Review report, state of Georgia, Gainesville College, Gainesville, Georgia, year ended June 30, 1996

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REVIEW REPORT STATE OF GEORGIA GAINESVILLE COLLEGE GAINESVILLE, GEORGIA YEAR ENDED JUNE 30, 1996

GAINESVILLE COLLEGE - TABLE OF CONTENTS -

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

EXHIBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET

ALL FUND GROUPS

2

B COMBINED STATEMENT OF CHANGES IN FUND BALANCES

ALL FUND GROUPS

4

C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

6

D NOTES TO THE FINANCIAL STATEMENTS

7

SUPPLEMENTARY INFORMATION

E COMBINING BALANCE SHEET

CURRENT FUNDS - UNRESTRICTED

20

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS - UNRESTRICTED

21

G COMBINING STATEMENT OF 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 SCHEDULE OF OPERATIONS

ENDOWMENT FUNDS

27

4 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

28

5 CASH AND CASH EQUIVALENTS

29

6 ACCOUNTSRECENABLE

31

7 CHANGES IN INVESTMENT IN PLANT

32

8 SCHEDULE OF FUND BALANCES

CURRENT FUNDS AND PLANT FUNDS

34

9 SCHEDULE OF REVENUES

CURRENT FUNDS

36

SCHEDULES OF EXPENDITURES BY OBJECT

10

CURRENT FUNDS

38

11

PLANT FUNDS

42

12 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL

43

CLAUDE L. VICKERS
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS
254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400
September 18, 1996

Honorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members of the Board ofRegents ofthe University System of Georgia
and Honorable J. Foster Watkins, President Gainesville 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 Gainesville College as of and for the year ended June 30, 1996, 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 Gainesville 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 ofthe matters described in the fourth and fifth paragraphs, we are not aware ofany 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 ofthis departure from generally accepted accounting principles on the financial statements were not reasonably determinable.

96ARL-67

As disclosed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. Ifcompensated absences were reported, liabilities would be increased and fund balance would be decreased by $415,311.13 as ofJune 30, 1996, and the net change in fund balance for the year ended June 30, 1996, would be decreased by $36,540.90.
Our review was made for the purpose ofexpressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted
accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules 1 through 12) 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.
Respectfully submitted,
~
Claude L. Vickers State Auditor
CLV:cm 96ARL-67

FINANCIAL STATEMENTS - 1-

GAINESVILLE COLLEGE COMBINED BALANCE SHEET
ALL FUND GROUPS
JUNE 30, 1996

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant
Total Assets
LIABILITIES AND FUND BALANCES
Uabilities Accounts Payable Deferred Revenue Tuition and Fees Deposits Held in Custody for Others Due to Other Fund Groups
Total Liabilities
Fund Balances Endowment Net Investment in Plant Restricted Unrestricted
Total Fund Balances
Total UabRities and Fund Balances

CURRENT FUNDS UNRESTRICTED RESTRICTED

ENDOWMENT FUNDS

$ 1,455,993.08 32,164,01 $ 56,841.28 181,00 77,132.14

$ 92,325,31

10,722,50

$ 1.622,311,51 $

92.325,31 $ =====1::1.=72=2=,5=

$

478,382,02

370,891.15

$

77.132,14

$

849.273,17 $

77,132.14

$

10,722,50

$

15,193.17

$

773.038,34

$

773.038,34 $

15,193.17 $

10,722.50

$ 1.622.311:51 $

92.325.31 $ ===1:::::=0.=72=:2==:.5==: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.
-2-

EXHIBIT "A"

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$ 142,429.22 $

478,174.15

$ 168,199.12 $ 2,255,518.07

60,549.41

3,840.97

188,879.70

56,841.28

181.00

77,132.14

_ _ _ _ _ _ $ 18,725,983.79

18.725,983.79

$ 202,978.63 $

478,174.15 $ 18,725,983.79 $ 172,040.09 $ 21,304,535.98

$ 202,870.99

$ 202,870.99

$

107.64 $

$

107.64 $

$

62,592.80 $ 743,845.81

109,447.29

370,891.15 109,447.29
77,132.14

$ 172,040.09 $ 1,301,316.39

$ 18,725,983.79 478,174.15 478,174.15 $ 18,725,983.79

$

10,722.50

18,725,983.79

15,193.17

1,251 ,320.13

$ 20,003,219.59

$ 202,978.63 $

478,174.15 $ 18,725,983.79 $ 172,040.09 $ 21,304,535.98

-3-

GAINESVIllE COllEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES
All FUND GROUPS YEAR ENDED JUNE 30, 1996

