the financial statements of Fort Valley State University. Such information has been subjected to the auditing procedures applied in the audit ofthe financial statements and, in our opinion, except for the effects of the matters discussed in the third, fourth, and fifth paragraphs, such information is fairly presented in all material respects in relation to the financial statements taken as a whole. As more fully discussed in Section ill, Current Year Findings and Questioned Costs, Fort Valley State University expended certain Federal grant funds ofthe Student Financial Aid Cluster Program in a manner that may have violated certain program compliance requirements. The outcome ofthe resulting questioned costs is uncertain at this time, pending a management decision by the Federal grantor agency. Accordingly, no provision for any liability has been made in the financial statements for possible Federal claims for refunds of those grant monies. Respectfully submitted, RWH:jb OOARL-63X ~.~-... R ssell W. Hinton State Auditor FINANCIAL STATEMENTS - 1- FORT VALLEY STATE UNIVERSITY COMBINED BALANCE SHEET ALL FUND GROUPS JUNE 30, 2000 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant CURRENT FUNDS UNRESTRICTED RESTRICTED LOAN FUNDS ENDOWMENT FUNDS $ 1.367,595.80 $ 101,791.85 $ 1,438,350.20 2,682.32 67,000.00 797,420.84 $ 1.453.050.45 2.214,987.02 8,415.08 308,604.72 60,000.00 589.978.44 Total Assets $_....::3.123,599.80 $ 1,453.050.45 $ 2,319.461.19 $ 1.513.765.28 LIABILITIES AND FUND BALANCES Liabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Other Deposits Held in Custody for Others Due to Other Fund Groups Total Liabilities Fund Balances U. S. Government Grants Refundable Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted Total Fund Balances $ 1,224,032.89 118,547.46 227,959.00 4,753.00 _ _ _ _ _ _ $ _~58~9.::::97~8::.:::.44:::... $ 1,575.292.35 $ _--:::58=.:9:.:,9~7~8.c::::44~ $ $ _---'1~.54:::;8~,3~0:.:..7::::.45:::... $ 1,548,307.45 $ $ 2,315.762.76 3.698.43 $ 1,513,765.28 863,072.01 863.072.01 $ 2,319,461.19 $ 1,513.765.28 Total Liabilities and Fund Balances $_~3,123.599.80 $ 1,453.050.45 $ 2,319,461.19 $ 1,513,765.28 The notes to the financial statements are an integral part of this statement. -2- EXHIBIT "A" UNEXPENDED PLANT FUNDS RENEWALS AND REPLACEMENTS INVESTMENT IN PLANT AGENCY FUNDS TOTAL (Memorandum Only)L....-_ $ 1,480,841.02 $ 839,057.20 $ 70,196.01 _ _ _ _ _ _ $ 81,992,627.87 76,801.12 $ 5,304,437.19 69,682.32 4,544,069.40 308,604.72 60,000.00 589,978.44 81,992,627.87 $ 1,551,037.03 $ _ _,..:;::83~9,057.20 $ 81,992,627.87 $ 76,801.12 $ 92,869,399.94 $ 1,550,499.04 $ $ 1,550,499.04 $ $ 537.99 $ $ 537.99 $ 259,391.22 $ 259,391.22 $ $ 81,992.627.87 579,665.98 579,665.98 $ 81.992.627.87 28,089.73 $ 48,711.39 76,801.12 $ 3,062,012.88 118,547.46 227,959.00 4,753.00 48,711.39 589,978.44 4,051,962.17 $ 2,315,762.76 3,698.43 1,513,765.28 81,992,627.87 863.072.01 2,128,511.42 $ 88,817,437.77 $ 1,551,037.03 $ _ _,..:;::83~9.057.20 $ 81,992,627.87 $ _~7~6,801.12 $ 92,869,399.94 -3- FORT VALLEY STATE UNIVERSIIY COMBINI;D STATEMENT OF CHANGI;S IN FUND BALANCES ALL FUND GROUPS YEAR ENDED JUNE 30, 2QOO RI;VENUES AND OTHER ADDITIONS Unrestricted Current Fund Revenues State Appropriations Regular Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Endowment Other Net Increase/Decrease in Fair Value of Investments Interest on Loans Receivable Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant Facilities Current Funds Plant Funds Unexpended Renewals and Replacements Georgia State Financing and Investment Commission Other Additions Insurance Recoveries Recovery of Prior Years' Cancelled Loans Total Revenues and Other Additions EXPENDITURES AND OTHER DEDUCTIQNS 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 Loans Assigned to Federal Govemment Loan Cancellations and Write-Offs Administrative and Collection Costs Expended for Plant Facilities Capitalized Noncapitalized Disposals/Deletions/Adjustments Total Expenditures and Other Deductions TRANSFERS BETW~N FUNDS Nonmandatory Renewals and Replacements Capital Projects Total Transfers Between Funds Net Increase/(Decrease) for the Year FUNP BALANCI;S JULY 1. 