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

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DEPARTMENT;OF AUDITS AND ACCOUNTS

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000,SA VALLEY TECHNICAL COLLEGE

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REPORT ON AUDIT , ,,

, OF THE-FINANCIAL STATEMENTS ,

FOR THE FISCAL YEAR ENDED JUNE 30, 2002

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Russell W. Hinton

State Auditor

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COOSA VALLEY TECHNICAL COLLEGE -TABLE OF CONTENTS-

Page

FINANCIAL

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

REQUIRED SUPPLEMENTARY INFORMATION

MANAGEMENTS DISCUSSION AND ANALYSIS

3

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

13

D NOTES TO THE FINANCIAL STATEMENTS

14

SUPPLEMENTARY INFORMATION

SCHEDULES

SCHEDULE OF Fill\'DS AVAILABLE AND EXPENDITURES

COMPARED TO BUDGET- (NON-GAAP BASIS)

BUDGETfUND

"A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION

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2 RECONCILIATION OF SALARIES AND TRAVEL

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R1 1,,1:.LL \\'. H1"10N
STATE AUDITOR (04) 65-6 2,,.

DEPARTl\,1ENT OF AUDITS AND ACCOUNTS
2,-c;4 WJ,hmgLDn Street, S V..'. Su11c ~ 14 A1lan1a, Georgia 30334-8400
November 8, 2002

Honorable Roy E Barnes, Governor Members of the General Assembly of Georgia Members of the State Board ofTechmcal and Adult Education Members of the Local Board ofD1rectors
and Honorable Craig McDaniel, President Coosa Valley Techmcal College
INDEPENDENT AUDITOR'S COMBINED REPORT ON BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen
We have audited the accompanymg basic financial statements (Ei..h1b1ts A through D) of Coosa ValleyTechmcal College, an organ1zal!onal umt ofthe State of Georgia, as of and for the year ended June 30, 2002 These financial statements are the respons1b1hty of the Technical College's management Our respons1b1hty 1s to express an opm1on on these financial statements based on our audit
We conducted our audit m accordance with aud1tmg standards generally accepted m the l,mted States of Amcnca Those standards reqmre that we plan and perform the audit to obtain reasonable assurance about whether the financial statements ,ue free of material misstatement An audtt mcludes exarnmmg, on a test basis, evidence supportmg the amounts and disclosures m the financial statements An audit also mcludes assessrng the accountmg principles used and s1gmficant estimates made by management. as well as evaluatmg the overall financial statement presentat10n We beheve that our audit prondes a reasonable basis for our opm1on
As discussed m Note I. the financial statements of Coosa Valley Techmcal College are mtended to present the financial position and changes m financial position (mcludmg cash flows) of only that portion of the busmess-type acuv1t1es ofthe State of Georgia that 1s annbutable to the transactions of Coosa Valley Technical College They do not purport to, and do not, present fairly the financial postt1on and changes m financial pos1t1on (mcludmg cash flows) of the State of Georgia, m conformity with accounting principles generally accepted m the Umted States of America

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In our opm10n, the basic financial statements referred to above present fairly, mall matenal respects,
the financial pos1t1on of Coosa Valley Techmcal College as of June 30, 2002, and its changes m financial pos1t10n (mclud1Dg cash flows) for the year then ended ID conformity with account1Dg pnnc1ples generally accepted m the Umted States of Amenca
As descnbed m Note I, Coosa Valley Techmcal College adopted the prov1s1ons of Governmental Account1Dg Standards Board (GASB) Statements No 35, Basic F111a11cial Statements - and Management's D1scuss1on and Analysis - for Publ,c Colleges and Umvers1t1es, as amended by GASB Statement No 37, Basic Financial Statements-and Management's D1scusswn and Ana(vs1s for State and Local Governments, and GASB Statement No 38, Certain F111anc1al Statements Note Disclosures, as of July I, 2001, to implement a new financial report1Dg model
Management's D1scuss1on and Analysis 1s not a reqmred part ofthe basic financial statements but 1s supplementary mforma!ion reqmred by the GASB. We have applied certam limited procedures, wluch consisted pnnc1pally ofmqumes ofmanagement regardmg the methods ofmeasurement and presenta!ion of tlus supplementary mformat1on However, we did not audit this 1Dformahon and express no op1mon on It
Our audit was conducted for the purpose of formmg an op1D1on on the basic financial statements taken as a whole. The accompanymg supplementary 1Dforma!ion (Schedules I and 2) 1s presented for purposes of add1t1onal analysis and 1s not a required part of the basic financial statements of Coosa Valley Techmcal College Such 1Dformat10n has been subJected to the aud1t1Dg procedures applied by us ID the audit ofthe basic financial statements and, ID our op1mon, based on our audit, 1s fa1rly stated ID all matenal respects ID rela!ion to the basic financial statements taken as a whole
Respectfully submitted,

