Albany Technical College, Albany, Georgia, report on audit of the financial statements for the fiscal year ended June 30, 2002

'-
"

i .' ,,
,I ,I

I
I \ 1/'
"
.-
,.

,\

/

,/

,

\

A

", i I

\ i 1/

\/

-. )

1/,

.I
,
'\'

I J
"
I
, .... ~ "\

J \ ,
I,
.-'
(

/ ~.

"

\,

\

)

:'

'i

,

j

"

l'

,',

','
I',
~

'r,) I
'i

I
:'
"i

\'
";
/r

\

.,-

. /

'- /

i,
1
;.,
t'-

I
,/ /

...

I

or

... I

l'

,

~ REPORT ON AUDIT.."

I...

"

OF THE FINANCIAL STATEMENTS

"

FOR THE' FISCAL YEAR ENDED JUNE '30, 2002

I
I

I"

J

J --.

r.. ' '-

,," '

.')

'./

\'

/\

" ,',

..~

'.

.I ' I

;' "
IRU5seil W. Hinton I.
,state AUc;lito'r
I

./
, \ I I

c.

"'

.., , I

,\

_I
'.II"
" -.I

I.
I
I,

"

I

~,

'-

J

"

I
(

.,

I.

; V

,I

~

I
I\
I,

I' .',

"

( '\

\

)/

'I

I. I

"-

'I,

ALBANY TECHNICAL COLLEGE - TABLE OF CONTENTS -

INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMAnON

REQUIRED SUPPLEMENTARY INFORMAnON

MANAGEMENT'S DISCUSSION AND ANALYSIS

3

BASIC FINANCIAL STATEMENTS

EXHffiITS

A STATEMENT OF NET ASSETS

10

B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

11

C STATEMENT OF CASH FLOWS

12

D NOTES TO THE FINANCIAL STATEMENTS

13

SUPPLEMENTARY INFORMATION

SCHEDULES

1 SCHEDULE OF FUNDS AVAILABLEANDEXPENDTILrnES

COMPARED TO BUDGET - (NON-GAAP BASIS)

BUDGET FUND

"A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION

29

2 RECONCILIATION OF SALARIES AND TRAVEL

31

RUSSELL \V. HINTON
STATE AUDITOR (404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS S 254 W:J!>htnglOn Srreel. W.. Surle 214
AII:Jnla. Georgia 30334-R400
September 13,2002

Honorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the State Board of Technical and Adult Education Members of the Local Board of Directors
and Honorable Anthony Parker, President Albany Technical College
INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have audited the accompanying basic financial statements (Exhibits A through D) of Albany Technical College, an organizational unit of the State of Georgia, as of and for the year ended June 30, 2002. These financial statements are the responsibility of the Technical College's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As discussed in Note I, the financial statements ofAlbany Technical College are intended to present the financial position and changes in financial position (including cash flows) of only that portion of the business-type activities of the State of Georgia that is attributable to the transactions of Albany Technical College. They do not purport to, and do not, present fairly the financial position and changes in financial position (including cash flows) of the State of Georgia, in conformity with accounting principles generally accepted in the United States of America.

02ARL-IT

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of Albany Technical College as ofJune 30, 2002, and its changes in financial position (including cash flows) for the year then ended in conformity with accounting principles generally accepted in the United States of America.

As described in Note I, Albany Technical College adopted the provisions of Governmental Accounting Standards Board (GASB) Statements No. 35, Basic Financial Statements - and Management's Discussion and Analysis - for Public Colleges and Universities, as amended by GASB Statement No.3 7, Basic Financial Statements - and Management's Discussion and Analysisfor State and Local Governments, and GASB Statement No. '38, Certain Financial Statements Note Disclosures, as of July I, 2001, to implement a new financial reporting model.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information (Schedules 1 and 2) is presented for purposes of additional analysis and is not a required part of the basic financial statements of Albany Technical College. Such information has been subjected to the auditing procedures applied by us in the audit of the basic financial statemehts and, in our opinion, based on our audit, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Management's Discussion and Analysis is not a required part ofthe basic financial statements but is supplementary information required by the GASB. We have applied certain limited procedures, which consisted principally ofinquiries ofmanagement regarding the methods ofmeasurement and presentation of this supplementary information. However, we did not audit this information and express no opinion on it.

