Review report, state of Georgia, North Georgia College and State University, Dahlonega, Georgia, year ended June 30, 1999

A~{)~
R. \
N~A
l,~il-qq

REVIEW REPORT

STATE OF GEORGIA

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY

DAHLONEGA, GEORGIA

,

YEAR ENDED JUNE 30, 1999

l~

/

STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS
254 WASHINGTON STREET
ATLANTA, GEORGIA 30334-8400

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY - TABLE OF CONTENTS -

FINANCIAL

INDEPENDENT ACCOUNTANTS 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

20

F COMBINING STATEMENT OF CHANGES IN FUND BALANCES

CURRENT FUNDS - UNRESTRICTED

21

G COMBINI~"G STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,

AND OTHER CHANGES

UNRESTRICTED

22

SCHEDULES

1 SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION

23

SCHEDULES OF REVENUES AND EXPENDrnJRES COMPARED TO BUDGET

2

RESIDENT INSTRUCTION

24

3

LOITERY FOR EDUCATION

27

4 CHANGES IN INVESTMENT IN PLANT

28

5 SCHEDULE OF FUND BALANCES

CURRENT FUNDS AND PLANT FUNDS

30

6 RECONCILIATION OF SALARIES AND TRAVEL

32

FINANCIAL

RUSSELL W. HINTON
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 Washington Street, S.w., Suite 214 Atlanta, Georgia 30334-8400
August 19, 1999

Honorable Roy E. Barnes, Governor Members ofthe General Assembly of Georgia Members ofthe Board ofRegents ofthe University System of Georgia
and Honorable Nathaniel Hansford, President North Georgia College and State University

INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SupPLEMENTARY INFORMATION

Ladies and Gentlemen:

We have reviewed the accompanying financial statements (Exhibits A through D) of North Georgia College and State University as of and for the year ended June 30, 1999, 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 ofNorth Georgia College and State University.

A review consists principally of inquiries of University 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 ofwhich 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 ofthe 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 disclosed in Note 1 to the financial statements, generally accepted accounting principles require

encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law

and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects

of this departure from generally accepted accounting principles on the financial statements were not

reasonably determinable.

.

99ARL-67

As disclosed in Note 1 to the financial statements, the University did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $821,356.89 as of June 30, 1999, and the net change in fund balance for the year ended June 30, 1999, would be decreased by $59,600.04.
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 year 2000 supplementary infonnation on Schedule"1" is not a required part of the basic financial statements but is supplementary infonnation required by the Governmental Accounting Standards Board. The accompanying combining statements (Exhibits -E through G) and the financial schedules (Schedules 2 through 6) are presented for supplementary analysis purposes. Such infonnation has been subjected to the inquiries and analytical procedures applied in the review ofthe 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,
~4.01t.Q.~ R sell W. Hinton State Auditor
RWH:gp 99ARL-67

FINANCIAL STATEMENTS - 1-

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY COMBINED BALANCE SHEET ALL FUND GROUPS JUNE 30.1999

ASSETS
Cash and Cash Equivalents Investments Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities Accounts Payable Student Deposits Deferred Revenue Tuition and Fees Other Deposits Held in Custody for Others Due to Other Fund Groups
Total Liabilities
Fund Balances U. S. Government Grants Refundable Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted
Total Fund Balances
Total Liabilities and Fund Balances

CURRENT FUNDS UNRESTRICTED RESTRICTED

LOAN FUNDS

$ 2,820,426.67 $ 100,559.04 $ 75,984.10

3,204.30

541,087.94

51,238.33

912,019.41

895,051.77

14,757.97

807,490.27

$ 5,078,814.62 $ 151,797.37 $ 991,207.81

$

652,256.30

155,849.02

969,767.00 238,284.21

$ 2,016,156.53
$ 735,835.61
255,372.20
$ 151,797.37 $ 3,062,658.09 $ 3,062,658.09 $ 151,797.37 $ 991,207.81

$

5,07~,814.62 $ 151,797.37 $ 991,207.81

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
Tile notes to the financial statements are an integral part of this statement. -2-

EXHIBIT "A"

ENDOWMENT FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

AGENCY FUNDS

TOTAL (Memorandum
Only)

