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

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STATE. OF GEOR' G, IA

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DEPARTMENT'OF AUDITS AND-ACCOUNTS

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G'' Rl'7FIN TECHNICAL COLLEGE

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REPORT ON REVIEW

'OF THE FINANCIAL STATEMENTS '

FOR THE FISCAL YEAR.ENDED JUNE 30, 2002 .

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Russell .W. Hinton -

State Audito' r

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GRIFFIN TECHNICAL COLLEGE -TABLE OF CONTENTS -

FINANCIAL

INDEPENDENT ACCOUNTANTS COMBINED REPORT ON REVIEW OF BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

REQUIRED SUPPLEMENTARY INFORMATION

MANAGEMENTS DISCUSSION AND ANALYSIS

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BASIC FINANCIAL STATEMENTS

EXHIBITS

A STATEMENT OF NET ASSETS

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B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

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C STATEMENT OF CASH FLOWS

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D NOTES TO THE FINANCIAL STATEMENTS

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SUPPLEMENTARY INFORMATION

SCHEDULES

SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES

COMPARED TO BUDGET- (NON-GAAP BASIS)

BUDGET FUND

"A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION

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2 RECONCILIATION OF SALARIES AND TRAVEL

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l.(Jl;j~ELL \\'. H1r-.'TO'\I STATE AUDITOR
(AQ.t) 656 2174

DEPARTMENT OF AUDITS AND ACCOUNTS
254 WJ...,hmgron ~lrcct SW Sunc 214
Atlanta, Georg,, 10334-8400
September 30. 2002

Honorable Roy E Barnes. Governor Members of the General Assembly of Georgia Members of the State Board of Techmcal and Adult Education Members of the Local Board of Directors
and Honorable Robert Arnold. President Gnffin Techmcal College
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen
We have reviewed the accompanying basic financial statements (Exh1b11s A through D) ofGnffin Techmcal College, an orgamzat1onal umt of the State of Georgia, as of and for the year ended June 30. 2002. in accordance with Statements on Standards for Accounting and Re\'Iew Services issued by the Amencan Institute of Certified Pubhc Accountants All information included in these financial statements 1s the representation of the management ofGnffin Techmcal College
A review consists pnnc1pally of inqumes ofTechmcal College personnel and analytical procedures applied to financial data It 1s substantially less m scope than an audit m accordance wllh auditing standards generally accepted m the Unned States of Amenca, the obJecllve of which 1s the expression of an op1mon regarding the financial statements taken as a whole Accordmgly. we do not express such an opm1on
Based on our review. we are not aware of any matenal moddicauons that should he made to the accompanymg financial statements in order for them to be in conformny with accountmg pnnc1ples generally accepted in the Umted States of Amenca
As descnbed m Note I. Gnffin l echmcal College adopted the prov1s1ons of Governmental Accountmg Standards Board (GASB) Statement l\o 35, Basic Fma11cia/ Statements - ullll A.fa11agement'~ Di~cunio11 a11d A11a(1sis - {or Puh/Jc Colleges a11d U111vers111cs, as amended by GASB Statement No 37. Basic F111a11cwl Swremems -and A.fa11ageme111's Discussion a11d Analvsis for State a11d Local Go, cm111e11H. and GASB Statement No 38, Certam F111a11cwl Statement, Note Disc/o,ure,. as of July I, 2001. to implement a new financial reporting model
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Management's D1scuss1on and Analysis 1s not a required part ofthe basic financial statements but 1s supplementary information reqmred by the GASB We have apphed certain hm1ted procedures, which consisted pnnc1pallyofinqumes ofmanagement regarding the methods ofmeasurement and presentation ofth1s supplementary informauon. and we are not aware ofany matenal mod1ficat1ons that should be made thereto
Our review was made for the purpose of expressmg hmlted assurance that there are no matenal modifications that should be made to the financial statements in order for them to be in conformity with accounting pnnc1ples generally accepted in the Umted States of Amenca The accompanying supplementary information (Schedules 1and 2) 1s presented for additional analysis purposes Such information has been subjected to the inqumes and analytical procedures apphed in the review ofthe financial statements, and we are not aware of any matenal mod1ficat1ons that should be made to such data
Respectfully submitted,

RWHas 02ARL-6T

State Auditor

REQUIRED SUPPLEMENTARY INFORMATION -I-

Griffin Technical College Management's Discussion and Analysis
The followmg 1s a d1scuss1on and analysis of Gnffin Techmcal College's financial performance for the fiscal year endmg June 30, 2002 Please read It m conJuncuon with the College's financial statements, winch follow this section Due to the fact that the State of Georgia, mcludmg Gnffin Techmcal College, implemented the prov1s1ons of Governmental Accountmg Standards Board (GASB) Statements No. 34 and 35 for the fiscal year 2002 only hmited fiscal year 2001 data will be presented for comparative purposes This comparative mformat1on w!ll 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 estabhshed by the Governmental Accounting Standards Board These financial statements differ, m both form and the accounting pnnc1ple used, from the presentat10n of pnor financial statements
The Statement of Net Assets used m conJunction with the Statement of Revenues, Expenses and Changes m Net Assets contams mformatlon concermng the College's finances and activities as a whole and assists With proVJd!ng an answer to the question "Is the College as a whole better or worse off as a result of the year's actlVJtles?" These statements mclude all assets and hab1ht1es usmg the accrual basis of accounting, winch 1s s1m!lar to the accountmg method used by corporations and other pnvate sector companies. All revenues and assets are recogmzed when the service 1s provided and expenses and habihues 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 eva\uatmg the ab1hty of the College to meet financial obhgatlons as they mature This statement presents mformauon related to cash mflows and outflows summanzed by operating, non-capital financmg, capital and related financmg and mvestmg actlVJUes.
Tins d1scuss1on and analysis of the College's financial statements provides an overVJew of its financial actlVJUes 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, hab1ht1es and net assets of the College as of the end of the fiscal year Assets and hab1ht1es are reported as current and non-current and the difference between assets and hab1ht1es 1s reported as net assets Over a penod of time the mcreases and decreases reflected m th~
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Statement of Net Assets, when considered with other non-financial facts such as enrollment levels and the cond1llon of the fac1hlles, can provide a measure to aid m determ1rung whether the Techrucal College's financial pos1llon 1s 1mprovmg or detenorallng

