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, CHATTAHOOCHEE TECHNICAL COLLEGE'

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MARIETTA, GEORGIA

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OF THEREFPINOARNT COINALRSETVAIETWEME''NTS
FOR THE FISc_AL YEAR ENDED JUNE 30, 2002'

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r: l ' ' ) RusselLW. Hinton

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State Auditor
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CHATTAHOOCHEE TECHNICAL COLLEGE -TABLE OF CONTENTS-

SECTION I

FINANCIAL

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

REQUIRED SUPPLEMENTARY INFORMATION

MANAGEMENT'S DISCUSSION AND ANALYSIS

2

BASIC FINANCIAL STATEMENTS

EXHIBITS

A STATEMENT OF NET ASSETS

11

B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

12

C STATEMENT OF CASH FLOWS

I 3

D NOTES TO THE FINANCIAL STATEMENTS

14

SUPPLEMENTARY INFORMATION

SCHEDULES

SCHEDULE 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

3 RECONCILIATION OF PER DIEM AND FEES

31

SECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS

SECTION! FINANCIAL

Rt1,,1-11 \\'. Hlf'l,,TOJ'lr,
STATE AUDITOFl
ic.a 56 217~

DEPARTMENT OF AUDITS AND ACCOUNTS
2"4 \V..1.,hin!!ton Str{'ct ~ \\' ~UILL '214
Atl ..rnta Georgia 10134-1-:400
November 25, 2002

Honorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the State Board of Techrucal and Adult Educat10n Members of the Local Board ofDuectors
and Honorable Harlon Cnmm, President Chattahoochee Technical 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 (Exh1b1ts A through D) of Chattahoochee Technical College, an organizational umt of the State of Georgia, as of and for the year ended June 30, 2002, m accordance with Statements on Standards for Accounting and Review Services issued by the Amencan Institute of Certified Pubhc Accountants All mformatlon mcluded m these financial statements 1s the representation of the management of Chattahoochee Technical College.
A review consists pnnc1pally ofmqumes ofTechrucal College personnel and analytical procedures applied to financial data It 1s substantially less m scope than an audit m accordance with aud1tmg standards generally accepted m the Umted States of Amenca, the obJect1ve of which 1s the express10n of an opm1on regarding the financial statements taken as a whole Accordingly, we do not express such an op1mon
Based on our reVIew, we are not aware of any matenal mod1ficat10ns that should be made to the accompanymg financial statements in order for them to be in conformity with accounting pnnc1ples generally accepted m the Umted States of Amenca
As descnbed in Note I, Chattahoochee Technical College adopted the prov1s10ns of Governmental Accountmg Standards Board (GASB) Statement No 35, Basic Financial Statements - and Management's Discusszon and Ana(vs1s - for Public Colleges and Universllles, as amended by GASB Statement No 37, Basic Financial Statements - and Management's Discusszon and Analvs1s for State and Local Go1emments, and GASB Statement No 38, Certain Fmanczal Statements Note Disclosures, as of July I, 2001, to implement a new financial reporting model
02ARL-6T

Management's D1scuss1on and Analysis 1s not a reqmred part ofthe basic financial statements but 1s supplementary mformat1on required by the GASB We have applied certam limited procedures, which consisted pnnc1pally ofmqumes of management regardmg the methods of measurement and presentation ofth1s supplementary mformat1on, and we arc not aware of any matenal mod1ficat10ns that should be made thereto
Our review was made for the purpose of expressmg hm1ted assurance that there are no matenal modifications that should be made to the financial statements m order for them to be m conformity with accountmg pnnc1ples generally accepted m the Umted States of Amenca The accompanying supplementary mformauon (Schedules I through 3) 1s presented for additional analysis purposes Such mformatJon has been subJected to the mqumes and analytical procedures applied m the review of the financial statements, and we are not aware ofany matenaJ modifications that should be made to such data

RWH.as 02ARL-6T

Ja i ~ Respectfully subm:w.tted,--"
State Auditor

REQUIRED SUPPLEMENTARY INFORMATION
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Chattahoochee Technical College Management's Discussion and Analysis
The followmg 1s a discussion and analysis of Chattahoochee Techmcal College's financial performance for the fiscal year endmg June 30, 2002 Please read 1t m conJuncuon with the College's financial statements, which follow this section Due to the fact that the State of Georgia, mcludmg Chattahoochee Techmcal College, implemented the prov1s1ons of Governmental Accountmg Standards Board (GASB) Statements No 34 and 35 for the fiscal year 2002 only lumted fiscal year 2001 data will be presented for comparauve purposes llus comparalive mformalion will be reqwred 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 regulalions established by the Governmental Accountmg Standards Board These financial statements differ, m both form and the accountmg pnnc1ple used, from the presentalion of pnor financial statements
The Statement of Net Assets used m conJunclion with the Statement of Revenues, Expenses and Changes m Net Assets contains mformalion concenung the College's finances and acliv11ies as a whole and assists with proV1ding an answer to the queslion "Is the College as a whole better or worse off as a result of the year's act1V11ies?" These statements mclude all assets and hab1hlies usmg the accrual basis of accountmg, which 1s slJilllar to the accountmg method used by corporalions and other pnvate sector companies All revenues and assets are recogmzed when the service 1s provided and expenses and hab1hlies are recogmzed 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 obhgalions as they mature. This statement presents mformat1on related to cash mflows and outflows surnmanzed by operaling, non-capital financmg, capital and related financmg and mvestmg acliVllies
This d1scuss10n and analysts of the College's financial statements provides an overview of Its finaJ1c1al acliV1lies 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 Techmcal College at a specific pomt m lime. The statement presents the assets, hab1hlies aJ1d net assets of the College as of the end of the fiscal year Assets and hab1hties are reported as current and non-current and the difference between assets and hab1ht1es 1s reported as net assets Over a penod of lime the mcreases and decreases reflected m the
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Statement of Net Assets, when considered w11h other non-financial facts such as enrollment levels and the cond1t10n of the fac1hlles, can provide a measure to aid m determmmg whether the Technical College's financial pos1llon 1s 1mprovmg or detenoratmg

