{"response":{"docs":[{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1995-h96","title":"Review report, state of Georgia, Augusta Technical Institute, Augusta, Georgia, year ended June 30, 1996","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Richmond County, Augusta, 33.47097, -81.97484"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1995/1996"],"dcterms_description":["Ceased with: Year ended June 30, 1996.","Report year covers fiscal year.","Year ended June 30, 1994 (online surrogate); title from cover (Georgia Government Publications database, viewed September 13, 2023).","Year ended June 30, 1996 (online surrogate); (Georgia Government Publications database, viewed September 13, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1996-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Augusta Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Augusta Technical Institute, Augusta, Georgia, year ended June 30, 1996"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1995-h96"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1995-h96"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GA. \r\nAgoe . RI \r\nVb Aq \r\nIQQ5-Cj(, \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS \r\n254 WASHINGTON STREET ATLANTA. GEORGIA 30334 \r\n \r\n REVIEW REPORT STATE OF GEORGIA AUGUSTA TECHNICAL INSTITUTE AUGUSTA, GEORGIA YEAR ENDED JUNE 30, 1996 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATJON \r\n \r\nEXHIBITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET (STATUTORY BASIS) \r\n \r\nALL FUND TYPES AND ACCOUNT GROUPS \r\n \r\n2 \r\n \r\nB' STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \r\n \r\nGOVERNMENTAL FUND TYPE \r\n \r\n4 \r\n \r\nC STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nBUDGET FUND \r\n \r\n.5 \r\n \r\nSTATEMENTS OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nCOMPARED TO BUDGET \r\n \r\nBUDGET FUND \r\n \r\nD \r\n \r\n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\n9 \r\n \r\nE \r\n \r\n\"B\" LOTTERY FOR EDUCATION \r\n \r\n11 \r\n \r\nF NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n12 \r\n \r\nSUPPLEMENTARY INFORMATJON \r\n \r\nG COMBINING BALANCE SHEET (STATUTORY BASIS) \r\n \r\nBUDGET FUND \r\n \r\n28 \r\n \r\nH COMBINING STATEMENT OF CHANGES IN FUND BALANCE \r\n \r\n(STATUTORY BASIS) \r\n \r\nBUDGET FUND \r\n \r\n29 \r\n \r\nI COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nBUDGET FUND \r\n \r\n30 \r\n \r\nJ COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \r\n \r\nFIDUCIARY FUND TYPE - AGENCY FUNDS \r\n \r\n33 \r\n \r\nSCHEDULES \r\n \r\n1 CASH AND CASH EQUIVALENTS \r\n \r\n34 \r\n \r\n2 INVESTMENTS \r\n \r\n35 \r\n \r\n3 SCHEDULE OF FEDERAL REVENUES \r\n \r\n36 \r\n \r\n4 RECONCILIATJON OF SALARIES AND WAGES, AND TRAVEL \r\n \r\n37 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE - TABLE OF CONTENTS - \r\nSECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nOctober 16, 1996 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members of the State Board of Technical and Adult Education Members ofthe Local Board ofDirectors \r\nand Honorable Jack B. Patrick, President Augusta Technical Institute \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have reviewed the accompanying financial statements (Exhibits A through F) of Augusta Technical Institute as of and for the year ended June 30, 1996, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. As described in Note 1, these financial statements were prepared on a prescribed basis of accounting that demonstrates compliance with the budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. All information included in these financial statements is the representation ofthe management of Augusta Technical Institute. \r\nA review consists principally of inquiries of Institute personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, 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 opinion. \r\nBased on our review, we are not aware ofany material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the basis of accounting described in Note 1. \r\nOur review was made for the purpose ofexpressing limited assurance that there are no material modifications \r\nthat should be made to the financial statements in order for them to be in conformity with the basis of accounting described in Note 1. The accompanying supplementary information (Exhibits G through J and Schedules 1 through 4) is presented only for supplementary analysis purposes. Such information has been \r\n \r\n96ARL-4T \r\n \r\n Subjected to the inquiries and analytical procedures applied in the review of the financial statements, and we are not aware of any material modifications that should be made thereto. \r\nRespectfully submitted, \r\n~~A,.;o:~ \r\nClaude L. Vickers \r\nState Auditor \r\nCLV:dt 96ARL-4T \r\n \r\n FINANCIAL STATEMENTS - 1- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINED BALANCE SHEET (STATUTORY BASIS) \r\nALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1996 \r\n \r\nEXHIBIT \"A\" \r\n \r\nSee 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. \r\n2 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINED BALANCE SHEET (STATUTORY BASIS) \r\nALL FUND TYPES AND ACCOUNT GROUPS JUNE 30 1996 \r\n \r\nEXHIBIT \"A\" \r\n \r\nLIABILITIES AND FUNPEQUITY \r\nLiabilities Accounts Payable Salaries Payable Payroll Withholdings Deferred Revenue Tuition and Fees Funds Held In Custody for Others Compensated Absences \r\nTotal Liabilities \r\nFund Equity Investment in General Fixed Assets Fund Balance Reserved Federal Financial Assistance For Refund to Georgia Department of Technical and Adult Education  Administrative Central Olfice Inventories Live Work Projects Prior Year Local Funds State Grants and Contracts Student Services Unreserved Designated Surplus Regular Lottery for Education \r\nTotal Fund Equity \r\n \r\nGOVERNMENTAL FUND TYPE BUDGET \r\n \r\nFIDUCIARY FUND TYPE \r\nAGENCY \r\n \r\nACCOUNT GROUPS \r\n \r\nGENERAL \r\n \r\nGENERAL \r\n \r\nFIXED \r\n \r\nLONG-TERM \r\n \r\nASSETS \r\n \r\nDEBT \r\n \r\nTOTALS (Memorandum Only) JUNE 30, 1996 JUNE 30, 1995 \r\n \r\n$ \r\n \r\n1,270,056.72 \r\n \r\n35,535.48 \r\n \r\n6.499.27 \r\n \r\n2n,557.74 $ 217,344.12 \r\n \r\n$ \r\n \r\n1,589,649.21 $ 217.344.12 \r\n \r\n$ 1,270,056.72 $ 35,535.48 6,499.27 \r\n \r\n905,080.60 \r\n18.627.97 4,066.n \r\n \r\n$ 466,218.21 \r\n \r\n2n.557.74 217,344.12 466,218.21 \r\n \r\n220,282.50 175.829.19 416.854.35 \r\n \r\n$ 466,218.21 $ 2,273,211.54 $ 1,740,741.38 \r\n \r\n$ 4,971,193.72 \r\n \r\n$ 4,971,193.72 $ 4,768,940.39 \r\n \r\n$ \r\n \r\n39.43 \r\n \r\n332,834.35 \r\n \r\n116.669.26 \r\n \r\n133,087.34 \r\n \r\n0.00 \r\n \r\n166,373.41 \r\n \r\n294.80 96.68 \r\n \r\n$ \r\n \r\n749,395.27 \r\n \r\n$ 4,971,193.72 \r\n \r\n39.43 332,834.35 116.669.26 133,087.34 \r\n0.00 166,373.41 \r\n \r\n0.00 203,312.17 109,074.33 135,935.63 \r\n13,351.49 446,373.71 \r\n \r\n294.80 \r\n \r\n0.00 \r\n \r\n96.68 \r\n \r\n0.00 \r\n \r\n$ 5,720,588.99 $ 5,676,987.72 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\n2,339,044.48 $ 217,344.12 $ 4,971,193.72 $ 466,218.21 $ 7,993,800.53 $ 7,417,729.10 \r\n \r\nSee Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \r\n-3- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \r\nGOVERNMENTAL FUND TYPE YEAR ENDED JUNE 30, 1996 \r\n \r\nEXHIBIT\"B\" \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-4- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nEXHIBIT\"C\" \r\n \r\nFUNDS AVAILABLE \r\nREVENUES \r\nSTATE FUNDS Allotment from Georgia Department of Technical and Adult Education - Administrative Central Office \r\nFEDERAL REVENUES (See Schedule) \r\nOTHER REVENUES RETAINED Allotments from Georgia Department of Technical and Adult Education - Administrative Central Office Construction Reserve Trust Fund Contracts Georgia Department of Administrative Services Distant Learning Project Georgia Department of Human Resources PEACH Project Georgia Institute of Technology Satellite Technology Project Fees Application Graduation Registration/Continuing Education other Interest Earned Rents Sales and Services (Net) Tuition other Sources \r\nTotal other Revenues Retained \r\nTotal Revenues \r\nCARRY-OVER FROM PRIOR YEAR \r\nTransfer from Reserved Fund Balance Live Work Projects Prior Year Local Funds State Grants and Contracts Student Services \r\nTotal Carry-Over from Prior Year \r\n \r\nTOTALS YEAR ENDED \r\nJUNE 30, 1996 JUNE 30, 1995 \r\n \r\n$ 9,694,739.70 $ 9,412,451.46 $ 1,975,956.25 $ 1,691,403.67 \r\n \r\n$ 357.820.00 $ \r\n \r\n0.00 \r\n \r\n4,719.37 \r\n \r\n59,717.91 \r\n \r\n57,272.60 \r\n \r\n86,853.65 \r\n \r\n18,032.95 \r\n \r\n10,840.26 \r\n \r\n37,135.00 16,852.75 946,554.58 1,156.39 2.473.75 13,340.00 454.450.76 1,777,513.27 \r\n0.00 \r\n \r\n38,660.00 17,533.00 575,218.62 \r\n517.50 2,338.19 7,819.49 261.992.86 1,385,268.65 6,774.37 \r\n \r\n$ 3,687,321.42 $ 2,453,534.50 \r\n \r\n$ 15,358,017.37 $ 13,557,389.63 \r\n \r\n$ 109,074.33 $ 108,416.38 \r\n \r\n135,935.63 \r\n \r\n136,364.99 \r\n \r\n13,351.49 \r\n \r\n11.87 \r\n \r\n446,373.71 \r\n \r\n366,473.13 \r\n \r\n$ 704,735.16 $ 611,266.37 \r\n \r\nTotal Funds Available \r\n \r\n$ 16,062,752.53 $ 14,168,656.00 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-5- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30,1996 \r\n \r\nEXHIBIT\"C\" \r\n \r\nEXPENDITURES \r\nPERSONAL SERVICES-INSTITUTIONS \r\nSalaries and Wages Employer's Contributions for: \r\nF.I.C.A Retirement Health Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \r\nOPERATING EXPENSES-INSTITUTIONS \r\nOther Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing \r\nTravel Motor Vehicle Purchases Equipment \r\nEquipment Purchases Rental of Equipment Computer Charges Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts \r\nQUICK START PROGRAM \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.I.C.A Retirement Health Insurance \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities Other Operating Expenses \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-6- \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1996 JUNE 30,1995 \r\n \r\n$ 8,009,096.82 $ 7,249,204.77 \r\n \r\n212,218.55 826,897.48 838,024.64 \r\n5,344.00 20,584.00 \r\n \r\n181,223.84 766,519.36 777,376.03 \r\n4,849.00 18,901.00 \r\n \r\n$ 9,912,165.49 $ 8,998,074.00 \r\n \r\n$ \r\n \r\n9,373.67 $ \r\n \r\n4,146.28 \r\n \r\n695,829.12 \r\n \r\n462,367.68 \r\n \r\n297,152.20 \r\n \r\n149,025.30 \r\n \r\n447,157.61 \r\n \r\n445,255.13 \r\n \r\n0.00 \r\n \r\n10,882.48 \r\n \r\n45,886.18 \r\n \r\n48,431.25 \r\n \r\n523,273.36 \r\n \r\n829,775.06 \r\n \r\n18,607.40 \r\n \r\n38,423.53 \r\n \r\n102,163.61 \r\n \r\n90,696.11 \r\n \r\n0.00 \r\n \r\n12,884.60 \r\n \r\n748,412.86 8,274.86 \r\n \r\n204,028.31 5,032.54 \r\n \r\n74,974.42 24,443.50 \r\n0.00 \r\n \r\n11,257.10 36,085.20 \r\n51.10 \r\n \r\n90,007.30 2,550.00 \r\n \r\n214,925.45 17,562.00 \r\n \r\n$ 3,088,106.09 $ 2,580,829.12 \r\n \r\n$ 44,285.94 $ 33,402.98 \r\n \r\n819.11 451.38 360.76 \r\n \r\n1,474.54 . 2,580.60 2,013.45 \r\n \r\n19,541.20 37.40 \r\n21,179.34 10,665.94 \r\n \r\n20,030.26 2,531.64 \r\n20,092.98 11,340.44 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30.1996 \r\n \r\nEXHIBIT\"C\" \r\n \r\nEXPENDITURES \r\nQUICK START PROGRAM \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nSoftware Per Diem, Fees and Contracts \r\nPer Diem and Fees \r\nADULT LITERACY GRANTS \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Health Insurance \r\nother Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities other Operating Expenses Publications and Printing \r\nTravel Equipment \r\nEquipment Purchases Rental of Equipment Computer Charges' Software Real Estate Rentals Per Diem, Fees and Contracts Per Diem and Fees \r\nJOB TRAINING PARTNERSHIP ACT \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.I.C.A Retirement Health Insurance \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-7- \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1996 JUNE 30, 1995 \r\n \r\n$ \r\n \r\n5,223.78 $ \r\n \r\n1,130.05 \r\n \r\n3,267.89 \r\n \r\n290,346.03 \r\n \r\n$_....::..3;:9..;7..,.3L0;:8.;.:=8=2- $ \r\n \r\n1,809.72 20,513.92 \r\n7,289.89 462,350.88 585,431.30 \r\n \r\n$ 423,693.97 $ 418,763.02 \r\n \r\n16,113.09 36,819.05 32,000.99 \r\n \r\n16,097.94 35,336.00 31,123.37 \r\n \r\n1,281.38 13,130.99 \r\n1,895.18 14,474.01 71,768.03 \r\n0.00 9,138.05 \r\n \r\n0.00 22,992.58 \r\n1,392.71 3,631.28 45,086.77 \r\n519.38 2,545.92 \r\n \r\n2,700.62 700.77 \r\n \r\n8,736.40 0.00 \r\n \r\n164.00 400.00 \r\n \r\n0.00 0.00 \r\n \r\n0.00 \r\n \r\n2,878.70 \r\n \r\n624,280.13 $ 589,104.07 \r\n \r\n$ 172,664.77 $ \r\n7,447.47 22,935.35 20,999.17 \r\n5,847.24 1,749.34 11,329.34 \r\n \r\n35,071.06 \r\n579.13 4,118.47 4,254.04 \r\n232.24 440.00 \r\n0.00 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1996 \r\n \r\nEXHIBIT\"C\" \r\n \r\n$ 16,062,752.53 $ 14,168,656.00 \r\nSee 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. \r\n-8- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nCOMPARED TO BUDGET BUDGET FUND \r\n\"An DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30, 1996 \r\n \r\nEXHIBIT\"D\" \r\n \r\nFUNDS AVAILABLE REVENUES \r\nState Funds Federal Revenues Other Revenues Retained \r\nCARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ 9,621,063,00 $ 9,619,458.70 $ \r\n \r\n2,406,099.00 \r\n \r\n1,975,956.25 \r\n \r\n4,286,519.00 \r\n \r\n3,329,501,42 \r\n \r\n$ 16,313,681.00 $ 14,924,916.37 $ \r\n \r\n-1,604.30 -430,142.75 -957,017.58 \r\n-1,388,764.63 \r\n \r\n25,000.00 \r\n \r\n704,735.16 \r\n \r\n679,735.16 \r\n \r\n$ 16,338,681.00 $ 15,629,651.53 $ _ _-_7_09..:..,0_2_9._47_ \r\n \r\nEXPENDITURES \r\nPersonal Services-Institutions Operating Expenses-Institutions Quick Start Program Adult Literacy Grants Job Training Partnership Act \r\n \r\n$ 10,242,919.00 $ 3,649,667.00 397,309,00 642,167.00 1,406,619.00 \r\n \r\n9,912,165.49 $ 3,088,106.09 \r\n397,308.82 624,280.13 1,058,635.06 \r\n \r\n330,753.51 561,560.91 \r\n0.18 17,886.87 347,983.94 \r\n \r\n$ 16,338,681.00 $ 15,080,495.59 $ _----:.1.:.:;::.,2;,.;;.58~,..;..;18;..;..5..;..;,4...;...1 \r\n \r\nExcess of Funds Available over Expenditures \r\n \r\n$ 549,155.94 $ ===5::::49=,1=5=5,:=94= \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-9- \r\n \r\n ~ Ir(.~\" t \r\n1)5 IV \r\n \r\nI I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nCOMPARED to BUDGET \r\nBUDGET FUND \r\n\"B\" LOTTERY FOR EDUCATION \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nEXHIBIT\"E\" \r\n \r\nFUNDS AVAILABLE \r\nREVENUES \r\nState Funds Other Revenues Retained \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ \r\n \r\n75,281.00 $ \r\n \r\n75,281.00 $ \r\n \r\n0.00 \r\n \r\n357,820.00 \r\n \r\n357,820.00 \r\n \r\n0.00 \r\n \r\nEXPENDITURES \r\nEquipment-TechnicallnstiMes Repairs and Renovations \r\n \r\n- - - - - - $ 433,101.00 $ 433,101.