Net assets are d1v1ded mto three ma1or categones The first category, mvested m capital assets, net of debt, provides mfonnat1on concerrung 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 expenditure by the College but must be spent for purposes as determmed by donors and/or external enlllles that have placed lime or purpose restncllons 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 Capital Assets, Net

$ 1,286 6,172

Total Assets

$ 7 458

Liabilities Current Liab1hlles Non-Current L1ab1hlles

$ 613
222

Total Liabilities

$ 835

Net Assets Invested m Capital Assets, Net ofDebt Unrestncted

$ 6,131 492

Total Net Assets

$ 6.623

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 nonoperallng, and the expenses mcurred by the College, operatmg and nonoperallng, and any other revenues, expenses, gams and losses received or spent by the College dunng the fiscal year Changes m total net assets as presented on the Statement of Net Assets are based on the mformallon presented m the Statement of Revenues, Expenses and Changes m Net Assets
Operatmg revenues are received for prov1dmg goods and/or services to vanous customers and conslltuenc1es of the College Operating expenses are those expenses paid to acquire or produce the goods and/or services proV!ded m return for the operatmg revenues, and to carry out the m1ss1on of the College Therefore, nonoperatmg revenue 1s received when no goods or services are provided m exchange for the revenue. State appropnahons and gifts were classified as

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operating revenues in prev10us reports. With the issuance of Statement No 35, new gmdelmes have been estabhshed by the Governmental Accounting Standards Board (GASB) changing the class1fica1Ions of state appropnat1ons and gifts from operating to nonoperating revenue This change may result in an operating deficit that 1s offset by a nonoperating surplus

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

Operating Revenues Operating Expenses

S 5,685 13,565

Operating Gain/Loss

$ -7,880

Nonoperating Revenues and Expenses

7 959

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

$ 79

Other Revenues, Expenses, Gains or Losses

263

Increase in Net Assets

$ 342

Net Assets at Beginrung of Year, as Onginally Reported

$ 6, I 78

Cumulallve Effect of Changes in

Accounting Pnnc1ple

103

Net Assets at Beginmng of Year Restated

$ 6,281

Net Assets at End of Year

$ 6,623

The Statement of Revenues, Expenses, and Changes in Net Assets reflects a pos111ve year with an increase in the net assets at the end of the year Some h1ghhghts of the information presented on the Statement of Revenues, Expenses, and Changes in Net Assets are as follows

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Revenue by Source (thousands of dollars)

Operating Revenue Tmt10n and Fees Grants and Contracts Sales and Services of Educat10nal Departments Other
Total Operating Revenue

$ 4.232 1,132 274 47
s 5,685

Nonoperating Revenue State Appropnatlons Federal Grants and Contracts - Nonoperating Gifts Investment Income Other
Total Nonoperating Revenue
Total Revenues
Operating Expenses (thousands of dollars)

s 6,338
1,098 509 25 -9
s 7 961
s I3,646

Operating Expenses Instruction

S 13,565

Total Operating Expenses

S )3,565

The sources of operating revenue for the College are tmtlon and fees, grants and contracts, aux1hary services, and educat10nal act1v1t1es The operating loss 1s directly related to the exclusion of the State of Georgia ~ppropnatlon in the amount of $6.338,272 from operating revenues per GASB 35

Tmt1on increased by approximately $1,345,755 This 1s directly related to the increased enrollment of 52% from fiscal year 200 I

Personal Services expenses increased by approximately $1,335,832 This increase reflects an annual pay raise for College employees of approximately 4 5% with the associated fnnge benefits It also reflects an increased cost to the College for add1t10nal adJunct and full time faculty positions reqmred due to the increased enrollment in fiscal year 2002

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

Under nonoperating revenues (expenses) state appropnat1ons increased by approximately $144,505 While 1t appears that the College received add1t1onal new money from the state, given the mandatory cost mcreases of vanous expense categones, the College actually had a relatively flat funding year when all thmgs are considered

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Statement of Cash Flows

The purpose of the Statement of Cash Flows 1s to provide relevant information concerning the cash receipts and payments of the College dunng the year It also provides information concerning the College's ab1hty to generate future cash flows and to meet its obligations as they come due. The statement 1s d1v1ded into three sections The first section reports on the operating cash flows and shows the net cash used by the operating act1V1ties of the College The second section shows the cash flows from the nonoperating activities of the College The final section reconciles the net cash used to the operating income or loss reflected on the Statement of Revenues, Expenses, and Changes in Net Assets

Statement of Cash Flows (thousands of dollars)

Cash Provided (Used) By Operating Act1v1ties Non-Capital Financing ActlVJtles Investing ActlVJties Capital and Related Financing Activities

