Review report, state of Georgia, Middle Georgia College, Cochran, Georgia, year ended June 30, 1994

GA
,-.soo .Rl
(()4~
1993-'14
STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET ATLANTA, GEORGIA 30334

REVIEW REPORT STATE OF GEORGIA MIDDLE GEORGIA COLLEGE COCHRAN, GEORGIA YEAR ENDED JUNE 30, 1994

MIDDLE GEORGIA 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 COMBININGBALANCESHEET

CURRENT FUNDS - UNRESTRICTED

20

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS-UNRESTRICTED

21

G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

UNRESTRICTED

23

SCHEDULES

SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET

1

RESIDENT INSTRUCTION

24

2

LOTTERY FOR EDUCATION

26

SCHEDULES OF OPERATIONS

3

LOAN FUNDS

27

4

ENDOWMENT AND SIMILAR FUNDS

28

5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

AGENCY FUNDS

29

6 CASH AND CASH EQUIVALENTS

31

7 INVESTMENTS

32

8 ACCOUNTS RECEIVABLE

33

9 CHANGES IN INVESTMENT IN PLANT

34

10 SCHEDULE OF FUND BALANCES

CURRENT FUNDS AND PLANT FUNDS

36

MIDDLE GEORGIA COLLEGE - TABLE OF CONTENTS -

~
SECTION I

FINANCIAL

SUPPLEMENTARY INFORMATION

SCHEDULES

11 SCHEDULE OF REVENUES

CURRENT FUNDS

38

SCHEDULES OF EXPENDITURES BY OBJECT

12 . CURRENT FUNDS

40

13

PLANT FUNDS

42

14 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL

43

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

SECTION I FINANCIAL

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

~epa:rtmeut nf J\.unih,
254 WASHINGIDN STREET. S.W. ROOM 214
J\thmtn, eurgitt 30334-8400
October 10, 1994

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

Honorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System ofGeorgia
and Honorable Joe Ben Welch, President Middle Georgia 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) ofMiddle Georgia College as ofand for the year ended June 30, 1994, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation ofthe management ofMiddle Georgia College.
A review consists principally of inquiries of College personnel and analytical procedures applied to financial
data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards,
the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, with the exception of the matters described in the fourth and fifth paragraphs, we are
not aware ofany material modifications that should be made to the accompanying financial statements in order
for them to be in conformity with generally accepted accounting principles.
As described in Note 1 to the financial statements, Georgia Law and State budgetary policy require the College
to prepare its financial statements on a basis which is not consistent with generally accepted accounting principles with respect to the recording of encumbrances as expenditures and liabilities. To conform with generally accepted accounting principles, encumbrances should be recorded as a reservation of fund balance. The effects on the financial statements of this departure from generally accepted accounting principles were not reasonably determinable, but are believed to be material.

94ARL-57

As described in Note 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.
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 I 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 effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto.
Respectfully submitted,
4--~
Claude L. Vickers State Auditor
CLV:cm 94ARL-57

FINANCIAL STATEMENTS - 1-

MIDDLE GEORGIA COLLEGE COMBINED BALANCE SHEET
ALL FUND GROUPS JUNE 30, 1994

ASSETS
Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Investment in Plant

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

ENDOWMENT AND SIMILAR
FUNDS

$ 6B8,849.33

$ 14,064.05$ 69,728.61

350,117.79

175,178.45 $ 134,757.01 169,416.91

221,300.65

63,632.27

Total Assets

$1,148,960.70$ 134,757.01 $ 183,480.96$ 419,846.40

LIABILITIES AND FUND BALANCES
U abilities Cash Overdraft Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Deposits Held for Others
Total Liabilities
Fund Balances U. S. Government Grants Refundable Institutional Loans - Restricted Endowment Term Endowment Quasi-Endowment - Restricted Net Investment in Plant Restricted Unrestricted
Total Fund Balances

$ $ 185,117.66
37,500.83

63,791.23

344,437.00

------------- -------------
$ 567,055.49 $ 63,791.23
------------- -------------

$ 179,815.01 3,665.95 $ 10,478.62 383,581.54 25,786.24
$ 70,965.78 $ 581,905.21
------------- ------------- ------------- -------------
$ 581,905.21 $ 70,965.78 $ 183,480.96 $ 419,846.40
------------- ------------- ------------- -------------

Total Liabilities and Fund Balances$ 1,148,960.70$ 134,757.01 $ 183,480.96$ 419,846.40

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 statements.
- 2-

EXHIBIT "A"

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$ 194,137.03 $ 822,054.90

$ 109,335.59$ 1,898,169.51

350,117.79

18,203.74

1,711.27 499,267.38

221,300.65

63,632.27

$20,831,175.00

20,831,175.00

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

$ 212,340.77$ 822,054.90 $20,831,175.00$ 111,046.86 $23,863,662.60

$ 164,537.82$ 89,691.68 $ 164,537.82 $ 89,691.68

$ 63,791.23

$ 50,684.24

490,031.40

37,500.83

344,437.00

60,362.62

60,362.62

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

$ 111,046.86 $ 996,123.08

$20,831,175.00 $ 47,802.95$ 732,363.22
$ 47,802.95$ 732,363.22 $20,831,175.00

$ 179,815.01 3,665.95 10,478.62
383,581.54 25,786.24
20,831,175.00 70,965.78
1,362,071.38
$22,867,539.52

$ 212,340.77 $ 822,054.90 $20,831,175.00$ 111,046.86 $23,863,662.60

- 3-

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

REVENUES AND OTHER ADDITIONS Unrestricted Current Fund Revenues State Appropriations Regular Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Endowment Other Interest on Loans Receivable Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant Facilities Current Funds Plant Funds Unexpended Renewals and Replacements Georgia State Financing and Investment Commission Other Additions Recovery of Prior Years' Cancelled Loans Total Revenues and Other Additions
EXPENDITURES AND OTHER DEDUCTIONS Educational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the University Srstem of Georgia Prior Years Unrestricted Fund Balance Surplus Adjustments Prior Years' Revenues/Accounts Receivable Realized Loss on Investments Loan Cancellations and Write-offs Administrative and Collection Costs Expended for Plant Facilities Capitalized Non-Capitalized Disposals/Deletions/Adjustments Total Expenditures and Other Deductions
TRANSFERS BETWEEN FUNDS Mandatory Investment Income for Principal Nonmandatory Renewals and Replacements Capital Projects Total Transfers Between Funds Net Increase/(Decrease) for the Year
FUND BALANCES JULY 1, 1993

CURRENT FUNDS UNRESTRICTED RESTRICTED
$10,240,645.89 $1,716,160.32 220,375.42 4,663.70 2,682.79
8,215.07 530.03

$10,249,390.99$ 1,943,882.23
$8,912,023.49$ 1,949,018.78 872,394.48 10,022.96 55,936.88 250.00

$9,840,604.85$ 1,959,041.74

$

-665.43

$ -190,625.78
------5--,6-0--0-.0--0 -------------

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

$

-665.43

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

$ 212,560.36 $ -15,824.94

----3-6-9-,-3-4-4-.8--5

86,790.72
-------------

FUND BALANCES JUNE 30, 1994

$ 581,905.21 $ 70,965.7B
==ss== ---------

See Independent Accountant's Combined Report on Review of Financial Statements

and Supplementary Information.

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

- 4-

EXHIBIT "B"

LOAN FUNDS

ENDOWMENT AND SIMILAR
FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
Only)

$

$

910.62

1,659.11

350.00

$

2,919.73$

0.00 $

$
300,000.00 13,000.00

0.00 $ 313,000.00$

0.00 $

$10,240,645.89

300,000.00 13,000.00
1,716,160.32 220,375.42 4,663.70

2,682.79 910.62
1,659.11

8,215.07 530.03

327,983.34 327,983.34

270,797.05 130,663.00 585,486.35

270,797.05 130,663.00 585,486.35

350.00

0.00 $1,314,929.74 $13,824,122.69

$10,861,042.27 872,394.48 10,022.96

$

41.87

55,978.75

$ 5,741.30

$

1,300.00

1,567.90

250.00 5,741.30 1,300.00 1,567.90

$ 270,797.05$ 130,663.00 2,235.48 $ 147,989.70

401,460.05 2,235.48
147,989.70

$

2,867.90$

5,741.30$ 270,797.05$ 132,940.35$ 147,989.70 $12,359,982.89

$

665.43

$

$

665.43 $

$

51.83 $ -5,075.87 $

183,429.13 424,922.27

$ 190,625.78 5,600.00

$

0.00

0.00 0.00

5,600.00$ 190,625.78

$

0.00

47,802.95$ 57,685.43 $1,166,940.04 $1,464,139.80 0.00 674,677.79 19,664,234.96 21,403,399.72

$ 183,480.96$ 419,846.40$ 47,802.95$ 732,363.22 $20,831,175.00 $22,867,539.52

- 5-

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

EXHIBIT "C"

UNRESTRICTED RESTRICTED

TOTAL (Memorandum
Only)

REVENUES

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

$ 6,851,895.00

$ 6,851,895.00

2,256,459.89

2,256,459.89

11,316.36 $ 1,706,137.36 1,717,453.72

218,010.42

218,010.42

1,484.00

1,484.00

23,387.00

23,387.00

28,361.95

28 361.95

362,490.65

362:490.65

730,122.04

730,122.04

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

$10,240,645.89 $1,949,018.78 $12,189,664.67

EXPENDITURES AND MANDATORY TRANSFERS

Educational and General Instruction Public Service Academic Support Student Serv1ces Institutional Support Operation and Ma1ntenance of Plant Scholarships and Fellowships
Auxiliary Enterprises Student Housing Faculty and Staff Housing Food Services Stores and Shops Intercollegiate Athletics Other Service Units
Mandatory Transfers Investment Income for Principal Total Expenditures and Mandatory Transfers
OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

