Review report, state of Georgia, Georgia Southwestern College, Americus, Georgia, year ended June 30, 1994

GA A800
.Rl GL\7
1~93-(14
STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA. GEORGIA 30334

REVIEW REPORT
STATE OF GEORGIA
GEORGIA SOUTHWESTERN COLLEGE
AMERICUS, GEORGIA
\
YEAR ENDED JUNE 30, 1994

GEORGIA SOUTHWESTERN COLLEGE - TABLE OF CONTENTS -

SECTION I

FINANCIAL

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

EXHIBITS

FINANCIAL STATEMENTS

A COMBINED BALANCE SHEET

ALL FUND GROUPS

2

B COMBINED STATEMENT OF CHANGES IN FUND BALANCES

ALL FUND GROUPS

4

C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

6

D NOTES TO THE FINANCIAL STATEMENTS

7

SUPPLEMENTARY INFORMATION

E COMBINING BALANCE SHEET

CURRENT FUNDS - UNRESTRICTED

20

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS - UNRESTRICTED

21

G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

UNRESTRICTED

23

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

RESIDENT INSTRUCTION

24

2

LOTTERY FOR EDUCATION

26

3 SCHEDULE OF OPERATIONS

LOAN FUNDS

27

4 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

28

5 CASH AND CASH EQUIVALENTS

29

6 INVESTMENTS

30

7 ACCOUNTS RECEIVABLE

31

8 CHANGES IN INVESTMENT IN PLANT

32

9 SCHEDULE OF FUND BALANCES

CURRENTFUNDSANDPLANTFUNDS

34

GEORGIA SOUTHWESTERN COLLEGE - TABLE OF CONTENTS -

SECTION I

FINANCIAL

SUPPLEMENTARY INFORMATION

SCHEDULES

10 SCHEDULE OF REVENUES

CURRENT FUNDS

36

SCHEDULES OF EXPENDITURES BY OBJECT

11

CURRENT FUNDS

38

12

PLANT FUNDS

40

13 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL

41

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

SECTION I FINANCIAL

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

~epartmeut nf ~uh-its
254 WASHINGTON STREET, SW. ROOM 214
J\thmta, Qi)eorgia 30334-8400
September 16, 1994

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

Honorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia
and Honorable William H. Capitan, President Georgia Southwestern College
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have reviewed the accompanying financial statements (Exhibits A through D) of Georgia Southwestern College as of and for the year ended June 30, 1994, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Georgia Southwestern College.
A review consists principally of inquiries of College personnel and analytical procedures applied to financial
data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards,
the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, with the exception of the matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles.
As described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the College to prepare its financial statements on a basis which is not consistent with generally accepted accounting 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.

94ARL-57

As described in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles.
Our review was made for the purpose ofexpressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules 1 through 13) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review of the financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto.
d~~?-- Respectfully submitted,
Claude L. Vickers State Auditor
CLV:gp 94ARL-57

FINANCIAL STATEMENTS - 1-

GEORGIA SOUTHWESTERN COLLEGE
COMBINED BALANCE SHEET All FUND GROUPS
JUNE 30, 1994

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 Student Deposits Deferred Revenue Tuition and Fees Deposits Held for Others Unclaimed Property Capital Lease Obligations
Total Liabilities
Fund Balances U. S. Government Grants Refundable Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted
Total Fund Balances
Total Liabilities and Fund Balances

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$ 1,035,557.73 $
271,391.38 297,934.28 55,882.65

552,802.57 $ 87,193.21
196,954.67 157,076.11 1,045,011.56

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

$ 1,660,766.04 $ 906,833.35 $ 1,132,204.77
--=====---=== =--========== =============

$ 320,136.87 $ 33,340.00
800,617.00
1,696.78

45,091.12

$ 1,155,790.65 $ 45,091.12

$ 966,726.93 165,477.84

$ 861,742.23 $ 504,975.39
------------- ------------- -------------

$ 504,975.39
-------------

$----8-6-1-,-7-4-2-.2--3

$ 1,132,204.77
-------------

$1,660,766.04 $ 906,833.35$ 1,132,204.77
============= ============= =============

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
The notes to the financial statements are an integral part of this statement.
- 2-

EXHIBIT "A"

ENDOWMENT FUND

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$ 696,299.57

$

$ 354,072.82

$ 149,692.11

$31,110,120.38

53,248.58 $ 2,425,101.66
551,027.49 86,002.31 1,709,173.47
297,934.28 55,882.65
31,110,120.38

$ 354,072.82 $ 149,692.11 $ 696,299.57 $31,110,120.38 $ 139,250.89 $36,149,239.93
========-==== ============= =========-=== ====--===--== ============= =============

$ 130,364.29 18,659.26 $

2,754.00

$ 130,364.29

$ 103,076.75

489,718.00

33,340.00

800,617.00

36,174.14

36,174.14

1,696.78

$ 169,786.29

169,786.29

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

$ ---1--4-9-,0--2-3-.5--5

$

2,754.00

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

$ 169,786.29
-------------

$ 139,250.89
-------------

$--1-,6-6--1-,6--9-6-.-5-0

$ 354,072.82

$30,940,334.09

$

668.56 $ 693,545.57

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

$ 354,072.82
-------------

$

668.56

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

$ 693,545.57
-------------

$30,940,334.09
-------------

$ 966,726.93 165,477.84 354,072.82
30,940,334.09 861,742.23
1,199,189.52
-------------
$34,487,543.43
-------------

$ 354,072.82 $ 149,692.11 $ 696,299.57 $31,110,120.38 $ 139,250.89 $36,149,239.93
============= ===--===----- ============= ------------- ============= =============

- 3-

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

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

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$16,623,031.07 $ 1,975,680.33 $ 128,448.87 28,808.99 1,356,410.38 41,426.21
3,163.75 600.00

74,057.00 12,153.85 5,927.70 12,130.61

111,346.28

17,026.00 $16,738,141.10 $3,530,774.78$ 121,295.16

$14,280,541.49 $ 3,324,528.68 2,081,792.92 63,620.11

3,271.87

$ 19,014.02 22,500.73

$16,365,606.28 $ 3,388,148.79 $ 41,514.75

$----1--4-0-,5--8-6-.8--9
$ 231,947.93 $ 142,625.99 $ 79,780.41
----2-7-3-,-0-2-7-.-4-6 ----7-1-9-,-1-1-6-.2--4 --1-,0-5--2-,4--2-4-.-3-6
$====5=0=4=,=9=7=5=.3==9 $====8=6=1=,7==4=2=.2==3 $==1=,1=3==2=,2=0==4=.7==7

