STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS 
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WAYCROSS COLLEGE 
WAYCROSS, GEORGIA 
REPORT ON REVIEW OF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2001 
RECEIVED 
w. DOCUMENTS 
Russell HirWet#-fBRARlES ~ State Auditor 
 
 WAYCROSS COLLEGE - TABLE OF CONTENTS - 
 
FINANCIAL 
 
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 
 
EXHIBITS 
 
FINANCIAL STATEMENTS 
 
A COMBINED BALANCE SHEET 
 
ALL FUND GROUPS 
 
2 
 
B COMBINED STATEMENT OF CHANGES IN FUND BALANCES 
 
ALL FUND GROUPS 
 
4 
 
C STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
 
AND OTHER CHANGES 
 
6 
 
D NOTES TO THE FINANCIAL STATEMENTS 
 
7 
 
SUPPLEMENTARY INFORMATION 
 
E COMBININGBALANCESHEET 
 
CURRENT FUNDS - UNRESTRICTED 
 
20 
 
F COMBINING STATEMENT OF CHANGES IN FUND BALANCES 
 
CURRENTFUNDS-UNRESTRICTED 
 
22 
 
G COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
 
AND OTHER CHANGES 
 
UNRESTRICTED 
 
24 
 
SCHEDULES 
 
SCHEDULESOFREVENUESANDEXPENDITURESCOMPAREDTOBUDGET 
 
1 
 
RESIDENT INSTRUCTION 
 
26 
 
2 
 
LOTTERY FOR EDUCATION 
 
28 
 
3 CHANGES IN INVESTMENT IN PLANT 
 
30 
 
4 SCHEDULE OF FUND BALANCES 
 
CURRENT FUNDS AND PLANT FUNDS 
 
32 
 
5 RECONCILIATION OF SALARIES AND TRAVEL 
 
34 
 
 FINANCIAL 
 
 RussELL W. H1NTON 
STATE AUDITOR 
(404) 656-2174 
 
DEPARTMENT OF AUDITS AND ACCOUNTS 
254 Washington Street. S.W.. Suite 214 Atlanta. Georgia 30334-8400 
November 5, 2001 
 
Honorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the University System of Georgia 
and Honorable Barbara Losty, President Waycross College 
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 
Ladies and Gentlemen: 
We have reviewed the accompanying financial statements (Exhibits A through D) of Waycross College as of and for the year ended June 30, 2001, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute ofCertified Public Accountants. All information included in these financial statements is the representation of the management of Waycross College. 
A review consists principally ofinquiries ofCollege personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an op1mon. 
Based on our review, with the exception ofthe matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America. 
As disclosed in Note 1 to the financial statements, accounting principles generally accepted in the United States of America require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from accounting principles generally accepted in the United States of America on the financial statements were not reasonably determinable. 
0lARL-67 
 
 As disclosed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by accounting principles 
generally accepted in the United States of America. If compensated absences were reported, 
liabilities would be increased and fund balance would be decreased by $167,208.64 as of June 30, 2001, and the net change in fund balance for the year ended June 30, 2001, would be decreased by $41,688.84. 
Our review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America. The accompanying combining statements (Exhibits E through G) and the financial schedules (Schedules 1 through 5) are presented for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. 
Respectfully submitted, 
JL~01Lt~ 
ell W. Hinton 
RWH:gp 0lARL-67 
 
 FINANCIAL STATEMENTS - 1- 
 
 WAYCROSS COLLEGE COMBINED BALANCE SHEET 
ALL FUND GROUPS JUNE 30, 2001 
 
ASSETS 
Cash and Cash Equivalents Accounts Receivable Inventories Investment in Plant 
Total Assets 
LIABILITIES AND FUND BALANCES 
Liabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Deposits Held in Custody for Others 
Total Liabilities 
Fund Balances Endowment Net Investment in Plant Restricted Unrestricted 
Total Fund Balances 
Total Liabilities and Fund Balances 
 
CURRENT FUNDS UNRESTRICTED RESTRICTED 
 
LOAN 
FUNDS 
 
$ 
 
587,812.74 $ 98,212.98 $ 
 
0.00 
 
36,275.35 
 
7,430.86 
 
104,423.50 
 
$ 
 
728,511.59 $ 105,643.84 $ -====-0-.-0-0= 
 
$ 
 
310,886.60 
 
13,135.66 
 
58,741.40 
 
$ 
 
382,763.66 
 
$ 105,643.84 
 
$ 
 
345,747.93 
 
$ 
 
0.00 
 
$ 
 
345,747.93 $ 105,643.84 $ 
 
0.00 
 
$ 
 
728,511.59 $ 105,643.84 $ ...........0....0...0_ 
 
See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
The notes to the financial statements are an integral part of this statement. -2- 
 
