GA A800 ,Rl
G433 l 9q5-q4
STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA. GEORGIA 30334

REVIEW REPORT STATE OF GEORGIA GEORGIA COLLEGE MILLEDGEVIT.LE, GEORGIA YEAR ENDED JUNE 30,.1994

GEORGIA COLLEGE - TABLE OF CONTENTS -

SECTION I

FINANCIAL

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

EXHIBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET

ALL FUND GROUPS

2

B COMBINED STATEMENT OF CHANGES IN FUND BALANCES

ALL FUND GROUPS

4

C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

6

D NOTES TO THE FINANCIAL STATEMENTS

7

SUPPLEMENTARY INFORMATION

E COMBINING BALANCE SHEET

CURRENT FUNDS - UNRESTRICTED

20

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS - UNRESTRICTED

21

G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

UNRESTRICTED

23

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

RESIDENT INSTRUCTION

24

2

LOTTERY FOR EDUCATION

26

SCHEDULES OF OPERATIONS

3

LOAN FUNDS

27

4

ENDOWMENT FUNDS

28

5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

29

6 CASH AND CASH EQUIVALENTS

30

7 INVESTMENTS

31

8 ACCOUNTS RECEIVABLE

33

9 CHANGES IN INVESTMENT IN PLANT

34

10 SCHEDULE OF FUND BALANCES

CURRENTFUNDSANDPLANTFUNDS

36

GEORGIA COLLEGE - TABLE OF CONTENTS -

SECTION I

FINANCIAL

SUPPLEMENTARY INFORMATION

SCHEDULES

11 SCHEDULE OF REVENUES

CURRENT FUNDS

38

SCHEDULES OF EXPENDITURES BY OBJECT

12

CURRENT FUNDS

40

13

PLANT FUNDS

42

14 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL

43

15 RECONCILIATION OF PER DIEM AND FEES

44

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

SECTION I FINANCIAL

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

~.epzirfnt.ettf nf J\unifs
254 WASHINGTON STREET, S. W. ROOM 214
J\t!mthl, ~eorBia 30334-8400
November 15, 1994

FINANCIAL AUDl1S (404) 656-2180
PROGRAM AUDl1S (404) 656-2006

Honorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia
and Honorable Edwin G. Speir, Jr., President Georgia College
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
,
We have reviewed the accompanying financial statements (Exhibits A through D) of Georgia College as of and for the year ended June 30, 1994, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation ofthe management of Georgia College.
A review consists principally of inquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
The financial statements for the year ended June 30, 1993, were audited by us and we expressed a qualified opinion on such financial statements in our report dated November 4, 1993. Our opinion was qualified on the basis of the College's policies of recording encumbrances as expenditures and liabilities in the financial statements and not recording the liability and related expenditure for compensated absences in the current funds. We have not performed procedures sufficient to comprise an audit since that date.
Based on our review, with the exception ofthe matters described in the fifth and sixth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles.
As described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the College to prepare its financial statements on a basis which is not consistent with generally accepted accounting
94ARL-57X

principles with respect to the recording of encumbrances as expenditures and liabilities. To conform with generally accepted accounting principles, encumbrances should be recorded as a reservation offund balance. The effects on the financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material.
As described in Note I to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles.
Our review was made for the purpose ofexpressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules I through 15) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review of the financial statements, and except for the effects of the matters discussed in the fifth and sixth paragraphs, we are not aware of any material modifications which should be made thereto.
Respectfully submitted,
~/-v
Claude L. Vickers State Auditor
CLV:cm 94ARL-57X

FINANCIAL STATEMENTS - 1-

GEORGIA COLLEGE COMBINED BALANCE SHEET
ALL FUND GROUPS JUNE 30, 1994

ASSETS
Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Investment in Plant

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

ENDOWMENT FUNDS

$ 2,495,829.06 $ 1,460,176.28 $ 523,365.01 $

59,726.38

656,511.05

69,517.81 1,492,242.85

404,656.64

20,899.28

902,554.81 840,438.01

Total Assets

$ 3,577,896.03 $1,589,420.47$ 2,015,607.86$ 1,742,992.82
------------- ------------- ------=--=--- ---======

LIABILITIES AND FUND BALANCES
Liabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Deposits Held for Others
Total Liabilities
Fund Balances U. S. Government Grants Refundable Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted
Total Fund Balances

$1,251,700.72 101,254.40
1,150,738.97
$ 2,503,694.09
$1,616,462.59 399,145.27 $1,742,992.82
$ 1,589,420.47 $ 1,074,201.94
$1,074,201.94 $1,589,420.47 $2,015,607.86$ 1,742,992.82

Total Liabilities and Fund Balances$ 3,577,896.03 $1,589,420.47 $2,015,607.86$ 1,742,992.82
============= ============= ============= =============
See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement.
- 2-

EXHIBIT "A"

UNEXPENDED

PLANT FUNDS
RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$ 205,557.88 $ 578,815.52

$ 195,240.13 $ 6,361,538.69

900,164.39

8,057.30

2,226,329.01

404,656.64

20,899.28

$44,801,163.44

44,801,163.44

$ 205,557.88$ 586,872.82 $44,801,163.44$ 195,240.13 $54,714,751.45
============= ============= ============= ============= =============

$ 94,959.39 $ 42,599.72
------------- -------------
$ 94,959.39 $ 42,599.72
------------- -------------

$ 116,415.60 $ 1,505,675.43 101,254.40

1,150,738.97

78,824.53

78,824.53

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

$ 195,240.13 $ 2,836,493.33
------------- -------------

$44,801,163.44 $ 110,598.49 $ 544,273.10
------------- ------------- -------------
$ 110,598.49 $ 544,273.10 $44,801,163.44
------------- ------------- -------------

$ 1,616,462.59 399,145.27
1,742,992.82 44,801,163.44
1,589,420.47 1,729,073.53
-------------
$51,878,258.12
-------------

$ 205,557.88 $ 586,872.82 $44,801,163.44$ 195,240.13 $54,714,751.45
============= ============= ============= ============= =============

- 3-

GEORGIA COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES
ALL FUND GROUPS YEAR ENDED JUNE 30, 1994

REVENUES AND OTHER ADDITIONS Unrestricted Current Fund Revenues State Appropriations - Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Endowment Other Realized Gains on Investments Interest on Loans Receivable Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant Facilities Current Funds Plant Funds Unexpended Renewals and Replacements Georgia State Financing and Investment Commission Other Additions Proceeds from Sale of Plant Assets Total Revenues and Other Additions
EXPENDITURES AND OTHER DEDUCTIONS Educational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the University Sfstem of Georgia Prior Years Unrestricted Fund Balance Surplus Loan Cance11 at ions and Write-offs Administrative and Collection Costs Expended for Plant Facilities Capitalized Non-Capitalized Disposals/Deletions/Adjustments Total Expenditures and Other Deductions
TRANSFERS BETWEEN FUNDS Nonmandatory Renewals and Replacements Net Increase for the Year
FUND BALANCES JULY 1, 1993
FUND BALANCES JUNE 30, 1994

CURRENT FUNDS UNRESTRICTED RESTRICTED
$29,851,836.75 $ 1,911,799.98 578,393.42 132,000.00 507,198.64 134,570.24
15,882.29 78.92
$29,867,797.96$ 3,263,962.28
$26,329,206.53 $3,231,064.67 2,905,935.81 12,311.02 12,500.14
$29,247,642.48$ 3,243,375.69
$ -293,704.67 $ 326,450.81 $ 20,586.59
747,751.13 1,568,833.88
$=1=,=0=7=4=,=2=0=1==.9=4= $=1=,=5=8=9=,=4=2=0==.4=7=

