Audit report, state of Georgia, Board of Regents of the University System of Georgia, Administrative Central Office, (Oversight Unit), year ended June 30, 1996

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STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET
ATLANTA. GEORGIA 30334

AUDIT REPORT STATE OF GEORGIA BOARD OFREGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) YEAR ENDED JUNE 30, 1996

BOARD OFREGENTS OFTHE UNNERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
- TABLE OF CONTENTS-

SECTION I

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ONFINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

EXHIBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET

ALLFUND GROUPS

2

B COMBINED STATEMENT OF CHANGES INFUND BALANCES

ALLFUND 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

24

F COMBINING STATEMENT OF CHANGES INFUND BALANCES

CURRENT FUNDS - UNRESTRICTED

25

COMBINING STATEMENTS OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

G

UNRESTRICTED

26

H

RESTRICTED

27

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

"A" RESIDENT INSTRUCTION

28

2

"B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES

30

3

"D" LOTTERY FOREDUCATION

31

SCHEDULES OF APPROVED BUDGET

4

"A" RESIDENT INSTRUCTION

32

5

"B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES

34

6

"D" LOTTERY FOREDUCATION

35

SCHEDULES OF BUDGET TRANSFERS TO OTHER UNITS

7

"A" RESIDENT INSTRUCTION

36

8

"B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES

40

9

"D" LOTTERY FOREDUCATION

42

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

SECTION I

FINANCIAL

SUPPLEMENTARY INFORMATION

SCHEDULES

10 SCHEDULE OF OPERATIONS

ENDOWMENT AND SIMILAR FUNDS

44

11 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

45

12 CASH AND CASH EQUIVALENTS

47

13 INVESTMENTS

48

14 ACCOUNTS RECEIVABLE

50

15 CHANGES IN INVESTMENT IN PLANT

51

16 SCHEDULE OF FUND BALANCES

CURRENT FUNDS AND PLANT FUNDS

52

17 SCHEDULE OF REVENUES

CURRENT FUNDS

54

SCHEDULES OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM

OF GEORGIA

18

"A" RESIDENT INSTRUCTION

56

19

"B" OTHER ORGANIZED ACTIVITIES

59

20

"D" LOTTERY FOR EDUCATION

60

SCHEDULES OF EXPENDITURES BY OBJECT

21

CURRENT FUNDS

62

22

PLANT FUNDS

66

23 SCHEDULE OF GOVERNOR'S EMERGENCY FUND

67

24 SCHEDULE OF REGENTS OPPORTUNITY GRANTS

68

25 SCHEDULE OF REGENTS SCHOLARSHIPS

69

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

AND REDISTRIBUTED TO INSTITUTIONS WITH DEFICITS

70

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta,Georgia 30334-8400
December 20, 1996

Honorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members of the Board of Regents 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) of the Administrative Central Office (Oversight Unit) of the Board of Regents of the University System of Georgia as of and for the year ended June 30, 1996. 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.
96ARL-62X

As disclosed inNote 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. Ifcompensated absences werereported, liabilities would be increased and fund balance would be decreased by $791,189.27 as ofJune 30, 1996, and the net change in fund balance for the year ended June 30, 1996,would be decreased by $190,702.60.
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 the Administrative Central Office (Oversight Unit) of the Board of Regents of the University System of Georgia as of June 30, 1996, 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 26) 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 hasbeen 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 isfairly presented in all material respects in relation to the financial statements taken as a whole.
Respectfully submitted,
~~
Claude L. Vickers State Auditor
CLV:gp 96ARL-62X

FINANCIAL STATEMENTS - 1-

BOARDOF REGENTS OF THE UNIVERSrrx SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNJD COMBINED BALANCE SHEET ALL FUNDGROUpS JUNE 30,1996

ASSETS
Cashand Cash Equivalents Investments AccountsReceivable Prepaid Items Investment in Plant
TotalAssets
LIABILITIES AND FUND BALANCES
Liabilities Accounts Payable Allotments Dueto OtherUnits Benefits Payable Deposits Heldin Custody for Others Capital Lease Obligations
Total Liabilities
FundBalances Endowment Quasi-Endowment - Restricted Net Investment in Plant Restricted Unrestricted
TotalFund Balances
Total Liabilities and FundBalances

CURRENT FUNDS

UNRESTRICTED

RESTRICTED

ENDOWMENT AND SIMILAR
FUNDS

$

20,184,263.78 $

25,105,n4.22

34,518,044.93

349.00

1,541,n2.49 $

5,113,389.11

$

79,808,431.93 $

=========== 1,541,n2.49 $

5,113,389.11

$

813,835.76

34,164,000.00

19,600,000,00

$

54,5n,835,76

$

$

25,230,596,17

$

25,230,596,17 $

$ 1,541 , n 2 , 4 9 1,541,n2,49 $

3,612,043.20 1,501,345.91
5,113,389,11

$

79,808,431,93 $

1,541,n2,49 $ =====5=,1=1=3=,3=8=9=,1=1=

The notesto the financial statements are an integral partof this statement.
2

PLANT FUNDS

INVESTMENT

UNEXPENDED

IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$

11,482,589.30

9,500,000.00

------$

$ 98,034,090.85

156,802.62 $ 3,869,681.79

38,478,817.30 28,975,456.01 44,018,044.93
349.00 98,034,090.85

$

20,982,589.30 $

98,034,090.85 $

4,026,484.41 $ 209,506,758.09

$ 15,302,n4.31 2,6n,348.2O

$

$

17,980,122.51 $

$ 76,738.65
76,738.65 $

$

97,957,352.20

$

3,002,466.79

$

3,002,466.79 $

97,957,352.20

$ 4,026,484.41 4,026,484.41 $

16,116,610.07 36,841,348.20 19,600,000.00 4,026,484.41
76,738.65
76,661,181.33

$

3,612,043.20

1,501,345.91

97,957,352.20

1,541,n2.49

28,233,062.96

$ 132,845,576.76

$

20,982,589.30 $

98,034,090.85 $

4,026,484.41 $ 209,506,758.09

3

BOARD OF REGENTS OF THE UNIVERSITY SYSTEMOF GEORGIA ADMINISTRATIVE CENTRAL OFFICE(OVERSIGHT UNID
STATEMENTOF CURRENTFUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES
YEAR ENDED JUNE 30,1996

EXHIBITC

REVENUES
StateAppropriations Federal Grantsand Contracts StateGrantsand Contracts Private Grantsand Contracts Endowment Income Other Sources
Total Revenues
EXPENDITURES AND MANDATORY TRANSFERS
Educational and General Instruction Public Service Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Mandatory Transfers for: Investment Income for Endowment Principal StateAppropriations for Restricted Quasi-Endowment Fund
Total Expenditures and Mandatory Transfers
OTHERTRANSFERSAND ADDITIONS/(DEDUCTIONS)
Excessof Restricted Receipts overTransfers to Revenues Transferof Endowment Principal for Object of Trust Administrative Fees Prior Period Adjustments (Net) Realized Loss on Investments Remittance of Uncommitted Regents Scholarships
from Units of the University System of Georgia Remittance of Surplus from Units of the
University System of Georgia YearEnded June 30,1995
Unrestricted Fund Balance (Surplus) Returned to Officeof Treasury and FiscalServices YearEnded June 30,1995
Total OtherTransfersand Additions/(Deductions)

UNRESTRICTED

RESTRICTED

TOTAL (Memorandum
Only)

$ 43,215,911.00 $
144,558,624.91 $ 187,n4,535,91 $

$ 150,840.06 20,000.00
1,814.47 96,000,00
268,654.53 $

43,215,911.00 150,840.06 20,000.00 1,814.47 96,000.00
144,558,624,91
188,043,190.44

$

140,041.19

16,202,504.50

157,152,954.98 $

257,795.30

1,875,990.62

1,500,000.00 $ 1n,129,286.59 $

$

$

29,792.93

5,584.00

1,718,366.86

-1,767,278.32

$

-13,534.53 $

$ 39,654.53 229,000.00

140,041.19 16,202,504,50 157,192,609.51
257,795.30 2,104,990,62

18,583.83

18,583.83

1,500,000.00

287,238.36 $ 1n,416,524.95

160,182.09 $ 338,325.92 -27,785.15
-8.09

160,182.09 338,325.92 -27,785.15 29,792.93
-8.09
5,584.00

1,718,366.86

470,714.n $

-1,767,278.32 457,180.24

Net Increase/(Decrease) in Fund Balances

s $ 10,631,714.79

452,130.94 $ 11,083,845.73

The notesto the financial statements are an integral partof this statement. - 5-

BOARD OF REGENTS OF THEUNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THEFINANCIAL STATEMENTS JUNE 30. 1996

EXHIBIT"D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY TheBoard ofRegents ofthe University System of Georgia, an organizational unit of the State of Georgia, was created by the "Reorganization Act of 1931". As ofJune 30, 1996, the Board ofRegents ofthe University System of Georgia was composed of 34 institutions (4 research university level, 2 regional university level, 13 State university/colleges and 15 associate degree colleges), Skidaway Institute of Oceanography and an administrative central office, which is the oversight unit, responsible for implementation ofBoard policies and administrative support. The Board of Regents, which is composed of sixteen 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 of the 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 ofinstitutions. The Chancellor is appointed by the Board ofRegents as chief executive officerand servesat the pleasure ofthe Board.
TheBoardofRegents ofthe University System of Georgiadoes not have authority to determine the amount of funding it will receive from the State of Georgiafor any givenfiscal year. Such authority is vested in the General Assembly of Georgia. TheBoardof Regents also does not have authority to retain unexpended State appropriations (surplus) for anygiven fiscal year. Accordingly, the Board ofRegents of the University System of Georgia is included within the State of Georgia reporting entityfor financial reporting purposes because of the significance of its legal, operational and financial relationships with the State of Georgia. These reporting entityrelationships are defined in Section 2100 ofthe 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 Boardof Regents andperforms administrative functions and providesguidance to the thirty-four (34) State colleges and universities and Skidaway Institute of Oceanography which are organizational units of the Board ofRegents of the University System of Georgia.
The accompanying financial statements represent onlythe financial position and results ofoperations of the Administrative Central Office of the Board ofRegents of the University System of Georgia. The financial position and results of operations of otherorganizational units ofthe Board ofRegents (various State colleges and universities) are not included in these financial statements.
FUND ACCOUNTING In orderto ensure observance of limitations andrestrictions 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 procedureby 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 eachfund; however, inthe 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.
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BOARD OF REGENTS OF THEUNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30.1996

EXHIBIT"D"

NOTE 1: SlTh1MARY OF SIGNIFICANT ACCOUNTING POLICIES
FUND ACCOUNTING Within eachfund 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.
Fund groups and funds presented in the accompanying financial statements are as follows:
CURRENT FUNDS
UNRESTRICTED - The fund used to account forthoseeconomic resources over whichthe Administrative Central Office retains full control to use for purposesof 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 usedto account for endowment funds andquasi-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 havebeen 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 propertiesfor 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 totalbookvalue of physical properties belonging to the Administrative Central Office less the amount of any 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 OFTHE UNIVERSITY SYSTEM OF GEORGIA
ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHffiITID"

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 of accounting, which is materially the sameas the accrual basis of accounting applicable to colleges and universities prescribed inthe American Institute of Certified Public Accountants' audit guide reporting model. Themodified accrual basis of accounting is defined as that method ofaccounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period.
Contractual obligations for goods and services which havenot been received at the end ofthe fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven"grant revenues to be accrued based, in part, on the unexecuted portion of contracts forgoodsand services. Therecognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording 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 of the Administrative Central Office relating to employees' rights to receive compensation for future absences based upon services already rendered. Thisobligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$791,189.27 and the related current year expenditure of$190,702.60 have not been reported in the currentfunds as required by generally accepted accounting principles.
Prior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations of the State ofGeorgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the 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 inPlant reflect the accumulated expenditures made for plant facilities through Current Funds and PlantFunds and also include expenditures made for plant facilities expended bythe Georgia State Financing and Investment Commission on behalfof the Administrative Central Office. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on. physical plant and equipment.
It isthe policy of the 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 Plantincluding interest. This presentation differs from
- 8-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THEFINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT"D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF ACCOUNTING generally accepted accounting principles inthat the assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception ofthe agreement at the net present value ofthe future minimum lease payments, not to exceed the fair value of the leased property. The effect of this departureis deemed to be immaterial to the fair presentation ofthe 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 presentthe 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 of Regents of the University System of Georgia are on the basis of budgets submitted bytheBoardof Regents and approved by the Legislature and the Governor. The budgets are compiled inthe same manner as all State departments and expenditures are classified by budget unit object classes as provided in ActNo. 476 of Georgia Laws 1995 (as approved April 21, 1995) and amended by Act No. 513 of Georgia Laws 1996 (as approved February 16, 1996). This budget is considered to be an appropriated budget and is referred to in these notes as the Amended Appropriations Act of 1995-1996.

This appropriated budget is adopted at the departmental level and coverscurrentfunds and plant funds with the exception of the Employee HealthBenefits Plan. The budget allocation and disbursement ofthe current and plant funds is made to the various organizational units of the University System of Georgia by the Administrative Central Office.

A comparison of anticipated funds available and budgeted expenditures by budget unit object classindicates that the following object classes were overspent by the amounts identified below:

"B" Regents Central Office and Other Organized Activities Capital Outlay
"D" Lottery for Education Georgia Research Alliance Capital Outlay - Albany State College

$ 8,779,141.41
$15,834,723.10 $12.434,559.60

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 poolsthat have the general characteristics of demand deposit accounts.

