GI\ A ioo .RI M4L ;994-95 STATE OF GEORGIA DEPARTMENT OF AUDITS 254 WASHINGTON STREET ATLANTA, GEORGIA 30334 AUDIT REPORT STATE OF GEORGIA MEDICAL COllEGE OF GEORGIA AUGUSTA, GEORGIA YEAR ENDED JUNE 30, 1995 MEDICAL COLLEGE OF GEORGIA -TABLE OF CONTENTS- SECTION! FINANCIAL INDEPENDENT AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION EXHIBITS FINANCIAL STATEMENTS A COMBINED BALANCE SHEET ALL FUND GROUPS 2 B COMBINED STATEMENT OF CHANGES IN FUND BALANCES ALL FUND GROUPS 4 C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES 6 D NOTES TO THE FINANCIAL STATEMENTS 7 SUPPLEMENTARY INFORMATION E COMBINING BALANCE SHEET CUR.RENT FUNDS - UNRESTRICTED 22 F COMBINING STATEMENT OF CHANGES IN FUND BALANCES CURRENT FUNDS - UNRESTRICTED 23 COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, AND OTHER CHANGES G UNRESTRICTED 24 H RESTRICTED 25 SCHEDULES SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET I RESIDENT INSTRUCTION 26 2 LOTTERY FOR EDUCATION 29 3 OTHER ORGANIZED ACTIVITIES 30 SCHEDULES OF OPERATIONS 4 LOAN FUNDS 34 5 ENDOWMENT AND SIMILAR FUNDS 36 6 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS AGENCY FUND$ . 37 MEDICAL COLLEGE OF GEORGIA - TABLE OF CONTENTS - SECTION I FINANCIAL SUPPLEMENTARY INFORMATION SCHEDULES SCHEDULES OF OTHER ORGANIZED ACTIVITIES 7 BALANCE SHEET 40 8 CHANGES IN FUND BALANCES 41 9 REVENUES, EXPENDITURES AND OTHER CHANGES 42 10 CASH AND CASH EQUIVALENTS 43 11 INVESTMENTS 44 12 ACCOUNTS RECEIVABLE 45 13 CHANGES IN INVESTMENT IN PLANT 46 14 SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS 48 SCHEDULES OF REVENUES 15 CURRENT FUNDS 50 16 OTHER ORGANIZED ACTIVITIES 53 SCHEDULES OF EXPENDITURES BY OBJECT 17 CURRENT FUNDS 54 18 PLANT FUNDS 58 19 OTHER ORGANIZED ACTIVITIES 59 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 October 26, 1995 Honorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia and Honorable Francis J. Tedesco, President Medical College of Georgia INDEPENDENr AUDITOR'S COMBINED REPORT ON FINANCIAL STATEMENrS AND SUPPLEMENrARY INFORMATION Ladies and Gentlemen: We have audited the accompanying financial statements (Exhibits A through D) ofMedical College of Georgia as of and for the year ended June 30, 1995. These financial statements are the responsibility of the College's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the 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 I 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. If compensated absences were reported, liabilities would be increased and fund balance would be 95ARL-63 decreased by $19,354,569.70 as of June 30, 1995, and the net change in fund balance for the year ended June 30, 1995, would be deceased by $2,374,137.95. As described in Note 1 to the financial statements, the'College did not recognize as accounts receivable and revenue a portion of patient services earned prior to June 30, 1995. To conform to generally accepted accounting principles, revenues should be recorded when earned rather than when received. 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 more fully discussed in Section Il, Findings and Improper or Questioned Costs, material discrepancies were noted in the equipment inventory records ofthe College. Equipment inventory represents a significant portion ofthe College's investment in plant and we were unable to determine the effects these material discrepancies may have on the financial statements. In our opinion, except for the effects on the financial statements of the matters discussed in the third, fourth, fifth and sixth paragraphs, the financial statements referred to above present fairly, in all material respects, the financial position ofMedical College ofGeorgia as ofJune 30, 1995, and the changes in fund balances and the current operating funds revenues, expenditures, and other changes for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose offorming an opinion on the financial statements taken as a whole. The accompanying supplementary information (Exhibits E through H and Schedules 1 through 19) is presented for purposes of additional analysis and is not a required part of the financial statements of Medical College of Georgia Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, except for the effects ofthe matters discussed in the third, fourth, fifth and sixth paragraphs, such information is fairly presented in all material respects in relation to the financial statements taken as a whole. Respectfully submitted, ~~ Claude L. Vickers State Auditor CLV:djf 95ARL-63 FINANCIAL STATEMENTS - 1- MEDICAi COi LEGE Of GEORGIA COMBINED BALANCE SHEET ALL FUND GROUPS JUNE30 1995 Cash and cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Investment in Plant Total Assets LIABILITIES AND FUND BALANCES Liabillties Accounts Payable Deferred Revenue Tuition and Fees Deposits Held in Custody for others Cap~I Lease Obligalions Total Liabillties Fund Balances U. S. Govemmenl Grants Refundable lnstltutional Loans - Restricted Endowment Quasi-Endowment - Restricted Net Investment in Plant Restricted Unrestricted Total Fund Balances Total Liabillties and Fund Balances CURRENT FUNDS UNRESTRICTED RESTRICTED LOAN FUNDS $ 27,742,669.68 $ 52,2TT.16 $ 5,928,665.94 12,227,807.42 8,769,447.22 3,461,311.43 2,114,243.46 688,833.00 1,095,428.14 7,791,520.02 45 243,859.30 $ 15 741 396.01 $ 8 886,946.16 $ 30,553,165.79 944,198.90 31 497,364.69 $ 7,719,893.02 1,167,055.14 $ 15,741,396.01 $ 13 746.494.61 13 746,494.61 $ 15,741,396.01 $ 8,886,946.16 45 243,859.30 $ 15,741,396.01 $ 8,886,946.16 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 OnM $ 6,660,720.09 $ $ 5,009,810.56 759,396.00 21,113,992.50 660,674.60 $ $ 370,784,390.12 54,277.95 $ 5,898,092.26 36,266,047.62 29,064,376.18 20,781,674.67 2,114,243.46 21,802,825.50 370,784,390.12 $ 5,009,810.56 $ 28,534 108.59 $ 660,674.60 $ 370,784,390.12 $ 5,952,370.21 $ 480,813,557.55 $ 7,382,588.61 $ $ 7,382,588.61 $ $ 1, 168,633.98 3,841,176.58 $ 21,151,519.98 $ $ 5,009,810.56 $ 21,151,519.98 $ 383,020.36 $ 383,020.36 $ 1,742,158.48 1,742,158.48 $ $ 277,654.24 277,654.24 $ 369,042,231.64 369,042,231.64 5,036,147.61 $ 916,=.60 5,952,370.21 $ 43,354,922.37 944,198.90 916,=.60 1,742,158.48 46,957,502.35 $ 7,719,893.02 1,167.055.14 1, 168,633.98 3,841,176.58 369,042,231.64 15,741,396.01 35,175,668.83 $ 433,856,055.20 $ 5 009,810.56 .