G,A /;. 1,00 
.RI 
1<42.. l9'14-95 
STATE OF GEORGIA DEPARTMENT OF AUDITS 
254 WASHINGTON STREET ATLANTA. GEORGIA 30334 
 
 REVIEW REPORT STATE OF GEORGIA KENNESAW STATE COLLEGE MARIETTA,GEORGIA YEAR ENDED JUNE 30, 1995 
 
 KENNESAW STATE COLLEGE - TABLE OF CONTENTS - 
 
SECTION I 
 
FINANCIAL 
 
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 
 
EXHIBITS 
 
FINANCIAL STATEMENTS 
 
A COMBINED BALANCE SHEET 
 
ALL FUND GROUPS 
 
2 
 
B COMBINED STATEMENT OF CHANGES IN FUND BALANCES 
 
ALL FUND GROUPS 
 
4 
 
C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
 
AND OTHER CHANGES 
 
6 
 
D NOTES TO THE FINANCIAL STATEMENTS 
 
7 
 
SUPPLEMENTARY INFORMATION 
 
E COMBINING BALANCE SHEET 
 
CURRENT FUNDS - UNRESTRICTED 
 
22 
 
F COMBINING STATEMENT OF CHANGES IN FUND BALANCES 
 
CURRENT FUNDS - UNRESTRICTED 
 
23 
 
G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
 
AND OTHER CHANGES 
 
UNRESTRICTED 
 
25 
 
SCHEDULES 
 
SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 
 
I 
 
RESIDENT INSTRUCTION 
 
26 
 
2 
 
LOTTERY FOR EDUCATION 
 
28 
 
SCHEDULES OF OPERATIONS 
 
3 
 
LOAN FUNDS 
 
29 
 
4 
 
ENDOWMENT AND SIMILAR FUNDS 
 
31 
 
5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS 
 
AGENCY FUNDS 
 
32 
 
6 CASH AND CASH EQUIVALENTS 
 
34 
 
7 INVESTMENTS 
 
35 
 
8 ACCOUNTS RECEIVABLE 
 
36 
 
9 CHANGES IN INVESTMENT IN PLANT 
 
38 
 
IO SCHEDULE OF FUND BALANCES 
 
CURRENTFUNDSANDPLANTFUNDS 
 
40 
 
 KENNESAW STATE COLLEGE - TABLE OF CONTENTS - 
 
SECTION! 
 
FINANCIAL 
 
SUPPLEMENTARY INFORMATION 
 
SCHEDULES 
 
11 SCHEDULE OF REVENUES 
 
CURRENT FUNDS 
 
42 
 
SCHEDULES OF EXPENDITURES BY OBJECT 
 
12 
 
CURRENT FUNDS 
 
44 
 
13 
 
PLANT FUNDS 
 
46 
 
14 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL 
 
47 
 
SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS 
 
 SECTION I FINANCIAL 
 
 CLAUDE L. VICKERS 
STATE AUDITOR (404) 656-2174 
 
DEPARTMENT OF AUDITS 
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 
November 8, 1995 
 
Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia 
and Honorable Betty L. Siegel, President Kennesaw State College 
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 
Ladies and Gentlemen: 
We have reviewed the accompanying financial statements (Exhibits A through D) of Kennesaw State College as ofand for the year ended June 30, 1995, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Kennesaw State College. 
A review consists principally of inquiries of College personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. 
The financial statements for the year ended June 30, 1994, were audited by us and we expressed a qualified opinion on such financial statements in our report dated November 4, 1994. Our opinion was qualified on the basis of the College's policies of recording encumbrances as expenditures and liabilities in the financial statements and not recording the liability and related expenditure for compensated absences in the current funds. We have not performed procedures sufficient to comprise an audit since that date. 
Based on our review, with the exception ofthe matters described in the fifth and sixth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. 
 
95ARL-68 
 
 As described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the College to prepare its financial statements on a basis which is not consistent with generally accepted accounting principles with respect to the recording of encumbrances as expenditures and liabilities. To conform with generally accepted accounting principles, encumbrances should be recorded as a reservation of fund balance. The effects on the financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material. 
As discussed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. Ifcompensated absences were reported, liabilities would be increased and fund balance would be decreased by $1,276,482.32 as of June 30, 1995, and the net change in fund balance for the year ended June 30, 1995, would be decreased by $146,527.89. 
Our review was made for the purpose ofexpressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying supplementary information (Exhibits E through G and Schedules 1 through 14) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review of the financial statements, and except for the 
Rz~ effects of the matters discussed in the fifth and sixth paragraphs, we are not aware of any material 
modifications which should be made thereto. 
 
CLV:djf 95ARL-68 
 
Claude L. Vickers State Auditor 
 
 FINANCIAL STATEMENTS - 1- 
 
 KENNESAW STATE COLLEGE COMBINED BA! ANCE SHEET 
ALL FUND GROUPS 
JUNE 30 1995 
 
Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Due from other Fund Groups Investment in Plant 
Total Assets 
LIABILITIES AND FUND BALANCES 
Liabilities Accounts Payable Deferred Revenue Tuition and Fees Deposits Held in Custody for others Due to other Fund Groups 
Total Liabilities 
Fund Balances U.S. Government Grants Refundable Institutional Loans - Restricted Endowment Quasi-Endowment - Restricted Net Investment in Plant Restricted Unrestricted 
Total Fund Balances 
Total Liabilities and Fund Balances 
 
CURR!eNT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
LOAN FUNDS 
 
$ 
 
4,453,556.81 
 
$ 
 
482,579.28 $ 793,659.18 251,238.17 1,122,857.15 
 
1,332,114.11 
 
16,207.53 324,022.08 
 
$ 
 
7 103,890.59 $ 
 
1332,114.11 $ 
 
340229.61 
 
1,305,608.31 
 
3,197,023.71 
 
$ 
 
1,122,857.15 
 
$ 
 
4,502,632.02 $ 
 
1,122,857.15 
 
$ 
 
299,704.04 40,525.57 
 
$ 
 
$ 
 
2,601,258.57 
 
$ 
 
2,601,258.57 $ 
 
209,256.96 209,256.96 $ 
 
340,229.61 
 
$ 
 
7 103,890.59 $ 
 
1332,114.11 $ 
 
340,229.61 
 
See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
The notes to the financial statements are an integral part of this statement.  2. 
 
 EXHIBIT"A" 
 
ENDOWMENT AND SIMILAR 
FUNDS 
 
UNEXPENDED 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
AGENCY FUNDS 
 
TOTAL (Memorandum 
Only) 
 
$ 
 
2,211.56 $ 
 
632,942.30 $ 
 
831,148.78 
 
$ 
 
264,207.17 $ 
 
6,200,274.15 
 
728,719.92 
 
728,719.92 
 
217,781.35 
 
248,610.60 
 
2,605,107.42 
 
793,659.18 
 
251,238.17 
 
1,122,857.15 
 
$ 69,822,564.65 
 
69,822,564.65 
 
$ 
 
730,931.48 $ 
 
850 723.65 $ 
 
831148.78 $ 69,822,564.65 $ 
 
s12,s11.n s 
 
81,524,420.64 
 
$ 
 
850,973.15 
 
$ 
 
850,973.15 
 
$ 
 
237,612.66 $ 
 
2,394,194.12 
 
275,205.11 
s s12,811.n 
 
3,197,023.71 275,205.11 
1,122,857.15 
6,989,280.09 
 
374,136.76 356,794.n 
 
$ 
 
$ 
 
730,931.48 $ 
 
-249.50 $ -249.50 $ 
 
$ 831,148.78 831,148.78 $ 
 
69,822,564.65 69,822,564.65 
 
299,704.04 40,525.57 374,136.76 356,794.72 69,822,564.65 209,256.96 3,432,157.85 
$ 74,535,140.55 
 
$ 
 
730931.48 $ 
 
850723.65 $ 
 
831148.78 $ 69,822 564.65 $ 
 
s12,s11.n s 
 
81 524,420.64 
 
-3- 
 
 KENNESAW STATE COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BAIANCES 
ALL FUND GROUPS YEAR ENDED JUNE 30 1995 
 
REVENUES ANP OTHER APPITIONS 
Unrestricted Current Fund Revenues State Appropriations 
Major Repairs/Rehabilitation Funds Fedenal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts lnwstmenl Income 
Endowment Other Interest on Loans Receivable Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checi<s Voided Reimbursement d Prior Years' Expenditures Expended for Ptant Facilities 
Current Funds 
Plant Funds Unexpended Renewals and Replacemenls 
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 Remittances to the Board of Regents of the 
University System d Georgia Prior Yeats Unrestricted Fund Balance (Surplus) 
Adjustments Prior Years' Revenues/Accounts Receivable 
Administrative and Collectton Costs Expended for Plant FaeHities 
capitalized Noncapitallzed llispooals/Deletions/Adjustments 
Total Expenditures and other Deductions 
TRANSFERS BETWEEN FUNDS 
Mandato<y Investment Income for Principal 
Nonmandato<y Renewals and Replacements COpital Projects 
Total Transfers Between Funds 
Net lncrease/(Decrease) for the Year 
FUND BALANCES JULY 1 1994 
FUND BALANCES JUNE 30 1995 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
LOAN FUNDS 
 
54,260,905.82 
39,437.46 13,535.88 40,600.07 
 
2,263,414.02 $ 2,478,921.43 
318,710.94 405,746.87 
199,207.25 
 
20,991.00 10,920.47 5,969.00 
3,549.33 
 
54,354,479.23 $ 
 
5,666,000.51 $ _ _...:4:..:.1,:,,420,9:a,.60:,:. 
 