- 9-

BOARD OFREGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT"D"

NOTE 1; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS Investments are recorded at cost or in the case of gifts at fair market value on the date of the gift. Funds received bythe 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 resolutions. Gains andlosses on investment transactions are accounted for in the funds where such assetsare recorded.
ACCOUNTS RECEIVABLE Accounts receivable consist of appropriation allotments due from the Office of Treasury and Fiscal Services, and other receivables disclosed from information available.
INVENTORIES No inventories of supplies are reported in these 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" because they do not represent consolidated financial information and arepresented only to facilitate financial analysis. The columns do not presentinformation that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been madein the aggregation of this data.
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZAnON STATUTES AND POLICIES Funds belonging to the Stateof Georgia cannot be placed in a depository paying interest longerthan ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more of thefollowing securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia.
(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia.
(3) Bonds of any public authority created bythe laws ofthe Stateof Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose.
(4) Industrial revenue bondsand bondsof development authorities created by the laws of the State of Georgia.
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BOARD OF REGENTS OF THEUNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THEFINANCIAL STATEMENTS JUNE30. 1996

EXHIBIT "0"

NOTE 2: CUSTODIAL CREDITRISKS OF CASHDEPOSITS AND INVESTMENTS

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

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

As authorized in the Official Code of GeorgiaAnnotated Section 50-17-53, the State DepositoryBoard has adopted policies which allow agencies of the State of Georgia the option of exempting demand deposits from the collateral requirements.

Thetreasurer ofthe Boardof Regents is responsible for all details relative to furnishing the required depository protectionfor all units of the University System of Georgia.

CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 1996, are categorized below in orderto provide information about the extentto which such deposits are exposed to custodial credit risk:

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

Category3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the Administrative Central Office's name, and amounts uncollateralized.

Cash Deposits InvestmentPortfolio Accounts
TotalCash Deposits

Carrying Amount

Bank Balances

Risk Categories

2

3

s $24,877,718.73 $28,969,854.22 s 110,745.37

989263.17

0.00

0.00

0.00 $28,859,108.85

0.00

0.00

s s $25866981 90 $28 969 854 22

11074537

000 $28 859 108 85

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BOARD OF REGENTS OFTHEUNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> NOTES TO THEFINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBITtlD"

NOTE 2: CUSTODIAL CREDITRISKS OF CASHDEPOSITS AND INVESTMENTS

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

Category 1 - Insured or registered, or securities heldby the Administrative Central Office or its agent in the Administrative Central Office's name.

Category2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the Administrative Central Office's name. .

Category3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Administrative Central Office's name,

The carrying amounts of investment balances as of June 30, 1996, are categorized below:

Type ofInvestment

Risk Categories 2

Common Stock Corporate Bonds U. S. Government Securities

0.00 SI7,204,379.45 S 3,768,798.00 46,875300.76

Investments Not Subjectto Categorizations:
Mutual Funds

S==~0~ 00 S67 84847821 S

TotalInvestments

Less: Investments Held for Units of the University Systemof Georgia, Cooperative Organizations and Other

Carrying

Market

3

Amount

Value

0.00 SI7,204,379.45 S27,379,885.53 3,768,798.00 3,755,641.50
46,875.300.76 47,082.292.16

000 S67,848,478.21 S78,217,819.19

14,780,083.06 15,642,005.76 S82,628,561.27 S93 859 824 95

41,041.269.86 $41 587.29141

NOTE 3: INVESTMENT IN PLANT

The following isa summary ofInvestment in Plantfixed assets as of June 30, 1996:

- 12 -

BOARD OF REGENTS OF THEUNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> NOTES TO THE FINANCIAL STATEMENTS JUNE 30.1996

EXHIBIT"D"

NOTE 3: INVESTMENT IN PLANT
Land Equipment Library Books and Collections Construction in Progress

s 2,492,250.00
13,169,102.10
31,384.30 82,341.354.45

Total Investment in Plant

$98,034,090.85

NOTE 4: OPERATING LEASES

The Administrative Central Office has entered into certain computer software license agreements which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date of the original term of the lease, the Administrative Central Office has the option of renewing the lease on a year-to-year basis. Future minimum lease payments for operating leases as ofJune 30, 1996, are listed below. Amounts are included onlyfor multi-year leases and for cancellable leases for which an optionto renewfor the subsequent fiscal year has been exercised.

Fiscal Year Ending June 30
1997 1998
Total Future Minimum Lease Payments

s 542,667.96
490,029.97
s 1,032,697.93

Expenditures for computer software license agreements under operating leases for the year ended June 30, 1996, totaled $1,052,568.15.

NOTE 5: CAPITAL LEASES

TheAdministrative Central Office acquires certain equipment through multi-year capital leases with varying . terms and options. These agreements contain fiscal funding clauses in accordance with Official Code of Georgia Annotated Section 50-5-64 which prohibits the creation of a debt to the State of Georgia for the payment of any sums under such agreements beyond the fiscal year of execution if appropriated funds are not available. Ifrenewal of such agreements is reasonably assured, however, capital leases requiring appropriation by the General Assembly of Georgia are considered noncancellable for financial reporting purposes.

As of June 30, 1996, future minimum lease payments under capital leases are as follows:

- 13 -

BOARD OF REGENTS OF THE QNNERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> NOTES TO THE FINANCIAL STATEMENTS JUNE 30.1996

EXHIBIT"D"

NOTE 5: CAPITAL LEASES

Fiscal Year Ending June 30
1997 1998

s 62,694.20
14.044.45

Total Future Minimum Lease Payments

76.738,65

NOTE 6: RISK MANAGEMENT

The Board ofRegents of the University System of Georgia maintains a self-insured program of health and dental benefits for its employees andretirees. This plan is funded jointly through premiums paid by participants covered under the plan andemployer contributions paidby the Board ofRegents and its organizational units. All units of the University System of Georgia share the risk ofloss for claims ofthe Employee HealthBenefits Plan. Participants are covered up to a maximum lifetime benefit of $1,000,000.00 per person and dental coverage up to an annual maximum of$I,OOO,OO per person.

TheBoardof Regents has contracted with Blue Cross - Blue Shield to process all claims in accordance with medical coverage guidelines as established by the Board of Regents. 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 information furnished by the various organizational units of the University System of Georgia.

A reconciliation oftotal estimated claims liabilities for the fiscal year endedJune 30, 1996, is shownbelow:

Unpaid Claims and Claim Adjustments July 1, 1995

s 25,480,000.00

Incurred Claims and Claim Adjustment Expenses - Provisions for Insured Events ofthe Current Year

115,501,489.72

Payments - Claims and Claim Adjustment Expenses Attributable to Insured Events ofthe Current Year and ofPrior Years

121.381.489.72

Unpaid Claims and Claim Adjustments June 30, 1996

s 19,600.00000

- 14 -

BOARD OF REGENTS OF THEUNNERSITYSYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THEFINANCIAL STATEMENTS
JUNE 30.1996

EXHIBIT"D"

NOTE 6: RISK MANAGEMENT
TheDepartment ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The Statebelieves it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and lawenforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certainother risks. The Administrative Central Office, as an organizational unit ofthe Board ofRegents ofthe University System of Georgia, is part of the Stateof Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment.
A self-insured program of professional liability for its employees was established by the Board ofRegents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The programis administered by DOAS as a Self-Insurance Fund.
NOTE 7: DEFERRED COMPENSATION PLAN
The Stateof Georgia offers its employees a deferred compensation planin accordance with Internal Revenue CodeSection 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 inwhich they wishto 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 propertyand rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or madeavailable to the employee or other beneficiary) solely the property and rights of the State of Georgia subject only to the claims of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State of Georgiain an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996.
NOTE 8: RETIREMENTPLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA
Plan Description TheAdministrative Central Office participates in the Teachers Retirement System of Georgia(TRS), a costsharing multiple-employer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of
- 15 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT"D"

NOTE 8: RETIREMENT PLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA
Plan Description Georgia. The Administrative Central Office's payroll for the yearendedJune 30, 1996, for employees covered by TRS was $5,320,861.64. The Administrative Central Office's total payroll for all employees was $6,355,919.26.
Benefits TRSprovides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years of creditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the ageof 55 years and hasat least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number ofyears ofcreditable service up to 40 years. Anymember who has between 25 and 30 years ofcreditable service and is at least 55 years of age shall receive a benefit which is reduced bythe lessor of 1/12 of7% for each month the member is below age 60, or by 7% for each yearor fraction thereofbywhich the member has lessthan 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 basedon 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. Ifa member terminates with less than ten years of service, no vesting of employer contributions occurs, butthe member's contributions are refunded with interest.
Contributions Required and Contributions Made Employees of the Administrative Central Office whoare covered byTRS are required to pay 5% 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 1996, the employer contribution ratewas 11.81% for covered employees. In addition, the Administrative Central Office contributed 5.60% to the TRS on behalfof employees electing to participate in the RegentsRetirement Plan. The interest rate assumption (rate ofretum on investments) was 7.50%.
Total contributions to the plan made during fiscal year 1996 amounted to $941,149.40, of which $675,105.36 was made by the Administrative Central Office and $266,044.04wasmade by employees. These contributions represented 12.69% (Administrative Central Office) and 5% (employees) of coveredpayroll.

- 16 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA
ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXHffiITID"

NOTE 8: RETmEMENTPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

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

Thetotal unfunded pension benefit obligation ofTRS as ofJune 30, 1995, which was the latest information available, was as follows:

Total pension benefit obligation

$ 17,442,607,000.00

Net assets available for benefits, at cost

15,857,066,000.00

Unfunded pension benefit obligation

$ 1.585,541.00000

Themeasurement of the total pension benefit obligation isbased on an actuarial valuation as ofJune 30, 1995. Net assets available for benefits werevalued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers.

Retirement System Contributions Total contributions from all employers to TRSforthe year endedJune 30, 1996, were $607,274,559.00. The Administrative Central Office's contribution for the year ended June 30, 1996, of $675, 105.36 was actuarially determined and represented .1112% of total contributions madeby all participating employers.

Trend Information Historical trend information is presented in the TRS June 30, 1996, financial report. This information gives an indication of the progress made in accumulating sufficient assetsto pay benefits when due.

REGENTS RETIREMENT PLAN

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

- 17 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30.1996

EXHIBIT"D"

NOTE 8: RETIREMENTPLANS
REGENTSRE~MENTPLAN
Statelegislation requires that the employer contribute 4% andthe employee contribute 5% 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 Planfor the yearended June30, 1996, was $959,143.84. The Administrative Central Office's total payroll for all employees was $6,355,919.26.
The Administrative Central Office andthe covered employees made the required contributions of$38,365.88 (4%) and $47,957.00 (5%), respectively.
NOTE 9: LEAVE POLICIES
Employees earnannual 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 offorty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination ofemployment. 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 10: CONTINGENCIES
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for anyexpenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the Board of Regents 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 (as an organizational unit of the Board of Regents of the University System of Georgia), if any, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the Stateof Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996.
NOTE 11: POSTEMPLOYMENT BENEFITS OTHERTHAN PENSION BENEFITS
Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board ofRegents of the University System of Georgia hasestablished grouphealth and life insurance programs for regular employees ofthe University System of Georgia. It is the policy of the Board ofRegents to permit employees ofthe University System of Georgia eligible for retirement or that become permanently and totally
- 18 -

BOARD OFREGENTS OFTHEUNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30,1996

EXHIBIT"D"

NOTE 11: POSTEMPLOThffiNT BENEFITS OTHER THAN PENSION BENEFITS
disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years of service with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals.
As of June 30, 1996, there were 43 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1996, the Administrative Central Officerecognized as incurred $79,970.32 ofexpenditures, which was net of $34,029.20 of participant contributions.
NOTE 12: STATE MEDICAL EDUCATION BOARD
The State Medical Education Board, which is administratively attached to the Administrative Central Office ofthe Board ofRegents ofthe University System of Georgia, provides service cancellable loans/scholarships to eligible students who are residents of the State of Georgia and pursuing a degree in medicine. After becominglicensedphysicians, 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, 1996, the balance ofloanslscholarships outstanding was $4,139,642.84. 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 cancellable 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, 1996, the balance ofloans outstanding was $326,934.19. This balance is not reflected in these financial statements.
NOTE 13: SIGNIFICANT TRANSACTIONS
ATLANTA COMMITTEE FOR THE OLYMPIC GAMES (ACOG) CONSTRUCTION FUND The Board of Regents ofthe University System of Georgia 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 dormitories will vest in the Board ofRegents with ACOG retaining right of use for athletic housing during the Olympic Games ofl996. 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 was obtained from the sale of general obligation bonds through the Georgia State Financing and Investment Commission (GSFIC). Construction contracting and construction management was coordinated by GSFIC. Contract documents required ACOG to transfer their portion of the construction cost representing $47,000,000.00 to the Board of Regents. GSFIC requests transfer of these funds from the Board of Regents as needed for
- 19 -

BOARD OFREGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXHIBIT"D"

NOTE 13: SIGNIFICANT TRANSACTIONS
ATLANTA COMMI'ITEE FOR THE OLYMPIC GAMES (ACOG) CONSTRUCTION FUND payment of construction costs. At June 30,1996, the Board of Regents had $3,869,681.79 on deposit in Agency Funds to be used for funding of ACOG's share of construction costs associated with this project.
GEORGIA CENTER FOR ADVANCED TELECOMMUNICATIONS TECHNOLOGY (GCATT) The Board of Regents of the University System of Georgia is administratively responsible for the GCATT construction project located on the Georgia Institute of Technology campus. The Unexpended Plant Fund expenditures to date totaling $31,179,410.00, including $15,834,723.10 of current year expenditures, are capitalized as Construction in Progress in the Investment in Plant Fund of the Administrative Central Office. The Administrative Central Office will continue to record all expenditures related to this project as Construction in Progress. Upon completion, the Administrative Central Office will transfer the appropriate balance of the Construction in Progress account to Georgia Institute of Technology to be recorded in the Institute's Investment in Plant account.
ALBANY STATE UNIVERSITY The Board of Regents of the University System of Georgia - Administrative Central Office is recording the cost ofrepairs and reconstruction due to extensive flood damage to the Albany State University's campus in July 1994. These expenditures are included in the Unexpended Plant Fund and are being capitalized as, Construction in Progress in the Investment in Plant Fund of the Administrative Central Office. The Administrative Central Office will continue to record all expenditures related to this project as Construction in Progress. Upon project completion, the Administrative Central Office will transfer the appropriate balance of the Construction in Progress account to Albany State University to be recorded in the University's Investment in Plant account. The expenditures to date totaling $51,161,944.45, which includes $23,503,312.01 of current year expenditures, are funded by insurance recoveries and State lottery appropriations.
NOTE 14: BONDINGINFORMATION
The Chancellor and all employees of the Board of Regents of the University System of Georgia are bonded under a PublicEmployeesBlanket Bond written by the EmployersInsurance ofWausau, their Bond No. 145002-110723, on which the premium was paid to October 1, 1996. 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 $1,000,000.00 against loss sustainedfrom failureofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment.

