BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIt) -TABLEOFCONTENTS- SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION EXHffiITS FINANCIAL STATEMENTS A COMBINED BALANCE SHEET ALL FUND GROUPS 2 B COMBINED STATEMENT OF CHANGES IN FUND BALANCES ALL FUND GROUPS 4 C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES 6 D NOTES TO THE FINANCIAL STATEMENTS 7 SUPPLEMENTARY INFORMATION E COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED 26 F COMBINING STATEMENT OF CHANGES IN FUND BALANCES CURRENT FUNDS - UNRESTRICTED 28 COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES G UNRESTRICTED 30 H RESTRICTED 33 SCHEDULES SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 1 "A" RESIDENT INSTRUCTION 34 2 "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTNITIES 36 3 "D" LOTTERY FOR EDUCATION 39 SCHEDULES OF APPROVED BUDGET 4 "A" RESIDENT INSTRUCTION 40 5 "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES 42 6 "D" LOTTERY FOR EDUCATION 44 SCHEDULES OF BUDGET TRANSFERS TO OTHER UNITS 7 "A" RESIDENT INSTRUCTION 46 8 "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTNITIES 50 9 "D" LOTTERY FOR EDUCATION 52 10 CHANGES IN INVESTMENT IN PLANT 54 BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMlNISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT) - TABLE OF CONTENTS - SECTION I FINANCIAL SCHEDULES 11 SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS 56 SCHEDULES OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA 12 "A" RESIDENT INSTRUCTION 58 13 "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES 60 14 "D" LOTTERYFOREDUCATION 61 15 ANALYSIS OF PRIOR YEAR'S SURPLUS FUNDS COLLECTED FROM INSTITUTIONS AND REDISTRIBUTED TO INSTITUTIONS WITH DEFICITS 62 16 RECONCILIATION OF SALARIES AND TRAVEL 64 SECTIONll CURRENT YEAR FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS SECTION I FINANCIAL RUSSELL W. HINTON STATE AUDITOR (404) 6562174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-R400 November 21,2000 Honorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the University System of Georgia and Honorable 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) ofthe Board ofRegents ofthe University System of Georgia as of and for the year ended June 30, 2000. 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. The financial statements referred to above include only the activities of the oversight unit of the Board of Regents of the University System of Georgia. Financial activities of other organizational units (the various State colleges and universities) are not included. 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 opnuon. 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 of fund balance. The effects on the OOARL-62X financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material. As disclosed in Note 1 to the financial statements, the Administrative Central Office did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by$1,521,500.25 as ofJune 30, 2000, and the net change in fund balance for the year ended June 30, 2000, would be decreased by $218,062.68. 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 as of June 30, 2000, and the changes in fund balances and the current operating funds revenues, expenditures, and other changes for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying combining statements (Exhibits E through H) and the financial schedules (Schedules 1 through 16) are presented for purposes of additional analysis and are not a required part of the financial statements of the Administrative Central Office. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, except for the effects of the matters discussed in the fourth and fifth paragraphs, such information is fairly presented in all material respects in relation to the financial statements taken as a whole. Respectfully submitted, ~ronW.~ State Auditor RWH:gp 00ARL-62X FINANCIAL STATEMENTS - 1- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINED BALANCE SHEET ALL FUND GROUPS JUNE 30, 2000 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Prepaid Items Investment in Plant Total Assets CURRENT FUNDS UNRESTRICTED RESTRICTED ENDOWMENT AND SIMILAR FUNDS $ 15,229,291.03 $ 4,452,292.84 $ 8,986,389.61 49,202,479.44 1,647,976.39 239,829.79 5,173.22 $ 66,084,920.08 $ 4,692,122.63 $ 8,986,389.61 LIABILITIES AND FUND BALANCES Liabilities Accounts Payable Employee Health Benefits Claims Deposits Held in Custody for Others Capital Lease Obligations Total Liabilities Fund Balances Endowment Quasi-Endowment - Restricted Net Investment in Plant Restricted Unrestricted Total Fund Balances Total Liabilities and Fund Balances $ 8,347,105.32 28,400,000.00 $ 66,084,920.08 $ 4,692,122.63 $ 8,986,389.61 The notes to the financial statements are an integral part of this statement. -2- EXHIBIT "A" PLANT FUNDS INVESTMENT UNEXPENDED IN PLANT AGENCY FUNDS TOTAL (Memorandum Only) $ 4,983,504.11 $ 95,063,726.83 $ 128,715,204.42 49,202,479.44 1,887,806.18 5,173.22 _ _ _ _ _ $ 197,333,464.12 197,333,464.12 $ 4,983,504.11 $ 197,333,464.12 $ 95,063,726.83 $ 377,144,127.38 $ 27,857.00 $ 904.95 $ 8,375,867.27 28,400,000.00 95,062,821.88 95,062,821.88 $ 1,759,667.77 1,759,667.77 $ 27,857.00 $ 1,759,667.77 $ 95,063,726.83 $ 133,598,356.92 $ 195,573,796.35 $ 4,955,647.11 $ 4,955,647.11 $ 195,573,796.35 $ 3,612,043.20 5,374,346.41 195,573,796.35 4,692,122.63 34,293,461.87 $ 243,545,770.46 $ 4,983,504.11 $ 197,333,464.12 $ 95,063,726.83 $ 377,144,127.38 - 3- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINED STATEMENT OF CHANGES IN FUND BALANCES ALL FUND GROUPS YEAR ENDED JUNE 30, 2000 REVENUES AND OTHER ADDITIONS Unrestricted Current Fund Revenues Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Endowment Other Net Increase/Decrease in Fair Value of Investments Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Remittance of Uncommitted Regents Scholarships from Units of the University System of Georgia Remittance of Uncommitted Regents Opportunity Grants from Units of the University System of Georgia Remittance of Surplus from Units of the University System of Georgia Year Ended June 30, 1999 Expended for Plant Facilities Current Funds Plant Funds Unexpended Total Revenues and Other Additions EXPENDITURES AND OTHER DEDUCTIONS Educational and General Expenditures Adjustments Prior Years' Revenues/Accounts Receivable Administrative Fees Allotments to Units of the University System of Georgia Georgia Eminent Scholars Endowment Funds Year 2000 Project Unrestricted Fund Balance (Surplus) Returned to the Office of Treasury and Fiscal Services Year Ended June 30,1999 Expended for Plant Facilities Capitalized Disposals/Deletions/Adjustments Total Expenditures and Other Deductions TRANSFERS BETWEEN FUNDS Mandatory Investment Income for Endowment Principal Restricted Quasi-Endowment Funds Allocated State Appropriations for Restricted Quasi-Endowment Fund Nonmandatory Endowment Principal for Object of Trust Total Transfers Between Funds Net Increase/(Decrease) for the Year FUND BALANCES JULY 1. 1999 FUND BALANCES JUNE 30. 2000 The notes to the financial statements are an integral part of this statement. -4- CURRENT FUNDS UNRESTRICTED RESTRICTED $ 333,232,222,87 $ 2,877,981,95 364,760.13 154,919.53 458,826,94 167,656.34 546.70 13,640.13 9,497.49 1,999,087.14 $ 335,422,650.67 $ 3,856,488.55 $ 298,825,337.00 $ 3,593,569.54 3,189,074.30 375,910.59 39,161.89 2,349,044.65 $ 304,739,366.54 $ 3,632,731.43 $ -186,661.87 $ 3,189,074.30 -3,750,000.00 506,859.56 $ -560,925.70 $ 320,197.69 $ 30,122,358.43 $ 543,954,81 -784,543.67 4,148,167.82 $ 29,337,814.76 $ 4,692,122.63 EXHIBIT"B" ENDOWMENT AND SIMILAR FUNDS PLANT FUNDS INVESTMENT UNEXPENDED IN PLANT TOTAL (Memorandum Only) $ 141,188.30 $ 493,634.56 -4,020.24 $ 333,232,222.87 2,877,981.95 364,760.13 154,919.53 458,826.94 141,188.30 489,614.32 167,656.34 546.70 13,640.13 9,497.49 1,999,087.14 $ 6,085,955.06 6,085,955.06 384,387.00 384,387.00 $ 493,634.56 $ 137,168.06 $ 6,470,342.06 $ 346,380,283.90 $ 0.00 $ 20,957.17 7,680.83 $ 302,418,906.54 20,957.17 46,842.72 3,189,074.30 375,910.59 2,349,044.65 384,387.00 $ 4,371,221.57 384,387.00 4,371,221.57 $ 0.00 $ 413,025.00 $ 4,371,221.57 $ 313,156,344.54 $ 186,661.87 -3,189,074.30 3,750,000.00 -506,859.56 $ 240,728.01 $ 734,362.57 $ 8,252,027.04 $ 0.00 0.00 0.00 0.00 $ 0.00 -275,856.94 $ 2,099,120.49 $ 33,223,939.36 5,231,504.05 193,474,675.86 210,321,831.10 $ 8,986,389.61 $ 4,955,647.11 $ 195,573,796.35 $ 243,545,770.46 -5- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES YEAR ENDED JUNE 30, 2000 EXHIBIT "C" REVENUES State Appropriations Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Other Sources Total Revenues EXPENDITURES AND MANDATORY TRANSFERS Educational and General Public Service Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Mandatory Transfers for: Investment Income for Endowment Principal Restricted Quasi-Endowment Funds Allocated State Appropriations for Restricted Quasi-Endowment Fund Total Expenditures and Mandatory Transfers OTHER TRANSFERS AND ADDITIONS/{DEDUCTIONS) Excess of Restricted Receipts over Transfers to Revenues Transfers of Endowment Principal for Object of Trust Administrative Fees Allotments of Georgia Eminent Scholars Endowment Funds Allotments of Year 2000 Project Prior Period Adjustment (Net) Remittance of Uncommitted Regents Scholarships from Units of the University System of Georgia Remittance of Uncommitted Regents Opportunity Grants from Units of the University System of Georgia Remittance of Surplus from Units of the University System of Georgia Year Ended June 30,1999 Unrestricted Fund Balance (Surplus) Returned to Office of Treasury and Fiscal Services