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

EXHIBIT "B"

ENDOWMENT FUND

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
Only)

$

0.00

$

0.00

$16,623,031.07

$ 13,000.00

13,000.00

2,049,737.33

128,448.87

28,808.99

$ 10,560.00 1,379,124.23

39,654.25

41,426.21 45,581.95 12,130.61

3,163.75 600.00

111,346.28

603,962.02

603,962.02

24,521.82 188,442.19 227,502.61

24,521.82 188,442.19 227,502.61

116. 33

116.33

------------- ------------- ------------- ------------- -----1-7-,0--2-6-.0--0

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

$

0.00

$17,605,070.17 2,081,792.92 63,620.11

$

1,916.43

24,521.82 $ 188,442.19

27,580.20

17,153.08

$

81,422.38

1,916.43 3,271.87 19,014.02 22,500.73 212,964.01 44,733.28 81,422.38

$

0.00 $ 54,018.45 $ 205,595.27 $ 81,422.38 $20,136,305.92

$

0.00 $

354,072.82

$ 140,586.89

$

0.00

-1,247.87 $ -65,008.38 $ 973,566.26$ 1,361,664.34

1,916.43

758,553.95 29,966,767.83 33,125,879.09

$ 354,072.82 $

668.56 $ 693,545.57 $30,940,334.09 $34,487,543.43

- 5-

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

EXHIBIT "C"

UNRESTRICTED RESTRICTED

TOTAL (Memorandum
Only)

REVENUES

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

$ 9,214,847.00

$ 9,214,847.00

4,335,756.35

4,335,756.35

47,658.72 $ 1,934,043.38 1,981,702.10

126,195.74

126,195.74

28,422.23

28,422.23

15,961.39 1,210,127.33 1,226,088.72

25,740.00

25,740.00

50,527.37

50,527.37

856,722.79

856,722.79

2,101,557.45

2,101,557.45

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

$16,623,031.07 $ 3,324,528.68 $19,947,559.75

EXPENDITURES

Educational and General Instruction Research Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships
Auxiliary Enterprises Student Housing Food Services Stores and Shops Intercollegiate Athletics Other Service Units
Total Expenditures
OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

$ 8,097,679.23 $ 523,251.17 $ 8,620,930.40

134,944.39

339,061.92

474,006.31

2,101.09

429,595.40

431,696.49

956,958.47

956,958.47

1,119,709.57

112,914.78 1,232,624.35

2,138,388.59

197,338.31 2,335,726.90

1,722,336.65

1,722,336.65

108,423.50 1,722,367.10 1,830,790.60

814,148.46 565,614.73
97,702.64
323,077.43 281,249.66
-------------

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

814,148.46 565,614.73
97,702.64
323,077.43 281,249.66
-------------

$16,362,334.41 $ 3,324,528.68 $19,686,863.09
------------- ------------- -------------

Excess of Restricted Receipts over Transfers to Revenues Transfers for Renewals and Replacements 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)

$
$ -140,586.89 491.88

142,625.99 $ 142,625.99 -140,586.89
491.88

111,346.28

111,346.28

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

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

Net Increase in Fund Balances

$ 231,947.93 $ 142,625.99 $ 374,573.92
============= ============= =============

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
The notes to the financial statements are an integral part of this statement.
- 6-

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

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY Georgia Southwestern College 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 of the State of Georgia. The accompanying financial statements reflect the operations of Georgia Southwestern College as a separate reporting entity.
The Board of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Georgia Southwestern College does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Georgia Southwestern College is considered an organizational unit of the Board of Regents of the University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 ofthe Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles 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 College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies.
Funds presented in the accompanying financial statements are as follows:
CURRENT FUNDS
UNRESTRICTED - the fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, 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 SOUTHWESTERN COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

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 FUND
The fund used to account for gifts from the J. C. Roney Family Trust Fund that are subject to restrictions by the donor requiring that the principal be invested in perpetuity and income only be utilized.
PLANT FUNDS
UNEXPENDED - the fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes.
RENEWALS AND REPLACEMENTS - the fund used to account for resources set aside for the renewal and replacement of institutional properties.
INVESTMENT IN PLANT - the fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount of any indebtedness to others.
AGENCY FUNDS
The fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members and organizations.
BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis ofaccounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants Industry Audit Guide, Audits of Colleges and Universities. The modified accrual basis of accounting 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 in part on the unexecuted portion of contracts for goods and services. The recognition of encumbrances of this nature as expenditures and liabilities is in conformity with accounting practices prescribed or permitted
- 8-

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

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording ofencumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles.
Compensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$386,470.61, salary-related fringe benefits liabilities of approximately $29,565.00, and the related current year expenditure, which was not reasonably determinable, have not been reported in the current funds as required by generally accepted accounting principles.
Prior period adjustments are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with the State budgetary basis of accounting, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial 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 College. Fixed assets donated to the College are recorded at fair market value at the date ofthe gift and disposals are deleted at recorded cost. Depreciation on physical plant and equipment is not recorded.
It is the policy ofGeorgia Southwestern College to record assets acquired through capital leases as additions to Investment in Plant when received at the total net present value of the future minimum lease payments. The liability for such leases at fiscal year-end is recorded in Investment in Plant.
The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses.
BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriated funds for the organizational units ofthe University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1993-1994. The appropriated budget covers current funds and plant funds, except for Auxiliary
- 9-

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

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BUDGET Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement ofthese funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office.
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts in that the College may deposit additional cash at any time and also may withdraw cash at any time without prior notice or penalty.
Certain amounts reflected as Investments in the fiscal year 1993 financial statements are reflected as Cash and Cash Equivalents in the accompanying financial statements. These funds are invested in the State Investment Pool.
INVESTMENTS Investments are recorded at cost or in the case of gifts at fair market value on the date of the gift. Funds received by the College as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board ofRegents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded.
ACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Board of Regents of the University System of Georgia, reimbursements due from Federal, State, local and private grants and contracts, and other receivables disclosed from information available.
INVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost based on the weighted average method.
Inventories of goods for resale are valued at cost based on the first-in, first-out method.
PREPAID ITEMS Prepaid items are payments made to vendors in advance 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. Data in these columns do not present financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of the data.
- 10 -

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

EXIIlBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(1) Bonds, bills, notes, certificates of indebtedness or other direct obligations ofthe United States or of the State of Georgia.
(2) Bonds, bills, notes, certificates ofindebtedness or other obligations of the counties or municipalities of the State of Georgia.
(3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose.
(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia.
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
(6) 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 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 of the University System of Georgia.
COLLATERALIZATION OF DEPOSITS For purposes ofanalysis ofcustodial credit risk, the College's bank balances are categorized below to give an indication of the level of risk assumed by the College at year-end:
Category 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the College or by its agent in the College's name.