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n75,281.00 $ \r\n \r\n75,281.00 $ \r\n \r\n357,820.00 \r\n \r\n357,820.00 \r\n \r\n0.00 0.00 \r\n \r\nExcess of Funds Available over Expenditures \r\n \r\n- - - - - - $ 433,101.00 $ 433,101.00 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 $=====O=.O~O \r\n \r\nSee 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. \r\n- 11 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY Augusta Technical Institute is one of twenty-nine (29) State supported member institutes of postsecondary education in Georgia which comprise the Georgia Department of Technical and Adult Education, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Augusta Technical Institute as a separate reporting entity. \r\nThe Institute's Local Board ofDireetors is composed of eleven (11) members serving staggered three-year terms who are appointed by the State Board of Technical and Adult Education. Appropriation of State funds is made to the Georgia Department of Technical and Adult Education by the General Assembly of Georgia. The Department's Administrative Central Office determines the amount of State funds to be received by Augusta Technical Institute. The Institute does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Augusta Technical Institute is considered an organizational urnt of the Georgia Department of Technical and Adult Education for financial reporting purposes because of the significance ofits legal, operational, and financial relationships as defined in Section 2100 ofthe Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \r\nFUND ACCOUNTING Augusta Technical Institute uses funds and account groups to report on its financial position and the results ofits operations determined in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting 'segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds are maintained consistent with legal and managerial requirements. Account groups are a reporting device used to account for certain assets and liabilities of the governmental funds not recorded directly in those funds. \r\nFunds and account groups presented in the accompanying financial statements are as follows: \r\nGOVERNMENTAL FUND TYPE \r\nBUDGET FUND - The fund used to account for activities and functions as set forth in the Amended Appropriations Act of 1995-1996. This fund also includes operations from various institutional services provided to students, faculty, and/or staff which are funded by fees charged to participants that are directly related to, but not necessarily equal to, the eost of service. The Budget Fund is similar in nature to a General Fund as defined in generally accepted accounting principles in that the Budget Fund is used to account for all activities except those required to be accounted for in some other fund. \r\nFIDUCIARY FUND TYPE \r\nAGENCY FUNDS - The funds used to account for assets held for use by other funds, governments, or individuals. \r\n- 12 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 1: SUM:MARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nFUND ACCOUNTING \r\nACCOUNT GROUPS \r\nGENERAL FIXED ASSETS - The account group used to account for fixed assets used in governmental fund type operations. Fixed assets purchased are recorded at cost or at estimated historical cost if historical cost is not practically determinable. 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 general fixed assets. \r\nThe cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets' lives are not included in the General Fixed Assets Account Group. Material improvements adding to the value or useful life ofthe assets are included in the General Fixed Assets Account Group. \r\nGENERAL LONG-TERM DEBT - The account group used to report the noncurrent portions of certain govemmentallong-term liabilities, such as claims, judgments, and compensated absences, which will be paid from future resources. \r\nBASIS OF ACCOUNTING MEASUREMENT FOCUS \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Governmental funds should be accounted for using the flow of current financial resources measurement focus. With this measurement focus, operating statements present increases and decreases in net current assets and unreserved fund balance is a measure of available spendable resources. In accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, the Budget Fund returns its unreserved fund balance (surplus) to the Administrative Central Office of the Department of Technical and Adult Education for remittance to the Office of Treasury and Fiscal Services in the subsequent fiscal year. \r\nGOVERNMENTAL FUND TYPE BUDGETFUND \r\nExcept as disclosed in the following paragraphs, units of government of the State of Georgia record their Budget Fund revenues and expenditures in accordance with the modified accrual basis of accounting. Under the modified accrual basis ofaccounting, revenues are recognized when susceptible to accrual (i.e., when they are \"measurable and available\"). \"Measurable\" means the amount of the transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to pay liabilities of the current period. Revenues that are accrued include primarily State funds, Federal grants and entitlements, and certain amounts earned under operating agreements with other parties. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long-term debt which is recognized when due, and certain compensated absences, claims and judgments which are recognized when the obligations are expected to be liquidated with expendable available financial resources. \r\n \r\n- 13 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING GOVERNMENTAL FUND TYPE BUDGET FUND \r\nContractual 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 generally accepted accounting principles, which provide for the recording of encumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \r\nContractual terms ofcertain Federal grant agreements received by the Institute for vocational training services require that grant funds earned be recorded as Federal revenues rather than as revenue~ from tuition and fees. Accordingly, it is the Institute's policy to record certain Federal grant funds as Federal revenues and also as other revenues retained with offsetting expenditures for student expenses charged to the other operating expenses expenditure account. This accounting policy results in an overstatement of both revenues and expenditures in the financial statements for such Federal grants. This policy is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles. \r\nPrior period adjustments and certain other items are reported as additions to and deductions from fund balance of the Budget Fund in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. \r\nFIDUCIARY FUND TYPE AGENCY FUNDS \r\nAgency Funds are custodial in nature and do not measure results of operations or have a measurement focus. The modified accrual basis of accounting is utilized for recognizing assets and liabilities. \r\nBUDGET The Georgia Department of Technical and Adult Education - Administrative Central Office receives State appropriation allotments and certain Federal funds for the various technical institutes throughout the State. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1995-1996. The budget allocation and disbursement of these funds is made to the various technical institutes by the Administrative Central Office. In addition, the technical institutes receive certain Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \r\n \r\n- 14 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents include currency on hand and demand deposits with banks and other authorized financial institutions. \r\nINVESTMENTS Investments are defined as those financial instruments with terms in excess of three months from the date of purchase held for the production of revenue. Investments are stated at cost. \r\nACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Georgia Department of Technical and Adult Education - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. \r\nAccounts receivable (Other) arising from operations are reported at gross value. Based on management's evaluation that amounts uncollectible are not material, no provision has been made for such amounts. \r\nINVENTORIES Expendable supplies are recorded as expenditures at the time of purchase and are not reflected on the Combined Balance Sheet (Statutory Basis). \r\nInventories ofgoods for resale are recorded as assets at cost at the time of purchase. The Institute uses the weighted average method in costing-out inventories based on sales. \r\nRESERVED FUND BALANCE Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. The following is a brief description of the reserves reflected in the accompanying financial statements: \r\nFEDERAL FINANCIAL ASSISTANCE REFUND TO GEORGIA DEPARTMENT OF TECHNICAL AND ADULT EDUCATION ADMINISTRATIVE CENTRAL OFFICE \r\nAugusta Technical Institute receives Federal funds for the Adult Education Act and the Carl D. Perkins Vocational and Applied Technology Education Act through the Georgia Department of Technical and Adult Education - Administrative Central Office. As provided by the respective budget allocation to the Institute, these funds were required to be expended by June 30, 1996. At June 30, 1996, the following programs had unexpended Federal funds which should be refunded to the Administrative Central Office: \r\n \r\n- 15 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 3D. 1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nRESERVED FUND BALANCE \r\n \r\nFEDERAL FINANCIAL ASSISTANCE REFUND TO GEORGIA DEPARTMENT OF TECHNICAL AND ADULT EDUCATION ADMINISTRATIVE CENTRAL OFFICE \r\n \r\nAdult Education Act Adult Education \r\nCarl D. Perkins Vocational and Applied Technology Education Act Vocational Education - Basic Grants to States \r\n \r\n$ \r\n \r\n16.56 \r\n \r\n22.87 \r\n \r\n$ \r\n \r\n39.43 \r\n \r\nINVENTORIES Reported inventories (resale), under the consumption method, are offset by a portion of State funds reserved to provide working capital for managing a reasonable level of inventories for resale. \r\n \r\nLIVE WORK PROJECTS In accordance with the Official Code of Georgia Annotated Section 20-4-14(c), the accumulated balance ofunexpended funds derived from student live work projects. This amount is restricted to expenditures for live work projects or for the benefit of instructional programs at the technical institute in subsequent fiscal years. \r\n \r\nPRIOR YEAR LOCAL FUNDS Effective July 1, 1987, Augusta Technical Institute became a part of the Georgia Department ofTechnical and Adult Education. The Official Code of Georgia Annotated Section 20-4-23 provides the Institute may retain for future operations\"...any unexpended nonstate funds that have been collected by, appropriated for, or otherwise earmarked for use by said postsecond.ary technical school operated by a local board of education or an area board...\". These unexpended local funds are available for use in subsequent fiscal years. \r\n \r\nSTUDENT SERVICES The unexpended balance of student services provided throughthe Institute's bookstore operations. These funds are restricted for bookstore operations in subsequent fiscal years. \r\n \r\nUNRESERVED FUND BALANCE In accordance with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, the Budget Fund's unreserved fund balance is returned to the Georgia Department of Technical and Adult Education - Administrative Central Office for remittance to the Office of Treasury and Fiscal Services in the subsequent fiscal year as surplus, as follows: \r\n \r\n- 16- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nE:x::HlBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nUNRESERVED FUND BALANCE \r\nREGULAR- An amount ofunexpended regular appropriations designated for reappropriation by the State in subsequent years. \r\nLOITERY FOR EDUCATION - An amount ofunexpended lottery appropriations designated for future reappropriation by the State for Lottery for Education. \r\nCOMPENSATED ABSENCES Compensated absences represent obligations of the Institute relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual and compensatory leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the Budget Fund for the current portion of this obligation as this amount will not be liquidated with expendable available financial resources. Funds are provided in the allotment of State funds each year to the Institute to cover the cost of annual leave paid to terminated employees. \r\nThe liability for compensated absences at year-end is reported in the General Long-Term Debt Account Group for governmental funds. \r\nMEMORANDUM ONLY - TOTAL COLUMNS Total columns on the Combined Balance Sheet (Statutory Basis) 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 in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. \r\nCOMPARATIVE DATA Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an understanding ofthe changes in the Institute'S financial position and operations. Comparative totals have not been included on statements where their inclusion would not provide enhanced understanding of the Institute's financial position and operations or would cause the statements to be unduly complex and difficult to understand. \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 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 anyone or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59: \r\n \r\n- 17 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30.1996 \r\n \r\nEXHIBIT \"Fit \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\nSTATE 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. \r\n(2) Bonds, bills, certificates ofindebtedness, notes, or other obligations of the counties or municipalities ofthe State of Georgia. \r\n(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \r\n(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \r\n(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. \r\n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \r\nAs 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 include technical institutes) the option of exempting demand deposits from the collateral requirements. \r\nCATEGORIZATION 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 of June 30, 1996, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \r\nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Institute or by its agent in the Institute's name. \r\nCategory 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the Institute's name. \r\nCategory 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the Institute's name, and amounts uncollateralized. \r\n- 18 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30.1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\n \r\nCATEGORIZATION OF DEPOSITS \r\n \r\nCanying Amount \r\n \r\nBank Balances \r\n \r\nRisk Categories \r\n \r\n2 \r\n \r\n3 \r\n \r\nCash Deposits \r\n \r\n$ 124696233 $ 2375621 61 $ 200000.00 $ 2 175621 61 $'==dO~O~O \r\n \r\nNOTE 3: OPERATING LEASE \r\n \r\nAugusta Technical Institute has entered into a certain agreement to lease equipment which is classified as an \r\noperating lease (a lease on an asset not recorded on the balance sheet). This lease contains a provision that, at the expiration date ofthe original term of the lease, the Institute has the option of renewing the lease on a year-to-year basis. Future minimum lease payments for the operating lease as of June 30, 1996, are listed below. Amounts are included only for multi-year leases and for cancellable leases for which an option to renew for the subsequent fiscal year has been exercised. \r\n \r\nFiscal Year Ending June 30 \r\n \r\n1997 1998 1999 2000 \r\n \r\n$ 2,580.00 2,580.00 2,580.00 215.00 \r\n \r\nTotal Future Minimum Lease Payments \r\n \r\n$====:!