1999 CURRENT FUNDS UNRESTRICTED RESTRICTED LOAN FUNDS $ 30,551,558.67 $ 26,376,198.56 $ 1,158,227.15 409,726.82 49,993.84 46,789.37 38,559.97 30,990.30 11,000.00 4,511.98 43,345.41 .. 22,756.00 $ 30,636,908.01 $ 27,994,146.37 $ _---:1~12~,6~0~3~.6:::..9 $ 26,902,217.23 $ 27.688.000.27 3,478,893.99 324,537.57 24.102.93 12,581.37 $ 27.214.86 23,435.05 54.638.78 $ 30,417,795.52 $ 28,012,537.84 $ _---:.10"'5...,,2:::::8:=;8.""69:<... $ -244,407.99 -258,803.84 $ _ _...:-5""03"",2:.;1,,,,1;.::.8=-3 $ -284,099.34 $ 1,832,406.79 -18,391.47 $ 881,463.48 7,315.00 2.312,146.19 FUNQ.BALANQES JUNE 30. 2000 $ The notes to the financial statements are an integral part of this statement. -4- 1.548,307.45 $ 863,072.01 $ _.:;2,319,461.19 EXHIBIT "B" ENDOWMENT FUNDS UNEXPENDED PLANT FUNDS RENEWALS AND REPLACEMENTS INVESTMENT IN PLANT TOTAL (Memorandum Only},--_ $ 1,389,674.00 116,000.00 101,791.57 $ 79,330.39 82,440.27 537.99 $ 56,283.92 $ 79,330.39 $ 1,746,727.75 $ $ 947.30 947.30 $ $ 30,551,558.67 49,746.28 1,389,674.00 116,000.00 26,508,980.43 1,158,227.15 470,473.10 49,993.84 86,952.25 79,330.39 43,345.41 48,274.66 38,559.97 1,636,164.25 1,636,164.25 1,734,484.48 367,774.78 335,246.70 1,734,484.48 367.774.78 335.246.70 56.283.92 22,756.00 4,123,416.49 $ 64,694.080.00 $ 0.00 $ 54.590,217.50 3,478,893.99 324.537.57 $ 116,326.25 140,429.18 12.581.37 27.214.86 23,435.05 54.638.78 1,734,484.48 $ 11.705.28 367,774.78 43.922.46 $ 340,887.20 2,102.259.26 55.627.74 340,887.20 $ 0.00 $ 1,862,516.01 $ 411.697.24 $ 340,887.20 $ 61.150,722.50 $ 79,330.39 $ 1,434,434.89 $ 244,407.99 258.803.84 $ _ _~50~3~.2~11~.8~3~ -115.788.26 $ 92,461.89 $ 116,326.25 487.204.09 $ $ 3.782,529.29 $ 78.210,098.58 0.00 0.00 ~O~.oo~ 3.543.357.50 85,274,080.27 $ _..:.1,513,765.28 $ 537.99 $ 579,665.98 $ 81,992,627.87 $ 88,817,437.77 -5- FORT VALLEY STATE UNIVERSITY STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES. AND OTHER CHANGES YEAR ENDED JUNE 30. 2000 EXHIBIT"C" UNRESTRICTED RESTRICTED TOTAL (Memorandum Onl>1I.-_ _ 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 $ 19,828,738.00 6,394,584.03 $ 19,828,738.00 6,394,584.03 326,344.57 $ 25,931,761.47 26,258,106.04 3,190.00 1,144,270.51 1,147,460.51 3,990.00 561,946.29 565,936.29 50,022.00 50,022.00 24,815.20 24,815.20 3,621,349.05 3,621,349.05 348,547.82 348,547.82 $ 30,551,558.67 $ 27,688,000.27 $ 58,239,558.94 EXPENDITURES Educational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Auxiliary Enterprises Student Housing Faculty and Staff Housing Food Services Stores and Shops Intercollegiate Athletics Other Service Units Total Expenditures $ 11,806,437.88 $ 1,734,891.29 $ 13,541,329.17 350,875.61 2,419,305.56 2,770,181.17 383,462.74 2,312,416.73 2,695,879.47 2,144,306.76 2,916,444.36 5,060,751.12 2,563,480.43 1,054,810.24 3,618,290.67 5,677,460.90 1,002,261.49 6,679,722.39 3,586,618.91 3,586,618.91 389,574.00 16,247,870.60 16,637,444.60 1,588,657.01 21,827.31 312,059.67 182,806.20 997,025.61 376,518.19 1,588,657.01 21,827.31 312,059.67 182,806.20 997,025.61 376,518.19 $ 30,381,111.22 $ 27,688,000.27 $ 58,069,111.49 OTHER TRANSFERS AND ADDITIONSILDEDUCTIONS) Excess of Restricted Receipts over Transfers to Revenues Transfers for Renewals and Replacements $ Transfers for Capital Projects Prior Period Adjustments (Net) Remittances to the Board of Regents of the University System of Georgia Prior Year's Unrestricted Fund Balance (SurplUS) Total Other Transfers and Additionsl(Deductions) $ $ -244,407.99 -258,803.84 72,767.97 -18,391.47 $ -18,391.47 -244,407.99 -258,803.84 72,767.97 -24,102.93 -454,546.79 $ -24,102.93 -18,391.47 $ _-=-4:!.:7~2:e:,9~3~8.~26~ Net Increase/(Decrease) in Fund Balances $ _ _..;;,-2~84:;;:;,099.34 $ _ _-1,;,;;;8,391.47 $ -3..,;0;:;,2,490.81 The notes to the financial statements are an integral part of this statement. -6- FORT VALLEY STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "D" NOTE 1: S:o.