GA 
A800 ,Rl 
/Y/S':2/97L/--c;S- 
Ji-IN u Z 1996 
DOCUMENTS Ill llllRARIE' 
STATE OF GEORGIA DEPARTMENT OF AUDITS 
254 WASHINGTON STREET ATLANTA, GEORGIA 30334 
 
 REVIEWREPORT STATE OF GEORGIA MIDDLE GEORGIA COLLEGE COCHRAN, GEORGIA YEAR ENDED JUNE 30, 1995 
 
 MIDDLE GEORGIA COLLEGE -TABLE OF CONTENTS- 
 
SECTION! 
 
FINANCIAL 
 
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 
 
EXHIBITS 
 
FINANCIAL STATEMENTS 
 
A COMBINED BALANCE SHEET 
 
ALL FUND GROUPS 
 
2 
 
B COMBINED STATEMENT OF CHANGES IN FUND BALANCES 
 
ALL FUND GROUPS 
 
4 
 
C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
 
AND OTHER CHANGES 
 
6 
 
D NOTES TO THE FINANCIAL STATEMENTS 
 
7 
 
SUPPLEMENTARY INFORMATION 
 
E COMBINING BALANCE SHEET 
 
CURRENT FUNDS - UNRESTRICTED 
 
22 
 
F COMBINING STATEMENT OF CHANGES IN FUND BALANCES 
 
CURRENT FUNDS - UNRESTRICTED 
 
23 
 
G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
 
AND OTHER CHANGES 
 
UNRESTRICTED 
 
25 
 
SCHEDULES 
 
SCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 
 
I 
 
RESIDENT INSTRUCTION 
 
26 
 
2 
 
LOTTERY FOR EDUCATION 
 
28 
 
SCHEDULES OF OPERATIONS 
 
3 
 
LOAN FUNDS 
 
29 
 
4 
 
ENDOWMENT AND SIMILAR FUNDS 
 
31 
 
5 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS 
 
AGENCY FUNDS 
 
32 
 
6 CASH AND CASH EQUIVALENTS 
 
34 
 
7 INVESTMENTS 
 
35 
 
8 ACCOUNTS RECEIVABLE 
 
36 
 
9 CHANGES IN INVESTMENT IN PLANT 
 
38 
 
IO SCHEDULE OF FUND BALANCES 
 
CURRENTFUNDSANDPLANTFUNDS 
 
40 
 
 MIDDLE GEORGIA COLLEGE - TABLE OF CONTENTS - 
 
SECTION I 
 
FINANCIAL 
 
SUPPLEMENTARY INFORMATION 
 
SCHEDULES 
 
11 SCHEDULE OF REVENUES 
 
CURRENT FUNDS 
 
42 
 
SCHEDULES OF EXPENDITURES BY OBJECT 
 
12 
 
CURRENT FUNDS 
 
44 
 
13 
 
PLANT FUNDS 
 
46 
 
14 RECONCILIATION OF SALARIES AND WAGES, AND IRAVEL 
 
47 
 
SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS 
 
 SECTION! FINANCIAL 
 
 CLAUDE L. VICKERS 
STATE AUDITOR (404) 656-2174 
 
DEPARTMENT OF AUDITS 
254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 
September 13, 1995 
 
Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia 
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, 1995, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Middle 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 of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. 
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. 
 
95ARL-67 
 
 As discussed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. Ifcompensated absences were reported, liabilities would be increased and fund balance would be decreased by $405,127.70, as ofJune 30, 1995, and the net change in fund balance for the year ended June 30, 1995, would be decreased by $10,990.59. 
Our review was made for the purpose of expressing 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, 
tL--/~ 
Claude L. Vickers State Auditor 
CLV:djf 95ARL-67 
 
 FINANCIAL STATEMENTS - 1- 
 
 ASSETS 
CUh and Cosh Equivalents lnwiotmenls Accounts Receivable lnW!111ories Prepaid Hems Due from other Fund Groups lnveotment in Plant 
 
MIQQLI; ~EQB~IA QQLLl;~E ~M~l~EC aaLAN~E HEEI 
IILL FUNQ GBQU~ 
JUNE 3Q 1995 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
LOAN FUNDS 
 
ENDOWMENT AND SIMILAR 
FUNDS 
 
$ 
 
456,248.44 
 
$ 
 
16,292.17 $ 
 
95,377.70 
 
423,667.65 
 
302,478.61 $ 
 
303,898.20 
 
168,239.87 
 
294,298.76 
 
62,333.36 
 
259,175.45 
 
TctalAssets 
 
$ 
 
1,374,534.62 $ 
 
303,898.20 $ 
 
184,532.04 $ 
 
519,045.35 
 
LIIIBILm~s AND FUNQ BALANCES 
 
Liabillties 
 
Accounts Payable 
 
$ 
 
student Deposits 
 
Deferred Revenue 
 
Tuition and Fees 
 
Deposit& Held in CUtltody for Othon, 
 
Due to Other Fund Groups 
 
Tctal Liabillties 
 
$ 
 
Fund Balances 
 
U.S. Government Grants Refundable 
 
lnstltutional Loans - Restricted 
 
Endowment 
 
Tenn Endowment 
 
Quasi-Endowment - Restricted 
 
Net Investment in Plant 
 
Restricted 
 
Unrestricted 
 
$ 
 
Total Fund Balances 
 
129,582.67 61,577.78 
295,041.34 $ 
486,201.79 $ 
$ 888,332.83 888,332.83 $ 
 
259,175.45 259,175.45 
$ 
44,722.75 44,722.75 $ 
 
180,765.36 3,766.68 $ 
184,532.04 $ 
 
10,511.67 462,039.38 
26,494.30 
519,045.35 
 
Total LiabilitteS and Fund Balances 
 
$ 
 
1,374,534.62 $ 
 
303,898.20 $ 
 
184,532.04 $ 
 
519,045.35 
 
See Independent Accountanfs Combined Report on Review of Financial Statements and Supl)lementary Information. The notes to the financial statement& are an integral part of this statement. 
-2- 
 
 EXHIBIT"A" 
 
UNEXPENDED 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
AGENCY FUNDS 
 
TOTAL 
(Memorandum 
OnM 
 
$ 
 
633,250.95 $ 
 
681,087.07 
 
$ 
 
119,851.67 $ 
 
2,002,108.00 
 
423,667.65 
 
7,922.96 
 
1,281.51 
 
783,821.15 
 
294,298.76 
 
62,333.36 
 
259,175.45 
 
$ 22,171,669.22 
 
22, 171,669.22 
 
$ 
 
633,250.95 $ 
 
689,010.03 $ 22,171,669.22 $ 
 
121,133.18 $ 25,997,073.59 
 
633,240.45 $ 
 
19,397.28 
 
633240.45 $ 
 
19,397.28 
 
$ 22,171,669.22 
 
$ 
 
10.50 $ 
 
669,612.75 
 
$ 
 
10.50 $ 
 
669,612.75 $ 22,171,669.22 
 
54,628.40 $ 66,504.78 121,133.18 $ 
 
836,848.80 61,577.78 
295,041.34 66,504.78 
259,175.45 
1,519,148.15 
 
180,765.36 3,766.68 
10,511.67 482,039.38 
26,494.30 22, 171,669.22 
44,722.75 1,557,956.08 
24,477,925.44 
 
633250.95 $ 
 
689,010.03 $ 22,171,669.22 $ 
 
121,133.18 $ 25,997,073.59 
 
-3 - 
 
 Mlppl EGEORGIA COLLEGE 
COMBINED STATEMENT OF CHANGES IN FUND BAI ANCES 
ALL FUND GROUPS 
YEAR ENDED JUNE 30 1995 
 
REVENUES AND DTHER ADDITIONS 
Unrestricted Current Fund Revenues State Appropriations 
Regular ~Proceeds Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and C-.ets Investment Income Endowment Olher lntaresl on loSls Raceivable Adjustments PriorYaars' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant FaeilCurrent Funds Plant Funds 
Unexpanded Renewals and Replacaments Georgia State Financing and Investment Commission other Additions Recovery of Prior Years' Cancelled Loans 
Total Revenues and Other Additions 
FXPENQITURES ANP OTHER QEDUCTIONS 
Educational and General Expenditures Auxmary Enterprises Expenditures Indirect Costs Recovered Remittances to 1he Board of Regents of 1he 
University System of Georgia Prior Year's Unresbicted Fund Balance (Surplus) 
Adjustments Realized Losses on Investments 
Loan Cancellations and Write-Offs Administrative and Collection Costs Expended for Plant Facil- 
Capitalized Noncapitalized IJist)osals/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 lncrease/(Oecrease) for the Year 
FUND BAI ANCFS JULY 1 1994 
FUND BALANCES JUNF 30 1995 
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- 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
11,154,291.11 
 