- 20 -

BOARD OF REGENTS OF THEUNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
NOTES TO THEFINANCIAL STATEMENTS
JUNE 30.1996

EXHIBIT"D"

NOTE 14: BONDINGINFORMATION
All employees of theBoardofRegents of the University System of Georgia are also bondedunder Commercial Crime Policies written by the United States Fire Insurance Company, their PolicyNos. 6260122926 and 6260122944, on which the premiums werepaid to October 1. 1996. Under these additional public employee dishonesty coverages, the policies insure the Board of Regents to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees and from failure of its employees to perform faithfully.

- 21 -

\L_ I

I

, ( .... \.e...,

SUPPLEMENTARY INFORMATION - 23-

~
Cash and Cash Equivalents Investments Accounts Receivable Prepaid Items

BOARPOF REGENTS OF THE UNIVERSITY sySTEM OF GEORGIA A[)MINISTRATNE CENTRA!.OFFICE (OVERSIGHT UNm COMBINING BALANCE SHEET CURRENTFUNDS. UNRESTRICTEP JUNE 30, 1996

EXHIBIT-e"

"A" RESIDENT INSTRUCTION

"SREGENTS CENTRAL
OFFJCEAND OTHERORGANIZED
ACTMTlES

"0LOITERYFOR EDUCATION

EMPLOYEE HEALTH BENEFITS PLAN

TOTAL

$ 101,738.51 $
32,518,044.93 349.00

341,097.71 $ 2,000,000.00

61,712.11 $

19,679,715.45 $ 25,105,n4.22

20,184,263.78 25,105,n4.22 34,518,044.93
349.00

Total Assets

$ 32,620,132,44 $

2,341,097.71 $

61,712,11 $ 44,785,489.67 $ 79,808,431.93

LIABILITIES AND FUND BALANCES

Liabilities AccountsPayable A1lobnents Due to Other Units BenefitsPayable

$ 457,455.14 $ 32,164,000.00

Total liabilities

$ 32,621,455.14 $

Fund Balances Unrestricted

-1,322.70

312,843.70 $ 2,000,000.00
2,312,843.70 $

43,536.92 $

$ 19,600,000.00

813,835.76 34,164,000.00 19,600,000.00

43,536,92 $ 19,600,000,00 $ 54,5n,835.76

28,254,01

18,175,19 25,185,489,67 25,230,596,17

Total Liabilitiesand Fund Balances $ 32,620,132,44 $

2,341,097.71 $

61,712,11 $ 44,785,489,67 $ 79,808,431.93

See notesto the financialstatements.

24 -

BOARDOF REGENTSOF THE UNIVERSITY SYSTEMOF GEORGIA
APMINISTRAT!VE CENTRALOFFICE(OVERSIGHT UNID
COMBINING STATEMENTOf CHANGESIN FUND BALANCES
CURRENT FUNDS - UNRESTRICIED
YEAR ENDED JUNE 30, 1996

EXH!BIT"P

mD REVENUES OTHER APDmONS

"A"
RESIDENT INSTRUCTION

"S"
REGENTSCENTRAL OFFICEAND
OTHER ORGANIZED ACTMTlES

"0LOITERYFOR EDUCATION

EMPLOYEE HEALTH BENEFITS PLAN

TOTAL

Unrestricted CurrentFund Revenues Adjustments
Prior Years' Expenditul'llSlAccounts Payable
Remltlanceof UncommittedRegents SCholarshipsfrom Units of the UniversitySystemof Georgia
Remitlanceof Surplus from Units ofthe UniversitySystemof Georgia YearEndedJune3O,1995

$ 16,326,241.80 $ 9,954.22
1,448,962,68

25,290,515,32 $ 8.710.053.00 $ 137,447.725.79 $ 187,n4.535.91

4,264.09

17,469,93

20,687.69

52.375.93

5.584,00

5.584.00

256,991.22

12,412.96

1,718,366,86

Total Revenuesand Other Additions $ 17,785,158,70 $

25,557,354,63 $ 8,739,935.89 $ 137,468,413,48 $ 189,550,862.70

EXPENPITURES AND OTHER DEDUCTIONS

Educationaland GeneralExpenditures Adjustments
Prior Years'Revenues/Accounts Receivable UnrestrictedFund Balance(Surplus)
Returned to Officeof Treasuryand FISCal Services
Year Ended June 30,1995

$ 14,814,935,72 $ 22,583,00
1,454,226,95

25,266,525.40 $ 8,709,347,74 $ 126,838.4n.73 $ 175,629,286.59 22,583.00

298,642,58

14,408.79

1,767,278.32

Tolal Expenditures and Other Deductions

$ 16,291,745,67 $

25,565,167,98 $ 8,723,756.53 $ 126,838,4n.73 $ 1n,419,147.91

TRANSFERSBETWEEN FUNDS

Mandatory Slate Appropriations for Restricted Quasi-Endowment Fund

$ -1,500,000,00

$ -1,500,000,00

Net Increasel(Pecrease) for the Year $

-6,586,97 $

-7,813.35 $

16,179.36 $ 10,629,935.75 $ 10,631,714.79

FUND BALANCES JULY '. 1995

5,264,27

36,067,36

1,995.83 14,555,553.92 14,598,881,38

FUND BALANCES JUNE 30. 1996

$

-1,322,70 $

28,254.01 $

18,175,19 $ 25,185,489,67 $ 25,230,596.17

See notesto the financial statements,

-25-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEMOF GEORGIA
APMINISTRATIVE CENTRAl OFFICE (OVERSIGHT UNm
COMBINING STATEMENT OF CURRENTFUNpS REVENUES, EXPENPITURES,
AND OTHERCHANGES
UNRESTRICTED
)'EAR ENpED JUNE 30 1996

EXHIBIT -0"

Net Increasel(Pecrease) in Fund Balances

$

'-6,586,97 $

-7,813,35 $

16,179,36 $ 10,629,935,75 $ 10,631,714,79

See notesto the financialstatements,

-26-

BOARDOF REGENTS OF.THEUNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNm
COMBINING STATEMENT OF CURRENTFUNDS REVENUES, EXPENDITURES, AND OTHERCHANGES RESTRICTED
yEAR ENDEDJUNE30, 1996

EXHIBIT -H"

REVENUES
Federal Grantsand Contracts StateGrantsand Contracts Private Grantsand Contracts Endowment Income
Total Revenues
EXPENPITURES ANp MANDATORY TRANSFERS
Educational and General .Institutional Support Scholarships and Fellowships Mandatory Transfersfor: Investment Income for Endowment Principal
Total Expenditures and Mandatory Transfers
OTHERTRANSFERS ANp APPITIONSf(PEPUCTIONS)
Excess of Restricted Receipts overTransfers to Revenues Transfers of Endowment Principal for Objectof Trust Administrative Fees Realized Losson Investments
Total OtherTransfers andAdditionsl(Deductions)
Net Increasel(Decrease) in FundBalances

RESIDENT INSTRUCTION

REGENTS CENTRAL OFFICEAND
OTHER ORGANIZED ACTIVITIES

TOTAL

$

$

1,814.47

$

1,814,47 $

150,840.06 $ 20,000.00
96,000.00
266,840,06 $

150,840,06 20,000.00
1,814.47 96,000,00
268,654.53

$

1,814,47 $

$

1,814.47 $ .

37,840.06 $ 229,000.00

39,654,53 229,000.00

18,583,83

18,583,83

285,423,89 $ _ _-=2.8:7.:,.2:3;=8,3;;6,.

$

160,182,09 $

160,182,09

338,325.92

338,325,92

-27,785.15

-27,785.15

-8,09

-8,09

$

470,714,77 $ _ _...4..7;.0;.,~;7..1;.4;.,.7;.7.;..

$

0,00 $

452,130,94 $ =======4::5!2::,i1::3:=0=,9=4=

Seenotesto the financial statements,

-27 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT>
SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET NAN RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 1996

REVENUES
state Appropriation other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

TOTAL

$ 9,908,920.00

$

6,417,321.80 $ _ _1..,;"8,:1",4;,...4.~_7_

9,908,920.00 6,419,136.27

$ 16,326,241.80 $

1,814.47 $ 16,328,056.27

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

$ 3,047,992.71
9,614,802.36 $
2,152,140.65 0.00

$

3,047,992.71

1,814.47

9,614,802.36 1,814.47
2,152,140.65 0.00

$ 14,814,935.72 $

1,814.47 $ 14,816,750.19

Excess of Revenues over Expenditures

$ 1,511,306.08 $

(1) To reclassify balance of current year transfers of restricted appropriations to Georgia Eminent Scholars Endowment Trust Fund.

0.00 $ =====1=,5=1=1=,=3=0=6=.0=8=

See notes to the financial statements.

- 28-

SCHEDULE "1"

ADJUSTMENTS (1 )

TOTAL (Budget Basis)

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$

0.00 $ 9,908,920.00 $ 9,908,920.00 $

0.00

6,419,136.27

7,734,367.00

-1,315,230.73

$

......;.0...;,.0_0 $ 16,328,056.27 $ 17,643,287.00 $ -1,315,230.73

$ 3,047,992.71 $ 3,277,242.00 $

229,249.29

$ 1,500,000.00

9,614,802.36 1,814.47
2,152,140.65 1,500,000.00

10,709,406.00 3,000.00
2,153,639.00 1,500,000.00

1,094,603.64 1,185.53 1,498.35 0.00

$ 1,500,000.00 $ 16,316,750.19 $ 17,643,287.00 $

1,326,536.81

--~...:.-_-

$ -1,500,000.00 $ _======1=1=,3=0==6=.0=8=

11,306.08

- 29-

BOARQOF REGENTS OFJHE VNIVERSIIY S'fSIEM Of GEORGIA
AQMINISTRADVE CENIBAL OFFICE(OVERSIGHT UNffi
SCHEDULE Of REVENUES AND EXPENDITURES COMpAREDTO BUDGET "B"REGENTS CENTRAL OFF,ce ANDOTHERORGANIZED ACTJyrnEs
YEARENDEDJUNE30 1996

SCHEDULE?

REVENUES
State Appropriation Other R___ Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PlANT FUNDS

TOTAL

UNEXPENDED (Budget Basis)

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$ 24,596,938.00 693,5n32 $

$ 24,596,938.00 $ 24,596,938.00 $ 266,840.06 $ 10,768,329.95 11,728,747.33 1,160,232.00

0.00 10,568,515.33

$ 25,290,515.32 $ 266,840.06 $ 10,768,329.95 $ 36,325,685.33 $ 25,757,170.00 $ 10,568,515.33

EXPENDITURES

PeIsonaI 8ervices:

Education, General and Departmental

8ervices

$ 4,812,577 .48

Operating Expenses:

Education, General and Departmental

8ervices

2,160,364.59

Sponsored Operations

$

Capital Outlay

SREB Payments

871,650.00

MedicalSCholarships

1,359,538.33

RegentsOpportunity Grants

600,000.00

Regents Scholarships

200,000.00

Rental Paymentsto Georgia Military College

1,034,952.00

Direct Paymentsto the GeorgiaPublic

Telecommunications Commissionfor

Operations

14,227,443.00

$ 4,812,577.48 $ 4,812,613.00 $

96,000.00 $ 8,779,141.41
170,840.06

2,160,364.59 96,000.00
8,779,141.41 871,650.00
1,530,378.39 600,000.00 200,000.00
1,034,952.00

2,205,360.00 . 108,000.00
0.00 891,950.00 1,676,852.00 600,000.00 200,000.00 1,034,952.00

14,227,443.00 14,227,443.00

35.52
44,995.41 12,000.00 ~, 779,141.41 20,300.00 146,473.61
0.00 0.00 0.00
0.00

$ 25,266,525.40 $ 266,840.06 $ 8,779,141.41 $ 34,312,506.87 $ 25,757,170.00 $ ~,555,336.87

Excess d Revenuesover Expenditures

$

23,989.92 $

0.0..0.. $ 1,989,188.54 $ 2,013,178.46

$

See notes to the financialstatements.

-30-

BOARD OF REGENTS OF THE UNIVERSITY sysTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNID
SCHEDULE OF REVENUES AND EXpENDITURES COMpARED TO BUDGET -0= LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1996

SCHEDULE "3"

REVENUES
State Appropriation Other Revenues Retained

CURRENT FUNDS UNRESTRICTED

PLANT FUNDS UNEXPENDED

TOTAL (Budget Basis)

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$

8,710,053.00 $ 4,091,450.80 $ 12,801,503.80 $ 12,668,298.00 $

133,205.80

5,054,410.00

5,054,410.00

0.00

5,054,410.00

$

8,710,053.00 $ 9,145,860.80 $ 17,855,913.80 $ 12,668,298.00 $_....;.:..;,5.;.,;1.;8.;7...,;6..1;.5;.;.;8..0;..

EXPEND'TURES

Equipment, Technology and Construction

Trust Fund

Capital Outlay - Georgia Military College

$

Georgia Research Alliance

Capital Outlay - Albany State College

Special Funding Initiatives

$ 3,500,000.00
5,209,347.74

0.00 $
15,834,723.10 16,074,170.60

0.00 $ 3,500,000.00 15,834,723.10 16,074,170.60 5,209,347.74

318,634.00 $ 3,500,000.00
0.00 3,639,611.00 5,210,053.00

318,634.00 0.00
-15,834,723.10 -12,434,559.60
705.26

$

8,709,347.74 $ 31,908,893.70 $ 40,618,241.44 $ 12,668,298.00 $ -27,949,943.44

Excess of Revenues over Expenditures

$====7=0.5....2..6= $ -22,763,032.90 $ -22,762,327.64

$ -22,762,327.64

See notes to the financial statements.