Net assets are d1v1ded mto three maJor categones The first category, mvested m capllal assets, net of debt, provides mformallon concemmg the College's eqmty m property, plant and eqmpment owned by the College The next asset category 1s restncted net assets Expendable restncted net assets are available for expenchture by the College but must be spent for purposes as determmed by donors and/or external ent1t1es that have placed time or purpose restnct10ns on the use of the assets. The final category 1s unrestncted net assets, wluch 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 Capttal Assets, Net

$ 2, I I 9 13.790

Total Assets

$ 15.909

Liabilities Current L1ab1hlles Non-Current L1ab1hlles

$ 1.506 324

Total Liabilities

$ 1.830

Net Assets Invested m Capital Assets, Net of Debt Restncted - Expendable Unrestncted
Total Net Assets

s 13,790
1 288
s 14,Q72

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 nonoperatmg, and any other revenues, expenses, gains and losses received or spent by the College durmg the fiscal year. Changes m total net assets as presented on the Statement of Net Assets are based on the mformallon presented m the Statement of Revenues, Expenses and Changes m Net Assets
Operatmg revenues are received for providing goods and/or services to vanous customers and conslltuenc1es of the College Operallng expenses arc those expenses paid to acqwre or produce the goods and/or services provided m return for the operallng revenues, and to carry out the m1ss10n of the College Therefore, nonoperatmg revenue 1s received when no goods or services

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are provided m exchange for the revenue State appropnal!ons and gifts were classified as operatmg revenues m previous reports With the issuance of Statement No 35, new gmdelmes have been estabhshed by the Governmental Accountmg Standards Board (GASB) changmg the class1ficat10ns of state appropnal!ons and gifts from operatmg to nonoperatmg re\'enue This change may result m an operatmg deficit that 1s offset by a nonoperatmg surplus

Statement of Revenues, Expenses and Changes m Net Assets (thousands of dollars)
Operaung Revenues Operatmg Expenses

s 5,130
16,344

Operatmg Gain/Loss

S -11,214

Nonoperaung Revenues and Expenses

10,053

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

$ -1,161

Other Revenues, Expenses, Gains or Losses Increase (Decrease) m Net Assets

60
s -1 101

Net Assets at Beginnmg of Year, as Ongmally Reported

$ 8,199

CumulaUve Effect of Changes m Accountmg Pnnc1ple

6,981

Net Assets at Begmrung of Year Restated

$ 15,180

Net Assets at End of Year

S 14,079

The Statement of Revenues, Expenses, and Changes m Net Assets reflects a negative year with a decrease m the net assets at the end of the year Some lughhghts of the mformal!on 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 Twtion and Fees Grants and Contracts Rents and Royalties Sales and Services of Educational Departments Other

$ 3,754 1,110 21 232 13

Total Operatmg Revenue

$ 5,130

Nonoperatmg Revenue State Appropnat1ons Grants and Contracts Investment Income Other
Total Nonoperatmg Revenue

$ 9,232 1,000 50 -229
s 10,053

Total Revenues Operatmg Expenses (thousands of dollars)

$ l~.l~J

Operatmg Expenses Instruction

$ 16,344

Total Operating Expenses

$ 16,344

The sources of operating revenue for the College are tmtion and fees, grants and contracts, aux1hary services, and educational act1v1hes. The operatmg loss 1s directly related to the exclusion of the State of Georgia appropnat1on m the amount of $9,231,401 from operatmg revenues per GASB 35

Tu1t1on mcreased by $1,022,850. Tlus 1s directly related to the mcreased enrollment of 45 4% from fiscal year 2001 The enrollment mcrease 1s partially due to the high school dual enrollment program implemented at Chattahoochee Techmcal College

Personal Services expenses increased by approxlillately $1,267,317 Tlus increase reflects an annual pay raise for College employees of approximately 4 5% with the associated fringe benefits. It also reflects an increased cost to the College for additional adJunct and full time faculty positions reqmred due to the increased enrollment m fiscal year 2002 This also 1s d!fectly related to the personal services reqmrements at the Mountam V1ew Campus, which was open for three quarters in fiscal year 200 I and for all four quarters m fiscal year 2002

The cumulative effects of changes m account.mg pnnc1ple are the result of the College adopting depreciation on capital assets and changing from the budgetary basis to the GAAP basis of accounting

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Under nonoperaung revenues (expenses) state appropnal!ons mcreased by approximately $720,640 While 1t appears that the College received add!t10nal new money from the state, given the mandatory cost mcreases of vanous expense categones, the College actually had a relal!vely flat fundmg year when all tlungs are considered

Statement ofCash Flows

The purpose of the Statement of Cash Flows 1s to proVJde relevant mformat1on concernmg the cash receipts and payments of the College dunng the year It also provides mformallon concemmg the College's ab1hty to generate future cash flows and to meet its obhga!ions as they come due The statement 1s ciJVJded mto three secuons The first secl!on reports on the operatmg cash flows and shows the net cash used by the operatmg act1v1t1es of the College The second sect10n shows the cash flows from the nonoperatmg ac11v11Ies of the College The final secl!on 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 ProVJded (Used) By. Operating Acl!VJlles Non-Capital Fmancmg Acl!v1t1es Invesung Act1v1!ies Capital and Related Fmancmg Acl!VJ!ies

