Audit report, state of Georgia, Board of Regents of the University System of Georgia, Administrative Central Office (Oversight Unit), year ended June 30, 1994

GA 1\800 -Rl
64-3/
\943-C)i
STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA. GEORGIA 30334

AUDIT REPORT STATE OF GEORGIA BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) YEAR ENDED JUNE 30, 1994

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
- TABLE OF CONTENTS -

Page

SECTION I

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ON 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

5

D NOTES TO THE FINANCIAL STATEMENTS

6

SUPPLEMENTARY INFORMATION

E COMBINING BALANCE SHEET

CURRENT FUNDS - UNRESTRICTED

20

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS - UNRESTRICTED

21

COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

G

UNRESTRICTED

22

H

RESTRICTED

23

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

I

"A" RESIDENT INSTRUCTION

24

2

"B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES

26

3

"D" LOTTERY FOR EDUCATION

27

SCHEDULES OF APPROVED BUDGET

4

"A" RESIDENT INSTRUCTION

28

5

"B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES

29

6

"D" LOTTERY FOR EDUCATION

31

SCHEDULES OF BUDGET TRANSFERS TO OTHER UNITS

7

"A" RESIDENT INSTRUCTION

32

8

"B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES

36

9

"D" LOTTERY FOR EDUCATION

38

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE {OVERSIGHT UNIT}
- TABLE OF CONTENTS -

Page

SECTION I

FINANCIAL

SUPPLEMENTARY INFORMATION

SCHEDULES

10 SCHEDULE OF OPERATIONS

ENDOWMENT AND SIMILAR FUNDS

39

11 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

40

12 CASH AND CASH EQUIVALENTS

41

13 INVESTMENTS

42

14 ACCOUNTS RECEIVABLE

44

15 CHANGES IN INVESTMENT IN PLANT

45

16 SCHEDULE OF FUND BALANCES

CURRENTFUNDSANDPLANTFUNDS

46

17 SCHEDULE OF REVENUES

CURRENT FUNDS

48

SCHEDULES OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM

OF GEORGIA

18

"A" RESIDENT INSTRUCTION

50

19

"B" OTHER ORGANIZED ACTMTIES

53

20

"D" LOTTERY FOR EDUCATION

54

SCHEDULES OF EXPENDITURES BY OBJECT

21

CURRENT FUNDS

56

22

PLANT FUNDS

60

23 SCHEDULE OF REGENTS SCHOLARSHIPS

61

24 ANALYSIS OF PRIOR YEAR'S SURPLUS FUNDS COLLECTED FROM INSTITUTIONS

AND REDISTRIBUTED TO INSTITUTIONS WITH DEFICITS

62

25 SUMMARY OF PER DIEM AND FEES

64

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

SECTION I FINANCIAL

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

~.epnrtm.eut nf J\uhits
254 WASHINGTON STREET. S.W. ROOM 214
~thmta, ~.enrgia 30334-8400
September 23, 1994

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

Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia
and Honorable Stephen R. Portch, Chancellor
INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have audited the accompanying financial statements (Exhibits A through D) ofthe Administrative Central Office (Oversight Unit) ofthe Board ofRegents of the University System of Georgia as of and for the year ended June 30, 1994_ These financial statements are the responsibility of the Administrative Central Office'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 opinion.
The financial statements referred to above include only the financial activities of the oversight unit of the Board ofRegents ofthe University System of Georgia. Financial activities of other organizational units (the various State colleges and universities) are not included.
As described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the Administrative Central Office 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 offund balance. The effects on the financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material.

94ARL-52X

As described in Note 1 to the financial statements, the Administrative Central Office did not report the liability
and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles.
In our opinion, except for the effects on the financial statements of the matters discussed in the fourth and fifth paragraphs, the financial statements referred to above present fairly, in all material respects, the financial position of Administrative Central Office (Oversight Unit) of the Board ofRegents of the University System of Georgia as ofJune 30, 1994, 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 supplementary information (Exhibits E through H and Schedules 1 through 25) is presented for purposes of additional analysis and is not a required part of the financial statements of the Administrative Central Office (Oversight Unit) of the Board of Regents of the University System of Georgia. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, except for the effects of the matters discussed in the fourth and fifth paragraphs, such information is fairly presented in all material respects in relation to the financial statements taken as a whole.
Respectfully submitted,
d'--x
Claude L. Vickers State Auditor
CLV:jy 94ARL-52X

FINANCIAL STATEMENTS -I-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINED BALANCE SHEET ALL FUND GROUPS JUNE 30 1 1994

ASSETS
Cash and Cash Equivalents Investments Accounts Receivable Prepaid Items Investment in Plant
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities Accounts Payable Allotments Due to Other Units Deposits Held for Others Capital Lease Obligations
Total Liabilities
Fund Balances Endowment Quasi-Endowment - Restricted Net Investment in Plant Restricted Unrestricted
Total Fund Balances
Total Liabilities and Fund Balances

CURRENT FUNDS UNRESTRICTED RESTRICTED

$ 391,501.26$
41,848,060.00 282.00

46,177.23 40,571.51

$42,239,843.26 $ 86,748.74
============= =============

$ 423,660.85 41,802;160.00
$42,225,820.85
$ 86,748.74 $ 14,022.41
------------- -------------
$ 14,022.41 $ 86,748.74
------------- -------------
$42,239,843.26$ 86,748.74
============= =============

The notes to the financial statements are an integral part of this statement. - 2-

EXHIBIT "A"

ENDOWMENT AND SIMILAR
FUNDS

PLANT FUNDS

UNEXPENDED

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$3,000,000.00$

12,356.60

$34,067,022.26$ 37,517,057.35

42,730,237.92 42,730,237.92

41,888,631.51

282.00

$ 6,477,242.35

6,477,242.35

$3,000,000.00$ 12,356.60$ 6,477,242.35 $76,797,260.18 $128,613,451.13
============= ============= ============= ============= ==============

$ 12,356.60

$ 436,017.45

41,802,160.00

$76,797,260.18 76,797,260.18

$ 208,867.68

208,867.68

$ 12,356.60 $ 208,867.68 $76,797,260.18 $119,244,305.31

$1,500,000.00 1,500,000.00
$
$3,000,000.00$

$ 6,268,374.67 0.00
0.00 $ 6,268,374.67

$ 1,500,000.00 1,500,000.00 6,268,374.67 86,748.74 14,022.41
$ 9,369,145.82

$3,000,000.00$ 12,356.60$ 6,477,242.35 $76,797,260.18 $128,613,451.13
============= ============= ============= ============= ==============

- 3-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINED STATEMENT OF CHANGES IN FUND BALANCES ALL FUND GROUPS YEAR ENDED JUNE 30. 1994

EXHIBIT "B"

CURRENT FUNDS UNRESTRICTED RESTRICTED

ENDOWMENT AND SIMILAR
FUNDS

PLANT FUNDS INVESTMENT
UNEXPENDED IN PLANT

TOTAL (Memorandum
Only)

REVENUES AND OTHER ADDITIONS

Unrestricted Current Fund Revenues $34,707,007.03

State Appropriations - Lottery

Proceeds

Federal Grants and Contracts

$ 300,766.06

State Grants and Contracts

20,000.00

Private Gifts, Grants, and Contracts

Investment Income

Endowment

113,327.47$

Realized Gain on Investments

44.59

Adjustments

Prior Years' Expenditures/Accounts

Payable

3,789.12

Prior Year's Georgia Eminent

Scholars Endol!lllent Trust Fund

Balance

-385,203.37

Prior Year's University System

Promotional Fund to Agency Funds

-3,617.11

Remittance of Uncoomitted R~ents

Scholarships fran Units of the

University System of Georgia

3,829.00

Remittance of Surplus from Units of

the University System of Georgia

Year Expended

fEonrdedPlaJunnteF3a0c1i

1993 lities

1,374,128.67

Current Funds

Plant Funds

Unexpended

Total Revenues and Other

Additions

$36.088.753.82 $ 45,317.64 $

$ 13,000.00
2,098,957.96 2,849.45

$34,707,007.03 13,000.00 300,766.06 20,000.00
2,098,957.96 116,176.92 44.59

3,789.12

385,203.37

0.00 -3,617.11

3,829.00

$1,087,072.97 11.713.20

1,374,128.67 1,087,072.97
11,713.20

388,052.82 $2,111,957.96 $1,098,786.17 $39.732.868.41

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General

Expenditures

$33,584,826.56$ 458,584.32 $

Unrestricted Fund Balance (Surplus)

Returned to Office of Treasury

and Fiscal Services

Year Expended

fEonrdedPlJaunnteF3a0c1il1i9t9ie3s

1,412,755.04

Capitalized

Non-Capitalized

Disposals/Deletions/Adjustments

0.00

$34,043,410.88

$ 11,713.20 2,100,244.76$

98,219.94

1,412,755.04 11,713.20
2,100,244.76 98,219.94

Total Expenditures and Other Deductions
TRANSFERS BETWEEN FUNDS

$34.997.581.60 $ 458,584.32 $_ _ _..o..-.=.o...,o $2,111 1957.96 $ 98,219.94 $37.666.343.82

Mandatory Restricted Appropriations Georgia Eminent Scholars Endowment Trust Fund
Nonmandatory Restrictea Quasi-Endol!lllent Funds Allocated

$-5,250,000.00 4,138,052.82

$ 5,250,000.00 -4.138.052.82

$

0.00

0.00

Total Transfers Between

Funds

$-1.111.947.18

$ 1,111.947 .18

$_ _ _..o.......o...o..

Net Increase/(Decrease) for

the Year

$ -20,774.96 $-413,266.68 $1,500,000.00$

0.00 $1,000,566.23 $ 2,066,524.59

FUND BALANCES JULY 1. 1993

34,797.37 500,015.42 1,500,000.00 _ _ _o...:.o""'o s.267.808.44 7,302,621.23

FUND BALANCES JUNE 30, 1994

$ 14,022.41 $. 86,748.74$ 3,000,000.00 $_...,.......,0...0...0. $6,268,374.67 $ 9,369,145.82

The notes to the financial statements are an integral part of this statement.
- 4-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,
AND OTHER CHANGES YEAR ENDED JUNE 30, 1994

EXHIBIT "C"

UNRESTRICTED RESTRICTED

TOTAL (Memorandum
Only)

REVENUES

State Appropriations Federal Grants and Contracts State Grants and Contracts
Endowment Income Other Sources

$34,015,864.00
$
691,143.03

$34,015,864.00

295,567.92

295,567.92

20,000.00

20,000.00

143,016.40

143,016.40

691,143.03

Total Revenues

$34,707,007.03 $ 458,584.32 $35,165,591.35

EXPENDITURES

Educational and General Public Service
Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships

$14,183,941.00 17,397,991.60$ 283,438.96
1,719,455.00

$14,183,941.00 175,441.54 17,573,433.14
. 283,438.96
283,142.78 2,002,597.78

Total Expenditures

$33,584,826.56 $ 458,584.32 $34,043,410.88

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

Excess of Restricted Receipts over Transfers to Revenues
Transfers for Restricted Appropriations - Georgia Eminent Scholars Endowment Trust Fund
Transfers for Restricted Quasi-Endowment Funds Allocated
Prior Period Adjustments (Net) Remittance of Uncommitted Regents Scholarships
From Units of the University System of Georgia Remittance of Surplus from Units of the
University System of Georgia Year Ended June 30, 1993
Unrestricted Fund Balance (Surplus) Returned to Office of Treasury and Fiscal Services Year Ended June 30, 1993
Total Other Transfers and Additions/(Deductions)

$ -28,063.31 $ -28,063.31

$-5,250,000.00

-5,250,000.00

4,138,052.82 3,789.12

4,138,052.82 -385,203.37 -381,414.25

3,829.00

3,829.00

1,374,128.67

1,374,128.67

-1.412,755.04

-1,412,755.04

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

$-1,142,955.43 $ -413,266.68 $-1,556,222.11
------------- ------------- -------------

ijet Increase/(Decrease) in Fund Balances

$ -20,774.96 $ -413,266.68 $ -434,041.64
============= ============= =============

The notes to the financial statements are an integral part of this statement. - 5-

BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "D"

NOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY The Board ofRegents ofthe University System ofGeorgia, an organizational unit of the State of Georgia, was created by the "Reorganization Act of 1931". As ofJune 30, 1994, the Board ofRegents ofthe University System of Georgia was composed of34 institutions (4 university level, 2 regional university level, 13 fouryear colleges and 15 two-year colleges) and an administrative central office, which is the oversight unit, responsible for implementation ofBoard policies and administrative support. The Board ofRegents, which is composed of fifteen members appointed by the Governor and confirmed by the Senate, has constitutional authority to govern, control, and manage the University System, as reaffirmed in the approval ofthe revised State Constitution in 1982. These powers include the authority for program approval or discontinuance, internal reallocation of the budget, facilities construction, and decisions concerning adding new institutions, upgrading or downgrading the level of an institution, or closure or merger of institutions. The Chancellor is appointed by the Board ofRegents as chief executive officer and serves at the pleasure of the Board.
The Board ofRegents ofthe University System of Georgia does not have authority to determine the amount offunding it will receive from the State of Georgia for any given fiscal year. Such authority is vested in the General Assembly of Georgia. The Board ofRegents also does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, the Board ofRegents of the University System ofGeorgia is included within the State of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational and financial relationships with the State of Georgia. These reporting entity relationships are defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.
The Administrative Central Office of the Board of Regents of the University System of Georgia is the "Oversight Unit" ofthe Board ofRegents and performs administrative functions and provides guidance to the thirty-four (34) State colleges and universities which are organizational units ofthe Board ofRegents of the University System of Georgia.
The accompanying financial statements represent only the financial position and results of operations of the Administrative Central Office of the Board of Regents of the University System of Georgia. The financial
position and results of operations ofother organiz.ational units of the Board ofRegents (various State colleges
and universities) are not included in these financial statements.
FUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the Board of Regents, the accounts of the Administrative Central Office 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.
- 6-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "D"

NOTE l: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES
FUND ACCOUNTING Within each fund group, the Administrative Central Office's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies.
Funds presented in the accompanying financial statements are as follows:
CURRENT FUNDS
UNRESTRICTED - the fund used to account for those economic resources over which the Administrative Central Office retains full control to use for purposes of performing its primary functions.
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.
ENDOWMENT AND SIMILAR FUNDS
The fund used to account for endowment funds and quasi-endowment funds. Endowment funds are subject to the restrictions ofgift instruments requiring that the principal be invested in perpetuity and income only be utilized. While quasi-endowment funds have been established by the Administrative Central Office for the same purposes as endowment funds, any portion of quasi-endowment funds may be expended. Restricted quasi-endowment funds may be expended only for the purposes established by the source of such funds.
PLANT FUNDS
UNEXPENDED - the fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes.
INVESTMENT IN PLANT - the fund which shows the total amounts representing the book value of all physical properties owned by the Administrative Central Office. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the Administrative Central Office less the amount ofany indebtedness to others.
AGENCY FUNDS
The fund used to account for resources held by the Administrative Central Office as custodian or fiscal agent for individuals and organizations.

