GA

A0oo

''

,1!.. I

"'~\

,lU>I

STATE OF G_EORGIA ,, DEPARTMENT OF AUDITS AND ACCOUNTS

',

\

.- ' f I
I
, ;

r

'\ \

;

WAYCROSS C,OLLEGE

, i

. ,

WAY' CROSS, GEORGIA

.

'.

' '

J

REPORT ON REVIEW

I

'

,

OF THE FINANCIAL STATEMENTS'

FOR THE FISCAL YEAR ENDED JUNE 30, 2002
.: J

(,

, '

',' , '

) .

; Russell-W. Hlnt~n ~ .

.
\

,.

State Auditor '

) (,",

I '

; .

I

-'

,I

' '

\ '
' ' ' ,

WAYCROSS COLLEGE - TABLE OF CONTENTS -

FINANCIAL

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

REQUIRED SUPPLEMENTARY INFORMATION

MANAGEMENT'S DISCUSSION AND ANALYSIS

2

BASIC FINANCIAL STATEMENTS

EXHIBITS

A STATEMENT OF NET ASSETS

11

B STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS

12

C STATEMENT OF CASH FLOWS

13

D NOTES TO THE FINANCIAL STATEMENTS

15

SUPPLEMENTARY INFORMATION

SCHEDULES

SCHEDULESOFREVENUESANDEXPENDITURESCOMPAREDTO

BUDGET- (NON-GAAP BASIS)

1

RESIDENT INSTRUCTION

31

2

LOTTERY FOR EDUCATION

32

3 RECONCJLIATION OF SALARIES AND TRAVEL

33

FINANCIAL

R11,,l1 I W. ""TO'
STATE AUOIToq
(40--1 656-21~4

0EPARTl\1ENT OF AUDITS AND ACCOUNTS
2i:;-1 \\J,hing:wn S1rccl "> \\' Su11c 214 A1\Jn\J Gcorg>J ,o334-K400
December 9, 2002

Honorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the Board ofRegents of the Umvers1ty System of Georgia
and Honorable Barbara Losty, President Waycross College
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY Jl\'FORMATION
Ladies and Gentlemen
We have reviewed the accompanying basic financial statements (Exh1b1ts A through D) of Waycross College an organ12at10nal 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 Review Services issued by the Amencan lnslltute of Certified Pubhc Accountants All mformallon included in these financial statements 1s the rcpresentat10n of the management of Waycross College
A review consists pnnc1pally ofinqumes of College personnel and analytical procedures applied to financial data It 1s substantially less in scope than an audit m accordance with audnmg standards generally accepted in the Umtcd States of Amenca. the obJecllve of which 1s the expression of an opinion regarding the financial statements taken as a whole Accordingly, we do not express such an opinion
Based on our review, we arc not aware of any matenal mod1ficat1ons that should be made to the accompanying financial statements in order for them to be m conformity with accounting pnnc1plcs generally accepted in the l.Jmted States of Amcnca
As descnbed in Note I, Waycross College adopted the prov1s1ons of Governmental Accounting Standards Board (GASB) Statement No 35, Basic F1nanc1al Srarement< - and Managemenr', D1sc11ss1on and Analysts -for Public Colleges and Umverst11es, as amended by GASB Statement No 37, Basic Financial Sraremenrs - and Management's D1scuss1011 and Anall'sts - for State and Low/ Governments, and GASB Statement No 38, Certam Fmanc1al Stareme,m Nore D1;c/o,we;, as of July I, 2001, to implement a new financial reporting model
02ARL-66

Management's D1scuss10n and Analysis 1s not a reqmred part ofthe basic financial statements but 1s supplementary information required by the GASS We have applied certain limited procedures, which consisted pnnc1pally of inqumes of management regarding the methods of measuremenl and presentation ofthis supplementary informalion, and we are not aware of any matenal mod1ficat1ons that should be made thereto
Our review was made for the purpose of expressing limited assurance that there are no malenal mod1fica11ons that should be made to the financial statements in order for them to be m conformity with accountmg pnnc1ples generally accepted m the Umted States of Amenca The accompanymg supplementary mformalion (Schedules 1 through 3) 1s presented for add1t1onal analysis purposes Such mformat10n has been subJected to the inqumes and analytical procedures applied in the review of the financial statements, and we are not aware of any matenal mod1ficalions that should be made to such data
Respectfully submitted,
~~-~

RWHgp 02ARL-66

State Auditor

REQUIRED SUPPLEMENTARY INFORMATIO!\ -I-

WAYCROSS COLLEGE
Management's Discussion and Analysis

Introduction

Waycross College 1s one of the 34 mstltullons of the Umvers1ty System of Georgia The College, located m Waycross, Georgia, was founded m 1976 and has become knov.'JI for 1ts liberal arts transfer programs The College offers associate degrees m a wide vanety of subjects ThlS wide range of educational opportuml!es attracts a highly qualified faculty and a student body ofmore than 2, I00 students each year The ms11tut10n's enrollment has been fairly stable as shown by the companson numbers that follow

FY2002 FY2001 FY2000

Facultv 21 21 22

Students 2,180 2,100 2,216

Olerview ofthe Financial Statements and Financial Analysis

Waycross College 1s proud to present its financial statements for fiscal year 2002 The emphasis of d1scuss1ons about these statements WIii be on current year data There are three financial statements presented the Statement of Net Assets, the Statement of Revenues, Expenses and Changes m Net Assets, and, the Statement of Cash Flows Tins d1scuss1on and analysis of the College's financial statements provides an overview of its financial ac11v111es for the year Waycross College has elected to not restate pnor penods for purposes of prov1dmg the comparative data for this Management's D1scuss10n and Analysis However, m future years, when pnor penod mformallon 1s available, a comparallve analysis WIii be presented

Statement ofNet Assets

The Statement ofNet Assets presents the assets, liab1li11es, and net assets ofthe College as ofthe end of the fiscal year The Statement ofNet Assets 1s a pomt oflime financial statement The purpose of the Statement of Net Assets 1s to present to the readers of the financial statements a fiscal snapshot of Waycross College The Statement of Net Assets presents end-of-year data concemmg Assets (current and non-current), L1ab1hlles (current and non-current), and Net Assets (assets mmus hab1li11es) The difference between current and non-current assets will be discussed m the notes to the financial statements

From the data presented, readers of the Statement of Net Assets are able to determme the assets available to contmue the operations ofthe 1ns11tut1on They are also able to determme how much the mst1tut1on owes vendors, mvestors and lendmg 1nst1tut1ons