Respectfully submitted,

.-

~~~

R sell W. Hinton Sta e Auditor

RWH:as 02ARL-1T

REQUIRED SUPPLEMENTARY INFORMAnON - 1-

Albany Technical College Management's Discussion and Analysis
The following is a discussion and analysis of Albany Technical College's financial performance for the fiscal year ending June 30, 2002. Please read it in conjunction with the College's financial statements, which follow this section. Due to the fact that the State of Georgia, including Albany Technical College, implemented the provisions of Governmental Accounting Standards Board (GASB) Statements No. 34 and 35 for the fiscal year 2002 only limited fiscal year 2001 data will be presented for comparative purposes. This comparative information will be required in future reports.
Overview ofthe Financial Statements and Financial Analysis
This annual report consists of a series of financial statements prepared in accordance with the rules and regulations established by the Governmental Accounting Standards Board. These financial statements differ, in both form and the accounting principle used, from the presentation of prior financial statements.
The Statement of Net Assets used in conjunction with the Statement of Revenues, Expenses and Changes in Net Assets contains information concerning the College's finances and activities as a whole and assists with providing an answer to the question "Is the College as a whole better or worse off as a result of the year's activities?" These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting method used by corporations and other private sector companies. All revenues and assets are recognized when the service is provided and expenses and liabilities are recognized when others provide the goods or service, regardless of when cash is exchanged.
The Statement of Cash Flows is a valuable tool when evaluating the ability of the College to meet financial obligations as they mature. This statement presents information related to cash inflows and outflows summarized by operating, non-capital financing, capital and related financing and investing activities.
This discussion and analysis of the College's financial statements provides an overview of its financial activities for the year.
Statement ofNet Assets
The purpose of the Statement of Net Assets is to present to the users of the financial statements a fiscal snapshot of the Technical College at a specific point in time. The statement presents the assets, liabilities and net assets of the College as of the end of the fiscal year. Assets and liabilities are reported as current and non-current and the difference between assets and liabilities is reported as net assets. Over a period of time the increases and decreases reflected in the
-3-

Statement of Net Assets, when considered with other non-financial facts such as enrollment levels and the condition ofthe facilities, can provide a measure to aid in determining whether the Technical College's financial position is improving or deteriorating.

Net assets are divided into two major categories. The first category, invested in capital assets, net of debt, provides information concerning the College's equity in property, plant and equipment owned by the College. The final category is unrestricted net assets, which are available for expenditure by the College for any lawful purpose deemed necessary to operate the College.

Statement of Net Assets (thousands of dollars)

Assets Current Assets Capital Assets, Net

$ 1,432 14,711

Total Assets

$ 16.143

Liabilities Current Liabilities Non-Current Liabilities

$ 1,282 230

Total Liabilities

$ 1,512

Net Assets Invested in Capital Assets, Net of Debt Unrestricted

$ 14,709 -78

Total Net Assets

$ 14.631

Statement ofRevenues, Expenses and Changes in Net Assets
The purpose of the Statement of Revenues, Expenses and Changes in Net Assets is to present the revenues received by the College, both operating and nonoperating, and the expenses incurred by the College, operating and nonoperating, and any other revenues, expenses, gains and losses received or spent by the College during the fiscal year. Changes in total net assets as presented on the Statement of Net Assets are based on the information presented in the Statement of Revenues, Expenses and Changes in Net Assets.
Operating revenues are received for providing goods and/or services to various customers and constituencies of the College. Operating expenses are those expenses paid to acquire or produce the goods and/or services provided in return for the operating revenues, and to carry out the mission of the College. Therefore, nonoperating revenue is received when no goods or services are provided in exchange for the revenue. State appropriations and gifts were classified as operating revenues in previous reports. With the issuance of Statement No. 35, new guidelines have been established by the Governmental Accounting Standards Board (GASB) changing the classifications of state appropriations and gifts from operating to nonoperating revenue. This change may result in an operating deficit that is offset by a nonoperating surplus.
- 4-

Statement of Revenues, Expenses and Changes in Net Assets (thousands of dollars)

Operating Revenues Operating Expenses
Operating Gain/Loss
Nonoperating Revenues and Expenses
Income (Loss) Before Other Revenues, Expenses, Gains or Losses
Other Revenues, Expenses, Gains or Losses
Increase in Net Assets
Net Assets at Beginning of Year, as Originally Reported
Cumulative Effect of Changes in Accounting Principle
Net Assets at Beginning of Year Restated
Net Assets at End of Year

$ 6,758 18,683
$-11,925 11,203
$ -722
2,482 $ 1,760
$ 5,643
7,228
$ 12,871 $ 14,631

The Statement of Revenues, Expenses, and Changes in Net Assets reflects a positive year with an increase in the net assets at the end of the year. Some highlights of the information presented on the Statement of Revenues, Expenses, and Changes in Net Assets are as follows:

Revenue by Source (thousands of dollars)

Operating Revenue Tuition and Fees Grants and Contracts Rents and Royalties Sales and Services of Educational Departments Other
Total Operating Revenue

$ 2,844 2,889 7 1,007 11
$ 6,758

Nonoperating Revenue State Appropriations Grants and Contracts Gifts Investment Income
Total Nonoperating Revenue

$ 8,455 2,521 216 12
$ 11,204

Total Revenues -5-

$ 17,962

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