=7~95~5~0~0 \r\n \r\nExpenditures for rental of equipment under operating leases for the year ended June 30, 1996, totaled $2,580.00. \r\n \r\nNOTE 4: CHANGES IN GENERAL FIXED ASSETS \r\n \r\nIn accordance with the statutory definition of moveable personal property as defined in Official Code of Georgia Annotated Section 50-16-161, only those items with an acquisition cost of$l,OOO.OO or greater are reflected in the General Fixed Assets Account Group. \r\n \r\nThe following is a summary of changes ofequipment for the General Fixed Assets Account Group during the \r\nfiscal year: \r\n \r\nBalance July 1, 1995 \r\nAdditions Deductions \r\nBalance June 30, 1996 \r\n \r\n$ 4,768,940.39 3,630,366.18 3,428,112.85 \r\n$ 4,971.193.72 \r\n \r\n- 19 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXIllBIT \"F\" \r\n \r\nNOTE 5: GENERAL LONG-TERM DEBT \r\n \r\nCHANGES IN GENERAL LONG-TERM DEBT During the year ended June 30, 1996, the following changes occurred in the compensated absences liability \r\nreported in the General Long-Term Debt Account Group: \r\n \r\nBalance July 1, 1995 \r\nAdditions Annual Leave Earned and Utilized (Net) Salaries and Wages Salary-Related Fringe Benefits \r\nBalance June 30, 1996 \r\nNOTE 6: RISK MANAGEMENT \r\n \r\n$ 416,854.35 \r\n47,320.80 2,043.06 \r\n$ 466,218.21 \r\n \r\nPublic Entity Risk Pool The State Personnel Board - Merit System ofPersonnel Administration administers for the State of Georgia a program ofhealth benefits for the employees ofunits of government ofthe State of Georgia, units of county governments, and local education agencies located with the State of Georgia. This plan is funded by participants covered in the plan, by employers' contributions paid' by the various units of government participating in the plan, and appropriations made by the General Assembly of Georgia. The State Personnel Board - Merit System ofPersonnel Administration has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the State Employees' Health Benefit Plan as established by the State Personnel Board. \r\n \r\nOther Risk Management \r\n \r\nThe Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making \r\n \r\nand carrying out decisions that will minimize the adverse effects of accidental losses that involve State \r\n \r\ngovernment assets. The State believes it is more economical to manage its risks internally and set aside assets \r\n \r\nfor claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, \r\n \r\nincluding general liability, property and casualty, workers' compensation, unemployment compensation, and \r\n \r\nlaw enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable \r\n \r\nto property, employee and automobile liability, fidelity and certain other risks. The Institute, as an \r\n \r\norganizational unit of the Georgia Department of Technical and Adult Education, is part of the State of \r\n \r\nGeorgia reporting entity, and as such, is covered by the State of Georgia risk management program \r\n \r\nadministered by DOAS. Premiums for the risk management program are charged to the various state \r\n \r\norganizations by DOAS to provide claims servicing and claims payment. \r\n \r\n. \r\n \r\nNOTE 7: DEFERRED COMPENSATION PLAN \r\n \r\nThe State ofGeorgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion oftheir salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not \r\n \r\n- 20- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 7: DEFERRED COMPENSATION PLAN \r\navailable to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights of the State of Georgia subject only to the claims of the State's general creditors. Participant's rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account of each participant. Financial information relative to the plan will be presented in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996. \r\nNOTE 8: RETmEMENTPLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description Augusta Technical Institute participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State of Georgia. The Institute's payroll for the year ended June 30, 1996, for employees covered by TRS was $5,066,800.68. The Institute's total payroll for all employees was $8,649,741.50. \r\nBenefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of 60 years and has at least ten years of creditable service, (2) has at least 30 years of creditable service, regardless of age, or (3) has attained the age of 55 years and has at least 25 years of creditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number of years of creditable service up to 40 years. Any member who has between 25 and 30 years of creditable service and is at least 55 years ofage shall receive a benefit which is reduced by the lessor of 1/12 of7% for each month the member is below age 60, or by 7% for each year or fraction thereof by which the member has less than 30 years of service. The normal retirement pension is payable monthly for life. Options are available for distribution of the member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of 10 years of service) and compensation up to the date of death or up to the time of disability. \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting of employer contributions occurs, but the member's contributions are refunded with interest. \r\n \r\n- 21 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXIllBIT \"F\" \r\n \r\nNOTE 8: RETrnEMENTPLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nContributions Required and Contributions Made Employees ofthe Institute who are covered by TRS are required to pay 5% of their gross earnings to TRS. The Institute makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees as advised by their independent actuary. For fiscal year 1996, the employer contribution rate was 11.81% for covered employees. The interest rate assumption (rate of return on investments) was 7.50%. \r\n \r\nTotal contributions to the plan made during fiscal year 1996 amounted to $851,729.58, of which $598,389.14 was made by the Institute and $253,340.44 was made by employees. These contributions represented 11.81% (Institute) and 5% (employees) of covered payroll. \r\n \r\nFunding Status and Progress Pension Benefit Obligation \r\nThe amount of the total pension benefit obligation is based on a standardized measurement established by Statement No.5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value of credited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers of the PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS. \r\n \r\nThe total unfunded pension benefit obligation ofTRS as of June 30,1995, which was the latest information available, was as follows: \r\n \r\nTotal pension benefit obligation \r\n \r\n$ 17,442,607,000.00 \r\n \r\nNet assets available for benefits, at cost \r\n \r\n15,857,066,000.00 \r\n \r\nUnfunded pension benefit obligation \r\n \r\n$ 1 585 541 00000 \r\n \r\nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1995. Net assets available for benefits were valued as of the same date. TRS does not make separate measurements of assets and pension benefit obligation for individual employers. \r\n \r\nRetirement System Contributions Total contributions from all employers to TRS for the year ended June 30, 1996, were $607,274,559.00. The Institute's contribution for the year ended June 30, 1996, of $598,389.14 was actuarially determined and represented .0985% of total contributions made by all participating employers. \r\n \r\n- 22- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXfllBIT \"F\" \r\n \r\nNOTE 8: RETffiEMENTPLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nTrend Information Historical trend information is presented in the TRS June 30, 1996, financial report. This information gives an indication ofthe progress made in accumulating sufficient assets to pay benefits when due. \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description Augusta Technical Institute participates in the Employees' Retirement System of Georgia (ERS), a singleemployer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances for employees of the State of Georgia. The Institute's payroll for the year ended June 30, 1996, for employees covered by ERS was $1,846,455.32. The Institute's total payroll for all employees was $8,649,741.50. \r\nBenefits The benefit structure of ERS was significantly modified on July 1, 1982. Unless elected otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to July 1, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1, 1982. All other members are \"new plan\" members subject to the modified plan provisions. \r\nUnder both the old plan and new plan, members become vested after 10 years of creditable service. A member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment of age 65. If 10 years of service is completed and age 60 is reached, the member may retire with a reduced benefit. Additionally, there are certain provisions allowing for retirement after 30 years of service regardless of age. \r\nRetirement benefits paid to members are based upon a formula which considers the monthly average of the member's highest eight consecutive calendar quarters of salary, the number of years of creditable service, and the member's age at retirement. Postretirement cost-of-living adjustments are also made to member's benefits. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension at reduced rates to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. \r\nContributions Required and Contributions Made As established by State statute, all full-time employees of the State of Georgia and its political subdivisions, who are not members ofother state retirement systems, are eligible to participate in the ERS. Both employer and employee contributions are established by State statute. \r\nUnder the 01\u003c:1 plan, member contributions consist of employee contributions paid by the employee of 1.25% ofcompensation and 4.75% of compensation paid by the Institute on behalf of the employee. Under the new plan, member contributions consist solely of 1.25% of compensation paid by employee. The Institute also is \r\n- 23 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 8: RETIREMENT PLANS \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\nContributions Required and Contributions Made required to contribute at a specified percentage of active member payroll determined annually by actuarial valuation. For the year ended June 30, 1996, the ERS employer contribution rate for the Institute amounted to 14.890.10 ofcovered payroll and included the 4.75% contributed on behalfofthe employee under the old plan referred to above. The employer contributions are projected to liquidate the unfunded actuarial liability within 20 years based upon the actuarial valuation of June 30, 1995. Employer contributions are also made on amounts paid for accumulated leave to retiring employees. \r\nActuarial assumptions used by the ERS to compute actuarially determined contribution requirements are the same as those used to compute the pension benefit obligation. \r\nTotal contributions to the plan made during fiscal year 1996 amounted to $298,017.91, of which $274,937.22 was made by the Institute and $23,080.69 was made by employees. These contributions met the requirements ofthe plan. \r\nFunding Status and Progress Funding status and progress information is presented in the ERS June 30, 1996\" financial report which may be obtained through ERS. \r\nTrend Information Historical trend information is presented in the ERS June 30, 1996, financial report which may be obtained through ERS. This information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nPlan Description Augusta Technical Institute participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia for the purpose of providing retirement coverage for State employees who are temporary, seasonal, and part-time and are not members ofa public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. The Institute's payroll for the year ended June 30, 1996, for employees covered by GDCP was $1,425,646.78. The Institute's total payroll for all employees was $8,649,741.50. \r\nBenefits A member may retire and elect to receive periodic payments after attainment of age 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board of Trustees. If a member has less than $ 3,500.00 credited to his/her account, the Board of Trustees has the option of requiring a lump \r\n- 24- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 3D. 1996 \r\n \r\nEXIllBIT \"F\" \r\n \r\nNOTE 8: RETIREMENT PLANS \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nBenefits sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. \r\nContributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. 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. \r\nTotal contributions made by employees during fiscal year 1996 amounted to S106,924.56 which represents 7.5% of covered payroll. These contributions met the requirements ofthe plan. \r\nNOTE 9: LEAVE POLICIES \r\nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with a maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1- Compensated Absences \r\nEmployees earn one and one-quarter days of sick leave each month with a maximum accumulation of ninety days. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \r\nCertain employees who retire with one hundred and twenty days or more of forfeited annual and sick leave are entitled to additional service credit in the Employees' Retirement System of Georgia. \r\nNOTE 10: NONMONETARY TRANSACTIONS \r\nThe Georgia Department of Technical and Adult Education - Administrative Central Office used lottery proceeds to purchase S6,070,729.00 ofequipment for Augusta Technical Institute during the fiscal year ended June 30, 1996. Those items with an acquisition cost ofS1,000.00 or greater will be reflected as received in the General Fixed Assets Account Group in the accompanying financial statements. However, revenues and expenditures for these lottery proceeds are not reflected in these financial statements. \r\nThe Georgia State Financing and Investment Commission (GSFIC), a unit of State government, is responsible for the issuance of state debt and for the investment and accounting for proceeds derived from the issuance of state debt. In addition, GSFIC is authorized to acquire and construct projects for the benefit of units of State government or to contract with units of State government for the construction or acquisition of capital \r\n- 25- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1996 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 10: NONMONETARY TRANSACTIONS \r\noutlay projects. During the fiscal year ended June 30, 1996, the Georgia State Financing and Investment Commission paid $2,292,871.06 to various vendors for approved projects for the benefit of Augusta Technical Institute. \r\nNOTE 11: CONTINGENCIES \r\nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result in refunds to the grantor agency for any expenditures which are disallowed under grant terms. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time although the Institute expects such amounts, if any, to be immaterial to its overall financial position. \r\nLitigation, claims and assessments filed against Augusta Technical Institute (as an organizational unit of the Department ofTechnical and Adult Education), ifany, are generally considered to be actions against the State ofGeorgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1996. \r\nNOTE 12: BONDING INFORMATION \r\nThe President and all employees ofAugusta Technical Institute are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-02-110723, on which the premium was paid to October 1, 1996. Under this agreement, the public employee dishonesty coverage insures Augusta Technical Institute to a maximum of$l,OOO,OOO.OO against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the Institute to a maximum of $1,000,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment. \r\nAll employees ofAugusta Technical Institute are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626 011675 2 and 626 012294 4, on which the premiums were paid to October 1, 1996. Under these additional public employee dishonesty coverages, the policies insure the Institute to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees and from failure of its employees to perform faithfully. \r\n \r\n- 26- \r\n \r\n SUPPLEMENTARY INFORMATION \r\n- 27 - \r\n \r\n ASSETS Cash ancl Cash Equivalents Investments Accounts Receivable \r\nState Funds Federal Financial Assistance Other \r\nInventories \r\nTotal Assets \r\n \r\nAUGUSTA TECHNICAL INSTITUTE COMBINING BALANCE SHEET (STATUTORY BASIS) \r\nBUDGET FUND JUNE 30,1996 \r\n \r\nMAM \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\nIIB\" LOTIERYFOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n1,059,745.51 $ \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\n97.49 $ 1,059,843.00 \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\n$ \r\n \r\n70,262.31 \r\n \r\n$ \r\n \r\n70,262.31 \r\n \r\n126,868.32 \r\n \r\n126,868.32 \r\n \r\n401,266.07 $ 324,207.00 \r\n \r\n725,473.07 \r\n \r\n$ \r\n \r\n598,396.70 $ 324,207.00 $ 922,603.70 \r\n \r\n$ \r\n \r\n336,597.78 \r\n \r\n$ 336,597.78 \r\n \r\n$ \r\n \r\n2,014,739.99 $ 324,304.49 $ 2,339,044.48 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 28 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \r\nBUDGET FUND YEAR ENDED JUNE 3D, 1996 \r\n \r\nEXHIBIT \"H\" \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 29 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXpEND'TURES \r\nBUOOETFUND yEAR ENDED JUNE 30 1996 \r\n \r\nEXHIBIT-r \r\n \r\nFUNDS AVAILABLE \r\nREVENUES \r\nSTATE FUNDS Allotment from Georgia Department of Technical and ~ult Education Administrative central 0lIice \r\nFEDERAL REVENUES \r\nOTHER REVENUES RETAINED Allotments from Georgia Department of Technical and Adult Education - Administrative central OIIice Construction Reserve Trust Fund Contracts Georgia Department of Administrative Services Distant Leaming Project Georgia Department of Human Resources PEACH Project Georgia Institute of Technology Satellite Technology Project F_ Application Graduation Registration/Continuing Education Other Interest Earned Rents Sales and Services (Net) Tuition \r\nTotal Other Revenues Retained \r\nTotal Revenues \r\nCARRY.Q\\fER FROM PRIOR yEAR \r\nTransfer from Reserved Fund Balance Live Work Projects Prior Year Local Funds State Grants and Contracts Student Services \r\nTotal Carry-Qver from Prior Year \r\nTotal Funds Available \r\nEXPENDITURES \r\nPERSONAL SERVICESINSTITUTIONS \r\nSalaries and Wages Employer's Contributions for: \r\nF.I.CA. Retirement Health Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 30 - \r\n \r\n-A- \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\n-a- \r\nLOITERYFOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n9,619,458.70 $ \r\n \r\n75,281.00 $ 9,694,739.70 \r\n \r\n$ \r\n \r\n1,975,956.25 \r\n \r\n$ 1,975,956.25 \r\n \r\n$ 357,820.00 $ 357,820.00 \r\n \r\n$ \r\n \r\n4.719.37 \r\n \r\n4.719.37 \r\n \r\n57.272.60 \r\n \r\n57,272.60 \r\n \r\n18,032.95 \r\n \r\n18.032.95 \r\n \r\n37,135.00 16.852.75 946.554.58 \r\n1,156.39 2,473.75 13.340.00 454.450.76 \r\n1,m.513.27 \r\n \r\n37.135.00 16,852.75 946.554.58 \r\n1.156.39 2,473.75 13.340.00 454.450.76 \r\n1.m,513.27 \r\n \r\n$ \r\n \r\n3,329,501.42 $ 357.820.00 $ 3,687.321.42 \r\n \r\n$ 14.924,916.37 $ 433,101.00 $ 15,358,017.37 \r\n \r\n$ \r\n \r\n109.074.33 \r\n \r\n135.935.63 \r\n \r\n13,351.49 \r\n \r\n446,373.71 \r\n \r\n$ \r\n \r\n704,735.16 \r\n \r\n$ 109,074.33 135.935.63 13.351.49 446,373.71 \r\n$ 704,735.16 \r\n \r\n$ 15,629,651.53 $ 433,101.00 $ 16,062,752.53 \r\n \r\n$ \r\n \r\n8,009,096.82 \r\n \r\n212,218.55 826.897.48 838.024.64 \r\n5.344.00 20,584.00 \r\n \r\n$ \r\n \r\n9,912,165.49 \r\n \r\n$ 8,009,096.82 \r\n212,218.55 826,897.48 838.024.64 \r\n5.344.00 20,584.00 \r\n$ 9,912,165.49 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND \r\nYEAR ENPED JUNE 30 1996 \r\n \r\nEXHIBIT \"I\" \r\n \r\nEXpENDITURES \r\nOpERATING EXPENSESINSTITUTIONS \r\nOther Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Insurance and Bonding OIhar Operating Expenses Publications and Printing \r\nTravel Equipment \r\nEquipment Purchases Rental of Equipment Computer Charges Software Real Estate Rentals Per Diem, Fees and Contracts Per Diem and Fees Contracts \r\nQUICK START PROGRAM \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.J.CA Retirement Health Insurance \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities Other Operating Expenses \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nSoftware Per Diem, Fees and Contracts \r\nPer Diem and Fees \r\nAPULT LITERACY GRANTS \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.J.C.A. Retirement Health Insurance \r\nOther Costs Motor Vehicle Purchases Supplies and Materials Repairs and Maintenance Utilities Other Operating Expenses \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\n 31  \r\n \r\n\"A\" DEPARTMENT OF \r\nTECHNICAL AND ADULT EDUCATION \r\n \r\n\"S\" LOITERYFOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n9,373.67 \r\n \r\n695,829.12 \r\n \r\n297,152.20 \r\n \r\n447,157.61 \r\n \r\n45,886.18 \r\n \r\n523,273.36 \r\n \r\n18,607.40 . \r\n \r\n102,163.61 \r\n \r\n748,412.86 8,274.86 \r\n \r\n74,974.42 24,443.50 \r\n \r\n90,007.30 2,550.00 \r\n \r\n$ 3,088,106.09 \r\n \r\n$ \r\n \r\n44,285.94 \r\n \r\n819.11 451.38 360.76 \r\n \r\n19,541.20 37.40 \r\n21,179.34 10,665.94 \r\n5,223.78 \r\n \r\n1,130.05 \r\n \r\n3,267.89 \r\n \r\n290,346.03 \r\n \r\n$ \r\n \r\n397,308.82 \r\n \r\n$ \r\n \r\n423,693.97 \r\n \r\n16,113.09 36,819.05 32,000.99 \r\n \r\n1,281.38 13,130.99 \r\n1,895.18 14,474.01 71,768.03 \r\n \r\n$ \r\n \r\n9,373.67 \r\n \r\n695,829.12 \r\n \r\n297,152.20 \r\n \r\n447,157.61 \r\n \r\n45,886.18 \r\n \r\n523,273.36 \r\n \r\n18,607.40 \r\n \r\n102,163.61 \r\n \r\n748,412.86 8,274.86 \r\n \r\n74,974.42 24,443.50 \r\n \r\n90,007.30 2,550.00 \r\n \r\n$ 3,088,106.09 \r\n \r\n$ 44,285.94 \r\n819.11 451.38 360.76 \r\n19,541.20 37.40 \r\n21,179.34 10,665.94 5,223.78 \r\n1,130.05 \r\n3,267.89 \r\n290,346.03 \r\n$ 397,308.82 \r\n \r\n$ 423,693.97 \r\n16,113.09 36,819.05 32,000.99 \r\n1,281.38 13,130.99 \r\n1,895.18 14,474.01 71,768.03 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUNp YEAR ENDEp JUNE 30, 1996 \r\n \r\nEXHIBIT \"I\" \r\n \r\nEXPEND'TURES \r\nApULT LITERACY GRANTS \r\nTravel Equipment \r\nEquipment Purchases Rental of Equipment Computer Charges Software Real Estate Rentals \r\nJOB TRAINING PARTNERSHIP ACT \r\nPersonal Services Salaries and Wages Employe\"s Contributions for: E.J.CA Retirement Health Insurance \r\nOther Costs \r\nSupplies and Materials Repairs and Maintenance Utilities Other Operating Expenses Travel Equipment Equipment Purchases Lease/Purchase of Equipment Per Diem, Fees and Contracts Per Diem and Fees \r\nEQUIPMENTTECHNICAL INSTITUTES \r\nEquipment Equipment Purchases \r\nREpAIRS ANp RENOyATIONS \r\nOther Costs Repairs and Maintenance Other Operating Expenses \r\nEquipment Equipment Purchases \r\nTotal Expenditures \r\nExcess of Funds Available over Expenditures \r\n \r\n\"A\" DEPARTMENT OF \r\nTECHNICAL AND ADULT EDUCATION \r\n \r\n\"8\" \r\nLOTTERY FOR EDUCATION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n9,138.05 \r\n \r\n2,700.62 700.n \r\n \r\n164.00 400,00 \r\n \r\n$ \r\n \r\n624,280,13 \r\n \r\n$ \r\n \r\n9,138.05 \r\n \r\n2,700.62 700.n \r\n \r\n164.00 400.00 \r\n \r\n$ 624,280,13 \r\n \r\n$ \r\n \r\n172,664.n \r\n \r\n7,447.47 22,935.35 20,999,17 \r\n \r\n5,847.24 1,749.34 11,329.34 802,432.03 10,469.23 \r\n \r\n53,12 2,580.00 \r\n \r\n128,00 \r\n \r\n$ 1,058,635.06 \r\n \r\n$ 172,664.n \r\n7,447.47 22,935.35 20,999,17 \r\n5,847.24 1,749.34 11,329.34 802,432.03 10,469.23 \r\n53.12 2,580.00 \r\n128.00 \r\n$ 1,058,635,06 \r\n \r\n$ 75,281.00 $ 75,281,00 \r\n \r\n$ 355,403,02 $ 355,403.02 \r\n \r\n564.48 \r\n \r\n564.48 \r\n \r\n1,852,50 \r\n \r\n1,852.50 \r\n \r\n$ 357,820.00 $ 357,820,00 \r\n \r\n$ 15,080,495.59 $ 433,101,00 $ 15,513,596,59 \r\n \r\n549,155,94 \r\n \r\n0,00 \r\n \r\n549,155,94 \r\n \r\n$ 15,629,651,53 $ 433,101,00 $ 16,062,752,53 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information, \r\n 32  \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \r\nFIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30, 1996 \r\n \r\nEXHIBIT-J- \r\n \r\nFUND \r\n \r\nASSETSI LIABILITIES JULY 1,1995 \r\n \r\nADDITIONS \r\n \r\nDEDUCTIONS \r\n \r\nASSETSI LIABILITIES JUNE 30, 1996 \r\n \r\nGeneral Scholarship Fund \r\n \r\n$ \r\n \r\n11,866.87 $ \r\n \r\n41,596.86 $ \r\n \r\n31,970,58 $ , 21,493.15 \r\n \r\nHOPE Scholarship Program \r\n \r\n17.00 \r\n \r\n970,289.46 \r\n \r\n967,477.66 \r\n \r\n2,828,80 \r\n \r\nUcensed Practical Nurse Examination Fees \r\n \r\n2,298.29 \r\n \r\n4,610.70 \r\n \r\n3,837.81 \r\n \r\n3,071.18 \r\n \r\nUcensed Practical Nurse Insurance \r\n \r\n2,607.64 \r\n \r\n19,878.00 \r\n \r\n6,768,00 \r\n \r\n15,717.64 \r\n \r\nPell Grant Program \r\n \r\n-576.83 \r\n \r\n905,611,16 \r\n \r\n905,034.33 \r\n \r\n0.00 \r\n \r\nStudent Activities Fund \r\n \r\n130,350,96 \r\n \r\n142,654.97 \r\n \r\n149,148.92 \r\n \r\n123,857.01 \r\n \r\nStudent Govemment Fund \r\n \r\n257.05 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n257.05 \r\n \r\nStudent Insurance \r\n \r\n19,418,79 \r\n \r\n19,465,00 \r\n \r\n5,983,00 \r\n \r\n32,900.79 \r\n \r\nStudent Transportation Fees \r\n \r\n9,167.00 \r\n \r\n27,326.73 \r\n \r\n19,275.23 \r\n \r\n17,218.50 \r\n \r\nSupplemental Educational Opportunity \r\n \r\nGrants \r\n \r\n422.42 \r\n \r\n41,990.58 \r\n \r\n42,413.00 \r\n \r\n0.00 \r\n \r\n$ 175.829.19 $ 2.173.423.46 $ 2,131.908.53 $ 217,344.12 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information, \r\n- 33- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE CASH AND CASH EQUIVALENTS \r\nJUNE 30, 1996 \r\nNONINTEREST BEARING ACCOUNTS \r\nSun Trust Bank, Augusta, Georgia \r\nINTEREST BEARING ACCOUNTS \r\nSun Trust Bank, Augusta, Georgia \r\nChecking with Interest Account \r\nOTHER \r\nCash on Hand Petty Cash \r\n \r\nSCHEDULE \"1\" \r\n$ 1,122,298.11 104,664.22 1,010,01 \r\n$ 1,227,972.34 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 34- \r\n \r\n BUDGET FUND \r\nSun Trust Bank, Augusta, Georgia \r\nCertificates of Deposit No. 530015486 No. 530034750 \r\n \r\nAUGUSTA TECHNICAL INSTITUTE INVESTMENTS JUNE 30, 1996 \r\n \r\nSCHEDULE ''2'' \r\n \r\nPURCHASE DATE \r\n \r\nINTEREST RATE \r\n \r\nMATURITY DATE \r\n \r\nAMOUNT \r\n \r\nMarch 24, 1996 May 2,1996 \r\n \r\n4.28% 4.28% \r\n \r\nSeptember 22, 1996 $ October 31, 1996 \r\n \r\n10,000.00 10,000.00 \r\n \r\n$ \r\n \r\n20,000.00 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 35- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FEDERAL REVENUES \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"3\" \r\n \r\n$ 1,975,956.25 \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 36 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL \r\nYEAR ENDED JUNE 30, 1996 \r\n \r\nSCHEDULE \"4\" \r\n \r\nTotals per Annual Supplement \r\nAccruals \r\nJune 30,1995 June 30,1996 July 1, 1995 Accrual Adjustments \r\nTotals per Report \r\nSUMMARY BY OBJECT CLASS \r\nBUDGET FUND Personal Services-Institutions Quick Start Program Adult Literacy Grants Job Training Partnership Act \r\n \r\nSALARIES AND WAGES \r\n$ 8,632,358,22 $ \r\n \r\nTRAVEL \r\n126,994.67 \r\n \r\n-18,627.97 35,535.48 \r\n475.77 \r\n \r\n$ 8,649,741.50 $ 126,994.67 \r\n \r\n$ 8,009,096.82 $ 44,285.94 \r\n423,693.97 172,664.77 \r\n \r\n102,163.61 5,223.78 9,138.05 \r\n10,469.23 \r\n \r\n$ 8,649,741.50 $ 126,994.67 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 37- \r\n \r\n SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED CQST \r\nYEAR ENDED JUNE 3D. 1996 \r\n \r\nSTATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\nThe status of the findings disclosed in the review report for the year ended June 30, 1995, is summarized below: \r\n \r\nAudit Control Number \r\n \r\nStatus ofFinding \r\n \r\n824-95-01 824-95-02 \r\n \r\nSee Audit Control Number 824-96-01 See Audit Control Number 824-96-02 \r\n \r\nPRIOR YEAR/CURRENT YEAR \r\n \r\nGENERAL FIXED ASSETSIPROPERTY MANAGEMENT Inadequate Equipment Inventory Records Financial Statements Audit Control Number 824-96-01 \r\n \r\nThe review report for the year ended June 30, 1995, disclosed that the equipment inventory records for the Institute's general fixed assets were inadequate. For the year under review, a test of ten items selected for physical examination revealed that one ofthe items on the inventory could not be located and a second item was on the inventory with an incorrect acquisition cost. \r\n \r\nThe Institute should follow established procedures to ensure that equipment inventory records are maintained in accordance with the State Property System Manual. \r\n \r\nREVENUESIRECEIVABLESIRECEIPTS Inadequate Accounting Control Procedures Financial Statements Audit Control Number 824-96-02 \r\n \r\nThe review reports for prior years disclosed numerous accounting control deficiencies with the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis). For the year under review, the accounts receivable procedures were again deficient as indicated below: \r\n \r\n(1) As ofJune 30, 1996, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $140.45 in student receivables outstanding from fiscal year 1995, $1,446.65 in student receivables outstanding from fiscal year 1992, $2,873.46 in student receivables outstanding from fiscal year 1991, and $22,663.41 in student receivables outstanding from fiscal year 1990. \r\n \r\n- 1- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR OUESTIONED COST \r\nYEAR ENDED JUNE 30. 