 EXHIBIT"A" 
 
ENDOWMENT FUNDS 
 
UNEXPENDED 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
AGENCY FUNDS 
 
TOTAL (Memorandum 
Only) 
 
$ 127,946.27 $ 329,260.49 $ 
 
170,507.91 
 
$ 16,612.62 $ 1,330,353.01 
 
24,816.00 
 
68,522.21 
 
104,423.50 
 
- - - - - - $ 17,463,745.08 - - - - 17,463,745.08 
 
$ 127,946.27 $ 354,076.49 $ 
 
170,507.91 $ 17,463,745.08 $ 16,612.62 $ 18,967,043.80 
 
$ 353,776.49 $ 
 
$ 353,776.49 $ 
 
$ 127,946.27 
 
$ $ 127,946.27 $ 
 
300.00 $ 300.00 $ 
 
2,581.49 2 581.49 
 
$ 9,601.46 $ 
7,011.16 $ 16,612.62 $ 
 
676,846.04 13,135.66 
58,741.40 7 011.16 
755,734.26 
 
$ 17,463,745.08 167,926.42 167,926.42 $ 17,463,745.08 
 
$ 127,946.27 17,463,745.08 105,643.84 513,974.35 
$ 18,211,309.54 
 
$ 127,946.27 $ 354,076.49 $ 
 
170,507.91 $ 17,463,745.08 $ 16,612.62 $ 18,967,043.80 
 
-3- 
 
 WAYCROSS COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES 
ALL FUND GROUPS YEAR ENDED JUNE 30, 2001 
 
REVENUES AND OTHER ADDITIONS 
Unrestricted Current Fund Revenues State Appropriations 
Regular Lottery Proceeds Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Investment Income Endowment Other Net lncrease/(Decrease) in the Fair Value of Investments Adjustments Prior Years' Expenditures/Accounts Payable Expended for Plant Facilities Current Funds Plant Funds 
Unexpended Renewals and Replacements Georgia State Financing and Investment Commission 
Total Revenues and Other Additions 
EXPENDITURES AND OTHER DEDUCTIONS 
Educational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Refunded to Granters Remittances to the Board of Regents of the 
University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) 
Loan Cancellations and Write-Offs Expended for Plant Facilities 
Capitalized Noncapitalized Disposals/Deletions/Adjustments 
Total Expenditures and Other Deductions 
TRANFERS BETWEEN FUNDS 
Nonmandatory Renewals and Replacements General Operations Investment Income for Principal Residual Equity 
Total Transfers Between Funds 
Net lncrease/(Decrease) for the Year 
FUND BALANCES JULY 1, 2000 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
RESTRICTED 
 
LOAN FUNDS 
 
$ 
 
4,906,241.29 
 
$ 
 
0.00 
 
$ 3,264.60 
 
708,064.83 409,949.47 
89,890.94 
20,720.90 
-4,356.43 
 
$ 
 
4,909,505.89 $ 1,224,269.71 $ 
 
0.00 
 
$ 
 
4,778,461.93 $ 1,213,175.08 
 
101,109.01 
 
7,110.05 
 
6.01 
 
1,554.47 
 
$ 1,948.38 
 
$ 
 
4881,125.41 $ 1,220,291.14 $ 1,948.38 
 
$ 
 
-23,523.54 
 
$ 
 
-8,729.62 $ 1,948.38 
 
-10, 165.00 
 
2,209.54 
 
-2,209.54 
 
$ 
 
-23,523.54 $ -16,685.08 $ 
 
-261.16 
 
$ 
 
4,856.94 $ -12,706.51 $ -2,209.54 
 
340,890.99 
 
118,350.35 
 
2,209.54 
 
FUND BALANCES JUNE 30, 2001 
 
$ 
 
345 747.93 $ 105,643.84 $ 
 
0.00 
 
See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
The notes to the financial statements are an integral part of this statement. 
-4- 
 
 EXHIBIT "B" 
 
ENDOWMENT FUNDS 
 
UNEXPENDED 
 
PLANT FUNDS RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
TOTAL (Memorandum 
Only) 
 
$ 
 
$ 
 
335,718.21 
 
43,744.00 
 
$ 
 
1,500.00 
 
-10,165.00 
 
60,033.00 300.00 
 
$ 
 
-8,665.00 $ 
 
439,795.21 $ 
 
0.00 $ 
0.00 $ 
 
$ 
1,030.90 
337,302.60 433,423.21 
2,172.00 483,374.99 1,257,303.70 $ 
 
4,906,241.29 
335,718.21 43,744.00 708,064.83 409,949.47 92,421.84 
20,720.90 60,033.00 -14,521.43 
3,564.60 
337,302.60 
433,423.21 2,172.00 
483,374.99 
7,822,209.51 
 