$ -9,279 10,744 50 -1,855

Net Change m Cash Cash, Beginnmg of Year

S -340 2,013

Cash, End of Year

$ 1,673

Capital Assets
The College had no s1gmficant capital asset additions for fac1h11es m the fiscal year 2002 Projects funded by the Georgia State Fmancmg and Investment Comm1ss10n (GSFIC) was approximately $431,274 Projected fundmg by the GSFIC for fiscal year 2003 will be about half of this amount

Economic Outlook
The College 1s unaware of any currently known fact, dec1s1on. or cond!t10n that 1s expected to have a s1gmficant effect on the financial position or change how the College operates for the next fiscal year As m pnor years, the College's overall financial pos1t1on 1s strong Enrollment has

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increased by an average of 28% annually for the past 3 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 hke the last and the College will maintain a close watch over resources to maintain the ab1hty to react to unknown internal and external issues Harlon Cnrnrn, President Chattahoochee Techrucal College
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BASIC FINANCIAL STATEMENTS
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CHATTAHOOCHEE TECHNICAL COLLEGE STATEMENT OF NET ASSETS
JUNE 30 2002
ASSETS
Current Assets Cash and Cash Equivalents Accounts Receivable, Net Federal Frnanc:oal Assistance Other
Total Current Assets
Noncurrent Assets Capital Assets, Net
Total Assets
LIABILITIES
Current L1ab1ht1es Salanes Payable Payroll Wrthholdrngs Accounts Payable Deferred Revenue Funds Held for Others Compensated Absences
Total Current L1eb1lrt1es
Noncurrenl Lleblht1es Compensated Absences
Total L1ablhbes
NET ASSETS
Invested rn Caprtel Assets, Net of Related Debt Restncted Unrestncted
Total Net Assets

EXHIBIT"A"

$ 1,673,347 99 331,319 01 114 925 84
$ 2119,59284
s 13,790,378 90
$ 15 909 971 74

$

122,81115

27,511 82

471,727 85

246,303 24

226,543 85

411,035 85

$ 1,505,933 76

$

324 137 09

$ 1,830,070 85

$ 13,790,378 90 1,531 53
287,99046

S 14,079,900 89

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

CHATTAHOOCHEE TECHNICAL COLLEGE
STATEMENT OF REVENUES EXPENSES AND CHANGES IN NET ASSETS YEAR ENDED JUNE 30 2002

EXHIBIT "B"

OPERATING REVENUES
Student Tuition and Fees Less Scholarship Allowances
Grants and Contracts Federal
Rents and Royalbes Sales and SeMCeS Other Operabng Revenues
Total Operabng Revenues
OPERATING EXPENSES
Salanes Benefits Travel Scholarships and Fellowships Llbh!Jes Suppl18S and Other Serv,ces Depreaallon
Total Operabng Expenses
Operabng Income (Loss)
NONOPERATING REVENUES <EXPENSES}
Stats Appropnallons Grants and Contracts
Federal State Local Interest and Other Investment Income Other Nonoperatmg Revenues
Net Nonoperabng Revenues
Income (Loss) Before Other Revenues, Expenses, Gains, or Loss
Capital Grants and Gifts State
Increase (Decrease) ,n Not Assets
Net Assets Net Assets - Beginning of Year, as Ongmally Reported Cumulative Effed of Changes m Accounting Pnncple
Net Assets - Beg,nn,ng of Year, Restated
Net Assets - Encl of Year
See Independent Accountant's Comb!ned Report on ReVll!W of Basic F,nanaal Statements
and Supplementary Information
The notes to the finanoal statements are an mtegral part of tt11s statement
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$ 4,645,900 40 -892,441 12
1,110,088 00 20 523 00
232 465 58 13 488 49
$ 5 130,024 35

$ 9,745,123 36 2,124,651 07 112,136 82 217,646 88 782,183 67 2,363 200 11 999 100 52
$ 16 344 042 43
$ -1121401808

$ 9 231,400 90
92105304 66 452 45 12,800 00 50 303 94
-228.842 51
s 10,053.167 82
s -1,160,85026

$

60 489 74

s -1 100 360 52

$ 8,199,431 89 6,980,829 52
$ 15180 261 41

$ 14 079 900 89

CHATTAHOOCHEE TECHNICAL COLLEGE STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30 2002
CASH FLOWS FROM OPERATING ACTNITIES Tuition and Fees Grants and Contracts Sales and Services Payments to Suppliers Payments to Employees Payments for Scholarships and Fellowships Other Receipts (Payments)
Net Cash Provided (Used) by Operating AclMllas
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropnat10ns Agency Funds Transact10ns Gifts and Grants Received for Other Than Cepllal Purposes Other Nonoperating Receipts
Net Cash Flows Provided by Noncapital Fmancmg Activrties
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from Sale of Capital Assets Purchases of capital Assets
Ne1 Cash Used by Capital and Related Financing Activities
CASH FLOWS FROM INVESTING ACTMTIES Interest on Investments
Net Decrease In Cash
Cash and Gash Equivalents - Beginning of Year
Cash and Cash Equrvalents - End of Year
RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTNmES
Operating Income (Loss) Adjustments to Reconcile Operating Income to Ne1 Cash
Provided (Used) by Operating AclMl,es Depreciation Expense Change m Assets and Uabll1hes
Recewabtes Net Salanes Payable Payroll Wrthholchngs and Employer Benefits Accounts Payable
Deferred Revenue Compensated Absences
Niel Cash Provided (Used) by Operating Activrt,es
See Independent Accountant's Combined Report on R&vf&W of Basic Financial Statements and Supplementary Information
The notes to the financial statements are an integral part of this statement - 13 -

EXHIBIT "C"

$ 4 314 141 47 1,254,870 94 232,465 58 -5,349 431 02 -9,668 316 63 -217 646 88 154 935 05
$ -9 278 981 49

