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

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

REVIEWREPORT STATE OF GEORGIA GEORGIA COLLEGE MILLEDGEVILLE, GEORGIA YEAR ENDEDJUNE 30, 1996

GEORGIA COLLEGE - TABLE OF CONTENTS -

SECTION I

FINANCIAL

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

EXHIBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET

ALLFUND GROUPS

2

B COMBINED STATEMENT OF CHANGES INFUND BALANCES

ALLFUND GROUPS

4

C STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES.

AND OTHER CHANGES

6

D NOTES TO THEFINANCIAL STATEMENTS

7

SUPPLEMENTARY INFORMATION

E COMBINING BALANCE SHEET

CURRENT FUNDS - UNRESTRICTED

22

F COMBINING STATEMENT OF CHANGES INFUND BALANCES

CURRENT FUNDS - UNRESTRICTED

23

G COMBINING STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES.

AND OTHER CHANGES

UNRESTRICTED

25

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

RESIDENT INSTRUCTION

26

2

LOTTERY FOREDUCATION

28

SCHEDULES OF OPERATIONS

3

LOAN FUNDS

30

4

ENDOWMENT FUNDS

31

5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

32

6 CASH ANDCASH EQUNALENTS

34

7 ~STMENTS

35

8 ACCOUNTSRECENABLE

37

9 CHANGES IN ~STMENT IN PLANT

38

10 SCHEDULE OF FUND BALANCES

CURRENT FUNDS AND PLANT FUNDS

40

GEORGIA COLLEGE - TABLE OF CONTENTS -

SECTION I

FINANCIAL

SUPPLEMENTARY INFORMATION

SCHEDULES

11 SCHEDULE OF REVENUES

CURRENT FUNDS

42

SCHEDULES OF EXPENDITURES BY OBJECT

12

CURRENT FUNDS

44

13

PLANT FUNDS

48

14 RECONCILIATION OF SALARIES ANDWAGES, ANDTRAVEL

49

SECTIONll FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS ANDIMPROPER OR QUESTIONED COSTS

SECTION I FINANCIAL

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

DEPARTMENT OF AUDITS
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400
November 13, 1996

Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members of the 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 havereviewed the accompanying financial statements (Exhibits A through D) of Georgia College as of and for the year ended June 30, 1996, in accordance with Statementson Standardsfor Accounting and Review
Services issued by the American Institute of Certified Public Accountants. All information included in these
financial statements is the representationofthe management of Georgia College.
A review consists principally ofinquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, with the exceptionof the matters described in the fourth and fifth paragraphs, we are not awareof anymaterial modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles.
As disclosed in Note 1 to the financial statements, generally accepted accounting principles require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and Statebudgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of thisdeparture from generally accepted accounting principles on the financial statementswere not reasonably determinable.

96ARL-67

As disclosed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. Ifcompensated absences were reported, liabilities would be increased and fund balance would be decreased by $1,354,227.71 as of June 30, 1996, and the net change in fund balance for the year ended June 30, 1996, would be decreased by $115,541.54.
Our review was made for the purpose ofexpressing limited assurance that there are no material modifications
that should be made to the financial statements in order for them to be in conformity with generally accepted
accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules
1 through 14) is presented only for supplementary analysis purposes. Such information has been subjected to
the inquiries and analytical procedures applied in the review of the financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto.
CLV:cm 96ARL-67

FINANCLALSTATE~TS
- 1-

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

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

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$ 2,836,848.29 $ 701,417,75 $ 655,005,53

45,806.17

609,020.07

1,831,232.25

536,422,77

22,740.87

$ 4,005,032,00 $ 747,223,92 $ 2,486,237,78

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

$ 1,687,415,58 86,554.40
996,788,25 197,202.13
$ 2,967,960.36
$ 2,028,215.19 458,022.59
$ 747,223.92 $ 1,037,071.64 $ 1,037,071.64 $ 747,223,92 $ 2,486,237,78

Total Uabilities and Fund Balances

$ 4,005,032,00 $ 747,223.92 $ 2,486,237,78

See Independent Accountanfs 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"

ENDOWMENT FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$ 883,447.58 $ 1,594,959.80 $

461,841.92

$

1,036,971.41

88,343.02

8,647.00

_ _ _ _ _ _ $ 60,000,400.91

327,730.63 $

7,461,251.50 1,082,777.58 2,537,242.34
536,422.77 22,740.87 60,000,400.91

$ 1,920,418.99 $ 1,683,302.82 $

470,488.92 $ 60,000,400.91 $ 327,730.63 $ 71,640,835.97

$ 1,564,129.30 $

$ 1,564,129.30 $

$ 1,920,418.99

$ $ 1,920,418.99 $

119,173.52 $ 119,173.52 $

131,341.45 131,341.45

$ 215,719.48 $ 3,598,605.81 86,554.40

112,011.15

996,788.25 197,202.13 112,011.15

$ 327,730.63 $ 4,991,161.74

$ 60,000,400.91 339,147.47 339,147.47 $ 60,000,400.91

$ 2,028,215.19 458,022.59
1,920,418.99 60,000,400.91
747,223.92 1,495,392.63
$ 66,649,674.23

$ 1,920,418.99 $ 1,683,302.82 $

470,488.92 $ 60,000,400.91 $ 327,730.63 $ 71,640,835.97

-3-

GEORGIACOlLEGE
COMBINED STATEMENTOF CHANGES IN FUND BALANCES
ALl FUNDGROUPS YEAR ENDEDJUNE 30 1996

REVENUES AND OTHER AOO!TIONS
UnrestrictedCurrent Fund R _ . Stale Appropriations
Major Repeil1llRehabilitalion Funds LoUery Proceeds Fedenli Gnlnts and Contracts State Grants and Contracts PrIvateGifts, Grants, and Contracts '"-tment Income Endowment Other RealizedGains on m-trnenls InIerelIt on Loans Receivable AdjU8lments Prior Vears' ExpenditureslAccounts Payable Prior Vears' Checks Voided Expended for Plant Facilities Current Funds Plant Funds
U118JlP8l1ded ~1s and Replacements Georgia State Financingand InvestmentCommission Other Additions Proceeds from Sale d Plant Assets Recoveryd Prior Vean;' CancelledLoans
Total R _ . - and Other Additions
EXPENpnvRESANDOTHERPEDUCTIONS
Educationaland General Expenditures Auxiliary Enterprises Expenditures Indirect Co8ts Recovered Remillances to the Board d Regentsd the
University System d Georgia Prior Vear's UnnJSlricled Fund Balance(Surplus)
Adjuslmenls Prior Vean;' R_ueslAccounls Receivable
Loan Cancellationsand Write-Olfs Administrativeand CollectionCosts Expended for Plant Facilities
Capitalized Noncapitalized DisposalslDelalionsiAdjuslments
Total Expenditures and Other Deductions
TRANSFERSBETWEEN FUNDS
Nonmanclalory R_1s and Replacements Capital Projects Gains on Irweslmentsfor Object d Trust
Total Transfers Elet\wen Funds
Nellncreasel(Decrease) for the Vear
FUND BALANCES JULV 1. 1995
FUND BALANCES JUNE 30, 1996
See Independent Accounlanfs CombinedReport on Reviewd FinancialStatements and SupplemenlaryInformation.
The notes to the financial statementsare an integralpart of this statement.
-4

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$ 35.072.685.41

$ .8,283,959.08 $ 3,096.034.83 587,693.36 143,732.47
8,584.45 684.63

156,250.00 52.084.18
18,271.58 34,070.23 24,476.93

$ 35,081,954.49 $ 12,111,419.74 $

18,no.00 303,922.92

$ 31,044,432.03 $ 12,239,496.57 3,544,492.65 14,193.19

31,461.65 -1,649.81

s

20,735.58

17,498.15

$ 34,618,736.52 S 12,253,689.76 $_--3=8,=23=3.7:3.