Fmally, the Statement ofNet Assets provides a picture of the net assets (assets mmus hab1lilles) and their availab1hty for expenditure by the 1nslltullon Net assets are d1v1ded mto three maJor categones The first category, mvested m capital assets, net of debt, provides the mstnuuon's eqmty

-2 -

m property, plant and eqmpment owned by the ms!Itunon The next asset category 1s restnctcd net assets, which 1s d1v1ded mto two categones, none:i.pendable and expendable The corpus of nonexpendable restncted resources 1s only available for mvestment purposes Expendable restncted net assets arc available for expenditure by the ms!Itut1on but must be spent for purposes as determmed by donors and/or external entt!Ies that have placed time or purpose restncttons on the use of the assets The final category 1s unrestncted net assets Unrestncted assets are available to the 1ns!Itu!Ion for any lawful purpose of the ms!Itu!Ion

Statement of Net Assets, Condensed (thousands of dollars)

Assets Current Assets Capital Assets, Net Other Assets

$ 1,163 9,428 129

Total Assets

$ 10,720

Liabilities Current L1ab1hties Non-Current L1ab1httes
Total Liabilities

s 377
37
s 414

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

s 9,428
130 94 654

Total Net Assets Statement ofRevenues, Expenses and Changes in Net Assets

$ lQ!JQ~

Changes m total net assets as presented on the Statement of Net Assets are based on the activity presented m the Statement of Revenues, Expenses and Changes m Net Assets The purpose of the statement 1s to present the revenues received by the ms!Itu!Ion, both opcra!Ing and nonoperatmg, and the expenses paid by the msutu!Ion, operatmg and nonoperatmg, and any other revenues, expenses, gams and losses received or spent by the 1nstttullon Generally speakmg operating revenues are received for providing goods and servtces to the vanous customers and constituencies of the ms!Itut10n Operating expenses are those expenses paid to acqmre or produce the goods and services provided in return for the operating revenues, and to carry out the m1ss1on of the inst1tut1on Nonoperatmg revenues are revenues received for which goods and services are not provided For example state appropnat1ons are nonoperatmg because they are proVIded by the Legislature to the mst1tut1on without the Legislature directly receiving commensurate goods and services for those revenues

- 3-

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

Operatmg Revenues Operating Expenses

S I, 783 6 594

Operating Loss

$ -4,81 I

Nonoperating Revenues and Expenses

4 143

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

$ -668 51

Increase/Decrease in Net Assets

$ -617

Net Assets at Begmrung of Year, as Onginally Reported
Cumulauve Effect of Changes in Accounting Pnnc1ple

$ 18,211 -7.288

Net Assets at Beginning of Year Restated

S 10,923

Net Assets at End of Year

$ )0.306

The Statement of Revenues, Expenses and Changes in Net Assets reflects a negative year with a decrease in the net assets at the end ofthe year Some h1ghhghts ofthe infonnat10n presented on the Statement of Revenues, Expenses and Changes in Net Assets are as follows

-4-

Revenue By Source (thousands of dollars) For The Year Ended June 30, 2002

Operating Revenue Tmt1on and Fees Grants and Contracts Rents and Royalties Sales and Semces of Educational Departments Aux1hary Other
Total Operating Revenue
Nonoperating Revenue State Appropnatlons Gifts Investment Income Grants and Contracts
Total Nonoperating Revenue
Total Revenues
Expenses (thousands of dollars) For The Year Ended June 30, 2002

$ 557 1,067 5 29 I 05 20
$ 1,783
$ 4,125 8 5 5
$ 4 143
$ ~.26~

Operating Expenses Instruction Academic Support Student Services Institutional Support Plant Operations and Maintenance Scholarships and Fellowslups Aux1hary Enterpnses Depreciation

$ 1,593 780 625
1,090 1,270
581 94
561

Total Operating Expenses

s f?.~2~

The cumulative effects of changes in accounting pnnc1ple are the result of the College adopting deprec1auon on capital assets and recogmuon of compensated absences

- 5-

Statement ofCash Flows

The final statement presented by the College 1s the Statement of Cash Flows The Statement ofCash Flows presents detailed informallon about the cash act1v1ty of the inslltullon dunng the year The statement 1s d1v1ded into five parts The first part deals with operating cash flows and shows the net cash used by the operating act:lv1t1es of the institution The second section reflects cash flows from non-capital financing act1v1t1es This section reflects the cash received and spent for nonoperating, non-investing, and non-capital financing purposes The third sect10n reflects the cash flows from invest:lng activities and shows the purchases, proceeds, and interest received from investing act1v1t1es The fourth sect:lon deals With cash flows from capital and related financing actlVJtles This section deals With the cash used for the acqmsltlon and construc11on ofcapital and related items The fifth section reconciles the net cash used to the operatmg mcome or loss reflected on the Statement of Revenues, Expenses and Changes m Net Assets

Cash Flows for the Year Ended June 30, 2002, Condensed (thousands of dollars)

Cash Provided (Used) By Operating ActtVIt1es Non-Capital Financing Act1v1t1es Investing Activities Capital and Related Financing ActtVJtles

S -4,423 4,213 24 -127

Net Change in Cash Cash, Beginnmg of Year

$ -313 I 007

Cash, End of Year

S 694

Capital Assets

The College had no s1gmficant capital asset additions for fac1ht1es m fiscal year 2002

Waycross College did complete renovallons to the Admm1strat1ve Bmldmg m fiscal year 2002 The $548,788 00 for this proJect was funded Jointly by the Georgia State Fmancmg and Investment Comm1ss10n (GSFIC) and MaJor Repairs and Renovations Funds Fmal payment of$5 ! ,077 00 was made by GSFIC m fiscal year 2002 Other renovat10ns funded by the MRRF mcluded $118,500 for roof replacements and $63,897 00 for campus sign replacements

For add1t1onal informat10n concemmg Capital Assets, see Notes I and 5 in the notes to the financial statements

Economic Outlook

The College 1s not aware of any currently known facts, dec1s1ons, or cond1t1ons that are expected to have a s1gn1ficant effect on the financial pos1t10n or results of operations dunng this fiscal year beyond those unknown vanalions havmg a global effect on vntually all types ofbusmess operations The revival of several certificate programs offers hope for enrollment mcreases over the next several