- 31 -

BOARDOF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> SCHEDULE OF APPROVED BUDGET "A" RESIDENT INSTRUCTION YEARENDED JUNE 30, 1996

REVENUES
State Appropriation OtherRevenues Retained
EXPENDITURES
Personal Services: Education, General and Departmental Services Sponsored Operations
Operating Expenses: Education, General and Departmental Services Sponsored Operations
Capital Outlay Special Funding Initiative Office of Minority Business Enterprise StudentEducation Enrichment Program ForestryResearch Research Consortium

ORIGINAL

AMENDED

APPROPRIATION APPROPRIATION

GOVERNOR'S EMERGENCY
FUND

$ 1,081,433,473.00 $ 736,849,988.00

-599,999.00 $ -1,433,001.00

102,932.00

$ 1,818,283,461.00 $ -2,033,000.00 $ =======1=02=,=9=3=2=.0=0=

$ 1,157,829,143.00 $ 202,917,763.00

-1,948,000.00

289,713,286,00 145,787,679.00
0,00 15,314,094.00
994,628.00 364,360.00 362,508.00 5,000,000.00

$ -85,000.00

102,932.00

$ 1,818,283,461.00 $ -2,033,000.00 $ ======::1:!0::2::,:9::3::2=.=0=0=

See notesto the financial statements.

- 32-

SCHEDULE "4"

BUDGET ADJUSTMENTS

TOTAL APPROVED
BUDGET

LESS: BUDGET TRANSFERS TO OTHER UNITS

TOTAL

$ 1,080,936,406.00 $ 1,071,027,486.00 $ $ 562,267,079.00 1,297,684,066.00' 1,289,949,699.00

9,908,920.00 7,734,367.00

$ 562,267,079.00 $ 2,378,620,472.00 $ 2,360,9n,185.00 $ 17,643,287.00

$

6,493,425.00 $ 1,162,374,568.00 $ 1,159,097,326.00 $

-12,895,140.00

190,022,623.00

190,022,623.00

3,2n,242.00 0.00

45,593,332.00 365,046,314.00 158,029,148.00

335,306,618.00 510,936,925.00 158,029,148.00
15,229,094.00 994,628.00 364,360.00 362,508.00
5,000,000.00

324,597,212.00 510,933,925.00 158,029,148.00
13,075,455.00 994,628.00 364,360.00 362,508.00
3,500,000.00

10,709,406.00 3,000.00 0.00
2,153,639.00 0.00 0.00 0.00
1,500,000.00

$ 562,267,079.00 $ 2,378,620,472.00 $ 2,360,9n,185.00 $ 17,643,287.00

- 33-

BOARDOF REGENTS OF THEUNI\IEBSlry sysTEM OF GEORGIA
ADMINISTRATIVE CENTRAL OfFICE <OVERSIGHT UNID SCHEQULE OF APPROVED BUDGET
"8" REGENTS CENTRAL OfFICE ANDOTHER ORGANIZED ACTMTIES
yEAR ENDEDJUNE30 1996

SCHEQULE "5"

BEVENUES
Slate Appropriation Other RlMlnues Retained

ORIGINAL

AMENDED

BUDGET

APPROPRIATION APPROPRIATION ADJUSTMENTS

TOTAL APPROVED
BUDGET

LESS: BUDGET TRANSFERS TO OTHERUNITS

TOTAL

S 170,400,400.00 S

-567,255.00

S 169,833,145.00 S 145,236,207.00 S 24,596,938.00

374,783,958.00 _ _ _ _ _ S 35,364,376.00 410,148,334.00

408,988,102.00

1,160,232.00

S 545,184,358.00 S

-567,255.00 S 35,364,376.00 S 579,981.479.00 S 554,224,309.00 S 25,757,170.00

EXPENDITURES

Personal 5eIVices:

Education, Generaland Departmental

5eIVices

S

Sponsored Operations

Operating Expenses:

Education, Generaland Departmental

5eIVices

Sponsored Operations

capital OUtlay

Agricultural Research

Advanced Technology Development Center

capitation Contractsfor FamilyPractice

Residency

Residency capitation Grants

StudentPreceptorships

MercerMedical SChool Grant

Morehouse SChoo! of MedicineGrant

Centerfor Rehabilitation Technology

SREB Payments

MedicalSCholarships

RegentsOpportunity Grants

RegentsSCholarships

RentalPayments to GeorgiaMilitaryCollege

CRT Inc. Contractat GeorgiaTech

Research Institute

DirectPayments to the GeorgiaPublic

Te!ecommunications Commission for

Operations

262,553,904.00 S 69,874,000.00
126,767,428.00 38,184,000.00
35,000.00 2,342,532.00 1,979,060.00
3,548,759.00 2,484,870.00
146,400.00 6,619,012.00 5,549,778.00 2,072,196.00 5,397,800.00 1,347,852.00
600,000.00 200,000.00 1,034,952.00
219,372.00
14,227,443.00

-400,505.00 S 3,480,866,00 S 265,634,265.00 $ 260,821,652.00 $ 4,812,613.00

4,913,219.00

74,787,219.00

74,787,219.00

0.00

-171,750.00 50,000.00
-45,000.00

12,311,897.00 3,684,914.00
5,000.00 9,252,225.00
1,387,255.00 329,000.00

138,907,575.00 41,868,914.00
35,000.00 2,397,532.00 11,231,285.00
3,548,759.00 2,484,870.00
146,400.00 6,619,012.00 5,549,778.00 3,459,451.00 5,352,800.00 1,676,852.00
600,000.00 200,000.00 1,034,952.00
219,372.00

136,702,215.00 41,760,914.00
35,000.00 2,397,532.00 11,231,285.00
3,548,759.00 2,484,870.00
146,400.00 6,619,012.00 5,549,778.00 3,459,451.00 4,460,850.00
219,372.00

2,205,360.00 108,000.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 891,950.00 1,676,852.00 600,000.00 200,000.00 1,034,952.00
0.00

14,227,443.00

14,227,443.00

$ 545,184,358.00 $

-567,255.00 $ 35,364,376.00 $ 579,981,479.00 $ 554,224,309.00 $ 25,757,170.00

see notesto the financial statements.

-34-

BOARD OF REGENTS OF THEUN!VEBSITY SYSTEM OF GEORGIA AQMINISTRATIVE CENTRAL OFFICE (oveRSIGHT UNID
SCHEQULE OF APPBOVEQ BUDGET
V LOTTERy FOB EQUCATION YEAR ENDEQ JUNE30 1996

SCHEDULE "6"

REVENUES
Slate Appnlpriation Other Revenues Retained

ORIGINAL

AMENDED

APPROPRIATION APPROPRIATION

BUDGET ADJUSTMENTS

TOTAL APPROVED
BUDGET

LESS:
BUDGET TRANSFERS TO OTHER UNITS

TOTAL

$ 73.370.611.00 $ 1.423.000.00

0.00

$

$ 71.947.611.00 $

85,312.00

85.312.00

59.279.313.00 $ 12.668.298.00

85.312.00

0.00

$ 73.370.611.00 $ 1,423.000.00 $

85,312.00 $ 72,032.923.00 $ 59.364,625.00 $ 12,668,298.00

EXPENPITURES

capilal OUtlay

$ 5,000.000.00

Equipment, Technology and Construction

TruslFund

18.000.000.00

$

capital OUtlay - Georgia MilitaryCollege

3.500.000.00

capital outlay. Georgia College

300.000.00

Georgia Research Alliance

28.917.000.00 $ -1.423,000.00

capital outlay - AlbanyStateCollege

3.639,611.00

Special FUnding Initiatives

12.514,000.00

capital OUtlay Agricultural Experiment

Stations

1.500,000.00

$ 5.000.000.00 $

85.312.00

18.085.312.00 3.500,000.00
300,000.00 27.494,000.00 3.639,611.00 12.514.000.00

1.500,000.00

5.000.000.00 $

0.00

17.766.678.00
300.000.00 27.494,000.00
7,303.947.00

318.634.00 3.500.000.00
0.00 0.00 3.639.611.00 5,210,053.00

1.500,000.00

0.00

$ 73.370,611.00 $ -1,423,000.00 $

85,312.00 $ 72,032,923.00 $ 59.364,625.00 $ 12,668,298.00

see notesto the financial statements.

-35

BOARDOF REGENTSOF THE UN!VERSITY SySTEM OF GEORGIA
ADMINISTRATIVE CENTRALOFFICE (OVERSIGHT UNm
SCHEDULEOF BUDGETTRANSFERS TO OTHER UNITS
"A" RESIDENTINSTRUCTION
YEAR ENDEDJUNE30, 1996

UNITSOF THE UNIVERSITY SYSTEMOF GEORGIA
RESEARCH UNIVERSITIES
GeorgiaInstituteof Technology SpecialFunding Initiative Research Consortium
GeorgiaStale University Special FundingInitiative
MedicalCollegeof Georgia Special FundingInitiative Student EducationEnrichmentProgram
Universityof Georgia SpecialFunding Initiative Officeof MinorityBusinessEnterprise ForestryResearch Research Consortium
REGIONAL UN!VERSITIES
GeorgiaSouthernUniversity SpecialFunding Initiative Research Consortium
Valdosta Stale University SpecialFunding Initiative Research Consortium
STATE UN!VERSITIES/COLLEGES
Albany State University SpecialFunding Initiative
Armstrong StateCollege SpecialFunding Initiative
Augusta State University Special Funding Initiative
ClaytonStateCollege SpecialFunding Initiative
Columbus State University Special FundingInitiative Research Consortium
FortValley StateUniversity SpecialFunding Initiative Office of MinorityBusinessEnterprise
GeorgiaCollege Special FundingInitiative
GeorgiaSouthwestern College SpecialFunding Initiative
Kennesaw StateUniversity Special FundingInitiative
North Georgia College SpecialFunding Initiative
Savannah StateUniversity SpecialFunding Initiative Officeof MinorityBusinessEnterprise
SouthernCollegeof Technology Special FundingInitiative Research Consortium
StateUniversityof West Georgia Special Funding Initiative
See notesto the financialstatements.

PERSONAL SERVICES

EDUCATION,

GENERALAND

DEPARTMENTAL

SPONSORED

SERVICES

OPERATIONS

APPROVED BUDGET

OPERATING EXPENSES

EDUCATION,

GENERALAND

DEPARTMENTAL

SPONSORED

SERVICES

OPERATIONS

$ 145,574,048,00 $

48,151,552,00 $

45,807,089,00 $

55,848,448,00

135,844,787.00 78,306,370,00

17,123,843,00 43,807,098,00

41,806,030,00 25,363,737,00

75,876,157.00 23,nO,373.00

276,773,601,00

53,000,000.00

78,504,533,00

115,000,000,00

64,983,658,00 40,200,847,00

2,420,688,00 849,593,00

17,899,807,00 9,159,129,00

49,237,242,00 34,694,279,00

17,151,776,00 20,235,979,00 21,248,471.00 17,607,577.00 23,064,480.00
15,836,367,00
23,234,285.00 11,903,842,00 42,271,483,00 14,613,750.00 16,925,153.00
19,030,280.00
32,616,129.00

2,932,570,00 562,916,00 670,105,00
1,272,958,00 1,084,450,00
5,993,672,00
677,589,00 1,012,950,00 1,305,952,00
326,247,00 1,507,229,00
738,092,00
821,492,00

2,795,843,00 5,392,547,00 4,864,632,00 4,656,555,00 5,381,968,00
4,369,942,00
6,206,778.00 3,785,919.00 11,935,226.00 2,732,562,00 3,708,773.00
4,321,828.00
8,227,473.00

14,251,349,00 4,931,688,00 3,214,635.00 4,289,541.00 12,585,118,00
22,638,062,00
11,289,299,00 3,592,160,00 7,326,905,00 3,116,609,00
12,823,759.00
2,481,908,00
19,536,991,00

-36-

SCHEDULE .7"

CAPITAL OUTLAY

OTHER

TOTAL

STATE FUNDS

FUNDING PROVIDED OTHER
REVENUES RETAINED

TOTAL

$

16.935.911.00

$

10,351.943.00

15.930,286.00

70.495,236.00

$ 1.454.632.00 1.754.036.00
585.690.00
820.637.00 364.360.00
1.698.471.00 634.628.00 362.508.00
1,407.327.00

312.317,048.00 $ 1.454.632.00 1.754.036.00
281.002.760.00 585.690.00
187.127.864.00 820.637.00 364.360.00
593.773.370.00 1.698.471.00 634.628.00 362.508.00 1.407.327.00

119.213,906.00 $ 1,454.632.00 1,754.036.00
123,547.063.00 585.690.00
88,530,069.00 820.637.00 364.360.00
255.994.420.00 1.698,471.00 634,628.00 362,508.00 1.407,327.00

193,103.142.00 $ 157.455.697.00 98.597.795.00 337.778.950.00

312.317,048.00 1,454,632.00 1.754.036.00
281,002.760.00 585.690.00
187.127,864.00 820,637.00 364,360.00
593.773,370.00 1,698,471.00 634.628.00 362.508.00 1,407.327.00

9,106,186.00 1.984.780.00

1.793.228.00 181.652.00
1,411.649.00 116,909.00

143.647.581.00 1.793.228.00 181.652.00
86,888.628.00 1.411.649.00 116,909.00

55.039.015.00 1.793.228.00 181.652.00
33,052.355.00 1.411,649.00 116,909.00

88.608,566.00 53.836,273.00

143.647.581.00 1.793,228.00 181,652.00
86.888.628.00 1,411.649.00 116.909.00

292.949.00 1.033.945.00 1.611.357.00
816,473.00 2.007.755.00
3,777.845.00
2.144.157.00 1,486.880.00
417,600.00 2,435.269.00 2.167.672.00
1.025.004.00
2.573,410.00