Year Ended June 30,1999 Total Other Transfers and Additions/(Deductions) UNRESTRICTED RESTRICTED TOTAL (Memorandum Only) $ 132,896,421.25 $ 132,896,421.25 $ 2,840,014,13 2,840,014.13 364,278.63 364,278.63 151,924.17 151,924.17 237,352.61 237,352.61 200,335,801.62 200,335,801.62 $ 333,232,222.87 $ 3.593,569.54 $ 336,825,792.41 $ 26,736,724.00 $ 26,736,724.00 270,975,060.04 $ 3,356,216.93 274,331,276.97 513,552.96 513,552.96 600,000.00 237,352,61 837,352.61 -3,189,074.30 186,661.87 186,661.87 -3,189,074.30 3,750,000.00 3,750,000.00 $ 299,386,262.70 $ 3,780,231.41 $ 303,166,494.11 $ 262,919.01 $ 262,919.01 506,859.56 506,859.56 -39,161.89 -39,161.89 $ -3,189,074.30 -3,189,074.30 -375,910.59 -375,910.59 168,203.04 168,203.04 13,640.13 13,640.13 9,497.49 9,497,49 1,999,087.14 1,999,087.14 -2,349,044.65 -2,349,044.65 $ -3,723,601,74 $ 730,616.68 $ -2,992,985.06 Net Increase/(Decrease) in Fund Balances $ 30,122,358.43 $ 543,954.81 $ 30,666,313.24 The notes to the financial statements are an integral part of this statement. -7- BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The Board of Regents of the University System of Georgia, an organizational unit of the State of Georgia, was created by the "Reorganization Act of 1931". As of June 30, 2000, the Board of Regents ofthe University System of Georgia was composed of 34 institutions (4 research university level, 2 regional university level, 13 state universities/colleges and 15 associate degree colleges), Skidaway Institute ofOceanography and an administrative central office, which is the oversight unit, responsible for implementation ofBoard policies and administrative support. The Board ofRegents, which is composed ofsixteen members appointed by the Governor and confirmed by the Senate, has constitutional authority to govern, control, and manage the University System, as reaffirmed in the approval ofthe revised State Constitution in 1982. These powers include the authority for program approval or discontinuance, internal reallocation ofthe budget, facilities construction, or closure or merger of institutions. The Chancellor is appointed by the Board of Regents as chief executive officer and serves at the pleasure of the Board: The Board ofRegents ofthe University System ofGeorgia does not have authority to determine the amount of funding it will receive from the State ofGeorgia for any given fiscal year. Such authority is vested in the General Assembly ofGeorgia. The Board ofRegents also does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, the Board of Regents ofthe University System of Georgia is included within the State ofGeorgia reporting entity for financial reporting purposes because of the significance of its legal, operational and financial relationship with the State of Georgia. These reporting entity relationships 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" of the Board of Regents and performs administrative functions and provides guidance 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 only the financial position and results ofoperations ofthe Administrative Central Office ofthe Board ofRegents. The financial position and results of operations of other organizational units of the Board of Regents (various State colleges and universities) are not included in these financial statements. FUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the Board ofRegents, the accounts ofthe Administrative Central Office are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; -8- BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FUND ACCOUNTING however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. Within each fund group, the 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 for those economic resources over which the Administrative Central Office retains full control to use for purposes of performing its primary functions. RESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. ENDOWMENT AND SIMILAR FUNDS The fund used to account for endowment funds and quasi-endowment funds. Endowment funds are subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and income only be utilized. While quasi-endowment funds have been established by the Administrative Central Office for the same purposes as endowment funds, any portion of quasi-endowment funds maybe expended. Restricted quasi-endowment funds maybe expended only for the purposes established by the source of such funds. PLANT FUNDS UNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. INVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the Administrative Central Office. Net Investment in Plant is an equity account showing the total book value of physical properties belonging to the Administrative Central Office less the amount of any indebtedness to others. - 9- BOARD OF REGENTS OF TIlE UNNERSITY SYSTEM OF GEORGIA EXHffiIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO TIlE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FUND ACCOUNTING AGENCY FUNDS The fund used to account for resources held by the Administrative Central Office as custodian or fiscal agent for individuals and organizations. BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. Contractual obligations for goods and services which have not been received at the end ofthe fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. Compensated absences represent obligations of the Administrative Central Office relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$1 ,521,500.25 and a related net current year expenditure of $218,062.68 have not been reported in the current funds as required by generally accepted accounting principles. Prior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. - 10- BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf of the 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. The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. BUDGET The Board ofRegents ofthe University System ofGeorgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of 1999-2000. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The allocation of the appropriated budget is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: "A" Resident Instruction Personal Services: Education, General and Departmental Services Year 2000 Project "B" Regents Central Office and Other Organized Activities Personal Services: Education, General and Departmental Services Operating Expenses: Sponsored Operations Capital Outlay $ 119,171.44 $ 24,171.05 $ 44.417.32 $ 155,712.93 $ 384.387.00 These overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the Board object class level. - 11 - BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA EXHffiIT "D" ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of demand deposits and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts. INVESTMENTS Investments are reported at fair value. Funds received by the 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 and losses on investment transactions are accounted for in the funds where such assets are recorded. Investments in the various investment pools maintained by the Administrative Central Office consist, in part, of U. S. Government Securities which include mortgage-backed securities such as collateralized mortgage obligations and adjustable rate mortgages. These mortgage-backed securities are reported as U. S. Government Securities in the disclosure note ofcustodial credit risk. (See Note 2 on Categorization of Investments) Investments in the investment pools are transacted by an external investment firm under direction of an investment advisory agreement executed between the Administrative Central Office and the investment management firm. As of June 30, 2000, the Administrative Central Office had $2,028,621.58 invested in U. S. Agency mortgage-backed securities. ACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Office of Treasury and Fiscal Services, Federal, State 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 ofpurchase. MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. - 12 - BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: (1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or of the State of Georgia. (2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. (3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. (4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia. (5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. (6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia the option of exempting demand deposits from the collateral requirements. The treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 2000, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: - 13- BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS CATEGORIZATION OF DEPOSITS Category 1 - Amounts covered by depository insurance or collateralized with securities (at fair 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 fair value) held by the pledging financial institution's trust department or agent in the Administrative Central Office's name. Category 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the Administrative Central Office's name, and amounts uncollateralized. Cash Deposits Investment Portfolio Accounts Total Cash Deposits Carrying Amount Bank Balances Risk Categories 2 3 $17,134,250.77 $15,950,233.32 $ 0.00 $ 0.00 $15,950,233.32 64,487,173.00 64,487,173.00 64,487,173.00 _ _~o~.o~o 0.00 $81621423.77 $8043740632 $64487173.00 $==",,;O~.O~O $1595023332 CATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the three categories described below: Category 1 - Insured or registered, or securities held by the Administrative Central Office or its agent-in the Administrative Central Office's name. Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the Administrative Central Office's name. Category 3 - 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, 2000, are categorized below: Type ofInvestment Common Stock $ Corporate Bonds U. S. Government Securities Total Investments $ Risk Categories 2 0.00 $46,874,920.31 $ 9,289,704.75 40,131,635.03 000 $96.296.260.09 $ Carrying 3 Amount 0.00 $46,874,920.31 9,289,704.75 40,131,635.03 0.00 $96.296.260.09 - 14- BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS CATEGORIZATION OF INVESTMENTS Governmental Accounting Standards Board Statement No. 31 requires a separate risk categorization of investments of an external investment pool when a separate report is not issued for the external investment pool. The following is a separate risk categorization of the pooled investments of the Administrative Central Office's "mixed" external investment pool, as of June 30, 2000. These amounts are included in the categorization of investments on the previous page. Type ofInvestment Common Stock $ Corporate Bonds U. S. Government Securities Total Investments $ Risk Categories 2 0.00 $46,874,920.31 $ 9,289,704.75 38.060,511.83 0.00 $94.225.136.89 $ Carrying 3 Amount 0.00 $46,874,920.31 9,289,704.75 38,060,511.83 0.00 $94.225.136.89 NOTE 3: EXTERNAL INVESTMENT POOL The Administrative Central Office serves as fiscal agent for various units ofthe University System of Georgia and cooperative organizations. The Administrative Central Office pools the monies ofthese organizations with the Administrative Central Office's monies for investment purposes. The Administrative Central Office cannot allocate pool investments between the internal (University System) and external (cooperative organizations) investment pool portions. The investment pool is not registered with the SEC as an investment company. The fair value ofinvestments is determined daily. The pool does not issue shares. Each participant is allocated a pro rata share of each investment at fair value along with a pro rata share ofthe interest that it earns. Condensed financial information for the investment pool follows: - 15 - BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE30, 2000 NOTE 3: EXTERNAL INVESTMENT POOL Statement of Net Assets - June 30, 2000 Assets Cash Investments Interest Receivable $ 16,595,539.72 94,225,136.89 760,277.04 $111.580,953.65 Net Assets Held in Trust for Pool Participants Internal Portion External Portion $ 18,372,146.62 93,208,807.03 $111.580,953.65 Statement of Changes in Net Assets - Year Ended June 30, 2000 Revenues Interest Income Net Increase in Fair Value of Investments $ 4,570,080.44 5,469,799.63 Total Revenues $ 10,039,880.07 Expenses Operating Expenses Administrative Expenses 397,667.56 Net Increase in Assets Resulting from Operations $ 9,642,212.51 Distribution to Participants Capital Transactions -29,686,744.96 19,325,973.37 Total Decrease in Net Assets $ -718,559.08 Net Assets July 1, 1999 112,299,512.73 Net Assets June 30, 2000 $111.580,953.65 NOTE 4: INVESTMENT IN PLANT The following is a summary of Investment in Plant fixed assets as of June 30, 2000: - 16- BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIDIT "D" ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 4: INVESTMENT IN PLANT Land Equipment Library Books and Collections Construction in Progress $ 2,501,877.00 25,902,955.40 31,384.30 168,897,247.42 Total Investment in Plant $197.333.464.12 NOTE 5: OPERATING LEASES The Administrative Central Office has entered into certain computer software license agreements and agreements to lease real property 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 of June 30, 2000, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. Fiscal Year Ending June 30 2001 $ 2,097.452.33 Expenditures for computer software license agreements and agreements to lease real property under operating leases for.the year ended June 30, 2000, totaled $1,557,761.70. NOTE 6: CAPITALLEASES The Administrative 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. If renewal 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, 2000, future minimum lease payments under capital leases are as follows: - 17 - BOARD OF REGENTS OF TIlE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 6: CAPITAL LEASES Fiscal Year Ending June 30 2001 2002 2003 $ 1,138,149.72 458,146.59 279,982.68 Total Future Minimum Lease Payments $ 1,876,278.99 Less: Amounts Representing Interest 116,611.22 Present Value of Future Minimum Lease Payments $ 1,759,667.77 NOTE 7: RISK MANAGEMENT The Board of Regents of the University System of Georgia maintains a self-insured program of health and dental benefits for its employees and retirees. This plan is funded jointly through premiums paid by participants covered under the plan and employer contributions paid by the Board ofRegents and its organizational units. All units ofthe University System of Georgia share the risk ofloss for claims ofthe Employee Health Benefits 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 $1,000.00 per person. The Board of 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 ended June 30, 2000, is shown below: - 18 - BOARD OF REGENTS OF TIlE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO TIlE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 7: RISK MANAGEMENT Unpaid Claims and Claim Adjustments July 1, 1999 $ 25,300,000.00 Incurred Claims and Claim Adjustments Expenses - Provisions for Insured Events of the Current Year 178,486,807.84 Payments - Claims and Claim Adjustments Attributable to Insured Events of the Current Year and of Prior Years 175,386,807.84 Unpaid Claims and Claim Adjustments June 30, 2000 $ 28.400,000.00 The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia ofmaking and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The Administrative Central Office, as an organizational unit ofthe Board ofRegents ofthe University System of Georgia, is part ofthe State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. A self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a SelfInsurance Fund. NOTE 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Plan Description The Administrative Central Office participates in the Teachers Retirement System ofGeorgia (TRS), a cost-sharing multiple-employer defined benefit pension plan established by the General Assembly - 19- BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Plan Description of Georgia for the purpose ofproviding retirement allowances and other benefits for teachers ofthe State of Georgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. Funding Policy Employees of the Administrative Central Office who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The Administrative Central Office makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2000, the employer contribution rate was 11.29% for covered employees. In addition, the Administrative Central Office contributed 2.35% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year 2000 1999 1998 Percentage Contributed 100% 100% 100% Required Contribution $ 1,264,146.38 $ 1,101,433.18 $ 923,018.72 REGENTS RETIREMENT PLAN Plan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the purpose of providing retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms of the annuity contracts. Funding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State of Georgia. The employer contributes 8.79% ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. - 20- BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 8: RETIREMENT PLANS REGENTS RETIREMENT PLAN Funding Policy The Administrative Central Office and the covered employees made the required contributions of $176,538.03 (8.79%) and $100,419.69 (5%), respectively. NOTE 9: LEAVEPOUCffiS Employees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Basis of Accounting (Compensated Absences) Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph. Certain employees who retire with a minimum ofthree months ofunused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia. NOTE 10: CONTINGENCffiS Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the Board ofRegents expects such amounts, ifany, to be immaterial to its overall financial position. Litigation, claims and assessments filed against the Administrative Central Office (an organizational unit ofthe Board ofRegents ofthe University System ofGeorgia), ifany, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 2000. NOTE 11: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-331, the Board of Regents ofthe University System of Georgia has established group health and life insurance programs for regular employees ofthe University System ofGeorgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible forretirement or - 21 - BOARD OF REGENTS OF THE UNNERSITY SYSTEM OF GEORGIA EXHIBIT "D" ADMINISTRATNE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 11: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS that become permanently and totally disabled to continue as members of the group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years ofservice with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgiapay the employer portion for group insurance for affected individuals. As of June 30, 2000, there were 54 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 2000, the Administrative Central Office recognized as incurred $89,178.15 ofexpenditures, which was net of $48,527.38 of participant contributions. NOTE 12: STATE MEDICAL EDUCATION BOARD The State Medical Education Board, which, in past years, was administratively attached to the Administrative Central Office