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Au~usrA-TECl:INICAL' COLLEGE

,AUGUSTA,' GEORGIA

REPORT' O' N REVIE'W

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, OF' THE FINANCIAL,STATEMENTS. 1

FOR THE FISCAL YEAR ENDED JUNE 30, 2002

Russell W: Hinton

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,State Auditor

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AUGUS1A TECHNICAL COLLEGE -TABLE OF CONTENTS -

SECTION I

FINANCIAL

INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATJON

REQUIRED SUPPLEMENTARY INFORMATION

MANAGEMENT'S DISCUSSION AND ANALYSIS

2

BASIC FINANCIAL STATEMENTS

EXHIBITS

A STATEMENT OF NET ASSETS

11

B STATEMENT OF REVEl\'UES, EXPENSES AND CHANGES IN NET ASSETS

12

C STATEMENT OF CASH FLOWS

13

D NOTES TO THE FINANCIAL STATEMENTS

14

SUPPLEMENTARY INFORMATION

SCHEDULES

SCH[DULE OF FUNDS AVAILABLE AND EXPENDITURES

COMPARED TO BUDGET- (NON-GAAP BASIS)

BUDGET FUND

"A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION

29

2 RECONCILIATION OF SALARIES AND TRAVEL

30

SECTION II AUDITEE'S RESPONSE TO PRJOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YE<\R FINDINGS AND QUESTIONED COSTS

Rt""' I W. ""TO' STATE AUDITOR AOA,;654;2'7A

DEPARTMENT OF AUDITS AND ACCOUNTS
25 WJ..,hmgton Strcct S \V Suuc ~ 14
AIIJnta, Georgia 30314-M00
September 25, 2002

Honorable Roy E Barnes, Governor

Members of the General Assembly of Georgia

Members of the State Board ofTechrucal and Adult Education

Members of the Local Board of Directors



and

Honorable Terry Elam, President

Augusta Techmcal College

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

Ladies and Gentlemen

We have reviewed the accompanymg basic financial statements (Exlub!ls A through D) of Augusta Techmcal College, an organ1zat1onal urut of the State of Georgia, as of and for the year ended June 30, 2002, m accordance with Statements on Standards for Accountmg and Review Services issued by the Amencan Institute of Certified Pubhc Accountants All mformat1on mcluded m these financial statements 1s the representation of the management of Augusta Techmcal College

A review consists pnnc1pally ofmqumes ofTechrucal College personnel and analytical procedures apphed to financial data It 1s substanually less m scope than an audit m accordance with audllmg standards generally accepted m the Umted States of Amenca. the obJectlve of which 1s the expression of an op1mon regardmg the financial statements taken as a whole Accordmgly, we do not express such an opm1on

Based on our review, we are not aware of any matenal mod1ficatlons that should be made to the accompanymg financial statements m order for them to be m conforrmty with accountmg pnnc1ples generally accepted m the Umted States of Amenca

As descnbed m Note I, Augusta Techmcal College adopted the prov1s10ns of Governmental Accounting Standards Board (GASB) Statement No 35. Basic Financial Statements - and .Management's D1scusswn and Analysis - for Public Colleges and Umversl/les, as amended by GASB Statement No 37. Basic Financial Statements-and Management's D1scusswn and Ana(n1s for State and Local Governments, and GASB Statement No 38, Certain Financial Statements Note Disclosures, as ofJuly 1. 2001, to implement a new financial reportmg model

02ARL-6T

Management's D1scuss1on and Analysis 1s not a reqmred part ofthe basic financial statements but 1s supplementary mformat1on reqmred by the GASB We have apphed certam hm1ted procedures, which consisted pnnc1pally ofmqumes ofmanagement regardmg the methods ofmeasurement and presentation oftlus supplementary mformauon, and we are not aware ofany matenal mod!ficauons that should be made thereto.
Our review was made for the purpose of expressmg hm1ted assurance that there are no matenal mod1fica1Ions that should be made to the financial statements m order for them to be m conformity with accounting pnnc1ples generally accepted m the Uruted States of Amenca The accompanymg supplementary mformatlon (Schedules I and 2) 1s presented for add11Ional analysis purposes Such mformauon has been subjected to the mqumes and analytical procedures apphed m the reV1ew of the financial statements, and we are not aware of any matenal mod1ficat1ons that should be made to such data.
Respectfully submitted,
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Hmton State Auditor
RWHas 02ARL-6T

REQUIRED SUPPLEMENTARY INFORMATJON - I-

Augusta Technical College Management's Discussion and Analysis
The followmg 1s a d1scuss1on and analysis of Augusta Techrucal College's financial performance for the fiscal year endmg June 30, 2002 Please read 1t m conJunctlon with the College's financial statements, which follow this section Due to the fact that the State of Georgia, mcludmg Augusta Techrucal College, implemented the proV1s1ons of Governmental Accountmg Standards Board (GASB) Statements No 34 and 35 for the fiscal year 2002 only hmited fiscal year 2001 data will be presented for comparative purposes This comparative mformatlon will be reqmred m future reports
Overview ofthe Financial Statements and Financial Analysis
This annual report consists of a senes of financial statements prepared m accordance with the rules and regulations estabhshed by the Governmental Accountmg Standards Board These financial statements differ, m both form and the accountmg pnnc1ple used, from the presentation of pnor financial statements
The Statement of Net Assets used m con1uncllon with the Statement of Revenues, Expenses and Changes m Net Assets contams mformallon concemmg the College's finances and act1v111es as a whole and assists with proVJdmg an answer to the question "Is the College as a whole better or worse off as a result of the year's acllv1t1es9 " These statements mclude all assets and hab1ht1es usmg the accrual basis of accountmg, wluch 1s s1m1lar to the accountmg method used by corporations and other pnvate sector comparues All revenues and assets are recogiuzed when the service 1s proVJded and expenses and hab1ht1es are recognized when others provide the goods or service, regardless of when cash 1s exchanged
The Statement of Cash Flows 1s a valuable tool when evaluatmg the ab1hty of the College to meet financial obhgatlons as they mature This statement presents mformat10n related to cash inflows and outflows sumrnanzed by operating, non-cap1taJ financmg, capital and related financing and mvestmg ac11v11les
This d1scuss1on and analysis of the College's financial statements provides an overview of Its financial ac11v1t1es for the year
Statement ofNet Assets
The purpose of the Statement of Net Assets 1s to present to the users of the financial statements a fiscal snapshot of the Techrucal College at a specific point m lime The statement presents the assets, hab1ht1es and net assets of the College as of the end of the fiscal year Assets and hab1ht1es are reported as current and non-current and the difference between assets and hab1ht1es 1s reported as net assets Over a penod of time the increases and decreases reflected m the
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Statement of Net Assets, when considered with other non-financial facts such as enrollment levels and the cond1t1on of the fac1ht1es, can provide a measure to aid m determmmg whether the Techrucal College's financial position 1s 1mprovmg or detenoral!ng