$ 9,231,400 90 547,601 29 935 563 85 29.517 18
$ 10 744 083 22

$

-66,530 07

-1 788 951 99

$ -1 855 482 06

s

50 303 94

$

-340,076 39

2 013 424 38

s_-=1=6.7.3"'3'"4.7..9._9

S -11214,01808
999,100 52
818,758 80 -24, 105 97 27,511 82
5 228 83 7,629 89 100 912 70
s -9 278 981 49

CHAITAHOOCHEETECHNICALCOLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY Chattahoochee Techmcal College 1s one of tlurty-three (33) State supported member colleges of postsecondary education m Georgia winch compnse the Georgia Department ofTechmcal and Adult Education, an organ1zatlonal umt of the State of Georgia The accompanymg financial statements reflect the operations of Chattahoochee Teclnuca\ College as a separate reportmg entity
The Teclnucal College's Local Board of Duectors 1s composed of eleven ( 11) members servmg staggered three-year terms who are appomted by the State Board ofTechrucal and Adult Education Appropnallon of State funds 1s made to the Georgia Department ofTechrucal and Adult Education by the General Assembly of Georgia. The Department's Adm1mstrat1ve Central Office determmes the amount of State appropnallons to be received by Chattahoochee Techmcal College The Techmcal College does not have authonty to retam unexpended State appropnatlons (surplus) for any given fiscal year Accordmgly, Chattahoochee Techrucal College 1s considered an organ1zauonal unit ofthe Georgia Department ofTechrucal and Adult Education for financial reporllng purposes because ofthe s1gruficance of1ts legal, operational, and financial relat1onslnps as defined m Section 2100 of the Governmental Accountmg Standards Board (GASB) Codification of Governmental Accounllng and Fmanc1al Reportmg Standards
FINANCIAL STATEMENT PRESENTATION In June 1999, the GASB issued Statement No 34, Basic Fmanczal Statements and Management Discussion and Ana~vszsfor State and Local Governments ThIS was followed m November 1999 by GASB Statement No. 35, Basic Fmanczal Statements and A,fanagement's D1scuss1on and Analysis for Pubhc Co//eges and Umverswes The State of Georgia 1s required to implement GASB No 34 as of and for the year ended June 30, 2002 As an organ1zatlonal unit of the State of Georgia, the Techmcal College 1s 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 requued by these standards provide a comprehensive, enllty-WJde perspective of the Techmcal College's assets, hab1hlles, net assets, revenues, expenses, changes m net assets, cash flows. and replaces the fund group perspective preVIously requued
The Techmcal College has elected to not restate its 2001 financial statements to conform with the new financial statement presentation, therefore comparative financial mformauon will not be presented for fiscal year 2002 S1gmficant accountmg changes made m order to comply With the new requirements mclude (1) adoption of dcprec1at1on on capital assets, and (2) recogmuon of compensated absences Also, generally accepted accountmg pnnc1ples (GAAP) requues that the reportmg of summer school revenues and expenses be spht between fiscal years rather than m one fiscal year However, because the effect oftlus change 1s not matenal, the Techmcal Colleges ofthe Georgia Department ofTechmcal and Adult Education will contmue to report summer revenues and expenses m the year m which the predommate acuv1ty takes place.

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

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING For financial reportmg purposes, the Techmcal College 1s considered a special-purpose government engaged only m busmcss-type act1v1hes 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 obhgat1on has been mcurred All s1gmficant mtra-college transactions have been ehmmated
The Techmcal College has the option to apply all Fmancial Accountmg Standards Board (FASB) pronouncements 1Ssued 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 required to make certam changes m accountmg pnnc1ples, specifically (I) adoption of depreciation on capital assets, and (2) recordmg of compensated absences GASB Statement No 34 requires certain 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 I, 2001. the Techmcal College's cap1tahzat1on pohcy for equipment was mcreased from $1,000 00 to $5,000 00 Net assets at July 1, 2001 were mcreased by $6,980,829.52 for the cumulative effect of these changes.
CASH AND CASH EQUIVALEN1 S Cash and Cash Equivalents mclude currency on hand and demand deposits with banks and other authonzed financial mst1tut1ons
ACCOUNTS RECEIVABLE Accounts receivable consist ofallotments due from the Georgia Department ofTechmcal and Adult Education - Admm1strat1ve Central Office, reimbursements due from Federal, State, local, and pnvate grants and contracts, and other receivables disclosed from mformatlon ava1lable
Accounts receivable (Other) ansmg from operations are reported at gross value Based on management's evaluation that amounts uncollectJble arc not matenal, no prov1s1on has been made for such amounts
CAPITAL ASSETS Capital assets are recorded at cost at date of acqu1s1tlon, or frur market value at the date of capital contnbutlon The Techmcal College cap1tahzes all land and land improvements For equipment, the Techmcal College's cap1tahzat1on pohcy mcludes all Items with a umt cost of$5,000 00 or more, and