= ~~~Y~O~F~S~I~G~NIF~IC~AN~TL.:!A~C~C~O~UNT~IN~G:!..!P~O~L::!:!.IC~IE~S REPORTING ENTITY Fort Valley State University is one ofthirty-four (34) State supported member institutions ofhigher education in Georgia which comprise the University System ofGeorgia, an organizational unit ofthe State ofGeorgia. The accompanying financial statements reflect the operations ofFort Valley State University as a separate reporting entity. The Board of Regents has constitutional authority to govern, control and manage the University System ofGeorgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Fort Valley State University does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Fort Valley State University 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 ofthe Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. FUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the University, the accounts of the University are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. Within each fund group, the University's fund balance allocations and designations represent those portions ofthe fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. Fund groups and funds presented in the accompanying financial statements are as follows: CURRENT FUNDS UNRESTRICTED - The fund used to account for those economic resources over which the University retains full control to use for purposes of performing the primary functions of the University, e.g., instruction, research, public service, etc. RESTRICTED - The fund used to record externally restricted funds which may onlybe 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- FORT VALLEY STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "0" NOTE 1: S ~~ Y OF SIGNIFICANT ACCOUNTING POLICIES FUND ACCOUNTING LOAN FUNDS The fund used to account for resources which have been made available for financial loans to students. ENDOWMENT FUNDS The fund used to account for gifts that are subject to the restrictions by the donors of gift instruments 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 University. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the University less the amount of any indebtedness to others. AGENCY FUNDS The fund used to account for resources held by the University as custodian or fiscal agent for individual students, faculty, staff members, and organizations. BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method ofaccounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. Contractual obligations for goods and services which have not been received at the end ofthe fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the -8- FORT VALLEY STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in confonnity with accounting practices prescribed or pennitted 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 detennined in accordance with generally accepted accounting principles. Compensated absences represent obligations ofthe University relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of $1,756,198.50 and a related net current year expenditure of $52,636.93 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 ofthe State ofGeorgia, 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 fmancial statements. To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalfofthe University. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. It is the policy of Fort Valley State University to record assets acquired through capital leases as additions to Investment in Plant at the end ofthe lease. The liability for such leases at fiscal year-end is not recorded on the Combined Balance Sheet. 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 ofthe agreement at the net present value ofthe 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. 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. - 9- FORT VALLEY STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BUDGET The Board ofRegents ofthe University System ofGeorgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of 1999-2000. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The allocation ofthe appropriated budget is made to the College by the Administrative Central Office. In addition, the College receives Federal funds and other funds directly and includes these funds in the budget filed with the Administrative Central Office. A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object class was overspent by the amount identified below: Resident Instruction Capital Outlay $ 652.2J3.00 This overexpenditure of budget constitutes a violation of Board of Regents policy, but does not constitute a statutory violation of budget authority. Statutory violations of budget authority are reported at the Board object class 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. INVESTMENTS Investments are reported at fair value. Funds received by the University as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board of Regents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded. ACCOUNTS RECEIVABLE Accounts receivable consist ofreimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. INVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the first-in, first-out method. Inventories of goods for resale are valued at cost using the first-in, first-out method. -10 - FORT VALLEY STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "D" NOTE 1: S Y OF SIGNIFICANT ACCOUNTING POLICIES PREPAID ITEMS Prepaid items are payments made to vendors in advance ofthe receipt ofgoods and services that will benefit periods subsequent to the balance sheet date. MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" because they do not represent consolidated financial infonnation and are presented only to facilitate financial analysis. The columns do not present infonnation that reflects financial position or changes in financial position in confonnity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: (1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations ofthe United States or of the State of Georgia. (2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. (3) Bonds of any public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. (4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia. (5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. (6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. - 11 - FORT VALLEY STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHffiIT "0" NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 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. The treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 2000, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: Category 1 - Amounts covered by depository insurance or collateralized with securities (at fair value) held by the University or by its agent in the University's name. Category 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the University's name. Category 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the University's name, and amounts uncollateralized. Total Cash Deposits Carrying Bank Amount Balances I 3 $ J.932.39.3 ~ $ 5,892.~~ $ 2!i7'().ill4OO $ 532,Q9.56 $ 5.09],62.U& CATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the three categories described below: Category 1 - Insured or registered, or securities held by the University or its agent in the University's name. Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the University's name. Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the University's name. - 12- FORT VALLEY STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "D" NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS CATEGORIZATION OF INVESTMENTS The carrying amounts of investment balances as of June 30, 2000, are categorized below: TYPe of Investment U. S. Government Securities $ Risk Categ~on~e::2.s 1 2 1.325.QQ $ 0.00 $ _ 3 Carrying Amount 0.00 $ 1,325.00 Investments Not Subject to Categorizations: Board of Regents Balanced Income Fund Total Investments 1,438,350.20 $...1 .439,675.2Q Funds invested in an investment pool managed by another governmental entity are not required to be categorized since the University did not own any specific, identifiable investment securities ofthe pool. NOTE 3: INVESTMENT IN PLANT The following is a summary of Investment in Plant fixed assets as of June 30, 2000: Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections $ 1,262,548.17 54,219,795.34 4,879,494.49 16,374,719.13 5,256,070.74 Total Investment in Plant $~922.62Z.87 NOTE 4: RISK MANAGEMENT Fort Valley State University is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The University and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the financial statements of the Board of Regents of the University System ofGeorgia - Administrative Central Office. All units ofthe University System of Georgia share the risk of loss