Audit report, state of Georgia, Georgia State University, Atlanta, Georgia, year ended June 30, 1994

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

AUDIT REPORT STATE OF GEORGIA GEORGIA STATE UNIVERSITY ATLANTA, GEORGIA YEAR ENDED JUNE 30, 1994

GEORGIA STATE UNIVERSITY - TABLE OF CONTENTS -

SECTION I

FINANCIAL

INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

EXIilBITS

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

20

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS - UNRESTRICTED

21

G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

UNRESTRICTED

23

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

RESIDENT INSTRUCTION

24

2

LOTTERY FOR EDUCATION

26

SCHEDULES OF OPERATIONS

3

LOAN FUNDS

27

4

ENDOWMENT FUNDS

28

5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

29

6 CASH AND CASH EQUIVALENTS

32

7 ACCOUNTSRECEIVABLE

33

8 CHANGES IN INVESTMENT IN PLANT

34

9 SCHEDULE OF FUND BALANCES

CURRENT FUNDS AND PLANT FUNDS

36

GEORGIA STATE UNNERSITY - TABLE OF CONTENTS -

SECTION I

FINANCIAL

SUPPLEMENTARY INFORMATION

SCHEDULES

10 SCHEDULE OF REVENUES

CURRENT FUNDS

38

SCHEDULES OF EXPENDITURES BY OBJECT

11

CURRENT FUNDS

40

12

PLANT FUNDS

44

13 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL

45

14 RECONCILIATION OF PER DIEM AND FEES

46

SECTION TI 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

~.epartm.eut of /\-units
254 WASHINGTON STREET, S. W. ROOM 214
~tlanbt, Oieor_sia 30334-8400
December 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 Carl V. Patton, President Georgia State University
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 State University as ofand for the year ended June 30, 1994. These financial statements are the responsibility ofthe University'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 University 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 described in Note 1 to the financial statements, the University did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles.

94ARL-52

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 State University as of June 30, 1994, 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 G and Schedules 1 through 14) is presented for purposes of additional analysis and is not a required part of the financial statements of Georgia State University. 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:cm 94ARL-52

FINANCIAL STATEMENTS - 1-

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant

GEORGIA STATE UNIVERSITY COMBINED BALANCE SHEET
ALL FUND GROUPS JUNE 30 1 1994

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

ENDOWMENT FUNDS

$16,955,137.56

$ 229,628.65 $

4,800,069.47 $ 3,008,419.46 4,065,341.53

311,723.93

37,315.16

46,595.00

2,188,981.74

44,591.25

Total Assets

$24,293,227.86$ 3,055,014.46$ 4,294,970.18$ 44,591.25
============= ============= ============= =============

LIABILITIES AND FUND BALANCES
Liabilities Accounts Payable Salaries Payable Student Deposits Deferred Revenue Tuition and Fees Deposits Held for Others Due to Other Fund Groups 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

$8,341,935.22 165,633.13 7,502.31
6,875,132.36
$

90,661.84

$15,390,203.02 $ 90,661.84

$ 4,152,960.34 142,009.84
$
$ 2,964,352.62 $ 8,903,024.84

44,591.25

$ 8,903,024.84 $2,964,352.62$ 4,294,970.18$ 44,591.25

Total Liabilities and Fund Balances $24,293,227.86$ 3,055,014.46$ 4,294,970.18$ 44,591.25
============= ============= ============= =============
The notes to the financial statements are an integral part of this statement. - 2-

EXHIBIT "A"

UNEXPENDED

PLANT FUNDS
RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$ 255,085.71 $1,737,572.04

$1,627,170.30$ 20,849,185.51

2,086,551.54

13,960,382.00

311,723.93

83,910.16

2,188,981.74

$227,290,569.61

227,290,569.61

$2,341,637.25$ 1,737,572.04 $227,290,569.61 $1,627,170.30 $264,684,752.95
============= ============= ============== ============= ==============

$ 243,317.35 2,098,319.90
$ 2,341,637.25

$ 358,798.81 $ 8,944,051.38 165,633.13 7,502.31

$ 2,164,239.42

1,268,371.49

6,875,132.36 1,268,371.49 2,188,981.74 2,164,239.42

$ 2,164,239.42$ 1,627,170.30$ 21,613,911.83

$225,126,330.19

$

0.00 $1,737,572.04

$

0.00 $1,737,572.04 $225,126,330.19

.$ 4,152,960.34 142,009.84 44,591.25
225,126,330.19 2,964,352.62
10,640,596.88
$243,070,841.12

$2,341,637.25$ 1,737,572.04 $227,290,569.61 $1,627,170.30 $264,684,752.95
============= ============= ============== =====-====-== ---==--===--==

- 3-

GEORGIA STATE UNIVERSITY 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 Expended for Plant Facilities Current Funds Plant Funds Unexpended Renewals and Replacements Georgia State Financing and Investment Commission Total Revenues and Other Additions
EXPENDITURES AND OTHER DEDUCTIONS Educational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Refunds to Granters Remittances to the Board of Regents of the University Sfstem of Georgia Prior Years Unrestricted Fund Balance Surplus Loan Cancellations and Write-offs Administrative and Collection Costs Adjustments Prior Year's Revenues/Accounts Receivable Expended for Plant Facilities Capitalized Non-Capitalized Disposals/Deletions/Adjustments Total Expenditures and Other Deductions
TRANSFERS BETWEEN FUNDS Nonmandatory Renewals and Replacements Net Increase/(Decrease) for the Year
FUND BALANCES JULY 1, 1993
FUND BALANCES JUNE 30, 1994

CURRENT FUNDS UNRESTRICTED RESTRICTED
$167,308,870.54 $14,443,730.49 4,633,709.03 550,593.88 5,596,478.87 1,157.21
58,632.14 63,592.62
$167,431,095.30 $25,225,669.48
$163,662,237.38 $24,910,665.40 1,942,353.61 2,416,043.69 88,007.14 20,883.03
$165,713,481.16 $27,326,709.09
$ -135,203.46 $ 1,582,410.68 $-2,101,039.61
7,320,614.16 5,065,392.23 $ 8,903,024.84 $ 2,964,352.62
============== =============

The notes to the financial statements are an integral part of this statement.
- 4-

EXHIBIT "8"

LOAN FUNDS

ENDOWMENT FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
Only)

$ $ 146,749.00
25,897.00 9,632.37 100,712.91
$ 282,991.28 $

0.00

$

$ 11,300.00

170,286.57 252,001.02

0.00 $ 433,587.59 $

0.00 $

$167,308,870.54 11,300.00
14,590,479.49 4,633,709.03
550,593.88 34,024.10 5,826,686.54

1,157.21 261,633.39 100,712.91

58,632.14 63,592.62

13,256,436.75 13,256,436.75

396,795.96 142,010.66 1,297,208.73

396,795.96 142,010.66 1,297,208.73

0.00 $15,126,476.20 $208,499,819.85

$

$

2,861.07

31,452.80 5,375.34

$ 39,689.21 $

0.00

$188,572,902.78

1,942,353.61

2,416,043.69

2,861.07

$ 396,795.96$ 142,010.66 36,791.63 $
0.00 $ 433,587.59 $ 142,010.66$

603,193.79

88,007.14 31,452.80
5,375.34 20,883.03 538,806.62 36,791.63 603,193.79

603,193.79 $194,258,671.50

$ 243,302.07 $ 4,051,668.11

0.00 $ 44,591.25

$ 135,203.46

$

0.00

0.00 $ -6,807.20 $14,523,282.41 $14,241,148.35 0.00 1,744,379.24 210,603,047.78 228,829,692.77