1,875. 131.58 572,807.10 3,353.89 
1,17124 
 
21,143.79 532.13 
 
LDAN FUNDS 
856.99 1,637.34 
 
11,175.967.03 $ 
 
2,452,463.81 $ 
 
9,565.644.92 $ 1,133,849.89 
 
2.470.028.82 7,936.91 
 
17,402.68 
 
107.00 2,601.33 
120.00 1.43025 
 
10.716.897.49 $ 
 
2.4TT.965.73 $ 
 
1,550.25 
 
-142,150.83 -10,491.09 
-152,641.92 $ 306,427.62 $ 
581,905.21 
 
-741.11 
-741.11 -26243.03 $ 70,965.78 
 
1,051.08 183,480.96 
 
888,332.83 $ 
 
44.722.75 $ 
 
184,532.04 
 
 EXHIBIT"B" 
 
ENDOWMENT AND SIMILAR 
FUNDS 
 
UNEXPENDED 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
TOTAL (Memorandum 
Only) 
 
102,815.34 
 
520,844.00 280,000.00 
 
102,815.34 $ 
 
800,844.00 $ 
 
0.00 0.00 $ 
 
1,303.19 
347,025.33 659,127.54 150,583.70 199,770.30 1,357 810.06 $ 
 
11,154,291.11 
520,84,4.00 280,000.00 1,875,131.58 572,807.10 107,472.42 
1,171.24 856.99 
1,637.34 
21,143.79 532.13 
347,025.33 
659,127.54 150,583.70 199,770.30 
107.00 
15,892,501.57 
 
4,357.50 
 
4,357.50 $ 
 
659,127.54 $ 200,000.00 
859,127.54 $ 
 
150,583.70 54,317.60 $ 
204,901.30 $ 
 
12,035,673.74 1,133,849.89 7,936.91 
 
17,315.84 17,315.84 $ 
 
17,402.68 
4,357.50 120.00 
1,430.25 
809,711.24 254,317.60 
17,315.84 
14,282,115.65 
 
741.11 
741.11 99,198.95 $ 419,846.40 
 
10,491.09 10,491.09 $ -47,792.45 $ 47,802.95 
 
142,150.83 
142,150.83 -62,750.47 $ 732,363.22 
 
1,340,494.22 $ 20.831, 175.00 
 
0.00 0.00 0.00 0.00 1,610,385.92 22,867,539.52 
 
519,045.35 $ 
 
10.50 $ 
 
669,612.75 $ 22,171,669.22 $ 24,477,925.44 
 
-5- 
 
 MIDDLE GEORGIA COLI EGE STATEMENT OF CURRENT FUNDS REVENUES EXPENDITURES 
AND OTHER CHANGFS YEAR ENDED JUNE 30 1995 
 
EXHIBIT"C" 
 
REVENUES 
Slate Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Enc:towment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources 
Total Revenues 
EXPENDITURES AND MANDATORY TRANSFERS 
Educational and General Instruction Public Service Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Mandatory Transfers for: Investment Income for Enc:towment Prtncipal 
Auxiliary Enterprises Student Housing Faculty and Staff Housing Food Services Stores and Shops Intercollegiate Athletics other Service Units 
Total Expenditures and Mandatory Transfers 
OTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS) 
Excess of Restricted Receipts over Transfers to Revenues Transfers for Renewals and Replacements Transfers for capital Projects Prior Pertod Adjustments (Net) Remittances to the Board of Regents of the 
University System of Georgia Prior Yea(s Unrestricted Fund Balance Surplus 
Total other Transfers and Addltions/(Deductions) 
Nel lncrease/(Decrease) in Fund Balances 
 
UNRESTRICTED 
 
RESTRICTED 
 
TOTAL (Memorandum 
On!l'.J 
 
$ 
 
7,216,918.00 
 
2,263,341.26 
 
8,686.86 $ 
 
28,145.02 1,440,958.10 
196,241.87 
 
$ 
 
11,154,291.11 $ 
 
$ 1,871,679.11 
575,641.61 117.27 
1,750.00 20,840.83 
2,470,028.82 $ 
 
7,216,918.00 2,263,341.26 1,880,365.97 
575,641.61 117.27 
1,750.00 20,840.83 28,145.02 1,440,958.10 196,241.87 
13,624,319.93 
 
$ 
 
4,277,745.39 $ 
 
764,404.90 914,381.45 1,913,492.17 1,670,316.01 
25,305.00 
 
630,001.02 28,343.94 80,445.37 
117,194.39 255,898.89 
21,966.28 
 
$ 
 
10,699,494.81 $ 
 
563.28 $ 46,079.46 323,018.36 12,779.13 178,624.23 1,908,964.36 
741.11 
2,470,769.93 $ 
 
4,278,308.67 46,079.46 
1,087,423.26 927,160.58 
2,092,116.40 1,670,316.01 1,934,269.36 
741.11 
630,001.02 28,343.94 80,445.37 
117,194.39 255,898.89 
21,966.28 
13,170,264.74 
 
$ 
 
$ 
 
-142,150.83 
 
-10,491.09 
 
21,675.92 
 
-25,501.92 $ 
 
-25,501.92 -142,150.83 
-10,491.09 21,675.92 
 
-17,402.68 
 
$ 
 
-148,368.68 $ 
 
-25,501.92 $ 
 
-17,402.68 -173,870.60 
 
$ 
 
306427.62 $ 
 
-26,243.03 $ 
 
280,184.59 
 
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 1995 
 
EXHIBIT"D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
REPORTING ENTITY Middle Georgia College is one ofthirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System of Georgia, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations 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 (surplus) 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 of Governmental Accounting and Financial Reporting Standards. 
FUND ACCOUNTING In order to ensure observance oflimitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. 
Within each fund group, the College's fund balance allocations and designations represent those portions of the fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. 
Fund groups and funds presented in the accompanying financial statements are as follows: 
CURRENT FUNDS 
UNRESTRICTED - the fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, i.e., instruction, 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 1995 
 
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 of gift 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 of a stated period oftime or the occurrence of a particular event, all or part of the principal may be expended. While quasi-endowment funds have been established by the College for the same purposes as endowment funds, any portion of quasi-endowment funds may be expended. Restricted quasi-endowment funds may be expended only for the purposes established by the source of such funds. 
PLANT FUNDS 
UNEXPENDED - the fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. 
RENEWALS AND REPLACEMENTS - the fund used to account for resources set aside for the renewal and replacement ofinstitutional properties. 
INVESTMENT IN PLANT - the fund which shows the total amounts representing the book value of all physical .properties owned by the College. Net Investment in Plant is an equity account showing the total book value ofphysical properties belonging to the College less the amount of any 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 of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. 
 
- 8- 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXIIlBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
BASIS OF ACCOUNTING Contractual obligations for services which have not been performed and for goods which have not been delivered at the end of the fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances 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 of encumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. 
Compensated absences represent obligations of the 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$405,127.70 and the related current year expenditure of$10,990.59 have not been reported in the current funds as required by generally accepted accounting principles. 
Prior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations of the State ofGeorgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. 
To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf of the College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. 
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 of the agreement at the net present value of the future minimum lease payments, not to exceed the fair value of the leased property. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. 
 
- 9- 
 
 MIDDLE GEORGIA COLLEGE NOTES TO Tiffi FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT"D" 
 
NOTE I: 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 appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 19941995. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The budget allocation and disbursement of these funds is made to the various organizational units by the Administrative Central Office. In addition, the organizational units receive Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. 
 
A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object class was overspent by the amount identified below: 
 
Operating Expenses: Education, General and Departmental Services 
 
$ 37 061 56 
 
This overexpenditure ofbudget constitutes a violation ofBoard ofRegents policy, but does not constitute a statutory violation of budget authority. Statutory violations of budget authority are reported at the departmental level. 
 
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, 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. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. 
 
- 10 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXIIlBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
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 of goods and services that will benefit periods subsequent to the balance sheet date. 
MEMORANDUM ONLY -TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" to indicate that these totals are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: 
(1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations ofthe United States or ofthe State of Georgia. 
(2) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofthe counties or municipalities ofthe State of Georgia. 
(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. 
(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. 
 