of the Board of Regents of the University System of Georgia, was transferred to the newly formed Department of Community Health as of July 1, 1999. As of that date, the activity of the State Medical Education Board was no longer reflected in the Financial Statements of the Administrative Central Office. NOTE 13: SIGNIFICANT TRANSACTIONS 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 (net) to date totaling $32,710,804.00,which include no current year expenditures, are capitalized as Construction in Progress in the Investment in Plant Fund ofthe 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 ofthe 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 administering the cost of repairs and reconstruction due to extensive flood damage to the Albany State University's campus in 1994 and 1998. These expenditures are included in the Unexpended Plant Fund and capital expenditures are recorded as Construction in Progress in the Investment in Plant Fund ofthe Administrative Central Office. The Administrative Central Office will continue to - 22- BOARD OF REGENTS OF TIlE UNNERSITY SYSTEM OF GEORGIA EXHIDIT "D" ADMlNISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) NOTES TO TIlE FINANCIAL STATEMENTS JUNE 30, 2000 NOTE 13: SIGNIFICANT TRANSACTIONS ALBANY STATE UNIVERSITY record all capital 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 on this project are $140,992,732,31 and include $384,387.00 of current year expenditures which were capitalized as Construction in Progress. These expenditures are funded by insurance recoveries, Federal and State grants and State lottery appropriations. - 23- SUPPLEMENTARY INFORMATION - 25 - BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED JUNE 30, 2000 ASSETS Cash and Cash Equivalents Investments Accounts Receivable Prepaid Items Total Assets "A" RESIDENT INSTRUCTION "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES $ 4,189,599.25 $ 1,647,976.39 2,510.22 416,060.05 2,663.00 =============== $ 5,840,085.86 $ 418,723.05 LIABILITIES AND FUND BALANCES Liabilities Accounts Payable Employee Health Benefits Claims Total Liabilities Fund Balances Unrestricted Total Liabilities and Fund Balances $ 5,715,731.97 $ $ 5,715,731.97 $ 124,353.89 362,541.17 362,541.17 56,181.88 ============== $ 5,840,085.86 $ 418,723.05 See notes to the financial statements. - 26- EXHIBIT "E" "0" LOTTERY FOR EDUCATION EMPLOYEE HEALTH BENEFITS PLAN TOTAL $ 2,378,397.97 $ 8,245,233.76 $ 15,229,291.03 49,202,479.44 49,202,479.44 1,647,976.39 5,173.22 $ 2,378,397.97 $ 57,447,713.20 $ 66,084,920.08 $ 2,268,832.18 $ 8,347,105.32 _ _ _ _ _ $ 28,400,000.00 28,400,000.00 $ 2,268,832.18 $ 28,400,000.00 $ 36,747,105.32 109,565.79 29,047,713.20 29,337,814.76 $ 2,378,397.97 $ 57,447,713.20 $ 66,084,920.08 - 27- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINING STATEMENT OF CHANGES IN FUND BALANCES CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 2000 REVENUES AND OTHER ADDITIONS Unrestricted Current Fund Revenues Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Remittance of Uncommitted Regents Scholarships from Units of the University System of Georgia Remittance of Uncommitted Regents Opportunity Grants from Units of the University System of Georgia Remittance of Surplus from Units of the University System of Georgia Year Ended June 30,1999 Total Revenues and Other Additions EXPENDITURES AND OTHER DEDUCTIONS Educational and General Expenditures Allotments to Units of the University System of Georgia Georgia Eminent Scholars Endowment Funds Year 2000 Project Unrestricted Fund Balance (Surplus) Returned to the Office of Treasury and Fiscal Services Year Ended June 30,1999 Total Expenditures and Other Deductions TRANSFERS BETWEEN FUNDS Mandatory Restricted Quasi-Endowment Funds Allocated State Appropriations for: Employee Health Benefits Plan Restricted Quasi-Endowment Fund State Merit System Funding for Employee Health Benefits Plan Total Transfers Between Funds Net Increase/(Decrease) for the Year FUND BALANCES JULY 1. 1999 FUND BALANCES JUNE 30. 2000 See notes to the financial statements. - 28- "A" RESIDENT INSTRUCTION "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES $ 88,925,959.53 $ 32,451.48 546.70 1,054,708.51 $ 90,013,666.22 $ 35,671,065.68 27,302.86 13,640.13 9,497.49 886,787.99 36,608,294.15 $ 46,404,620.53 $ 3,189,074.30 375,910.59 35,642,186.66 1,343,755.21 $ 51,313,360.63 $ 948,739.71 36,590,926.37 $ 3,189,074.30 -33,000,000.00 -3,750,000.00 -7,500,000.00 $ -41,060,925.70 $ -2,360,620.11 $ 2,484,974.00 17,367.78 38,814.10 ============== $ 124,353.89 $ 56,181.88 EXHIBIT"F" "D" LOTTERY FOR EDUCATION EMPLOYEE HEALTH BENEFITS PLAN TOTAL $ 31,027,615.00 $ 177,607,582.66 $ 333,232,222.87 107,902.00 167,656.34 546.70 13,640.13 9,497.49 57,590.64 1,999,087.14 $ 31,193,107.64 $ 177,607,582.66 $ 335,422,650.67 $ 31,025,951.21 $ 185,752,578.60 $ 298,825,337.00 3,189,074.30 375,910.59 56,549.73 2,349,044.65 $ 31,082,500.94 $ 185,752,578.60 $ 304,739,366.54 $ 3,189,074.30 $ 33,000,000.00 0.00 .3,750,000.00 7,500,000.00 0.00 $ 40,500,000.00 $ -560,925.70 $ 110,606.70 $ 32,355,004.06 $ 30,122,358.43 -1,040.91 -3,307,290.86 -784,543.67 $ 109,565.79 $ 29,047,713.20 $ 29,337,814.76 - 29- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES UNRESTRICTED YEAR ENDED JUNE 30, 2000 REVENUES State Appropriations Other Sources Total Revenues EXPENDITURES AND MANDATORY TRANSFERS Educational and General Public Service Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Mandatory Transfers for: Restricted Quasi-Endowment Funds Allocated State Appropriations for: Restricted Quasi-Endowment Fund Employee Health Benefits Plan State Merit Funding for Employee Health Benefits Plan Total Expenditures and Mandatory Transfers OTHER TRANSFERS AND ADDITIONS/{DEDUCTIONS) Allotments of Georgia Eminent Scholars Endowment Funds Allotments of Year 2000 Project Prior Period Adjustments (Net) Remittance of Uncommitted Regents Scholarships from Units of the University System of Georgia Remittance of Uncommitted Regents Opportunity Grants from Units of the University System ot Georgia Remittance of Surplus from Units of the University System of Georgia Year Ended June 30,1999 Unrestricted Fund Balance (Surplus) Returned to Office of Treasury and Fiscal Services Year Ended June 30, 1999 Total Other Transfers and Additions/(Deductions) "An RESIDENT INSTRUCTION "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES $ 66,359,599,25 $ 22,566,360.28 $ 88,925,959.53 $ 35,509,207,00 161,858.68 35,671,065,68 $ $ 46,404,620,53 -3,189,074,30 3,750,000,00 33,000,000.00 7,500,000,00 $ 87,465,546,23 $ 26,736,724,00 7,791,909.70 513,552,96 600,000,00 35,642,186,66 $ -3,189,074.30 -375,910,59 32,998,18 $ 1,054,708,51 27,302,86 13,640.13 9,497.49 886,787.99 -1,343,755.21 $ -3,821,033.41 $ -948,739.71 -11,511,24 Net Increase/(Decrease) in Fund Balances $ -2,360,620.11 $ =========1=7=,3=6:7..;7,,8;. See notes to the financial statements. - 30- EXHIBIT"G" tiD" LOTTERY FOR EDUCATION EMPLOYEE HEALTH BENEFITS PLAN TOTAL $ 31,027,615.00 $ 132,896,421.25 _ _ _ _ _ $ 177,607,582.66 200,335,801.62 $ 31,027,615.00 $ 177,607,582.66 $ 333,232,222.87 $ 26,736,724.00 $ 31,025,951.21 $ 185,752,578.60 270,975,060.04 513,552.96 600,000.00 -3,189,074.30 -33,000,000.00 3,750,000.00 0.00 -7,500,000.00 0.00 $ 31,025,951.21 $ 145,252,578.60 $ 299,386,262.70 $ 107,902.00 57,590.64 $ -3,189,074.30 -375,910.59 168,203.04 13,640.13 9,497.49 1,999,087.14 -56,549.73 $ 108,942.91 -2,349,044.65 $ -3,723,601.74 $ 110,606.70 $ 32,355,004.06 $ 30,122,358.43 - 31 - BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) COMBINING STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES. AND OTHER CHANGES RESTRICTED YEAR ENDED JUNE 30, 2000 EXHIBIT "H" RESIDENT INSTRUCTION REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES TOTAL REVENUES Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income $ 2,840,014.13 $ 2,840,014.13 69,237.91 $ 295,040.72 364,278.63 151,924.17 151,924,17 237,352,61 237,352,61 Total Revenues $ 3,061,176.21 $ 532,393.33 $ 3,593,569.54 EXPENDITURES AND MANDATORY TRANSFER Educational and General Institutional Support Scholarships and Fellowships Mandatory Transfer for: Investment Income for Endowment Principal Total Expenditures and Mandatory Transfer $ 3,061,176.21 $ 295,040.72 $ 3,356,216.93 237,352.61 237,352.61 174,898.59 11,763.28 186,661,87 $ 3,236,074.80 $ s 544,156.61 3,780,231.41 OTHER TRANSFERS AND ADDITIONS/CDEDUCTIONS) Excess of Restricted Receipts over Transfers to Revenues $ Transfers of Endowment Principal for Object of Trust Administrative Fees s 226,314.69 -9,971.42 36,604.32 $ 506,859.56 -29,190.47 262,919,01 506,859.56 -39,161.89 Total Other Transfers and Additions/(Deductions) $ 216,343.27 $ 514,273,41 $ 730,616.68 Net Increase in Fund Balances $ 41,444,68 $ 502,510.13 $ ====5=4~3,=9=54=,8=1= See notes to the financial statements, - 33- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET "A" RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 2000 REVENUES State Appropriations Other Revenues Retained CURRENT FUNDS UNRESTRICTED RESTRICTED TOTAL $ 66,359,599,25 $ 66,359,599,25 22,566,360,28 $ 3,061,176,21 25,627,536,49 $ 88,925,959.53 $ 3,061,176.21 $ 91,987,135.74 EXPENDITURES Personal Services: Education, General and Departmental Services Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay Special Funding Initiative Year 2000 Project $ 8,963,959.44 $ 8,963,959.44 $ 154,673.72 154,673,72 26,771,985.26 615,000.00 8,153,195.37 1,900,480,46 2,906,502,49 26,771,985.26 2,906,502,49 615,000.00 8,153,195.37 1,900,480,46 $ 46,404,620.53 $ 3,061,176.21 $ 49,465,796.74 Excess of Revenues over Expenditures (1) To reclassify transfers of State Appropriations and State Merit Funding for Employee Health Benefits Plan. $ 42,521,339.00 $ ===,.;;;O~.O;;;;.O $ 42,521,339.00 See notes to the financial statements. - 34- SCHEDULE "1" ADJUSTMENTS (1 ) TOTAL (Budget Basis) BUDGET VARIANCEFAVORABLE (UNFAVORABLE) $ 0.00 $ 66,359,599.25 $ 62,554,599.00 $ 3,805,000.25 25,627,536.49 32,599,763.41 -6,972,226.92 $ - - - -0.