195.162.00 700 ,698.00
230.985.00 193.482.00 224.095.00 14.384.00 464,847.00 60.000.00 377.069.00 88,013.00 138.917.00 154.587.00 306,342.00 300.000.00 56.875.00 25.692.00 363.394.00

37,424.487.00 195.162.00
32.157.075.00 700 ,698.00
31.609.200.00 230,985.00
28.643.104.00 193.482.00
44.123.771.00 224,095.00 14,384.00
52.615,888.00 464.847.00 60,000.00
43,552,108.00 377.069.00
21.781.751.00 88,013.00
63.257,166.00 138,917 .00
23,224,437.00 154,587.00
37,132,586.00 306,342.00 300,000.00
27.597,112.00 56.875.00 25,692.00
63.775,495.00 363,394.00

14.369.786.00 195.162.00
17,492,478.00 700.698.00
18.453.928.00 230.985.00
13,477.275.00 193.482.00
20,096,925.00 224,095.00 14.384.00
16.044.233.00 464,847.00 60,000.00
21.424,830.00 377,069.00
11.553,882.00 88.013.00
33.140.052.00 138.917 .00
12,878,616.00 154,587.00
15.820,106.00 306,342.00 300,000.00
16.810.058.00 56.875.00 25.692.00
28.339,842.00 363,394.00

23.054,701.00 14.664.597.00 13,155,272.00 15,165,829.00 24.026,846.00
36,571,655.00
22,127.278.00 10.227.869.00 30,117,114.00 10,345.821.00 21,312.480.00
10,787.054.00
35.435,653.00

37,424,487.00 195.162.00
32.157,075.00 700,698.00
31,609.200.00 230,985.00
28,643.104.00 193.482.00
44.123.771.00 224.095.00 14.384.00
52.615,888.00 464 ,847.00 60,000.00
43,552,108.00 377 ,069.00
21,781,751.00 88,013.00
63.257.166.00 138,917.00
23,224.437.00 154.587.00
37.132.586.00 306.342.00 300 ,000.00
27,597.112.00 56.875.00 25.692.00
63.775,495.00 363.394.00

37

BOARP OF REGENTSOF THE UNI\IERSITYSYSTEMOF GEORGIA
ADMINISTRATIVE CENTRAl OFFICE(OVERSIGHT UNm
SCHEDULEOF BUDGETTRANSFERSTO OTHER UNITS
"A" RESIDENTINSTRUCTION
YEAR ENDEP JUNE 30, 1996

UNITS OF THE UNI\IERSITYSYSTEMOF GEORGIA
ASSOCIATE DEGREECOLLEGES
Abraham Baldwin Agricultural College Special Funding Initiative
Allanta Metropolitan College SpecialFunding Initiative
BainbridgeCollege Special Funding Initiative
Brunswick College
Special Funding Initiative Dalton College
Special Funding Initiative Darton College
Special Funding Initiative DeKalb College
Special Funding Initiative East GeorgiaCollege
Special Funding initiative Floyd College
Special FUnding Initiative GainesvilleCollege
Special Funding Initiative Gordon College
Special Funding Initiative Macon College
Special Funding Initiative Middle GeorgiaCollege
Special Funding Initiative South GeorgiaCollege
Special Funding Initiative Waycross College
Special Funding Initiative

PERSONALSERVICES

EDUCATION,

GENERALAND

DEPARTMENTAL

SPONSORED

SERVICES

OPERATIONS

APPROVEDBUDGET

OPERATING EXPENSES

EDUCATION,

GENERALAND

DEPARTMENTAL

SPONSORED

SERVICES

OPERATIONS

$

10,877,686,00 $

6,039,128,00

3,790,212,00

6,167,000,00

7,919,636.00

9,006,320,00

42,409,610,00

2,557,478,00

8,857,203,00

9,372,483,00

6,541,382,00

12,521,721.00

8,025,200.00

4,879,957.00

2,709,427,00

739,635,00 $ 571,706.00 779,103,00 737,164,00 1,117,977,00 262,897.00 75,355.00
345.283,00 180,331.00
383,551,00 337,152,00 227.583,00
5,890,00

2,014,247.00 $ 2,153,678,00
862,457.00 1,422,213.00 2,394,900,00 2,715,252.00 11,649,306,00
789,638.00 2,103,356,00 1,946,684,00 2,053,479,00 2,419,308.00 1,982,431.00 2,180,134.00
989,758,00

2,873,380,00 2,412,957,00 1,724,640,00 1,913,301.00 2,579,218,00 2,246,482.00 ,7,134.951.00
660,579.00 1,922,581.00 1,718,336,00 1,602,700,00 2,903,340,00 2,342,155.00 1.478,011,00
966,771.00

SkidawayInstituteof Oceanography Special Funding Initiative

$ 1,159.097.326.00 $ 190,022.623.00 $ 324.597,212.00 $ -=======5;"1;,;0;;,.;.9..3...3.:,=9=2;,;,5;;;.,0,;;;0,,

See notesto the financial statements.

-38 -

SCHEDULE"r

CAPITAL OUTLAY

OTHER

TOTAL

STATE FUNDS

FUNDINGPROVIDED OTHER
REVENUES RETNNED

TOTAL

$

1,875,245.00

$

466,900.00

174,023.00

249,158.00

741,013.00

349,933.00

1,982,361.00

642,536.00

552,243.00

984,260.00

167,094.00

731,910.00

1,163,430.00

1,063,365.00

167,016.00

$ 83,364.00 41,582.00 41,355.00 231,026.00 41,932.00 99,321.00 137,556.00 41,864.00 108,409.00 41,355.00 168,109.00 313,147.00 117,957.00 270,833.00 41,582.00

18,380,193.00 $ 83,364.00
11,644,369.00 41,582.00
7,330,435.00 41,355.00
10,488,836.00 231,026.00
14,752,744.00 41,932.00
14,580,884.00 99,321.00
63,251,583.00 137,556.00
4,650,231.00 41,864.00
13,780,666.00 108,409.()()
14,202,094.00 41,355.00
10,364,655.00 168,109.00
18,959,830.00 313,147.00
13,850,368.00 117,957.00
9,829,050.00 270,833.00
4,838,862.00 41,582.00

10,664,813.00 $ 83,364.00
6,315,873.00 41,582.00
3,533,493.00 41,355.00
5,801,347.00 231,026.00
7,821,746.00 41,932.00
8,852,281.00 99,321.00
39,183,880.00 137,556.00
2,758,579.00 41,864.00
8,409,538.00 108,409.00
8,524,113.00 41,355.00
6,447,513.00 168,109.00
11,888,421.00 313,147.00
8,624,210.00 117,957.00
5,598,892.00 270,833.00
2,934,994.00 41,582.00

7,715,380.00 $ 5,328,496.00 3,796,942.00 4,687,489.00 6,930,998.00 5,728,603.00 24,067,703.00 1,891,652.00 5,371,128.00 5,677,981.00 3,917,142.00 7,071,409.00 5,226,158.00 4,230,158.00 1,903,868.00

18,380,193.00 83,364.00
11,644,369.00 41,582.00
7,330,435.00 41,355.00
10,488,836.00 231,026.00
14,752,744.00 41,932.00
14,580,884.00 99,321.00
63,251,583.00 137,556.00
4,650,231.00 41,864.00
13,780,666.00 108,409.00
14,202,094.00 41,355.00
10,364,655.00 168,109.00
18,959,830.00 313,147.00
13,850,368.00 117,957.00
9,829,050.00 270,833.00
4,838,862.00 41,582.00

124,003.00

37,290.00

124,003.00 37,290.00

92,003.00 37,290.00

32,000.00

124,003.00 37,290.00

$ 158,029,148.00 $

18,296,951.00 $ 2,360,977,185.00 $ 1,071,027,486.00 $ 1,289,949,699.00 $ 2,360,977,185.00

- 39

BOARDOf REGENTS Of THE UNIVERSITY SYSTEM Of GEORGIA
ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNm
SCHEDULE Of BUDGET TRANSfERS TO OTHERUNITS
"B" REGENTS CENTRAL OFfICE ANDOTHERORGANIZED ACTMTJES )'EAR ENDEDJUNE30,1996

UNITSOf THE UNIVERSITY SYSTEM Of GEORGIA

PERSONAL SERVICES

EDUCATION,

GENERAL AND

DEPARTMENTAL SPONSORED

SERVICES

OPERATIONS

APPROVED BUDGET

OPERATING EXPENSES

EDUCATION,

GENERALAND

DEPARTMENTAL

SPONSORED

SERVICES

OPERATIONS

RESEARCH UNIVERSmES

Georgia Institute of Technology

EdUcation Extension Services

$ 4,383,818.00 $

Advanced Technology Development Center

Georgia Tech Research Institute

23,137,056.00

Agricultural Research

Centerfor Rehabilitation Technology

CRT Inc.Contractlit Georgia TechResearch Institute

MedicalCollege of Georgia

MedicalCollegeof Georgia Hospitaland Clinics

154,833,984.00

Joint Boardof FamilyPractlca

301,071.00

Capitation Contracts for FamilyPractice Residency

Residency Capitation Grants

StudentPreceptorships

MercerMedicalSchoolGrant

Morehouse Schoolof Medicine Grant

SRES Payments

Georgia Radiation TherapyCenter

2,160,347.00

Universityof Georgia

Agricultural Experiment Station

34,979,593.00

Athensand TiftonVeterinary Laboratories

121,122.00

Cooperative Extension Service

33,955,446.00

MarineInstitute

665,502.00

MarineResources Extension Center

1,262,230.00

Veterinary MedicineExperiment Station

1,624,171.00

Agricultural Research

Veterinary Medicine TeachingHospital

1,728,654,00

534,000.00 $ 49,000,000.00
5,380,839.00
8,000,000.00 2,306,000.00 7,350,000.00
400,000.00 376,000.00

4,920,124.00 $ 17,667,002.00
93,184,557.00 634,961.00
864,520.00 10,756,056.00 4,307,711.00
368,492.00 584,269.00 322,919.00 2,483,941.00

971,000.00 23,000,000.00
1,898,537.00
8,900,000.00 940,000.00
4,000,000.00 150,000.00 152,000.00

Skidaway Institute of Oceanography

1,668,658.00

1,440,380.00

607,663.00

1,749,377.00

$ 260,821,652.00 $ 74,787,219.00 $ 136,702,215,00 $ _ ......4,;,1;,,;7;""6""0",'=9l=1=4=.0==0=

Seenotes to the financial statements.

-40-

SCHEDULE "8"

CAPITAl.. OUTLAY

OTHER

TOTAl..

STATE FUNDS

FUNDING PROVIDED OTHER
REVENUES RETAINED

TOTAl..

$ 10,808,942.00 $

568,850.00 $ 10,240,092.00 $ 10,808,942.00

$ 11,231,285.00

11,231,285.00

1,979,060.00

9,252,225.00

11,231,285.00

112,804,058.00

11,131,140.00

101,672,918.00

112,804,058.00

1,563,091.00

1,563,091.00

1,558,091.00

5,000.00

1,563,091.00

3,459,451.00

3,459,451.00

1,019,568.00

2,439,883.00

3,459,451.00

219,372.00

219,372.00

219,372.00

219,372.00

3,548,759.00 2,484,870.00
146,400.00 6,619,012.00 5,549,n8.oo 4,460,850.00

255,297,917.00 936,032.00
3,548,759.00 2,484,870.00
146,400.00 6,619,012.00 5,549,n8.oo 4,460,850.00 3,024,867.00

31,697,885.00 936,032.00
3,548,759.00 2,484,870.00
146,400.00 6,619,012.00 5,549,n8.oo 4,460,850.00

223,600,032.00 3,024,867.00

255,297,917.00 936,032.00 .
3,548,759.00 2,484,870.00
146,400.00 6,619,012.00 5,549,n8.oo 4,460,850.00 3,024,867.00

$

35,000.00

834,441.00

62,635,649.00 3,367,122.00
49,648,157.00 1,583,994.00 2,374,499.00 1,947,090.00 834,441.00 4,212,595.00

36,398,122.00 121,122.00
29,856,244.00 988,994.00
1,345,184.00 1,947,090.00
834,441.00 512,595.00

26,237,527.00 3,246,000.00 19,791,913.00 595,000.00 1,029,315.00
3,700,000.00

62,635,649.00 3,367,122.00
49,648,157.00 1,583,994.00 2,374,499.00 1,947,090.00 834,441.00 4,212,595.00

5,466,078.00

1,532,120.00

3,933,958.00

5,466,078.00

$

35,000.00 $ 40,117,309.00 $ 554,224,309.00 $ 145,236,207.00 $ 408,988,102.00 $ 554,224,309.00

-41-

BOARD OF REGENTSOF THE UNIVERSITYSVmM OF GEORGIA ADMINISTRATIVE CENTRALOFFICE <OVERSIGHT UNm SCHEDULEOF BUDGETTRANSFERSTO OTHER UNITS V LOmRY FOR EDUCADON YEAR ENDED JUNE 30 1996

UNITSOF THE UNIYERSITYSYSTEMOF GEORGIA
RESEARCH UNIVERsmES
GeoIlIia Institute of Technology GeoIlIia State University MedicalCollegeof Georgia Universityof Georgia
REGIONAL UNIVERSmES
GeoIlIia Southern University ValdostaState University
STATE UNIYERSmES/COLLEGES
Albany State University Armstrong State College Augusta State University ClaytonState College Columbus State University Fort Valley State University Georgia College Georgia SouthwesternCollege KennesawState University North GeorgiaCollege SavannahState University Southern Collegeof Technology State Universityof West Georgia
ASSOCIATE DEGREECOLLEGES
Abraham BaldwinAgriculturalCollege Atlanta Metropolitan College BainbridgeCollege Brunswick College Dalton College Darton College DeKalbCollege East Georgia College Floyd College GainesvilleCollege Gordon College Macon College MiddleGeorgia College South Georgia College Waycross College
OTHER
SkidawayInstitute of OCeanography
See notes to the financial statements.