- 11 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE30 1995 
 
EXHIBIT "D" 
 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (5) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofa subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. 
 
(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. 
 
As authorized in the Official Code ofGeorgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board ofRegents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. 
 
The treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. 
 
CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as ofJune 30, 1995, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: 
 
Category 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the College or by its agent in the College's name. 
 
Category 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the College's name. 
 
Category 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. 
 
Cash Deposits Investment Portfolio Accounts 
 
Canying Amount 
 
Bank Balances 
 
Risk Cate152!!es 2 
 
s S 1,996,208.00 $ 2,640,750.46 
 
400,000.00 S 2,240,750.46 
 
~ 
 
9103.00 
 
S 
 
9103.00 
 
Total Cash Deposits 
 
$~ $~ $~ $~ $~ 
 
- 12 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT"D" 
 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
 
CATEGORIZATION OF INVESTMENTS Investments are summarized and classified as to custodial credit risk within the three categories described below: 
 
Category 1 - Insured or registered, or securities held by the College or its agent in the College's name. 
 
Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the College's name. 
 
Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the College's name. 
 
The carrying amounts of investment balances as ofJune 30, 1995, are categorized below: 
 
~ of Investment 
Common Stock Coq,orateBonds U. S. Govermnent Securities 
 
Risk Categories 2 
 
Carrying Amount 
 
Marl<et Value 
 
$ 197,786.32 $ 63,713.61 153 064.46 
 
0.00 $ 
 
0.00 $ 197,786.32 $ 250,029.00 
 
63,713.61 
 
65,768.00 
 
153 064.46 
 
211 333.00 
 
$ ~ S______!l.l!il $ ____lLl!l! $ ~ $ ~ 
 
NOTE 3: INVESTMENT IN PLANT 
 
The following is a summary oflnvestment in Plant fixed assets as ofJune 30, 1995: 
 
Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections 
Total Investment in Plant 
 
$ 
 
18,400.00 
 
16,183,308.97 
 
2,046,401.63 
 
2,072,032.45 
 
1851526.17 
 
$ 22 )7) 669 22 
 
NOTE 4: RISK MANAGEMENT 
 
Middle Georgia College is a participant in the Board ofRegents of the University System of Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the audit report ofthe Board ofRegents ofthe University System of Georgia - Administrative Central Office. All units ofthe University System of Georgia share the risk ofloss for claims of the Health Benefits Plan. The Health 
 
- 13 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
ruNE 30 1995 
 
EXHIBIT"D" 
 
NOTE 4: RISK MANAGEMENT 
Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of$1,000,000.00 per person and dental coverage up to an annual maximum of $1,000.00 per person. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the Health Benefits Plan as established by the Board ofRegents. 
The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS services claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts ofcommercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the state agencies by DOAS to provide claims servicing and claims payment. 
A self-insured program of professional liability for its employees was established by the Board ofRegents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out ofthe performance oftheir duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund. 
NOTE 5: RETIREMENT PLANS 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
Plan Description Middle Georgia College participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The College's payroll for the year ended June 30, 1995, for employees covered by TRS was $5,376,826.98. The College's total payroll for all employees was $6,372,748.47. 
Benefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age of 55 years and has at least 25 years of creditable service. For those members with 30 years of service 
 
- 14 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
ruNE 30 1995 
 
EXHIBIT"D" 
 
NOTE 5: RETIREMENT PLANS 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
Benefits or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number of years of creditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of7"/4 for each month the member is below age 60, or by 7"/4 for each year or fraction thereofby which the member has Jess than 30 years of service. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. 
Retirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years of service) and compensation up to the date of death or up to the time of disability. 
Members become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. 
Contributions Required and Contributions Made Employees of the College who are covered by TRS are required to pay 5% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1995, the employer contribution rate was 11.81% for covered employees. In addition, the College contributed 5.60% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. The interest rate assumption (rate of return on investments) was 7.50%. 
Total contributions to the plan made during fiscal year 1995 amounted to $916,287.08, of which $647,445.05 was made by the College and $268,842.03 was made by employees. These contributions represented 12.04% (College) and 5% (employees) of covered payroll. 
Funding Status and Progress Pension Benefit Obligation 
The amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value of credited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of 
 
- 15 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHJBIT"D" 
 
NOTES: RETIREMENTPLANS 
 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
 
Funding Status and Progress Pension Benefit Obligation 
projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers of the PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS. 
 
The total unfunded pension benefit obligation ofTRS as of June 30, I994, which was the latest information available, was as follows: 
 
Total pension benefit obligation 
 
$15,313,743,000.00 
 
Net assets available for benefits, at cost 
 
14 254 785 000.00 
 
Unfunded pension benefit obligation 
 
$ 1 058 958 000 00 
 
The measurement ofthe total pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available for benefits were valued as ofthe same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. 
 
Retirement System Contributions Total contributions from all employers to TRS for the year ended June 30, 1995, were $565,117,811.00. The College's contribution for the year ended June 30, 1995, of$647,445.05 was actuarially determined and represented .1146% of total contributions made by all participating employers. 
 
Trend Information Historical trend information is presented in the financial report ofTRS for the year ended June 30, 1995. This information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. 
 
REGENTS RETIREMENT PLAN 
 
The State of Georgia provides optional pension benefits for eligible faculty and principal administrators through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. 
 
- 16 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE30 1995 
 
EXHIBIT"D" 
 
NOTE 5: RETIREMENT PLANS 
REGENTS RETIREMENT PLAN 
State legislation requires that the employer contribute 4% and the employee contribute 5% ofthe participating employee's earnable compensation. Amounts attributable to all plan contributions are fully vested and nonforfeitable at all times. The College's payroll for employees covered by the Regents Retirement Plan for the year ended June 30, 1995, was $222,189.67. The College's total payroll for all employees was $6,372,748.47. 
The College and the covered employees made the required contributions of $8,887.95(4%) and $11,109.55 (5%), respectively. 
GEORGIA DEFINED CONTRIBUTION PLAN 
Plan Description Middle Georgia College participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia in July 1993 for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees ofthe Employees' Retirement System ofGeorgia. The College's payroll for the year ended June 30, 1995, for employees covered by GDCP was $391,719.53. The College's total payroll for all employees was $6,372,748.47. 
Benefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. Ifa member has less than$ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. 
Contributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. 
Total contributions made by employees during fiscal year 1995 amounted to $29,402.19 which represents 7.50"/o of covered payroll. These contributions met the requirements of the plan. 
 
- 17 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXlilBIT "D" 
 
NOTE 6: LEAVE POLICIES 
Employees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation offorty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1  Basis of Accounting (Compensated Absences) 
Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. 
NOTE7: CONTINGENCIES 
Amounts received or receivable from granter agencies are subject to audit and adjustment by granter agencies. This could result in refunds to the granter agency for any expenditures which are disallowed under grant terms. The amount ofexpenditures which may be disallowed by the granter 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 an organizational unit of the Board of Regents of the University System of Georgia), if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1995. 
NOTE 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS 
Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-3-31, the Board of Regents of the University System of Georgia has established group health and life insurance programs for regular employees ofthe University System of Georgia. It is the policy of the Board ofRegents to permit employees ofthe University System of Georgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System of Georgia and who have at least ten years ofservice with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. 
As of June 30, 1995, there were 157 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1995, Middle Georgia College recognized as incurred $176,568.25 of expenditures, which was net of$57,610.14 of participant contributions. 
 
- 18 - 
 
 MIDDLE GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30 1995 
 
EXHIBIT"D" 
 
NOTE 9: BONDING INFORMATION 
 
The President and all employees of Middle 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 has been paid to October 1, 1995. 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 ofduty coverage insures the College to a maximum of$1,000,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment. 
 
All employees ofMiddle Georgia College are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626 011675 2 and 626 012294 4, on which the premiums have been paid to October I, 1995. Under these additional public employee dishonesty coverages, the policies insure the College to a maximum of$9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. 
 