- 7-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT"D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis ofaccounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants Industry Audit Guide, Audits ofColleges and Universities. The modified accrual basis ofaccounting is defined as that method 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 services which have not been performed and for goods which have not been delivered at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based in part on the unexecuted portion of contracts for goods and services. The recognition of encumbrances of this nature as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording ofencumbrances 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.
Compensated absences represent obligations ofthe Administrative Central Office relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$530,377.55, salary-related fiinge benefits liabilities of approximately $40,573.88, and the related current year expenditure, which was not reasonably determinable, have not been reported in the current funds as required by generally accepted accounting principles.
Prior period adjustments are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with the State budgetary basis of accounting, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements.
To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalfofthe Administrative Central Office. Fixed assets donated to the Administrative Central Office are recorded at fair market value at the date of the gift and disposal are deleted at recorded cost. Depreciation on physical plant and equipment is not recorded.

- 8-

BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING It is the policy ofthe Administrative Central Office to record assets acquired through capital leases as additions to Investment in Plant when received at the total acquisition cost including interest. The liability for such leases at fiscal year-end is recorded in Investment in Plant including interest. This presentation differs from generally accepted accounting principles in that the assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception of the agreement at the net present value of the future minimum lease payments, not to exceed the fair value of the leased property. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements.
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 Appropriation allotments to the Board ofRegents of the University System of Georgia are on the basis of budgets submitted by the Board ofRegents and approved by the Legislature and the Governor. The budgets are compiled in the same manner as all State departments and expenditures are classified by budget unit object classes as provided in Act No. 608 of Georgia Laws 1993 as approved April 28, 1993, and amended by Act No. 622 ofGeorgia Laws 1994 as approved February 8, 1994, which is an appropriated budget and is referred to in these notes as the Amended Appropriations Actof 1993-1994.
This appropriated budget is adopted at the departmental level and covers current funds and plant funds. The
budget allocation and disbursement ofthese funds is made to the various organizational units of the University System of Georgia by the Administrative Central Office.
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of 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 in that the Administrative Central Office may deposit additional cash at any time and also may withdraw cash at any time without prior notice or penalty.
Certain amounts reflected as Investments in the fiscal year 1993 financial statements are reflected as Cash and Cash Equivalents in the accompanying financial statements. These funds are invested in the Board of Regents
cash management pools and the State Investment Pool.
INVESTMENTS Investments are recorded at cost or in the case of gifts at fair market value on the date of the gift. Funds received by the Administrative Central Office 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
- 9-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE {OVERSIGHT UNID NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT"D"

NOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS
resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded.
ACCOUNTS RECEIVABLE Accounts receivable consist of appropriation allotments due from the Office of Treasury and Fiscal Services, and reimbursements due from Federal grants and contracts, and other receivables disclosed from information available.
INVENTORIES No inventories ofsupplies are reported in the current financial statements. Expendable supplies are recorded as expenditures at the time of purchase.
. MEMORANDUM ONLY - TOTAL COLUMNS
The total columns on the financial statements are captioned "Memorandum Only" to indicate that these totals are presented only to facilitate financial analysis. Data in these columns do not present financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of the data.
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State 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 any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(I) Bonds, bills, notes, certificates of indebtedness or other direct obligations ofthe United States or of the State of Georgia.
(2) Bonds, bills, notes, certificates ofindebtedness or other obligations of the counties or municipalities ofthe State of Georgia.
(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose.
(4) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia.

- 10 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (5) Bonds, bills, certificates ofindebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Banlc, the Federal Home Loan Bank, the Federal Intermediate Credit Banlc, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.

(6) Insurance of accounts provided by the Federal Deposit Insurance Corporation.

As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes the Board ofRegents ofthe 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 ofthe University System of Georgia.

COLLATERALIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, the Administrative Central Office's bank balances are categorized below to give an indication of the level of risk assumed by the Administrative Central Office at year-end:

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

Category 2 - Amounts collateralized with securities (at market value) held by the financial institution's trust department or agent in the Administrative Central Office's name.

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

Cash Deposits Investment Portfolio Ai.::counts
Total Deposits

Carrying
.A!!!.2l!!!t

Bank Balances

Risk Categories

2

3

$14,543,471.12 $ 5,708,185.67 $ 115,455.09 $

0.00 $ 5,592,130.58

-295,317.59

0.00

0.00 ---0.00=

0.00

$14.248153.53 S 570818567 S JIS45509 S===ooo= S 5592730.58

CATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the categories described below:

- 11 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT"D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS Category I - Insured or registered, or securities held by the Board or its agent in the Administrative Central Office's name.

Category 2 - Uninsured or unregistered held by the counterparty's trust department or agent in the Administrative Central Office's name.

Category 3 - Uninsured or unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Administrative Central Office's name.

Type ofInvestment Common Stock Convertible Bonds Corponte Bonds Foreign Bonds U. S. Government Securities
Mutual Funds State lnveslment Pool
Total InvCllllmcuts

Risk. Categories

2

3

Carrying ~

Market Value

$

0.00 $ 13,948,202.32 $

124,808.20

3,709,715.95

248,477.50

62.891.724.42

0.00 $ 13,948,202.32 124,808.20
3,709,715.95 248,477.50
62.891,724.42

$ 17,766,506.26 121,130.00
3,550,818.00 238,910.75
61,951,385.11

0.00 S 80 922 928 39 $

000 $ 80,922,928.39 $ 83,628,750.12

9,595,607.00

9,595,607.00

17.018,447.26

17,018,447.26

$107,536,982.65 $ 1JO 242 804 38

Las: InvCllllmcuts Held for Units of the University System of Gegia, Cooperative Organi7Jltions and Other

41,537,840.91
$ 6S 999 141.74

Funds invested in the State Investment Pool managed by another governmental entity are not required to be categorized since the Administrative Central Office did not own any specific, identifiable investment securities of the pool.

NOTE 3: INVESTMENT IN PLANT The following is a summary oflnvestment in Plant fixed assets at June 30, 1994:

- 12 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT} NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT"D"

NOTE 3: INVESTMENT IN PLANT

Land Buildings Eguipment Library Books and Collections
Total Investment in Plant
NOTE 4: CAPITAL LEASES

$ 1,390,700.00 83,794.12
4,971,470.42 31,277.81
$ 6,477,242.35

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

Fiscal Year Ending June 30
1995 1996 1997
Total Future Minimum Lease Payments
NOTE 5: DEFERRED COMPENSATION PLAN

$ 102,523.44 102,523.44 3,820.80
$ 208,867.68

The State of Georgia offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participation in the
plan is optional. Participants choose the option or options in which they wish to participate. The deferred
compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights ofthe State of Georgia subject only to the claims ofthe 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 is presented in the financial report of the State Personnel Board Merit System ofPersonnel Administration for the year ended June 30, 1994.

NOTE6: RETIREMENTPLANS

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

- 13 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT} NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT"D"

NOTE6: RETIREMENTPLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS PLAN DESCRIPTION TRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless ofage, or (3) has attained the
age of55 years and has at least25 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 ofcreditable service up to 40 years. Any member who has between 25 and 30 years ofcreditable 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 7% 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 ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death.
Retirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years of service) and compensation up to the date of death or up to the time of disability.
Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest.
The Administrative Central Office's payroll for employees covered by TRS for the year ended June 30, 1994, was $4,068,014.37; total payroll was $4,671,049.05.
TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe Administrative Central Office who are covered by TRS are required to pay 6% of their gross earnings to TRS. The Administrative Central Office makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1994, the employer contribution rate was 11.81 % for covered employees. In addition, the Administrative Central Office contributed 5.60/c, 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 made during fiscal year 1994 amounted to $748,594.99, of which $504,514.65 was made by the Administrative Central Office and $244,080.34 was made by employees. These contributions represented 12.40% (Administrative Central Office) and 6% (employees) of covered payroll.
TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 of the Governmental Accounting Standards Board (GASB) that, with some exceptions,
- 14 -

BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE {OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "D"

NOTE6: RETIREMENTPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS FUNDING STATUS AND PROGRESS must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salary increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers.

Total unfunded pension benefit obligation of TRS as of June 30, 1993, which was the latest information available, was as follows:

Total pension benefit obligation

$ 13,912,014,000.00

Net assets available for benefits, at cost

12,821,722,000.00

Unfunded pension benefit obligation

$ 1.090,292,000.00

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

Total contributions from all employers to TRS for fiscal year ended June 30, 1994, were $507,582,176.00. The Administrative Central Office's contribution for the year June 30, 1994, of $504,514.65 was actuarial determined and represented .0994% oftotal contributions made by all participating employers.

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

TRS RELATED-PARTY INVESTMENTS During the fiscal year 1994 and as of June 30, 1994, the TRS held no securities issued by the Administrative Central Office or other related parties.

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

- 15 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT"D"

NOTE 6: RETIREMENT PLANS
REGENTS RETIREMENT PLAN
State legislation requires that the employee contribute 6% and the employer contribute 4% ofthe participating employee's earnable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The Administrative Central Office's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1994, was $430,038.64~ total payroll was $4,671,049.05. The Administrative Central Office and the covered employees made the required contributions of $17,201.40 (4%) and $25,802.45 (6%), respectively.
NOTE 7: LEAVE POLICIES
Employees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Basis of Accounting (Compensated Absences)
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 granter agencies are subject to audit and adjustment by granter agencies. This could result in refunds to the granter agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the granter cannot be determined at this time although the Board ofRegents expects such amounts, if any, to be immaterial to its overall financial position.
Litigation, claims and assessments filed against the Board ofRegents of the University System of Georgia or any of its organizational units, if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program ofpurchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1994.
NOTE 9: LIABILITY SELF-INSURANCE FUND
A self-insured program of professional liability insurance 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.
- 16 -

BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT "D"

NOTE 9: LIABILITY SELF-INSURANCE FUND
The program is administered by the Department of Administrative Services as a Self-Insurance Fund. On June 30, 1994, the fund balance of the Liability Self-Insurance Fund was $976,725.54.
NOTE 10: EMPLOYEES' HEALTH BENEFIT SELF-INSURANCE PROGRAM
The Board ofRegents ofthe University System ofGeorgia maintains a self-insured program of health benefits for its employees. This plan is funded jointly through premiums paid by participants covered under the plan and employer contributions paid by the Board of Regents and its organizational units. The Board ofRegents has contracted with Blue Cross - Blue Shield to process all claims in accordance with medical coverage guidelines as established by the Board ofRegents. All claims submitted by program participants are remitted directly to Blue Cross - Blue Shield from the various organizational units for verification of coverage, processing and payment through a bank account maintained for this purpose by Blue Cross - Blue Shield. Blue Cross - Blue Shield maintains an eligibility file based on infonnation furnished by the various organizational units of the University System of Georgia. On June 30, 1994, this program had a cash balance of $33,350,821.33 which is included in Agency Funds. The amount of claims incurred but not reported on June 30, 1994 was not available..
NOTE 11: STATE MEDICAL EDUCATION BOARD
The State Medical Education Board, which is administratively attached to the Administrative Central Office oftheBoard ofRegents ofthe University System of Georgia, provides service cancelable loans/scholarships to eligible student who are residents of the State of Georgia and pursuing a degree in medicine. After becoming licensed physicians, recipients earn service credits by practicing their profession in a State Medical Education Board approved community. Recipients in violation of the loan/scholarship agreement, are immediately liable for all funds advanced plus interest at the minimum rate of 12 percent per annum. At June 30, 1994, the balance ofloans/scholarships outstanding was $3,361,290.87. This balance is not reflected in these financial statements.
The State Medical Education Board also administers the "Physicians for Rural Areas Assistance Program". Under this program, the Board provides service cancelable loans to physicians licensed to practice in the State of Georgia. Service credits are earned by physicians practicing in underserved rural areas of Georgia. Recipients in violation ofthe loan agreement are immediately liable for twice the uncredited loan amount. At June 30, 1994, the balance of loans outstanding was $183,022.63. This balance is not reflected in these financial statements.
NOTE 12: SIGNIFICANT TRANSACTIONS
ATLANTA COMMITTEE FOR THE OLYMPIC GAMES (ACOG) CONSTRUCTION FUND
The Board ofRegents ofthe University System ofGeorgia has entered into an agreement with ACOG to share in the cost ofconstruction of six dormitories on the campus of Georgia Institute of Technology. Title to the
- 17 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1994