$ 240,196.65 $ 2,242,279.85 9,372.49

1,353,706.26 $

1,613,118.63

$ 108,954.81 $ 6,312,946.16

2,245,484.15

17,242.80

4,823.81

1,535,784.78

895,051.77

14,757-;97

807,490.27

_ _ _ _ _ _ $ 55,019,892.90

55,019,892.90

$ 2,491,848.99 $ 1,370,949.06 $

1,613,118.63 $ 55,019,892.90 $ 113,778.62 $ 66,831,408.00

$ 562,956.84 $

423,857.39 /

807,490.27 $ 1,370,447.11 $

423,857.39

$ 62,220.03 $ 1,701,290.56 155,849.02

51,558.59

969,767.00 238,284.21
51,558.59 807,490.27

$ 113,778.62 $ 3,924,239.65

$ 2,491,848.99
$ $ 2,491,848.99 $

501.95 $ 501.95 $

$ 55,019,892.90 1,189,261.24 1,189,261.24 $ 55,019,892.90

$ 735,835.61 255,37220
2,491,848.99 55,019,892.90
151,797.37 4,252,421.28
$ 62,907,168.35

$ 2,491,848.99 $ 1,370,949.06 $

1,613,118.63 $ 55,019,892.90 $ 113,778.62 $ 66,831,408.00

-3-

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY COMBINED STATEMENT OF CHANGES IN FUND BALANCES
ALL FUND GROUPS YEAR ENDED JUNE 30.1999

REVENUES AND OTHER ADDITIONS
Unrestricted Current Fund Revenues State Appropriations
Regular Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Investment Income
Endowment Other Net Increase/Decrease in Fair Value of Investments 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 Insurance Recoveries Proceeds from Sale of Plant Assets Late Fees
Total Revenues and Other Additions
EXPENDITURES AND OTHER DEDUCTIONS
Educational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the
University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus)
Loans Assigned to Federal Govemment Loan Cancellations and Write-Offs Administrative and Collection Costs Expended for Plant Facilities
Capitalized Noncapitalized DisposalslDeletions/Adjustments
Total Expenditures and Other Deductions
TRANSFERS BETWEEN FUNDS
Mandatory Investment Income for Principal . Investment Income Allocated for Loans
Nonmandatory Renewals and Replacements Capital Projects General Operations
Total Transfers Between Funds
Net Increase/(Decrease) for the Year
FUND BALANCES JULY 1, 1998
FUND BALANCES JUNE 30, 1999
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

LOAN FUNDS

$ 29,779,352.57

$ 1,363,824.38 $ 2,926,379.87 96,888.58 448,471.16 19,712.33
22,757.64 226.27

37,459.34
14,329.47
102,591.01 -104.05
20,393.42

$ 29,802,336.48 $ 4,855,276.32 $

1,632.27 176,301.46

$ 23,698,117.77 $ 4,857,143.98 4,834,944.93 19,920.64

7,321.08

$

441.00

18,653.52

-13,147.89

$ 28,540,383.78 $ 4,877,064.62 $ _--:5:.t;,9:;.:4",,6':.::;6=-3

$

-695.81 $

-9,529.24

-5,302.66

5,302.66

$

-339,405.76

-54,269.56

5,410.93

-5,410.93

$

-388,264.39 $ -11,409.40 $

-4,226.58

$

873,688.31 $ -33,197.70 $ 166,128.25

2,188,969.78

184,995.07

825,079.56

$ 3,062,658.09 $ 151,797.37 $ 991,207.81

EXHIBIT"B"

ENDOWMENT FUNDS

UNEXPENDED

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL (Memorandum
Only)