NOTEl0: ENROLLMENT 
 
The equivalent full-time student enrollment of Middle Georgia College was as follows: 
 
Regular Term Fall Quarter, 1994 Winter Quarter, 1995 Spring Quarter, 1995 
 
1,751 1,592 1455 
 
Average 
 
I 600 
 
Summer School, 1994 
 
ill 
 
- 19 - 
 
  SUPPLEMENTARY INFORMATION - 21 - 
 
 MIQQLE ~EQB~IA COLLE!iE 
!;;OMBl!!ING ~ C E SHEET !;;URRENT F!,JNDS  !,lNRESTI!IC!ECl 
JUNE 30 1995 
 
EXHIBIT"E" 
 
~ Cash and Cesh Equivalents 
1 . . - Accounts Receivable 
Prepaid Items Due from Other Fund Groups 
Tolal Assets 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
AUXILIARY 
ENTERPRISES 
 
STUDENT ACTMTIES 
 
TOTAL 
 
214,61127 $ 54,454.59 113,130.20 5,333.36 
 
1,03421 $ 
 
146,768.78 $ 244,2-46.82 181,168.56 57,000.00 259,175.45 
 
91,834.18 $ 3,777.20 
 
456,246.44 302,478.81 294,298.76 62,333.36 259,175.45 
 
387,529.42 $ 
 
1,03421 $ 
 
890359.61 $ 
 
95,611.38 $ 1,374,534.62 
 
LIABILITIES ANQ FUND BALANCES 
Liabilities Accounts Payable Student Deposits Delarred Rewnue Tuition and Fees 
TolalUabilities 
Fund Balances Unrestricted 
 
88,188.94 217,242.29 305,43123 82,098.19 $ 
 
1,034.21 
 
40,144.99 $ 61,STT.78 
65,219.05 
166,941.82 $ 
 
1,246.74 $ 
12,580.00 13,828.74 $ 
 
129,582.67 61,577.78 
295,041.34 
466,201.79 
 
723,417.79 
 
81,782.64 
 
888,332.83 
 
Tolal Liabilities and Fund Balances 
 
387,529.42 $ 
 
1,03421 $ 
 
890,359.61 $ 
 
95611.38 $ 1,374,534.62 
 
See accompanying notes and Independent Accountant's Combined Report on Review d Financial Statements and Supplementary Information. 
-22 
 
 MIDDbE GEORGIA CO!..Ll;GI; QQMBINING STATEMENT QF CHANGE IN F!.!NP ~~~Q~S 
QURB!;~T E!.!NQ  UNRl;TBIQT~g YEAR ENDED JUNE 30 1995 
 
EXHIBIT"P 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
AUXILIARY ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
REVENUES AND OTHER ADDITIONS 
Unrestricted Current Fund Revenues Adjustments 
Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided 
Total Revenues and Other Additions 
 
9,173,038.79 $ 
1,862.17 335.45 
9,175,236.41 $ 
 
237,400.00 $ 1,583,101.55 $ 
19,088.06 196.68 
237,400.00 $ 1,602,386.29 $ 
 
160,750.77 $ 11,154,291.11 
 
193.56 
 
21,143.79 532.13 
 
160,944.33 $ 11,175,967.03 
 
&iPfNQIT!.!RES AfiQ QTHER QEDUCTIQ~ 
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 (Su!plus) 
 
9,173,252.11 $ 
 
236,426.93 
 
1, 133,849.89 
 
17,402.68 
 
155,965.68 $ 
 
9,565,644.92 1,133,849.89 
 
17,402.68 
 
Total Expenditures and Other Deductions 
 
9,190,654.79 $ 
 
236,426.93 $ 1,133,849.89 $ 
 
155,965.68 $ 10,716,897.49 
 
TRANSFERS BElWEEN FUNDS 
 
Nonmandatory Renewals and Replacements Capital Projects 
Total Transfers Between Funds 
Net lnerease/(Decrease) for the Year $ 
FUNQ BALANCES JULY 1 1994 
 
-15,418.38 $ 97,516.57 
 
-142, 150.83 
 
973.07 $ 61.14 
 
-142,150.83 $ 326,385.57 $ 397,032.22 
 
-10,491.09 -10,491.09 $ 
-5,512.64 $ 87,295.28 
 
-142, 150.83 -10,491.09 
-152,641.92 306,427.62 581,905.21 
 
FUND M.t!NCES JUNE 30 1!!ll2 
 
82,098.19 $ 
 
1,034.21 $ 
 
n3,417.79 s 
 
81,782.64 $ 
 
688,332.83 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-23- 
 
  MIQQLE GEQRglA QQI I E~E 
~!NING STAT~M~NT QF CURRENT FUNDS BE~EtmE E~eE~QITUR&~ ANQ QTHER CHANGES UNRESTRICIEP 
VEAR ENDED JUNE 30 1995 
 
EXHIBIT"G" 
 
~ 
State Appropriations Tuttion and Fees Federal Grants and Contracts Sales and Servic:es d Educational Activities Sales and Sarvices d Auxiliary Enterprises Other Sources 
Total Revenues 
EXPENDITURES 
Educational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Felkw,tships 
Auxiliary Enterprises Student Housing Faculty and Staff Housing Food Servic:es Stores and Shops Intercollegiate Athletics Other Service Units 
Total Expendttures 
OTHER TRANSFERS AND ADDITIONS/ /DEDUCTIONS) 
Tran"""' for Renewals and Repiacernents Tra"""'"' for Capital Projec:ts Prior Period Adjustments (Net) Remittances to the Board of Regents 
d the University System d Georgia Prior Year's Unrestricted Fund Balance Surplus 
Total Other Transfers and Addltions/(Deductions) 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
AUXILIARY ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
6,979,518.00 $ 2,106,301.26 
8,686.86 28,145.02 
50,387.65 
9,173,038.79 $ 
 
237,<100.00 
1,440,958.10 142,143.45 
237,<IOO.OO $ 1,583,101.55 $ 
 
157,040.00 3,710.77 
 
7,216,918.00 2,263,341.26 
8,686.86 28,145.02 1,440,958.10 196,241.87 
 
160,750.77 $ 11,154,291.11 
 
4,235,919.10 $ 764,404.90 758,415.57 
1,718,891.53 1,670,316.01 
25,305.00 
9,173,252.11 $ 
 
41,826.29 
194,600.64 
630,001.02 28,343.94 80,445.37 
117,194.39 255,898.89 
21,966.28 236,426.93 $ 1,133,649.89 $ 
 
155,965.88 
 
4,277,745.39 764,404.90 914,381.45 
1,913,492.17 1,670,316.01 
25,305.00 
 
630,001.02 28,343.94 80,445.37 
117,194.39 255,898.89 
21,966.28 
 
155,965.86 $ 10,699,494.81 
 
2,197.62 -17,402.68 -15,205.06 
 
-142, 150.83 19,284.74 
 
10,491.09 193.56 
 
-142,150.83 -10,491.09 21,675.92 
 
-17,402.68 
 
-122,868.09 $ 
 
-10,297.53 $ 148,368.68 
 
Net lncrease/(Decrease) in Fund Balances 
 
-15,418.38 $ 
 
973.07 $ 
 
326,385.57 $ 
 
-5,512.64 $ 
 
306,427.62 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary lnformatton. 
-25- 
 
 MIDPI F GFORGIA cm LEGF 
SCHEDULE OF REVENUES AND EXPENDITURES COMPAREPTO BUDGET RESIDENT INSTRUCTION 
YEAR ENQFD JUNE 30 1995 
 
~ 
State Appropriations other Revenues Retained 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
PLANT FUNDS 
 
RENEWALS AND 
 
UNEXPENDED 
 
REPLACEMENTS 
 
6,979,518.00 
 
520,844.00 
 
2,193,520.79 $ _ __:2,._,4"-70"',028="'82=- _ _ _ _ _ _ s -----=o"'.oo~ 
 
9,173,038.79 $ 
 
2,470,028.82 $ 
 
520,844.oo s _ _ _ _ _o_.oo_ 
 
EXPENDITURES 
Personal 5ervices: Education, General and Departmental Services $ Sponsored Operations 
Operating Expenses: Education, General and Departmental Services Sponsored Operations 
Capital Outlay Special Funding Initiative 
 
7,525,155.89 $ 
1,605,618.56 
42,477.66 
 
291,608.74 
2, 178,420.08 $ 
 
579,127.54 $ 
 
204,901.30 
 
9,173,252.11 $ 
 
2,470,028.82 $ 
 
579,127.54 $ _ _ _204~,90_1._30_ 
 
Excess of Revenues aver Expenditures 
 
-213.32 $ 
 
(1) To eliminate tuition waivers not budgeted and to reclassify current year transfers and prior year fund balances budgeted as revenues. 
 
