Georgia Gwinnett College, Lawrenceville, Georgia, independent accountant's report on applying agreed-upon procedures for fiscal year ended June 30, 2011

GEORGIA GWINNETT COLLEGE
LAWRENCEVILLE, GEORGIA
INDEPENDENT ACCOUNTANT'S
REPORT ON APPLYING AGREED-
UPON PROCEDURES
FOR FISCALYEAR ENDED
JUSE30,2011

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GEORGIA GWINNElT COLLEGE
- TABLE OF CONTENTS -

INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES
EXHIBITS
A SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT
B STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET BY PROGRAM AND FUNDING SOURCE
C STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE

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1 2

RUSSELLW. HINTON
STATE AUDITOR
(404) 868-2174

DEPARTMENOTF AUDITSAND ACCOUNTS
270 Washington Street, S.W., Suite 1- 156 Atlanta, Georgia 30334-8400
December 9.2011

Members of the State Board of Regents of the University System of Georgia
and Honorable Daniel J. Kaufman, President Georgia Gwinnett College
lnde~endenAt ccountant's R e ~ o rotn A ~ ~ l v i Angareed-U~onProcedures
Ladies and Gentlemen:
We have performed the procedures enumerated below, which were agreed to by the College and the UniversitySystem Office (Oversight Unit) of the Board of Regents of the UniversitySystem of Georgia, solely to assist you in assessing the accuracy of the financial information reported to the University System Office in the College's 2011Annual Financial Report for inclusion in the University System of Georgia's Annual Financial Report,the State of Georgia's ComprehensiveAnnual Financial Report ((24 FR) and Single Audit Repoe and to assist you in assessing the accuracy of the budget basis information provided in the Summaty Budget Comparison and Surplus Anahsis Report, Statement of Funds Available and Expenditures Compam7 to Budget By Program and Funding Source, and the Shtement of Changes To Fund Balance By Program and Funding Source which are attached as Exhibits A, B and C, respectively. Georgia Gwinnett College's management is responsible for the financial information reported to the University System Office in the College's Annual Financial Report. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.
The procedures and the associated findings are as follows:
1. Review selected balance sheet items reported on the Annual Financial Report (cash, accounts receivable, accounts payable, deferred revenues, net assets). Confirm that these items have adequate supporting documentation and are properly reconciled to the College's general ledger.
We did not note any exceptions as a result of our procedures.
2. Obtain the College's GAAP basis Statement of Net Assets and Statement of Revenues Expenses and Changes in Net Assets (SRECNA) submitted for inclusion in the State's CAFR and Single Audit. Utilizing test scripts, confirm that financial information presented in these statements properly supports activity reported in the College's accounting records.
We did not note any exceptions as a result of our procedures.

3. Obtain the College's Statement of Cash Flows submitted for inclusion in the State's CAFR and Single Audit. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows.
We did not note any exceptions as a result of our procedures.
4. Obtain the College's Notes to the Financial Statements submitted for inclusion in the State's CAFR and Single Audit. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, LongTerm Debt, Lease Obligations and Retirement Plans have been properly reported.
We did not note any exceptions as a result of our procedures.
5. Review the College's year end GAAP basis journal entries. Obtain documentation for GAAP journal entries and confirm that the entries were posted to the College's Annual Financial Report.
We did not note any exceptions as a result of our procedures.
6. Confirm that State Appropriation revenues, receivables and remittances of prior year surplus balances have been properly recorded in the College's financial records. Prior year surplus balances should be netted against State Appropriation revenues in the GAAP basis financial statements; however, prior year surplus balances should be reflected as fund balance adjustments on the Budget basis financial statements.
We did not note any exceptions as a result of our procedures.
7. Obtain listing of write-off requests for accounts receivable less than $3,000.00 for fiscal year 2011. Confirm that these write-off requests have been approved by the State Accounting Officer and have been posted to the College's financial statements.
We did not note any exceptions as a result of our procedures.
8. Verify that the listing of salaries and travel reported to the Department of Audits is in accordance with O.C.G.A. 50-6-27 and reconciles to amounts recorded in the College's financial statements.
We did not note any exceptions as a result of our procedures.
9. Review year end Budgetary Statements including the Summary Budget Comparison and Surplus Analyss Report (Exhibit A), Statement of Funds Available and Expenditures Compared b Budget By Program and Funding Source (Exhibit B) and the Statement of Changes To Fund Balance By Progam and Funding Source (Exhibit C). Confirm that budget information presented in these statements supports activity reported in the College's accounting records and determine if any budget overexpenditures exist.
We did not note any exceptions as a result of our procedures.
10. Obtain documentation for Budget basis reserves reported by College on the Summary Budget Compariison and Surplus Analysis Reporf (Exhibit A). Confirm that the reserves are properly documented, valid and appropriate.
We did not note any exceptions as a result of our procedures.