$ 3,893,058.24 $ 27,218.53 $ 3,920,276.77

4'5,868.26

45,868.26

818,765.33 283,133.13 1,101,898.46

848,193.90

20,481.50 868,675.40

1,764,348.36 146,010.67 1,910,359.03

1,563,908.91

1,563,908.91

23,748.75 1,426,306.69 1,450,055.44

495,201.83 30,769.76 87,205.89 95,575.23 147,053.53 16,588.24

495,201.83 30,769.76 87,205.89 95 575.23 147:053.53 16,588.24

665.43

665.43

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

$--9-,7-8--4-,4-1--7-.9--7

$-1-,-9-4-9-,-6-8-4--.2-1-

$11,734,102.18
-------------

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 srstem of Georgia Prior Years Unrestricted Fund Balance Surplus

$ $ -190,625.78
-5,600.00 8,495.10

-15,159.51 $ -15,159.51 -190,625.78 -5,600.00 8,495.10

-55,936.88

-55,936.88

Total Other Transfers and Additions/(Deductions) $ -243,667.56 $ -15,159.51 $ -258,827.07

Net Increase/(Decrease) in Fund Balances

$==2c1=2=,=5=6=0=.3=6$==-1=5=,824=.=9=4 $196,735.42

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

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

EXIIlBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTI1Y Middle Georgia College is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System ofGeorgia, an organi7.ational unit ofthe State of Georgia. The accompanying financial statements reflect the operations ofMiddle Georgia College 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. Middle Georgia College does not have authority to retain unexpended State funds (swplus) for any given fiscal year. Accordingly, Middle Georgia College is considered an organizational unit of the Board of Regents of the 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 of the Governmental Accounting Standards Board Codification ofGovernmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use ofthe resources available to the College, the accounts ofthe College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for
each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund
group.
Within each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies.
Funds presented in the accompanying financial statements are as follows:
CURRENT FUNDS
UNRESTRICTED - the fund used to account for those economic resources over which the College retains
full control to use for purposes of performing the primaty functions ofthe 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-

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

EXHIBIT"D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FUND ACCOUNTING
LOAN FUNDS
The fund used to account for resources which have been made available for financial loans to students.
ENDOWMENT AND SIMILAR FUNDS
The fund used to account for endowment funds, term 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. Term endowment funds are similar to endowment funds except that upon the passage ofa stated period oftime or the occurrence ofa particular event, all or part ofthe principal may be expended. While quasi-endowment funds have been established by the College for the same purposes as endowment funds, any portion ofquasi-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 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, staffmembers 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 ofaccounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants Industry Audit Guide, Audits ofColleges and Universities. The modified accrual basis ofaccounting is defined as that method ofaccounting 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 ofthe fiscal period.
- 8-

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

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 of this nature as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording ofencumbrances as a reseJVation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles.
Compensated absences represent obligations of the 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$366,128.30, salary-related fringe benefits liabilities ofapproximately $28,008.81, and the related current year expenditure, which was not reasonably determinable, have not been reported in the current funds as required by generally accepted accounting principles.
Prior period adjustments are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with the State budgetary basis of accounting, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation ofthe 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 ofthe College. Fixed assets donated to the College are recorded at fair market value at the date ofthe gift and disposals are deleted at recorded cost. Depreciation on physical plant and equipment is not recorded.
It is the policy of Middle Georgia College to record assets acquired through capital leases as additions to Investment in Plant as payments are made by the College. The liability for such leases at fiscal year-end is not recorded on the Combined Balance Sheet. 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 ofthe agreement at the net present value ofthe minimum lease payments, not to exceed the fair value ofthe leased property. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements.

- 9-

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

EXIIlBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses.
BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriated funds for the organiz.ational units ofthe University System ofGeorgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1993-1994. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and
disbursement ofthese funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in
the budget filed with the Administrative Central Office.
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, 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 ofreimbursements due from Federal, State, local and private grants and contracts, and other receivables disclosed from information available.
INVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost based on the weighted average method.
Inventories of goods for resale are valued at cost based on the first-in, first-out method.
PREPAID ITEMS Prepaid items are payments made to vendors in advance of the receipt ofgoods and services that will benefit periods subsequent to the balance sheet date.

- 10 -

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

EXIIlBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" to indicate that these totals are presented only to facilitate :financial analysis. Data in these columns do not present :financial position or changes in :financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthe data.
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(1) Bonds, bills, notes, certificates of indebtedness or other direct obligations ofthe United States or ofthe State of Georgia.
(2) Bonds, bills, notes, certificates of indebtedness or other obligations of the counties or municipalities ofthe State ofGeorgia.
(3) Bonds of any public authority created by the laws of the 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 of the State of Georgia.
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation ofthe United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
(6) Insurance of accounts provided by the Federal Deposit Insurance Corporation.
As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes the Board ofRegents 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.
- 11 -

MIDDLE GEORGIA COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
RJNE 30, 1994

EXEilBIT "D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

COLLATERALIZATION OF DEPOSITS For purposes ofanalysis ofcustodial credit risk, the College's bank balances are categorized below to give an indication of the level of risk assumed by the College at year-end:

Category 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 collateraliz.ed with securities (at IIW'ket value) held by the financial institution's. trust department or agent in the College's name.

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

CubDepow lnvelbnc:m Portfolio Account
TatalDepow

Carrying ~

Bink ~

Ruic Categories

2

3

S 1,828,478.28 S 2,409,858.44 S 400,000.00 S 1,564,001.47 S 445,856.97

8,834.00

8,833.00 - - - - - - - -

8,833.00

S 1837.312,28 S 241869144 S 40000000 S I S64,()0J 47 S 4$468997

CATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the 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 or unregistered held by the counterparty's trust department or agent in the College's name.

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

Type ofJn"!"'!P!"irn
Common Stocb Corpcnt.e Bonds
u. s. Govcmmmt Securities

Rislc Categories

I

2

s 203,491.61 s
49,998.-41 87,793.77

0.00 s

s :HJ 283 72 s

DOQ s

Carrying

Market

3

~

Value

0.00 s 203,491.61 s 199,696.00

49,998.41

47,178.00

87,793.77

120,043.00

DOQ s 341283,79 s J~~17QQ

- 12 -

MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE30, 1994

EXIDBIT "D"

NOTE 3: INVESTMENT IN PLANT

The following is a summary ofInvestment in Plant fixed assets at June 30, 1994:
Land
Buildin s Improv~ments Other Than Buildings EQi11pment Library Books and Collections
Total Investment in Plant NOTE4: RETIREMENTPLANS

$ 18,400.00
15,478,320.12
1,800,686.04
1,730,329.47 1,803,439.37
$20,831.175,00

TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS PLAN DESCRIPTION Substantially all teachers, administrative and clerical personnel employed by units ofthe University System of Georgia are covered by the Teachers Retirement System of Georgia (TRS), which is a cost-sharing multipleemployer public employee retirement system (PERS).

TRS provides service retirement, disability retirement and survivors benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age of55 years and has at least 25 years ofcreditable 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 members two consecutive highest paid years ofservice multiplied by the number ofyears of creditable service up to 40 years. Any member who has between 25 and 30 years ofcreditable 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 ofthe 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 ofdisability.

Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contnbutions occurs, but the members contnbutions are refunded with interest.

The College's payroll for employees covered by TRS for the year ended June 30, 1994, was $4,932,456.21; total payroll was $5,780,511.56.

- 13 -

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

EXHIBIT"D"

NOTE4: RETIREMENTPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS CONTRIBUTIONS REQUIRED AND MADE Employees of the College who are covered by TRS are required to pay 6% oftheir gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees as advised by their independent actuary. For fiscal year 1994, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 5.60% to the TRS on behalfofemployees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.50%.

Total contnl>utionsmadeduringfiscal year 1994 amounted to $887,904.13, ofwhich $591,955.96 was made by the College and $295,948.17 was made by employees. These contributions represented 12.00% (College) and 6% (employees) ofcovered payroll.

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

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

Total pension benefit obligation

$13,912,014,000.00

Net assets available for benefits, at cost

12,821,722,000.00

Unfunded pension benefit obligation

S 1,090,292 000,00

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

Total contributions from all employers to TRS for fiscal year ended June 30, 1994, were $507,582,176.00. The College's contnbution for the year ended June 30, 1994, of$591,955.96 was actuarially determined and represented 0.1166% oftotal contributions made by all participating employers.

- 14 -

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

EXHIBIT"D"

NOTE4: RETIREMENTPLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA TRS FUNDING STATUS AND PROGRESS Ten year historical trend information is presented in the 1994 TRS Component Unit Financial Report. This information is useful in assessing TRS's accumulation of sufficient assets to pay pension benefits as they become due.
TRS RELATED-PARTY INVESTMENTS During the fiscal year 1994 and as ofJune 30, 1994, the TRS held no securities issued by the College or other related parties.
REGENTS. RETIREMENT PLAN The State of Georgia provides optional pension benefits for eligible faculty and principal administrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings.
State legislation requires that the employee contnbute 6% and the employer contribute 4% 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, 1994, was $168,437.88; total payroll was $5,780,511.56. The College and the covered employees made the required contributions of$6,773.52 (4%) and $10,160.28 (6%), respectively.
GEORGIA DEFINED CONTRIBUTION PLAN The State ofGeorgia provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Teachers Retirement System ofGeorgia through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% oftheir gross salary, with no matching contribution by the employer. The College's payroll for employees covered by the Georgia Defined Benefit Plan for the year ended June 30, 1994, was $307,378.69; total payroll was $5,780,511.56. Total contributions from the covered employees ofthe College during fiscal year 1994 amounted to $23,031.04 (7.5%). Amounts attributable to the plan are fully vested and a member who terminates employment may apply for a refund ofcontributions and interest. Benefits are based solely on the amount contributed by the employee plus investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of65 with the option of receiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board ofTrustees ofthe Employees' Retirement System of Georgia. Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994.