51,751,620.93 $ 1,786,907.19 
58,332.52 22,478.10 
 
5,933,322.00 86,632.82 
 
1,1n.01 
 
$ 53,619,338.74 $ 
 
5,999,954.82 $ 
 
1,1n.01 
 
-235,317.35 -42,334.25 
 
-277,651.60 $ 
 
$ 
 
457,488.89 $ 
 
2,143,769.68 
 
$ 
 
2,601,258.57 $ 
 
-2,211.58 
-2,211.56 -336,165.87 $ 545,422.83 209,256.96 $ 
 
34,257.79 305,971.82 
340,229.61 
 
See Independent Aecountanfs Combined Report on Review of Financial Statements and Supplementary lnfoonation. The notes to the financial statements are an integral part of this statement. 
-4 - 
 
 EXHIBIT"B" 
 
ENDOWMENT AND SIMILAR 
FUNDS 
 
UNEXPENDED 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
TOTAL (Memorandum 
Only) - 
 
0.00 
 
$ 
 
862,765.00 
 
78,913.54 
40,350.57 --40,600.07 
 
0.00 $ 
 
941,429.04 $ 
 
0.00 0.00 $ 
 
107,015.44 
3,382,802.79 965,355.10 37,631.84 
11,623,310.80 16,116,115.97 $ 
 
54,260,905.82 
862,765.00 2,284,,405.02 2,478,921.43 
329,631.41 518,731.31 
199,207.25 78,913.54 3,549.33 
79,788.03 13,535.88 
0.00 
3,382,802.79 
965,355.10 37,631.84 11,623,310.80 
n.119,454.ss 
 
0.00 
 
0.00 $ 
 
29.73 11,545.53 
965,355.10 $ 7,112.16 
984,042.52 $ 
 
37,631.84 950.00 
38.581.84 $ 
 
57,684,942.93 1,786,907.19 66,632.82 
 
134,322.23 134,322.23 $ 
 
58,362.25 
34,023.63 7,172.01 
1,002,986.94 8,062.16 
134,322.23 
60,783,412.16 
 
2,211.56 
$ 2,211.56 $ 2,211.56 $ 728,719.92 
730,931.48 $ 
 
42,334.25 42,334.25 $ 
-279.23 $ 29.73 
-249.50 $ 
 
235,317.35 
235,317.35 196,735.51 634,413.27 
 
15,981,793.74 53,840,no.91 
 
0.00 0.00 0.00 0.00 16,336,042.39 58,199,098.16 
 
831,148.78 $ 69,822,564.65 $ 74,535,140.55 
 
-5- 
 
 KENNESAW STATE COLI EGE STATEMENT OF CURRENT FUNDS REVENUES EXPENDITURES 
AND OTHER CHANGES YEAR ENDED JUNE30 1995 
 
EXHIBIT"C" 
 
~ 
State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises other Sources 
Total Revenues 
l;;XPENDITURES AND MANDATORY TRANSFERS 
Educational and General Instruction Public Service Academic Support Student Services lnslltutional Support Operation and Maintenance of Plant Scholarships and Fellowships Mandatory Transfers for: Investment Income for Endowment Principal 
Auxiliary Enterprises Food Services Stores and Shops Intercollegiate Athletics other Service Units 
Total Expenditures and Mandatory Transfers 
QTHER IRANSFERS ANQ ADDITIONS/(DEDUCTIONS) 
Excess of Restricted Receipts over Transfers to Revenues Transfers for Renewals and Replacements Transfers for Capital Projects Prior Period Adjustments (Net) Remittances to the Board of Regents of the 
University System of Georgia Prior Yoa(s Unrestricted Fund Balance (Surplus) 
Total other Transfers and Addltions/(Deductions) 
Net lncrease/(Decrease) in Fund Balances 
 
UNRESTRICTED 
 
RESTRICTED 
 
TOTAL (Memorandum 
On!}'.) 
 
$ 
 
30,749,099.00 
 
17,783,436.56 
 
63,344.74 $ 
 
6,051.52 
 
4,341.40 
 
102,939.07 2,653,398.84 2,898,294.69 
 
$ 
 
54,260,905.82 $ 
 
$ 2,213,498.75 2,735,771.44 
377,366.18 396,541.84 210,143.79 
5,933,322.00 $ 
 
30,749,099.00 17,783,436.56 
2,276,843.49 2,741,822.96 
381,707.58 396,541.84 210,143.79 102,939.07 2,653,398.84 2,898,294.69 
60,194,227.82 
 
$ 
 
28,395,685.57 $ 
 
616,658.58 
 
5,931,495.94 
 
3,785,767.25 
 
7, 144,022.35 
 
5.470, 127.24 
 
407,864.00 
 
37,327.77 501,416.97 978,800.12 269,362.33 
 
$ 
 
53 538,528.12 $ 
 
589,110.50 $ 1,266,474.24 
8,800.71 54,378.03 4,014,558.52 2,211.56 
5,935,533.56 $ 
 
28,984,796.07 1,883,132.82 5,940,296.65 3,785,767.25 7,198,400.38 5,470,127.24 4.422.422.52 
2,211.56 
37,327.77 501,416.97 978,800.12 269,362.33 
59,474,061.68 
 
$ -235,317.35 
-42,334.25 71,095.31 
 
-333,954.31 $ 
 
-333,954.31 -235,317.35 
-42,334.25 71,095.31 
 
-58,332.52 
 
-58,332.52 
 
$ 
 
-264.888.81 $ 
 
-333,954.31 $ 
 
-598,843.12 
 
457488.89 $ 
 
-336 165.87 $ 
 
121323.02 
 
See Independent Accountanrs Combined Report on Review of Financial Statements and Supplementary lnfonnation. 
The notes to the financial statements are an integral part of this statement. -6- 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
REPORTING ENTITY Kennesaw State College is one ofthirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Kennesaw State College as a separate reporting entity. 
The Board of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Kennesaw State College does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Kennesaw State College is considered an organizational 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 of limitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. 
Within each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. 
Fund groups and funds presented in the accompanying financial statements are as follows: 
CURRENT FUNDS 
UNRESTRICTED - the fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, i.e., instruction, 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- 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE30 1995 
 
EXHIBIT"D" 
 
NOTE l: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
FUND ACCOUNTING 
LOAN FUNDS 
The fund used to account for resources which have been made available for financial loans to students. 
ENDOWMENT AND SIMILAR FUNDS 
The fund used to account for endowment and quasi-endowment funds. Endowment funds are subject to the restrictions ofgift instruments requiring that the principal be invested in perpetuity and income only be utilized. While quasi-endowment funds have been established by the College for the same purposes as endowment funds, any portion of quasi-endowment funds may be expended. Restricted quasi-endowment funds may be expended only for the purposes established by the source of such funds. 
PLANT FUNDS 
UNEXPENDED - the fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. 
RENEWALS AND REPLACEMENTS - the fund used to account for resources set aside for the renewal and replacement ofinstitutional properties. 
INVESTMENT IN PLANT - the fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount ofany indebtedness to others. 
AGENCY FUNDS 
The fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members, and organizations. 
BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis ofaccounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute ofCertified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general Jong-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. 
 
- 8- 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXIIlBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
BASIS OF ACCOUNTING 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 ofencumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but is not consistent with generally accepted accounting principles, which provide for the recording ofencumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. 
Compensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$1,276,482.32 and the related current year expenditure of$146,527.89 have not been reported in the current funds as required by generally accepted accounting principles. 
Prior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. 
To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf of the College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. 
The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. 
 
- 9- 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT"D" 
 
NOTE l: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units ofthe University System ofGeorgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19941995. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement of these funds is made to the various organizational units by the Administrative Central Office. In addition, the organiz.ational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. 
 