$=4=,=2=9=4==,9==7=0=.=1=8$

44,591.25
=============

$

0.00

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

$1,737,572.04
==========-==

$225,126,330.19
--===---==--==

$243,070,841.12
-=============

- 5-

GEORGIA STATE UNIVERSITY 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

$110,592,484.00

$110,592,484. 00

45,297,314.20

45,297,314.20

1,762,528.88 $12,683,627.91 14,446,156.79

119,125.32 4,681,109.79 4,800,235.11

49,129.19

532,935.01

582,064.20

528,260.30 7,010,492.69 7,538,752.99

2,500.00

2,500.00

468,421.98

468,421.98

2,189,050.49

2,189,050.49

6,302,556.18

6,302,556.18

Total Revenues

$167,308,870.54 $24,910,665.40 $192,219,535.94

EXPENDITURES

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

$72,413,824.89$ 4,930,996.39$ 77,344,821.28

20,460,768.53 9,795,873.83 30,256,642.36

388,335.17 2,966,735.93 3,355,071.10

18,514,061.09

355,969.13 18,870,030.22

12,062,766.50

602,902.00 12,665,668.50

16,798,487.05

679,642.70 17,478,129.75

17,296,296.15

288,586.98 17,584,883.13

5,727,698.00 5,289,958.44 11,017,656.44

269,511.10 64,602.00
1,608,240.51

269,511.10 64,602.00 1,608,240.51

Total Expenditures

$165,604,590.99 $24,910,665.40 $190,515,256.39

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

Excess of Restricted Receipts over
Transfers to Revenues Transfers for Renewals and Replacements Prior Period Adjustments (Net) Remittance to the Board of Regents of the
University System of Georgia Prior Year's Unrestricted Fund Balance
Surplus

$-2,101,039.61 $ -2,101,039.61

$ -135,203.46

-135,203.46

101,341.33

101,341.33

-88,007.14

-88,007.14

Total Other Transfers and Additions/(Deductions) $ -121,869.27 $-2,101,039.61 $ -2,222,908.88

Net Increase/(Decrease) in Fund Balances

$ 1,582,410.28 $-2,101,039.61 $ -518,629.33
============== ============= ==============

The notes to the financial statements are an integral part of this statement.
- 6-

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIIlBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY Georgia State University 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 State University 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 State University does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Georgia State University is considered an organiz.ational unit ofthe Board ofRegents ofthe University System of Georgia reporting entity for financial reporting purposes because ofthe significance of its legal, operational, and financial relationships with the Board of Regents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the University, the accounts ofthe University 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 University's fund balance allocations and designations represent those portions
ofthe 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 University retains full control to use for purposes of performing the primary functions of the University, 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 STATE UNIVERSITY 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 FUNDS
The fund used to account for gifts that are subject to the restrictions by the donors requiring that the principal be invested in perpetuity and income only be utilized.
PLANT FUNDS
UNEXPENDED - the fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes.
RENEWALS AND REPLACEMENTS - the fund used to account for resources set aside for the renewal and replacement ofinstitutional properties.
INVESTMENT IN PLANT - the fund which shows the total amounts representing the book value of all physical properties owned by the University. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the University less the amount of any indebtedness to others.
AGENCY FUNDS
The fund used to account for resources held by the University 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 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
in part on the unexecuted portion of contracts for goods and services. The recognition of encumbrances of
- 8-

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIIlBIT "D"

NOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING this nature as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, 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 University 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$3,976,532.78, salaiy-related fiinge benefits liabilities ofapproximately $304,204.76, and the related rurrent 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 University. Fixed assets donated to the University are recorded at fair market value at the date of the gift and disposals are deleted at recorded cost. Depreciation on physical plant and equipment is not recorded.
It is the policy of Georgia State University 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 ofthis departure is deemed to be immaterial to the fair presentation of the financial statements.
The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses.

- 9-

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriated funds for the organiz.ational units ofthe University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1993-1994. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement ofthese funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office.
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts in that the University may deposit additional cash at any time and also may withdraw cash at any time without prior notice or penalty.
Certain amounts reflected as Investments in the fiscal year 1993 financial statements are reflected as Cash and Cash Equivalents in the accompanying financial statements. These funds are invested in the Board ofRegents cash management pools and the State Investment Pool.
ACCOUNTS RECEIVABLE Accounts receivable consist ofallotments due from the Board ofRegents 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.
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.
DUE TO/FROM OTHER FUND GROUPS Due to and from other fund groups are recorded for interfund receivables and payables which arise from interfund borrowings. These amounts are payable within one year without interest.
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 STATE UNIVERSITY 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:
(I) Bonds, bills, notes, certificates of indebtedness or other direct obligations of the United States or ofthe State of Georgia.
(2) Bonds, bills, notes, certificates ofindebtedness or other obligations ofthe counties or municipalities ofthe State of Georgia.
(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose.
(4) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia.
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest 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 ofRegents of the University System of Georgia) the option of exempting demand. deposits from the collateral requirements.
The treasurer ofthe Board ofRegents is responsible for 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 University's bank balances are categorized below to give an indication of the level of risk assumed by the University at year-end:
Category I - Amounts covered by depository insurance or collateralized with securities (at market value) held by the University or by its agent in the University's name.

- 11 -

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATE:MENTS
JUNE 30, 1994

EXIIlBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVEST:MENTS

COLLATERALIZATION OF DEPOSITS Category 2 - Amounts collateraliz.ed with securities (at market value) held by the financial institution's trust department or agent in the University'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 University's name, and amounts uncollateralized.

Cash Deposits

Canying Amount

Bank Balances

Risk Categories

2

3

$1110606826 $1811S6440S S 4708$034 S==""'o.oo,.,. $ 1764479371

CATEGORIZATION OF INVESTMENTS At June 30, 1994, the carrying amount and market value of the University's total investments was $9,630,117.25. This amount consisted of$5,296,798.32 in the State Investment Pool administered by the Office of Treasury and Fiscal Services and $4,333,318.93 in the Board ofRegents Short-Term Investment Pool. These investments are not required to be categorized since the University did not own any specific identifiable securities in the pools.

NOTE 3: INVEST:MENT IN PLANT

The following is a summary of Investment in Plant fixed assets at June 30, 1994:
Land Buildings Improvements Other Than Buildings Egu1pment Library Books and Collections
Total Investment in Plant
NOTE 4: CAPITAL LEASES

$ 8,157,163.76 123,832,727.81
2,865,452.21 52,267,844.87 40,167,380.96
$227,290,569.61 .

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 1999
Total Future Minimum Lease Payments

$ 659,067.14 589,493.05 544,491.43 315,710.78 55,477.02
$ 2,164,239.42

- 12 -

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

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 ofthe State's general creditors. Participants' rights under the plan are equal to those ofa general creditor of the State ofGeorgia in an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan is presented in the financial report of the State Personnel Board Merit System ofPersonnel Administration for the year ended June 30, 1994.
NOTE6: RETIREMENTPLANS
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 of55 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 ofyears ofcreditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of 7% for each month the member is below age 60, or by 7% for each year or fraction thereofby which the member has less than 30 years of service. The 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 ofemployer contributions occurs, but the member's contributions are refunded with interest.

- 13 -

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIIlBIT D 11 11

NOTE6: RETIREMENTPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS PLAN DESCRIPTION The University's payroll for employees covered by TRS for the year ended June 30, 1994, was $74,186,093.63; total payroll was $106,580,343.33.