- 15 -

MIDDLE GEORGIA COLLEGE
. NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT"D"

NOTE 5: 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 ofcontinuous State service with maximum accumulation offorty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination ofemployment. 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 6: 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 Middle Georgia College (as a unit ofthe Board ofRegents of the University System ofGeorgia), ifany, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program ofpurchased insurance and self-insurance which provides coverage for such litigation, claims and assessnents. Accordingly, significant litigation, claims and assessments pending against the State ofGeorgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1994.
NOTE 7: BONDING INFORMATION
The President and all employees ofMiddle Georgia 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, 1994. Under this agreement, the public employee dishonesty coverage insures Middle Georgia College to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the College to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment.
All employees of Middle Georgia College are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626 011675 2, on which the premium was paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the College to a maximum of$4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

- 16 -

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

EXIIlBIT "D"

NOTES: ENROLLMENT

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

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

1,573 1,529 1,448

Average

1.ill

Summer Schoo~ 1993

.,,.,ill

- 17 -

SUPPLEMENTARY INFORMATION - 19 -

MIDDLE GEORGIA COL.LEGE COMBINING BALANCE SHEET
CIRRENT FUNDS - UNRESTRICTED
JUNE 30. 1994

EXHIBIT "E"

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

RESIDENT

LOTTERY FOR AUXILIARY

STUDENT

INSTROCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

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

$ 359,991.38 $ 16,194.00$ 209,626.29 $ 103,037.66$ 688,849.33

24,468.65

148,505.17

2,204.63 175,178.45

80,680.26

140,620.39

221,300.65

13,632.27

50,000.00

63,632.27

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

$ 478,772.56$ 16,194.00$ 548,751.85$ 105,242.29$ 1,148,960.70

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

$ 132,686.99$ 16,132.86$ 31,900.80 $ 4,397.01 $ 185,117.66

37,500.83

37,500.83

248,569.00

82,318.00 13,550.00 344,437.00

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

$ 381,255.99$ 16,132.86$ 151,719.63$ 17,947.01 $ 567,055.49

97,516.57

61.14 397,032.22 87,295.28 581,905.21

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

Total Liabilities and Fund Balances$ 478,772.56$ 16,194.00$ 548,751.85$ 105,242.29 $1,148,960.70
-=======-=== s============ ===========z:i:::= :a:c===saa=a::a: - - - - - - -

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statanents and Supplanentary Infonnation.
- 20 -

MIDDLE GEORGIA COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES
ClRRENT FUNDS - UNRESTRICTED
YEAR ENDED JUNE 30. 1994

EXHIBIT "F"

RESIDENT LOTTERY FCR AUXILIMY STUDENT INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES AND OTHER ADDITIONS

Unrestricted Current Fund Revenues Adjustments
Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided

$8,703,565.59$ 166,500.00$ 1,214,182.13 $156,398.17 $10,240,645.89

5,151.23 41.23

3,063.84 488.80

8,215.07 530.03

Total Revenues and Other Addi tfons $8,708,758.05$ 166,500.00$ 1,217,734.77 $156,398.17 $10,249,390.99

EXPENDITURES AND OTHER DEDUCTIONS

Educational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the
University System of Georgia Prior Year's Unrestricted Fund Balance Surplus
Adjustments Prior Years' Revenues/Accounts Receivable

$ 8,620,250.37 $166,438.86

$125,334.26$ 8,912,023.49

$ 872,394.48

872,394.48

55,936.88 250.00

55,936.88 250.00

Total Expenditures and Other Deductions$ 8,676,437.25$ 166,438.86$ 872,394.48$ 125,334.26$ 9,840,604.85

TRANSFERS BETWEEN FUNDS

Nonnandatory Renewals and Replacements Capital Projects

$ -70,990.00

$ -119,635.78

$ -190,625.78

$ -5,600.00 -5,600.00

Total Transfers Between Funds

$ -70,990.00

$ -119,635.78 $ -5,600.00 $ -196,225.78

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

$ -38,669.20 $ 136,185.77

61.14 $ 225,704.51 $ 25,463.91 $ 212,560.36 0.00 171,327.71 61,831.37 369,344.85

FUND BALANCES JUNE 30, 1994

------c: $ 97,516.57 $ 61.14 $ 397,032.22 $ 87,295.28$ 581,905.21

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

-====--==- s=:===:sss=-=

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Infonnation.
- 21 -

22

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

EXHIBIT "G"

RESIDENT LOTTERY FOR AUXILIARY STUDENT INSTRUCTION EDUCATION ENTERPRISES ACTIVITIES

TOTAL

REVENUES

State Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources

$6,685,395.00$ 166,500.00

1,911,044.54

$

11,316.36

28,361.95

67,447.74

$ 6,851,895.00

197,035.85$ 148,379.50 2,256,459.89

11,316.36

28,361.95

362,490.65

362,490.65

654,655.63 8,018.67 730,122.04

Total Revenues

$8,703,565.59$ 166,500.00$ 1,214,182.13 $156,398.17 $10,240,645.89

EXPENDITURES

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

$3,796,619.38$ 778,765.33 723,359.64
1,734,348.36 1,563,908.91
23,248.75

96,438.86 40,000.00 30,000.00

$

$ 3,893,058.24

818,765.33

$124,834.26 848,193.90

1,764,348.36

1,563,908.91

500.00

23,748.75

495,201.83 30,769.76
87,205.89 95,575.23 147,053.53 16,588.24

495,201.83 30,769.76
87,205.89 95,575.23 147,053.53 16,588.24

Total Expenditures

$8,620,250.37 $166,438.86$ 872,394.48$ 125,334.26$ 9,784,417.97

OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS)

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 Year's Unrestricted Fund Balance Surplus

$ -70,990.00 4,942.46
-55,936.88

$ -119,635.78

$ -190,625.78

$ -5,600.00

-5,600.00

3,552.64

8,495.10

-55,936.88

Total Other Transfers and Additions/

(Deductions)

$ -121,984.42

$ -116,083.14 $ -5,600.00 $ -243,667.56

Net Increase/(Decrease) in Fund Balances

$ -38,669.20 $ 61.14 $ 225,704.51 $ 25,463.91 $ 212,560.36
============= ====== ============ ====== ==========

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Infonnation.
- 23 -

MIDDLE GEORGIA COLLEGE SCHEDULE Qf REVENUES AND EXPENDITURES COMPARED To BUDGET
RESIDENT INSTRUCTION YEAR ENDED JUNE 30, 1994

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS
RENEWALS AND UNEXPENDED REPLACEMENTS

$6,685,395.00

$ 300,000.00

2,018,170.59$ 1,949,018.78

$

0.00

$8,703,565.59$ 1,949,018.78$ 300,000.00$

0.00

EXPENDITURES

Personal Services:

Education, General and Departmental Services$ 7,003,082.46

Sponsored Operations

$ 223,397.97

Operating Expenses:

Education, General and Departmental Services 1,578,271.73

Sponsored Operations

1,725,620.81

Capital Outlay

$

Special Funding Initiative

38,896.18

257,797.05$ 132,898.48

$8,620,250.37$ 1,949,018.78$ 257,797.05$ 132,898.48

Excess of Revenues over Expenditures

$ 83,315.22 $

0.00 $ 42,202.95$ -132,898.48

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

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

SCHEDULE "1"

TOTAL

ADJUSTMENTS

TOTAL

( 1)

(Budget Bas is)

BUDGET

VARIANCE FAVORABLE
(UNFAVORABLE)

$ 6,9B5,395.00

$ 6,985,395.00$ 6,985,395.00$

0.00

3,967,189.37 $ 115,249.73 4,082,439.10 4,340,846.00 -258,406.90

$10,952,584.37 $ 115,249.73 $11,067,834.10 $11,326,241.00$ -258,406.90
------------- ------------- -------------- ---------- -------------

$ 7,003,082.46 223,397.97

$ 7,003,082.46$ 6,980,270.00$ -22,812.46

223,397.97 262,920.00

39,522.03

1,578,271.73$ -23,248.75 1,725,620.81
390,695.53 38,896.18
------------- -------------

1,555,022.98 1,725,620.81
390,695.53 38,896.18
--------------

1,596,823.00 1,942,846.00
502,427.00 40,955.00
-------------

41,800.02 217,225.19 111,731.47
2,058.82
-------------

$10,959,964.68$ -23,248.75 $10,936,715.93 $11,326,241.00$ 389,525.07
------------- ------------- -------------- s -------------

$ -7,380.31 $ 138,498.48$ 131,118.17

$ 131,118.17

- 25 -

MIDDLE GEORGIA COLLEGE
SCHEDll.E Of REVENUES AND EXPENDITlRES COMPARED TO BUDGET LOTTERY FOR EDUCATION
YEAR ENDED JUNE 30, 1994

SCHEDll.E "2"

R-E-V-E-N-I-E-S
State Appropriations

ClRRENT FUNDS PLANT FUNDS

VARIANCE -

U--N-R-E-S-T-R-IC-T-E-D--

-------------
UNEXPENDED

TOTAL (Budget Basis)

BUDGET

FAVORABLE (UNFAV<RABLE)

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

------- $ 166,500.00 $ 13,000.00$ 179,500.00$ 179,500.00$

o.oo

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

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

EXPENDITURES
Equipment, Technology and Construction Trust Fund
Distant Leaming - Satellite Dishes

$ 166,438.86

$ 166,438.86$ 166,500.00$

$ 13,000.00

13,000.00 13,000.00

61.14
o.oo

Excess of Revenues over Expenditures

-------- $ 166,438.86$ 13,000.00$ 179,438.86$ 179,500.00$

61.14

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

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

$

61.14 $

0.00 $

61.14

----- $

61.14

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statanents and Supplanentary Infonnation.
- 26 -

MIDDLE GEORGIA COLLEGE
SCHEDULE OF OPERATIONS
LOAN FUNDS
YEAR ENDED JUNE 30. 1994

SCHEDULE "3"

FUND U.S. GOVERNMENT GRANTS REFUNDABLE
Perkins Loan Fund
INSTITUTIONAL LOANS - RESTRICTED Thigpen Loan Fund Thomas Loan Fund