-00 $ 91,987,135.74 $ 95,154,362.41 $ -3,167,226.67 $ 40,500,000.00 $ 49,463,959.44 $ 49,344,788.00 $ 154,673.72 154,901.00 26,771,985.26 2,906,502.49 615,000.00 8,153,195.37 1,900,480.46 28,984,520.00 6,006,564.00 615,000.00 8,172,280.00 1,876,309.41 -119,171.44 227.28 2,212,534.74 3,100,061.51 0.00 19,084.63 -24,171.05 $ 40,500,000.00 $ 89,965,796.74 $ 95,154,362.41 $ 5,188,565.67 ---'----'--- $ -40,500,000.00 $ 2,021,339.00 2,021,339.00 - 35- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30. 2000 REVENUES State Appropriations Other Revenues Retained EXPENDITURES Personal Services: Education, General and Departmental Services Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay SREB Payments Regents Opportunity Grants Rental Payments to Georgia Military College Direct Payments to the Georgia Public Telecommunications Commission for Operations Excess of Revenues over Expenditures CURRENT FUNDS UNRESTRICTED RESTRICTED $ 35,509,207.00 161,858.68 $ 532,393.33 $ 35,671,065.68 $ 532,393.33 $ 6,089,802.32 $ 285,430.40 2,215,660.34 939,560.00 600,000.00 1,387,150.00 246,962.93 24,410,014.00 $ 35,642,186.66 $ 532,393.33 $ ======= 28,879.02 $ 0.00 See notes to the financial statements. - 36- SCHEDULE "2" PLANT FUNDS UNEXPENDED TOTAL (Budget Basis) BUDGET VARIANCEFAVORABLE (UNFAVORABLE) $ 35,509,207.00 $ 35,509,207.00 $ $ 137,168.06 831,420.07 628,162.00 0.00 203,258.07 ---.....;...-- $ 137,168.06 $ 36,340,627.07 $ 36,137,369.00 $ 203,258.07 $ 6,089,802.32 $ 6,045,385.00 $ 285,430.40 345,467.00 $ 384,387.00 2,215,660.34 246,962.93 384,387.00 939,560.00 600,000.00 1,387,150.00 2,267,652.00 91,250.00 0.00 962,525.00 600,000.00 1,387,150.00 24,410,014.00 24,437,940.00 -44,417.32 60,036.60 51,991.66 -155,712.93 -384,387.00 22,965.00 0.00 0.00 27,926.00 $ 384,387.00 $ 36,558,966.99 $ 36,137,369.00 $ -42.1...,;5...9._7.9_9 $ -247,218.94 $ -218,339.92 -218,339.92 - 37- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET "D" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30. 2000 SCHEDULE "3" REVENUES State Appropriations EXPENDITURES Equipment, Technology and Construction Trust Fund Georgia Public Telecommunications Commission lnternet Connection Initiative Special Funding Initiative Georgia Military College - Computer Charges Capital Outlay Excess of Revenues over Expenditures CURRENT FUNDS UNRESTRICTED BUDGET VARIANCE FAVORABLE (UNFAVORABLE) $ 31,027,615.00 $ 31,027,615.00 $ ..0..:..0.:.0:.~ $ 181,635.00 $ 181,635.00 $ 3,015,000.00 1,499,045.83 10,720,290.38 140,000.00 15,469,980.00 3,015,000.00 1,500,000.00 10,721,000.00 140,000.00 15,469,980.00 $ 31,025,951.21 $ 31,027,615.00 $ $ =======1=,66=3=.7=9 0.00 0.00 954.17 709.62 0.00 0.00 ..1..,.6:6.:3:..:7.:9.~ 1,663.79 See notes to the financial statements. - 39- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF APPROVED BUDGET "A" RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 2000 REVENUES State Appropriations Other Revenues 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 Student Education Enrichment Program Forestry Research Research Consortium Year 2000 Project ORIGINAL APPROPRIATION AMENDED APPROPRIATION $ 1,407,280,159.00 $ 1,400,012,444.00 42,769,066.00 $ 2,807,292,603.00 $ 42,769,066.00 $ 1,529,074,116.00 $ 215,731,047.00 371,180,532.00 637,169,805.00 185,000.00 46,940,528.00 1,131,712.00 365,217.00 979,646.00 4,535,000.00 33,083,062.00 1,170,672.00 990,000.00 3,400,000.00 4,125,332.00 ============= $ 2,807,292,603.00 $ 42,769,066.00 See notes to the financial statements. -40 - SCHEDULE "4" BUDGET ADJUSTMENTS TOTAL APPROVED BUDGET LESS: BUDGET TRANSFERS TO OTHER UNITS TOTAL $ 1,450,049,225.00 $ 1,387,494,626.00 $ 62,554,599.00 $ 310,778,167.00 1,710,790,611.00 1,678,190,847.59 32,599,763.41 $ 310,778,167.00 $ 3,160,839,836.00 $ 3,065,685,473.59 $ 95,154,362.41 $ 7,408,689.00 $ 1,569,565,867.00 $ 1,520,221,079.00 $ 49,344,788.00 47,502,532.00 263,233,579.00 263,078,678.00 154,901.00 64,045,890.00 112,202,338.00 57,647,647.00 108,531.00 13,255,813.00 8,606,727.00 436,397,094.00 749,372,143.00 58,822,647.00 50,340,528.00 1,131,712.00 365,217.00 1,088,177 .00 21,916,145.00 8,606,727.00 407,412,574.00 743,365,579.00 58,207,647.00 42,168,248.00 1,131,712.00 365,217.00 1,088,177.00 21,916,145.00 6,730,417.59 28,984,520.00 6,006,564.00 615,000.00 8,172,280.00 0.00 0.00 0.00 0.00 1,876,309.41 $ 310,778,167.00 $ 3,160,839,836.00 $ 3,065,685,473.59 $ 95,154,362.41 - 41 - SOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF APPROVED SUDGET "S" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30, 2000 REVENUES State Appropriations Other Revenues Retained EXPENDITURES Personal Services: Education, General and Departmental Services Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay Agricultural Research Advanced Technology Development Center! Economic Development Institute Seed Capital Fund - ATDC Capitation Contracts for Family Practice Residency Residency Capitation Grants Student Preceptorships Mercer Medical School Grant Morehouse School of Medicine Grant Center for Rehabilitation Technology SRES Payments Medical Scholarships Regents Opportunity Grants Rental Payments to Georgia Military College CRT Inc. Contract at Georgia Tech Research Institute Direct Payments to the Georgia Public Telecommunications Commission for Operations Pediatric Residency Capitation Contracts Preventive Medicine Capitation Grants Area Health Education Center Contracts See notes to the financial statements. -42 - ORIGINAL APPROPRIATION AMENDED APPROPRIATION $ 200,005,882.00 $ 494,038,504.00 -14,523,326.00 $ 694,044,386.00 $ -14,523,326.00 $ 301,763,582.00 $ 116,575,795.00 130,825,484.00 68,133,453.00 300,000.00 2,683,909.00 17,900,052.00 2,500,000.00 4,347,200.00 1,950,313.00 175,000.00 8,110,000.00 7,394,890.00 5,184,122.00 5,267,875.00 1,520,467.00 600,000.00 1,387,150.00 127,604.00 16,193,250.00 474,240.00 30,000.00 600,000.00 -241,455.00 3,644,875.00 25,000.00 238,950.00 2,500,000.00 -4,347,200.00 -1,950,313.00 -175,000.00 -8,110,000.00 -7,394,890.00 -4,305,350.00 -1,520,467.00 8,216,764.00 -474,240.00 -30,000.00 -600,000.00 $ 694,044,386.00 $ -14,523,326.00 SCHEDULE "5" BUDGET ADJUSTMENTS TOTAL APPROVED BUDGET LESS: BUDGET TRANSFERS TO OTHER UNITS TOTAL $ 185,482,556.00 $ $ 36,900,607.00 530,939,111.00 149,973,349.00 $ 35,509,207.00 530,310,949.00 628,162.00 $ 36,900,607.00 $ 716,421,667.00 $ 680,284,298.00 $ 36,137,369.00 $ 3,613,351.00 $ 305,135,478.00 $ 299,090,093.00 $ 6,045,385.00 2,965,351.00 119,541,146.00 119,195,679.00 345,467.00 17,960,961.00 10,495,424.00 152,431,320.00 78,628,877 .00 300,000.00 2,708,909.00 150,163,668.00 78,537,627.00 300,000.00 2,708,909.00 2,267,652.00 91,250.00 0.00 0.00 1,053,643.00 19,192,645.00 19,192,645.00 0.00 5,000,000.00 5,000,000.00 0.00 783,951.00 0.00 0.00 0.00 0.00 0.00 5,968,073.00 962,525.00 0.00 600,000.00 1,387,150.00 5,968,073.00 0.00 0.00 0.00 0.00 0.00 0.00 962,525.00 0.00 600,000.00 1,387,150.00 127,604.00 127,604.00 0.00 27,926.00 24,437,940.00 0.00 0.00 0.00 24,437,940.00 0.00 0.00 0.00 $ 36,900,607.00 $ 716,421,667.00 $ 680,284,298.00 $ 36,137,369.00 - 43- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF APPROVED BUDGET "D" LOTIERY FOR EDUCATION YEAR ENDED JUNE 30, 2000 REVENUES State Appropriations Other Revenues Retained EXPENDITURES Equipment, Technology and Construction Trust Fund Georgia Public Telecommunications Commission Internet Connection Initiative Special Funding Initiative Research Consortium - GRA Georgia Military College - Computer Charges Capital Outlay ORIGINAL APPROPRIATION AMENDED APPROPRIATION $ 25,966,000,00 $ 66,824,980,00 $ 25,966,000.00 $ =====6=6=,=8=2=4=,9=8=0==,0=0= $ 15,000,000,00 $ 15,000,000.00 2,000,000.00 1,015,000,00 1,500,000,00 7,466,000,00 11,000,000.00 24,200,000.00 140,000,00 15,469,980,00 ============== $ 25,966,000.00 $ 66,824,980,00 See notes to the financial statements. -44- SCHEDULE "6" BUDGET ADJUSTMENTS TOTAL APPROVED BUDGET LESS: BUDGET TRANSFERS TO OTHER UNITS TOTAL $ 92,790,980.00 $ 61,763,365.00 $ 31,027,615.00 $ 31,917.00 31,917.00 31,917.00 0.00 $ 31,917.00 $ 92,822,897.00 $ 61,795,282.00 $ 31,027,615.00 $ 31,917.00 $ 30,031,917.00 $ 29,850,282.00 $ 181,635.00 3,015,000.00 3,015,000.00 1,500,000.00 1,500,000.00 18,466,000.00 7,745,000.00 10,721,000.00 24,200,000.00 24,200,000.00 0.00 140,000.00 140,000.00 15,469,980.00 15,469,980.00 $ 31,917.00 $ 92,822,897.00 $ 61,795,282.00 $ 31,027,615.00 - 45- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF BUDGET TRANSFERS TO OTHER UNITS "A" RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 2000 UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA RESEARCH UNIVERSITIES Georgia Institute of Technology Research Consortium Regular Special Funding Initiative Regular Year 2000 Project Georgia State University Research Consortium Regular Special Funding Initiative Office of Minority Business Enterprise Year 2000 Project Medical College of Georgia Research Consortium Student Education Enrichment Program Special Funding Initiative Year 2000 Project University of Georgia Forestry Research Office of Minority Business Enterprise Research Consortium Regular Special Funding Initiative Year 2000 Project REGIONAL UNIVERSITIES Georgia Southem University Research Consortium Special Funding Initiative Valdosta State