Net assets are d1v1ded mto three maJor categones. The first category, mvested m capital assets, net of debt, provides mforma!Ion concermng the College's equity m property, plant and equipment owned by the College The next asset category 1s restncted net assets, which 1s d1v1ded mto two categones, nonexpendable and expendable The maJonty of nonexpendable restncted net assets are only available for mvestment purposes Expendable restncted net assets are available for expenditure by the College but must be spent for purposes as determmed by donors and/or external ent1t1es that have placed time or purpose restnctions on the use of the assets The final category 1s unrestncted 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

S 4,100 24.419

Total Assets

$ 28,519

Liabilities Current Liab1ht1es Non-Current L1ab1ht1es

$ 1.123 280

Total Liabilities

$ I 403

Net Assets Invested m Capital Assets, N.::t of Debt Restncted - Expendable Unrestncted
Total Net Assets

$ 24,419 4
2,693
$ 27,) )6

Statement ofRevenues, Expenses and Changes in Net Assets
The purpose of the Statement of Revenues, Expenses and Changes m Net Assets 1s to present the revenues received by the College, both operatmg and nonoperatmg, and the expenses mcurred by the College, operatmg and nonoperating, and any other revenues, expenses, gams and losses received or spent by the College dunng the fiscal year Changes m total net assets as presented on the Statement of Net Assets are based on the mformal!on presented m the Statement of Revenues, Expenses and Changes m Net Assets
Operatmg revenues are received for prov1dmg goods and/or services to vanous customers and constituencies of the College Operatmg expenses are those expenses paid to acquire or produce the goods and/or services provided m return for the operatmg revenues, and to carry out the
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m1ss10n of the College Therefore, nonoperat1Dg revenue 1s received when no goods or services are proVJded ID exchange for the revenue State appropnallons and gifts were classified as operat1Dg revenues ID previous reports With the ISsuance of Statement No 35, new gmdel1Des have been estabhshed by the Governmental Account1Dg Standards Board (GASB) chang1Dg the class1ficat1ons of state appropnatlons and gifts from operat1Dg to nonopcrat1Dg revenue This change may result ID an operating deficit that 1s offset by a nonoperat1Dg surplus

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

Operating Revenues Operatmg Expenses

$ 6,645 22,744

Operat1Dg Garn/Loss

$ -16,099

Nonoperat1Dg Revenues and Expenses

15,988

Income (Loss) Before Other Revenues, Expenses, Garns or Losses

$ -111

Other Revenues, Expenses, Ga1Ds or Losses

350

Increase ID Net Assets

239

Net Assets at Beginmng of Year, as Ong1Dal1y Reported

$ 12,093

Cumulative Effect of Changes ID Accountmg Pnnc1ple

14 784

Net Assets at Beg1Dmng of Year Restated
Net Assets at End of Year

$ 26,877
s 27,l 16

The Statement of Revenues, Expenses, and Changes ID Net Assets reflects a pos1t1ve year with an rncrease ID the net assets at the end of the year Some lughhghts of the mformat1on presented on the Statement of Revenues, Expenses, and Changes m Net Assets are as follows

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Revenue by Source (thousands of dollars)

Operatmg Revenue Tuition and Fees Grants and Contracts Rents and Royalties Sales and Services of Educat10nal Departments Other

$ 3,790 2,752 8 87 8

Total Operatmg Revenue

$ 6,645

Nonoperatmg Revenue State Appropnattons Federal Grants and Contracts - Nonoperatmg State Grants and Contracts - Nonoperatmg Local Grants and Contracts - Nonoperatmg Gifts Investment Income
Total Nonoperatmg Revenue

s 13,324
2,321 43 182 114 4
s 15,988

Total Revenues Operatmg Expenses (thousands of dollars)

S ,~.6JJ

Operatmg Expenses Instruction

S 22,744

Total Operatmg Expenses

S,744

The sources of operatmg revenue for the College are tuition and fees, grants and contracts, aux1hary services, and educational act1v1ttes The operatmg loss 1s directly related to the exclusion of the State of Georgia appropnatlon m the amount of $13,323,522 from operatmg revenues per GASB 35

Tmtlon mcreased by $653,064 Tins 1s directly related to the mcreased enrollment of 13% from fiscal year 2001

Repairs and Mamtenance mcreased by approximately $274,770 dunng the past year The mcrease was partially generated by the renovations completed on the weldmg shop and the replacement of a roof on the 300 bmldmg.