REVENUES AND OTHER ADDITIONS
Unrestricted Current Fund Revenues StateAppropriations
RegUlar Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Investment Income EndaMnent Other Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant Facilities Current Funds Plant Funds
Unexpended Renewals and Replacements Georgia State Financing and Investment Commission
Tetal 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
DisposaIsIDeIetiAdjustments
Total Expenditures and other Deductions
TRANSFERS BETWEEN FUNPS
Nonmandatory Renewals and Replacements
Net IncreaseI(Decrease) for the Year
FUND BALANCES JULY " 1995

CURRENT FUNDS

ENDOWMENT

UNRESTRICTED RESTRICTED

FUNDS

$ 12,205,176.88

$

0.00

$ 878,943.16 886,073.40 68,848.67
388.00
9,900.52 710.88

$ 12,215,788.28 $ 1,834,253.23 $
$ 11,867,364.34 $ 1,821,203.67 $ 236,381.15 8,272.13
5,892,67 -3,769.61

. ::.0.:.::;00::. 0.00

$ 12,105,868.55 $ 1,829.475.80 $

O:.:::.OO=.

$ _ _-49-=,:::::695=.80;:.

$

60,223.93 $

712,814,41

4,m.43 $ 10.415.74

0.00 10,722,50

FUND BALANCES JUNE 30,1996

$

773,038.34 $

'.. 15,193,17 $_..... :7.-22;;;;0;,;;.50;;"

see Independent Accountanfs CombIned Report on Review of Financial Statements
and Supplementary Information.
The notes to the financilil statements are an integral part of this statement, 4-

EXHIBIT-B-

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
Only)

$ $ 233,000.00
200,000.00
18,212.64
$ 451,212.64 $

0.00 $
0.00 $

$ 12,205,176.88

20,704.15

233,000.00 200,000.00 878,943.16 886,073.40
68,848.67 20,704.15

388.00 18,212.64

9,900.52 710.88

537,938.02

537,938.02

368,089.34 21,334.00 6,212.39

368,089.34 21,334.00 6,212.39

954,277.90 $ 15,455,532.05

$

1,796.20

368,089.34 $ 83,015.66
$ 452,901.20 $

$ 13,688,568.01 236,381.15 8,272.13

21,334.00 485.50 $
21,819.50 $

7,688.87

-3,769.61

152,040.94

389,423.34 83,501.16 152,040.94

152,040.94 $ 14,562,105.99

$

$

-1,688.56 $

1,796.20

49,695.80

$

0.00

27,876.30 $ 802,236.96 $ 893,426.06

450,297.85 17,923,746.83 19,109,793.53

$

107.64 $

478,174.15 $ 18,725,983.79 $ 20,003,219.59

-5-

Net Increase/(Decrease) in Fund Balances

$

60,223.93 $

4,777.43$ .....==60ii:0!5..0.0..=1,;,;;;.3.6.

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.
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GAINESVILLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXIllBIT "0"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY Gainesville College is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System ofGeorgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Gainesville 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. Gainesville College does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Gainesville College is considered an organizational unit ofthe Board ofRegents 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 ofRegents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles offund 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 ofperforming the primary functions of the College, e.g., instruction, public service, auxiliary enterprises, and student activities.
RESTRICTED - The fund used to record externally restricted funds which may. only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes.

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GAINESVILLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 3D. 1996

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FUND ACCOUNTING
ENDOWMENT FUNDS
The fund used to account for endowment funds. Endowment funds are subject to the restrictions ofgift 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 ofinstitutional properties.
INVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount of any indebtedness to others.
AGENCY FUNDS
The fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staffmembers, and organizations.
BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis ofaccounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescn'bed in the American Institute ofCertified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures ofthe fiscal period.
Contractual obligations for goods and services which have not been received at the end ofthe fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles.

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GAINESVILLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXHIBIT "0"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF ACCOUNTING 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 $415,311.13 and the related current year expenditure of $36,540.90 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 ofthe financial statements.

To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on 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 ofthe University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19951996. The appropriated budget covers current funds and plant funds, 'except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement ofthese funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office.