-6 -

years The College's overall financial pos1110n 1s strong The College anticipates the current fiscal year to be more of a challenge with add1t10nal budget reductions possible and will mamtam a close watch over resources to mamtam the College's ab1hty to react to unknown mternal and e>.temal issues Dr Barbara Losty, President Waycross College
-7-

BASIC FINANCIAL STATEMENTS
-9-

WAYCROSS COLLEGE STATEMENT OF NET ASSETS
JUNE 30. 2002

EXHIBIT "A"

ASSETS
Current Assets Cash and Cash Equ1Valents Short-term Investments Accounts Rece1Vable, Net Federal Financial Assistance Other Prepaid Items lnventones
Total Current Assets
Noncurrent Assets Investments Capital Assets, Net (See Note 5)
Total Noncurrent Assets
Total Assets
LIABILITIES
Current L1ab1lrt1es Contracts Payable Payroll Wrthholdmgs Accounts Payable Deferred Revenue Funds Held for Others Compensated Absences Other L1ab1lrt1es
Total Current L1ab1ht1es
Noncurrent L1ab1ht1es Compensated Absences
Total L1ab1ht1es
NET ASSETS
Invested ,n Caprtal Assets, Ne! of Related Debt Reslncted for
Nonexpendable Expendable Unrestncted

$

693,588 75

175,124 93

111,68614 99,195 27
245 00 82,653 05

$ 1 162 493 14

$

129,416 27

9 428,332 03

$ 9,557,748 30

$ 10,720,241 44

s

26,915 25

11,676 59

28,245 37

170,651 83

6,240 01

133,663 54

306 72

$

377 699 31

s

36 704 40

s

414 403 71

$ 9,428,332 03
129,416 27 94,008 05 654 081 38

Total Ne! Assets
See Independent Accountant's Combined Report on Review of Basic Financial Statements and Supplementary lnforrnabon
The notes lo the financial statements are an integral part of !his statement - 11 -

S 10,305,837 73

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

EXHIBIT "B"

OPERATING RE\/ENUES
Student Tulbon and Fees Less Scholarshrp Allowances
Grants and Contracts Federal State Nongovernmental
Rents and Royal!Jes Sales and Services of Educallonal Departments Awohary Enterpnses
Bookstore Food Serv,ces Other Organizabons Other Operabng Revenues
Total Operebng Revenues
OPERATING EXPENSES
Salanes Faculty Staff
Employee Benefits Trevel Scholarships and Fellowships Ubhbes Supplll!S and Other Serv,ces Depreciabon
Total Operating Expenses
Operebng Income (Loss)
NONOPERAJING REVENUES /EXPENSES}
State Appropnabons Grants and Contracts
Nongovernmental Gilts Interest and Other Investment Income
Net Nonoperating Revenues
Income Before Other Revenues, Expenses Gains or Losses
Capital Grants end Gtfts State
lnaease/(Decrease) in Net Assets
Net Assets Net Assets - Begmnrng of Year, es Ongmally Reported Cumulative Effect of Changes m Accounbng Pnnclple
Net Assets - Beg1nn1ng of Year Restated

$

985 173 35

-427,781 51

983,287 91 19,213 67 64,134 38 5,145 00 28 669 00

65 806 21 22,375 52 17,079 01 20 221 77

$ 1,783,324 31

s 1,047,493 74
1,870,869 26 832,326 71 58,281 04 634,824 58 209,211 72
1,380,484 00 560 829 40
$ 6,594,320 45
$ -4 810 996 14

s 4 125,345 57

4,510 24 7,960 00 4 997 52

$ 4.142 813 33

$

-668 182 81

$

51 077 00

$

-617 105 81

$ 18 211,309 54 -7,288,366 00
$ 10,922,943 54

Net Assets - End of Year
See Independent Accountant's Combined Report on Review of Basic Financial Statements and Supplementary lnformabon
The notes to the financial statements are an integral part of this statement - 12 -

$ 10 305 837 73

WAYCROSS COLLEGE STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30 2002
CASH FLOWS FROM OPERATING ACTIVlTIES Tuition end Fees Gran1s end ContrBcts Sales end Services of Educational Depertments Payments to Suppliers Payments to Employees Payments tor Scholersh1ps and Fellowshrps Auxiliary Enterpnse Charges Bookstore Food SeMCeS Other Orgamzabon.s Other Recerpl& (Payments)
Not Cnh Prov,ded (Used) by Opo,-t1ng Acbvlbos
CASH FLOWS FROM NONCAPITAL FINANCING ACTMTIES State Apprcpnabons Agancy Funds Transacbona Grftl and Grantl Received for Other than Ceprtal Purposes
Net Caah Flows Provided (Uaed) by Noncaprtel Fmanong Activitu,s
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTMTIES Caprtal Grants and Gifts Received
Purchases of C prtal Aneta
Net Cash Provided (Used) by Caprtal and Related F1nancrng Act1V1bes
CASH FLOWS FROM INVlESTING ACTMTIES Proceeds from Sales and Matu:rrues 011.nvntmenta Interest on lnvetments Purdl se of Investments
Net Cash Provided (Used) by lnvebng ActlVl!Jea
Net lncrease/(Deaeue) m Cash
Cash and Cash Equivalents - June 30, 2001 less Short-Term Investments
Cash and Cash Equ1V8lents - Begrnmng of Year
CaSh end Cash Equivalents - End of Year
RECONCILIATION OF OPERATING LOSS TO NET CASH PROVlDED (USED) BY OPERATING ACTMTIES
Operating Income (loss) Provided (Used) by Operabng Actlvlbea Oepr&C1811on Change rn Assets and laebdtbes Accounts Recelvabhts Nat lnventonas Prepaid Items Accounts Payable Salenes Payable Payroll Withholdings Benefits Payable Deferred Revenue Other L111bllrtles Compena.eled Absences
Net Cash PrOV!ded (Used) by Operating Actrvrtles
See Independent Accountant's Combined Report on Revu,w of Basic Frnancial Statements and Supplementary Informal.Ion
The notes to the finenClBI sta1ementa are an Integral part of th1a statement
13

EXHIBIT "C"