RWHgp 02ARL-IT

HIDton State Auditor

REQUIRED SUPPLEMENTARY INFORMATION -I-

Coosa Valley Technical College Management's Discussion and Analysis
The followmg 1s a d1scuss10n and analysis of Coosa Valley Techmcal College's financial performance for the fiscal year endmg June 30, 2002 Please read 1t m conJunct10n with the College's financial statements, which follow this section Due to the fact that the State of Georgia, mcludmg Coosa Valley Technical College. implemented the prov1s10ns of Governmental Accountmg Standards Board (GASB) Statements No 34 and 35 for the fiscal year 2002 only hm1ted fiscal year 2001 data will be presented for comparative purposes This comparative mformat10n will be required 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 established by the Governmental Accountmg Standards Board These financial statements differ, m both form and the accounting pnnc1ple used, from the presentation of pnor financial statements
The Statement of Net Assets used in conJunctlon with the Statement of Revenues, Ei..penses and Changes m Net Assets contams information concemmg the College's finances and acuv1t1es as a
whole and assists with prov1dmg an answer to the question "ls the College as a whole better or worse off as a result of the year's actlVJtles9 " These statements include all assets and hab1ht1cs
usmg the accrual basis of accounting, which 1s s1m1lar to the accountmg method, used by corporations and other pnvate sector comparues All revenues and assets are recognized when the service 1s provided 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 ability of the College to
meet financial obligations as they mature This statement presents mforma11on related to cash
mflows and outflows summarized by operatmg, non-capital financmg, capital and related financmg and mvestmg activities
This d1scuss1on and analysis of the College's financial statements provides an overview of its financial act1v111es 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 time The statement presents the
assets, hab1h11es and net assets of the College as of the end of the fiscal year Assets and hab1httes are reported as current and non-current and the difference between assets and hab1ht1cs
1s reported as net assets Over a penod of time the mcreases 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 cond11lon of the fac1httes, can provide a measure to aid in determining whether the Techrucal College's financial pos1t10n 1s rmprovmg or detenoratmg

Net assets are d1v1ded into three maJor categones The first category, invested in capital assets, net of debt, provides informauon concerning the College's eqmty in property, plant and eqmpment owned by the College The next asset category 1s restncted net assets, which 1s d1v1ded into two categones, nonexpendable and expendable The maJonty of nonexpendable restncted net assets are only available for investment purposes Expendable restncted net assets are available for expenditure by the College but must be spent for purposes as determined by donors and/or external entitles that have placed time or purpose restncttons 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 Capllal Assets, Net
Total Assets

s 611
15.35 I
s 15,962

Liabilities Current L1ab1hlles Non-Current L1ab1ht1es
Total Liabilities

s 736
291
s 1,027

Net Assets Invested in Capllal Assets, Net of Debt Restncted - Nonexpendable Unrestncted

$ 15,35 I I
-417

Total Net Assets

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Statemelll ofRevenues, Expenses and Change~ in Net A nets
The purpose of the Statement of Revenues, Expenses and Changes in Net Assets 1s to present the revenues received by the College, both operating and nonopcrating, and the expenses incurred by the College, operating and nonoperating, and any other revenues, expenses, gains and losses received or spent by the College dunng the fiscal year Changes in total net assets as presented on the Statement of Net Assets are based on the informallon presented in the Statement of Revenues, Expenses and Changes in Net Assets

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Operating revenues are received for prov1dmg goods and/or services to vanous customers and const1tuenc1es of the College Operating expenses are those expenses paid to acqmre or produce the goods and/or services provided m return for the operating revenues, and to carry out the m1ss10n of the College Therefore, nonopcratmg revenue 1s received when no goods or services are provided m exchange for the revenue State appropnahons and gifts were classified as operating revenues m previous repons With the 1Ssuance of Statement No 35, new gmdelmes have been established by the Governmental Accounting Standards Board (GASB) changing the class1ficahons of state appropnatlons and gifts from operatmg to nonoperatmg revenue 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)

Operating Revenues Operating Expenses

$ 4,513 16 448

Operatmg Gain/Loss

S -11,935

Nonoperatmg Revenues and Expenses

10,579

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

$ -1,356

Other Revenues, Expenses, Garns or

Losses

468

Decrease in Net Assets

$ -888

Net Assets at Begmmng of Year, as Ongmally Reported

$ 5,935

Cumulative Effect of Changes m Accountmg Pnnc1ple

9,888

Net Assets at Begmmng of Year Restated

$ 15.823

Net Assets at End of Year

$ 14,935

The Statement of Revenues, Expenses, and Changes m Net Assets reflects a negative year wnh a decrease m lhe net assets at the end of the year Some h1ghhghts of the mformallon 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 Tmtlon and Fees Grants and Contracts Sales and Services of Educat10nal Departments , Rent and Royalucs
Total Operatmg Revenue

$ 3,128 1.035 292 58
s 4513

Nonoperatmg Revenue State Appropnat10ns State Grants and Contracts - Nonoperatmg Federal Grants and Contracts - Nonoperatmg Gifts Investment Income
Total Nonopcratmg Revenue

s 8,074
50 2,133
292 29
s I0,578

Total Revenues Operatmg Expenses (thousands of dollars)

$=\ ~.Q21

Operatmg Expenses Instruction

$ 16 448

Total Operatmg Ei..penses

$ 16,44$

The sources of operatmg revenue for the College are tu1t10n and fees, grants and contracts, aux1hary services, and educat10nal act1v1t1es The oper.itmg loss 1s directly related to the exclus10n of the State of Georgia ~ppropnallon m ~e amount of $8,073.214 from operatmg revenues per GASB 35

Tulllon mcreased by $476.69 I This 1s directly related to the mcreased enrollment of 18% from fiscal year 2001

Personal Services expenses mcreased by approximately $1,362,569 This mcrease reflects an annual pay r,use for College employees of approximately 4 5% with the associated fnnge benefits It also reflects an mcreascd cost to the College for add111onal adJunct and full time faculty pos1t1ons reqmred due to the mcreased enrollment in fiscal year 2002