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:

Operating Expenses: Education, General and Departmental Services

$ 140,026.59

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GAINESVILLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BUDGET This overexpenditure ofbudget constitutes a violation ofBoard ofRegents policy, but does not constitute a statutory violation 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.
ACCOUNTS RECEIVABLE Accounts receivable consist ofreimbursements due from Federal, State, and local 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 ofgoods for resale are valued at cost using the first-in, first-out method.
MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data.
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS
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 ofGeorgia Annotated Section 50-17-59:
(1) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations ofthe United States or ofthe State of Georgia.
(2) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofthe counties or municipalities ofthe State of Georgia.
(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose.

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GAINESVilLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXlllBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (4) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia.

(5) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofa 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 ofGeorgia 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 ofRegents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements.

The treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia.

CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as ofJune 30, 1996, 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 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

S 2253338 07 S 2 931 15309 S 511 55093 S 6964843 S 2349 953 73

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GAINESVILLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT "D"

NOTE 3: INVESTMENT IN PLANT

The following is a summary ofInvestment in Plant fixed assets as ofJune 30, 1996:

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

$ 105,849.29 13,655,345.00 503,633.07 2,959,552.13 1.501.604.30
$18.725.983,79

NOTE 4: RISKMANAGEMENT

Gainesville College is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program ofhealth and dental benefits for employees and retirees ofthe 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 ofthe University System of Georgia share the risk ofloss 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 ofRegents.

The Department ofAdministrative Services (DOAS) has the responsibility for the State ofGeorgia of making 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 ofcommercial 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 ofRegents of the University System ofGeorgia 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 ofthe performance oftheir duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund.

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GAINESVILLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXIllBIT "0"

NOTE 5: DEFERRED COMPENSATION PLAN
The State ofGeorgia 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, pennits such employees to defer a portion oftheir 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 of the State of Georgia subject only to the claims of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State 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, 1996.
NOTE 6: RETIREMENT PLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA
Plan Description Gainesville College participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multipleemployer 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. The College's payroll for the year ended June 30, 1996, for employees covered by TRS was $6,212,858.98. The College's total payroll for all employees was $7,544,926.94.
Benefits 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 of60 years and has at least ten years of creditable service, (2) has at least 30 years ofcreditable service, regardless of age, or (3) has attained the age of55 years and has at least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number of years of creditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of 7% for each month the member is below age 60, or by 70Al for each year or fraction thereofby which the member has less than 30 years of service. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death.
Retirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years of service) and compensation up to. the date of death or up to the time of disability.
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GAINESVILLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXHIBIT"D"

NOTE 6: RETmEMffiNTPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Benefits Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contnbutions are refunded with interest.

Contributions Required and Contributions Made 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 1996, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 4.87% 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%.

Total contributions to the plan made during fiscal year 1996 amounted to $1,083,934.64, of which $773,290.58 was made by the College and $310,644.06 was made by employees. These contributions represented 12.45% (College) and 5% (employees) of covered payroll.

Funding Status and Progress Pension Benefit Obligation
The amount of the total pension benefit obligation is based on a standardized measurement established by Statement NO.5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value of credited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers ofthe PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS.

The total unfunded pension benefit obligation ofTRS as of June 30, 1995, which was the latest information

available, was as follows:

.

Total pension benefit obligation

$ 17,442,607,000.00

Net assets available for benefits, at cost

15,857,066,000.00

Unfunded pension benefit obligation

$ 1.585,541.000.00

The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1995. Net assets available for benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers.

- 14 -

GAINESVILLE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXlllBIT "D"

NOTE 6: RETmENrnNTPLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA
Funding Status and Progress Retirement System Contributions
Total contributions from all employers to TRS for the year ended June 30, 1996, were $607,274,559.00. The College's contribution for the year ended June 30, 1996, of $773,290.58 was actuarially determined and represented .1273% oftotal contributions made by all participating employers.
Trend Information Historical trend information is presented in the TRS June 30, 1996, financial report. This information gives an indication ofthe progress made in accumulating sufficient assets to pay benefits when due..
REGENTS RETIREMENT PLAN
The State of Georgia provides optional pension benefits for eligible faculty and principal administrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings.
State legislation requires that the employer contnbute 4% and the employee contribute 5% ofthe participating employee's earnable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1996, was $812,166.32. The College's total payroll for all employees was $7,544,926.94.
The College and the covered employees made the required contributions of $32,486.77 (4%) and $40,608.32 (5%), respectively.
GEORGIA DEFINED CONTRIBUTION PLAN
Plan Description Gainesville College participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose 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. The College's payroll for the year ended June 30, 1996, for employees covered by GDCP was $190,807.56. The College's total payroll for all employees was $7,544,926.94.