EXHIBIT"D"

NOTE 12: SIGNIFICANT TRANSACTIONS
ATLANTA COMMI'ITEE FOR THE OLYMPIC GAMES (ACOG) CONSTRUCTION FUND donnitories will vest in the Board ofRegents with ACOG retaining right ofuse for athletic housing during the Olympic games of 1996. Cost ofthe six dormitory projects, estimated at $167,700,000.00, will be shared on a basis of$47,000,000.00 from ACOG and $120,700,000.00 from State funding. State funding will be from the sale of general obligation bonds through the Georgia State Financing and Investment Commission (GSFIC). Construction contracting and construction management will also be coordinated by GSFIC. Contract documents require ACOG to transfer their portion of the construction cost representing $47,000,000.00, to the Board of Regents. GSFIC will request transfer of these funds from the Board of Regents as needed for payment of construction costs. At June 30, 1994, the Board of Regents had $43,089,273.22 on deposit in Agency Funds to be used for funding of ACOG's share of construction costs associated with this project.
NOTE 13: BONDING INFORMATION
The Chancellor and all employees ofBoard ofRegents of the University System of Georgia are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-00110723, on which the premium has been paid to October 1, 1994. Under this agreement, the public employee dishonesty coverage insures the Board of Regents of the University System of Georgia to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the Board of Regents to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment.
All employees ofBoard ofRegents ofthe University System of Georgia are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626 011675 2, on which the premium has been paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the Board of Regents to a maximum of $4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

- 18 -

SUPPLEMENTARY INFORMATION - 19 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED JUNE 30 1 1994

EXHIBIT "E"

ASSETS
Cash and Cash Equivalents Accounts Receivable Prepaid Items

"A" RESIDENT INSTRUCTION

"B" REGENTS CENTRAL
OFFICE AND OTHER ORGANIZED
ACTIVITIES

"0" LOTTERY FOR
EDUCATION

TOTAL

$ 179,748.92$ 211,752.34 $ 36,054,060.00 5,794,000.00
282.00

0.00 $ 391,501.26 41,848,060.00 282.00

Total Assets

$36,233,808.92 $ 6,006,034.34 $

0.00 $42,239,843.26

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

LIABILITIES AND FUND BALANCES

Lhbi 1ities Accounts Payable Allotments Due to Other Units

$ 220,583.64$ 203,077.21 36,008,160.00 5,794,000.00

Total Liabilities
Fund Balances Unrestricted

$36,228,743.64 $ 5,997,077.21

5,065.28

8,957.13 $

$ 423,660.85 41,802,160.00

$42,225,820.85

0.00

14,022.41

Total Liabilities and Fund Balances

$36,233,808.92 $ 6,006,034.34 $

0.00 $42,239,843.26

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

See notes to the financial statements.

- 20 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINING STATEMENT OF CHANGES IN FUND BALANCES CURRENT FUNDS - UNRESTRICTED
YEAR ENDED JUNE 30, 1994

EXHIBIT "F"

"A" RESIDENT INSTRUCTION

"B" REGENTS CENTRAL
OFFICE AND OTHER ORGANIZED
ACTIVITIES

"D" LOTTERY FOR EDUCATION

TOTAL

REVENUES AND OTHER ADDITIONS

Unrestricted Current Fund Revenues
Adjustments Prior Years' Expenditures/Accounts Payable
Remittance of Uncommitted Regents
Scholarships from Units of the University System of Georgia Remittance of Surplus from Units of the University System of Georgia
Year Ended June 30, 1993

$10,604,683.69 $ 21,523,029.34 $ 2,579,294.00 $34,707,007.03

885.50

2,903.62

3,789.12

3,829.00

3,829.00

590,572.53

783,556.14

1,374,128.67

Total Revenues and Other Additions

$11,196,141.72 $ 22,313,318.10$ 2,579,294.00 $36,088,753.82

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General Expenditures Unrestricted Fund Balance (Surplus)
Returned to Office of Treasury and Fiscal Services
Year Ended June 30, 1993

$ 9,488,556.73 $ 21,516,975.83 $ 2,579,294.00 $33,584,826.56

602,355.01

810,400.03

1,412,755.04

Total Expenditures and Other Deductions

$10,090,911.74 $ 22,327,375.86$ 2,579,294.00 $34,997,581.60

TRANSFERS BETWEEN FUNDS

Mandatory

Restricted Appropriations - Georgia

Eminent Scholars Endowment Trust Fund $-5,250,000.00

Nonmandatory

Restricted Quasi-Endowment Funds

Allocated

4,138,052.82

$-5,250,000.00 4,138,052.82

Total Transfers Between Funds $-1,111,947.18

$-1,111,947.18

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

$ -6,717.20 $ -14,057.76 $

0.00 $ -20,774.96

11,782.48

23,014.89

0.00

34,797.37

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

FUND BALANCES JUNE 30, 1994
---------------------------

$ 5,065.28 $

8,957.13 $

0.00 $ 14,022.41

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

See notes to the financial statements.

- 21 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA
ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,
AND OTHER CHANGES UNRESTRICTED
YEAR ENDED JUNE 30, 1994

EXHIBIT "G"

"A"
RESIDENT INSTRUCTION

"8"
REGENTS CENTRAL OFFICE AND
OTHER ORGANIZED ACTIVITIES

"D"
LOTTERY FOR EDUCATION

TOTAL

REVENUES

State Appropriations Other Sources

$10,274,391.00$ 21,162,179.00$ 2,579,294.00 $34,015,864.00

330,292.69

360,850.34

691,143.03

Total Revenues

$10,604,683.69 $ 21,523,029.34 $ 2,579,294.00 $34,707,007.03

EXPENDITURES

Educational and General Public Service Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships

$ 14,183,941.00

$14,183,941.00

$ 9,488,556.73 5,330,140.87 $ 2,579,294.00 17,397,991.60

283,438.96

283,438.96

1,719,455.00

1,719,455.00

Total Expenditures

$ 9,488,556.73 $ 21,516,975.83 $ 2,579,294.00 $33,584,826.56

OTHER TRANSFERS ANO AOOITIONS/(OEDUCTIONS)

Transfers for Restricted Appropriations -

Georgia Eminent Scholars Endowment

Trust Fund

$-5,250,000.00

Transfers for Restricted Quasi-Endowment

Funds Allocated

4,138,052.82

Prior Period Adjustments (Net)

885.50 $

Remittance of Uncommitted Regents

Scholarships from Units of the

University System of Georgia

Remittance of Surplus from Units of the

University System of Georgia

Year Ended June 30, 1993

590,572.53

Unrestricted Fund Balance (Surplus)

Returned to Office of Treasury and

Fiscal Services

Year Ended June 30, 1993

-602,355.01

2,903.62 3,829.00 783,556.14
-810,400.03

$-5,250,000.00 4,138,052.82 3,789.12 3,829.00
1,374,128.67
-1,412,755.04

Total Other Transfers and Additions/(Deductions)

$-1,122,844.16 $ -20,111.27

$-1,142,955.43

Net Increase/(Decrease) in Fund

Balances

$ -6,717.20 $ -14,057.76 $

0.00 $ -20,774.96

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

See notes to the financial statements.

- 22 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES RESTRICTED
YEAR ENDED JUNE 30. 1994

EXHIBIT "H"

"A" RESIDENT INSTRUCTION

"8"
REGENTS CENTRAL OFFICE AND
OTHER ORGANIZED ACTIVITIES

TOTAL

REVENUES

Federal Grants and Contracts State Grants and Contracts Endowment Income
Total Revenues
EXPENDITURES

$ 110,643.28 $

184,924.64 $ 295,567.92

20,000.00

20,000.00

143,016.40 143,016.40

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

$ 110,643.28 $ 347,941.04 $ 458,584.32
------------- --------------- -------------

Educational and General Institutional Support Scholarships and Fellowships
Total Expenditures
OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

$ 110,643.28 $

64,798.26 $ 175,441.54

283,142.78

283,142.78

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

$ 110,643.28 $ 347,941.04 $ 458,584.32
------------- --------------- -------------

Excess of Restricted Receipts over Transfers to Revenues
Prior Period Adjustments (Net)

$

-28,063.31 $ -28,063.31

-385,203.37 -385,203.37

Total Other Transfers and Additions/(Deductions)

$ -413,266.68 $ -413,266.68

Net Increase/(Oecrease) in Fund Balances

$

0.00 $ -413,266.68 $ -413,266.68

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

See notes to the financial statements.

- 23 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET "A" RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 1994

REVENUES
State Appropriation Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED
$10,274,391.00 330,292.69$ 110,643.28'

$10,604,683.69 $ 110,643.28

EXPENDITURES
Personal Services: Education, General and Departmental Services Sponsored Operations
Operating Expenses: Education, General and Departmental Services Sponsored Operations
Capital Outlay Special Funding Initiative Research Consortium

$1,664,833.53
$
3,685,670.38

59,292.76 51,350.52

4,138,052.82

$ 9,488,556.73 $ 110,643.28

Excess of Revenues over Expenditures
(1) To eliminate Atlanta Committee for the Olympic Games revenues and expenditures not budgeted and to reclassify balance of current year transfers of restricted appropriations to Georgia Eminent Scholars Endowment Trust Fund.

$1,116,126.96 $

0.00

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

See notes to the financial statements.

- 24 -

SCHEDULE "l"

PLANT FUNDS UNEXPENDED

TOTAL

ADJUSTMENTS

TOTAL

(1)

(Budget Basis)

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)

$10,274,391.00

$10,274,391.00 $10,274,391.00$

0.00

$2,098,957.96 2,539,893.93 $-2,098,957.96

440,935.97 2,182,115.00 -1,741,179.03

$2,098,957.96 $12,814,284.93 $-2,098,957.96 $10,715,326.97 $12,456,506.00 $-1,741,179.03

$1,664,833.53 59,292.76

$ 1,664,833.53 $1,730,619.00$

59,292.76

57,772.00

65,785.47 -1,520.76

$2,098,957.96

3,685,670.38 51,350.52
2,098,957.96 $-2,098,957.96 0.00
4,138,052.82 1,111,947.18

3,685,670.38 51,350.52 0.00 0.00
5,250,000.00

5,327,339.00 65,200.00 0.00 25,576.00
5,250,000.00

1,641,668.62 13,849.48 0.00 25,576.00 0.00

$2,098,957.96 $11,698,157.97 $ -987,010.78 $10,711,147.19 $12,456,506.00$ 1,745,358.81

$

0.00 $1,116,126.96 $-1,111,947.18 $

4,179.78

$

4,179.78

- 25 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES
YEAR ENDED JUNE 30. 1994

SCHEDULE "2"

REVENUES
State Appropriation Other Revenues Retained

CURRENT FUNDS ---------------------------- TOTAL UNRESTRICTED RESTRICTED (Budget Basis)

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)

$21,162,179.00

$ 21,162,179.00 $21,162,179.00 $

0.00

360,850.34 $ 347,941.04

708,791.38 609,130.00

99,661.38

EXPENDITURES

$21,523,029.34$ 347,941.04$ 21,870,970.38 $21,771,309.00$ 99,661.38
------------- ------------- -------------- ============= -------------

Personal Services:

Education, General and Departmental

Services

$ 4,082,259.79

$ 4,082,259.79 $4,089,773.00$ 7,513.21

Operating Expenses:

Education, General and Departmental

Services

1,273,880.99

1,273,880.99 1,278,647.00

4,766.01

Sponsored Operations

$ 143,016.40

143,016.40

0.00 -143,016.40

SREB Pa)'lllents

5,671,500.00

5,671,500.00 5,674,550.00

3,050.00

Medical Scholarships

1,176,894.05 204,924.64 1,381,818.69 1,415,898.00

34,079.31

Regents Opportunity Grants

600,000.00

600,000.00 600,000.00

0.00

Regents Scholarships

200,000.00

200,000.00 200,000.00

0.00

Rental Pa)'lllents to Georgia Military College

870,370.00

870,370.00 870,370.00

0.00

Direct Pa)'lllents to the Georgia Public

TelecC11111Unications Comnission for Operations 7,642,071.00

7,642,071.00 7,642,071.00

0.00

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

$21,516,975.83 $ 347,941.04$ 21,864,916.87 $21,771,309.00$ -93,607.87
------------- ------------- -------------- ============ -------------

Excess of Revenues over Expenditures

$ 6,053.51 $

0.00 $

6,053.51

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

$ 6,053.51

See notes to the financial statements.