The cumulative effects of changes m accountmg pnnc1ple arc the result of the College adoptmg depreciation on cap1t.il assets and changmg from the budgetary basis to the GAAP basis of accountmg

Under nonoperatmg revenues (expenses) state appropnat1ons decreased by approximately $ I96,352 The College, as well as all other state agencies, mcurred d 2 5% budget reduction m fiscal year 2002 due to a nauonal economic slowdown followmg the tragedy of September 11, 2001

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Statement of Cash Flows

The purpose of the Statement of Cash Flows 1s to provide relevant mformallon concernmg the cash receipts and payments of the College dunng the year It also provides mforrnallon concernmg the College's ab1hty to generate future cash flows and to meet 1ts obhgauons as they come due The statement 1s d1v1ded mto three sectlons The first secllon reports on the operating cash flows and shows the net cash used by the operaung act1v1t1es of the College The second secuon shows the cash flows from the nonoperatmg ac11v111es of the College The final secllon reconciles the net cash used to the operating 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 Operatmg Act1v1t1es Non-Capital Fmancmg Act1v1lles lnvestmg Act:1v1t1es Capital and Related Fmancmg Act1v1tles
Net Change in Cash Cash, Beginning of Year
Cash, End of Year

$-10,248 10,436 29 -325
S -108 350
s 242

Capital Assets
The College had a s1gmficant capital asset add1t1on for fac1ht1es in the fiscal year under review Early m fiscal year 2002 Coosa Valley Techmcal College acqmred the Woodley Center, which houses Economic Development This proJect was funded by the Georgia State Financmg and Investment Comm1ss10n (GSFIC) at a cost of $950,000 Buildings A, B and C were being renovated dunng fiscal year 2002 but were not completed Other renovallons funded by the GSFIC mcluded $312,975 86 for 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 cond1t10n that 1s expected to have a s1gmficant effect on the financial pos1t1on or change how the College operates for the next fiscal year As m pnor years, the College's overall financial pos1llon 1s strong Enrollment has mcreased by average of I6 5% annually for the past 3 years This growth 1s expected to level off for next fiscal year As a result, the College ant1c1pates the next fiscal year will be much hke the last and the College will maintain a close watch over resources to mamtain the ab1hty to react to unknown mtemal and ei..temal issues
Craig McDaniel, President
Coosa Valley Techmcal College
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BASIC FINANCIAL STATEMENTS -9-

COOSA VALLEY TECHNICAL COLLEGE STATEMENT OF NET ASSETS
JUNE 30 2002
ASSETS
Current Assets Cash and Cash Equivalents Accounts Receivable, Net Federal Financial Assistance Other Prepaid Items
Total Current Assets
Non-current Assets Capital Assets, Net
Total Assets
LIABILITIES
Current L1ab1ht1es Salanes Payable Accounts Payable Deferred Revenue Funds Held for Others Compensated Absences
Total Current L1ab1lrt1es
Non-current Llab1llbes Compensated Absences
Total L1ab1ht1es
NET ASSETS
Invested in Capital Assets, Net of Related Debt Restricted Unrestncted
Total Net Assets

EXHIBIT "A"

$

241,890 12

201,291 74 160,42514
7,586 50

$

61119350

$ 15 351,094 65 $ 15,962,28815

s

75,472 88

57,147 41

213,239 92

34,942 49

355 459 32

$

736 262 02

$

290 755 16

$ 1 027 017 18

s 15,351,094 65
1,565 79
-41738947

$ 14 935 270 97

The notes to the financial statements are an integral part of this statement - 11 -

COOSA VALLEY 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 Royalt,as Sales and SeNlces
Total Operating Revenues
OPERATING EXPENSES
Salanes
Benefits
Travel Scholarships and Fellowships Ulil1bes Supplies and Other SeN1ces Depreaabon
Total Operabng Expenses
Operabng Income (Loss)
NONOPERATING REVENUES !EXPENSES)
State Appropna!Jons Grants and Contracts
Federal State Gifts Interest and Other Investment Income
Net Nonoperatlng Revenues
Income (Loss) Before Other Revenues, Expenses, Gains or Loss
Capital Grants and Gifts State
Increase (Decrease) in Net Assets
Net Assets Net Assets - Beginning of Year, as Ong1nally Reported Cumulabve Effect of Changes in Accounbng Pnnaple
Net Assets - Beginning of Year, Restated
Net Assets - End of Year

$ 3,129 780 27 -1,68800
1,034,840 00 58,225 00
292 025 88
$ 4 513,18315

$ 8,692,574 09 1,848 255 98 159,551 63 1033,15200 592,703 52 3,336,464 20 785 203 79
$ 16 447 905 21
$ -11 934 722 06

$ 8 073 213 78
2, 133,477 09 49 958 86
292 482 71 29 445 88
s 10 578 578 32
$ -1 356 143 74

$

467 724 70

$

-888 419 04

s 5,935 547 56
9 888 142 45
$ 15 823 690 01

$ 1493527097

The notes to the financial statements are an mtegral part of this statement - 12 -