- 11 -

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

EXHIBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

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

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

Cash Deposits Investment Portfolio Account
Total Deposits

Carrying Amount

Bank Balances

Risk Categories

2

3

$ 967,575.30 $ 2,I54,988.82 $ 214,861.44 $ 1,900,000.00 $ 40,127.38

_ _ _o=.46=

o.46

o.46

o.oo

o.oo

$ 967 575.76 $ 2 154 989 28 $ 214 861 90 $ 1.900 000 00 S 40 127 38

CATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the categories described below:
Category I - Insured or registered, or securities held by the College or its agent in the College's name.
Category 2 - Uninsured or unregistered held by the counterparty's trust department or agent in the College's name.

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

Type of Investment Common Stocks U. S. Government Securities
Investment Portfolio Account Mutual Funds
State Investment Pool Total Investments

Risk Categories

2

3

Carrying Amount

Market Value

$

0.00 $

0.00 $ 53,324.02 $ 53,324.02 $ 67,823.63

296,715.79

296,715.79

277,595.82

$==='0.,.,.0,,,.0 $==='0""'0""'0 $ 350 039 81 S 350,039.81 S 345,419.45

200,987.22 1,321.562.07

191,523.25 1,321,562.07

$ 1 872 589 JO S I 858,504 77

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

- 12 -

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

EXHIBIT "D"

NOTE 3: INVESTMENT IN PLANT

The following is a summary oflnvestment in Plant fixed assets at June 30, 1994:

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections

$ 12,470.00 22,187,361.86 1,304,547.32 3,484,356.34 4,121,384.86

Total Investment in Plant

$31, 110.120.38

NOTE 4: CAPITAL LEASES

The following is a schedule of the future minimum lease payments under capital leases at June 30, 1994:

Fiscal Year Ending June 30

1995 1996 1997 1998

$ 61,960.74 59,227.95 52,320.02 6 766.77

Total Future Minimum Lease Payments

$ 180,275.48

Less: Amounts Representing Interest

10,489.19

Present Value of Future Minimum Lease Payments

$ 169,786.29

NOTE 5: DEFERRED COMPENSATION PLAN

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

- 13 -

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

EXHIBIT "D"

NOTE 6: RETIREMENT PLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by units of the University System of Georgia are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multipleemployer public employee retirement system (PERS).
TRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after the member ( 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 ofservice multiplied by the number of years 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 of age shall receive a benefit which is reduced by the lessor of 1/12 of 7% for each month the member is below age 60, or by 7% for each year or fraction thereof by 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.
Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest.
The College's payroll for employees covered by TRS for the year ended June 30, 1994, was $6,926,425.84~ total payroll was $9,354,325.66.
TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the College who are covered by TRS are required to pay 6% oftheir gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1994, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 5.60% 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 made during fiscal year 1994 amounted to $1,321,356.30, of which $905,794.16 was made by the College and $415,562.14 was made by employees. These contributions represented 13.08% (College) and 6% (employees) of covered payroll.

- 14 -

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

EXHIBIT "0"

NOTE 6: RETIREMENT PLANS

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

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

Total pension benefit obligation

$ 13,912,014,000.00

Net assets available for benefits, at cost

12,821,722,000.00

Unfunded pension benefit obligation

$ 1,090,292 000.00

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

Total contributions from all employers to TRS for fiscal year ended June 30, 1994, were $507,582,176.00. The College's contribution for the year ended June 30, 1994, of $905,794.16 was actuarially determined and represented .1785% of total contributions made by all participating employers.

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

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

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.

- 15 -

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

EXHIBIT "D"

NOTE 6: RETIREMENT PLANS
REGENTS RETIREMENT PLAN State legislation requires that the employee contribute 6% and the employer contribute 4% ofthe participating employee's earnable compensation. Amounts attributable to all plan contributions are fully vested and non.forfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1994, was $1,559,296.46; total payroll was $9,354,325.66. The College and the covered employees made the required contributions of$62,371.71 (4%) and $93,557.87 (6%), respectively.
GEORGIA DEFINED CONTRIBUTION PLAN The State of Georgia provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Teachers Retirement System of Georgia through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% of their gross salary, with no matching contribution by the employer. The College's payroll for employees covered by the Georgia Defined Benefit Plan for the year ended June 30, 1994, was $161,708.46; total payroll was $9,354,325.66. Total contributions from the covered employees of the College during fiscal year 1994 amounted to $12,128.13 (7.5%). Amounts attributable to the plan are fully vested and a member who terminates employment may apply for a refund of contributions and interest. Benefits are based solely on the amount contributed by the employee plus investment earnings. Upon discretion ofthe Board of Trustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of 65 with the option of receiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board of Trustees of the Employees' Retirement System of Georgia.
Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994.
NOTE 7: 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.
NOTE 8: CONTINGENCIES
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms.
- 16 -

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

EXHIBIT"D"

NOTE 8: CONTINGENCIES

The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position.

Litigation, claims and assessments filed against Georgia Southwestern College (as a unit of the Board of Regents ofthe 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, 1994.