Operating Expenses (thousands of dollars)

Operating Expenses Instruction

$ 18,683

Total Operating Expenses

$ 18,683

The sources of operating revenue for the College are tuition and fees, grants and contracts, auxiliary services, and educational activities. The operating loss is directly related to the exclusion of the State of Georgia appropriation in the amount of $8,455,293 from operating revenues per GASB 35.

Tuition increased by $359,690. This is directly related to the increased enrollment of 19.8% from FY 01.

Personal Services expenses increased by approximately $1,150,000. This increase reflects an annual pay raise for College employees of approximately 4.5% with the associated fringe benefits. The College also received an additional $188,105 in personnel services funding through our fonnula funding allocation based on operational efficiencies.

The cumulative effects of changes in accounting principle are the result of the College adopting accounting policies which embrace capital assets and compensated absences accounting required by GASB Statements No. 34 and 35.

Under nonoperating revenues (expenses) state appropriations increased by approximately $445,082. The primary reason for the increase was a fonnula funding allocation of $249,005 for operational efficiency awarded by DTAB. The College, as well as all other state agencies, incurred a 2.5% budget reduction in FY 02 due to a national economic slowdown following the tragedy of September 11,2001 causing an offset in the increase in tuition and fee revenues.

Statement ofCash Flows
The purpose of the Statement of Cash Flows is to provide relevant infonnation concerning the cash receipts and payments of the College during the year. It also provides infonnation concerning the College's ability to generate future cash flows and to meet its obligations as they come due. The statement is divided into three sections. The first section reports on the operating cash flows and shows the net cash used by the operating activities of the College. The second section shows the cash flows from the nonoperating activities of the College. The final section reconciles the net cash used to the operating income or loss reflected on the Statement of Revenues, Expenses, and Changes in Net Assets.

- 6-

Statement of Cash Flows (thousands of dollars)
Cash Provided (Used) By: Operating Activities Non-Capital Financing Activities Investing Activities Capital and Related Financing Activities
Net C;hange in Cash Cash, Beginning of Year
Cash, End of Year

$-11,196 11,093 12 -119
$ -210 -37
$ -247

Capital Assets
,
The College had a significant capital asset renovation for facilities in the fiscal year 2002. Renovation of the Child Development Demonstration Center was completed and reopened for use early in fiscal year 2002. Also, construction of the Center for Excellence in Electronics and Information Technology building began in fiscal year 7002 and is scheduled to be completed late in fiscal year 2003. Both projects are funded by the Georgia State Financing and Investment Commission (GSFIC) at a cost of $2,358,378 and an estimated cost of $6.5 million respectively. Other projects funded by the GSFIC included $343,OQ1 for equipment. Projected funding by the GSFIC for fiscal year 2003 will increase due to the continued construction, furniture, fixtures and equipment costs related to the Center for Excellence in Electronics and Information Technology.
Ecollomic Outlook
The College is unaware of any currently known fact, decision, or condition that is expected to have a significant effect on the financial position or change how the College operates for the next fiscal year. As in prior years, the College's overall firiancial position is strong. On the average, enrollment has increased by 15% annually for the past 10 years and this trend is expected to continue into the next fiscal year. As a result, the Collge anticipates the next fiscal year will be much like the last and the College will maintain a close watch over resources to maintain the
I
ability to react to unknown internal and external issuesl

Anthony Parker, President Albany Technical College
-7-

BASIC FINANCIAL STATEMENTS - 9-

----------- --- ---------------
ALBANY TECHNICAL COLLEGE STATEMENT OF NET ASSETS
JUNE 30. 2002
ASSETS
Current Assets Accounts Receivable, Net State Appropriations Federal Financial Assistance Other Inventories
Total Current Assets
Noncurrent Assets Capital Assets, Net
Total Assets
LIABILITIES
Current Liabilities Cash Overdraft Salaries Payable Accounts Payable Deferred Revenue Funds Held for Others Capital Leases Compensated Absences
Total Current Liabilities
Noncurrent Liabilities Compensated Absences
Total Liabilities
NET ASSETS
Invested in Capital Assets, Net of Related Debt Unrestncted
Total Net Assets

EXHIBIT "A"

$

43,456.00

461,618.51

389,404.82

537,640.75

$ 1,432,120.08

14,711,452.25 $ 16,143,572.33

$

246,926.59

67,446.04

304,726.77

152,112.91

164,110.11

1,685.74

345,13323

$ 1,282,141.39

$

229,517.90

$ 1,511,659.29

$ 14,709,766.51 -77,85347

$ 14,631,913.04

The notes to the financial statements are an integral part of this statement. - 10-

:
I ALBANY TECHNICAL COLLEGE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
YEAR ENDED JUNE 30, 2002
1

EXHIBIT"B"

OPERATING REVENUES
Student Tuition and Fees Less: Scholarship Allowances
Grants and Contracts Federal State
Rents and Royalties Sales and Services Other Operating Revenues
Total Operating Revenues
OPERATING EXPENSES
Salaries Benefits Travel Scholarships and Fellowships Utilities Supplies and Others Services Depreciation
Total Operating Expenses
Operating Income (Loss)
NONOPERATING REVENUES (EXPENSES)
State Appropnations Grants and Contracts
Federal Gifts Interest and Other Investment Income Interest Expense (Capital Assets)
Net Nonoperating Revenues
Income Before Other Revenues and Expenses
Capital Grants and Gifts State
Increase in Net Assets
Net Assets Net Assets - Beginning of Year, as Originally Reported Cumulative Effect of Changes In Accounting PrinCiple
Net Assets - Beginning of Year, Restated

$ 2,884,798.88 -40,97699
2,819.560.89 69,538.90 7,05000
1,006,931 12 11,00236
$ 6,757,90516

$ 9,118,399.34 1,919,814.34 63,575.39 2,633,746.91 641,688.68 3,616,890.76 689,26506
$ 18,683,380.48
$ -11,925,47532

$ 8,454,565.40

2.521.389.80 215,687.89 12,312.83 -441.32

$ 11,203151460

$

-721,960.72

$ 2,482,344 00

$

1,760,383.28

$ 5,642,798 14 7,228,731 62
