~A A'ifOO ,rll GttS tt:i1'- ~6 STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA. GEORGIA 30334 AUDIT REPORT STATE OF GEORGIA GEORGIA INSTITUTE OF TECHNOLOGY ATLANTA, GEORGIA YEAR ENDED JUNE 30, 1995 GEORGIA INSTITUTE OF TECHNOLOGY - TABLE OF CONTENTS - SECTION I FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION EXHIBITS FINANCIAL STATEMENTS A COMBINED BALANCE SHEET ALL FUND GROUPS 2 B COMBINED STATEMENT OF CHANGES IN FUND BALANCES ALL FUND GROUPS 4 C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES 6 D NOTES TO THE FINANCIAL STATEMENTS 7 SUPPLEMENTARY INFORMATION E COMBININGBALANCESHEET CURRENT FUNDS - UNRESTRICTED 24 F COMBINING STATEMENT OF CHANGES IN FUND BALANCES CURRENT FUNDS - UNRESTRICTED 25 COMBINING STATEMENTS OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES G UNRESTRICTED 26 H RESTRICTED 27 SCHEDULES SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 1 RESIDENT INSTRUCTION 28 2 LOTTERY FOR EDUCATION 31 3 OTHER ORGANIZED ACTMTIES 32 SCHEDULES OF OPERATIONS 4 LOAN FUNDS 36 5 ENDOWMENT AND SIMILAR FUNDS 38 6 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS AGENCY FUNDS 40 SCHEDULES OF OTHER ORGANIZED ACTIVITIES 7 BALANCE SHEET 42 8 CHANGES IN FUND BALANCE 43 9 REVENUES, EXPENDITURES AND OTHER CHANGES 44 GEORGIA INSTITUTE OF TECHNOLOGY - TABLE OF CONTENTS - SECTION I FINANCIAL SUPPLEMENTARY INFORMATION SCHEDULES 10 CASH AND CASH EQUIVALENTS 11 INVESTMENTS 12 ACCOUNTS RECEIVABLE 13 CHANGES IN INVESTMENT IN PLANT 14 SCHEDULE OF FUND BALANCES CURRENTFUNDSANDPLANTFUNDS SCHEDULES OF REVENUES 15 CURRENT FUNDS 16 OTHER ORGANIZED ACTIVITIES SCHEDULES OF EXPENDITURES BY OBJECT 17 CURRENT FUNDS 18 PLANT FUNDS 19 OTHER ORGANIZED ACTIVITIES 20 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS Page 46 47 49 50 52 54 56 58 69 70 78 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 February 1, 1996 Honorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia and Honorable G. Wayne Clough, President Georgia Institute ofTechnology INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION Ladies and Gentlemen: We have audited the accompanying financial statements (Exhibits A through D) of Georgia Institute of Technology as of and for the year ended June 30, 1995. These financial statements are the responsibility of the Institute's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the Institute to prepare its financial statements on a basis which is not consistent with generally accepted accounting principles with respect to the recording of encumbrances as expenditures and liabilities. To conform with generally accepted accounting principles, encumbrances should be recorded as a reservation of fund balance. The effects on the financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material. As discussed in Note I to the financial statements, the Institute 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 95ARL-62 decreased by $15,576,163.22 as of June 30, 1995, and the net change in fund balance for the year ended June 30, 1995, would be decreased by $1,710,767.59. In our opinion, except for the effects on the financial statements ofthe matters discussed in the third and fourth paragraphs, the financial statements referred to above present fairly, in all material respects, the financial position of Georgia Institute of Technology as of June 30, 1995, and the changes in fund balances and the current operating funds revenues, expenditures, and other changes for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplementary information (Exhibits E through H and Schedules 1 through 20) is presented for purposes of additional analysis and is not a required part of the financial statements of Georgia Institute of Technology. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, except for the effects of the matters discussed in the third and fourth paragraphs, such information is fairly presented in all material respects in relation to the financial statements taken as a whole. Respectfully submitted, ~~ Claude L. Vickers State Auditor CLV:gp 95ARL-62 FINANCIAL STATEMENTS - 1- GEORGIA INSTITUTE OF TECHNOLOGY COMBINED BALANCE SHEET ALL FUND GROUPS JUNE 30, 1995 ASSETS cash and cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Investment in Plant Total Assets LIABILITIES AND FUND BALANCES Liabilities cash Overdraft Accounts Payable Salaries Payable Student Deposits Deferred Revenue Tuition and Fees Deposits Held in Custody for Others Capital Lease Obligations Total Liabilities Fund Balances U.S. Government Grants Refundable Institutional Loans - Restricted Endowment Quasi-Endowment - Restricted Quasi-Endowment - Unrestricted Net Investment in Plant Restricted Unrestricted Total Fund Balances Total Liabilities and Fund Balances CURRENT FUNDS UNRESTRICTED RESTRICTED LOAN FUNDS $ 27,602,790.08 $ 50.00 $ 21,417.36 6,503,054.47 21,241,412.03 3,398,227.33 2,998,n1.09 1,183,446.19 5,964,457.46 $ 40,502,892.97 $ 21,262,829.39 $ ==7='1==4=7=,903==.65= $ $ 20,897,722.81 841,205.08 142,313.45 9,259,449.63 9,549,237.53 $ 31,140,690.97 $ 9,549,237.53 $ 5,447,332.63 1,700,571.02 $ 11,713,591.86 $ 9,362,202.00 $ 9,362,202.00 $ 11,713,591.86 $ 7,147,903.65 $ 40,502,892.97 $ 21,262,829.39 $ ====7=,1=4=7'=903==.65= The notes to the financial statements are an integral part of this statement. -2- EXHIBIT"A" ENDOWMENT AND SIMILAR FUNDS UNEXPENDED PLANT FUNDS RENEWALS AND REPLACEMENTS INVESTMENT IN PLANT AGENCY FUNDS TOTAL (Memorandum Only) $ 15,645,790.99 $ 11,631,066.43 3,952,686.31 $ 4,751,280.11 3,844,490.90 $ $ 728,242,413.81 3,322,625.85 $ 55,551,830.32 11,652,533.79 38,460,204.07 3,398,227.33 2,998,n1 .09 728,242,413.81 $ 27,276,857.42 $ 8,703,966.42 $ 3,844,490.90 $ 728,242,413.81 $ 3,322,625.85 $ 840,303,980.41 $ $ $ 21,045,337.13 280,369.48 5,951,150.81 $ $ 27,276,857.42 $ 8,645,746.26 $ 8,645,746.26 $ 58,220.16 $ 58,220.16 $ 1,909,058.45 $ $ 1,909,058.45 $ 365,014.08 365,014.08 $ $ 1,935,432.45 1,935,432.45 $ 121,8n,399.73 727,8n,399.73 $ 1,916,865.55 1,405,760.30 3,322,625.85 $ 9,549,237.53 33,369,393.07 841,205.08 142,313.45 9,259,449.63 1,405,760.30 365,014.08 54,932,373.14 $ 5,447,332.63 1,700,571.02 21,045,337.13 280,369.48 5,951,150.81 727,8n,399. 73 11 ,713,591.86 11,355,854.61 $ 785,371,607.27 $ 27,276,857.42 $ 8,703,966.42 $ 3,844,490.90 $ 728,242,413.81 $ 3,322,625.85 $ 840,303,980.41 -3- GEORGIA INSTITUTE OF TECHNOLOGY COMBINED STATEMENT OF CHANGES IN FUND BALANCES ALL FUND GROUPS YEAR ENDED JUNE 30. 1995 REVENUES AND OTHER ADDITIONS Unrestricted Current Fund Revenues State Appropriations Major Repairs/Rehabilitation Funds Lotte,y Proceeds Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Endowment Other Interest on Loans Receivable Adjustments Prior Years Expenditures/Accounts Payable Prior Years' Checks Voided Funded by the Board of Regents of the University System of Georgia Prior Year's Unrestricted Fund Balance (Deficit) Expended for Plant Facilities Current Funds Plant Funds Unexpended Renewals and Replacements Georgia State Financing and Investment Commission Other Additions Late Fees Total Revenues and Other Additions EXPENDITURES AND OTHER DEDUCTIONS Educational and General Expenditures Auxilia,y Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) Adjustments Prior Years' Revenues/Accounts Receivable Loan Cancellations and Write-Offs Administrative and Collection Costs Capital Losses on Investments Expended for Plant Facilities Capitalized Noncapitalized Disposals/Deletions/Adjustments Total Expenditures and Other Deductions TRANSFERS BETWEEN FUNDS Nonrnandato,y Renewals and Replacements Capital Projects General Operations Total Transfers Between Funds Net lncrease/(Decrease) for the Year FUND BALANCES JULY 1 1994 FUND BALANCES JUNE 30 1995 The notes to the financial statements are an integral part of this statement. 4 CURRENT FUNDS UNRESTRICTED RESTRICTED LOAN FUNDS $ 264,903,963.77 $ 132,168,157.79 9,324,443.42 311,249.98 32,339,172.89 $ 4.472,549.76 401,019.22 28,509.82 12.00 93,558.62 166,438.64 8,556.66 $ 265,333,504.81 $ 178,615,573.84 $ _____2_68__,5_5_3_._92_ $ 238,494,321.03 $ 144,748,381.00 24,059,267.44 27,606,659.44 369,718.62 $ 62,022.93 11,673.47 $ 262,923,307.09 $ 172,355,040.44 $ ____73._,696=.;;_,_"40"- $ -2,090,732.54 -1,696,557.02 $ -5,487,209.79 1,312,393.55 -1,312,393.55 $ -2,474,896.01 $ -6, 799,603.34 $ -64,698.29 $ -539,069.94 $ 9,426,900.29 12,252,661.80 194,857.52 6,953,046.13 $ 9,362,202.00 $ 11,713,591.86 $ 7,147,903.65 EXHIBIT"B" ENDOWMENT AND SIMILAR FUNDS UNEXPENDED PLANT FUNDS RENEWALS AND REPLACEMENTS INVESTMENT IN PLANT TOTAL (Memorandum Only) $ 4,159,000.00 1,345,000.00 1,593,061.79 $ 144,664.94 499,511.21 2,352,770.03 58,220.52 $ $ 644,176.15 $ 9,508,052.34 $ $ 1,117.43 $ 5,025,175.89 264,903,963.77 4,159,000.00 1,345,000.00 133,761,219.58 9,324,443.42 311,249.98 39,955,342.37 4,972,060.97 58,220.52 166,438.64 402,136.65 28,509.82 1,117.43 $ 29,294,671.99 15,931,236.18 1,903,348.22 131,256,942.83 183,411,375.11 $ 12.00 29,294,671.99 15,931,236.18 1,903,348.22 131,256,942.83 8,556.66 637,782,353.60 $ 383,242,702.03 24,059,267.44 27,606,659.44 $ 12.00 12.00 $ 207,893.05 369,718.62 62,022.93 11,673.47 207,893.05 15,931,236.18 $ 702,362.81 1,903,348.22 847,458.92 $ 17,617,060.93 17,834,584.40 1,549,821.73 17,617,060.93 $ 207,893.05 $ 16,633,610.99 $ 2,750,807.14 $ 17,617,060.93 $ 472,561,416.04 $ $ $ 436,283.10 $ 26,840,574.32 $ 7,183,766.81 7,183,766.81 $ 58,208.16 $ 12.00 2,090,732.54 2,090,732.54 -658,957.17 $ 2,594,389.62 $ $ 165,794,314.18 $ 562,083,085.55 0.00 0.00 0.00 0.00 165,220,937.56 620,150,669.71 $ 27,276,857.42 $ 58,220.16 $ 1,935,432.45 $ 727,877,399.73 $ 785,371,607.27 -5 - GEORGIA INSTITUTE OF TECHNOLOGY STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES. AND OTHER CHANGES YEAR ENDED JUNE 30, 1995 EXHIBITc 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 Total Revenues EXPENDITURES Educational and General Instruction Research Public Service Academic Support Student Service& Institutional Support Operation and Maint8nanc:e of Plant Scholarships and Fellowships Auxiliary Enterprises Student Housing Food Services Stores and Shops Intercollegiate Athletics Other Service Units Total Expenditures OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS} Excess of Restricted Receipts over Transfers to Revenues Tl'W\Sfers for Renewal& and Replacements Transfers for Capital Projects Transfers for General Operations Prior Period Adjustments (Net) Funded by the Board of Regents of the University System of Georgia Prior Year's Unrestricted Fund Balance (Deficit) Total Other Transfers and Additions/(Deductions) UNRESTRICTED RESTRICTED TOTAL (Memorandum Onl~l $ 136,887,132.00 $ 136,887,132.00 60,628,,409,75 60,628,,409.75 25,613,475.35 $ 105,857,684.46 131,471, 159.81 411,199.57 8,354,887.53 8,766,087.10 55,172.98 253,834.44 309,007.42 1,526,811.54 29,867,277.63 31,394,089.17 414,696.94 414,696.94 4,212,251.97 4,212,251.97 27,951,081.14 27,951,081.14 7,618,429.47 7,618,429.47 $ 264,903,963.77 $ 144,748,381.00 $ ,409,652,344.77 $ 86,564,249.60 $ 13,072,890.81 $ 99,637,140.41 42,720,760.88 109,424,750.68 152, 145,511.56 9,112,245.01 5,914,310.78 15,026,555.79 19,183,574.99 ,409,725.21 19,593,300.20 8,605,090.28 259,021.13 8,864,111.41 42,035,014.49 2,084,652.71 44,119,667.20 16,401,413.78 29,376.51 16,430,790.29 13,871,972.00 13,553,653.17 27,425,625.17 8,233,187.80 6,473,838.37 2,195,980.77 1,342,275.20 5,813,985.30 8,233,187.80 6,473,838.37 2,195,980.77 1,342,275.20 5,813,985.30 $ 262,553,588.47 $ 144,748,381.00 $ 407,301,969.47 $ 6,260,533.40 $ 6,260,533.40 $ -2,090,732.54 -2,090,732.54 -1,696,557.02 -5,487,209.79 -7, 183,766.81 1,312,393.55 -1,312,393.55 0.00 59,810.42 59,810.42 12.00 $ -2,415,073.59 $ -539,069.94 $ 12.00 -2,954, 143.53 Net lncrease/(Decrease) in Fund Balances $ -64,698.29 $ -539,069.94 $ ==-603=='7=68==23= The notes to the financial statements are an integral part of this statement. -6 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY Georgia Institute of Technology is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Georgia Institute of Technology 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 Institute of Technology does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Georgia Institute of Technology is considered an organizational unit of the Board ofRegents 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 ofthe resources available to the Institute, the accounts of the Institute are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. Within each fund group, the Institute'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 Institute retains full control to use for purposes of performing the primary functions of the Institute, 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 INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT"D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FUND ACCOUNTING LOAN FUNDS The fund used to account for resources which have been made available for financial loans to students. ENDOWMENT AND SIMILAR FUNDS The fund used to account for endowment funds and quasi-endowment funds. Endowment funds are subject to the restrictions ofgift instruments requiring that the principal be invested in perpetuity and income only be utilized. While quasi-endowment funds have been established by the Institute for the same purposes as endowment funds, any portion of quasi-endowment funds may be expended. Restricted quasi-endowment funds may be expended only for the purposes established by the source of such funds. PLANT FUNDS UNEXPENDED - the fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. RENEWALS AND REPLACEMENTS - the fund used to account for resources set aside for the renewal and replacement of institutional properties. INVESTMENT IN PLANT - the fund which shows the total amounts representing the book value of all physical properties owned by the Institute. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the Institute less the amount of any indebtedness to others. AGENCY FUNDS The fund used to account for resources held by the Institute 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' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. Contractual obligations for 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, - 8- GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING 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 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 Institute relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$15,576,163.22 and the related current year expenditure ofSI,710,767.59 have not been reported in the current funds as required by generally accepted accounting principles. Prior period adjustments are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with 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 ofthis departure is deemed to be immaterial to the fair presentation ofthe financial statements. It is the policy ofGeorgia Institute ofTechnology to record assets acquired through capital leases as additions to Investment in Plant when received at the total acquisition cost including interest. The liability for such leases at fiscal year-end is recorded in Investment in Plant including interest. This presentation differs from generally accepted accounting principles in that the assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception of the agreement at the net present value of the future minimum lease payments, not to exceed the fair value of the leased property. The effect of this departure is deemed to be immaterial to the fair presentation 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 expended by the Georgia State Financing and Investment Commission on behalf of the Institute. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. - 9- GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 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 appropriation allotments for 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 19941995. 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 organiz.ational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: Resident Instruction Personal Services - Education, General and Departmental Services Research Consortium Lottery for Education Georgia Research Alliance Special Funding Initiatives Other Organized Activities - Agricultural Research $ 669 Q62.Q2 $ 3Q3,34Q.7Q $ 1.352.652.62 $ 193 46 $ 3 835.07 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 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 Institute 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 ofreimbursements 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. - 10 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES INVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost based on the first-in, first-out method. Inventories ofgoods for resale are valued at cost based on the weighted average method. PREPAID ITEMS Prepaid items are payments made to vendors in advance of the receipt of goods 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" to indicate that these totals are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: (I) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations of the United States or ofthe State of Georgia. (2) Bonds, bills, certificates ofindebtedness, notes, 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 of the bonds for this purpose. (4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. - 11 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXIIlBIT "D" NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (5) Bonds, bills, certificates ofindebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land 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) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board of Regents of the 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. CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all banlc balances which include demand deposits and/or interest bearing accounts. The banlc balances as of June 30, 1995, are categorized below in order to provide information about the 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 Institute or by its agent in the Institute's name. Category 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the Institute's name. Category 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the lnstitute's name, and amounts uncollateralized. Cash Deposits htvestment Portfolio Accounts Total Cash Deposits Carrying Amount Bank Balances Risk Categories 2 3 s $-11,525,352.82 $ 2,565,408.01 $ 396,417.99 187,621.45 187,621.45 139,601.83 0.00 $ 2,168,990.02 0.00 48,019.62 s S,,J JJJZ 731 JZ S 2 ZSJ 02246 $ 536 Ql2 82 QOO S 2JIZ00964 - 12 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS CATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the three categories described below: Category 1 - Insured or registered, or securities held by the Institute or its agent in the Institute's name. Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the Institute's name. Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Institute's name. The carrying amounts of investment balances as of June 30, 1995, are categorized below: Type ofInvestment Risk Cat!,gories 2 3 Carrying Amount Market Value Common Stock Convertible Bonds Corporate Bonds Foreign Bonds Preferred Stock Repurchase Agreement U. S. Government Securities and Corporate Obligations $ 592,081.67 $ 592,081.67 $ 1,135,345.60 $ 90,500.00 90,500.00 99,500.00 957,554.09 957,554.09 928,315.87 371,262.00 371,262.00 340,765.00 4,228.75 4,228.75 4,228.75 $ 9,000,000.00 9,000,000.00 9,000,000.00 21,988.67 9,425,839.05 9,447,827.72 9,647202.60 $ 618~99 09 $10,845 lSS H $ 9 000 000,00 $20,463,454.23 $21,155,357.82 Investments Not Subject to Categoriz.ations: Board ofRegents Legal Fund Total Return Fund Real Estate State Investment Pool 2,043,291.02 15,833,386.57 1,458.11 30,507368.02 2,108,715.48 22,657,095.60 49,780.00 30,507368.02 Total Investments $68,848 257 2S $76 478316 92 Funds invested in an investment pool managed by another governmental entity are not required to be categorized since the Institute did not own any specific, identifiable investment securities ofthe pool. NOTE 3: INVESTMENT IN PLANT The following is a summary oflnvestment in Plant fixed assets as of June 30, 1995: - 13 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT"D" NOTE 3: INVESTMENT IN PLANT Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections $ 26,693,180.28 420,014,960.86 20,339,264.87 223,337,348.06 37,857,659.74 Total Investment in Plant $728,242,413.81 NOTE 4: OPERATING LEASES Georgia Institute ofTechnology has entered into certain agreements to lease office space and equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date ofthe original term of the lease, the Institute has the option of renewing the lease on a year-to-year basis. Future minimum lease payments for operating leases as of June 30, 1995, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. Fiscal Year Ending June 30 1996 1997 1998 $ 3,558,152.24 11,821.00 4,375.00 Total Future Minimum Lease Payments $ 3,574 348.24 Expenditures for rental of office space and equipment under operating leases for the year ended June 30, 1995, totaled $672,104.13. NOTE 5: CAPITAL LEASES Georgia Institute of Technology acquires certain equipment through multi-year capital leases with varying terms and options. These agreements contain fiscal funding clauses in accordance with Official Code of Georgia Annotated Section 50-5-64 which prohibits the creation of a debt to the State of Georgia for the payment ofany sums under such agreements beyond the fiscal year of execution if appropriated funds are not available. Ifrenewal ofsuch agreements is reasonably assured, however, capital leases requiring appropriation by the General Assembly of Georgia are considered noncancellable for financial reporting purposes. As of June 30, 1995, future minimum lease payments under capital leases are as follows: - 14 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTE 5: CAPITAL LEASES Fiscal Year Ending June 30 1996 1997 1998 1999 2000 $ 190,416.97 95,732.73 39,985.09 29,995.49 8,883.80 Total Future Minimum Lease Payments $ 365,014.08 NOTE 6: RISK MANAGEMENT Georgia Institute ofTechnology is a participant in the Board ofRegents of the University System of Georgia Health Benefits Plan, which is a self-insurance program ofhealth and dental benefits for employees and retirees ofthe University System of Georgia. The Institute and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the audit report ofthe Board ofRegents ofthe University System of Georgia - Administrative Central Office. All units ofthe University System of Georgia share the risk of loss for claims of the Health Benefits 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 Health Benefits Plan as established by the Board ofRegents. The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS services claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts ofcommercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The Institute, 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 state agencies by DOAS to provide claims servicing and claims payment. A self-insured program of professional liability for its employees was established by the Board of Regents of the University System ofGeorgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out ofthe performance oftheir duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund. - 15 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXIDBIT "D" NOTE 7: DEFERRED COMPENSATION PLAN The State ofGeorgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees ofthe State of Georgia and county health departments, pennits such employees to defer a portion oftheir salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights 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 is presented in the financial report of the State Personnel Board - Merit System ofPersonnel Administration for the year ended June 30, 1995. NOTE 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Plan Description Georgia Institute of Technology participates in the Teachers Retirement System of Georgia (TRS), a costsharing multiple-employer public employee retirement system (PERS) established by the General Assembly ofGeorgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The Institute's payroll for the year ended June 30, 1995, for employees covered by TRS was $113,950,777.97. The Institute's total payroll for all employees was $211,459,999.06. Benefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member ( 1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age of 55 years and has at least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years of service multiplied by the number ofyears of creditable 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 normal 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 10 years of service) and compensation up to the date of death or up to the time of disability. - 16 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTE 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Benefits 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. Contributions Required and Contributions Made Employees of the Institute who are covered by TRS are required to pay 5% of their gross earnings to TRS. The Institute makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1995, the employer contribution rate was 11.81% for covered employees. In addition, the Institute contributed 5.60% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.50%. Total contributions to the plan made during fiscal year 1995 amounted to $22,288,329.78, of which $16,590,783.51 was made by the Institute and $5,697,546.27 was made by employees. These contributions represented 14.56% (Institute) and 5% (employees) of covered payroll. Funding Status and Progress Pension Benefit Obligation The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value of credited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers of the PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS. The total unfunded pension benefit obligation ofTRS as of June 30, 1994, which was the latest information available, was as follows: Total pension benefit obligation $ 15,313,743,000.00 Net assets available for benefits, at cost 14,254,785,000.00 Unfunded pension benefit obligation $ 1.058,958,000,00 The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available for benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. - 17 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTES: RETIREMENTPLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Funding Status and Progress Retirement System Contributions Total contributions from all employers to TRS for the year ended June 30, 1995, were $565,117,811.00. The Institute's contribution for the year ended June 30, 1995, of$16,590,783.51 was actuarially determined and represented 02.9358% of total contributions made by all participating employers. Trend Information Historical trend information is presented in the financial report ofTRS for the year ended June 30, 1995. This information gives an indication of the progress made in accumulating sufficient assets to 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. State legislation requires 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 non- forfeitable at all times. The Institute's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1995, was $55,949,939.66. The Institute's total payroll for all employees was $211,459,999.06. The Institute and the covered employees made the required