CAPITAL OUTLAY

EQUIPMENT, TECHNOLOGY
AND CONSTBUCDON
TBUSTFUND

CAPITAL OUTLAYGEORGIA COLLEGE

$ 3,368,994.00

$ 213,300.00

1,260,415.00

135,000.00

500,000.00

443,550.00

5,368,000.00

262,684.00 188,000.00

400,000.00 389,800.00

300,000.00 300,000.00 385,000.00 157,000.00 253,400.00 208,523.00
180,000.00 84,500.00 181,239.00 76,000.00 295,000.00

157,807.00 . 200,000.00
206,972.00 171,950.00 200,054.00 100,000.00 201,162.00 $ 102,730.00 257,344.00 100,000.00 150,000.00 150,000.00 250,000.00

300,000.00

148,725.00 100,000.00
175,000.00 60,000.00
30,000.00 200,000.00
218,079.00 200,000.00
205,000.00

300,000.00 225,000.00 250,000.00 250,000.00 282,500.00 300,000.00 335,308.00 230,653.00 300,000.00 300,000.00 300,000.00 350,000.00 284,034.00 250,000.00 212,500.00

61,455.00

$ 5,000,000.00 $ 17,766,678.00 $ 300,000.00

-42-

SCHEDULE "9"

APPROVED BUDGET

GEORGIA RESEARCH ALLIANCE

SPECIAL FUNDING INITIATIVES

CAPITAL OUTLAYAGRICULTURAL EXPERIMENT STATIONS

TOTAL

STATE FUNDS

FUNDING PROVIDED

OTHER

REVENUES

RETAINED

TOTAL

$

6,039,062.00 $ 249,811.00

$ 9,657,867.00 $ 9,649,873.00 $

76,390.00

634,545.00

2,184,650.00

2,174,235.00

950,000.00

218,246.00

1,803,246.00

1,803,246.00

20,428,548.00

391,5n.00 $ 1,500,000.00 28,131,670.00 28,131,670.00

7,994.00 $ 10,415.00

9,657,867.00 2,184,650.00 1,803,246.00 28,131,670.00

231,893.00 1,093,869.00

894,577.00 1,671,669.00

894,577.00 1,631,869.00

39,800.00

894,577.00 1,671,669.00

125,867.00 278,089.00 128,591.00 138,483.00 128,519.00 119,411.00 229,483.00 119,435.00 138,864.00 127,411.00 125,867.00 135,831.00 282,386.00

283,674.00 778,089.00 635,563.00 .695,433.00 485,573.00 4n,811.00 939,168.00 222,165.00 576,208.00 311,911.00 457,106.00 361,831.00 827,386.00

275,867.00 778,089.00 628,591.00 695,433.00 485,519.00 4n,811.00 938,006.00 219,435.00 568,864.00 311,911.00 457,106.00 361,831.00 827,386.00

7,807.00
6,9n.00
54.00
1,162.00 . 2,730.00 7,344.00

283,674.00 778,089.00 635,563.00 695,433.00 485,573.00 4n,811.00 939,168.00 222,165.00 576,208.00 311,911.00 457,106.00 361,831.00 827,386.00

119,205.00 175,700.00 44,350.00 308,761.00 119,435.00 127,435.00 344,227.00 117,700.00 122,971.00 119,411.00 121,285.00 218,483.00 220,411.00 117,700.00 117,700.00

567,930.00 500,700.00 294,350.00 733,761.00 461,935.00 427,435.00 679,535.00 378,353.00 622,971.00 419,411.00 639,364.00 768,483.00 504,445.00 5n,700.00 330,200.00

567,930.00 500,700.00 294,350.00 733,761.00 461,935.00 427,435.00 679,535.00 378,353.00 622,971.00 419,411.00 639,364.00 768,483.00 503,411.00 572,700.00 330,200.00

1,034.00

567,930.00 500,700.00 294,350.00 733,761.00 461,935.00 427,435.00 679,535.00 378,353.00 622,971.00 419,411.00 639,364.00 768,483.00 504,445.00 572,700.00 330,200.00

11,000.00

n,455.00

n,455.00

72,455.00

$ 27,494,000.00 $ 7,303,947.00 $ 1,500,000.00 $ 59,364,625.00 $ 59,279,313.00 $

85,312.00 $ 59,364,625.00

-43-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF OPERATIONS ENDOWMENT AND SIMILAR FUNDS YEAR ENDED JUNE 30,1996

SCHEDULE -10"

FUND ENDOWMENT
Brownell Endowment Fund Porter Endowment Fund
QUASI-ENDOWMENT - RESTRICTED Georgia EminentScholars Endowment Trust Fund

FUND BALANCE JULY 1,1995

$

2,112,043.20 $

1,500,000.00

$

3,612,043.20 $

$

0.00 $

ADDITIONSI TRANSFERS

DEDUCTIONSI TRANSFERS

FUND BALANCE JUNE 30,1996

338,325,92 $ 338,325,92 $

338,325,92 $ 338,325.92 $

2,112,043.20 1,500,000.00
3,612,043.20

1,501,345,91 $

0.00 $

1,501,345.91

$

3,612,043.20 $

1,839,671.83 $

338,325.92 $ =====5=,1=1=3=,3=8=9=.1=1=

Seenotesto the financial statements.

- 44-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAl.OfFICE (OVERSIGHT UNID SCHEDULE OF CASHRECEIPTS AND DISBURSEMENTS
AGENCY FUNDS
YEAR ENDEDJUNE30 1996

SCHEDULE -11"

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) CASH AND CASH EQUIVALENTS JUNE 30,1996

SCHEDULE "12"

NON-INTEREST BEARING ACCOUNT
Wachovia Bank of Georgia. Atlanta, Georgia

$

-1,356.50

INTEREST BEARING ACCOUNTS
NationsBank of Georgia, Atlanta, Georgia
Certificates of Deposit (4,90%) N.O.W. Account (5.21%)
SunTrust Bank, Atlanta, Georgia
Cash Management Pools Board of Regents Legal Fund Board of Regents Short-Term Investment Fund Board of Regents Total Return Fund

$

73,108.40

24,805,966.83 $

$ 1,496,022,25 8,536,469,65 3,568,606,67

24,879,075.23 13,601,098,57

38,480,173,80

$ 38.478,817,30

See notes to the financial statements,

-47 -

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> INVESTMENTS JUNE 30. 1996

SCHEDULE -13"

Investment Accounts SunTrust Bank,
Atlanta, Georgia Board of Regents Balanced Income 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
Board of Regents Legal Fund Investment Portfolio Account Accrued Income Cash 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 Accrued Income 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
Board of Regents Total Return Fund Investment Portfolio Account Accrued Income Cash Common Stock Corporate Bonds 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

See notes to the financial statements.

- 48-

$

54,422.11

0.92

1,262,162.26

379,628.00

60,429.00

2,146,965.90

$

3,903,608.19

-2,792,965.50

-1,110,642.69 $

0.00

$

35,038.55

161.65

81,625.76

2,849,725.71

$

2,966,551.67

-1,496,022.25

-1,470,529.42

0.00

$

106,817.02

20,133.14

9,382,000.00

9,254,796.96

$ 18,763,747.12

-8,536,469.65

-7,982,870.18

-2,244,407.29

0.00

$

288,489.48

-19,043.62

15,942,217.19

3,389,170.00

1,386,347.00

8,021,281.40

$ 29,008,461.45

-3,568,606.67

-24,803,558.52

-636,296.26

0.00

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE(OVERSIGHT UNIT) INVESTMENTS JUNE 30,1996

SCHEDULE -13"

InvestmentAccounts SunTrust Bank, Atlanta, Georgia Health Insurance Reserve Fund InvestmentPortfolio Account Cash U. S. Government Securities
Olympic Fund Investment Portfolio Account Cash Mutual Funds

$

503,243.43

24,602,530.79 $ 25,105,774.22

$

0.49

3,869,681.30

3,869,681.79

$ 28,975,456.01

Seenotes to the financial statements.

-49-

BOARDOF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> ACCOUNTS RECEIVABLE JUNE 30.1996

SCHEDULE 14

State Appropriations
Other Various Sources SoftwareSales and Services

CURRENT FUNDS UNRESTRICTED

PLANT FUNDS UNEXPENDED

$ 34,164,000.00 $

9,500,000.00 $

TOTAL 43,664,000.00

354,044.93

354,044.93

$ 34,518,044.93 $

9,500,000.00 $ 44,018,044.93

See notesto the financial statements.

- 50-

BOARD OF REGENTS OF THE UNIVERSIIY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> CHANGES IN INVESTMENT IN PLANT YEAR ENDED JUNE 30, 1996

SCHEDULE -15"

Land Buildings Equipment Ubrary Booksand Collections
Construction in Progress

BALANCE JULY 1,1995

ADDITIONS CURRENT FUNDS PLANTFUNDS UNRESTRICTED UNEXPENDED

DEDUCTIONS DISPOSALSI DELETIONSI ADJUSTMENTS

BALANCE JUNE 30, 1996

$ 1,390,700,00

$ 1,350,000.00 $

248,450.00 $ 2,492,250.00

83,794.12

83,794.12

0.00

11,317,034.45 $

2,364,875.72

512,808,07 13,169,102.10

31,384.30

31,384.30

43,003,319.34

39,338,035.11

82,341,354.45

$ 55,826,232.21 $

2,364,875.72 $ 40,688,035.11 $

845,052,19 $ 98,034,090,85

SUMMARY OF INVESTMENT
Administrative Central Office Capital Leases

$ 55,557,381.42 $ 268,850.79

2,364,875,72 $ 40,688,035.11 $

652,940.05 $ 97,957,352.20

192,112,14

76,738.65

$ 55,826,232.21 $

2,364,875.72 $ 40,688,035.11 $

845,052.19 $ 98,034,090.85

See notes to the financial statements.

51 -

BOARDOF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE <OVERSIGHT UNID SCHEDULE OF FUND BALANCES CURRENTFUNDSAND PLANTFUNDS JUNE30. 1996

NET INVESTMENT IN PLANT Investment in PlantFacilities
RESTRICTED Designated for Subsequent Years' Expenditures
UNRESTRICTED Designated For Capital Outlay - Albany State College For Equipment, Technology and Construction Trust Fund For Property Reserve For Employee Health Benefits Plan Undesignated Surplus Regular Lottery for Education

-ARESIDENT INSTRUCTION

CURRENTFUNDS

UNRESTRICTED -B-

REGENTS CENTRAL

OFFICEAND

-0-

OTHER ORGANIZED ACTIVITIES

LOTTERY FOR EDUCATION

$

-1,322.70 $

$

-1,322.70 $

$

-1,322.70 $

28,254.01 $
28,254.01 $

18,175.19 18,175.19

28,254.01 $ =======1=8:,:1::7:5::.:1:;9=

Seenotesto the financial statements.

-52-

SCHEDULE -16"

EMPLOYEE HEALTH BENEFITS PLAN

RESTRICTED

PLANT FUNDS

UNEXPENDED

LOTTERY FOR

REGULAR

EDUCATION

INVESTMENT IN PLANT

TOTAL

$ 97,957,352.20 $ 97,957,352.20

$

1,541,n2.49

$

1,541,n2.49

$ 25,185,489.67

$

$

1,985,186.59

565,440.40 451,839.80

$

565,440.40

451,839.80 1,985,186.59 25,185,489.67

$ 25,185,489.67

0.00

0.00

$

1,985,186.59 $

1,017,280.20

26,931.31 18,175.19 $ 28,233,062.96

$ 25,185,489.67 $

1,541,n2.49 $

1,985,186.59 $

1,017,280.20 $ 97,957,352.20 $ 127,732,187.65

-53-

BOARDOF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNID SCHEDULE OF REVENUES CURRENT FUNDS YEARENDED JUNE30,1996

StateAppropriation
Gene~IAppropriation
Amended Appropriation Governor's Emergency Fund(SeeSchedule)
TotalState Appropriation
Allotment to Unitsof the University System of Georgia (See Schedules)
Net StateAppropriation
Fede~1 G~nts andceraracts Research and Instruction Student Aid
State G~nts and cennacts Student Aid
Private G~nts and Contracts Research and Instruction
Endowment Income Student Aid
OtherSources Administ~tive CostAllowance Employee Health Benefit Plan Collection Fees from Medical Scholarship Loans Forfeited corpcrsnon Dissolutions insurance Recovery Interest Earned Premiums Earned PeachNet Recovery Public Lib~ry System Project Salvage Sales Software Licensing Agreement Other

MAM
RESIDENT INSTRUCTION

MBM
REGENTS CENTRAL OFFICEAND
OTHER ORGANIZED ACTIVITIES

UNRESTRICTED
MOM LOITERYFOR
EDUCATION

$ 1,081,433,473.00 $ -599,999.00 102,932,00
$ 1,080,936,406,00 $

170,400,400.00 $ -567,255.00

66,601,812.00 -1,423,09000

169,833,145.00 $

65,178,812.00

-1,071,027,486,00

$

9,908,920,00 $

-145,236,207,00 24,596,938,00 $

-56,468,759.00 8,710,053.00

$

$

821,314,66

2,699,744,00

2,896,263,14

$

6,417,321.80 $

51,227.76 6,921.27 5,795,48
624,171.33
241.30 5,220,18 693,577.32

$ 16,326,241,80 $

25,290,515,32 $ ====8=,7~10:,055:3,=00=

Seenotesto the financial statements,

- 54-

SCHEDULE -1'7"