- 26 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET "0" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1994

SCHEDULE "3"

REVENUES State Appropriation

CI.RRENT FUNDS PLANT FUNDS
------------- ------------- TOTAL
UNRESTRICTED UNEXPENDED (Budget Basis)
------------ ---------- --------------

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)
-------------

$2,579,294.00$ 13,000.00$ 2,592,294.00 $2,592,294.00$

0.00

EXPENDITURES

Equipment, Technology and Construction Trust Fund
Capital Outlay - GPTV Distant Leaming - Satellite Dishes Educational Equipment Equipment - GMC

$ 119,782.00

$ 119,782.00$ 119,782.00 $

0.00

2,021,512.00

2,021,512.00 2,021,512.00

0.00

$ 13,000.00

13,000.00 13,000.00

0.00

200,000.00

200,000.00 200,000.00

0.00

238,000.00

238,000.00 238,000.00

0.00

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

$ 2,579,294.00 $ 13,000.00 $ 2,592,294.00$ 2,592,294.00$

0.00

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

Excess of Revenues over Expenditures

$

0.00 $

0.00 $

0.00

$

0.00

=========

See notes to the financial statements.

- 27 -

IIYIRD CF REGENTS CF TI IJHVERSITY SYSTEM CF GEffiGIA A!J,IINISlRATIVE CENlRAL CFFICE (OVERSieiT !..NIT) S01l.lE CF APPROVED BlOCT "A" RESIDENT INSTRLCTIOO YEAR ENDED JIM 30. 1994

SOll.lE "4"

REVEM.ES
State AR>iwriatia, Other Reven.es Retained

ffiIGINAL

MNDEO

BlOCT

APPRCFRIATIOO APPRCFRIATIOO AlllUSlJ.ENTS

TOTAL APPROVED BlOCT

LESS:
BlOCT TRANSFERS TO 0TIR !..NITS

TOTAL

$ 887,315,893.00 $ 1,047,200.00

$ 888,363,093.00 $ 878,088,702.00 $10,274,391.00

584,901,272.00 -1,075,200.00 $278,848,781.00 862,674,853.00 860,492,738.00 2,182,115.00

$1,472,217,165.00$ -28,000.00 $278,848,781.00 $1,751,037,946.00 $1,738,581,440.00 $12,456,506.00

EXPEN>Ill.RES
Persaial Services: Ecu:atia,, General and Departnertal Services Spa,sored ~ratia,s
~rating Expenses: Ecu:atia,, General and Departnertal Services Spa,sored ~ratia,s
Capital Mlay Special Flllding Initiatiw Office of Mirority Business Ente11>rise Special Desegregatia, PrcgrilllS Forestry Research Research Caisorti un

$ gn ,858,soo.oo
120,000,000.00

$ 19,809,120.00 $ 997,667,620.00$ 995,937,001.00 $ 1,730,619.00
46,624,634.00 166;624,634.00 166,566,862.00 'Sl,m.oo

215,546,044.00$ 192,000.00 140,000,000.00
300,000.00 9,458,094.00 -250,000.00
306,138.00 30,000.00 334,702.00 313,687.00 8,100,000.00

67,141,103.00 59,297,578.00 85,976,346.00

282,879,147.00 199,297,578.00 86,276,346.00
9,200,094.00 336,138.00 334,702.00 313,687.00
8,100,000.00

m ,ssl,808.oo
199,232,378.00 86,276,346.00 9,182,518.00
336,138.00 334,702.00 313,687.00 2,850,000.00

5,327,339.00 65,200.00 0.00 25,'Sl6.00 0.00 0.00 0.00
5,250,000.00

$1,472,217,165.00 $ -28,000.00 $278,848,781.00 $1,751,037,946.00 $1,738,581,440.00 $12,456,506.00

See rotes to the financial statste,ts.

- 28 -

~ CF REGENTS CF TI LtHVERSITY SYSTEM CF GEOOGIA AIJ,l!N!SlRATIVE CENmAL ITT!CE (OVERS!(ifl" lllIT) SClCUE CF APPROVED Bl.OE
''B" REGENTS CENTRAL ITTICE AAD OT1R OOOOHZED ACTIVITIES YEAR ENDED Jl.tlE 30. 1994

SClCUE "5"

REVE~S
State Aw~riatia, Other Rewn.es Retained

ffiIGINAI.

MNOCO

BL03ET

APPROPRIATIOO APPROPRIATIOO AO.JUSMNTS

TOTAL APPROVED Bl.OE

LESS: BL03ET TRANSFERS TO OTlR lllITS

TOTAL

$144,307,224.00 $ 2,201,482.00 $ 166,732.00 $146,675,438.00 $ 125,513,259.00 $21,162,179.00

366,706,912.00

26,043,256.00 392,750,168.00 392,141,038.00 609,130.00

$511,014,136.00$ 2,201,482.00 $26,209,988.00 $539,425,606.00$ 517,654,297.00 $21,nl,309.00

EXPENOITlRES

Perscnal Services: Ed.catia,, General and Departne,tal Services Sponsored ~ratiais
~ratini Expenses: Ecicatia,, General and Deparbrental Services Spa,sored ~ratiais
Capital Mlay Agricultural Research Advanced Tectrology Devel q:ne,t r.enter Capitatia, Cootracts for Fanily Practice
Residency Residency Capitatia, Grants Sttmrt Preceptorships Mercer Medical Sclrol Grant fibrerouse Sclrol of Medicine Grant Ce,ter for Rehabilitatia, Tectrology SREB Pa}flErlts Medical Sci"Dlarships Regents ~rtu,ity Grants Regents Sci"Dlarships Rental Pa}flErlts to Georgia Military College
an Inc. Cootract at Georgia Tech Research
Institute
Direct Pa)fl'B'lts to tte Georgia Public
Telecamu,icatia,s Cannissioo for ~ratia,s

$240,503,812.00 68,545,719.00

$ 428,852.00 $240,932,664.00$ 7,827,034.00 76,372,753.00

123,253,873.00$ 42,869,254.00
50,000.00 1,906,476.00 1,550,621.00

67,000.00 250,000.00

9,294,745.00 4,783,066.00
415,448.00 25,000.00 2,635,070.00

132,615,618.00 47,652,320.00
715,448.00 1,931,476.00 4,185,691.00

2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00 2,154,439.00 4,274,550.00 1,124,488.00
600,000.00 200,000.00 870,370.00

-288,504.00 288,504.00
1,400,000.00

288,504.00 -288,504.00
342,631.00 291,410.00

2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00 2,497,070.00 5,674,550.00 1,415,898.00
600,000.00 200,000.00 870,370.00

206,780.00

206,780.00

6,990,857.00 484,482.00 166,732.00 7,642,071.00

236,842,891.00 $ 4,009,773.00

76,372,753.00

0.00

131,336,971.00 47,652,320.00
715,448.00 1,931,476.00 4,185,691.00

1,278,647.00 0.00 0.00 0.00 0.00

2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00 2,497,070.00

0.00 0.00 0.00 0.00 0.00 0.00 5,674,550.00 1,415,898.00 600,000.00 200,000.00 870,370.00

206,780.00

0.00

7,642,071.00

See rotes to tt-e financial stateTEnts.

$511,014,136.00 $ 2,201,482.00 $26,209,988.00 $539,425,606.00 $ 517,654,297.00 $21,nl,309.00 - 29 -

3o

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF APPROVED BUDGET "D" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1994

SCHEDULE 611 11

REVENUES State Appropriation

ORIGINAL

AMENDED

APPROPRIATION APPROPRIATION

TOTAL APPROVED BUDGET

LESS: BUDGET TRANSFERS TO OTHER UN ITS

TOTAL

$20,121,512.00$ 2,678,000.00 $22,799,512.00$ 20,207,218.00$ 2,592,294.00
========= ========= ======= ========= ========

EXPENDITURES
Equipment, Technology and Construction Trust Fund
Capital Outlay - GPTV Distant Learning - Satellite Dishes Equipment - Vocational Instruction Canputer Labs - Vocational Instruction Educational Equipment Equipment - GMC

$17,700,000.00

$17,700,000.00$

2,021,512.00

2,021,512.00

400,000.00

400,000.00

$ 2,000,000.00 2,000,000.00

240,000.00 240,000.00

200,000.00 200,000.00

238,000.00 238,000.00

17,580,218.00$ 119,782.00

2,021,512.00

387,000.00

13,000.00

2,000,000.00

0.00

240,000.00

0.00

200,000.00

238,000.00

$20,121,512.00$ 2,678,000.00 $22,799,512.00$ 20,207,218.00$ 2,592,294.00
========== ===-=--====== ======== =========--~= =========

See notes to the financial statements.

- 31 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF BUDGET TRANSFERS TO OTHER UNITS
"A" RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 1994

UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA

PERSONAL SERVICES

EDUCATION, GENERAL AND DEPARTMENTAL
SERVICES

SPONSORED OPERATIONS

APPROVED BUDGET

OPERATING EXPENSES

EDUCATION,
GENERAL AND DEPARTMENTAL
SERVICES

SPONSORED OPERATIONS

UNIVERSITIES

Georgia Institute of Technology Special Funding Initiative Research Consortium
Georgia State University Special Funding Initiative Research Consortium
Medical College of Georgia Special Desegregation Programs Research Consortium
University of Georgia Special Funding Initiative Office of Minority Business Enterprise Forestry Research Research Consortium
REGIONAL UNIVERSITIES

$123,862,215.00$ 39,446,532.00$ 38,987,826.00$ 38,035,802.00 119,856,388.00 15,000,000.00 35,648,186.00 13,750,000.00 68,398,546.00 39,465,024.00 18,109,905.00 14,881,942.00 235,988,640.00 48,000,000.00 69,549,802.00 43,100,000.00

Georgia Southern University Special Funding Initiative Research Consortium
Valdosta State University Special Funding Initiative Research Consortium
FOUR-YEAR COLLEGES

56,030,774.00 2,394,988.00 16,146,169.00 7,605,490.00

31,554,596.00

524,201.00 7,425,066.00 4,570,804.00

Albany State College
Special Funding Initiative
Armstrong State College Special Funding Initiative
Augusta College Special Funding Initiative
Clayton State College
Special Funding Initiative Columbus College
Special Funding Initiative Fort Valley State College
Special Funding Initiative Georgi a College
Special Funding Initiative
Georgia Southwestern College
Special Funding Initiative
Kennesaw State College
Special Funding Initiative North Georgia College
Special Funding Initiative Savannah State College
Southern College of Technology
West Georgia College Special Funding Initiative

14,486,435.00 17,083,772.00 18,567,570.00 14,236,957.00 19,467,631.00 13,932,049.00 19,945,762.00 10,468,600.00 36,310,903.00 12,573,786.00 14,855,616.00 16,713,801.00 29,197,481.00

2,370,186.00 486,001.00 651,702.00
1,246,687.00 1,034,981.00 5,065,742.00
352,765.00 959,255.00 834,986.00 303,981.00 1,419,184.00 895,140.00 491,321.00

3,245,283.00 4,834,474.00 3,869,010.00 3,743,865.00 4,427,600.00 3,361,658.00 5,252,946.00 3,509,972.00 9,736,848.00 2,260,731.00 2,897,158.00 4,650,590.00 6,305,257.00

5,426,314.00 3,152,486.00 3,211,114.00 2,115,296.00 4,383,605.00 10,387,730.00 2,906,531.00 2,657,681.00 3,955,001.00 1,728,135.00 5,407,911.00 1,730,135.00 4,008,679.00

- 32 -

SCHEDULE "7" Page 1

CAPITAL OUTLAY

OTHER

TOTAL

STATE FUNDS

FUNDING PROVIDED OTHER REVENUES RETAINED

TOTAL

$ 11,871,600.00 $
6,405,603.00
7,648,902.00
45,824,864.00

$ 1,282,587.00 1,212,650.00
365,728.00 343,000.00
334,702.00 66,000.00
1,187,509.00

252,203,975.00 $100,100,775.00 $152,103,200.00$

1,282,587.00 1,282,587.00

1,212,650.00 1,212,650.00

190,660,177.00 106,456,771.00 84,203,406.00

365,728.00

365,728.00

343,000.00

343,000.00

148,504,319.00 71,991,537.00 76,512,782.00

334,702.00

334,702.00

66,000.00

66,000.00

442,463,306.00 213,492,933.00 228,970,373.00

1,187,509.00 1,187,509.00

252,203,975.00 1,282,587.00
1,212,650.00 190,660,177.00
365,728.00 343,000.00 148,504,319.00 334,702.00
66,000.00 442,463,306.00
1,187,509.00

336,138.00 313,687.00
1,028,250.00

336,138.00 313,687.00 1,028,250.00

336,138.00 313,687.00
1,028,250.00

336,138.00 313,687.00 1,028,250.00

3,206,364.00 661,850.00

2,275,978.00 104,960.00
1,240,000.00 95,140.00

85,383,785.00 2,275,978.00 104,960.00
44,736,517.00 1,240,000.00
95,140.00

46,230,303.00 2,275,978.00 104,960.00 24,601,774.00 1,240,000.00 95,140.00

39,153,482.00 20,134,743.00

85,383,785.00
2,275,978.00 104,960.00
44,736,517.00 1,240,000.00 95,140.00

33,400.00 764,310.00 114,000.00 429,703.00 392,287.00 1,313,377.00 305,739.00 290,108.00 699,100.00 1,744,957.00 479,714.00 675,637.00 509,583.00