S

-327.983.78

-208,606,00

S

56,913.35

S

-536,589.78 $

56,913.35

S

-73,371.81 $ -85,356.67 S 265,689.19

1.110,443.45

832,580.59

2,220.548.59

S 1.037,071.64 $ 747,223.92 S 2.486,237.78

EXHIBIT "8"

PLANT FUNDS

ENDOWMENT

RENEWALS AND

FUNDS

UNEXPENDED REPLACEMENTS

INVESTMENT INPLANT

TOTAl (Memorandum
Only)

$ 1,167,964.00 508,523.00

$

14,997.53

87,400.00

109,369.10

175,964.68

171.50 $

4,217.22 $ 124,366.63 $ 1,944,240.40 $

$ 35,On,685.41

1,167,964.00

508,523.00

8,440,209.06

3,096,034.83

$

82,626.68

824,801.75

143,732.47 194,236.26 143,439.33 24,476.93

682.60

9,438.55 684.63

1,997,409.78 1,997,409.78

2,114,173.08 398,784.28
2,688,491.18

2,114,173.06 398,784.28
2,688,491.18

4,217.22 18,nO.00

682.60 $ 7.281,485.00 $ 56,848,071.78

$

0.00

$ 43,283,928.60 3,544,492.65 14,193.19

$

2,922.52

34,384.17

-1,649.81 20,735.58 17,498.15

2,114,173.08 $ 33,400.15

398,784.28 51,505.78 $

221,702.13

2,512,957.36 84,905.93
221,702.13

$

0.00 $ 2,150,495.75 $

450,290.06 $ 221.702.13 $ 49,733,147,95

$ $ -56,913.35

$ -56,913.35 $

$

67,453.28 $

1,852,965.71

$ 206,606.00
206,606.00 $ 2,350.65 $
116,822.87

327,983.78

$

0.00

0.00

0.00

327,983.78

$

0.00

-121,623.68 $ 7,059,782.87 $ 7,114,923.83

460,n1.15 52,940,618.04 59,534,750.40

$ 1,920,418.99 $ 119,173.52 $

339,147.47 $ 60,000,400.91 $ 66,649,674.23

-5-

GEORGIACOLLEGE STATEMENTOF CURRENTFUNDS REVENUES. EXPENDITURES.
AND OTHER CHANGES YEAR ENDEDJUNE 30.1996

EXHIBIT"C

REVENUES
StateAppropriations Tuitionand Fees Federal Grantsand Contracts StateGrantsand Contracts LocalGrantsand Contracts PrivateGifts, Grants,and Contracts Endowment Income Sales and Servicesof Educational Activities Salesand Servicesof Auxiliary Enterprises Other Sources
Total Revenues
EXPENDITURES
Educational and General Instruction Research Public Service Academic Support StudentServices Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships
Auxiliary Enterprises StudentHousing Facultyand Staff Housing Food Services Storesand Shops Intercollegiate Athletics Other Service Units
Total Expenditures
OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)
Excessof Restricted Receipts over Transfersto Revenues Transfersfor Renewals and Replacements Transfersfor Capital Projects Transfersof Gains on Investments for Objectof Trust Prior PeriodAdjustments (Net)
Remittances to the Board of Regents of the
UniversitySystemof Georgia PriorYear'sUnrestricted Fund Balance (Surplus)
Total Other Transfersand Additionsl(Deductions)

UNRESTRICTED RESTRICTED

TOTAL (Memorandum
Only)

$ 21,063,418.00

$ 21,063,418.00

9,151,065.50

9,151,065.50

28,855.61 $ 8,223,760.82 8,252,616.43

639.96 3,028,452.61

3,029,092.57

120,094.09

120,094.09

590,273.28

590,273.28

276,915.n

276,915.n

66,083.26

66,083.26

3,559,997.47

3,559,997.47

1,202,625.61

1,202,625.61

$ 35,072,685.41 $ 12,239,496.57 $ 47,312,181.98

$ 16,225,004.83 $ 985,898.07 $ 17,210,902.90

18,015.17

9,999.39

28,014.56

38,110.51

38,110.51

3,442,705.24

157,832.15 3,600,537.39

2,282,453.79

58,810.01

2,341,263.80

4,674,894.57

272,810.65 4,947,705.22

3,882,371.42

3,882,371.42

480,876.50 10,754,146.30 11,235,022.80

1,586,669.12 36,230.95 156,413.95
461,119.52 874,538.22 429,520.89

1,586,669.12 36,230.95 156,413.95
461,119.52 874,538.22 429,520.89

$ 34,588,924.68 $ 12,239,496.57 $ 46,828,421.25

$ -142,270.02 $ -142,270.02

$ -327,983.78

-327,983.78

-208,606.00

-208,606.00

56,913.35

56,913.35

10,918.89

10,918.89

-31,461.65

-31,461.65

$ -557,132.54 $ -85,356.67 $ -642,489.21

Net Increasel(Decrease) in Fund Balances

$

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

The notesto the financialstatements are an integral part of this statement. -6-

-73,371.81 $ -85,356.67 $ -158?28.48

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT "D"

NOTE 1: 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 of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policiesfor member institutions. Georgia College does not have authority to retain unexpended State funds (surplus) 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 combinedinto fund groups. Accordingly, all financial transactions have been recorded and reported by fund group.
Within each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies.
Fund groups and funds presented in the accompanying financial statements are as follows:
CURRENT FUNDS
UNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, e.g., 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.

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GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
RJNE 30. 1996

EXIllBIT "0"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

FUND ACCOUNTING

LOAN FUNDS

The fund used to account for resources whichhave been made available for financial loans to students.

ENDOWMENT FUNDS

Thefund used to account for gifts that are subjectto the restrictions ofgift instruments requiring that the principal be invested in perpetuityand incomeonly 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 ANDREPLACEMENTS - Thefund usedto account for resources set aside for the renewal and replacement ofinstitutional properties.

INVESTMENT IN PLANT - The fund whichshows the total amountsrepresenting the book value ofall physical properties owned by the College. Net Investment in Plant is an equity account showingthe total book value ofphysical properties belonging to the College less the amount of any indebtedness to others.

AGENCY FUNDS

The fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, 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 sameas the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute ofCertified PublicAccountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other thanaccrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures ofthe fiscal period.