University Research Consortium Special Funding Initiative STATE UNIVERSITIES/COLLEGES Albany State University Office of Minority Business Enterprise Special Funding Initiative Year 2000 Project Armstrong Atlantic State University Special Funding Initiative Year 2000 Project Augusta State University Office of Minority Business Enterprise Special Funding Initiative Clayton College and State University Special Funding Initiative Year 2000 Project COlumbus State University Special Funding Initiative Year 2000 Project Fort Valley State University Special Funding Initiative Year 2000 Project Georgia College and State University Special Funding Initiative Year 2000 Project Georgia Southwestem State University Special Funding Initiative Kennesaw State University Special Funding Initiative Year 2000 Project See notes to the financial statements. PERSONAL SERVICES EDUCATION, GENERAL AND DEPARTMENTAL SPONSORED SERVICES OPERATIONS APPROVED BUDGET OPERATING EXPENSES EDUCATION, GENERAL AND DEPARTMENTAL SPONSORED SERVICES OPERATIONS $ 209,309,925,00 $ 67,553.696.00 $ 67,607,032.00 $ 82,446,304.00 183,422,502.00 25.000,000.00 58.298.273.00 105,000,000.00 105,077,746.00 53.605,749.00 19,845,114.00 16.394,251.00 346,785,799.00 75,000,000.00 95,908,354.00 200,000,000.00 82,487.755.00 54,031,734.00 2,938,626.00 1,551,863.00 20,491,435.00 8.874,492.00 75,061,374.00 35,686,529.00 21,196,118.00 3.032.024.00 4.660,603.00 21,959,888.00 27,512.469.00 26.956,842.00 23,395,511.00 30,077,663.00 20,244,938.00 30,376.449.00 14,397,486.00 60,205,497.00 904,764.00 386,676.00 1,660,620.00 2,216.560.00 9.938.543.00 316,405.00 1,405,952.00 2,274,619.00 7,225.651.00 5,395,934.00 9,341,295.00 5,363,465,00 4,408,83.6.00 6,361.015.00 4,290.673.00 21,174.874.00 6,957,553.00 5.709,470.00 5,179,001,00 18,323.980.00 23,461,146.00 16,163,472.00 4,733.579.00 14,079.181.00 -46 - SCHEDULE "7" CAPITAL OUTLAY OTHER TOTAL STATE FUNDS FUNDING PROVIDED OTHER REVENUES RETAINED TOTAL $ 4,871,608.00 $ 431,788,565.00 $ 151,979,380.00 $ 279,809,185.00 $ 431,788,565.00 $ 15,886,586.00 15,886,586.00 4,938,773.00 10,947,813.00 15,886,586.00 7,207,282.00 12,412,846.00 1,034,257.00 12,412,846.00 1,034,257.00 378,928,057.00 12,412,845.00 159,470,576.00 1.00 1,034,257.00 219,457,481.00 12,412,846.00 1,034,257.00 378,928,057.00 2,080,000.00 12,291,000.00 750,000.00 2,657,426.00 100,000.00 3,072,636.00 2,308,000.00 365,217.00 1,892,003.00 85,018.00 1,088,177.00 511,712.00 750,000.00 2,657,426.00 100,000.00 3,072,636.00 197,002,860.00 2,308,000.00 365,217.00 1,892,003.00 85,018.00 729,985,153.00 1,088,177.00 511,712.00 750,000.00 2,657,426.00 100,000.00 98,757,827.00 365,217.00 1,892,003.00 316,420,498.00 979,646.00 511,712.00 3,072,636.00 98,245,033.00 2,308,000.00 85,018.00 413,564,655.00 108,531.00 750,000.00 2,657,426.00 100,000.00 3,072,636.00 197,002,860.00 2,308,000.00 365,217.00 1,892,003.00 85,018.00 729,985,153.00 1,088,177.00 511,712.00 2,944,059.00 6,360,601.00 364,996.00 2,944,059.00 6,360,601.00 364,996.00 2,944,059.00 6,360,601.00 364,996.00 2,944,059.00 6,360,601.00 364,996.00 3,136,000.00 1,490,000.00 9,000.00 2,194,113.00 9,000.00 932,549.00 184,115,190.00 9,000.00 2,194,113.00 101,634,618.00 9,000.00 932,549.00 71,012,524.00 9,000.00 2,194,113.00 46,676,526.00 9,000.00 932,549.00 113,102,666.00 54,958,092.00 184,115,190.00 9,000.00 2,194,113.00 101,634,618.00 9,000.00 932,549.00 721,000.00 1,019,325.00 1,465,000.00 552,000.00 983,000.00 1,321,500.00 1,867,000.00 1,173,000.00 1,613,998.00 120,000.00 589,707.00 215,705.00 846,865.00 237,325.00 200,000.00 296,666.00 974,114.00 102,231.00 1,081,050.00 55,116.00 1,278,002.00 119,595.00 787,146.00 491,200.00 332,350.00 1,508,489.00 118,287.00 51,569,633.00 120,000.00 589,707.00 215,705.00 43,619,762.00 846,865.00 237,325.00 39,913,922.00 200,000.00 296,666.00 40,128,427.00 974,114.00 102,231.00 56,964,668.00 1,081,050.00 55,116.00 59,374,963.00 1,278,002.00 119,595.00 55,084,341.00 787,146.00 491,200.00 26,000,690.00 332,350.00 99,348,169.00 1,508,489.00 118,287.00 19,214,678.00 120,000.00 589,707.00 24,375,724.00 846,865.00 24,264,430.00 200,000.00 296,666.00 17,472,656.00 974,114.00 26,000,568.00 1,081,050.00 19,672,804.00 1,278,002.00 27,813,265.00 787,146.00 13,597,986.00 332,350.00 49,933,707.00 1,508,489.00 -47 - 32,354,955.00 215,705.00 19,244,038.00 237,325.00 15,649,492.00 22,655,771.00 102,231.00 30,964,100.00 55,116.00 39,702,159.00 119,595.00 27,271,076.00 491,200.00 12,402,704.00 49,414,462.00 118,287.00 51,569,633.00 120,000.00 589,707.00 215,705.00 43,619,762.00 846,865.00 237,325.00 39,913,922.00 200,000.00 296,666.00 40,128,427.00 974,114.00 102,231.00 56,964,668.00 1,081,050.00 55,116.00 59,374,963.00 1,278,002.00 119,595.00 55,084,341.00 787,146.00 491,200.00 26,000,690.00 332,350.00 99,348,169.00 1,508,489.00 118,287.00 BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF BUDGET TRANSFERS TO OTHER UNITS "An RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 2000 UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA STATE UNIVERSITIES/COLLEGES North Georgia College and State University Special Funding Initiative Savannah State University Special Funding Initiative Year 2000 Project Southem Polytechnic State University Special Funding Initiative State University of West Georgia Special Funding Initiative Year 2000 Project ASSOCIATE DEGREE COLLEGES Abraham Baldwin Agricultural College Special Funding Initiative Atlanta Metropolitan COllege Office of Minority Business Enterprise Special Funding Initiative Bainbridge College Special Funding Initiative Year 2000 Project Coastal Georgia Community College Special Funding Initiative Year 2000 Project Dalton State College Special Funding Initiative Research Consortium Darton College Special Funding Initiative East Georgia College Special Funding Initiative Floyd College Special Funding Initiative Gainesville College Special Funding Initiative Year 2000 Project Georgia Perimeter College Special Funding Initiative Year 2000 Project Gordon College Special Funding Initiative Macon State College . Special Funding Initiative Year 2000 Project Middle Georgia College Special Funding Initiative South Georgia College Special Funding Initiative Waycross College Special Funding Initiative Year 2000 Project PERSONAL SERVICES EDUCATION, GENERAL AND DEPARTMENTAL SPONSORED SERVICES OPERATIONS APPROVED BUDGET OPERATING EXPENSES EDUCATION, GENERAL AND DEPARTMENTAL SPONSORED SERVICES OPERATIONS $ 19,878,338.00 $ 652,611.00 $ 19,730,505.00 3,539,708.00 4,227,248.00 $ 4,651,178.00 5,652,523.00 18,217,053.00 23,937,970.00 43,520,240.00 1,198,933.00 2,065,618.00 4,860,927.00 9,017,500.00 8,652,159.00 27,558,113.00 12,624,871.00 8,759,761.00 4,600,306.00 7,474,553.00 10,825,430.00 11,475,236.00 3,754,921,00 11,037,750.00 11,668,952.00 52,918,184.00 9,105,522.00 14,333,009.00 10,130,109.00 5,440,184.00 3,526,824.00 852,115.00 604,841.00 965,614.00 1,008,785.00 1,982,408.00 349,579.00 79,417.00 772,722.00 286,730.00 213,567.00 458,910.00 23,720.00 218,514.00 18,789.00 2,628,203.00 2,256,619.00 1,102,851.00 1,710,878.00 2,590,342.00 2,835,823,00 1,331,799.00 3,935,405.00 2,244,370.00 13,797,080.00 2,447,691.00 3,329,869.00 1,932,557.00 2,071,473.00 936,715,00 4,100,132.00 3,595,220.00 2,131,449.00 2,422,075.00 5,603,377.00 4,078,695,00 1,345,740.00 2,177,534.00 2,735,658.00 12,186,433.00 2,503,228.00 3,464,532.00 2,766,051.00 1,829,956.00 1,189,923.00 Skidaway Institute of Oceanography Special Funding Initiative Year 2000 Project 257,000.00 $ 1,520,221,079.00 $ 263,078,678.00 $ 407,412,574.00 $ 743,365,579.00 See notes to the financial statements. -48- SCHEDULE "7" CAPITAL OUTLAY OTHER TOTAL STATE FUNDS FUNDING PROVIDED OTHER REVENUES RETAINED TOTAL $ 1,285,187.00 $ $ 389,586.00 1,456,300.00 645,648.00 32,580.00 925,400.00 889,326.00 1,590,000.00 1,470,352.00 159,366.59 31,695,907.00 $ 389,586.00 47,594,744.00 645,648.00 32,580.00 39,575,389.00 889,326.00 83,751,471.00 1,470,352.00 159,366.59 18,451,665.00 $ 389,586.00 19,982,002.00 645,648.00 20,931,270.00 889,326.00 37,716,551.00 1,470,352.00 13,244,242.00 $ 27,612,742.00 32,580.00 18,644,119.00 46,034,920.00 159,366.59 31,695,907.00 389,586.00 47,594,744.00 645,648.00 32,580.00 39,575,389.00 889,326.00 83,751,471.00 1,470,352.00 159,366.59 1,070,000.00 706,640.00 326,616.00 472,000.00 530,000.00 827,200.00 225,000.00 361,000.00. 