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

EXHIBIT"D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CAPITAL ASSETS an estimated useful hfe of greater than one year Bmldmgs and Bmldmg Improvements, Improvements Other Than Bu!ldmgs and Library Collections that exceed $100,000 00 or s1gruficantly mcrease the value or extend the useful hfe of the asset are capitalized For mfrastructure, the Technical College's cap1tahzat1on threshold 1s $1,000,000.00 Routme repmrs and mmntenance are charged to operatmg expense m the year m which the expense was mcurred Depreciation 1s computed usmg the stra1ght-lme method over the esllmated useful hves ofthe assets, generally IO to 40 years for bmldmgs, 15 to 25 years for mfrastructure, 15 years for rmprovements other than bmldmgs, 10 years for library books, and 3 to 10 years for eqmpment
To obtaJn full chsclosure of capital assets acqmred by the Technical Colleges of the Georgia Department ofTechmcal and Adult Education, 111s necessary to look at the activities of the Georgia State Fmancmg and Investment Comrmss1on (GSFIC) - an organization that 1s external to both the Technical College and the Georgia Department of Technical 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 ofacqmnng capital assets and tlus debt constitutes direct and general obhgallons ofthe State of Georgia, to the payment of winch the full fmth, credit and taxmg power ofthe State are pledged
GSFIC records construction m progress on its books throughout the construct10n penod and at completion transfers the entire proJect cost to Chattahoochee Techmcal College to be recorded as an asset on the Techmcal College's books For the year ended June 30, 2002, GSFIC transferred capital add1t10ns valued at $60,489 74 to Chattahoochee Technical College
DEFERRED REVENUES Deferred revenues mclude amounts received for tmllon and fees and other actlVJUes 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 are recorded at year-end as accrued vacation 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 Chattahoochee Techmcal College had an accrued hab1hty for compensated absences m the amount of $634,260.24 as of July I, 2001 For fiscal year 2002, $614,167.98 was earned m compensated absences and employees were paid $513,255 28, for a net mcrease of $100,912 70 The enchng balance as of June 30, 2002 m accrued hab1hty for compensated absences 1s $735,172 94

- 16 -

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

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NON-CURRENT LIABILITIES Non-current hab1ht1es mclude (I) hab1htJes that will not be paid w1thm the next fiscal year, (2) capital lease obhgat1ons with contractual matunlles greater than one year, and (3) other hab1hues that, although payable w1thm one year, are to be paid from funds that are classified as non-current assets
NET ASSETS The Techmcal College's net assets are classified as follows
Invested m capital assets. net ofrelated debt This amount represents the Technical College's total mvestrnent m capital assets, net ofoutstanding debt obhgatJons related to those capital assets To the extent debt has been mcurred but not yet expended for capital assets, such amounts are not mcluded as a component ofmvested m capital assets, net ofrelated debt (The term "debt obhgat10ns" as used m tlus definition does not mclude debt of the GSFIC as discussed above)
Restricted net assets Restncted net assets mclude unexpended grant funds of S1,531 53 due to grantor agencies.
Unrestncted net assets Unrestncted net assets represent available resources denved from student tmt10n and fees. state appropnatlons, and sales and services of educational departments These resources will be used for transacllons relatmg to the educational and general operat10ns of the Technical College. and may be used at the d!screllon of the goverrung board to meet subsequent fiscal year expenses for those purposes, except for unexpended state appropnat10ns (surplus) of $41,556 48 Unexpended state appropnallons must be refunded to the Department ofTechnical and Adult Education for remittance to the Office of Treasury and Fiscal Serv1ces These resources also mclude aux1hary enterpnses, which are substanllally self-supportmg acllv1t1es that provide services for students, faculty and staff
When an experise 1s mcurred that can be paid usmg either restncted or unrestncted resources, the Technical College's pohcy 1s to first apply the expense towards unrestncted resources, and then towards restncted resources
INCOME TAXES Chattahoochee Technical College, as a poht1cal subd!v1s1on of the State of Georgia, 1s excluded from Federal mcome 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 ornonoperatJng revenues m the Statement of Revenues. Expenses, and Changes m Net Assets accordmg to the followmg cntena

- 17 -

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

EXHIBIT"D"

NOTE I SUMMARY OF SIGNIFICANT ACCOIJI\'TING POLICIES
CLASSIFICATION OF REVENUES Operating revenues Operatmg revenues mclude act1v1t1es that have the charactenst1cs ofexchange transactions, such as (I) student tmtlon and fees, net of scholarslup allowances, (2) certam Federal, state and local grants and contracts, and (3) sales and services
Nonoperatmg revenues Nonoperatlng revenues mclude act1v1t1es that have the charactensncs of non-exchange transactions, such as gifts and contnbut1ons, and other revenue sources that are defined as nonoperatmg revenues by GASB No 9, Reporting Cash Flows of Proprietary and Nonexpendable Tmst Funds and Governmental Entitles That Use Proprietary Fund Accounting, and GASB No. 34, such as state appropnatlons and mvestment mcome.
Scholarship Allowances Student tuition 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 nonoperanng revenues m the Techrucal College's financial statements To the extent that revenues from such programs are used to satisfy tmt1on and fees and other student charges, the Techrucal 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 Chattahoochee Techmcal College (and thus the State of Georgia) cannot be placed ma depos1torypaymg mterest longer than ten days Without the depos1toryprov1dmg a surety bond to the State In heu of a surety bond, the depository may pledge as collateral any one or more ofthe folloWing secunt1es as enumerated m the Official Code ofGeorgia Annotated Section 50-1759
I. Bonds, bill, cernficates of mdebtedness, notes, or other direct obhgatlons ofthe Uruted States or of the State of Georgia
2 Bonds, bills, certificates of mdebtedness, notes, or other obhganons of the counties or muruc1pal1t1es of the State of Georgia
3 Bonds of any pubhc authonty created by the laws of the State of Georgia, prov1dmg that the statute that created the authonty authonzed the use of the bonds for this purpose
4 Industnal revenue bonds and bonds of development authont1es created by the laws of the State of Georgia.