$ 1,532,000.00

$

82,723.16

2,275.00 153,000.00 $
501.95

39,667.59 585.68

$

82,723.16 $ 1,728,030.22 $

$ 29,779,352.57

1,532,000.00

1,401,283.72

2,926,379.87

96,888.58

$

31,816.00

496,891.63

42,499.83

19,712.33 298,090.84
82,619.11 20,393.42

91.85

23,351.44 226.27

1,049,888.07

1,049,888.07

1,744,498.66 382,732.89
2,542,870.22

1,744,498.66 382,732.89
2,542,870.22

39,667.59 585.68
1,632.27

42,591.68 $ 5,751,805.84 $ 42,439,065.16

$

0.00

$ 28,555,261.75 4,834,944.93 19,920.64

$

6,208.81

13,529.89 441.00
18,653.52 -13,147.89

1,744,498.66 $ 37,299.17

382,732.89 227,015.85
$

513,412.21

2,127,231.55 264,315.02 513,412.21

$

0.00 $ 1,788,006.64 $

609,748.74 $ 513,412.21 $ 36,334,562.62

$

10,225.05

$

$

10,225.05 $

$ 92,948.21 $

2,398,900.78

$ 54,269.56
54,269.56 $ -5,706.86 $ 6,208.81

$

0.00

0.00

339,405.76

0.00

0.00

0.00

339,405.76

$

0.00

-227,751.30 $ 5,238,393.63 $ 6,104,502.54

1,417,012.54 49,781,499.27 56,802,665.81

$ 2,491,848.99 $

501.95 $

1,189,261.24 $ 55,019,892.90 $ 62,907,168.35

-5-

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES,
AND OTHER CHANGES YEAR ENDED JUNE 30,1999

EXHIBIT C

REVENUES
State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Local Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources
Total Revenues
EXPENDITURES AND MANDATORY TRANSFERS
Educational and General Instruction " Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships Mandatory Transfers for: Investment Income for Endowment Principal Investment Income Allocated for Loans
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 ADDITIONSICDEDUCTIONSl
Excess of Restricted Receipts over Transfers to Revenues
Transfers for Renewals and Replacements Transfers for capital Projects Transfers for General Operations Prior Period Adjustments (Net) Remittances to the Board of Regents
.of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus)
Total Other Transfers and Additions/(Deductions)

UNRESTRICTED

RESTRICTED

TOTAL (Memorandum
Only)

$ 16,499,431,00 6,978,790.00 22,783.94 $
15,039,35 5,713,891,01
549,417.27 $ 29,n9,352.57 $

$ 1,313,784.87 2,923,843.30
92,359,50 514,595.02
12,561.29
4,857,143.98 $

16,499,431,00 6,978,790,00 1,336,568.81 2,923,843.30
92,359.50 514,595.02
12,561.29 15,039.35 5,713,891.01 549,417.27
34,636,496,55

$ 12,915,356,05 $ 2,534,017,95 2,490,846.07 3,198,657.75 2,063,155.95 496,084.00
1,645,356,98 82,100.22
1,801,835.83 278,592.63 525,268.16 501,791.11
$ 28,533,062.70 $

566,913.78 $ 19,903.04 168,193,02
4,102,134.14 695.81
5,302,66
4,863,142,45 $

13,482,269.83 2,534,017.95 2,510,749.11 3,366,850.n 2,063,155.95 4,598,218,14
695.81 5,302.66
1,645,356.98 82,100,22
1,801,835.83 278,592.63 525,268.16 501,791.11
33,396,205.15

$

$

-339,405.76

-54,269.56

5,410.93

22,983.91

-21,788.30 $ -5,410.93

-21,788.30 -339,405.76
-54,269.56 0.00
22,983.91

-7,321.08

$

-372,601,56 $

-27,199.23 $

-7,321.08 -399,800.79

Net Increasel(Decrease) in Fund Balances

$

873,688,31 $

-33,197,70 $

840,490.61

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

NORTH GEORGIA COLLEGE AND STATE UNNERSITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1999

EXHIBIT"D"

NOTE 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES

REPORTING ENTITY North Georgia College and State University 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 ofGeorgia. The accompanying financial statements reflect the operations ofNorth Georgia College and State University as a separate reporting entity.

The Board of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. North Georgia College and State University does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, North Georgia College and State University is considered an organizational unit of the Board of Regents of the University System of Georgia reporting entity for financial reporting purposes because of the significance of its legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Remorting Standards.

FUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the University, the accounts of the University 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. Accorditigly, all financial transactions have been recorded and reported by fund group.

Within each fund group, the University's fundbalance allocations and designations represent those portions ofthe 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 University

retains full control to use for purposes of performing the primary functions of the University, e.g.,

instruction, research, public service, etc.

.

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-

NORTH GEORGIA COLLEGE AND STATE UNNERSITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 3D. 1999

EXHlBIT "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 FUNDS
The fund used to account for endowment funds that are subject to the restrictions of gift instruments requiring that the principal be invested in perpetuity and income only be utilized.