contributions of $2,256,869.15 (4%) and $2,821,419.85 (5%), respectively. GEORGIA DEFINED CONTRIBUTION PLAN Plan Description Georgia Institute of Technology participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia in July 1993 for the purpose ofproviding 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 of Georgia. The Institute's payroll for the year ended June 30, 1995, for employees covered by GDCP was $9,680,502.49. The Institute's total payroll for all employees was $211,459,999.06. Benefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member - 18 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXIDBIT "D" NOTES: RETIREMENTPLANS GEORGIA DEFINED CONTRIBUTION PLAN Benefits has less than$ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her 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 ofemployment, the amount of the member's account is refundable upon request by the member. Total contributions made by employees during fiscal year 1995 amounted to $726,070.15 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. NOTE 9: LEAVE POLICIES Employees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Basis of Accounting (Compensated Absences) Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. NOTEl0: CONTINGENCIES Amounts received or receivable from granter agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the Institute expects such amounts, if any, to be immaterial to its overall financial position. Litigation, claims and assessments filed against Georgia Institute of Technology (as an organizational unit of the Board of Regents of the University System of Georgia), if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1995. - 19 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTE 11: POSTE:MPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board ofRegents ofthe University System ofGeorgia has established group health and life insurance programs for employees of the University System of Georgia. It is the policy of the Board of Regents 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 life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years of service with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. As of June 30, 1995, there were 630 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1995, Georgia Institute of Technology recognized as incurred $2,652,989.22 of expenditures, which was net of $875,263.99 of participant contributions. NOTE 12: SPONSORED OPERATIONS FRINGE BENEFITS Georgia Institute ofTechnology utiliz.es a fixed rate structure for recording expenditures offringe benefits on contracts for sponsored operations. Rates are based on studies performed by consultants and are adjusted periodically based on historical costs as well as anticipated costs. At June 30, 1995, the liability accounts for these charges had a net credit balance of $365,405.12 which resulted from variances between actual costs of sponsored benefits and amounts charged to fringe benefits based on approved rates. This amount is included in accounts payable of the Current Funds on the financial statements. NOTE 13: BONDING INFORMATION The President and all employees of Georgia Institute of Technology 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, 1995. Under this agreement, the public employee dishonesty coverage insures Georgia Institute ofTechnology to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance ofduty coverage insures the Institute to a maximum of $1,000,000.00 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 ofGeorgia Institute ofTechnology are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626 011675 2 and 626 012294 4, on which the premiums were paid to October 1, 1995. Under these additional public employee dishonesty coverages, the policies insure the Institute to a maximum of$9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. - 20 - GEORGIA INSTITUTE OF TECHNOLOGY NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 1995 EXHIBIT "D" NOTE14: ENROLLMENT The equivalent full-time student enrollment of Georgia Institute of Technology was as follows: Regular Term Fall Quarter, 1994 Winter Quarter, 1995 Spring Quarter, 1995 12,412 11,819 11,100 Average 11,777 Summer School, 1994 4 912 - 21 - SUPPLEMENTARY INFORMATION - 23 - GEORGIA INSTITUTE OF TECHNOLOGY COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED JUNE 30 1995 EXHIBIT"E" RESIDENT INSTRUCTION LOTTERY FOR EDUCATION OTHER ORGANIZED ACTIVITIES AUXILIARY ENTERPRISES STUDENT ACTIVITIES TOTAL C8sh and cash Equivalents ll"Mlltmenls Account11 Receivable ll'll/elllories Prepaid Items Total Assets $ 11,610,135.34 $ 2,398,886.57 859,149.93 2,620,220.93 6,305,157.28 $ 2,555,915.78 $ 1,569,651.62 329,029.25 6,618,817.50 $ 50.00 2,236,723.28 2,539,077.40 47154.91 512,764.18 $ 297,793.00 2,366.00 27,602,790.08 50.00 6,503,054.47 3,398,227.33 2 19 9 81n u 1 9 s $ 11,488,392.n 61305, 157.28 $ 4,454,596.65 $ 1\441,823.09 $ 8121923.18 $ 4015021892.97 LIABILITIES AND FUND BALANCES Liabilities Accounts Payable Salaries Payable student Depo&its Deferred Revenue Tuition and Fees Total Liabilities Fund Balances Unrestricted $ 10,917,946.93 $ 6,297,145.21 $ 2,985,285.99 $ 573,238.07 219,232.80 647,499.13 $ 39,531.56 142,313.45 5,357,516.07 651,657.33 2,837,900.65 $ 16,848,701.07 $ 6,297,145.21 $ 3,856,176.12 $ 3,667,244.79 $ 639,691.70 81012.07 598,420.53 7 774 578.30 49,845.55 $ 9,202.65 20,897,722.81 841,205.08 142,313.45 412,375.58 9,259,449.63 471,423.78 $ 31, 140,690.97 341,499.40 9.362.202.00 Total Liabilities and Fund Balances $ 17,488,392.77 $ 6,305,157.28 $ 4,454,596.65 $ 11,441,823.09 $ 812,923.18 $ 40,502,892.97 See notes to the financial statements. -24- !:aEORGIA IN~TITUTE QE Il;QHNQLQ@Y QQM~INING STATEMENT QE CHANGES IN FUND M~NCl;S Q!JRRENT F!,!NQ !Jt:!RfiSTRICTEQ YEAR Et:!ClE[) JUt:!E 30 1995 EXHIBIT"F" RESIDENT INSTRUCTION LOTTERY FOR EDUCATION OTHER ORGANIZED ACTIVITIES AUXILIARY ENTERPRISES STUDENT ACTIVITIES TOTAL BEVENU~ 6t:IQ QT!::!ER ~ITIQt:I~ Unnl8tricted Current Fund Revenues Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Funded by/Remittances to the Board of Regents of the University System of Georgia Prior Year's Unrestricted Fund Balance (SUrplus/Deficit) $ 180,503,602.55 $ 258,530.97 26,836.32 155134.99 9,844,866.00 $ 40,863,936.78 $ 30,862,526.85 $ 110,891.71 15.80 28,860.17 178.00 -155, 122.99 2,829,031.59 $ 264,903,963.77 2,736.37 1,479.70 401,019.22 28,509.82 12.00 Total Revenues and other Additions EXPENDITURES At:IIJ Q!!:IEB DEDUCTIQt:1 Educational and General Expenditures Auxiliary Enterprises Expenditures Adjustments Prior Years' Revenues/Accounts Receivable Total Expenditures and other Deductions TRANEERS ~~Elit:1 F!JNQ Nonmandatory Renewals and Replacements Cepital Projects General Operations In Lieu of State Appropriations $ 180,944,104.83 $ $ 185,067,124.31 $ 142 016.31 $ 185,209,140.62 $ $ 1,221,395.59 $ 3,090,695.00 9,844,866.00 $ 40,819,721.30 $ 30,891,565.02 $ 9,912,972.89 $ 40,708,746.09 $ $ 24,059,267.44 14 418.69 206,978.49 9,912,972.89 $ 40,723,164.78 $ 24,266,245.93 $ 76,118.96 $ -2,090,732.54 -1,696,557 .02 $ -3,090,695.00 2,833,247.66 $ 265,333,504.81 2,805,477.74 $ 238,494,321.03 24,059,267.44 6 305.13 369,718.62 2,811,782.87 $ 262,923,307.09 $ 14,879.00 -2,090, 732.54 -1,696,557.02 1,312,393.55 0.00 Total Transfers Between Funds $ 4,312,090.59 $ 76118.96 $ -6,877,984.56 $ 14,879.00 $ -2,474,896.01 Net lncrease/(Decrease) for the Year $ 47,054.80 $ 8,012.07 $ 96,556.52 $ -252,665.47 $ 36,343.79 $ -64,698.29 flJNIJ BALAt:!QES JULY 1 1994 592,636.90 0.00 501,864.01 8,027,243.77 305,155.61 9,426,900.29 FUND BA~NCES JUN!; ~ 1995 $ 639,691.70 $ 8,012.07 $ 598,420.53 $ 7,774,578.30 $ 341,499.40 $ 9,362,202.00 See notes to the financial statements. -25- GEORGIA INSTITUTE OF TECHNOLOGY COMBINING STATEMENT OF CURRENT FUNDS REVENUES EXPENDITURES ANO OTHER CHANGES UNRESTRICTED YEAR ENDED JUNE 30 1995 EXHIBJT "G" RESIDENT INSTRUCTION LOTTERY FOR EDUCATION OTHER ORGANIZED ACTMTIES AUXILIARY ENTERPRISES STUDENT ACTMTIES TOTAL REVENUES State Appropriation& Tuition and Fees Fedenll Grants and Contracts State Grants and Cantnlcts l.0cal Grants and contracts Private Gift&, Granls, and Contracts Sales and SeNicN d Educational Ac:tiYities Sales and Services d Auxiliary Enterprises other Sources $ 111,450,525.00 $ 53,099,271.68 8,935,446.41 305,828.07 23,260.72 838,934.13 3, 106,055.95 2,744,280.59 9,844,866.00 $ 15,591,741.00 5,927,555.66 16,678,028.94 105,371.50 31,912.26 687,877.41 1, 106, 196.02 $ 735,253.99 S S 1,601,582.41 27,951,081.14 2,911,445.71 1,227,449.18 136,887, 132.00 60,628,409.75 25,613,475.35 411,199.57 55,172.98 1,526,811.54 4,212,251.97 27,951,081.14 7,618,429.47 TotalRewnues $ 180,503,602.55 S 9,844,866.00 $ 40,863,936.78 $ 30,862,526.85 $ 2,829,031.59 S 264,903,963.77 EXPENDITURES Educational and General IMtruction R-n:h Public:SeNice Academic SUpport stuclentSerViCeS 1118titutional SUpport Operation and Maintenance d Plant SCholarlhips and Fellawship6 Auxiliary Enterpri&e& Student Housing Food SerViCe6 stores and Shop& Intercollegiate Athletics other Service Units $ 80,175,979.81 $ 150,000.00 $ 6,238,269.79 21,976,775.69 5,717,779.43 15,026,205.76 263,658.87 8,848,586.14 