COOSA VALLEY TECHNICAL COLLEGE STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30. 2002
CASH FLOWS FROM OPERATING ACTIVITIES Tuman and Fees Grants and Contracts Sales and Services of Educational Departments Payments to Suppliers Payments to Employees Payments for Scholarships and Fellowships Other Receipts (Payments}
Net Cash ProVJded (Used} by Operating Acllvrt1es
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State AppropnatIons Agency Funds Transacllons Gifts and Grants Received for Other than Capital Purposes Other Nonoparating Revenues
Net Cash Flows ProVJded by Noncaprtal Financing Activrt1es
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchases of Capita\ Assets
CASH FLOWS FROM INVESTING ACTIVITIES Interest on Investment
Net Increase/Decrease in Cash
Cash and Cash Equivalents - Beginning of Year
Cash end Cash Equivalents - End of Year
RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED} BY OPERATING ACTIVITIES
Operating Income (Loss} AdJustments to Reconcile Net Income (Loss} to Net Cash
Provided (Used) by Operating Act1v1ttes DepreoatIon Change In Assets and L1ab1lIt1es Accounts Receivables, Net Prepaid Items Accounts Payable Accrued Payroll (Salaries Payable} Deferred Revenue Compensated Absences
Net Cash Provided (Used} by Operating Act1vrt1es
The notes to the financial statements are an integral part of this statement - 13 -

EXHIBIT "C"

$

3,332.025 19

1,034,840 00

820,118 25

-5,910.429 47

-8,549,756 83

-1,033, 152 00

58,225 00

$ -10,248, 129 86

$

8,002,595 37

-15,980 06

2,445,305 19

4 164 27

s 10 436 084 77

$

-325,312 36

$

29445 88

$

-107,911 57

349 801 69

$ -~;;,24=1;,;8;;;;9;;:,0.:,1:.,2

$ -11,934,722 06
785,203 79 527,517 37
-3,758 50 30,304 36
8,246 96 204,507 92 134 570 30
S -101248,129 86

COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUl\"TING POLICIES
REPORTING ENTITY Coosa Valley Techmcal College 1s one of thirty-three (33) State supported member colleges of postsecondary education m Georgia which compnse the Georgia Department ofTechnical and Adult Educallon, an orgaruzatlonal umt of the State of Georgia The accompanymg financial statements reflect the operations of Coosa Valley Technical College as a separate reportmg entity
The Technical College's Local Board of Directors 1s composed of twelve (I 2) members servmg staggered three-year terms who are appomted by the State Board ofTechmcal and Adult Education Appropnat10n ofState funds 1s made to the Georgia Department of Technical and Adult Education by the General Assembly of Georgia The Department's Adm1nistrat1ve Central Office determmes the amount ofState appropnat1ons to be received by Coosa Valley Technical College The Technical College does not have authonty to retam unexpended State appropnat1ons (surplus) for any given fiscal year Accordmgly, Coosa Valley Techmcal College 1s considered an organ1zat10nal unit ofthe Georgia Department of Technical and Adult Education for financial reportmg purposes because of the s1gmficance of1ts legal. operational, and financial relat10nsh1ps as defined m Section 2100 ofthe Governmental Accountmg Standards Board (GASB) Codification ofGovernmental Accountmg and Fmancial Reportmg Standards
FINANCIAL STATEMENT PRESENTATION In June 1999, the GASB issued Statement No 34, Basic F111a11cia/ Statements and Management D1scusswn and Anal,vs1sfor State and Local Governments This was followed in November 1999 by GASB Statement No 35, Basic Fmancia/ Statemellls and Management's D,scusswn and Anal,is1s for Pubhc Colleges and Umvers111es The State of Georgia 1s required to 1mplenienl 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 1s also reqmred 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 Technical College's assets, hab1ht1es, net assets, revenues, expenses. changes in net assets, cash flows, and replaces the fund b'TOUp perspective previously required
The Techmcal College has elected to not restate Its 2001 financial statements to conform with the new financial statement presentallon, therefore comparative financial informauon will not be presented for fiscal year 2002 Significant accounting changes made m order to comply with the new requirements include {I) adoption of depreciallon on capital assets, and (2) rccogmtlon of compensated absences Also, generally accepted accounting pnnc1ples (GAAPJ requires that the reporting of summer school revenues and expenses be spht between fiscal years rather than m one fiscal year However, because the effect ofth1s change 1s not material, the Technical Colleges ofthe Georgia Department ofTechmcal and Adult Education will contmue to report summer revenues and expenses m the year m which the predominate ac1Iv1ty takes place