S -7,243 8,174 25 -418

Net Change in Cash Cash, Beginnmg of Year

S 538 464

Cash, End of Year

$ 1,002

Capital Assets
The College had no s1gmficant capital asset additions for fac1ht1es m the fiscal year 2002 The technology bmlding was under construction dunng fiscal year 2002 but was not completed This project 1s being funded by the Georgia State Financing and Investment Comm1ss1on (GSFIC) Other projects funded by the GSFIC included $313,698 for eqmpment Projected funding 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 condition that 1s expected to have a s1gmficant effect on the financial position or change how the College operates for the next fiscal year As in pnor years, the College's overall financial position 1s strong Enrolhnent has increased approximately 33% annually for the past 4 years and further increases in enrollment 1s expected to continue into the 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 internal and external ISsues

Dr Robert Arnold, President Gnffin Technical College
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BASIC FINANCIAL STATEMENTS -9-

GRIFFIN TECHNICAL COLLEGE
STATEMENT OF NET ASSETS
JUNE 30 2002

EXHIBIT "A"

ASSETS
Current Assets Cash and Cash Equrvalents Accounts Receivable, Net State Appropnabons Federal Financial Assistance Other Prepaid Items
Total Current Assets
Non-Current Assets Caprtal Assets, Net
Total Assets
LIABILITIES
Current L1ab1ilt1es Salanes Payable Accounts Payable Deferred Revenue Funds Held for Others Capital Leases Compensated Absences
Total Current L1ab1lrt1es
Non-Current L1ab1lrt1es Capital Leases Compensated Absences
Total Noncurrent L1ab1htIes
Total L1ab1ht1es
NET ASSETS
Invested In Capital Assets, Net of Related Debt Restncted Unrestncied

$ 1,001,846 19
22 000 65 133,237 51
96,82946 31 933 00
s 1,285,846 81
6,172,702 78
$ 7,458 549 59

$

24,113 78

47,232 36

87,800 69

188,766 53

2219024

243 269 11

$

613 372 71

s

19 169 33

202 700 75

$

221 870 08

s

835 242 79

$ 6,131,343 21 270 30
49169329

Total Net Assets

$ 61623,306 80

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

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

EXHIBIT ''8''

OPERATING RE\IENUES
Student Tuition and Fees Less Scholarship Allowances
Grants and Contracts Federal State
Sales and Services Other Operabng Revenues
Total Operabng Revenues
OPERATING EXPENSES
Salanes Benefits Travel Scholarships and Fellowships Ubht1es Supplies and Other Services Deprecaabon
Total Operabng Expenses
Operabng Income (Loss)
NONOPERATING REVENUES !EXPENSES\
State Appropnabons Grants and Contracts
Federal Gifts Interest and Other Investment Income Interest Expense (Capital Assets) Other Nonoperat1ng Revenues
Net Nonoperat:Jng Revenues
Income Before Other Revenues and Expenses
Capital Grants and Gifts State
Increase m Net Assets
Net Assets Net Assets - Begmmng of Year, as Ong1nally Reported Cumulative Effect of Changes m Accounting Pnnciple
Net Assets - Beg1nmng of Year, Restated
Net Assets - End of Year
See Independent Accountant's Combined Report on Review of Basic Financial Statements and Supplementary Information
The notes to the finanoal statements are an integral part of this statement
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$ 4 282,849 07 -50,216 78
930,405 00 201,81397 273,505 85
46 706 29
$ 5,685,063 40

$ 7,181,454 30 1,404,673 16 94,12631 880,188 22 313 766 46 3,070,479 14 619 890 28
$ 13.564 5TT 87
$ -7 879 514 47

$ 6,338,271 76

1,097,947 71 509,202 19 25,032 30 -2,050 79 -9 868 91

$ 7,958,534 26

$

79,019 79

262 725 63

$

34174542

$ 6178 524 52 103 036 86
s 6,281.561 38
s 6 6231306 80

GRIFFIN TECHNICAL COLLEGE STATEMENT Of CASH FLOWS YEAR ENDED JUNE 30 2002
CASH FLOWS FROM OPERATING ACTIVITIES Tultion and Feea Grants and Contracts Sales and Services Payments for Sd"lolarsh1ps and Fellowships Payments to Suppliers Payments to Employees Other Receipts (Payments)
Net Cash Provided (Used) by Operebng Act1v1t1es
CASH FLOWS FROM NONCAPITAL FINANCING ACTMTIES State Appropnabons Age11cy Funds Transadlons Gifts and Grants Received for Other than Capital Purposes
Net Cash Flows Provided by Noncaprtal Financing Act1v1bes
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTMTIES Purchases of Capital Assets Pnnclpal Paid on Capital Debt Interest Paid on Capltal Debt
Net Cash Used by Capital end Related Financing AdNlbes
CASH FLOWS FROM INVESTING ACTNITIES Interest on Investments
Net Increase rn Cash
Cash and Cash Equrvalents - Begrnnrng of Year
Cash and Gash Equivalents - End of Year
RECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operebng Income (Loss) AdJustments to Reconole Operating Income to Net Cash
Provided (Used) by Operebng Activities Depreaatlon Expense Change rn Assets and l.tab1llbes Recervables, Net Prepaid Items Other Assets Salanes Payable Accounts Payable Deferred Revenue Compensated Absences
Net Cash Provided (Used) by Operehng Aclivrues
See Independent Accountant's Combined Report on Review of Basic Financial Statements end Supplementary lnfonnahon
The notes to the financial statements are an mtegral part of this statemenL - 13 -