FUND BALANCE JULY 1, 1993

ADDITIONS

FUND BALANCE DEDUCTIONS JUNE 30, 1994

$ 179,857.78$ 2,825.13 $ 2,867.90$ 179,815.01

$ 1,723.39 $

45.65 $

0.00 $ 1,769.04

1,847.96

48.95

1,896.91

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

$ 3,571.35 $

94.60 $

0.00 $ 3,665.95

$ 183,429.13$

2,919.73$

2,867.90$ 183,480.96

s

RECONCILIATION OF STUDENT NOTES RECEIVABLE

Balance July 1, 1993
Add: Loans to Students

$ 160,056.84 25,868.00

Deduct: Repayment of Loans Loan Cancellations and Write-Offs
For Bankruptcy For Teaching and Nursing Services

$ 185,924.84

$ 15,207.93

$ 1,080.00 220.00

1,300.00

16,507.93

Balance June 30, 1994

$ 169,416.91
-------------

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

MIDDLE GEORGIA COLLEGE
SCHEDULE OF OPERATIONS ENDOWMENT AND SIMILAR FUNDS
YEAR ENDED JUNE 30, 1994

SCHEDULE "4"

FUND BALANCE

FUND BALANCE

FUND

JULY 1, 1993 ADDITIONS DEDUCTIONS JUNE 30, 1994

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

ENDOWMENT
---------

Jacob, Anne Martin, Award

$ 3,250.00$

0.00 $

0.00 $ 3,250.00

Jelks, Li la Napier, D.A.R. Scholarship Fund

5,000.00

5,000.00

Vidosic, Dean and Mrs. J.P.' Award

2,228.62

2,228.62

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

$ 10,478.62$

0.00 $

0.00 $ 10,478.62

TERM ENDOWMENT

Cook, Arch J., Scholarship Fund

$ 389,322.84$

0.00 $ 5,741.30$ 383,581.54

QUASI-ENDOWMENT - RESTRICTED

Pace, John and Gussie, Scholarship Fund $ 25,120.81 $

665.43 $

0.00 $ 25,786.24

$ 424,922.27$

665.43 $ 5,741.30$ 419,846.40

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

MIDDLE GEORGIA COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
AGENCY FUNDS
YEAR ENDED JUNE 30. 1994

SCHEDULE "5" Page 1

BALANCE

BALANCE

FUND

JULY 1, 1993 RECEIPTS DISBURSEMENTS JUNE 30, 1994

PAYROLL DEDUCTIONS

F.I.C.A. Federal Income Tax State Income Tax Retirement Group Insurance Tax Sheltered Annuity Savings Bonds United Fund Rent Garnishments Credit Union Deferred Compensation Georgia Defined Contribution Miscellaneous
EMPLOYER'S CONTRIBUTIONS

$ 410,597.91 $ 410,700.12 $

-102.21

591,796.79

591,801.87

-5.08

215,392.48

215,392.48

306,096.76 306,096.76

$ 11,128.84

262,955.62

258,273.89

15,810.57

60,734.00

60,834.00

-100.00

3,700.00

3,700.00

1,723.00

1,723.00

14,481.35

14,168.85

312.50

23,138.38

23,138.38

30,756.00

30,756.00

100,912.00 100,912.00

-112.50

23,143.54

23,031.04

250.00

250.00

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

$ 11,016.34$ 2,045,677.83$ 2,040,778.39 $ 15,915.78
------------- ------------- ------------- -------------

F.I.C.A. Retirement Group Insurance

$ 453,821.59 $ 454,210.62$

-389.03

597,850.20 598,756.88

-906.68

$ 34,310.43

793,519.12

793,476.65

34,352.90

$ 34,310.43 $1,845,190.91 $1,846,444.15$ 33,057.19

OTHER FUNDS

AAUP Alumni Club Alumni Club Dues Art Department Field Trip Baseball Diamond Club Black Gospel Choir Black Student Club College Republicans Club Community Outreach Computer Club Criminal Justice Club Development Fund Departmental Federal Assistance Financing
System Elderhostel Engineering Club Faculty Development Fund Flower Fund

$

105.00

236. 77 $

580.00

65.90

-1,047.03

209.46

23.iO

11.44

54.74

25.86

137.77

165.50

1,539.43 $ 30.00
3,578.82
75.00 11.00 3.00
11.00 263.99

$ 969.26 65.90 2,502.00 35.00 57.74
429.49

-452,757.19 219.75 698.38
1,931.27 147.89

2,021,816.01 679.00 127.00

1,569,058.82 694.03 75.00

- 29 -

105.00 806.94 610.00
29.79 209.46
63.10 22.44
25.86 148.77
219.75 683.35 1,931.27 199.89

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

SCHEDULE "5" Page 2
.;

BALANCE

BALANCE

FUND

JULY 1, 1993 RECEIPTS DISBURSEMENTS JUNE 30, 1994

OTHER FUNDS

Football Tickets

$ 12,834.00

$ 12,834.00

GED - General Education Development

2,339.26$ 1,470.31

622.00 $ 3,187.57

Ganna Beta Phi - Local

225.72

938.00

1,021.26

142.46

Georgia Association of Educators

358.91

358.91

HHS Federal Funds

-419.00

419.00

Home Economics Fund

449.49

9.54

213.97

245.06

Intercultural Relations Club

50.80

350.25

270.44

130.61

International Fair

-33.66

33.66

Joyful Ministries

20.00

2.30

17.70

Loan Matching Fund

3,146.34

99.01

3,245.35

Middle Georgia College Ambassador's Club

600.00

460.00

140.00

Middle Georgia College Business Club

114.69

31.78

50.00

96.47

Middle Georgia College Ensemble

995.06

5,081.92

4,180.67

1,896.31

Middle Georgia College Christmas Party

155.00

719 .00

762.00

112. 00

Nursing Alumni Club

69.35

69.35

Off Campus Elderhostel

4,756.83

37,865.00

38,023.20

4,598.63

Orientation

2,088.73

13,805.00

10,708.70

5,185.03

Phi Theta Kappa

529.06

529.06

President's Discretion Fund

1,726.55

5,080.33

5,202.48

1,604.40

Quintas Stellas Club

231.93

160.00

185.15

206.78

RACSA

-38.50

38.50

Retired Employees' Group Insurance

4,706.57

56,592.85

55,724.21

5,575.21

Rotoract Club

647.89

209.57

438.32

SAT Tests

4,494.16

3,585.00

2,915.82

5,163.34

Scholarships

Regents' Scholarship Fund

2,100.00

2,100.00

Other Scholarships (List on File)

25,391.98

69,640.06

72,887.54

22,144.50

Student National Education Association

68.01

68.01

Students Against Drunk Driving

85.15

85.15

Warriors Club

272.78

8.70

167.24

114.24

Young Democrats

10.89

11.00

21.89

$ -383,913.40 $2,226,773.16$ 1,782,497.14$ 60,362.62

$ -338,586.63 $6,117,641.90$ 5,669,719.68$ 109,335.59

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

MIDDLE GEORGIA COLLEGE
CASH AND CASH EQUIVALENTS JUNE 30, 1994

SCHEDULE "6"

NONINTEREST BEARING ACCOUNTS
State Bank of Cochran, Cochran, Georgia
INTEREST BEARING ACCOUNTS
Citizens Bank of Cochran, Cochran, Georgia
Certificate of Deposit (3.20X) Insured Money Market Account (2.65%) Passbook Savings Account (2.75%)
State Bank of Cochran, Cochran, Georgia
Insured Money Market Accounts (2.65%)
OTHER
Cash on Hand Petty Cash

$1,520,964.24
$ 27,177.47 25,249.47 143,283.51 $ 195,710.45 111,803.59 307,514.04
5,900.00
$1,834,378.28

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

MIDDLE GEORGIA COLLEGE INVESTMENTS
JUNE 30, 1994
Investment Account Merrill Lynch, Incorporated, Macon, Georgia Investment Portfolio Account Cash Connon Stocks Corporate Bonds Money Market Funds U.S. Government Securities

SCHEDULE "7"

$

89.00

203,491.61

49,998.41

8,745.00

87,793.77

$ 350, 117. 79
-----------

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

MIDDLE GEORGIA COLLEGE
ACCOUNTS RECEIVABLE JUNE 30, 1994

SCHEDll.E "8"

Federal Grants and Contracts Research and Instruction Student Aid
State Grants and Contracts Research and Instruction
Other Camlissions and Rents Donations Georgia St~te Financing and Investment Conmission Overpayments Payroll Deductions Returned Checks Student Accounts Student Notes Vendor Credit Memos Other

CURRENT FUNDS ------------------------UNRESTRICTED RESTRICTED

LOAN FUNDS

PLANT FUNDS ----------UNEXPENDED

AGENCY FUNDS

TOTAL

$ 48,168.60 86,528.45

$ 48,168.60 86,528.45

59.96

59.96

$ 52,509.25 19,959.97
3,946.79 49,331.09 45,615.36 3,815.99

$ 18,203.74
$
$169,416.91

1,711.27

52,509.25 19,959.97
18,203.74
1,711.27 3,946.79 49,331.09 169,416.91 45,615.36 3,815.99

$ 175,178.45$ 134,757.01 $169,416.91 $ 18,203.74$ 1,711.27 $ 499,267.38
============ =========== ========= =========== ========-=== ____.a____

See accanpanying notes and Independent Accountant's Canbined Report on Review of Financial Statements and Supplementary Information.
- 33 -

MIDDLE GEORGIA COLLEGE
CHANGES IN INVESTMENT IN PLANT
YEAR ENDED JUNE 30, 1994

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections

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

CURRENT FUNDS
BALANCE ----------------------------
JULY 1, 1993 UNRESTRICTED RESTRICTED
------------- ------------- -------------
$ 18,400.00

14,962,131.45

1,361,631.31

1,567,797.43 $ 175,781.37 $ 103,037.37

1,754,274.77

49,164.60

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

$19,664,234.96$ 224,945.97$ 103,037.37

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 34 -

SCHEDULE "9"