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement.
- 4-

EXHIBIT "B"

LOAN FUNDS

ENDOWMENT FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
Only)

$ $ 156,398.00

27,599.67 $ 249,866.40

23,105.62 27,752.15 22,437.52

162,530.75

17,800.00 59,294.24
245.60 $

$ 257,292.96$ 412,397.15 $

9,805.58 87,145.42$

$29,851,836.75 17,800.00
2,068,197.98 578,393.42 132,000.00
$ 142,358.71 927,023.42

134,570.24 82,399.86 190,282.90 22,437.52

82.80

15,965.09 324.52

1,522,253.04 1,522,253.04

75,159.27

75,159.27

198,333.26

198,333.26

2,479,381.76 2,479,381.76

9,805.58

82.80 $4,417,486.04 $38,306,164.61

$ $ 13,633.14
18,068.34 $ 31,701.48 $

0.00

$29,560,271.20

2,905,935.81

12,311.02

$
0.00 $

1,942.39

75,159.27 $ 198,333.26

6,841.00

37,891.93

$ 284,551.11

14,442.53 13,633.14 18,068.34 273,492.53 44,732.93 284,551.11

83,942.66$ 236,225.19$ 284,551.11 $33,127,438.61

$ 293,704.67

$

0.00

$ 225,591.48$ 412,397.15$

3,202.76$ 57,562.28$ 4,132,934.93 $ 5,178,726.00

1,790,016.38 1,330,595.67

107,395.73

486,710.82 40,668,228.51 46,699,532.12

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

- 5-

GEORGIA COLLEGE STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES,
AND OTHER CHANGES
YEAR ENDEO JUNE 30. 1994

EXHIBIT "C"

UNRESTRICTED RESTRICTED

TOTAL (Memorandum
Only)

REVENUES

State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources

$17,310,147.00

$17,310,147.00

9,366,492.30

9,366,492.30

27,545.77$ 1,899,004.01 1,926,549.78

244.94 570,272.81 570,517.75

2,000.00

2,000.00

96.00

554,216.21

554,312'. 21

205,571.64 205,571.64

17,663.14

17,663.14

2,301,090.77

2,301,090.77

828,556.83

828,556.83

Total Revenues

$29,851,836.75$ 3,231,064.67 $33,082,901.42

EXPENDITURES

Educational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships
Auxiliary Enterprises Student Housing Faculty and Staff Housing Food Services Stores and Shops Intercollegiate Athletics Other Service Units

$13,780,891.36 $ 168,271.61 $13,949,162.97

18,260.92

16,431.98

34,692.90

30,064.39

30,064.39

2,879,549.63

363,137.73 3,242,687.36

1,992,755.24

52,658.84 2,045,414.08

3,587,910.15 190,435.79 3,778,345.94

3,505,447.84

3,505,447.84

534,327.00 2,440,128.72 2,974,455.72

1,387,308.05 31,861.64
130,482.61 393,623.38
662,487.97 300,172.16

1,387,308.05 31,861.64 130,482.61
393,623.38 662,487.97 300,172.16

Total Expenditures

$29,235,142.34$ 3,231,064.67 $32,466,207.01

OTHER TRANSFERS -AND ADDITIONS/(DEDUCTIONS)

Excess of Restricted Receipts o~er Transfers to Revenue
Transfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents of the
University System of Georgia Prior Year's Unrestricted Fund Balance Surplus
Total Other Transfers and Additions/(Deductions)

$ $ -293,704.67
15,961.21

20,586.59 $ 20,586.59 -293,704.67 15,961.21

-12,500.14

-12,500.14

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

$ -290,243.60 $ 20,586.59$ -269,657.01

Net Increase in Fund Balances

$ 326,450.81 $ 20,586.59$ 347,037.40
============= ============= =~===========

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

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

- 6-

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
Georgia College is one ofthirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Georgia College as a separate reporting entity.
The Board ofRegents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Georgia College does not have authority to retain unexpended State funds (swplus) for any given fiscal year. Accordingly, Georgia College is considered an organizational unit of the Board of Regents of the University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board of Regents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING
In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles offund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group.
Within each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies.
Funds pre~nted in the accompanying financial statements are as follows:
CURRENT FUNDS
UNRESTRICTED - the fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, i.e., instruction, research, public service, auxiliary enterprises, and student activities.
RESTRICTED - the fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes.

- 7-

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIDBIT "D"

NOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FUND ACCOUNTING
LOANFUNDS
The fund used to account for resources which have been made available for financial loans to students.
ENDOWI\1ENT FUNDS
The fund used to account for gifts that are subject to the restrictions by the donors requiring that the principal be invested in perpetuity and income only be utilized.
PLANT FUNDS
UNEXPENDED - the fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes.
RENEWALS AND REPLACEMENTS - the fund used to account for resources set aside for the renewal and replacement ofinstitutional properties.
INVESTMENT IN PLANT - the fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount ofany indebtedness to others.
AGENCY FUNDS
The fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members and organizations.
BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis ofaccounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants Industry Audit Guide, Audits ofColleges and Universities. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures ofthe fiscal period.
Contractual obligations for services which have not been performed and for goods which have not been delivered at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based in part on the unexecuted portion ofcontracts for goods and services. The recognition ofencumbrances of
- 8-

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIDBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF ACCOUNTING this nature as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but is not consistent with generally accepted accounting principles, which provide for the recording ofencumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles.

Compensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. The compensated absences liability ofSl,108,713.59, salary-related fiingebenefits liabilities of approximately $84,816.59, and the related current year expenditure, which was not reasonably determinable, have not been reported in the current funds as required by generally accepted accounting principles.

Prior period adjustments are reported as additions to and deductions from fund balances ofcurrent funds in the accompanying financial statements. This presentation is in accordance with the State budgetary basis of accounting, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial stat_ements.

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 behalfof the College. Fixed assets donated to the College are recorded at fair market value at the date ofthe gift and disposals are deleted at recorded cost. Depreciation on physical plant and equipment is not recorded.

It is the policy ofGeorgia College to record assets acquired through capital leases as additions to Investment

in Plant as payments are made by the College. The liability for such leases at fiscal year-end is not recorded

on the Combined Balance Sheet. This presentation differs from generally accepted accounting principles in

that the assets and the related liability resulting from capital leases should be recorded in Investment in Plant

at the inception of the agreement at the net present value ofthe minimum lease payments, not to exceed the

fair value of the leased property. The effect of this departure is deemed to be immaterial to the fair

presentation ofthe financial statements.



The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses.

- 9-

GEORGIA COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIilBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriated funds for the organizational units ofthe University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1993-1994. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement ofthese funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office.
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics ofdemand deposit accounts in that the College may deposit additional cash at any time and also may withdraw cash at any time without prior notice or penalty.
Certain amounts reflected as Investments in the fiscal year 1993 financial statements are reflected as Cash and Cash Equivalents in the accompanying financial statements. These funds are invested in the Board ofRegents cash management pools and the State Investment Pool.
INVESTMENTS Investments are recorded at cost or in the case of gifts at fair market value on the date of the gift. Funds received by the College as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board ofRegents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded.
ACCOUNTS RECEIVABLE Accounts receivable consist ofallotments due from the Board ofRegents ofthe University System ofGeorgia, reimbursements due from Federal, State, local and private grants and contracts, and other receivables disclosed from infonnation available.
INVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost based on the weighted average method.
Inventories ofgoods for resale are valued at cost based on the first-in, first-out method.
PREPAID ITEMS Prepaid items are payments made to vendors in advance ofthe receipt ofgoods and services that will benefit periods subsequent to the balance sheet date.