0.00 $ 
 
-58 283.54 $ ===-204==='90=1=.30= 
 
see accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-26- 
 
 SCHEDULE "1" 
 
TOTAL 
 
ADJUSTMENTS 
 
TOTAL (Budget Basis) 
 
BUDGET 
 
VARIANCEFAVORABLE (UNFAVORABLE) 
 
$ 
 
7,500,362.00 
 
4,663 549.61 $ 
 
237,890.34 
 
7,500,362.00 $ 4,901,439.95 
 
7,500,362.00 $ 5,251,762.00 
 
0.00 -350,322.05 
 
12,163,911.61 $ 
 
237,890.34 $ 
 
12,401,801.95 $ 
 
12 752124.00 $ 
 
-350,322.05 
 
$ 
 
7,525,155.89 
 
291,608.74 
 
1,605,618.56 $ 2,178,420.08 
784,028.84 42,477.66 
 
$ -25,305.00 
 
7,525,155.89 $ 291,608.74 
1,580,313.56 2,178,420.08 
784,028.84 42,477.66 
 
7,546,626.00 $ 324,669.00 
1,543,252.00 2,301,766.00 
993,139.00 42,672.00 
 
21,470.11 33,060.26 
-37,061.56 123,345.92 209,110.16 
194.34 
 
$ 
 
12,427,309.77 $ 
 
-25,305.00 $ 
 
12,402,004.77 $ 
 
12752,124.00 $ 
 
350,119.23 
 
$ 
 
-263398.16 $ 
 
263195.34 $ 
 
-202.82 
 
$ 
 
-202.82 
 
-27- 
 
 MIQPLE GEORGIA COi i EGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 
LOTTERY FOR EDUCATION 
YEAR ENDED JUNE 30 1995 
 
SCHEDULE "2" 
 
~ State Appropriations 
 
CURRENT FUNDS UNRESTRICTED 
 
PLANT FUNDS UNEXPENDED 
 
TOTAL 
(Budget Basis) 
 
BUDGET 
 
VARIANCE FAVORABLE (UNFAVORABLE) 
 
237,400.00 $ 
 
280,000.00 $ 
 
517,400.00 $ 
 
517,400.00 $ _ _ _ _..;.0-;;:.OOc. 
 
EXPENDITURES 
 
Equipment, Tec:hnology and Construction 
 
Trust Fund 
 
$ 
 
Special Funding Initiatives 
 
236,426.93 
 
280,000.00 
 
236,426.93 $ 280,000.00 
 
237,400.00 $ 280,000.00 
 
236,426.93 $ 
 
280,000.00 $ 
 
516,426.93 $ 
 
517,400.00 $ 
 
Excess of Revenues over Expenditures 
 
$ 
 
973.07 $ 
 
0.00 $ 
 
973.07 
 
$ 
 
973.07 0.00 
973.07 
973.07 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
28- 
 
 MIDDLE GEORGIA COi LEGE SCHEDULE OF OPERATIONS 
LOAN FUNDS YEAR ENDED JIINE 30 1995 
 
SCHEDULE"3" 
 
U.S. GOVERNMENT GRANTS REFUNDABLE Perkins Loan Fund 
INSTITUTIONAL LOANS - RESTRICTfn Thigpen Loan Fund Thomas Loan Fund 
 
FUND BALANCE JULY1, 1994 
 
ADDITIONS/ TRANSFERS 
 
DEDUCTIONS/ TRANSFERS 
 
FUND BALANCE JUNE 30, 1995 
 
179,815.01 $ 
 
- - - = 2,500.60 $ 
 
1,550.25 $ 
 
180,765.36 
 
1,769.04 $ 1,896.91 3,665.95 $ 
183,480.96 $ 
 
48.64 $ 52.09 
 
0.00 $ 
 
100.73 $ - - - - - =0= .00 $ 
 
======= 2,601.33 $ 
 
1,550.25 $ 
 
1,817.68 1,949.00 3,766.68 
184,532,04 
 
RECONCILIATION OF STUDENT NOTES RECEIVABLE 
Balance July 1, 1994 Add: 
Loans to Students 
Deduct: Repayment of Loans Loan cancellations and Write-Offs 
For Teaching and Nursing Services 
 
16,056.04 120.00 
 
169,416.91 14,999.00 
184,415.91 
16,176.04 
 
Balance June 30, 1995 
 
168,239.87 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary lnformatiOn. 
-29- 
 
 c/J 
 
G\J 
 
0 
 
C) 
 
( 
 
C 
 
?' 
 
~ I 
 
 El.!t,!Q ENDOWMENT 
Jacob, Anne Martin, Award Jelks, Lila Napier, D.A.R. 
Scholarship Fund Vodosic, Dean and Mrs. J. P. 
Award 
TERM ENDOWMENT Cook, Arch J., Scholarship Fund 
QUASI-ENDOWMENT - RESTRICTED Pace, John And Gussie, Scholarship Fund 
 
MIDDLE !.EQR!;,IA QQLI E!.E SCHl;;DULE OF OPERATION ENDOWMEtjT ANQ SIMILAR F!,!tjQl, YEAR ENDEQ JUNE 30 1995 
 
SCHEDULE 4 
 
FUND BALANCE JULY1, 1994 
 
ADDITIONS/ TRANSFERS 
 
DEDUCTIONS/ TRANSFERS 
 
FUND BALANCE JUNE 30, 1995 
 
$ 
 
3,250.00 
 
5,000.00 
 
2,228.62 $ 
 
$ 
 
10,478.62 $ 
 
$ 
33.05 33.05 $ 
 
0.00 $ 0.00 $ 
 
3,250.00 5,000.00 2,261.67 10,511.67 
 
$ 
 
383581.54 $ 
 
102,815.34 $ 
 
4,357.50 $ 
 
482,039.38 
 
$ 
 
25,786.24 $ 
 
708.06 $ 
 
$ 
 
419 846.40 $ 
 
103,556.45 $ 
 
0.00 $ 
 
26,494.30 
 
4,357.50 $ 
 
519,045.35 
 
See accompanying notes and Independent Accountant's Combined Report on RevteW of Financial Statements and Supplementary Information. 
-31- 
 
 MIDDLE GEORGIA COi LEGE 
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS AGENCV FUNDS 
YEAR ENDED JUNE 30 1995 
 
SCHEDULE "5" 
 
.El.!N.P 
PAYROLi DEDUCTIONS 
Federal Income Tax State Income Tax F.I.C.A. Retirement Group Insurance Tax Sheltered Annuity U.S. Savings Bonds United Fund Rent Garnishments Credit Union Deferred Compensation Georgia Defined Contribution Plan Miscellaneous Deductions 
EMPLOYER'S CONTRIB!IIIONS 
F.I.C.A. Retirement Group Insurance 
OTHER FUNDS 
AAUP Accounting Workshop Alumni Club Alumni Club Dues Baseball Club Black Gospel Choir Black Student Club College Republicans Club Computer:cIub Criminal Justice Club Elderhostel Engineering Club Faculty Development Fund Fellowship of Christian Athletes Flower Fund GED  General Education Development Gamma Bela Phi Georgia Association of Educators HOATTest Home Economics Fund lntercultural Relations Club Joyful Ministries Loan Matching Fund Middle Georgia College Ambassador's Club Middle Georgia College Business Club Middle Georgia College Christmas Party Middle Georgia College Ensemble Middle Georgia College Film Club Middle Georgia College French Team Middle Georgia College Trap/Skeet Club Off Campus Elderhostel Orientation 
 