Contractual obligations for goods and services whichhave not been received at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances 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

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GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXIllBIT "0"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles.
Compensated absences represent obligations of the College relating to employees' rights to receive compensationfor future absences based upon servicesalready rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability ofSl,354,227.71 and the related current year expenditure ofS1l5,541.54 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 of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation ofthe financial statements.
To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expendedby the Georgia State Financing and Investment Commission on behalf of the College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment.
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 liabilityfor 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 ofthe agreement at the net present value ofthe future minimum lease payments, not to exceed the fair value of the leased property. The effect of this 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.

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GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19951996. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement of these funds is made to the various organizational units by the Administrative Central Office. In addition, the organizationalunits 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:

Personal Services Sponsored Operations
Operating Expenses Sponsored Operations

s 13,953.03 s 258.655.54

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 departmental level.

CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts.

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 of allotments due from the Board of Regents of the University System of Georgia - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements.

INVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the weighted average method.

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GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXlllBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVENTORIES Inventories ofgoods for resale are valued at cost usingthe first-in, first-out method.
PREPAID ITEMS Prepaid items are payments madeto vendors in advance ofthe receipt ofgoods and services that will benefit periods subsequent to the balance sheet date.
MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" because they do not represent consolidated financial information andare presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial positionin conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data.
NOTE 2: CUSTODIAL CREDITRISKS OF CASHDEPOSITS AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the StateofGeorgia cannotbe 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 ofthe State of Georgia.
(2) Bonds, bills, certificates of indebtedness, notes, or otherobligations ofthe counties or municipalities of the State of Georgia.
(3) Bondsofanypublic authority created bythe laws of the 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 ofdevelopment authorities created by the laws of the State of Georgia.
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporationof 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 CreditBank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation.
- 11 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT "0"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES As authorized in the Official Code ofGeorgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board ofRegents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements.

The treasurer ofthe Board ofRegents is responsible for alldetails relative to furnishing the required depository protection for all units ofthe University SystemofGeorgia.

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

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

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

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

Cash Deposits InvestmentPortfolio Accounts
TotalCash Deposits

Carrying Amount
s 2,495,545.66
191.232.83
s2 686 77849

Bank Balances
s 3,857,627.61
191.232.83
$404886044

s 481,517.15
s 481517 15

Risk Categories

2

3

s s 2,445,263.73

930,846.73

191.232.83

s s 2 445.263 73 112207956

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 College or its agent in the College's name.

Category 2 - Uninsured and unregistered, with securities held by the counterparty'strust department or agent in the College's name.

Category 3 - Uninsured and 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, 1996

EXlllBIT "0"

NOTE 2: CUSTODIAL CREDITRISKS OF CASHDEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS The carrying amounts ofinvestment balances as of June 30, 1996, are categorized below:

Typeof Investment
CommonStock StateAuthority Bonds U. S. Government Securities
Investments Not Subjectto Categorizations:
Board ofRcgents TotalRetum Fund
StateInvestment Pool
TotalInvestments

Risk Categories 2

s 429,970.95 s
45,806.17
415,767.63

0.00 s

s 89154475 s

0.00 s

3 0.00
000

Carrying Amount
s 429,970.95
45,806.17 415,767.63
s 891,544.75

Market Value
s 699,846.67
50,096.50 430.293.63
s 1,180,236.80

1,267,970.83 1,493,055.50 3,673.470.01 3,673.470.01
s 5,832 98559 s6346762 31

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: INVESTMENT IN PLANT

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

Land Buildings [mprovements Other ThanBuildings Equipment Library Books and Collections
Total Investment in Plant

$ 634,079.21 42,950,405.61 2,816,696.55 9,175,345.83 4.423,873.71
$60,000.40091

NOTE 4: RISKMANAGEMENT

Georgia College is a participant in the Board of Regents of the University System of GeorgiaHealthBenefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The HealthBenefits Plan is included in the audit reportof theBoardof Regents of the University System of Georgia - Administrative Central Office. Allunits of the University System of Georgia sharethe risk of loss for claims of the HealthBenefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of $1,000,000.00 per person and dental coverage up to an annual maximum of $1,000.00 per person. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the HealthBenefits Plan as established by the Board of Regents.
- 13 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT "D"

NOTE 4: RISK MANAGEMENT
TheDepartment ofAdministrative Services (DOAS) has the responsibility for the State ofGeorgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The Statebelieves it is moreeconomical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk ofloss to which theState is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and lawenforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provideclaims servicing and claims payment.
A self-insured programof professional liability for its employees was established by the Board ofRegents of the University System ofGeorgia underpowers authorized bythe Official Code ofGeorgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out ofthe performance oftheir duties or in any way connectedtherewith. The program is administered by DOAS as a Self-Insurance Fund.
NOTE 5: DEFERRED COMPENSATION PLAN
The StateofGeorgia offers its employees a deferred compensation plan in accordance with InternalRevenue Code Section 457. The plan, available to employees of the State of Georgiaand county health departments, permits suchemployees to defer a portion oftheirsalary until future years. Participation in the plan is optional. Participants choose the option or options inwhich they wishto participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the State of Georgia subject only to the claims of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996.
NOTE 6: RETIREMENT PLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA
Plan Description Georgia College participates in the Teachers Retirement System of Georgia(TRS), a cost-sharing multipleemployer public employee retirement system (PERS) established by the General Assembly of Georgiafor the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The
- 14 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXHIBIT "D"

NOTE 6: RETIREMENTPLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA
Plan Description College's payroll for the yearended June30, 1996, for employees covered by TRS was $14,551,507.19. The College's total payrollfor all employees was $20;277,438.64.
Benefits TRS provides serviceretirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member(1) has attainedthe age of60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless ofage, or (3) has attained the age of55 yearsand hasat least 25 years ofcreditable service. For those members with 30 years of serviceor 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 paidyears of service multiplied by the numberofyears ofcreditable service up to 40 years. Any memberwho has between25 and 30 years ofcreditable serviceand is at least 55 years of age 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 70.10 for eachyearor fraction thereofbywhich the member has less than 30 years of service. The normal retirement pensionis payable monthly for life. Optionsare available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death.
Retirement benefits alsoinclude deathanddisability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service(minimum of 10 years of service) and compensation up to the date of death or up to the time ofdisability.
Membersbecome 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.
Contributions Required and Contributions Made Employees of the College who are covered by TRS are required to pay 5% of their gross earnings to TRS. The Collegemakes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees as advised bytheirindependent actuary. For fiscal year 1996, the employer contribution rate was 11.81%for covered employees. In addition, the College contributed 4.87% to the TRS on behalfof employees electing to participate in the Regents Retirement Plan. Theinterest rate assumption (rate of return on investments) was 7.50%.
Total contributions to the plan made during fiscal year 1996 amounted to $2,637,463.40, of which $1,909,817.96 was made by the College and $727,645.44 was made by employees. These contributions represented 13.12% (College) and 5% (employees) of covered payroll.

- 15 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXHIBIT "0"

NOTE 6: RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

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

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

Total pension benefit obligation

$ 17,442,607,000.00

Net assets available for benefits, at cost

15,857,066,000.00

Unfunded pension benefit obligation

$ 1.585,541.000.00

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

Retirement System Contributions Total contributions from allemployers to TRSforthe year endedJune 30, 1996, were $607,274,559.00. The College's contribution for the year ended June 30, 1996, of $1,909,817.96 was actuarially determined and represented .3145% oftotal contributions madeby all participating employers.