$ 
 
0.00 
 
$ 5,991,637.01 101,109.01 7,110.05 6.01 
 
$ 
 
3.42 
 
1,557.89 1,948.38 
 
433,423.21 $ 6,072.00 
 
2,172.00 6,069.90 
$ 
 
385,626.73 
 
435,595.21 12,141.90 
385,626.73 
 
$ 
 
0.00 $ 
 
439,498.63 $ 
 
8 241.90 $ 
 
385,626.73 $ 6,936,732.19 
 
$ 
 
6,781.24 
 
10,165.00 
 
$ 
 
16,946.24 
 
$ 
 
8,281.24 $ 
 
119,665.03 
 
$ 127,946.27 $ 
 
$ 
$ 296.58 $ 
3.42 
300.00 $ 
 
23,523.54 
 
$ 
 
0.00 
 
0.00 
 
0.00 
 
0.00 
 
23,523.54 
 
$ 
 
0.00 
 
15,281.64 $ 
 
871,676.97 $ 
 
885,477.32 
 
152,644.78 
 
16,592,068.11 
 
17,325,832.22 
 
167,926.42 $ 171463?45.08 $ 1812111309.54 
 
-5- 
 
 WAYCROSS COLLEGE STATEMENT OF CURRENT FUNDS REVENUES. EXPENDITURES, 
AND OTHER CHANGES YEAR ENDED JUNE 30. 2001 
 
EXHIBIT"C" 
 
UNRESTRICTED RESTRICTED 
 
TOTAL (Memorandum 
Oril:t:) 
 
REVENUES 
 
State Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Endowment Income Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources 
 
$ 
 
3,791,404.79 
 
$ 3,791,404.79 
 
937,728.61 
 
937,728.61 
 
7,110.05 $ 700,954.78 
 
708,064.83 
 
409,949.47 
 
409,949.47 
 
95,964.57 
 
95,964.57 
 
6,306.26 
 
6,306.26 
 
39,008.52 
 
39,008.52 
 
111,391.21 
 
111,391.21 
 
19,598.11 
 
19 598.11 
 
Total Revenues 
 
$ 
 
4,906,241.29 $ 1,213,175.08 $ 6,119,416.37 
 
EXPENDITURES 
 
Educational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships arid Fellowships 
Auxiliary Enterprises Food Services Stores and Shops Other Service Units 
 
$ 
 
1,498,806.93 $ 
 
5,397.94 $ 1,504,204.87 
 
772,183.60 
 
772,183.60 
 
597,463.93 
 
31,014.63 
 
628,478.56 
 
1,002,794.64 
 
40,018.25 
 
1,042,812.89 
 
904,974.83 
 
904,974.83 
 
2,238.00 
 
1,136,744.26 
 
1,138,982.26 
 
38,710.62 58,011.64 
4 386.75 
 
38,710.62 58,011.64 
4,386.75 
 
Total Expenditures 
 
$ 
 
4,879,570.94 $ 1,213,175.08 $ 6,092,746.02 
 
OTHER TRANSFERS AND ADDITIONS/<DEDUCTIONS) 
 
Excess of Restricted Receipts over Transfers to Revenues 
Transfers for Renewals and Replacements Transfers for General Operations Transfers of Investment Income for Principal Transfers of Residual Equity Prior Period Adjustments (Net) Remittances to the Board of Regents 
of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) 
 
$ 
 
3,978.57 $ 
 
3,978.57 
 
$ 
 
-23,523.54 
 
-23,523.54 
 
-8,729.62 
 
-8,729.62 
 
-10,165.00 
 
-10,165.00 
 
2,209.54 
 
2,209.54 
 
3,264.60 
 
3,264.60 
 
-1,554.47 
 
-1,554.47 
 
Total Other Transfers and Additions/(Deductions) $ 
 
-21 813.41 $ -12,706.51 $ 
 
-34,519.92 
 
Net lncrease/(Decrease) in Fund Balances 
 
$ 
 
4 856.94 $ 
 
See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
 
The notes to the financial statements are an integral part of this statement. 
 
-6- 
 
-12,706.51 $ ===-7===84=9=.5=7= 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
REPORTING ENTITY Waycross College is one ofthirty-four (34) State supported member institutions ofhigher education in Georgia which comprise the University System ofGeorgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Waycross College as a separate reporting entity. 
The Board of Regents has constitutional authority to govern, control and manage the University System of Georgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. Waycross College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, Waycross College is considered an organizational unit ofthe Board ofRegents ofthe University System of Georgia reporting entity for financial reporting purposes because of the significance ofits legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. 
FUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in.accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. 
Within each fund group, the College's fund balance allocations and designations represent those portions ofthe fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. 
Fund groups and funds presented in the accompanying financial statements are as follows: 
CURRENT FUNDS 
UNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, e.g., instruction, research, public service, etc. 
RESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. 
-7- 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30. 2001 
 
EXHIBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
FUND ACCOUNTING 
LOAN FUNDS 
The fund used to account for resources which have been made available for financial loans to students. 
ENDOWMENT FUNDS 
The fund used to account for gifts that are subject to the restrictions of the donors requiring that the principal be invested in perpetuity and income only be utilized. 
PLANT FUNDS 
UNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. 
RENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement of institutional properties. 
INVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value of physical properties belonging to the College less the amount of any indebtedness to others. 
AGENCY FUNDS 
The fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members, and organizations. 
BASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. 
 
