STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS MANAGEMENT REPORT CHATTAHOOCHEE TECHNICAL COLLEGE MARIETTA, GEORGIA AN ORGANIZATIONAL UNIT OF THE STATE OF GEORGIA YEAR ENDED JUNE 30, 2004 Russell W. Hinton State Auditor CHATTAHOOCHEE TECHNICAL COLLEGE - TABLE OF CONTENTS - SECTION I FINANCIAL LETTER OF TRANSMITTAL SELECTED FINANCIAL INFORMATION EXHIBITS A STATEMENT OF NET ASSETS - (GAAP BASIS) 3 B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - (GAAP BASIS) 4 C STATEMENT OF CASH FLOWS - (GAAP BASIS) 5 D SELECTED FINANCIAL NOTES 7 SUPPLEMENTARY INFORMATION SCHEDULES COMBINED BALANCE SHEET- (STATUTORY BASIS) - BUDGET FUND "A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION "B" LOTTERY FOR EDUCATION 17 2 ANALYSIS OF CHANGES IN FUND BALANCE - (STATUTORY BASIS) BUDGET FUND "A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION "B" LOTTERY FOR EDUCATION 18 3 SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET- (STATUTORY BASIS) BUDGET FUND "A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION 19 4 RECONCILIATION OF SALARIES AND TRAVEL 21 SECTION II FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS SECTION I FINANCIAL Russell W. Hinton STATE AUDITOR (404) 656-2174 DEPARTMENT OF AUDITS AND ACCOUNTS 254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 September 29, 2004 Honorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the State Board of Technical and Adult Education Members of the Local Board of Directors and Honorable Harlon Crimm, President Chattahoochee Technical College Ladies and Gentlemen: As part ofour audit ofthe statutory basis financial statements ofthe State ofGeorgia presented in the State ofGeorgia Report ofthe State Auditor, the basic financial statements of the State of Georgia presented in the State ofGeorgia Comprehensive Annual Financial Report, and the issuance of a State ofGeorgia Single Audit Report pursuant to the Single Audit Act Amendments, as ofand for the year ended June 30, 2004, we have performed certain audit procedures at Chattahoochee Technical College. Accordingly, the financial statements and compliance activities of Chattahoochee Technical College were examined to the extent considered necessary in order to express an opinion as to the fair presentation of the financial statements contained in the foregoing documents and to issue reports on compliance and internal control as required by the Single Audit Act Amendments of 1996. This Management Report contains information pertinent to the financial and compliance activities of Chattahoochee Technical College as of and for the year ended June 30, 2004. The particular information provided is enumerated in the Table of Contents. This report is intended solely for the information and use ofmanagement and members ofthe Local Board ofDirectors of Chattahoochee Technical College and is not intended to be and should not be used by anyone other than these specified parties. Respectfully submitted, RWH:as l~.(.Q~-~ Russell W. Hinton State Auditor SELECTED FINANCIAL INFORMATION - 1- CHATTAHOOCHEE TECHNICAL COLLEGE STATEMENT OF NET ASSETS - (GAAP BASIS) JUNE 30, 2004 ASSETS Current Assets Cash and Cash Equivalents Accounts Receivable, Net Federal Financial Assistance Other Total Current Assets Noncurrent Assets Capital Assets, Net Total Assets LIABILITIES Current Liabilities Accounts Payable Salaries Payable Deferred Revenue Funds Held for Others Compensated Absences Total Current Liabilities Noncurrent Liabilities Compensated Absences Total Liabilities NET ASSETS Invested in Capital Assets, Net of Related Debt Restricted Expendable Unrestricted Total Net Assets EXHIBIT"A" $ 2,749,531.83 47,227.21 157,314.34 $ 2,954,073.38 12,341,910.18 $ 15,295,983.56 $ 35,958.44 33,499.99 508,680.38 345,873.59 429,639.06 $ 1,353,651.46 348,792.74 $ 1,702,444.20 $ 12,341,910.18 8,095.97 1,243,533.21 $ 13,593,539.36 -3- CHATTAHOOCHEE TECHNICAL COLLEGE EXHIBIT "B" STATEMENT OF REVENUES. EXPENSES AND CHANGES IN NET ASSETS - (GAAP BASIS) YEAR ENDED JUNE 30, 2004 OPERATING REVENUES Student Tuition and Fees Less: Scholarship Allowances Grants and Contracts Federal Rents and Royalties Sales and Services Other Operating Revenues Total Operating Revenues OPERATING EXPENSES Salaries Benefits Travel Scholarships and Fellowships Utilities Supplies and Other Services Depreciation Total Operating Expenses Operating Income (Loss) NONOPERATING REVENUES (EXPENSES) State Appropriations Grants and Contracts Federal