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

REGENTS RETIREMENT PLAN

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

- 16 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXIllBIT "0"

NOTE 6: RETIREMENT PLANS
REGENTS RETIREMENT PLAN
State legislationrequires that the employer contribute 4% and the employee contribute 5% ofthe participating employee's earnable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1996, was $3,924,514.04. The College's total payroll for all employees was $20,277,438.64.
The College and the covered employees made the required contributions of $156,980.56 (4%) and $196,225.70 (5%), respectively.
GEORG~DE~DCONTmrnUTIONPLAN
Plan Description Georgia College participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System ofGeorgia. The College'spayrollfor the year ended June 30, 1996, for employees covered by GDCP was $560,039.29. The College's total payroll for all employees was $20,277,438.64.
Benefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than $ 3,500.00 credited to hislher account, the Board of Trustees has the option of requiring a lump sum distributionto the member inlieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to hislher account will be paid to the member's designated beneficiary.
Contributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member.
Total contributions made by employees during fiscal year 1996 amounted to $42,004.79 which represents 7.5% of covered payroll. These contributions met the requirements ofthe plan.

- 17 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1996

EXlllBIT "D"

NOTE 7: LEAVB POLICIES
Employees earnannual leave ranging from one and one-quarter days to one and three-quarter days each month depending uponthe employees' length of continuous State servicewith maximum accumulation offorty-five days. Employees are paidfor unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Basis of Accounting (Compensated Absences)
Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment.
NOTE 8: CONTINGENCIES
Amounts received or receivable from grantoragencies are subject to audit and adjustment by grantor agencies. Thiscould result in refunds to the grantoragency for anyexpenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time althoughthe Collegeexpects such amounts, if any, to be immaterial to its overall financial position.
Litigation, claims and assessments filed against Georgia College (as an organizational unit of the Board of Regents ofthe University System ofGeorgia), ifany, are generally considered to be actions againstthe State ofGeorgia. Accordingly, significant litigation, claims and assessments pending againstthe State ofGeorgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Reportfor the fiscal year ended June 30, 1996.
NOTE 9: POSTE:MPLOYMENT BENEFITS OTHER THAN PENSIONBENEFITS
Pursuant to the general powers conferredby the Official Code of Georgia Annotated Section 20-3-31, the Board ofRegents ofthe University System of Georgia hasestablished grouphealth and lifeinsurance programs for regular employees ofthe University System of Georgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and lifeinsurance programs. Employees who are eligible for retirement or disability under the criteria established by the TeachersRetirement System of Georgia and who have at least ten years of service with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University Systemof Georgia pay the employer portion for group insurance for affected individuals.
As of June 30, 1996, there were 154 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1996, Georgia College recognized as incurred $250,919.93 ofexpenditures, which was net of$81,527.39 of participant contributions.

- 18 -

GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1996

EXHIBIT "0"

NOTE 10: BONDINGINFORMATION

The President and all employees of Georgia College are bonded under a Public Employees Blanket Bond written bytheEmployers Insurance of Wausau, their Bond No. 1450-02-110723, on whichthe premium was paid to October 1, 1996. 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 $1,000,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment.

All employees of Georgia College are also bondedunder Commercial Crime Policies written by the United States FireInsurance Company, their Policy Nos. 626011675 2 and 626 012294 4, on which the premium was paid to October 1, 1996. Under these additional public employee dishonesty coverages, the policies insure the College to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees and from failure ofits employees to perform faithfully.

NOTE 11: ENROLLMENT

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

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

4,668 4,593 4,272

Average

Summer School, 1995

- 19 -

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

SUPPLEMENTARY INFORMATION - 21 -

GEORGIA COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTEP
JUNE 30, 1996

EXHIBIT"E"

ASSETS
cash and cash Equivalents Accounts Receivable Inventories Prepaid Items

RESIDENT LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

$ 2,106,282,26 $ 282,764.62 171,331.26 19,889,99

209,633,88 $

431,610.59 $ 323,092,42 365,091.51
2,850.88

89,321.56 $ 2,836,848.29

3,163.03

609,020,07

536,422.n

22,740,87

TotalAssets

$ 2,580,268,13 $ 209.633.88 $ 1:122.645.40 $ 92.484.59 $ 4:005,032,00

LIABILITIES ANp FUNp BALANCES

Liabilities AccountsPayable Student Deposits Deferred Revenue Tuitionand Fees Other

$ 1,384,360,82 $
938,254,00 104,843,63

Total Liabilities

$ 2,427,458.45 $

Fund Balances Unrestricted

152,809.68

209,536,50 $ 209,536.50 $

92,562.74 $ 86,554,40
58,534,25 78,287.00
315,938.39 $

955.52 $ 1,687,415.58 86,554,40

14,071.50

996,788.25 197,202,13

15,027.02 $ 2,967,960,36

97.38

806.707,01

n,457,57 1,037,071.64

Total Liabilities and FundBalances

$ 2,580.268.13 $ 209.633.88 $ 1.122,645.40 $ 92.484,59 $ 4,005.032.00

see accompanying notesand Independent Accountant's Combined Report
on Review of Financial Statements and Supplementary Information.
-22-

GEORGIA COLLEGE COMBINING STATEMENT OF CHANGES IN FUNDBALANCES
CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 1996

EXHIBIT -P'

RESIDENT LOITERYFOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES AND OTHER ADDITIONS

Unrestricted CurrentFundRevenues Adjustments
PriorYears'Expenditures/Accounts Payable PriorYears' ChecksVoided

$ 30,348,232,73 $
6,014.71 430,69

429,483,00 $ 3,887,608,68 $ 407,361,00 $ 35,072,685,41

2,469.74 245,14

100,00 8,80

8,584,45 684,63

Total Revenues and other Additions $ 30,354,678,13 $ 429,483,00 $ 3,890,323,56 $ 407,469,80 $ 35,081,954,49

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General Expenditures Auxiliary Enterprises Expenditures
Remittances tothe Board of Regents of the
University System of Georgia PriorYear'sUnrestricted FundBalance (Surplus)
Adjustments PriorYears' Revenues/Accounts Receivable

$ 30,162,626,91 $
31,461.65 -1,649,81

430,547,14

$ 451,257,98 $ 31,044,432.03

$ 3,544,492.65

3,544,492.65

31,461,65 -1,649,81

Total Expenditures and other Deductions

$ 30,192,438,75 $ 430,547,14 $ 3,544,492,65 $ 451,257.98 $ 34,618,736,52

TRANSFERS BElWEEN FUNDS

Nonmandatory Renewals and Replacements capital Projects

$ -156,606,00

$ -327,983,78 -52,000,00

$ -327,983,78 -208,606,00

TotalTransfersBetween Funds

$ -156,606.00

$ -379,983,78

$ -536,589,78

Net Increasel(Decrease) for the Year $

5,633,38 $

-1,064.14 $

-34,152,87 $ -43,788,18 $

-73,371,81

FUND BALANCES JULY " 1995

147,176.30

1,161.52

840,859,88

121,245,75

1,110,443.45

FUNDBALANCES JUNE 30,1996

$ 152,809,68 $

97.38 $ 806?07,01 $ n,457,57 $ 1,037,071,64

see accompanying notesand Independent Accountanfs Combined Report
on Review of Financial Statements and Supplementary Information,
-23-