$

681 190 58

898 573 68

28 668 00

-2 588 243 88

-2 928 339 36

-634 824 58

54,868 45 22 375 52 17,079 01 25 366 77

$ -4 423 28-4 81

$ 4 125,345 57 -77115
88 299 77
$ 4 212 87.,4 19

$

-52 122 24

-74 687 72

$ -126 809 98

$

503 13

25,196 09

-1 .,470 00

$

24 229 22

$ -312 991 36
s 1 330 353 01
-323 772 90

$ 1006580 11

$

693.5!8 75

$ -4 810 996 14
560 829 40
-167111 73 21 770 45 -245 00
-129 782 31 -1313566 2 075 13 -2 065 40 111 91043 306 72 3 159 30
$ ...,4 423 284 81

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS Waycross College serves the state, and nauonal comrnumt1es by prov1dmg its students with academic mstruct1on that advances fundamental knowledge. and by d1sseminatmg knowledge to the people of Georgia and throughout the country
REPORTING ENTITY Waycross College 1s one ofthirty-four (34) State supported member institutions ofhigher education m Georgia which compnse the Umvers1ty System of Georgia, an organ1zauonal umt of the State of Georgia The accompanying financial statements reflect the operations of Waycross College as a separate reportmg entity.
The Board of Regents has constitutional authonty to govern, control and manage the Umvers1ty System of Georgia. This authonty mcludes but 1s not hm1ted to the power to des1gJ13te management, the ab1hty to s1gmficantly mfluence operations, the authonty to control mstltutlons' budgets, the power to deterrnme allotments of State funds to member institutions and the authonty to prescnbe accounting systems and adm1mstrat1ve pohc1es for member institutions Waycross College does not have authonty to retam unexpended State appropnations (surplus) for any given fiscal year Accordingly. Waycross College 1s considered an organ1zat10nal umt of the Board ofRegents ofthe University System of Georgia reporting entity for financial reporting purposes because of the s1gn1ficance of its legal, operational, and financial relationships with the Board ofRegents as defined m Section 2100 of the Governmental AccounUng Standards Board (GASB) Codification of Governmental Accountmg and Fmanc1al Reportmg Standards
FINANCIAL STATEMENT PRESENTATION In June 1999, the GASB issued Statement No 34, Basic Financial Statements and Management Discussion and Ana~vsisfor State and Local Governments This was followed m November 1999 by GASB Statement No 35, Basic Financial Statements and Management's Discusswn and Analvsis for Public Colleges and U111versl/ies The State of Georgia 1s required to implement GASB Statement No 34 as of and for the year ended June 30, 2002 As an orgamzat10nal umt of the State of Georgia, the College 1s also reqmred to adopt GASB Statements No 34 and No 35 as amended by GASB Statements No 37 and No 38 The financial statement presentation reqmred by GASB Statements No 34 and No 35 as amended by GASB Statements No 37 and No 38 provides a comprehensive, entity-wide perspective of the College's assets, hab1hhes, net assets, revenues, expenses, changes in net assets, cash flows, and replaces the fund group perspective previously required
The College has elected to not restate its 2001 financial statements to conform with the new financial statement presentation, therefore comparative financial mforrnat1on will not be presented for fiscal year 2002 S1gmficant accountmg changes made m order to comply with the new reqwrements mclude (I) adoption of dcprec1at1on on capital assets, and (2) recognition of compensated absences Generally Accepted Accounting Pnnc1ples (GAAP) reqmres that the reporting of summer school
- 15 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT"D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FINANCIAL STATEMENT PRESENTATION revenues and expenses be between fiscal years rather than in one fiscal year. Due to the lack of matenahty, Institutions of the Umvers1ty System ofGeorgia will continue to report summer revenues and expenses in the year in which the predominate act1v1ty takes place
BASIS OF ACCOUNTING For financial reporting purposes, the College 1s considered a special-purpose government engaged only in business-type activities Accordingly, the College's financial statements have been presented using the economic resources measurement focus and the accrual basis of accounting, except as noted in the preceding paragraph Under the accrual basis, revenues are recognized when earned, and expenses are recorded when an obligation has been incurred All s1gruficant intra-college transactions have been ehminated.
The College has the option to apply all Financial Accounting Standards Board (FASB) pronouncements issued after November 30, 1989, unless FASB conflicts with GASB The College has elected to not apply FASB pronouncements issued after the apphcable date
RESTATEMENT OF NET ASSETS - BEGINNING OF YEAR As a result of the adoption ofGASB Statement No 34, the College was also required to make certain changes in accounting pnnc1ples, specifically (I) adoption of depreciation on capital assets, and (2) recordmg ofcompensated absences. GASB Statement No 34 reqmres certain summer semester revenues be recogmzed between fiscal years rather than the fiscal year in wluch the semester was predominantly conducted The Umvers1ty System of Georgia has chosen to continue to record summer revenue in the year in wluch the semester was predominantly conducted Net assets at July I, 2001 were reduced by $7,288,366 00 for the cumulative effect of these changes
CASH AND CASH EQUIVALENTS Cash and Cash Eqmvalents consist of petty cash, demand deposits and time deposits in authonzed financial institutions, and cash management pools that have the general charactensllcs of demand deposit accounts
INVESTMENTS The College accounts for Its investments at fau value in accordance with GASB Statement No 31, Account,ng and F,nanczal Report,ngfor Certa,n Investments and for External Investment Pools Changes in unrealized gain (loss) on the carrying value of investments are reported as a component of investment income in the statements of revenues, expenses, and changes in net assets
ACCOUNTS RECEIVABLE Accounts receivable consists oftmtlon and fee charges to students and aux1hary enterpnse services provided to students, faculty and staff, the maJonty of each residing in the State of Georgia Accounts receivable also include amounts due from the Federal government, state and local
- 16 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ACCOUNTS RECEIVABLE governments, or pnvate sources, m connect10n with reimbursement ofallowable expenciJturcs made pursuant to the College's grant and contracts Accounts receivable are recorded net of esllmated uncollec11ble amounts
INVENTORIES Consumable supplies are earned at the lower of cost or market on the first-m, first-out ("FIFO") basis
Resale Invcntones are valued at cost usmg the first-m. first-out ("FIFO") basis
NON-CURRENT INVESTMENTS Investments that are externally restncted and cannot be used to pay current hab1h11es are classified as non-current assets m the statements of net assets.
CAPITAL ASSETS Capllal assets are recorded at cost at the date of acqu1s1t1on, or fair market value al the date of donal!on m the case of gifts For eqmpment, the College's cap1tahzallon pohcy mcludes all items with a umt cost of $5,000 00 or more, and an esl!mated useful hfe of greater than one year Renoval!ons to bmldmgs, mfrastructure, and land improvements that exceed $ I 00,000 00 and s1gmficantly mcrease the value or extend the useful hfe of the structure are cap1tahzed Roullne repairs and mamtenance are charged to operatmg expense m the year m which the expense was mcurred Depreciallon 1s computed usmg the straight-hne method over the esllmated useful hves of the assets. generally 40 to 60 years for bmldmgs, 20 to 25 years for mfrastructure and land improvements, IO years for hbrary books, and 3 to 7 years for eqmpment
To obtam the total picture of plant add1t10ns m the Umvers1ty System, 111s necessary to look at the acl!v1t1es ofthe Georgia State Fmancmg and Investment Comm1ss1on (GSFIC) - an orgaruzat1on that 1s external to the System GSFIC issues bonds for and on behalfofthe State of Georgia. pursuant to powers granted to II m the Constitution ofthe State ofGeorgia and the Act creatmg the GSFIC The bonds so issued constitute direct and general obhgallons of the State of Georgia, to the payment of which the full faith, credit and taxmg power of the State are pledged
Effective July I, 2001, the GSFIC retains construct10n m progress on their books throughout the construc!Jon penod and transfers the entire proJect to Waycross College when complete For the year ended June 30, 2002, GSFIC transferred capital add11Ions valued at $51,077 00 to Waycross College
DEFERRED REVENUES Deferred revenues mclude amounts received for tu11Ion and fees and certain aux1hary acl!v1t1es pnor to the end of the fiscal year but related to the subsequent accountmg penod Deferred revenues also mclude amounts received from grant and contract sponsors that have not yet been earned
- 17 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
COMPENSATED ABSENCES Employee vacat10n pay 1s accrued at year-end for financial statements purposes The hab1hty and expense mcurred are recorded at year-end as accrued vacatton 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 Waycross College had accrued hab1hty for compensated absences m the amount of$167,208 64 as of July I, 2001 For Fiscal Year 2002, $136,822.84 was earned m compensated absences and employees were prud $133,663 54, for a net mcrease of $3,159 30.
NON-CURRENT LIABILITIES Non-current hab1httes mclude hab1ht1es that will not be prud w1thm the next fiscal year
NET ASSETS The College's net assets are classified as follows
Invested in capital assets. net of related debt Tins represents the College's total mvestment m capital assets, net ofoutstandmg debt obligations related to those capital assets To the extent debt has been mcurred but not yet expended for capital assets, such amounts arc not mcluded as a component ofmvested m capital assets, net ofrelated debt (The term "debt obhgauons" as used m this defirut10n does not mclude debt of the GSFIC as discussed above)
Restricted net assets - nonexpendable Nonexpendable restncted net assets consist of endowment and sim!lar type funds m which donors or other outside sources have stipulated, as a cond1t1on ofthe gift mstrument, that the pnnc1pal 1s to be mamtamed mv1olate and m perpetuity, and mvested for the purpose of producmg present and future mcome, winch may either be expended or added to pnnc1pal The College may accumulate as much ofthe annual net mcome ofan mstttut10nal fund as 1s prudent under the standard estabhshed by Code Section 44-15-7 of Annotated Code of Georgia