NOTE 9: BONDING INFORMATION

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

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

NOTE 10: ENROLLMENT

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

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

2,145 2,085 2,000

.Average

2,077

Summer School, 1993

1,015

- 17 -

Blav1

SUPPLEMENTARY INFORMATION - 19 -

GEORGIA SOUTHWESTERN COLLEGE COMBINING BALANCE SHEET
CURRENT FUNDS - UNRESTRICTED JUNE 30, 1994

EXHIBIT "E"

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

RESIDENT

LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

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

$ 599,022.62 $ 62,729.62 $ 273,078.32 $ 100,727.17 $1,035,557.73

193,532.32

75,790.06

2,069.00 271,391.38

90,716.63

207,217.65

297,934.28

50,359.13

4,853.72

669.80

55,882.65

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

$ 933,630.70$ 62,729.62 $ 560,939.75 $ 103,465.97 $ 1,660,766.04

LIABILITIES AND FUND BALANCES
Liabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Unclaimed Property
Total Liabilities
Fund Balances Unrestricted

$ 254,400.13 $ 60,000.00$ 5,736.74

5,350.00

27,990.00

$ 320,136.87 33,340.00

606,073.00

162,714.00 $ 31,830.00 800,617.00

680.83

6.00

1,009.95

1,696.78

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

$ 866,503.96 $ 60,000.00$ 196,446.74$ 32,839.95$ 1,155,790.65

67,126.74

2,729.62 364,493.01

70,626.02 504,975.39

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

Total Liabilities and Fund Balances$ 933,630.70 $ 62,729.62 $ 560,939.75 $ 103,465.97 $1,660,766.04
------------- ------------- ------------- ------------- ----,--------

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Infonnation.
- 20 -

GEORGIA SOUTHWESTERN COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES
CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 1994

EXHIBIT "F"

RESIDENT

LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES AND OTHER ADDITIONS

Unrestricted Current Fund Revenues

$13,940,486.81 $

Adjustments

Prior Years' Expenditures/Accounts

Payable

2,915.26

Prior Years' Checks Voided

600.00

Funded by the Board of Regents of the

University System of Georgia

Prior Year's Unrestricted Fund Balance

Deficit

111,346.28

113,500.00 $2,361,275.05$ 248.49

207,769.21 $16,623,031.07 3,163.75 600.00
111,346.28

Total Revenues and Other Additions $14,055,348.35 $ 113,500.00$ 2,361,523.54$ 207,769.21 $16,738,141.10

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General Expenditures

$13,942,201.77 $

Auxiliary Enterprises Expenditures

Adjustments

Prior Years' Revenues/Accounts Receivable

1,703.00

110,770.38

$

$ 2,081,792.92

1,473.87

227,569.34 $14,280,541.49 2,081,792.92

95.00

3,271.87

Total Expenditures and Other Deductions

$13,943,904.77 $ 110,770.38$ 2,083,266.79$ 227,664.34 $16,365,606.28

TRANSFERS BETWEEN FUNDS

Nonmandatory Renewals and Replacements

$ -140,586.89

$ -140,586.89

Net lncrease/(Decrease) for the Year
FUND BALANCES JULY 1, 1993

$ 111,443.58$ -44,316.84

2,729.62 $ 137,669.86$ -19,895.13 $ 231,947.93

0.00 226,823.15

90,521.15 273,027.46

FUND BALANCES JUNE 30, 1994

$ 67,126.74 $ 2,729.62 $ 364,493.01 $ 70,626.02 $ 504,975.39

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

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

EXHIBIT !fG"

RESIDENT

LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES

State Appropriations

$9,101,347.00$

Tuition and Fees

3,943,846.35

Federal Grants and Contracts

47,658.72

Private Gifts, Grants, and Contracts

15,961.39

Sales and Services of Educational Activities 50,527.37

Sales and Services of Auxiliary Enterprises

Other Sources

781,145.98

113,500.00 $ 213,583.00$
856,722.79 1,290,969.26

$ 9,214,847.00 178,327.00 4,335,756.35
47,658.72 15,961.39
50,527.37
856,722.79
29,442.21 2,101,557.45

Total Revenues

$13,940,486.81 $ 113,500.00 $2,361,275.05$ 207,769.21 $16,623,031.07

EXPEND I TURES

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

$ 8,097,679.23 24,174.01 $
2,101.09 956,958.47
897,767.73 2,138,388.59 1,722, 336. 65
102,796.00

110,770.38 $

$
814,148.46 565,614.73 97,702.64 323,077.43 281,249.66

$ 8,097,679.23 134,944.39 2,101.09 956,958.47
221,941.84 1,119,709.57 2,138,388.59 1,722,336.65
5,627.50 108,423.50
814,148.46 565,614.73 97,702.64 323,077.43 281,249.66

Total Expenditures

$13,942,201.77 $ 110,770.38 $ 2,081,792.92 $ 227,569.34 $16,362,334.41

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

Transfers for Renewals and Replacements

Prior Period Adjustments (Net)

$

Funded by the Board of Regents of the

University System of Georgia

Prior Year's Unrestricted Fund Balance

Deficit

1,812.26 111,346.28

$ -140,586.89 -1,225.38 $

$ -140,586.89

-95.00

491.88

111,346.28

Total Other Transfers and Additions/(Deductions)

$ 113,158.54

$ -141,812.27 $

-95.00 $ -28,748.73

Net Increase/(Decrease) in Fund Balances

$ 111,443.58$

2,729.62 $ 137,669.86$ -19,895.13 $ 231,947.93

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 23 -

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

REVENUES State Appropriations Other Revenues Retained
EXPENDITURES Persona 1 Services:
Education, General and Departmental Services Sponsored Operations Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay Special Funding Initiative
Excess of Revenues over Expenditures
(1) To eliminate tuition waivers not budgeted and to reclassify prior year reserves budgeted as revenues.

CURRENT FUNDS UNRESTRICTED RESTRICTED
$ 9,101,347.00 4,839,139.81 $ 3,324,528.68
$13,940,486.81 $ 3,324,528.68

$10,456,828.90 $ 917,619.79
3,445,372.87 2,406,908.89
40,000.00

$13,942,201.77 $ 3,324,528.68

$ -1,714.96 $

0.00

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

SCHEDULE "l"

PLANT FUNDS
RENEWALS AND UNEXPENDED REPLACEMENTS

TOTAL

ADJUSTMENTS

TOTAL

(1)

(Budget Basis)

BUDGET

VARIANCE FAVORABLE (UNFAVORABLE)

$ 39,770.58 $

$ 9,101,347.00

$ 9,101,347.00 $9,101,347.00$

0.00

0.00 8,203,439.07 $ 102,799.27 8,306,238.34 8,824,269.00 -518,030.66

$ 39,770.58 $

0.00 $17,304,786.07 $ 102,799.27 $17,407,585.34 $17,925,616.00$ -518,030.66

$10,456,828.90 917,619.79

$ 10,456,828.90 $10,468,600.00 $

917,619.79

959,255.00

11,771.10 41,635.21

$ 39,102.02 $ 205,595.27
------------- -------------

3,445,372.87 $ -102,796.00 2,406,908.89
244,697.29 40,000.00
------------- -------------