B[c~V\ k
'Fj i

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

GEORGIA COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES.
AND OTHER CHANGES UNRESTRICTED
YEAR ENDED JUNE 30. 1996

EXHIBIT-G-

REVENUES
StateAppropriatlons Tuitionand Fees Federal Grants 8nd Contracts State Grants and Contracts
sates and 5ervices of Educational Activities
sates and 5ervices of AuxiliaryEnterprises Other Sources
Total Revenues
EXPENDITURES
Educational and General Instruction Research Public service Academic Support Student 5ervices Institutional Support Operation and Maintenance of Plant SCholarships and Fellowships
AuxiliaryEnterprises Student Housing Facultyand Staff Housing Food 5ervices Storesand Shops Intercollegiate Athletics Other service Units
Total Expenditures
OTHER TRANSFERS AND ADPITIONSI <PEDUCTIONS)
Transfers for Renewals and Reptacements Transfers for capital Projects Prior PeriodAdjustments(Net) Remittances to the Boardof Regents
of the UniversitySystemof Georgia Prior Year's UnrestrictedFund Balance (Surplus)
Total Other Transfers and Additions/(Deductions)

RESIDENT LOITERYFOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

$ 20,633,935.00 $ 8,811,292.69 28,855.61 639.96 66,083.26
807,426.21
$ 30,348,232.73 $

429,483.00 $

$
3,559,997.47 327,611.21

$ 21,063,418.00

339,772.81

9,151,065.50

28,855.61

639.96

66,083.26

3,559,997.47

67,588.19

1,202,625.61

429,483.00 $ 3,887,608.68 $ 407,361.00 $ 35,072,685.41

$ 15,794,457.69 $ 18,015.17 38,110.51
3,442,705.24 1,831,195.81 4,674,894.57 3,882,371.42
480,876.50
$ 30,162,626.91 $

430,547.14

$ 16,225,004.83 18,015.17 38,110.51
3,442,705.24 $ 451,257.98 2,282,453.79
4,674,894.57 3,882,371.42
480,876.50

$ 1,586,669.12 36,230.95 156,413.95
461,119.52 874,538.22 429,520.89

1,586,669.12 36,230.95
156,413.95 461,119.52 874,538.22 429,520.89

430,547.14 $ 3,544,492.65 $ 451,257.98 $ 34,588,924.68

$ -156,606.00 8,095.21
-31,461.65 $ -179,972.44

$ -327,983.78 -52,000.00 2,714.88 $

$ 108.80

-327,983.78 -208,606.00
10,918.89

-31,461.65

$ -3n,268.90 $

108.80 $ -557,132.54

Net Increasel(Decrease) in Fund Balances

$

5,633.38 $

-1,064.14 $

-34,152.87 $ -43,788.18 $ -73,371.81

See accompanying notes and Independent Accountanfs Combined Report on Reviewof Financial Statements and Supplementary Information.
-25-

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

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS RENEWALS AND
UNEXPENDED REPLACEMENTS

$ 20,633,935.00

$ 1,167,964.00

9,714,297.73 $ 12,239,496.57

267,581.90 $

--=0=.0=0.

$ 30,348,232.73 $ 12,239,496.57 $ 1,435,545.90 $

--.;0;,;..0;.;0;..

EXPENDITURES

Personal Services:

Education, Generaland Departmental Services $ 23,224,080.07

Sponsored Operations

$ 691,542.03

Operating Expenses:

Education, Generaland Departmental Services

6,562,107.74

Sponsored Operations

11,547,954.54

Capital Outlay

$ 1,639,637.90 $

Special Funding Initiative

376,439.10

450,290.06

---:==;.;.;;.. $ 30,162,626.91 $ 12,239,496.57 $ 1,639,637.90 $ _ _ '450,290.06

Excess of Revenuesover Expenditures

$

185,605.82 $

.0...0..0.. $ -204,092.00 $

-4I5iiii0iil,i.2...9.,0iIi.ii0O6i=

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

See accompanyingnotes and Independent Accountanfs Combined Report
on Reviewof FinancialStatementsand Supplementary Information.
-26-

TOTAL

ADJUSTMENTS

TOTAL

(1)

(Budget Basis)

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$ 21,801,899.00 22,221,376.20 $

$ 21,801,899.00 $ 21,801,899.00 $ 21,413.56 22,242,789.76 22,127,278.00

0.00 115,511.76

$ 44,023,275.20 $

21,413.56 $ 44,044,688.76 $ 43,929,1n.00 $ _ _1-1-5-,5'1"1-.7_6

$ 23,224,080.07 691,542.03
6,562,107.74 $ 11,547,954.54 2,089,927.96
376,439.10

$ 23,224,080.07 $ 23,234,285.00 $

691,542.03

6n,589.00

-480,876.50

6,081 ,231.24 11,547,954.54 2,089,927.96
376,439.10

6,206,n8.00 11,289,299.00 2,144,157.00
3n,069.00

10,204.93 -13,953.03
125,546.76 -258,655.54
54,229.04 629.90

$ 44,492,051.44 $ -480,876.50 $ 44,011,174.94 $ 43,929,1n.00 $ _ _--8-1-,9'9~7".9'4-

$ -468,n6.24 $

502,290.06 $

33,513.82

33,513.82

-27 -

GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 1996

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS PLANT FUNDS UNRESTRICTED UNEXPENDED

TOTAL

$

429,483.00 $ 508,523.00 $ 938,006.00

0,00

0,00

$

429,483,00 $ 508,523.00 $ 938,006,00

EXPENDITURES
Capital Outlay Capital Outlay-Georgia College Equipment, Technology and Construction
Trust Fund Special Funding Initiatives

$ 207,935,33 $ 207,935.33

300,000.00

300,000.00

$

201,064,14

229,483,00

201,064,14 229,483.00

$

430,547.14 $ 507,935.33 $ 938,482,47

Excess of Revenues over Expenditures

$

-1,064,14 $

587,67 $ =======-=4=7=6=,=4=7=

(1) To reclassify prior year fund balances budgeted as revenues.

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

SCHEDULE "2"

ADJUSTMENTS

TOTAL

(1)

(Budget Basis)

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$ 938,006.00 $ 938,006.00 $

0.00

$ _ _",""",1'r.;.16=2;,;.;;;.0.;;.0

1,162.00

1,162.00

0.00

$

1,162.00 $ 939,168.00 $ 939,168.00 $

~ 0.0~0

$

0.00 $ 207,935.33 $ 208,523.00 $

587.67

300,000.00 300,000.00

0.00

201,064.14 229.483.00

201,162.00 229,483.00

97.86 0.00

$

-..-..;.O,;,.;..O~O $ 938,482.47 $ 939,168.00 $_,_ _....6.:8..:5:..:5..:3.:.~

$

1,162.00 $======6=85=.5=3=

$=======6=8=5.=53=

- 29-

GEORGIA COLLEGE SCHEDULE OF OPERATIONS
LOAN FUNDS YEAR ENDED JUNE 30. 1996

SCHEDULE "3"