A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: 
 
Personal Services: Education, General and Departmental Services 
 
$ 47 627 08 
 
Equipment, Technology and Construction Trust Fund 
 
$ 20 686 20 
 
These overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the departmental level. 
 
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts. 
 
INVESTMENTS Investments are recorded at cost or in the case of gifts at fair market value on the date of the gift. Funds received by the College as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board of Regents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded. 
 
ACCOUNTS RECEIVABLE Accounts receivable consist ofreimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. 
 
- 10 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXIIlBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
INVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost based on the weighted average method. 
Inventories of goods for resale are valued at cost based on the weighted average method. 
MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" to indicate that these totals are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: 
(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or ofthe State of Georgia. 
(2) Bonds, bills, certificates ofindebtedness, notes, or other obligations of the counties or municipalities ofthe State of Georgia. 
(3) Bonds of any public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use 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 ofindebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan 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) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. 
- 11 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE30 1995 
 
EXEilBIT "D" 
 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board ofRegents ofthe 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. 
 
CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as ofJune 30, 1995, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: 
 
Category I - Amounts covered by depository insurance or collateralized with securities (at market value) held by the College or by its agent in the College's name. 
 
Category 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the College's name. 
 
Category 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. 
 
Cash Deposits 
 
Carrying 
Amount 
$ 3 553 949 6] 
 
Bank Balances 
S 6 Q5Q OJ 3 83 $ JOQ QB 64 
 
Risk Categories 
$,-_..,,,ooo,, S 5 950 QQQ I9 
 
CATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the three categories described below: 
 
Category 1 - Insured or registered, or securities held by the College or its agent in the College's name. 
 
Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the College's name. 
 
Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the College's name. 
 
- 12 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXIIlBIT "D" 
 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
 
CATEGORIZATION OF INVESTMENTS The carrying amounts of investment balances as of June 30, 1995, are categorized below: 
 
Type oflnvestment 
U. S. Government Securities 
Investments Not Subject to Categorizations: 
Board ofRegents Legal Fund Short-Term Investment Fund 
Investment Portfolio Accounts Mutual Funds 
Total Investments 
 
Risk Categories 
,_--="o""oo"' s 105 @s 24 
 
Carrying Amount 
_ _.,.o..,oo"' s 105,688.94 
 
Market Value 
669,062.95 
 
1,043,944.07 1,506,800.51 
 
1,011,470.24 1,506,800.51 
 
23 030.98 
 
55 164.36 
 
S 3 279 464 50 $ 3 242 498 06 
 
Funds invested in an investment pool managed by another governmental entity are not required to be categorized since the College did not own any specific, identifiable investment securities of the pool. 
 
NOTE 3: INVESTMENT IN PLANT 
 
The following is a summary oflnvestment in Plant fixed assets as ofJune 30, 1995: 
 
Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections 
Total Investment in Plant 
 
$ 3,302,820.87 43,064,395.69 3,490,594.94 11,506,950.93 8 457 802.22 
$ 69 822 564 65 
 
NOTE4: OPERATINGLEASES 
 
Kennesaw State College has entered into certain agreements to lease office space and relocatable buildings which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date of the original term of the lease, the College has the option ofrenewing the lease on a year-to-year basis. Future minimum lease payments for operating leases as ofJune 30, 1995, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. 
 
- 13 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
nJNE 30 1995 
 
EXHIBIT"D" 
 
NOTE 4: OPERATING LEASES 
Fiscal Year Ending June 30 
1996 1997 1998 
Total Future Minimum Lease Payments 
 
$ 721,615.56 606,619.56 473 539.56 
$ I 80177468 
 
Expenditures for rental of office space and relocatable buildings under operating leases for the year ended June 30, 1995, totaled $721,615.56. 
 
NOTE 5: RISK MANAGEMENT 
 
Kennesaw State College is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program ofhealth and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the audit report ofthe Board ofRegents ofthe University System of Georgia - Administrative Central Office. All units ofthe University System ofGeorgia share the risk ofloss for claims of the Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of $1,000,000.00 per person and dental coverage up to an annual maximum of $1,000.00 per person. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the Health Benefits Plan as established by the Board ofRegents. 
 
The Department of Administrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS services claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the state agencies by DOAS to provide claims servicing and claims payment. 
 
A self-insured program of professional liability for its employees was established by the Board ofRegents of the University System ofGeorgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out ofthe performance oftheir duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund. 
 
- 14 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
ruNE 30 1995 
 
EXHIBIT"D" 
 
NOTE 6: DEFERRED COMPENSATION PLAN 
The State ofGeorgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, pennits such employees to defer a portion oftheir salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the State of Georgia subject only to the claims of the State's general creditors. Participants' rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account for each participant. Financial information relative to the plan is presented in the financial report of the State Personnel Board - Merit System of Personnel Administration for the year ended June 30, 1995. 
NOTE 7: RETIREMENT PLANS 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
Plan Description Kennesaw State College participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The College's payroll for the year ended June 30, 1995, for employees covered by TRS was $20,732,917.99. The College's total payroll for all employees was $33,015,515.21. 
Benefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years of creditable 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 of years of creditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years 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. 
- 15 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT "D" 
 
NOTE7: RETIREMENTPLANS 
 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
 
Benefits Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. 
 
Contributions Required and Contributions Made Employees of the College who are covered by TRS are required to pay 5% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees as advised by their independent actuary. For fiscal year 1995, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 5.60% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.50%. 
 
Total contributions to the plan made during fiscal year 1995 amounted to $3,959,947.97, of which $2,923,301.76 was made by the College and $1,036,646.21 was made by employees. These contributions represented 14.09/o (College) and 5% (employees) of covered payroll. 
 
Funding Status and Progress Pension Benefit Obligation 
The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value of credited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers of the PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS. 
 
The total unfunded pension benefit obligation ofTRS as of June 30, 1994, which was the latest information available, was as follows: 
 
Total pension benefit obligation 
 
$15,313,743,000.00 
 
Net assets available for benefits, at cost Unfunded pension benefit obligation 
 
14 254 785 000.00 
$ I 058 958 ooo oo 
 
The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available for benefits were valued as ofthe same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. 
 
- 16 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT "D" 
 
NOTE 7: RETIREMENT PLANS 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
Funding Status and Progress Retirement System Contributions 
Total contributions from all employers to TRS for the year ended June 30, 1995, were $565, 117,8 I 1.00. The College's contribution for the year ended June 30, 1995, of $2,923,301.76 was actuarially determined and represented .5173% of total contributions made by all participating employers. 
Trend Information Historical trend infonnation is presented in the financial report ofTRS for the year ended June 30, 1995. This information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. 
REGENTS RETIREMENT PLAN 
The State of Georgia provides optional pension benefits for eligible faculty and principal administrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. 
State legislation requires that the employer contribute 4% and the employee contribute 5% of the participating employee's earnable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1995, was $8,477,575.23. The College's total payroll for all employees was $33,015,515.21. 
The College and the covered employees made the required contributions of $339,617.03 (4%) and $424,521.40 (5%), respectively. 
GEORGIA DEFINED CONTRIBUTION PLAN 
Plan Description Kennesaw State College participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia in July 1993 for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. The College's payroll for the year ended June 30, 1995, for employees covered by GDCP was $1,824,871.89. The College's total payroll for all employees was $33,015,515.21. 
 
- 17 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXIIlBIT "D" 
 
NOTE 7: RETIREMENT PLANS 
GEORGIA DEFINED CONTRIBUTION PLAN 
Benefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. Ifa member has less than$ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. 
Contributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination ofemployment, the amount of the member's account is refundable upon request by the member. 
Total contributions made by employees during fiscal year 1995 amounted to $136,865.40 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. 
NOTE 8: 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 9: 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 College expects such amounts, if any, to be immaterial to its overall financial position. 
 
- 18 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT"D" 
 
NOTE 9: CONTINGENCIES 
Litigation, claims and assessments filed against Kennesaw State College (as an organizational unit of the Board ofRegents ofthe University System of Georgia), ifany, are generally considered to be actions against the State ofGeorgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1995. 
NOTE 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS 
Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board ofRegents ofthe University System of Georgia has established group health and life insurance programs for employees of the University System of Georgia. It is the policy of the Board of Regents to permit employees ofthe University System of Georgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years of service with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. 
As of June 30, 1995, there were 76 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1995, Kennesaw State College recognized as incurred $234,588.43 of expenditures, which was net of$73,016.34 of participant contributions. 
NOTE 11: BONDING INFORMATION 
The President and all employees of Kennesaw State College are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October 1, 1995. Under this agreement, the public employee dishonesty coverage insures Kennesaw State College to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the College to a maximum of$1,000,000.00 against loss sustained from failure ofits employees to perform faithfully their duties orto account properly for all monies and property received by virtue of their position or employment. 
All employees ofKennesaw State College are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626 011675 2 and 626 012294 4, on which the premiums were paid to October 1, 1995. Under these additional public employee dishonesty coverages, the policies insure the College to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. 
 