- 15 -

GAINESVll..LE COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXIllBIT "0"

NOTE 6: RETIREMENT PLANS
GEORGIA DEFINED CONTRIBUTION PLAN
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 hislher account, the Board of Trustees has the option of requiring a lump sum distnbution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to hislher account will be paid to the member's designated beneficiary.
Contributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination ofemployment, the amount of the member's account is refundable upon request by the member.
Total contributions made by employees during fiscal year 1996 amounted to $14,310.81 which represents 7.5% of covered payroll. These contributions met the requirements of the plan.
NOTE 7: LEAVB 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)
Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment.
NOTE 8: CONTINGENCIES
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position.
Litigation, claims and assessments filed against Gainesville College (as an organizational unit of the Board of Regents ofthe University System of Georgia), if any, are generally considered to be actions against the State ofGeorgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996.
- 16 -

GAINESVll..LE COLLEGE NOTES TO THE FINANCIAL STATE:MENTS
JUNE 30. 1996

EXlllBIT "0"

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 ofRegents ofthe University System ofGeorgia has established group health and life insurance programs for regular employees ofthe University System of Georgia. It is the policy of the Board ofRegents to permit employees ofthe University System ofGeorgia 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, 1996, there were 52 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1996, Gainesville College recognized as incurred $99,009.00 ofexpenditures, which was net of$32,504.05 of participant contributions.

NOTE 10: BONDING INFORMATION

The President and all employees of Gainesville College are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-02-110723, on which the premium has been paid to October 1, 1996. Under this agreement. the public employee dishonesty coverage insures Gainesville College to a maximum of$l,ooo.ooo.OO against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the College to a maximum of $1.000.000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment.

All employees ofGainesville College are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company. their Policy Nos. 6260116752 and 626 012294 4. on which the premiums have been paid to October 1. 1996. Under these additional public employee dishonesty coverages, the policies insure the College to a maximum of$9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees and from failure of its employees to perform faithfully.

NOTE 11: ENROLLMENT

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

Regular Term Fall Quarter, 1995 Winter Quarter, 1996 Spring Quarter, 1996

1,972 2,027 1.840

Average

Summer School, 1995

- 17 -

.~>,~\(
fJ ICD

I I I I I I I I I I I I I I I I I I I I I I I I I I I

SUPPLEMENTARY INFORMATION - 19 -

GAINESVILLE COLLEGE COMBINING BALANCE SHEET CURRENT FUNPS - UNRESTRICTEP
JUNE30 1996

EXHIBIT"E"

ASSETS
cash and cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups

RESIDENT LOITERYFOR AUXILIARY STUDENT INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

$ 669,033.24 $ 17,789.15
181.00 n,132.14

68,917.50 $

652,162.82 $ 14,374.86 56,841.28

65,879.52 $

1,455,993.08 32,164.01 56,841.28 181.00 n,132.14

Total Assets

$ 764,135.53 $

68,917.50 $ 723,378.96 $ 65,879.52 $ 1,622,311.51

LIABILITIES ANP FUNP BALANCES

liabilities

Accounts Payable

$

Deferred Revenue

Tuition and Fees

Total liabilities

$

Fund Balances Unrestricted

398,825.00 $ 350,543.65 749,368.65 $
14,766.88

68,917.50 $ 68,917.50 $

3,121.11 $ 7,518.41 $ 478,382.02

20,347.50

370,891.15

3,121.11 $ 27,865.91 $ 849,273.17

0.00

720,257.85 38,013.61

773,038.34

Total liabilities and Fund Balances

$ 764,135.53 $

68,917.50 $ 723,378.96 $ 65,879.52 $ 1,622,311.51

see accompanying notes and Independent Accountanfs Combined Report
on RevieW of Financial Statements and Supplementary Information.
-20-