132,604.00 294,520.00 148,231.00 120,955.00 160,955.00 400,000.00 246,993.00 40,000.00 80,000.00 83,081.00
171,992.00

25,561,618.00
132,604.00
26,321,043.00
294,520.00 26,413,396.00
148,231.00 21,772,508.00
120,955.00 29,706,104.00
160,955.00 34,060,556.00
400,000.00 28,763,743.00
246,993.00 17,885,616.00
40,000.00 51,536,838.00
80,000.00 18,611,590.00
83,081.00
25,059,583.00
24,665,303.00 40,512,321.00
171,992.00

12,264,073.00
132,604.00
13,650,014.00
294,520.00 14,575,340.00
148,231.00 10,719,883.00
120,955.00 15,681,584.00
160,955.00 12,622,493.00
400,000.00 16,911,408.00
246,993.00 9,061,347.00
40,000.00 27,031,149.00
80,000.00 10,182,831.00
83,081.00 12,277,209.00
15,216,411.00 24,242,452.00
171,992.00

13,297,545.00 12,671,029.00 11,838,056.00 11,052,625.00 14,024,520.00 21,438,063.00 11,852,335.00
8,824,269.00 24,505,689.00 8,428,759.00 12,782,374.00 9,448,892.00 16,269,869.00

25,561,618.00
132,604.00
26,321,043.00
294,520.00 26,413,396.00
148,231.00 21,772,508.00
120,955.00 29,706,104.00
160,955.00 34,060,556.00
400,000.00 28,763,743.00
246,993.00 17,885,616.00
40,000.00 51,536,838.00
80,000.00 18,611,590.00
83,081.00 25,059,583.00
24,665,303.00 40,512,321.00
171,992.00

- 33 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF BUDGET TRANSFERS TO OTHER UNITS "A" RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 1994

APPROVED BUDGET

UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA
-----------------------------------------

PERSONAL SERVICES

-----------------------------EDUCATION,

GENERAL AND

DEPARTMENTAL SPONSORED

SERVICES

OPERATIONS

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

OPERATING EXPENSES

-----------------------------EDUCATION,

GENERAL ANO

DEPARTMENTAL SPONSORED

SERVICES

OPERATIONS

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

TWO~YEAR COLLEGES
-----------------

Abraham Baldwin Agricultural College Special Funding Initiative
Atlanta Metropolitan College Bainbridge College Brunswick College
Special Funding Initiative Oa lton Co11 ege Dart on College
Special Funding Initiative OeKa1b Co11 ege
Special Funding Initiative East Georgia College Floyd College
Special Funding Initiative Gainesville College Gordon College
Special Funding Initiative Macon College
Speci a1 Funding Initiative Middle Georgia College
Special Funding Initiative South Georgia College
Special Funding Initiative Waycross College

$ 10,017,009.00$ 702,013.00$ 1,789,032.00 $ 2,440,857.00

5,067,735.00 3,231,142.00
5,121,031.00

707,319.00 654,133.00
839,763.00

2,112,542.00 723,689.00
1,577,385.00

2,050,731.00 1,276,758.00
1,366,193.00

6,838,956.00 7,570,708.00

1,124,224.00 185,964.00

1,480,493.00 2,350,375.00

2,101,031.00 1,795,658.00

36,183,406.00

56,100.00 10,963,505.00 3,859,460.00

2,118,582.00 7,109,561.00

434,087.00

542,588.00 1,704,590.00

469,301.00 1,791,706.00

8,491,691.00 5,506,205.00

136,108.00 1,627,037.00 1,272,198.00

1,545,922.00

945,962.00

11,155,139.00

357,217.00 2,739,948.00 2,616,500.00

6,980,270.00

262,920.00 1,596,823.00 1,942,846.00

4,640,656.00

164,338.00 2,064,927.00 1,432,460.00

2,373,388.00

770,606.00

856,061.00

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

$995,937,001.00 $166,566,862.00 $277,551,808.00 $199,232,378.00
============== ============== ============== ==============

See notes to the financial statements.

- 34 -

SCHEDULE "7" Page 2

CAPITAL OUTLAY

OTHER

TOTAL

STATE FUNDS

FUND I NG PROV IDEO OTHER REVENUES RETAINED

TOTAL

$ 140,436.00

$ 15,089,347.00$ 8,569,019.00 $ 6,520,328.00 $ 15,089,347.00

$ 40,000.00

40,000.00

40,000.00

40,000.00

14,000.00

9,952,327.00 4,859,149.00 5,093,178.00

9,952,327.00

34,000.00

5,919,722.00 2,840,779.00 3,078,943.00

5,919,722.00

35,223.00

8,939,595.00 4,678,766.00 4,260,829.00

8,939,595.00

148,220.00

148,220.00

148,220.00

148,220.00

22,700.00

11,567,404.00 5,346,045.00 6,221,359.00

11,567,404.00

282,734.00

12,185,439.00 6,797,689.00 5,387,750.00

12,185,439.00

43,163.00

43,163.00

43,163.00

43,163.00

234,021.00

51,296,492.00 31,580,482.00 19,716,010.00

51,296,492.00

40,000.00

40,000.00

40,000.00

-40, 000. 00

5,050.00

3,135,521.00 1,857,017.00 1,278,504.00

3,135,521.00

376,648.00

11,416,592.00 5,968,523.00 5,448,069.00

11,416,592.00

40,000.00

40,000.00

40,000.00

40,000.00

483,703.00

12,010,737.00 7,052,381.00 4,958,356.00

12,010,737.00

91,648.00

8,089,737.00 4,815,236.00 3,274,501.00

8,089,737.00

121,053.00.

121,053.00

121,053.00

121,053.00

558,023.00

17,426,827.00 9,633,451.00 7,793,376.00

17,426,827.00

258,997.00

258,997.00

258,997.00

258,997.00

502,427.00

11,285,286.00 6,944,440.00 4,340,846.00

11,285,286.00

40,955.00

40,955.00

40,955.00

40,955.00

55,000.00

8,357,381.00 4,480,821.00 3,876,560.00

8,357,381.00

218,997.00

218,997.00

218,997.00

218,997.00

69,635.00

4,069,690.00 2,337,572.00 1,732,118.00

4,069,690.00

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

$86,276,346.00$ 13,017,045.00 $1,738,581,440.00 $878,088,702.00 $860,492,738.00 $1,738,581,440.00
============== ============== ================ ============== ============== ================

- 35 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF BUDGET TRANSFERS TO OTHER UNITS
"B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30. 1994

PERSONAL SERVICES

UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA

EDUCATION, GENERAL AND DEPARTMENTAL
SERVICES

SPONSORED OPERATIONS

APPROVED BUDGET

OPERATING EXPENSES

EDUCATION, GENERAL AND DEPARTMENTAL
SERVICES

SPONSORED OPERATIONS

UNIVERSITIES

Georgia Institute of Technology
Education Extension Services Advanced Technology Development
Center Georgia Tech Research Institute
Agricultural Research Center Yor Rehabilitation
Technology CRT Inc. Contract at Georgia Tech
Research Institute

$ 3,137,877.00$ 412,000.00$ 4,942,833.00$ 488,000.00 23,702,773.00 52,000,000.00 18,715,388.00 28,100,000.00

Medical College of Georgia Medical College of Georgia Hospital and Clinics Joint Board of Family Practice Capitation Contracts for Family Practice Residency Residency Capitation Grants Student Preceptorships Mercer Medical School Grant Morehouse School of Medicine Grant Georgia Radiation Therapy Center

139,578,726.00 269,108.00
1,961,097.00

4,769,303.00 87,600,595.00 549,455.00
1,093,903.00

1,690,797.00

University of Georgia Agricultural Experiment Station Athens and Tifton Veterinary Laboratories Cooperative Extension Service Marine Institute Marine Resources Extension Center Veterinary Medicine Experiment Station Agricultural Research Veterinary Medicine Teaching Hospital

31,168,461.00
51,524.00 30,666,811.00
597 I 051. 00 1,112,981.00 1,459,039.00
1,522,082.00

7,500,000.00 10,323,688.00

2,454,719.00 7,350,000.00
450,000.00 456,000.00

4,092,390.00 400,503.00 641,728.00 307,366.00

2,152,540.00

7,000,000.00
5,502,254.00 3,650,000.00
300,000.00 152,000.00

OTHER

Skidaway Institute of Oceanography

1,615,361.00

980,731.00

516,582.00

769,269.00

See notes to the financial statements.

$236,842,891.00$ 76,372,753.00 $131,336,971.00$ 47,652,320.00
============== ============== ============== ==============
- 36 -

SCHEDULE "8"

CAPITAL OUTLAY

OTHER

TOTAL

STATE FUNDS

FUNDING PROVIDED
OTHER REVENUES RETAINED

TOTAL

$ 8,980,710.00 $ 524,410.00 $ 8,456,300.00 $ 8,980,710.00

$ 4,185,691.00 4,185,691.00 122,518,161.00
1,206,367.00 1,206,367.00

1,550,621.00 2,635,070.00 4,185,691.00

9,976,137.00 112,542,024.00 122,518,161.00

1,181,367.00

25,000.00 1,206,367.00

2,497,070.00 2,497,070.00

733,568.00 1,763,502.00 2,497,070.00

206,780.00

206,780.00

206,780.00

206,780.00

233,639,421. 00 818,563.00

2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00

2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00 3,055,000.00

29,206,928.00 204,432,493.00 233,639,421.00

818,563.00

818,563.00

2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00

3,055,000.00

2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00 3,055,000.00

$ 382,448.00

725,109.00

56,374,597.00
8,008,497.00 45,759,201.00
1,747,554.00 2,362,709.00 1,766,405.00
725,109.00 3,674,622.00

32,690,329.00
51,524.00 25,960,155.00
877,831.00 1,206,159.00 1,766,405.00
725,109.00 474,622.00

23,684,268.00
7,956,973.00 19,799,046.00
869,723.00 1,156,550.00
3,200,000.00

56,374,597.00
8,008,497.00 45,759,201.00
1,747,554.00 2,362,709.00 1,766,405.00
725,109.00 3,674,622.00

333,000.00

4,214,943.00 1,649,854.00 2,565,089.00 4,214,943.00

$ 715,448.00$ 24,733,914.00 $517,654,297.00 $125,513,259.00 $392,141,038.00 $517,654,297.00
============== ========-==--- ============== ============== ====-========= ==============
- 37 -

OOARD CF REfENTS CF Tl LtHVERSITY SYSTEM CF fffiGIA AD-IINISlRATIVE CENlRAL CFFICE (OVERSIGfT LtHT) SOElll.E CF BU:X:fT lRANSFERS TO OTI-R LtlITS "D" LOTTERY Fffi EIXr.ATION YEAR ENDED Jl.tlE 30, 1994

SOIX.l.E "9"

I.WITS CF Tl LWIVERSITY SYSTEM CF fCRGIA
LWIVERSITIES
Georgia Institute of Tecmology Georgia Tech Research Institute
Georgia State Lhiversity Medical Coll~ of Georgia Lhiversitb! Georgia
,fgricul al Experinatt Statia, ~rative Extensia, Service Marine Institute Marine Resources Extensia, Carter VeterinaffwMedicine ~rinatt Statia,
Agricul al Resea Veterinary Medicine Teachitl1 tbspital REGIONAL LWIVERSITIES
Georgia Soott-em Lhiversity Vald:lsta State Lhi versi ty FClR-YEAR cw.EfS
Albany State Coll~ Annst:tState Co lege ~ llege
CCollauymtau,sSCtao1t1eeCgeollege
Fort Vallet State College Georgia Co lege Georgia Souttt.estem College Kani!saw State College North Geosta Coll~ Savamah S te Collere Soott-em Coll~ of ecmology ~ Georgia C.Ollege M-YEAR cw.EfS
Abrai'BII Baloon ~OJltural College Atlanta Met~li College Bairori~ Co lege BTU\SWi College D.11 ta, Co11ege D.1rta, Co11ege DeKalb Co11eQI!! East Geo~ia College Fl o}tl Col eQI!! G.linesville College Gorcbi College Maca, College Mictfle Geo1"9ia College South Georgia College Waycross College OTlR
Skiceway Institute of Ckeanogr~

EQJIMNTNlD TEOKX..OGY WlSTRLCTION
TRL5T FIJID

DISTANT LEARNit-6 SATELLITE
DISl-fS

APPROVED BU:X:fT EQJIMNT - COPUTER LABS VOCATIONAL VOCATIONAL INSTRLCTION INSTRLCTION

TOTAL

FIJIDit-6 PROVIDED
STATE FlWS

$ 5,299,637.00 $ 741,600.00
3,426,985.00 1,043,364.00 3,289,414.00
467,662.00 187,214.00 17,500.00 46,624.00 37,000.00 13,000.00 10,000.00

43,700.00 11,300.00 6,500.00 19,500.00

$ 5,343,337.00 $ 5,343,337.00 741,600.00 741,600.00
3,438,285.00 3,438,285.00 1,049,864.00 1,049,864.00 3,306,914.00 3,306,914.00
467,662.00 467,662.00 187,214.00 187,214.00 17,500.00 17,500.00 46,624.00 46,624.00 37,000.00 37,000.00 13,000.00 13,000.00 10,000.00 10,000.00