Restricted net assets - expendable Restncted expendable net assets mclude resources m which the College 1s legally or contractually obhgated to spend resources m accordance with restnct1ons imposed by external tlnrd parties
Unrestricted net assets Unrestncted net assets represent resources denvcd from student tmtlon and fees, state appropnat1ons, and sales and services of educational departments and aux1hary enterpnses These resources are used for transactions relatmg to the educat10nal and general operat10ns of the College, and may be used at the d1scre11on of the govemmg board to meet current expenses for those purposes, except for unexpended state appropnat1ons (surplus) of$1,121 56 Unexpended state appropnatlons must be refunded to the Board ofRegents ofthe Umvers1ty System of Georgia - Adm1mstrat1ve Central Office for remittance to the Office of Treasury and Fiscal Services These resources also mclude aux1hary enterpnses, which are substantially self-supportmg ac!Jv1ttes that provide services for students, faculty and staff
- 18 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NET ASSETS When an expense 1s mcurred that can be prud usmg either restncted or unrestncted resources, the College's pohcy 1s to first apply the expense towards unrestncted resources, and then towards restncted resources
INCOME TAXES Waycross College, as a pohtlcal subd1V1s1on of the State of Georgia. 1s excluded from Federal mcome taxes under Section 115( 1) of tbe Internal Revenue Code, as amended
CLASSIFICATION OF REVENUES The College has classified Its revenues as either operatmg or non-operating revenues m the Statement of Revenues, Expenses, and Changes m Net Assets accordmg to the followmg cntena
Operating revenues Operating revenues mclude act1v1t1es that have the charactenstlcs ofexchange transactions, such as (1) student tuition and fees, net of scholarslnp allowances, (2) sales and services of aux1hary enterpnses, and (3) most Federal, state and local grants and contracts and Federal appropnatlons
Non-operating revenues Non-operatmg revenues mclude activities that have the charactenstlcs of non-exchange transactions, such as gifts and contnbut10ns, and other revenue sources that are defined as non-operatmg revenues by GASB No 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entllles That Use Proprietary Fund Accountmg, and GASB No 34, such as state appropnatlons and mvestment mcome
SCHOLARSHIP ALLOWANCES Student tmtion 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 Scholarslnp allowances are the difference between the stated charge for goods and services proVIded by the College, and the amount that 1s paid by students and/or third parties makmg payments on the students' behalf Certam governmental grants, such as Pell grants, and other Federal, state or nongovernmental programs, are recorded as either operatmg or nonoperatmg revenues m the College's financial statements To the extent that revenues from such programs are used to satisfy tmtion and fees and other student charges, the College has recorded contra revenue for schol~h1p allowances
NOTE 2 CASH AND CASH EQUIVALENTS. OTHER DEPOSITS. AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belongmg to the State of Georgia (and thus Waycross College) cannot be placed m a depository paymg mterest longer than ten days without the depos1toryproV1dmg a surety bond to the State. In heu of a surety bond, the depository may pledge as collateral any one or more of the followmg secuntles as enumerated m the Official Code of Georgia Annotated Section 50-17-59
- 19 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT "D"