GAINESVILLE COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES
CURRENT FUNDS UNRESTRICTED YEAR ENDED JUNE 30.1996

EXHIBIT-P

FUND BALANCES JUNE 30.1996

$ 14.766.88 $

0.00 $ 720,257.85 $ 38,013.61 $ n3,038.34

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

GA'NESVILLE COLLEGE COMBINING STATEMENT Of CURRENT fUNDS REVENUES EXPENPITURES,
AND OTHER CHANGES UNRESTRICTED
YEAR ENPED JUNE 30,1996

EXHIBIT"G"

Net IncreaseI(Decrease) in Fund Balances

$

-9,433.08 $

0,00 $

74,634,89 $ -4,9n,88 $

60-.,223 ,9.3.

see accompanying notes andlnclependent Accountanrs Combined Report
on Review of Financial Statements and SUpplementary Information, .
-23-

GAINESVILLE COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
RESIDENT INSTRUCTION
YEAR ENDED JUNE 30,1996

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS RENEWALS AND
UNEXPENDED REPLACEMENTS

$ 8,332,468.00

$ 233,000.00

3,121,979.91 $ 1,821,203.67

18,212.64 $

. .:O;.;.:.OO:=.,

$ 11,454,447.91 $ 1,821,203.67 $ 251,212.64 $

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

9,284,214.91 $

172,366.60

2,142,359.59 41,355.00

1,648,837.07 $

251,105.00 $

21,819.50

$ 11,467,929.50 $ 1,821,203.67 $ 251,105.00 $...;.,"_ _....;.2.1..,..;.81_9.,;.50..;.

Excess of Revenues over Expenditures

$

-13,481.59 $

0.00 $

107.64 $ ===-.,;;2;,,;01,=81=9...5.0=

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

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

TOTAL

ADJUSTMENTS (1 )

TOTAL (Budget Basis,)

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$ 8,565,468.00 4,961,396.22 $

$ 8,565,468.00 $ 8,565,468.00 $

-33,829.50

4,927,566.72

5,6n,981.00

0.00 -750,414.28

$ 13,526,864.22 $

-33,829.50 $ 13,493,034.72 $ 14,243,449.00 $ _ _-7.;..;;50~':..;.41~4;;.;;;.28~

$ 9,284,214.91 172,366.60
2,142,359.59 $ 1,648,837.07
272,924.50 41,355.00

$ 9,284,214.91 $ 9,372,483.00 $

172,366.60

180,331.00

-55,649.00

2,086,710.59 1,648,837.07
272,924.50 41,355.00

1,946,684.00 1,718,336.00
984,260.00 41,355.00

88,268.09 7,964.40
-140,026.59 69,498.93
711,335.50 0.00

$ 13,562,057.67 $

-55,649.00 $ 13,506,408.67 $ 14,243,449.00 $ _ _73----'7,'-040_.33_

$ -35,193.45 $

21,819.50 $ -13,373.95

$

-1.3.,.3.739.5..

ioiioioii

-25-

GAINESVILLE COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
LOTTERY FOR EDUCATION YEAR ENDEp JUNE 30.1996

SCHEDULE "Z'

see accompanying notes and Independent Accountanfs Combined Report
on Review of Financial Statements and Supplementary Information.
-26-

FUND
Davison, Katherine Harbin, Fund Johnson, Holly R., Memorial
Scholarship Fund

GAINESVILLE COLLEGE SCHEDULE OF OPERATIONS
ENDOWMENT FUNDS YEAR ENDED JUNE 30, 1996

SCHEDULE "3"