ADDITIONS

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

PLANT FUNDS

GEORGIA STATE

FINANCING AND

RENEWALS AND INVESTMENT

UNEXPENDED REPLACEMENTS COMMISSION

DEDUCTIONS
DISPOSALS/ DELETIONS/ ADJUSTMENTS

BALANCE JUNE 30, 1994

$ 257,797.05$ 13,000.00

$ 18,400.00

70,990.00$ 188,651.62$ 1,250.00 15,478,320.12

42,220.00 396,834.73

1,800,686.04

17,453.00

146,739.70 1,730,329.47

1,803,439.37

$ 270,797.05$ 130,663.00$ 585,486.35$ 147,989.70 $20,831,175.00

- 35 -

MIDDLE GEORGIA COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS
JUNE 30, 1994

CURRENT FUNDS

UNRESTRICTED

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

RESIDENT

LOTTERY FOR AUXILIARY

INSTRUCTION EDUCATION ENTERPRISES

NET INVESTMENT IN PLANT

Investment in Plant Facilities

RESTRICTED

Designated for Subsequent Years' Expenditures

UNRESTRICTED

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

$ $ 74,742.77
5,371.12

61.14 $ 49,103.67 140,620.39
207,308.16

17,402.68 0.00

97,516.57 $

61.14 $ 397,032.22

$ 97,516.57 $
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 36 -

61.14 $ 397,032.22

SCHEDULE "10"

STUDENT ACTIVITIES

RESTRICTED

PLANT FUNDS

UNEXPENDED

REGULAR

LOTTERY FOR RENEWALS AND EDUCATION REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

s20,a31,11s.oo s20,a31:11s.oo

$ 70,965.78

$ 70,965.78

$ 87,295.28

$ 47,802.95

$ 56,147.97 676,215.25

$ 47,802.95 56,147.97
61.14 49,103.67 215,363.16 676,215.25 294,603.44 5,371.12

$ 87,295.28

0.00
$
$ 47,802.95$

0.00 0.00 $ 732,363.22

17,402.68 0.00
$ 1,362,071.38

$ 87,295.28$ 70,965.78$ 47,802.95$

0.00 $ 732,363.22 $20,831,175.00 $22,264,212.16

- 37 -

MIDDLE GEORGIA COLLEGE SCHEDULE OF REVENUES
CURRENT FUNDS YEAR ENDED JUNE 30. 1994

State Appropriations Allotments from the Board of Regents of the University System of Georgia Regular Special Funding Initiative Lottery Proceeds
Other Revenues Retained Tuition and Fees Matriculation Other Federal Grants and Contracts Research and Instruction Student Aid Contract Overhead State Grants and Contracts Research and Instruction Student Aid Private Gifts, Grants, and Contracts Student Aid Endowment Income Student Aid Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources Athletic Sales Distance Learning Donations Insurance Reimbursement Interest Earned Rents Sale of Equipment Traffic Fines Vehicle Registration Other

RESIDENT

LOTTERY FOR

INSTRUCTION EDUCATION

$ 6,644,440.00 40,955.00 $ 166,500.00
$6,685,395.00$ 166,500.00
$1,885,809.14 25,235.40
11,316.36

28,361.95
2,413.35 12,879.53 6,470.67 11,000.00 13,628.83 11,181.00 9,874.36
$ 2,018,170.59
$ 8,703,565.59 $ 166,500.00

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 38 -

SCHEDULE "11"

UNRESTRICTED AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESTRICTED RESIDENT INSTRUCTION

TOTAL

$ 6,644,440.00 40,955.00 166,500.00
$ 6,851,895.00

$ 6,644,440.00 40,955.00
166,500.00
$ 6,851,895.00

$ 1,885,809.14 $ 197,035.85$ 148,379.50 370,650.75

$ 1,885,809.14 370,650.75

$ 519,725.67 519,725.67

1,186,411.69 1,186,411.69

11,316.36

11,316.36

2,986.42 215,024.00

2,986.42 215,024.00

1,484.00

1,484.00

362,490.65

28,361.95 362,490.65

23,387.00

23,387.00 28,361.95 362,490.65

22,664.93 19,959.97 5,917.82 572,147.33
33,965.58
-------------

1,708.13 6,310.54
-------------

22,664.93 2,413.35
19,959.97 12,879.53
7,625.95 578,618.00
11,000.00 13,628.83
11,181.00 50,150.48
-------------

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

22,664.93
2,413.35
19,959.97 12,879.53
7,625.95 578,618.00
11,000.00
13,628.83 11,181.00 50,150.48
-------------

$ 1,214,182.13 $ 156,398.17$ 3,388,750.89 $1,949,018.78$ 5,337,769.67
------------- ------------- ------------- ------------- -------------

$ 1,214,182.13 a

$ 156,398.17 -=-=s:=

$10,240,645.89 ==a:

$ 1,949,018.78 s

$12,189,664.67
=====z===

- 39 -

MIDDLE GEORGIA COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS
YEAR ENDED JUNE 30, 1994

PERSONAL SERVICES Salaries and Wages Employer's Contributions for:
F. I.C.A.
Group Insurance Retirement Liability Insurance Unemploriient Compensation Insurance Workers Compensation Insurance

OPERATING EXPENSES Travel Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships College Work-Study Pro9ram Scholarships, Fellowsh1ps, Prizes, Awards and Other Other Operating Expenses Publications and Printing Equipment Purchases Non-Inventory Computer Charges Software Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Purchases Lease/Purchase of Equipment Inventory

Qifil. SPECIAL FUNDING INITIATIVE Personal Services Salaries and Wages Employer's Contributions for: F. I.C.A. Group Insurance Retirement
Other Costs Supplies and Materials Equ1pment Purchases Inventory

EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND

Other Costs



Supplies and Materials

Equipment Purchases

Non-Inventory

Equipment Purchases

Inventory

Software

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

RESIDER!

CD11ERT FDR

INSTRUCTION EDUCATION

$ 5,159,353.08 357,739.53 773,193.51 540,096.34 31,465.00 4,341.00 136,894.00
$ 7,003,082.46

$ 81,862.83 30,283.74 308,353.41 142,351.15
360,776.85 14,301.06 19,822.96 20,865.96 23,248.75 97,794.20 39,390.75 83,355.51 6,441.58 30,157.46
107,937.53 39,297.24 6,963.03 8,333.60 156,734.ig
$ 1,578,271.73

$ 28,896.00 2,159.22 3,015.40 3,412.56
$ 37,483.18 43.00
1,370.00 $ 38,896.18
$ 15,238.84 88,451.35 55,908.25 6,840.42
$ 166,438.86
$ 38,896.18 $ 166,438.86
$ 8 1620 1250.37 $ 166.438.86

SCHEDULE "12"

!,!NARX6SILTIRAIRCTP

SIODENI

ENTERPRISES ACTIVITIES

TOTAL

RESTRICTED
RESIDEN I
INSTRUCTION

TOTAL

$ 399,531.37 $ 25,551.54 66,783.13 37,754.54
$ 529,62Q.58 $

3,904.14$ 5,562,788.59 $

10.91

383,301.98 839,976.64 577,850.88 31,465.00
4,341.00 136,894.QO

3,915.05$ 7,536,618.09$

188,826.97 $ 5,751,615.56

11,351.39 6,680.68 16,538.93

394,653.37 846,657.32 594,389.81
31,465.00 4,341.00
136,894.QQ

223,397.97$ 7,76Q,016.06

$ 4,304.70$ 11,526.84 71,889.85 18,551.60
123,218.73 14,290.02
7,206.49

1,061.69 $ 54,365.29
78.00 2,999.83

87,229.22$ 41,810.58 434,608.55 160,980.75 483,995.58 31,590.91 27,029.45

7,703.46$ 37,134.65
2,168.41 5,051.39

94,932.68 41,810.58 471,743.20 163,149.16 483,995.58 36,642.30 27,029.45

20,865.96

61,153.55

82,019.51

35,140.84 28,221.27

500.00 7,385.80 11,330.88

58,889.59 1,426,306.69 1,485,196.28

133,401.27

12,052.07

145,453.34

50,721.63

50,721.63

1,156.29 855.60
5,705.03

1,851.76 180.00
1,175.46

86,363.56 6,441.58
31,193.06 114,818.02

47,588.89 18,524.58
393.63

133,952.45 6,441.58
49,717.64 115,211.65

20,706.64

34,390.50 3,500.00

94,394.38 10,463.03

4,506.12

98,900.50 10,463.03

2,600.00

8,333.60 159,334.12

103,037.37

8,333.60 262,371.49

$ 342,773.90$ 121,419.21 $2,242,464.84$ 1,725,620.81 $ 3,768,085.65

$ 28,896.00 2,159.22 3,015.40 3,412.56
$ 37,483.18 43.00
1,370.00 $ 38,896.18

$ 28,896.00 2,159.22 3,015.40 3,412.56
$ 37,483.18 43.00
1,370.00 $ 38,896.18

$ 15,238.84 88,451.35 55,908.25 6,840.42
$ 166,438.86
$ 205,335.Q4

$ 15,238.84 88,451.35 55,908.25 6,840.42
$ 166,438.86
$ 2Q5,335.Q4

$ 8721394.48 $ 1251334.26 $ 917841417.97 $ 119491018.78 $1117331436.75

- 41 -

MIDDLE GEORGIA COLLEGE
SCHEDULE OF EXPENDITURES BY OBJECT PLANT FUNDS
YEAR ENDED JUNE 30, 1994

SCHEDULE "13"

CAPITAL OUTLAY
--------------
Supplies and Materials Repairs and Maintenance Rents (Other than Real Estate) Other Expenses Equipment Purchases
Non-Inventory Teleconmunications Per Diem, Fees and Contracts
Per Diem and Fees Contracts Equipment Purchases Inventory
OTHER
DISTANT LEARNING - SATELLITE DISHES Other Costs Equipment Purchases Inventory