19,183,574.99 5,799,61254 30,050,890.57 4,045,193.46 7,938,930.46 13,744,659.84 2,656,753.94 13,871,972.00 $ S 2,805,477.74 86,564,249.60 42,720,760.88 9, 112,245.01 19,183,574.99 8,605,090.28 42,035,014.49 16,401,413.78 13,871,972.00 $ 8,233,187.80 6,473,838.37 2,195,980.77 1,342,275.20 5,813,985.30 8,233, 187.80 6,473,838.37 2,195,980.77 1,342,275.20 5,813,985.30 Total Elcpendilures S 185,067,124.31 S 9,912,972.89 S 40,708,746.09 $ 24,059,267.44 $ 2,805,477.74 S 262,553,588.47 OTHER TRANSFERS AND AQPITIONS{ lDEDUCTIONS> TIMlfenl for Renewals and Replacements Transfers for capital Projects Transferl for General Operations $ Tranan in Lieu d State Appropriations Prior Period Adjultments (Net) Funded by/Remittances to the Board d Regents d the lkMrsity System d Georgia Prior Year's Unrestricted Fund Balance (SUrplu&IOeficit) 1,221,395.59 S 3,090,695.00 143,350.98 155,134.99 76,118.96 $ $ 96,488.82 -2,090,732.54 -1,696,557.02 $ -3,090,695.00 -177,940.32 $ 14,879.00 -2,089.06 -2,090, 732.54 -1,696,557.02 1,312,393.55 0.00 59,810.42 -155, 122.99 12.00 Total Other Transfers and Additions/ (Deductions) $ 4,610,576.56 S 76,118.96 S -58,634.17 $ -7,055,924.88 $ 12,789.94 $ -2,415,073.59 Net lncrease/(Decrease) in Fund Balances $ 47 054.80 $ 8012.07 S 96,556.52 $ -252,665.47 $ 361343.79 $ -641698.29 See notes to the financial statements. -26- GEORGIA INSTITUTE OF TECHNOLOGY COMBINING STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES AND OTHER CHANGES RESTRICTED YEAR ENDED JUNE 30, 1995 EXHIBITw REVENUES Federal Grants and Contracts state Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Total Revenues EXPENDITURES Educational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Total Expenditures OTHER TRANSFERS AND ADDITIONS/lDEDUCTIONS) Excess of Restricted Receipts over Transfers to Revenues Transfers for capital Projects Transfers for General Operations Total Other Transfers and Additions/(Deductions) RESIDENT INSTRUCTION OTHER ORGANIZED ACTIVITIES TOTAL $ 44,716,634.20 $ 61,141,050.26 $ 105,857,684..46 6,8n,295.76 1,4n,591.n 8,354,887.53 128,898.66 124,935.78 253,834.44 26,21 o,n2.os 3,656,505.55 ~.867,m.63 414,696.94 414,696.94 $ 78,348.~7.64 $ 66,400,083.36 $ 144,748,381.00 $ 11,083,8n.38 $ 1,989,013.43 $ 13,072,890.81 47,906,420.28 61,518,330.40 109,424,750.68 3,021,571.25 2,892,739.53 5,914,310.78 409,725.21 409,725.21 259,021.13 259,021.13 2,084,652.71 2,084,652.71 ~.376.51 ~.376.51 13,553,653.17 13,553,653.17 $ 78,348.~7.64 $ 66,400,083.36 $ 144,748,381.00 $ 6,250,020.60 $ -5,487,209.79 -1,312,393.55 $ -549,582.74 $ 10,512.80 $ 6,260,533.40 -5,487,209.79 -1,312,393.55 10,512.80 $ _ _ _-539-",_069_.94_ Net lncrease/(Decrease) in Fund Balances $ -549,582.74 $ 10,512.80 $ = = =-53=9,0=69.=94 See notes to the financial statements. - 27 - GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 1995 REVENUES state Appropriations other Revenues Retained CURRENT FUNDS UNRESTRICTED RESTRICTED PLANT FUNDS RENEWALS AND UNEXPENDED REPLACEMENTS $ 111,450,525.00 $ 4,159,000.00 69,053,0n.55 $ 78,348,297.64 2,725,104.34 $ 0.00 $ 180,503,602.55 $ 78,348,297.64 $ - - - - - - 6,884,104.34 $ 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 Research Consortium 134,579,314.02 $ 48,242,415.02 1,358,776.70 886,618.57 40,704,454.96 37,643,842.68 $ 14,009,650.99 $ 2,750,807.14 $ 185,067,124.31 $ 78,348,297.64 $ __ __ 14,009,650.99 $ 2..,;7._5...0.;,,8...07.14 Excess of Revenues over Expenditures $ -4,563,521.76 $ 0.00 $ -2,750,807.14 (1) To eliminate tuition waivers not budgeted and to reclassify current year transfers and prior year fund balances budgeted as revenues. Also, related revenues of $308,209.00 for the Research Consortium and expenditures of $302,404.13 for Education Extension Services and Georgia Tech Research Institute are reported on this budget comparison. See notes to the financial statements. -28- SCHEDULE 1 TOTAL ADJUSTMENTS (1) TOTAL (Budget Basis) BUDGET VARIANCEFAVORABLE (UNFAVORABLE) $ 115,609,525.00 $ 150, 126,479.53 308,209.00 $ 374,692.57 115,917,734.00 $ 150,501,172.10 115,613,525.00 $ 171,060,864.00 304,209.00 -20,559,691.90 $ 265,736,004.53 $ 682,901.57 $ 266,418,906.10 $ 286,6741389.00 $ -20,255,482.90 $ 134,579,314.02 -40,704,454.96 $ 134,579,314.02 $ 133,910,245.00 $ -40,704,454.96 45,872,998.00 48,242,415.02 $ 37,643,842.68 16,760,458.13 1,358,nS.70 886,618.57 -13,871,972.00 302,404.13 34,370,443.02 37,643,842.68 16,760,458.13 1,358,ns.10 1,189,022.70 41,136,949.00 '38,577,479.00 24,932,257.00 1,358,n9.oo 885,682.00 -669,069.02 5,168,543.04 6,766,505.98 933,636.32 8,171,798.87 2.30 -303,3-40.70 $ 280,175,880.08 $ -13,569,567.87 $ 266,606,312.21 $ 286,674,389.00 $ 20,068,076.79 14,2521469.44 $ ====-1=8=7=406==.1=1 $ ===-1=8=7'=406==.1=1 -29- oc /)VYD)~ GEORGIA JNST(TUTE OF TECHNOLOGY SCHEDULE QF REVENUES AND EXPENDITURES COMPARED TO BUDGET LOTTERY FOR EDUCATION YEAR ENDED JUNE 3Q 1995 SCHEDULE "2" REVENUES State Appropriations Other Rwwiues Retained CURRENT FUNDS PLANT FUNDS UNRESTRICTED UNEXPENDED TOTAL (Budget Basis) BUDGET VARIANCEFAVORABLE (UNFAVORABLE) $ 9,844,866.00 $ 1,345,000.00 $ 11,189,866.00 $ 11,189,866.00 $ 0.00 1,278,948.00 1,278,948.00 1,278,948.00 $ s,844,866.oo $ 2,623,948.oo $ 12,468,814.oo $ 11.189,866.oo $ _ _1_.2_1_s_,948_._oo_ EXPENDITURES Equipment, Technology and Construction Trust Fund $ Georgia Research Alliance Equipment Special Funding Initiatives 3,254,226.78 $ 2, 113,570.62 499,982.03 4,045,193.46 165,000.00 $ 1,978,948.00 480,000.00 3,419,226.78 $ 4,092,518.62 499,982.03 4,525, 193.46 3,425,000.00 $ 2,739,866.00 500,000.00 4,525,000.00 5,773.22 -1,352,652.62 17.97 -193.46 $ 9,912.en.89 $ 2,623,948.00 $ 12,536,920.89 $ 11.189,866.oo $ -1,347,054.89 Exc.ss of Revenues over Expenditures $ -68,106.89 $ 0.00 $ _ _-68"""""'1, _,0..6...,89.., $ _ _ _-68_,1_06_.ss_ See notes to the financial statements. - 31 - GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30, 1995 EDUCATION EXTENSION SERVICES REVENUES State Appropriations Other Revenues Retained CURRENT FUNDS UNRESTRICTED RESTRICTED TOTAL $ 2,615,558.00 $ 2,615,558.00 7,489,ne.es s 4,688,297.43 12,178,0n.41 $ 10,105,337.98 $ 4,688,297.43 $ 14,793,635.41 EXPENDITURES Personal Services: Education, General and Departmental Services Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Advanced Technology Development Center Research Consortium $ 2,882,162.48 $ $ 322,411.53 2,882,162.48 322,411.53 3,481,051.68 3,410,547.07 172,404.13 781,228.13 3,584,657.n 3,481,051.68 781,228.13 6,995,204.84 172,404.13 $ 9,946,165.36 $ 4,688,297.43 $ 14,634,462.79 Excess of Revenues over Expenditures $ 159,172.62 $ 0.00 $ 159,172.62 (1) To eliminate Research Consortium revenues of $178,209.00 and expenditures of $172,404.13 which are budgeted and reported on the Resident Instruction budget comparison. See notes to the financial statements. -32- SCHEDULE "3" ADJUSTMENTS (1) TOTAL (Budget Basis) BUDGET VARIANCEFAVORABLE (UNFAVORABLE) $ -178,209.00 $ 2,437,349.00 $ 2,437,349.00 $ 12, 178,0TT.41 17,642,142.00 0.00 -5,464,064.59 $ -178,209.00 $ 14,615,426.41 $ 20,079,491.00 $ -5,464,064.59 $ 2,882,162.48 $ 3,067,434.00 $ 322,411.53 410,500.00 $ -172,404.13 3,481,051.68 781,228.13 6,995,204.84 0.00 4,450,258.00 1,054,000.00 11,097,299.00 185,271.52 88,088.47 969,206.32 272,TT1.87 4,102,094.16 0.00 $ -172,404.13 $ 14,462,058.66 $ 20,079,491.00 $ _ _5_,6_1_7_.4_32_._34_ $ -5,804.87 $ 153,367.75 $ ===153===,36=7.=75= - 33- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30, 1995 GEORGIA TECH RESEARCH INSTITUTE REVENUES State Appropriations Other Revenues Retained CURRENT FUNDS UNRESTRICTED RESTRICTED TOTAL $ 12,976,183.00 $ 12,976,183.00 17,782,415.80 $ 61,711,785.93 79,494,201.73 $ 30,758,598.80 $ 61,711,785.93 $ 92,470,384.73 EXPENDITURES Personal Services: Education, General and Departmental Services Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Agricultural Research Center for Rehabilitation Technology CRT, Inc. Contract at Georgia Tech Research Institute Research Consortium $ 18,092,257.41 $ 18,092,257.41 $ 39,747,152.86 39,747,152.86 10, 199, 195.31 1,252,156.07 875,988.94 212,983.00 130,000.00 20,597,071.90 1,367,561.17 10,199,195.31 20,597,071.90 1,252,156.07 2,243,550.11 212,983.00 130,000.00 $ 30,762,580.73 $ 61,711,785.93 $ 92,474,366.66 Excess of Revenues over Expenditures $ -3,981.93 $ (1) To eliminate Research Consortium revenues and expenditures of $130,000.00 which are budgeted and reported on the Resident Instruction budget comparison. 0.00 $ ===-3==,98=1=.93= See notes to the financial statements. -34- SCHEDULE 3" ADJUSTMENTS (1) TOTAL (Budget Basis) BUDGET VARIANCEFAVORABLE (UNFAVORABLE) $ -130,000.00 $ 12,846,183.00 $ 12,846,183.00 $ 0.00 79,494,201.73 114,737,739.00 -35,243,537.27 $ -130,000.00 $ 92,340,384.73 $ 127,583,922.00 $ -35,243,537.27 $ 18,092,257.41 $ 24,341,691.00 $ 39,747,152.86 52,000,000.00 6,249,433.59 12,252,847.14 10,199,195.31 19,216,754.00 20,597,071.90 28,000,000.00 1,252,156.07 1,248,321.00 2,243,550.11 2,564,173.00 212,983.00 212,983.00 $ -130,000.00 0.00 9,017,558.69 7,402,928.10 -3,835.07 320,622.89 0.00 0.00 $ -130,000.00 $ 92,344,366.66 $ 127,583,922.00 $ 35,239,555.34 $ 0.00 $ ===-3=,98=1=.93= $ ====-3=,98=1.