FUND BALANCE JULY 1,1995

ADDITIONS! TRANSFERS

DEDUCTIONS! FUND BALANCE TRANSFERS JUNE 30,1996

$

4,331.00 $

0.00 $

0.00 $

4,331.00

6,391.50

6,391.50

$

10,722.50 $

0.00 $

0.00 $ :0::0==-=:0.1.0..;.:.,7,;,,;;;2;;;;;2=.5,;;,,0

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

GAINESVILLE COLLEGE
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
AGENCY FUNDS
YEAR ENDED JUNE 30, 1996

SCHEDULE -4-

FUND
PAYROLL DEDUCTIONS
Federal Income Tax State Income Tax F.I.CA Retirement Tax Deferred Annuities Group Insurance Credit Union United Fund Gami&hmentsITax Levies Gainesville College Foundation
EMPLOYER'S CONTRIBUTIONS
F.I.CA Retirement Group Insurance
OTHER FUNDS
Banco Provincial Buffington, VICkie Charge Sales Foundation Departmental Federal Assistance
Financing System Developmental Studies CF Educational Testing Service Enhancing Student Participation Greene, Wendy Grimes, Kelly S. Holcomb, Sherri . King, Heather Lanier Writers Workshop Lingua Franca Music Department Field Trip Nwakamma, Justina Phi Theta Kappa Prinsloo, Gizelle L. Public Service Host Fund Purahock, Kathy Reach, Ronald Scholarships and Grants
Regents' Scholarship Fund Other Scholarships (List on File) Student Government Association Theatre Webb, Thomas P.

BALANCE JULY1,1995

RECEIPTS

BALANCE DISBURSEMENTS JUNE 30, 1996

$ 859,205.80 $

306,771.51

533,263.39

3'ZT,572.06

234,886.76

$ 21,270.33

343,974.17

107,385.40

228,00

4,353.00

3,733.56

819,68

13,011.12

859,205.80 306,771.51 533,263.39 3'ZT,572,06 234,886.76 342,805,64 $ 107,385.40
4,206,00 3,733,56 12,957,12

22,438.86 375.00 873,68

$

22,318,01 $ 2,734,156,77 $

2,732,787.24 $

23,687,54

$ 533,263.39 $

805,777.35

$ 40,718.20

718,742,05

533,263,39 805,777.35 720,554,99 $

38,905.26

$

40,718,20 $ 2,057,782,79 $

2,059.595.73 $

38.905.26

$

1,162,00 $

840,00

5,689,05

1,162,00 840,00
5,689,05

$

-1,636.55

4.440.51

5,759.56

16,717,37

369.00

1,398.11 1,100.37
38.00 154.37 5.498.08
186.00

787,320.00
8,359.00 4,295.34
1,920.00 5,322,21
288,00 674,00 895,00
891.00 1,422,00 18,379,40
119.36

789,524.42 $ 4.440.51 6.166.98 4,671.42
1,920,00 5,322.21
288.00 151.72 519,39 1,398,11
874.00 1,496.91 20,091.90
119.36

-3,840.97
7,951,58 16,341.29
369.00
522.28 375.61
1,100.37 55.00 79,46
3,785,58
186.00

192.00 26,468.81

3,300,00 311,494.91
89.10 126,638.10
840.00

1,835.00 311,97245
75,694.35 840.00

1,657.00 25,991.27
89.10 50,943.75

$

60.685.63 $ 1.279,938.47 $

1.235,017.78 $ 105.606,32

$ 123,721.84 $ 6,071 ,878.03 $

6,027,400.75 $ 168.199.12

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

GAINESVILLE COLLEGE CASH AND CASH EQUIVALENTS
JUNE 30. 1996

SCHEDULE "5"

INTEREST BEARING ACCOUNTS
Gainesville Bank and Trust, Gainesville, Georgia
Certificates of Deposit (5.50%)
Georgia First Bank, Gainesville, Georgia
Certificates of Deposit (5.78%)
Lanier National Bank, Gainesville, Georgia
Certificates of Deposit (5.50%)
Regions Bank, Gainesville, Georgia
Certificates of Deposit (3.44%) N.O.W. Account (Variable)
Trust Company Bank, Gainesville, Georgia
Certificates of Deposit (4.75%)
Wachovia Bank of Georgia, Gainesville, Georgia
Certificates of Deposit (5.26%)
OTHER
Cash on Hand Petty Cash

$

3,550.93

99,000.00

99,000.00

$

10,722.50

1,931,064.64

1,941,787.14

10,000.00

100,000.00 $ 2,253,338.07

2,180.00

$ 2,255,518.07

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 29-

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
,I
1 1 1 1 1 1 1 1 1 1
I

GAINESVILLE COLLEGE ACCOUNTS RECEIVABLE
JUNE 30,1996

SCHEDULE -6"

Federal Grants and Contracts Research and Instruction
State Grants and Contracts Research and Instruction Student Aid
Other Departmental Federal Assistance Financing System Georgia State Financing and Investment Commission Student Accounts Vendor Credit Memos Other