- 10 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT"D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

MEMORANDUM ONLY - TOTAL COLUMNS The total colwnns on the financial statements are captioned "Memorandum Only" to indicate that these totals are presented only to facilitate financial analysis. Data in these columns do not present financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such
data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthe data.

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code ofGeorgia Annotated Section 50-17-59:

(I) Bonds, bills, notes, certificates ofindebtedness or other direct obligations ofthe United States or ofthe State of Georgia.

(2) Bonds, bills, notes, certificates ofindebtedness or other obligations of the counties or municipalities

of the State of Georgia.



(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose.

(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia.

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

(6) Insurance ofaccounts provided by the Federal Deposit Insurance Corporation.

As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of-Georgia (which includes the Board ofRegents ofthe University System of Georgia) the option of exempting demand deposits from the collateral requirements.

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

- 11 -

GEORGIA COLLEGE . NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIIlBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

COLLATERALIZATION OF DEPOSITS For purposes ofanalysis ofcustodial credit risk, the College's bank balances are categorized below to give an indication of the level ofrisk assumed by the College at year-end:

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

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

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

Cuh DepoaitB InWllmeat Portfolio ADcounts
Toul .Depolita

Canying Amount

Bank Balances

Risk Categories

2

3

$ 2,.573,844.49 $ 3,412,661.60 $ 634,019.97 S 1,.589,779.2.5 $ 1,188,862.38

.58,610.00

.58,610.00

.58,610.00

S 2 632 4S4 49 S 3.471.271 60 S 692.629,97 S l.S89 779 2S S 1 188 862 38

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

Category 1 - Insured or registered, or securities held by the College or its agent in the College's name.

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

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

- 12 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESThffiNTS

CATEGORIZATION OF INVESTMENTS
Type ofInvestment

Risk Categories 2

Cmimon Stock
State All1hority Bonds
u. s. Government Securities

S 450,195.20 S 59,726.38 331,632.81

0.00 $

Carrying

Marbt

3

Amount

..Y!m.

0.00 $ 450,195.20 $ 609,208.13

59,726.38

73,593.75

331,632.81

343,241.75

S 841.SS439 S==..,.o.oo,... S===ooo,.,,, S 841,554.39 S 1,026,043.63

Board ofRegents Total Return Fwxl
Invatment Portfolio Accounts Mutual Funds
State Investment Pool

887,793.09
163,855.00 2,712,631.11

876,306.41
163,855.00 2,712,631.11

Total lnvestmenls

S 4.60S.833.S9 S 4 778 836 IS

Funds invested in an investment pool managed by another governmental entity are not required to be categorized since the College did not own any specific, identifiable investment securities ofthe pool.

NOTE 3: INVESThffiNT IN PLANT

The following is a summary of Investment in Plant fixed assets at June 30, 1994:
Land Buildings Improvements Other Than Buildings Eguipment Library Books and Collections
Total Investment in Plant
NOTE 4: DEFERRED COMPENSATION PLAN

$ 634,079.21 31,869,390.98 2,436,574.48 5,815,502.93 4,045,615.84
$44,801 163.44

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

- 13 -

GEORGIA COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1994

EXHIBIT "D"

NOTE S: RETIREMENT PLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by units of the University System of Georgia are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multipleemployer public employee retirement system (PERS).
TRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after the member (l) has attained the age of60 years and has at least ten years ofcreditable service, (2) has at least 30 years ofcreditable service, regardless of age, or (3) has attained the age ofSS years and has at least 2S years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number ofyears ofcreditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of 7% for each month the member is below age 60, or by 7% for each year or fraction thereofby which the member has less than 30 years of service. The nonnal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death.
Retirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of l Oyears of service) and compensation up to the date of death or up to the time of disability.
Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contributions occurs, but the member's contributions are refunded with interest.
The College's payroll for employees covered by TRS for the year ended June 30, 1994, was $12,352,367.69; total payroll was $17,052,453.48.
TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the College who are covered by TRS are required to pay 6% oftheir gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees as advised by their independent actuary. For fiscal year 1994, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 5.600/o to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate ofreturn on investments) was
7.500/4.
Total contributions made during fiscal year 1994 amounted to $2,381,395.65, ofwhich $1,640,299.09 was made by the College and $741,096.56 was made by employees. These contributions represented 13.28% (College) and 6% (employees) ofcovered payroll.

- 14 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIIlBIT "D"

NOTE 5: RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS FUNDING STATUS AND PROGRESS The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 ofthe Governmental Accounting Standards Board (GASB) that, with some exceptions, must be used by a PERS. The standardized measurement is the actuarial present value of credited projected benefits. This valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date, and is adjusted for the effects of projected salaiy increases. A standardized measure ofthe pension benefit obligation was adopted by the GASB to enable readers of PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other PERS and among other employers.

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

Total pension benefit obligation

$13,912,014,000.00

Net assets available for benefits, at cost

12.821.722,000.00

Unfunded pension benefit obligation

S 1,090,292,000.00

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

Total contributions from all employers to TRS for fiscal year ended June 30, 1994, were $507,582,176.00. The College's contribution for the year ended June 30, 1994, of $1,640,299.09 was actuarially determined and represented .3232% of total contributions made by all participating employers.

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

TRS RELATED-PARTY INVESTMENTS
During the fiscal year 1994 and as ofJune 30, 1994, the TRS held no securities issued by the College or other
related parties.

- 15 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 5: RETIREMENT PLANS
REGENTS RETIREMENT PLAN
The State of Georgia provides optional pension benefits for eligible faculty and principal administrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings.
State legislation requires that the employee contnbute 6% and the employer contribute 4% ofthe participating employee's eamable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1994, was $3,243,872.46~ total payroll was $17,052,453.48. The College and the covered employees made the required contributions of$129,754.34 (4%) and $194,632.77 (6%), respectively.
GEORGIA DEFINED CONTRIBUTION PLAN
The State ofGeorgia provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Teachers Retirement System of Georgia through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% oftheir gross salary, with no matching contribution by the employer. 'The College's payroll for employees covered by the Georgia Defined Benefit Plan for the year ended June 30, 1994, was $468,356.70; total payroll was $17,052,453.48. Total contributions from the covered employees of the College during fiscal year 1994 amounted to $35,128.11 (7.5%). Amounts attributable to the plan are fully vested and a member who terminates employment may apply for a refund of contributions and interest. Benefits are based solely on the amount contributed by the employee plus investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of65 with the option ofreceiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board of Trustees of the Employees' Retirement System of Georgia. Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994.
NOTE 6: LEAVE POLICIES
Employees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with maximum accumulation offorty-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.

- 16 -

GEORGIA COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE7: CONTINGENCIES

Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be detennined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position.

Litigation, claims and assessments filed against Georgia College (as a unit of the Board of Regents of the University System of Georgia), if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program ofpurchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1994.

NOTE 8: BONDING INFORMATION

The President and all employees of Georgia College are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October 1, 1994. Under this agreement, the public employee dishonesty coverage insures Georgia College to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the College to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment.