TRS CONTRIBUTIONS REQUIRED AND MADE Employees ofthe University who are covered by TRS are required to pay 6% of their gross earnings to TRS.
The University 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 University contributed 5.60"/o 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 contnbutionsmade during fiscal year 1994 amounted to $14,249,121.82, ofwhich $9,797,956.50 was made by the University and $4,451,165.32 was made by employees. These contributions represented 13.21% (University) and 6% (employees) of covered payroll.

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 ofthe same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers.

- 14 -

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXIIlBIT "D"

NOTE6: RETIREMENTPLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS FUNDING STATUS AND PROGRESS Total contributions from all employers to TRS for fiscal year ended June 30, 1994, were $507,582,176.00. The University's contribution for the year ended June 30, 1994, of$9,797,956.50 was actuarially determined and represented 1.9302% oftotal 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 of June 30, 1994, the TRS held no securities issued by the University 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.
State legislation requires that the employee contribute 6% and the employer contribute 4% of the participating employee's eamable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The University's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1994, was $18,510,495.43; total payroll was $106,580,343.33. The University and the covered employees made the required contributions of $745,829.19 (4%) and $1,036,587.70 (6%), respectively.
GEORGIA DEFINED CONTRIBUTION PLAN The State ofGeorgia provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Teachers Retirement System of Georgia through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% of their gross salary, with no matching contribution by
the employer. The University's payroll for employees covered by the Georgia Defined Contribution Plan for
the year ended June 30, 1994, was $3,893,018.40; total payroll was $106,580,343.33. Total contributions from the covered employees of the University during fiscal year 1994 amounted to $295,497.66 (7.5%). Amounts attributable to the plan are fully vested and a member who terminates employment may apply for a refund ofcontributions and interest. Benefits are based solely on the amount contributed by the employee plus
investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than
$3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible

- 15 -

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE6: RETIREMENTPLANS
GEORGIA DEFINED CONTRIBUTION PLAN to retire at the age of65 with the option ofreceiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board of Trustees of the Employees' Retirement System of Georgia. Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994.
NOTE 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. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the University expects such amounts, if any, to be immaterial to its overall financial position.
Litigation, claims and assessments filed against Georgia State University (as a unit of the Board ofRegents 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, 1994.
NOTE 9: BONDING INFORMATION
The President and all employees of Georgia State University are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No.1450-00-110723, on which the premium was paid to October 1, 1994. Under this agreement, the public employee dishonesty coverage insures Georgia State University to a maximum ofSl,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the University to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment.
- 16 -

GEORGIA STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "D"

NOTE 9: BONDING INFORMATION

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

NOTEl0: ENROLLMENT

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

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

16,406 16,332 15,375

Average

16,037

Summer School, 1993

9,082

- 17 -

SUPPLEMENTARY INFORMATION - 19 -

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

EXHIBIT "E"

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups

RESIDENT

LOTTERY FOR AUXILIARY

STUDENT

INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

$8,181,936.30$ 4,343,499.49 307,715.93 37,315.16 2,188,981.74

0.00 $ 2,833,942.89 $ 5,939,258.37 $16,955,137.56

453,018.23

3,551.75 4,800,069.47

4,008.00

311,723.93

37,315.16

2,188,981.74

Total Assets

$15,059,448.62 $

0.00 $ 3,290,969.12 $ 5,942,810.12 $24,293,227.86

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

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

$ 8,222,678.79 160,408.82 7,502.31
6,187,038.76
$14,577,628.68
481,819.94$

$ 35,757.25$ 83,499.18$ 8,341,935.22

253.79

4,970.52 165,633.13

7,502.31

93,634.00 594,459.60 6,875,132.36
------------- ------------- -------------
$ 129,645.04$ 682,929.30 $15,390,203.02

0.00 3,161,324.08 5,259,880.82 8,903,024.84
------------- ------------- -------------

Total Liabilities and Fund Balances $15,059,448.62 $

0.00 $ 3,290,969.12 $ 5,942,810.12 $24,293,227.86

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

See notes to the financial statements.

- 20 -

GEORGIA STATE UNIVERSITY 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

$157,543,977.05 $3,426,985.00 $3,003,094.91 $3,334,813.58 $167,308,870.54

Adjustments

Prior Years' Expenditures/Accounts Payable

36,480.71

11,147.90 11,003.53

58,632.14

Prior Years' Checks Voided

62,445.31

1,147.31

63,592.62

Total Revenues and Other Additions $157,642,903.07 $3,426,985.00 $3,014,242.81 $3,346,964.42 $167,431,095.30

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General Expenditures Auxiliary Enterprises Expenditures 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

$157,972,915.11 $3,426,985.00

$2,262,337.27 $163,662,237.38

$1,942,353.61

1,942,353.61

88,007.14 20,883.03

88,007.14 20,883.03

Total Expenditures and Other Deductions

$158,081,805.28 $3,426,985.00 $1,942,353.61 $2,262,337.27 $165,713,481.16

TRANSFERS BETWEEN FUNDS

Nonmandatory In Lieu of State Appropriations Renewals and Replacenents
Total Transfers Between Funds
Net Increase for the Year FUND BALANCES JULY 1, 1993

$ 452,223.00
--------------
$ 452,223.00
--------------
$ 13,320.79 $
468,499.15

$ -452,223.00 -135,203.46
------------

$

0.00

-135,203.46

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

$ -587 ,426.46
------------

$ -135,203.46
--------------

0.00 $ 484,462.74 $1,084,627.15$ 1,582,410.68

0.00 2,676,861.34 4,175,253.67 7,320,614.16

FUND BALANCES JUNE 30, 1994 See notes to the financial statenents.

$ 481,819.94 $

0.00 $3,161,324.08 $5,259,880.82 $ 8,903,024.84

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

- 21 -

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

EXHIBIT "G"

RESIDENT LOTTERY FOR AUXILIARY STUDENT INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES

State Appropriations

$107,165,499.00 $3,426,985.00

$110,592,484.00

Tuition and Fees

42,449,665.20

$2,847,649.00 45,297,314.20

Federal Grants and Contracts

1,762,528.88

1,762,528.88

State Grants and Contracts

119,125.32

119,125.32

Local Grants and Contracts

49,129.19

49,129.19

Private Gifts, Grants, and Contracts

528,260.30

528,260.30

Sales and Services of Educational Activities 468,421.98

468,421.98

Sales and Services of Auxiliary Enterprises

$2,189,050.49

2,189,050.49

Other Sources

5,001,347.18

814,044.42 487,164.58 6,302,556.18

Total Revenues

$157,543,977.05 $3,426,985.00 $3,003,094.91 $3,334,813.58 $167,308,870.54

EXPENDITURES

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

$ 72,413,824.89 17,033,783.53 $3,426,985.00
388,335.17 18,514,061.09 9,823,328.83 16,798,487.05 17,296,296.15 5,704,798.40

$ 72,413,824.89 20,460,768.53 388,335.17 18,514,061.09
$2,239,437.67 12,062,766.50 16,798,487.05
17,296,296.15 22,899.60 5,727,698.00

$ 269,511.10
64,602.00 1,608,240.51

269,511.10 64,602.00 1,608,240.51

Total Expenditures

$157,972,915.11 $3,426,985.00 $1,942,353.61 $2,262,337.27 $165,604,590.99

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

Transfers for Renewals and Replacements Transfers in Lieu of State Appropriations $ Prior Period Adjustments (Net) Remittance to the Board of Regents of the
University System of Georgia Prior Year's Unrestricted Fund Balance
Surplus

452,223.00 78,042.99
-88,007.14

$ -135,203.46

$ -135,203.46

-452 ,223 .00

0.00

11,147.50 $ 12,150.84

101,341.33

-88,007.14

Total Other Transfers and Additions/

(Deductions)

$ 442,258.85

$ -576,278.96 $ 12,150.84 $ -121,869.27

Net Increase in Fund Balance

$ 13,320.79 $

0.00 $ 484,462.34 $1,084,627.15$ 1,582,410.28

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

See notes to the financial statements.