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS UNEXPENDED

$

8,208,23

8,331.08 75,786,00

$

17,014.24

13,752.44

1,397,33

$

$

59,608.13

941.28

AGENCY FUNDS $
3,840,97

TOTAL
8,208,23
8,331,08 75,786,00
3,840,97 59,608,13 17,014,24 13,752,44
2,338,61

$

32,164.01 $

92,325.31 $

60,549.41 $

3,840.97 $ 188,879.70

See accompanying notes and Independent Accountanfs Combined Report
on Review of Financial Statements and Supplementary Information.
- 31 -

GAINESVILLE COLLEGE CHANGES IN INVESTMENT IN PLANT
YEAR ENDED JUNE 30, 1996

Land Buildings Improvements Other Than BuUdings Equipment Ubrary Books and Collections

BALANCE JULY 1, 1995

CURRENT FUNDS UNRESTRICTED RESTRICTED

$ 105,849.29

13,416,132.61

503,633.07

2,507,753.39 $

431,176.32 $

11,865.02

1,390,378.47

84,379.70

10,516.98

$ 17,923.746.83 $

515,556.02 $ =====2=2,=38=2=.0=0

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

SCHEDULE '7"

$ 368,089.34 $

21,334.00 $

6,212.39 $ 20,704.15 $ 152,040.94 $ 18,725,983.79

- 33-

GA1NESVlLLE COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS
JUNE 30, 1996

NET INVESTMENT IN PLANT Investment in Plant Facilities
RESTRICTED Designated for Subsequent Years' Expenditures
UNRESTRICTED Designated For Bus Replacement Reserve For Inventory Reserve For Renewals and Replacements Reserve For Subsequent Years' Expenditures For Uncollectible Accounts Undesignated Surplus Regular Lottery for Education

RESIDENT INSTRUCTION

CURRENT FUNDS UNRESTRICTED LOTIERYFOR AUXILIARY EDUCATION ENTERPRISES

STUDENT ACTIVITIES

$

4,473.29

$

56,841,28

663,149.64 $ 266.93

38,013.61

10,293.59

$

$

14,766.88 $

0.00 0.00 $

720,257,85 $

38,013,61

$

14.766.88 $

0.00 $ 720,257.85 $ = ......3."""8,_0.1..3.;;,;.6;,,;,,1

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

SCHEDULE "8"

RESTRICTED

PLANT FUNDS

UNEXPENDED

LOTIERY FOR RENEWALS AND

REGULAR

EDUCATION REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$ 18,725,983.79 $ 18,725,983.79

$ _ _1;.;:5"""1",,9,,,,3,:.;.17:-,

$ _---'1""5.1-:1,.;;;.93;:;..:.;.17:,..

$

10,213.24

467,960.91

$

10,213.24

56,841.28

467,960.91

701,163.25

4,740.22

$

107.64

_____ $

$

107.64 $

$

15,193.17 $

107.64 $

-=O;.;.::.O~O
0.00 $ _ _-,4.:.;78:.1.,1.;.:.7..:.4""".1.;;.5

10.401.23 0.00
$ 1,251,320.13

0.00 $

478,174.15 $ 18,725,983.79 $ 19,992.497.09

- 35-

GAINESVILLE COLLEGE SCHEDULE OF REVENUES
CURRENT FUNpS YEAR ENDED JUNE 30. 1996
$ 11,454,447.91 $ 219,411.00 $ =====36==::i1,=21==:4=:;.9::::::1 See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
-36 -

SCHEDULE "9"