$ 28,534,108.59 $ 660,674.60 $ 370,784,390.12 $ 5,952,370.21 $ 480,813,557.55 .3. MEDICAi COLLEGE OE GEORGIA COMBINED STATEMENT OF CHANGES IN El/NP BALANCES Al I FUNP GROUPS VEAR ENDED JUNE :lQ 1995 RE\/ENUES AND OTHER ADDITIONS UnrNmCted Current Fund Revenues State Approprlalions Major Repairs/Rehabilitation Funds Lcttery Proceeds F - Grants and Contracts State Grants and Contracts L.ocaJ Grants and Contracts Private Gifts, Grants, and Contracts I - Income Endowment Other Realized Gains on Investments I - on Loans Receivable Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant Facilities Current Funds Plant Funds Unexpended R - l s and Replacements Georgia State Financing and Investment Commission Total Revenues and Other Additions EXPENDITURES AND OTHER PEPYCIIONS Educational and General Expendttures Auxiliary Enterprises Expendttures Hospital Expenditures Indirect Costs RecoYered Remittances to the Board of Regents of the University System of Georgia Prior Yaafs Unrastricted Fund Balance (Surplus) Loan cancellations and Write-Offs Administrative and Collection Costs Expended for Plant Facilities Capitalized Noncapitalized Dispo&als/llelelionSIAdjustments Total Expendttures and other Deductions TRANSFERS BEJWEEN FUNDS Nonmanc:tatory R - l s and Replacements capital Projects Total Transfers Between Funds Net lnerease/(Decrease) for the Year FUND BALANCES JULY 1 1994 FUND BALANCES JUNE 30 1995 CURRENT FUNDS UNRESTRICTED RESTRICTED $ 355,299,706.13 14,697,068.80 $ 12,129,375.83 1,568,355.-16 35,496,469.30 248,791.06 511,339.26 11,129.99 $ 355,822,175.38 $ 64.140,060.45 $ $ 167,959,766.42 $ 3,858,978.29 182,915,886.13 49,048,068.10 6,970,976.00 3,967,TT2.88 118,045.30 $ $ 354.852,676.14 $ 59,986,816.98 $ $ -339,373.66 -179,050.00 $ -518.423.66 $ 451,075.58 $ 4,153,243.47 $ 13,295.419.03 11,588.152.54 $ 13,746.494.61 $ 15,741,396.01 $ The notes to the financial statements are an integral part of this statement. -4- LOAN FUNDS 73,544.00 23,000.00 56,800.96 188,836.18 340,181.14 52,306.75 24,230.17 76,536.92 263,644.22 8.623.303.94 8.888.948.16 EXHIBIT"B" ENDOWMENT AND SIMILAR FUNDS UNEXPENDED PLANT FUNDS RENEWALS AND REPLACEMENTS INVESTMENT IN PLANT TOTAL (Memo,andum Only) $ 4,073,367.00 500,000.00 $ 160,150.08 3,969,764.17 37,227.48 $ $ 160,150.08 $ 8,580,358.65 $ $ 16,137.63 16,137.63 $ $ 355,299,706.13 2,761,241.47 4,073,367.00 500,000.00 14,TT0,612.BO 12,129,375.83 1,568,355.46 38,280,110.n 248,791.06 4,026,565.13 160,150.08 186,836.18 564,704.37 11,129.99 24,214,423.40 24,214,423.40 9,427.231.45 549,740.55 10,667,193.78 9,427,231.45 549,740.55 10,667,193.78 47,619,830.65 $ 476,678,893.98 $ 0.00 $ 217,007,834.52 3,858,978.29 189,886,862.13 3$!!S7,TT2.88 $ 12,STT.14 130,622.44 52,306.75 24,230.17 9,427,231.45 $ 7,015,258.36 549,740.55 119,797.82 $ 3,491,541.04 9,976,972.00 7,135,056.18 3,491,541.04 $ 0.00 $ 16,455,066.95 $ 669,538.37 $ 3,491,541.04 $ 435,532.176.40 $ $ 179,050.00 $ 179,050.00 $ $ 160,150.08 $ -7,695,658.:lq $ 4,849,660.48 28,847,178.28 $ 5,009,810.56 $ 21,151,519.98 $ 339,373.66 339,373.66 -314,027.08 $ 591,681.32 $ 44, 128,289.61 $ 324,913,942.03 0.00 0.00 0.00 41,146,717.58 392,709,337.62 2n,654.24 $ 369,042,231.64 $ 433,856,055.20 -5- MEDICAL co1 LEGE Of GEORGIA STATEMENT Of CURRENT FUNDS REVENUES EXPENDIIVBES AND OTHER CHANGES YEAR ENPEP JUNE 30 1995 EXHIBIT"C" ~ State Appropriations Tuition and Fees Federal Grants and Ccntracts State Grants and Ccntracts Local Grants and COntract& Private Gifts, Grants, and Ccntracts Endowment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Sales and Services of Hospital other Sources Total Revenues EXPENDm/RES Educational and Ganeral Instruction Research Public Service A-icSUpport Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Auxiliary Enterprises Student Housing Food Services Stores and Shops other Service Units Hospital Medical College of Georgia Hospital Georgia War Veterans Nursing Home Total ExpendltUA!S OTHER TRAf!!SfERS AND ADDITIONSl(DEDUCTIONS) Excess of Restricted Receipts over Transfers to Revenues Transfers for Renewals and Replacements Transfers for C.pilal Projects Prior Period Adjustments (Net) Remittances to the Board of Regents of the University System of Georgia Prior Yea(s Unrestricted Fund Balance (Surplus) Total other Transfers and Addltionsl(Oeductions) Net Increase in Fund Balances UNRESTRICTED RESTRICTED TOTAL (Memon,ndurn On!l'.J $ 129,023,016.00 7,357,983.10 3,432,207.16 $ 6,433.99 4,354.43 5,40,857.30 3,730,032.05 4,245,606.50 206,220,194.88 739,020.72 $ 355,299,706.13 $ $ 11,005,080.28 10,210,797.20 1,387,999.82 33,304,854.02 110,312.78 56,019,044.10 $ 129,023,016.00 7,357,983.10 14,437,287.44 10,217,231.19 1,392,354.25 33,845,711.32 110,312.78 3,730,032.05 4,245,606.50 206,220, 194.88 739,020.72 411,318,750.23 $ 87,649,123.24 $ 771,398.87 50,965,267.72 8,213,999.21 1,400,008.49 10,094,011.00 7,957,083.80 908,874.09 688,016.89 779,148.08 282,788.46 2,109,024.86 182,915,886.13 354,734,630.84 $ 33,015,390.74 $ 14,148,628.46 214,467.23 13,631.00 847,450.11 808,500.56 6,970,976.00 56,019,044.10 $ 120,664,513.98 14,920,027.33 50,965,267.72 8,428,466.44 1,413,639.49 10,941,461.11 7,957,083.80 1,717,374.65 688,016.89 779,148.08 282,788.46 2,109,024.86 182,915,886.13 6,970,976.00 410,753,674.94 $ 4,153,243.47 $ 4,153,243.47 $ -339,373.66 -339,373.66 -179,050.00 -179,050.00 522,469.25 522,469.25 -118,045.30 -118,045.30 $ -113,999.71 $ 4,153,243.47 $ 4,039,243.76 $ 451,075.58 $ 4,153,243.47 $ 4 604,319.05 The notes to the financial statements are an integral part of this statement. -6- MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT"D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY Medical College ofGeorgia is one ofthirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Medical College of Georgia as a separate reporting entity. The Board ofRegents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Medical College of Georgia does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Medical College of Georgia is considered an organizational unit ofthe Board ofRegents ofthe University System of Georgia reporting entity for financial reporting purposes because ofthe significance ofits legal, operational, and financial relationships with the Board of Regents as defined in Section 2100.ofthe Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. FUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. Within each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. 