FUND
U. S. GOVERNMENT GRANTS REFUNDABLE
Nursing Student Loan Fund Perkins Loan Fund
INSTITUTIONAL LOANS - RESTRICTED
Adams, Ethel, Emergency Loan Fund Bell, CaUie C., Loan Fund Bennett, Philo, Loan Fund Bridges, Uzzie D. W., Loan Fund Daughtry, Jane Coleman Allen, Loan Fund Hess, EleanoreC., Loan Fund History Club Loan Fund Jenkins, AntoinetteSmith, Loan Fund Moore, Charles D., Loan Fund Morel, L., Loan Fund Mumford, Sylvester, Loan Fund Shinholster, Alice W., Loan Fund No.1 Shinholster, Alice W., Loan Fund No.2 Terrell, Joseph M., Loan Fund Trammel, Fanny M., DAR Loan Fund Watson, Grace Betty, DAR Loan Fund

FUND BALANCE ADDITIONSI DEDUCTIONSI FUND BALANCE JULY 1,1995 TRANSFERS TRANSFERS JUNE 30, 1996

$

5,382.54

1,795,305.96 $

$ 1,800,688.50 $

265,760.42 $ 265,760.42 $

$ 38,233.73
38,233.73 $

5,382.54 2,022,832.65
2,028,215.19

$

13,581.60 $

928.06 $

1,168.66

32.53

10,526.51

1,279.93

923.59

25.71

3,969.47

357.22

3,102.05

150.84

1,292.06

35.98

21,401.40

1,665.84

157,624.61

20,245.92

22,162.55

2,744.43

33,526.42

4,167.64

10,112.90

1,148.44

13,085.05

1,597.87

77,032.54

3,234.50

49,489.37

523.57

861.31

24.02

$

419,860.09 $

38,162.50 $

0.00 $ 0.00 $

14,509.66 1,201.19
11,806.44 949.30
4,326.69 3,252.89 1,328.04 23,067.24 177,870.53 24,906.98 37,694.06 11,261.34 14,682.92 80,267.04 50,012.94
885.33
458,022.59

$ 2,220,548.59 $ 303,922.92 $

38,233.73 $ 2,486,237.78

RECONCILIATION OF STUDENT NOTES RECEIVABLE
BalanceJuly 1, 1995 Add:
Loans to Students
Deduct: Repaymentof Loans Loan Cancellations and Write-Offs
For Teaching and Nursing Services
BalanceJune 30, 1996

$ 1,677,173.16

436,147.33

$ 2,113,320.49

$ 261,352.66

20,735.58

282,088.24

$ 1,831,232.25

See accompanyingnotes and Independent Account&nfs Combined Report on Reviewof FinancialStatements and Supplementary Information.
-30-

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

SCHEDULE "4"

FUND

FUND BALANCE
JULY 1, 1995

ADDITIONSI TRANSFERS

DEDUCTIONSI FUND BALANCE
TRANSFERS JUNE 30,1996

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, Bettie 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 5,000,00 1,307.00 50,000,00 $ 12,795.00 4,375.00 1,758.43 4,650.00 7,000.00 150,630.92 5,529.00
984,515.66 5,000.00 500.00 2,650.00
25,000.00 1.000,00
236,123.04 7.500.00 35,300.14
230,000.00 1,000.00
15,064.33 49,427.19
3,500.00 5,850.00
627.25 500.00 800.00 1,245.78 2,500.00 700.00

11,671.15 $ 11,406.19
1,229.55 1,134.94
226.71 1.74
15,199.66 52,455.75
18,595.67 81.70
4,587.31 1,734.23
4,684.74 226.71 524.33 152.83
226.71
226,71

$
11,671.15 406.19
29.55 1,134.94
226.71 1.74
15,199,66
18.595.67 81.70
4,587.31 1,734.23 2,387.21
22S.71 24.33 152.83
226.71 226.71

1,116,97 5,000,00 1,307,00 50,000.00 23,795.00 4,375.00 1,758.43 5,850.00 7,000.00 150,630.92 5,529.00
1,036,971.41 5,000,00 500.00 2,650.00
25,000,00 1,000,00
236,123.04 7,500,00
35,300.14 230,000.00
1,000.00 17,361.86 49,427.19 4,000.00 5,850.00
627:25 500.00 800.00 1,245,78 2,500.00 700,00

$ 1,852,965.71 $ 124,366.63 $ 56,913.35 $ 1,920,418.99

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

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

SCHEDULE "5"

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

SCHEDULE "5"

OTHER FUNDS

BALANCE JULY 1,1995

RECEIPTS

BALANCE DISBURSEMENTS JUNE 30,1996

Georgia Honors Council

$

Georgia Sales Tax

Grits

History of Georgia College-Taxable

Horology Collection

Marriott Munch Money

Maxwell College Union

Medical Premiums -

Intemational Students

National Institution of

Govemment Purchasers

Peachbelt Leadership

Phi Delta Kappa

PSC Capstone

Public Service Program

Centennial Center

Continuing Education

SBDC - Consortium

Scholarshi~ and Grants

Regents' Opportunity Grants

Regents' Scholarship Fund

Other Scholarships (List on File)

Student Leadership

Studies Abroad - Comparative Law

Summer Orientation

Video Year Book

3,744.62 $
3,438,22 1,065,20 3,456.71 9,779.00
17.80
516.46 4,042,20
958.66
7,536.07 23,458.19 28,817.44
71.78

1,200.00 $
130,066,52 1,969.09
330.00 8,981,44
32,880,00
658.24 12,370.00
27,900.00
337,60 700.00
22,500.00 5,800.00
389,551.42 560.00
39,598.95 29,269.00
65.17

135,38 $
130,066.52 1,391,09
295.65 7,099,84
42,490.00
658.24 11,935.35
27,900.00
346,11 4,379.80
276.22
22,473.00 5,800,00
371,386.42 560.00
40,315.74 30,831.41
136.95

4,809,24
578.00 3,438.22 1,065,20
34,35 5,338,31
169,00
434,65 17.80
170.35
1,382.44
27.00
25,701.07
22,741.40 27,255.03

$ 111,037.45 $ 893,400.61 $

892,426.91 $ 112,011.15

$

559,299.28 $ 13,500,224.43 $

13,731,793.08 $

327,730.63

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.
- 33-

GEORGIA COLLEGE CASH AND CASH EQUIVALENTS
JUNE 30, 1996

SCHEDULE "6"

INTEREST BEARING ACCOUNTS
Central and Southern Bank of Georgia, MilledgeviUe, Georgia
Certificates of Deposit (5.65% - 6,25%) Insured Money Market Account (3,55%)
Century Bank and Trust, Milledgeville, Georgia
Insured Money Market Account (3,25%)
Exchange Bank, MUledgeville, Georgia
Insured Money Market Accounts (2,55% - 3.25%)
First Uberty Bank, Macon, Georgia
N,O,W, Accounts (2.55%) Certificates of Deposit (5,75% - 5.85%) Insured Money Market Account (3.25%)
First National Bank of Baldwin County, MHledgeville, Georgia
Certificates of Deposit (5.82%)
State of Georgia - Office of Treasury and Fiscal Services State Investment Pool . Local Government Investment Pool (5.321%)
SunTrust Bank, Atlanta, Georgia
Cash Management Pool Board of Regents Total Retum Fund
OTHER
Cash on Hand Petty Cash