3,342,576.87 2,406,908.89
244,697.29 40,000.00
--------------

3,509,972.00 2,657,681.00
290,108.00 40,000.00
-------------

167,395.13 250,772.11 45,410.71
0.00
-------------

$ 39,102.02 $ 205,595.27 $17,511,427.74 $ -102,796.00 $17,408,631.74 $17,925,616.00 $ 516,984.26

$

668.56 $ -205,595.27 $ -206,641.67 $ 205,595.27 $ -1,046.40

$ -1,046.40

- 25 -

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

SCHEDULE "2"

REVENUES State Appropriations

CURRENT FUNDS PLANT FUNDS

VARIANCE -

------------- ------------- TOTAL

FAVORABLE

UNRESTRICTED UNEXPENDED (Budget Basis) BUDGET

(UNFAVORABLE)

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

$ 113,500.00 $ 13,000.00$ 126,500.00$ 126,500.00$

0.00

EXPNDITURES

Equipment, Technology and Construction Trust

Fund

$ 110,770.38

Distant Learning - Satellite Dishes

$

$ 13,000.00

110,770.38 $ 113,500.00 $

13,000.00

13,000.00

2,729.62 0.00

$ 110,770.38 $ 13,000.00$ 123,770.38 $ 126,500.00$ 2,729.62

Excess of Revenues over Expenditures

$ 2,729.62 $

0.00 $

2,729.62

$ 2,729.62
=============

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

GEORGIA SOUTHWESTERN COLLEGE SCHEDULE OF OPERATIONS LOAN FUNDS YEAR ENDED JUNE 30 1 1994

SCHEDULE "3"

FUND
u. s. GOVERNMENT GRANTS REFUNDABLE
----------------------------------
Nursing Student loan Fund Perkins Loan Fund
INSTITUTIONAL LOANS - RESTRICTED
--------------------------------
Comer Loan Fund Jackso.n Student Loan Fund SABU Revolving Loan Fund

FUND BALANCE

FUND BALANCE

J-U-L-Y---1-' --1-9-9-3-

ADDITIONS
-------------

DEDUCTIONS
-------------

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

$ 49,183.87 $ 16,127.65

$ 65,311.52

841,139.68

101,645.48 $ 41,369.75

901,415.41

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

$ 890,323.55 $ 117,773.13 $ 41,369.75 $ 966,726.93
------------- ------------- ------------,- -------------

$ 11,329.92 $

408.59

$ 11,738.51

150,162.97

3,094.43 $

145.00

153,112.40

607.92

19.01

626.93

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

$ 162,100.81 $ 3,522.03 $

145.00 $ 165,477.84

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

$1,052,424.36 $ 121,295.16 $ 41,514.75 $1,132,204.77

RECONCILIATION OF STUDENT NOTES RECEIVABLE

Balance July l, 1993 Add:
Loans to Students

$ 922,642.78 394,953.87

Deduct: Repayment of Loans Loan Cancellations and Write-Offs
For Child/Family/Early Intervention Services
For Teaching and Nursing Services

$1,317,596.65 $ 253,571.07

$

300.00

18,714.02

19,014.02

272,585.09

Balance June 30, 1994

$ 1,045,011.56

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

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

SCHEDULE "4"

BALANCE

BALANCE

FUND

JULY l. 1993

RECEIPTS

DISBURSEMENTS JUNE 30, 1994

PAYROLL DEDUCTIONS

F. I. C. A. Federal Income Tax State Income Tax Retirement Group Insurance Tax Deferred Annuity Savings Bonds Garnishments Credit Union Georgia Southwestern Foundation Miscellaneous