-8- 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT "D" 
 
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
BASIS OF ACCOUNTING Contractual obligations for goods and services which have not been received at the end ofthe fiscal year are recognized as expenditures and liabilities in the accompanying financial statements. This accounting practice causes expenditure-driven grant revenues to be accrued based, in part, on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with accounting principles generally accepted in the United States ofAmerica, which provide for the recording ofencumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with accounting principles generally accepted in the United States of America. 
Compensated absences represent obligations ofthe College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of $167,208.64 and a related net current year expenditure of $41,688.84 have not been reported in the current funds as required by accounting principles generally accepted in the United States of America. 
Prior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but differs from accounting principles generally accepted in the United States ofAmerica in that immaterial adjustments should be reported as current period revenues and expenditures. The effect ofthis departure is deemed to be immaterial to the fair presentation ofthe financial statements. 
To the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf ofthe College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. 
The Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. 
 
-9- 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT"D" 
 
NOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
BUDGET The Board ofRegents ofthe University System ofGeorgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of2000-2001. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The allocation ofthe appropriated budget is made to the College by the Administrative Central Office. In addition, the College receives Federal funds and other funds directly and includes these funds in the budget filed with the Administrative Central Office. 
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of petty cash, demand deposits, certificates of deposit and temporary investments in authorized financial institutions, and cash management pools that have the general characteristics of demand deposit accounts. 
ACCOUNTS RECEIVABLE Accounts receivable consist ofallotments due from the Board ofRegents ofthe University System of Georgia -Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. 
INVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the first-in, first-out method. 
Inventories of goods for resale are valued at cost using the first-in, first-out method. 
MEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned "Memorandum Only" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND PObICIES Funds belonging to the State ofGeorgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: 
- 10- 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT"D" 
 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (1) Bonds, bills, certificates of indebtedness, notes, or other direct obligations of the United States or ofthe State of Georgia. 
(2) Bonds, bills, certificates of indebtedness, notes, or other obligations of the counties or municipalities of the State of Georgia. 
(3) Bonds of any public authority created by the laws ofthe State ofGeorgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. 
(4) Industrial revenue bonds and bonds ofdevelopment authorities created by the laws ofthe State of Georgia. 
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, or debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. 
(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. 
As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies of the State of Georgia (which includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. 
The treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. 
CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as ofJune 30, 2001, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: 
Category 1 - Amounts covered by depository insurance or collateralized with securities (at fair value) held by the College or by its agent in the College's name. 
 
- 11 - 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT "D" 
 
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS 
 
CATEGORIZATION OF DEPOSITS Category 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the College's name. 
 
Category 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. 
 
Cash Deposits 
 
Carrying Amount 
 
Bank Balances 
 
Risk Categories 2 
 
$ I 005 283 11 $ I.220.338.98 $ I00 000 00 $ I 085 406.56 $ 
 
3 
34 932 42 
 
CATEGORIZATION OF INVESTMENTS The carrying amounts of investment balances as ofJune 30, 2001, are as follows: 
 
Type of Investment 
 
Carrying Amount 
 
Board of Regents Short-Term Investment Fund Total Return Fund 
 
$ 47,942.88 275,830.02 
 
Total Investments 
 
$ 323,772.90 
 
Funds invested in an investment pool managed by another governmental entity are not required to be categorized since the College did not own any specific, identifiable investment securities ofthe pool. 
 
NOTE 3: INVESTMENT IN PLANT 
 
The following is a summary of Investment in Plant fixed assets as of June 30, 2001: 
 
Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections 
 
$ 197,990.00 10,870,955.73 2,077,336.19 3,251,805.38 1,065,657.78 
 
Total Investment in Plant 
 
$17,463,745.08 
 
- 12 - 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT"D" 
 