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, research, public service, hospital support, 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- MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXIIlBIT "D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FUND ACCOUNTING LOAN FUNDS The fund used to account for resources which have been made available for financial loans to students. ENDOWMENT AND SIMILAR FUNDS The fund used to account for endowment funds and quasi-endowment funds. Endowment funds are subject to the restrictions ofgift instruments requiring that the principal be invested in perpetuity and income only be utilized. While quasi-endowment funds have been established by the 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. PLANTFUNDS 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 ofall 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 long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. - 8- MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT"D" NOTE I: 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 of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances 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. Revenues for patient services are recorded based on cash collections. This method ofrecording revenues is not consistent with generally accepted accounting principles which provide for the recording of revenues when earned rather than when received. 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$ I9,354,569.70, and the related current year expenditure of $2,374, 137.95 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. - 9- MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXJilBIT "D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING It is the policy ofMedical College of Georgia to record assets acquired through capital leases as additions to Investment in Plant when received at the total acquisition cost including interest. The liability for such leases at fiscal year-end is recorded in Investment in Plant including interest. This presentation differs from generally accepted accounting principles in that the assets and the related liability resulting from capital leases should be recorded in Investment in Plant at the inception of the agreement at the net present value of the future minimum lease payments, not to exceed the fair value ofthe leased property. The effect ofthis departure is deemed to be immaterial to the fair presentation of the financial statements. The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19941995. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement of these funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: Resident Instruction Capital Outlay Other Organized Activities Medical College of Georgia Hospital and Clinics Operating Expenses: Sponsored Operations Joint Board ofFamily Practice Operating Expenses: Education, General and Departmental Services $ 3 248 746 54 $ 55 573 95 $ 1 354 19 These overexpenditures of budget constitute a violation ofBoard of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget. authority are reported at the departmental level. - 10 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT"D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions. INVESTMENTS Investments are recorded at cost or in the case of gifts at fair market value on the date of the gift. Funds received by the College as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board ofRegents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded. ACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Board of Regents of the University System of Georgia - Administrative Central Office, reimbursements 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. INVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost based on the weighted average or the first-in, first-out methods. Departments within the College use several costing methods for determining valuations of inventories for resale. Inventories of goods for resale are valued at cost using the first-in, first-out, or weighted average methods. PREPAID ITEMS Prepaid items are payments made to vendors in advance ofthe receipt of goods and services that will benefit periods subsequent to the balance sheet date. MEMORANDUM ONLY -TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" to indicate that these totals are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: - 11 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE30 1995 EXHIBIT"D" NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (I) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations of the United States or of the State of Georgia. (2) Bonds, bills, certificates ofindebtedness, notes, or other obligations of the counties or municipalities of the State ofGeorgia. (3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. (4) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia. (5) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofa 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. 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 of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. The treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units ofthe University System of Georgia. CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as of June 30, 1995, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: Category 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. - 12 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT "D" NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS CATEGORIZATION OF DEPOSITS 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. Can-ying Amount Bank Balances Risk Categories Cash Deposits lnvcstmcntPortfolioAccounts $36,226,119.62 $42,718,069.06 $ 420,000.00 S 26,630,64825 $15,667,420.81 421 378.99 421 378.99 IOI 831.42 _ _ _ _ 319 547.57 Total Cash Deposits S 36 647 498 6) S 43 )39 448 05 $ 52) 831 42 $ 26 630 648 25 $ 15 986 968 38 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. The carrying amounts of investment balances as of June 30, 1995, are categorized below: Tl:'.n!:: ofInvestment Common Stock Corporate Bonds Preferred Stock Repun:hase Agreement U.S. Government Securities Investment Portfolio Accounts Mutual Funds Real Estate Total Investments Risk Categories 2 0.00 $ 1,873,771.03 397,000.00 68,191.50 10,000,000.00 16 091 785.94 000 S 28 430 748 47 Carrying Amount Market Value 0.00 $ 1,873,771.03 $ 2,127,537.30 397,000.00 407,806.00 68,191.50 81,900.00 10,000,000.00 10,000,000.00 16 091 7~5.94 16233 598.12 QQQ $28,430,748.47 $28,850,841.42 198,748.72 13 500.00 309,815.22 17 500.00 S 28 642 997 )9 S22128 JS6M - 13 