$ 648,260.45 $ 648,260.47 $

-0.02

1,062,688.87 1,062,688.87

341,565.07

341,565.07

521,265.99

521,265.99

$ 28,172.45

398,898.05

395,123.91

31,946.59

497.66

314,291.76

314,476.92

312.50

125.00

12,250.00

12,300.00

75.00

80.00

5,746.20

5,548.70

277.50

1,279.65

183,253.54

183,239.15

1,294.04

5.00

6,244.50

6,240.00

9.50

2.50

697.50

687.50

12.50

$ 30,162.26 $ 3,495,161.93 $ 3,491,396.58 $ 33,927.61

EMPLOYER'S CONTRIBUTIONS

F. I .C.A. Retirement Group Insurance

$ 648,260.45$ 648,260.47 $

-0.02

$

0.04

968,165.87

968,165.91

70,726.57 1,091,461.79 1,093,039.20

69,149.16

$ 70,726.61 $ 2,707,888.11 $2,709,465.58$ 69,149.14

OTHER FUNDS

Academic Bowl

$

Academic Deans' Conference

Alpha Chi Zeta

Alpha Lambda Delta

American Education Week

Arts and Concerts

Black Greek Council

Blue Key Leadership

Business Administration Fund

Departmental Federal Assistance

Financing System

E.P.C. Programs

Gamma Beta Phi

GeolO$Y Field Trips

Georgia History Day

Georgia Southwestern Chamber Singers

Madrigals

Gospel Singers

GSW Foundation Exchange

Guaranteed Student Loans - Bank

Health, Physical Education and Recreation

Club

J.T.P.A. Educational Assistance - Stipends

Learning Analysis Center - Refreshment

Center

Math Tournament

Nursing Workshop

Preview Day

Psi Chi Fraternity

Retirees' Group Insurance

SABU Reunion

Scholarships

Regents' Scholarship Fund

Regents' Opportunity Scholarship Fund

Science Competition

Science Equipment Fund

Seminars and Workshops

Continuin$ Education

Spring Fashion Extravaganza

State Student Incentive Grants Program

Stone Soup Productions

Student Personal Deposits

SUAVE

Summer Olympics - Upward Bound

Women's Basketball Trip

832.12 $ 1,153.73
471.24 35.40
-279.31 302.54 5,125.06 1,047.46

318.24 $ 4,840.00
540.00 225.29 4,431.03 90.00 201.90 -1,010.38

432.78 $ 5,993.73
501. 84 165.00 4,218.20 121.13 41. 51 37.08

-65,704.40 1,154.35 161.34 477 .12

1,859,837.00 40.00 175.00

1,858,686.58 1,154.35 29.52 76.55

1,476.62 816.71
-16,215.27

2,728.57 5,900.00 2,057,653.58

3,877.53 160.76
5,610.00 2,060,171.34

422.50 -5,835.14

605.00 12,721.63

297.94 9,601.79

124.64 240.29 957.71 605.64 6,678.39

1,200.00 280.00
2,250.00 275.00
80,148.93 860.00

1,109.82 420.00
1,893.02 275.00
80,840.45 610.52

250.00 474.91 1,324.09

2,700.00 9,998.00

2,950.00 9,998.00
144.00

454.51 225.29 260.00

8,626.82 306.51
81,671.50

8,877.25 450.00
81,810.50

-10,004.74 409.49

148,547.19 2,347.52 821.30

123,937.35 2,016.55 90.00

717.58 509.40 35.40
60.29 -66.48 271.41 5,285.45
-64,553.98 10.48
161. 34 575.57 327.66 655.95 290.00 -18,733.03 7.29. 56 -2,715.30 124.64 330.47 817. 71 962.62 5,986.87 249.48
330.91 1,324.09
204.08 81.80 121.00 14,605.10 330.97 409.49 731.30

$ -72.557.71 $ 4,289,329.63 $ 4,266,600.09 $ -49.828.17

$ 28,331.16 $10.492.379.67 $10.467.462.25 $ 53,248.58

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

GEORGIA SOUTHWESTERN COLLEGE CASH AND CASH EQUIVALENTS JUNE 30. 1994

SCHEDULE "5"

INTEREST BEARING ACCOUNTS
Citizens Bank of Americus, Americus, Georgia
N.O.W. Accounts (2.550%)
State of Georgia - Office of Treasury and Fiscal Services State Investment Pool Local Government Investment Pool (4.237%)
Sumter Bank and Trust Company, Americus, Georgia
N.O.W. Accounts (2.553%)
OTHER
Cash on Hand Petty Cash

$ 966,458.00 1,321,562.07 1,117.30 $ 2,289,137.37
5,600.00 $ 2,294,737.37

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 29 -

GEORGIA SOUTHWESTERN COLLEGE INVESTMENTS
JUNE 30 1 1994
Investment Account NationsBank of Georgia, Albany, Georgia Roney, J.C., Family Trust Fund Cash Common Stocks Mutual Funds U. S. Government Securities

SCHEDULE "6"

$

0.46

53,324.02

200,987.22

296,715.79

$ 551,027.49
=============

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

GEORGIA SOUTHWESTERN COLLEGE ACCOUNTS RECEIVABLE JUNE 30, 1994

SCHEDULE "7"

CURRENT FUNDS

PLANT FUNDS

-------------------------- LOAN ------------ AGENCY

UNRESTRICTED RESTRICTED

FUNDS

UNEXPENDED

FUNDS

TOTAL

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

State Appropriations Allotment from the Board of Regents of the University System of Georgia

$ 150,000.00

$ 150,000.00

Federal Grants and Contracts Research and Instruction

$ 41,439.06

41,439.06

Local Grants and Contracts Research and Instruction

2,806.11

2,806.11

Private Gifts, Grants, and Contracts Research and Instruction Student Aid

103,358.94 9,472.00

103,358.94 9,472.00

Other Departmental Federal Assistance Financing System Georgia State Financing and Investment Cornnission Guaranteed Student Loans - Bank J.T.P.A. - Stipends Returned Checks Student Accounts Student Notes Other

$ 64,553.98

64,553.98

7,796.44 62,333.80
51,261.14
------------

$ 149,692.11
$ 1,045,011.56
------------ ------------- ------------

18,733.03 2,715.30
------------

149,692.11 18,733.03 2,715.30 7,796.44 62,333.80 1,045,011.56 51,261.14
-------------

$ 271,391.38 $ 157,076.11 $1,045,011.56$ 149,692.11 $ 86,002.31 $1,709,173.47
============ ============ ============= ============ ============ =============

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

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

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections
SUMMARY OF INVESTMENT College Capital Leases

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

CURRENT FUNDS
BALANCE ----------------------------
JULY 1. 1993 UNRESTRICTED RESTRICTED
------------- ------------- -------------

$ 5,580.00

21,920,067.12

1,170,403.61

$

7,255.00

3,068,822.87 $ 337,932.83

85,132.65

3,937,323.32

173,641.54

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

$30,102,196.92 $ 511,574.37 $ 92,387.65

$29,966,767.83 $ 511,574.37 $ 135,429.09

92,387.65

$30,102,196.92 $ 511,574.37 $ 92,387.65

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 32 -

SCHEDULE "8"

ADDITIONS
PLANT FUNDS
---------------------------RENEWALS AND UNEXPENDED REPLACEMENTS
------------- -------------

GEORGIA STATE FINANCING AND
INVESTMENT COMMISSION
-------------

CAPITAL LEASES
-------------

PRIVATE GIFTS
-------------

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

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

$ 6,890.00

$ 12,470.00

$ 173,570.84

93,723.90

22,187,361.86

126,888.71

1,304,547.32

$ 24,521.82

14,871.35

$ 96,134.00

$ 143,059.18 3,484,356.34

$ 10,560.00

140.00 4,121,384.86

$ 24,521.82 $ 188,442.19 $ 227,502.61 $ 96,134.00 $ 10,560.00 $ 143,199.18 $31,110,120.38
============= =============

$ 24,521.82 $ 188,442.19 $ 227,502.61

$ 10,560.00 $ 81,422.38 $30,940,334.09

$ 96,134.00

61,776.80 169,786.29

$ 24,521.82 $ 188,442.19 $ 227,502.61 $ 96,134.00 $ 10,560.00$ 143,199.18 $31,110,120.38
============= ============= ============= =============

- 33 -

GEORGIA SOUTHWESTERN COLLEGE SCHEDULE OF FUND BALANCES
CURRENT FUNDS ANO PLANT FUNDS JUNE 30 1 1994

RESIDENT INSTRUCTION

CURRENT FUNDS

UNRESTRICTED

LOTTERY FOR EDUCATION

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

NET INVESTMENT IN PLANT

Investment in Plant Facilities

RESTRICTED

Designated for Subsequent Years' Expenditures

UNRESTRICTED

Designated For Bus Replacement Reserve For Equipment, Technology and Construction Trust Fund For Intercollegiate Athletics For Inventory Reserve For Renewals and Replacements Reserve For Subsequent Years' Expenditures For Uncollectible Accounts
Undesignated Surplus Regular Lottery for Education

$ $ 56,500.00
7,960.76 2,665.98

2,729.62 $ 320,252.27 207,217.65

-170,262.47 $ 7,285.56

70,227.02 399.00

0.00

$ 67,126.74$

2,729.62 $ 364,493.01 $ 70,626.02

$ 67,126.74 $ 2,729.62 $ 364,493.01 $ 70,626.02
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 34 -

SCHEDULE "9"

RESTRICTED

PLANT FUNDS

UNEXPENDED

REGULAR

LOTTERY FOR RENEWALS AND EDUCATION REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$30,940,334.09 $30,940,334.09.

