University of West Georgia, Carrollton, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended June 30, 2010

UNIVERSITY O F WEST
GEORGIA
CARROLLTON, GEORGIA

I '

I .

11, I I -

(I:

!'I I
- p'

I 11 ,:
'1 i;,

INDEPENDENT ACCOUNTANT'S
REPORT ON APPLYDJG AGREED-
UPON PROCEDURES
FOR FISCAL YEAR ENDED JUNE 30,2010

1 Georgia Department of Audits and Acigamts -I I Russell W. Hinton 1 State,,A, u,d, itoli' r' 4:

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 B STATEMENT OF PROGRAM REVENUES AND EXPENDITURES BY FUNDING
SOURCE COMPARED TO BUDGET

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

DEPARTMEONFTAUDITASND ACCOUNTS
270 Washington Street, S.W., Suite 1-156 Atlanta, Georgia 30334-8400
November 16,2010

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 Applving 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) of the Board of Regents of the 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 2010 Annual Financial Report for inclusion in the University System of Georgia's Annual Financial Report, the State of Georgia's Comprehensive Annual Financial Report (C4FR) and Single Audit Report; and to assist you in assessing the accuracy of the budget basis information provided in the Summary Budget Cumparison and Surplus Analysis Report and Statement of Program Revenues and Expenditures 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:
1. 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, LongTerm 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 2010. Confirm that these write-off requests 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 of salaries, 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 and Surplus Analysis Repod (Exhibit A) and Statement of Program 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 if any 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.

15. Review documentation to ensure that all subsidiary modules including BANNER are reconciled to the general ledger at least quarterly in accordance with the Business Procedures Manual Section 10.6.2. and ensure that reconciling items are adequately explained and resolved in a timely 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 of which 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,

n

\

~u$selWl . Hinton, CPA, CGFM State Auditor

EXHIBITS

UNIVERSITY OF WEST GEORGIA SUMMARY BUDGET COMPARISON AND SURPLUS ANALYSIS REPORT
YEAR ENDED JUNE 30,2010

REVENUES State Appropriation State General Funds Federal Funds Other Funds Total Revenues
CARRY-OVER FROM PRIOR YEAR Transfer from Resewed Fund Balance Total Funds Available
EXPENDITURES
Excess of Funds Available over Expenditures FUND BALANCE JULY 1
Reserved ADJUSTMENTS
Prior Year Payables/Expenditures Prior Year Receivables/Revenues Early Return of Surplus in Current Fiscal Year Prior Year Resewed Fund Balance Included in Funds Available FUND BALANCEJUNE 30
SUMMARY OF FUND BALANCE Reserved Department Sales and Sefvices Indirect Cost Recoveries Technology Fees Uncollectible Accounts Receivable Tuition Carry-Over Inventories
Unreserved Surplus
Total Fund Balance

BUDGET

ACTUAL

EXHIBIT "A"
VARIANCE FAVORABLE (UNFAVORABLE)

Special Funding Initiative state Appropriation State General Funds

UNIVERSITY OF WESTGEORGIA STATEMENTOF PROGRAMR M N U E S AND MPENDITURESBY FUNDINGSOURCE W M P A R W TO 0UDGCl
YEAR ENDEDJUNEBO.2010

Orlglnal Appropnat~on

Final Budget

Current Year Revenues

Funds Ava~lableCompared to Budget

Prlor Year Qrty Over

Total Funds Available

Varlance
POSIDY~
(Negative)

Tsachtng State Approprtstlan State General Funds Federal Funds Amerncan Recovelyand Reinvestment Act of 2 0 W Federal Stablltzatlon Funds Other Funds
Total Teachlng
- Grand Totala All Programs

Expenditures Compared to Budget

Var~ance

Pos~t~ve

Actual

(Negat~ve)

Actual FundsAva~lable
Over/(Under) Expend~tures

Early

Prlor Perlad

Other

Rem~ttance

--- Adjustments Ad)ustments

of Surplus

Program Fund
Balanoes

Transfers

Program Fund Balances

Resewe

Surplus

Total Fund Balance

Unexpendable Reserves Uncolleable Accountr Receivable lnventotles