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT"D" NOTE 3: INVESTMENT IN PLANT The following is a summary oflnvestment in Plant fixed assets as of June 30, 1995: Land Buildings Improvements Other Than Buildings Eguipment Library Books and Collections Construction in Progress Total Investment in Plant $ 8,998,281.93 194,429,684.24 3,825,690.89 144,523,682.74 8,094,918.30 10 912 132.02 $ 370 784 390 ]2 NOTE 4: CAPITAL LEASES Medical College of Georgia acquires certain equipment through multi-year capital leases with varying terms and options. These agreements contain fiscal funding clauses in accordance with Official Code of Georgia Annotated Section 50-5-64 which prohibits the creation of a debt to the State of Georgia for the payment of any sums under such agreements beyond the fiscal year of execution if appropriated funds are not available. If renewal of such agreements is reasonably assured, however, capital leases requiring appropriation by the General Assembly of Georgia are considered noncancellable for financial reporting purposes. As of June 30, 1995, future minimum lease payments under capital leases are as follows: Fiscal Year Ending June 30 1996 1997 1998 1999 2000 Total Future Minimum Lease Payments NOTE 5: RISK MANAGEMENT $ 699,251.52 673,686.06 189,594.87 117,549.13 62 076.90 $ I 742 158 48 Medical College of Georgia 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 ofthe 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 of Georgia 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 of Regents. - 14 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT "D" NOTE 5: RISK MANAGEMENT The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS services claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts ofcommercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The 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 managemei;1t 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. 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 ofthe State ofGeorgia and county health departments, permits 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 ofthe State Personnel Board - Merit System ofPersonnel Administration for the year ended June 30, 1995. NOTE 7: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Plan Description Medical College ofGeorgia 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. - 15 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT "D" NOTE7: RETIREMENTPLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Plan Description The College's payroll fortheyearendedJune 30, 1995, for employees covered by TRS was $150,120,450.01. The College's total payroll for all employees was $212,433,148.08. Benefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age 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. 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% oftheir 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"/o. Total contributions to the plan made during fiscal year 1995 amounted to $26,929,555.91, of which $19,423,658.44 was made by the College and $7,505,897.47 was made by employees. These contributions represented 12.94% (College) and 5% (employees) of covered payroll. - 16 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT"D" NOTE 7: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA 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 ofcredited 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 ofthe 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 of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. Retirement System Contributions Total contributions from all employers to TRS for the year ended June 30, 1995, were $565,117,811.00. The College's contribution for the year ended June 30, 1995, of$19,423,658.44 was actuarially determined and represented 3.4371% of total contributions made by all participating employers. Trend Information Historical trend information is presented in the financial report of TRS 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. - 17 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE30 1995 EXHIBIT"D" NOTE 7: RETIREMENT PLANS 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 $30,131,786.02. The College's total payroll for alJ employees was $212,433,148.08. The College and the covered employees made the required contributions of $1,205,270.76 (4%) and $1,506,716.47 (5%), respectively. GEORGIA DEFINED CONTRIBUTION PLAN Plan Description Medical College of Georgia 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 ofproviding retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. The College's payroll for the year ended June 30, 1995, for employees covered by GDCP was $2,649,377.91. The College's total payroll for all employees was $212,433,148.08. Benefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has Jess than$ 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 of employment, 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 $198,704.74 which represents 7.50% of covered payroll. These contributions met the requirements of the plan. - 18 - MEDICAL COLLEGE OF GEORGIA NOTES TO TIIE FINANCIAL STATEMENTS JUNE 30 1995 EXHIBIT "D" 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 ofAccounting (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. NOTE9: 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. Litigation, claims and assessments filed against Medical College of Georgia (as an organizational unit of the Board ofRegents ofthe University System of Georgia), if any, 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 ofGeorgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years of seryice 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 ofJune 30, 1995, there were 1,343 employees who had retired or were disabled that were receiving these For postemployment health and life insurance benefits. the year ended June 30, 1995, Medical College of Georgia recognized as incurred $1,267,425.06 of expenditures, which was net of $239,774.55 of participant contributions. - 19 - MEDICAL COLLEGE OF GEORGIA NOTES TO THE FINANCIAL STATEMENTS JUNE 30 1995 EXIIlBIT "D" NOTE 11: BONDINGINFORMATION The President and all employees ofMedical College ofGeorgia 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 Medical College ofGeorgia to a maximum ofSl,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the College to a maximum of $1,000,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment. All employees of Medical College of Georgia are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626011675 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. NOTE12: ENROLLMENT The equivalent full-time student enrollment ofMedical College of Georgia was as follows: Regular Term Fall Quarter, 1994 Winter Quarter, 1995 Spring Quarter, 1995 3,469 3,420 3 300 Average U2 Summer School, 1994 ~ - 20 - SUPPLEMENTARY INFORMATION - 21 - -- ~ Call and Call EquivaAccounts Receivable Prepoldilllms Total Assels LWSLmE ANQ EJ.lNQ ~.;ES Liabilities Accounts Payable Deferred Revenue Tuition and Fees Tolal Liabilities Fund Bances Unrestricted Total Liabilities and Fund Balances ME~I QQI I E~E QE ~EQBgl! QQMS:!NI~ BALANCE l:IEET ~!.!RBENT EL!