EMPLOYEE HEALTH
BENEFITS PLAN

TOTAL

-ARESIDENT INSTRUCTION

RESTRICTED -B-
REGENTS CENTRAL OFFICE AND
OTHER ORGANIZED ACTIVITIES

$ 1,318,435,685.00 -2,590,254.00 102,932.00
$ 1,315,948,363.00

-1,272,732,452.00

$

43,215,911.00

$

37,840.06 $

113,000.00

20,000.00

$

1,814.47

96,000.00

TOTAL

TOTAL

$ 1,318,435,685.00 -2,590,254.00 102,932.00
$ 1,315,948,363.00

-1,272,732,452.00

$

43,215,911.00

37,840.06 $ 113,000.00

37,840.06 113,000.00

20,000.00

20,000.00

1,814.47

1,814.47

96,000.00

96,000.00

$

51,227.76

6,921.27

5,795.48

$

29,845.00

29,845.00

1,787,468.24

2,411,639.57

135,630,412.55

135,630,412.55

821,314.66

2,699,744.00

241.30

2,896,263.14

5,220.18

$ 137,447,725.79 $ 144,558,624.91 $

1,814.47 $

266,840.06 $

268,654.53 $

51,227.76 6,921.27 5,795.48
29,845.00 2,411,639.57 135,630,412.55
821,314.66 2,699,744.00
241.30 2,896,263.14
5,220.18
144,827,279.44

$ 137,447,725.79 $ 187,n4,535.91 $

1,814.47 $

266,840.06 $

268,654.53 $ 188,043,190.44

-55-

BOARDOF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRALOFFICE (OVERSIGHT UNIT>
SCHEDULE OF ALLOTMENTS TO UNITSOF THE UNIVERSITY SYSTEM OF GEORGIA NAN RESIDENT INSTRUCTION YEARENDEDJUNE 30, 1996

RESEARCH UNIVERSITIES
Georgia Institute of Technology Georgia StateUniversity Medical College of Georgia University of Georgia
REGIONAL UNIVERSITIES
Georgia Southern University Valdosta StateUniversity
STATE UNIVERSITIES/COLLEGES
Albany State University Armstrong StateCollege Augusta State University Clayton StateCollege Columbus StateUniversity Fort Valley State University Georgia College Georgia Southwestern College Kennesaw StateUniversity North Georgia College Savannah StateUniversity Southern College of Technology State University of West Georgia
ASSOCIATE DEGREE 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 MaconCollege . Middle Georgia College SouthGeorgia College Waycross College
OTHER
Skidaway Institute of Oceanography
(1) Includes Governor's Emergency Fund
Seenotesto the financial statements,

REGULAR

SPECIAL FUNDING INITIATIVE

OFFICEOF MINORITY BUSINESS ENTERPRISE

$ 119.213,906.00 $ 123,547,063.00 88,530,069.00 255.994,420.00 (1)

1,454.632.00 585,690.00
820.637.00 1,698,471.00 $

634.628.00

55,039,015.00 (1) 33,052.355.00

1,793.228.00 1,411.649.00

14,369,786.00 17,492,478.00 18,453,928.00 13,4n,275.oo 20,096,925.00 16,044,233.00 (1) 21,424,830.00 (1) 11,553,882.00 33,140,052.00 12,878,616.00 15,820.106.00 16,810,058.00 28,339,842.00

195,162.00 700,698.00 230,985.00 193,482.00 224,095.00 464.847.00 3n,069.oo 88,013.00 138,917.00 154,587.00 306,342.00 56,875.00 363,394.00

60.000.00 300.000.00

10,664,813.00 6,315,873.00 3,533,493,00 5,801,347.00 7,821,746.00 8,852,281.00 39,183,880.00 2,758,579.00 8,409,538.00 8,524,113.00 6,447,513.00 11,888,421.00 8,624,210.00 5,598,892.00 2,934,994,00

83,364.00 41,582.00 41,355.00 231,026.00 41,932.00 99,321.00 137,556.00 41,864.00 108,409.00 41,355.00 168,109.00 313,147.00 117,957.00 270,833.00 41,582.00

92,003.00

37,290.00

======:::r==== $ 1,052,730,535.00 $ 13,075,455.00 $

994,628.00

- 56-

SCHEDULE-ur

STUDENT EDUCATION
ENRICHMENT PROGRAM

FORESTRY RESEARCH

RESEARCH CONSORTIUM

TOTAL

$

1,754,036.00 $ 122,422,574.00

124,132,753.00

$

364,360.00

89,715,066.00

$

362,508.00

1,407,327.00

260,097,354.00

181,652.00 116,909.00

57,013,895.00 34,580,913.00

14,384.00 25,692.00

14,564,948.00 18,193,176.00 18,684,913.00 13,670,757.00 20,335,404.00 16,569,080.00 21,801,899.00 11,641,895.00 33,278,969.00 13,033,203.00 16,426,448.00 16,892,625.00 28,703,236.00

10,748,177.00 6,357,455.00 3,574,848.00 6,032,373.00 7,863,678.00 8,951,602.00 39,321,436.00 2,800,443.00 8,517,947.00 8,565,468.00 6,615,622.00 12,201,568.00 8,742,167.00 5,869,725.00 2,976,576.00

129,293.00

$

364,360.00 $

362,508.00 $

3,500,000.00 $ 1,071,027,486.00

-57 -

PI C.)o\

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

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, 1996

SCHEDULE "19"

RESEARCH UNIVERSITIES
Georgia Institute of Technology Education Extension Services Advanced Technology Development Center Georgia Tech Research Institute Agricultural Research Center for Rehabilitation Technology
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 SREB Payments
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

$

568,850.00

1,979,060.00

11,131,140,00

1,558,091.00

1,019,568.00

$ 16,256,709.00

$ 31,697,885.00 936,032.00
3,548,759.00 2,484,870.00
146,400.00 6,619,012.00
5,549,n8.00
4,460,850.00
$ 55,443,586.00

$ 36,398,122.00 121,122.00
29,856,244.00 988,994.00
1,345,184.00 1,947,090.00
834,441.00 512,595.00
$ 72,003,792.00

$

1,532,120.00

$ 145,236,207.00

See notes to the financial statements.

- 59-

BOARD OF REGENTS OF THE UNiVERSITY SYSTEM OF GEORGIA ADMINISTRATiVE CENTRAL OFFICE (OVERSIGHT UNID
SCHEDULE OF ALLOTMENTS TO UNITS OF THE UNiVERSITY SYSTEM OF GEORGIA "0= LOTTERY FOR EDUCATION YEAR ENDED JUNE 30 1996

CAPITAL OUTLAY

EQUIPMENT, TECHNOLOGY
AND CONSTRUCTION
TRUST FUND

RESEARCH UNiVERSITIES

Georgia Institute of Technology Georgia State University Medical College of Georgia University of Georgia

$

$

213,300.00

135,000.00

443,550.00

3,361,000.00 1,250,000.00
500,000.00 5,368,000.00

REGIONAL UNiVERSITIES

Georgia SouthemUniversity Valdosta State University

262,684.00 188,000.00

400,000.00 339,819.74

SIDE UNIVERSITIES/COLLEGES

Albany State University Armstrong State College Augusta State University Clayton State College Columbus State University Fort Valley State University Georgia College Georgia Southwestern College Kennesaw State University North Georgia College Savannah State University Southem College of Technology State University of West Georgia

300,000.00 300,000.00 385,000.00 157,000.00 253,400.00 208,523.00
180,000.00 84,500.00
181,239.00 76,000.00
295,000.00

150,000.00 200,000.00 195,115.48 171,950.00 200,000.00 100,000.00 200,000.00 $ 100,000.00 250,000.00 100,000.00 150,000.00 150,000.00 249,999.98

ASSQCIATE DEGREE COLLEGES

Abraham Baldwin AgriCUlturalCollege 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

148,725.00 100,000.00
175,000.00 60,000.00
30,000.00 200,000.00
218,079.00 200,000.00
205,000.00

267,314.00 225,000.00 225,000.00 250,000.00 282,500.00 300,000.00 335,308.00 230,653.00 300,000.00 300,000.00 250,000.00 350,000.00 283,000.00 250,000.00 212,500.00

CAPITAL OUTLAY GEORGIA COLLEGE
300,000.00

Skidaway Institute of Oceanography

51,000.00

========. . . . . $ 5,000,000.00 $

17,548,160.20 $

300,000.00

Summary: Current Funds Plant Funds

See notes to the financial statements.

- 60-

SCHEDULE "20"

GEORGIA RESEARCH ALLIANCE

SPECIAL FUNDING INITIATIVES

CAPITAL OUTLAY AGRICULTURAL EXPERIMENT STATIONS

TOTAL

$ 6.039,062.00 $ 76.390.00
950.000.00 20.428,548.00

249,811.00 634,545.00 218.246.00 391.572.00 $

$ 1.500.000.00

9,649,873.00 2.174,235.00 1.803.246.00 28,131,670.00

231.893.00 1,093.869.00

894.577.00 1,621.688.74

125,867.00 278,089.00 128.591.00 138,483.00 128.519.00 119.411.00 229,483.00 119,435.00 138,864.00 127,411.00 125,867.00 135,831.00 282,386.00

275.867.00 778,089.00 623,706.48 695,433.00 485.519.00 472,811.00 938,006.00 219,435.00 568.864.00 311,911.00 457,106.00 361,831.00 827,385.98

119,205.00 175,700.00 44,350.00 308,761.00 119,435.00 127,435.00 344,227.00 117,700.00 122,971.00 119,411.00 121,285.00 218,483.00 220,411.00 .117,700.00 117,700.00

535,244.00 500,700.00 269,350.00 733,761.00 461,935.00 427,435.00 679,535.00 378,353.00 622,971.00 419,411.00 589,364.00 768,483.00 503,411.00 572,700.00 330,200.00

11,000.00

62.000.00

$ 27.494,000.00 $

7,303,947.00 $

1,500,000.00 $ 59,146.107.20

$ 56,468,759.00 2,677,348.20
$ 59,146,107.20

61

BOARDOf REGENTSOf THE VNIYERSIlY SYSTEMOf GEORGIA
ADMINISTRATIVE CENTRALOfFICE lQVERSIGHT UNm
SCHEDULE$2f expENPITURES BY OBJECT
CURRENTFUNDS
YEAR ENDEp JUNE 30 1996

PERSONAL SERVICES
saJariea end Wages Emplovel's Contributionsfor:
F.I.C.A Retirement Group Insurance liability Insurance UnemploymentCompensation Insurance WllIkers' Compensation Insurance
opERATING EXPENSES
Travel Supplies and Materials Repairsand Maintenance Rents (Other than Real Estate) Insuranceend Bonding Claims and Indemnities Tuition and Scholarships
To Units d the UniversitySystem d Georgia Other OperatingExpenses Publicationsand Printing Equipment
Non-Inventory Software Real Estate Rentals Telecommunication& Per Diem, Fees and Contracts
Per Diem and Fees Equipment
Lea&elPurcha&e d Equipment Inventory

"A"
RESIDENT INSTRUCTION

UNRESTRICTED

"B"

REGENTSCENTRAL

OFFICEANO

"D"

OTHER ORGANIZED LOTTERYFOR

ACTlVmeS

EDUCATION

s 2,353,905.87 S

3,826,2n.05

161,584.98 279,941.14 198,115.72
44,015.00 813.00
9,617.00

256,668.10 429,769.30 299,863.03

s 3,047,992.71 S _ _-=4=,8.1.:2:,.5:.n:..:4=8.

S

86,317.68 S

284,494.44

1,160,059.28

11,118.86

204,174.15

150,909.22 274,282.24
43,768.30 14,514.14
1,101.00

292,311.95 9,335.21
358,056.44 993,237.46 152,587.26 3,415,263.75
1,344,311.70
191,280.04 1,112,254.14
$ 9,614,802.36 $

178,129.82 186,067.78
99,203.95 20,651.23 213,573.00 90,011.16
685,014.02
203,138.73
2,160,364.59

SPECIAL FUNDING INITIATIVES Personalservice& Salariesand Wages Employe~s Contributionsfor: F.I.C.A. Retirement Group Insurance
OtherCo&ts Travel Supplies and Materials Repairsand Maintenance Rents (Other than Real Estate) OtherExpense& Publicationsand Printing Software Equipment Non-Inventory Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Equipment Inventory
SOUTHERNREGIONAL EDUCATION BOARD (SREB)PAYMENTS Per Diem, Fees and Contracts Contracts
See notes to the financialstatements.

-62 -

$

29,462.14

2,103.94 3,427.11 4,195.20

$

39,188.39

293.80 2,561.07 468,664.69
580.00 171,272.29
16,654.17 504,527.00

147,729.42 800,669.82

$ 2,152,140.65

s

2,004.60

153.36

$

2,157.96

538,067.48 739.68

301,944.52

2,966,870.70

81,446.09 467,283.85

2,071.92

848,765.54

$

5,209,347.74

$ - _ - - : : : . :8.7.1.,.6:5.0=.0=0

SCHEDULE "21"

EMPLOYEE HEALTH BENEFITS PLAN

TOTAL

MAli
RESIDENT INSTRUCTION

RESTRICTED "8"
REGENTS CENTRAL OFFICE AND
OTHER ORGANIZED ACllVITIES

TOTAL

TOTAL

$ 6,180,182.92
418,253.08 709,710.44 497,978.75
44,015.00 813.00
9,617.00
$ 7,860,570.19

$ 6,180,182.92
418,253.08 709,710.44 497,978.75
44,015.00 813.00
9,617.00
$ 7,860,570.19

$ 237,226.90 558,776.68
1,203,827.58 25,633.00
205,275.15 $ 121,381,489.72 121,381,489.72

63,769.00

534,210.77 195,402.99

457,260.39 1,013,888.69
366,160.26 3,505,274.91

5,393,219.01

7,422,544.73 $

191,280.04 1,315,392.87

$ 126,838,477.73 $ 138,613,644.68 $

$
1,814.47 1,814.47 $

96,000.00 $ 96,000.00 $

$ 237,226.90 558,776.68
1,203,827.58 25,633.00
205,275.15 121,381,489.72

96,000.00

96,000.00 534,210.77 195,402.99

457,260.39 1,013,888.69
366,160.26 3,505,274.91

1,814.47

7,424,359.20

191,280.04 1,315,392.87

97,814.47 $ 138,711,459.15

$

31,466.74

2,257.30 3,427.11 4,195.20

$

41,346.35

293.80 540,628.55 469,404.37
580.00 473,216.81
16,654.17 3,471,397.70

81,446.09 615,013.27

802,741.74

848,765.54

$ 7,361,488.39

$

871,650.00

-63

$

31,466.74

2,257.30 3,427.11 4,195.20

$

41,346.35

293.80 540,628.55 469,404.37
580.00 473,216.81
16,654.17 3,471,397.70

81,446.09 615,013.27

802,741.74

848,765.54

$ 7,361,488.39

$ 871,650.00

BOARD OFREGENTS OF THE VNlVERS!JY SYSTEM OF' GEORGIA

.