EXHIBIT "C"

$ 4 286,409 37 851 061 06 278 847 31 -880, 188 22
-4 901,507 28 -7,121,291 04
243 663 32
$ -7,243,005 48

s 6,316,271 11
250,479 11 1,607,149 90
s 8173 900 12

s -394,547 36
-21,349 21 -2 050 79
$ -417 947 36

s

25,032 30

s 537 979 58

463 866 61

$ 100184619

S -7 879,514 47
619,890 28
-59 406 03 -20 398 00
35 00 10,619 45
1,900 79 34 323 69 49 543 81
S -7,243 005 48

GRIFFIN TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMEl\'TS
JUNE 30, 2002

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY Gnffin Techrucal Col)ege 1s one of thirty-three (33) State supported member col)eges of postsecondary education in Georgia winch compnse the Georgia Department ofTechrucal and Adult Education, an organ1zattonal umt of the State of Georgia The accompanying financial statements reflect the operat10ns of Gnffin Techmcal Conege as a separate reporting entity
The Techmcal Col)ege's Local Board of Directors ts composed of rune (9) members serving staggered three-year terms who are appointed by the State Board ofTechmcal and Adult Educatton Appropnatton of State funds ts made to the Georgia Department of Techmcal and Adult Education by the General Assembly of Georgia The Department's Admtrustraltve Central Office determines the amount of State appropnatlons to be received by Gnffin Techmcal Col)ege The Techmcal Conege does not have authonty to retain unexpended State appropnat10ns (surplus) for any given fiscal year Accordmgly, Gnffin Techmcal College 1s considered an organ1zat1onal unit of the Georgia Department ofTechmcal and Adult Educalton for financial reporting purposes because of the significance ofits legal, operational, and financial relat1onsh1ps as defined m Sectton 2100 ofthe Governmental Accountmg Standards Board (GASB) Cod1fica1ton ofGovernmental Accounting and Fmanc1al Reportmg Standards
FINANCIAL STATEMENT PRESENTATION In June 1999, the GASB issued Statement No 34, Basic Financial Statements and Managemenl DIScusswn and Analysisfor Slate and Local Govemmenls This was fol)owed m November I999 by GASB Statement No 35, Basic Financial Statements and Management's D1scuss1on and Ana(vszs for Public Colleges and Umversl/les The State of Georgia ts reqmred to implement GASB No 34 as of and for the year ended June 30, 2002 As an organ1za1tonal umt 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 presentalton reqmred by these standards proVIde a comprehensive, enuty-w1de perspective of the Techmcal College's assets, hab1ht1es, net assets, revenues, expenses, changes in net assets, cash flows, and replaces the fund group perspecuve preVJously reqmred
The Techmcal Conege has elected to not restate its 200 I financial statements to conform with the new financial statement presentation, therefore comparative financial informauon w11) not be presented for fiscal year 2002 S1gruficant accountmg changes made m order to comply with the new reqmrements mclude (I) adoption of deprec1auon on capital assets, and (2) recogmUon of compensated absences. Also, generally accepted accounting pnnc1ples (GAAP) reqmres that the reportmg of summer school revenues and expenses be split between fiscal years rather than m one fiscal year However, because the effect ofth1s change 1s not matenal, the Technical Coneges ofthe Georgia Department ofTechmcal and Adult Education win continue to report summer revenues and expenses m the year m which the predominate acttvtty takes place