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 of institutional properties.

INVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all

physical properties owned by the University. Net Investment in Plant is an equity account showing the

total book value of physical properties belonging to the University less the amount of any indebtedness

to others.

-

AGENCY FUNDS

The fund used to account for resources held by the University 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 bas~s of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute ofCertified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method 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 of the fiscal period.

Contractual obligations for goods and services which have not been received 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

-8-

NORTH GEORGIA COLLEGE AND STATE UNNERSITY
NOTES TO THE FINANCIAL STATEMENTS
ruNE 30.1999

EXHIBIT "D"

NOTE 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles, which provide for the recording of encumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principies.
Compensated absences represent obligations of the University relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of$821,356.89 and a related net current year expenditure of$59,600.04 have not been reported in the current funds as required by generally accepted accounting principles.
Prior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements.
To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalfofthe University. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment.
The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement ofincome or a statement ofrevenues and expenses.
BUDGET The Board of Regents of the University System of Georgia - Administrative Central Office receives State appropriation allotments for units ofthe University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Am~ded Appropriations Act of 1998-1999. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The allocation of the' appropriated budget is made to the University by the Administrative Central Office. In addition, the University receives Federal funds and other funds directly and includes these funds in the budget filed with the Administrative Central Office.

-9-

NORTH GEORGIA COLLEGE AND STATE UNNERSITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1999

EXHIBIT "D"

NOTE 1: SUMMARy OF SIGNIFICANT ACCOUNTING POLICIES

BUDGET

,

A comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates

that the following object classes were overspent by the amounts identified below:

Resident Instruction Personal Services: Education, General and Departmental Services Year 2000 Project

$

380.57

$ 37.331.62

These overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority 'are reported at the Board object class 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, and cash management pools that have the general characteristics of demand deposit accounts.

INVESTMENTS Investments are reported at fair value. Funds received by the University as endowments or for restricted purposes are invested according to conditions stipulated by the donor, grantor, or in accordance with the Board ofRegents authorizing resolutions. Gains and losses on investment transactions are accounted for in the funds where such assets are recorded.
ACCOUNTS RECEIVABLE
Accounts receivable consist of allotments due from the Board of Regents of the University System of Georgia - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements.

INVENTORIES Inventories of consumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the first-in, first-out method.

Inventories of goods for resale are valued at cost using the last-in, first-out method.

PREPAID ITEMS

Prepaid items are payments made to vendors in advance ofthe receipt of goods and services that will benefit

periods subsequent to the balance sheet date.

.

- 10-

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1999

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data.
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State 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 anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(1) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations of the United States or ofthe State of Georgia.
(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the 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 of the bonds for this purpose.
(4) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia.
(5) Bonds, bills, certificates ofindebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation.
As authorized in the Official Code of Georgia Annotated Section 50-1'7-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements.

- 11 -

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY
NOTES TO THE FWANCIAL STATEMENTS
JUNE 30. 1999

EXHIBIT "0"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES

The treasurer of the Board of Regents 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 of June 30, 1999, 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 fair value) held by the University or by its agent in the University's name.

Category 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the University's name.

Category 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the University's name, and amounts uncollateralized.

Cash Deposits

Carrying Amount

Bank Balances

Risk Categories

2

3

$ 1.869,047.91 $ 2,629,734.57 $ 141.079.18 $ 2,488,655.39 $==~O,O~O

CATEGORIZATION OF INVESTMENTS

Investments are summarized and classified as to custodial credit risk within the three categories described

b~ow:

.

Category 1 - Insured or registered, or securities held by the University or its agent in the University's name.

Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the University's name.

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

The carrying amounts of investment balances as ofJune 30, 1999, are categorized below:

- 12-

NORTH GEORGIA COLLEGE AND STATE UNNERSITY
NOTES TO THE FINANCIAL STATEMENTS
ruNE 30, 1999

EXHIBIT"D"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS

CATEGORIZATION OF INVESTMENTS

T)1le of Investment Common Stock State of Georgia Securities U. S. Government Securities
Investments Not Subject to Categorizations: State Investment Pool
Total Investments

Risk Categories

1

2

$ 507,294.85 $
1,734,985.00 3,204.30

0.00 $

$ 2,245.484.15 $

0.00 $

Canying

3

Amount

0.00 $ 507,294.85 1,734,985.00 3,204.30

0.00 $ 2,245,484.15

4,426,978.25 $ 6,672.462.40

Funds invested in an investment pool managed by another governmental entity are not required to be categorized since the University did not own any specific, identifiable investment securities of the pool.