- 23 -

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

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS
RENEWALS AND UNEXPENDED REPLACEMENTS

$107,165,499.00

50,378,478.05 $24,910,665.40$ 422,287.59 $

0.00

$157,543,977.05 $24,910,665.40$ 422,287.59 $

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

$119,016,281.47 $12,481,148.53

38,247,905.64
365,728.00 343,000.00

12,429,516.87 $

422,287.59 $

142,010.66

$157,972,915.11 $24,910,665.40$ 422,287.59 $ 142,-010.66

Excess of Revenues over Expenditures

$ -428,938.06 $

0.00 $

0.00 $ -142,010.66

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

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

See notes to the financial statements.

- 24 -

SCHEDULE "1"

TOTAL

ADJUSTMENTS

TOTAL

(1)

(Budget Bas;s)

BUDGET

VARIANCE -
FAVORABLE (UNFAVORABLE)

$107,165,499.00

$107,165,499.00 $107,165,499.00$

0.00

75,711,431.04 $-5,110,564.74 70,600,866.30 84,203,406.00 -13,602,539.70

$182,876,930.04 $-5,110,564.74 $177,766,365.30 $191,368,905.00 $-13,602,539.70
-------------- ------------- -------------- ============== --------------

$119,016,281.47 12,481,148.53

$119,016,281.47 $119,856,388.00$ 840,106.53 12,481,148.53 15,000,000.00 2,518,851.47

38,247,905.64 $-5,704,798.40 12,429,516.87
564,298.25 365,728.00 343,000.00

32,543,107.24 12,429,516.87
564,298.25 365,728.00 343,000.00

35,648,186.00 13,750,000.00 6,405,603.00
365,728.00 343,000.00

3,105,078.76 1,320,483.13 5,841,304.75
0.00 0.00
----------- ---

$183,447,878.76 $-5,704,798.40 $177,743,080.36 $191,368,905.00$ 13,625,824.64

$ -570,948.72 $ 594,233.66$

23,284.94

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

$

23,284.94

- 25 -

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

SCHEDULE "2"

REVENUES State Appropriations

CURRENT FUNDS PLANT FUNDS

VARIANCE -

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

FAVORABLE (UNFAVORABLE)

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

$3,426,985.00$ 11,300.00$ 3,438,285.00$ 3,438,285.00$

0.00

------------- ------------- -------------- ~z=========== -------------

EXPENDITURES

Equipment, Technology and Construction Trust

Fund

$3,426,985.00

$ 3,426,985.00$ 3,426,985.00$

0.00

Distant Learning - Satellite Dishes

$ 11,300.00

11,300.00 11,300.00

0.00

Excess of Revenues over Expenditures

$3,426,985.00$ 11,300.00$ 3,438,285.00$ 3,438,285.00$

0.00

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

$

0.00 $

0.00 $

0.00

$

0.00

See notes to the financial statements.

- 26 -

GEORGIA STATE UNIVERSITY SCHEDULE OF OPERATIONS LOAN FUNDS YEAR ENDED JUNE 30. 1994

SCHEDULE "3"

FUND BALANCE

FUND BALANCE

FUND

JULY 1, 1993 ADDITIONS DEDUCTIONS JUNE 30, 1994

U.S. GOVERNMENT GRANTS REFUNDABLE

Nursing Student Loan Fund Perkins Loan Fund

$ 2,740.99 $

144.98 $ 2,861.07 $

24.90

3,916,512.35 273,213.93

36,790.84 4,152,935.44

$ 3,919,253.34 $ 273,358.91 $ 39,651.91 $ 4,152,960.34

INSTITUTiONAL LOANS - RESTRICTED

International Student Emergency Loan Fund $ 15,476.89 $

Law Emergency Loan Fund

3,840.90

Student Emergency Loan Fund

113,096.98

769.03 134.00 8,729.34 $

$ 37.30

16,245.92 3,974.90
121,789.02

$ 132,414.77 $ 9,632.37 $

37.30 $ 142,009.84

$ 4,051,668.11 $ 282,991.28$ 39,689.21 $ 4,294,970.18
============= ============= ============= =============

RECONCILIATION OF STUDENT NOTES RECEIVABLE

Balance July 1, 1993 Add:
Loans to Students

$ 3,835,901.97 939,264.93

Deduct: Repayment of Loans Loan Cancellations and Write-Offs
For Bankruptcy For Death For Disability For Teaching For Headstart For Volunteer Services For Loans Written-Off

$ 4,775,166.90

$ 678,372.57

$

55.92

6,789.17

14,227.26

9,310.02

433.13

600.00

37.30

31,452.80

709,825.37

Balance June 30, 1994 See notes to the financial statements.

- 27 -

$ 4,065,341.53

GEORGIA STATE UNIVERSITY SCHEDULE OF OPERATIONS
ENDOWMENT FUNDS YEAR ENDED JUNE 30. 1994

SCHEDULE "4"

FUND BALANCE

FUND BALANCE

FUND

JULY 1, 1993 ADDITIONS DEDUCTIONS JUNE 30, 1994

Christopher, M. Guyton, Memorial Trust Fund$ Cravey, Zack, Scholarship Fund Day, Dr. John, Scholarship Fund Day, William Newland, Scholarship Fund Fortson, Ben W., Scholarship Fund Frazier, Carlyle, Scholarship Fund Trotter, Nell Hamilton, Scholarship Fund

13,023.65$ 777 .60
5,000.00 5,000.00
790.00 10,000.00 10,000.00

0.00 $

0.00 $

13,023.65 777.60
5,000.00 5,000.00
790.00 10,000.00 10,000.00

$ 44,591.25 $

0.00 $

0.00 $ 44,591.25

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

See notes to the financial statements.

- 28 -

GEORGIA STATE UNIVERSITY SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
AGENCY FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "5" Page 1

BALANCE

BALANCE

FUND

JULY 1, 1993

RECEIPTS

DISBURSEMENTS JUNE 30, 1994

PAYROLL DEDUCTIONS

F. LC.A. Federal Income Tax State Income Tax Retirement Group Insurance Disability Insurance Accident Insurance Tax Deferred Annuities Medicare Medical Spending Accounts United Way U. S. Savings Bonds Employees' Life Insurance Advance Earned Income Credit Dependent Care Credit Union Garnishment Chapter 13 Payment Georgia Defined Contribution Plan Parking Rent Miscellaneous Liability Deductions
AAUP Dues GSU Foundation

