University of West Georgia, Carrollton, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2008

STATE OF GEORGIA DEPARTMENT OF AUDITS AND ACCOUNTS
I
UNIVERSITY OF WEST GEORGIA CARROLLTON, GEORGIA
INDEPENDENT ACCOUNTANTS REPORT ON APPLYING AGREED-UPON PROCEDURES
FOR THE FISCAL YEAR ENDED JUNE 30, 2008
Russell W. Hinton State Auditor

UNIVERSITY OF WEST GEORGIA - TABLE OF CONTENTS -

INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES

EXHIBITS

A SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT

1

B STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING

SOURCE COMPARED TO BUDGET

2

RUSSELL W. HINTON
STATE AUDITOR
(404) 656-2174

DEPARTMENT OF AUDITS AND ACCOUNTS
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400
December 16, 2008

Members of the State Board of Regents of the University System of Georgia Honorable Beheruz Sethna, President University of West Georgia
Independent Accountant's Report on Applying Agreed-Upon Procedures
Ladies and Gentlemen:
We have performed the procedures enumerated below, which were agreed to by the University and the University System Office (Oversight Unit) ofthe Board of Regents ofthe University System of Georgia, solely to assist you in assessing the accuracy of the financial information reported to the University System Office in the University's 2008 Annual Financial Report for inclusion in the State of Georgia's Comprehensive Annual Financial Report (CAFR) and Single Audit Report; and to assist you in assessing the accuracy of the budget basis information provided in the Summary Budget Comparison and Surplus Analysis Report and Statement ofProgram Revenues andExpenditures by Funding Source Compared to Budget which are attached as Exhibits A and B, respectively. University of West Georgia's management is responsible for the financial information reported to the University System Office in the University's Annual Financial Report. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.
The procedures and the associated findings are as follows:
I. Review selected balance sheet items reported on the Annual Financial Report (cash, accounts receivable, accounts payable, deferred revenues, net assets). Confirm that these items have adequate supporting documentation and are properly reconciled to the University's general ledger.
We did not note any exceptions as a result of our procedures.

2. Obtain the University's GAAP basis Statement of Net Assets and Statement of Revenues, Expenses and Changes in Net Assets (SRECNA) submitted for inclusion in the State's CAFR and Single Audit. Utilizing test scripts, confirm that financial information presented in these statements properly supports activity reported in the University's accounting records.
We did not note any exceptions as a result of our procedures.
3. Obtain the University's Statement of Cash Flows submitted for inclusion in the State's CAFR and Single Audit. Utilizing cash flow worksheets, confirm information reported on Statement of Cash Flows.
We did not note any exceptions as a result of our procedures.
4. Obtain the University's Notes to the Financial Statements submitted for inclusion in the State's CAFR and Single Audit. Utilizing notes worksheets and other supporting documentation confirm that note disclosures related to Cash, Investments, Accounts Receivable, Capital Assets, Long-Term Debt, Lease Obligations and Retirement Plans have been properly reported.
We did not note any exceptions as a result of our procedures.
5. Review the University's year end GAAP basis journal entries. Obtain documentation for GAAP journal entries and confirm that the entries were posted to the University's Annual Financial Report.
We did not note any exceptions as a result of our procedures.
6. Confirm that State Appropriation revenues, receivables and remittances of prior year surplus balances have been properly recorded in the University's financial records. Prior year surplus balances should be netted against State Appropriation revenues in the GAAP basis financial statements; however, prior year surplus balances should be reflected as fund balance adjustments on the Budget basis financial statements.
We did not note any exceptions as a result of our procedures.
7. Obtain listing of write-off requests for accounts receivable less than $3,000.00 for fiscal year 2008. Confirm that these write-offrequests have been approved by the State Accounting Officer and have been posted to the University's financial statements.
We did not note any exceptions as a result of our procedures.
8. Verify that the listing ofsalaries, travel, and professional services reported to the Department of Audits is in accordance with O.C.G.A. 50-6-27 and reconciles to amounts recorded in the University's financial statements.
We did not note any exceptions as a result of our procedures.

9. Review year end Budgetary Statements including the Summary Budget Comparison andSurplus Analysis Report (Exhibit A) and Statement ofProgram Revenues and Expenditures by Funding Source Compared to Budget (Exhibit B). Confirm that budget information presented in these statements supports activity reported in the University's accounting records and determine ifany budget overexpenditures exist.
We did not note any exceptions as a result of our procedures.
10. Obtain documentation for Budget basis reserves reported by University on the Summary Budget Comparison and Surplus Analysis Report (Exhibit A). Confirm that the reserves are properly documented, valid and appropriate.
We did not note any exceptions as a result of our procedures.
11. Review the H.O.P.E. Scholarship Program reconciliation between the University and the Georgia Student Finance Commission. Confirm that information reported to the Georgia Student Finance Commission has been reconciled with H.O.P.E. Scholarship activity reported on the University's financial records.
We did not note any exceptions as a result of our procedures.
12. Review the Schedule of Expenditures of Federal Awards information submitted by the University for inclusion in the Statewide Single Audit. Confirm that the information is properly presented and supported by the University's accounting records.
We did not note any exceptions as a result of our procedures.
13. Review capital asset records to ensure that (1) subsidiary ledgers are appropriately reconciled to the ledgers, (2) capitalization thresholds are being properly followed, and (3) a complete annual physical equipment inventory is being conducted and that issues noted during the physical inventory are being properly addressed by management.
We did not note any exceptions as a result of our procedures.
14. Review bank reconciliations during the year under review to ensure that management is preparing them timely and that reconciling items are being addressed by management timely and in an appropriate manner.
We did not note any exceptions as a result of our procedures.
These agreed-upon procedures do not constitute an audit of the financial statements or any part thereof, the objective ofwhich is to express an opinion on the financial statements or a part thereof. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This report is intended solely for the information and use of the specified users listed above and is not intended to be and should not be used by anyone other than these specified parties.
Respectfully submitted,
~~
ell W. Hinton, CPA, CGFM State Auditor
RWH:as