Gifts Interest and Other Investment Income Other Nonoperating Revenues Other Nonoperating Expenses Net Nonoperating Revenues Income (Loss) Before Other Revenues, Expenses, Gains, or Loss Capital Grants and Gifts State Increase (Decrease) in Net Assets Net Assets - Beginning of Year Net Assets - End of Year $ 5,843,132.15 -385,252.70 1,900,772.00 25,242.75 475,629.23 65,166.00 $ 7,924,689.43 $ 11,122,458.13 2,330,730.81 155,697.96 1,455,887.55 768,080.77 2,876,735.27 987,224.73 $ 19,696,815.22 $ -11,772,125.79 $ 10,977,743.69 973,095.92 322,366.21 15,528.61 -49,580.52 -292,759.62 $ 11,946,394.29 $ 174,268.50 17,740.00 $ 192,008.50 $ 13,401,530.86 $ 13,593,539.36 -4- CHATTAHOOCHEE TECHNICAL COLLEGE STATEMENT OF CASH FLOWS- (GAAP BASIS} YEAR ENDED JUNE 30. 2004 CASH FLOWS FROM OPERATING ACTIVITIES 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 Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations Agency Funds Transactions Gifts and Grants Received for Other than Capital Purposes Other Nonoperating Receipts Net Cash Flows Provided (Used) by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Capital Grants and Gifts Received Purchases of Capital Assets Net Cash Provided (Used) by Capital and Related Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Interest on Investments Net Increase (Decrease) in Cash Cash and Cash Equivalents - Beginning of Year Cash and Cash Equivalents - End of Year RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Operating Income (Loss) Adjustments to Reconcile Operating Income to Net Cash Provided (Used) by Operating Activities Depreciation Expense Change in Assets and Liabilities: Receivables, Net Salaries Payable Accounts Payable Deferred Revenue Compensated Absences Net Cash Provided (Used) by Operating Activities -5- EXHIBIT"C" $ 5,335,771.18 1,937,046.50 475,629.23 -6,355,316.27 -11, 112,966.51 -1,455,887.55 122,855.12 $ -11,052,868.30 $ 11,042,743.69 22,836.61 1,028,330.55 29,141.38 $ 12,123,052.23 $ 17,740.00 -216,694.18 $ -198,954.18 $ 15,528.61 $ 886,758.36 1,862,773.47 $ 2,749,531.83 $ -11,772, 125.79 987,224.73 40,285.90 1,491.29 -224,071.46 -93,673.30 8,000.33 $ -11,052,868.30 CHATTAHOOCHEE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2004 EXHIBIT "D" NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY Chattahoochee Technical College is one of thirty-three (33) State supported member colleges of postsecondary education in Georgia which comprise the Georgia Department ofTechnical and Adult Education, an organizational unit of the State of Georgia. The accompanying financial statements reflect the operations of Chattahoochee Technical College as a separate reporting entity. The Technical College's Local Board of Directors is composed of eleven (11) members serving staggered three-year terms who are appointed by the State Board ofTechnical and Adult Education. Appropriation of State funds is made to the Georgia Department ofTechnical and Adult Education by the General Assembly of Georgia. The Department's Administrative Central Office determines the amount of State appropriations to be received by Chattahoochee Technical College. The Technical College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Chattahoochee Technical College is considered an organizational unit of the Georgia Department of Technical and Adult Education for financial reporting purposes because ofthe significance ofits legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards. NOTE 2: CASH AND CASH EQUIVALENTS AND OTHER DEPOSITS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to Chattahoochee Technical College (and thus the State of Georgia) cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-1759: 1. Bonds, bill, certificates ofindebtedness, notes, or other direct obligations ofthe United States or of the State of Georgia. 2. Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. 3. Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. 4. Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. -7- CHATTAHOOCHEE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2004 EXHIBIT "D" NOTE 2: CASH AND CASH EQUIVALENTS AND OTHER DEPOSITS STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 5. Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation ofthe United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. 6. Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies, which allow agencies of the State of Georgia (and thus Chattahoochee Technical College), the option of exempting demand deposits from the collateral requirements. CATEGORIZATION OF DEPOSITS The Technical College's cash deposits are categorized by risk as follows: Category 1 - Amounts covered by depository insurance or collateralized with securities (at fair value) held by the Technical College or by its agent in the Technical College's name. Category 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the Technical College's name. Category 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the Technical College's name, and amounts uncollateralized. At June 30, 2004, the Technical College's cash deposits were as follows: Cash Deposits Carrying Amount Bank Balances Risk Categories 2 3 $ 2.748096.83 $ 3.765254.37 $ 228753.47 $ 613,882.11 $ 2922618.79 NOTE 3: ACCOUNTS RECEIVABLE Accounts receivable at June 30, 2004, consists of the following: -8 - CHATTAHOOCHEE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2004 EXHIBIT "D" NOTE 3: ACCOUNTS RECEIVABLE Student Tuition and Fees Federal, State and Private Funds Other GSFIC $ 194,584.15 47,227.21 7,622.50 74,920.59 $ 324,354.45 Less: Allowance for Doubtful Accounts 119,812.90 Net Accounts Receivable $ 204~541.55 NOTE 4: CAPITAL ASSETS Following are the changes in capital assets for the year ended June 30, 2004: Balance Julx 1, 2003 Additions Reductions Balance June 30, 2004 Capital Assets, Not Being Depreciated: Land and Land Improvements $ 1,535,497.00 $ 1,535,497.00 Capital Assets, Being Depreciated: Building and Building Improvements Improvements Other Than Buildings Equipment Library Collections $11,169,307.00 1,861,800.00 4,768,196.12 $ 896,283.50 164,284.84 $ 52,409.34 $11,169,307.00 1,861,800.00 149,746.00 4,782,734.96 120,070.38 828,622.46 $ 18,695,586.62 $ 216,694.18 $ 269,816.38 $ 18,642,464.42 Less: Accumulated Depreciation: Buildings and Building Improvements $ 2,583,574.96 $ Improvements Other Than Buildings 781,654.34 Equipment 3,104,382.24 Library Collections 541,761.45 258,423.91 119,692.27 530,984.94 $ 78,123.61 42,476.10 120,070.38 $ 2,841,998.87 901,346.61 3,592,891.08 499,814.68 $ 7,011,372.99 $ 987,224.73 $ 162,546.48 $ 7,836,051.24 Total Capital Assets, Being Depreciated, Net $11,684,213.63 $ -770,530.55 $ 107,269.90 $10,806,413.18 Capital Assets, Net $ 13,219.710.63 $ -770.530.55 $ 107,269.90 $ 12,341,910.18 NOTE 5: DEFERRED REVENUE Deferred revenue at June 30, 2004, consists of the following: -9- CHATTAHOOCHEE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2004 EXHIBIT "D" NOTE 5: DEFERRED REVENUE Prepaid Tuition and Fees Federal Grants and Contracts Gifts - GSFIC Other Local Grants $ 411,286.68 51,747.52 4,354.18 41,292.00 Totals $ 5082680.38 NOTE 6: LONG-TERM LIABILITIES Long-term liability activity for the year ended June 30, 2004 was as follows: Other Liabilities Compensated Absences Balance July 1, 2003 Additions Reductions Balance June 30, 2004 Current Portion $ 770 431.47 $ 661,051.3 I $ 653,050.98 $ 778.431.80 $ 429,639.06 NOTE 7: NET ASSETS Changes in Net Asset activity for the year ended June 30, 2004 was as follows: Invested in Capital Assets Net of Related Debt Restricted Net Assets Expendable Unrestricted Net Assets Total Net Assets Balance July I, 2003 Additions Reductions Balance June 30, 2004 $13,219,710.63 $ -770,530.55 $ 107,269.90 $12,341,910.18 977.74 2,873,867.92 2,866,749.69 8,095.97 180,842.49 17,279,975.42 16,217,284.70 1,243,533.21 $ 13,401,530.86 $ 12,383,312.12 $12,121,304.29 $ 13,593,539.36 NOTE 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Plan Description Chattahoochee Technical College participates in the Teachers Retirement System ofGeorgia (TRS), a cost-sharing multiple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose ofproviding retirement allowances and other benefits for teachers ofthe State ofGeorgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. CHATTAHOOCHEE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2004 EXHIBIT "D" NOTE 8: RETIREMENT PLANS TEACHERS RETIREMENT SYSTEM OF GEORGIA Funding Policy Employees of Chattahoochee Technical College who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. Chattahoochee Technical College makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2004, the employer contribution rate was 9.24% for covered employees. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: Fiscal Year Percentage Contributed Required Contribution 2004 2003 2002 100% 100% 100% $ 552,857.44 $ 587,968.07 $ 618,473.22 EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA Plan Description Chattahoochee Technical College participates in the Employees' Retirement System of Georgia (ERS), a single-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances for employees of the State of Georgia. Retirement benefits paid to members are based upon a formula which considers the monthly average of the member's highest twenty-four consecutive calendar months of salary, the number ofyears of creditable service, and the member's age at retirement. Postretirement cost-of-living adjustments are also made to member's benefits. The normal retirement pension is payable monthly for life; however, options are available for distribution ofthe member's monthly pension at reduced rates to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. In addition, the ERS Board of Trustees created the Supplemental Retirement Benefit Plan (SRBP) effective January 1, 1998. The SRBP was established as a qualified governmental excess benefit plan in accordance with Section 415 ofthe Internal Revenue Code (IRC) as a portion ofERS. The purpose of SRBP is to provide retirement benefits to employees covered by ERS whose benefits are otherwise limited by IRC 415. - 11 - CHATTAHOOCHEE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2004 EXHIBIT "D" NOTE 8: RETIREMENT PLANS EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA Funding Policy As established by State statute, all full-time employees of the State of Georgia and its political subdivisions, who are not members ofother state retirement systems, are eligible to participate in the ERS. Both employer and employee contributions are established by State statute. The Technical College's payroll for the year ended June 30, 2004, for employees covered by ERS was $2,577,112.04. The Technical College's total payroll for all employees was $11,122,458.13. Under the old plan, member contributions consist of 7.41 % of annual compensation. Of these member contributions, the employee pays the first 1.5% and the Technical College pays the remainder on behalf of the employee. Under the new plan, member contributions consist solely of 1.5% of annual compensation paid by employee. The Technical College also is required to contribute at a specified percentage of active member payroll determined annually by actuarial valuation. For the year ended June 30, 2004, the ERS employer contribution rate for the Technical College amounted to 10.15% of covered payroll. Chattahoochee Technical College did not have any employees covered by the old plan referred to above. Employer contributions are also made on amounts paid for accumulated leave to retiring employees. Total contributions to the plan made during fiscal year 2004 amounted to $293,908.48, of which $261,694.58 was made by the Technical College and $32,213.90 was made by employees. These contributions met the requirements of the plan. GEORGIA DEFINED CONTRIBUTION PLAN Plan Description Chattahoochee Technical College participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Benefits A member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. Ifa member has less than$ 3,500.00 credited to his/her account, the Board ofTrustees has the option of requiring a lump sum distribution to the member in lieu of making periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. The Employees' Retirement System of Georgia issues a financial report each fiscal year which may be obtained through ERS. - 12 - CHATTAHOOCHEE TECHNICAL COLLEGE SELECTED FINANCIAL NOTES JUNE 30, 2004 EXHIBIT "D" NOTE 8: RETIREMENT PLANS GEORGIA DEFINED CONTRIBUTION PLAN Contributions and Vesting Member contributions are seven and one-halfpercent (7.5%) ofgross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. The Technical College's payroll for the year ended June 30, 2004, for employees covered by GDCP was $2,012,854.59. The Technical College's total payroll for all employees was $11,122,458.13. Total contributions made by employees during fiscal year 2004 amounted to $150,966.20 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. NOTE 9: CONTINGENCIES Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenses which are disallowed under grant terms. The amount of expenses which may be disallowed by the grantor cannot be determined at this time although Chattahoochee Technical College expects such amounts, ifany, to be immaterial to its overall financial position. Litigation, claims and