$ 3,022.92$ 5,219,645.27 $ 5,222,131.64 $

536.55

12,020.17 11,793,684.11 11,804,093.04

1,611.24

2,394.50 4,015,901.23 4,018,295.73

3,318.23 6,698,941.67 6,701,196.75

1,063.15

135,680.00 2,252,566.91 2,237,851.74

150,395.17

35,706.15

337,856.57

337,707.25

35,855.47

2,808.00

35,074.48

35,044.15

2,838.33

380.00 3,836,443.85 3,836,117.85

706.00

938.39 1,387,079.28 1,387,905.72

111.95

60,135.29 360,175.28 341,533.66

78,776.91

79,726.99

79,726.99

11,738.95

98,728.60 101,862.50

8,605.05

59,860.67 642,894.87 643,297.75

59,457.79

58.60

7,422.47

7,481.07

529,755.09 529,755.09

145.00 4,553,412.40 4,553,605.40

-48.00

4,105.80 122,836.48 118,996.52

7,945.76

114,969.29 104,331.81

10,637.48

26,509.36

295,497.66

321,960.42

46.60

527,047.09 527,047.09

100.00

1,247.20

1,347.20

131.86

2,092.52

2,224.38

69,480.12

69,373.20

106.92

89.94

2,954.78

2,892.28

152.44

4,525.37

55,297.63

59,823.00

$ 363,669.20 $43,040,731.84 $43,045,602.23 $ 358,798.81

OTHER FUNDS

Brennan Holding Account

$

Campus Reservations Service

Carbonate Field Trip

Club Accounts

Ethnic Heritage

Family Education Center

National League of Nursing - Test

Outdoor Recreat~on Fund

Preservation In England

Recreation Activities

Recreation Rental Fund

ROTC Uniform Deposits

S. W. Native American Thought and Culture

Commencement - SOS Account

Commercial Music Fund

Communication Skills and Strategies/MBA

Comprehensive Youth Service

3,131.32 $ 30,331.30

763.00 $ 25,540.56 3,860.00

763.00 $ 54,782.68 3,852.41

2.94 6,913.62
79 .17 17,326.00 11,022.21
685.98 9,283.76
371. 57 6,700.03 1,872.71
4.20 9,723.42
1. 95

163,180.75 2,025.00 10,017.72 15,254.60
15,947.75 4,152.50
22,860.12

151,419.94 13,047.21 8,882.13 12,271.42
298.94 14,155.98 3,059.94
21,258.92

3,131.32 1,089.18
7.59
2.94 6,913.62
79.17 29,086.81
1,821.57 12,266.94
72.63 8,491.80 2,965.27
4.20 11,324.62
1. 95

- 29 -

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

SCHEDULE "5" Page 2

BALANCE

BALANCE

FUND

JULY 1, 1993

RECEIPTS

DISBURSEMENTS JUNE 30, 1994

OTHER FUNDS

Departmental Accounts

Allied Health Insurance Fund

$

Allied Health Mat

Anatomy/Physiology Agency Fund

Art Department

Biology Graduate Program

Child Development Center

College of Arts and Science

Dissertation

College of Business Administration

Study Tour to Europe

Other

College of Education

Dissertation Fund

College of Health Sciences

Dissertation Fund

College of Public and Urban Affairs

Dissertation Fund

Continuing Education Programs

Cooperative Education

Criminal Justice

Review

Israel Program

Health Administration Fund

Geology Field Trip

Law Matriculation Deposit Fund

Philosophy Agency

Direct Student Loan

ESL Journal Account

Education Letter of Credit - Control Account

Georgia State University

Art Gallery

Athletic Association

European Choir Tour

Foundation Agency

Handicapped Students

Study Abroad Program

HHS Dial Up/Direct Deposit Control Account

Insurance Receivable

International Information Technology

International Student Insurance

Madrid Summer Program

Marta

Parking Pass

Transit Cards - Weekly

Transit Tokens

Transit Cards - Monthly

Microbiological Evaluation Fund

Microfilming

NSF Letter of Credit - Control Account

National Student Exchange Program

8,713.11 $
20.80 5.43
42.74 104,994.44

6,513.00$ 7,900.00
1,101.40 334,433.14

6,997.00$
20.80 5.43
1,144.13 387,548.76

6,295.30

5,216.40

5,946.80

8,391.36 269.55

43,803.20 1,429.00

51,045.38 1,234.95

2,459.69

3,104.00

3,702.60

1,413.09

1,707.30

1,974.70

199,782.97 85.57

183.50 2,475,395.47

116. 00 2,374,659.62

23,582.99 246.04
1,225.00 3,031.06 11,300.00 5,867.00
303.73 150.00

16,574.00 12,255.00 2,625.00
5,600.00 13,150.00
1.00
6,486,903.75

19,698.68 12,460.70 1,800.00 4,323.01 11,800.00 5,727.00
6,487,053.75

348.64 301,127.86
6,705.05 500.00 984.25
1,362.88
1,707.39 56,565.00 22,230.12

9,455.25 2,944,133.77
23,533.18
1,635.00 1,868.28 5,494,600.00
522.00
336,918.42

4,597.73 2,673,683.40
30,235.17
2,806.11 5,494,600.00
522.00 1,397.48 334,015.42 22,230.12

4,515.00 2,323.88 5,060.10
915.10

252.00 90,838.00 74,724.00 76,196.00
8,280.00 1,251,348.00
1,920.00

252.00 90,662.00 74,724.00 77,400.00
8,850.00 1,251,348.00
1,572.52

8,229.11 7,900.00
0.01 51,878.82
5,564.90
1,149.18 463.60
1,861.09
1,145.69
67.50 300,518.82
85.57
20,458.31 40.34
2,050.00 4,308.05 12,650.00
140.00 1.00
303.73
5,206.16 571,578.23
3.06 500.00 2,619.25 425.05
309.91 59,468.00 ,
176.00
3,311.00 2,323.88 4,490.10
1,262.58

- 30 -

GEORGIA STATE UNIVERSITY SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
AGENCY FUNDS YEAR ENDED JUNE 30 1 1994

SCHEDULE "5" Page 3

BALANCE

BALANCE

FUND

JULY 1, 1993

RECEIPTS

DISBURSEMENTS JUNE 30, 1994

OTHER FUNDS

Ninth Arginine Conference Nutrition Education Fund Oxford Conference Paris Summer Abroad Program Sales Tax Scholarships
Fulton County Technical Assistance Scholarship
HOPE Scholarship Program Ralph McGill Administration Scholarship Regents' Opportunity Scholarship Regents' Scholarship Fund Other Scholarships (List on File) Student Agency Interim Account Student Incentive Grants Fall Quarter Spring Quarter Winter Quarter Studies Abroad Program FY 94

$

123.88

97.55

9.00 $

15,220.62

858.03

2,985.00 $ 164.40
6,593.85

$
2,985.00 15,385.02 6,910.51

123.88 97.55 9.00
541.37

1,393.60
1,108.82
15,584.99 91,373.36

833,225.00
138,998.00 24,900.00 465,262.05 157,278.32

832,785.96
138,998.00 28,057.99 463,892.61 157,278.32

1,393.60 439.04
1,108.82
12,427.00 92,742.80

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

100,300.80 82,600.00 72,227.00 241,621.39
-------------

100,300.80
82,600.00 72,227.00
229,881.51
-------------

11,739.88
-------------

$ 1,005,745.17 $22,123,876.87 $21,861,250.55$ 1,268,371.49
------------- ------------- ------------- -------------

$1,369,414.37 $65,164,608.71 $64,906,852.78$ 1,627,170.30

See notes to the financial statements.

- 31 -

GEORGIA STATE UNIVERSITY CASH ANO CASH EQUIVALENTS
JUNE 30, 1994

SCHEDULE "6"

NONINTEREST BEARING ACCOUNTS
Bank South, Atlanta, Georgia
Trust Company Bank, Atlanta, Georgia
Wachovia Bank of Georgia, Atlanta, Georgia
INTEREST BEARING ACCOUNTS
Firstar Bank Milwaukee, Milwaukee, Wisconsin
N.O.W. Accounts (2.00%)
NationsBank of Georgia, Atlanta, Georgia
N.O.W. Accounts (4.19%)
Southtrust Bank of Georgia, Atlanta, Georgia
N.O.W. Accounts (Variable)
State of Georgia - Office of Treasury and Fiscal Services State Investment Pool Local Government Investment Pool (3.335%)
Trust Company Bank, Atlanta, Georgia
Cash Management Pool Board of Regents Short-Term Investment Fund
OTHER
Cash on Hand Petty Cash

$ 6,926,691.75 2,865,838.67 634,658.38 $10,427,188.80
$ 8,237.18 483,746.96 186,895.32
5,296,798.32 4,333,318.93 10,308,996.71
113,000.00 $20,849,185.51
=============

See notes to the financial statements.