$ 12,871,529 76

Net Assets - End of Year
The notes to the financial statements are an integral part of this sta,tement. - 11 -

$ 14,631,91304

ALBANY TECHNICAL COLLEGE STATEMENT OF CASH FLOWS
YEAR ENDED JUNE 30, 2002
CASH FLOWS FROM OPERATING ACTIVITIES TUition and Fees
Giants and Contracts
Rents and Royalties Sales and ServiceS Payments to Suppliers Payments to Employees Payments for Scholarships and Fellowships Other Receipts (Payments)
Net Cash Provided (Used) by Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropnatlons Agency Funds Transactions Gifts and Grants Received for Other than Capital Purposes
Net Cash Flows Provided by Noncaprtal FInancing ActiVities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchases of Capital Assets PnnClpal Paid on CapItal Debt Interest Paid on Capital Debt
Net Cash Used by Capital and Related FinanCing ActIVIties
CASH FLOWS FROM INVESTING ACTIVITIES Interest on Investments
Net Decrease In Cash
Cash and Cash Equivalents - Beginning of Year
Cash and Cash EqUivalents - End of Year
RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating Income (Loss) Adjustments to Reconcile Operating Income to Net Cash
Provided (Used) by Operating Actlvltres DepreCIation Expense Change In Assets and Liabilities Receivables, Net Inventones Salanes Payable Accounts Payable Deferred Revenue Compensated Absences
Net Cash Provided (Used) by Operating ActiVities
The notes to the financial statements are an Integral part of thiS statement
- 12 -

EXHIBIT"C"

$ 2,846,93040 2,735,335 16 7,05000 1.004,47459 -6,068,124 60 -9,100,28683 -2.633,74691 12,32550
$ -11,196,04269

$

8,451,52240

-75,28085

2,716,30673

$ 11,092,548 28

$

-112,37530

-6,39040

-441 32

$

-119,20702

$

12,31283

$

-210,38860

-36,53799

$

-246,92659

$ -11,925,47532
689,26506
19,15069 -52,541 63 26,31526 162,81081 -170,940.20 55,372 64
$ -11,196,04269

I
ALBANY TECHNICAL COLLEGE NOTES TO THE FINANC~ STATEMENTS
JUNE 30. 2002
I

EXHIBIT "D"

[
NOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

REPORTING ENTITY

I

Albany Technical College is one of thirty-three (33) State supported member colleges of

postsecondary education in Georgia which comprise thJ Georgia Department ofTechnical and Adult
Education, an organizational unit of the State ofGeor~a. The accompanying financial statements
a reflect the operations of Albany Technical College as separate reporting entity.

I
I
The Technical College's Local Board of Directors is composed of twelve (12) members serving
staggered three-year terms who are appointed by the St~te Board ofTechnical and Adult Education.

Appropriation of State funds is made to the Georgia DJpartment ofTechnical and Adult Education by the General Assembly of Georgia. The Department1s Administrative Central Office determines

the amount of State appropriations to be received by !Albany Technical College. The Technical

College does not have authority to retain unexpended State appropriations (surplus) for any given I
fiscal year. Accordingly, Albany Technical College is considered an organizational unit of the

Georgia Department of Technical and Adult Educatiorl for financial reporting purposes because of

the significance ofits legal, operational, and financial rblationships as defmed in Section 2100 ofthe

Governmental Accounting Standards Board (GASB) Cbdification ofGovernmental Accounting and

Financial Reporting Standards.

I

FINANCIAL STATEMENT PRESENTATION I

In June 1999, the GASB issued Statement No. 34, Basic Financial Statements and Management Discussion and Analysisfor State and Local Governme~ts. This was followed in November 1999 by

GASB Statement No. 35, Basic Financial Statements cmd Management's Discussion and Analysis

for Public Colleges and Universities. The State ofGedrgia is required to implement GASB No. 34

as of and for the year ended June 30, 2002. As an organizational unit of the State of Georgia, the Technical College is also required to adopt GASB St~tements No. 34 and No. 35 as amended by

GASB Statements No. 37 and No. 38. The financiJI statement presentation required by these

standards provide a comprehensive, entity-wide perSpective of the Technical College's assets,
liabilities, net assets, revenues, expenses, changes in ~et assets, cash flows, and replaces the fund

group perspective previously required.

I

The Technical College has elected to not restate its 2001 financial statements to conform with the new financial statement presentation, therefore comparative financial information will not be presented for fiscal year 2002. Significant accounting ~hanges made in order to comply with the new requirements include (1) adoption of depreciation Ion capital assets; and (2) recognition of compensated absences. Also, generally accepted accounting principles (GAAP) requires that the reporting of summer school revenues and expenses bel split between fiscal years rather than in one fiscal year. However, because the effect ofthis change is not material, the Technical Colleges ofthe Georgia Department ofTechnical and Adult Education!will continue to report summerrevenues and
expenses in the year in which the predominate activi1 takes place.

- 13 -

ALBANY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIDIT"D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING For financial reporting purposes, the Technical College is considered a special-purpose government engaged only in business-type activities. Accordingly, the Technical College's financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting, except as noted in the preceding paragraph. Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an obligation has been incurred. All significant intra-college transactions have been eliminated.
The Technical College has the option to apply all Financial Accounting Standards Board (FASB) pronouncements issued after November 30, 1989, unless FASB conflicts with GASB. The Technical College has elected to not apply FASB pronouncements issued after the applicable date.
RESTATEMENT OF NET ASSETS - BEGINNING OF YEAR As a result of the adoption ofGASB Statement No. 34, the Technical College was also required to make certain changes in accounting principles, specifically (1) adoption of depreciation on capital assets, and (2) recording of compensated absences. GASB Statement No. 34 requires certain summer semester revenues be recognized between fiscal years rather than the fiscal year in which the semester was predominantly conducted. The Technical College has chosen to continue to record summer revenue in the year in which the semester was predominantly conducted. Effective July 1, 2001, the Technical College's capitalization policy for equipment was increased from $1,000.00 to $5,000.00. Net assets at July 1,2001 were increased by $7,228,731.62 for the cumulative effect of these changes.