assessments filed against Chattahoochee Technical College (an organizational unit of the Department of Technical and Adult Education), if any, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 2004. NOTE 10: RELATED ORGANIZATION DISCLOSURE The financial statements of Chattahoochee Technical College Foundation, Inc., which is a potential component unit ofChattahoochee Technical College, are not included in these financial statements. Copies of the foundation's financial statements may be obtained from Chattahoochee Technical College. - 13 - SUPPLEMENTARY INFORMATION - 15 - CHATTAHOOCHEE TECHNICAL COLLEGE COMBINED BALANCE SHEET - (STATUTORY BASIS) BUDGET FUND JUNE 30, 2004 SCHEDULE "1" "A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION "B" LOTTERY FOR EDUCATION Cash and Cash Equivalents Accounts Receivable Federal Financial Assistance Other Total Assets LIABILITIES AND FUND EQUITY Liabilities Accrued Payroll Accounts Payable Deferred Revenue Total Liabilities Fund Balances Reserved Federal Financial Assistance Live Work Projects Uncollectible Accounts Unreserved Undesignated Surplus Regular Lottery for Education Total Fund Equity Total Liabilities and Fund Equity $ 2,382,339.34 $ 0.00 43,949.21 269,504.74 $ 2,695,793.29 $====o=.o=o $ 33,499.99 1,881,900.41 446,411.61 $ 2,361,812.01 $ 8,095.97 111,882.21 119,812.90 94,190.20 $ $ 333,981.28 $ $ 2,695,793.29 $ 0.00 0.00 0.00 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. - 17 - CHATTAHOOCHEE TECHNICAL COLLEGE ANALYSIS OF CHANGES IN FUND BALANCE- (STATUTORY BASIS) BUDGET FUND YEAR ENDED JUNE 30. 2004 SCHEDULE "2" FUND BALANCE - JULY 1. 2003 Reserved Surplus ADDITIONS Adjustments to Prior Year's Contracts and Accounts Payable Adjustments to Prior Year's Revenues/Accounts Receivable Excess of Funds Available over Expenditures Schedule "3" Prior Years Checks Voided DEDUCTIONS Unreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education - Administrative Central Office Year Ended June 30, 2003 Refunds to Grantors Federal Financial Assistance Georgia Department of Technical and Adult Education - Administrative Central Office Reserved Fund Balance Carried Over from Prior Year as Funds Available FUND BALANCE - JUNE 30. 2004 IIAH DEPARTMENT OF TECHNICAL AND ADULT EDUCATION 119n LOTTERY FOR EDUCATION $ 81,855.61 20,668.53 $ $ 102,524.14 $ 3,147.78 3,147.78 $ 54,359.39 71,265.08 207,719.89 614.80 $ 333,959.16 $ 20,668.53 $ 3,147.78 955.62 80,877.87 $ 102,502.02 $ 3,147.78 $ 333,981.28 $=====,;;;0-;,;;,00~ Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. -18- CHATTAHOOCHEE TECHNICAL COLLEGE SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES COMPARED TO BUDGET - (STATUTORY BASIS) BUDGET FUND "A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30. 2004 SCHEDULE "3" FUNDS AVAILABLE REVENUES State Appropriation Federal Revenues Other Revenues Retained CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance EXPENDITURES Personal Services - Institutions Operating Expenses - Institutions Excess of Funds Available over Expenditures BUDGET ACTUAL VARIANCEFAVORABLE (UNFAVORABLE) $ 11,001,560.00 $ 11,001,560.00 $ 918,836.02 900,794.14 6,622,029.00 6,540,935.94 $ 18,542,425.02 $ 18,443,290.08 $ 0.00 -18,041.88 -81,093.06 -99,134.94 0.00 80,877.87 80,877.87 $ 18,542,425.02 $ 18,524,167.95 $ _ _ _-1_8-'-,2_5_7._07_ $ 13,554,715.79 $ 13,445,188.61 $ 4,987,709.23 4,871,259.45 109,527.18 116,449.78 $ 18,542,425.02 $ 18,316,448.06 $ - - - ~ 225,-97-6.9-6 $ 207,719.89 $ =====20=7,=71=9=.8=9 Statutory Basis financial information was prepared on a prescribed basis of accounting that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. -19- CHATTAHOOCHEE TECHNICAL COLLEGE RECONCILIATION OF SALARIES AND TRAVEL YEAR ENDED JUNE 30. 2004 SCHEDULE "4" Totals per Annual Supplement Accruals June 30, 2003 June 30, 2004 Compensated Absences June 30, 2003 June 30, 2004 Encumbrances June 30, 2004 Agency Funds Adjustments Shared Services on Jointly Staffed Personnel Kennesaw State University Cheshier, Stephen SALARIES TRAVEL $ 11,222,928.29 $ 156,222.16 -32,008.70 33,499.99 -763,354.93 723,113.48 -36,720.00 -524.20 -25,000.00 $ 11,122,458.13 $ 155,697.96 - 21 - SECTION II FINDINGS AND QUESTIONED COSTS CHATTAHOOCHEE TECHNICAL COLLEGE SCHEDULE OF FINDINGS AND QUESTIONED COSTS YEAR ENDED JUNE 30, 2004 FINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS No matters were reported. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No matters were reported.