Personal ServJces expenses mcreased by approximately $1,143,929 Tots mcreasc reflects an annual pay raise for College employees of approximately 4 5% with the associated frmge benefits It also reflects an increased cost to the College for additional adJunct faculty pos1t1ons reqmred due to the mcreased enrollment m fiscal year 2002

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The cumulallve effects of changes m accountmg pnnc1ple are the result of the College adoptmg deprec1allon on capital assets and changmg from the budgetary basis to the GAAP basis of accountmg
Under nonoperatmg revenues (expenses) state appropnallons decreased by approximately $9,274 The College, as well as all other state agencies, mcurred a 2 5% budget reduc11on m fiscal year 2002 due to a national economic slowdown followmg the tragedy of September I I, 2001

Statement of Cash Flows

The purpose of the Statement of Cash Flows 1s to provide relevant mformauon concemmg the cash receipts and payments of the College dunng the year It also provides mformat1on concerning the College's ab1hty to generate future cash flows and to meet its obhgat10ns as they come due. The statement 1s d1vtded mto three secuons The first secllon reports on the operatmg cash flows and shows the net cash used by the operatmg acllv1t1es of the College The second section shows the cash flows from the nonoperallng act:Jv1t1es of the College The final section reconciles the net cash used to the operatmg mcome or loss reflected on the Statement of Revenues, Expenses, and Changes m Net Assets

Statement of Cash Flows (thousands of dollars)

Cash Provided (Used) By Operating Acllv111es Non-Capital Fmancmg Acllv1t:Jes Investmg Act1v1t:Jes Capital and Related Fmancmg Acllv111es

$-14,802 16,012 4 -446

Net Change m Cash Cash, Begmnmg of Year

$ 768 2,177

Cash, End of Year

S 2 945

Capital Assets
The College did not complete any s1gruficant capital asset add111ons for fac1hlles m the fiscal year 2002 The Georgia State Fmancmg and Investment Comm1ss1on (GSFIC) funded $485,088 to be used for the purchase of equipment ProJected fundmg by the GSFIC for fiscal year 2003 will be approximately the same
Economic Outlook
The College 1s unaware of any currently known fact, dec1s1on, or cond1t1on that 1s expected to have a s1gmficant effect on the financial posmon or change how the College operates for the ne}..t fiscal year As m pnor years, the College's overall financial position 1s strong Enrollment has

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increased by approximately 27% annually for the past 5 years and this trend 1s expected to continue into the next fiscal year As a result, the College anticipates the next fiscal year will be much like the last and the College will maintam a close watch over resources to maintain the ab1hty to react to unknown internal and external issues Terry Elam, President Augusta Technical College
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BASIC FINANCIAL STATEMENTS
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AUGUSTA TECHNICAL COLLEGE STATEMENT OF NET ASSETS JUNE 30. 2002
ASSETS
Current Assets Cash end Cash Equivalents Short-Term Investments Accounts Receivable, Net Federal Financial Assistance Other lnventones
Total Current Assets
Non-Current Assets Capital Assets, Net
Total Assets
LIABILITIES
Current L1ab1lrtJes Salanes Payable Accounts Payable Deferred Revenue Funds Held for Others Compensated Absences
Total Current L1ablhues
Non-Current L1ab1lItIes Compensated Absences
Total L1ab1hbes
NET ASSETS
Invested in Capital Assets, Net of Related Debt Restnc:ted Unrestncted
Total Net Assets

EXHIBIT "A"

$ 2,944,590 95 20,000 00 66,901 97
437,557 10 630 687 47
$ 4,099,737 49
24,419.461 79
$ 28,519,199 28

$

24,16079

10,624 46

342,275 49

331,924 47

413 537 85

$ 1, 122,523 06

$

280 498 62

$ 1403021 68

s 24,419,461 79
4,248 41 2 692,467 40

$ 2711617760

See Independent Accountant's Combined Report on Review of Basic F1nanc,al Statements and Supplementary Information
The notes to the financial statements are an integral part of this statement - 11 -

AUGUSTA TECHNICAL COLLEGE
STATEMENT Of REVENUES EXPENSES AND CHANGES IN NET ASSETS YEAR ENDED JUNE 30 2002

EXHIBIT"B"

OPERATING REVENUES
Student Turt1on and Fees Less Scholarsh,p Allowances
Grants and Contracts Federal
Rento and Royalties Salos end Services Other Operating Revenues
Total Operatrng Revenues
9PERATING EXPENSES
Salanes Benefits Travel Scholarsh,ps end Fellowships Ut1llhes Supphes and Other 5eMces Depreaat.Jon
Total Operabn9 Expenses
Operating Income (Loss)
NONOPERATING REVENUES !EXPENSESl
State Appropnabons Grants and Contracts
Federal State Local Gifts Interest and Other Investment Income
Net Nonoperatmg Revenues
Income Before Other Revenues, Expenses Gains or Loss
Cap,tel Grants and Gifts State Nongovernmental
Toter Other Revenues
Increase m Net Assets
Net Assets Net Assets Begmnmg of Year as Onginally Reported CumulatJve Effect of Changes 1n Acc.ountmg Pnnople
Net Assets - Begmmng of Year Restated
Net Assets - End of Year
See Independent Accountant's Combined Report on Review of BaSlc F1nanoal Statements and Supplementary lnformaUOn
The notes to the finanoal statements ere en mtegral pert of this statement - 12 -

s 4,103 776 37
-314,152 71
2,752,018 86 7 752 95
87,169 33 8 504 99
$ 6,645 069 79
s 12,253 749 92
2 794,954 81 147 821 01
2,068 069 60 718,801 67
3 569,543 50 1 191 353 67
s 22 744,294 18 s -16,099,224 39

$ 13 323,522 26

2,320 541 31 43,626 92
18187631 114,231 80
3 687 84

$ 15 987 486 44

s

-11173795

s

299,634 40

51 048 00

s

350 682 40

$

238.944 45

s 12 092,962 52
14 784 270 63
s 26 877 233 15

$ 27 116 177 60

AUGUSTA TECHNICAL COLLEGE STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30 2002
CASH FLOWS FROM OPERATING ACTIVITIES Tuman end Fees Grants and Contracts Sales and SeMces Payments for Scholarships and Fellowships Payments to Suppliers Payments to Employees Other Receipts (Payments)
Net Cesh Prov,ded (Used) by Operallng Ad1111bes
CASH FLOWS FROM NONCAPITAL FINANCING ACTMTIES State Appropnabons Agency Funds Transadlons Gifts end Grants Received for Other than Capital Purposes
Net Cesh Flows Provided by Noncapital F,nancmg Ac:tivmes
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVmES Cepital Grants and Gifts R&c:eived Purchases of Capital Assets
Not Cash Used by Capital end Related Fmanc,ng Acllvmes
CASH FLOWS FROM INVESTING ACTIVITIES Interest on Investments
Net lnaeese m 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
Oporabng Income (Loss) Adjustments to Reconale Operating Income to Net Cash
Prov,ded (Used) by Operalmg Aclnnbes Depreaabon Expense Change mAssets and L1ab1lrues
ReceNabk!s. Net lnventones Salanes Payable
Payroll W1lhholdmgs and Employer Benefits Accounts Payable Deferred Revenue Compensated Absences
Net Cash ProVJdod (Used) by Oporabng Acbvlbes
See Independent Accountant's Combined Report on Review of Basic Flnanoal Statements and Supplementary Information
The notes to the finencal statements are an integral part of this statement -13-