~!:! !.!NBEIBlmQ JUNE30 1995 EXHIBIT"E" RESIDENT INSTRUCTION OTHER ORGANIZED ACTMTIES AUXILIARY ENTERPRISES STUDENT ACTMTIES TOTAi. 1,310,106.33 $ 5,081,981.10 13,166.17 25,603,734.52 $ 5,928,665.94 3,594,730.16 1,573,252.89 688,833.00 739,784.47 $ 92,735.96 527,824.40 89,084.36 $ 27,742,669.68 5,928,665.94 8,769,447.22 2,114,243.46 688,833.00 6,405,253.60 $ 37,389.216.51 1,360,324.83 $ 89,084.36 $ 45,243,859.30 5,527,892.62 $ 24,9TT,926.95 $ 782,261.00 6,310,153.62 $ 24,9TT,926.95 $ 47,346.22 142,892.90 $ 190,239.12 $ 30,553,165.79 19,045.00 944,198.90 19,045.00 $ 31,497,384.69 95,099.98 12.411,289.56 1.170.085.71 70,019.36 13,746,494.61 6,405,253.60 $ 37,389,216.51 $ 1,360,324.83 $ 89,084.36 $ 45,243,859.30 See notes to the financial statements. -22- ME~ QQLLE~ QE ~QBg~ @!!ll!!:,ilf!!!, STA]EM~NT OF !:;HAN~E IN E!,!NQ 11,!I ~ES QYBBEtil F!Jt,IQ YNBESIBl~EQ YEAR ENQE.P JUNE 30 1995 EXHIBIT"F" B~~UES &-,0 QDj~R ~IONS Unrestricted Current Fund Revenues Adjuslmenls Prior Years' ~ r e s / Accounts Payable Prior Years' Checks Voided Total Revenues and Other Additions EXeEtmm.!BES AtlQ Qil:IEB PEQUCTIONS Educational and General "-nditures Auxiliary Entarprises "-nity SY$18m of Georgia Prior Year's Unrestricted Fund Balance (Surplus) Tolal "-nn Foundation Loan Fund Foundation Matching Medical Loan Fund Medical Memorial Loan Fund Moran Dental Loan Fund Murphy, Eugene E., Loan Fund My,m, Em,a c., Loan Fund Nix, Gerald E., Loan Fund Nursing Foundation Loan Fund Null, R. L., Loan Fund Radiation Technology Educational Assislance Loan Fund FUND BALANCE JULV1, 1994 ADDmONS/ TRANSFERS DEDUCTIONS/ TRANSFERS FUND BALANCE JUNE 301 1995 $ 230,876.59 $ 917,582.44 3,163,826.85 907,035.95 2,269,654.13 $ 7,488,975.96 $ 3,452.73 55,907.75 $ 70,113.66 36,572.25 122,149.32 288,195.71 $ $ 6,511.48 7,231.46 2,255.33 41,280.38 57,278.65 $ 234,329.32 966,978.71 3,226,709.05 941,352.87 2,350,523.07 7,719,893.02 $ 50.00 10,984.15 $ 1,396.08 52,315.04 12,251.83 4,627.76 2,565.20 1,024.08 22,169.97 19,289.80 49,266.55 11,805.89 3,206.41 18,833.51 5,348.35 1,678.51 333,981.58 9,055.63 2,027.80 1,218.44 1,091.09 14,880.19 11,603.60 63,769.86 208,145.47 41,633.88 3,816.42 11,333.76 15,913.91 10,544.64 1,254.98 5,041.58 1,116.83 41,990.10 135.36 43.08 429.92 710.10 37.06 70.32 $ 711.29 231.29 753.81 114.96 7.32 43.00 342.46 8,631.35 97.74 59.19 43.70 170.65 1,325.29 27,026.78 -2,167.14 4,335.00 1,518.28 4.02 703.73 353.57 357.67 89.95 723.35 $ 469.00 220.00 8,150.17 6,966.00 50.00 11,119.51 1,439.16 52,744.96 12,961.93 4,664.82 2,166.52 1,024.08 22,881.26 19,521.09 49,800.36 11,920.85 3,213.73 18,876.51 5,690.81 1,678.51 342,612.93 9,153.37 2,086.99 1,262.14 1,091.09 15,050.84 12,928.89 82,646.47 205,978.33 4,335.00 43,152.16 3,820.44 12,037.49 16,267.48 10,902.31 1,254.98 5,131.53 1,116.83 35,747.45 See notes to the fmancial otatements. -34- MEDICAL COLLEGE QF GEORGIA SCHEDULE OE QPERATJQNS LOAN FUNDS YEAR ENDED JUNE 30 1995 SCHEDULE 4 El.lHP INSJJIUTIONAL l OANS - RESTRICTED Rd>lrwon, Aabury Clarlc, Loan Fund Sloney Medical/Dental/Pharmaceutical Society SnmntloanFund While, Robert C., Loan Fund Whitehead, Lizzie, Loan Fund Women's Phyaician Council Loan Fund FUND BALANCE JULY 1, 1994 ADDITTONS/ TRANSFERS DEDUCTIONS/ TRANSFERS FUND BALANCE JUNE 30, 1995 100,129.51 $ 1,004.20 4,617.15 12,012.28 12,448.91 8,883.04 $ 1,134,327.98 $ 3,810.54 $ 33.75 19.55 388.98 657.00 172.51 51,965.43 $ 3,453.10 $ 19,258.27 $ 100,486.95 1,037.95 4,636.70 12,401.26 13,105.91 9,055.55 1,167,055.14 8,623,303.94 $ 340,181.14 $ 76,536.92 $ 8,886,948.16 BECONCU IATION OE SilJPENT NOTE$ RECEIVABLE Balance July 1, 1994 Add: Loano to Students Deduct: R~ofloans Loan Cancellations and Write-Offs For Bankruptcy For Death For Dioabif,ty For Teaching and Nuniing For Loana Written Off Balance June 30, 1995 371.11 11,598.87 7,166.67 27,996.60 5,173.50 988,530.90 7,802,422.67 1,029,935.00 8,832,357.67 52,306.75 1,040,837.65 7,791,520.02 see notes to the financial statements. -35- .EllliQ E!:IQQllllll!IE!:II Bernard, Guy T., Fund Blanchard, Hubert H. , Fund Franklin, Desiree L., Scholarship Fund GnS/(Deduclions) 248,566.63 $ -8,510.99 $ 4,913.49 $ 244,969.13 244,969.13 Net lncrease/{""""'"8) In Fund Balances 427,814.72 $ 30.903.09 $ 2.716.33 $ 416,001.48 $ 0.00 $ 416,001.48 See notes to the financial statements. -42- ~EDICAL COi LEGE OF Gf:OBGA CASH ANP CASH EQUIVALENTS JUNE30 1995 SCHEDULE 1 O" NONINTEREST BEARING ACCOUNTS First Union National Bank of Georgia, Augusta, Georgia Trust Company Bank of Augusta, Augusta, Georgia Wachovia Bank of Georgia, Augusta, Georgia INTEREST BEARING ACCOUNTS First Union National Bank of Georgia, Augusta, Georgia Certiftcales of Deposit (5.97% - 6.00'l6) Passbook Savings Account (2.25%) NationsBank of Georgia, Augusta, Georgia N.O.W. Account (5.50'l6) 9I!::!fB C&shon Hand Petty Cash 3,146,471.69 4,000,000.00 20.000.00 $ 7,166,471.69 25,005,000.00 4.647.93 $ 25,009,647.93 4,050,000.00 29,059,647.93 39.928.00 36 266 047.62 See notes to the financial statements. -43- cou MEDICAL EGE OF GEORGIA INVESTMENTS JUNE 3Q 1995 SCHEDULE "11" -.GIeo-rgia I-Accounts BankSouth, Portfolio Account Money Market Funds Mutual Funds Real Estate Trust COmpany Bank of Augusta, Augusta, Georgia I -Portfolio Account Cash COmrnon Stock Corporate Bonds Money Market Funds Preferred Stock U.S. GoYemment Securities Repurchase Agreement NationsBank of Georgia, Atlanta, Georgia RSA735250 (4.375 4.750%) United States Treasury Bills (6.270 - 6.596%) $ 1,831.42 198,748.72 13,500.00 $ 214,080.14 $ 0.57 1,s73,n1 .03 397,000.00 419,547.00 68,191.50 2,037,220.32 4,795,730.42 $ 5,009,810.56 10,000,000.00 14,054,565.62 $ 29 064 376.18 See notes to the financial statements. -44- Ml;]21~L ~LLEGt; QF GEQB~IA AQ~!JNI B~QEl~AaLE JUNE 30 1995 SCHEDULE "12" CURRENT FUNDS