UNEXPENDED

RENEWALS AND

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

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

REGULAR

EDUCATION

AUXILIARY

TOTAL

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

$ 93,652.34 1,548.12 2,163.60 4,064.00
265.10
27,387.20 128,716.69
-------------
$ 257,797.05
-------------

$

184.88 $ 93,837.22

42,220.00

43,768.12

2,163.60

4,064.00

1,550.60

1,550.60 265.10

71,490.00

27,387.20 200,206.69

17,453.00

17,453.00

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

$ 132,898.48$ 390,695.53
------------- -------------

$ 13,000.00
-------------

$ 13,000.00
-------------

$ 257,797.05$ 13,000.00$ 132,898.48$ 403,695.53
=a:===-= =-=a:== ===-===== ==z=======

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
- 42 -

MIDDLE GEORGIA COLLEGE RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL
YEAR ENDED JUNE 30. 1994

SCHEDULE "14"

Totals per Annual Supplement
Accruals June 30, 1993
Adjustments Prepaid Items - June 30, 1994
Shared Services on Jointly Staffed Personnel Fort Valley State College Lucas, Julia M.
Macon College Davis, Steven M.
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

TRAVEL

$5,787,724.40$ 94,977.52

-44.84

-3,912.84

-4,500.00 1,200.00

$ 5,780,511.56 $ 94,932.68

$5,159,353.08$ 28,896.00
399,531.37 3,904.14
188,826.97

81,862.83
4,304.70 1,061.69
7,703.46

$5,780,511.56$ 94,932.68

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statement and Supplementary Information.
- 43 -

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

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

STATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS

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

Audit Control Number

Status ofFinding

584-91-002 584-91-006 584-93-01 584-93-02

No Corrective Action Implemented No Corrective Action Implemented See Audit Control Number 584-94-01 Corrective Action Implemented

PRIOR YEAR

REVENUFJRECENABLES/RECEIPTS Student Accounts Receivable Not Supported by Financial Aid Financial Statements Audit Control Number 584-94-01

The review report for the year ended June 30, 1993, disclosed that Middle Georgia College had $18,437.94
in student accounts receivable which were not supported by approved financial aid. On June 30, 1994, a balance of$18,373.61 remained in student accounts receivable which was not supported by approved financial aid. There is no provision in the policies ofthe Board ofRegents for deferments of student accounts without the student having approved financial aid at the time of registration.

The College should continue its efforts to collect these outstanding student accounts receivable. It is recommended that legal means be used to collect all student accounts receivable, if necessary.

CURRENT YEAR

BUDGET PREPARATION/EXECUTION Overexpenditure ofBudget - Resident Instruction Financial Statements

The total approved budget for Resident Instruction of Middle Georgia College provided for expenditures totaling $11,326,241.00. A comparison ofanticipated revenues and budgeted expenditures to actual revenues and expenditures is summarized on Schedule "1" of this report. This comparison indicates that actual expenditures for Personal Services of Education, General and Departmental Services exceeded budgeted expenditures by $22,812.46.

MEDICAL COLLEGE OF GEORGIA
SCHEDULE OF REVENUES CURRENT FUNDS
YEAR ENDED JUNE 30. 1994

State Appropriations Allotments from the Board of Regents of the University System of Georgia Regular Special Desegregation Programs Research Consortium Lottery Proceeds Capitation Contracts for Family Practice Residency Residency Capitation Grants Student Preceptorships Mercer Medical School Grant Morehouse School of Medicine Grant
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 Contract Overhead Local Grants and Contracts Research and Instruction Contract Overhead Private Gifts, Grants, and Contracts Research and Instruction Student Aid Contract Overhead Endowment Income Research and Instruction Student Aid Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Sales and Services of Hospital Patient Billings Departmental Sales and Services Other Sources Indirect Funding - Telecommunications Georgia Department of Administrative Services Interest Earned Rents Salvage Sales Other

RESIDENT

LOTTERY FOR

INSTRUCTION EDUCATION

UNRESTRICTED OTHER
ORGANIZED ACTIVITIES

$71,991,537.00

$ 30,025,491.00

334,702.00

66,000.00 $

1,043,364.00

2,700,999.00

2,412,495.00

146,403.00

5,947,000.00

4,706,000.00

$72,392,239.00$ 1,043,364.00$ 45,938,388.00

$ 6,973,020.60 27,449.00

3,010,848.63 16,738.90 4,982.12

561,863.84

3,670,765.64
500,000.00 3,301.00
13,573.73 12,976.87 $14,795,520.33

$189,508,158.06 5,912,128.67 193,500.00 45,488.16
$195,659,274.89

$87,187,759.33 $1,043,364.00 $241,597,662.89
============= ============= ==============

See notes to the financial statements.

- 46 -

SCHEDULE "15"

AUXILIARY

STUDENT

ENTERPRISES ACTIVITIES

TOTAL

RESIDENT INSTRUCTION

RESTRICTED OTHER
ORGANIZED ACTIVITIES

TOTAL

TOTAL

$102,017,028.00 334,702.00 66,000.00
1,043,364.00 2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00 $119,373,991.00

$102,017,028.00 334,702.00 66,000.00
1,043,364.00 2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00 $119,373,991.00

$ 3,979,269.95

$ 6,973,020.60 183,689.00

$ 9,565,005.13 537,975.00
3,010,848.63

$ 9,565,005.13 537,975.00

9,565,005.13 537,975.00
3,010,848.63

2,298,787.97 $6,450,746.14 8,749,534.11 8,749,534.11

16,738.90

16,738.90

1,048,966.98 4,982.12

1,048,966.98 1,048,966.98 4,982.12

31,096,026.89 324,934.00
561,863.84

31,096,026.89 31,096,026.89

324,934.00

324,934.00

561,863.84

3,670,765.64 3,979,269.95

89,955.13 21,092.00

89,955.13 21,092.00

89,955.13 21,092.00 3,670,765.64 3,979,269.95

189,508,158.06 5,912,128.67

189,508,158.06 5,912,128.67

3,568.00 2,804.00 12,460.15

693,500.00 3,568.00 51,593.16
13,573.73 25,437.02

693,500.00 3,568.00 51,593.16 13,573.73
25,437.02

$ 3,979,269.95 $ 175,072.15 $214,609,137.32 $44,982,743.10 $6,450,746.14 $51,433,489.24 $266,042,626.56

$ 3,979,269.95 $ 175,072.15 $333,983,128.32 $44,982,743.10 $6,450,746.14 $51,433,489.24 $385,416,617.56
============= ============ ============== ============= =======----- ============= ==============

- 47 -

t-EDIC'.AI.. en.LE~ CF ~CRGIA SOW.E CF REVENlS
OTIR CRGI\NIZED ACTIVITIES YEAA ENOCD JIH 30, 1994

SOru.E "16"

t-EDIC'.AL. en.LE~ CF ~CRGIA I-OSPITAL AM) Q.INICS

Ltm:STRICTEO
.DINT OOAAO ~CRGIA CF FAMILY RADIATIOl PRACTICE 1lRAPY CENTER

TOTAL

RESTRICTED
t-EDIC'.AI..
CXllE~
CF ~CRGIA I-OSPITAL AM) C.INICS

TOTAL

REVEIUS

State ~iatiais Allob!elts fran tt-e Board of Regents of tl-e Lhiversity Systan of Georgia R8!J,llar C.apitatia, Cart:racts for Fanily Practice Residency Residency C.apitatia, Grants Stu::lent Preceptorshi ps Mercer Medical Set-col Grant ~retwse Set-col of Medicine Grant

$ 29,206,928.00 $ 818,56.3.00
2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00

$ 30,025,491.00
2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00

$ 30,025,491.00
2,700,999.00 2,412,495.00
146,403.00 5,947,000.00 4,706,000.00

$ 29,206,928.00 $16,731,460.00

$ 45,938,388.00

$ 45,938,388.00

Ott-er Reverues Retained State Grants and Cart:racts Research and Instru:tia,
Sales and Services of 1-bspital Patiait Billi~ Oepartnertal Sales and Services
Ott-er Sources Indirect FIJ1C:ling - Telecamu,icatioos Georgia Oeparbrent of Adninistrative Services
Raits

$186,457,462.31 5,912,128.67
193,500.00 45,488.16

$ 6,450,746.14 $ 6,450,746.14

$ 3,050,695.75 $189,500,158.06 5,912,128.67

189,500,158.06 5,912,128.67

193,500.00 45,488.16

193,500.00 45,488.16

$192,606,579.14

$ 3,050,695.75 $195,659,274.89$ 6,450,746.14 $202,110,021.03

$221,815,507.14 $16,731,460.00 $ 3,050,695.75 $241,597,662.89 $ 6,450,746.14 $248,048,409.03

See notes to tl-e financial statara,ts.

- 49 -

MEDICAL COLLEGE OF GEORGIA SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30, 1994

PERSONAL SERVICES Salaries and Wages Employer's Contributions for: F.I.C.A. Group Insurance Retirement Liability Insurance Unemplorment Compensation Insurance Workers Compensation Insurance
OPERATING EXPENSES Travel Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Tuition and Scholarships College Work-Study Pro~ram Scholarships, Fellowships, Prizes, Awards and Other Other Operating Expenses Publications and Printing Equipment Purchases Non-Inventory Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts Equipment Purchases Motor Vehicle Purchases Lease/Purchase of Equipment Inventory
OTHER SPECIAL DESEGREGATION PROGRAMS Personal Services Salaries and Wages Employer's Contributions for: F. I .C.A. Group Insurance Retirement
Other Costs Travel Supplies and Materials Repairs and Maintenance Tuition and Scholarships Scholarships, Fellowships, Prizes, Awards and Other Other Expenses Publications and Printing Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Equipment Purchases Non-Inventory

RESIDENT

LOTTERY FOR

INSTRUCTION EDUCATION

UNRESTRICTED OTHER
ORGANIZED ACTIVITIES

$52,912,981.01 3,992,447.48 4,893,782.53 5,735,781.64 225,559.00 33,543.00 461,902.00
$68,255,996.66

$107,300,603.34 7,445,374.82
10,366,143.49 9,526,427.87 1,445,487.75 71,264.00 981,042.00
$137,136.343.27

$ 419,374.25 43,524.06
2,062,416.63 1,722,709.83 1,725,104.07
112,229.39 112,578.60 20,400.22 750,002.00 3,615,972.36 694,169.22 527,205.46 187,143.63 306,625.86 1,133,914.78 577,286.43 1,672,868.05 115,850.64 151,055.33 2,579,546.73 $18,529,977.54

$ 393,920.47 60,706.20
39,742,001.67 7,017,116.51 3,595,868.82 700,058.80 148,599.63 10,535.70
8,302,936.79 1,018,374.80 1,262,942.18 1,207,013.01
617,459.98 1,966,935.25 3,217,753.88 3,854,965.04
16,336.36 506,220.07 9,842,436.52 $ 83,482,181.68

$ 172,413.89 12,889.42 7,374.36 17,576.80
$ 210,254.47
5,443.87 9,683.02
208.10
83,450.00 3,114.29 2,421.81 1,406.52 18,224.92 495.00
$ 334,702.00

See notes to the financial statements.