EXHIBIT "C"

s

3 638,940 14

2 895 591 07

117 088 32

-2 068 069 60

-7,308,898 60

-12118,49585

42 068 20

$ -14 801 776 32

s 13 323,522 26
28,304 16 2 660,276 34
$ 16 012 102 76

s

350,849 68

-797 304 26

$

-446 454 58

$

3,687 84

s

767,559 70

2 177 031 25

$ 2 944 590 95

S -16,099,224 39
1,191,35367
106,428 83 -66 854 30 -1576934
-8 960 72 3 423 87 -57,810 89 145 636 95
$ -14 801 776 32

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

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY Augusta Techmcal College 1s one of thirty-three (33) State supported member colleges of postsecondary education in Georgia which compnse the Georgia Department ofTechrucal and Adult Education, an organ1zat1onal urut of the State of Georgia The accompanying financial statements reflect the operations of Augusta Technical College as a separate reporting entity
The Techrucal College's Local Board of Directors 1s composed of eleven ( 11) members serving staggered three-year terms who are appointed by the State Board ofTechrucal and Adult Education Appropnatlon of State funds 1s made to the Georgia Department of Technical and Adult Education by the General Assembly of Georgia The Department's Administrative Central Office determines the amount of State appropnauons to be received by Augusta Techmcal College The Techmcal College does not have authonty to retain unexpended State appropnatlons (surplus) for any given fiscal year Accordingly, Augusta Techmcal College is considered an orgamzat10nal umt of the Georgia Department ofTechmcal and Adult Education for financial reporting purposes because of the s1gmficance of its legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board (GASB) Cod1ficat1on ofGovemmental Accountmg and Financial Reporting Standards
FINANCIAL STATEME!','T PRESENTATION In June 1999, the GASB issued Statement No 34, Basic Financial Srarements and Managemenr Discusswn and Analysisfor Srare and Local Governmenrs Tlus was followed m November 1999 by GASB Statement No 35, Basic Financial Statements and Management's D1scusswn and Analysis for Public Colleges and Umverst11es The State of Georgia is required to implement GASB No 34 as of and for the year ended June 30, 2002 As an organ1zat1onal unit of the State of Georgia, the Techmcal College is also required to adopt GASB Statements No 34 and No 35 as amended by GASB Statements No 37 and No 38 The financial statement presentation required by these standards provide a comprehensive, entity-wide perspective of the Techmcal College's assets, hab1ht1es, net assets, revenues, expenses, changes in net assets, cash flows, and replaces the fund group perspective previously required
The Techmcal College has elected to not restate its 2001 financrnl statements to conform with the new financial statement presentation. therefore comparative financial information will not be presented for fiscal year 2002 Significant accountmg changes made m order to comply with the new requirements mclude (I) adoption of depreciation on capital assets, and (2) recogmt10n of compensated absences Also, generally accepted accounting pnnc1ples (GAAP) requires thal the reporting of summer school revenues and expenses be spin between fiscal years rather than in one fiscal year However, because the effecl ofth1s change 1s not matcnal, the Technical Colleges ofthe Georgia Department ofTechmcal and Adult Education will continue to report summer revenues and expenses m the year m which the predommate activity takes place

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

EXHIBIT "D"

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING For financial reportmg pwposes, the Techmcal College 1s considered a special-purpose government engaged only m busmess-type activities Accordmgly, the Techmcal College's financial statements have been presented usmg the economic resources measurement focus and the accrual basis of accountmg, except as noted m the precedmg paragraph Under the accrual basis, revenues are recogmzed when earned, and expenses are recorded when an obligation has been mcurred All s1gmficant mtra-college transactions have been ehmmated
The Techmcal College has the option to apply all Fmanc1al Accountmg Standards Board (FASB) pronouncements issued after November 30, 1989, unless FASB conflicts with GASB The Techmcal College has elected to not apply FASB pronouncements issued after the apphcable date
RESTATEMENT OF NET ASSETS - BEGINNING OF YEAR As a result of the adoption ofGASB Statement No 34, the Techmcal College was also reqmred to make certam changes m accountmg pnnc1ples, spec1fically (I) adoption of deprec1auon on capital assets. and (2) recordmg of compensated absences GASB Statement No 34 reqmres certam summer semester revenues be recogmzed between fiscal years rather than the fiscal year m which the semester was predommantly conducted The Techmcal College has chosen to contmue to record summer revenue m the year m which the semester was predommantly conducted Effective July 1. 2001, the Techmcal College's cap1tahzat1on pohcy for eqmpment was mcreased from $1,000 00 to S5,000 00. Net assets at July I, 2001 were mcreased by S14,784,270 63 for the cumulative effect of these changes
CASH AND CASH EQUIVALENTS Cash and Cash Eqmvalents mclude currency on hand and demand deposits with banks and other authonzed financial mstltutlons
INVESTMENTS Investments are defined as those financial mstruments with terms m excess ofthree months from the date of purchase and certam other secunlics held for the production ofrcvenue Investments are stated at fau value
ACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Georgia Department ofTechmcal and Adult Education - Adm1mstrat1ve Central Office, reimbursements due from Federal, State, local, and pnvate grants and contracts, and other receivables disclosed from mformatlon available
Accounts receivable (Other) ansmg from operations are reported at gross value Based on management's evaluation that amounts uncollectlble are not matenal, no prov1s10n has been made for such amounts