330,000.00 299,940.00

11,300.00 11,300.00

341,300.00 341,300.00 311,240.00 311,240.00

40,000.00 90,000.00 142,073.00 5,000.00 225,425.00 160,229.00 151,746.00 113,500.00 190,117.00 370,000.00 175,000.00

13,000.00 13,000.00 13,000.00 9,600.00 $ 11,300.00 13,000.00 17,800.00 13,000.00 9,600.00 11,300.00 6,500.00 6,500.00 19,500.00

500,000.00 $

60,000.00

53,000.00 103,000.00 155,073.00 574,600.00 236,725.00 173,229.00 169,546.00 126,500.00
9,600.00 201,417.00
6,500.00 376,500.00 194,500.00

53,000.00 103,000.00 155,073.00 574,600.00 236,725.00 173,229.00 169,546.00 126,500.00
9,600.00 201,417.00
6,500.00 376,500.00 194,500.00

29,856.00 70,644.00 80,881.00 134,307.00 150,000.00 166,500.00

6,500.00 4,800.00 4,800.00 19,500.00 4,800.00 4,800.00 13,000.00 6,500.00 6,500.00 4,800.00 6,500.00 13,000.00 13,000.00 6,500.00 4,800.00

500,000.00 500,000.00 500,000.00

60,000.00 60,000.00 60,000.00

36,356.00 4,800.00 564,800.00 650,144.00 564,800.00 4,800.00 93,881.00 6,500.00 140,807.00 154,800.00 6,500.00 13,000.00 179,500.00 6,500.00 4,800.00

36,356.00 4,800.00 564,800.00 650,144.00 564,800.00 4,800.00 93,881.00 6,500.00 140,807.00 154,800.00 6,500.00 13,000.00 179,500.00 6,500.00 4,800.00

75,000.00

6,500.00

81,500.00 81,500.00

$17,580,218.00$ 387,000.00 $ 2,000,000.00 $ 240,000.00 $20,207,218.00 $20,207,218.00

See rotes to tie financial statere,ts.

- 38 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF OPERATIONS ENDOWMENT AND SIMILAR FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "10"

FUND BALANCE

FUND BALANCE

FUND

JULY 1, 1993 ADDITIONS DEDUCTIONS JUNE 30, 1994

ENDOWMENT

Porter Endowment Fund

$1,500,000.00

$1,500,000.00

QUASI-ENDOWMENT - RESTRICTED

Georgia Eminent Scholars Endowment Trust Fund

0.00 $ 5,638,052.82 $ 4,138,052.82 1,500,000.00

$1,500,000.00$ 5,638,052.82 $4,138,052.82$ 3,000,000.00
============= ============= ============= =============

See notes to the financial statements.

- 39 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS AGENCY FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "11"

BALANCE

BALANCE

FUND

JULY 1, 1993

RECEIPTS DISBURSEMENTS JUNE 30, 1994

PAYROLL DEDUCTIONS

F. LC.A.
Medicare Federal Income Tax State Income Tax Teachers Retirement Other Retirement Plans
TIAA VALIC Group Insurance Tax Sheltered Annuities Deferred Compensation Credit Union Miscellaneous EMPLOYER'S CONTRIBUTIONS

$

0.00 $ 256,042.23 $ 256,042.23 $

0.00

65,880.49

65 880.49

604,466.54

604:466.54

198,890.79

198,890.79

244,080.34

244,080.34

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

22,586.41 3,216.04 167,719.75 105,458.62 15,060.00 64,888.00
-------4-,3--3-0-.0--0

22,586.41 3,216.04 167,719.75 105,458.62 15,060.00 64,888.00
------4-,3-3--0-.0--0

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

$----------0-.-0-0 $---1-,7--5-2-,6--1-9-.2--1 $--1-,7-5--2-,6-1--9-.2--1 $----------0-.0--0

F. I .C.A.
Medicare Teachers Retirement Other Retirement Plans
TIAA VALIC Group Insurance

$

0.00 $ 256,042.23 $ 256,042.23$

0.00

65,880.49

65,880.49

504,514.65 504,514.65

15,057.54 2,143.86
417,263.00

15,057.54 2,143.86
417,263.00

$

0.00 $ 1,260,901.77 $1,260,901.77$

0.00

OTHER FUNDS

Atlanta Committee for the Olympic Games

Construction Fund

$ 42,730,237.92

$42,730,237.92

Professional Services Affirmative Action/Equal Opportunity

2,457,993.26 $ 2,098,957.96

359,035.30

Office Conference

$ 1,320.52

1,320.52

Collections for Units of the University

System of Georgia

1,895.00 6,302,164.39 6,053,406.89

250,652.50

Corporate Dissolution Fund

72,078.07

72,078.07

Employees' Health Benefit Self-Insurance

Pro9ram

10,805,323.57 100,440,131.82 77,894,634.26 33,350,821.13

Georgia Institute of Genetics - Dissolution

and Transfer of Net Assets to University

System

9,551.00

9,551.00

Insurance Coverage for Units of the

University System of Georgia

Retired Employees' Health Insurance

48.25

38,201. 70

29,366.69

8,883.26

Presidents' Seminar

3,294.90

3,294.90

Regents' Minority Advising Program

Workshop

1,639.72

88.81

1,550.91

State Revenue Collections

Medical Scholarship Loan Repayments

387,588.65 387,588.65

University System Administrative System

Committee - Public Relations Workshop

171.66

1,165.00

451.99

884.67

University System Computer Network

Conference

10,473.16

117,500.50

118,165.26

9,808.40

University System Promotional Fund

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

$10,896,244.85 $152,493,266.78 $86,592,251.45 $76,797,260.18

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

See notes to the financial statements.

- 40 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE {OVERSIGHT UNIT) CASH AND CASH EQUIVALENTS JUNE 30 1 1994

SCHEDULE "12"

INTEREST BEARING ACCOUNTS
NationsBank of Georgia, Atlanta, Georgia
Certificates of Deposit (3.55% - 3.90%) N.O.W. Accounts (1.95%)
State of Georgia - Office of Treasury and Fiscal Services State Investment Pool Local Government Investment Pool (4.19%)
Trust Company Bank, Atlanta, Georgia
Cash Management Pools Board of Regents Legal Fund Board of Regents Short-Term Investment Fund
Holding Account Cash Mutual Funds

$1,580,770.67 12,962,699.77 $14,543,470.44
17,018,447.26

$1,541,459.43 4,374,192.54

$ 5,915,651.97
0.68 39,487.00

5,955,139.65

$37,517,057.35

See notes to the financial statements.

- 41 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) INVESTMENTS JUNE 30 1 1994

SCHEDULE "13" Page 1

Investment Accounts Trust Company Bank, Atlanta, Georgia Board of Regents Balanced Income Fund Investment Portfolio Account Accrued Income Cash Common Stock Convertible Bonds Corporate Bonds Foreign Bonds Mutual Funds U.S. Government Securities
Held for Units of the University System of Georgia
Board of Regents Legal Fund Investment Portfolio Account Accrued Income Cash Foreign Bonds Mutual Funds U. S. Government Securities
Held for Administrative Central Office (Oversight Unit) Held for Units of the University System of Georgia
Board of Regents Short-Term Investment Fund Investment Portfolio Account Cash Mutual Funds U. S. Government Securities
Held for Administrative Central Office (Oversight Unit) Held for Units of the University System of Georgia Held for Cooperative Organizations

$ 54,722.12 -20,912.10 964,868.36
124,808.20 700,952.50 149,086.50
174,266.00
1,775,130.51
--------------

$ 3,922,922.09

-3,922,922.09 $

0.00

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

$ 43,100.51
-299,108.39 99,391.00
1,553,324.00 3,470,007.83
--------------

$ 4,866,714.95

-1,541,459.43

-3,325,255.52

0.00

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

$

0.05

4,459,946.00

9,570,506.11

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

$ 14,030,452.16

-4,374,192.54

-8,595,933.76

-1,060,325.86

0.00

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

See notes to the financial statements.

- 42 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) INVESTMENTS JUNE 30, 1994

SCHEDULE "13" Page 2

Investment Accounts Trust Company Bank, Atlanta, Georgia Board of Regents Total Return Fund Investment Portfolio Account Accrued Income Cash Common Stock Corporate Bonds Mutual Funds U. S. Government Securities
Held for Units of the University System of Georgia Held for Cooperative Organizations and Other
Olympic Fund Investment Portfolio Account Cash Mutual Funds U. S. Government Securities

$ 207,082.50 -280,203.56
12,983,333.96 3,008,763.45 2,552,613.00 6,161,814.33

$ 24,633,403.68

-19,874,524.70

-4,758,878.98 $

0.00

$

1.28

815,971.00

41,914,265.64 42,730,237.92

$42,730,237.92
=============

See notes to the financial statements.

- 43 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) ACCOUNTS RECEIVABLE JUNE 30 1 1994

SCHEDULE "14"

State Appropriations
Federal Grants and Contracts Research and Instruction
Other

CURRENT FUNDS UNRESTRICTED RESTRICTED

TOTAL

$41,841,000.00

$41,841,000.00

$ 7,060.00

40,571.51

40,571.51 7,060.00

$41,848,060.00$ 40,571.51 $41,888,631.51
============= ============= =============

See notes to the financial statements.

- 44 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) CHANGES IN INVESTMENT IN PLANT YEAR ENDED JUNE 30, 1994

SCHEDULE "15"

ADDITIONS
CURRENT FUNDS PLANT FUNDS BALANCE ------------- ------------JULY 1, 1993 UNRESTRICTED UNEXPENDED

CAPITAL LEASES

DEDUCTIONS

DISPOSALS/

DELETIONS/

BALANCE

ADJUSTMENTS JUNE 30, 1994

Land

$1,390,700.00

Buildings

83,794.12

Equipment

3,762,690.36$ 1,086,419.12 $

Library Books and Collections

30,623.96

653.85

$1,390,700.00 83,794.12
11,713.20 $ 318,370.32 $ 207,722.58 4,971,470.42 31,277.81

$ 5,267,808.44 $1,087,072.97 $ 11,713.20$ 318,370.32$ 207,722.58$ 6,477,242.35
============ ============= ============= ============= ============ =========~=

SUMMARY OF INVESTMENT

Acininistrative Central Office$ 5,267,808.44 $1,087,072.97 $

Capital Leases

0.00

11,713.20

$ 98,219.94$ 6,268,374.67

$ 318,370.32 109,502.64 208,867.68

$ 5,267,808.44 $1,087,072.97 $ 11,713.20$ 318,370.32 $ 207,722.58$ 6,477,242.35
============= =========== ============= ============= ============= ============

See notes to the financial statements.

- 45 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS JUNE 30 1 1994

NET INVESTMENT IN PLANT
Investment in Plant Facilities
RESTRICTED
Designated for Subsequent Years' Expenditures
UNRESTRICTED
Undesignated Surplus Regular Lottery for Education

CURRENT FUNDS

UNRESTRICTED

"A" RESIDENT INSTRUCTION

"B" REGENTS CENTRAL
OFFICE AND OTHER ORGANIZED
ACTIVITIES

"D" LOTTERY FOR EDUCATION

$ 5,065.28 $

8,957.13

$

0.00

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

$ 5,065.28 $

8,957.13 $

0.00

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

$ 5,065.28 $

8,957.13 $

0.00

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

See notes to the financial statements.

- 46 -

SCHEDULE "16"

RESTRICTED

PLANT FUNDS

UNEXPENDED

LOTTERY FOR EDUCATION

INVESTMENT IN PLANT

TOTAL

$ 6,268,374.67 $ 6,268,374.67

$ 86,748.74

$ 86,748.74

$

0.00

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

$

0.00

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

$ 14,022.41
0.00
-------------
$ 14,022.41
-------------

$ 86,748.74 $

0.00 $ 6,268,374.67 $ 6,369,145.82

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

- 47 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF REVENUES CURRENT FUNDS YEAR ENDED JUNE 30, 1994

State Appropriation General Appropriation Amended Appropriation Budget Adjustments
Total State Appropriation
Allotments to Units of the University System of Georgia (See Schedules)

UNRESTRICTED

"A" RESIDENT
INSTRUCTION
-----------

"B"
REGENTS CENTRAL OFFICE AND
OTHER ORGANIZED ACTIVITIES
---------------

"D"
LOTTERY FOR
EDUCATION
-----------

$ 887,315,893.00 $ 144,307,224.00 $ 20,108,512.00 1,047,200.00 2,201,482.00 2,678,000.00
166,732.00
--------------- --------------- --------------

$888,363,093.00$ 146,675,438.00$ 22,786,512.00

-878,088,702.00 -125,513,259.00 -20,207,218.00

Net State Appropriation

$ 10,274,391.00$ 21,162,179.00$ 2,579,294.00

Federal Grants and Contracts Research and Instruction Student Aid
State Grants and Contracts Student Aid
Endowment Income Research and Instruction
Other Sources Administrative Cost Allowance Health Benefit Self-Insurance Program Interest Earned Software Licensing Agreement Stite Revenue Collections Collection Fees from Medical Scholarship Loans Other

$

29,505.00

278,835.44

$ 330,292.69

52,499.17
10.73
--------------- ---------------

$ 330,292.69 $ 360,850.34
--------------- ---------------

$ 10,604,683.69 $ 21,523,029.34 $ 2,579,294.00

See notes to the financial statements.