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents include currency on hand and demand deposits with banks and other authorized financial institutions.
ACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Georgia Department ofTechnical and Adult Education - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available.
Accounts receivable (Other) arising from operations are reported at gross value. Based on management's evaluation that amounts uncollectible are not material, no provision has been made for such amounts.
INVENTORIES Inventories of goods for resale are recorded as assets at cost at the time ofpurchase. The Technical College uses the weighted average method in costing-out inventories based on sales.

- 14-

I I
ALBANY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002
i
I
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

EXHffiIT"D"

CAPITAL ASSETS Capital assets are recorded at cost at date of acquisition, or fair market value at the date of capital contribution. The Technical College capitalizes all land and land improvements. For equipment, the Technical College's capitalization policy includes all items with a unit cost of$5,000.00 or more, and an estimated useful life of greater than one year.: Buildings and Building Improvements, Improvements Other Than Buildings and Library \Collections that exceed $100,000.00 or significantly increase the value or extend the useful life of the asset are capitalized. For infrastructure, the Technical College's capitalization thrbshold is $1,000,000.00. Routine repairs and maintenance are charged to operating expense in thd year in which the expense was incurred.
I
Depreciation is computed using the straight-line method over the estimated useful lives ofthe assets, generally 10 to 40 years for buildings, 10 to 20 years for! improvements other than buildings, 10 years for library books, and 3 to 10 years for equipment. I
i
To obtain full disclosure of capital assets acquired by the Technical Colleges of the Georgia
t Department ofTechnical and Adult Education, it is nec~ssary to look at the activities ofthe Georgia
State Financing and Investment Commission (GSFIC) an organization that is external to both the Technical College and the Georgia Department of Technical and Adult Education. The GSFIC
I
issues bonds for and on behalf of the State of GeorIDa, pursuant to powers granted to it in the Constitution of the State of Georgia and the Act creatirlg the GSFIC. The bonds are issued for the purpose ofacquiring capital assets and this debt constitutes direct and general obligations ofthe State
of Georgia, to the payment ofwhich the full faith, credi~ and taxing power of the State are pledged.

GSFIC records construction in progress on its books rrroughout the construction period and at
completion transfers the entire project cost to Albany Technical College to be recorded as an asset on I
the Technical College's books. For the year ended June 30, 2002, GSFIC transferred capital
additions valued at $2,482,344.00 to Albany Technical College.

DEFERRED REVENUES
Deferred revenues include amounts received for tuition and fees and other activities prior to the end
of the fiscal year but related to the subsequent accounti~g period. Deferred revenues also include
amounts received from grant and contract sponsors that have not yet been earned.

COMPENSATED ABSENCES

I

Employee vacation pay is accrued for financial statement purposes when vested. The liability and

expense incurred are recorded at year-end as accrued Ivacation payable in the Statement of Net

Assets, and as a component of compensation and benefit expense in the Statements of Revenues,

Expenses, and Changes in Net Assets. Albany Techhical College had an accrued liability for

compensated absences in the amount of$519,278.49 as:ofJuly 1,2001. For FY2002, $479,992.80

was earned in compensated absences and employees were paid $424,620.16, for a net increase of
$55,372.64. The ending balance as ofJune 30, 2002 in a~crued liability for compensated absences is

$574,651.13.

'

- 15 -

ALBANY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NON-CURRENT LIABILITIES Non-current liabilities include liabilities that will not be paid within the next fiscal year.
NET ASSETS The Technical College's net assets are classified as follows:
Invested in capital assets, net ofrelated debt: This amount represents the Technical College's total investment in capital assets, net ofoutstanding debt obligations related to those capital assets. To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component ofinvested in capital assets, net ofrelated debt. (The term "debt obligations" as used in this definition does not include debt of the GSFIC as discussed above.)
Unrestricted net assets: Unrestricted net assets represent available resources derived from student tuition and fees, state appropriations, and sales and services of educational departments. These resources will be used for transactions relating to the educational and general operations of the Technical College, and may be used at the discretion of the governing board to meet subsequent fiscal year expenses for those purposes, except for unexpended state appropriations (surplus) of $239.80. Unexpended state appropriations must be refunded to the Department of Technical and Adult Education for remittance to the Office of Treasury and Fiscal Services.
INCOME TAXES Albany Technical College, as a political subdivision of the State of Georgia, is excluded from Federal income taxes under Section 115(1) of the Internal Revenue Code, as amended.
CLASSIFICATION OF REVENUES The Technical College has classified its revenues as either operating or nonoperating revenues in the Statement of Revenues, Expenses, and Changes in Net Assets according to the following criteria:
Operatmg revenues: Operating revenues include activities that have the characteristics ofexchange transactions, such as (1) student tuition and fees, net ofscholarship allowances, (2) Federal, state and local grants and contracts, and (3) -sales and services.