1996 \r\nPRIOR YEAR/CURRENT YEAR REVENUES/RECEIVABLES/RECEIPTS Inadequate Accounting Control Procedures Financial Statements Audit Control Number 824-96-02 \r\nIn numerous instances, these receivables were not supported by adequate documentation to determine ifthe amounts recorded were actually earned by the Institute. (2) As ofJune 30, 1996, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $9,256.36 in checks returned for insufficient funds. Included in this amount were $8,686.51 from fiscal year 1995 or earlier. \r\n(3) As ofJune 30, 1996, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $589.89 in accounts receivable for tuiti9n and fees from fiscal year 1993 for which payment was deferred by the Institute under a \"Tuition Work Assistance Agreement. \" Under this agreement, students were allowed to enroll and attend classes in exchange for work for the Institute. The \"Tuition Work Assistance\" policy was discontinued as ofJune 30, 1993. \r\n(4) As ofJune 30, 1996, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $2,993.57 in accounts receivable for tuition and fees for which payment was deferred by the Institute. These deferments were a result ofthe Institute's approving a number of students for Pell Grants only later to find the students were ineligible. \r\nDeferring payment of tuition and fees without approved financial aid is beyond the authority granted to the Institute by the Administrative Central Office of the Georgia Department of Technical and Adult Education. This practice by the Institute should be discontinued. The Institute should initiate collection procedures in an effort to collect all amounts due to the Institute. Furthermore, the Institute should review all delinquent student accounts receivable to determine ifthe amounts accurately reflect amounts owed to the Institute. \r\n-2- \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1994-h95","title":"Review report, state of Georgia, Augusta Technical Institute, Augusta, Georgia, year ended June 30, 1995","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Richmond County, Augusta, 33.47097, -81.97484"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1994/1995"],"dcterms_description":["Ceased with: Year ended June 30, 1996.","Report year covers fiscal year.","Year ended June 30, 1994 (online surrogate); title from cover (Georgia Government Publications database, viewed September 13, 2023).","Year ended June 30, 1996 (online surrogate); (Georgia Government Publications database, viewed September 13, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1995-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Augusta Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Augusta Technical Institute, Augusta, Georgia, year ended June 30, 1995"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1994-h95"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1994-h95"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"(;;,A \r\n.AR~,OO \r\nV\u003co AC, 1994-95 \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS \r\n254 WASHINGTON STREET ATLANTA. GEORGIA 30334 \r\n \r\n REVIEW REPORT STATE OF GEORGIA AUGUSTA TECHNICAL INSTITUTE AUGUSTA, GEORGIA YEAR ENDED JUNE 30, 1995 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\n \r\nEXHIBITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET (STATUTORY BASIS) \r\n \r\nALL FUND TYPES AND ACCOUNT GROUPS \r\n \r\n2 \r\n \r\nB STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \r\n \r\nGOVERNMENTAL FUND TYPE \r\n \r\n3 \r\n \r\nC STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nBUDGET FUND \r\n \r\n4 \r\n \r\nSTATEMENTS OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nCOMPARED TO BUDGET \r\n \r\nBUDGET FUND \r\n \r\nD \r\n \r\n\"A\"DEPARTMENTOFTECHNICALANDADULTEDUCATION \r\n \r\n8 \r\n \r\nE \r\n \r\n\"B\" LOTTERY FOR EDUCATION \r\n \r\n9 \r\n \r\nF NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n10 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nG COMBINING BALANCE SHEET (STATUTORY BASIS) \r\n \r\nBUDGET FUND \r\n \r\n28 \r\n \r\nH COMBINING STATEMENT OF CHANGES IN FUND BALANCE \r\n \r\n(STATUTORY BASIS) \r\n \r\nBUDGET FUND \r\n \r\n29 \r\n \r\nI COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nBUDGET FUND \r\n \r\n30 \r\n \r\nJ COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \r\n \r\nFIDUCIARY FUND TYPE - AGENCY FUNDS \r\n \r\n34 \r\n \r\nSCHEDULES \r\n \r\nI CASH AND CASH EQUIVALENTS \r\n \r\n35 \r\n \r\n2 INVESTMENTS \r\n \r\n36 \r\n \r\n3 SCHEDULE OF FEDERAL REVENUES \r\n \r\n37 \r\n \r\n4 RECONCILIATION OF SALARIES AND WAGES, AND TRAVEL \r\n \r\n38 \r\n \r\n5 RECONCILIATION OF PER DIEM AND FEES \r\n \r\n39 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE - TABLE OF CONTENTS - \r\nSECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L. VICKERS \r\nSTATE AUDITOR (404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS \r\n254 Washington Street, S.W., Suite 214 Atlanta, Georgia 30334-8400 \r\nDecember 18, 1995 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members ofthe State Board of Technical and Adult Education Members of the Local Board ofDirectors \r\nand Honorable Jack B. Patrick, President Augusta Technical Institute \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have reviewed the accompanying financial statements (Exhibits A through F) of Augusta Technical Institute as of and for the year ended June 30, 1995, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. As described in Note 1, these financial statements were prepared on a prescribed basis of accounting that demonstrates compliance with the budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. All information included in these financial statements is the representation of the management of Augusta Technical Institute_ \r\nA review consists principally ofinquiries ofInstitute personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, 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 opinion. \r\nBased on our review, we are not aware ofany material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the basis of accounting described in Note 1. \r\nOur review was made for the purpose ofexpressing 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 the basis of accounting described in Note 1. The accompanying supplementary information (Exhibits G through J and Schedules I through 5) is presented only for supplementary analysis purposes_ Such information has been \r\n \r\n95ARL-4T \r\n \r\n subjected to the inquiries and analytical procedures applied in the review of the financial statements, and we are not aware of any material modifications that should be made thereto. \r\nRespectfully submitted, \r\nc:J~ \r\nClaude L. Vickers State Auditor \r\nCLV:gp \r\n95ARL-4T \r\n \r\n FINANCIAL STATEMENTS - 1- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINED BALANCE SHEET ISTAJUIPBY BASIS) \r\nALL FUND JYPES AND ACCOUNT GRoups JUNE3Q 1995 \r\n \r\nASSem \r\nCati and Cati Equilllllents \r\nIIWNlrnenla \r\nAccounla ReceiYable State FIM'lds Federal Financial A1ai11ar1ce \r\nOlher \r\n,,_..,,_ \r\nFDCllldAaela Equipment \r\nAmounla to be Provided for Payment c:J Accrued Compenlatecl Ab8ences \r\n \r\nGOVERNMENTAL FUNOTYPE BUDGET \r\n \r\nFIDUCIARY FUND TYPE \r\nAGENCY \r\n \r\nACCOUNT GROUPS \r\n \r\nGENERAL \r\n \r\nGENERAL \r\n \r\nFIXED \r\n \r\nLONG-TERM \r\n \r\nASSETS \r\n \r\nDEBT \r\n \r\nTOTALS \r\n!Memorandum On!r,l \r\nJUNE 301 1995 JUNE 301 1994 \r\n \r\ns \r\n \r\n599,369.09 S 148,783.74 \r\n \r\ns \r\n \r\n20,000.00 \r\n \r\ns \r\n \r\n737,405.99 \r\n \r\n207,309.25 \r\n \r\n219,740.59 S 27,045.45 \r\n \r\ns \r\n \r\n1,164,455.83 $ 27,045.45 \r\n \r\n$ \r\n \r\n272,280.25 \r\n \r\ns \r\n \r\n748,152.83 S \r\n \r\n931.257.72 \r\n \r\ns \r\n \r\n20,000.00 S \r\n \r\n20,000.00 \r\n \r\ns \r\n \r\n737,405.99 S \r\n \r\n207,309.25 \r\n \r\n246,786.04 \r\n \r\n$ 11191,501.28 S \r\n \r\n$ \r\n \r\n272,280.25 $ \r\n \r\n416,623.00 115,288.24 344,763.69 \r\n876,674.93 \r\n240,841.30 \r\n \r\n$ 4,768,940.39 \r\n \r\n$ 4,768,940.39 $ 4,1181338.36 \r\n \r\n$ \r\n \r\n416 854.35 $ \r\n \r\n416,854.35 S \r\n \r\n390,426.19 \r\n \r\nTolalAaaets \r\n \r\ns \r\n \r\n2,056,105.17 $ 175,829.19 S 4,768,940.39 $ \r\n \r\nsn 416,854.35 $ 7,417,729.10 $ 61 1538.50 \r\n \r\nLIABIL!IIES AND \r\nfUNQECUJTY \r\n \r\nLiabilities Accounts Payable Selaries Payable Payroll Wllhholdings DerenedR~ Tuition and Fees Funds Held in Custody for Others Compen\u0026ated Ab8ences \r\nTotal Liabilities \r\n \r\n$ \r\n \r\n905,080.60 \r\n \r\n18,627.97 \r\n \r\n4,066.TT \r\n \r\n220,282.50 $ 175,829.19 \r\n \r\n$ \r\n \r\n1,148,057.84 S 175,829.19 \r\n \r\n$ \r\n \r\n905,080.60 $ \r\n \r\n810,914.23 \r\n \r\n18,627.97 \r\n \r\n0.00 \r\n \r\n4,066.TT \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n416,854.35 \r\n \r\n220,282.50 175,829.19 416,854.35 \r\n \r\n215,2TT.37 224,632.64 390,426.19 \r\n \r\ns \r\n \r\n416,854.35 $ 1,740,741.38 $ 1,641,250.43 \r\n \r\nFund Equity \r\n \r\nIIM!Stment in Gene181 FbcBd Aaaets \r\n \r\nFund Balance \r\n \r\nReaeMld \r\n \r\nFederal Financial Aaaistance \r\n \r\nFor Refund to Georgia \r\n \r\nDepartment c:J Technical \r\n \r\nand Adult Education  \r\n \r\nAdmini\u0026trative Central \r\n \r\nOffice \r\n \r\ns \r\n \r\nlrwentories \r\n \r\nl.iW! Work Projects \r\n \r\nPrior Year Local Funds \r\n \r\nState Grants and Contracts \r\n \r\nStudentSeMces \r\n \r\nUnre8eM!d \r\n \r\nDesignated \r\n \r\nSurplus \r\n \r\nRegular \r\n \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n0.00 203,312.17 109,074.33 135,935.63 \r\n13,351.49 446,373.71 \r\n0.00 \r\n908,047.33 \r\n \r\n$ 4,768,940.39 \r\ns 4,768,940.39 \r\n \r\n$ 4,768,940.39 $ 4,118,338.36 \r\n \r\n0.00 203,312.17 109,074.33 135,935.63 \r\n13,351.49 446,373.71 \r\n \r\n1,813.07 192,TT0.13 108,416.38 136,364.99 \r\n11.87 366,473.13 \r\n \r\n0.00 \r\n \r\n12,100.14 \r\n \r\ns 5,676,987.72 $ 41936,288.07 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\n2,056,105.17 $ 175,829.19 $ \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n \r\nToe notes to the financial statements are an integral part of this statement. \r\n \r\n2  \r\n \r\n4,768,940.39 $ \r\n \r\nsn 416,854.35 S 7,417,729.10 $ 61 1538.50 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS} \r\nGOVERNMENTAL FUND TYPE YEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBrre \r\n \r\nFUND BALANCE - JULY 1 \r\nRe\u0026eMKt Unreserved \r\nDesignated SUrplus \r\nADDIIIQNS \r\nAdjultments to Prior Year's Accounts Payable Excess of Funds Available over Expenditures \r\nExhibitc \r\nPrior YNr'S Checks Voided \r\nDEDUCTIONS \r\nUnreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education - Administrative Central Office Y.r Ended June 30, 1993 Yr Ended June 30, 1994 \r\nAdjustments to Prior Year's Accounts Receivable Refunds to Grantors \r\nCentral Savannah River Area Employment and Training Consortium Job Training Partnership Act \r\nGeorgia Department of Technical and Adult Education - Administrative Central Office Federal Financial Assistance \r\nReserved Fund Balance C8rried 0ver from Prior Yr as Funds Available \r\nFUND BALANCE - JUNE 30 \r\n(To Exhibit A j \r\n \r\nBUDGET FUND \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 1995 \r\n \r\nJUNE 301 1994 \r\n \r\n$ \r\n \r\n805,849.57 $ \r\n \r\n736,843.42 \r\n \r\n12,100.14 \r\n \r\n325.80 \r\n \r\n$ \r\n \r\n817,949.71 $ \r\n \r\n737.169.22 \r\n \r\n$ \r\n \r\n387.72 $ \r\n \r\n3,243.42 \r\n \r\n715,158.76 0.00 \r\n \r\n582,859.57 741.46 \r\n \r\n$ \r\n \r\n715,546.48 $ \r\n \r\n586,844.45 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n12,100.14 \r\n \r\n269.28 \r\n \r\n325.80 0.00 \r\n1,530.72 \r\n \r\n0.00 \r\n \r\n48.94 \r\n \r\n1,813.07 \r\n \r\n72.98 \r\n \r\n611,266.37 \r\n \r\n504,085.52 \r\n \r\n$ \r\n \r\n625,448.86 $ \r\n \r\n506,063.96 \r\n \r\n$ \r\n \r\n908,047.33 $ \r\n \r\n817,949.71 \r\n \r\nSee Independent Accountanfs Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-3- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBITc \r\n \r\nFUNDS AVAILABLE \r\nBEVEtfUES \r\nSTATE FUNDS \r\nAllotment from Georgia Department of Technical and Adult Education - Administrative Central Office \r\nFEDERAL REVENUES (See Scheclule) \r\nOTHER REVENUES RETAINED Contract Georgia Department of Administrative Services Distance Leaming Project Georgia Department of Human Resources PEACH Project Georgia Institute of Technology Satallit\u0026 Technology Project Dotiations \r\nFees \r\nApplicatiol I Graduation Regi\u0026tration/Continuing Education Testing Other lntarest Earned Rents Sales and Services (Net) Tuition Other Sources \r\nTotal Other Revenues Retained \r\nTotal Revenues \r\nCARRY-OVER FROM PRIOR YEAR \r\nTransfer from Reserved Fund Balance Live Work Projects Prior Year Local Fuids State Grants and Contracts Student Services \r\nTotal Cany-Over from Prior Year \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 1995 \r\n \r\nJUNE 30, 1994 \r\n \r\n$ \r\n \r\n9,412,451.46 $ \r\n \r\n8,495,375.94 \r\n \r\n$ \r\n \r\n1,691,403.67 $ \r\n \r\n1,422,455.22 \r\n \r\n$ \r\n \r\n59,717.91 $ \r\n \r\n16,459.68 \r\n \r\n86,853.65 \r\n \r\n56,290.03 \r\n \r\n10,840.26 0.00 \r\n \r\n12,000.00 560.00 \r\n \r\n38,660.00 17,533.00 575,218.62 \r\n0.00 517.50 2,338.19 7,819.49 261,992.86 1,385,268.65 6,774.37 \r\n \r\n36,100.04 20,990.50 646,945.60 16,856.00 18,058.25 \r\n2,471.72 7,652.37 230,379.33 1,285,306.59 \r\n601.50 \r\n \r\n$ \r\n \r\n2,453,534.50 $ \r\n \r\n2,350,671.61 \r\n \r\n$ \r\n \r\n13,557,389.63 $ \r\n \r\n12,268,502.77 \r\n \r\n$ \r\n \r\n108,416.38 $ \r\n \r\n102,499.63 \r\n \r\n136,364.99 \r\n \r\n135,226.12 \r\n \r\n11.87 \r\n \r\n0.00 \r\n \r\n366,473.13 \r\n \r\n266,359.77 \r\n \r\n$ \r\n \r\n611,266.37 $ \r\n \r\n504,085.52 \r\n \r\nTotal Fuids Available \r\n \r\n$ \r\n \r\n14,168,656.00 $ \r\n \r\n12,772,588.29 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. -4- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBITc \r\n \r\nEXPENDITURES \r\nPERSONAL SERVICES-INSTITUTIONS \r\nSalaries and Wages Employer's Contributions for: \r\nF.I.C.A. Retirement Health Insurance Unemployment Compensation Insurance Workers'Compensationlnsurance \r\nOPERATING EXPENSES-INSTITUTIONS \r\nOtherCosts MolDr Vehicle Expenses Supplies and Mat8rials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing \r\nTravel MolDr Vehicle Purchases Equipment \r\nEquipment Purchases LeaselPurchase of Equipment Rental of Equipment Computer Charges Software Real Estate Rentals Telecotmlunicati Per Diem, Fees and Contracts Per Diem and Fees Contracts \r\nQUICK START PROGRAM \r\nPereonal Services \r\nSalaries and Waoes \r\nEmployer's Contributions for: F.I.C.A. Retirement Health Insurance \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 1995 \r\n \r\nJUNE 30, 1994 \r\n \r\n$ \r\n \r\n7,249,204.TT $ \r\n \r\n6,761,905.80 \r\n \r\n181,223.84 766,519.36 7TT,376.03 \r\n4,849.00 18,901.00 \r\n \r\n164,106.00 716,'462.87 