- 18 -

CHATIAHOOCHEETECHNTCALCOLLEGE 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 5 Bonds, bills, cemficates of mdebtedness, notes, or other obhgauons of a subs1d1ary corporation ofthe Umted States government, which are fully guaranteed by the Umted States government both as to pnnc1pal and mterest, or debt obhgat10ns issued by the Federal Land Bank, the Federal Horne Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Horne Loan Mortgage Assoc1at1on, and the Federal National Mortgage Association

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

As authonzed m the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted pohc1es, which allow agencies of the State of Georgia (and thus Chattahoochee Techmcal College). the option of exemptmg demand deposits from the collateral requirements

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

Category 1 - Amounts covered by depository msurance or collateral1zed with secunties (at fair value) held by the Techmcal College or by its agent m the Techmcal College's name

Category 2 - Amounts collaterahzed with secuntles (at fair value) held by the pledgmg financial mstltutlon's trust department or agent m the Techmcal College's name

Category 3 - Amounts collaterahzea with secunt1es (at fair value) held by the pledgmg financial mstitution, or by its trust department or agent but not m the Techmcal College's name, and amounts uncollateral1zed

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

Cash Deposits

Canymg
Amount

Bank
Balances

Risk Catcgoncs

s 1671912:22 s 274271213 s 81007295 $)05600600 S 8766'~818

NOTE 3 CAPITAL ASSETS

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

- I9 -

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

EXHIBIT "D"

NOTE3 CAPITAL ASSETS

AdJusted Balance
l~I~ I ioo1

~ddU12a~

B~l!cuonc;

Dalancc
Jime lQ, 2002

Capital Assets, Not Bcmg Depreciated

Land and Land Improvements

s 1,535 497 00

s I 55 497 oo

Capital Assets, Bemg Depreciated Bu1ldmg and Bu1ldmg Improvements Improvements Other Than Buildmgs Equipment Library Collccuons

S 11,228,131 64 S 1,836,810 00 3,120,948 65
837 283 50

18,875 00 s
1,830,566 73

s s S 17 0~3 17319 1,849,441 73

s 77,699 64 11,169,307 00 1,836,810 00 225,253 23 4,726,262 15
837 283 50
s 30. 2s. 81 I8,569,662 5

Less Accumulated Deprcc1at1on Buildmgs and Bulidmg Improvements S Improvements Other Than Buildings
Equipment Library Colleet1ons

s 2,082,807 3 I
612,840 00
2,322,827 03
31 777 58

s 5 325,25 I 22 s

255,385 36 s
49,455 27 610,531 54
83,7a8 35
222 JOO 52 s

s 13,041 62
66,530 07

2,325,151 05 662,295 27
2,866,828 50
460,505 93

19511 9 s 6,314 780 75

Total Capital Assets, Bemg Dcprcc1ated,

Net

S IJ :1n1 7 s

Capital Assets, Net

s 13163 418 82 s

850 341 21 s 850 341 21 s

s 223,38] ]8 I2,254,881 20 72338118 s 13 191) '78 90

NOTE4 DEFERRED REVENUE

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

Prepaid Tultlon and Fees Other Deferred Revenue

$ 227,392 29 1891095

Totals

S 246.303 24

NOTE 5 LONG-TERM LIABILITIES

Long-term hab1hty act1v1ty for the year ended June 30, 2002 was as follows

Other L1ab1ht1es Compensated Absences

Balance Jul) I 2001

Addmonc;

Reducuons

Balance
June 30 2002

Current
Ponion

s ~J4 ~62 ,4 s ~14 l~Z ~8 s ~IJ2~~iS s ZJ~ 17~2~ s 41 I QJ~ ~s

-20-

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

EXHIBIT"D"

NOTE 6 RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Plan Description Chattahoochee Techmcal College part:tc1pates m the Teachers Retuement System ofGeorgia (TRS), a cost-shanng mult1ple-employer defined benefit pension plan established by the General Assembly ofGeorgia for the purpose ofprov1dmg retirement allowances and other benefits for teachers ofthe State of Georgia TRS proVJdes service reurement, d1sab1lity retirement, and survivor"s benefits for its members m accordance with State statute The Teachers ReUrement System of Georgia issues a separate stand alone financial audit report and a copy can be obtamed from the Georgia Department of Audits and Accounts

Funding Policy Employees of Chattahoochee Techrucal College who are covered by TRS are reqmred by State statute to contnbute 5% of their gross earnmgs to TRS. Chattahoochee Techrucal College makes monthly employer contnbuUons 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 contnbut1on rate was 9.24% for covered employees Employer contribut10ns for the current fiscal year and the precedmg two fiscal years are as follows

Fiscal Year

Percentage Contnbuted

Reqmred Contnbutlon

2002 2001 2000

100% 100% 100%

$ 618,473.22 $ 761,637 12 $ 518,309 31

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

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

The benefit structure of ERS 1s defined by State statute and was s1gruficantly modified on July 1, 1982 Unless elected otherwise, an employee who currently mamtaJns membership with ERS based upon State employment that started pnorto July I, 1982, 1s an "old plan" member subject to the plan prov1s1ons m effect pnor to July I, 1982 All other members are "new plan" members subJcct to the modified plan prOVISIOilS

- 21 -

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

EXHIBIT"D"

NOTE 6 RETIREMENT PLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA
Plan Description Under both the old plan and new plan, members become vested after IO years of creditable service A member may retJre and receive normal retirement benefits after completion of IO years of creditable service and attainment of age 65. If 10 years of service 1s completed and age 60 1s reached, the member may retire with a reduced benefit Add1t1onally, there are certain prov1s1ons allowmg for retirement after 25 years of service regardless of age
Retirement benefits paid to members are based upon a formula wluch 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 PostretJrement cost-of-hvmg adjustments are also made to member's benefits The normal retJrement pension 1s payable monthly for hfe, however, opllons are available for d1stnbut1on ofthe member's monthJypensmn at reduced rates to a designated beneficiary upon the member's death Death and d1sab1hty benefits are also available through ERS.
In add!tJon, the ERS Board of Trustees created the Supplemental Retuement Benefit Plan (SRBP) effective January 1, 1998 The SRBP was estabhshed as a quahfied governmental excess benefit plan m accordance with Section 4 I 5 of the Internal Revenue Code (IRC) as a portion of ERS The purpose ofSRBP 1s to provide rellrement benefits to employees covered by ERS whose benefits are othCTWJse hnuted by IRC 4 I 5
The ERS issues a financial report each fiscal year wluch may be obtained through ERS.
Funding Policy As estabhshed by State statute, all full-lime employees of the State of Georgia and its pohtlcal subd1v1S1ons, who are not members ofother state retuement systems, are ehgible to part1c1pate m the ERS Both employer and employee contnbutlons are estabhshed by State statute The Techrucal College's payroll for the year ended June 30, 2002, for employees covered by ERS was $1,326,282.35 The Technical College's total payroll for all employees was $9,745,123 36
Under the old plan, member contnbut1ons consist of 6.25% of annual compensatmn Of these member contributions, the employee pays the fust I 5% and the Tcchrucal College pays the remainder on behalf of the employee Under the new plan, member contnbutlons consist solely of I 5% of annual compensation paid by employee The Technical College also 1s reqmrcd to contribute at a specified percentage of active member payroll detemuned annually by actuanal valuation For the year ended June 30, 2002, the ERS employer contnbut1on rate for the Technical College amounted to IO 40% of covered payroll and included the amounts contnbuted on behalf of the employee under the old plan referred to above. Employer contnbutlons are also made on amounts paid for accumulated leave to retmng employees
- 22 -