All employees of Georgia College are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626 011675 2, on which the premium was paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the College to a maximum of$4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

NOTE9: ENROLLMENT

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

Regular Term Fall Quarter, 1993 Winter Quarter, 1994 Spring Quarter, 1994

4,632 4,426 4,174

Average

Summer School, 1993

- 17 -

SUPPLEMENTARY INFORMATION - 19 -

GEORGIA COLLEGE COMBINING BALANCE SHEET CIRRENT FUNDS - UNRESTRICTED
JUNE 30. 1994

EXHIBIT "E"

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items
Total Assets

RESIDENT

LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

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

$1,623,982.61 $ 94,985.57 $ 624,895.30$ 151,965.58$ 2,495,829.06

393,965.99

259,560.53

2,984.53 656,511.05

116,035.07

288,621.57

404,656.64

20,599.28

300.00

20,899.28

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

$2,154,582.95$ 94,985.57 $1,173,377.40$ 154,950.11 $ 3,577,896.03
=========== ============ ======= ========== ===-:.=====

LIABILITIES AND FUND BALANCES
Liabi 1i ties Accounts Payable Student Deposits Deferred Revenue Tuition and Fees
Total Liabilities
Fund Balances Unrestricted

$1,069,842.72 $ 94,939.27$ 77,089.52 $ 101,254.40

9,829.21 $1,251,700.72 101,254.40

932,903.03

204,633.94

13,202.00 1,150,738.97

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

$2,002,745.75$ 94,939.27$ 382,977 .86 $ 23,031.21 $ 2,503,694.09

151,837.20

46.30 790,399.54 131,918.90 1,074,201.94

Total Liabilities and Fund Balances$ 2,154,582.95$ 94,985.57 $1,173,377.40$ 154,950.11 $ 3,577,896.03
===-=-===== ======== ========= ============= ====--=======

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Information.
- 20 -

GEORGIA COLLEGE
COMBINING STATEMENT OF CHANGES IN FUND BALANCES
C~RENT FUNDS - UNRESTRICTED
YEAR ENDED JUNE 30, 1994

EXHIBIT "F"

RESIDENT LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES AND OTHER ADDITIONS

Unrestricted Current Fund Revenues

$25,829,362.72$ 151,746.00$ 3,490,701.20$ 380,026.83 $29,851,836.75

Adjustments

Prior Years' Expenditures/Accounts Payable

12,247.17

3,609.15

25.97

15,882.29

Prior Years' Checks Voided

6.00

10.92

62.00

78.92

Total Revenues and other Additions $25,841,615.89 $ 151,746.00$ 3,494,321.27 $ 380,114.80 $29,867,797.96

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General Expenditures Auxiliary Enterprises Expenditures Ranittances to the Board of Regents of the
University Systan of Georgia Prior Year's Unrestricted Fund Balance Surplus

$25,814,778.69$ 151,699.70

$ 362,728.14 $26,329,206.53

$ 2,905,935.81

2,905,935.81

12,500.14

12,500.14

Total Expenditures and other Deductions

$25,827,278.83$ 151,699.70$ 2,905,935.81 $ 362,728.14 $29,247,642.48

TRANSFERS BETWEEN FUNDS

Norunandatory Renewals and Replacements

$ -293,704.67

$ -293,704.67

Net Increase for the Year FUND BALANGES JULY 1, 1993

$ 14,337.06 $ 137,500.14

46.30 $ 294,680.79$ 17,386.66$ 326,450.81 0.00 495,718.75 114,532.24 747,751.13

FUND BALANCES JUNE 30, 1994

$ 151,837.20$

46.30 $ 790,399.54$ 131,918.90$ 1,074,201.94

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

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

GEORGIA COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITLRES.
AND OTHER CHANGES UNRESTRICTED
YEAR ENDED JUNE 30. 1994

EXHIBIT "G"

RESIDENT LOTTERY FOR AUXILIARY

STUDENT

INSTRLCTION EDI.CATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES

State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources

$17,158,401.00$ 151,746.00

$17,310,147.00

8,122,801.44

$ 923,949.76$ 319,741.10 9,366,492.30

27,545.77

27,545.77

244.94

244.94

96.00

96.00

17,663.14

17,663.14

2,301,090.77

2,301,090.77

502,610.43

265,660.67 60,285.73 828,556.83

Total Revenues

$25,829,362.72$ 151,746.00$ 3,490,701.20$ 380,026.83 $29,851,836.75

EXPENDITURES

Educational and General Instruction Research Public Service Academic Support Student Services
Institutional Support Operation and Maintenance of Plant
Scholarships and Fellowships Auxiliary Enterprises
Student Housing Faculty and Staff Housing Food Services Stores and Shops Intercollegiate Athletics Other Service Units

$13,629,191.66$ 151,699.70
18,260.92 30,064.39 2,879,549.63 1,630,027.10 3,587,910.15 3,505,447.84 534,327.00

$13,780,891.36 18,260.92 30,064.39
2,879,549.63 $362,728.14 1,992,755.24
3,587,910.15 3,505,447.84
534,327.00

$1,387,308.05 31,861.64
130,482.61 393,623.38 662,487.97 300,172.16

1,387,308.05 31,861.64
130,482.61 393,623.38
662,487.97 300,172.16

Total Expenditures

$25,814,778.69 $151,699.70$ 2,905,935.81 $ 362,728.14 $29,235,142.34

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

Transfers for Renewals and Replacanents Prior Period Adjustments (Net) Remittances to the Board of Regents of the
University System of Georgia
Prior Year's Unrestricted Fund Balance
Surplus

$ 12,253.17 -12,500.14

$ -293,704.67 3,620.07$

$ -293,704.67

87.97

15,961.21

-12,500.14

Total Other Transfers and Additions/(Deductions)

$

-246.97

$ -290,084.60 $ 87.97 $ -290,243.60

Net Increase in Fund Balances

$ 14,337.06$

46.30 $ 294,680.79$ 17,386.66$ 326,450.81

========== ~-===== =========== ========== =======~=-==

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statanents and Supplanentary Infonnation.
- 23 -

GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
RESIDENT INSTRUCTION
YEAR ENDED JUNE 30. 1994

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS
RENEWALS AND UNEXPENDED REPLACEMENTS

$17,158,401.00

8,670,961.72$ 3,231,064.67$ 69,099.82 $

0.00

$25,829,362.72$ 3,231,064.67 $ 69,099.82 $

0.00

EXPENDITURES

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

$19,993,178.23 $ 332,875.13

5,574,632.21 246,968.25

2,898,189.54 $

64,200.27$ 236,225.19

$25,814,778.69$ 3,231,064.67$ 64,200.27$ 236,225.19

Excess of Revenues over Expenditures

$ 14,584.03 $

0.00 $ 4,899.55$ -236,225.19

(1) To eliminate tuition waivers not budgeted and to reclassify prior year reserves budgeted as revenues.

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

SCHEDULE "1"

TOTAL

ADJUSTMENTS

TOTAL

(1)

(Budget Basis)

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)

$17,15B,401.00

$17,158,401.00 $17,158,401.00$

0.00

11,971,126.21 $ -298,101.81 11,673,024.40 11,852,335.00 -179,310.60

$29,129,527.21 $ -298,101.81 $ 28,831,425.40 $29,010,736.00$ -179,310.60
------------- ------------- -------------- ============= -------------

$19,993,178.23 332,875.13

$19,993,178.23 $19,945,762.00$

332,875.13

352,765.00

5,574,632.21 $ 2,898,189.54
300,425.46 246,968.25

-534,327.00

5,040,305.21 2,898,189.54
300,425.46 246,968.25

5,252,946.00 2,906,531.00
305,739.00 246,993.00

-47,416.23 19,889.87
212,640.79 8,341.46 5,313.54 24.75

$29,346,268.82$ -534,327.00 $ 28,811,941.82 $29,010,736.00$ 198,794.18

$ -216,741.61 $ 236,225.19 $ 19,483.58
============= ==============

$ 19,483.58
=============

- 25 -

GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1994

SCHEDULE "2"