NOTE 3: INVESTMENT IN PLANT

The following is a summary of Investment in Plant fixed assets as ofJune 30, 1999:

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections

$ 941,876.68 38,255,593.94 4,955,766.94 7,639,319,28 3,227.336.06

Total Investment in Plant

$55,019,892.90

NOTE 4: RISK MANAGEMENT

North Georgia College and State University is a participant in the Board ofRegents ofthe University System of Georgia Health Benefits Plan, which is a self-insurance program of health and dental benefits for employees and retirees ofthe University System of Georgia The University 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 financial statements of the Board ofRegents of the University System of Georgia Administrative Central Office. All units ofthe University System of Georgia share the risk ofloss for claims ofthe Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of$I,OOO,OOO.OO per person and dental
. coverage up to an annual maximum of$1 ,000.00 per person. The Board ofRegents has contracted with Blue

- 13-

NORTH GEORGIA COLLEGE AND STATE QNNERSITY
NOTES TO THE FWANCIAL STATEMENTS
JUNE 30. 1999

EXHIBIT"D"

NOTE 4: RISK MANAGEMENT
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 ofmaking 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 processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The University, as an organizational unit ofthe Board ofRegents ofthe 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 various state organizations 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 perfonnance of their duties or in any way connected therewith. The program is administered by DOAS as a Self-Insurance Fund.
NOTE 5: RETmEMENIPLANS
TEACHERS RETIREMENT SYSTEM OF GEORGIA
Plan Description North Georgia College and State University participates in the Teachers Retirement System ofGeorgia (TRS), a cost-sharing multiple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department ofAudits and Accounts.
Funding Policy Employees ofthe University who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The University makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 1999, the employer contribution rate was 11.95% for covered employees. In addition, the University contributed 3.46% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows:
-14 -

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1999 .

EXHIBIT "D"

NOTE 5: RETmEMENIPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Funding Policy

Fiscal Year

Percentage Contributed

Required Contribution

1999 1998 1997

100% 100% 100%

$ 1,463,070.87 $ 1,328,952.34 $ 1,284,767.87

REGENTS RETIREMENT PLAN

Plan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan established and administered by the Board ofRegents ofthe University System of Georgia, under which it may purchase annuity contracts for the purpose ofproviding retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the tenns ofthe annuity contracts.

Funding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State of Georgia. The employer contributes 8.34% ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times.

The University and the covered employees made the required contributions of $285,014.64 (8.34%) and $170,872.23 (5%), respectively.

GEORGUDEFlNEDCONTIDrnunONPLAN

Plan Description North Georgia College and State University participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia.

- 15 -

NORTH GEORGIA COLLEGE AND STATE UNNERSITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1999

EXHIBIT "D"

NOTE 5: RETIREMENT PLANS
GEORGIA DEFINED CONTRIBUTION PLAN
Benefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. Ifa member has less than $ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute.
Contributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There .are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board ofTrustees. 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 1999 amounted to $31,894.52 which represents 7.5% of covered payroll. These contributions met the requirements ofthe plan.
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 of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Basis of Accounting (Compensated Absences)
Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sickleave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph.
Certain employees who retire with a minimum ofthree months ofunused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia.
NOTE 7: 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 University expects such amounts, if any, to be immaterial to its overall financial position.

- 16-

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 1999

EXHlBIT "D"

NOTE 7: CONTINGENCIES

Litigation, claims and assessments filed against North Georgia College and State University (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. 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, 1999.

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 ofthe 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 ofGeorgia 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, 1999, there were 147 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 1999, North Georgia College and State University recognized as incurred $315,295.32 of expenditures, which was net of $90,409.20 of participant contributions.