- 48 -

SCHEDULE "17"

TOTAL

RESTRICTED

"A" RESIDENT INSTRUCTION

"B" REGENTS CENTRAL
OFFICE AND OTHER ORGANIZED
ACTIVITIES

$1,051,731,629.00 5,926,682.00 166,732.00

$1,057,825,043.00

-1,023,809,179.00

$ 34,015,864.00

TOTAL

TOTAL

$1,051,731,629.00 5,926,682.00 166,732.00

$1,057,825,043.00

-1,023,809,179.00

$ 34,015,864.00

$ 110,643.28 $

56,781.86$ 167,425.14 $ 128,142.78 128,142.78

20,000.00

20,000.00

143,016.40

143,016.40

167,425.14 128,142.78
20,000.00
143,016.40

$

29,505.00

278,835.44

330,292.69

52,499.17 10.73

29,505.00 278,835.44 330,292.69
52,499.17 10.73

$

691,143.03 $ 110,643.28 $ 347,941.04$ 458,584.32 $ 1,149,727.35

$ 34,707,007.03 $ 110,643.28$

347,941.04 $ 458,584.32 $ 35,165,591.35

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

- 49 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA
ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA
"A" RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 1994

UNIVERSITIES
Georgia Institute of Technology Georgia State University Medical College of Georgia University of Georgia
REGIONAL UNIVERSITIES
Georgia Southern University Valdosta State University
FOUR-YEAR COLLEGES
Albany State College Armstrong State College Augusta College Clayton State College Columbus College Fort Valley State College Georgi a Co 11 ege Georgia Southwestern College Kennesaw State College North Georgia College Savannah State College Southern College of Technology West Georgia College
TWO-YEAR COLLEGES
Abraham Baldwin Agricultural College Atlanta Metropolitan College Bainbridge College Brunswick College Dal ton Co11 ege Da rton Co11 ege DeKa l b Co11 ege East Georgia College Floyd Co11 ege Gainesville College Gordon Co11 ege Macon College Middle Georgia College South Georgia College Waycross College

REGULAR

CAPITAL OUTLAY

SPECIAL FUNDING INITIATIVE

$100,100,775.00 106,456,771.00
71,991,537.00 213,492,933.00

$1,282,587.00 365,728.00
1,187,509.00

46,230,303.00 24,601,774.00

2,275,978.00 1,240,000.00

12,264,073.00 13,650,014.00
14,575,340.00 10,719,883.00
15,681,584.00
12,622,493.00 16,911,408.00 9,061,347.00
27,031,149.00 10,182,831.00 12,277,209.00 15,216,411.00 24,242,452.00

132,604.00 294,520.00 148,231.00 120,955.00 160,955.00 400,000.00 246,993.00 40,000.00 80,000.00 83,081.00
171,992.00

8,569,019.00 4,859,149.00 2,840,779.00
4,678,766.00 5,346,045.00
6,797,689.00 31,580,482.00
1,857,017.00 5,968,523.00 7,052,381.00 4,815,236.00
9,633,451.00 6,644,440.00$
4,480,821.00 2,337,572.00

300,000.00

40,000.00
148,220.00
43,163.00 40,000.00
40,000.00
121,053.00 258,997.00 40,955.00 218,997.00

$864,771,657.00 $ 300,000.00$ 9,182,518.00
============== ============= =============

See notes to the financial statements.

- 50 -

SCHEDULE "18"

OFFICE OF
MINORITY BUSINESS ENTERPRISE

SPECIAL DESEGREGATION
PROGRAMS

FORESTRY RESEARCH

RESEARCH CONSORTIUM

TOTAL

$1,212,650.00 $102,596,012.00

343,000.00 107,165,499.00

$ 334,702.00

66,000.00 72,392,239.00

$ 336;138.00

$ 313,687.00 1,028,250.00 216,358,517.00

104,960.00 48,611,241.00 95,140.00 25,936,914.00

12,396,677.00 13,944,534.00
14,723,571.00 10,840,838.00 15,842,539.00 13,022,493.00
17,158,401.00 9,101,347.00
27,111,149.00 10,265,912.00
12,277,209.00 15,216,411.00
24,414,444.00

8,609,019.00
4,859,149.00 2,840,779.00
4,826,986.00 5,346,045.00
6,840,852.00 31,620,482.00
1,857,017.00 6,008,523.00
7,052,381.00 4,936,289.00
9,892,448.00 6,985,395.00
4,699,818.00
2,337,572.00

$ 336,138.00 $ 334,702.00$ 313,687.00$ 2,850,000.00 $878,088,702.00
============= ============= ============= ============= ==============

- 51 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
SCHEDULE OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA "B" OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30 1 1994

SCHEDULE "19"

UNIVERSITIES
Georgia Institute of Technology Education Extension Services Advanced Technology Development Center Georgia Tech Research Institute Agricultural Research Center for Rehabilitation Technology CRT Inc. Contract at Georgia Tech Research Institute
Medical College of Georgia Medical College of Georgia Hospital and Clinics Joint Board of Family Practice Capitation Contracts for Family Practice Residency Residency Capitation Grants Student Preceptorships Mercer Medical School Grant Morehouse School of Medicine Grant
University of Georgia Agricultural Experiment Station Athens and Tifton Veterinary Laboratories Cooperative Extension Service Marine Institute Marine Resources Extension Center Veterinary Medicine Experiment Station Agricultural Research Veterinary Medicine Teaching Hospital
OTHER
Skidaway Institute of Oceanography

See notes to the financial statements.

- 53 -

$ 524,410.00 1,550,621.00 8,187,635.00 1,206,367.00 2,497,070.00 206,780.00
$14,172,883.00
$ 29,206,928.00 818,563.00
2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00
$ 45,938,388.00
$ 32,690,329.00 51,524.00
25,960,155.00 877,831.00
1,206,159.00 1,766,405.00
725,109.00 474,622.00
$ 63,752,134.00
$ 1,649,854.00
$125,513,259.00

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
SCHEDULE OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA "D" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1994

UNIVERSITIES
Georgia Institute of Technology Georgia Tech Research Institute
Georgia State University Medical College of Georgia University of Georgia
Agricultural Experiment Station Cooperative Extension Service Marine Institute Marine Resources Extension Center Veterinary Medicine Experiment Station
Agricultural Research Veterinary Medicine Teaching Hospital REGIONAL UNIVERSITIES
Georgia Southern University Valdosta State University FOUR-YEAR COLLEGES
Albany State College Armstrong State College Augusta College Clayton State College Columbus College Fort Valley State College Georgia College Georgia Southwestern College Kennesaw State College North Georgia College Savannah State College Southern College of Technology West Georgia College TWO-YEAR COLLEGES
Abraham Baldwin Agricultural College Atlanta Metropolitan College Bainbridge College Brunswick College Dalton College Darton College DeKalb College East Georgia College Floyd College Gainesville College Gordon College Macon College Middle Georgia College South Georgia College Waycross College OTHER
Skidaway Institute of Oceanography

EQUIPMENT, TECHNOLOGY AND CONSTRUCTION

RESEARCH AND TECHNOLOGY INITIATIVES

MATCHING FUNDS

EDUCATIONAL AND
AGRICULTURAL PURPOSES

$ 4,109,637.00 $1,190,000.00

520,600.00

$

2,926,985.00 500,000.00

543,364.00 500,000.00

2,099,414.00 1,190,000.00

221,000.00 467,662.00 187,214.00
17,500.00 46,624.00 37,000.00 13,000.00 10,000.00

330,000.00 299,940.00

40,000.00 90,000.00 142,073.00
5,000.00 225,425.00 160,229.00 151,746.00 113,500.00 190,117.00 370,000.00 175,000.00

29,856.00 70,644.00 80,881.00 134,307.00 150,000.00 166,500.00

75,000.00
$=1=0=,=2=0=0=,=0=0=0=.=0=0$ ==6=, 3==8=0=,=2=1=8=.=0=0 $ ==1=,0=0==0=,0==0=0=.0==0

See notes to the financial statements.

- 54 -

SCHEDULE "20"

TRUST FUND TOTAL

DISTANT LEARNING SATELLITE
DISHES

EQUIPMENT - COMPUTER LABS -

VOCATIONAL

VOCATIONAL

INSTRUCTION

INSTRUCTION

TOTAL

$5,299,637.00$ 741,600.00
3,426,985.00 1,043,364.00 3,289,414.00
467,662.00 187,214.00
17,500.00 46,624.00 37,000.00 13,000.00 10,000.00

43,700.00 11,300.00
6,500.00 19,500.00

$ 5,343,337.00 741,600.00
3,438,285.00 1,049,864.00 3,308,914.00
467,662.00 187,214.00
17,500.00 46,624.00 37,000.00 13,000.00 10,000.00

330,000.00 299,940.00

11,300.00 11,300.00

341,300.00 311,240.00

40,000.00 90,000.00 142,073.00
5,000.00 225,425.00 160,229.00 151,746.00 113,500.00 190,117.00 370,000.00 175,000.00

13,000.00 13,000.00 13,000.00 9,600.00$ 11,300.00 13,000.00 17,800.00 13,000.00
9,600.00 11,300.00
6,500.00 6,500.00 19,500.00

500,000.00 $

60,000.00

53,000.00 103,000.00 155,073.00 574,600.00 236,725.00 173,229.00 169,546.00 126,500.00
9,600.00 201,417.00
6,500.00 376,500.00 194,500.00

29,856.00 70,644.00 80,881.00 134,307.00 150,000.00 166,500.00

6,500.00 4,800.00 4,800.00 19,500.00 4,800.00 4,800.00 13,000.00 6,500.00 6,500.00 4,800.00 6,500.00 13,000.00 13,000.00 6,500.00 4,800.00

500,000.00 500,000.00 500,000.00

60,000.00 60,000.00 60,000.00

36,356.00 4,800.00
564,800.00 650,144.00 564,800.00
4,800.00 93,881.00
6,500.00 140,807.00 154,800.00
6,500.00 13,000.00 179,500.00 6,500.00 4,800.00

75,000.00

6,500.00

81,500.00

$=1=7=,=5=8=0=,=2=1=8=.=0=0$

====3=8=7=,=0=0=0=.=0=0$

==2=,0==0=0=,=0=0=0=.=0=0$

240,000.00
===============

$20,207,218.00
=============

- 55 -

BOARD OF REGENTS DF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF EXPENDITURES BY OBJECT CURRENT FUNDS YEAR ENDED JUNE 30, 1994

PERSONAL SERVICES
Salaries and Wages Employer's Contributions for:
F. I.C.A. Group Insurance Retirement Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance

OPERATING EXPENSES
Travel Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships
To Units of the University System of Georgia Other Operating Expenses Publications and Printing Equipment Purchases
Non:-Inventory Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts
Per Diem and Fees Equipment Purchases
Lease/Purchase of Equipment Inventory

OTHER
RESEARCH CONSORTIUM Per Diem, Fees and Contracts Contracts
SOUTHERN REGIONAL EDUCATION BOARD (SREB) PAYMENTS Per Diem, Fees and Contracts Contracts
MEDICAL SCHOLARSHIPS Personal Services Salaries and Wages Employers Contributions for: F. I .C.A. Group Insurance Retirement

Other Costs Travel Supplies and Materials Repairs and Maintenance Rents (Other than Real Estate) Insurance and Bonding
See notes to the financial statements.