NOTE 2 CASH AND CASH EOUNALENTS. OTHER DEPOSITS. AND INVESTMENTS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES I Bonds, bill, certificates of mdebtedness, notes, or other direct obhgatJons ofthe Uruted States or of the State of Georgia
2. Bonds, bills, certificates of mdebtedness, notes, or other obhgallons of the counues or mumc1pahlles 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 authonlles created by the laws of the State of Georgia
5 Bonds, bills, certificates of mdebtedness, notes, or other obhgallons of a subs1d1ary corporation ofthe Umted States government.. which are fully guaranteed by the Uruted States government both as to pnnc1pal and mterest.. or debt obhgallons issued by the Federal Land Bank, the Federal Home Loan Bank, The Federal Intermediate Credit Bank, the Central Bank for Cooperallves. the Farm Credit Banks, the Federal Home Loan Mortgage Assoc1allon, and the Federal National Mortgage Assoc1a11on
6 Guarantee or msurance of accounts proVIded by the Federal Deposit Insurance Corporallon
As authonzed m the Official Code of Georgia Annotated Section 50-17-53, the State Depos11ory Board has adopted pohc1es which allow agencies of the State of Georgia (and thus Waycross College), the opllon of exemptmg demand deposits from the collateral reqmrements
The Treasurer ofthe Board ofRegents 1s responsible for all detruls relative to furrushmg the reqmred depository protect10n for all umts of the Umverslly System of Georgia
CATEGORIZATION OF DEPOSITS The College's cash deposits are categonzed by nsk as follows
Category I - Amounts covered by depository Insurance or collatcrahzed With secunues (at fau value) held by the College or by its agent m the College's name
Category 2 - Amounts collaterahzed with secunlles (at fair value) held by the pledgmg financial mslltullon's trust department or agent m the College's name
Category 3 - Amounts collaterahzed with secunt1es (at fair value) held by the pledging financial mstJtullon, or by its trust department or agent but not m the College's name, and amounts uncollateral1zed
- 20 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT "D"

NOTE 2 CASH AND CASH EQUIVALENTS. OTHER DEPOSITS. AND INVESTMENTS

CATEGORIZATION OF DEPOSITS Cash Deposits as of June 30, 2002 are as follows

Cash DcpoSits

Carrying Amount

Bank
Balances

s 622 221 75 s 674 2so 35 s

Risk Categoric,; 2
1250 ;5 s sz, ooo oo s___o..oo..,

CATEGORIZATION OF INVESTMENTS At June 30, 2002, the College's mvestments consisted of the followmg

Type oflnvestment

Carrymg Amount

Board of Regents Short-Tenn Fund Total Return Fund
Total Investments

S 47,908 94 256,632 26
s 304 54L2Q

Funds mvested man mvestrnent pool managed by another governmental entity are not required to be categonzed smce the College did not own any specific, 1den11fiable mvestment secunlles ofthe pool

NOTE 3 ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following at June 30, 2002
Student Tuition and Fees Aux1hary Enterpnses and Other Operatmg Act1v1t1es Federal, State, and Pnvate Funds Other

s I9,331.92
15,992 88 111,686 14 63 870 47

Net Accounts Receivable NOTE 4 INVENTORIES

$ ,10,881 41

Inventones consisted of the followmg at June 30, 2002

Bookstore Food Services Other
Total

$ 65,489 26 4,508 02 12.655 77
s s,,6s3,os

- 21 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT"D"

NOTE 5 CAPITAL ASSETS

The balance at July I, 2001 was adJusted for accounting changes reqmred in 1mplement:mg GASB Statements 34 and 35 as disclosed in Note I Following are the changes in cap1taJ assets for the year ended June 30, 2002

AdJusted
Balance
July I. 2001

Add!UODS

Reduct10ns

Balance June 30 2002

Capital Assets, Not Bemg Depreciated

Land and Land Improvements

s 358 789 49 $

O 00 s

O00 $ 358,789 49

Capital Assets: Bemg Depreciated
Infrastructure Buddmg and Bu1ldmg Improvements Fac1ht1cs and Other Improvements Equipment Library Collecnons

s 1,343,722 00 10,859,143 50 S 980.473 00 I ,372,403 28
1,065.657 78

S 15,621,392 56 s

51,077 00
41,39345 5 61,254 76
153 725 21 s

$ 1,343,722 00 I0,9 I0,220 50 980,473 00
15,139 00 1,398,657 73 4 195 00 1 122,717 54
19 334 00 s 15,755 790 77

Less Accumulated Dcprcc1at1on

In ftastructure

$

Buildmgs and Bu1ldmg Improvements

Fac1ht1cs and Other Improvements

Equipment

Library Collecnons

635,930 93 $ 2,929.542 98
653,359 70 936,160 53
989,758 69

$ 6 144 752 83 s

45,959 05 355,396 08
57,465 73 47,862 54 $ 5414600
560 829 40 S

$
15,139 00 4 195 00

681,889 98 3,284,939 06
710,825 43 968,884 07
I 039 709 69

19,33400 $ 6 686 248 2,

Total Capital Assets, Bemg Depreciated,

Net

5 9,476.646 73 $

Capital Assets, Net

s~JM.lei..22 s

-407 104 12 5
07 10412 5

000 5 9 069 542 54
000 s 9 428,312.J}J

NOTE6 DEFERRED REVENUE

Deferred revenue consisted of the following at June 30, 2002
Prepaid Tmtlon and Fees Other Deferred Revenue
Totals

$ 163,008 16 7 643 67
$ !70.65 )."

NOTE 7 LONG-TERM LIABILITIES

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

Compensated Absences

Balance July 1 2001

Addn1ons

Reductions

Balance June 30, 2002

Current
Pomon

s 142 20s 64 s n6 s22 84 s 133 663 54 s 170 '67 94 s 13, 663 54

- 22 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE 8 RETIREMENT PLANS

TEACHERS RETIREMENT SYSTEM OF GEORGIA

Plan Description Waycross College participates m the Teachers Retirement System ofGeorgia (TRS). a cost-shanng 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 Georgia TRS proV1des serV1ce retrrement, d1sab1hty rellrement, and survivor's benefits for its members m accordance with State statute The Teachers Rellrement System of Georgia issues a separate stand alone financial audll report and a copy can be obtamed from the Georgia Department of Audas and Accounts

Funding Policy Employees of Waycross College who are covered by TRS are reqmred by State statute to contnbute 5% of their gross earmngs to TRS Waycross College makes monthly employer contnbutions to TRS at rates adopted by the TRS Board of Trustees m accordance with State statute and as advised by their mdependent actuary For fiscal year 2002, the employer contnbut10n rate was 9.24% for covered employees Employer contnbullons for the current fiscal year and the preceding two fiscal years are as follows