NOTE 4: RISK MANAGEMENT 
Waycross College is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program ofhealth and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the financial statements of the Board of Regents of the University System of Georgia - Administrative Central Office. All units of the University System of Georgia share the risk ofloss for claims ofthe Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage fot its members up to a maximum lifetime benefit of$2,000,000.00 per person and dental coverage up to an annual maximum of$1,000.00 per person. Blue Cross Blue Shield ofGeorgia processes medical and dental claims in accordance with the Health Benefits Plan as established by the Board of Regents. As of January 1, 2001, Express Scripts, Incorporated was contracted with to process pharmacy drug claims in accordance with the Pharmacy Benefit Program portion of the Health Benefits Plan. 
The Department ofAdministrative Services (DOAS) has the responsibility for the State ofGeorgia ofmaking and carrying out decisions that will minimize the adverse effects ofaccidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. 
A self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a SelfInsurance Fund. 
NOTES: RETIREMENTPLANS 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
Plan Description Waycross College participates in the Teachers Retirement System ofGeorgia (TRS), a cost-sharing multiple-employer defined benefit pension plan established by the General Assembly ofGeorgia for the purpose of providing retirement allowances and other benefits for teachers of the State of 
- 13 - 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT "D" 
 
NOTES: RETIREMENTPLANS 
 
TEACHERS RETIREMENT SYSTEM OF GEORGIA 
 
Plan Description Georgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. 
 
Funding Policy Employees ofthe College who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2001, the employer contribution rate was 11.29% for covered employees. In addition, the College contributed 2.33% to the TRS on behalf of employees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: 
 
Fiscal Year 
 
Percentage Contributed 
 
Required Contribution 
 
2001 2000 1999 
 
100% 100% 100% 
 
$ 214,618.55 $ 231,918.73 $ 237,657.81 
 
REGENTS RETIREMENT PLAN 
 
Plan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the purpose of providing retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms ofthe annuity contracts. 
 
Funding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State of Georgia. The employer contributes 8.81 % ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. 
 
- 14 - 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT"D" 
 
NOTES: RETIREMENTPLANS 
REGENTS RETIREMENT PLAN 
Funding Policy The College and the covered employees made the required contributions of $57,010.31 (8.81 %) and $32,355.61 (5%), respectively. 
GEORGIA DEFINED CONTRIBUTION PLAN 
Plan Description Waycross College participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly ofGeorgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and part-time and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. 
Benefits A member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. Ifa member has less than$ 3,500.00 credited to his/her account, the Board ofTrustees has the option ofrequiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death ofa member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. 
Contributions and Vesting Member contributions are seven and one-halfpercent (7.5%) ofgross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. 
Total contributions made by employees during fiscal year 2001 amounted to $5,141.04 which represents 7.5% of covered payroll. These contributions met the requirements of the plan. 
NOTE 6: LEAVE POLICIES 
Employees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Basis of Accounting (Compensated Absences) 
 
- 15 - 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT "D" 
 
NOTE 6: LEAVE POLICIES 
Employees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph. 
Certain employees who retire with a minimum ofthree months ofunused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia. 
NOTE?: 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 expenditures which are disallowed under grant terms. The amount ofexpenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position. 
Litigation, claims and assessments filed against Waycross College (an organizational unit of the Board ofRegents ofthe University System ofGeorgia), ifany, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 2001. 
NOTE 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS 
Pursuant to the general powers conferred by the Official Code ofGeorgia Annotated Section 20-331, the Board of Regents ofthe University System ofGeorgia has established group health and life insurance programs for regular employees ofthe University System ofGeorgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally disabled to continue as members ofthe group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System ofGeorgia and who have at least ten years ofservice with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. 
As ofJune 30, 2001, there were 12 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 2001, Waycross College recognized as incurred $23,117.88 ofexpenditures, which was net of$l 4,182.48 ofparticipant contributions. 
 
- 16 - 
 
 WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS 
JUNE 30, 2001 
 
EXHIBIT "D" 
 
NOTE9: ENROLLMENT 
 
The equivalent full-time student enrollment of Waycross College was as follows: 
 
Regular Term 
 
Fall Semester, 2000 
 
534 
 
Spring Semester, 2001 
 
509 
 
Average 
 
Summer School, 2000 
 
152 
 
- 17 - 
 
  SUPPLEMENTARY INFORMATION - 19 - 
 
 WAYCROSS COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED 
JUNE 30, 2001 
 
ASSETS 
Cash and Cash Equivalents Accounts Receivable Inventories 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
$ 
 
372,347.42 $ 
 
7,757.13 
 
10,014.09 
 
1,536.16 
 
Total Assets 
 
$ 
 
390,118.64 $====1=,5=36.....=16.,.. 
 