Nonoperating revenues: Nonoperating revenues include activities that have the characteristics of non-exchange transactions, such as gifts and contributions, and other revenue sources that are defined as nonoperating revenues by GASB No.9, Reportmg Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting, and GASB No. 34, such as state appropriations and investment income.
Scholarship Allowances: Student tuition and fee revenues, and certain other revenues from students, are reported at gross with a contra revenue account of scholarship allowances in the Statement of Revenues, Expenses, and Changes in Net Assets. Certain governmental grants, such as Pell grants, and other Federal, state or nongovernmental programs, are recorded as either operating or
- 16-

ALBANY TECHNICAU COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002
I

EXHffiIT"D"

I
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNT, ING POLICIES

CLASSIFICATION OF REVENUES

I

nonoperating revenues in the Technical College's financial statements. To the extent that revenues

from such programs are used to satisfy tuition and fees and other student charges, the Technical I
College has recorded contra revenue for scholarship allowances.
I

NOTE 2: CASH AND CASH EQUIVALENTS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to Albany Technical College (and thu~ 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
I
State. In lieu of a surety bond, the depository may pledge as collateral anyone or more of the
following securities as enumerated in the Official Codb of Georgia Annotated Section 50-17-59: I

1. Bonds, bill, certificates of indebtedness, notes, dr other direct obligations ofthe United States

or of the State of Georgia.

I

not~s, 2. Bonds, bills, certificates of indebtedness,

or other obligations of the counties or

municipalities oftbe State ofGeorgia.

I

3. Bonds of any public authority created by the la'Ys of the 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 developlment authorities created by the laws of the

State of Georgia.

I

5. Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary I corporation ofthe 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 F~eral Home Loan Mortgage Association, and
the Federal National Mortgage Association.

6. Guarantee or insurance of accounts provided bJ the Federal Deposit Insurance Corporation.
I

As authorized in the Official Code of Georgia AnnotJted Section 50-17-53, the State Depository

Board has adopted policies, which allow agencies ofthJ State ofGeorgia (and thus Albany Technical

College), the option of exempting demand deposits from the collateral requirements.

.

I

- 17 -

ALBANY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT "D"

NOTE 2: CASH AND CASH EQUNALENTS

CATEGORIZATION OF DEPOSITS The Technical College's cash deposits are categorized by risk as follows:

Category 1 - Amounts covered by depository insurance or collateralized with securities (at fair value) held by the Technical College or by its agent in the Technical College's name.

Category 2 - Amounts collateralized with securities (at fair value) held b>, the pledging financial institution's trust department or agent in the Technical College'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 Technical College's name, and amounts uncollateralized.

At June 30, 2002, the Technical College's cash deposits were as follows:

Cash DepOSIts

CarryIng Amount

Bank Balances

Risk Categones

2

3

S -24737659 S 799838,79 $ 327955 89 $==d0!!=!O~O $ 471 882,90

NOTE 3: INVENTORIES

Inventories at June 30, 2002, consisted of the following:

Bookstore

$ 537,640.75

NOTE 4: CAPITAL ASSETS

The balance of capital assets at July 1, 2001, was adjusted for accounting changes required in implementing GASB Statements 34 and 35 as disclosed in Note 1. Following are the changes in capital assets for the year ended June 30, 2002:

- 18 -

I
I

ALBANY TECHNICALICOLLEGE NOTES TO THE FINANCIAIL STATEMENTS
JUNE 30, 2002
I

EXHIBIT "D"

NOTE 4: CAPITAL ASSETS
Capital Assets, Not Bemg DepreCIated Land and Land Improvements

Adjusted Balance July I. 2001
$ 1,651.558.00 $

I
I

I

I

I AddItIons
I

Reductions

Balance June 30, 2002

I

000 $.

~ 00~0 $ 1.651.558 00

Capital Assets, Bemg DepreCIated. BUlldmg and BUlldmg Improvements Improvements Other Than BUildings EquIpment LIbrary Collections

$ 11,324,007.00 $ 1,518,701.00 2,885,606.00 75,27870

$ 15,803.592.70 $

Less Accumulated DepreCiatIon: BUlldmgs and Buildmg Improvements $ Improvements Other Than BUlldmgs EqUipment LIbrary Collections

2,088,090.25 $ 1,022,000 89 1,531,533.68
7,527.87

I

I
2,442,744.00 $

I

000

151,97530

I

000

i

2,594,719.30 $

I

1 305,171.76 $ 121,977.10
I 254,588.33
I 7.527.87

000 $ 13,766,751 00

0.00 1,518,70100

000 3,037,581.30

000

75,27870

-0=.0=0 $ 18.398,312 00

0.00 S 2,393,262.01

000 1,143,977.99

0.00 1,786,122.01

0.00

15,055.74

$ 4,649,152.69 $

Total Capital Assets, Bemg DepreCIated,

Net

$ 11.154,440.0I $

I 689,265.06 $_ _---0-0l0~ $ 5.338.41775

I

1,905.454 24 $

-"0-0'=0 $ 13,059,894.25

CapItal Assets, Net

I
$ 12805998.01 $ 1905454 24 $====-0,~ 00 $ 1471145225

I

NOTE 5: DEFERRED REVENUE

I

I
Deferred revenue at June 30, 2002, consists of the following: I

Prepaid Tuition and Fees Other Deferred Revenue

I i

$

288,00

137,14

Gifts - GSFIC Federal- Grants and Contracts

87,802,86 63,884,91

Totals

I

NOTE 6: LONG-TERM LIABILITIES

I

$ 152,112.91

Long-term liability activity for the year ended June 30,: 2002 was as follows:

Leases Lease ObligatIOns
Other LIabilitIes Compensated Absences
Total Long-Term LIabIlities

Balance July 1,2001

AddItIOns

I I Reductions

Balance June 30, 2002

Current PortIon

$

8,076.14 $

I
0.00 i $

6,39040 $

1,685.74 $

1,685.74

519,27849

479,99280 : 424,62016

574,651 13

345,13323

i $ 52735463 $ 479992,80 $ 431010.56 $ 57633687 $ 34681897

I
- 19 - II

I
i

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

------

ALBANY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHmIT "D"

NOTE 7: LEASE OBLIGATIONS

CAPITAL LEASES Albany Technical College acquired a copier through a multi-year capital lease. This agreement contained a fiscal funding clause in accordance with Official Code ofGeorgia Annotated Section 505-64 which prohibits the creation ofa debt to the State ofGeorgia for the payment ofany sums under such agreements beyond the fiscal year of execution if appropriated funds are not available. If renewal ofsuch agreements is reasonably assured, however, capital leases requiring appropriation by the General Assembly of Georgia are considered noncancellable for financial reporting purposes.