$ 375,000,00 95,096.84 $ 470,096,84

81,517,15

276,540.13

$ 535,497,95
325,000.00 117,893.59

978,391.54

689,000.00

3,673,470.01

1,267,970.83 $ 7,436,986.50

24,265.00
$ 7.461,251.50

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

GEORGIACOLLEGE INVESTMENTS JUNE 30, 1996
Bonds Georgia Education Authority(University) Bonds Bond Nos. 5005-5014
Investment Accounts Wachovia Bank of Georgia, Atlanta, Georgia Investment PortfolioAccount (One-Third Share of GilbertTrust Fund) Common Stock MoneyMarket Funds U. S. Government Securities

SCHEDULE '7"

$

45,806.17

$ 429,970,95 415,767,63 191,232.83

1,036,971.41

$ 1,082,777,58

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.
- 35-

GEORGIA COLLEGE ACCOUNTS RECEIVABLE
JUNE 30, 1996

SCHEDULE -8"

CURRENT FUNDS UNRESTRICTED

LOAN FUNDS

PLANT FUNDS RENEWALS AND
UNEXPENDED REPLACEMENTS

TOTAL

StateAppropriations

Allotment from the Boardof Regentsof the

UniversitySystemof Georgia

$

152,000.00

$ 152,000.00

Other Georgia StateFinancing and Investment
commission
Returned Checks Student Accounts StudentNctes
VendorCreditMemos
Other

23,545,70 131,244.59
$ 295,107.63
7,122,15

$ 1,831,232.25

88,343,02 $

8,647,00

96,990.02 23,545.70 131,244,59 1,831,232.25 295,107.63 7,122.15

$

f9,020,07 $ 1,831,232,25 $ 88,343,02 $

8,_.6.4.7.,;;;;.00._ $ 2,537,242,34

see accompanying natesand Independent AccountanfsCombined Report
on Review of Financial Statements and Supplementary Information.
-37 -

GEORGIACOLLEGE CHANGESIN INVESTMENT IN PLANT
YEAR ENDED JUNE 30. 1996

Land Buildings Improvements OtherThan Buildings Equipment Ubrary Books and Collections

BALANCE

CURRENT FUNDS

JULY 1.1995 UNRESTRICTED RESTRICTED

$ 634.079.21

37.910,146.38 $

159,719.16

2,658.590.08

7.580.554.62

1,399,127.43 $ 121.067.58

4,157.247.75

317,495.61

$ 52,940,618.04 $ 1,876,342.20 $ 121.067.58

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

SCHEDULE "9"

ADDITIONS
PLANT FUNDS RENEWALS AND
UNEXPENDED REPLACEMENTS

GEORGIA STATE FINANCING AND
INVESTMENT COMMISSION

PRIVATE GIFTS

DEDUCTIONS DISPOSALSI DELETIONSI ADJUSTMENTS

BALANCE JUNE 30, 1996

$ 634,079.21

$ 1,938,553.00 $

253,495.89 $ 2,688,491.18

42,950,405.61

158,106.47

2,816,696.55

17,513.61

145,288.39

$ 82,626.68 $

170,832.48

9,175,345.83

50,869.65

4,423,873.71

$ 2,114,173.08 $

398,784.28 $

2,688,491.18 $

82,626.68 $

221,702.13 $ 60,000,400.91

- 39-

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

NET INVESTMENT IN PLANT Invesbnent in Plant Facilities
RESTRICTED Designated for Subsequent Years' Expenditures
UNRESTRICTED Designated
For ArtComplex Construction Fund
For Bus Replacement Reserve
ForCaproaIPr~eds(Lotte~)
For Equipment, Technology and Construction Trust Fund
For Intercollegiate Athletics For Invento~ Reserve For Ubra~ Construction Fund For Renewals and Replacements Reserve For Subsequent Years' Expenditures Undesignated Surplus
Regular Lotte~ for Education

RESIDENT INSTRUCTION

CURRENT FUNDS

UNRESTRICTED

LOTIERYFOR

AUXILIARY

EDUCATION ENTERPRISES

STUDENT ACTIVITIES

$ $ 140,714.65

97.38 $

136,809.89 365,091.51

304,805.61 $

n,457.57

12,095.03 $ 152,809.68 $

0.00 97.38 $

806,707.01 $

n,457.57

$ 152,809.68 $

97.38 $

806,707.01 $

n.,.4..5...7....5...7..

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementa~ Information.
-40 -

SCHEDULE "10"

RESTRICTED

PLANT FUNDS

UNEXPENDED

LOTIERY FOR RENEWALSAND

REGULAR

EDUCATION REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$ 60,000,400.91 $ 60,000,400.91

$ 747,223.92

$ 747,223.92

$

53,153.80

$

$ 587.67

38,042.69

64,739.74

301,104.78

$

53,153.80

38,042.69

587.67

97.38 136,809.89 505,806.16 64,739.74 301,104.78 382,263.18

692.31 $ 118,585.85 $

0.00 587.67 $ _ _..3.;3;.;9;.,;1~;4..;7...;.4.;7.;...

12,787.34 0.00
$ 1,495,392.63

$ 747,223.92 $ 118,585.85 $

587.67 $

339,147.47 $ 60,000,400.91 $ 62,243,017.46

- 41 -

GEORGIA COLLEGE SCHEDULE OF REVENUES
CURRENT FUNDS YEAR ENDED JUNE 30. 1996

S1ate Appropriations Allotmentsfrom the Boardof Regentsof the UniversitySystem of Georgia RegUlar SpecialFunding Initiative Govemor's EmergencyFunds Lottery Proceeds
Other Revenues Retained Tuitionand Fees Matriculation Other
Federal Grants and Contracts Research and Instruction StudentAid Contract Overhead
State Grants and Contracts Researchand Instruction Student Aid Contract Overhead
LocalGrants and Contracts Researchand Instruction
PrivateGifts, Grants, and Contracts Researchand Instruction Student Aid
EndcwmentIncome Student Aid
Salesand services of Educational Activities
Salesand Servicesof AuxiliaryEnterprises
Other Sources Administrative Cost Allowances Cash Over-Short Extension and Public Service Interest Earned Rents Other

'RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

UNRESTRICTED AUXILIARY
ENTERPRISES

$ 20,253,151.00 3n,069.00 3,715.00 $
$ 20,633,935.00 $

429,483.00 429,483.00

$ 8,191,581.12 619,711.57

28,855.61

639.96

66,083.26
23,447.68 4.85
759,921.83 2,602.15
21.449.70 $ 9.714.297.73

$ 3,559,997.47
-55.47 40,732.54 286.934.14 $ 3,887,608.68

$ 30,348,232.73 $ 429,483.00 $

See accompanying notes and Independent Accountanfs Combined Report on Reviewof Financial Statementsand Supplementary Information.
-42-