- 19 - 
 
 KENNESAW STATE COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT"D" 
 
NOTE12: ENROLLMENT 
 
The equivalent full-time student enrollment ofKennesaw State College was as follows: 
 
Regular Term Fall Quarter, 1994 Winter Quarter, 1995 Spring Quarter, 1995 
 
8,501 8,221 7 684 
 
Average 
 
Summer School, 1994 
 
3 879 
 
- 20 - 
 
 SUPPLEMENTARY INFORMATION - 21 - 
 
 ~ENNES~W TATE ~I I EgE 
QQMININg M~NCE SHEET 
~YRRENT F!,lNQ - YNREIBIQ]];Q 
JUNE 30 1995 
 
EXHIBIT"E" 
 
ASSETS 
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid ttems Due from Other Fund Groups 
Total Assets 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
AUXILIARY ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
1,706,582.71 $ 380,272.09 147,910.32 192,676.86 
1,596,363.15 
 
25,007.25 $ 
 
2,192,138.05 $ 100,797.19 645,748.86 36,559.14 
 
529,828.80 $ 1,510.00 
22,002.37 
 
4,453,556.81 482,579.28 793,659.18 251,238.17 
1,596,363.15 
 
4,023,804.93 $ 
 
25,007.25 $ 2,975,243.24 $ 
 
553,341.17 $ 7,577,396.59 
 
LIABILITIES AND FUND BALANCES 
Liabiltties Accounts Payable Deferred Revenue Tuition and Fees Due to Other Fund Groups 
Total Liabiltties 
Fund Balances Unrestricted 
 
1,258,303.10 $ 2,546,715.71 3,805,018.81 $ 
218,786.12 
 
17,693.45 $ 17,693.45 $ 
 
20,202.49 $ 
298,242.00 473,506.00 
791,950.49 $ 
 
9,409.27 $ 1,305,608.31 
 
352,066.00 
 
3,197,023.71 473,506.00 
 
361,475.27 $ 4,976, 138.02 
 
7,313.80 
 
2,183,292.75 
 
191,865.90 
 
2,601,258.57 
 
Total Liabiltties and Fund Balances $ 4,023,804.93 $ 
 
25,007.25 $ 2,975,243.24 $ 
 
553,341.17 $ 7,577,396.59 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Suppktmentary Information. 
22 
 
 KENNESAW STATE COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCF!a 
CURRENT FUNDS - UNRESTRICTED 
YEAR ENDED JUNE 30 1995 
 
EXHIBIT"P 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
AUXILJARY ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
REVENUES AND OTHER AQQITIONS 
 
Unrestricted Current Fund Revenues Adjustments 
Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Reimbursement of Prior Years' Expenditures 
 
49,878,361.70 $ 
48,443.60 9,869.81 
 
528,000.00 $ 2,835,231.62 $ 1,019,312.50 $ 54,260,905.82 
 
-309.28 2,646.07 40,600.07 
 
-6,696.86 1,018.00 
 
39,437.46 13,535.88 40,600.07 
 
Total Revenues and Other Additions $ 49,934,675.11 $ 
 
- = = = " - - 528,000.00 $ 2,878,170.48 $ 1,013,633.64 $ 54,354,479.23 
 
EXPENDITURES AND OTHER DEDUCTIONS 
 
Educational and General Expenditures 
 
$ 
 
Auxiliary Enterprises Expenditures 
 
Remittances to the Board ct Regents of the 
 
University System of Georgia 
 
Prior Year's Unrestricted Fund Balance 
 
(Surplus) 
 
Adjustments 
 
Prior Years' Revenues/Accounts Receivable 
 
50,241,800.78 $ 
58,332.52 30,878.23 
 
520,686.20 $ 
 
1,786,907.19 
 
-6,092.13 
 
989,133.95 $ 51,751,620.93 1,786,907.19 
 
-308.00 
 
58,332.52 22,478.10 
 
Total Expenditures and Other Deductions 
 
50,331,011.53 $ 
 
520,686.20 $ 1,TT8,815.06 $ 
 
988,825.95 $ 53,619,338.74 
 
TRANSFERS BElWEEN FUNDS 
 
Nonmandatory Renewals and Replacements Capital Projects In Lieu of State Appropriations 
 
412,204.00 
 
-235,317.35 -24,030.25 $ 
-412,204.00 
 
-18,304.00 
 
-235,317.35 -42,334.25 0.00 
 
Total Transfer.; Between Funds 
 
$ 
 
412,204.00 
 
-671,551.60 $ 
 
-18,304.00 $ 
 
-2TT,651.60 
 
Net lncrease/(Daerease) for the Year $ 
 
15,867.58 $ 
 
7,313.80 $ 
 
427,803.82 $ 
 
6,503.69 $ 
 
457,488.89 
 
FUND BALANCES JULY 1 1994 
 
202,918.54 
 
0.00 
 
1,755.488.93 
 
185,362.21 
 
2,143,769.68 
 
FUND BALANCES JUNE 30 1995 
 
218,786.12 $ 
 
7,313.80 $ 2,183,292.75 $ 
 
191,865.90 $ 2,601,258.57 
 
See accompanying notes and lndepandent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-23- 
 
  KENNESAW STAT!, COLLEG~ COMBINING STi\Tl,ME!jT OF CURR!,NT FUN!ll, REVENU!,S 1,XPENQITURES 
AND OTHER CHANG!,, UNRESTRICTED 
YEAR ENDED JUNE 30 1995 
 
EXHIBIT"G" 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
AUXILIARY ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
~ 
State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Saks and Services of Educational Activities Sales and Services of Auxiliary Enterprises 
Other Sources 
 
30,221,099.00 $ 16,838,933.06 
63,344.74 6,051.52 4,341.40 
102,939.07 
2,641,652.91 
 
528,000.00 
 
2,653,398.84 181,832.78 
 
944,503.50 74,809.00 
 
30,749,099.00 17,783,436.56 
63,344.74 6,051.52 4,341.40 
102,939.07 2,653,398.84 2,898,294.69 
 
Total Revenues 
 
49,878,361.70 $ 
 
528,000.00 $ 2,835,231.62 $ 1,019,312.50 $ 54,260,905.82 
 
1,XPl,NDITURES 
 
Educational and General Instruction Public Service Academic Support StudentSe!vices Institutional Support Operation and Maintenance of Plant Scholarships and FeUowships 
Auxiliary Enterprises Food Services Stores and Shops Intercollegiate Athletics Other Service Units 
 
28,395,685.57 616,658.58 
5,410,809.74 $ 2,796,633.30 7,144,022.35 5,470,127.24 
407,864.00 
 
520,666.20 
 
37,327.77 501,416.97 978,800.12 269,362.33 
 
989,133.95 
 
28,395,685.57 616,658.58 
5,931,495.94 3,785,767.25 7,144,022.35 5,470,127.24 
407,864.00 
37,327.77 501,416.97 978,800.12 269,362.33 
 
Total Expenditures 
 
$ 50,241,800.78 $ 
 
520,666.20 $ 1,786,907.19 $ 
 
989,133.95 $ 53,538,528.12 
 
OTH~R TRANSFERS AND i\DDITIONSI IDEQUCTIONSl 
 
Transfer$ for Renewal& and Replacements Transfers for Capital Projects Transfers in Lieu of State Appropriations Prior Paricd Adjustments (Net) Remittances to the Board of Regents 
of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) 
 
412,204.00 25,435.18 
-58,332.52 
 
-235,317.35 -24,030.25 $ 
-412,204.00 51,030.99 
 
-18,304.00 -5,370.86 
 
-235,317.35 -42,334.25 0.00 71,095.31 
 
-58,332.52 
 
Total Other Transfers and Additions/(Deductions) 
 
379,306.66 
 
-620,520.61 $ 
 
-23,674.86 $ 
 
-264,888.81 
 
Net lncrease/(Decrease) in Fund Balances 
 
$ 
 
15,867.58 $ 
 
7,313.80 $ 
 
427,803.82 $ 
 
6,503.69 $ 
 
457,488.89 
 
See ac:companying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-25- 
 
 KENNESAW STATE COLLEGE SCHEDULE QF BE\fENUES ANP EXPENDITURES COMPARED TO BUDGET 
RESIDENT INSTRUCTION 
YEAR ENDED JUNE 30 1995 
 
REVENUES 
State Appropriations Other Revenues Retained 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
PLANT FUNDS 
 
RENEWALS AND 
 
UNEXPENDED 
 
REPLACEMENTS 
 
30,221,099.00 19,657,262.70 s -----=so:,933=,3==22=.oo=- 
 
862,765.00 78,913.54 $ _ _ _ _..::0:::.00=- 
 
49,878,361.70 $ 
 
5,933,322.00 $ 
 
941,678.54 s _ _ _ _ _o'"_-'-oo~ 
 
EXPENDITURES 
Personal Services: Education, General and Departmental Services $ Sponsored Operations 
Operating Expenses: Education, General and Departmental Services Sponsored Operations 
Capital Outlay Special Funding Initiative 
 
39,065,607.08 $ 
11,095,420.23 
80,773.47 
 
967,491.32 
4,965,830.68 $ 
 
972,467.26 $ 
 
38,581.84 
 
50,241,800.78 $ 
 
5,933,322.00 $ 
 
972,467.26 $ _ __.::38:,_,58=1-:::84;:. 
 