11. Review the H.O.P.E. Scholarship Program reconciliation between the College and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the College's financial records.
We did not note any exceptions as a result of our procedures.
12. Review the Schedule of Expendituresof Federal Awards information submitted by the College for inclusion in the Statewide Single Audit. Confirm that the information is properly presented and supported by the College's accounting records.
We did not note any exceptions as a result of our procedures.
13. Review capital asset records to ensure that (1)subsidiary ledgers are appropriately reconciled to the ledgers, (2) capitalization thresholds are being properly followed, and (3) a complete annual physical equipment inventory is being conducted and that issues noted during the physical inventory are being properly addressed by management.
We did not note any exceptions as a result of our procedures.
14. Review bank reconciliations during the year under review to ensure that management is preparing them timely and that reconciling items are being addressed by management timely and in an appropriate manner.
We did not note any exceptions as a resultof our procedures.
15. Review documentation to ensure that all subsidiary modules including BANNER are reconciled to the general ledger at least quarterly in accordance with the Business Procedures Manual Section 10.6.2. and ensure that reconciling items are adequately explained and resolved in a timely manner.
We did not note any exceptions as a result of our procedures.
These agreed-upon procedures do not constitute an audit of the financial statements or any part thereof, the objective of which is to express an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
This report is intended solely for the information and use of the specified users listed above and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted, #
~ d s e lWl . Hinton, CPA, CGFM State Auditor

EXHIBITS

GEORGIA GWINNETT COLLEGE SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT
YEAR ENDED JUNE 3 0 , 2 0 1 1

REVENUES
State Appropriation State General Funds
Other Funds
Total Revenues
ADJUSTMENTS AND PROGRAM TRANSFERS
CARRY-OVER FROM PRIOR YEARS
Transfers from Reserved Fund Balance
Total Funds Available
EXPENDITURES
Special Funding lnit~ative Teach~ng
Total Expenditures
Excess of Funds Available over Ex~enditures
FUND BALANCE JULY 1
Reserved Unreserved
ADJUSTMENTS
Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned
to Board of Regents - University System Office Year Ended June 3 0 , 2 0 1 0
Early Return of Surplus in Current Fiscal Year Prior Year Reserved Fund Balance Included in Funds Ava~lable
FUND BALANCEJUNE 3 0
SUMMARY OF FUND BALANCE
Reserved Department Sales and Services Indirect Cost Recoveries Technology Fees Restricted/Sponsored Funds UncollectibleAccounts Receivable Tuition Carry-Over
Total Reserved
Unreserved Surplus
Total Fund Balance

BUDGET

ACTUAL

EXHIBIT "A"
VARIANCE FAVORABLE (UNFAVORABLE)

GEORGIA GWINNETT COLLEGE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET BY PROGRAM AND FUNDING SOURCE
YEAR ENDED JUNE 30.2011

Special FundingInitiative State Appropriation State General Funds
Teaching State Approprlatlon State General Funds Federal Funds American Recoveryand Relnvestrnent Act Federal Stabll~zationFunds Other Funds
Total Teaching
Total Operating Activity

Origmal Appropriation

Amended Appropriation

Flnal Budget

Current Year Revenues

EXHIBIT "B"

Funds Available Compared to Budget

Pr~orYear

Ad~ustmentsand

Total

Carry-Over

Program Transfers Funds Available

Variance Positive (Negat~ve)

Expenditures Compared to Budget

Variance

Actual

Positive (Negative)

Excess (Deficiency)
of Funds Available Over./l.Under). Expenditures

GEORGIA GWlNNElT COLLEGE STATEMENT OF CHANGES TO FUND BALANCE BY PROGRAM AND FUNDING SOURCE
Y M ENDEDJUNE 30.2011

Special FundingInitiative State Appropriation State General Funds
Teaching State Appropriat~on State General Funds Federal Funds Arnerlcan Recoveryand Reinvestment Act Federal Stablllzation Funds Other Funds
Total Teachlng
Total Operating Activity
Prior Year R e S e ~ e s Not Available for Expenditure Uncollect~bleAccounts Receivable

Beg~nn~nFgund Balance/(Dehc~t)
July I

Fund Balance Carr~edOver from
Pr~oPr er~od as Funds Ava~lable

Return of F~scaYl ear 2010
Surplus

Prlor Per~od Adjustments

Budget Unit Totals

Other Adjustments

Early Return Fiscal Year 2011
Surplus

Excess (Deficiency) of Funds Ava~lable
Over/(UnderJ Expend~tures

Ending Fund Balance/(DeRcit)
June 30

Analysis of EndingFund Balance

Reserved

Surplus/(Deficit)

Total

Summary of End~ngFund Balance Reserved
Department Sales and Services lndlrect Cost Recoveries Technology Fees Restr~cted/SponsoredFunds UncollectibleAccounts Rece~vable Tu~tionCarry-Over Unreserved Surplus
Total EndingFund Balance - June 30

$

113,574.14

20.842.66

69,602.70

63.244.90

25.270.11

82.39

$

$ 35.66

113.574.14 20,842.66 69.602.70 63,244.90 25.270.11 82.39
35.66