OPERATING LEASES Albany Technical College has entered into certain agreements to lease real property and equipment which are classified as operating leases (leases on assets not recorded on the balance sheet). These leases generally contain provisions that, at the expiration date of the original term of the lease, the Technical College has the option of renewing the lease on a year-to-year basis. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised.

Expenses for rental ofreal property and equipment under operating leases for the year ended June 30, 2002, totaled $311,209.16.

SUMMARY OF LEASE OBLIGATIONS Future commitments for the capital lease (which here and on the Statement ofNet Assets includes an installment purchase agreement) and for noncancellable operating leases having remaining terms in excess of one year as of June 30, 2002, were as follows:

Capital Leases

Operating Leases

Year Ending June 30: 2003 2004 2005 2006

$ 1,707.93 $ 290,023.20 279,523.20 278,836.00 61,965.00

Total Minimum Lease Payments

$ 1,707.93 $ 910.347.40

Less: Interest

22.19

Principal Outstanding

$ 1.685.74

- 20-

ALBANY TECHNICAIl COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 20d2
I,

EXHffiIT"D"

NOTE 8: RETffiEMENTPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA I

Plan Description

i

Albany Technical College participates in the Teachers Retirement System of Georgia (TRS), a cost-

sharing multiple-employer defined benefit pension plah established by the General Assembly of

Georgia for the purpose of providing retirement allowJnces and other benefits for teachers of the I
State of Georgia. TRS provides service retirement, disability retirement, and survivor's benefits for

its members in accordance with State statute. The Teac~ers Retirement System of Georgia issues a

separate stand alone financial audit report and a copy can be obtained from the Georgia Department

of Audits and Accounts.

Funding Policy

Employees of Albany Technical College who are covered by TRS are required by State statute to

contribute 5% of their gross earnings to TRS. Albany Technical College makes monthly employer

contributions to TRS at rates adopted by the TRS Board bfTrustees in accordance with State statute

and as advised by their independent actuary. For fiscal ybar 2002, the employer contribution rate was

9.24% for covered employees. Employer contributions for the current fiscal year and the preceding

two fiscal years are as follows:

!

Fiscal Year

IPercentage Contributed

Required Contribution

2002 2001 2000

I 100% I 100% ! 100%

$ 568,892.72 $ 663,138.60 $ 527,088.61

EMPLOYEES' RETIREMENT SYSTEM OF GEdRGIA

Plan Description

I

Albany Technical College participates in the Employees' Retirement System of Georgia (ERS), a I
single-employer defined benefit pension plan established by the General Assembly ofGeorgia for the

purpose of providing retirement a110wlUlces for emp!o1ees of the State of Georgia.

The benefit structure ofERS is defined by State statute and was significantly modified on July 1, I
1982. Unless elected otherwise, an employee who currently maintains membership with ERS based
upon State employment that started prior to July 1, 1982, is an "old plan" member subject to the plan
provisions in effect prior to July 1, 1982. All other merrlbers are "new plan" members subject to the
modified plan provisions.

Under both the old plan and new plan, members become vested after 10 years ofcreditable service. A member may retire and receive normal retirement' benefits after completion of 10 years of

- 21 -

ALBANY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE 8: RETffiEMENTPLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA
Plan Description creditable service and attainment of age 65. If 10 years of service is completed and age 60 is reached, the member may retire with a reduced benefit. Additionally, there are certain provisions allowing for retirement after 25 years of service regardless of age.
Retirement benefits paid to members are based upon a formula which considers the monthly average of the member's highest twenty-four consecutive calendar months of salary, the number of years of creditable service, and the member's age at retirement. Postretirement cost-of-living adjustments are also made to member's benefits. The normal retirement pension is payable monthly for life; however, options are available for distribution ofthe member's monthly pension at reduced rates to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS.
In addition, the ERS Board of Trustees created the Supplemental Retirement Benefit Plan (SRBP) effective January 1, 1998. The SRBP was established as a qualified governmental excess benefit plan in accordance with Section 415 of the Internal Revenue Code (IRC) as a portion ofERS. The purpose of SRBP is to provide retirement benefits to employees covered by ERS whose benefits are otherwise limited by IRC 415.
The ERS issues a financial report each fiscal year which may be obtained through ERS.
Funding Policy As established by State statute, all full-time employees of the State of Georgia and its political subdivisions, who are not members ofother state retirement systems, are eligible to participate in the ERS. Both employer and employee contributions are established by State statute. The Technical College's payroll for the year ended June 30, 2002, for employees covered by ERS was $1,294,802.34. The Technical College's total payroll for all employees was $9,118,399.34.
Under the old plan, member contributions consist of 6.25% of annual compensation. Of these member contributions, the employee pays the first 1.5% and the Technical College pays the remainder on behalf of the employee. Under the new plan, member contributions consist solely of 1.5% of annual compensation paid by employee. The Technical College also is required to contribute at a specified percentage of active member payroll determined annually by actuarial valuation. For the year ended June 30, 2002, the ERS employer contribution rate for the Technical College amounted to 10.56% of covered payroll and included the amounts contributed on behalf of the employee under the old plan referred to above. Employer contributions are also made on amounts paid for accumulated leave to retiring employees.