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

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVENTORlES Inventones of goods for resale are recorded as assets at cost at the lime of purchase The Techmcal College uses the first-m, first-out (FIFO) method m costmg-out mventones based on sales
CAPITAL ASSETS Capital assets are recorded at cost at date of acqu1s1t1on, or fair market value at the date of capital contnbut10n The Techmcal College cap1tahzes all land and land improvements For eqwpment, the Techrucal College's cap1tahzat1on pohcy mcludes all items with a urut cost of$5,000 00 or more, and an estimated useful hfe of greater than one year Bu1ldmgs and Bu1ldmg Improvements, Improvements Other Than Bu1ldmgs and Library Collecttons that exceed $100,000 00 or s1gmficantly mcrease the value or extend the useful hfe of the asset are cap1tal1zed For mfrastructure, the Techrucal College's cap1tal1zatlon threshold 1s S1,000,000 00 Routme repairs and mamtenance are charged to operatmg expense m the year m which the expense was mcurred Depreciation 1s computed usmg the strrught-lme method over the estimated useful hves ofthe assets, generally 10 to 40 years for bu1ldmgs, 15 to 25 years for mfrastructure, 15 years for improvements other than buildmgs, 10 years for hbrary books, and 3 to 10 years for eqmpment
To obtain full disclosure of capital assets acqurred by the Techmcal Colleges of the Georgia Department ofTechrucal and Adult Educauon, 1t 1s necessary to look at the acttv1ttes of the Georgia State Fmancmg and Investment Comm1ss1on (GSFIC) - an organ1zat1on that 1s external to both the Techmcal College and the Georgia Department of Techrucal and Adult Education The GSFIC issues bonds for and on behalf of the State of Georgia, pursuant to powers granted to 11 m the Constitution of the State of Georgia and the Act creatmg the GSFIC The bonds are issued for the purpose ofacqumng capital assets ano this debt constitutes direct and general obhgattons ofthe State of Georgia, to the payment ofwh1ch the full faith, credit and taxmg power of the State are pledged
GSFIC records construction m progress on its books throughout the construction penod and at completion transfers the entire project cost to Augusta Techmcal College to be recorded as an asset on the Techrucal College's books.
DEFERRED REVENUES Deferred revenues mclude amounts received for tmt10n and foes and other acttv1t1es pnor to the end of the fiscal year but related to the subsequent accountmg penod Deferred revenues also mclude amounts received from grant and contract sponsors that have not yet been earned
COMPENSATED ABSENCES Employee vacation pay 1s accrued for financial statement purposes when vested The hab1hty and expense mcurred arc recorded at year-end as accrued vacat10n payable m the Statement of Net Assets, and as a component of compensation and benefit expense m the Statements of Revenues, Expenses, and Changes m Net Assets Augusta Techmcal College had an accrued hab1hty for

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

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
COMPENSATED ABSENCES compensated absences m the amount of S548,399 52 as of July I, 2001 For fiscal year 2002, $788,064 53 was earned m compensated absences and employees were paid S642,427.58, for a net mcrease of $145,636 95 The endmg balance as of June 30, 2002 m accrued hab1lity for compensated absences 1s $694,036 47
NON-CURRENT LIABILITIES Non-current hab1lit1es mclude (I) liab1lit1es that will not be paid wllhm the next fiscal year, (2) capital lease obhgat1ons with contractual matunt1es greater than one year, and (3) other liab1lmes that, although payable w1thm one year, are to be paid from funds that are classified as non-current assets
NET ASSETS The Technical College's net assets are classified as follows
Invested m capital assets, net ofrelated debt This amount represents the Technical College's total mvestment m capital assets, net of outstandmg debt obligations related to those capital assets To the ell.tent debt has been mcurred but not yet expended for cap11al assets, such amounts are not mcluded as a component ofmvested m capital assets, net ofrelated debt (The term "debt obhgallons" as used m this defimt1on does not mclude debt of the GSFIC as discussed above )
Restricted net assets Restncted expendable net assets mclude resources m which the Technical College 1s legally or contractually obligated to spend resources m accordance with restncuons imposed by external thud parties, except for unexpended grant funds of$4,144 83 due to grantor agencies
Unresmcted net assets Unrestncted net assets represent available resources denved from student tu1t1on and fees. state appropnat1ons, and sales and services of educat10nal departments These resources will be used for transactmns relating to the educational and general operat10ns of the Technical College, and may be used at the d1scret1on of the governmg board to meet subsequent fiscal year expenses for those purposes. except for unexpended state appropnauons (surplus) of $0 24 Unexpended state appropnatlons must be refunded to the Department ofTechmcal and Adult Education for remittance to the Office of Treasury and Fiscal Services These resources also mclude auxiliary enterpnses, which are substantially self-supportmg act1v1t1es that provide services for students, faculty and staff
When an expense 1s mcurred that can be paid usmg either restncted or unrestncted resources. the Technical College's policy 1s to first apply the expense towards unrestncted resources, and then towards restncted resources

- I7 -

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

EXHIBIT"D"