BALANCE JULY 1, 1994 
 
RECEIPTS 
 
DISBURSEMENTS 
 
BALANCE JUNE 30, 1995 
 
$ 
 
-5.08 $ 
 
653,739.32 $ 
 
653,734.24 
 
236,440.19 
 
236,440.19 
 
-102.21 
 
436,436.98 
 
437,616.28 $ 
 
-1,281.51 
 
278,315.22 
 
278,315.22 
 
15,810.57 
 
280,834.56 
 
2n,669.69 
 
18,975.44 
 
-100.00 
 
57,949.63 
 
57,408.37 
 
441.26 
 
3,700.00 
 
3,700.00 
 
1,482.50 
 
1,482.50 
 
312.50 
 
4,000.00 
 
4,250.00 
 
62.50 
 
28,052.66 
 
28,052.66 
 
37,719.00 
 
37,719.00 
 
97,302.00 
 
97,302.00 
 
29,402.19 
 
29,402.19 
 
934.91 
 
934.91 
 
15,915.78 $ 
 
2,146,289.16 $ 
 
2,144,007.25 $ 
 
18,197.69 
 
$ 
 
-389.03 $ 
 
436,573.80 $ 
 
436,184.n 
 
-906.68 
 
655,504.25 
 
654,597.57 
 
34,352.90 
 
798,620.93 
 
797,824.63 $ 
 
35,149.20 
 
33,057.19 $ 
 
1,890,698.98 $ 
 
1,888,606.97 $ 
 
35,149.20 
 
$ 
 
105.00 $ 
 
30.00 $ 
 
44.10 $ 
 
90.90 
 
1,613.00 
 
600.00 
 
813.00 
 
806.94 
 
3,492.00 
 
2,482.86 
 
1,836.08 
 
610.00 
 
15.00 
 
625.00 
 
29.79 
 
2,952.40 
 
2,260.00 
 
722.19 
 
209.46 
 
209.46 
 
63.10 
 
63.10 
 
22.44 
 
7.00 
 
29.44 
 
25.86 
 
25.86 
 
148.n 
 
148.n 
 
219.75 
 
1,684.00 
 
794.59 
 
1,089.16 
 
683.35 
 
22.00 
 
661.35 
 
1,931.27 
 
1,931.27 
 
100.00 
 
38.22 
 
61.78 
 
199.89 
 
3.00 
 
85.00 
 
117.89 
 
3,187.57 
 
1,586.00 
 
2,310.98 
 
2,482.59 
 
142.46 
 
1,954.25 
 
1,637.00 
 
459.71 
 
358.91 
 
358.91 
 
2,040.00 
 
1,758.30 
 
281.70 
 
245.06 
 
6.83 
 
245.06 
 
6.83 
 
130.61 
 
967.00 
 
1,097.61 
 
17.70 
 
17.70 
 
3,245.35 
 
90.36 
 
3,335.71 
 
140.00 
 
2,329.33 
 
1,578.72 
 
890.61 
 
96.47 
 
311.50 
 
280.73 
 
127.24 
 
112.00 
 
834.00 
 
862.00 
 
84.00 
 
1,896.31 
 
17,209.50 
 
16,643.33 
 
2,482.48 
 
250.00 
 
250.00 
 
690.07 
 
5,330.50 
 
-4,640.43 
 
500.00 
 
260.00 
 
240.00 
 
4,598.63  
 
61,127.00 
 
50,742.82 
 
14,982.81 
 
5,185.03 
 
10,375.00 
 
13,912.23 
 
1,647.80 
 
-32- 
 
 MIDDLE GEORGIA COLLEGE SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS 
AGENCY FUNDS YEAR ENDED JliNE 30 1995 
 
SCHEDULE "5" 
 
EVliP 
OTHER FUNDS 
Phi Theta Kappa President's Discretion Fund Quintas Stellas Club Region 17 Tournament Retired Employees' Group Insurance Raloract Club SAT Tests Scholarships and Grants 
Regents' Scholarship Fund other Scholarships (List on File) Student National Education Association Students Against Drunk Driving Warriors Club Young Democrats 
 
BALANCE JULY 1, 1994 
 
RECEIPTS 
 
DISBURSEMENTS 
 
BALANCE JUNE 30, 1995 
 
$ 
 
529.06 
 
$ 
 
529.06 
 
1,604.40 $ 
 
4,883.10 $ 
 
6,219.89 
 
267.61 
 
206.78 
 
10.00 
 
38.41 
 
178.37 
 
6,327.00 
 
6,327.00 
 
5,575.21 
 
68,681.24 
 
71,018.22 
 
3,238.23 
 
438.32 
 
612.35 
 
155.33 
 
895.34 
 
5,163.34 
 
5,250.00 
 
6,287.55 
 
4,125.79 
 
22,144.50 68.01 85.15 
114.24 21.89 
 
2,600.00 90,421.29 
7.84 
 
2,600.00 86,985.45 
 
25,580.34 68.01 85.15 
122.08 
21.89 
 
$ 
 
60,362.62 $ 
 
288,940.06 $ 
 
282,797.90 $ 
 
66.504.78 
 
$ 
 
109335.59 $ 
 
4,325,928.20 $ 
 
4.315412.12 $ 
 
119,851.67 
 
See accompanying notes and Independent Accountant's Combined Report on RevieW of Financial Statements and Supplementary Information. 
.33. 
 
 MIDDLE GEORGIA COLLEGE CASH AND CASH EQUIVALENTS 
JUNE30 1995 
 
SCHEDULE"6" 
 
NONINTEREST BEARING ACCOUNTS 
State Bank of Cochran, Cochran, Georgia 
INTEREST BEARING ACCOUNTS 
Citizens Bank of Cochran, Cochran, Georgia 
Certificates of Deposit (3.20%) Insured Money Market Account (2.65%) Passbook Savings Account (275%) 
State Bank of Cochran, Cochran, Georgia 
Insured Money Market Account (3.14%) 
OTHER 
cash on Hand Petty Cash 
 
$ 
 
1,675,308.58 
 
28,054.11 42,960.86 149,273.94 $ 
 
220,288.91 
 
100,610.51 
 
320,899.42 
 
5,900.00 s =.,,.:2;,;002~~108~.oo~ 
 
See accompanying notes and Independent Accountant's Combined Report on RevieW of Financial Statements and Supplementary Information. 
.34. 
 
 Investment Accounts Merrill Lynch, Incorporated Macon, Georgia Investment Portfolio Account Cash Common Stock Corporate Bonds Money Market Funds U. S. Government securities 
 
MIDDLE GEORGIA COLL FGE 
INVESTMENTS JUNE30 1995 
 
SCHEDULE"r 
54.00 197,786.32 63,713.61 
9,049.26 153,064.46 
$ ==.;;423=86;;;,7~.65;;;;, 
 
See accompanying notes and Independent Accountant's Combined Report on RevieW of Financial Statements and Supplementary lnfonnation. 
 
 Federal Grams and Contracts Research and Instruction Student Aid 
State Grams and Contracts Student Aid 
other Agency Fund OVerpaymems F.I.CA. Returned Checks Student Accoums Student Notes Vendor Credtt Memos other 
 
MIDDLE GEORGIA COi LEGE ACCOUNTS RECEIVABLE JUNE30 1995 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
$ 
 
101,221.69 
 
78,486.51 
 
124,190.00 
 
$ 
 
19,953.09 
 
71,556.46 
 
8,495.35 202,473.71 
 
$ 
 
302478.61 $ 
 
303898.20 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and SuppJementary Information. 
-36- 
 
 SCHEDULE"S- 
 
LOAN FUNDS 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
AGENCY FUNDS 
 
TOTAL 
101,221.69 78,486.51 
124,190.00 
 
$ 
 
168,239.87'. 
 
$ 
 
168239.87 $ 
 
$ 7,922.96 7,922.96 $ 
 
1,281.51 
 
1,281.51 19,953.09 71,556.46 168,239.87 8,495.35 210,396.67 
 
1281.51 $ 
 
783,821.15 
 
-37- 
 
 MlPPI EGEORGIA cor LEGE 
CHANGES IN INVESTMENT IN PLANT 
YEAR ENDED JUNE 30 1995 
 
Land Buildings Improvements other Than Buildings Equipment Library Books and Collections 
 
BALANCE JULY 1, 1994 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
$ 
 
18,400.00 
 
15,478,320.12 
 
1,800,686.04 
 
1,730,329.47 $ 
 
210,898.96 $ 
 
88,039.57 
 
1,803,439.37 
 
48,086.80 
 
$ 
 
20,831,175.00 $ 
 
258,985.76 $ 
 
88,039.57 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-38- 
 
 SCHEDULE"9" 
 
ADDITIONS 
 
PLANT FUNDS 
 
RENEWALS AND 
 
UNEXPENDED 
 
REPLACEMENTS 
 
GEORGIA STATE FINANCING AND 
INVESTMENT COMMISSION 
 
$ 
 
580,437.69 $ 
 
70,689.85 
 
8,000.00 
 
95,303.60 $ 4,503.00 
so,m.10 
 
29,247.56 170,522.74 
$ 
 
PRIVATE GIFTS 
 
DEDUCTIONS DISPOSALS/ DELETIONS/ ADJUSTMENTS 
 
BALANCE JUNE 30, 1995 
 
$ 
 
18,400.00 
 
16, 183,308.97 
 
2,046,401.63 
 
1,303.19 $ 
 
17,315.84 
 
2,072,032.45 
 
1,851,526.17 
 
$ 
 
659127.54 $ 
 
150,583.70 $ 
 
199,770.30 $ 
 
1 303.19 $ 
 
17,315.84 $ 
 
22,171,669.22 
 
-39- 
 
 MIDDLE GEORGIA COLLEGE 
SCHF PLJl F OE FUND BAI ANCES 
CURRENT FUNDS AND PLANT FIINDS 
JUNE31l 1995 
 
RESIDENT INSTRUCTION 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
LOTTERY FOR 
 