Excess of Revenues over Expenditures 
 
-363,439.08 $ 
 
(1) To eliminate tuition waivers not budgeted and to reclassify current year transfers and prior year fund balances budgeted as revenues. 
 
0.00 $ 
 
--30,788.72 $ =====-38=,58=1.84= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-26- 
 
 SCHEDULE "1" 
 
TOTAL 
 
ADJUSTMENTS 
 
TOTAL (Budget Basis} 
 
BUDGET 
 
VARIANCEFAVORABLE (UNFAVORABLE) 
 
31,083,864.00 25,669,498.24 $ 
 
$ -326,947.91 
 
31,083,864.00 $ 25,342,550.33 
 
31,083,864.00 $ 26,832,021.00 
 
0.00 -1,489,470.67 
 
56,753,362.24 $ 
 
-326,947.91 $ 56,426,414.33 $ 57 915 885.00 $ 
 
-1,489,470.67 
 
$ 
 
39,065,607.08 
 
967,491.32 
 
11,095,420.23 $ 4,965,830.68 1,011,049.10 
80,773.47 
 
$ -407,864.00 
 
39,065,607.08 $ 967,491.32 
10,687,556.23 4,965,830.68 1,011,049.10 ao,n3.47 
 
39,017,980.00 $ 1,071,454.00 
10,682,752.00 5,673,532.00 1,186,365.00 
83,802.00 
 
-47,627.08 103,962.68 
195,195.n 707,701.32 175,315.90 
3,028.53 
 
$ 
 
57,186,171.68 $ 
 
-407,864.00 $ 
 
56,nS,307.88 $ 
 
57,915,885.00 $ 
 
1,131,sn.12 
 
$ 
 
-432 809.64 $ 
 
80916.09 $ 
 
-351,893.55 
 
-351 893.55 
 
-27- 
 
 KENNESAW STATE COLLFGF QMEPULE QF REVENUES ANP EXPENDITURES COMPARED TO BUDGET 
LOTTERY FOR EPUCATIQN YEAR ENDEPJUNE 30 1995 
 
SCHEDULE"2" 
 
State Appropriations 
EXPENDITURES Equipment, Technology and Construction 
Trust Fund 
Excess of Revenues over Expenditures 
 
CURRENT FUNDS UNRESTRICTED 
 
BUDGET 
 
VARIANCE FAVORABLE (UNFAVORABLE) 
 
528,000.00 $ 
 
500.ooo.oo $ ---"2s"'.0_00_.oo_ 
 
520,686.20 $ 
 
500,000.00 $ _ _ _._20~--_20_ 
 
7,313.80 
 
7,313.80 
 
See accompanying notes and Independent Aeeountanfs Combined Report on Review of Financial Statements and Suppk,mentary Information. 
-28- 
 
 KENNESAW STATE COLLEGE SCHEDULE OF OPERATIONS 
LOAN FUNDS YEAR ENDED JUNE 30 1995 
 
SCHEDULE "3" 
 
FUND U.S. GOVERNMENT GRANTS REFUNDABLE 
 
FUND BALANCE JULY1, 1994 
 
ADDITIONS/ TRANSFERS 
 
DEDUCTIONS/ TRANSFERS 
 
FUND BALANCE JUNE 30, 1995 
 
Nursing Student Loan Fund Perkins Loan Fund 
INSTITUTIONAL LOANS. RESTRICTED 
 
8,147.55 
268,219.17 $ -----=3=0,5=09=.33- $ 276,366.72 $ -----=3=0,5=09=.33- $ 
 
$ 7,172.01 
7,172.01 $ 
 
8,147.55 291,556.49 
299,704.04 
 
Kennesaw State College Emergency Loan Fund $ Marietta Civitan Loan Fund Memorial Loan Fund Smyrna Lions Club Loan Fund 
 
22,098.10 $ 526.04 
6,621.10 359.86 
 
10,820.47 $ 100.00 
 
0.00 $ 
 
32,918.57 526.04 
6,721.10 359.86 
 
29,605.10 $ ---'-'=:1C0,:9:2:0:..4.7. $ 
 
0.00 $ 
 
40,525.57 
 
305,971.82 $ =====4=1,=42=9=.8=0 $ 
 
7,172.01 $ 
 
340,229.61 
 
RECONCILIATION OF STUDENT NOTES RECEIVABLE 
Balance July 1, 1994 Add: 
Loans to Students 
Deduct: Repayment of Loans 
 
302,923.44 128,856.00 431,779.44 107,757.36 
 
Balance June 30, 1995 
 
$ ==.;3;;;2;,.4,;;;022=.08;;;, 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-29- 
 
 cu 
 
<5 
 
0 
r_.:S 
 
 KENNESAW STATE COLLEGE 
SCHEDUL F OF OPERATIONS 
ENDOWMENT AND SIMILAR FUNDS 
YEAR ENDED JUNE 30 1995 
 
SCHEDULE "4" 
 
FUND 
ENDOWMENT 
Cobb County Medical Society Memorial Fund Dean, Ann Greider, Scholarship Fund Dunaway, William H., Scholarship Fund Dunn, Robert and Polly, Scholarship Fund Ector, Howard, Library Endowment Fund Ellis, Grady Albert, Scholarship Fund Georgia Society of Certified Public Accountants Gibson, R. Wayne, Scholarship Fund Griffin, Helen 0., Endowment Fund Herod, Dr. N. S., Endowment Fund Krwanis Club of Marietta Endowment Fund Lockheed Teacher Center Scholarship Mortin, Malinda J., Schofarship Fund Muench, C. Wendell, Library Endowment Fund Northcutt, Guy, Sr. Endowment Fund Schaffer, Howard A. and Virginia H., 
Scholarship Fund Sturgis, Horace and Sue, Library Fund Sullivan, Lillian Bennett, Scholarship Fund 
 
FUND BALANCE JULY1, 1994 
 
ADDITIONS/ TRANSFERS 
 
DEDUCTIONS/ TRANSFERS 
 
FUND BALANCE JUNE 30, 1995 
 
1,280.00 44,633.44 $ 35,011.58 41,000.00 
1,050.00 9,013.56 50,000.00 5,000.00 2,294.50 13,506.78 8,822.50 15,000.00 82,791.08 14,TT3.76 3,913.50 
15,000.00 22,500.00 
6,334.50 
371,925.20 $ 
 
1,091.64 648.79 159.52 
311.61 
2,211.56 $ 
 
0.00 $ 
 
1,280.00 45,725.08 35,660.37 41,000.00 
1,050.00 9,173.08 50,000.00 5,000.00 2,294.50 13,506.78 8,822.50 15,000.00 82,791.08 15,085.37 3,913.50 
15,000.00 22,500.00 
6,334.50 
 
0.00 $ ---'3'-'-7-"4''-'136=.7-'-6 
 
QUASI-ENDOWMENT - RESTRICTED 
 
Anderson, Leila, Endowment Fund 
 
$ 
 
Barclay, Patterson, Endowment Fund 
 
Georgia International Life Insurance Company 
 
Cobb County Bankers Association 
 
Dinos Chair of Private Enterprises 
 
Jolley, Leo and Lex, Scholarship Fund 
 
Walker, Frank, Scholarship Fund 
 
89,881.21 $ 5,000.00 
252,863.51 25,000.00 4,050.00 
356,794.72 $ 
 
0.00 $ 0.00 $ 
 
0.00 $ 
 
89,881.21 5,000.00 
 
252,863.51 25,000.00 
4,050.00 
0.00 $ ---=3-=.56c,.,7:..:94c;..C-'72=- 
 
728 719.92 $ 
 
2211.56 $ 
 
0.00 $ ===730==,9=3=1.=48= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-31 - 
 