705,700.00 2,579,021.00 495,000.00 900,870.00 893,000.00 694,000.00 373,000.00 220,831.00 200,000.00 174,842.00 134,387.00 26,197.00 243,416.00 22,180.00 687,546.00 9,500.00 207,844.00 465,337.00 221,718.00 217,308.00 7,390.00 494,469.00 528,021.00 102,124.00 530,060.00 5,553.00 553,683.00 196,166.00 130,216.00 1,463.00 21,275,321.00 220,831.00 15,923,081.00 200,000.00 174,842.00 9,126,836.00 134,387.00 26,197.00 13,088,291.00 243,416.00 22,180.00 21,531,557.00 687,546.00 9,500.00 19,566,533.00 207,844.00 6,736,877.00 465,337.00 18,284,411.00 221,718.00 17,641,410.00 217,308.00 7,390.00 81,694,265.00 494,469.00 528,021.00 14,551,441.00 102,124.00 22,487,190.00 530,060.00 5,553.00 15,745,437.00 553,683.00 10,254,127.00 196,166.00 6,045,251.00 130,216.00 1,463.00 12,642,299.00 220,831.00 8,460,368.00 200,000.00 174,842.00 4,566,809.00 134,387.00 7,115,490.00 243,416.00 10,308,922.00 687,546.00 9,500.00 11,062,200.00 207,844.00 3,809,019.00 465,337.00 10,839,337.00 221,718.00 10,673,474.00 217,308.00 47,284,962.00 494,469.00 9,191,796.00 102,124.00 14,005,181.00 530,060.00 10,286,926.00 553,683.00 6,060,508.00 196,166.00 3,880,544.00 130,216.00 8,633,022.00 7,462,713.00 4,560,027.00 26,197.00 5,972,801.00 22,180.00 11,222,635.00 8,504,333.00 2,927,858.00 7,445,074.00 6,967,936.00 7,390.00 34,409,303.00 528,021.00 5,359,645.00 8,482,009.00 5,553.00 5,458,511.00 4,193,619.00 2,164,707.00 1,463.00 21,275,321.00 220,831.00 15,923,081.00 200,000.00 174,842.00 9,126,836.00 134,387.00 26,197.00 13,088,291.00 243,416.00 22,180.00 21,531,557.00 687,546.00 9,500.00 19,566,533.00 207,844.00 6,736,877.00 465,337.00 18,284,411.00 221,718.00 17,641,410.00 217,308.00 7,390.00 81,694,265.00 494,469.00 528,021.00 14,551,441.00 102,124.00 22,487,190.00 530,060.00 5,553.00 15,745,437.00 553,683.00 10,254,127.00 196,166.00 6,045,251.00 130,216.00 1,463.00 49,462.00 51,301.00 257,000.00 49,462.00 51,301.00 257,000.00 49,462.00 51,301.00 257,000.00 49,462.00 51,301.00 $ 58,207,647.00 $ 73,399,916.59 $ 3,065,685,473.59 $ 1,387,494,626.00 $ 1,678,190,847.59 $ 3,065,685,473.59 -49 BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF BUDGET TRANSFERS TO OTHER UNITS "B" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30, 2000 UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA .. PERSONAL SERVICES EDUCATION, GENERAL AND DEPARTMENTAL SPONSORED SERVICES OPERATIONS APPROVED BUDGET OPERATING EXPENSES EDUCATION, GENERAL AND DEPARTMENTAL SPONSORED SERVICES OPERATIONS RESEARCH UNIVERSITIES Georgia Institute of Technology Education Extension Services Advanced Technology Development Center Seed Capital Fund ATDC Georgia Tech Research Institute Agricultural Research Center for Rehabilitation Technology CRT Inc. Contract at Georgia Tech Research Institute Medical College of Georgia Medical College of Georgia Hospital and Clinics Georgia Radiation Therapy Center 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 $ 23,269,402.00 $ 43,077,078.00 $ 22,120,760.00 $ 15,855,000.00 179,898,817.00 2,713,567.00 46,194,322.00 1Q4,158.00 38,046,445.00 714,466.00 1,382,665.00 2,026,331.00 2,677,953.00 47,327,594.00 15,014,710,00 2,647,454.00 8,500,000.00 575,000.00 350,000.00 98,880,866,00 912,243,00 13,545,062.00 6,986,728.00 495,103.00 771,050.00 304,280,00 5,369,341.00 46,124,954.00 9,300,000.00 1,506,516.00 4,500,000.00 155,000.00 150,000.00 Skidaway Institute of Oceanography 2,061,967,00 1,703,843,00 778,235.00 946,157.00 $ 299,090,093,00 $ 119,195,679.00 $ 150,163,668.00 $ 78,537,627.00 See notes to the financial statements. 50 SCHEDULE "8" CAPITAL OUTLAY OTHER TOTAL STATE FUNDS FUNDING PROVIDED OTHER REVENUES RETAINED TOTAL s $ 19,192,645.00 19,192,645.00 $ 5,000,000.00 5,000,000.00 104,322,240.00 1,704,957.00 1,704,957.00 5,968,073.00 5,968,073.00 8,652,293.00 5,000,000.00 3,178,079.00 1,704,957.00 5,184,122.00 $ 10,540,352.00 101,144,161.00 783,951.00 $ 19,192,645.00 5,000,000.00 104,322,240.00 1,704,957.00 5,968,073.00 127,604.00 127,604.00 127,604.00 127,604.00 372,232,231.00 3,625,810.00 38,256,117.00 333,976,114.00 3,625,810.00 372,232,231.00 3,625,810.00 s 300,000.00 1,003,952.00 84,054,094.00 4,258,128.00 58,333,173.00 1,939,569.00 2,653,715.00 2,330,611.00 1,003,952.00 8,047,294.00 43,981,403.00 104,158.00 35,514,986.00 1,091,077.00 1,548,915.00 2,330,611.00 1,003,952.00 547,294.00 40,072,691.00 4,153,970.00 22,818,187.00 848,492.00 1,104,800.00 7,500,000.00 84,054,094.00 4,258,128.00 58,333,173.00 1,939,569.00 2,653,715.00 2,330,611.00 1,003,952.00 8,047,294.00 5,490,202.00 1,747,781.00 3,742,421.00 5,490,202.00 s 300,000.00 $ 32,997,231.00 $ 680,284,298.00 $ 149,973,349.00 $ 530,310,949.00 $ 680,284,298.00 - 51 - BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF BUDGET TRANSFERS TO OTHER UNITS "D" LOTIERY FOR EDUCATION YEAR ENDED JUNE 30, 2000 SCHEDULE "9" TOTAL STATE FUNDS FUNDING PROVIDED OTHER REVENUES RETAINED TOTAL $ 7,190,186.00 $ 7,190,186.00 9,355,000.00 9,355,000.00 2,950,426.00 2,950,426.00 6,375,000.00 6,375,000.00 1,751,126.00 1,751,126.00 250,000.00 250,000.00 11,537,103.00 11,505,186.00 $ 8,220,000.00 8,220,000.00 $ 31,917.00 7,190,186.00 9,355,000.00 2,950,426.00 6,375,000.00 1,751,126.00 250,000.00 11,537,103.00 8,220,000.00 1,132,206.00 1,021,806.00 1,132,206.00 1,021,806.00 1,132,206.00 1,021,806.00 470,586.00 580,786.00 580,786.00 690,846.00 580,806.00 383,606.00 580,806.00 343,606.00 700,586.00 470,986.00 378,606.00 470,586.00 700,586.00 470,586.00 580,786.00 580,786.00 690,846.00 580,806.00 383,606.00 580,806.00 343,606.00 700,586.00 470,986.00 378,606.00 470,586.00 700,586.00 470,586.00 580,786.00 580,786.00 690,846.00 580,806.00 383,606.00 580,806.00 343,606.00 700,586.00 470,986.00 378,606.00 470,586.00 700,586.00 322,166.00 171,426.00 171,426.00 206,366.00 431,046.00 322,166.00 148,466.00 852,000.00 322,166.00 593,076.00 322,166.00 431,046.00 322,168.00 206,366.00 137,201.00 322,166.00 171,426.00 171,426.00 206,366.00 431,046.00 322,166.00 148,466.00 852,000.00 322,166.00 593,076.00 322,166.00 431,046.00 322,168.00 206,366.00 137,201.00 322,166.00 171,426.00 171,426.00 206,366.00 431,046.00 322,166.00 148,466.00 852,000.00 322,166.00 593,076.00 322,166.00 431,046.00 322,168.00 206,366.00 137,201.00 120,000.00 120,000.00 120,000.00 $ 61,795,282.00 $ 61,763,365.00 $ 31,917.00 $ 61,795,282.00 - 53- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) CHANGES IN INVESTMENT IN PLANT YEAR ENDED JUNE 30, 2000 Land Equipment Library Books and Collections Construction in Progress SUMMARY OF INVESTMENT Administrative Central Office Capital Leases BALANCE JULY 1,1999 CURRENT FUNDS UNRESTRICTED $ 2,501,877.00 24,786,784.80 $ 6,085,955.06 31,384.30 168,512,860.42 $ 195,832,906.52 $ ====:::6:=,0=8=5=,9=5=5=.=0=6= $ 193,474,675.86 $ 2,358,230.66 6,085,955.06 $ 195,832,906.52 $=====6=,0=8=5=,9=5=5=.0=6= See notes to the financial statements. - 54- SCHEDULE "10" ADDITIONS PLANT FUNDS UNEXPENDED CAPITAL LEASES DEDUCTIONS DISPOSALS! DELETIONS! ADJUSTMENTS BALANCE JUNE 30, 2000 $ 2,501,877.00 $ 990,799.00 $ 5,960,583.46 25,902,955.40 31,384.30 $ 384,387.00 168,897,247.42 $ 384,387.00 $ 990,799.00 $ 5,960,583.46 $ 197,333,464.12 $ 384,387.00 $ 4,371,221.57 $ 195,573,796.35 _ _ _ _ _ $ 990,799.00 1,589,361.89 1,759,667.77 $ 384,387.00 $ 990,799.00 $ 5,960,583.46 $ 197,333,464.12 - 55- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS JUNE 3D, 2000 NET INVESTMENT IN PLANT Investment in Plant Facilities RESTRICTED Designated for Subsequent Years' Expenditures UNRESTRICTED Designated For Capital Outlay - Albany State University Flood Recovery Project For Property Reserve For Employee Health Benefits Plan Surplus Regular Lottery for Education nAn RESIDENT INSTRUCTION CURRENT FUNDS UNRESTRICTED "B" REGENTS CENTRAL OFFICE AND "0" OTHER ORGANIZED LOTTERY FOR ACTIVITIES EDUCATION $ 124,353,89 $ $ 124,353,89 $ 56,181,88 $ 56,181.88 $ 109,565,79 109,565.79 $ 124,353.89 $ 56,181,88 $ =====1=0=9=,=5=6=5=.7=9= See notes to the financial statements. - 56- SCHEDULE "11" EMPLOYEE HEALTH BENEFITS PLAN RESTRICTED PLANT FUNDS UNEXPENDED INVESTMENT REGULAR IN PLANT TOTAL $ 195,573,796.35 $ 195,573,796.35 $ 4,692,122.63 $ 4,692,122.63 $ 29,047,713.20 $ 2,575,963.73 2,379,683.38 $ 2,575,963.73 2,379,683.38 29,047,713.20 $ 29,047,713.20 $ 4,955,647.11 180,535.77 109,565.79 $ 34,293,461.87 $ 29,047,713.20 $ 4,692,122.63 $ 4,955,647.11 $ 195,573,796.35 $ 234,559,380.85 - 57- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA "A" RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 2000 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 Atlantic State University Augusta State University Clayton College and State University Columbus State University Fort Valley State University Georgia College and State University Georgia Southwestern State University Kennesaw State University North Georgia College and State University Savannah State University Southern Polytechnic State University State University of West Georgia ASSOCIATE DEGREE COLLEGES Abraham Baldwin Agricultural College Atlanta Metropolitan College Bainbridge College Coastal Georgia Community College Dalton State College Darton College East Georgia College Floyd College Gainesville College Georgia Perimeter College Gordon College Macon State College Middle Georgia College South Georgia College Waycross College OTHER Skidaway Institute of Oceanography See notes to the financial statements. REGULAR CAPITAL OUTLAY SPECIAL FUNDING INITIATIVE s 151,979,380.00 159,470,576.00 98,757,827.00 316,420,498.00 $ 12,412,845.00 2,657,425.75 1,892,003.00 6,360,601.00 70,512,524.00 $ 500,000.00 46,676,526.00 2,194,113.00 932,549.00 19,214,678.00 24,375,724.00 24,264,430.00 17,472,656.00 26,000,568.00 19,672,804.00 27,813,265.00 13,597,986.00 49,933,707.00 18,451,665.00 19,915,002.00 20,931,270.00 37,716,551.00 67,000.00 589,707.00 846,865.00 296,666.00 974,114.00 1,081,050.00 1,278,002.00 787,146.00 332,350.00 1,453,489.00 389,586.00 645,648.00 889,326.00 1,470,352.00 12,642,299.00 8,460,368.00 4,566,809.00 7,115,490.00 10,308,922.00 11,062,200.00 3,809,019.00 10,839,337.00 10,673,474.00 47,284,962.00 9,191,796.00 14,005,181.00 10,286,926.00 6,000,508.00 3,880,544.00 60,000.00 220,831.00 174,842.00 134,387.00 243,416.00 687,546.00 207,844.00 465,337.00 221,718.00 217,308.00 494,469.00 102,124.00 530,060.00 553,683.00 196,166.00 130,216.00 257,000.00 49,462.00 $ 1,333,562,472.00 $ 627,000.00 $ 42,113,246.75 - 58- SCHEDULE "12" OFFICE OF MINORITY BUSINESS ENTERPRISE STUDENT EDUCATION ENRICHMENT PROGRAM FORESTRY RESEARCH RESEARCH CONSORTIUM TOTAL $ 2,688,773.00 $ 167,080,998.00 $ 100,000.00 162,228,001.75 $ 365,217.00 101,015,047.00 511,712.00 $ 979,646.00 2,194,059.00 326,466,516.00 9,000.00 9,000.00 73,215,637.00 47,618,075.00 120,000.00 200,000.00 19,924,385.00 25,222,589.00 24,761,096.00 18,446,770.00 27,081,618.00 20,950,806.00 28,600,411.00 13,930,336.00 51,387,196.00 18,841,251.00 20,627,650.00 21,820,596.00 39,186,903.00 200,000.00 9,500.00 12,863,130.00 8,835,210.00 4,701,196.00 7,358,906.00 