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COOSA VALLEY 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 purposes, the Techmcal College 1s considered a special-purpose government engaged only m business-type act1v1t1es Accordingly, the Technical College's financial statements have been presented using the economic resources measurement focus and the accrual basis of accountmg, except as noted in the precedmg paragraph Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an obhgallon has been incurred All significant mtra-college transactions have been ehmmated
The Technical College has the opt10n to apply all Fmancial Accounting 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 applicable date
RESTATEMENT OF NET ASSETS- BEGINNING OF YEAR As a result of the adopt10n ofGASB Statement No 34, the Techmcal College was also reqmred to make certam changes m accounting pnnc1ples, specifically (I) adopllon of deprcc1at1on on capital assets, and (2) recording of compensated absences GASB Statement No 34 requires certain summer semester revenues be recognized between fiscal years rather than the fiscal year 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 predominantly conducted Effectlve July 1, 2001, the Techmcal College's cap1tahzat1on pohcy for equipment was mcreased from S1,000 00 to $5,000 00 Net assets at July 1, 2001 were mcreased by $9,888,142 45 for the cumulative effect of these changes
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents mcludc currency on hand and demand deposits with banks and other authonzed financial inst1tu11ons
ACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Georgia Department ofTechmcal and Adult Education - Administrative Central Office, reimbursements due from Federal, State, local, and pnvate grants and contracts, and other receivables disclosed from mformat1on available
NON-CURRENT CASH AND INVESTMENTS Cash and investments that are externally restncted and cannot be used to pay current hab1ht1es are classified as non-current assets in the statements of net assets
CAPITAL ASSETS Capital assets are recorded at cost at date of acqms11lon, or fair market value at the date of capital contnbut1on The Techmcal College cap1tahzes all land and land improvements For equipment, the Technical College's cap1tahzauon pohey includes all items with a umt cost of$5,000 00 or more, and an estimated useful hfe of greater than one year Bmldmgs and Bu1ldmg Improvements, Improvements Other Than Buildings and Library Collections that exceed $ I00,000 00 or
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COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE J SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CAPITAL ASSETS s1gmficantly mcrease the value or extend the useful hfe of the asset arc capilah7ed For mfrastructure, the Techmcal College's cap1tahzat1on threshold 1s $1,000,000 00 Routine repairs and mamtenance are charged to operatmg expense m the year m which the expense was mcurred Depreciation 1s computed usmg the stra1ght-hne method over the estimated useful hves of the assets, generally 10 to 40 years for bmldmgs, 15 to 25 years for mfrastructure, 15 years for improvements other than bmldmgs, 10 years for hbrary books. and 3 to 10 years for eqmpment

To obtam full disclosure of capital assets acqmred by the Techmcal Colleges of the Georgia

Department ofTechmcal and Adult Education, ii 1s necessary to look at the acllv1lles ofthe Georgia



State Fmancmg and Investment Comm1ss1on (GSFIC) - an organ1zallon that 1s external to both the

Techmcal College and the Georgia Department of Techmcal and Adult Educallon The GSFJC

issues bonds for and on behalf of the State of Georgia, pursuant to powers granted to ii m the

Conslltut1on of the State of Georgia and the Act creatmg the GSFJC The bonds are issued for the

purpose of acqumng capital assets and this debt conslitutes direct and general obhgauons ofthe State

of Georgi.a, to the payment ofwhich the full faith, credit and taxmg power of the State are pledged

GSFIC records construction m progress on its books throughout the construcl!on pcnod and at complellon transfers the enure proJect cost to Coosa Valley Techmcal College to be recorded as an asset on the Techmcal College's books. For the year ended June 30, 2002, GSFIC transferred capital add1t1ons valued at $467,724 70 to Coosa Valley Techmcal College.

DEFERRED REVENUES Deferred revenues mclude amounts received for tu1llon and fees and other ac11v1t1es pnor to the end of the fiscal year but related to the subsequent accounting pcnod Deferred revenues also include amounts received from grant and contract sponsors that have not yet been earned

COMPENSATED ABSENCES Employee vacallon pay 1s accrued for financial statement purposes when vested The hab1 hty and expense mcurred are recorded at year-end as accrued vacation payable m the Statement of Ket Assets, and as a component of compensation and benefit expense m the Statements of Revenues, Expenses, and Changes m Net Assets Coosa ValleyTechmcal College had an accrued hab1hty for compensated absences m the amount of $511.644 18 as of July I, 2001 For fiscal year 2002, $505,823 98 was earned in compensated absences and employees were paid S371,253 68 for a net mcrease of S134,570 30 The ending balance as of June 30, 2002 in accrued hab1hty for compensated absences 1s $646,214 48

NON-CURRENT LIABILITIES Non-current hab1ht1es mclude (I) hab1h11es that will not be paid w1thm the next fiscal year, (2) capilal lease obhgauons wilh contractual matunt1es greater than one year, and (3) other hab1ht1es that, although payable w1thm one year, arc to be paid from funds that are classified as non-current assets

- 16 -

COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT"D"

NOTE l SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NET ASSETS The Tecnmcal College's net assets are classified as follows
Invested m capital assets, net ofrelated debt This amount represents the Techmcal College's total mvestment m capital assets, net ofoutstandmg debt obhgattons 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 obhgat1ons" as used m this defimtlon does not mclude debt of the GSFIC as discussed above.)
Restricted net assets - expendable Restncted expendable net assets mclude resources m which the Techmcal College 1s legally or contractually obligated to spend resources m accordance with restnctlons imposed by external thud parties, except for unexpended grant funds of$1,565 79 due to grantor agencies
Unrestricted net assets Unrestncted net assets represent available resources denved from student tu1tton and fees, state appropnatlons, and sales and services of educauonal departments These resources will be used for transactions relatmg to the educational and general operations of the Techmcal College, and may be used at the d1scret1on of the govemmg board to meet subsequent fiscal year expenses for those purposes, except for unexpended state appropnations (surplus) of $7,377 72 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 aux1hary enterpnses, which are substantially self-supportmg actlVItles that provide services for students, faculty and staff
When an expense 1s mcurred that can be paid usmg either restncted or unrestncted resources, the Techmeal College's pohcy 1s to first apply the expense towards unrestncted resources, and then towards restricted resources
INCOME TAXES Coosa Valley Techmcal College, as a pohtlcal subd1V1s10n ofthe State of Georgia. 1s excluded from Federal mcome taxes under Section 115( 1) of the Internal Revenue Code, as amended
CLASSIFICATION OF REVENUES The Techmcal College has classified its revenues as either operatmg or nonoperatmg revenues m the Slatement of Revenues, Expenses, and Changes m Net Assets accordmg to the followmg cntcna
Operating revenues Operatmg revenues mclude act1v1t1es that have the charactenstlcs ofexchange transactions, such as ( l) student tuition and fees, net ofscholarship allowances, (2) Federal. state and local grants and contracts, and (3) sales and services