 KENNESAW STATE COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS 
AGENCY FUNDS 
VEAR ENDED JUNE 30 1995 
 
SCHEDULE "5" 
 
fllNP 
PAYROLL DEDUCTIONS 
 
BALANCE JULY!, 1994 
 
F.I.C.A. Federal Income Tax State Income Tax Retirement Group Insurance Tax Sheltered Annuities Savings Bonds United Fund Garnishments Credit Union Georgia Defined Contribution Plan KSC Foundation 
 
$ 
 
$ 
 
-48.03 
 
92,782.19 
 
-2.50 
-0.40 18.86 
 
EMPLOYER'S CONTRIBUTIONS 
 
$ - - - =9= 2,7= 50.1=2 $ 
 
F.1.C.A. Group Insurance Retirement 
 
263.37 $ 169,265.08 
140.35 
 
169,668.60 $ 
 
OTHER FUNDS 
 
American Math Competition 
 
$ 
 
Athletic Key Deposit 
 
Belize Trap Ecology Trip 
 
Bell South Community Services 
career Services 
 
Childcare Account 
 
Commemorative License Plates 
 
Consortium Leadership Academy 
 
Continuing Education 
 
Departmental Federal Assistance 
 
Financing System 
 
Em~ of the Month 
 
Executive MBA 
 
Executive Round Table 
 
Faculty Fund 
 
Futurescape 
 
GA Associate Degree Faculty Forum 
 
GCEME 
 
Georgia Academy of Science 
 
Georgia Conference on Blacks in 
 
Higher Education 
 
Georgia History Day 
 
Georgia Intercollegiate Athletic Conference 
 
Georgia Research and Information Technology 
 
System 
 
History Symposium 
 
History Teaching Alliance 
 
Institutional Research Plan Meeting 
 
1 - 1 Entrepreneurs - Family Business 
 
Education Program 
 
International Model United Nations Program 
 
International Programs - General 
 
626.60 10.00 
400.00 $ 200.00 4,352.94 145.25 2,450.00 2,102.14 8,120.75 
-354,379.90 252.07 
3,304.07 1,503.56 
647.79 13.74 
3,308.46 1,466.42 
15.00 
2,559.87 322.71 2.32 
115.92 2,000.00 
192.69 718.29 
15,408.43 3,428.57 377.83 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
 
-32- 
 
RECEIPTS 
 
DISBURSEMENTS 
 
BALANCE JUNE 30, 1995 
 
2,198,607.83 $ 3,974,922.47 1,346,563.70 1,461,941.69 
974,213.16 623,396.42 
39,750.00 9,935.66 15,321.05 946,596.70 136,848.89 10,804.75 
11,736,902.32 $ 
 
2, 198,607.83 3,974,922.47 1,342,095.90 $ 1,461,893.66 
983,850.66 623,396.42 
39,750.00 9,933.16 15,321.05 
946,596.30 136,867.75 
10,804.75 
11,744,039.95 $ 
 
4,467.80 83,144.69 
87,612.49 
 
2,198,479.15 $ 2,469,292.03 3,263,967.31 
7,931,738.49 $ 
 
2,198,742.52 2,488,556.94 $ 3,264,107.66 
7,951,407.12 $ 
 
150,000.17 150,000.17 
 
$ 
18,700.00 
3,244.00 
13,721.35 227,669.86 
2,828,439.02 50.00 
147,871.92 
1,910.00 
320.00 6,934.00 
 
349.57 $ 11,888.13 5,256.87 
13,782.82 229,115.89 2,719,607.57 
302.07 151,175.99 
1,842.39 
3,913.57 
 
60.00 
3,324.00 2,285.00 
 
19.50 
115.92 
3,216.93 
1,sos.n n.21 
 
277.03 10.00 
7,211.87 200.00 
2,338.07 145.25 
2,450.00 2,040.67 6,674.72 
-245,548.45 
1,503.56 715.40 13.74 
3,628.46 4,486.85 
15.00 
2,559.87 363.21 2.32 
2,000.00 192.69 825.36 
15,408.43 4,207.80 
300.62 
 
 KENNESAW STATE COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS 
AGENCY FUNDS YEAR ENDED JUNE 30 1995 
 
SCHEDULE "5" 
 
El.!NQ 
 
BALANCE JULY1, 1994 
 
OTHER FUNDS 
 
Japan - U.S. Friendship Commission 
 
$ 
 
KSC Arboretum 
 
Kennesaw College Opera Theater 
 
King, Salova, Foundation 
 
Lake Acworth City Monitoring 
 
Mathematics Tournament Fund 
 
Minority Staff Luncheon 
 
Mock Trial Competition 
 
National French Test 
 
Nursing Advertising Campaign 
 
Nursing Fees 
 
Office of Educational Research and Assessment 
 
One nme Scholarship Account 
 
Owls Booster Club 
 
Pell Grant Recoveries 
 
Perkins Loan Fund - Matching 
 
Phi Eta Sigma National Honor Society 
 
Physical Education - Class Trips 
 
Plant Operations - GAPPA Fund 
 
Polltical Science Award 
 
Political Science Department 
 
RGC Asian Studies Abroad 
 
Readers Theatre 
 
Regents African Council 
 
Retired and Terminated Employees' Health 
 
Insurance 
 
RISE Confererice 
 
Rowdy Owl Club 
 
Scholarships 
 
Regents' Opportunity Grants 
 
Regents' Scholarship Fund 
 
Other Scholarships (List on Fiie) 
 
Society of Legal Studies 
 
STRIVE 
 
Summer in France 
 
Summer in Mexico 
 
Summer Program for Gifted 
 
Summer Science Camp 
 
Superintendent Conference 
 
Stafford Loan 
 
Teacher Center- Activity Fees 
 
Teacher Leaming Assessment 
 
"The Kennesaw Review" 
 
Unclaimed Properties 
 
University System conference 
 
Urban Enterprise Center 
 
Voling System Certification 
 
Year of the Constitution 
 
183.20 245.00 3,566.85 355.84 $ 
267.10 
811.96 590.21 119.90 2,934.70 
2,655.03 7,915.00 
187.91 18.77 
1,038.19 3,846.76 1,000.00 
600.00 2,394.15 3,955.25 
360.00 2,850.00 
-1,921.91 
100.00 
2,897.00 200.00 
25,703.96 449.30 12.76 710.17 
5,596.74 1,625.00 
120.70 
956.57 2,874.28 
881.70 453.63 6,247.54 
3,947.37 937.28 
 
-212,646.57 $ 
 
RECEIPTS 
 
DISBURSEMENTS 
 
BALANCE JUNE 30, 1995 
 
$ 600.00 
41.03 
240.50 850.00 310.98 
9,566.00 1,895.00 93,263.52 23,996.75 
 
500.00 730.00 
41.03 
240.50 1,006.02 
527.87 
3,661.00 1,599.73 94,031.00 14,837.18 
 
1,582.00 1,639.00 
5.00 52,175.00 
109,370.10 626.88 
 
858.65 2,361.61 
520.98 
454.83 51,231.70 
1,492.00 
110,510.34 
 
19,994.00 15,683.00 180,871.29 
120.53 
30,822.68 
310.00 443.43 7,676,798.90 894.72 
182.49 3,666.43 
210,136.18 2,500.00 
 
21,667.00 15,882.00 131,014.76 
26,841.67 1,485.59 
443.43 7,612,012.75 
532.75 1,651.59 
836.77 
1,058.99 210,136.18 
3,531.36 
 
11,693,114.56 $ 
 
11,453,873.48 $ 
 
183.20 245.00 3,066.85 225.84 
267.10 
655.94 373.32 119.90 8,839.70 295.27 1,887.55 17,074.57 187.91 
18.77 1,761.54 3,124.15 
479.02 605.00 1,939.32 4,898.55 360.00 1,358.00 
-3,062.15 626.88 100.00 
1,224.00 1.00 
75,560.49 449.30 133.29 710.17 
9,577.75 139.41 310.00 120.70 
64,786.15 1,318.54 1,222.69 225.42 4,120.06 5,188.55 
2,916.01 937.28 
26,594.51 
 
$ 
 
49,772.35 $ 
 
31,363,755.37 $ 
 
31,149,320.55 $ 
 
264,207.17 
 
See accompanying noles and independent Accountanrs Combined Report on Review of Financial Statements and Suppiementary Information. 
-33- 
 
 cou KENNESAW STATE 
 
EGE 
 
CASH AND CASH EQUIVALENTS 
 
JUNE 30 1995 
 
SCHEDULE "6' 
 
INTEREST BEARING ACCOUNTS 
Bank South, Marietta, Georgia 
Commercial Interest Checking Account (2.02%) 
Trust Company Bank, Atlanta, Georgia 
cash Management Pools Board of Regents Legal Fund Board of Regents Short-Term Investment Fund 
Holding Account cash 
QT!:IER 
Cashon Hand Petty Cash 
 