11,005,968.00 11,270,044.00 4,274,356.00 11,061,055.00 10,890,782.00 47,779,431.00 9,293,920.00 14,535,241.00 10,840,609.00 6,256,674.00 4,010,760.00 306,462.00 $ 1,131,712.00 $ 365,217.00 $ 979,646.00 $ 4,910,332.00 $ 1,383,689,625.75 - 59- SOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA SCHEDULE "13" ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA "S" REGENTS CENTRAL OFFICE AND OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30, 2000 RESEARCH UNIVERSITIES Georgia Institute of Technology Education Extension Services Advanced Technology Development Center Seed Capital Fund - ATDC Georgia Tech Research Institute Agricultural Research Center for Rehabilitation Technology CRT Inc, Contract at Georgia Tech Research Institute Medical College of Georgia Medical College of Georgia Hospital and Clinics 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 Skidaway Institute of Oceanography $ 8,652,293.00 5,000,000.00 3,178,079.00 1,704,957.00 5,184,122.00 127,604.00 38,256,117.00 43,981,403.00 104,158.00 35,514,986.00 1,091,077.00 1,548,915.00 2,330,611.00 1,003,952.00 547,294.00 1,747,781.00 $ 149,973,349.00 See notes to the financial statements. - 60- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF ALLOTMENTS TO UNITS OF THE UNIVERSITY SYSTEM OF GEORGIA "D" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 2000 SCHEDULE "14" RESEARCH UNIVERSITIES Georgia Institute ofTechnology 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 Atlantic State University Augusta State University Clayton College and State University Columbus State University Fort Valley State University Georgia College and State University Georgia Southwestern State University Kennesaw State University North Georgia College and State University Savannah State University Southern Polytechnic State University State University of West Georgia ASSOCIATE DEGREE COLLEGES Abraham Baldwin AgriCUltural College Atlanta Metropolitan College Bainbridge College Coastal Georgia Community College Dalton State College Darton College East Georgia College Floyd College Gainesville College Georgia Perimeter College Gordon College Macon State College Middle Georgia College South Georgia College Waycross College OTHER Skidaway Institute of Oceanography EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND SPECIAL FUNDING INITIATIVE GEORGIA RESEARCH ALLIANCE TOTAL $ 7,035,186,00 $ 155,000,00 $ 9,355,000,00 $ 16,545,186,00 2,695,426.00 255,000,00 6,375,000.00 9,325,426,00 1,596,126,00 155,000,00 250,000,00 2,001,126,00 7,235,186,00 4,270,000,00 8,220,000,00 19,725,186.00 977,206,00 866,806.00 155,000.00 155,000.00 1,132,206.00 1,021,806.00 360,586.00 470,786.00 470,786.00 580,846.00 470,806.00 233,606,00 470,806.00 233,606.00 590,586.00 360,986.00 268,606.00 360,586.00 590,586.00 110,000.00 110,000.00 110,000.00 110,000.00 110,000.00 150,000.00 110,000.00 110,000,00 110,000.00 110,000.00 110,000.00 110,000.00 110,000.00 470,586.00 580,786.00 580,786.00 690,846.00 580,806.00 383,606.00 580,806.00 343,606.00 700,586.00 470,986.00 378,606.00 470,586.00 700,586.00 257,166.00 106,426.00 106,426.00 141,366.00 321,046.00 257,166.00 83,466.00 787,000.00 257,166,00 483,076.00 257,166.00 321,046.00 257,168.00 141,366.00 72,201.00 65,000.00 65,000.00 65,000.00 65,000.00 110,000.00 65,000.00 65,000.00 65,000.00 65,000.00 110,000.00 65,000.00 110,000.00 65,000.00 65,000.00 65,000.00 322,166.00 171,426.00 171,426.00 206,366.00 431,046.00 322,166.00 148,466.00 852,000.00 322,166,00 593,076.00 322,166.00 431,046,00 322,168.00 206,366.00 137,201.00 100,000.00 20,000.00 120,000.00 See notes to the financial statements. $ 29,818,365.00 $ 7,745,000.00 $ 24,200,000.00 $ 61,763,365.00 - 61 - BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) ANALYSIS OF PRIOR YEAR'S SURPLUS FUNDS COLLECTED FROM INSTITUTIONS AND REDISTRIBUTED TO INSTITUTIONS WITH DEFICITS YEAR ENDED JUNE 30 2000 RESEARCH UNIVERSITIES Georgia Institute of Technology Georgia State University Medical College of Georgia University of Georgia REGIONAL UNIVERSITIES Georgia Southem University Valdosta State University STATE UNIVERSITIES/COLLEGES Albany State University Armstrong Atlantic State University Augusta State University Clayton College and State University Columbus State University Fort Valley State University Georgia College and State University Georgia Southwestem State University Kennesaw State University North Georgia College and State University Savannah State University Southem Polytechnic State University State University of West Georgia ASSOCIATE DEGREE COLLEGES Abraham Baldwin Agricuitural College Atlanta Metropolitan College Bainbridge College Coastal Georgia Community College Dalton State College Darton College East Georgia College Floyd College Gainesville College Georgia Perimeter College Gordon College Macon State College Middle Georgia College South Georgia College Waycross College TOTAL COLLECTED REDISTRIBUTED CURRENT RESIDENT INSTRUCTION REGULAR LOTTERY FOR EDUCATION COLLECTED REDISTRIBUTED COLLECTED REDISTRIBUTED $ 584,519.88 584,519.88 $ 584,519.88 $ 0.00 53,337.09 2,810.84 $ 44,795.69 $ 4,682.93 541,921.04 128,485.46 194.10 469,227.01 323,924.77 25,691.06 69,519.55 13,409.36 428.45 69,104.20 11,632.36 415.35 1,626.00 89,991.93 5,168.19 53,953.83 19,964.75 18,665.79 140,429.18 18,739.45 7,069.62 32,840.59 24,359.94 271,769.29 2,489.21 76,599.17 70,398.94 6,204.90 8,660.57 83,340.15 41,582.14 9,369.81 13,779.61 23,849.40 17,789.58 6,674.32 32,565.39 23,857.99 270,893.09 67,898.06 70,398.94 8,660.57 5,288.26 19.62 253.53 304.72 75.20 876.20 26.65 7,170.19 4,532.10 40,272.06 12,847.43 2,963.34 11,838.89 4,402.46 520.67 9,028.13 9,919.13 52,502.66 2,520,380.55 11,541.66 12,255.05 12,139.33 6,737.56 6,338.65 2,516,327.66 11,393.25 3,869.75 32,140.12 8,899.15 1,870.39 11,838.89 3,489.83 520.67 9,028.13 9,906.66 50,911.31 2,520,380.55 11,230.03 12,192.34 3,303.84 11,393.25 405.45 Skidaway Institute of Oceanography 714.39 $ 5,206,170.28 $ 3,207,083.14 $ 3,849,123.68 $ 674,972.84 $ 47,029.26 $ ,0;:.;0;.;0. Current Funds> Unrestricted suroius- Exhibit "F" 1,999,087.14 $ 5,206,170.28 $_....;;:5~,:2.0:.6:,.1:7:;0;.:2o8:.. See notes to the financial statements. -62- SCHEDULE "15" -63- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) RECONCILIATION OF SALARIES AND TRAVEL YEAR ENDED JUNE 30, 2000 SCHEDULE "16" Totals Per Annual Supplement Adjustments Shared Services on Jointly Staffed Personnel Clayton College and State University Lam, Tonya SALARIES $ 13,169,373.11 $ TRAVEL 576,638.27 60,299.93 $ 13,229,673.04 $===5=76=,6=38=.2=7 See notes to the financial statements. - 64- SECTIONll CURRENT YEAR FINDINGS AND QUESTIONED COSTS BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2000 FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS EXPENDITURES/LIABILITIESIDISBURSEMENTS Voucher Sample Exceptions and Inadequate Accounting Procedures Finding Control Number: FS-472-00-0l An examination of 200 randomly selected expenditure transactions and journal vouchers was performed to test the validity and accuracy ofthe Administrative Central Office's expenditures. The results of our examination revealed the following deficiencies: (1) Twenty-seven (27) expenditure transactions were paid from a copy and!or fax copy of an invoice rather than an original invoice. (2) Twenty (20) expenditure transactions contained no evidence of receiving reports. (3) Nine (9) expenditure transactions had no indication of administrative approval. (4) Five (5) expenditure transactions had no documentation. (5) One (1) expenditure was charged to an incorrect account. (6) Two (2) travel expenditures were overpaid by a total of$324.56 while a third contained no documentation for a rental car reimbursement request. (7) Two (2) journal entries were not properly supported. One did not have adequate documentation and the other had no indication of administrative approval. In addition, it was noted that the Administrative Central Office had no formal policy designating which administrators were to be responsible for approval of expenditures. These conditions were a result of management's failure to adequately monitor and implement procedures to ensure that all expenditure transactions and journal vouchers are reviewed for accuracy, proper documentation, and correctness ofclassification prior to payment and recording in the financial statements. The Administrative Central Office should establish and implement appropriate procedures to strengthen internal accounting controls over the expenditure and journal voucher processes. - 1- BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF GEORGIA ADMINISTRATIVE CENTRAL OFFICE (OVERSIGHT UNIT) SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2000 FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS EMPLOYEE COMPENSATION Inadequate Documentation of Pay Rates Finding Control Number: FS-472-00-02 For the year under review, our examination of employee compensation records for forty employees revealed the following deficiencies: (1) Employee rates of pay were not documented in the personnel files. (2) Spreadsheets on file in the office ofthe Payroll Manager, indicating individual employee rates of pay, had no indication of administrative approva1. (3) Copies of letters mailed to employees indicating their rates ofpay were not kept on file. These conditions were a result of management's failure to ensure that personnel files contain adequate pay rate documentation indicating approval by appropriate administrative personne1. The Administrative Central Office should establish and implement appropriate procedures to ensure that personnel files are properly maintained. -2-