Fiscal Year
2002 2001 2000

Percentage Contnbuted
100% 100% 100%

Reqmred Contnbullon
$ 180,268 71
$ 214.618 55
$ 231.91873

REGENTS RETIREMENT PLAN

Plan Description The Regents Rellrement Plan, a smgle-employer defined contnhut1on plan, 1s an optional rellrement plan established and adm1mstered by the Board of Regents of the Umverslly System of Georgia, under which 1t may purchase annmty contracts for the purpose of prov1dmg rellrement and death benefits for ehg1ble faculty and pnncrpal adm1mstrators Benefits depend solely on amounts contnbuted to the plan plus mvestrnent earnmgs. Benefits are payable to part1c1patmg employees or their benefic1anes m accordance with the terms of the annmty contracts

- 23 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTES RETIREMENTPLANS
REGENTS RETIREMENT PLAN
Funding Policy Member contnbutton reqmrements are estabhshed by the Board of Trustees of the Teachers Rettrement System Employer contnbut10ns are estabhshed by statute and may be amended only by the General Assembly of the State of Georgia The employer contnbutes 9 62% of the part1c1patmg employee's earnable compensahon Employees contnbute 5% of their earnable compensation Amounts attnbutable to all plan contnbul!ons are fully vested and non-forfe1table at all times Waycross College and the covered employees made the reqmred contnbut1ons of $71,252 04 (9 62%) and $37,033 30 (5%), respectively
GEORGIA DEFINED CONTRIBUTION PLAN
Plan Description Waycross College participates m the Georgia Defined Contnbuhon Plan (GDCP) which 1s a smgleemployer defined contnbuhon plan established by the General Assembly ofGeorgia for the purpose ofprov1dmg retirement coverage for State employees who are temporary, seasonal, and part-ttme and are not members of a pubhc rettrernent or pens10n system GDCP 1s admm1stercd by the Board of Trustees of the Employees' Retirement System of Georgia
Benefits A member may retire and elect to receive penod1c payments after attamment ofage 65 The payment will be based upon mortahty tables and mterest assumpuons to be adopted by the Board of Trustees If a member has less than$ 3,500 00 credited to lus/her account, the Board ofTrustees has the option ofrequmng a lump sum d1stnbutton to the member m heu ofmakmg penod1c payments Upon the death of a member, a lump sum d1stnbuhon equahng the amount credited to his/her account will be paid to the member's designated beneficiary Benefit prov1S1ons are estabhshed by State statute
Contributions and Vesting Member contnbut1ons are seven and one-halfpercent (7 5%) of gross salary There are no employer contnbutlons Contnbutton rates are estabhshed by State statute Earnings are credited to each member's account m a manner estabhshed by the Board of Trustees Upon termmatton of employment, the amount of the member's account 1s refundable upon request by the member
Total contnbutlons made by employees dunng fiscal year 2002 amounted to $3,765 19 which represents 7 5% of covered payroll These contnbut1ons met the reqmrements of the plan
NOTE 9 RISK MANAGEMENT
Waycross College 1s a part1c1pant m the Board of Regents of the Umversny System of Georgia Health Benefits Plan, which 1s a self-msurance program ofhealth and dental benefits for employees and retirees ofthe Umvers1ty System ofGeorgia Waycross College and part1c1patmg employees and
- 24 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2002

EXHIBIT "D"

NOTE 9 RISK MANAGEMENT
retirees pay premmms to the Health Benefits Plan for this health insurance coverage The Health Benefits Plan 1s included in the financial statements of the Board of Regents of the Umvers1ty System of Georgia - Administrative Central Office All umts of the Umvers1ty System of Georgia share the nsk ofloss for claims ofthe Health Benefits Plan The Health Benefits Plan 1s considered a self-sustaining nsk fund that provides health coverage for its members up to a maximum lifetime benefit of$2,000,000 00 per person and dental coverage up to an annual maximum of$ l ,OOO 00 per person The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance With the Health Benefits Plan as established by the Board of Regents
The Department of Adm!Illstrallve Services (DOAS) has the respons1b1lity for the State of Georgia ofmakmg and carrying out dec1S1ons that will min1m1ze the adverse effects of accidental losses that involve State government assets The State believes 1t 1s more economical to manage its nsks internally and set aside assets for claim settlement Accordingly, DOAS processes claims for nsk of loss to which the State 1s exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemmficauon L1m1ted amounts of commercial msurance are purchased applicable to property, employee and automobile liability, fidelity and certain other nsks Waycross College, as an organ1zallonal umt of the Board of Regents of the Umverslly System of Georgia, 1s part ofthe State of Georgia reporting entity, and as such, 1s covered by the State of Georgia nsk management program administered by DOAS Premiums for the nsk management program are charged to the vanous state organ1zat1ons by DOAS to provide claims servicing and claims payment
A self-insured program of profesSJonal liab1hty for Its employees was established by the Board of Regents of the Umvers1ty System of Georgia under powers authonzed 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 liab1hty for damages ansing out of the performance of then duties or in any way connected therewith The program 1s adm1mstered by DOAS as a SelfInsurance Fund
NOTE 10 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 of expenditures which may be d1sallowed by the grantor cannot be determined at this time although Waycross College expects such amounts, 1f any, to be 1mmatenal to its overall financial position
L11lgallon, claims and assessments filed against Waycross College (an organ1zat1onal umt of the Board ofRegents of the Uruvers1ty System ofGeorgia), 1fany, are generally considered to be acuons against the State of Georgia Accordingly, s1gmficant litlgauon, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 2002
- 25 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMENTS
JUNE 30. 2002

EXHIBIT "D"

NOTE 11 POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
Pursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-331, the Board of Regents ofthe Uruvers1ty System of Georgia has estabhshed group health and hfc msurance programs for regular employees of the Umvers1ty System ofGeorgia It 1s the pohcy ofthe Board ofRegents to perrrut employees ofthe Umvers1ty System of Georgia ehg1ble for retirement or that become permanently and totally disabled to contmue as members of the group health and hfe msurance programs Employees who are ehg1ble for retirement or d1sab1hty under the cntena estabhshed by the Teachers Retirement System ofGeorgia and who have at least ten years ofservice with the Umvers1ty System of Georgia are eligible for these post-employment health and hfe msurance benefits Orgaruzatlonal units of the Board of Regents of the Umvers1ty System of Georgia pay the employer portion for group msurance for affected mdiv1duals
As of June 30, 2002, there were 13 employees who had retired or were disabled that were rece1vmg these post-employment health and hfe msurance benefits For the year ended June 30, 2002, Waycross College recogruzed as mcurred $40,735.28 ofexpenditures, wluch was net of$ l 4,696 93 of participant contnbutlons