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GRIFFIN 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 busmess-type acllv11les 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 preceding paragraph Under the accrual basis, revenues are recogmzed when earned, and expenses are recorded when an obhgal!on has been mcurred All s1gmficant mtra-college transacl!ons have been ehmmated
The Techmcal College has the opllon to apply all Fmancial Accountmg Standards Board (FASB) pronouncements issued after November 30, 1989. unless FASB conflicts with GASB The Techmcal College has elected to not apply FASB pronouncements issued after the applicable date
RESTATEMENT OF NET ASSETS - BEGINNING OF YEAR As a result of the adoption ofGASB Statement No 34, the Techmcal College was also reqmred to make certam changes m accountmg pnnc1ples, specifically (I) adopl!on of deprec1at1on on capital assets, and (2) recordmg of compensated absences GASB Statement No 34 reqmres certam summer semester revenues be recogmzed between fiscal years rather than the fiscal year m which the semester was predommantly conducted The Techmcal College has chosen to contmuc to record summer revenue m the year m which the semester was predommantly conducted Effective July I, 2001, the Techmcal College's cap1tahzat10n pohcy for cqmpment was mcreased from $1,000 00 to $5,000 00. Net assets at July I, 2001 were mcreased by S103,036 86 for the cumulallve effect of these changes
CASH AND CASH EQUIV ALE1''TS Cash and Cash Eqmvalents mclude currency on hand and demand deposits with banks and other authonzed financial mshtut1ons
ACCOUNTS RECEIVABLE Accounts receivable consist ofallotments due from the Georgia Department ofTechmcal and Adult Educallon - Adm1mstrat1ve Central Office, reimbursements due from Federal, State, local, and pnvate grants and contracts, and other receivables disclosed from mformat1on available
CAPITAL ASSETS Capital assets are recorded at cost at date of acqms1uon, or fair market value at the date of capital contnbul!on The Techmcal College cap1tal1zes all land and land improvements For eqmpment, the Tcchmcal College's cap1tahzat10n pohcy mcludes all items with a urut cost ofSS,000 00 or more, and an estimated useful hfe of greater than one year Bu1ldmgs and Bmlding Improvements, Improvemen!S Other Than Bmldmgs and Library Collections that exceed $100,000 00 or s1gmficantly mcrease the value or extend the useful hfe of the asset are capllahzed For mfrastructure, the Techmcal College's cap1tal1zat1on threshold 1s S1,000,000 00 Routine repairs and mamtenance are charged to operating expense m the year m which the expense was incurred
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GRIFFIN TECHNICAL COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE l SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CAPITAL ASSETS Depreciation 1s computed usmg the stra1ght-hne method over the es!Imated useful hves ofthe assets, generally IO to 40 years for bu1ldmgs, 15 to 25 years for infrastructure, 15 years for improvements other than bmldmgs, IO years for library books, and 3 to IO years for eqmpment
To obtam full disclosure of capital assets acqmred by the Techmcal Colleges of the Georgia Department ofTechmcal and Adult Educat10n, 1t 1s necessary to look at the acliVIlies ofthe Georgia State Fmancmg and Investment Comm1ss10n (GSFIC) - an orgamzat1on that 1s external to both the Techmcal College and the Georgia Department of Techmcal and Adult Education. The GSFIC issues bonds for and on behalf of the State of Georgia, pursuant to powers granted to 1t m the
Constitution of the State of Georgia and the Act creatmg the GSFIC The bonds are issued for the
purpose ofacqumng capital assets and this debt constitutes direct and general obligations ofthe State of Georgia, to the payment of winch the full fruth, credit and taxmg power of the State are pledged
GSFIC records construct10n m progress on its books throughout the construction penod and at completion transfers the entire proJect cost to Gnffin Techmcal College to be recorded as an asset on the Techmcal College's books. For the year ended June 30, 2002, GSFIC did not transfer any capital additions to Gnffin Techmcal College.
DEFERRED REVENUES Deferred revenues mclude aniounts received for tu1t1on and fees and other acliv1t1es pnor to the end of the fiscal year but related to the subsequent accountmg penod Deferred revenues also mclude aniounts 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 Gnffin Techmcal College had an accrued hab1hty for compensated absences m the aniount of $396,426.05 as of July l, 2001 For fiscal year 2002. $374,465.48 was earned m compensated absences and employees were paid $324,921.67, for a net mcrease of$49,543 81 The endmg balance as ofJune 30, 2002 m accrued hab1hty for compensated absences 1s $445,969.86
NON-CURRENT LIABILITIES Non-current hab1ht1es mclude (1) hab1ht1es that will not be prud w1tlnn the next fiscal year, and (2) capital lease obhgauons with contractual matuntles greater than one year

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

EXHIBIT "D"

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NET ASSETS The Techmcal College's net assets are classified as follows
Invested m capaal assets, net ofrelated debt This amount represents the Techmcal College's total investment in capital assets, net ofoutstanding debt obhgatJons related to those capital assets To the extent debt has been incurred but not yet expended for capital assets, such amounts are not included as a component ofinvested in capital assets, net ofrelated debt (The term "debt obhgallons" as used in this defimuon does not include debt of the GSFIC as discussed above)
Restricted net assets - expendable Restncted expendable net assets include resources in which the Techmcal College 1s legally or contractually obhgated to spend resources in accordance with restrictJons imposed by external third parties, except for unexpended grant funds of$270 30 due to grantor agencies
Unrestricted net assets Unrestricted net assets represent available resources derived from student tuition and fees, state appropriallons, and sales and services of educational deparunents These resources will be used for transactions relating to the educational and general operations of the Techmcal College, and may be used at the d1scret1on of the governing board to meet subsequent fiscal year expenses for those purposes, except for unexpended state appropriat10ns (surplus) of $1,882 74 Unexpended state appropriat10ns must be refunded to the Department ofTechmcal and Adult EducatJon for remittance to the Office of Treasury and Fiscal Sel"Vlces These resources also include aux1hary enterprises, which are substanllally self-supporting acllv1t1es that provide services for students, faculty and staff
When an expense 1s incurred that can be paid using eJther restricted or unrestricted resources, the Techmcal College's pohcy 1s to first apply the expense towards unrestricted resources, and then towards restricted resources
INCOME TAXES Griffin Techmcal College, as a pohllcal subd1v1s1on ofthe State ofGeorgia, 1s excluded from Federal income taxes under Sect10n 115(1) of the Internal Revenue Code, as amended

- 17 -

GRIFFIN TECHNlCAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2002

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CLASSIFICATION OF REVENUES The Techrucal College has classified its revenues as either operatmg or nonoperatmg revenues m the Statement of Revenues, Expenses, and Changes m Net Assets accordmg to the followmg cntena
Operating revenues Operaung revenues mclude actlVJtles that have the charactenstJcs ofexchange transactions, such as (I) student tmtlon and fees, net ofscholarslnp allowances, (2) Federal, state and local grants and contracts, and (3) sales and services
Nonoperating revenues Nonoperatmg revenues mclude actlVJtles that have the charactenstlcs of non-exchange transactions, such as gifts and contnbutlons, and other revenue sources that are defined as nonoperaung revenues by GASB No. 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Ent,tzes That Use Proprietary Fund Accounting. and GASB No 34, such as state appropnat10ns and mvestrnent mcome
Scholarship Allowances Student tuition and fee revenues, and certam other revenues from students, are reported at gross with a contra revenue account of scholarslnp allowances m the Statement of Revenues, Expenses, and Changes m Net Assets. Certam governmental grants, such as Pell grants, and other Federal, state or nongovernmental programs, are recorded as either operatmg or nonoperatmg revenues m the Techmcal College's financial statements To the extent that revenues from such programs are used to satisfy tuition and fees and other student charges, the Techrucal 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 Gnffin Techmcal College (and thus the State of Georgia) cannot be placed ma depository paymg mterest longer than ten days without the depository prov1dmg a surety bond to the State In heu of a surety bond, the depository may pledge as collateral any one or more of the followmg secuntJes as enumerated m the Official Code of Georgia Annotated Sec!ion 50-17-59
I Bonds, bill, certificates of mdebtedness, notes, or other direct obhgauons ofthe Uruted States or of the State of Georgia
2 Bonds. bills, certificates of mdebtedness, notes, or other obl1gat1ons of the counties or mwuc1pah11es 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 authontJes created by the laws of the State of Georgia
- 18 -