REVENUES
--------
State Appropriations

CURRENT FUNDS PLANT FUNDS

VARIANCE -

------------- ------------- TOTAL
UNRESTRICTED UNEXPENDED (Budget Basis) BUDGET

FAVORABLE (UNFAVORABLE)

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

$ 151,746.00$ 17,800.00$ 169,546.00$ 169,546.00 $

0.00

EXPENDITURES

Equipment, Technology and Construction Trust

Fund

$ 151,699.70

Distant Learning - Satellite Dishes

$

$ 17,800.00

151,699.70 $ 151,746.00$ 17,800.00 17,800.00

46.30 0.00

Excess of Revenues over Expenditures

$ 151,699.70$ 17,800.00$ 169,499.70$ 169,546.00$

46.30

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

$

46.30 $

0.00 $

46.30

========-::.. ============ ============

$

46.30

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

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Infonnation.
- 26 -

GEORGIA COLLEGE SCHEDULE OF OPERATIONS
LOAN FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "3"

FUND
U. S. GOVERNMENT GRANTS REFUNDABLE
Nursing Student Loan Fund Perkins Loan Fund
INSTITUTIONAL LOANS - RESTRICTED
Adams, Ethel, Emergency Loan Fund Bell, Callie C., Loan Fund Bennett, Philo, Loan Fund Bridges, Lizzie D. W., Loan Fund Crowder Family Loan Fund Daughtry, Jane Coleman Allen, Loan Fund Hess, Eleanore C., Loan Fund History Club Loan Fund Jenkins, Antoinette Smith, Loan Fund Moore, Charles D., Loan Fund Morel, L., Loan Fund Mumford, Sylvester, Loan Fund Shinholster, Alice W., Loan Fund No. l Shinholster, Alice W., Loan Fund No. 2 Terrell, Joseph M., Loan Fund Trammel, Fanny M., DAR Loan Fund Watson, Grace Beatty, DAR Loan Fund

FUND BALANCE JULY 1, 1993

ADDITIONS

FUND BALANCE DEDUCTIONS JUNE 30, 1994

$ 5,382.54

$ 5,382.54

1,416,950.41 $ 225,831.12 $ 31,701.48 1,611,080.05

$1,422,332.95$ 225,831.12$ 31,701.48$ 1,616,462.59

$ 12,189.30$

756.89 $

1,100.77

32.83

8,931.66

941.96

869.94

25.94

977.49

187.56

3,493.03

273.06

2,879.47

115.44

1,217.00

36.30

19,155.23

1,363.82

131,241.21

16,240.39

18,530.31

2,241.09

28,156.09

3,260.16

8,636.65

876.82

11,095.68

1,175.48

70,192.81

3,183.77

48,205.57

726.14

811.22

24.19

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

$ 367,683.43 $ 31,461.84 $

0.00 $

12,946.19 1,133.60 9,873.62
895.88 1,165.05 3,766.09
2,994.91 1,253.30 20,519.05
147,481.60 20,771.40 31,416.25
9,513.47
12,271.16 73,376.58 48,931.71
835.41

0.00 $ 399,145.27

$1,790,016.38$
---=----=-=--

=~-2-5-7--,=29--2-.-9-6$

31,701.48$ 2,015,607.86
============= =============

RECONCILIATION OF STUDENT NOTES RECEIVABLE
Balance July 1, 1993 Add:
Loans to Students
Deduct: Repayment of Loans Loan Cancellations and Write-Offs
For Services

$1,308,863.35 567,245.30
$1,876,108.65 $ 370,232.66
13,633.14 383,865.80

Balance June 30, 1994
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 27 -

$1,492,242.85
-=----=---=--

GEORGIA COLLEGE SCHEDULE OF OPERATIONS
ENDOWMENT FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "4"

FUND BALANCE

FUND BALANCE

FUND

JULY 1, 1993 ADDITIONS DEDUCTIONS JUNE 30, 1994

Beeson, J. L., Scholarship Fund Bell, Miller R., Scholarship Fund Bonner, J.C., Scholarship Fund Brown, Corrie Hoyt, Scholarship Fund Bunting, J. Whitney, Scholarship Fund
Carter, Opal S., Scholarship Fund Chappell, J. Harris, Scholarship Fund Cinardo, Diego, Scholarship Fund Community Enterprises Scholarship Fund Elton, Ollie Bessie, Scholarship Fund Faculty Scholarship Fund Gilbert, S. Price, Jr., Trust Fund No. 1 Gilbert, S. Price, Jr., Trust Fund No. 2 Goff, Alberta, Scholarship Fund Gould, Alberta Telfair, Scholarship Fund Lowe, Betty Harris, Scholarship Fund Lowe Scholarship Fund Martin, Agnes Green, Scholarship Fund Maynard, Carolyn S., Scholarship Fund May - Rich Scholarship Fund Mitchell, Thomas E., Trust Fund Mumford, Sylvester, Scholarship Fund Nelson, Carol Bragg, Scholarship Fund Noah, Max, Music Scholarship Fund Parks, W. Vaden, Scholarship Fund Rose, Irene, Scholarship Fund Samprone, P. J., Scholarship Fund Scott, Elizabeth A., Scholarship Fund Shelnut, Helen E., Scholarship Fund Small, Anna Brown, Scholarship Fund Smith, Hallie Claire, Scholarship Fund Snead, Molly, Scholarship Fund Tait, Blanche C., Scholarship Fund

$ 1,116.97

$

o.oo $ 1,116.97

5,000.00

5,000.00

1,307.00

1,307.00

50,000.00 $ 11,252.36

61,252.36

12,795.00

163.47

12,958.47

4,375.00

4,375.00

1,758.43

1,758.43

3,450.00

600.00

4,050.00

7,000.00

817.45

7,817.45

150,630.92

163.47

150,794.39

5,459.00

70.00

5,529.00

16,517.60

16,517.60

714,212.02

126,225.99

840,438.01

s,000.00

5,000.00

500.00

500.00

2,650.00

2,650.00

25,000.00

25,000.00

1,000.00

1,000.00

236,123.04

236,123.04

2,500.00

5,000.00

7,500.00

35,300.14

3,731.32

39,031.46

230,000.00

1,533.92

231,533.92

1,000.00

1,000.00

9,090.97

7,608.12

16,699.09

49,427.19

163.47

49,590.66

2,000.00

500.00

2,500.00

3,650.00

1,600.00

5,250.00

627.25

627.25

500.00

500.00

800.00

163.47

963.47

1,245.78

1,245.78

2,500.00

163.47

2,663.47

700.00

700.00

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

$1,330,595.67 $ 412,397.15$

0.00 $1,742,992.82

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

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

GEORGIA COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
AGENCY FUNDS YEAR ENDED JUNE 30. 1994

SCHEDULE "5"

FUND PAYROLL DEDUCTIONS
F. I.C.A. Federal Income Tax State Income Tax Retirement Group Insurance Tax Deferred Annuities Federal Tax Levies Savings Bonds Rent Garnishments Credit Union College Foundation Charitable Contributions Miscellaneous
EMPLOYER'S CONTRIBUTIONS F. I.C.A. Retirement Group Insurance
O-T-H-E-R---FU--N-D-S
Academy of Management Advance Payments - Students Alumni and Other Special Band Activities Business and Industr Conference Center for Economic ducation Clearing Account Clearing - Cooperative Organizations Commerce Club Decision Suffort Center Delta Mu De a Dublin Center Activity Fee Economics for Executives Forum Exit Exam Develofment Georgia Architec ural Seminar Tours Georgia College Choral Georgia College Honors Program Georgia College Intramurals Georgia Honors Council Georgia Sales Tax History of.Georiia College - Taxable Horolo~y Collec ion Macon ampus Conference Center Maxwell College Union Off;Camrus Housing Fair Phi Del a Kappa Public Service Program
Continuing Education East Campus SBDC - Consortium Scholarships and Grants Regents' Op~ortunity Grants Re~ents' Sc olarship Fund Qt er Scholarships (Liston File) Summer Orientation Video Year Book