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INCOME TAXES Augusta Techrucal College, as a pohl!cal subd1v1s10n of the State of Georgia, 1s excluded from Federal mcome taices under Sect10n 115(1) of the Internal Revenue Code, as amended
CLASSIFICATION OF REVENUES The Techrucal College has classified its revenues as either operatmg ornonoperatmg revenues m the Statement of Revenues, Expenses, and Changes m Net Assets accordmg to the followmg cntena
Operating revenues Operatmg revenues mclude acl1VJl!es that have the charactenst1cs ofexchange transacnons, such as (I) student tu1t1on and fees, net ofscholarship allowances, (2) Federal, state and local grants and contracts. and (3) sales and services
Nonoperating revenues Nonoperatmg revenues mclude acllv111es that have the charactensucs of non-exchange transact1ons, such as gifts and contnbullons, and other revenue sources that are defined as nonoperatmg revenues by GASB No. 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental En/Illes That Use Proprietary' Fund Accounting, and GASB No 34, such as state appropnallons and mvestrnent mcome
Scholarship Allowances Student tu11Ion and fee revenues, and certam other revenues from students, are reported at gross with a contra revenue account of scholarship allowances m the Statement of Revenues, Expenses. and Changes m Net Assets Certam governmental grants, such as Pell grants, and other Federal, state or nongovernmental programs, are recorded as either operatmg or nonoperatmg revenues m the Techmcal College's financial statements To the extent that revenues from such programs are used to satisfy tw.t1on and fees and other student charges, the Techmcal College has recorded contra revenue for scholarslup allowances
NOTE 2 CASH AND CASH EQUIVALENTS AND OTHER DEPOSITS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belongmg to Augusta Techmcal College (and thus the State of Georgia) cannot be placed ma depository paymg mterest longer than ten days without the depository prov1dmg a surety bond to the State In heu of a surety bond, the depository may pledge as collateral any one or more of the followmg secunlles as enumerated m the Official Code of Georgia Annotated Section 50-17-59
1 Bonds. bill, certificates of mdebtedness, notes, or other chrect obhgauons ofthe Umted States or of the State of Georgia
2 Bonds, b1lls, certificates of mdebtedness, notes. or other obhgat10ns of the counlles or mumc1pah11es of the State of Georgia
3 Bonds of any pub he authonty created by the laws ofthe State of Georgia, prov1dmg that the statute that created the authonty authonzed the use of the bonds for this purpose
- 18 -

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

EXHIBIT "D"

NOTE 2 CASH AND CASH EOUNALENTS AND OTHER DEPOSITS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 4 Industnal revenue bonds and bonds of development authontles created by the laws of the State of Georgia

5. Bonds, bills, certificates of indebtedness, notes, or other obhgatlons of a subs1d1ary corporation ofthe Umted States government, which are fully guaranteed by the Umted States government both as to pnnc1pal and interest, or debt obhgat1ons issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intennediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Assoc1at1on, and the Federal National Mortgage Associat10n

6 Guarantee or insurance ofaccounts provided by the Federal Deposit Insurance Corporation

As authonzed in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted pohc1es, wluch allow agencies of the State of Georgia (and thus Augusta Techmcal College), the opuon of exempting demand deposits from the collateral reqmrements

CATEGORIZATION OF DEPOSITS The Techmcal College's cash deposits are categonzed by nsk as follows

Category I - Amounts covered by depository insurance or collaterahzed with secuntles (at fair value) held by the Techrucal College or by its agent m the Technical College's name

Category 2 - Amounts collaterahze<l with secuntles (at fair value) held by the pledging financial inst1tut10n's trust department or agent in the Techmcal College's name

Category 3 - Amounts collateral1zed with secuntles (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 uncollaterahzed

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

Cash Deposns

Car,ymg
Amount

Bank
Ba1ances

Risk Categones
2

5 2963 350 99 S.,2461 760 47 S 200 000 00 S 2 I39 I,7 99 S I22 622 48

- 19 -

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

EXl-ITBIT "D"

NOTE 3 INVENTORIES

Inventones at June 30, 2002, consisted of the followmg

Bookstore NOTE 4 CAPITAL ASSETS

s 630,687.47

The balance of capital assets at July 1, 2001, was adJusted for accountmg changes required m unplernentmg GASB Statements 34 and 35 as chsclosed m Note 1 Followmg are the changes m capital assets for the year ended June 30, 2002

Adjusted
Balance
Jylr I 2QQI

AdltlllQD~

R9J.!11Q[IS

Balance June 30, 2002

Capital Assets, Not Bcmg Dcprecated

Land and Land Improvements

s I 124 QQ3 QO $

51,048 00

s 1,375,051 00

Capital Assets, Bcmg Depreciated Bu1ldmg and Bu1ldmg Improvements Improvements Other Than Bu1ldmgs Equipment Library Collccuons

S 24,656,50 I 00 2,207 ,690 00 5,131,067 57 $ 3,51s,94a 04

746,256 26 $

S 24,656,50 I 00

2,207,690 00

~,s 481,277 56

5,396,046 27
J 94;: 04

$ 35,511,200~1 $ 7~,25~ ,16 $ 481 277 56 S JS 77~ 172 JI

Less Accumulated Dcprcc1at1on Bu1ldmgs and Bu1ldmg Improvements $ Improvements Other Than Bu1ldmgs
Equpment Library Collccuons

4,962, I68 22 s
1,861,197 04
n 3,616,153 23
1,ss;.,11~

554,771 27 56,606 70 228,381 50 $
J51 52:HO

$ 12,021,622 41 s I,I 91,353,61 $

$ 481,277 56

5,516,939 49 1,917,803 74 3,363,257 I7
I 2J~ 7~8 IZ

481,271.56 $ 12,731,768 52

TotJI Capital Assets, Bemg Depreciated,

Net

s 2J,4s2,sos ;.o s -445,027 41 $

Q00 S ;lJ Q,H4JQ 12

Capua! Assets, 'let

S 2461} S11 20 S -394 049 41 $

(l.QQ S_2!!Al9 461 79

NOTES DEFERRED REVENUE

Deferred revenue at June 30, 2002. consists of the followmg

Prepaid Tuillon and Fees Federal Grants and Contracts - Nonoperatmg State Grants and Contracts Gifts Capital Grants and Gifts - State

$ 118,757 50 49,245 91 167 28 18.384 00 155,720 80

Totals

S 342,.275.49

- 20 -

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

EXHIBIT "D"

NOTE 6 LONG-TERM LIABILITIES

Long-term hab1hty activity for the year ended June 30, 2002 was as follows

Other L1ab1hhcs Compensated Absences

Balance July I 2001

A<ld1t1ons

Reduct19p5

Balance
June 30 2002

Current Portion

s 548 399 ;;2 s zss 064.53 s 642 427 58 s 624 034.il s 4n s~,.,8,,5,

NOTE 7 RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Plan Description Augusta Techrucal College participates m the Teachers Retirement System ofGeorgia (TRS), a costshanng multiple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of prov1dmg retirement allowances and other benefits for teachers of the State of Georgia TRS provides service retirement, d1sab1hty retirement, and survivor's benefits for its members m 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 of Audits and Accounts