SCHEDULE -11-

STUDENT ACTMTIES

TOTAL

RESTRICTED RESIDENT
INSTRUCTION

TOTAL

$ 20,253,151.00 3n,069.00 3,715.00 429,483.00
$ 21,063,418.00

$ 20,253,151.00 3n,069.00 3,715.00 429,483.00
$ 21,063.418.00

$ 8,191,581.12

$ 339,n2.81

959,484.38

$ 8,191,581.12 959,484.38

$ 241,299.38 7,982,461.44
28,855.61

241,299.38 7,982,461.44
28,855.61

639.96

818,856.76 2,209,595.85

818,856.76 2,209,595.85
639.96

120,094.09

120,094.09

188,513.78 401,759.50

188,513.78 401,759.50

66,083.26 3,559.997.47

276,915.n

276.915.n 66,083.26 3,559,997.47

-150.00 1,292.26 66.445.93

23,447.68 -200.62
759,921.83 42,024.80 2,602.15
374,829.n

23,447.68 -200.62
759,921.83 42,024.80 2,602.15
374.829.n

$ 407,361.00 $ 14,009.267.41 $ 12,239.496.57 $ 26,248,763.98

$ 407,361.00 $ 35,072,685.41 $ .12,239,496.57 $ 47,312,181.98

-43-

GEORGIACOLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDEDJUNE 30. 1996

SCHEDULE -12"

STUDENT ACTMTIES

TOTAL

RESTRICTED RESIDENT
INSTRUCTION

TOTAL

$

83,554.30 $ 19,428,700.34 $ 590,281.63 $ 20,018,981.97

4,011.38 5,454.70 6,472.66

1,332,291.20 2,005,504.16 2,060,898.85
162,083.00 5,391.00
141,265.00

32,195.69 38,968.62 30,096.09

1,364,486.89 2,044,472.78 2,090,994.94
162,083.00 5,391.00
141,265.00

$

99.493.04 .s 25,136,133.55 $ 691,542.03 $ 25,827,675.58

$

4,765.54 $ 313,781.71 $

38,538.95 $ 352,320.66

2,204.94

85,326.38

6.75

85,333.13

68,178.39

1,386,435.46

47,005.06 1,433,440.52

3,408.93

470,760.67

56,664.28

527,424.95

1,172,150.56

1,172,150.56

22,313.47

99,224.07

1,717.00

100,941.07

93,201.84

93,201.84

87,507.39 20,209.87

74,545.n 732,455.05 586,508.87 73,287.30

113,913.06 10,754,146.30
275,670.98 9,652.53

188,458.83 11,486,601.35
862,179.85 82,939.83

10,022.86 1,069.70 6,405.86

467,599.43 53,271.73 125,618.75
515,508.25 544,739.07

50,175.97 138.00
3,472.87 30,131.07 3,467.17

517,n5.40 53,409.73 129,091.62 545,639.32 548,206.24

44,578.93 63,694.84

203,949.92 341,246.17

39,186.97 3,000.00

243,136.89 344,246.17

2,610.08 14,794.14

57,695.00 46,635.37 1,201 ,863.52

9,891.47 111,176.11

57,695.00 56,526.84 1,313,039.63

$ 351,764.94 $ 8,645,804.89 $ 11,547,954.54 $ 20,193,759.43

$

2,261.87

2,250.00

16,701.68 2,575.20

1n,275.39

$ 201,064.14

$

2,261.87

2,250.00

16,701.68 2,575.20

1n,275.39

$ 201,064.14

-45-

GEORGIA COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30.1996
$ 30,162,626.91 $ 430,547.14 $ 3,544,492.65
See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.
-46-

SCHEDULE -12"

STUDENT ACTMTIES

TOTAL

RESTRICTED RESIDENT
INSTRUCTION

TOTAL

$ 258,456.67
19,143.75 24,368.82
4,472.16
$ 306,441.40
7,185.72 15.41
4,047.00 6,080.00 1,291.14
21,733.n 7,998.38 3,en.00
4,784.52 9,514.00
233,153.76
$ 605,922.10
$ 806,986.24

$ 258,456.67
19,143.75 24,368.82 4,472.16
$ 306,441.40
7,185.72 15.41
4,047.00 6,080.00 1,291.14
21,733.n 7,998.38 3,6n.00
4,784.52 9,514.00
233,153.76
$ 605,922.10
$ 806,986.24

$ 451,257.98 $ 34.588.924.68 $ 12.239A96.57 $ 46,828,421.25

-47 -

GEORGIA COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
PLANT FUNDS YEAR ENDED JUNE 30. 1996

SCHEDULE "13"

UNEXPENDED

LOTIERYFOR

REGULAR

EDUCATION

RENEWALS AND REPLACEMENTS

TOTAL

CAPITAL OUTLAY

Motor Vehicle Expense Supplies and Materials Repairs and Maintenance Other Expenses EqUipment
Non-Inventory Software Per Diem, Fees and Contracts
Per Diem and Fees Contracts Equipment Motor Vehicle Purchases Inventory

$

$

9,408.39 $

4,463.82

214,926.09

100,183.16

660.00

1,075.20

17,972.74

5,753.46 1,407,814.76

67,802.00 '

17,513.61

94.91 $ 1,733.28 136,605.57

94.91 15,605.49 451,714.82
660.00

20,518.95 145.45

39,566.89 145.45

7,091.05 138,812.46

12,844.51 1,614,429.22

62,000.00 83,288.39

62,000.00 100,802.00

$ 1,639,637.90 $ 207,935.33 $

450,290.06 $ 2,297,863.29

CAPITAL OUTLAY-GEORGIA COLLEGE

Repairs and Maintenance Other Operating Expenses Per Diem, Fees and Contracts
Contracts

$

32,559.50

240.00

267,200.50

$

32,559.50

240.00

267,200.50

$ 300,000.00

$ 300,000.00

$ 1,639,637.90 $ 507,935.33 $

450,290.06 $ 2,597,863.29

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 48-

GEORGIA COLLEGE RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL
YEAR ENDED JUNE 30, 1996

SCHEDULE "14"

Totals per Annual Supplement
Adjustments Shared Services on JoinUyStaffed Personnel Fort Valley State University Yasin, Jahad Kennesaw State College Archie,lkuko

SALARIES AND WAGES
$ 20,275,538,64 $

TRAVEL 359,506.38

1,600,00 300.00

Totals per Report

$ 20,277,438.64 $ 359,506.38

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

$ 17,937,605.09 $
258,456.67
1,407,540.95 83,554.30
590,281.63

284,260.21 6,540.97 644.75
24,755.96 4,765.54
38,538.95

$ 20,277,438.64 $ 359,506.38

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.
- 49-

SECTlONll FINDINGS ANDIMPROPER OR QUESTIONED COSTS

GEORGIA COLLEGE SCHEDULE OF FINDINGS ANDIMPROPER OR OUESTIONED COSTS
YEARENDED JUNE 30. 1996
CURRENT YEAR
MATCHING, LEVEL OF EFFORT, AND/OR EARMARKING Untimely Institutional Capital Contribution Deposit Federal Financial Assistance Perkins Loan Funds (84.038) Audit ControlNumber 536-96-01
Federal regulation (34 CPR674.19) requires colleges to deposittheir institutional capital contributions to the Perkins Loanfund priorto or at the sametime the College deposits anyFederal capital contribution. During the year under review, one ofthe College's institutional capital contribution deposits was made five months after the deposit ofthe Federal capital contribution.
This noncompliance is a result of an oversight on the College's part. TheCollege should implement procedures to ensurethat funds are deposited as required by Federal regulations.