BALANCE JULY 1, 1993

RECEIPTS

BALANCE DISBURSEMENTS JUNE 30, 1994

$ 1,165,952.94 $ 1,165,952.94

$

1,497.12 1,851,940.74 1,851,910.24 $

0.04

649,566.09

649,566.13

1,527.62

970,857.44 970,857.44

32,435.01

696,499.41

699,352.91

29,581.51

453,454.40

452,914.40

540.00

43.31

2,154.83

2,126.62

71.52

2,737.50

2,725.00

12.50

1,484.49

49,884.63

48,259.14

3,109.98

125.28

7,255.16

7,380.44

288,468.15 288,468.15

15,991.64

15,991.64

9,072.06

9,072.06

--------8-2-8-.1--3

-----4-1-,5--9-9-.3--7

-----4-1-,4--8-3-.2--8

944.22
-------------

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

$

907.30 $1,165,962.98$ 1,166,034.43 $

835.85

1,770,053.43 1,770,053.43

69,000.00 1,762,537.45 1,751,745.05

79,792.40

$ 69,907.30$ 4,698,553.86$ 4,687,832.91 $ 80,628.25

$

212.04 $

212.04

$ 2,590.00 2,104.51

8,557.50

11,147.50 430.38 $

1,674.13

345.82

17,190.13

14,309.42

3,226.53

5,270.35

4,920.00

7,612.67

2,577.68

787.03

509.43

753.45

543.01

51.00

51.00

70,239.07

70,239.07

968.61

191.11

777.50

276.90

390.00

343.35

323.55

991.24

665.00

644.80

1,011.44

4,279.50

4,279.50

3,043.79

15,070.00

15,313.58

2,800.21

2,990.13

913.50

878.47

3,025.16

5,405.13

9,631.50

10,143.78

4,892.85

657.09

8,125.50

5,936.94

2,845.65

279.83

200.00

79.83

17.41

26.00

43.41

2,222.87

1,828.00

1,300.69

2,750.18

108,820.46 108,820.46

3,438.22

3,438.22

1,065.20

1,065.20

3,692.05

-3,692.05

3,441.65

2,740.07

3,030.86

3,150.86

45.00

45.00

58.70

58.70

5,145.30 892.70 9.15

32,916.70 1,000.00

35,583.93 376.24 488.48

2,478.07 516.46 520.67

17,698.02 23,319.01
--------2-6-7-.3--7

22,304.40 5,800.00
358,628.06 29,503.80
---------4-0-.0--0

22,304.40 5,800.00
370,344.26 17,906.82 224.96
-------------

5,981.82 34,915.99
82.41
-------------

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

$====1=9=3=,=3=4=3=.7==6 $=1=1=,6==0=4=,6==5=7=.8=3= $=1=1=,=6=0=2=,=7=6=1=.=4=6$====1=9=5=,2=4=0=.1==3
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 29 -

GEORGIA COLLEGE CASH ANO CASH EQUIVALENTS
JUNE 30, 1994

SCHEDULE "6"

NONINTEREST BEARING ACCOUNTS
Exchange Bank, Milledgeville, Georgia NationsBank of Georgia, Macon, Georgia
INTEREST BEARING ACCOUNTS
Central and Southern Bank of Georgia, Milledgeville, Georgia
Certificate of Deposit (3.SOX) Insured Money Market Account (2.28X) Century Bank and Trust, Milledgeville, Georgia Certificate of Deposit (3.SOX) Insured Money Market Accounts (2.78X) Exchange Bank, Milledgeville, Georgia Certificate of Deposit (3.80X) Insured Money Market Accounts (2.78X) First Liberty Bank, Milledgeville, Georgia Certificate of Deposit (3.75X) First National Bank of Baldwin County, Milledgeville, Georgia Certificates of Deposit (3.65X - 4.00X) State of Georgia - Office of Treasury and Fiscal Services State Investment Pool
Local Government Investment Pool (4.19X) Trust Company Bank, Atlanta, Georgia
Cash Management Pool Board of Regents Total Return Fund
Holding Account Cash Mutual Funds
OTHER
Cash on Hand Petty Cash

$ 309,457.97 6,699.66$ 316,157.63
$100,000.00 117,807.05$ 217,807.05
$ 250,000.00 200,350.21 450,350.21
$300,000.00 266,622.64 566,622.64 108,906.56 914,000.00 2, 712 , 631. 11
$ 887,793.09 0.40
163,855.00 1,051,648.49 6,021,966.06
23,415.00

$6,361,538.69

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 30 -

GEORGIA COLLEGE INVESTMENTS
JUNE 30. 1994
Bonds Georgia Education Authority (University) Bonds Bond Nos. 4492-4496 Bond Nos. 5005-5014
Investment Accounts Wachovia Bank of Georgia, Atlanta, Georgia Investment Portfolio Account (One-Third Share of Gilbert Trust Fund) Common Stock Money Market Funds U. S. Government Securities

SCHEDULE "7"

$ 20,462.66 39,263.72 $ 59,726.38

$ 450,195.20 58,610.00
331,632.81

840,438.01

$ 900,164.39
=====z====z:==

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

GEORGIA COLLEGE ACCOUNTS RECEIVABLE
JUNE 30. 1994

SCHEDULE "8"

State Appropriations Allotment fran the Board of Regents of the University System of Georgia
Federal Grants and Contracts Research and Instruction Student Aid
State Grants and Contracts Research and Instruction
Private Gifts, Grants, and Contracts Research and Instruction
Other Georgia State Financing and Investment Cannission Returned Checks Student Accounts Student Notes Vendor Credit Manos Other

PLANT FUNDS

Ct.RRENT FUNDS

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

---------------------------- LOAN RENEWALS AND

UNRESTRICTED RESTRICTED

FUNDS REPLACEMENTS

TOTAL

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

$ 250,000.00
$ 23,996.86 21,520.18
18,443.13
5,557.64

$ 250,000.00
23,996.86 21,520.18
18,443.13
5,557.64

$ 8,057.30

8,057.30

20,299.52

20,299.52

135,182.99

135,182.99

$1,492,242.85

1,492,242.85

236,134.50

236,134.50

14,894.04

14,894.04

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

$ 656,511.05$ 69,517.81 $1,492,242.85$ 8,057.30 $ 2,226,329.01 . -========= =========== ====-=~=== ========== ===========

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Infonnation.
- 33 -

GEORGIA COLLEGE CHANGES IN INVESTMENT IN PLANT
YEAR ENDED JUNE 30 1 1994

Land Buildings Improvements Other Than Buildings Equipment Library B.ooks and Collections

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

CURRENT FUNDS
BALANCE ----------------------------
JULY 1, 1993 UNRESTRICTED RESTRICTED
------------- ------------- -------------
$ 634,079.21

29,124,596.60 $ 210,496.14

2,216,884.49

99,460.00

4,835,458.97

770,161.36 $ 109,061.32

3,857,209.24 331,924.22

1,150.00

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

$40,668,228.51 $1,412,041.72 $ 110,211.32
=------------ -=----=--=--- -------=E=as-

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

SCHEDULE "9"