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

EXHIBIT "D"

NOTE 2 CASH AND CASH EOUNALENTS AND OTHER DEPOSITS

STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 5 Bonds, bills, certificates of mdebtedness, notes, or other obhgal!ons of a subs1d1ary corporal!on ofthe Uruted States government, which are fully guaranteed by the Uruted States government both as to pnnc1pal and mterest, or debt obhgatlons issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermedtate 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 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, wluch allow agencies ofthe State ofGeorgia (and thus Gnffin Techmcal College), the option of exemptmg demand deposits from the collateral reqmrements

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

Category l - Amounts covered by depository insurance or collaterahzed with secunt1es (at farr value) held by the Techmcal College orby1ts agent m the Technical College's name

Category 2 - Amounts collateral1zed with secuntles (at fair value) held by the pledgmg financial mst1tut1on's trust department or agent m the Technical College's name

Category 3 - Amounts collateral1zec! with secuntJes (at fair value) held by the pledgmg financial mstltul!on, or by its trust department or agent but not m the Techmcal College's name, and amounts uncollateral1zed

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

Cash Deposits

Carrvmg
Amount

Bank
Balances

Risk Catcgoacs
2

s, 00184612 s 192300624 s 10512000 s_ __.o..,o"'o sisl751624

NOTE 3 CAPITAL ASSETS

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

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

EXHIBIT "D"

NOTE3 CAPITAL ASSETS

AdJustcd Balance
July I. 2001

Add1t100s

Reducnons

Bjlancc
June 30 200:

Capital Assets, Not Bcmg Dcprec1atcd

Land and Land Improvements

$ 456.760 Oil

s 456 760 00

Capital Assets, Bcmg Depreciated
Building and Building Improvements s 5,293.744 00

Improvements Other Than Bmldtngs Equipment

1.080.040 00
2.564.474 55 s

Library Collecuons

453,225 44

$ 9,32.1 I 83 29 $

657.272 99 s
657 'l.]2 99 $

s
57,535 30

5.293.744 Oil 1.080.040 00 3.164,212 24
453 925 44

57 <35 30 s 2,221,2;11 68

Less Accumulated Dcprec1at1on Bu1ldmgs and Bu1ld1ng Improvements S Improvements Other Than Bu1ldmgs
Equipment Library Collect1ons

959.976 80 s
972,036 00
1.6 I2.868 30 I <8.873 91

s :I 703.755 01 s

I 19.109 24 108.004 00
347.384 50 s
45 392 54
612 890 28 s

s
47 666 39

1,079,086 04 1,080.040 00 1.912,586 41
204 266 45

s 47 666 32 4 275 278 90

Total Capital Assets, Bemg Depreciated,

Net

s 5 688 4;?8 98 s

Capital Assets, "Jct

S~.l.B8,2,8 $

37 38i 71 s 17382 71 s

s 2,868 21 <.715 24:: 78 2,86.21 s 6172 702 78

NOTE4 DEFERRED REVEl\'UE

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

Prepaid Tuition and Fees Gifts - GSFIC Federal Grants and Contracts
Totals

$ 59,776 75 2,660 12
25,363 82
s 8:Z,8QQ.~2

NOTE 5 LONG-TERM LIABILITIES

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

Leases Lease Obhgatlons
Other L1ab1l111es Compensated Absences
Total Long-Term L1ab1l1t1es

Balance
Julv I 2001

Additions

Reducuonc;

Balance
June 30 20()2

Current Pomoo

s 62,708 78

s 21.349 21 s 41.359 57 s 22,190 24

396 426 05 s 374 465 48

1-4 921 67

445,969 86

243 269 11

s 452 ll~ ~~ s J2!~~w s J~221l~ s--=42 ~~2 !J s ~~ ~~2 ~c;

- 20 -

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

EXHIBIT "D"

NOTE 6: LEASE OBLIGATIONS

CAPITAL LEASES Gnffin Techrucal College acquues certam eqmpment through mulll-year capital leases with varying terms and opllons These agreements contam fiscal fundmg clauses m accordance with Official Code of Georgia Annotated Secllon 50-5-64 which proh1b1ts the creallon of a debt to the State of Georgia for the payment of any sums under such agreements beyond the fiscal year of execut10n 1f appropnated funds are not available Ifrenewal of such agreements 1s reasonably assured, however, capital leases requmng appropnanon by the General Assembly of Georgia are considered noncancellable for financial reporllng purposes

SUMMARY OF LEASE OBLIGATIONS Future commitments for capital leases (which here and on the Statement ofNet Assets mclude other mstallment purchase agreements) havmg remammg terms m excess ofone year as ofJune 30, 2002, were as follows.