- 50 -

SCHEDULE "17" Page 1

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESIDENT INSTRUCTION

RESTRICTED
OTHER ORGANIZED ACTIVITIES

TOTAL

TOTAL

$ 1,814,172.53 $ 127,780.04 255,191.35 192,171.26
$ 2,389,315.18 $

19,356.73 $162,047,113.61 $31,282,623.11 $3,555,929.98 $34,838,553.09 $196,885,666.70

1,282.49 1,775.76 1,639.86

11,566,884.83 15,516,893.13 15,456,020.63
1,671,046.75 104,807.00
1,442,944.00

886,784.42 1,218,413.79 3,091,238.50

258,083.99 466,381.72 381,864.01
23,284.00 3,463.00 47,680.00

1,144,868.41 1,684,795.51 3,473,102.51
23,284.00 3,463.00 47,680.00

12,711,753.24 17,201,688.64 18,929,123.14
1,694,330.75 108,270.00
1,490,624.00

24,054.84 $207,805,709.95 $36,479,059.82 $4,736,686.70 $41,215,746.52 $249,021,456.47

$

6,907.66 $

1,574.84

261,642.55

47,295.80

363,376.20

7,636.44

8,640.55

1,504.53

47,663.51 31,314.50

462.60 7,343.45 78,633.01 8,051.41 292,819.37

$1,164,866.42 $

224.38 $ 820,426.76 $ 544,710.41 $

105,805.10

3,254.15

134,260.25 42,200,321.10 2,597,964.06

19,799.82 8,806,921.96

177,208.40

5,684,349.09

1,493.64

1,000.00

820,924.63

30,644.44

269,818.78

6,842.18 $ 551,552.59 $ 1,371,979.35

3,159.07

6,413.22

112,218.32

942,368.31 3,540,332.37 45,740,653.47

111,923.41

289,131.81 9,096,053.77

180,324.88

181,818.52 5,866,167.61

5,394.52

36,038.96

856,963.59

1,056.00

1,056.00

270,874.78

32,440.45

123,528.26

123,528.26

155,968.71

750,002.00

884,001.00

2,347.66 11,968,920.32 2,017,507.71

14,235.09 1,758,093.61

94,334.30

884,001.00 1,634,003.00

254,626.53 2,272,134.24 14,241,054.56

9,194.23

103,528.53 1,861,622.14

2,975.00 1,784.87

1,793,122.64 1,394,619.24
931,429.29 3,181,267.91

272,500.20 61,967.41 7,108.00 101,511.54

37,841.08 771. 72
41,845.81

310,341.28 62,739.13 7,108.00
143,357.35

2,103,463.92 1,457,358.37
938,537.29 3,324,625.26

3,803,091.72 5,820,652.46

297,737.44 173,142.19

20,740.00 85,531.99

318,477.44 4,121,569.16 258,674.18 6,079,326.64

132,187.00

657,275.40

15,540.02

2,047.33 12,424,030.58 1,099,530.11

132,187.00

15,540.02

672,815.42

12,439.71 1,111,969.82 13,536,000.40

178,674.40 $103,355,700.04 $ 8,503,683.28 $1,714,059.44 $10,217,742.72 $113,573,442.76

$ 172,413.89 12,889.42 7,374.36 17,576.80
$ 210,254.47
5,443.87 9,683.02
208.10
83,450.00 3,114.29 2,421.81 1,406.52 18,224.92 495.00
$ 334,702.00

$ 172,413.89 12,889.42 7,374.36 17,576.80
$ 210,254.47
5,443.87 9,683.02
208.10
83,450.00 3,114.29 2,421.81 1,406.52 18,224.92 495.00
$ 334,702.00

- 51 -

MEDICAL COLLEGE OF GEORGIA SCHEDULE OF EXPENDITURES BY OBJECT
CURRENT FUNDS YEAR ENDED JUNE 30, 1994

OTHER RESEARCH CONSORTIUM Personal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Group Insurance Retirement
Other Costs Supplies and Materials Other Expenses Equipment Purchases Non-Inventory Per Diem, Fees and Contracts Contracts
EQUIPMENT, TECHNOLOGY AND CONSTRUCTION TRUST FUND Other Costs Supplies and Materials Repairs and Maintenance Rents (Other than Real Estate) Other Expenses Equipment Purchases Non-Inventory Software Telecommunications Equipment Purchases Inventory
CAPITATION CONTRACTS FOR FAMILY PRACTICE RESIDENCY Other Costs Per Diem, Fees and Contracts Contracts
RESIDENCY CAPITATION GRANTS Other Costs Per Diem, Fees and Contracts Contracts
STUDENT PRECEPTORSHIPS Other Costs Tuition and Scholarships Scholarships, Fellowships, Prizes, Awards and Other Per Diem, Fees and Contracts Per Diem and Fees
MERCER MEDICAL SCHOOL GRANT Other Costs Per Diem, Fees and Contracts Contracts
MOREHOUSE SCHOOL OF MEDICINE GRANT Other Costs Per Diem, Fees and Contracts Contracts

RESIDENT

LOTTERY FOR

INSTRUCTION EDUCATION

UNRESTRICTED OTHER
ORGANIZED ACTIVITIES

$

7,315.34

532. 64 979.58 863.94

$

9,691.50

27,435.65 119.35
6,753.50 22,000.00 $_--"'6"'"6'""'o..,,o_o_...,o.=-o

$

4,518.20

1,300.91

6.57

8,285.81

14,326.70 30,640.30
1,926.00

982,359.51

$ 1,043,364.00

$ 2,700,993.38

$ 2,412,491.68

$

95,250.00

49,500.00

$ 144,750.00

$ 5,947,000.00

$ 4,706,000.00 $ 400,702.00$ 1,043,364.00$ 15,911.235.06
$87,186,676.20 $ 1,043,364.00 $236.529,760.01

See notes to the financial statements.

- 52 -

SCHEDULE "17" Page 2

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

RESIDENT INSTRUCTION

RESTRICTED OTHER
ORGANIZED ACTIVITIES

TOTAL

TOTAL

$

7,315.34

532.64 979.58 863.94

$

9,691.50

27,435.65 119.35
6,753.50 22,000.00 $ 66,000.00

$

4,518.20

1,300.91

6.57

8,285.81

14,326.70 30,640.30
1,926.00

982,359.51

$ 1,043,364.00

$ 2,700,993.38

$ 2,412,491.68

$

7,315.34

532.64 979.58 863.94

$

9,691.50

27,435.65 119.35

6,753.50

22,000.00

$

66,000.00

$

4,518.20

1,300.91

6.57

8,285.81

14,326.70 30,640.30
1,926.00

982,359.51

$ 1,043,364.00

$ 2,700,993.38

$ 2,412,491.68

$ 95,250.00 49,500.00
$ 144,750.00

$ 95,250.00 49,500.00
$ 144,750.00

$ 5,947,000.00

$ 5,947,000.00

$ 4,706,000.00 $ 17,355,301.06

$ 4,706,000.00 $ 17,355,301.06

$3,554,181.60$ 202,729.24 $328,516,711.05 $44,982,743.10 $6,450,746.14 $51,433,489.24 $379,950,200.29

- 53 -

MEDICAL COLLEGE OF GEORGIA SCHEDULE OF EXPENDITURES BY OBJECT
PLANT FUNDS YEAR ENDED JUNE 30, 1994

SCHEDULE "18"

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

UNEXPENDED

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

LOTTERY FOR

REGULAR

EDUCATION

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

TOTAL

$ 18,026.00 1,557.44
5,771.29 5,201,138.13
$ 5,226,492.86

$ 119,464.61 $ 119,464.61

15,908.36

33,934.36

12,059.88

13,617.32

1,536.60

1,536.60

2,242.96

2,242.96

84,780.09

84,780.09

30,453.03 67,591.00
149.78

36,224.32 5,268,729.13
149.78

27,923.00

27,923.00

167,782.02 167,782.02

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

$ 529,891.33 $ 5,756,384.19
------------- -------------

$

643.40

5,856.60

$

6,500.00

$

643.40

5,856.60

$

6,500.00

$ 5,226,492.86 $ 6,500~00 $ 529,891.33 $ 5,762,884.19
============= ============= ============= =============

See notes to the financial statements.

- 54 -

MEDICAL COLLEGE OF GEORGIA SCHEDULE OF EXPENDITURES BY OBJECT
OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30, 1994

SCHEDULE "19" Page 1

MEDICAL COLLEGE OF GEORGIA HOSPITAL AND CLINICS

UNRESTRICTED

JOINT BOARD

GEORGIA

OF FAMILY

RADIATION

PRACTICE THERAPY CENTER

TOTAL

RESTRICTED
MEDICAL COLLEGE OF OF GEORGIA HOSPITAL AND CLINICS

TOTAL

PERSONAL SERVICES

Salaries and Wages

$105,721,775.56$ 205,067.16 $ 1,373,760.62 $107,300,603.34 $3,555,929.98 $110,856,533.32

Employer's Contributions

for:

F.I.C.A.