$ 861,742.23

$ 861,742.23

$ 56,255.51 637,290.06

$ 56,255.51
2,729.62 320,252.27 263,717.65 637,290.06 -100,035.45
15,645.32

$

668.56

$

-0. 00

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

$

668.56 $

0.00 $ 693,545.57

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

3,334.54
0.00
-------------
$ 1,199,189.52
-------------

$ 861,742.23 $

668.56 $

0.00 $ 693,545.57 $30,940,334.09 $33,001,265.84

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

- 35 -

GEORGIA SOUTHWESTERN COLLEGE SCHEDULE OF REVENUES CURRENT FUNDS
YEAR ENDED JUNE 30, 1994
State Appropriations Allotments from the Board of Regents of the University System of Georgia Regular Special Funding Initiative Lottery Proceeds
Other Revenues Retained Tuition and Fees Matriculation Other
Federal Grants and Contracts Research and Instruction Student Aid Contract Overhead
State Grants and Contracts Research and Instruction Student Aid
Local Grants and Contracts Research and Instruction
Private Gifts, Grants, and Contracts Research and Instruction Student Aid Contract Overhead
Endowment Income Student Aid
Sales and Services of Educational Activities
Sales and Services of Auxiliary Enterprises
Other Sources Athletic Sales Campus Mail Service Cash Over-Short Donations Extension and Public Service Interest Earned Rents Dther

RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

$ 9,061,347.00 40,000.00 $

113,500.00

$ 9,101,341.00 $ 113,500.00

$ 3,703,805.35 240,041.00

47,658.72

15,961.39
50,527.37
35,773.00 -103.58
711,608.38 2,275.00
31,593.18 $ 4,839,139.81
$13,940,486.81 $ 113,500.00
============= =============

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

SCHEDULE "10"

UNRESTRICTED
AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESTRICTED
RESIDENT INSTRUCTION

TOTAL

$ 9,061,347.00 40,000.00 113,500.00
$ 9,214,847.00

$ 9,061,347.00 40,000.00 113,500.00
$ 9,214,847.00

$ 3,703,805.35

$ 213,583.00 $ 178,327.00

631,951.00

$ 3,703,805.35 631,951.00

$ 587,698.28

587,698.28

1,346,345.10 1,346,345.10

47,658.72

47,658.72

6,654.24 119,541.50

6,654.24 119,541.50

28,422.23

28,422.23

15,961.39

979,386.83 230,740.50

979,386.83
230,740.50 15,961.39

856,722.79

50,527.37 856,722.79

25,740.00

25,740.00 50,527.37 856,722.79

346,382.95
28,000.00
15,942.59 876,572.98
-----2-4-,0--7-0-.7--4

29,442.21
-------------

346,382.95
35,773.00 -103.58
28,000.00 711,608.38
15,942.59 878,847.98
-----8-5-,1--0-6-.1--3

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

346,382.95
35,773.00 -103.58
28,000.00 711,608.38
15,942.59 878,847.98
-----8-5-,1--0-6-.1--3

$ 2,361,275.05
-------------

$----2-0-7-,-7-6-9-.2--1

$ 7,408,184.07
-------------

$ 3,324,528.68
-------------

$-1-0-,7--3-2-,-7-1-2-.-7-5

$ 2,361,275.05 $ 207,769.21 $16,623,031.07 $ 3,324,528.68 $19,947,559.75
============= ============= ============= ===--======== =============

- 37 -

GEORGIA SOUTHWESTERN COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS
YEAR ENDED JUNE 30 1 1994

PERSONAL SERVICES Salaries and Wages Employer's Contributions for: F.I.C.A. Group Insurance Retirement Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance
OPERATING EXPENSES Travel Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships College Work-Study Pro$ram Scholarships, Fellowships, Prizes, Awards and Other Other Operating Expenses Publications and Printing Equipment Purchases Non-Inventory Computer Charges Software Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Purchases Lease/Purchase of Equipment Inventory
OTHER
SPECIAL FUNDING INITIATIVE Personal Services Salaries and Wages Employer's Contribution for: F.I.C.A. Group Insurance Retirement Other Costs Supplies and Materials
EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Supplies and Materials Repairs and Maintenance Other Operating Expenses Equipment Purchases Non-Inventory Software Per Diem, Fees and Contracts Per Diem and Fees Equipment Purchases Inventory
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 38 -

RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

$ 7,992,288.45 567,410.10 951,811.80 847,912.55 41,760.00 7,392.00 48,254.00
$10,456,828.90

$ 92,911.90 14,005.45
337,537.06 242,848.56 572,571.94
36,944.61 18,358.39 39,028.13 102,796.00 653,219.04 60,836.77 104,104.19
1,549.74 29,399.65 139,342.47 196,484.71 417,387.74 87,559.29 298,487.23 $ 3,445,372.87

$ 28,666.72 2,101.51 4,876.20 3,385.57
$ 39,030.00 970.00
$ 40,000.00

$

2,420.87

335.00

6.62

922.46 2,630.00

1,190.00

103,265.43

$ 110,770.38

$13,942,201.77 $ 110.770.38

SCHEDULE "11"