=93= - 35- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF OPERATIONS LOAN FUNDS YEAR ENDED JUNE 30, 1995 SCHEDULE "4" FUND FUND BALANCE JULY 1, 1994 ADDITIONS/ TRANSFERS DEDUCTIONS/ FUND BALANCE TRANSFERS JUNE 30, 1995 U. S. GOVERNMENT GRANTS REFUNDABLE Perkins Loan Fund $ 5,354,378.72 $ 116,379.87 $ 23,425.96 $ 5,447,332.63 INSTITUTIONAL LOANS - RESTRICTED American Institute of Architects - Georgia Chapter $ Armstrong, Ben and Anna Loan Fund Berry, M. R. Cloudman, Josiah Dana Coleman, William B., Post 51 of the American Legion Crowder Loan Fund Endowed Memorial Unrestricted - Long-Term Endowed Memorial Unrestricted - Short-Term Engineering College Student Loan Ford Foundation French, A. General Electric Foundation Georgia Federation of Labor Georgia Tech Long-Term Student Loan Gude, Mary D. Hall, Lyman Harrison-Trabant High, J. M., Memorial Holland Family Loan Fund lnterfratemity Council Irving Subway Grating Company, Incorporated King, John, Memorial Lindsay, James B. Loan Fund Marshall, Mrs. T. 0. McBumey, E. P. Procter & Gamble Minority Ch E Convertible Reeves, Hazard E. Smith, T. W. Stahl, John Skip Student Loan Fund Temporary Loan Program Thomaston Mills 597.10 $ 10,107.49 38,608.22 930.11 1,006.33 2,994.58 540,558.18 19,506.66 48,988.83 6,380.62 109,433.28 3,108.87 7,262.92 126.10 17,336.68 541.86 6,926.90 17,686.77 1,088.78 175,520.77 34,877.18 25,793.73 42,695.60 11,994.75 361,956.85 1,004.41 11,434.00 64,425.71 5,399.28 19.48 37.76 329.79 1,202.84 22.37 637.44 97.70 31,097.52 $ 550.14 18.53 191.88 1,159.68 101.46 134.02 4.11 693.98 48.66 225.99 22,380.95 572.76 32.33 5,570.71 8,560.97 889.99 1,431.22 391.36 69,917.69 32.78 1,814.09 2,920.30 176.17 $ 6,708.76 15,615.74 24,299.00 3,646.94 616.58 37.76 10,437.28 39,811.06 952.48 1,643.77 3,092.28 564,946.94 4,441.06 49,007.36 6,572.50 86,293.96 3,210.33 7,396.94 130.21 18,030.66 590.52 7,152.89 22,380.95 18,259.53 1,121.11 181,091.48 43,438.15 26,683.72 44,126.82 12,386.11 431,874.54 1,037.19 13,248.09 63,699.07 5,575.45 See notes to the financial statements. -36- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF OPERATIONS LOAN FUNDS YEAR ENDED JUNE 30, 1995 SCHEDULE "4" FUND INSTITUTIONAL LOANS - RESTRICTED Thornton, Clark, Memorial United States Steel Foundation FUND BALANCE JULY 1, 1994 ADDITIONS/ TRANSFERS DEDUCTIONS/ FUND BALANCE TRANSFERS JUNE 30, 1995 $ 1,507.79 $ 28,867.06 49.19 860.19 $ 1,598,667.41 $ 152,174.05 $ $ 50,270.44 $ 1,556.98 29,727.25 1,700,571.02 $ 6,953,046.13 $ 268,553.92 $ 73,696.40 $ 7,147,903.65 RECONCILIATION OF STUDENT NOTES RECEIVABLE Balance July 1, 1994 Add: Loans to Students $ 5,846,404.34 1,556,813.13 Deduct: Repayment of Loans Loan Cancellations and Write-Offs For Bankruptcy For Death For Law Enforcement For Peace Corp Volunteer For Teaching Services For Loans Written Off $ 7,403,217.47 $ 1,378,785.40 $ 11,460.71 8,494.28 80.00 1,035.00 17,145.20 23,807.74 62,022.93 1,440,808.33 Balance June 30, 1995 $ 5,962,409.14 See notes to the financial statements. - 37 - GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF OPERATIONS ENDOWMENT AND SIMILAR FUNDS YEAR ENDED JUNE 30 1995 SCHEDULE "5" .EV.W2 ENrx:,yvMENT Architects Alumni Association Batson, Eugene 0., Jr., Memorial Bogie, Frank, Memorial Fund Boyd-McCord Memorial Brown, Julius L., Professorship Caldwell, Robert Burton Cloudman, Josephine L. Coon, Alice Spencer Dickey, John Benton, Memorial Fitten, Loui&e M., Memorial Gambill, Gordon Gilbert Trust Fund Grou, Robert E., Lockheed Aircraft Corporation Hamilton, Elizabeth W. Hamilton, Jennie L. Hecht, Walter J. Herbert, Paul 0. Hochman, Harvey, Aeronautical Engineering Holland, James and Mary Memorial Holmes, J.P. Hood, B. Mifflin, Chair of Ceramics King, Clyde L., Jr., and John, Memorial Kinnard, James Arnall, Mechanical Engineering Lamar, PhiUip R., Research Fellowship in Cotton Seed Products LeBey, C. 0., Memorial Long, Luther J., Ill, Memorial Looney, Julian L. Lowry Memorial MacDougall, Robert L. Magers, Edmund, General Endowment Martin Aircraft Mitchell, Thomas E., Educational Fund of the University of Georgia Patterson, Strake, Memorial Reeves Soundcraft Corporation Library Fund Reeves, Lucia Rowland, John Judson, Architectural Award Shaheen Foundation, Incorporated Silent Hoist and Crane Company Terrell, Joseph M. Walton, William T., Memorial Wear, John Houston Zachry Scholarship Fund FUND BALANCE JULY 1, 1994 ADDmONS/ TRANSFERS DEDUCTIONS/ TRANSFERS FUND BALANCE JUNE 30, 1995 $ 304.87 11,617.20 8,149.03 7,896.31 2,405,196.71 $ 1,566.95 534,273.57 4,580.13 10,528.55 15, 119,465.25 273.24 840,438.02 31,584.97 5,263.86 5,263.86 39,262.11 69,532.91 1,210.57 49,196.86 5,149.21 153,875.86 13,160.74 3,681.25 33,691.83 25,293.91 6,101.46 38,201.42 530,310.75 7,000.74 108.36 18,744.55 133,029.75 10,609.72 7,625.00 13,5n.e1 26,321.80 6,566.84 5,263.86 4,765.95 7,407.84 10,529.01 215,282.57 $ 20,421,900.00 $ $ 5,041.85 371,811.08 122,660.28 133,673.69 633,186.90 $ 3.90 $ 24.n 16.20 18.96 5,327.19 2.12 1,195.03 8.07 21.86 1.79 70.24 10.52 10.52 76.46 153.66 2.35 112.44 12.96 342.00 30.04 74.70 54.45 12.48 86.74 1,186.85 17.57 1.91 4.41 296.36 2.07 0.53 60.41 4.40 10.52 12.93 14.84 22.32 445.25 9,749.77 $ 300.97 11,592.48 8,132.83 7,Sn.35 2,404,911.37 1,564.83 533,078.54 4,5n.os 10,506.69 15,491,276.33 271.45 963,098.30 31,514.73 5,253.34 5,253.34 39,185.65 69,379.25 1,208.22 49,084.42 5,136.25 153,533.86 146,804.39 3,681.25 33,617.13 25,239.46 6,088.98 38,114.68 529,123.90 6,983.17 106.45 18,740.14 132,733.39 10,607.65 7,625.00 13,5n.oa 26,261.39 6,562.44 5,253.34 4,753.02 7,393.00 10,506.69 214,837.32 21,045,337.13 See notes to the financial statements. -38- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF OPERATIONS ENDOWMENT AND SIMILAR FUNDS YEAR ENDED JUNE 30, 1995 SCHEDULE "5" .EU.li.P QUASI-ENDOWMENT - RESTRICTED Daniels, Lloyd C. Forrester-McRae-Rankin Guggenheim, Daniel, School of Aeronautics Johns, Laurie Stubbs, Scholarship Fund Kahrs, Henry D., Memorial Proctor, William J., Endowment Fund Wilkinson, S. H., Memorial Willingham, Broadus E., Textile Fund QUASI-ENDOWMENT - UNRESTRICTED Hardman, Charles and Sue Howell, Clark, Endowment Fund Manning, Emily S., Memorial Endowment Fund Memorial Endowment Fund Pope, Ewell G., Ill West, Alfred P., Jr., Endowment Fund FUND BALANCE JULY1, 1994 ADDITIONS/ TRANSFERS DEDUCTIONS/ TRANSFERS FUND BALANCE JUNE 30, 1995 $ 56,195.49 $ 2,010.75 10,771.53 55,091.99 26,321.81 71,895.23 57,643.81 1,053.00 $ 280,983.61 $ 0.00 $ 0.00 $ 127.90 $ 4.15 25.33 120.84 60.42 142.54 128.49 4.46 614.13 $ 56,067.59 2,006.60 10,746.20 54,971.15 26,261.39 71,752.69 57,515.32 1,048.54 280,369.48 $ 82,590.73 5,405,883.77 5,093.15 99,889.59 $ 518,620.97 25,612.50 $ 6,137,690.71 $ $ 10,989.25 10,989.25 $ 187.33 $ 195,966.37 10.13 221.03 1,144.29 197,529.15 $ 82,403.40 5,209,917.40 5,083.02 110,657.81 517,476.68 25,612.50 5,951, 150.81 $ 26,840,574.32 $ 644,176.15 $ 207,893.05 $ 27,276,857.42 See notes to the financial statements. - 39- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS AGENCY FUNDS YEAR ENDED JUNE 30, 1995 SCHEDULE "6" .EUW2 BALANCE JULY 1.1994 PAYROLL DEDUCTIONS F.I.C.A. $ Federal Income Tax state Income Tax Retirement Group Insurance Employees' Credit Union Tax Deferred AMuities Savings Bonds Bankruptcy Child support Garnishments IRS Tax Levy Miscellaneous Deductions Parking Fees Parking Fines Salary OVerpayments Georgia Tech Foundation Membership Fees Amerlean Association of University Professors Charitable Contributions -46.37 $ 675,120.49 644,355.69 373,013.05 25.00 -150.00 10,961.25 10,735.88 2,012.44 148.89 3,093.87 74.75 12,147.93 $ 1,731,492.87 $ OTHER FUNDS Army Reserve Office - Assessment Workshop $ Atlantic Coastal Conference Leadership Conference Benefits Fair- Personnel Division Cellaway Workshop Proceeding - Callahan Checks for cash Checks for Reissue Chemistry Breakage Clearing Account- Georgia Tech Foundation Clearing Account - Joint Checks for Georgia Tech and GTRC Collection Costs Connect with Tech Continuing Education Entertainment CounseVCereer Plan CRT+B73 Psychometric Program Engineering Breakage Employee Loan Fund Faculty Lounge Foreign National M.B.A. Resume Book Fourth EFISS Symposium - ICS Freshman Experience Freshman Orientation Georgia Tech British Studies Program - SocialScience Georgia Tech lnterfratemity Council Georgia Tech Global Conference Georgia Tech Research Corporation - Contribution to Teachers' Retirement Georgia Tech Women's Forum Graduate Student Orientation HUl-0-Hawaii Club Camp Zama, Japan LBAT Housing 181.63 $ 3,319.25 100.00 -41.40 72,167.70 15,471.84 40,440.00 86,2n.93 1,893.79 494.00 1,343.36 650.00 2,670.39 -653.90 5,853.62 393.45 39,746.14 103,962.78 152.12 -126.65 14.51 -1.47 See notes to the financial statements. -40- RECEIPTS DISBURSEMENTS BALANCE JUNE 30, 1995 11,854,445.59 $ 25,547,998.59 7,974,793.30 9;264,897.08 4,745,236.29 3,838,465.03 6,069,078.00 126,330.00 114,387.20 127,172.56 22,033.18 40,737.30 9,934.74 416,719.22 6,313.36 110,349.74 49,951.31 1,357.88 167,505.88 70,487,706.25 $ 11,854,352.85 $ 25,547,968.00 7,928,146.40 9,300,308.88 4,581,982.76 3,838,490.03 6,068,928.00 123,150.00 112,876.59 127,172.56 21,257.50 39,206.81 9,063.63 416,719.22 