- 56 -

"A"
RESIDENT INSTRUCTION

UNRESTRICT~D

"B"

REGENTS CENTRAL

OFFICE AND

"D"

OTHER ORGANIZED LOTTERY FOR

ACTIVITIES

EDUCATION

$ 1,282,640.14 $
91,653.81 116,417.86 149,677.72 15,080.00
1,171.00 8,193.00
$ 1,664,833.53 $

3,204,600.52 216,672.21 308,341.55 352,645.51
4,082,259.79

$ 142,974.23 $ 107,043.90 656,006.68
10,669.31 228.00

69,504.23 149,314.52
63,140.18 4,081.25
847.86 1,128.00

180,380.47 4,850.60
196,258.89 683,903.67 88,281.00 650,597.15
69,460.88
98,702.64 796,312.96
$ 3,685,670.38 $

132,861.58 48,060.59
44,109.59 138,752.77 213,573.00 74,606.12
154,060.25
179,841.05
1,273,880.99

$ 4,138,052.82
$ 5,671,500.00
$ 120,941.73 8,891.07 14,628.60 14,094.01
$ 158,555.41 7,961.48 5,545.06 539.55 337.91 60.00

SCHEDULE "21" Page 1

TOTAL

"A"
RESIDENT INSTRUCTION

RESTRICTED
"B" REGENTS CENTRAL
OFFICE AND OTHER ORGANIZED
ACTIVITIES

TOTAL

TOTAL

$4,487,240.66$
308,326.02 424,759.41 502,323.23
15,080.00 1,171.00 8,193.00
$ 5,747,093.32 $

44,866.94 3,328.81 5,798.20 5,298.81
59,292.76

$ 44,866.94$ 4,532,107.60

3,328.81
5,798.20 5,298.81

311,654.83 430,557.61 507,622.04
15,080.00 1,171.00
8 I 193. 00

$ 59,292.76 $ 5,806,386.08

$ 212,478.46$ 256,358.42 719,146.86 4,081.25 11,517.17 1,356.00
313,242.05 52,911.19
240,368.48 822,656.44 301,854.00 725,203.27
223,521.13
98,702.64 976,154.01
$ 4,959,551.37 $

67.32
$ 33,000.00 18,283.20
51,350.52 $

$ 135,000.00
8,016.40
143,016.40 $

67.32 $

212,545.78 256,358.42
719,146.86 4,081.25
11,517.17 1,356.00

135,000.00 41,016.40

135,000.00 354,258.45
52,911.19

18,283.20

240,368.48
822,656.44 301,854.00 743,486.47

223,521.13

98,702.64 976,154.01

194,366.92 $ 5,153,918.29

$ 4,138,052.82
$ 5,671,500.00
$ 120,941.73 8,891.07 14,628.60 14,094.01
$ 158,555.41 7,961.48 5,545.06 539.55 337.91 60.00

$ 4,138,052.82

$ 5,671,500.00

$

17,999.72 $ 17,999.72 $ 138,941.45

1,376.98 862.26

1,376.98 862.26

10,268.05
15,490.86 14 094.01

$

20,238.96 $ 20,238.96 $ 178,794.37

2,638.51 2,272.13
1,334.44

2,638.51 2,272.13
1,334.44

10,599.99
7,817.19 539.55
1,672.35 60.00

- 57 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF EXPENDITURES BY OBJECT CURRENT FUNDS YEAR ENDED JUNE 30. 1994

QI.t!il MEDICAL SCHOLARSHIPS Other Costs Tuition and Scholarships Scholarships, Fellowships, Prizes, Awards and Other Other Operating Expenses Publications and Printing Equipment Purchases Non-Inventory Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Equipment Purchases Lease/Purchase of Equipment Inventory
REGENTS OPPORTUNITY GRANTS Per Diem, Fees and Contracts Contracts
REGENTS SCHOLARSHIPS Tuition and Scholarships To Units of the University System of Georgia
RENTAL PAYMENTS TO GEORGIA MILITARY COLLEGE Per Diem, Fees and Contracts Contracts
DIRECT PAYMENTS TO THE GEORGIA PUBLIC TELECOMMUNICATIONS COMMISSION FOR OPERATIONS
Per Diem, Fees and Contracts Contracts
EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Software
CAPITAL OUTLAY - GPTV Per Diem, Fees and Contracts Contracts
EDUCATIONAL EQUIPMENT Other Costs Software
EQUIPMENT - GMC Per Diem, Fees and Contracts Contracts

"A"
RESIDENT INSTRUCTION

UNRESTRICTED

"B"

REGENTS CENTRAL

OFFICE AND

"D"

OTHER ORGANIZED LOTTERY FOR

ACTIVITIES

EDUCATION

$

919,455.00

5,734.56

5,659.78

1,521.12 4,950.00 3,208.03

51,149.83

10,800.00 1,416.32

$ 1,176,894.05

$

600,000.00

$

200,000.00

$

870,370.00

$ 7,642,071.00 $ 119,782.00 $ 2,021,512.00 $ 200,000.00 $ 238,000.00
$ 4,138.052.82 $ 16,160,835.05 $ 2.579,294.00

$ 91488.556.73 $ 211516!975.83 $ 215791294.00

See notes to the financial statements.

- 58 -

SCHEDULE "21" Page 2

IQlli.

"A" RESIDENT INSTRUCTION

RESTRICTED
"8" REGENTS CENTRAL
OFFICE AND OTHER ORGANIZED
ACTIVITIES

TOTAL

$ 919,455.00 5,734.56 5,659.78 1,521.12 4,950.00 3,208.03
51,149.83 10,800.00
1.416.32 $ 1,176,894.05
$ 600 1 000.00
$ 200,000.00
$ 870,370.00

$

148,142.78$ 148,142.78$ 1,067,597.78

13,231.04

13,231.04

18,965.60

5,659.78

568.95

568.95

1,521.12 4,950.00 3,776.98

16,497.83

16,497.83

67,647.66

10,800.00 1,416.32

$

204,924.64$ 204,924.64 $ 1,381,818.69

$ 600.000.00

$ 200,000.00

$ 870,370.00

$ 7,642,071.00

$ 7,642,071.00

$ 119,782.00

$ 119,782.00

$ 2,021,512.00

$ 2,021,512.00

$ 200,000.00

$ 200,000.00

$ 238,000.00 $22 I 878 I 181. 87

$ 238,000.00

$

204,924.64 $ 204,924.64 $23,083,106.51

$33,584,826.56$ 110,643.28 $

347 941.04 $ 458,584.32 $3430433410.88

- 59 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF EXPENDITURES BY OBJECT PLANT FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "22"

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

UNEXPENDED

REGULAR

LOTTERY FOR EDUCATION

TOTAL

$ 2,098,957.96

$ 2,098,957.96

$ 1,286.80 $ 1,286.80

11,713.20

11,713.20

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

$ 13,000.00 $ 13,000.00
------------- -------------

$2,098,957.96$ 13,000.00$ 2,111,957.96
============= ============= =============

See notes to the financial statements.

- 60 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF REGENTS SCHOLARSHIPS YEAR ENDED JUNE 30, 1994
"B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES
UN IVERS IT I ES
Georgia Institute of Technology Georgia State University Medical College of Georgia University of Georgia
REGIONAL UNIVERSITIES
Georgia Southern University Valdosta State University
FOUR-YEAR COLLEGES
Albany State College Armstrong State College Augusta College Clayton State College Columbus College Fort Valley State College Georgia College Georgia Southwestern College Kennesaw State College North Georgia College Savannah State College Southern College of Technology West Georgia College
TWO-YEAR COLLEGES
Abraham Baldwin Agricultural College Atlanta Metropolitan College Brunswick College DeKalb College East Georgia College Floyd College Gainesville College Gordon Co 11 ege Macon College Middle Georgia College South Georgia College Waycross College

See notes to the financial statements.

- 61 -

SCHEDULE "23"

$

B,100.00

24,900.00

2,500.00

26,200.00

lB, 100. 00 7,700.00

4,500.00 4,900.00 5,500.00 5,200.00 4,600.00 2,700.00 5,800.00 2,700.00 12,700.00 3,000.00 4,100.00 4,100.00 8,300.00

3,100.00 2,200.00 2,000.00 17,200.00 1,000.00 3,100.00 3,300.00
500.00 6,200.00 2,100.00 1,700.00 2,000.00

$ 200,000.00

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
ANALYSIS OF PRIOR YEAR'S SURPLUS FUNDS COLLECTED FROM INSTITUTIONS
AND REDISTRIBUTED TO INSTITUTIONS WITH DEFICITS YEAR ENDED JUNE 30, 1994

UNIVERSITIES Georgia Institute of Technology Georgia State University Medical College of Georgia University of Georgia
REGIONAL UNIVERSITIES Georgia Southern University Valdosta State University
FOUR-YEAR COLLEGES Albany State College Armstrong State College Augusta College Clayton State College Columbus College Fort Valley State College Georgia College Georgia Southwestern College Kennesaw State College North Georgia College Savannah State College Southern College of Technology West Georgia College
TWO-YEAR COLLEGES Abraham Baldwin Agricultural College Atlanta Metropolitan College Bainbridge College Brunswick College Dalton Co11 ege Da rton Co11 ege DeKa l b Co 11 ege East Georgia College Floyd College Gainesville College Gordon College Macon College Middle Geor9ia College South Georgia College Waycross College
OTHER Skidaway Institute of Oceanography
Current Funds - Unrestricted Surplus - Exhibit "F"

TOTAL COLLECTED REDISTRIBUTED

RESIDENT COLLECTED

$ 141,261.97 $ 88,007.14
1,004,997.02 228,423.59

141,261.97$

133,702.30 88,007.14 107,132.18 190,287.00

56,100.64 33,658.17

53,723.84 32,311.47

12,048.37 19,469.15 25,818.69 12,148.57 106,977.80 14,442.53
1,916.43 6,859.01 3,264.56 34,148.40 15,190.54 13,749.03

452,011.86
111,346.28 2,976.87

12,048.37 15,825.67 20,847.12 11,013.64 95,346.29 12,500.14
6,751.71 3,264.56 34,148.40 15,078.51 13,749.03

1,318.20 24,417.47
4,658.78 6,991.24 15,154.68 10,090.31 107,278.90 1,424.36 6,213.66 2,978.39 11,583.21 11,164.37 55,978.75 10,579.82
521. 55

10,739.88

24,417.47 4,626.35 6,991.24
15,154.68 9,107.28
103,289.05 1,424.36 4,608.26 2,978.39 11,583.21 9,569.36 55,936.88 10,563.44 501.44

7,126.42

3,496.19

$2,095,961.72$ 721,833.05$ 1,106,488.78 1,374,128.67

$2,095,961.72$ 2,095,961.72
============= =============

See notes to the financial statements.

- 62 -

SCHEDULE "24"

CURRENT FUNDS

INSTRUCTION

OTHER ORGANIZED ACTIVITIES

REDISTRIBUTED COLLECTED REDISTRIBUTED

PLANT FUNDS

UNEXPENDED

RENEWAL AND REPLACEMENTS

COLLECTED REDISTRIBUTED COLLECTED REDISTRIBUTED

$ 141,261.97 $ $ 883,636.68
37,551.20

7,559.67 14,228.16
585.39

2,376.80 1,346.70

$ 452,011.86 111,346.28

3,643.48 4,971.57 1,134.93 11,631.51 1,942.39 1,916.43
107.30 $
112. 03

2,976.87

1,318.20 32.43

983.03 3,989.85

1,605.40

10,739.88

1,595.01

$

41.87 $

0.00

16.38

20.11

3,496.19

7,126.42

$ 563,358.14
=============

$ 921,187.88$ 144,758.16$ 68,243.19
============= ============= =============

$=-===1=3=,=7=1=6=.=7=5

$=========4=1=. =8=7

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

- 63 -

BOARD DF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SUMMARY OF PER DIEM AND FEES YEAR ENDED JUNE 30, 1994

SCHEDULE "25"

CURRENT FUNDS
Unrestricted "A" Resident Instruction Operating Expenses "B" Regents Central Office and Other Organized Activities Operating Expenses Medical Scholarships
Restricted "B" Regents Central Office and Other Organized Activities Medical Scholarships
PLANT FUNDS
UNEXPENDED Regular
AGENCY FUNDS
Employees' Health Benefit Self-Insurance Program

$ 69,460.88 154,060.25 51,149.83 $ 274,670.96 16,497.83 $ 291,lpB.79
2,098,957.96
4,178,544.35 $ 6,568,671.10

See notes to the financial statements.

- 64 -

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS YEAR ENDED JUNE 30, 1994
CURRENT YEAR
BUDGET PREPARATION/EXECUTION Overexpenditure ofBudget - Resident Instruction Financial Statements
The total approved budget for Resident Instruction, "A" Budget, of the Board ofRegents ofthe University System of Georgia, as presented on Schedule "4" of this report, provided for expenditures of $1,751,037,946.00. The Administrative Central Office made budget allocations totaling $1,738,581,440.00 to various organizational units, which left $12,456,506.00 to be expended from the Resident Instruction, "A" Budget. A comparison ofanticipated revenues and budgeted expenditures to actual revenues and expenditures is summarized on Schedule "l" ofthis report. This comparison indicates that actual expenditures for Personal Services of Sponsored Operations exceeded budgeted expenditures by $1,520.76.
BUDGET PREPARATION/EXECUTION Overexpenditure ofBudget - Regents Central Office and Other Organized Activities Financial Statements
The total approved budget for Regents Central Office and Other Organized Activities, "B" Budget, of the Board ofRegents ofthe University System of Georgia, as presented on Schedule "5" ofthis report, provided for expenditures totaling $539,425,606.00. The Administrative Central Office made budget allocations totaling $517,654,297.00 to various organizational units, which left $21,771,309.00 to be expended from the Regents Central Office and Other Organized Activities, "B" Budget. A comparison of anticipated revenues
and budgeted expenditures to actual revenues and expenditures is summarized on Schedule "2" of this report. This comparison indicates that actual expenditures for Operating Expenses of Sponsored Operations exceeded
budgeted expenditures by $143,016.40.
INVESTMENTS Improper Investments/Accounting Deficiencies Financial Statements Audit Control Number 472-94-01
During the year under review, the Board of Regents of the University System of Georgia investment pools were administered by a third party banking institution. Several deficiencies pertaining to the investment pools were noted as follows:
1. Funds were invested in foreign bonds and mutual funds, which are not allowable investments of state funds.
2. Statements provided by the bank were not reconciled to the accounting records of the individual units of the University System of Georgia.

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS YEAR ENDED JUNE 30, 1994
CURRENT YEAR
INVESTMENTS Improper Investments/Accounting Deficiencies Financial Statements Audit Control Number 472-94-01
The Board of Regents should ensure that all investments are allowable and provide guidance to the units of the University System in the proper recording of the investment activity of the investment pools. Procedures
should be implemented for continuous monitoring ofthe investment pools and the related statements to ensure
that information provided to the individual units is accurate and reconciled to the investment pool balance.