- 17 -

COOSA VALLEY TECHNICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CLASSIFICATION OF REVENUES Nonoperatmg revenues Nonoperatmg revenues mclude activ1t1es that have the charactens!Ics of non-exchange transactions, such as gifts and contnbu!Ions, 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 En1111es That Use Proprietary Fund Accounting, and GASB No 34, such as state appropnat10ns and mvestment mcome.
Scholarship Allowances Student tm!Ion 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 Technical College's financial statements To the extent that revenues from such programs are used to satisfy tu1t1on and fees and other student charges. the Technical College has recorded contra revenue for scholarship allowances
NOTE 2 CASH AND CASH EQUIVALENTS AND OTHER DEPOSITS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to Coosa Valley Technical College (and thus the State of Georgia) cannot be placed ma depository paying mterest longer than ten days without the deposnory 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 secunt1es as enumerated m the Official Code of Georgia Annotated Section 50-17-59
Bonds, bill, certificates of mdebtedness, notes. or other direct obhgallons ofthe Umted States or of the State of Georgia
2 Bonds, bills, certificates of mdebtedness, notes, or other obhgat10ns of the counlles or mumcipahlles of the State of Georgia
3 Bonds of any pubhc authority created by the laws of the State of Georgia, providmg that the statute that created the authonty authonzed the use of the bonds for this purpose
4 Industnal revenue bonds and bonds of development authonties created by the laws of the State of Georgia
5 Bonds, bills, certificates of indebtedness, notes, or other obhgallons of a subsidiary corpora!Ion ofthe Umted States government, which are fully guaranteed by tne Uruted States government both as to pnnc1pal and mterest, or debt obhgallons issued by the Federal Land Bank, the Federal Home Loan Bani.., the Federal Intenned1ale Credit Bank, the Central Bank for Cooperatives, the Fann Credit Banks, the Federal Home Loan Mortgage Association. and the Federal National Mortgage Associallon
- 18 -

COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT"D"

NOTE 2 CASH AND CASH EQUIVALENTS AND OTHER DEPOSITS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 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 Coosa Valley 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 I Amounts covered by depository msurance or collaterahzed 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 secunt1es (at fatr value) held by the pledgmg financial mst1tut10n's trust department or agent m the Techmcal College's name

Category 3 - Amounts collaterahzcd with secuntles (at fair value) held by the pledgmg financial mstltu!Ion, or by Its trust department or agent but not m the Technical College's name, and amounts uncollaterahzed

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

Cash Deposits

Carrying
Amount

Bank Balances

Risk Catcgoncs

2

1

s 24994q12 s 4zsw122 s ,.,143161 s 356960'~ s,__="o,.,o.o.

NOTE 3 CAP ITAL ASSETS

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

19 -

COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE3 CAPITAL ASSETS

AdJustcd Balance Jylv I 2001

t.QQn1Qns

RQu~t1Q!l~

Ba!Jnce June 10 ~QQ6

Capital Assets, Not Bemg Depreciated

Land

s 71~ ]4~ 00 5 41Q QQQ 00

5 1,125 141 Q0

Capital Assets, Bemg Dcprcc1a1ed Bu1ldmg and Bu1ld1ng Improvements Improvements Other Than Buildings
Equipment Library Collections

$ 14,556,290 00 828,451 00
2.561,178 78 5
20\~2 24

$ 18 149,762 7l s

383,037 06 5 JSJ,Q3Z 06 5

s 14,556,290 00
828,451 00 443,730 38 2,500,485 46
201 842 24
s 441 71Q 16 16,069,076 40

Less Accumulated Deprec1at1on Bu1ldmgs and Building Improvements $ Improvements Other Than Bu1ld1ngs Equipment Library Co11ect1ons

1,431,599 90 5 467,155 52
1,339,549 10
4Q 162 99

s J,279,074 5] 5

323 804 03 82,845 10
358,169 67 5 20 3&492
7S~ ~Q~ 79 $

s
201,153 55

1,755,403 93 550,000 62
1 496,565 22 61,1~496

201 15J 5~ s H61 1~4 I~

Total Capital Assets, Bemg Depreciated,

Net

5 14 870,695,21 s

Capua! Assets. l\ct

$ L\585 838.21 s

-402 166 71 5
7 81 ~ 27 s

141 576 83 5 14,225 951 65
24.., "76.fil s~~~

NOTE4 DEFERRED REVENUE

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

Prepaid Tu1t1on and Fees Gifts and Contracts
Federal State - GSFIC
Totals

$ 13.418 75
120,102 38 79 718 79
$_211239 92

NOTE 5 LONG-TERM LIABILITIES

Long-term hab1hty ac1Iv1ty for the year ended June 30, 2002 was as follows

Other L1db1ln1es Compensated Absences

3Jl:mcc
JyJv l 2001

Adelmons

Reduction,:;

BJIJncc
June: Jn, 2IJ()2

Current
Portion

s ~11 (1;;1:11 s-~~l-l-$i s 1ll ~5:Lli8 $ ,,~~ ., 1~,a s_ .Jio.-li2,J;

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COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT"D"