Funding Policy Employees of Augusta Techruca\ College who are covered by TRS are required by State statute to contnbute 5% oftheir gross earnmgs to TRS Augusta Techmcal College makes monthly employer contnbu11ons to TRS at rates adopted by the TRS Board ofTrustees m accordance with State statute and as advised by their mdependent actuary For fiscal year 2002, the employer contnbuuon rate was 9 24% for covered employees Employer contnbuuons for the current fiscal year and the preceding two fiscal years are as follows

Fiscal Year

Percentage Contnbuted

Reqmred Contnbutmn

2002 2001 2000

100% 100% 100%

$ 616,216 51 $ 707,970 06
s 671,421 I9

EMPLOYEES" RETIREME1'1 SYSTEM OF GEORGIA

Plan Description Augusta Techmcal College part1c1pates m the Employees' Retirement System of Georgia (ERS). a smgle-employer defined benefit pension plan established by the General Assembly ofGeorgia for the purpose ofprov1dmg retirement allowances for employees of the State of Georgia

- 21 -

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

EXHIBIT "D"

NOTE?. RETIREMENTPLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA
Plan Description The benefit structure of ERS 1s defined by State statute and was s1gmficantly modified on July I. 1982 Unless elected otherwise, an employee who currently mamtams memberslnp with ERS based upon State employment that started pnor to July I, 1982, 1s an "old plan" member subject to the plan prov1s1ons m effect pnor to July 1, 1982. All other members are "new plan" members subject to the modified plan prov1s10ns
Under both the old plan and new plan, members become vested after IO years of creditable service A member may retire and receive normal relirement benefits after completion of l O years of creditable service and attainment of age 65 If l O years of service 1s completed and age 60 1s reached, the member may relire wllh a reduced benefit. Add111onally, there are certam prov1s10ns aJlowmg for retirement after 25 years of servJce regardless of age.
Retrrement benefits paid to members are based upon a formula winch considers the monthly average of the member's highest twenty-four conseculive calendar months of salary, the number of years of creditable service, and the member's age at retirement Postretlrement cost-of-hvmg adjustments are also made to member's benefits The normal retirement pension 1s payable monthly for hfe. however, oplions are available for d1stnbut1on ofthe member's monthly pension at reduced rates to a designated beneficiary upon the member's death Death and d1sab1hty benefits are also available throughERS
In addition, the ERS Board of Trustees created the Supplemental Retirement Benefit Plan (SRBP) effective January 1, 1998 The SRBP was estabhshed as a quahfied governmental excess benefit plan m accordance with Section 415 of the Internal Revenue Code (IRC) as a portion ofERS The purpose ofSRBP 1s to provide retirement benefits to employees covered byERS whose benefits are otherwise hm1ted by IRC 415
The ERS issues a financial report each fiscal year which may be obtained through ERS
Funding Policy As estabhshed by State statute, all full-time employees of the State of Georgia and its poht1cal subd1v1s1ons, who are not members of other state retirement systems, are ehgible to part1c1pate m the ERS Both employer and employee contnbuuons are estabhshed by State statute The Techmcal College's payroll for the year ended June 30, 2002, for employees covered by ERS was S3,666,395 00 The Techmcal College's totaJ payroll for aJl employees was $12,253,749 92
Under the old plan, member contnbutlons consist of 6 25% of annual compensation Of these member contnbutlons, the employee pays the first I 5% and the Techmcal College pays the remainder on behalf of the employee Under the new plan, member contnbutlons consist solely of
- 22 -

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

EXHIBIT"D"

NOTE 7 RETIREMENT PLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA
Funding Polley I 5% of annual compensation paid by employee The Techrucal College also 1s requued to contnbute at a specified percentage of acl!ve member payroll detenmned annually by actuanal valuation. For the year ended June 30, 2002, the ERS employer contnbutlon rate for the Techmcal College amounted to I 0.74% ofcovered payroll and included the amounts contnbuted on behalf of the employee under the old plan referred to above Employer contnbut10ns are also made on amounts paid for accumulated leave to retmng employees
Total contnbutlons to the plan made dunng fiscal year 2002 amounted to $448,807.37, ofwh1ch $393,803.75 was made by the Techmcal College and $55,003 62 was made by employees These contnbut1ons met the requuements of the plan
Actuarial and Trend Information Actuanal and h1stoncal trend information 1s presented in the ERS June 30. 2002, financial report which may be obtained through ERS
GEORGIA DEFINED CONTRIBUTION PLAN
Plan Description Augusta Techmcal College part1c1pates m the Georgia Defined Contnbut10n Plan (GDCP) which 1s a single-employer defined contnbutlon plan established by the General Assembly of Georgia for the purpose ofprov1dmg retirement coverage for State employees who are temporary, seasonal, and partl!me and are not members of a public retirement or pension system GDCP 1s admm1stered by the Board of Trustees of the Employees' Retirement System of Georgia
Benefits A member may rellre and elect to receive penod1c payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees If a member has less than$ 3,500 00 credited to his/her account, the Board ofTrustees has the option ofrequmng a lump sum d1stnbut1on to the member m lieu ofmakmg penod1c payments Upon the death of a member, a lump sum d1stnbut1on equal mg the amount credited to his/her account will be paid to the member's designated beneficiary Benefit prov1S1ons are established by State statute
The Employees' Retirement System of Georgia issues a financial report each fiscal year which may be obtained through ERS
Contributions and Vesting Member contnbutlons are seven and one-halfpercent (7 5%) of gross salary There are no employer contnbutlons Contnbutton rates are established by State statute Earmngs are credned to each
- 23 -

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

EXHIBIT"D"