UNRESTRICTED RESTRICTED State Appropriations - from Iha Boord of Regents of the U-..ity System of Georgia $ Federal Grants and COnlracts R - and 1-..ction s.4n,ooo.oo 513,245.53 S - Grants and COnlracts Research and Instruction 1,791,150.00 Local Grants and COnlracts Research and Instruction 439,205.23 Private Gifts, Grants, and Contra<:ls Research and Instruction 717,710.67 other Georgia State Financing and Investment Commission lnt....t Earned Student Accounts Student Notes Vendor Credit Memos Other 2,044,211.11 86,803.00 55,445.97 110,987.14 LOAN FUNDS PLANT FUND UNEXPENDED 7,791,520.02 759,3S6.00 TOTAL 6,4n,ooo.oo 513,245.53 1,791,150.00 439,205.23 717,710.67 2,044,211.11 759,3S6.00 86,803.00 7,791,520.02 55,445.97 110,987.14 8,769,447.22 $ 3,461,311.43 $ 7,791,520.02 $ 759,3S6.00 $ 20,781,674.67 See notes to the financial statements. -45- MEDICAi COLLEGE OE GEORGIA CHANGES IN INI/ESTMENT IN PLANT YEAR ENPEP JUNE 3Q 1995 Land Buildings lmpnwements Other Than Buildings Equipment Library Books and Collections Construction in Progress SUMMARY QF INI/El,J:MENT College Capital Leases BALANCE JULY 1, 1994 CURRENT FUNDS UNRESTRICTED RESTRICTED PLANT UNEXPENDED 7,753,723.93 $ 195,800.00 $ 323,758.00 173,793,074.56 6,167,181.75 $ 112,500.00 8,357,592.74 3,804,252.98 130,111,658.70 14,828,945.20 2,398,789.29 742,441.88 7,584,581.96 511,207.16 3,894,023.13 3,438.83 326,941 315.26 $ 21 703134.11 $ 2,511,289.29 $ 9 427,231.45 $ 324,913,942.03 $ 2,027,373.23 21,703,134.11 $ 2,511,289.29 $ 9,427,231.45 $ 326,941 315.26 $ 21 703134.11 $ 2,511 289.29 $ 9,427 231.45 See noles to the financial statements. .46. SCHEDULE "13" ADDITIONS FUNDS RENEWALS AND REPLACEMENTS GEORGIA STATE FINANCING AND INVESTMENT COMMISSION $ 353,360.21 $ 3,652,523.72 28,474.59 167,905.75 $ 7,014,670.06 CAPITAL LEASES $ 566,333.24 PRIVATE GIFTS DEDUCTIONS DISPOSALS/ DELETIONS/ ADJUSTMENTS BALANCE JUNE 30, 1995 725,000.00 $ 8,998,281.93 2,023,642.06 $ 30,190.80 194,429,684.24 7,036.68 3,825,690.89 12,599.41 4,304,990.73 144,523,682.74 870.82 8,094,918.30 10,912,132.02 $ 549740.55 $ 10,667193.78 $ 566333.24 $ 2 761,241.47 $ 4 343 089.03 $ 370,784,390.12 549,740.55 $ 10,667,193.78 - - - - - - $ _ _ _566=~333~.2~4 2,761,241.47 $ 3,491,541.04 $ 851,547.99 369,042,231.64 1,742,158.48 549740.55 $ 10667193.78 $ 566333.24 $ 2 761,241.47 $ 4,343 089.03 $ 370,784 390.12 .47. MEP1CAI COi I EGE OF GEORGIA. SCMEPUL f OF EUNP BALANCES CURRENT FUNDS AND PLANT FUNDS JUNE 30 1995 RESIDENT INSTRUCTION NsI INVffilUENT IN PL.ANT I -In Plant Facilities RESTRICTED Dosignatod for Subsequent Years' ExpendttUAIS UNRESTRICTED CURRENT FUNDS UNRESTRICTED OTHER ORGANIZED AUXILIARY ACTIVITIES ENTERPRISES STUDENT ACTIVITIES RESTRICTED $ 15.741,396.01 For Capital Prcjeets (GSFIC) For Inventory Reserve For Revenue Stabilization Reserve for Medical College of Georgia Hoopital and Clinics For Equipment/Revenue Stabilization Reserve for Georgia Radiation Therapy Cantor For Renewals and Replacements Reserve For Subsequent Years' Expenditures For Property Sales Reseive Undeslgnatod Surplus Regular Lottery for Education 13,763.07 $ 2.100,571.82 $ 527,824.40 9,927,031.78 342,577.63 1,000.00 642,261.31 $ 70.019.36 80,336.91 41,108.33 95,099.98 $ 12,411,269.56 $ 1,170,085.71 $ _ __;7_:;0:;:;,01.a,;:9;:;:.36;=.. 95,099.98 $ 12,411,269.56 $ 1,170,085.71 $ 70,019.36 $ 15,741,396.01 See notes to the financial statements. -48- SCHEDULE "14" PLANT FUNDS UNEXPENDED LOTTERY FOR RENEWALS AND REGULAR EDUCATION REPLACEMENTS INVESTMENT IN PLANT TOTAL $ 369,042,231.64 $ 369,042,231.64 $ 15,741,396.01 $ 21,113,992.50 277,654.24 21,113,992.50 2,642,159.29 9,927,031.78 342,577.63 277,654.24 712,280.67 1,000.00 37,527.48 21,151,519.98 $ $ 21,151,519.98 $ 0.00 0.00 $ --~2~77~.654~-~24~ 158,972.72 0.00 35, 175,668.83 0.00 $ 277,654.24 $ 369,042,231.64 $ 419,959,296.48 -49- ~~ gg Lt;gg QE ~QBg~ Q!::lli~~g QE BM~Yl:S CYRB~tfI fUtf~ YEAR ENPfQ JUNE 30 1995 SIE Apprapriations Al_ _ from the Board o l R - olthe Univenity System cl Georgia Regular Special Funding Initiative Special Deaeg,_tion Program Capilalian eamr- loJ Family Practice Residency Residency Capilalion Granls Student Precoplonhips Mercer Medical School Grant Morehouse School of Medicine Grant S.R.E.B. Payments Other Revenues Retained Tuilionand Fee& Matriculation Other Federal Grants and Contracts Research and Instruction Student Aid Contract Overhead State Grants and Contracts -rch and Instruction Contract Overhead Local Grants and Contracts Research and Instruction Contract Overhead Private Gifts, Grants, and Contracts -rch and 1-.ctlon Student Aid Contract Overhead E - lnoome Research and Instruction Student Aid Sale& and SeMcel of Educational Activities Sales and Serviceo cl Auxiliary Enterprises Sales and Serviceo cl Hospital Palient Billings Departmental Sales and - Other Source& Indirect Funding Teiecornmunications GeorgSB Department of Administrative Services -Earned R- SalYageSales Olher RESIDENT INSTRUCTION OTHER ORGANIZED ACTMTIES UNRESTRICTED AUXILIARY ENTERPRISES STUDENT ACTMTIES 74.979.360.00 S 750,000.00 349,130.00 76,078,490.00 S 31,542,773.00 2.937,583.00 2,484,870.00 1'46,,400.00 6,244,350.00 5,241,300.00 4,347,250.00 52,944,526.00 6,158,808.60 1,043,629.00 $ 155,545.50 3,432,207.16 6,433.99 4,354.43 540,857.30 3,730,032.05 199,939,099.56 6,281,095.32 4,245,606.50 500,000.00 2,400.00 12,717.05 13,221.n 15,444,667.35 $ 193.500.00 206,413,694.88 S 4,245,606,50 $ 5,221.00 2,516.00 9,438.90 172,721.40 91,523,157.35 S 259,358,220.88 S 4.245.606.50 S 172,721.40 See noles to the financial statements. -50- SCHEDULE 15 TOTAL RESIDENT INSTRUCTION RESTRICTED OTHER ORGANIZED ACTMTIES TOTAL TOTAL 106,522,133.00 750,000.00 348,130.00 2,937,583.00 2,4&4,870.00 146,IO.OO 6.244.350.00 S.2 1,300.00 37.250.00 129,023,016.00 106,522,133.00 750,000.00 349,130.00 2,937,583.00 2,4&4,870.00 146,IO.OO 6,244,350.00 5.21,300.00 ,3 7.250.00 129,023,016.00 8,158,808.60 1,199,17 .50 3,32,207.16 8,33.99 4,354.43 540,857.30 3,730,032.05 .245,606.50 199.939,099.56 6.281,095.32 10,53, 19928 "461,881.00 3.239.82120 $ 6.970,976.00 1,387,999.82 32.981.992.45 322,861.57 89,042.78 21,270.00 10,53,19928 461,881.00 10.210,797.20 1,387,999.82 32,981,992.45 322,861.57 89,042.78 21.270.00 6,158,808.60 1,199,17.50 10,543,19928 "61,881.00 3,-432.207.16 10.210,79720 6,433.99 1,387.999.82 4,35 .43 32.981,992.45 322,861.57 540,857.30 89,042.78 21.270.00 3,730,032.05 4.245,606.50 199.939,099.56 6.281,095.32 693,500.00 s.221.00 ,916.00 12,717.05 22,666.87 