NOTE 9: ENROLLMENT

The equivalent full-time student enrollment ofNorth Georgia College and State University was as follows:

Regular Term Fall Semester, 1998 Spring Semester, 1999

2,730 2,572

Average

Summer School, 1998

- 17 -

SUPPLEMENTARY INFORMATION - 19-

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY COMBINING BALANCE SHEET
CURRENT FUNDS UNRESTRICTED JUNE 30,1999

EXHIBIT "E"

ASSETS
Cash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups

RESIDENT

LOTIERYFOR

INSTRUCTION EDUCATION

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

$ 407,962.31 $ 90,713.43 52,497.65 3,707.65 874,262.29

1,550.70 $

2,163,050.01 $ 247,863.65 $ 2,820,426.67

447,914.17

2,460.34

541,087.94

842,554.12

895,051.n

11,050.32

:14,757.97

874,262.29

Total Assets

$ 1,429,143.33 $

1,550.70 $ 3,464,568.62 $ 250,323.99 $ 5,145,586.64

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

$ 533,820.02 $ 811,231.00
$ 1,345,051.02 $ 84,092.31

1,550.70 $ 1,550.70 $

55,189.78 $ 61,695.80 $ 652,256.30

155,849.02

155,849.02

109,760.50 218,753.21 66,n2.02

48,n5.50 19,531.00

969,767.00 238,284.21 66,n2.02

606,324.53 $ 130,002,30 $ 2,082,928.55

0.00

2,858,244.09 120,321.69 3,062,658.09

Total Liabilities and Fund Balances

$ 1,429,143.33 $

1,550.70 $ 3,464,568.62 $ 250,323.99 $ 5,145,586.64

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information.
- 20-

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY COMBINING STATEMENT OF CHANGES IN FUND BALANCES
CURRENT FUNDS UNRESTRICTED YEAR ENDED JUNE 30, 1999

EXHIBIT"F"

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
21 -

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY COMBINING STATEMENT OF CURRENT FUNDS REVENUES EXPENDITURES,
AND OTHER CHANGES UNRESTRICTED
YEAR ENDED JUNE 30,1999

EXHIBIT"G"

REVENUES
State Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources
Total Revenues
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
Total Expenditures
OTHER TRANSFERS AND ADDITIONSIlDEDUCTIONSl
Transfers for Renewals and Replacements Transfers for Capital Projects Transfers for General Operations Prior Period Adjustments (Net) Remittances to the Board of Regents
of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus)
Total Other Transfers and Additions/(Deductions)

RESIDENT INSTRUCTION

LOTIERYFOR EDUCATION

AUXILIARY ENTERPRISES

STUDENT ACTIVITIES

TOTAL

$ 16.277.931,00 $ 6.566.365,06 22.783,94 15.039,35
82.334,90
$ 22.964.454,25 $

221.500,00 $

$ 16.499.431,00

$ 412.424,94

6.978.790,00

22.783,94

15.039,35

5.713.891,01

5.713.891,01

418.661,59

48.420,78

549,417,27

221.500,00 $ 6.132.552,60 $ 460.845,72 $ 29.779.352,57

$ 12.695.046,69 $ 2.532.827,31 1.979.636,96 3.198.657,75 2.063.155,95 496.084,00
$ 22.965,408,66 $