LIABILITIES AND FUND BALANCES 
Liabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees 
Total Liabilities 
Fund Balances Unrestricted 
Total Liabilities and Fund Balances 
 
$ 
 
309,039.38 $ 
 
12,078.37 
 
55,029.46 
 
$ 
 
376,147.21 $ 
 
13971.43 
 
1,536.16 
1,536.16 0.00 
 
$ 
 
390,118.64 $ =========1,,.53...,6....1.,..6= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-20- 
 
 EXHIBIT"E" 
 
AUXILIARY ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
$ 
 
174,535.46 $ 39,393.70 $ 587,812.74 
 
28,518.22 
 
36,275.35 
 
94,409.41 
 
104,423.50 
 
$ 
 
297,463.09 $ 39,393.70 $ 728,511.59 
 
$ 
 
311.06 
 
1,057.29 
 
$ 310,886.~0 13,135.66 
 
$ 3 711.94 
 
58,741.40 
 
$ 
 
1,368.35 $ 3,711.94 $ 382,763.66 
 
296,094.74 
 
35,681.76 
 
345,747.93 
 
$ 
 
297,463.09 $ 39,393.70 $ 728,511.59 
 
- 21 - 
 
 WAYCROSS COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES 
CURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 2001 
 
REVENUES AND OTHER ADDITIONS 
Unrestricted Current Fund Revenues Adjustments 
Prior Years' Expenditures/Accounts Payable 
Total Revenues and Other Additions 
EXPENDITURES AND OTHER DEDUCTIONS 
Educational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the 
University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) 
Total Expenditures and Other Deductions 
TRANSFERS BETWEEN FUNDS 
Non mandatory Renewals and Replacements 
Net lncrease/(Decrease) for the Year 
FUND BALANCES JULY 1, 2000 
FUND BALANCES JUNE 30, 2001 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
$ 4,663,351.12 $ 
3,264.60 
$ 4,666,615.72 $ 
 
75,000.00 75,000.00 
 
$ 4,662,144.29 $ 
 
75,000.00 
 
1 554.47 
 
$ 4,663,698.76 $ 
 
75,000.00 
 
$ 
 
2,916.96 $ 
 
11 054.47 
 
0.00 0.00 
 
$ 
 
13,971.43 $ =====o==oo... 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
- 22 - 
 
 EXHIBIT "F" 
 
AUXILIARY ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
$ 
 
115,991.36 $ 51,898.81 $ 4,906,241.29 
 
3,264.60 
 
$ 
 
115,991.36 $ 51,898.81 $ 4,909,505.89 
 
$ 41,317.64 $ 4,778,461.93 
 
$ 
 
101,109.01 
 
101, 109.01 
 
1 554.47 
 
$ 
 
101,109.01 $ 41 317.64 $ 4,881,125.41 
 
$ 
 
-23,523.54 
 
$ -23,523.54 
 
$ 
 
-8,641.19 $ 10,581.17 $ 
 
4,856.94 
 
304,735.93 
 
25,100.59 
 
340,890.99 
 
$ 
 
296,094.74 $ 35,681.76 $ 345,747.93 
 
- 23 - 
 
 WAYCROSS COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, 
AND OTHER CHANGES UNRESTRICTED 
YEAR ENDED JUNE 30, 2001 
 
REVENUES 
State Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources 
Total Revenues 
EXPENDITURES 
Educational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships 
Auxiliary Enterprises Food Services Stores and Shops Other Service Units 
Total Expenditures 
OTHER TRANSFERS AND ADDITIONS/CDEDUCTIONS) 
Transfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents 
of the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) 
Total Other Transfers and Additions/(Deductions) 
 
RESIDENT INSTRUCTION 
 
LOTTERY FOR EDUCATION 
 
$ 3,716,404.79 $ 885,829.80 7,110.05 39,008.52 
14 997.96 
$ 4,663,351.12 $ 
 
75,000.00 75,000.00 
 
$ 1,498,806.93 697,183.60 $ 556,146.29 
1,002,794.64 904,974.83 2,238.00 
 
75,000.00 
 
$ 4,662,144.29 $ 
 
75,000.00 
 
$ 
 
3,264.60 
 
-1 554.47 
 
$ 
 
1 710.13 
 
Net lncrease/(Decrease) in Fund Balances 
 
$ 
 
2,916.96 $ ====o=.o=o= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-24- 
 
 EXHIBIT"G" 
 
AUXILIARY ENTERPRISES 
 
STUDENT ACTIVITIES 
 
TOTAL 
 
$ 3,791,404.79 
 
$ 51,898.81 
 
937,728.61 
 
7,110.05 
 
39,008.52 
 
$ 
 
111,391.21 
 
111,391.21 
 
4,600.15 
 
19,598.11 
 
$ 
 
115,991.36 $ 51,898.81 $ 4,906,241.29 
 
$ 1,498,806.93 
 
772,183.60 
 
$ 41,317.64 
 
597,463.93 
 
1,002,794.64 
 
904,974.83 
 
2,238.00 
 
$ 
 
38,710.62 
 
58,011.64 
 
4,386.75 
 
38,710.62 58,011.64 4,386.75 
 
$ 
 
101,109.01 $ 41 317.64 $ 4,879,570.94 
 
$ 
 
-23,523.54 
 
$ -23,523.54 3,264.60 
 
$ _ _-...,;;;2;.;;.3=,5=23=.5.;;...4.;... 
 