Capital Leases

Year Endmg June 30. 2003 2004

$ 23,400 00 19.51 I 15

Total Mmrmum Lease Payments

$ 42,911 15

Less Interest Pnnc1pal Outstanding NOTE7 RETIREMENT PLANS

1.55 I 58
s 41,359,57

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Plan Description Gnffm Techrucal College part1c1pates m the Teachers Rellrement System ofGeorgia (TRS), a costshanng mulllple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of prov1dmg rellrement allowances and other benefits for teachers of the State of Georgia TRS provides service rellrement, d1sab1htyrellrement, and survivor's benefits for its members m accordance with State statute The Teachers Renrement System ofGeorgia issues a separate stand alone financial audit report and a copy can be obtamed from the Georgia Deparnnent of Audits and Accounts

- 21 -

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

EXHIBIT"D"

NOTE7 RETIREMENTPLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA
Funding Policy Employees of Gnffin Techrucal College who are covered by TRS are reqmred by State statute to contnbute 5% of their gross eammgs to TRS Gnffin 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 contnbullon rate was 9 24% for covered employees Employer contnbut1ons for the current fiscal year and the precedmg two fiscal years are as follows

Fiscal Year

Percentage Contnbuted

Reqmred Contnbut1on

2002 2001 2000

100% 100% 100%

$ 416,664 47 $ 447,998 84 $ 403,375 43

EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA

Plan Description Gnffin Techmcal College part1c1pates m the Employees' Rellrement System of Georgia (ERS), a smgle-employer defined benefit pension plan established by the General Assembly ofGeorgia for the purpose ofproVJdmg rellrement allowances for employees of the State of Georgia

The benefit structure of ERS 1s defined by State statute and was s1gmficantly modified on July I, 1982 Unless elected otherwtse, an employee who currently mamtams memberslup With ERS based upon State employment that started pnor to July 1, 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 subject to the modified plan prov1s1ons.

Under both the old plan and new plan, members become vested after IO years of creditable service A member may reure and receive normal retirement benefits after completion of 10 years of creditable service and attamment of age 65 If 10 years of service 1s completed and age 60 1s reached, the member may retire with a reduced benefit Add11Ionally, there are certam prov1s1ons alloWing for rellrement after 25 years of serVJce regardless of age.

Rellrement benefits paid to members are based upon a formula which considers the monthly average
of the member's highest twenty-four consecullve calendar months ofsalary, the number of years of creditable service, and the member's age at retirement Postrellrement cost-of-hvmg adjustments are also made to member's benefits The normal reurement pension 1s payable monthly for hfe,

- 22 -

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

EXHIBIT "D"

NOTE 7 RETIREMENT PLANS
EMPLOYEES' RETIREMENT SYSTEM OF GEORGIA
Plan Description however, options are available for d1stnbut1on ofthe member's monthly pension at reduced rates to a designated beneficiary upon the member's death Death and d1sab1hty benefits are also available through ERS
In add1t1on, the ERS Board of Trustees created the Supplemental Retirement Benefit Plan (SRBP) effective January 1, 1998. The SRBP was estabhshed as a quahfied governmental excess benefit plan m accordance with Section 415 of the Internal Revenue Code (!RC) as a port10n ofERS The purpose ofSRBP 1s to provide retirement benefits to employees covered by ERS whose benefits are othel'Wlse hm1ted by !RC 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-lime employees of the State of Georgia and Its pohllcal subd1v1s1ons, who are not members ofother state retirement systems, are ehg1ble to participate m the ERS Both employer and employee contnbut10ns are estabhshed by State statute The Techmcal College's payroll for the year ended June 30, 2002, for employees covered by ERS was $715,028 70 The Techmcal College's total payroll for all employees was $7,181,454 30
Under the old plan, member contnbutlons consist of 6 25% of annual compensation Of these member contnbullons, the employet pays the first 1 5% and the Techmcal College pays the remamder on behalf of the employee. Under the new plan, member contnbuuons consist solely of I 5% of annual compensauon paid by employee The Techmcal College also 1s required to contnbute at a specified percentage of active member payroll determmed annually by actuanal valuation For the year ended June 30, 2002, the ERS employer contnbul!on rate for the Techmcal College amounted to 10 50% of covered payroll Gnffin Techmcal College did not have any employees covered by the old plan referred to above Employer contnbuuons are also made on amounts paid for accumulated leave to retmng employees
Total contnbullons to the plan made dunng fiscal year 2002 amounted to $84,009 46, of which $75.071 32 was made by the Techmcal College and $8,938 14 was made by employees These contnbullons met the requ1rements of the plan
Actuarial and Trend Information Actuanal and lustoncal trend mformal!on 1s presented m the ERS June 30, 2002, financial report which may be obtamed through ERS

- 23 -

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

EXHIBIT "D"