NOTE 6 LEASE OBLIGATIONS

OPERATING LEASES Coosa Valley Techrucal College has entered into certain agreements to lease eqmpment which are classified as operating leases (leases on assets not recorded on the balance sheet) These leases generally contain prov1s1ons that, at the exp1ral!on date of the onginal term of the lease, the Technical College has the ophon of renewing the lease on a year-to-year basis Amounts are included only for multI-year leases and for cancellable leases for which an opt10n to renew for the subsequent fiscal year has been exercised

Expenses for rental of eqmpment under operating leases for the year ended June 30, 2002, totaled $36,352 00

SUMMARY OF LEASE OBLIGATIONS Future comrmtments for noncancellable operating leases having remaining terms in excess of one year as of June 30, 2002, were as follows

Operating Leases

Year Ending June 30 2003 2004 2005

S 29,544 00 20,088 00 9 640 00

Total Minimum Lease Payments NOTE 7 RETIREMENT PLANS

$ 59,212.00

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Plan Description Coosa Valley Technical College part1c1pates in the Teachers Retirement System of Georgia (TRS ). a cost-shanng mulllple-employer defined benefit pension plan estabhshed by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia TRS provides service retirement, d1sab1hty rctirement, 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

Funding Policy Employees of Coosa Valley Technical College who are covered by TRS are rcqu1red by State statute to contnbute 5% oftheu gross earnings to TRS. Coosa Valley Technical College makes monthly employer contnbut1ons to TRS at rates adopted by the TRS Board of Trustees in accordance with

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COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE 7 RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Funding Policy State statute and as adV1sed by their mdependent actuary. For fiscal year 2002, the employer contnbutJon rate was 9 24% for covered employees Employer contnbut,ons for the current fiscal year and the preceding two fiscal years are as follows

Fiscal Year

Percentage Contnbuted

Reqmred Contnhutlon

2002 2001 2000

100% 100% 100%

$ 471,769 41 $ 528,220 59 $ 468,835 54

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

Plan Description Coosa Valley Techmcal College part1c1pates m the Employees' Retirement System ofGeorgia (ERS), a smgle-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of prov1dmg retirement allowances for employees of the State of Georgia

The benefit structure ofERS 1s defined by State statute and was s1gmficantly modified on July 1, 1982 Unless elected otherwise, an employee who currently mamtams membership 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 pnorto July I, 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 serV1ce A member may retire and receive normal retirement benefits after completion of IO years of creditable service and attamment of age 65 If IO years of service 1s completed and age 60 ,s 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 which considers the monthly average of the member's highest twenty-four consecuuve calendar months of salary, the number of years of creditable service. and the member's age at retirement Postret1rement cost-of-hvmg adjustments are also made to member's benefits The normal retirement pension 1s payable monthly for hfe, however, options are available for d1stnbut1on of the member's monthly pension at reduced rates to a designated beneficiary upon the member's death Death and d1sab1hty benefits are also available through ERS

- 22 -

COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT"D"

NOTE 7 RETIREMENT PLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA
Plan Description In add1t1on, the ERS Board of Trustees created the Supplemental Rel!rement Benefit Plan (SRBP) effecl!ve January I, 1998 The SRBP was established as a qualified governmental excess benefit plan m accordance with Secl!on 415 of the Internal Revenue Code (IRC) as a portion ofERS The purpose ofSRBP 1s to provide rehrement benefits to employees covered by ERS whose benefits are otherwise hm1ted by IRC 415
The ERS issues a financial report each fiscal year which may be obtamed through ERS
Funding Policy As estabhshed by State statute, all full-time employees of the State of Georgia and Its political subd1v1s1ons, who are not members ofother state retirement systems. are eligible to part1c1pate in the ERS Both employer and employee contnbul!ons are established by State statute The Techmcal College's payroll for the year ended June 30, 2002, for employees covered by ERS was $1,848,709 09 The Techmcal College's total payroll for all employees was S8.692,574 09
Under the old plan, member contnbul!ons consist of 6 25% of annual compensal!on Of these member contnbullons, the employee pays the first I 5% and the Techmcal College pays the remamder on behalf of the employee Under the new plan, member contnbullons consist solely of 1.5% of annual eompensal!on paid by employee The Techmcal College also 1s required to contnbute at a specified percentage of active member payroll determined annually by actuanal valuation. For the year ended June 30, 2002, the ERS employer contnbut1on rate for the Technical College amounted to 10 34% of covered payroll and included the amounts contnbuted on behalf of the employee under the old plan referred to above Employer contnbullons are also made on amounts paid for accumulated leave to retmng employees
Total contnbut10ns to the plan made dunng fiscal year 2002 amounted to $221,844 43, of which $191,182.39 was made by the Techmcal College and :S30,662 04 was made by employees These contnbut1ons met the requirements of the plan
Actuarial and Trend Information Actuanal and h1stoncal trend mformal!on 1s presented m the ERS June 30, 2002. financial report which may be obtained through ERS
GEORGIA DEFINED CONTRIBUTION PLAN
Plan Description Coosa Valley Techmcal College part1c1pates m the Georgia Defined Contnbution Plan (GDCP) which 1s a smgle-employer defined contnbut1on plan established by the General Assembly of Georgia for the purpose of prov1dmg rel!rement coverage for State employees who are temporary,
- 23 -

COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT "D"