- 32 -

GEORGIA STATE UNIVERSITY ACCOUNTS RECEIVABLE JUNE 30. 1994

SCHEDULE "7"

State Appropriations Allotment from the Board of Regents of the University System of Georgia
Federal Grants and Contracts Research and Instruction Student Aid
State Grants and Contracts Research and Instruction
Local Grants and Contracts Research and Instruction
Private Gifts, Grants, and Contracts Research and Instruction
Other CC11111issions and Rents Canputer Center Continuing Education Georgia State Financing and Investment Conmission Georgia State University Foundation Georgia State University Business Press Insurance Claims Returned Checks Student Accounts Student Notes Other

CIRRENT FUNDS

PLANT FUNDS

---------------------------- LOAN -------------

UNRESTRICTED RESTRICTED

FUNDS

UNEXPENDED

TOTAL

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

$4,000,000.00

$ 4,000,000.00

$ 542,583.89 403,887.47

542,583.89 403,887.47

769,121.05

769,121.05

277,726.96

277,726.96

1,015,100.09

1,015,100.09

453,018.23 14,573.13 74,421.74

453,018.23 14,573.13 74,421.74

$1,951,147.88 1,951,147.88 135,403.66 135,403.66

68,305.30

68,305.30

83,056.47

83,056.47

19,663.64

19,663.64

80,253.88

80,253.88

$ 4,065,341.53

4,065,341.53

6,777.08

6,777.08

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

$ 4,800,069.47 $3,008,419.46$ 4,065,341.53 $ 2,086,551.54 $13,960,382.00
============= ============ ============ =========== ============

See notes to the financial statements.

- 33 -

GEORGIA STATE UNIVERSITY CHANGES IN INVESTMENT IN PLANT
YEAR ENDED JUNE 30. 1994

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

CURRENT FUNDS BALANCE JULY 1, 1993 UNRESTRICTED RESTRICTED

$ 8,269,451.53 120,739,950.64$ 2,077,702.33 2,282,252.21 583,200.00 42,865,443.80 7,196,753.10$ 37,254,125.89 2,913,255.07

485,526.25

$211,411,224.07 $12,770,910.50$ 48~.526.25
--=---------=- -===-=---===~ =--=---------

$210,603,047.78 $12,770,910.50$ 485,526.25 808,176.29
$211,411,224.07 $12,770,910.50$ 485,526.25
============== ============= =============

See notes to the financial statements.

- 34 -

SCHEDULE "8"

ADDITIONS

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

PLANT FUNDS

GEORGIA STATE

FINANCING AND

RENEWALS AND INVESTMENT

PRIVATE

CAPITAL

UNEXPENDED REPLACEMENTS COMMISSION

GIFTS

LEASES

DEDUCTIONS
DISPOSALS/ DELETIONS/ ADJUSTMENTS

BALANCE JUNE 30, 1994

$ 189,138.69 $ 132,243.66$ 597,186.72

207,657.27

9,767.00

700,022.01 $

$ 112,287.77 $ 8,157,163.76 -96,505.77 123,832,727.81 2,865,452.21
34,024.10$ 602,725.85 -165,925.49 52,267,844.87 40,167,380.96

$ 396,795.96$ 142,010.66$ 1,297,208.73 $ 34,024.10$ 602,725.85 $ -150,143.49 $227,290,569.61
----=-==-===- =--=--------- --------=---- =---------=-- ------------- ---=--===--=- --==------==--

$ 396,795.96$ 142,010.66$ 1,297,208.73 $ 34,024.10

$ 603,193.79 $225,126,330.19

$ 602,725.85 -753,337.28 2,164,239.42

$ 396,795.96 $ 142,010.66$ 1,297,208.73$ 34,024.10$ 602,725.85$ -150,143.49 $227,290,569.61
============= ============= ============= ============= ============= ============= ===========a==

- 35 -

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

RESIDENT INSTRUCTION

CURRENT FUNDS

UNRESTRICTED

LOTTERY FOR AUXILIARY

STUDENT

EDUCATION ENTERPRISES ACTIVITIES

NET INVESTMENT IN PLANT

Investment in Plant Facilities

RESTRICTED

Designated for Subsequent Years' Expenditures

UNRESTRICTED

Designated

For Inventory Reserve

$ 257,000.00

For Potential Termination of Contracted Services for Auxiliary Enterprises

For Renewals and Replacements Reserve

For Subsequent Years' Expenditures

For Uncollectible Accounts

24,508.36

For Undeliverable Checks

91,324.16

Undesignated

Surplus

Regular

108,987.42

Lottery for Education

$

$

4,008.00

443,375.11

2,713,940.97 $ 5,259,880.82

0.00

$ 481,819.94$

0.00 $3,161,324.08$ 5,259,880.82

See notes to the financial statements.

$ 481,819.94$

0.00 $3,161,324.08$ 5,259,880.82

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

- 36 -

SCHEDULE "9"

RESTRICTED

PLANT FUNDS

UNEXPENDED

REGULAR

LOTTERY FOR RENEWALS AND EDUCATION REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$225,126,330.19 $225,126,330.19

$ 2,964,352.62

$ 2,964,352.62

$1,737,572.04

$ 261,008.00
443,375.11 1,737,572.04 7,973,821.79
24,508.36 91,324.16

$

0.00

$

0.00

$

0.00 $

0.00 $1,737,572.04

108,987.42 0.00
$10,640,596.88

$ 2,964,352.62 $

0.00 $

0.00 $1,737,572.04 $225,126,330.19 $238,731,279.69

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

- 37 -

GEORGIA STATE UNIVERSITY 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 Research Consortium Lottery Proceeds
Total State Appropriations
Other Revenues Retained Tuition and Fees Matriculation Other
Federal Grants and Contracts Research and Instruction Student Aid Contract Overhead
State Grants and Contracts Research and Instruction Student Aid Contract Overhead
Local Grants and Contracts Research and Instruction Student Aid Contract Overhead
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 Administrative Cost Allowance Extension and Public Service Indirect Funding - Telecommunications Georgia Department of Administrative Services Interest Earned Rents Salvage Sales Other

See notes to the financial statements.

- 38 -

RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

$106,456,771.00 365,728.00 343,000.00 $ 3,426,985.00
$107,165,499.00$ 3,426,985.00
$ 42,183,668.20 265,997.00
1,762,528.88
119,125.32
49,129.19 43,000.00 485,260.30
468,421.98
3,914.13 4,162,439.12
500,000.00 12,050.69 16,022.00
5,114.30 301,806.94 $ 50,378,478.05
$157,543,977.05 $ 3,426,985.00
============== =============

SCHEDULE "10"