NOTE 7 RETIREMENT PLANS
GEORGIA DEFINED CONTRIBUTION PLAN
Plan Description Gnffin Techmcal College part1c1pates in the Georgia Defined Contnbuuon Plan (GDCP) which 1s a single-employer defined contnbuuon plan established by the General Assembly of Georgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and parttime and are not members of a public retirement or pension system GDCP 1s administered by the Board of Trustees of the Employees' Retirement System of Georgia
Benefits A member may retire and elect to receive penod1c payments after attainment ofage 65 The payment will be based upon mortality tables and interest assumpt10ns to be adopted by the Board of Trustees If a member has less than$ 3,500 00 credited to his/her account, the Board ofTrustees has the option ofrequmng a lump sum d1stnbut1on to the member m lieu ofmakmg penod1c payments Upon the death of a member, a lump sum d1stnbut1on equaling the amount credited to his/her account will be paid to the member's designated beneficiary Benefit prov1S1ons are established by State statute
The Employees' Retirement System of Georgia issues a financial report each fiscal year which may be obtained through ERS
Contributions and Vesting Member contnbuuons are seven and one-halfpercent (7 5%) of gross salary There are no employer contnbutlons Contnbut1on rates are established by State statute Earnmgs are credited to each member's account m a manner 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 $1,277,328 39 The Techmcal College's total payroll for all employees was $7,181,454 30
Total contnbut1ons made by employees dunng fiscal year 2002 amounted to $95,729 19 which represents 7 5% of covered payroll These contnbutlons met the requirements of the plan
NOTE 8 RISK MANAGEMENT
Public Entity Risk Pool The Department of Community Health adm1msters for the State of Georgia a program of health benefits for the employees of umts of government of the State of Georgia, umts of county governments, and local education agencies located with the State of Georgia This plan 1s funded by participants covered m the plan, by employers' contnbuttons paid by the vanous umts of government part1c1patmg m the plan, and appropnauons made by the General Assembly of Georgia The Department ofCommunity Health has contracted with Blue Cross Blue Slueld ofGeorgia to process

- 24 -

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

EXHIBIT "D"

NOTE 8 RISK MANAGEMENT
Public Entity Risk Pool medical cliums and Express Scnpts, Incorporated to process prescnpllon drug claims m accordance with the State Employees' Health Benefit Plan as estabhshed by the Department of Commumty Health
Other Risk Management The Department of Adm1mstrat1ve Services (DOAS) has the respons1b1hty for the State of Georgia of makmg and carrymg out dec1s10ns that WJll mmmuze the adverse effects ofaccidental losses that mvolve State government assets The State believes 11 1s more economical to manage its nsks mtemally and set aside assets for claim settlement Accordmgly, DOAS processes claims for nsk of loss to wluch the State 1s exposed, including general hab1hty, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' mdcmmficat10n L1m1ted amounts of commercial msurance are purchased applicable to property, employee and automobile hab1hty, fidehty and certain other nsks The Techmcal College, as an orgaJ11zatlonal umt of the Georgia Department of Tecluucal 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 adm1mstered by DOAS Prerruums for the nsk management program are charged to the vanous state orgaJ11zat1ons by DOAS to provide claims sel"Vlcmg 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 m refunds to the grantor agency for any expenses which are disallowed under grant terms The amount of ei;penses which may be disallowed by the grantor cannot be determined at this time although Gnffin Techmcal College expects such amounts, 1f any, to be nnmatenal to its overall financial posmon.
L1t1gallon, claims and assessments filed against Gnffin Techmcal College (an orgaJ11zat1onal umt of the Department of Techmcal and Adult Educallon), 1f any, are generally considered to be act10ns against the State of Georgia Accordmgly, s1gmficant hllgation, claims and assessments pendmg against the State of Georgia are disclosed m the State of Georgia Comprehensive Annual Fmanc1al Report for the fiscal year ended June 30, 2002
NOTE IO NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATIONS
The Techmcal College's operatmg expenses shown at the natural class1ficat1on on the "Statement of Revenues, Expenses and Changes m Net Assets" are all classified as Instruction at the functional class1ficat1on.

- 25 -

SUPPLEMENTARY INFORMATION - 27 -

GRIFFIN TECHNICAL COLLEGE
SCHEDULE OF FUNDS AVAILABLE AND EXPENDITURES
COMPARED TO BUDGET - INON:GAAP BASISl BUDGET FUND
"A" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION
YEAR ENDED JUNE 30. 2002

SCHEDULE "1"

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

BUDGET

ACTUAL (1)

VARIANCEFAVORABLE (UNFAVORABLE)

$ 6.342.200 00 $ 6,342,196 62 $

1.689,704 56

1 123,982 98

5,284,352 00

4 829.907 48

$ 13.316.256 56 $ 12,296 087 OB $

-338 -565.721 58 -454 444 52
-1 020, 169 48

000

82,080 59

82 080 59

$ 131316.256 56 $ 12,378 167 67 S_ _ _--=9-=-38:..Da.:Ba.::B-=B-=-9

EXPENDITURES
Personal Services - lnstJtubons Operabng Expenses - lnsbtubons Adutt Literacy Grants Quick Start Program Caprtal Outlay

$ 7.764,19562 $ 7,684 103 22 $

4,325,045 44

3.514,997 87

1,145,238 50

1,037 577 96

2.500 00

2 50000

79 277 00

79 277 00

80,09240 810,047 57 107 660 54
000 000

$ 1313161256 56 $ 12,318.456 05 $ _ _ _99_7_8_0_0_5_1

Excess of Funds Available over Expenditures

S

59 711 62 $ _ _ _ _5_9_,.1_1_1_6_,2

(1) Actual amounts were prepared on a prescnbed basrs of accounbng that demonstrates complrance with budgetary statutes and regulabons of the State of Georgia, wtm:h Is a comprehens,ve basis of accounbng other than generally accepted accounbng pnncJples

- 29 -

GRIFFIN 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

$

7,122,636 92 $

TRAVEL 101,267 75

-13,494 33 24,113 78

-387, 126 41 435.324 34

-7 141 44

$

718145430 $=--=94""-1_.26....,31._

. 30.