NOTE7. RETIREMENTPLANS
GEORGIA DEFINED CONTRIBUTION PLAN
Plan Description seasonal, and part-lime and are not members of a public retirement or pension system GDCP 1s admm1stered by the Board of Trustees of the Employees' Retirement System ofGeorgJa
Benefits A member may retire and elect to receive penod1c payments after attamment of age 65 The payment will be based upon mortality tables and mterest assumpt10ns to be adopted by the Board of Trustees Ifa member has less than S 3,500 00 credited to his/her account, the Board ofTrustees has the option ofrequmng a lump sum d1stnbuuon to the member m lieu ofmakmg penod1c payments Upon the death ofa member, a lump sum d1stnbut10n equalmg the amount credited to his/her account will be paid to the member's designated beneficJary Benefit prov1s1ons are established by State statute
The Employees' Retirement System of Georgia issues a financial report each fiscal year which may be obtamed through ERS
Contributions and Vesting Member contnbutlons are seven and one-halfpercent (7 5%) of gross salary There are no employer contnbut1ons Contnbutlon rates are established by State statute Earnmgs arc credited to each member's account m a manner established by the Board of Trustees Upon termmatlon of employment, the amount of the member's account 1s refundable upon request by the member The Teehmcal College's payroll for the year ended June 30, 2002, for employees covered by GDCP was $1,029,382 49 The Tcchmcal College's total payroll for all employees was S8,692,574 09
Total contnbut10ns made by employees dunng fiscal year 2002 amounted to $77,204 68 which represents 7.5% of covered payroll These contnbutlons met the reqmrements of the plan
NOTE 8 RISK MANAGEMENT
Public Entity Risk Pool The Department of Community Health admm1sters for the State of GeorgJa a program of health benefits for the employees of umts of government of the State of GeorgJa, umts of county governments, and local education agencies located with the State of Georgia This plan 1s funded by part1c1pants covered m the plan, by employers' contnbuuons paid by the vanous umts ofgovernment part1c1patmg m the plan, and appropriations made by the General Assembly of Georgia The Department ofComrnumty Health has contracted with Blue Cross Blue Slueld ofGeorgia to process med1eal 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 Commumty Health

- 24 -

COOSA VALLEY TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT"D"

NOTE 8 RISK MANAGEMENT
Other Risk Management The Department of Adm1mstrat1ve Services (DOAS) has the respons1b1hty for the State of Georgia of making and carrying out dec1s1ons that will min1m1ze the adverse effects of accidental losses that involve State government assets The State believes 1t 1s more economical to manage its nsks internally and set aside assets for cl.um settlement. Accordingly, DOAS processes claims for nsk of loss to which the State 1s exposed, including general hab1hty, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemmficat1on L1m1ted amounts of commercial insurance are purchased apphcable to property, employee and automobile liability, fidelity and certain other nsks The Techrucal College. as an organ1za11onal umt of the Georgia Department of Techmcal and Adult Education, 1s part of the State of Georgia reporting entity, and as such, 1s covered by the State of Georgia nsk management program administered by DOAS Premrnms for the nsk management program are charged to the vanous state organ1zallons by DOAS to provide claims servicing and claims payment
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 Coosa ValleyTechmcal College expects such amounts, 1fany, to be 1mmatenal to Its overall financial pos111on
L1t1gat1on, claims and assessments filed against Coosa Valley Techmcal College (an organizational unit of the Department ofTechmcal and Adult Education), 1f any. are generally considered to be actwns against the State of Georgia Accordingly, s1gmficant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 2002
NOTE l O NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATIONS
The Techmcal College's operating expenses shown at the natural class1fica11on on the "Statement of Revenues, Expenses and Changes in Net Assets" are all classified as Instruction at the funcllonal class1ficat10n

- 25 -

SUPPLEMENTARY INFORMATION
- 27 -

COOSA VALLEY TECHN)CAL COLLEGE SCHEDULE OF FUNDS AVA)LABLE AND EXPENDITURES
COMPARED TO BUDGET CNON-GAAP BASIS} BUDGET FUND
"A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30. 2002

SCHEDULE 1

FUNDS AVAILABLE REVENUES
State Appropnat1on Federal Revenues Other Revenues Retained
CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance

BUDGET

ACTUAL (1)

VARIANCE FAVORABLE (UNFAVORABLE)

$ 8,084,861 61 $ 8,084,861 61 $

2,701,427 37

2,256,959 65

3,608,600 00

3,559,435 89

$ 14,394,888 98 $ 13,901,257 15 $

0 00 -444,467 72
-4916411
-493,631 83

000

45 891 05

45 891 05

$ 141394,888 98 $ 13,947,148 20 $

-447,740 78

EXPENDITURES
Personal Serv1ces-lnst1tut1ons Operabng Expenses-lnsututIons Adult Literacy Grants Job Training Partnership Act Caprtal Outlay

s 9,543,765 75 $ 9,465,897 76 $

3,505,017 54

3,194,841 36

981,13769

978,270 90

243,904 00

181,520 93

121 064 00

102,094 00

77,867 99 310 17618
2 866 79 62,383 07 18 970 00

$ 141394 888 98 $ 13,922.624 95 $ _ __:,47:..:2:,:,2:,:64:..:....::0:.::,3

Excess of Funds Available over Expenditures

$

24.523 25 $ _ __.2_4_,5""23_2_5_

(1) Actual amounts were prepared on a prescnbed 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 pnnc,ples

- 29 -

COOSA VALLEY 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

SALARIES
s $ 8,554,037 71

TRAVEL 160 084 88

-67,225 92 75,472 88

-497.492 76 627,782 18

-533 25

$ 8 692,574 09 $ 159 551 63

- 30 -