for claims of the Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of $1,000,000.00 per person and dental coverage up to an annual - 13 - FORT VALLEY STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHmIT "D" NOTE 4: RISK MANAGEMENT maximum of $1,000.00 per person. The Board of Regents has contracted with Blue Cross Blue Shield ofGeorgia to process claims in accordance with the Health Benefits Plan as established bythe 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 ofaccidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The University, as an organizational unit ofthe Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. A self-insured program ofprofessional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a SelfInsurance Fund. NOTES: RETffiEMENTPLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Plan Description Fort Valley State University participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer defined benefit pension plan established bythe General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System ofGeorgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. Funding Policy Employees ofthe University who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The University makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2000, the employer contribution rate was 11.29% for covered - 14- FORT VALLEY STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "D" NOTE 5: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Funding Policy employees. In addition, the University contributed 2.35% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 2000 1999 1998 100% 100% 100% $ 2,013,918.77 $ 2,024,909.52 $ 1,884,551.77 REGENTS RETIREMENT PLAN Plan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the purpose of providing retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms of the annuity contracts. Funding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State ofGeorgia. The employer contributes 8.79% ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. The University and the covered employees made the required contributions of$319,220.09 (8.79%) and $181,581.99 (5%), respectively. Plan Description Fort Valley State University participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly ofGeorgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and parttime and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees ofthe Employees' Retirement System of Georgia. - 15 - FORT VALLEY STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "0" NOTE 5: RETIREMENT PLANS GEORGIA DEFINED CONTRIBUTION PLAN Benefits A member may retire and elect to receive periodic payments after attainment ofage 65. Thepayment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. Ifa member has less than $ 3,500.00 credited to his/her account, the Board ofTrustees has the option of requiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. Contributions and Vesting Member contributions are seven and one-halfpercent (7.5%) ofgross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount ofthe member's account is refundable upon request by the member. Total contributions made by employees during fiscal year 2000 amounted to $46,451.78 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. NOTE 6: LEAVEPOUCffiS Employees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Basis of Accounting (Compensated Absences) Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph. Certain employees who retire with a minimum ofthree months of unused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia. NOTE 7: CONTINGENCffiS Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount ofexpenditures which may be disallowed by the grantor cannot be determined at this time although the University expects such amounts, if any, to be immaterial to its overall financial position. - 16 - . FORT VALLEY STATE UNNERSITY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 EXHIBIT "0" NOTE 7: CONTINGENCIES Litigation, claims and assessments filed against Fort Valley State University (an organizational unit ofthe Board ofRegents ofthe University System ofGeorgia), ifany, 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, 2000. NOTE 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS Pursuant to the general powers conferred by the Official Code ofGeorgia Annotated Section 20-331, the Board of Regents ofthe University System of Georgia has established group health and life insurance programs for regular employees ofthe University System ofGeorgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or . that become permanently and totally disabled to continue as members of the group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System ofGeorgia and who have at least ten years ofservice with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. As ofJune 30, 2000, there were 110 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 2000, Fort Valley State University recognized as incurred $137,166.72 of expenditures, which was net of $50,695.71 of participant contributions. NOTE 9: ENROLLMENT The equivalent full-time student enrollment of Fort Valley State University was as follows: Regular Term Fall Semester, 1999 Spring Semester, 2000 2,182 2,127 Average U55 Summer School, 1999 559 - 17 - SUPPLEMENTARY INFORMATION - 19- FORT VALLEY STATE UNIVERSITY COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED JUNE 30, 2000 ASSETS Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups , Total Assets RESIDENT INSTRUCTION LOTTERY FOR EDUCATION $ 506,308.27 $ 218,817.86 279,324.01 43,772.51 589,978.44 $ 1,419,383.23 $ =~2;.;.1,;;:8':;;;.8.;.,;17~.8=6~ LIABILITIES AND FUND BALANCES Liabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Other Total Liabilities Fund Balances Unrestricted $ 930,793.59 $ 218,817.86 227,959.00 $ 1,158,752.59 $ 218,817.86 260,630.64 0.00 Total Liabilities and Fund Balances $ 1,419,383.23 $ =====2.1.8..0:!::,8=1=7.=86= See notes to the financial statements. - 20- EXHIBIT "E" AUXILIARY ENTERPRISES STUDENT ACTIVITIES TOTAL $ 603,252.87 $ 39,216.80 $ 1,367,595.80 473,684.49 44,412.34 797,420.84 264,832.21 308,604.72 60,000.00 60,000.00 589,978.44 $ 1,401,769.57 $ 83,629.14 $ 3,123,599.80 $ 73,601.14 $ 118,547.46 4,753.00 $ 196,901.60 $ 820.30 $ 1,224,032.89 118,547.46 227,959.00 4,753.00 820.30 $ 1,575,292.35 1,204,867.97 82,808.84 1,548,307.45 $ 1,401,769.57 $ 83,629.14 $ 3,123,599.80 - 21 FORT VALLEY STATE UNIVERSITY COMBINING STATEMENT OF CHANGES IN FUND BALANCES CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 2000 REVENUES AND OTHER ADDITIONS Unrestricted Current Fund Revenues Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Total Revenues and Other Additions EXPENDITURES AND OTHER DEDUCTIONS Educational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the University System of Georgia Prior Year's Unrestricted Fund Balance (SurplUS) Adjustments Prior Years' Revenues/Accounts Receivable Total Expenditures and Other Deductions TRANSFERS BETWEEN FUNDS Nonmandatory Renewals and Replacements Capital Projects Total Transfers Between Funds Net Increase/(Decrease) for the Year FUND BALANCES JULY 1, 1999 FUND BALANCES JUNE 30, 2000 RESIDENT INSTRUCTION LOTTERY FOR EDUCATION $ 26,271,113.72 $ 267,606.00 46,237.39 37,893.57 $ 26,355,244.68 $ _--=.26::.:7...1.:,6~0.=.:6..=.:00::... $ 26,279,265.20 $ 267,606.00 23,849.40 _ _...:1:.:.;1,459.68 253.53 $ 26,314,574.28 $ _--=2:.::::6~7'L:::8~59::..::.5~3::- $ 40,670.40 $ 219,960.24 -253.53 253.53 $ 260,630.64 $ =====O=,O;;;.;O~ See notes to the financial statements. - 22- EXHIBIT "F" AUXILIARY ENTERPRISES STUDENT ACTIVITIES TOTAL $ 3.621.318.07 $ 391.520.88 $ 30.551.558.67 484.00 666.40 67.98 46.789.37 38.559.97 $ 3.622,468.47 $ 391,588.86 $ 30.636,908.01 $ 355.346.03 $ 26.902.217.23 $ 3,478.893.99 3,478.893.99 574.69 547.00 24.102.93 12.581.37 $ 3.479,468.68 $ 355,893.03 $ 30,417.795.52 $ -244,407.99 -258,803.84 $ -244,407.99 -258.803.84 $ -503,211.83 $ -503,211.83 $ -360.212.04 $ 35.695.83 $ -284,099.34 1,565.080.01 47.113.01 1,832,406.79 $ 1.204,867.97 $ 82,808.84 $ 1.548,307.45 - 23- FORT VALLEY STATE UNIVERSITY COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES UNRESTRICTED YEAR ENDED JUNE 30, 2000 REVENUES State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources Total Revenues EXPENDITURES Educational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Auxiliary Enterprises Student Housing Faculty and Staff Housing Food Services Stores