UNRESTRICTED AUXILIARY
ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESTRICTED RESIDENT INSTRUCTION

TOTAL

$ 527,405.47 $ 31,673.94 73,654.09 46,709.73
$ 679,443.23 $

54,663.14 $ 8,574,357.06 $

2,052.03 2,085.00 3,212.35

601,136.07 1,027,550.89
897,834.63 41,760.00 7,392.00 48,254.00

62,012.52 $11,198,284.65 $

746,776.05 $ 9,321,133.11

44,830.26 59,083.10 66,930.38

645,966.33 1,086,633.99
964,765.01 41,760.00 7,392.00 48,254.00

917,619.79 $12,115,904.44

$

8,484.01 $

14,771.61

95,786.88

79,242.65

257,242.48

26,141.22

27,848.14

132,845.59 73,432.83 8,019.66 5,795.05 78 .12 258.15 20,736.34 54,015.70 581,906.26
15,745.00 $ 1,402,349.69 $

6,298.90 $ 26,072.19
257.20 4,298.19

107,694.81 $ 28,777.06
459,396.13 322,348.41 829,814.42
67,384.02 46,206.53

47,571.69 $ 65,521.00
1,745.36 23,770.97 9,804.00

155,266.50 28,777.06 524,917.13 324,093.77 829,814.42 91,154.99 56,010.53

39,028.13

117,091.47

156,119.60

5,627.50 50,338.83 15,700.38

241,269.09 1,722,367.10 1,963,636.19

776,990.70

207,451.59

984,442.29

84,556.81

7,644.43

92,201.24

3,119.42 155.00
3,752.09

113,018.66 1,627.86
29,812.80 163,830.90

39,923.45 1,837.00 5,528.49
22,048.09

152,942.11 3,464.86 35,341.29
185,878.99

42,043.55

292,543.96

1,376.15 1,000,670.15

49,471.60

342,015.56

1,000,670.15

6 517.42

87,559.29 320,749.65

85,132.65

87,559.29 405,882.30

165,556.82 $ 5,013,279.38 $ 2,406,908.89 $ 7,420,188.27

$ 28,666.72 2,101.51 4,876.20 3,385.57
$ 39,030.00 970.00
$ 40,000.00

$ 28,666.72 2,101.51 4,876.20 3,385.57
$ 39,030.00 970.00
$ 40,000.00

$

2,420.87

335.00

6.62

922.46 2,630.00

1,190.00

103,265.43

$ 110,770.38

$

2,420.87

335.00

6.62

922.46 2,630.00

1,190.00

103,265.43

$ 110,770.38

$ 2,081,792.92 $ 227,569.34 $16,362,334.41 $ 3,324,528.68 $19,686,863.09

- 39 -

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

SCHEDULE "12"

CAP IT AL OUTLAY
Personal Services Salaries and Wages Employers Contributions for: F.I.C.A. Retirement Group Insurance
Other Costs Supplies and Materials Repairs and Maintenance Other Expenses Equipment Purchases Non-Inventory Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Purchases Lease/Purchase of Equipment Inventory
OTHER
DISTANT LEARNING - SATELLITE DISHES Other Costs Equipment Purchases Inventory

UNEXPENDED

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

REGULAR

LOTTERY FOR EDUCATION

RENEWALS AND
REPLACEMENTS -------------
AUXILIARY

TOTAL

$

1,380.31

26,199.89
2,002.00 9,519.82

$ 39,102.02

$

4,525.83 $

4,525.83

345.61 15.29 17.76

345.61 15.29 17.76

$

4,904.49 $

4,904.49

38,121.00 58,114.11
1,183.28
25,691.34
47,609.76 15,099.94
14,871.35

38,121.00 58,114.11
1,183.28
27,071.65
47,609.76 41,299.83
2,002.00 24,391.17

$ 205,595.27 $ 244,697.29

$ 13,000.00

$ 13,000.00

$ 39,102.02 $ 13,000.00 $ 205,595.27 $ 257,697.29
============= ============= ============= =============

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

GEORGIA SOUTHWESTERN COLLEGE RECONCILIATION OF SALARIES ANO WAGES, ANO TRAVEL
YEAR ENDED JUNE 30, 1994

SCHEDULE "13"

Totals per Annual Supplement Adjustment Shared Services on Jointly Staffed Personnel Abraham Baldwin Agricultural College Miller, Paul W.
Totals per Report
DISTRIBUTION BY FUND
CURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Auxiliary Enterprises Student Activities Restricted Resident Instruction
PLANT FUNDS Renewals and Replacements

SALARIES AND WAGES

TRAVEL

$ 9,352,325.66 $ 155,266.50

2,000.00

$ 9,354,325.66 $ 155,266.50
============= =============

$ 7,992,2BB.45 $ 2B,666.72
527,405.47 54,663.14

92,911.90
8,484.01 6,298.90

746,776.05

47,571.69

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

$ 9,349,799.83 $ 155,266.50

4,525.83
------------- -------------

$9,354,325.66$ 155,266.50

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 41 -

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

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

STATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS

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

Audit Control Number

Status of Finding

542-92-01 542-92-02 542-92-10 542-93-01 542-93-02 542-93-03 542-93-04 542-93-05 542-93-06 542-93-07 542-93-08

No Corrective Action Implemented Corrective Action Implemented No Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented See Audit Control Number 542-94-01 No Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented

PRIOR YEAR/CURRENT YEAR

SPECIAL TESTS AND PROVISIONS Due Diligence Provisions Not Followed Federal Financial Assistance Perkins Loan Fund (CFDA 84.038) Audit Control Number 542-94-01

The audit report for the year ended June 30, 1992, and the review report for the year ended June 30, 1993, disclosed that Georgia Southwestern College failed to exercise due diligence in the collection of delinquent Perkins Loans. For the year under review, a sample often Perkins Loan recipients in default disclosed the following exceptions:

(I) The College failed to notify the credit bureau of all ten delinquent accounts.

(2) The College failed to refer nine accounts in default to collection agencies or to the College's collection office.

(3) The College failed to bring litigation against five accounts in default in excess of 12 months.

The College should implement procedures to ensure that due diligence is exercised and documented for the collection ofPerkins Loans as required by Federal regulations (34 CFR 674.41). The College should contact the U. S. Department of Education regarding resolution of this finding.

GEORGIA SOUTHWESTERN COLLEGE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1994
CURRENT YEAR
REVENUE/RECEIVABLES/RECEIPTS Students Accounts Receivable Variance Financial Statements Audit Control Number 542-94-02
For the year under review, the College's subsidiary student accounts receivable records for Loan Funds did not reconcile to the general ledger control account. An unidentified variance of $575.00 existed at June 30, 1994.
Procedures should be implemented by the College to ensure that subsidiary accounts receivable records are reconciled to the general ledger control account.