3,553,935.97 
 
1,043,944.07 1,506,800.51 
13.64 
 
2,550,758.22 $ 
 
6,104,694.19 
 
95,579.96 6200274.15 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary lnfonnation. 
-34- 
 
 Investment Accounts George Putnam Fund of Boston, Providence, Rhooe Island Mutual Funds 
Wachovia Bank, Alianta, Georgia 
Investment Portfolio Account 
u. s. Government Securities 
 
KENNESAW STATE CPI I EGE INVFSTMENTS 
JUNE3ll 1995 
 
SCHEDULE'?" 
23,030.98 705,688.94 $ ===7,,;2;;;,8,~71;,;;9;;;,92~ 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-35- 
 
 KENNESAW STATE c91 I EGE ACCOUNTS RECEIVABLE 
JUNE 3P 1995 
 
Federal Grants and Contracts Research and Instruction 
State Grants and Contracts Research and Instruction Student Aid 
Local Grants and Contracts Student Aid 
Private Gifts, Grants, and Contracts Research and Instruction Student Aid 
Endowment Income Research and Instruction Student Aid 
Other Agency Fund OVerpayments Departmental Federal Assistance Financing System Retired and Terminated Employees' Health Insurance Continuing Education Georgia State Financing and Investment Commission Student Accounts Student Notes Vendor Credit Memos Other 
 
CURRENT.FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
$ 
 
84,745.78 
 
172,139.87 927,1TT.53 
 
24,240.65 
 
46,781.94 4,165.47 
 
49,756.73 23,086.14 
 
LOAN FUNDS 
 
$ 
 
243,672.94 
 
134,931.75 
85,724.59 18,250.00 
 
$ 
 
324,022.08 
 
$ 
 
482579.28 $ 
 
1,332114.11 $ 
 
324022.08 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-36- 
 
 SCHEDULE "8" 
 
PLANT FUNDS UNEXPENDED 
 
AGENCY FUNDS 
 
TOTAL 
 
$ 
 
84,745.78 
 
172,139.87 927,177.53 
 
24,240.65 
 
46,781.94 4,185.47 
 
49,756.73 23,086.14 
 
$ 
 
245,548.45 
 
3,062.15 
 
$ 
 
217,781.35 
 
245,548.45 3,062.15 
243,672.94 
217,781.35 134,931.75 324,022.08 85,724.59 18,250.00 
 
$ 
 
217,781.35 $ 
 
248610.60 $ 
 
2,605,107.42 
 
-37- 
 
 KFNNESAW STATE COLLEGE CHANGES IN INVESTMENT IN PLANT 
, YEAR ENDED JUNE 30 1995 
 
Land Buildings Improvements other Than Buildings Equipment Library Books and Collections 
 
BALANCE JULY 1, 1994 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
PLANT UNEXPENDED 
 
$ 
 
3,302,820,87 
 
31,728,229,20 $ 
 
221,435,00 
 
$ 
 
32,484,72 
 
1,910,227,63 
 
31,002,13 
 
914,566,38 
 
9,470,480,44 
 
1,866,944,94 $ 
 
235,652,76 
 
18,304,00 
 
7,429,012,77 
 
1,027,767,96 
 
$ 
 
53,840 770,91 $ 
 
3,147150,03 $ 
 
235,652,76 $ 
 
965,355,10 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-38- 
 
 SCHEDULE "9" 
 
ADDITIONS 
FUNDS RENEWALS AND REPLACEMENTS 
 
GEORGIA STATE FINANCING AND 
INVESTMENT COMMISSION 
 
$ 
 
11,128,650.63 
 
$ 
 
36,356.84 
 
494,660.17 $ 
 
1,275.00 
 
PRIVATE GIFTS 
 
DEDUCTIONS DISPOSALS/ DELETIONS/ ADJUSTMENTS 
 
BALANCE JUNE 30, 1995 
 
$ 
 
3,302,820.87 
 
$ 
 
46,403.86 
 
43,064,395.69 
 
97,978.00 
 
-5,803.79 
 
3,490,594.94 
 
8,015.95 
 
93,722.16 
 
11,506,950.93 
 
1,021.49 
 
8,457,802.22 
 
$ 
 
37,631.84 $ 
 
11,623,310.80 $ 
 
107,015.44 $ 
 
134,322.23 $ 
 
69,822,564.65 
 
-39- 
 
 KENNESAW STATE COLLEGE 
l!!:.t:!~l:lUL~ QF F!JND ~AL!,N!:,~l, 
Q!JBR!ii!:lT F\JNQl, AND Pl ANI F!,!t:lQS 
i!JNE 30 1995 
 
RESIDENT INSTRUCTION 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
LOTTERY FOR 
 
AUXILIARY 
 
EDUCATION 
 
ENTERPRISES 
 
NET INVESTMENT IN PLANT 
 
investment in Plant Facilities 
 
RESTRICTED 
 
Designated for Subsequent Years' Expenditures 
 
UNRESTRICTED 
 
Designated 
 
For Bus Replacement Reserve 
 
For Equipment, Technology and Construction Trust Fund 
 
7,313.80 
 
For Intercollegiate Athletics 
 
For Inventory Reserve 
 
$ 
 
For Renewals and Replacements Reserve 
 
143,000.00 
 
$ 
 
-6,879.39 
 
645,748.86 
 
For Subsequent Years' Expenditures 
 
1,542,359.64 $ 
 
For Uncollectible Accounts 
 
62,354.72 
 
2,063.64 
 
Undesignated 
 
Surplus/Deficit 
 
Regular 
 
13,431.40 
 
Lottery for Education 
 
$ 
 
218,786.12 $ 
 
7,313.80 $ 
 
2,183,292.75 $ 
 
STUDENT ACTIVITIES 
191,865.90 191,865.90 
 
$ 
 
218 786.12 $ 
 
7,313.80 $ 
 
21B3,292.75 $ 
 
191865.90 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-40- 
 
 SCHEDULE "10" 
 
RESTRICTED 
 
PLANT FUNDS 
 
UNEXPENDED 
 
LOTTERY FOR 
 
RENEWALS AND 
 
REGULAR 
 
EDUCATION 
 
REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
TOTAL 
 
69,822,564.65 $ 
 
69,822,564.65 
 
$ ----'209=,256==96.c. 
 
$ ----'209=,256==96.c. 
 
$ 
 
15,248.80 
 
815,899.98 
 
$ 
 
15,248.80 
 
7,313.80 -6,879.39 788,748.86 815,899.98 1,734,225.54 64,418.36 
 
-249.50 
 
______ $ -----=o=.oo.c. 
 
-249.50 $ 
 
0.00 $ ----'83=1'-",1.:..48=.78.c. 
 
13,181.90 0.00 
3,432,157.85 
 
209256.96 $ 
 
-249.50 $ 
 
0.00 $ 
 
831148.78 $ 
 
69,822,564.65 $ 
 
73,463 979-46 
 
-41- 
 
 State Appropriations Allolmenls from the Board of Regents of the University System of Georgia Regular Special Funding Initiative Lottery Proceeds 
other Revenues Retained Tuition and Fees Matriculation Other 
Federal Grants and Contracts Research and Instruction Student Aid Contract Overhead 
State Grants and Contracts Research and Instruction Student Aid Contract Overhead 
Local Grants and Contracts Research and lnstrucUon Contract Overhead 
Private Gifts, Grants, and Contracts Research and Instruction Student Aid 
Endowment Income Research and Instruction Student Aid 
Sales and Se!vices of Educational Activities 
Sales and Se!vices of Auxiliary Enterprises 
Other Sources Extension and Public Service Interest Earned Rents Salvage Sales Other 
 
KENNESAW STATE COLLEGE SCHEDULE OF RFVcNUES CURRENT FUNDS 
YEAR ENDED JUNE 30 1995 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
UNRESTRICTED AUXILIARY 
ENTERPRISES 
 