226.276,690.13 $ 9,048,068.10 $ 6.970.976.00 $ 56,019,044.10 $ 893,500.00 5.221.00 4,916.00 12,717.05 22,666.67 282.295,73 .23 355,299,706.13 $ 9,048,068.10 $ 6,970,976.00 $ 56,019,044.10 $ 411.318,750.23 -51- M=OfCAJ COLLWE OF GEORGIA SCHEDULE OF REVENUES OTHER QRGANJZEP AQTMJlES VEAR ENQEQ JUNE 30 1995 SCHEDULE "18" MEDICAL CDLLEGE OF GEORGIA HOSmAL AND CLINICS UNRESTRICTED JOINT BOARD OF FAMILY PRACTICE GEORGIA RADIATION THERAPY CENTER TOTAL RESTRICTED MEDICAL CDLLEGE OF GEORGIA HOSmAL AND CLINICS TOTAL State Approprialiono AIIOtmenta rrom the Board d Regents olthe UnMHSity System o1 Geo,g;a Regular Capitation Contracts ror Famity Practice R8"idency R8"idency Capitation Grants Student Pn,ceplon,hip& Mercer Medloal School Grant Mcnhouae School d Medicine Grant S.R.E.B.Paymentg $ 30,4-C!l,184.00 $ 1,093,589.00 2,937,583.00 2,'84,870.00 146,400.00 6,244,350.00 5,241,300.00 4,347,250.00 31,542,773.00 2,937,583.00 2,'84,870.00 146,400.00 6,244,350.00 5,241,300.00 4,347,250.00 31,542,m.oo 2.937,583.00 2,'84,870.00 146,400.00 6,244,350.00 5,241,300.00 4,347,250.00 30,449.184.00 $ 22,495,342.00 52,944,526.00 $ 52,944,526.00 Other Revenues Retained State Grants and Contracts Research and lnstructM)l"I $ 6,970,976.00 $ 6,970,976.00 Sales and SerYice& ol Hospital Patient Billings Departmental Sa'88 and Services 197,136,622.62 6,281,095.32 $ 2,802,476.94 $ 199,939,099.56 6,281,095.32 199,939,099.56 6.281,095.32 Other Sou""'6 Indirect Funding Telecommunieations Geo,g;a Department ol Administrative Services 193,500.00 193,500.00 193,500.00 203,611,217.94 2,802,476.94 $ 206,413.694.88 $ 6,970,976.00 $ 213,384,670.88 $ 234,060 401.94 $ 22,495.342.00 $ 2 802,476.94 $ 259,358,220.88 $ 6,970,976.00 $ 266,329,196.88 See noles to the financial statements. -53- PERSONA! SfBYICfS Em-Salaries and Wages Contributions for; RF.I..C...A... ,_ Group Insurance Lilbitity Insurance - Compensation Insurance Workers' Compensation Insurance Dn.lgT-SeNices QPEBATING fXPEN$f!=: r.M-Veh""'"- Supplie&and Materials Repairs and Maintenance utilities Rent& (Other than Real Estate) Insurance and Bonding Tuition and Scholarships College Wark-Study Program Scho'8rship6, Fellowships, Prizes, Award& and Other Other OperaUng " Publications and Printing Equipnwm Non-lnw!ntory Computer Charges Software Real Estate Rental& ,_Tlrieoommunications Per Diem, Fee& and Contracts Per Diem and Fees Conlrms Equipment Motor Vehicie Purchases le91e/Pun::ha&e of Equipment Qil:!E!! SPECIAL FUNDING INITIATIVE Personal SeMce& Salaries and Wages Employer's Contributions tor: F.I.C.A. Rebrement Group Insurance , , _ Othereo.ts Supplies and Materials Repairs and Maintenance Rent& (Other than Real Estate) OtherSoftware Pubiications and Printing Equipment Non-lnYentory Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment '""""'cry See notes to the financial statements MsP1CAL 00,,LEGE OF GEPRGIA SCMEQLJI f OF fXPENPITLJRfS BY QR,lfPI gJRRfNT BJNQS YEAR ENDED JUNE 30 1995 RESIDENT INSTRUCTION OTHER ORGANIZED ACTMTIES UNRESTRICTED AUXILIARY ENTERPRISES STUDENT ACTMTIES 56,468,587.16 $ 117,029.636.36 $ 4,394,217.14 6.145,52&61 5,628.023.17 353,286.00 26,BOB.OO 552,,470.00 350.00 8,035, 122.61 10,558,084.15 12,707,171.04 1,694,156.00 55.744.00 1,148,787.00 73 569 270.08 $ 151228701.16 $ 1,989.757.46 $ 140,152.35 210.290.27 293,904.16 18,989.27 1,274.34 \627.60 3."92.70 2 634 104.24 $ --~25~384=.1~1 436,579.00 $ 39,198.76 663,447.18 1,622,872.73 1,966,161.26 119,649.74 111,402.69 24,838.88 787,634.00 1,593,931.09 720,869.98 454,992.27 179,522.52 1,326,185.15 713.566.54 665,831.70 172,794.06 5 488.353.41 17 087 850.96 S 411,040.63 $ 54,261.94 42,220,183.17 6,225. 102.37 3,618,121.19 647,220.79 163,992.61 7,881.40 7,333,911.24 1,206,731.51 1,083,685.23 666,449.75 30,396.20 2,002,521.09 4,374.104.62 7,118,547.95 30,144.00 466,354.36 8 915,232.30 86 595 884.37 $ 10,529.93 $ 6,386.47 278,060.32 45,274.92 358,296.57 14,675.75 9,712.05 1,691.57 39,267.49 20,114.14 748.48 7,200.00 78,398.38 9,547.03 344,970.95 139.66 98,356.81 16,234.62 3,335.08 1,419.07 16,065.89 397.95 2,418.71 449.34 1107.00 1,224 874.05 s _ __,,_,,39"'92"":..:'"-3 71,833.29 3,982.58 4,805.06 2 659.78 83,280.71 2,918.68 24,046.97 11,005.50 600.00 16,266.29 3,210.25 912.04 32,807.70 34,022.06 8.871.99 54,089.81 244 872.74 51.904.74 -54- SCHEDULE 1r TOTAL RESIDENT INSTRUCTION RESTRICTED OTHER ORGANIZED ACTMTIES TOTAL TOTAL $ 175,506,970.25 $ 12,570,766.44 16,915,530.83 18,632,591.rn 2,047,442.00 62,552.00 1,701,257.00 350.00 $ 227 45H59.59 $ 32,927,298.90 $ 975,782.28 3,270,354. n 1,442, 124,40 38615560.35 $ 3,776,010.62 $ m,926.33 409,447.41 583,556.69 33,647.00 2,553.00 52,616.00 5 130 757.05 $ 36,703,309.52 $ 1,248,708.61 3,679,802.18 2,025,681.09 33,647.00 2,553.00 52,616.00 0.00 43 746 317.40 $ 212,210,219.n 13,819,475.05 20,595,333.01 20,658,272.16 2,081,069.00 85,105.00 1,753,873.00 350.00 211 203 ne.oo 858,269.22 $ 99,847.17 43,260,047.48 7,909,484.64 5,942,579.02 781,546.28 285,1r17.35 34,411.85 787,634.00 8,970,-444.90 1,949,134.70 1,554,743.39 748.48 846,370.22 37,598.20 3,G,523.33 5.097 ,687 .53 8,129,350.60 30,144.00 659,148.44 14 404 692.71 $ 105 048 533.51 S 622,835.25 $ 5,280.37 2,625,340.86 365,128.21 1,328.58 41,370.52 119,487.14 808,500.56 1,914,826.78 133,780.47 385,468.34 110,211.79 19,806.59 159.933.00 564,915.38 169,004.62 39,465.00 2 345 824.29 10 432 507.75 $ 7,799.63 $ 4,782.28 944,326.33 88,309.38 187,306.64 5,391.16 990.00 266,512.22 10,423.78 37,443.67 20,136.86 27,644.00 225,653.00 13,500.00 1 840 218.95 $ 630,634.88 $ 10,062.65 3,569,667.19 453,437.59 188,635.22 46,761.68 990.00 119,487.14 808,500.56 2,181,339.00 144,204.25 422,912.01 110,211.79 19,806.59 180,069.86 592,559.38 394,657.62 39,465.00 13,500.00 2 345 824.29 12 272 726.70 $ 1,488,924.10 109,909.82 48,829,714.67 8,382,922.23 6,131,214.24 828,307.96 286,097.35 153,898.99 1,596,134.56 11,151,783.90 2,093,338.95 1,977,655.40 748.48 956,582.01 57,404.79 3,589,593.19 5.690,246.91 8,524,008.22 69,609.00 672,648.44 16 750,517.00 117 321 2&:1.21 71,833.29 3,962.58 4,805.06 2 659.78 83,280.71 2,918.68 24,046.97 11,005.50 600.00 16,266.29 3,210.25 912.04 32,807.70 34,022.06 8,871.99 54,069.81 244,872.74 516904.74 -55- 71,833.29 3,982.58 4,805.06 2,659.78 83,280.71 2,918.68 24,046.97 11,005.50 600.00 16,266.29 3.210.25 912.04 32,807.70 34,022.06 8,871.99 54,089.81 244,872.74 516 904 74 Qil:IEB Sl'ECIA1. DESEGREGATION PROGRAM -andWeoe< - -- F.I.C.A. Ccntributions for: --Group Insurance -andM- OlherCaols T,_ Repairs and Maintenance Tuition and Scholarships -Schoalrahips, Fellowships, Prizes, Awards and Other OlherPublications and Printing Nan-ITelecommunication& Per Diem, Fees and Contracts Per Diem and Fees Equipment lm,,entory CAPITATION CONTRACTS FOR FAMILY PRACTICE RESIDENCY CltherCaols Per Diem, Fees and Contracts Contracls RESIDENCY CAPITATION GRANTS OlherCaols Per Diem, Fees and Contracts Contracls STUDENT PRECEPTORSHIPS OlherCaols Tuition and Scholarships Scholarships, Fellowships, Prizes, Award& and other Per Diem, Fees and Contracts Per Diem and Fees MERCER SCHOOL OF MEDICINE GRANT OlherCaols Per Diem, Fees and Contracts Contracls MOREHOUSE SCHOOL OF MEDICINE GRANT OlherCaols Per Diem, Fees and Contracts Contracls S.R.EB. Payments CltherCaols Per Dern, Fees and Contracts Contracls See notes to the financial statements MEQl~I QQ! J.