713,871.TT \r\n4,881.00 18,556.00 \r\n \r\n$ \r\n \r\n8,998,074.00 $ \r\n \r\n8,379,783.44 \r\n \r\n$ \r\n \r\n4,146.28 $ \r\n \r\n11,845.60 \r\n \r\n'462,367.68 \r\n \r\n562,311.00 \r\n \r\n149,025.30 \r\n \r\n261,188.80 \r\n \r\n445,255.13 \r\n \r\n417,247.28 \r\n \r\n10,882.48 \r\n \r\n16,283.39 \r\n \r\n48,431.25 \r\n \r\n31,869.43 \r\n \r\n829,TTS.06 \r\n \r\n416,380.49 \r\n \r\n38,423.53 \r\n \r\n52,425.91 \r\n \r\n90,696.11 \r\n \r\n99,156.64 \r\n \r\n12,884.60 \r\n \r\n28,340.50 \r\n \r\n204,028.31 0.00 \r\n5,032.54 \r\n \r\n388,373.58 1,163.51 9,289.94 \r\n \r\n11,257.10 36,085.20 \r\n51.10 \r\n \r\n23,223.12 12,483.49 \r\n315.64 \r\n \r\n214,925.45 17,562.00 \r\n \r\n154,364.TT 0.00 \r\n \r\n$ \r\n \r\n2,580,829.12 $ \r\n \r\n2,486,263.09 \r\n \r\n$ \r\n \r\n33,402.98 $ \r\n \r\n18,451.69 \r\n \r\n1,474.54 2,580.60 2,013.45 \r\n \r\n1,395.40 3,108.84 2,306.52 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary lnf'Ormation. \r\nThe notes to the financial statements are an integral part of this statement. -5- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nSTATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND \r\nYEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBITc \r\n \r\nEXPENDITURES \r\nQUICK START PROGRAM \r\nOtherCosts Supplies and Materials Repairs and Maintenance Utilities Other Operating Expenses Publications and Printing \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nOtherCosts Supplies and Materials \r\nSoftware Per Diem, Fees and Contracts \r\nPer Diem and Fees \r\nADULT LITERACY GRANTS \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.1.C.A. Retirement Health Insurance \r\nOtherCosts Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Other Operating Expenses Publicatiol IS and Printing \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nSoftware Real Estate Rentals Per Diem, Fees and Contracts \r\nPer Diem and Fees \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 1995 \r\n \r\nJUNE 30, 1994 \r\n \r\n$ \r\n \r\n20,030.26 $ \r\n \r\n17,1-46.21 \r\n \r\n2,531.64 \r\n \r\n347.37 \r\n \r\n20,092.98 \r\n \r\n17,802.43 \r\n \r\n11,340.44 \r\n \r\n6,735.29 \r\n \r\n0.00 \r\n \r\n9,991.32 \r\n \r\n1,eoe.n \r\n \r\n2,057.95 \r\n \r\n20,513.92 \r\n \r\n10,085.38 \r\n \r\n0.00 7,289.89 \r\n \r\n801.16 0.00 \r\n \r\n462,350.88 \r\n \r\n292,307.28 \r\n \r\n$ \r\n \r\n585,431.30 $ \r\n \r\n382,536.84 \r\n \r\n$ \r\n \r\n418,763.02 $ \r\n \r\n3n,799.oe \r\n \r\n16,097.94 35,336.00 31,123.37 \r\n \r\n13,101.13 25,559.47 21,050.14 \r\n \r\n22,992.58 1,392.71 3,631.28 0.00 \r\n45,086.n 519.38 \r\n2,545.92 \r\n \r\n15,470.51 2,394.61 4,589.67 \r\n400.00 70,273.07 \r\n0.00 11,599.28 \r\n \r\n8,736.40 \r\n \r\n449.90 \r\n \r\n0.00 \r\n \r\n3,250.00 \r\n \r\n0.00 \r\n \r\n1,284.95 \r\n \r\n2,878.70 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n589,104.07 $ \r\n \r\n542,221.81 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. -6- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBITc \r\n \r\nEXPENDITURES \r\nJQ!;! T~NING PARTNERSHIP ACT \r\nPersonal Services Salaries and Wages Employer's Conbibutions for: F.I.C.A. Retirement Health Insurance \r\nOtherCosts Supplies and Materials Repairs and Maintenance \r\nTravel Equipment \r\nRental d Equipment \r\nCOMPUTER LABORATORIES AND SATELLITE DISHES -ADULT LITERACY \r\nEquipment Equipment Purchases \r\nEQUIPMENT-TECHNICAL INSTITUTES \r\nOtherCosts Other Operating Expenses \r\nCornpulllr Charges Equipment Equipment Purchases \r\nEquipment Equipnwrt Purchases \r\nREPAIRS AND RENOVATIONS \r\nOtherCosts Repairs and Maintenance Other Operating Expenses \r\nTotal Expenditures \r\nExcess of Funds Available over Expenditures \r\n \r\nTOTALS \r\n \r\nYEAR ENDED \r\n \r\nJUNE 30, 1995 \r\n \r\nJUNE 30, 1994 \r\n \r\n$ \r\n \r\n35,071.06 $ \r\n \r\n34,056.00 \r\n \r\n579.13 4,118.47 4,254.04 \r\n \r\n481.90 4,022.04 4,257.00 \r\n \r\n232.24 440.00 759.14 \r\n \r\n55.92 0.00 \r\n802.68 \r\n \r\n1,254.35 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n46,708.43 $ \r\n \r\n43,675.54 \r\n \r\n$ \r\n \r\ns,31e.so s _ _ _ _..;;;o.;.;;;.oo~ \r\n \r\n$ \r\n \r\n265.98 $ \r\n \r\n0.00 \r\n \r\n185,763.69 \r\n \r\n0.00 \r\n \r\n307,306.27 \r\n \r\n355,248.00 \r\n \r\n$ \r\n \r\n493,335.94 $ _ _....;355=::::.248=.00;;:. \r\n \r\n$ \r\n \r\n154,429.50 $ \r\n \r\n0.00 \r\n \r\n265.98 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n154,695.48 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n13,453,497.24 $ \r\n \r\n12,189,728.n \r\n \r\n715,158.76 \r\n \r\n582,859.57 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements \r\nand Supplementary lofarmation. \r\nThe no111s to the financial statements are an integral part of this statement -7- \r\n \r\n$ \r\n \r\n14,168,656.00 $ \r\n \r\n12,1n,588.29 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nSTATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nCOMPARED TO BUDGET BUDGET FUND \r\nA DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\nYEAR ENDED JUNE 30. 1995 \r\n \r\nEXHIBITO- \r\n \r\nFUNDS AVAILABLE RE\\/ENUES \r\nStatl8Funds Federal Reven\u0026.a other Revenues Retained \r\nCARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ \r\n \r\n8,784,943.00 $ \r\n \r\n8,759,101.14 $ \r\n \r\n2,068,117.00 \r\n \r\n1,691,403.67 \r\n \r\n2,Sn,450.00 \r\n \r\n2,453,534.50 \r\n \r\n$ \r\n \r\n13,730,510.00 $ \r\n \r\n12,904,039.31 $ \r\n \r\n-25,841.86 -376,713.33 -423,915.50 \r\n-826,470.69 \r\n \r\n50,000.00 \r\n \r\n611,266.37 \r\n \r\n561,266.37 \r\n \r\nEXPENDITURES \r\nPeraonal Services-Institutions Operating Expenaes-lnstitutiona \r\nQuick Start Program Adult Literacy Grants \r\nJob Training Partnership kt. \r\n \r\n$ \r\n \r\n13,780,510.00 $ \r\n \r\n- - - - - - 13,515,305.68 $ \r\n \r\n-265,204.32 \r\n \r\n$ \r\n \r\n9,153,136.00 $ \r\n \r\n8,998,074.00 $ \r\n \r\n3,356,311.00 \r\n \r\n2,580,829.12 \r\n \r\n585,432.00 \r\n \r\n585,431.30 \r\n \r\n614,820.00 \r\n \r\n589,104.07 \r\n \r\n70,811.00 \r\n \r\n46,708.43 \r\n \r\n155,062.00 n5,481.88 \r\n0.70 25,715.93 24,102.57 \r\n \r\nExcess of Funds Available over Expenditures \r\n \r\n$ \r\n \r\n13,780,510.00 $ \r\n \r\n- - - - - - 12,800,146.92 $ \r\n \r\n980,363.08 \r\n \r\n$ \r\n \r\n715,158.76 $ ========7=1=5=,1=5=8=.=7=6= \r\n \r\nSee lndepet ldent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement \r\n-8 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE ANO EXPENDITURES \r\nCOMPARED TO BUDGET BUDGET FUND \r\nB LOTTERY FOR EDUCATION \r\nYEAR ENDED JUNE 30. 1995 \r\n \r\nEXHIBITe \r\n \r\nFUNDS AVAILABLE REVENUES \r\nState Funds \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ \r\n \r\n998,988.00 $ \r\n \r\n- - - - - - 653,350.32 $ \r\n \r\n-345,637.68 \r\n \r\nEXPENDIDJRES \r\nComputer LaboratDries and Satellite Dishes - Adult Literacy Equipment - Technical Institutes Repairs and Renovations \r\n \r\n$ \r\n \r\n5,652.00 $ \r\n \r\n5,318.90 $ \r\n \r\n333.10 \r\n \r\n493,336.00 \r\n \r\n493,335.94 \r\n \r\n0.06 \r\n \r\n500,000.00 \r\n \r\n154,695.48 \r\n \r\n345,304.52 \r\n \r\nExcess of Funds Available over Expenditures \r\n \r\n$ \r\n \r\n998,988.00 $ \r\n \r\n- - - - - - 653,350.32 $ \r\n \r\n345,637.68 \r\n \r\n$ \r\n \r\n0.00 $ ===========0=.0=0= \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n-9- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXIilBIT \"F\" \r\n \r\nNOTE l: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY Augusta Technical Institute is one oftwenty-nine (29) State supported member institutes of postsecondary education in Georgia which comprise the Georgia Department of Technical and Adult Education, an organiz.at:ional unit ofthe State of Georgia. The accompanying financial statements reflect the operations of Augusta Technical Institute as a separate reporting entity. \r\nThe Institute's Local Board ofDirectors is composed of eleven (11) members serving staggered three-year terms who are appointed by the State Board ofTechnical and Adult Education. Appropriation of State funds is made to the Georgia Department ofTechnical and Adult Education by the General Assembly of Georgia. The Department's Administrative Central Office determines the amount of State funds to be received by Augusta Technical Institute. The Institute does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Augusta Technical Institute is considered an organizational unit ofthe Georgia Department of Technical and Adult Education for financial reporting purposes because of the significance ofits legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \r\nFUND ACCOUNTING Augusta Technical Institute uses funds and account groups to report on its financial position and the results ofits operations determined in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds are maintained consistent with legal and managerial requirements. Account groups are a reporting device used to account for certain assets and liabilities of the governmental funds not recorded directly in those funds. \r\nFunds and account groups presented in the accompanying financial statements are as follows: \r\nGOVERNMENTAL FUND TYPE \r\nBUDGET FUND - The fund used to account for activities and functions as set forth in the Amended Appropriations Act of 1994-1995. This fund also includes operations from various institutional services provided to students, faculty, and/or staffwhich are funded by fees charged to participants that are directly related to, but not necessarily equal to, the cost of service. The Budget Fund is similar in nature to a General Fund as identified in generally accepted accounting principles in that the Budget Fund is used to account for all activities except those required to be accounted for in some other fund. \r\nFIDUCIARY FUND TYPE \r\nAGENCY FUNDS - The funds used to account for assets held for use by other funds, governments, or individuals. \r\n- 10- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30~ 1995 \r\n \r\nEXIIlBIT \"F\" \r\n \r\nNOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nFUND ACCOUNTING \r\nACCOUNT GROUPS \r\nGENERAL FIXED ASSETS - The account group used to account for fixed assets used in governmental fund type operations. Fixed assets purchased are recorded at cost or at estimated historical cost ifhistorical cost is not practically determinable. 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 general fixed assets. \r\nThe cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets' lives are not included in the General Fixed Assets Account Group. Material improvements adding to the value or useful life ofthe assets are included in the General Fixed Assets Account Group. \r\nGENERAL LONG-TERM DEBT - The account group used to report the noncurrent portions of certain governmental long-tenn liabilities, such as claims, judgments, and compensated absences, which will be paid from future resources. \r\nBASIS OF ACCOUNTING MEASUREMENT FOCUS \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Governmental funds should be accounted for using the flow of current financial resources measurement focus. Wrth this measurement focus, operating statements present increases and decreases in net current assets and unreserved fund balance is a measure of available spendable resources. In accordance with accounting practices prescnbed or pennitted by statutes and regulations ofthe State of Georgia, the Budget Fund returns its unreseived fund balance (swplus) to the Administrative Central Office of the Department ofTechnical and Adult Education for remittance to the Office of Treasury and Fiscal Services in the subsequent fiscal year. \r\nGOVERNMENTAL FUND TYPE BUDGETFUND \r\nExcept as disclosed in the following paragraphs, units of government of the State of Georgia record their Budget Fund revenues and expenditures in accordance with the modified accrual basis ofaccounting. Under the modified accrual basis ofaccounting, revenues are recognized when susceptible to accrual (i.e., when they are \"measurable and available\"). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to pay liabilities ofthe current period. Revenues that are accrued include primarily State funds, Federal grants and entitlements, and certain amounts earned under operating agreements with other parties. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long-term debt which is recognized when due, and certain compensated absences, claims and judgments which are recognized when the obligations are expected to be liquidated with expendable available financial resources. \r\n \r\n- 11 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXIDBIT \"F\" \r\n \r\nNOTE l: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING GOVERNMENTAL FUND TYPE BUDGETFUND \r\nContractual obligations for services which have not been performed and for goods which have not been delivered at the end of the 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 ~ on the unexecuted portion ofcontracts 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 ofthe State ofGeorgia, but is not consistent with generally accepted accounting principles, which provide for the recording ofencumbrances as a reservation offund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with generally accepted accounting principles. \r\nContractual terms ofcertain Federal grant agreements received by the Institute for vocational training services require that grant funds earned be recorded as Federal revenues rather than as revenues from tuition and fees. Accordingly, it is the Institute's policy to record certain Federal grant funds as Federal revenues and also as other revenues retained with offsetting expenditures for student expenses charged to the other operating expenses expenditure account. This accounting policy results in an overstatement of both revenues and expenditures in the financial statements for such Federal grants. This policy is in conformity with accounting practices prescribed or pennitted by statutes and regulations ofthe State ofGeorgia, but is not consistent with generally accepted accounting principles. \r\nPrior period adjustments and certain other items are reported as additions to and deductions from fund balance of the Budget Fund in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. \r\nFIDUCIARY FUND TYPE AGENCY FUNDS \r\nAgency Funds are custodial in nature and do not measure results ofoperations or have a measurement focus. The modified accrual basis of accounting is utilized for recognizing assets and liabilities. \r\n. BUDGET The Georgia Department of Technical and Adult Education - Administrative Central Office receives State appropriation allotments and certain Federal funds for the various technical institutes throughout the State. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1994-1995. The budget allocation and disbursement ofthese funds is made to the various technical institutes by the Administrative Central Office. In addition, the technical institutes receive certain Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \r\n- 12- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXIIlBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents include currency on hand and demand deposits with banks and other authorized financial institutions. \r\nINVESTMENTS Investments are defined as those financial instruments with terms of three months or more from the date of purchase held for the production of revenue. Investments are stated at cost. \r\nACCOUNTS RECEIVABLE Accounts receivable consist ofallotments due from the Georgia Department ofTechnical and Adult Education - Administrative Central Office, reimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. \r\nINVENTORIES Expendable supplies are recorded as expenditures at the time of purchase and are not reflected on the Combined Balance Sheet (Statutory Basis). \r\nInventories ofgoods for resale are recorded as assets at cost at the time of purchase. The Institute uses the weighted average method in costing-out inventories based on sales. \r\nRESERVED FUND BALANCE Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. The following is a brief description of the reserves reflected in the accompanying financial statements: \r\nINVENTORIES Reported inventories (resale), under the consumption method, are offset by a portion of State funds on hand \r\nfor the fiscal year. This reservation offund balance was established to provide working capital for managing a reasonable level ofinventories for resale. \r\nLIVE WORK PROJECTS The accumulated balance of unexpended funds derived from student live work projects. This amount is restricted to expenditures for live work projects in subsequent fiscal years. \r\nPRIOR YEAR LOCAL FUNDS Effective July 1, 1987, Augusta Technical Institute became a part ofthe Georgia Department ofTechnical and Adult Education. The Official Code ofGeorgia Annotated Section 20-4-23 provides the Institute may \r\nretain for future operations \"...any unexpended nonstate funds that have been collected by, appropriated for, or otherwise earmarked for use by said postsecondary technical school operated by a local board of education or an area board...\". These unexpended local funds are available for use in subsequent fiscal years. \r\n- 13 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 1995 \r\n \r\nEXIIlBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nRESERVED FUND BALANCE \r\nSTATE GRANTS AND CONTRACTS \r\nThe unexpended balance ofstate grants and contracts, other than through the Administrative Central Office. This amount is restricted for expenditure in future years. \r\nSTUDENT SERVICES \r\nThe unexpended balance of student services provided through the Institute's bookstore operations. These funds are restricted for bookstore operations in subsequent fiscal years. \r\nCOMPENSATED ABSENCES Compensated absences represent obligations of the Institute relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the Budget Fund for the current portion ofthis obligation as this amount will not be liquidated with expendable available financial resources. Funds are provided in the allotment of State funds each year to the Institute to cover the cost ofannual leave paid to terminated employees. \r\nThe liability for compensated absences at year-end is reported in the General Long-Term Debt Account Group for governmental funds. \r\nMEMORANDUM ONLY - TOTAL COLUMNS Total columns on the Combined Balance Sheet (Statutory Basis) are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate financial analysis. The columns do not present information that reflects 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 of this data. \r\nCOMPARATIVE DATA Comparative total data for the prior year have been presented in selected sections of the accompanying filWlCial statements in order to provide an understanding ofthe changes in the Institute's financial position and operations. Comparative totals have not been included on statements where their inclusion would not provide enhanced understanding ofthe Institute's financial position and operations or would cause the statements to be unduly complex and difficult to understand. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year's presentation. \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 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 ofGeorgia Annotated Section 50-17-59: \r\n- 14 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES (1) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations of the United States or ofthe State ofGeorgia. \r\n(2) Bonds, bills, certificates ofindebtedness, notes, or other obligations ofthe counties or municipalities ofthe State ofGeorgia. \r\n(3) Bonds ofany public authority created by the laws ofthe State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose. \r\n(4) Industrial revenue bonds and bonds of development authorities created by the laws ofthe State of Georgia. \r\n(5) Bonds, bills, certificates ofindebtedness, 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 and 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. \r\n(6) Guarantee or insurance ofaccounts provided by the Federal Deposit Insurance Corporation. \r\nAs authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies ofthe State of Georgia (which include technical institutes) the option ofexempting demand deposits from the collateral requirements. \r\nCATEGORIZATION 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 of June 30, 1995, are categorized , below in order to provide infonnation about the extent to which such deposits are exposed to custodial credit risk: \r\nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Institute or by its agent in the Institute's name. \r\nCategory 2 - Amounts collateralized with securities (at market value) held by the pledging financial institution's trust department or agent in the Institute's name. \r\nCategory 3 - Amounts collateralized with securities (at market value) held by the pledging financial institution, or by its trust department or agent but not in the Institute's name, and amounts uncollateralized. \r\n- 15 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXIIlBIT \"F\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\n \r\nCATEGORIZATION OF DEPOSITS \r\n \r\nCash Deposits \r\n \r\nCarrying Amount \r\n \r\nBank \r\nBalances \r\n \r\nRisk Categories \r\n \r\n2 \r\n \r\n3 \r\n \r\nS 767 142.82 S 1408362 43 S 200 000 00 S l,208362A3 S===-=\"\"\"'o,oo...., \r\n \r\nNOTE 3: CHANGES IN GENERAL FIXED ASSETS \r\n \r\nIn accordance with the statutory definition of moveable personal property as defined in Official Code of Georgia Annotated Section 50-16-161, only those items with an acquisition cost of$1,000.00 or greater are reflected in the General Fixed Assets Account Group. \r\n \r\nThe following is a summary ofchanges ofequipment for the General Fixed Assets Account Group during the \r\n \r\nfiscalyear: \r\n \r\n \r\n \r\nBalance July 1, 1994 \r\n \r\n$4,118,338.36 \r\n \r\nAdditions Deductions \r\nBalance June 30, 1995 \r\nNOTE 4: GENERAL LONG-TERM DEBT \r\n \r\n826,941.90 176,339.87 \r\n$ 4,768,940.39 \r\n \r\nCHANGES IN GENERAL LONG-TERM DEBT During the year ended June 30, 1995, the following changes occurred in the compensated absences liability reported in the General Long-Term Debt Account Group: \r\n \r\nBalance July 1, 1994 \r\n \r\n$ 390,426.19 \r\n \r\nAdditions Annual Leave Earned and Utilized (Net) Salaries and Wages Salary-Related Fringe Benefits \r\n \r\n25,446.81 981.35 \r\n \r\nBalance June 30, 1995 \r\n \r\n$ 416,854.35 \r\n \r\n- 16 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXIIlBIT \"F\" \r\n \r\nNOTE 5: RISK MANAGEMENT \r\nPublic Entity Risk Pool The State Personnel Board - Merit System ofPersonnel Administration internally administers for the State of Georgia a program of health benefits for the employees of units ofgovernment ofthe State of Georgia and units of county governments and local education agencies located with the State of Georgia. This plan is funded by participants covered in the plan, by employers' contnbutions paid by the various units ofgovernment participating in the plan, and appropriations made by the General Assembly ofGeorgia. The State Personnel Board - Merit System ofPersonnel Administration has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the State Employees' Health Benefit Plan as established by the State Personnel Board. \r\nOther Risk Management The Department ofAdministrative Services (DOAS) has the responsibility for the State of Georgia of making and carrying out decisions that will minimize the adverse effects of accidental 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 services 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 ofcommercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The Institute, as an organizational unit of the Georgia Department of Technical and Adult Education, 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 state agencies by DOAS to provide claims servicing and claims payment. \r\nNOTE 6: DEFERRED COMPENSATION PLAN \r\nThe State ofGeorgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees ofthe State ofGeorgia and county health departments, pennits such employees to defer a portion oftheir salaiy until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights of the State of Georgia subject only to the claims of the State's general creditors. Participant's rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account of each participant. Financial infonnation relative to the plan is presented in the financial report ofthe State Personnel Board - Merit System ofPersonnel Administration for the year ended June 30, 1995. \r\n \r\n- 17 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT\"F\" \r\n \r\nNOTE7: RETIREMENTPLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description Augusta Technical Institute participates in the Teachers Retirement System of Georgia (TRS), a cost-sharing multiple-employer public employee retirement system (PERS) established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State ofGeorgia. The Institute's payroll for the year ended June 30, 1995, for employees covered by TRS was $4,849,542.92. The Institute's total payroll for all employees was $7,736,441.83. \r\nBenefits TRS provides service retirement, disability retirement, and survivor's benefits for its members. A member is eligible for service retirement after the member (1) has attained the age of60 years and has at least ten years ofcreditable service, (2) has at least 30 years of creditable service, regardless ofage, or (3) has attained the age of55 years and has at least 25 years ofcreditable service. For those members with 30 years of service or those age 60 with at least ten years of service, retirement benefits are equal to 2% of the average of the member's two consecutive highest paid years ofservice multiplied by the number ofyears ofcreditable service up to 40 years. Any member who has between 25 and 30 years ofcreditable service and is at least 55 years \r\nofage shall receive a benefit which is reduced by the lessor of 1/12 of7% for each month the member is below age 60, or by 7% for each year or fraction thereofby which the member has less than 30 years of service. The nonnal retirement pension is payable monthly for life. Options are available for distribution ofthe member's monthly pension at a reduced rate to a designated beneficiary on the member's death. \r\nRetirement benefits also include death and disability benefits whereby the disabled member or surviving spouse is entitled to receive annually an amount equal to the member's service retirement benefit or disability retirement, whichever is greater. The benefit is based on member's creditable service (minimum of l Oyears of service) and compensation up to the date ofdeath or up to the time ofdisability. \r\nMembers become fully vested after ten years of service. If a member terminates with less than ten years of service, no vesting ofemployer contnbutions occurs, but the member's contributions are refunded with interest. \r\nContributions Required and Contributions Made Employees ofthe Institute who are covered by TRS are required to pay 5% oftheir gross earnings to TRS. The Institute makes monthly employer contributions to TRS at rates adopted by the TRS Board ofTrustees \r\nas advised by their independent actuary. For fiscal year 1995, the employer contribution rate was 11.81% for covered employees. The interest rate assumption (rate of return on investments) was 7.50%. \r\nTotal contributions to the plan made during fiscal year 1995 amounted to $815,208.23, ofwhich $572,730.95 \r\nwas made by the Institute and $242,477.28 was made by employees. These contributions represented I 1.81% \r\n(Institute) and 5% (employees) ofcovered payroll. \r\n \r\n- 18 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 7: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nFunding Status and Progress Pension Benefit Obligation \r\nThe amount of the total pension benefit obligation is based on a standardized measurement established by Statement No. 5 of the Governmental Accounting Standards Board (GASB) that is required to be used for reporting purposes. The standardized measurement is the actuarial present value ofcredited projected benefits. This pension valuation method reflects the present value of estimated pension benefits that will be paid in future years as a result of employee services performed to date and is adjusted for the effects of projected salary increases and any step-rate benefits. A standardized measure of the pension benefit obligation was adopted by the GASB to enable readers ofthe PERS financial statements to assess that PERS funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among similar PERS. \r\n \r\nThe total unfunded pension benefit obligation ofTRS as ofJune 30, 1994, which was the latest information available, was as follows: \r\n \r\nTotal pension benefit obligation \r\n \r\n$15,313,743,000.00 \r\n \r\nNet assets available for benefits, at cost \r\n \r\n14,254,785,000.00 \r\n \r\nUnfunded pension benefit obligation \r\n \r\n$ 1,058,958 000,00 \r\n \r\nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1994. Net assets available for benefits were valued as ofthe same date. TRS does not make separate measurements ofassets and pension benefit obligation for individual employers. \r\n \r\nRetirement System Contributions Total contnbutions from all employers to TRS for the year ended June 30, 1995, were $565,117,811.00. The Institute's contribution for the year ended June 30, 1995, of $572,730.95 was actuarially determined and represented .1013% oftotal contributions made by all participating employers. \r\n \r\nTrend Information Historical trend information is presented in the financial report ofTRS for the year ended June 30, 1995. This information gives an indication of the progress made in accumulating sufficient assets to pay benefits when \r\ndue. \r\n \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nPlan Description Augusta Technical Institute participates in the Employees' Retirement System of Georgia (ERS), a single- \r\nemployer defined benefit pension plan established by the General