$ 
 
30,137,297.00 
 
83,802.00 
 
$ 
 
$ 
 
30,221,099.00 $ 
 
528,000.00 528,000.00 
 
$ 
 
15,568,211.00 
 
1,270,722.06 
 
63,344.74 
 
6,051.52 4,341.40 
 
102,939.07 
 
2,381,834.99 
 
6,000.00 4,227.82 249,590.10 
 
$ 
 
19,657,262.70 
 
$ 
 
2,653,398.84 
 
113,923.09 
 
67,909.69 
 
$ 
 
2,835,231.62 
 
$ 
 
49,878 361.70 $ 
 
528000.00 $ 
 
2835231.62 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-42- 
 
 SCHEDULE "11" 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
RESTRICTED RESIDENT 
INSTRUCTION 
 
TOTAL 
 
$ 
 
30,137,297.00 
 
83,802.00 
 
528,000.00 
 
$ 
 
30,749,099.00 
 
$ 
 
30,137,297.00 
 
83,802.00 
 
528,000.00 
 
$ 
 
30,749,099.00 
 
$ 944,503.50 
 
15,568,211.00 2,215,225.56 
 
15,568,211.00 2,215,225.56 
 
$ 63,344.74 
 
581,982.50 1,631,516.25 
 
581,982.50 1,631,516.25 
63,344.74 
 
6,051.52 
 
491,815.83 2,243,955.61 
 
491,815.83 2,243,955.61 
6,051.52 
 
4,341.40 
 
3n,366.18 
 
3n,366.1e 4,341.40 
 
291,538.18 105,003.66 
 
291,538.18 105,003.66 
 
102,939.07 2,653,398.84 
 
176,060.79 34,083.00 
 
176,060.79 34,083.00 
102,939.07 
2,653,398.84 
 
19,1n.38 55,631.62 
 
2,381,834.99 133,100.47 6,000.00 4,227.82 373,131.41 
 
2,381,834.99 133,100.47 6,000.00 4,227.82 373,131.41 
 
$ 
 
1,019,312.50 $ 
 
23,511,806.82 $ 
 
5,933,322.00 $ 29,445,128.82 
 
$ 
 
1 019 312.50 $ 
 
54 260,905.82 $ 
 
5 933 322.00 $ 
 
60,194,227.82 
 
-43- 
 
 KfNNf~AW STAis COLLEGE 
SctiFDUI f OF fXPENDlnJRES BY OBJECT 
CURRENT FUNDS 
YfAR fNQEO JUNE 30 1995 
 
PERSONAL SERVICES 
Salaries and Wages Emp!Oyer's Contributions for: 
F.I.C.A Retirement Group Insurance Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance 
OPfRATING EXPENSES 
Travel Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships 
College Work-Study Program Scholarships, FelicM'ships, Prizes, Awards and other Other Operating Expenses Publications and Printing Equipment Non-Inventory Computer Charges Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Motor Vehicle Purchases Inventory 
OTHER 
EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Supplies and Materials Other Expenses Equipment Non-Inventory Software Equipment Inventory 
SPECIAL FUNDING INITIATIVE Personal Services Salaries and Wages Employer's Contributions for: F.I.C.A Retirement Group Insurance 
 
RESIDENT INSTRUC'DON 
 
LOTTERY FOR EDUCATION 
 
UNRESlRICTED AUXILIARY 
ENTERPRISES 
 
31,120,441.48 
2,095,748.13 3,119,964.39 2,441,822.08 
50,037.00 10,961.00 226633.00 
39 065 607.08 
 
769,332.04 46,419.26 69,779.82 65,282.89 
950 814.01 
 
409,562.43 14,492.19 
2,245,481.69 258,251.07 911,668.30 84,268.59 38,001.90 
18,142.47 407,864.00 674,719.01 481,423.76 
323,574.34 44,912.49 
173,506.92 838,831.19 575,477.94 
614,605.14 549,187.75 
28,385.04 2,403 064.01 
11,095420.23 
 
28,030.21 3,991.02 
103,586.48 11,661.72 18,605.49 11,626.45 20,472.52 
339,022.80 189,874.60 
34,502.41 
2,686.67 
4,259.32 
20,014 47 
34,126.75 9,710.29 
3,922.00 
836,093.18 
 
31,196.29 134.75 
15,694.14 21,336.64 452,324.38 520,686.20 
63,500.13 4,586.92 6,095.97 6,610.45 
aon3.47 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial statements and Supplementary Information 
 
-44- 
 
50 241 800.78 $ 
 
520 686.20 $ 
 
1786907.19 
 
 SCHEDULE "12" 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
RESTRICTED RESIDENT 
INSTRUCTION 
 
TOTAL 
 
231,593.38 $ 8,453.42 
11,898.02 10,935.15 
262 679.97 $ 
 
32,121,366.90 $ 
2,150,620.81 3,201,642.23 2,518,040.12 
50,037.00 10,961.00 226,633.00 
40 279 301.06 $ 
 
630,648.18 $ 43,069.02 55,263.56 38,490.56 
967 491.32 $ 
 
32,952,015.06 
2,193,689.83 3,256,925.79 2,556,530.68 
50,037.00 10,961.00 226,633.00 
41,246 792.38 
 
7,831.94 $ 336,832.68 
2,598.50 41,704.98 
85,609.32 40,156.00 
6,159.70 1,562.90 7,332.51 188,799.98 
648.00 
7 017.47 726,253.98 $ 
 
445,424.58 $ 18,483.21 
2,685,900.83 272,511.29 930,273.79 137,600.02 58,474.42 
18,142.47 746,886.80 950,202.93 556,082.17 
332,420.71 44,912.49 179,329.14 
838,831.19 602,824.92 
837,531.87 559,546.04 
28,385.04 2 414,003.46 
12,657,767.39 $ 
 
42,948.69 $ 312.26 
110,624.42 1,110.65 
2,360.46 
54,378.03 4,014,558.52 
174,462.60 22,640.26 
58,824.85 
51,108.44 
13,939.16 
132,477.96 50,433.62 
235,652.76 
4,965,830.68 $ 
 
488,371.27 16,795.47 2,796,525.25 273,621.94 930,273.79 139,960.48 58,474.42 
72,520.50 4,761,445.32 1,124,665.53 
578,722.43 
391,245.56 44,912.49 
230,437.58 838,831.19 616,764.08 
970,009.83 609,979.66 
26,385.04 2,649,656.24 
17,623 598.07 
 
31,196.29 134.75 
15,694.14 21,336.64 
452 324.38 
520,686.20 
 
31,196.29 134.75 
15,694.14 21,336.64 
452 324.38 
520,686.20 
 
63,500.13 
4,566.92 6,095.97 6 610.45 
80,773.47 
 
63,500.13 
4,566.92 6,095.97 6 610.45 
80,773.47 
 
969133.95 $ 53 538 528.12 $ 
 
5 933 322.00 $ 59 471 850.12 
 
-45- 
 
 CAPITAL OUTLAY 
Supplies and Materials Equipment 
Non-lnvenloly Per Diem, Fees and Contracts 
Contracts Equipment 
Motor Vehicle Purchases lnvenloly 
 
KENNESAW STATE COLL EGE SCHEDULE OF EXPENDITURES BY OBJECT 
PLANT FUNDS 
YEAR ENDED JUNE 30 1995 
 
SCHEDULE "13" 
 
UNEXPENDED REGULAR 
 
"RENEWALS AND REPLACEMENTS 
 
TOTAL 
 
$ 
 
10,000.00 $ 
 
7,112.16 
 
937,051.10 
 
18,304.00 
 
9,526.51 $ 950.00 
26,830.33 
1,275.00 
 
19,526.51 8,062.16 963,881.43 
18,304.00 1,275.00 
 
$ 
 
972 467.26 $ 
 
38,581.84 $ 
 
1,011,049.10 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-46- 
 
 KENNESAW STATE COLLEGE 
RECONCILIATION OF SALARIES AND WAGES AND TRAVEL 
YEAR ENDED JIJNE 3Q 1995 
 
SCHEDULE "14" 
 
Totals per Annual Supplement 
 
Adjustments 
Shared Setvic:es on Jointly Staffed Personnel 
 
Clayton State College 
 
Nelson, 
 
Sherryl 
 
Georgia State University 
 
Beals, 
 
Ernest 
 
Southern College of Technology 
 
Sargent, 
 
Kenneth 
 
Totals per Report 
 
DISTRIBUTION BY FUND 
CURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Auxiliary Enterprises Student Activities Restricted Resident Instruction 
 
SALARIES AND WAGES 
33,012,044.54 $ 
 
TRAVEL 488,371.27 
 
300.00 2,670.f:f7 
500.00 
33,015515.21 $ ==.,;488=;;:37:,,;1~.27~ 
 
$ 
 
31,120,441.48 $ 
 
63,500.13 
 
769,332.04 
 
231,593.38 
 
830,648.18 
 
409,562.43 
28,030.21 7,831.94 
42,946.69 
 
$ 
 
33,015 515.21 $ 
 
488371.27 
 
See accompanying notes and Independent Accountant's Combined Report 
on Review of Financial Statements and Supplementary Information. 
-47- 
 
 SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS 
 
 KENNESAW STATE COLLEGE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS 
YEAR ENDED JUNE 30 1995 
 
STATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS 
 
The status of findings disclosed in the audit report for the year ended June 30, 1994, is summarized below: 
 
Audit Control Number 
 
Status ofFinding 
 
543-94-01 543-94-02 543-94-03 
 
Corrective Action Implemented Corrective Action Implemented Corrective Action Implemented