- 22 -

,
I
ALBANY TECHNICAL; COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002
!

EXHIBIT "D"

NOTE 8: RETmEMENTPLANS

EMPLOYEES' RETIREMENT SYSTEM OF GE9RGIA

Funding Policy

\

Total contributions to the plan made during fiscal year 2002 amounted to $152,943.07, of which

$136,675.77 was made by the Technical College and $116,267.30 was made by employees. These

contributions met the requirements of the plan.

,

Actuarial and Trend Information

I

Actuarial and historical trend information is presented lin the ERS June 30, 2002, financial report

which may be obtained through ERS.

I
GEORGIA DEFINED CONTRIBUTION PLAN

i

Plan Description

I

Albany Technical College 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 empl~yees 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 Systerh of Georgia.

Benefits

I

A member may retire and elect to receive periodic payments after attainment ofage 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 *ccount, the Board ofTrustees 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 thb amount credited to his/her account will be
paid to the member's designated beneficiary. Benefit ~rovisions are established by State statute.

j The Employees' Retirement System of Georgia issues financial report each fiscal year which may

be obtained through ERS.

I

Contributions and Vesting

I

q Member contributions are seven and one-halfpercent .5%) ofgross salary. There are no employer

contributions. Contribution rates are established by State statute. Earnings are credited to each I
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. The

Technical College's payroll for the year ended June 30, '2002, for employees covered by GDCP was
$793,779.96. The Technical College's total payroll fo~ all employees was $9,118,399.34.

Total contributions made by employees during fiscal!year 2002 amounted to $59,516.25 which represents 7.5% of covered payroll. These contributions met the requirements of the plan.

I

.

- 23 -

-- --- -- - - - - --- - - -- - - - - - -
ALBANY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE 9: RISK MANAGEMENT
Public Entity Risk Pool The Department of Community Health administers for the State of Georgia a program of health benefits for the employees of units of government of the State of Georgia, units of county governments, and local education agencies located with the State ofGeorgia. This plan is funded by participants covered in the plan, by employers' contributions paid by the various units ofgovernment participating in the plan, and appropriations made by the General Assembly of Georgia. The Department ofCommunity Health has contracted with Blue Cross Blue Shield ofGeorgia to process medical claims and Express Scripts, Incorporated to process prescription drug claims in accordance with the State Employees' Health Benefit Plan as established by the Department of Community Health.
Other Risk Management The Department of Administrative Services (DOAS) has the responsibility for the State of Georgia ofmaking and carrying out decisions that will minimize the adverse effects ofaccidental 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 Technical College, as an organizational unit of the Georgia Department of Technical and Adult Education, 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.
NOTE 10: 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 expenses which are disallowed under grant terms. The amount of expenses which may be disallowed by the grantor cannot be determined at this time although Albany Technical College expects such amounts, if any, to be immaterial to its overall financial position.
Litigation, claims and assessments filed against Albany Technical College (an organizational unit of the Department of Technical and Adult Education), if any, are generally considered to be actions against the State of Georgia. 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, 2002.

- 24-

!
ALBANY TECHNICAIL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002
I

EXHIBIT "D"

I
i NOTE 11: NATURAL CLASSIFICAnONS WITH FiUNCnONAL CLASSIFICAnONS

\

The Technical College's operating expenses shown at the natural classification on the "Statement of
Revenues, Expenses and Changes in Net Assets" are ~ll classified as Instruction at the functional

classification.

I

I

I

I

I

[

I
I I I
I
I
I

I
I
I
I
I
I
I

I
I
I
I I I
I

I
I
I - 25 - I
I I

I
SUPPLEMENTARY INFORMAnON - 27-

I ALBANY TECHNICAL 80LLEGE SCHEDULE OF FUNDS AVAILABLE: AND EXPENDITURES COMPARED TO BUDGET - (NON-GAAP BASIS)
BUDGET FUND "A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION
YEAR ENDED JUNE 30, 2002 I
I

SCHEDULE "1"

FUNDS AVAILABLE REVENUES

I
I
BUDGET I
I
I

ACTUAL (1)

VARIANCE FAVORABLE (UNFAVORABLE)

State Appropriation Federal Revenues Other Revenues Retained
CARRY-OVER FROM PRIOR YEAR

$ 8,455.1431 00 $ 8.455,293.00 $

3,031 )55843 5,093,I624.60

2,501,155.71 4,080,111.40

I

$ 16,580,614.03 $ 15,036,560.11 $

!

-13800 -530,402.72 -1,013,51320
-1,544,053.92

Transfer from Reserved Fund Balance

0.00

172,085.70

172,085.70

EXPENDITURES
Personal Services - Institutions Operating Expenses - Institutions Capital Outlay Adult Literacy Grants Job Trainrng Partnership Act

i
$ 16,580,614.03 $ 15,208,64581 $
I

I

!
$ 10,115[638.42 $
4,398~836.02
257142800 1,718\71159
I
90,00000
I

9,773,030.41 $ 3,388,609.96
257,428.00 1,577,286.08
28,47871

I $ 16,580,61403 $ 15,024,833.16 $

-1,371,968 22
342,60801 1,010,226.06
0.00 141,425.51 61,521.29
1,555,780.87

Excess of Funds Available over Expenditures

$

183,812 65 $ ===1=8~3:.,8;,,;1=2:;;;.6~5

(1) Actual amounts were prepared on a prescrrbed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia"11 which IS a comprehenSive baSIS of accounting other than generally accepted accounting prinCiples.
I
I I
- 29 - I
I

Totals per Annual Supplement
Accruals June 3D, 2001 June 30, 2002
Compensated Absences June 30, 2001 June 30, 2002
Agency Funds

I

I

ALBANY TECHNICAL CbLLEGE RECONCILIATION OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 2002

SCHEDULE "2"

I

I
I

I

SALARIES

TRAVEL

I

I

$

9,038.19945 $

66.819.39

I

I

I

-41,13078

I

67,446.04

I

I

I

-507,258.87

I

561,143.50

I

I

-3.244 00

!
I

I

$

9,118.39934 $

I
I I
I I
I I
I
I
I
I
I
I
I I I
I
I
I
I
I I
I
I
I
I I I
I i
I
I I
I I
- 31 - I

I
I
I