AQMINISTRATIVE CENTRAL OFfiCE CQIIERSIGHT UNm

SCHEDULE OF EXPENDITURES BY OBJECT

CURRENT FUNDS

YEAR ENDED JUNE 30 1996

"AU
RESIDENT INSTRUCTION

''8''
REGENTS CENTRAL OFfiCE AND
OTHER ORGANIZED ACTIVITIES

UNRESTRICTED
"0"
LOTTERY FOR EDUCATION

MEDICAL SCHOLARSHIPS Personal Sefvices
salaries and Wages Employet's Contributions for:
F.I.C.A. Retirement
GroupInsurance Liability Insurance
OtherCo6ts
Travel SUpplies and Materials Rents (Other than Real Estate)
Insurance and Bonding
Tuition and SCholarships SCholarships, Fellowships, Prizes, Awards and Other
Other Operating Expenses
Publications and Printing Real Estate Rentals Software Telecommunications
Per Diem, Fees and Contracts Per Diem and Fees
Equipment InventOlY Non-lnventOlY
REGENTS OPPORTUNITY GRANTS Tuition and SCholarships To Units of the University System of Georgia
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
CAPITAL OUTLAY - GEORGIA MILITARY COLLEGE Per Diem, Fees and Contracts Contracts

$

144,269.60

10,411.64 16,211.52 13,611.24
2,974.00

$

187,478.00

8,046.56 5,818.51 2,894.35
60.00

1,075,990.62 14,243.11 5,641.56 4,950.00 1,786.54 2,364.34

40,229.47

9,437.27 598.00
$----"'===-

$-----'===- 600,000.00

$------2'0=0,=000=.00-

$ ----"'=== 1,034,952.00

14,227,443.00

$

2,152,140.65 $

$--3,5=00=,00=0.0~0

18,293,583.33 $

8,709,347.74

$ 14,814,935.72 $

25,266,525.40 $

8,709,347.74

seenotes to the financial statements.

-64-

EMPLOYEE HEALTH BENEFITS PlAN

TOTAl

"A"
RESIDENT INSTRUCTION

RESTRICTED "B"
REGENTS CENTRAl OFFICE AND
OTHER ORGANIZED ACTIVITIES

TOTAl

TOTAl

$

144,269.60

10,411.64 16,211.52 13,611.24
2,974.00

$ 187,478.00

8,046.56 5,818.51 2,894.35
60.00

1,075,990.62 14,243.11 5,641.56 4,950.00 1,786.54 2,364.34

40,229.47

9,437.27 598.00

$ 1,359,538.33

$ 600,000.00

$ 200,000.00

$ 1,034,952.00

$ 144,269.60

10,411.64 16,211.52 13,611.24 2,974.00

$ 187,478.00

8,046.56

$

48.75 $

48.75

5,867.26

2,894.35

60.00

133,000.00 4,400.00 175.27

133,000.00 4,400.00 175.27

1,208,990.62 18,643.11 5,816.83 4,950.00 1,786.54 2,364.34

33,216.04

33,216.04

73,445.51

9,437.27 598.00

$

170,840.06 $ 170,840.06 $ 1,530,378.39

$ 600,000.00

$

200,000.00

$ 1,034,952.00

$ 14,227,443.00
$ 3,500,000.00 $ 29.155,071.72 $ 126,838,477.73 $ 175,629,286.59 $

$ 1,814.47 $

$ 14,227,443.00

170,840.06 $

$ 3,500,000.00 170,840.06 $ 29,325,911.78

266,840.06 $ 268.654.53 $ 175,897,941.12

65

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> SCHEDULE OF EXPENDITURES BY OBJECT PLANT FUNDS YEAR ENDED JUNE 30,1996

SCHEDULE "22"

CAPITAL OUTLAY
Rents (Other than Real Estate) Other Expenses Per Diem, Fees and Contracts
Per Diem and Fees Contracts

UNEXPENDED

LOTIERYFOR

REGULAR

EDUCATION

TOTAL

$

OTHER
GEORGIA RESEARCH ALLIANCE Other Costs Other Expenses Per Diem, Fees and Contracts Contracts
CAPITAL OUTLAY - ALBANY STATE COLLEGE Other Costs Per Diem, Fees and Contracts Contracts

$ 127,435.50 $ 127,435.50 15,707,287.60 15,707,287.60
$ 15,834,723.10 $ 15,834,723.10
$ 16,074,170.60 $ 16,074,170.60

$ 8,779,141.41 $ 31,908,893.70 $ 40,688,035.11

See notes to the financial statements.

- 66-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF GOVERNOR'S EMERGENCY FUND YEAR ENDED JUNE 30, 1996
"A" RESIDENT INSTRUCTION
Fort Valley State University To assist in preparation for Olympic-Related activities
Georgia College To assist with expenses in connection with Olympic-Related activities
Georgia Southern University To assist in preparation for Olympic-Related activities
University Of Georgia For renovations and equipment relating to the University of Georgia as an Olympic Venue

SCHEDULE "23"
$ 3,715.00
17,445.00 61,927.00

$

102,932,00

See notes to the financial statements.

- 67-

BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> SCHEDULE OF REGENTS OPPORTUNITY GRANTS YEAR ENDED JUNE 30.1996
RESEARCH UNIVERSITIES
Georgia Institute of Technology Georgia State University Medical College of Georgia University of Georgia
REGIONAL UNIVERSITIES
Georgia Southern University Valdosta State University
STATE UNIVERSITIES/COLLEGES
Albany State University Armstrong State College Augusta State University Columbus State University Fort Valley State University Georgia College Georgia Southwestern College Kennesaw State University North Georgia College Southern College of Technology State University of West Georgia

SCHEDULE "24"

$

70,000.00

125,000.00

140,000.00

123,332.00

20,000.00 12,500.00

5,000.00 1,668.00 10,000.00 7,500.00 5,000.00 22,500.00 10,000.00 20,000.00 5,000.00 10,000.00 12,500.00

$ 600,000.00

See notes to the financial statements.

- 68-

SOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT> SCHEDULE OF REGENTS SCHOLARSHIPS YEAR ENDED JUNE 30, 1996
"S" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES
RESEARCH UNIVERSITIES
Georgia Institute of Technology Georgia State University Medical College of Georgia University of Georgia
REGIONAL UNIVERSITIES
Georgia Southern University Valdosta State University
STATE UNIVERSITIES/COLLEGES
Albany State University Armstrong State College Augusta State University Clayton State College Columbus State University Fort Valley State University Georgia College Georgia Southwestern College Kennesaw State University North Georgia College Savannah State University Southern College of Technology State University of West Georgia
ASSOCIATE DEGREE COLLEGES
Abraham Baldwin Agricultural College Atlanta Metropolitan College Brunswick College DeKalb College East Georgia College Floyd College Gainesville College Gordon College Macon College Middle Georgia College South Georgia College Waycross College

SCHEDULE "25"

$

8,100.00

24,900.00

2,500.00

26,200.'00

14,000.00 7,700.00

4,300.00 4,900.00 5,500.00 5,200.00 5,600.00 2,700.00 5,800.00 2,250.00 13,750.00 3,500.00 3,900.00 5,100.00 8,300.00

3,100.00 2,800.00 2,000.00 17,200.00 1,000.00 3,100.00 3,300.00 2,100.00 5,900.00 2,600.00 1,700.00 1,000.00

$ 200,000.00

See notes to the financial statements.

- 69-

BOARP OF REGENTS OF THE UN'VERSITYSYSTEMOF GEORGIA
ADMINISTRATIVE CENTRALOFfiCE <OVERSIGHT UNm
ANALYSIS OF PRIOR YEAR'S SURPLUS FUNDS COlLECTED FROM INSTmJT!ONS
AND RED'STRIBUTEDTO INSTInJ!IONS WITH DEFICITS
YEAR ENDED JUNE 30 1996

TOTAL COLLECTED REDISTRIBUTED

CURRENT FUNDS

RESIDENT INSTRUCTION

REGULAR

LOTIERY FOR EDUCATION

COLLECTED REDISTRIBUTED

COLLECTED REDISTRIBUTED

RESEARCH UNIVERSITIES

Georgia Institute of Technology

$ 190,081.56 $

190,063.59

$

190,063.59 $

17.97 $

0.00

Georgia state University

313,608.61

$ 303,625.66

50.00

Medical College of Georgia

158,972.72

80,336.91

University of Georgia

425,109.n

324,983.71

8,532.52

REGIONAL UNIVERSITIES

Georgia Southern University Valdolta state University

24,317.40 63,581.03

43,565.90

23,102.80 61,945.18

STATE UNIVERSITIESfCOlLEGES

. Albany state University
Armstrong state College
Augusta state University Clayton state College Columbus state University Fort Valley state University Georgia College
Georgia Southweslem College Kennesawstate University NorthGeorgia College Savannahstate University Southern College of Technology
state Universityof West Georgia

74,724.76 3,490.33 5,678.93
25,089.17 2,289.20
295,508.28 34,384.17 9,535.83 13,431.40 14,200.71 90,372.49 10,208.36 24,858.07

1,210.97 249.50

74,596.84 3,490.33 5,262.59
19,739.21 2,207.26
246,381.48 31,461.65 9,530.04 13,431.40 12,835.26 14,626.35 5,709.19 24,606.05

ASSOCIATE DEGREE COlLEGES

Abraham Baldwin Agricultural College Atlanta MetropolitanCollege Bainbridge College Brunswick College Dalton College Darton College DeKalb College East Georgia College Floyd College GainesvilleCollege Gordon College Macon College MiddleGeorgia College South Georgia College WWojCfOSS College

3,431.61 19,927.38
7,529.23 1,174.17 1,435.15 28,818.86 80,898.02
10.84 195.92 7,688.87 394,086.47 13,079.42 1,994.80 3,290.96 940.49

1,731.55 391,105.32

2,751.78 19,049.38 7,529.23
1,174.17 1,435.15 26,396.62 80,897.50
45.10 5,892.67 394,086.47 9,383.99 1,984.30 3,290.54
783.24

1,731.55

OTHER

SkidawayInstitute of Oceanography

2,348.71

Current Funds - Unrestricted Surplus - Exhibit "F"

$ 2,346,293.69 $

627,926.83 $ 1,812,572.05 $

191,795.14 $

8,600.49 $

0.00

1,718,366.86

$ 2,346,293.69 $

2,346,293.69

See notes to the financial statements.

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SCHEDULE "26" 71

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 OUESTIONED COSTS YEAR ENDED JUNE 30. 1996

CURRENT YEAR

BUDGET PREPARATIONIEXECUTION Overexpenditure of Budget Unit Object Class RegentsCentral Office and Other Organized Activities, "B" Budget Financial Statements Audit Control Number 472-96-01

Thetotal approved budget for theRegents Central Office and Other Organized Activities, "B"Budget, of the Board of Regents of the University System of Georgia - Administrative Central'Office, provided for expenditures totaling $25,757,170.00. A comparison of anticipated funds available and budgetedexpenditures to actual funds available and expenditures by object class indicates that the object class Capital Outlay was overspent by $8,779,141.41. This overexpenditure is a violation ofSeetion 54 of the Amended Appropriations Act of 1995-1996.

This overexpenditure wasthe result of the Administrative Central Office's failure to submit budget amendments to the Office of Planning and Budget. The Administrative Central Office should closely monitorits internal control procedures overbudget operations to prevent the expenditure offunds in excess of budget approval.

BUDGET PREPARATIONIEXECUTION Overexpenditure of Budget Unit Object Class Lottery for Education, "0" Budget Financial Statements Audit Control Number472-96-02

The total approved budget for the Lottery for Education, "0" Budget, of the Board of Regents of the . University System of Georgia - Administrative Central Office, provided for expenditures totaling $12,668,298.00. A comparison of anticipated funds available and budgeted expenditures to actual funds available and expenditures by object class indicates that the following object classes were overspent by the amounts identified below:

Georgia Research Alliance Capital Outlay - Albany State College

$15,834,723 10 $12.434,559 60

These overexpenditures are a violation of Section 54 of the Amended Appropriations Act of 1995-1996.

These overexpenditures were the result of the Administrative Central Office's failure to submit budget amendments to the Office of Planning and Budget. The Administrative Central Office should closely monitor itsinternal control procedures overbudget operations to prevent the expenditure offunds in excess of budget approval.

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BOARD OF REGENTS OF THE UNIVERSITY SYSTEMOF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT)
SCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COSTS YEARENDED JUNE 30. 1996
CURRENT YEAR GENERAL FIXED ASSETSIPROPERTY MANAGEMENT Inadequacies in Operation ofProperty Management System Financial Statements Audit Control Number 472-96-03 For the year under review, our examination included a review of the internal accounting controls utilized by the Administrative Central Office in maintaining their State Property System. This review consisted of an equipment inventory sample of75 randomly selected items to test the validity and accuracy of the equipment inventory records. The results of our testing procedures disclosed the following deficiencies:
(1) Six items on the subsidiary equipment records did not include adequate descriptions. (2) Two items recorded on the subsidiary equipment records had not been delivered by the vendor. (3) Two items had decal numbers which did not match the decal number on the subsidiary equipment
records. (4) Seven items were not in the locations provided on the subsidiary records. Four items had been
moved by employees to different offices without preparing proper transfer documentation. Also, transfer documentation was not prepared for three items transferred to other colleges. (5) Two items could not be physically located. (6) Oneitem which wasused as a trade-in had not been deleted from the subsidiary inventory records. These deficiencies occurred because of management's failure to adequately monitorthe equipment inventory records. The Administrative Central Office should establish the necessary internal controls to ensure that equipment inventories are maintained in accordance with the State Property System Manual.
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