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

EXHIBIT "D"

NOTE 6 RETIREMENT PLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA
Funding Policy Total contnbullons to the plan made dunng fiscal year 2002 amounted to $158,298 12, ofwluch $137,956 42 was made by the Techrucal College and $20,341 70 was made by employees These contnbut10ns met the reqmrements of the plan
Actuarial and Trend Information Actuanal and h1stoncal trend mformauon 1s presented m the ERS June 30, 2002, financial report which may be obtamed through ERS
GEORGIA DEFlNED CONTRIBUTION PLAN
Plan Description Chattahoochee Techrucal College part1c1pates m the Georgia Defmed Contnbuuon Plan (GDCP) wluch 1s a smgle-employer defined contnbullon plan established by the General Assembly of Georg1a for the purpose of prov1dmg rellrement coverage for State employees who are temporary. seasonal, and part-time and are not members of a public reurement or pension system GDCP 1s admnustered by the Board of Trustees of the Employees' Retirement System of Georgia
Benefits A member may rellre and elect to receive penod.tc payments after attamment ofage 65 The payment will be based upon mortality tables and mterest assumpllons to be adopted by the Board ofTrustees If a member has less than$ 3,500.00 credited to !us/her account, the Board ofTrustees has the opllon ofrequmng a lump sum d1stnbullon to the member m lieu ofmakmg penod1c payments Upon the death of a member, a lump sum d1stnbullon equaling the amount credited to his/her account will be prud to the member's designated beneficiary Benefit prov1s1ons are established by State statute
The Employees' Rellrement System of Georgia issues a financial report each fiscal year wluch may be obtruned through ERS
Contributions and Vesting Member contnbut10ns are seven and one-halfpercent (7 5%) ofgross salary There are no employer contnbut1ons Contnbuuon rates are established by State statute Eammgs are credited to each member's account m a mariner established by the Board of Trustees Upon termmallon of employment, the amount of the member's account 1s refundable upon request by the member The Techmcal College's payroll for the year ended June 30, 2002, for employees covered by GDCP was $1,211,001 69 The Techrucal College's total payroll for all employees was $9,745,123 36
Total contnbuuons made by employees dunng fiscal year 2002 amounted to $90,825 21 which represents 7 5% of covered payroll These contnbullons met the requirements of the plan
- 23 -

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

EXHIBIT "D"

NOTE 7 RISK MANAGEMENT
Public Entity Risk Pool The Department of Commuruty Health ad!mrusters for the State of Georgia a program of health benefits for the employees of uruts of government of the State of Georgia, umts of county governments, and local education agencies located with the State ofGeorgia Tlus plan 1s funded by part1c1pants covered ID the plan, by employers' contnbutlons paid by the vanous uruts ofgovernment part1c1patmg m the plan, and appropnatlons made by the General Assembly of Georgia The Department ofCommumty Health has contracted with Blue Cross Blue Slueld ofGeorgia to process medical claims and Express Scnpts, Incorporated to process prescnptlon drug claims m accordance with the State Employees' Health Benefit Plan as established by the Department of Commuruty Health
Other Risk Management The Department of Ad!mmstratlve Services (DOAS) has the respons1b1lity for the State of Georgia ofmakmg and carrymg out dec1s10ns that will rrurum12e the adverse effects of accidental losses that mvolve State government assets The State believes 1t 1s more economical to manage its nsks 1Dternally and set aside assets for claim settlement Accordmgly, DOAS processes claims fornsk of loss to wluch the State 1s exposed, 1Dcludmg general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' 1Ddemmficat10n. L1m1ted amounts of commercial msurance are purchased applicable to property, employee and automobile liability, fidelity and certain other nsks. The Techrucal College, as an orgaruzatJonal urut of the Georgia Department of Techmcal and Adult Education, 1s part of the State of Georgia reportmg entity, and as such, 1s covered by the State of Georgia nsk management program adrmmstered by DOAS. Prerruums for the nsk management program are charged to the vanous state orgaruzat10ns by DOAS to provide claims serv1c1Dg and claims payment.
NOTES CONTINGENCIBS
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 d1sal lowed under grant terms The amount of expenses which may be disallowed by the grantor cannot be determmed at tlus time although Chattahoochee Techrucal College expects such amounts, 1fany, to be 1mrnatenal to its overall financial position
L1t1gat10n, claims and assessments filed agamst Chattahoochee Techrucal College (an orgaruzatlonal urut of the Department of Techrucal and Adult Education), 1f any, are generally considered to be actions against the State of Georgia Accordmgly, s1gmficant ht1gat1on, claims and assessments pending against the State of Georgia are disclosed ID the State of Georgia Comprehensive Annual Fmancial Report for the fiscal year ended June 30, 2002