STUDENT ACTIVITIES

TOTAL

RESTRICTED RESIDENT
INSTRUCTION

TOTAL

$ 8,291,113.00 41,355.00 219,411.00
$ 8,551,879.00

$ 8,291 ,113.00 41,355.00
219,411.00
$ 8,551,879.00

$ 2,541,090.35

$ 162,558.50

328,698.90

$ 2,541,090.35 328,698.90

$ 8,272.13

135,607.89 740,378.39

135,607.89 740,378.39
8,272.13

101,859.32 774,509.40

101,859.32 774,509.40

2,430.00

68,848.67

71,278.67

31,489.60 50,072.67 318,239.59

31,489.60 50,072.67 318,239.59

501.78 7,042.78

122.04 -173.80 307,487.39 43,655.05 385.00 21,528.96

122.04 -173.80 307,487.39 43,655.05 385.00 21,528.96

$ 170,103.06 $ 3,653,297.88 $ 1,821,203.67 $ 5,474,501.55

$ 170,103.06 $ 12,205,176.88 $ 1,821,203.67 $ 14,026,380.55

- 37-

GAINESVILLE COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30.1996
-38 -

SCHEDULE -10" Page 1

STUDENT ACTMTIES

TOTAL

RESTRICTED RESIDENT
INSTRUCTION

TOTAL

$

1,522.50 $ 7,380,400.03 $ 136,089.91 $ 7,516,489.94

88.81

521,693.02 787,995.33 702,415.50 60,967.00
2,979.00 18,894.00

9,655.72 14,734.36 11,886.61

531,348.74 802,729.69 714,302.11
60,967.00 2,979.00 18,894.00

$

1,611.31 $ 9,475,343.88 $ 172,366.60 $ 9,647,710.48

$

1,743.80 $

69,010.85 $

358.44

6,986.55

56,601.31

520,717.23

3,801.50

266,560.07

362,684.07

32,180.92

72,068.89

19,571.25

7,404.63 $ 12.00
4,040.83
1,097.10

76,415.48 6,998.55 524,758.06 266,560.07 362,684.07 73,165.99 19,571.25

18,516.91 35,068.71

13,625.60 55,649.00 163,772.06 79,456.95

40,873.90 1,514,887.79
16,103.96

54,499.50 1,570,536.79
179,876.02 79,456.95

2,765.75 114.87 836.82

59,338.49 13,849.60 24,422.01
1,197.00 105,100.06

14,448.00 945.00 727.39

73,786.49 13,849.60 25,367.01
1,197.00 105,827.45

14,423.50 12,000.00

161,397.02 27,000.00

25,914.47

187,311.49 27,000.00

29,179.00 316,049.91

22,382.00

29,179.00 338,431.91

$ 178,412.53 $ 2,367,635.61 $ 1,648,837.07 $ 4,016,472.68

$

16,025.06

716.77

19,472.07 7.844.75 5,025.24

50,916.11

$ 100,000.00

$

16,025.06

716.77

19,472.07 7,844.75 5,025.24

50,916.11

$ 100,000.00

-39-

GAINESVILLE COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30,1996

OTHER
SPECIAL FUNDING INITIATIVES Personal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement
Group Insurance
Other Costs Travel Other Expenses Equipment Inventory

RESIDENT INSTRUCTION

LOTIERYFOR EDUCATION

UNRESTRICTED AUXILIARY
ENTERPRISES

$

28,437.00

1,914.65 3,047.66 3,530,69

$

36,930,00

360,00 4,065,00

$ 119,411.00

$

41,355,00 $ 119,411.00

$ 11,467,929,50 $ 219,411.00 $_--:236~,_38_1_1,.5.

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information,
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SCHEDULE -1 rr
Page 2

STUDENT ACTMTIES

TOTAL

RESTRICTED RESIDENT
INSTRUCTION

TOTAL

$

28,437.00

1,914.65 3,047.66 3,530.69

$

36,930.00

360.00 4,065.00

119,411.00

$ 160,766.00

$

28,437.00

1,914.65 3,047.66 3,530.69

$

36,930.00

360.00 4,065.00

119,411.00

$ 160,766.00

$ 180,023.84 $ 12,103,745.49 $ 1,821,203.67 $ 13,924,949.16

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GAINESVILLE COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
PLANT FUNDS YEAR ENDED JUNE 30. 1996
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
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GAINESVILLE COLLEGE RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL
YEAR ENDED JUNE 30, 1996

SCHEDULE "12"

Totals per Annual Supplement

Adjustments

Shared Services on Jointly Staffed Personnel

North Georgia College

Croft,

Robert

Langston, Unda

Sauret, Belinda

Smith, Anita Payne

University of Georgia

Deegan, Jim

SALARIES AND WAGES
$ 7,543,558.19 $

TRAVEL 76,775.48

-3,997.25 -2,159.00 -3,000.00 10,225.00
300.00

Totals per Report

$ 7,544,926.94 $ =======7:i:l6'!::::i77=5=.4:=8

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

$ 7,237,704.23 $
28,437.00 141,173.30
1,522.50
136,089.91

66,790.81 360.00 476.24
1,743.80
7,404.63

$ 7,544,926.94 $ =======7:i:l6'!::::i77=5=.4:=8

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