220.309,36 1.190,64

$ 12.915.356,05

2.534.017,95

$ 511.209,11

2,490.846,07

3.198.657,75

2.063.155,95

496.084,00

$ 1.645.356,98 82.100,22
1.801.835,83 278.592,63 525.268,16 501.791,11

1.645.356,98 82.100,22
1.801.835,83 278.592,63 525.268.16 501.791,11

221.500,00 $ 4.834,944,93 $ 511.209.11 $ 28.533.062.70

$

5.410.93

21.474,64

$ -339.405,76 -54.269,56
1.173.74 $

$ 335,53

-339.405,76 -54.269,56 5.410.93 22.983,91

-7.321,08

$

19.564,49

-7,321,08

$ -392.501,58 $

335,53 $ -372.601,56

Net Increasel(Decrease) in Fund Balances

$

18.610.08 $

0,00 $ 905.106,09 $ -50.027.86 $ 873.688.31

See accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information,
-22 -

NORTH GEORGIA COLLEGE AND STATE UNNERSITY SCHEDULE "1" SCHEDULE OF REQUIRED SupPLEMENTARY INFORMATION
YEAR 2000 DISCLOSURES
YEAR ENDED JUNE 30. 1999
The year 2000 issue is the result of shortcomings in many electronic data processing systems and other electronic equipment that may adversely affect the University's operations beyond calendar year 1999. North Georgia College and State University has completed an inventory of computer systems and other electronic equipment that may be effected by the year 2000 issue and that are necessary to conducting institutional operations. The following stages have been identified as necessary to implement year 2000 compliant systems.
~wareness Stage - Encompasses establishing a budget and project plan for dealing with the year 2000 Issue.
Assessment Stage - The actual process of identifying all systems and individual components ofsystems to check for compliance.
Remediation Stage - The time when changes are made to systems and equipment.
Validation/Testing Stage - The process of ensuring that the changes made to systems and equipment will produce a year 2000 compliant system.
It will be necessary for the University to progress through all four of these stages for each computer and/or electronic system, not already year 2000 compliant, in order to assure that these systems will not be adversely affected.
North Georgia College and State University has identified the following financial systems requiring year 2000 remediation that are supported by the Board of Regents, University System of Georgia and have been remediated by the Board.
The College and University Fund Accounting System has been remediated, validated and tested.
The Regents Budget Reporting System is reportedly year 2000 compliant. The awareness, assessment and validation/testing phases were completed in 1997.
The Regents Payroll/Personnel System is remediated, validated and tested.
The Regents Property Inventory System is reportedly year 2000 compliant. The awareness, assessment and validation/testing phases were completed in 1997.
The Banner Student Information System is supported by SCT Banner, Inc. Their year 2000 version has been released and distributed to the University.
Because ofthe unprecedented nature ofthe year 2000 issue, its effects and the success ofrelated remediation efforts will not be fully determined until year 2000 and thereafter. While management is confident that the University will be year 2000 ready, it cannot assume that its remediation efforts will be successful in whole or in part, or that parties with whom the University does business will be year 2000 ready.
See accompanying notes and Independent Accountant's Combined Report on Review ofFinancial Statements and Supplementary Information.
- 23-

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
RESIDENT INSTRUCTION
YEAR ENDED JUNE 30, 1999

REVENUES
State Appropriations Other Revenues Retained

CURRENT FUNDS UNRESTRICTED RESTRICTED

PLANT FUNDS RENEWALS AND
UNEXPENDED REPLACEMENTS

$ 16,277,931.00

$ 1,532,000.00

6,686,523.25 $ 4,857,143.98

195,528.27 $ _ _.....;,;42;;.:.,4.;.;;9.;;.;9..;;.;83~

---....;.,.-- $ 22,964,454.25 $ 4,857,143.98 $ 1,727,528.27 $

42,499.83

EXPENDITURES

Personal Services:

Education, General and Departmental Services $ 18,419,809.57

Sponsored Operations

$ 277,264.85

Operating Expenses:

Education, General and Departmental Services

4,226,816.26

Sponsored Operations

4,579,879.13

Capital Outlay

$ 1,781,797.83 $

Special Funding Initiative

221,737.21

Year 2000 Project

97,045.62

609,748.74

$ 22,965,408.66 $ 4,857,143.98 $ 1,781,797.83 $

6_09...;,,7_4_8,_74_

Excess of Revenues over Expenditures

$

-954.41 $

0.00 $ -54,269.56 $ _====-5:;;,67i::!i,2=4:;;,8':;;,9=1

(1) To eliminate tuition waivers not budgeted and to reclassify QJrrent year
transfers and prior year fund balances budgeted as revenues.

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

SCHEDULE "2"

TOTAL

ADJUSTMENTS (1 )

TOTAL (Budget Basis)

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$ 17,809,931.00 11,781 ,695.33 $

$ 17,809,931.00 $ 17,809,931.00 $

125,434.47

11,907,129.80

13,765,790.00

0.00 -1,858,660.20

$ 29,591,626.33 $

125,434.47 $ 29,717,060.80 $ 31,575,721.00 $ -1,858,660.20

$ 18,419,809.57 2n,264.85
4,226,816.26 $ 4,579,879.13 2,391,546.57
221,737.21 97,045.62