EXHIBITS

UNIVERSITY OF WEST GEORGIA SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT
YEAR ENDED JUNE 30, 2008

EXHIBIT"A"

REVENUES
State Appropriation State General Funds
Federal Funds Other Funds
Total Revenues
CARRY-OVER FROM PRIOR YEAR
Transfer from Reserved Fund Balance
Total Funds Available
EXPENDITURES
Special Funding Initiative Teaching
Total Expenditures
Excess of Funds Available over Expenditures
FUND BALANCE JULY 1
Reserved Unreserved
ADJUSTMENTS
Prior Year Payables/Expenditures Prior Year Receivables/Revenues Unreserved Fund Balance (Surplus) Returned
to Board of Regents - University System Office Year Ended June 30, 2007
Prior Year Reserved Fund Balance Included in Funds Available
FUND BALANCE JUNE 30
SUMMARY OF FUND BALANCE
Reserved Departmental Sales and Services Indirect Cost Recoveries Technology Fees Uncollectible Accounts Receivable Tuition Carry-Over Inventories
Total Reserved
Unreserved Surplus
Total Fund Balance

BUDGET

ACTUAL

VARIANCEFAVORABLE (UNFAVORABLE)

$

48,576,452.00 $

48,576,452.00 $

15,027,022.00

9,890,628.66

40,506,275.00

41,806,875.93

$ 104,109,749.00 $ 100,273,956.59 $

0.00 -5, 136,393.34 1,300,600.93
-3,835, 792.41

0.00

620,292.99

$ 104 109 749.00 $ 100,894,249.58 $

620,292.99 -3,215,499.42

$

84,040.00 $

104,025,709.00

$ 104,109,749.00 $

$

0.00 $

83,980.59 $ 98,821,084.42
98,905,065.01 $
1,989,184.57 $

59.41 5,204,624.58
5,204,683.99
1989184.57

976,567.83 75.06

36,481.47 -6,432.01

-75.06 -620,292.99

$

2 375 508.87

$

304,357.11

388,712.48

443,074.45

473,219.56

595,280.21

129 803.25

$

2,334,447.06

41 061.81

$

2,375,508.87

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UNIVERSITY OF WEST GEORGIA STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING SOURCE COMPARED TO BUDGET
YEAR ENDED JUNE 30, 2008

Special Funding Initiative
State Appropriation State General Funds

Original Appropriation

Final Budget

Current Year Revenues

Funds Available Comeared to Budget

Prior Year Carry-Over

Total Funds Available

Variance Positive (Negative)

$

84,040.00 $

84 040.00 $

84,040.00 $

0.00 $

84,040.00 $

0.00

Teaching State Appropriation State General Funds Other Funds
Total Teaching

$ 49,580,585.00 $ 48,492,412.00 $ 48,492,412.00 $

58,247,070.00

55 533 297.00

51,697,504.59

$ 107 827 655.00 $ 104,025,709.00 $ 100.189,916.59 $

0.00 $ 620,292.99

48,492,412.00 $

0.00

52,317 797.58

-3,215 499.42

620,292.99 $ 100,810,209.58 $ -3,215.499.42

Grand Totals -All Programs

$ 107,911,695.00 $ 104,109,749.00 $ 100,273,956.59 $

620,292.99 $ 100,894,249.58 $ -3,215,499.42

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EXHIBIT"B"

Exj1!ndttures Coml!!!red to Budget

Variance

Positive

Actual

(Negative)

Actual Funds Available
OVer/(Under)
Expenditures

Prior Period Adjustments

Other Adjustments

Program Fund
Balances

Transfers

P!'.!!!lram Fund Balances

Reserve

Surplus

Total Fund Balance

$

s 83,980.59

59.41 $

59.41 $

0.00 $

0.00 $

59.41 $

0.00 $

0.00 $

59.41 $

59.41

$ 48,479. 140.21 $

13,271.79 $

50,341,944.21

5191,352.79

$ 98,821,084.42 $ 5,204,624.58 $

13,271.79 $ 1,975 853.37
1,989,125.16 $

36,481.47 $

0.00 $ 49,753.26 $ -8,750.86 $

0.00 $ 41,002.40 $

41,002.40

-6432.01

-246,747.97

1,722 673.39

8,750.86

1 731 424.25

0.00

1 731424.25

30049.46 $ -246 747.97 $ 1,772,426.65 $

0.00 $ 1.731,424.25 $ 41,002.40 $ 1,772,426.65

$ 98,905,065.01 $ 5,204,683.99 $ 1,989,184.57 $ 30,049.46 $ -246,747.97 $ 1,772,466.06 $

0.00 $ 1,731,424.25 $ 41,061.81 $ 1,772,486.06

Unexpendable Reserves Uncollectible Accounts Receivable Inventories

473,219.56 129 803.25
$ 2,375,508.87

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