UNRESTRICTED
AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESTRICTED
RESIDENT INSTRUCTION

TOTAL

$106,456,771.00 365,728.00 343,000.00
3, 426., 985. 00
$110,592,484.00

$106,456,771.00 365,728.00 343,000.00
3,426,985.00
$110,592,484.00

$42,183,668.20 $ 2,847,649.00 3,113,646.00

$ 42,183,668.20 3,113,646.00

$ 7,869,202.19 4,814,425.72
1,762,528.88

7,869,202.19 4,814,425.72
1,762,528.88

4,613,259.85
67,849.94 119,125.32

4,613,259.85 67,849.94
119,125.32

49,129.19

525,138.96 7,796.05

525,138.96 7,796.05
49,129.19

43,000.00 6,613,105.96 397,386.73
485,260.30

6,656,105.96 397,386.73 485,260.30

$ 2,189,050.49

468,421.98 2,189,050.49

2,500.00

2,500.00 468,421.98 2,189,050.49

3,914.13 4,162,439.12

3,914.13 4,162,439.12

114,483.45 474,222.60
225,338.37

162,962.74 324,201.84
-------------

500,000.00 289,496.88
490,244.60 5,114.30
851,347.15
--------------

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

500,000.00 289,496.88
490,244.60 5,114.30
851,347.15
--------------

$ 3,003,094.91 $ 3,334,813.58 $ 56,716,386.54 $24,910,665.40$ 81,627,051.94

$ 3,003,094.91 $ 3,334,813.58 $167,308,870.54 $24,910,665.40 $192,219,535.94
============= ============= ============== ============= ==============
- 39 -

GEORGIA STATE UNIVERSITY SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30. 1994

PERSONAL SERVICES
Salaries and Wages Employer's Contributions for:
F. LC.A. Group Insurance Retirement Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance
OPERATING EXPENSES
Travel Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Uti 1ities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships
College Work-Study Program Scholarships, Fellowships, Prizes,
Awards and Other Other Operating Expenses Publications and Printing Equipment Purchases
Non-Inventory Computer Charges Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts
Per Diem and Fees Contracts Equipment Purchases Motor Vehicle Purchases Lease/Purchase of Equipment Inventory

RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

$ 94,841,076.55
5,945,753.50 7,519,669.98 9,496,604.44
374,084.00 97,508.00 741,585.00
$119,016,281.47

$ 1,182,630.47 73,697.69
3,886,164.70 3,742,501.02 4,036,972.51
613,872.05 142,579.65
86,975.48
5,704,798.40 2,513,600.86 1,065,216.64
1,205,340.73 142,902.30
1,261,964.33 776,435.32
1,542,728.00
1,706,188.20 1,745,003.12
18,180.90 719,563.89 6,080,589.38
$ 38,247,905.64

See notes to the financial statements.

- 40 -

SCHEDULE "11" Page 1

UNRESTRICTED
AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESTRICTED
RESIDENT INSTRUCTION

TOTAL

$ 379,150.95$ 440,787.45$ 95,661,014.95 $10,466,742.46 $106,127,757.41

18,276.41 29,562.52 36,360.02

1,164.45 771. 66

5,965,194.36 7,549,232.50 9,533,736.12
374,084.00 97,508.00 741,585.00

543,384.28 554,635.51 916,386.28

6,508,578.64 8,103,868.01 10,450,122.40
374,084.00 97,508.00 741,585.00

$ 463,349.90$ 442,723.56 $119,922,354.93 $12,481,148.53 $132,403,503.46

$

2,462.57 $ 51,571.82 $ 1,236,664.86 $ 495,860.65 $ 1,732,525.51

25,316.23

99,013.92

1,264.91

100,278.83

84,515.27

493,594.92 4,464,274.89 1,477,283.08 5,941,557.97

41,662.23

53,516.78 3,837,680.03

61,151.79 3,898,831.82

312,825.71

18,721.29 4,368,519.51

913.40 4,369,432.91

96,764.73

85,049.91

795,686.69

62,508.81

858,195.50

12,677.00

40,353.80

195,610.45

6,708.36

202,318.81

86,975.48

260,516.16

347,491.64

11,768.12 81,814.46

22,899.60 259,221.54 195,853.86

5,727,698.00 2,784,590.52 1,342,884.96

5,289,958.44 552,373.26 570,071.72

11,017,656.44 3,336,963.78 1,912,956.68

5,320.11 289.26 179.00
278,942.50 8,085.45

74,305.66 8,157.23 46,112.17

1,284,966.50 143,191.56
1,270,300.56 1,055,377.82 1,596,925.62

130,528.57 1,920.99
96,734.16 238,579.47 88,465.39

1,415,495.07 145,112.55
1,367,034.72 1,293,957.29 1,685,391.01

10,606.25 531,091.05

160,191.79 223,349.38

1,876,986.24 1,057,828.57 2,499,443.55 1,551,322.89

2,934,814.81 4,050,766.44

18,180.90

18,180.90

719,563.89

1,573.08

721,136.97

61,397.73 6,141,987.11

483,953.17 6,625,940.28

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

$1,479,003.71 $1,819,613.71 $ 41,546,523.06 $12,429,516.87 $ 53,976,039.93
------------- ------------- -------------- ------------- --------------

- 41 -

GEORGIA STATE UNIVERSITY SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30. 1994

OTHER
SPECIAL FUNDING INITIATIVE Personal Services Salaries and Wages
RESEARCH CONSORTIUM Personal Services Salaries and Wages
Other Costs Travel Supplies and Materials Other Expenses Publications and Printing Equipment Purchases Non-Inventory Software Per Diem, Fees and Contracts Contracts Telecommunications Equipment Purchases Inventory
EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Supplies and Materials Repairs and Maintenance Other Expenses Equipment Purchases Non-Inventory Software Telecommunications Per Diem, Fees and Contracts Contracts Equipment Purchases Inventory

See notes to the financial statements.

- 42 -

RESIDENT INSTRUCTION

LOTTERY FOR EDUCATION

$ 365,72B.00
$ 86,857.92
67.83 59,932.92
243.00 121.40 13,352.99 6,481.90 89,500.00 1,651.62 84,790.42
--------------
$ 343,000.00
--------------
$ 34,962.71 6,200.25 1,736.00
102,284.97 33,530.34
642.88 102,142.00 3,145,485.85
$ 3,426,985.00
$ 708,728.00 $ 3,426,985.00
$157,972,915.11 $ 3,426,985.00

SCHEDULE "11" Page 2

UNRESTRICTED
AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESTRICTED
RESIDENT INSTRUCTION

TOTAL

$ 365,728.00

$ 365,728.00

$ 86,857.92
67.83 59,932.92
243.00 121.40
13,352.99 6,481.90
89,500.00 1,651.62
84,790.42
--------------
$ 343,000.00
--------------

$

34,962.71

6,200.25

1,736.00

102,284.97 33,530.34
642.88

102,142.00

3,145,485.85

$ 3,426,985.00

$ 4,135,713.00

$ 86,857.92
67.83 59,932.92
243.00 121. 40
13,352.99 6,481.90
89,500.00 1,651.62
84,790.42
--------------
$ 343,000.00
--------------

$

34,962.71

6,200.25

1,736.00

102,284.97 33,530.34
642.88

102,142.00

3,145,485.85

$ 3,426,985.00

$ 4,135,713.00

$1,942,353.61 $ 2,262,337.27 $165,604,590.99 $24,910,665.40 $190,515,256.39
============= ============= ============== ============= ==============

- 43 -

GEORGIA STATE UNIVERSITY SCHEDULE OF EXPENDITURES BY OBJECT
PLANT FUNDS YEAR ENDED JUNE 30. 1994

SCHEDULE "12"

CAPITAL OUTLAY
--------------
SuppHes and Materials Repairs and Maintenance Other Expenses Publications and Printing Equipment Purchases
Non-Inventory Per Diem, Fees and Contracts
Per Diem and Fees Contracts Telecommunications Equipment Purchases Inventory
OTHER
DISTANT LEARNING - SATELLITE DISHES Other Costs Equipment Purchases Non-Inventory Equipment Purchases Inventory

UNEXPENDED

RENEWALS AND

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

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

REGULAR

EDUCATION

AUXILIARY

TOTAL

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

$ 19,994.38 164,969.07 7,964.57 53.90
19,623.35
431.00 7,450.65
201,800.67
-------------
$ 422,287.59
-------------

$

430.32 $ 20,424.70

76,472.00

241,441.07

1,532.06

9,496.63

265.92

319.82

19,623.35

5,700.00 46,811.00
1,032.36

6,131.00 54,261.65
1,032.36

9,767.00

211,567.67

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

$ 142,010.66 $ 564,298.25
------------- -------------

$ 5,443.40
5,856.60
-------------
$ 11,300.00
-------------

$ 5,443.40 5,856.60
-------------
$ 11,300.00
-------------

$ 422,287.59 $ 11,300.00$ 142,010.66 $ 575,598.25

See notes to the financial statements.