ADDITIONS

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

PLANT FUNDS

GEORGIA STATE

---------------------------- FINANCING AND

RENEWALS AND INVESTMENT

PRIVATE

UNEXPENDED REPLACEMENTS COMMISSION

GIFTS

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

DEDUCTIONS
-------------
DISPOSALS/
DELETIONS/
ADJUSTMENTS
-------------

BALANCE
JUNE 30, 1994
-------------

$ 634,079.21

$ 49,557.60$ 46,413.63 $ 2,438,327.01

31,869,390.98

7,259.29

71,915.95

41,054.75

2,436,574.48

17,660.00

80,003.68

$ 142,358.71 $ 139,201.11 5,815,502.93

682.38

145,350.00 4,045,615.84

$ 75,159.27 $ 198,333.26$ 2,479,381.76$ 142,358.71 $ 284,551.11 $44,801,163.44
============= ============= ============= ============= ============= =============

- 35 -

GEORGIA COLLEGE SCHEDULE OF FUND BALANCES
CURRENT FUNDS AND PLANT FUNDS JUNE 30, 1994

NET INVESTMENT IN PLANT
Investment in Plant Facilities RESTRICTED
Designated for Subsequent Years' Expenditures UNRESTRICTED
Designated For Art Complex Construction Fund For Bus Replacement Reserve . For Equipment, Technology and Construction Trust Fund For Intercollegiate Athletics For Inventory Reserve For Library Construction Fund For Renewals and Replacements Reserve For Subsequent Years' Expenditures
Undesignated Surplus Regular Lottery for Education

RESIDENT INSTRUCTION

CURRENT FUNDS
UNRESTRICTED
LOTTERY FOR AUXILIARY EDUCATION ENTERPRISES

$
$ 125,000.00

46.30 $ 235,904.18 288,621.57

265,873.79

26,837.20 $ 151,837.20$

0.00 46.30 $ 790,399.54

$ 151,837.20$

46.30 $ 790,399.54

============= ============= ------=-=~==-

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 36 -

SCHEDULE "10"

STUDENT ACTIVITIES

RESTRICTED

PLANT FUNDS

UNEXPENDED

REGULAR

LOTTERY FOR RENEWALS ANO EDUCATION REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$1,589,420.47

$44,801,163.44 $44,801,163.44 $1,589,420.47

$ 131,918.90

$ 49,521.08 60,314.17

$ 71,665.90 472,607.20

$ 49,521.08 71,665.90
46.30 235,904.18 413,621.57 60,314.17 472,607.20 397,792.69

$ 131,918.90

763.24
$
$ 110,598.49 $

0.00 0.00 $ 544,273.10

27,600.44 0.00
$1,729,073.53

$ 131,918.90$ 1,589,420.47 $ 110,598.49 $

0.00 $ 544,273.10 $44,801,163.44 $48,119,657.44

============= ============= ============= ===-==---=--- ------------- --------=--== ========c====

- 37 -

GEORGIA COLLEGE SCHEDULE OF REVENUES
CURRENT FUNDS YEAR ENDED JUNE 30, 1994

State Appropriations Allotments from the Board of Regents of the University System of Georgia Regular Special Funding Initiative Lottery Proceeds
Other Revenues Retained Tuition and Fees Matriculation Other
Federal Grants and Contracts Research and Instruction Student Aid Contract Overhead
State Grants and Contracts Research and Instruction Student Aid Contract Overhead
Local Grants and Contracts Research and Instruction
Private Gifts, Grants, and Contracts Research and Instruction Student Aid Contract Overhead
Endowment Income Research and Instruction Student Aid
Sales and Services of Educational Activities
Sales and Services of Auxiliary Enterprises
Other Sources Administrative Cost Allowances Athletic Sales Cash Over-Short Extension and Public Service Interest Earned Realized Gains on Investments Rents Other

RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

UNRESTRICTED AUXILIARY ENTERPRISES

$16,911,408.00 246,993.00 $ 151,746.00
$17,158,401.00$ 151,746.00

$ 7,474,099.42 648,702.02

$ 923,949.76

27,545.77

244.94

96.00
17,663.14
11,196.40 -462.22
415,132.56 20,366.55 56,377.14
$ 8,670,961.72

2,301,090.77
34,156.29 -144.91
15,808.94 16,743.23 35,907.25 163,189.87
$ 3,490,701.20

$25,829,362.72$ 151,746.00$ 3,490,701.20

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 38 -

SCHEDULE "11"

STUDENT ACTIVITIES

TOTAL

RESTRICTED
RESIDENT INSTRUCTION

TOTAL

$16,911,408.00 246,993.00 151,746.00
$17,310,147.00

$16,911,408.00 246,993.00 151,746.00
$17,310,147.00

$ 7,474,099.42 $ 319,741.10 1,892,392.88

$ 7,474,099.42 1,892,392.88

$ 239,398.61

239,398.61

1,659,605.40 1,659,605.40

27,545.77

27,545.77

244.94

256,261.31 314,011.50

256,261.31 314,011.50
244.94

2,000.00

2,000.00

96.00

238,199.55 316,016.66

238,199.55 316,016.66
96.00

17,663.14 2,301,090.77

55,076.48 150,495.16

55,076.48 150,495.16
17,663.14
2,301,090.77

987.42 59,298.31
-------------

11,196.40
34,156.29 -607.13
415,132.56. 16,796.36 16,743.23 56,273.80
278,865.32
------------- -------------

11,196.40 34,156.29
-607.13
415,132.56 16,796.36
16,743.23 56,273.80
278,865.32
-------------

$ 380,026.83 $12,541,689.75$ 3,231,064.67 $15,772,754.42
------------- ------------- ------------- -------------

$ 380,026.83 $29,851,836.75$ 3,231,064.67 $33,082,901.42
============= ============= ============= =============

- 39 -

GEORGIA COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30, 1994

PERSONAL SERVICES Salaries and Wages Employer's Contributions for: F. I .C.A. Group Insurance Retirement Liability Insurance Unemplo,rment Compensation Insurance Workers Compensation Insurance
OPERATING EXPENSES Travel Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships College Work-Study Program Scholarships, Fellowships, Prizes, Awards and Other Other Operating Expenses Publications and Printing Equipment Purchases Non-Inventory Computer Charges Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Purchases Motor Vehicle Purchases Lease/Purchase of Equipment Inventory
OTHER SPECIAL FUNDING INITIATIVE Personal Services Salaries and Wages Employer's Contributions for: F. I.C.A. Group Insurance Retirement Other Costs Travel Supplies and Materials Other Expenses 'Equipment Purchases Non-Inventory
EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Supplies and Materials Repairs and Maintenance Other Expenses Equipment Purchases Non-Inventory Software Equipment Purchases Inventory

RESIDER I INSTRUCTION

UNRESTRICTED LOT IRf FOR AUXILIARY EDUCATION ENTERPRISES

$15,307,626.85 1,064,140.61 1,783,734.74 1,633,328.03 75,400.00 10,265.00 118,683.00
$19,993,178.23

$ 1,172,463.34 72,478.45 168,470.17
109,262.61
$ 1,522,674.57

$ 208,215.31 39,043.90 761,911.28 565,866.50 754,849.86 59,457.10 44,145.46 86,042.34 534,327.00 21,225.22 136,714.40 262,203.16 44,048.25 55,585.12
401,139.47 329,268.98
75,816.72 233,519.00 66,691.34 69,388.89 825,172.91 $ ~.574,632.21

$ 12,759.51 28,011.55
248,675.65 101,508.35 308,318.99
2,213.15 34,170.36
205,566.11 160,139.33
1,100.00 7,295.04
265.46 3,126.41 20,939.33 185,571.88 46,850.12 9,050.00
7,700.00 $ 1,33,21.24