$ 18,419,809.57 $ 18,419,429.00 $

2n,264.85

384,475.00

-496,084.00

3,730,73226 4,579,879.13 2,391,546.57
221,737.21 97,045.62

3,927,659.00 5,147,452.00 3,410,609.00
226,383.00 59,714.00

-380.57 107,210.15
196,926.74 567,572.87 1,019,062.43
4,645.79 -37,331.62

$ 30,214,099.21 $

-496,084.00 $ 29,718,015.21 $ 31,575,721.00 $ _--..;.;1,:.;.,85;..;,7.:.;,,7...;.,05;..;,.7...;9_

$ -622,472.88 $

621,518.47 $ =======-9..5.4=.=41=

$ ==-=-==-9:=5.4...=41=

-25 -

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET
LOTTERY FOR EDUCATION
YEAR ENDED JUNE 30,1999

SCHEDULE "3"

REVENUES State Appropriations

CURRENT FUNDS UNRESTRICTED

BUDGET

VARIANCEFAVORABLE (UNFAVORABLE)

$

221.500.00 $

221,500.00 $

O~.~OO~

EXPENDITURES
Equipment, Technology and Construction Trust Fund
Special Funding Initiatives

$

116.000.00 $

116,000.00 $

105,500.00

105.500.00

$

221,500.00 $

221 ,500.00 $

0.00 0.00
.....,.._O~.O~O;...

Excess of Revenues over Expenditures

$ =====0.=00=

$=====0:=.00=

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

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY CHANGES IN INVESTMENT IN PLANT YEAR ENDED JUNE 30,1999

Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections

BALANCE JULY 1,1998

CURRENT FUNDS UNRESTRICTED RESTRICTED

$ 938,500.31

34,634,498.43

4,122,971.51

7,112,555.91 $

750,207.03 $ 33,180.09

2,972,973.11

266,500.95

$ 49,781,499.27 $ 1,016,707.98 $ 33,180.09

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

SCHEDULE "4"

ADDITIONS
PLANT FUNDS RENEWALS AND
UNEXPENDED REPLACEMENTS

GEORGIA STATE FINANCING AND
INVESTMENT COMMISSION

PRIVATE GIFTS

DEDUCTIONS DISPOSALS! DELETIONS! ADJUSTMENTS

BALANCE JUNE 30, 1999

$

3,376.37

$ 941,876.68

815,413.90 $

262,811.39 $

2,542,870.22

38,255,593.94

832,795.43

4,955,766.94

92,912.96

119,921.50

$ 29,116.00 $

498,574.21

7,639,319.28

2,700.00

14,838.00

3,227,336.06

$ 1,744,498.66 $

382,732.89 $

2,542,870.22 $ 31,816.00 $

513,412.21 $ 55,019,892.90

-29 -

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY SCHEDULE OF FUND BALANCES
CURRENT FUNDS AND PLANT FUNDS JUNE 30.1999

$

84,092.31 $ ====0.=00.... $ 2,858,244.09

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

SCHEDULE "5"

STUDENT ACTIVITIES

RESTRICTED

UNEXPENDED REGULAR

PLANT FUNDS RENEWALS AND REPLACEMENTS

INVESTMENT IN PLANT

TOTAL

$ 55,019,892.90 $ 55,019,892.90

$ 151,797.37

$

151,797.37

$ 120,321.613

$

95,645.91

1,093,615.33

$

95,645.91

16,337.85

897,554.12

1,093,615.33

2,119,673.81

5,234.32

$ 120,321.69

$

501.95

$

501.95 $ _~1~,18.;;.,;9;.:;;,2;;,,;;6..;,;1.=24.;....

24,359.94 0.00
$ 4,252,421.28

$ 120,321.69 $ 151,797.37 $

501.95 $

1,189,261.24 $ 55,019,892.90 $ 59,424,111.55

- 31 -

..

NORTH GEORGIA COLLEGE AND STATE UNIVERSITY

SCHEDULE "6"

RECONCILIATION OF SALARIES AND TRAVEL

YEAR ENDED JUNE 30.1999

Totals per Annual Supplement

Adjustments

Shared Services on Jointly Staffed Personnel

Coastal Georgia Community College

Chapman, Joe C.

Gainesville College

Hill,

Bryan

Georgia State University

Day,

Sherman R.

University of Georgia

Mitchell, Lawrence

SALARIES

$

15,926,397.91 $

TRAVEL 259,687.22

-325.12 -1,672.09 182,882.10 -27,053.47

$

16,080,229.33 $===2=:5=9::,6=87:::::.2:=2=

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