7,328,113.12

15,340.04

101,921.66 7,445,374.82 258,083.99 7,703,458.81

Group Insurance

10,230,076.97

13,227.15

122,839.37 10,366,143.49 466,381.72 10,832,525.21

Retirement

9,333,038.57

22,973.20

170,416.10 9,526,427.87 381,864.01 9,908,291.88

Liability Insurance

1,438,834.75

1,560.00

5,093.00 1,445,487.75 23,284.00 1,468,771.75

Unemployment

Canpensation Insurance

70,441.00

66.00

757.00

71,264.00

3,463.00

74,727.00

Workers' CCJl11)ensation

Insurance

969,993.00

619.00

10,430.00

981,042.00 47,680.00 1,028,722.00

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

$135,092,272.97 $ 258,852.55$ 1,785,217.75 $137,136,343.27 $4,736,686.70 $141,873,029.97

OPERATING EXPENSES
------------------

Travel Motor Vehicle Expense Supplies and Materials
Repairs and Maintenance Utilities
Rents (Other than Real Estate)
Insurance and Bonding Tuition and Scholarships
College Work-Study Program
Other Operating Expenses Publications and Printing
Equipment Purchases Non-Inventory
Software Real Estate Rentals
Telecomnunications Per Diem, Fees and
Contracts Per Diem and Fees
Contracts Equipment Purchases
Motor Vehicle Purchases Lease/Purchase of
Equipment Inventory

$ 363,955.34$ 60,706.20
39,518,363.07 6,800,418.68 3,525,045.70
694,260.42 147,378.63

19,171.01 $
12,305.32 2,783.45
5,211.50 990.00

10,794.12 $ 393,920.47 $ 6,842.18 $ 400,762.65

60,706.20

3,159.07

63,865.27

211,333.28 39,742,001.67 942,368.31 40,684,369.98

213,914.38 7,017,116.51 111,923.41 7,129,039.92

70,823.12 3,595,868.82 180,324.88 3,776,193.70

586.88 231. 00

700,058.80 148,599.63

5,394.52 1,056.00

705,453.32 149,655.63

10,535.70 8,094,703.84
996,752.79
1,250,229.33 1,203,962.60
592,085.02 1,941,756.38

5,625.01 9,472.20
4,860.04
25,374.96 5,812.64

202,607.94 12,149.81
7,852.81 3,050.41
19,366.23

10,535.70 8,302,936.79 1,018,374.80
1,262,942.18 1,207,013.01
617,459.98 1,966,935.25

254,626.53 9,194.23
37,841.08 771.72
41,845.81

10,535.70 8,557,563.32 1,027,569.03
1,300,783.26 1,207,784.73
617,459.98 2,008,781.06

3,097,338.24 3,452,482.06

43,444.15 402,482.98

76,971.49 3,217,753.88 3,854,965.04

20,740.00 3,238,493.88 85,531.99 3,940,497.03

16,336.36

16,336.36

16,336.36

506,220.07

506,220.07

506,220.07

9,776,700.69

15,198.31

50,537.52 9,842,436.52 12,439.71 9,854,876.23

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

$ 82,049,231.12 $ 552,731.57 $ 880,218.99 $ 83,482,181.68 $1,714,059.44 $ 85,196,241.12
-------------- ------------- -------------- -------------- ------------ --------------

See notes to the financial statements.

- 55 -

MEDICAL COLLEGE OF GEORGIA SCHEDULE OF EXPENDITURES BY OBJECT
OTHER ORGANIZED ACTIVITIES YEAR ENDED JUNE 30, 1994

SCHEDULE "19" Page 2

MEDICAL COLLEGE OF GEORGIA HOSPITAL AND CLINICS

UNRESTRICTED JOINT BOARD GEORGIA OF FAMILY RADIATION PRACTICE THERAPY CENTER

TOTAL

RESTRICTED
MEDICAL COLLEGE OF OF GEORGIA HOSPITAL AND CLINICS

TOTAL

OTHER

CAPITATION CONTRACTS FOR FAMILY PRACTICE RESIDENCY
Other Costs Per Diem, Fees and
Contracts Contracts

$ 2,700,993.38

$ 2,700,993.38

$ 2,700,993.38

RESIDENCY CAPITATION GRANTS Other Costs Per Diem, Fees and Contracts Contracts

$ 2,412,491.68

$ 2,412,491.68

$ 2,412,491.68

STUDENT PRECEPTORSHIPS Other Costs Tuition and Scholarships Scholarships, Fellowships, Prizes, Awards and Other Per Diem, Fees and Contracts Per Diem and Fees
MERCER MEDICAL SCHOOL GRANT Other Costs Per Diem, Fees and Contracts Contracts

$ 95,250.00 49,500.00
-------------
$ 144,750.00
-------------
$ 5,947,000.00

$ 95,250.00 49,500.00
--------------
$ 144,750.00
--------------
$ 5,947,000.00

$ 95,250.00
49,500.00
--------------
$ 144,750.00
--------------
$ 5,947,000.00

MOREHOUSE SCHOOL OF MEDICINE GRANT
Other Costs Per Diem, Fees and Contracts Contracts

$ 4,706,000.00

$ 4,706,000.00

$ 4,706,000.00

$15,911,235.06

$ 15,911,235.06

$ 15,911,235.06

$217,141,504.09 $16,722,819.18 $ 2,665,436.74 $236,529,760.01 $6,450,746.14 $242,980,506.15
============== ============= ============== ============== ============ ==============

See notes to the financial statements.

- 56 -

MEDICAL COLLEGE OF GEORGIA RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL
YEAR ENDED JUNE 30 1 1994

SCHEDULE "20"

Totals per Annual Supplement
Adjustment Shared Services on Jointly Staffed Personnel Augusta College Bass, Guy H., Jr.
Totals per Report
DISTRIBUTION BY FUND
CURRENT FUNDS Unrestricted Resident Instruction Regular Special Desegregation Programs Research Consortium Other Organized Activities Medical College of Georgia Hospital and Clinics Joint Board of Family Practice Georgia Radiation Therapy Center Auxiliary Enterprises Student Activities Restricted Resident Instruction Other Organized Activities Medical College of Georgia Hospital and Clinics

SALARIES AND WAGES

TRAVEL

$197,064,325.93 $ 1,377,423.22

1,070.00

0.00

$197,065,395.93 $ 1,377,423.22

$ 52,912,981.01 $ 172,413.89 7,315.34

419,374.25 5,443.87

105,721,775.56 205,067.16
1,373,760.62 1,814,172.53
19,356.73

363,955.34 19,171.01 10,794.12 6,907.66 224.38

31,282,623.11

544,710.41

3,555,929.98

6,842.18

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

$197,065,395.93 $ 1,377,423.22

See notes to the financial statements.

- 57 -

SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS

MEDICAL COLLEGE OF GEORGIA SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1994
CURRENT YEAR
BUDGET PREPARATION/EXECUTION Overexpenditure ofBudget - Other Organized Activities Medical College of Georgia Hospital and Clinics Financial Statements
The total approved budget for Other Organized Activities - Medical College of Georgia Hospital and Clinics of Medical College of Georgia provided for expenditures totaling $233,639,421.00. A comparison of anticipated revenues and budgeted expenditures to actual revenues and expenditures is summarized on Schedule "3" of this report. This comparison indicates that actual expenditures for Operating Expenses of Sponsored Operations exceeded budgeted expenditures by $23,262.44.
BUDGET PREPARATION/EXECUTION Overexpenditure ofBudget - Other Organized Activities Joint Board ofFamily Practice Financial Statements
The total approved budget for Other Organized Activities-Joint Board of Family Practice of Medical College of Georgia provided for expenditures totaling $16,731,460.00. A comparison of anticipated revenues and budgeted expenditures to actual revenues and expenditures is summarized on Schedule "3" of this report. This comparison indicates that actual expenditures for Operating Expenses ofEducation, General and Departmental Services exceeded budgeted expenditures by $3,276.57.
GENERAL FIXED ASSETS/PROPERTY MANAGEMENT Inadequacies In Operation ofProperty Management System Financial Statements Audit Control Number 512-94-01
For the year under review, an equipment inventory sample of 103 randomly selected items was utilized to test the accuracy and validity ofthe equipment inventory records. The results of our testing procedures disclosed the following exceptions:
(1) Eleven (I 1) items, with a total cost of $21,974.35 were not located.
(2) Four (4) items surplused, with a total cost of $4,375.00 were still on the inventory records.
(3) One (1) item sold at bid, with a cost of $1,420.00 was still on the inventory records.
(4) One (1) item with an inventory decal, costing $1,653.00 was not on the inventory records.
In addition to the sample exceptions listed above, a review of the College's subsidiary equipment inventory records disclosed the following deficiencies:

MEDICAL COLLEGE OF GEORGIA SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS
YEAR ENDED JUNE 30, 1994
CURRENT YEAR
GENERAL FIXED ASSETS/PROPERTY MANAGEMENT Inadequacies In Operation of Property Management System Financial Statements Audit Control Number 512-94-01
(1) Equipment inventory items in use with a cost of$3,123,082.27 did not have decals and were not on the inventory records.
(2) Equipment inventory items in storage at the College with a cost of $1,612,740.54 did not have decals and were not on the inventory records.
(3) Equipment inventory items with a cost of $779,187.30 were identified as received by College personnel, but were not on the equipment inventory records.
(4) A variance of $417,435.37 remained unidentified between the College's general ledger and the subsidiary equipment ip.ventory records.
The College should take a complete physical inventory of equipment. In addition, the College should establish appropriate procedures to strengthen internal accounting controls over the property management system to ensure that decals are affixed to all equipment inventory items, inventory items are entered on the records in a timely manner and subsidiary equipment inventory records are accurately reflected in the accounting records.
As a result of the discrepancies identified above, we were unable to determine the validity of the total equipment inventory valuation contained in the equipment inventory records, which is a component of the College's Investment in Plant.