6,313.36 110,349.74 47,744.72 1,282.15 167,020.37 70,302,333.57 $ 46.37 30.59 721,767.39 608,943.89 536,266.58 14,141.25 12,246.49 n5.68 3,542.93 1,020.00 5,300.46 150.48 12,633.44 1,916,865.55 $ 5,500.00 1,196.76 -100.00 52,883.82 1,931,931.06 23,065.50 252,000.00 305,114.55 -1,893.79 11,810.81 1,339.03 1,304.10 4,984.55 2,210.00 653.90 5,365.00 -21,400.99 221,268.34 -152.12 1,150.00 14,395.00 -14.51 325.00 2,666.00 1.47 13,380.00 181.63 5,500.00 2,888.90 $ 36,696.42 2,003,492.76 6,478.40 285,840.00 172,621.57 11,575.53 833.00 1,300.70 650.00 4,880.39 6,202.09 271.76 17,563.55 207,121.06 725.09 11,559.04 318.31 2,182.08 13,380.00 1,627.11 16,146.00 606.00 32,058.94 6,600.00 218,no.91 235.28 1,000.03 1,346.76 4,984.55 5,016.53 121.69 781.60 118,110.06 298.26 2,835.96 6.69 483.92 GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS AGENCY FUNDS YEAR ENDED JUNE 30 1995 SCHEDULE 6" BH:!12 BALANCE JULY 1, 1994 OTHER FUNDS Library Deposits $ MBA Consortium MSM AlumnVOrientation Petty cash - Student Center Post Office Contract Account Preseason Program SACUBO Drive - In Workshop S.T.R.A.P. Program Sales Tax Scholarships Regents' Scholarships other Scholarships (List on File) Society of Black Engineers Society of Black Engineers - Hughes Air Society, Literature, Science Annual Meeting Southern Biomedical Engineering Conference Step Volumes - ICS Student Against Fires Student Center Best Buddies Student Services I.D.'s Student Center-Tick-A-Tech student Deposits study Abroad Programs Brussels - Summer 1994 Brussels - Summer 1995 Oxford - Summer 1994 Oxford - Summer 1995 Paris - Summer 1995 Paris Program Rome - Summer 1994 Rome - Summer 1995 Success Center Testing/Refreshments Summer Scape - Georgia Tech Symposium/Empirical Foundation University Microfilms - Graduate Office University System Personnel Directors Meeting Video Based Instruction Programs YMCA 13,298.56 $ 8,262.00 171.45 647.67 11,675.00 5,274.19 -11,686.01 2,600.00 157,060.28 1,000.00 1,783.00 1,728.59 540.00 20.05 1.00 605.48 22,004.30 5,385.55 551,195.55 1,557.17 -32.95 9,149.00 52.20 541.80 -1,508.06 $ 1,155,634.91 $ RECEIPTS DISBURSEMENTS BALANCE JUNE 30, 1995 12,246.65 $ 2,380.00 19,308.18 -647.67 35,578.00 8,528.00 50,000.00 400,960.55 6,600.00 1,008,899.52 3,563.00 -540.00 -20.05 -1.00 404.n 19,308.90 100,855.40 449,795.38 29,404.12 31,341.32 303,656.25 403,703.38 20,466.55 112,535.45 13,862.50 35,068.88 17,132.79 0.29 32.95 11,650.00 -52.20 -312.80 3,404.87 5,928,097.46 $ 15,961.58 $ 1,460.00 12,625.43 171.45 9,715.76 8,528.00 49,507.65 387,813.75 8,850.00 995,060.07 4,587.00 295.33 16,853.99 101,361.35 516,343.84 28,206.61 2,799.99 303,656.25 342,687.09 20,466.55 13,862.50 16,232.37 13,227.13 0.29 13,310.00 229.00 1,896.81 s,an,912.01 $ 9,583.63 920.00 14,944.75 37,537.24 5,766.54 1,460.79 350.00 170,899.73 1,000.00 1,783.00 704.59 714.92 24,459.21 4,879.60 484,647.09 2,754.68 28,541.33 61,016.29 112,535.45 18,836.51 3,905.66 7,489.00 1,405,760.30 $ 2,887,127.78 $ 76,415,803.71 $ 75,980,305.64 $ ===3=,3=22='=625==.85== See notes to the financial statements. -41 - ASSETS Cash and Cash Equivalents Accounts Receivable Prepaid lt8ms GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF OTHER ORGANIZED ACTIVITIES BALANCE SHEET JUNE 30, 1995 SCHEDULE'T EDUCATION EXTENSION SERVICES UNRESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL $ 750,338.95 $ 1,805,576.83 $ 2,555,915.78 815,648.58 754,003.04 1,569,651.62 251,959.21 n.010.04 329,029.25 Total Assets $ 1,817,946.74 $ 2,636,649.91 $ ==4='=454====,596==65= LIABILITIES AND FUND BALANCES Liabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Total Liabilities Fund Balances Unrestricted $ 627,938.19 $ 2,357,347.80 $ 2,985,285.99 50,219.75 169,013.05 219,232.80 651,657.33 651,657.33 $ 1,329,815.27 $ 2,526,360.85 $ 3,856,176.12 488,131.47 110,289.06 598,420.53 Total Liabilities and Fund Balances $ 1,817,946.74 $ 2,636,649.91 $ ==4=,454==='=596====.65= See notes to the financial statements. -42- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF OTHER ORGANIZED ACTIVITIES CHANGES IN FUND BALANCES YEAR ENDED JUNE 30, 1995 SCHEDULE 8" REVENUES AND OTHER ADDITIONS Un.estricted Current Fund Revenues Adjustments Prior Years' ExpendituresfAccounts Payable Prior Years' Checks Voided Total Revenues and Other Additions EXPENDITURES AND OTHER DEDUCTIONS Educational and General Expenditures Remittances to the Board of Regents of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) Adjustments Prior Years' RevenuesfAccounts Receivable Total Expenditures and Other Deductions Net lncrease/(Decrease) for the Year FUND BALANCES JULY 1. 1994 EDUCATION EXTENSION SERVICES UNRESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL $ 10,105,337.98 $ 30,758,598.80 $ 40,863,936.78 2,961.32 15.80 107,930.39 110,891.71 15.80 $ 10,108,315.10 $ 30,866,529.19 $ 40,974,844.29 $ 9,946,165.36 $ 30,762,580.73 $ 40,708,746.09 24,290.96 12,018.63 130,832.03 2,400.06 155,122.99 14,418.69 $ 9,982,474.95 $ 30,895,812.82 $ 40,878,287.n $ 125,840.15 $ -29,283.63 $ 96,556.52 362,291.32 139,572.69 501,864.01 FUND BALANCES JUNE 30, 1995 $ 488,131.47 $ 110,289.06 $ ===598::::::::::::::i:::'4=20==53= See notes to the financial statements. -43- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF OTHER ORGANIZED ACTIVITIES REVENUES, EXPENDITURES AND OTHER CHANGES YEAR ENDED JUNE 30, 1995 REVENUES State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Sales and Services of Educational Activities Other Sources Total Revenues EXPENDITURES Educational and General Instruction Research Public Service Institutional support Operation and Maintenance of Plant Total Expenditures OTHER TRANSFERS AND ADDITIONS/lDEDUCTIONS} Excess of Restricted Receipts over Transfers to Revenues 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) EDUCATION EXTENSION SERVICES UNRESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL $ 2,615,558.00 $ 12,976,183.00 $ 15,591,741.00 5,927,555.66 5,927,555.66 815,313.69 15,862,715.25 16,678,028.94 19,644.96 85,726.54 105,371.50 31,132.53 779.73 31,912.26 28,623.67 659,253.74 687,877.41 396,499.98 709,696.04 1,106,196.02 271,009.49 464,244.50 735,253.99 $ 10,105,337.98 $ 30,758,598.80 $ 40,863,936.78 $ 6,238,269.79 $ 6,238,269.79 576,409.45 $ 14,449,796.31 15,026,205.76 2,738,036.02 6,110,550.12 8,848,586.14 119,919.15 7,819,011.31 7,938,930.46 273,530.95 2,383,222.99 2,656,753.94 $ 9,946,165.36 $ 30,762,580.73 $ 40,708,746.09 $ -9,041.51 $ 105,530.33 $ 96,488.82 -24,290.96 -130,832.03 -155,122.99 $ -33,332.47 $ -25,301.70 $ -58,634.17 Net lncrease/(Decrease) in Fund Balances $ 125,840.15 $ -29,283.63 $ ======96~=556=.5=2 See notes to the financial statements. - 44 - SCHEDULE"9" EDUCATION EXTENSION SERVICES RESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL TOTAL $ 15,591,741.00 5,927,555.66 $ 3,838,431.70 $ 57,302,618.56 $ 61, 141,050.26 n,s19,079.20 152,299.51 1,325,292.26 1,4TT,591.TT 1,582,963.27 121,915.26 3,020.52 124,935.78 156,848.04 575,650.96 3,080,854.59 3,656,505.55 4,344,382.96 1,106,196.02 735,253.99 $ 4,688,297.43 $ 61,711,785.93 $ 66,400,083.36 $ 107,264,020.14 $ 1,030,699.23 $ 958,314.20 $ 1,989,013.43 $ 8,227,283.22 2,489,467.30 59,028,863.10 61,518,330.40 76,544,536.16 1,168,130.90 1,724,608.63 2,892,739.53 11,741,325.67 7,938,930.46 2,656,753.94 $ 4,688,297.43 $ 61,711,785.93 $ 66,400,083.36 $ 107,108,829.45 $ -1,114.10 $ 11,626.90 $ 10,512.80 $ 10,512.80 96,488.82 -155,122.99 $ -1,114.10 $ 11,626.90 $ 10,512.80 $ _ _ _-48..;.;;;.:.;.;;12;.;.1.;.;a.3_7 $ -1114.10 $ 11,626.90 $ 10,512.80 $ ===1=07='=06=9=.3=2 - 45 - GEORGIA INSTITUTE OF TECHNOLOGY CASH AND CASH EQUIVALENTS JUNE 30, 1995 SCHEDULE 10" NONINTEREST BEARING ~CCOUNTS Nation&Bank of Georgia, Atlanta.Georgia SouthTrust Bank of Georgia, Atlanta, Georgia Trust Company Bank, Atlanta, Georgia INTEREST BEARING ACCOUNTS Firs1ar Bank of Milwaukee, Milwaukee, WISCOl'ISin N.O.W. Account (2.50%) Nation&Bank of Georgia, Atlanta, Georgia Repurchase Agreement (4.375%) State of Georgia - Office of Treasury and Fiscal Services State Investment Pool Local Government Investment Pool (6.032%) Trust Company Bank, Atlanta, Georgia Cash Management Pools Board of Regents Legal Fund Board of Regents Total Return Fund Holding Account cash Money Market Funds OTHER Cashon Hand Petty Cash Various Banlcs Other $ -11,459,857.61 81,635.09 -190,334.95 $ -11,568,557.47 $ 1,000.00 9,000,000.00 30,507,368.02 $ 2,043,291.02 15,833,386.57 5.24 24,212.36 17,900,895.19 57,409,263.21 $ 17,987.05 143,900.00 161,887.05 $ 46,002,592.79 See notes to the financial statements. GEORGJAINSTITUTEOFTECHNOLOGY INVESTMENTS JUNE 30. 