AUXILIARY 
 
EDUCATION 
 
ENTERPRISES 
 
STUDENT ACTIVITIES 
 
NET INVESTMENT IN PLANT 
 
Investment in Plant Faciltties 
 
RESTRICTED 
 
Designated for Subsequent Years' Expenditures 
 
UNRESTRICTED 
 
Designated 
 
For Bus Replacement Reserve 
 
For Equipment, Technology and Construction Trust Fund 
 
1,034.21 
 
For Intercollegiate Athletics 
 
37,034.79 
 
For Inventory Reserve 
 
74,742.n 
 
181,168.56 
 
For Renewals and Reptacements Reserve 
 
For Subsequent Years' Expenditures 
 
505,214.44 $ 
 
81,782.84 
 
For Uncolleclible Accounts 
 
5,371.12 
 
Undesignated 
 
Surplus 
 
Regular 
 
1,984.30 
 
Lottery for Education 
 
$ -----"'82=-,098=."-19c.$ 
 
1,034.21 $ 
 
723.417.79 $ ----"-81a.,.7:.,8;2-c=-64.,_ 
 
$ ====82=098===19.,$ 
 
1 034.21 $ 
 
723 417.79 $ =====8=1._,78~2..8. 4:b 
 
See accompanying notes and Independent Accountant's Combined Report on Review or Financial Statements and Supplementary Information. 
-40- 
 
 SCHEDULE "1 O" 
 
RESTRICTED 
 
PLANT FUNDS 
 
UNEXPENDED 
 
LOTTERY FOR 
 
RENEWALS AND 
 
REGULAR 
 
EDUCATION 
 
REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
TOTAL 
 
22,171,669.22 $ 
 
22, 171,669.22 
 
$ _ _ _44~_=_.7_5 
 
$ --~44~~722=.7~5 
 
$ 
 
66,520.19 
 
603,092.56 
 
$ 
 
66,520.19 
 
1,034.21 37,034.79 255,911.33 603,092.56 586,997.08 5,371.12 
 
$ 
 
10.50 
 
_ _ _ _ _ _ s _ _ _ _..::co."'ooa. 
 
10.50 $ 
 
0.00 $ _ _ _669~,6_1_2_.75_ 
 
1,994.80 0.00 
$ _ _1~,557=,956==08~ 
 
44,722.75 $ 
 
10.50 $ 
 
0.00 $ 
 
669 612.75 $ 
 
22,171 669.22 $ 
 
23,n4,348.os 
 
-41- 
 
 State Appropriations Allolmenls from the Board of Regents of the University System of Georgia Regular Special Funding Initiative Lottery Proceeds 
other Revenues Retained Tuition and Fees Matriculation Other 
Federal Grants and Contracts Research and Instruction student Aid Contract OVerhead 
State Grants and Contracts Research and Instruction Student Aid 
Local Grants and Contracts Research and Instruction 
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 Donations Interest Earned Rents Other 
 
MIDDLE GEORGIA COLLEGE 
SCHEDULE OF REVENUES CURRENT FIINPS 
YEAR ENDED JUNE 30 1995 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
UNRESTRICTED AUXILIARY 
ENTERPRISES 
 
$ 
 
6,936,846.00 
 
42,672.00 
 
$ 
 
$ 
 
6,979,518.00 $ 
 
237,400.00 237,400.00 
 
$ 
 
2,083,681.26 
 
22,620.00 
 
8,686.86 
 
28,145.02 
 
9,735.18 40,652.47 
 
$ 
 
2,193,520.79 
 
$ 
 
1,440,958.10 
 
116,641.93 1,694.35 
 
23,807.17 
 
$ 
 
1,583,101.55 
 
$ 
 
9173008.79 $ 
 
237,400.00 $ 
 
1 583101.55 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-42- 
 
 SCHEDULE "11" 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
RESTRICTED RESIDENT 
INSTRUCTION 
 
TOTAL 
 
$ 
 
6,936,846.00 
 
42,672.00 
 
237,400.00 
 
$ 
 
7,216,918.00 
 
$ 
 
6,936,846.00 
 
42,672.00 
 
237,400.00 
 
$ 
 
7,216,918.00 
 
$ 
 
2,083,681.26 
 
$ 
 
157,040.00 
 
179,660.00 
 
2,083,681.26 179,660.00 
 
8,686.86 
 
548,908.58 1,322,no.53 
 
548,908.58 1,322,no.53 
8,686.86 
 
12,038.61 563,603.00 
 
12,038.61 563,603.00 
 
117.27 
 
117.27 
 
1,750.00 
 
1,750.00 
 
28,145.02 1,440,958.10 
 
20,840.83 
 
20,840.83 28,145.02 1,440,958.10 
 
1,541.17 2,169.60 
 
116,641.93 3,235.52 9,735.18 
66,629.24 
 
116,641.93 3,235.52 9,735.18 
66,629.24 
 
$ 
 
160,750.n s 
 
3,937,373.11 $ 
 
2,470,028.82 $ 
 
6,407,401.93 
 
$ 
 
160,750.n s 
 
11,154,291.11 $ 
 
2,470,028.82 $ 
 
13,624,319.93 
 
-43- 
 
 M!PQI E GEORGI.A 001 LEGE 
SCHEDULE OF EXPENDITURES QY OR.lfCI 
CLJRRfNT FUNDS 
YEAR fNQEQ JUNE 3Q 1995 
 
PERSONAL SfRVICfS 
Salaries and Wages Employer's Contributions for: 
F.I.C.A. Retirement Group Insurance Liability Insurance Unemployment 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 Program Scholarships, Fellowships, Prizes, Awards and other Other Operating Expenses Publications and Printing Equipment Non-Inventory Computer Charges Software Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contraots Equipment Lease/Purchase of Equipment Inventory 
QI!:!m 
EQUIPMENT. TECHNOLOGY AND CONSTRUCTION TRUST FUND other Costs SUpplies and Materials Equipment Non-Inventory Software Equipment lnventO<Y 
SPECIAL FUNDING INITIATIVES Personal Services Salaries and Wages Employers Contributions for: F.I.C.A. Retirement Group Insurance 
other Costs Supplies and Materials Software Equipment Non-Inventory 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
UNRESTRICTED AUXILIARY 
ENTERPRISES 
 
5,565,131.26 
388,301.64 582,762.20 775,859.79 
"'8,500.00 4,484.00 
160 117.00 
7 525155.89 
 
520,570.28 32,125.49 47,283.94 77,768.81 
677 748.52 
 
92,818.86 22,594.55 337,130.52 107,621.28 390,847.15 16,567.29 21,571.31 
18,664.80 25,305.00 102,680.23 27,471.85 
74,237.97 5,588.40 19,284.86 
139,005.90 
58,335.26 7,251.37 
15,252.00 123389.96 
1 605618.56 
 
5,772.80 11,116.95 97,244.54 18,352.50 135,439.91 14,233.74 33,392.35 
40,473.44 45,979.41 
1,827.23 
4,265.79 
2,009.91 14,771.60 
31,221.20 
456101.37 
 
9,362.07 80,007.!)6 28,437.00 118,620.80 236,426.93 
30,630.00 2,308.50 3,617.40 2,083.00 
38,638.90 985.01 550.00 
2,303.75 42.477.66 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
 
-44- 
 
9173.252.11 $ 
 
236.426.93 $ 
 
1,133,849.89 
 
 SCHEDULE M12" 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
RESTRICTED RESIDENT 
INSTRUCTION 
 
TOTAL 
 
17,845.50 $ 
 
6,103,547.04 $ 
 
139.03 
 
420,566.16 630,046.14 853,628.60 
48,500.00 4,484.00 
160,117.00 
 
$ - ~ = = ~ 17,984.53 
 
8 220 888.94 $ 
 
238,571.43 $ 15,058.19 22,427.43 15,551.69 
291,608.74 $ 
 
6,342,118.47 
435,624.35 652,473.57 869,180.29 
48,500.00 4,484.00 
160,117.00 
8,512 497.68 
 