-1 554.47 $ -21,813.41 
 
$ 
 
-8,641.19 $ 
 
10,581.17 $ ====4,=85=6.=94= 
 
- 25- 
 
 WAYCROSS COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 
RESIDENT INSTRUCTION YEAR ENDED JUNE 30. 2001 
 
REVENUES 
State Appropriations Other Revenues Retained 
 
CURRENT FUNDS UNRESTRICTED RESTRICTED 
 
PLANT FUNDS RENEWALS AND 
UNEXPENDED REPLACEMENTS 
 
$ 3,716,404.79 
 
$ 
 
335,718.21 
 
946,946.33 $ 1,213,175.08 
 
60,033.00 $ 
 
0.00 
 
$ 4,663,351.12 $ 1,213,175.08 $ 
 
395,751.21 $ _ _ _ ____:_;o..:..oo:.... 
 
EXPENDITURES 
Personal Services: Education, General and Departmental Services $ Sponsored Operations 
Operating Expenses: Education, General and Departmental Services Sponsored Operations 
Capital Outlay Special Funding Initiative 
 
3,245,337.61 $ 
 
350.00 
 
1,285,754.68 131,052.00 
 
1,212,825.08 $ 
 
395,751.21 $ 
 
8,241.90 
 
$ 4,662,144.29 $ 1,213,175.08 $ 
 
395,751.21 $ _ _ _..;;;.8.:;;;,2..;.41.;.;.9.;;.;0;_ 
 
Excess of Revenues over Expenditures 
 
$ 
 
1,206.83 $ 
 
0.00 $ 
 
0.00 $ _ _ _.;;8,:.;;,2..;.41.;.;..9;;.;0~ 
 
(1) To eliminate tuition waivers not budgeted and to reclassify prior year fund balances budgeted as revenues. 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-26- 
 
 SCHEDULE "1" 
 
TOTAL 
 
ADJUSTMENTS (1) 
 
TOTAL (Budget Basis) 
 
BUDGET 
 
VARIANCEFAVORABLE (UNFAVORABLE) 
 
$ 4,052,123.00 2,220,154.41 $ 
 
$ 4,052,123.00 $ 4,052,123.00 $ 
 
6,003.90 
 
2,226,158.31 2,397,141.00 
 
0.00 -170,982.69 
 
$ 6,272,277.41 $ 
 
6,003.90 $ 6,278,281.31 $ 6,449,264.00 $ _ _-_17_0__,9__8_2._69_ 
 
$ 3,245,337.61 350.00 
1,285,754.68 $ 1,212,825.08 
403,993.11 131,052.00 
 
$ 3,245,337.61 $ 3,247,964.00 $ 
 
350.00 
 
5,970.00 
 
2,238.00 
 
1,283,516.68 1,212,825.08 
403,993.11 131,052.00 
 
1,299,323.00 1,351,687.00 
413,268.00 131,052.00 
 
2,626.39 5,620.00 
15,806.32 138,861.92 
9,274.89 0.00 
 
$ 6,279,312.48 $ 
 
-2.238.oo $ s.2n.014.48 $ 6A49,264.oo s _ _ _1?_2_._1__8_9._52_ 
 
$ 
 
-7,035.07 $ 
 
8,241.90 $ _ _ _1_.2_00_.a_3.., 
 
$ _ _ _1_2_0_6..,83..., 
 
-27 - 
 
 WAYCROSS COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET 
LOTTERY FOR EDUCATION YEAR ENDED JUNE 30, 2001 
 
REVENUES State Appropriations 
EXPENDITURES Equipment, Technology and Construction 
Trust Fund Special Funding Initiatives 
Excess of Revenues over Expenditures 
 
CURRENT FUNDS UNRESTRICTED 
 
PLANT FUNDS UNEXPENDED 
 
$ 
 
- - - - - - 75,000.00 $ 
 
43,744.00 
 
$ 
$_ _ _ _7_5~,o_o_o._o_o 
 
43,744.00 
 
$ 
 
75,000.00 $ 
 
43,744.00 
 
----''---- 
 
$ 
 
o.oo $====o=.o=o= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
- 28 - 
 
 SCHEDULE "2" 
 
TOTAL (Budget Basis) 
 
BUDGET 
 
VARIANCEFAVORABLE (UNFAVORABLE) 
 