NOTE 7 RETIREMENT PLANS
GEORGIA DEFINED CONTRIBUTION PLAN
Contributions and Vesting member's account ID a manner estabhshed by the Board of Trustees Upon temunallon of employment, the amount of the member's account ts refundable upon request by the member The Techrucal College's payroll for the year ended June 30, 2002, for employees covered by GDCP was $1,231,226.10 The Techrucal College's total payroll for all employees was $ I2,253,749 92
Total contnbul!ons made by employees dunng fiscal year 2002 amounted to $92,343 39 which represents 7 5% of covered payroll These contnbul!ons met the reqmrements of the plan
NOTE 8 RISK MANAGEMENT
Public Entity Risk Pool The Department of Commuruty Health admnusters 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 educal!on agencies located with the State of Georgia This plan ts funded by part1c1pants covered ID the plan, by employers' contnbullons paid by the vanous uruts ofgovernment part1c1pat1Dg ID the plan, and appropnal!ons made by the General Assembly of Georgia The Department ofComrnumty Health has contracted with Blue Cross Blue Shield ofGeorgia to process medical claims and Express Scnpts, Incorporated to process prescnpt10n drug claims ID accordance with the State Employees' Health Benefit Plan as established by the Department of Community Health
Other Risk Management The Department of Adm1mstrat1ve Services (DOAS) has the respons1b1hty for the State of Georgia ofmak.1Dg and carry1Dg out dec1s1ons that Will m1mm1ze the adverse effects of accidental losses that 1DVOlve State government assets The State beheves 11 1s more economical to manage its nsks 1Dtemally and set aside assets for claim settlement Accord1Dgly, DOAS processes claims for nsk of loss to wluch the State 1s exposed, 1Dclud1Dg general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' 1Ddemmficallon L1m1ted amounts of commercial 1DSUrance are purchased applicable to property, employee and automobtlc liability, fidelity and certalD other nsks The Techrucal College. as an organ1zauonal urut of the Georgia Department of Techmcal and Adult Education, ts part of the State of Georgia report1Dg enllty, and as such. ts covered by the State of Georgia nsk management program admtrustered by DOAS Premiums for the nsk management program are charged to the vanous state orgaruzatlons by DOAS to provide claims semc1Dg and claims payment

- 24 -

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

EXHIBIT "D"

NOTE 9. CONTINGENCIES
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result m 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 determmed at tlus Ume although Augusta Techrucal College expects such amounts, 1f any, to be 1mmatenal to its overall financial pos11Ion
L11Igauon, claims and assessments filed agamst Augusta Technical College (an organ1zat1onal urut of the Department of Techrucal and Adult Education), 1f any, are generally considered to be acl!ons against the State of Georgia Accordingly, s1gmficant ht1gal!on, claims and assessments pending agrunst the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Fmanc1al Report for the fiscal year ended June 30, 2002.
NOTE 10 NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATIONS
The Techrucal College's operal!ng expenses shown at the natural class1ficat1on on the "Statement of Revenues, Expenses and Changes in Net Assets" are all classified as Instrucuon at the funcl!onal class, fication.

- 25 -

SUPPLEMENT ARY INFORMATION -27 -

AUGUSTA TECHNICAL COLLEGE 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

SCHEDULE 1

FUNDS AVAILABLE REVENUES
State Appropnabon Federal Revenues Other Revenues Retained
CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance

BUDGET

ACTUAL (1)

VARIANCEFAVORABLE (UNFAVORABLE)

$ 13,328,070 00 $ 13,328,062 71 $

2,883,281 62

2,307,623 90

6,092,911 87

4,980,446 68

$ 22,304,263 49 $ 20,616,133 29 $

-7 29 -575,657 72 -1 112 46519
-1,688,130 20

000

498 461 33

498 461 33

$ 22,304,26349 $ 21,114,59462 $ -1,189,66887

EXPENDITURES
Personal Services - lnsbtut:ons Operat:ng Expenses - lnst:tutmns Adutt Lrteracy Grants Qu:ck Start Program Job Training Partnershrp Act Caprtal Outlay

$ 14,487,901 89 $ 13,828,809 90 $

6,435,675 70

5,197,60261

1,199,543 90

1,081,063 58

11,580 00

11,580 00

28,899 00

133,166 65

140,663 00

140663 00

659,091 99 1,238,073 09
118,480 32 000
-104,267 65 000

S 22,304.263 49 $ 20,392,885 74 $ _ _~1-~9~11~,3~7~7_7~5

Excess of Funds Ava:lable over Expendrtures

$ 12110888 s_~__1_2_1_1=o_s_s;.;;.s

(1) Actual amounts were prepared on a presaibed bas:s of accounting that demonstrates compl:ance wrth budgetary statutes and regulatrons of the State of Georg:a, wh:ch rs a comprehensrve bas:s of accounting other than generally accepted account:ng pnnciples

- 20 -

AUGUSTA TECHNICAL COLLEGE RECONCILIATION OF SALARIES AND TRAVEL
YEAR'ENDED JUNE 30, 2002

SCHEDULE "2"

Totals per Annual Supplement
Acauals June 30, 2001 June 30, 2002
Compensated Absences June 30, 2001 June 30, 2002
Agency Funds

SALARIES

TRAVEL

$ 12,129,789 63 $ 148,283 11

-39,930 13 24,160 79

-531,511 18 671,240 81

-462 10

$ 12,253,749 92 $ 147 821 01

- 30 -

SECTIONil AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

AUGUSTA TECHNICAL COLLEGE AUDITEE'S RESPONSE
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2002

PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS

FINDING CONTROL NUMBER AND STATUS

FS-824-97-02

Partially Resolved - See Corrective Action/Responses

CORRECTIVE ACTION/RESPONSES

REVENUES/RECEIVABLES/RECEIPTS Inadequate Accountmg Control Procedures Fmdmg Control Number FS-824-97-02

The College contmues to momtor student receivables Outstandmg receivables are reviewed Letters are sent to md1v1dua\s Student records are not released 1f a student owes an outstandmg balance Outstandmg receivables continue to be pursued

PRIOR YEAR FEDERAL AWARD FINDINGS AND QUESTIONED COSTS

FINDING CO:NTROL NUMBER AND STATUS

F A-824-98-01

Previously Reported Corrective Action Implemented