$ 201,230.93 14,923.44 13,872.11 13,209.80
$ 243,236.28 532.42
1,408.40 1,675.00
116.15 $ 246,968.25
$ 3,790.57 1,072.00 2,975.00
30,682.05 1,958.85
111,221.23 $ 151,699.70

$25,814,778.69$ See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 40 -

151,699.70$ 2,905,935.81

SCHEDULE "12"

SfODENI ACTIVITIES

TOTAL

RESTRICTED RESIDENl INSTRUCTION

TOTAL

$ 68,399.17 $16,548,489.36$ 302,733.19 $16,851,222.55

3,038.04 3,937.28 3,672.61

1,139,657.10 1,956,142.19 1,746,263.25
75,400.00 10,265.00 118,683.00

11,419.79 6,063.01 12,659.14

1,151,076.89 1,962,205.20 1,758,922.39
75,400.00 10,265.00 118,683.00

$ 79,047.10 $21,594,899.90$ 332,875.13 $21,927,775.03

$ 3,382.13 $ 224,356.95$ 24,887.14 $ 249,244.09

10.80

67,066.25

67,066.25

44,973.50 1,055,560.43

55,967.04 1,111,527.47

6,961.90 674,336.75

7,664.06 682,000.81

1,063,168.85

1,063,168.85

22,367.22

84,037.47

431.32

84,468.79

78,315.82

950.00

79,265.82

86,042.34

115,774.63

201,816.97

70,697.32 16,245.72

739,893.11 2,440,128.72 3,180,021.83

252,061.87

35,506.11

287,567.98

154,060.12

2,786.80 156,846.92

9,064.05 324.95
6,299.77

278,562.25 44,313.71 59,036.48 422,078.80 521,140.63

51,480.88 12,690.53 3,562.61

330,043.13 44,313.71 71,727.01
422,078.80 524,703.24

49,327.91 32,114.56

171,994.75 274,683.56

18,648.38 17,500.00

190,643.13 292,183.56

2,847.36 19,063.85

66,691.34 72,236.25 851,936.76

110,211.32

66,691.34 72,236.25 962,148.08

$ 283,681.04 $ 7,241,574.49$ 2,898,189.54 $10,139,764.03

$ 201,230.93 14,923.44 13,872.11 13,209.80
$ 243,236.28 532.42
1,408.40 1,675.00
116.15 $ 246,968.25

$ 201,230.93 14,923.44 13,872.11 13,209.80
$ 243,236.28 532.42
1,408.40 1,675.00
116.15 $ 246,968.25

$ 3,790.57 1,072.00 2,975.00
30,682.05 1,958.85
111,221.23 $ 151,699.70

$ 3,790.57 1,072.00 2,975.00
30,682.05 1,958.85
111,221.23 $ 151,699.70

$ 362.728.14 $29.235.142.34 $ 3.231.064.67 $32.466.207.01

- 41 -

GEORGIA COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
PLANT FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "13"

CAP ITAL OUTLAY
Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Rents (Other than Real Estate) Equipment Purchases
Non-Inventory Software Per Diem, Fees and Contracts
Contracts Equipment Purchases
Motor Vehicle Purchases Inventory
OTHER
DISTANT LEARNING - SATELLITE DISHES Other Costs Equipment Purchases Non-Inventory Equipment Purchases Inventory

UNEXPENDED

RENEWALS AND

---------------------------- REPLACEMENTS

REGULAR

LOTTERY FOR -------------

EDUCATION

AUXILIARY

TOTAL

$ 45,461.89 320.00
870.00
12,180.00
2,900.00 2,468.38
-------------
$ 64,200.27
-------------

$

47.83 $

47.83

2,011.54

2,011.54

68,766.76 114,228.65

320.00

8,358.68 1,545.75

9,228.68 1,545.75

75,490.95

87,670.95

50,049.68

52,949.68

29,954.00

32,422.38

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

$ 236,225.19 $ 300,425.46
------------- -------------

$ 4,826.00 12,974.00
$ 17,800.00

$ 4,826.00 12,974.00
$ 17,800.00

$ 64,200.27$ 17,800.00$ 236,225.19 $ 318,225.46
----=------=- ------------- =--===--===-- ============

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 42 -

GEORGIA COLLEGE RECONCILIATION OF SALARIES AND WAGES. AND TRAVEL
YEAR ENDED JUNE 30. 1994

SCHEDULE "14"

Totals per Annual Supplement
Adjustments Shared Services on Jointly Staffed Personnel Fort Valley State College Yasin, Jehad Georgia State University Williams, Arthur J. Macon College Kish, Cheryl Pope Valdosta State University Moore, Richard L. Other Atstupenas, Steve J.
Totals per Report
DISTRIBUTION BY FUND
CURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Auxiliary Enterprises Student Activities Restricted Resident Instruction

SALARIES

AND WAGES

TRAVEL

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

$17,048,508.48 $ 250,355.01

1,600.00 1,920.00
-175.00 600.00
-578.50
------------- -------------
$17,052,453.48$ 249,776.51

$15,307,626.85$ 201,230.93
1,172,463.34 68,399.17
302,733.19

208,215.31 532.42
12,759.51 3,382.13
24,887.14

$17,052,453.48$ 249,776.51

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 43 -

GEORGIA COLLEGE RECONCILIATION OF PER DIEM AND FEES
YEAR ENDED JUNE 30 1 1994

SCHEDULE "15"

Totals per Annual Supplement Adjustments Atstupenas, Steve J.
Totals per Report
DISTRIBUTION BY FUND
CURRENT FUNDS Unrestricted Resident Instruction Regular Auxiliary Enterprises Student Activities Restricted Resident Instruction

TYPE PAYMENT

FEE AMOUNT

EXPENSE AMOUNT

TOTAL FEE AND EXPENSE

$ 148,657.91 $ 41,406.72 $ 190,064.63

Reimbursable Expense

578.50

578.50

$ 148,657.91 $ 41,985.22$ 190,643.13
============= ============= ==========

$ 75,816.72 46,850.12 49,327.91 18,648.38
$ 190,643.13
---------===-

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
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SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

GEORGIA COLLEGE
SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1994

STATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS

The status ofthe findings disclosed in the audit report for the year ended June 30, 1993, is summarized below:

Audit Control Number

Status ofFinding

536-93-01 536-93-02

See Audit Control Number 536-94-01 Corrective Action Implemented

PRIOR YEAR/CURRENT YEAR

CASH AND CASH EQUIVALENTS Uncollateralized Deposits Financial Statements Audit Control Number 536-94-01

The audit report for the year ended June 30, 1993, stated that Georgia College failed to have its time deposits fully collateralized as provided for by the Official Code of Georgia Annotated Section 50-17-59.

At June 30, 1994, Georgia College failed to have the following time deposit account fully collateralized:

Central and Southern Bank of Georgia, Milledgeville, Georgia Money Market Account Amount: $111,446.77

The College should establish the necessary controls to monitor the collateralization of time deposits to ensure compliance at all times with State laws governing deposits.

CURRENT YEAR

BUDGET PREPARATION/EXECUTION Overexpenditure ofBudget - Resident Instruction Financial Statements

The total approved budget for Resident Instruction of Georgia College provided for expenditures totaling $29,010,736.00. A comparison of anticipated revenues and budgeted expenditures to actual revenues and expenditures is summarized on Schedule "1" ofthis report. This comparison indicates that actual expenditures for Personal Services ofEducation, General and Departmental Services exceeded budgeted expenditures by $47,416.23.