771.64 $ 70,202.38 
3,081.72 
13,743.74 3,540.70 10,025.90 1,860.34 1,156.70 31,875.23 
---'7=23=.00= 137,981.35 $ 
 
99,363.30 $ 33,711.50 504,577.44 129,055.50 526,287.06 30,801.03 54,963.66 
18,664.80 65,778.44 162,403.38 32,839.78 
88,529.66 5,588.40 
23,155.11 154,934.20 
121,431.69 7,251.37 
15,252.00 125112.96 
2199,701.28 $ 
 
5,372.80 $ 45,456.56 
6,918.80 
56,000.34 1,008,964.36 
25,172.17 
18,885.74 16,888.34 
285.89 6,435.51 
88,039.57 2,178,420.08 $ 
 
104,736.10 33,711.50 550,034.00 129,055.50 526,287.06 37,719.83 54,963.66 
74,665.14 1,974,742.80 
187,575.55 32,839.78 
107,415.40 5,588.40 
40,043.45 155,220.09 
127,867.20 7,251.37 
15,252.00 213,152.53 
4,378, 121.36 
 
9,362.07 
80,007.06 28,437.00 118,620.80 236426.93 
 
9,362.07 
80,007.06 28,437.00 118.620.80 236,426.93 
 
30,630.00 
2,308.50 3,617.40 2 083.00 
38,638.90 
985.01 550.00 
2 303.75 
42 477.66 
 
30,630.00 
2,308.50 3,617.40 2 083.00 
38,638.90 
985.01 550.00 
2 303.75 
42,477.66 
 
155,965.88 $ 10,699.494.81 $ 
 
2.470,028.82 $ 13,169,523.63 
 
-45- 
 
 MIDDLE GEORGIA COLLEGE SCHEDULE OF EXPENDITURES BY OBJECT 
PLANT FUNDS 
YEAR ENDED JUNE 30 1995 
 
SCHEDULE "13" 
 
CAPITAL OUTLAY 
Supplies and Materials Repairs and Maintenance Rents (Other than Real Estate) other Expenses Equipment 
Non-lnventOI)' Telecommunications Per Diem, Fees and Contracts 
Per Diem and Fees Contracts Equipment lnventOI)' 
OTHER 
SPECIAL FUNDING INITIATIVES other Costs Per Diem, Fees and Contracts Contracts 
 
UNEXPENDED 
 
LOTTERY FOR 
 
REGULAR 
 
EDUCATION 
 
RENEWALS AND REPLACEMENTS 
 
TOTAL 
 
$ 
 
92,455.89 
 
49,908.08 
 
3,236.60 
 
2,891.50 
 
11,748.39 422.55 
 
107,642.30 302,822.23 
 
8,000.00 
 
579,127.54 
 
$ 
 
11,960.34 $ 
 
104,416.23 
 
10,088.50 
 
59,996.58 
 
3,236.60 
 
336.00 
 
3,227.50 
 
22,348.94 
 
34,097.33 422.55 
 
88,985.74 20,404.68 
 
196,628.04 323,226.91 
 
50,777.10 
 
58,777.10 
 
$ 
 
204,901.30 $ 
 
784,028.84 
 
$ _ __,280=ecooo=.oo= 
 
579127.54 $ 
 
280000.00 $ 
 
$ --~280=,ooo=ccooc. 204,901.30 $ ====1=064==,;,02=8=.84= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-46- 
 
 MIDDLE GEORGIA COLLEGE 
RECONCILIATION OF Al ARIES ANn WAGES AND TRAVEL YEAR ENDE P JUNE 30 1995 
 
SCHEDULE "14" 
 
Totals per Annual Supplement 
Accruals June 30, 1995 
Adjustments Prepaid Items - June 30, 1994 
Snell, Terry A., Jr. 
Totals per Report 
DISTRIBUTION BY FUND 
CURRENT FUNDS Unrestricted Resident Instruction Regular Special Funding Initiative Auxiliary Enterprises Studen!Aclivilies Restricted Resident Instruction 
 
SALARIES AND WAGES 
 
$ 
 
6,368,835.63 $ 
 
TRAVEL 103,974.25 
 
971.85 
 
3,912.84 
 
-210.00 
 
$ 
 
s3n.748.47 $ 
 
104 736.10 
 
$ 
 
5,565,131.26 $ 
 
30,630.00 
 
520,570.28 
 
17,845.50 
 
238,571.43 
 
92,818.86 
s,m.eo 771.64 
s.3n.eo 
 
6 372 748.47 $ 
 
104 736.10 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-47- 
 
 SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS 
 
 MIDDLE GEORGIA COLLEGE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS 
YEAR ENDED JUNE 30 1995 
 
STATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS 
 
The status of findings disclosed in the review report for the year ended June 30, 1994, is summarized below: 
 
Audit Control Number 
 
Status of Finding 
 
584-91-002 584-91-006 584-94-01 
 
Corrective Action Implemented No Corrective Action Implemented See Audit Control Number 584-95-01 
 
PRIOR YEAR/CURRENT YEAR 
 
REVENUES/RECEIVABLES/RECEIPTS Student Accounts Receivables Not Supported by Financial Aid Financial Statements Audit Control Number 584-95-01 
 
The review report for the year ended June 30, 1994, disclosed that Middle Georgia College had $18,373.61 in student accounts receivable which were not supported by approved financial aid. On June 30, 1995, the balance had increased to $19,600.32 in student accounts receivable which were not supported by approved financial aid. There is no provision in the policies of the Board ofRegents for deferments of student accounts without the student having approved financial aid at the time of registration. This condition occurred because management disregarded the policies of the Board of Regents. 
 
Collection ofstudent accounts receivable should be made on at least a quarterly basis, and no student should be granted a deferment without having approved financial aid. It is recommended that legal means be used to collect all student accounts receivable, if necessary. 
 
CURRENT YEAR 
 
DRUG-FREE WORKPLACE ACT Failure to Implement a Drug Awareness Program Federal Financial Assistance Audit Control Number 584-95-02 
 
According to the provisions ofP.L. 100-690, all grantees that have been approved or awarded a direct Federal grant on or after March 18, 1989, are required to certify that a drug-free workplace is maintained. Such certification is a precondition of receiving a direct Federal grant. Our review disclosed the College was awarded a grant from the U.S. Department of Education in support of the Pell Grant Program (84.063). However, it was noted no drug awareness program was established. This program must inform employees ofthe dangers of drug abuse in the workplace, of the grantees policy for maintaining a drug-free workplace and ofany available drug rehabilitation and employee assistance programs. This condition occurred because management claimed it was unaware ofthis requirement. The College should develop a drug-free awareness program that includes all the elements of the drug-free policy. 
 
 MIDDLE GEORGIA COLLEGE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS 
YEAR ENDED JUNE 30 1995 
CURRENT YEAR 
TYPES OF SERVICES/ALLOWED OR UNALLOWED Award not Properly Calculated Federal Financial Assistance Pell Grant Program (84.063) Finding Resolved Audit Control Number 584-95-03 
For the year under review, an examination of the records of twenty-five students who received Pell Grants revealed that one student was underpaid a total of$192.00. Federal regulations (34 CFR 690.62) state that the amount of a student's Pell Grant for an academic year is based upon the payment and disbursement schedules published by the U.S. Department ofEducation each award year. For fiscal year 1995 the student was awarded $1,341.00 based on anticipated enrollment status for the year. The student enrolled one quarter at three fourths enrollment status, however was paid at half-time enrollment. This underpayment occurred due to an oversight in the Financial Aid Department. 
In the subsequent period a payment was made to the student for $192.00 to correct this underpayment. 
ELIGIBILITY Failure to Document Eligibility Certification Federal Financial Assistance Audit Control Number 584-95-04 
Federal Regulations (34 CFR 668 Subpart A, 668.11, 682.200 and 682.600) require Middle Georgia College to be an eligible institution of higher education in order to participate in the Title IV (Student Financial Assistance) Programs. During the year under review, our examination disclosed that the College could not provide the certification letter which lists the institution's current location, any eligible branch campuses and eligible programs. 
Action should be taken by the College to obtain and maintain on file an Eligibility Certification as required by Federal regulations. 
Memorandum Only Federal Grantor Agency Affected: 
U.S. Department ofEducation