- 26 -

WAYCROSS COLLEGE NOTES TO THE FINANCIAL STATEMEl'ffS
JUNE 30, 2002

EXHIBIT"D"

NOTE 12 NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATIONS

The College's operatmg expenses by funcllonal class1ficat1on are shown below

~tatement ofOpcratmg b.penscs - Natural vs Functional Class1ficat1ons For the Fiscal Year Ended June 30, 2002

Nnwral C1ass1f1CJ.non

lnstrucllon

Euncttonal CWmficatmn

Academic
Support

Student
~m,ccs

lnst1nmonal
~upnorJ

Salancs Faculty Staff
Employ Benefits Travel Scholarslups and
Fellowshrps Ut11m~ Supplies and Other
~=ccs
Depn:c1.at1on
Toal Operanng Expenses

s 1,034,193 74 s

s 6,500 00

6,800 00

144,573 74

370,274 39

s 363,604 40

300,12519

92,778 74

89,861 34

8,658 22

15,969 35

9,924 97

3,119 76 101,964 20

34,67136 259,654 57

3,958 22 151,462 12

614,15609 227,955 45 22,930 09
53,842 68 4,904 35
166,236 04

s I 522 694 85 s 779 854 41 s 6'3.611 14 S__L09P 024 70

Narural Clas,ificatmn
~lanes raculry
Staff Employee Benefits Travel Scholarships and
FellowshtpS Ut1lmes !,upphcs and Other
!,erviccs
Deprtt1at1on
Total Operating b:pcnses

Plant Operations and
Maintenance

E1m!a:12Dal Cli1.1s1fi~t12n

Scholarships
and Fcllowshros

Aux1lwy
t.ntrnm:;es

Lmallocated
QeprectatlQD

Total
Operaons
txoenses

s 313,939 94 105,429 62 474 21
161,593 62 688,563 66
s I ~70 Ql21 g~

s s 580,981 90
s ~M! ~I 22 s

64 320 61 16,176 37
32420

s 1,047,493 74
1,870,869 26
832.326 71
58..281 04

898 41

614,824 58 209,21 I 72

12,603 41
s 560 829 40

1,380,4!14 00
560 82Q,4Q

ln 94 00 s ~czg 822iQ 5 ~5~l"~

- 27 -

SUPPLEMENTARY INFORMATION - 29 -

WAYCROSS COLLEGE SCHEDULE OF REVENUES AND EXPENDfTURES COMPARED TO
BUDGET - {NON-GAAP BASIS) RESIDENT INSTRUCTION
YEAR ENDED JUNE 30. 2002

SCHEDULE "1"

REVENUES
State Appropnallons Other Revenues Retained

BUDGET

ACTUAL (1)

VARIANCEFAVORABLE (UNFAVORABLE)

$ 4,025,231 00 $ 4,025,231 00 $

2,512 820 00

2 077 421 02

000 -435 398 98

s 515351051 oo s 6.102.652 02 s___-4--'-35'-3_98~9~8

EXPENDITURES
Personal Services Education, General and Departmental Services Sponsored Operabons
Operating Expenses Educabon, General and Departmental Services Sponsored Operabons
Capital Outlay Special Funding Initiative

$ 3,588,782 00 $ 3,584,182 24 $

27,10700

13,569 74

1,139,294 00 1,469,543 00
246,90000 66425 00

1,135,512 26 1,064.495 87
242,08644 66425 00

4,599 76 13,537 26
3,781 74 405,04713
4,813 56 000

s s 6 538,051 oo

6,100 211 55 s_ _ _4_3_1_1_19_45_

1

Excess of Revenues over Expendrtures

$

-3 619 53 $ -~---3=-.6~1_9_5,._3

(1) Actual amounts were prepared on a prescnbed basts of a=unbng that demonstrates compliance with budgetary statutes and regulations of the State of Georgia, which Is a comprehensive basis of a=unnng other than generally accepted a=untIng pnnciples

See a=mpanyIng notes and Independent A=untant's Combined Report on Review of Basic F1nanc1al Statements and Supplementary \nformabon
- 31 -

WAYCROSS COLLEGE SCHEDULE OF RE\IENUES AND EXPENDITURES COMPARED TO
BUDGET {NON-GAAP BASIS) LOllRY FOR EDUCATION YEAR ENDED JUNE 30, 2002

SCHEDULE "2"

REVENUES State Appropnat1ons

BUDGET

ACTUAL (1)

VARIANCEFAVORABLE (UNFAVORABLE)

$

103 886 00 $

103,886 oo $ _ _ _ _ _0-'o_o

EXPENDITURES
Equ1pmen1, Technology and ConstruclJon Trust Fund
Spec,al Funding lnltlatJves

$

39,370 00 $

39,370 00 $

64 516 00

64 516 00

000 000

Excess of Revenues over Expenditures

$

10388600 $

103,886 00 $ ------'0-'00'-'-

s

o oo $ ~ - - - - - 0..0...,,0

(1) Actual amounts were prepared on a prescnbed basis of accoun1mg that demonstrates compliance wrth budgetary staMes and regulabons of the State of Georgia, which 1s a comprehens,ve basis of accounting other than generally accepted accounbng pnnc,ples

See accompanying notes and Independent Accountant's Combined Report on Review of Basic F,nanc,al Statements and Supplemen1ary lnfonnabon
- 32 -

WAYCROSS COLLEGE RECONCILIATION OF SALARIES AND TRAVEL
YEAR ENDED JUNE 30, 2002

SCHEDULE "3"

Totals per Annual Supplement
Accruals June 30, 2001
Adjustments Shared SeN1ces on Jointly Staffed Personnel Valdosta State University Mp1nga, Derek
Compensated Absences June 30, 2001 June 30, 2002

SALARIES S 2,932,063 87 $

TRAVEL 58.281 04

-13.135 66

-3,500 00 -155,326 19 158,260 98
$ 2,9181363 00 $ _.,.,.;5;;;;8:.:,2;::8.;.1,;;;04;..

See accompanying notes and Independent Accountant's Combined Report on Review of Basic Financial Statements and Supplementary lnformahon
- 33 -