~E QE~~IA gHe:Q.l..!LE QE ~eENQ1TlJRE. ~y ~IEQI ClJRRfNT FUNDS YEAR ENPsP JUNE 30 1995 RESIDENT INSTRUCTION OTHER ORGANIZED ACTMTIES UNRESTRICTED AUXILIARY ENTERPRISES STUDENT ACTMTIES 151,035.02 11,103.70 15,3Cl3.09 9173.85 186,615.66 5,3"8.75 4,836.94 110.00 121,240.09 2,701.76 5,618.91 2,859.15 3,596.17 14,906.10 1 294.47 349130.00 2 937 583.00 2484870.00 95,250.00 51,000.00 146 250.00 6,244 350.00 5241 300.00 866034.74 $ 4 306,250.00 21 362 603.00 91,523,155.78 $ 259,187,188.53 $ 3,858,978.29 $ 165.308.24 -56- TOTAL RESIDENT INSTRUCTION RESTRICTED OTHER ORGANIZED ACTMTIES TOTAL TOTAL 151,035.02 11,103.70 15,303.09 9173.85 186,615.66 5,348.75 4,836.94 110.00 121,24'0.09 2,701.76 5,618.91 2,859.15 3,596.17 14,908.10 1 294.47 349130.00 151,035.02 11,103.70 15,303.09 9173.85 186,615.66 5,348.75 4,836.94 110.00 121,24'0.09 2,701.76 5,618.91 2,859.15 3,596.17 14,908.10 1,294 47 349,130.00 2 937 583.00 2 484 870.00 2,937 583.00 2 484,870.00 95,250.00 51 CXXlOO 146250.00 6244 350.00 95,250.00 51 CKXlOO 146250.00 6 244 350.00 5 241 300.00 5241 300.00 4 308 250.00 22228637.74 4 308 250.00 22 228.637.74 $ 354,734 630.84 $ 49,048,068.10 $ 6,970.976.00 $ 56,019,044.10 $ 410,753,674.94 .57. -Is CAPITAL OUTLAY Travel Supplies and Repolrs and Mai-..nce Utilities Rents (Other than Roal Estate) -..Other Expenses Publications and Printing Equipment Non-Inventory Roal Eate Rentals TeleGommunic:ations Per Diem, Fees and Contraeto Per Diem and Fees Conlnlcts Equipment Motor Vehicle Purchases Inventory EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Per Diem, Fees and Contracts Conlnlcts Equipment Inventory MEDICAL COLLEGE QF GEORGIA SCHEDULE OF EXPl;NQITURES BY OBJECT PLANT FUNDS YEAR ENPEP JUNE :30 1995 SCHEDULE "18" UNEXPENDED LOTTERY FOR REGULAR EDUCATION RENEWALS AND REPLACEMENTS TOTAL 33,760.46 904,344.80 12,600.20 588.30 677,436.56 930,795.26 241,419.71 12,898,077.94 243,486.58 15,942,489.81 1,780.89 208,380.58 133,645.53 10,150.00 40,000.00 18,209.39 124.28 26,496.56 122.00 13,644.19 3,780.00 45,319.20 15,089.00 152,816.75 669,538.37 1,780.89 242,141.04 1,037,990.33 10,150.00 40,000.00 30,808.56 124.28 27,084.86 122.00 677,436.56 944,439.45 245,179.71 12,943,397.14 15,089.00 396,283.33 16,612,028.18 1,025.00 498,975.00 500,000.00 1,025.00 498,975.00 500,000.00 $ 15,942,489.81 $ 500,000.00 $ 669,538.37 $ 17,112,028.18 See notes to the financial statements. -58- MEPICAL QQI / ffi'; OF GEORGIA SCHEDULE OF EXPENDITURES 9v QBJECT OTHER QRGPJ1HZEP AtjTMTIF;S YEAR ENQEP JUNE 30 1@95 SCHEDULE "111" --w- PERSONAi SE~ES Efflfllo,or's Contributions for: FJ.CA Rotirument Gloup Insurance Liability Insurance UnompJoyment Compensation Insurance Workers' Compensation Insurance QPeRATING EXPENSES Travel Molo,VehicleE,penses Supplies and Materials Repain. and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Tuit''1 and Scholarships College W00<.Slucly Program OPulhbelircOatpioennsotainngd -Printing Equ- Non-l""""'Y 5-re Real Estate Rental& Te6ecommuntcalions Per Diam, Fees and Contracts Per Diem and Fees Conlracts Equipment Mal0< Vehicle Purchases L.ease/Purchae of Equipment ~ ~ CAPITATION CONTRACTS FOR FAMLY PRACTICE RESIDENCY OlherCost& Per Diem, Fees and Contracts ConJracls RESIDENCY CAPITATION GRANTS OlherCosts Per Diem, Fees and Contracts Conlracl& STUDENT PRECEPTORSHIPS OlherCosts Per Diem, Fee& and Contracts Per Diem and Fees Conlracl& MEDICAL COLLEGE OF GEORGIA HOSPITAL AND CLINICS UNRESTRICTED JOINT BOARD OF FAMILY PRACTICE GEORGIA RADIATION THERAPY CENTER TOTAL RESTRICTED MEDICAL COi.LEGE OF GEORGIA HOSPITAL AND CLINICS TOTAL 115,065,IM1.56 $ 7,902,86026 10,336,30U5 12,538,088.90 1,694,156.00 55,744.00 1,146,787.00 146,741,882.17 $ 242,994.43 $ 1,720,700.37 $ 117,029,636.36 $ J,n6,010.&2 s 120,805,646.96 18,178.> 28,32925 16,893.65 114,083.95 193,450.45 152,188.49 8,035,122.61 10,558,084.15 12,707,171.04 1,694,156.00 272,926.33 >9,447.41 583,556.69 33,847.00 8,308,048.!M 10,967,531.56 13,290,727.73 1,727,803.00 55,744.00 1,146,787.00 2,553.00 52,616.00 58,297.00 1,201,>3.00 306,395.73 $ 2,180,423.26 $ 151,228,701.16 $ 5,130,757.05 $ 156,359,45821 376,987.51 $ 54,261.94 42,007,282.57 6,126,759.86 3,611,002.71 640,588.32 163,959.61 7,881.> 7,186,356.46 1,184,795.70 1,068,267.97 862,725.43 1,971,81127 4,256,46926 6,447,493.76 30,144.00 466,354.38 8,876,127.53 85,139,271.68 $ 16,509.98 $ 29,684.84 2,951.00 6,118.00 33.00 3,102.73 8,854.92 2,835.&4 1,315.90 30,39620 10,696.88 36,416.95 619,527.90 18,463.25 786,929.19 $ 17,543.14 $ 183,215.76 95,391.51 7,118.48 514.47 411,040.63 $ 54,261.94 42,220,183.17 6,225,102.37 3,618,121.19 847220.79 163,992.61 7,799.63$ 4,782.28 944,326.33 88,309.38 187,306.84 5,391.16 990.00 418,8>26 59,04422 43,184,509.50 6,313,411.75 3,BOS,427.83 652,611.95 1&4,982.61 184,450.05 13,080.89 7,881.> 7,333,911.24 1,206,731.51 266,51222 10,423.78 7,881.,40 7,600,423.416 1,217,155.29 12,581.62 2,408.42 20,012.94 1,083,685.23 666,449.75 30,39620 2,002,521.09 37,443.67 20,136.86 1,121,128.90 666,449.75 30,39620 2,022,657.95 81,218.41 51,526.29 4,374,104.62 7,118,547.95 27,844.00 225,653.00 4,401,748.62 7,344,200.95 20,621.52 30,144.00 466,354.38 8,915,232.30 13,500.00 30,144.00 499,854.38 8,915,232.30 669,683.50 $ 86,595,884.37 $ 1,840,218.95 $ 88,436,103.32 $ 2,937,583.00 $ 2,464,870.00 51,000.00 95,250.00 146,250.00 2,937,583.00 2,484,870.00 51,000.00 95,250.00 146,250.00 2,937,583.00 2,484,870.00 51,000.00 95,250.00 146,250.00 See noles to the financial statements. -59- MEOICAL cotLeGe OF Gf;ORGlA SCHl=DULE OF EXPENPITUBl=S pv QB.,HiCT QTHE;R ORGANIZl=P ACTMTIFS YEAR ENPEP JUNE 30 1ffl SCHEDULE "19" 2MB MERCER MEDICAi. SCHOOi. GRANT Olho