- - - - - - $ 118,744.00 $ 118,744.00 $ 
 
0.00 
 
$ 
 
43,744.00 $ 43,744.00 $ 
 
0.00 
 
75,000.00 
 
75,000.00 
 
0.00 
 
- - - - - - $ 118,744.00 $ 118,744.00 $ 
 
0.00 
 
$ =====o.=oo_ 
 
$ ===-====-===-=o=.o==o= 
 
- 29- 
 
 WAYCROSS COLLEGE CHANGES IN INVESTMENT IN PLANT 
YEAR ENDED JUNE 30, 2001 
 
Land Buildings Improvements Other Than Buildings Equipment Library Books and Collections 
 
BALANCE JULY 1, 2000 
 
CURRENT FUNDS UNRESTRICTED RESTRICTED 
 
$ 
 
197,990.00 
 
10,391,707.74 
 
1,677,457.98 
 
3,295,650.23 $ 
 
289,255.01 $ 
 
5,000.00 
 
1,029,262.16 
 
43 047.59 
 
$ 16,592,068.11 $ 
 
332,302.60 $ =-====5=,=0=0=0=.0=0-= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
-30- 
 
 SCHEDULE "3" 
 
ADDITIONS 
PLANT FUNDS RENEWALS AND 
UNEXPENDED REPLACEMENTS 
 
GEORGIA STATE FINANCING AND 
INVESTMENT COMMISSION 
 
PRIVATE GIFTS 
 
DEDUCTIONS DISPOSALS/ DELETIONS/ ADJUSTMENTS 
 
BALANCE JUNE 30, 2001 
 
$ 
 
197,990.00 
 
$ 
 
92,064.00 
 
$ 
 
387,183.99 
 
10,870,955.73 
 
303,687.21 
 
96,191.00 
 
2,077,336.19 
 
37,672.00 $ 
 
2,172.00 
 
$ 
 
377,943.86 
 
3,251,805.38 
 
$ 1.030.90 
 
7.682.87 
 
1,065,657.78 
 
$ 433,423.21 $ 
 
2,172.00 $ 
 
483,374.99 $ 1,030.90 $ 
 
385,626.73 $ 17,463,745.08 
 
- 31 - 
 
 WAYCROSS COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS 
JUNE 30. 2001 
 
RESIDENT INSTRUCTION 
 
CURRENT FUNDS 
 
UNRESTRICTED 
 
LOTTERY FOR 
 
AUXILIARY 
 
EDUCATION 
 
ENTERPRISES 
 
STUDENT ACTIVITIES 
 
NET INVESTMENT IN PLANT 
 
Investment in Plant Facilities 
 
RESTRICTED 
 
Designated for Subsequent Years' Expenditures 
 
UNRESTRICTED 
 
Designated 
 
For Bus Replacement Reserve 
 
For Inventory Reserve 
 
$ 
 
10,500.00 
 
$ 
 
94,409.41 
 
For Renewals and Replacements Reserve 
 
For Subsequent Years' Expenditures 
 
201,685.33 $ 35,681.76 
 
Surplus 
 
Regular 
 
3,471.43 
 
Lottery for Education 
 
$ 
 
0.00 
 
$ 
 
13,971.43 $ 
 
0.00 $ 296,094.74 $ 35,681.76 
 
$ 
 
13 971.43 $ 
 
0.00 $ 296,094.74 $ 35,681.76 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
- 32- 
 
 SCHEDULE 4 
 
RESTRICTED 
 
UNEXPENDED 
 
PLANT FUNDS 
 
REGULAR 
 
LOTTERY FOR EDUCATION 
 
RENEWALS AND REPLACEMENTS 
 
INVESTMENT IN PLANT 
 
TOTAL 
 
$ 17,463,745.08 $ 17,463,745.08 
 
$ 105,643.84 
 
$ ____10=5"-=,64""-3:;.:::::.84~ 
 
$ 
 
60,069.65 
 
107,856.77 
 
$ 
 
60,069.65 
 
104,909.41 
 
107,856.77 
 
237,367.09 
 
$ 300.00 
 
- - - - $_ _ _--=.;0-.=;;00=- 
 
$ 300.00 $ 
 
0.00 $ ____1c::,67.;.r.,9:,:2:;.:a6::.;;.42=- 
 
3,771.43 0.00 
$ 513,974.35 
 
$ 105,643.84 $ 300.00 $ 
 
0.00 $ 
 
167,926.42 $ 17.463,745.08 $ 18,083,363.27 
 
- 33- 
 
 WAYCROSS COLLEGE RECONCILIATION OF SALARIES AND TRAVEL 
YEAR ENDED JUNE 30, 2001 
 
SCHEDULE "5" 
 
Totals per Annual Supplement 
Accruals June 30, 2001 June 30, 2000 
 
SALARIES 
 
TRAVEL 
 
$ 2,724,105.82 $ 
 
58,980.53 
 
13,135.66 -14,067.90 
 
$ 2,723,173.58 $==5=8=,9=80=.5=3= 
 
See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. 
- 34-