1995 SCHEDULE 11 Bonds Govemment National Mortgage Association U. S. Tr.asury Bonds Common Slock 232 Shares Alnouch Communications 348 Shares American Information Technology Corporation 816 Shares American Telephone and Telegraph Company 26 Shares Amoco Corporation 232 Shares Bell Allantie Corporation 549 Shares Bell South Corporation 4.13 $ 130,000.00 $ 302,>4.13 $ 1,743,784.48 105,487.54 152,755.03 1os,911.n 4,993.72 619.34 7,450.59 $ 2,121,062.47 74,575.87 2,248.80 187,793.58 37,345.41 110,701.45 1,940.44 3,505.41 93,044.23 35,879.45 88,086.10 2,TT6.48 26,975.79 71,019.72 111,547.45 26,105.73 247,946.95 167,991.74 $ 3,410,547.07 $ 1,743,784.48 105,487.54 152,755.03 105,971.TT 4,993.72 619.34 7,450.59 $ 2, 121,062.47 74,575.87 2,248.80 187,793.58 37,345.41 110,701.45 1,940.44 3,505.41 93,044.23 35,879.45 88,086.10 2,TT6.48 26,975.79 71,019.72 111,547.45 26,105.73 247,946.95 167,991.74 $ 3,410,547.07 - 72- SCHEDULE "19" EDUCATION EXTENSION SERVICES RESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL TOTAL $ 2,274,041.57 132,879.49 198,214.06 114,634.73 $ 2,719,769.85 109,865.15 137.90 57,267.89 370.00 561.43 10,810.42 100,460.43 49,136.98 39,198.15 12,853.21 8,919.36 303.26 30,579.05 417,751.71 26,672.98 $ 3,584,657.77 $ 873.87 13.39 4,555.08 2,230.10 2,116.16 2,084.18 1,437.35 0.69 64.03 169.53 11,819.30 $ 302,404.13 $ 2,274,041.57 $ 4,017,826.05 132,879.49 198,214.06 114,634.73 238,367.03 350,969.09 220,606.50 4,993.72 619.34 7,450.59 $ 2,719,769.85 $ 4,840,832.32 109,865.15 137.90 57,267.89 370.00 561.43 10,810.42 100,460.43 49,136.98 184,441.02 2,386.70 245,061.47 37,715.41 111,262.88 12,750.86 3,505.41 193,504.66 85,016.43 39,198.15 12,853.21 8,919.36 303.26 127,284.25 15,629.69 35,895.15 71,019.72 111,850.71 30,579.05 417,751.71 56,684.78 665,698.66 26,672.98 194,664.72 $ 3,584,657.77 $ 6,995,204.84 - 73- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF EXPENDITURES BY OBJECT OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30, 1995 QD:tER AGRICULTURAL RESEARCH Personal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Group Insurance OtherCosts Travel Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Rents (Other than Real Estate) Other Expenses Publications and Printing Equipment Non-Inventory Computer Charges Software Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Inventory CENTER FOR REHABILITATION TECHNOLOGY Personal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Group Insurance Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance OtherCosts Travel Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Rents (other than Real Estate) Insurance and Bonding other Expenses Publications and Printing Equipment Non-Inventory Computer Charges Software See notes to the financial statements. EDUCATION EXTENSION SERVICES UNRESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL - 74- $ 830,894.89 $ 830,894.89 66,615.66 62,063.27 36,813.47 66,615.66 62,063.27 36,813.47 $ 996,387.29 $ 996,387.29 15,820.61 227.46 97,723.24 7,47a.n 888.64 13,223.01 6,218.59 15,820.61 227.46 97,723.24 7,478.n 888.64 13,223.01 6,218.59 7,246.70 1,008.15 20,432.50 13,004.86 7,246.70 1,008.15 20,432.50 13,004.86 3,024.70 1,881.12 3,024.70 1,881.12 67,590.43 67,590.43 $ 1,252,156.07 $ 1,252, 156.07 $ 496,393.37 $ 496,393.37 29,110.n 39,606.06 26,763.99 4,691.42 581.85 6,999.55 29,110.n 39,606.06 26,763.99 4,691.42 581.85 6,999.55 $ 604,147.01 $ 604,147.01 13,016.07 192.55 67,514.36 20,764.86 63.60 280.03 7,337.89 7,324.54 13,016.07 192.55 67,514.36 20,764.86 63.60 280.03 7,337.89 7,324.54 4,132.32 5.10 8,668.10 4,132.32 5.10 8,668.10 SCHEDULE "19" EDUCATION EXTENSION SERVICES RESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL TOTAL $ 830,894.89 66,615.66 62,063.27 36,813.47 $ 996,387.29 15,820.61 227.46 97,723.24 7,478.n 888.64 13,223.01 6,218.59 7,246.70 1,008.15 20,432.50 13,004.86 3,024.70 1,881.12 67,590.43 $ 1,252, 156.07 $ 576,570.47 $ 576,570.47 $ 1,072,963.84 34,421.54 51,825.32 30,071.48 34,421.54 51,825.32 30,071.48 63,532.31 91,431.38 56,835.47 4,691.42 581.85 6,999.55 $ 692,888.81 $ 692,888.81 $ 1,297,035.82 22,913.28 170,976.47 1,613.04 38,581.07 6,195.92 22,913.28 170,976.47 1,613.04 38,581.07 6,195.92 35,929.35 192.55 238,490.83 22,3TT.90 63.60 280.03 45,918.96 13,520.46 11,119.49 6,985.16 11,119.49 6,985.16 15,251.81 5.10 15,653.26 - 75- GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF EXPENDITURES BY OBJECT OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30 1995 .QiliEB. CENTER FOR REHABILITATION TECHNOLOGY other Costs Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Inventory CRT, INC. CONTRACT AT GEORGIA TECH RESEARCH INSTITUTE other Costs Per Diem, Fees and Contracts Contracts EDUCATION EXTENSION SERVICES UNRESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL $ 29,320.50 $ 29,320.50 16,116.72 8,247.12 16,116.72 8,247.12 88,858.17 88,858.17 $ 875,988.94 $ 875,988.94 $ 212,983.00 $ 212,983.00 $ 3,582,951.20 $ 2.471,128.01 $ 6,054,079.21 $ 9,946,165.36 $ 30,762,580.73 $ 40,708,746.09 See notes to the financial statements. - 76- SCHEDULE "19" EDUCATION EXTENSION SERVICES RESTRICTED GEORGIA TECH RESEARCH INSTITUTE TOTAL TOTAL $ 9,930.16 $ 9,930.16 $ 39,250.66 6,663.95 355,761.36 6,663.95 355,761.36 22,780.67 364,008.48 43,932.46 43,932.46 132,790.63 $ 1,367,561.17 $ 1,367,561.17 $ 2,243,550.11 s _ _.;2;.;.1;;;.:2."'"983;;..;;.;.;;.oo..c.. $ 3,584,657.n $ 1,367,561.17 $ 4,952,218.94 $ 11,006,298.15 $ 4,688,297.43 $ 61,711,785.93 $ s 66A00,083.36 107,108,829.45 -n- GEORGIA INSTITUTE OF TECHNOLOGY RECONCILIATION OF SALARIES AND WAGES AND TRAVEL YEAR ENDED JUNE 30, 1995 SCHEDULE "2f1' Totals per Annual Supplement Adjustments Salaries Reimbursed by Georgia State Financing and Investment Commission Shared Services on Jointly Staffed Personnel Darton College Papp, Daniel S. DeKalb College Chisholm. Jane Georgia State University Bruce, David C. other Rainwater. Sandra F. Snipes, Buffy Tucker, Jill R. WiHiams. Eric Totals per Report DISTRIBUTION BY FUND CURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Research Consortium Other Organized Activities Regular Research Consortium Advanced Technology Development Center Agricultural Research Center for Rehabilitation Technology Auxiliary Enterprises Student Activities Restricted Resident Instruction Regular other Organized Activities Regular Advanced Technology Development Center Center for Rehabilitation Technology PLANT FUNDS Unexpended Regular Renewals and Replacements See notes to the financial statements. - 78- SALARIES ANDWAGES $ 211,388,882.46 $ TRAVEL 6,462,828.00 -61,892.94 -500.00 -1,300.51 31,968.50 61,051.33 24.00 15.12 41,751.10 $ 211,459,999.06 $ _ ....s....4.62_.,a_2_a_.oo_ $ 107,646,485.32 $ 1,358,TT6.70 207,913.81 17,442,417.57 211,743.25 1,743,784.48 830,894.89 496,393.37 7,840,781.87 1,215,906.51 1,342,757.84 4,360.81 938,140.37 5,966.43 74,575.87 15,820.61 13,016.07 44,230.28 33,853.38 36,346,676.24 32,979,362.98 2,274,041.57 576,570.47 2, 149,938.20 1,707,389.71 109,865.15 22,913.28 138,002.42 150,247.61 $ 211,459,999.06 $ 6,462,828.00 SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS YEAR ENDED JUNE 30, 1995 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, 1994, is summarized below: Audit Control Number Status ofFinding 503-94-01 503-94-02 503-94-03 503-94-04 503-94-05 503-94-06 503-94-07 503-94-08 503-94-09 503-94-10 503-94-11 Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented See Audit Control Number 503-95-01 Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented No Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented PRIOR YEAR/CURRENT YEAR ELIGIBILITY Deficiencies in Awarding/Disbursing Student Financial Aid Federal Financial Assistance Federal Perkins Loan Program (CFDA 84.038) Federal Pell Grant Program (CFDA 84.063) Questioned Cost: $659.00/$-94.00 Audit Control Number 503-95-01 The audit report for the year ended June 30, 1994, disclosed deficiencies in awarding and disbursing financial aid which resulted in an overpayment of$659.00 from the Federal Perkins Loan Program. This overpayment occurred due to an error in the calculation ofthe expected family contribution. The Institute has contacted the grantor agency; however, no response has been received as of the date of this audit. For the year under review, 50 student files were examined to determine ifthe Institute was awarding financial aid in accordance with students' eligibility for Student Financial Aid Programs. Our examination revealed that one student was underpaid $94. 00 from the Federal Pell Grant Program. This underpayment occurred due to a change in the expected family contribution as a result ofverification procedures performed by the Institute. The Institute should contact the Federal grantor agency regarding the resolution of these questioned costs. GEORGIA INSTITUTE OF TECHNOLOGY SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS YEAR ENDED JUNE 30, 1995 CURRENT YEAR SPECIAL TESTS AND PROVISIONS Entrance Counseling Federal Financial Assistance Federal Family Education Loans (CFDA 84.032) Audit Control Number 503-95-02 Federal regulations (34 CFR 682.604) require institutions to conduct in-person entrance conferences with Stafford Loan recipients before disbursement of the loan. The Federal regulations also require institutions to document that the entrance conference was held. For the year under review, our examination of twelve Stafford Loan recipients revealed that Georgia Institute of Technology could not document that entrance counseling was conducted for one recipient. The Institute should conduct in-person entrance counseling with Stafford Loan recipients and should document the counseling sessions in the students' files. The Institute should contact the grantor agency regarding resolution ofthis matter.