- 44 -

GEORGIA STATE UNIVERSITY RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL
YEAR ENDED JUNE 30, 1994

SCHEDULE "13"

Totals per Annual Supplement
Accruals June 30, 1994 June 30, 1993 June 30, 1993 Accrual Adjustments
Adjustments Shared Services on Jointly Staffed Personnel Clayton State College Towslee-Collier, Janet L.
Other Unidentified Variance
Totals per Report
DISTRIBUTION BY FUND
CURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Research Consortium Auxiliary Enterprises Student Activities Restricted Resident Instruction

SALARIES AND WAGES

TRAVEL

$106,656,476.93 $1,727,727.84

165,633.13 -145,779.73

41,217.68 -38,875.10
2,522.92

-95,846.00 -141.00

$106,580,343.33 $1,732,593.34
============== =============

$ 94,841,076.55 $ 1,182,630.47

365,728.00

86,857.92

67.83

379,150.95

2,462.57

440,787.45

51,571.82

10,466,742.46 495,860.65
-------------- -------------

$106,580,343.33 $1,732,593.34
============== =============

See notes to the financial statements.

- 45 -

GEORGIA STATE UNIVERSITY RECONCILIATION OF PER DIEM AND FEES
YEAR ENDED JUNE 30. 1994

SCHEDULE "14"

TYPE PAYMENT

FEE AMOUNT

EXPENSE AMOUNT

TOTAL FEE AND EXPENSE

Totals per Annual Supplement

Accruals June 30, 1994 Accruals June 30, 1993 Accruals June 30, 1993 Accrual Adjustments

Adjustment Zukin,

Sharon

$1,965,049.10$ 257,795.73 -10,251.00
Reimbursable Expense

725,177.44 $ 2,690,226.54

3,495.43 -12,663.79
12,603.90

261,291.16 -22,914.79
12,603.90

-261.00

-261.00

Totals per Report

$ 2,212,593.83 $ 728,351.98 $ 2,940,945.81

DISTRIBUTION BY FUND
CURRENT FUNDS Unrestricted Resident Instruction Regular Auxiliary Enterprises Student Activities Restricted Resident Instruction
PLANT FUNDS Unexpended Regular Renewals and Replacements

$1,706,188.20 10,606.25 160,191.79
1,057,828.57
431. 00 5,700.00

$ 2,940,945.81

See notes to the financial statements.

- 46 -

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

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

STATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS

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

Audit Control Number

Status ofFinding

509-93-01

Corrective Action Implemented

CURRENT YEAR

EXPENDITURES/LIABILITIES/DISBURSEMENTS Excessive Fee Waivers Financial Statements Audit Control Number 509-94-01

For the year under review, an examination offee waivers by Georgia State University for international students disclosed that fees waived exceeded limits established by the Board of Regents' Policy Manual. Guidelines as set forth in Section 704.03(b) state that the number ofwaivers for international students in effect at any time should not exceed one percent ofthe equivalent full-time students enrolled at the institution in the fall quarter immediately preceding the quarter for which the out-of-state tuition is to be waived. The number of fee waivers for international students granted by the University that exceeded the allowable limit for each quarter are as follows:

QUARTER

LIMIT OF

ACTUAL FEE WAIVERS

FEE WAIVERS FEE WAIVERS IN EXCESS

ALLOWED

GRANTED OF LIMIT

Summer Quarter 1993 Fall Quarter 1993 Winter Quarter 1994 Spring Quarter 1994

164

173

9

164

229

65

164

222

58

164

230

66

The University should implement procedures to ensure that student fee waivers for out-of-state tuition do not exceed limits as established by the Board ofRegents' Policy Manual.

GENERAL LEDGER Reports Not Reconciled to General Ledger Financial Statements Audit Control Number 509-94-02

For the year under review, the Report of Salaries and Wages, and Travel and also the Report ofPer Diem and Fees submitted to the Department of Audits by Georgia State University were not reconciled to the amounts recorded in the University's general ledger. After performing extensive audit procedures, the listings of travel and per diem and fees were reconciled~ however, an unidentified variance of $141.00 remained between the listing of salaries and wages and the University's general ledger.

GEORGIA STATE UNIVERSITY SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1994
CURRENT YEAR
GENERAL LEDGER Reports Not Reconciled to General Ledger Financial Statements Audit Control Number 509-94-02
Administrative procedures should be implemented by the University to ensure that the Reports of Salaries and Wages, and Travel and Per Diem and Fees are reconciled to the accounting records prior to submission to the Department of Audits.
ELIGIBILITY Ineligible Student Receiving Student Aid Federal Financial Assistance Federal Supplemental Educational Opportunity Grant Program (CFDA 84.007) Pell Grant Program (CFDA 84.063) Questioned Costs: $5,450.00 Audit Control Number 509-94-03
For the year under review, student files were examined to determine if Georgia State University was awarding financial aid in accordance with students' eligibility for Student Financial Aid Programs. Our examination revealed that one student who had completed his first undergraduate course of study received $750.00 from the Federal Supplemental Educational Opportunity Grant Program and $2,300.00 from the Pell Grant Program during the year ended June 30, 1994. We also noted that the student received $2,400.00 from the Pell Grant Program during the year ended June 30, 1993. According to Federal regulations (34 CFR 690.2, 690.6 and 690.9), Federal grant funds can be awarded only to undergraduates who have not completed their first baccalaureate course of study.
The University should establish procedures to ensure that financial aid awards are based on student's eligibility for Student Financial Aid Programs and that awards are made in accordance with appropriate Federal regulations. Reimbursement should be secured from the student involved for refund distribution to the respective Federal programs.
SPECIAL TESTS AND PROVISIONS In-Person Exit Counseling Not Conducted Federal Financial Assistance Federal Family Education Loan Program (CFDA 84.032) Audit Control Number 509-94-04
Federal regulations (34 CFR 682.604) require Georgia State University to conduct in-person exit conferences with Federal loan recipients who are graduating or will otherwise be enrolled less than half-time. Federal regulations also require the University to document that the exit conference was held. For the year under review, our examination revealed that Georgia State University did not conduct in-person exit counseling for five students (out of72 students sampled) who either graduated or who were enrolled at less than half-time status. Federal regulations allow the University to mail exit counseling information to loan recipients only in

GEORGIA STATE UNIVERSITY SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1994
CURRENT YEAR
SPECIAL TESTS AND PROVISIONS In-Person Exit Counseling Not Conducted Federal Financial Assistance Federal Family Education Loan Program (CFDA 84.032) Audit Control Number 509-94-04
cases in which the students do not attend the exit conference or the students withdrew from school without
the University's prior knowledge. Our examination also revealed that the University did not maintain documentation in the students' files to show that exit counseling information had been mailed to the students.
The University should conduct in-person exit counseling with Federal loan recipients and should document the counseling sessions in the students' files. The University should contact the grantor agency regarding resolution of this finding.