and Shops Intercollegiate Athletics Other Service Units Total Expenditures OTHER TRANSFERS AND ADDITIONS/{DEDUCTIONSl Transfers for Renewals and Replacements Transfers for Capital Projects Prior Period Adjustments (Net) Remittances to the Board of Regents of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) Total Other Transfers and Additions/(Deductions) RESIDENT INSTRUCTION LOTIERYFOR EDUCATION $ 19,561,132.00 $ 6,039,598.13 326,344.57 3,190.00 3,990.00 24,815.20 267,606.00 312,043.82 $ 26,271 ,113.72 $ _--=26~7....t.:,6:=0.:.:6..:.:00:... $ 11,538,846.42 $ 350,875.61 383,462.74 2,144,292.22 2,208,134.40 5,677,460.90 3,586,618.91 389,574.00 267,591.46 14.54 $ 26,279,265.20 $ _--=:;26~7..c:,6~06::::,.:::,:00::.... $ 72,671.28 -23,849.40 $ _ _--=-2::.::5.:.:3.;;:.;53::... $ 48,821.88 $ _ _---=:-2;:::::5::::,3.:::,:53::.... Net Increase/(Decrease) in Fund Balances See notes to the financial statements. - 24- $ 40,670.40 $ -2o;;;5,;,;3.~53~ EXHIBIT "Gil AUXILIARY ENTERPRISES STUDENT ACTIVITIES TOTAL $ 19,828,738.00 $ 354,985.90 6,394,584.03 326,344.57 3,190.00 3,990.00 $ 3,621,349.05 24,815.20 3,621,349.05 -30.98 36,534.98 348,547.82 $ 3,621,318.07 $ 391,520.88 $ 30,551,558.67 $ 11,806,437.88 350,875.61 383,462.74 2,144,306.76 $ 355,346.03 2,563,480.43 5,677,460.90 3,586,618.91 389,574.00 $ 1,588,657.01 21,827.31 312,059.67 182,806.20 997,025.61 376,518.19 1,588,657.01 21,827.31 312,059.67 182,806.20 997,025.61 _--:.;37:..:::6,518.19 $ 3,478,893.99 $ 355,346.03 $ 30,381,111.22 $ -244,407.99 -258,803.84 575.71 $ $ -479.02 -244,407.99 -258,803.84 72,767.97 $ -502,636.12 $ -24,102.93 -479.02 $ _---:-4~5:::.4.L::,54::;:6::.:..7:....:9~ $ =-=--3;;;;6.0..,212.04 $ 35,695.83 $ =-=====-2_8;",;o4,~09_9_.3_4... - 25- FORT VAl,LEY STATE UN\y&RSID: SCHEDULE OF REVENUES ANQ..EXPENQ!IlJRES COMPARI;D IQjlUDGET RESIDENT INSTRUCTIQN YEAR ENDED JUNE 30, 2000 REVENUES State Appropriations Other Revenues Retained CURRENT FUNDS UNRESTRICTED RESTRICTED PLANT FUNDS RENEWALS AND UNEXPENDED REPLACEMENTS $ 19,561,132.00 $ 1,389,674.00 $ 0.00 6,709,981.72 $ 27,688,000.27 240,515.76 $ 26,271,113.72 $ 27,688,000.27 $ 1,630,189.76 $ ....:0:::;.00::;:.. EXPENDITURES Personal Services: Education, General and Departmental Services $ Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay Special Funding Initiative Year 2000 Project 20,185,026.37 $ 4,764,883.83 1,209,828.00 119,527.00 7,268,589.66 20,419,410.61 $ 1,562,015.76 $ 68,174.00 411,697.24 $ 26,279,265.20 $ 27,688,000.27 $ 1,630,189.76 $ _ _~41:..:1..:::,6::::.97~.2::::4:... Excess of Revenues over Expenditures $ -8~,'5'.48 $ 0.00 $ 0.00 $ -.4.';,,;,',697.24 (1) To eliminate tuition waivers not budgeted and to reclassify cunent year transfers and prior year fund balances budgeted as revenues. See notes to the financial statements. 26 - SCHEDULE "1" TOTAL ADJUSTMENTS TOTAL _ _-,W,-_ _ -!Budget BasisL BUDGET VARIANCE FAVORABLE --1UNFAVORABLE) _ $ 20,950,806.00 34,638,497.75 $ $ 20,950,806.00 $ 20,950,806.00 $ 22,123.24 34,660,620.99 39,821,754.00 0.00 -5,161,133.01 $ 55,589,303.75 $ 22,123.24 $ 55,611,426.99 $ 60,772,560.00 $ _---:-5:::,..:,.:16:.,:.1!..1:,.:::33::::.0~1_ $ 20,185,026.37 7,268,589.66 4,764,883.83 $ 20,419,410.61 1,973,713.00 1,278,002.00 119,527.00 $ 20,185,026.37 $ 20,244,938.00 $ 7,268,589.66 9,938,543.00 -389,574.00 4,375,309.83 20,419,410.61 1,973,713.00 1,278,002.00 119,527.00 4,408,836.00 23,461,146.00 1,321,500.00 1,278,002.00 119,595.00 59,911.63 2,669,953.34 33,526.17 3,041,735.39 -652,213.00 0.00 68.00 $ 56,009,152.47 $ -389,574.00 $ 55,619,578.47 $ 60,772,560.00 $ _ _.::l5,~15::2:::,9:.::8~1.:::.53::.. $ -419,848.72 $ _ _,.;4;.1:.:,1,697.24 $ -6,151.48 $ ,;;;-8:.."1~5~1.:;;:;48::.. - 27- FORT VALLEY STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 2000 REVENUES State Appropriations EXPENDITURES Equipment, Technology and Construction Trust Fund Special Funding Initiatives Excess of Revenues over Expenditures CURRENT FUNDS UNRESTRICTED PLANT FUNDS UNEXPENDED $ 267,606.00 $ _ _1.;..;1....;;.6.:.;;,0..;;.,00.;.;..0,;;.;0~ $ 117,606.00 $ 116,000.00 150,000.00 $ 267,606.00 $ _ _1.:..1;.,;:6.:.:,0;,.:;.00,;.;.,;.;00:.. $ 0.00 $ ============0',;,;00= See notes to the financial statements. - 28- SCHEDULE "2" TOTAL -