- 24 -

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

EXHIBIT"D"

NOTE 9 NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATIONS
The Techrucal College's operatmg expenses shown at the natural class1ficatlon on the "Statement of Revenues, Expenses and Changes m Net Assets" are all classified as Instruction at the functional class1ficat1on

- 25 -

SUPPLEMENTARY INFORMATION - 27 -

CHATTAHOOCHEE TECHNICAL COLLEGE SCHEDULE OF FUNDS AVAILABLE ANO EXPENDITURES
COMPARED TO BUDGET- INON-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)

VARIANCE FAVORABLE /UNFAVORABLE)

$

9,260,467 68 $

9,260,467 68 $

1,350,875 33

964,728 93

5,239,604 32

5 030 055 66

$

15,850 947 33 $

15,255,252 27 $

0 OD
-386, 146 40 -209 548 66
-595,695 06

000

51.047 69

51 047 69

$

1585094733 $

s_ _ _ 15,300,299 96

-544"-'-''-'64=7.;:;3"--7

EXPENDITURES
Personal Services - lnstrtutJons Operabng Expenses - lnsbtubons Caprtal Outlay

$

11,893,154 52 ~

11,76866173 $

3,894,213 13

3,38197352

63 579 68

63 579 68

124,292 79 512,239 61
ODO

Excess of Funds Available over E,cpendrtures

$

15 850 947 33 $

- - - ~ ~ = ~ 15,214,414 93 S

636 532 40

$

9188503 s_ _ _~9~1~e~0~5~03~

(1) Actual amounts Yt'8re prepared on a presa,bed baS1s of accounting that demonstrates compliance with budgetary staMes and regulabons of the State of Georgia, which 1s a comprehensive basis of accounting other than generally accepted accounting pnnaples

-29-

CHATTAHOOCHEE TECHNICAL COLLEGE
RECONCILIATION OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30 2002

SCHEDULE "2"

Totals per Annual Supplement

Accruals June 30, 2001 June 30, 2002

Compensated Absences June 30, 2001 June 30, 2002

Agency Funds

Adiustments Cnmm, McLeod, Shelton,

Harlen D Grace E Lucylle

SALARIES

TRAVEL

$

9,697,635 55 $

113,025 08

-146,917 12 122,811 15

-622,868 74 719,318 14
-24,855 62

20988 -1,11830
2016

$

9 745 123 36 $ ~=~11,:,,:2..1,;,;3;;;6~8~2

- 30 -

CHATTAHOOCHEE TECHNICAL COLLEGE
RECONCILIATION OF PER DIEM AND FEES
YEAR ENDED JUNE 30 2002

SCHEDULE "3"

Totals per Annual Supplement
Adjustments Feclhty Design Group Georgia Department of AdmImstrahve Services Glyph1ca Design, Inc lnnerfece Architectural S1nage, Inc King, Donald Lee Lee Bamneau Design Martm, Jamie McAndrew, Pactnck McNeal, Ellen Micro Tek South Mize, Charles Pardoe, Charles A , Jr Partners Markebng Group, Inc Paschal, Shen1kka Perez, Robert W Randstand Staffing Services, Inc Sanders, Tommy SCT Inc Synergy Amenca, Inc The Interpreting Resource of Georgia, Inc Tyree, Larry W W1\hams, Lisa Woolbnght, James Young, Frencces

FEE AMOUNT

EXPENSE AMOUNT

$

199,15620 $

5,308 33 $

TOTAL 204 464 53

-9,500 00 884 76 -750 00
1,250 00 -500 00
2,200 00
-4,500 00 75000 55 00 245 00
4,000 00
3,750 00
-8,465 00 100 00
1,820 00 -3,10900
-870 00 -1,834 00
560 00 -192 50 -8,695 03
-90 00 -2,609 51 2 400 00

-9,500 00 884 76 -750 00
1,250 00 -500 00 2 200 00 -4 500 00 750 00
55 00 245 00 4,000 00 3,750 00 -8,465 00 100 00 1,820 00 -3,109 00 -870 00 -1,834 00 56000 -192 50 -8,695 03 -90 00 -2,609 51 2 400 00

s

176 055 92 $

5 308 33 $ _ _.:,:18~1.:364::;:;:.,:;2;:.5

- 31 -

SECTION II AUDITEE'S RESPONSE TO PRIOR YEAR FINDINGS AND QUESTIONED COSTS

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

PRIOR YEAR FEDERAL AWARD FINDINGS AND OUESTIO~ED COSTS

FINDING CONTROL NUMBER AND STATUS

827-95-03 827-96-03 FA-827-97-03

Partially Resolved - See Corrective Action/Responses Partially Resolved - See Corrective Act10n/Responses Partially Resolved - See Corrective Action/Responses

CORRECTIVE ACTION/RESPONSES

REPORTING Incorrect Student Payment Summary Report Fmdmg Control Number 827-95-03

Fmal reconc1hat1on of the adjustments to be made on the Student Payment Summary Report has been prepared and will be sent to the U S Department of Education by June 30, 2003, followmg procedures m Dear Colleague letter P-97-2

REPORTING Incorrect Student Payment Summary Report Fmdmg Control Number 827-96-03

The final step of the adjustment process has not been implemented A final reconc1hat1on of the student accounts must be completed and then sent to the U S Department of Education followmg the gu1dehnes of Dear Colleague letter P-97-2 by June 30, 2003

REPORTING Incorrect Student Payment Summary Report Amount $3,612 00 Fmdmg Control Number FA-827-97-03

The College must have the student awards certified by the state auditors before subm1ss10n to the U.S. Department ofEducatJon for ad3ustment Arrangements will be made to have the certification performed m order to submit the adJustments before June 30, 2003. followmg the prov1S1ons m Dear Colleague letter P-97-2