Assembly of Georgia for the purpose of \r\n \r\n- 19 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE7: RETIREMENTPLANS \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description providing retirement allowances for employees of the State ofGeorgia. The Institute's payroll for the year ended June 30, 1995, for employees covered by ERS was $1,491,292.53. The Institute's total payroll for all employees was $7,736,441.83. \r\nBenefits The benefit structure of ERS was significantly modified on July 1, 1982. Unless elected otherwise, an employee who currently maintains membership with ERS based upon State employment that started prior to \r\nJuly 1, 1982, is an \"old plan\" member subject to the plan provisions in effect prior to July 1, 1982. All other members are \"new plan\" members subject to the modified plan provisions. \r\nMembers become vested after 10 years of creditable service. A member may retire and receive normal retirement benefits after completion of 10 years of creditable service and attainment ofage 65. Retirement benefits paid to members are based upon a formula which considers the monthly average of the member's highest eight consecutive calendar quarters of salary, the number of years of creditable service, and the member's age at retirement. Postretirement cost-of-living adjustments are also made to member's benefits. The normal retirement pension is payable monthly for life; however, options are available for distribution of the member's monthly pension at reduced rates to a designated beneficiary upon the member's death. Death and disability benefits are also available through ERS. If 10 years of service is completed and age 60 is reached, the member may retire with a reduced benefit. Additionally, there are certain provisions allowing for retirement after 30 years of service regardless ofage. \r\nContributions Required and Contributions Made Under the old plan, member contributions consist ofemployee contributions paid by the employee of 1.25% ofannual compensation and 4.75% ofannual compensation paid by the Institute on behalfofthe employee. Under the new plan, member contributions consist solely of 1.25% of annual compensation paid by employee. The Institute also is required to contribute at a specified percentage of active member payroll determined annually by actuarial valuation. Contributions are also made on amounts paid for accumulated leave of retiring employees. \r\nTotal contnbutions to the plan made during fiscal year 1995 amounted to $240,694.65, ofwhich $222,053.46 was made by the Institute and $18,641.19 was made by employees. These contributions represented 14.890/o (Institute) and 1.25% (employees) ofcovered payroll. \r\nFunding Status and Progress Pension Benefit Obligation \r\nThe amount shown as the \"pension benefit obligation\" is a standardized disclosure measure of the present value ofpension benefits, adjusted for the effects ofprojected salary increases and step-rate benefits, estimated to be payable in the future as a result ofemployee service to date. The measure is intended to help users assess the funding status ofERS on the going-concern basis, assess progress made in accumulating sufficient assets \r\n-20- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE7: RETIREMENTPLANS \r\n \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nFunding Status and Progress Pension Benefit Obligation \r\nto pay benefits when due, and make comparisons among employers. The measure is the actuarial present value ofcredited projected benefits, and is independent ofthe funding method used to determine contributions to the plan. \r\n \r\nThe pension benefit obligation was computed as part of an actuarial valuation performed as ofJune 30, 1994. Significant actuarial assumptions used in the valuation include the following: \r\n \r\n(I) The present value offuture pension benefits paid was computed using a discounted rate of7.5%. This rate is also the same rate assumed to be earned on investments in the plan in future years. \r\n \r\n(2) Future pension payments reflect the following assumed salary increases as a result ofinflation and merit increases: \r\n \r\nAge \r\n \r\nPercentage \r\n \r\n20 25 30 35 40 to 65 \r\n \r\n9.5% \r\n8.5% \r\n6.5% 6.0% 5.7% \r\n \r\n(3) ERS has the authority to grant cost-of-living adjustments by State statute. As ofJune 30, 1994, cost-of-living adjustments have been included in the pension benefit obligation. \r\n \r\nThe total unfunded pension benefit obligation ofERS as ofJune 30, 1994, which was the latest information available, was as follows: \r\n \r\n- 21 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE7: RETIREMENTPLANS \r\n \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA \r\n \r\nFunding Status and Progress Pension Benefit Obligation \r\n \r\nPension Benefit Obligation: \r\n \r\nRetirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving benefits \r\n \r\n$ 2,227,653,000.00 \r\n \r\nCurrent employees: \r\n \r\nAccumulated contributions \r\n \r\n648,516,000.00 \r\n \r\nEmployer financed - vested \r\n \r\n1,085,190,000.00 \r\n \r\nEmployer financed - nonvested Total pension benefit obligation \r\n \r\n1,206,805,000.00 $5,168,164,000.00 \r\n \r\nNet assets available for benefits, at cost \r\n \r\n4,858,015,000.00 \r\n \r\nUnfunded pension benefit obligation \r\n \r\n$ 310, 149,000,00 \r\n \r\nThe measurement ofthe total pension benefit obligation is based on an actuarial valuation as ofJune 30, 1994. Net assets available for benefits were valued as ofthe same date. ERS does not make separate measurements ofassets and pension benefit obligation for individual employers. \r\n \r\nFunding Policy The ERS funding policy provides for periodic employer contributions at actuarially determined rates that, expressed as percentages ofannual payroll, are sufficient to accumulate sufficient assets to pay benefits when due. Level percentage of payroll employer contribution rates are determined using the entry age funding method. ERS also uses the level percentage of payroll method to amortize the unfunded liability within approximately 20 years following the valuation date. \r\n \r\nTotal contributions from all employers to ERS for the year ended June 30, 1995, were $256,624,679.00. The Institute's contribution for the year ended June 30, 1995, of $222,053.46 was actuarially determined and represented .0865% oftotal contributions made by all participating employers. \r\n \r\n-22- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE7: RETIREMENTPLANS \r\nEMPWYEES' RETIREMENT SYSTEM OF GEORGIA \r\nFunding Status and Progress Funding Policy \r\nSignificant actuarial assumptions used to compute contributions are the same as those used to compute the standardized measure of pension obligation. \r\nTrend Information \r\nHistorical trend infonnation is presented in the financial report ofERS for the year ended June 30, 1995. This information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nPlan Description Augusta Technical Institute participates in the Georgia Defined Contribution Plan (GDCP) which is a singleemployer defined contribution plan established by the General Assembly of Georgia in July 1993 for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and part-time and are not members ofa public retirement or pension system. GDCP is administered by the Board of Trustees ofthe Employees' Retirement System of Georgia. The Institute's payroll for the year ended June 30, 1995, for employees covered by GDCP was $1,133,768.46. The lnstitute's total payroll for all employees was $7,736,441.83. \r\nBenefits \r\nA member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. If a member has less than$ 3,500.00 credited to his/her account, the Board ofTrustees has the option of requiring 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. \r\nContributions and Vesting Member contributions are seven and one-half percent (7.5%) of gross salary. There are no employer contributions. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon tennination ofemployment, the amount of the member's account is refundable upon request by the member. \r\nTotal contributions made by employees during fiscal year 1995 amounted to $85,033.46 which represents 7.5% ofcovered payroll. These contributions met the requirements ofthe plan. \r\n \r\n-23 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 8: LEAVE POLICIES \r\nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with a maximum accumulation offorty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Compensated Absences \r\nEmployees earn one and one-quarter days of sick leave each month with a maximum accumulation ofninety days. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \r\nCertain employees who retire with one hundred and twenty days or more offorfeited annual and sick leave are entitled to additional service credit in the Employees' Retirement System ofGeorgia. \r\nNOTE 9: NONMONETARY TRANSACTIONS \r\nThe Georgia State Financing and Investment Commission (GSFIC), a unit of State government, is responsible for the issuance of state debt and for the investment and accounting for proceeds derived from the issuance of state debt. In addition, GSFIC is authorized to acquire and construct projects for the benefit of units of State government or to contract with units of State government for the construction or acquisition ofcapital outlay projects. During the fiscal year ended June 30, 1995, the Georgia State Financing and Investment Commission paid $3,884,076.41 to various vendors for approved projects related to Augusta Technical Institute. \r\nNOTEl0: CONTINGENCIES \r\nAmounts 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 disallowed by the grantor cannot be determined at this time although the Institute expects such amounts, ifany, to be immaterial to its overall financial position. \r\nLitigation, claims and assessments filed against Augusta Technical Institute (as an organizational unit ofthe Department ofTechnical and Adult Education), ifany, are generally considered to be actions against the State ofGeorgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, 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, 1995. \r\nNOTE 11: BONDING INFORMATION \r\nThe President and all employees ofAugusta Technical Institute are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October I, 1995. Under this agreement, the public employee dishonesty coverage insures Augusta \r\n-24- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1995 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 11: BONDING INFORMATION \r\nTeclmical Institute to a maximum ofSl,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the Institute to a maximum of $1,000,000.00 against loss sustained from failure of its employees to perform faithfully their duties or to account properly for all monies and property received by virtue oftheir position or employment. \r\nAll employees ofAugusta Technical Institute are also bonded under Commercial Crime Policies written by the United States Fire Insurance Company, their Policy Nos. 626011675 2 and 626 012294 4, on which the premiums were paid to October 1, 1995. Under these additional public employee dishonesty coverages, the policies insure the Institute to a maximum of $9,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. \r\n \r\n-25 - \r\n \r\n  SUPPLEMENTARY INFORMATION - 27 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING BALANCE SHEET CSTATUTORY BASIS) \r\nBUDGETFUNP JUNE 30. 1995 \r\n \r\nEXHIBIT G\" \r\n \r\nASSETS C8lh and cash Equivalenls \r\nlnweti1a Accounla Receivable \r\nSlate Funds Federal Financial Aalstance Other \r\nlnvermies \r\n \r\nA \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\ne \r\nLOTTERY FOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n6981204.75 \r\n \r\n$ \r\n \r\n201000.00 \r\n \r\n$ \r\n \r\n6981204.75 \r\n \r\n$ \r\n \r\n201000.00 \r\n \r\n$ \r\n \r\n108,879.84 $ \r\n \r\n628,526.15 $ \r\n \r\n737,Gi.99 \r\n \r\n207,309.25 \r\n \r\n207,309.25 \r\n \r\n219,740.59 \r\n \r\n219,740.59 \r\n \r\n$ \r\n \r\n535,929.68 $ \r\n \r\n6281526.15 $ \r\n \r\n11164,455.83 \r\n \r\n$ \r\n \r\n272,280.25 \r\n \r\n$ \r\n \r\n272,280.25 \r\n \r\nTotalAuets \r\n \r\n$ \r\n \r\n11526,414.68 $ \r\n \r\n628,526.15 $ -=====2=,1,..54.,,.,==940====.83= \r\n \r\nUABIUTIES AND FUND EQUITY \r\nLiabilities cash OVerdraft Accounts Payable Salaries Payable Payroll Wlthholclings Deferred Revenue Tuition and Fees \r\nTotal Liabilities \r\nFund Equity Fund Balance Reserved IIMriories Live Work Projects Prior Yr Local Funds State Grants and Contracts Student Services Unreserved Designated SUrplus Regular Lottery for Education \r\nTotal Fund Equity \r\n \r\n$ \r\n \r\n98,835.66 $ \r\n \r\n98,835.66 \r\n \r\n$ \r\n \r\n375,390.11 \r\n \r\n529,690.49 \r\n \r\n905,080.60 \r\n \r\n18,627.97 \r\n \r\n18,627.97 \r\n \r\n4,066.77 \r\n \r\n4,066.77 \r\n \r\n220,282.50 \r\n \r\n220,282.50 \r\n \r\n$ \r\n \r\n618,367.35 $ \r\n \r\n628,526.15 $ \r\n \r\n1,2461893.50 \r\n \r\n$ \r\n \r\n203,312.17 \r\n \r\n109,074.33 \r\n \r\n135,935.63 \r\n \r\n13,351.49 \r\n \r\n446,373.71 \r\n \r\n0.00 $ \r\n \r\n$ \r\n \r\n908,047.33 $ \r\n \r\n$ \r\n \r\n203,312.17 \r\n \r\n109,074.33 \r\n \r\n135,935.63 \r\n \r\n13,351.49 \r\n \r\n446,373.71 \r\n \r\n0.00 0.00 $ \r\n \r\n0.00 0.00 \r\n908,047.33 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$ \r\n \r\n1,526,414.68 $ \r\n \r\n628,526.15 $ \r\n \r\n2, 154,940.83 \r\n \r\nSee accompanying notes and lndepetKient Accountant's Combined Report on Review of Financial statements and Supplementary Information. \r\n- 28 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN FUND BALANCE CSTATUTORY BASIS\u003e \r\nBUPGETFUNp YEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBIT H\" \r\n \r\nFUND BALANCE  JULY 1 \r\nReaerved Unreeerved \r\nDesignated Surplus \r\nADDITIONS \r\nAdjustments to Prior Year's Accounts Payable \r\nExcess of Funds Available rNer Expenditures \r\nExhibit r \r\nDEDUCTIONS \r\nUnreeerved Fini Balance (Surplus) \r\nReturned to Georgia Department of Technical and \r\nAdult Education - Administrative Central Office Year Ended June 30. 1994 \r\nAdjustments to Prior Year's Accounts Receivable Refunds to Grantors \r\nGeorgia Department of Technical and Adult Education - Adminllltrative Central Office Federal Financial Aaaistance \r\nReaerved Fini Balance C8nied Over from Prior Year Funds Available \r\nFUND BALANCE - JUNE 30 \r\n(To Exhibit G\") \r\n \r\nA \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\ne \r\nLOTTERY FOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n805,849.57 \r\n \r\n121100.14 $ \r\n \r\n$ \r\n \r\n8171949.71 $ \r\n \r\n$ \r\n0.00 0.00 $ \r\n \r\n805,849.57 \r\n121100.14 8171949.71 \r\n \r\n$ \r\n \r\n~7.72 \r\n \r\n715,158.76 $ \r\n \r\n$ \r\n \r\n715,546.48 $ \r\n \r\n$ 0.00 0.00 $ \r\n \r\n~7.72 715,158.76 715,546.48 \r\n \r\n$ \r\n \r\n12,100.14 $ \r\n \r\n269.28 \r\n \r\n1,813.07 \r\n \r\n611,266.37 \r\n \r\n$ \r\n \r\n625,448.86 $ \r\n \r\n$ \r\n \r\n9081047.33 $ \r\n \r\n0.00 $ \r\n \r\n12,100.14 269.28 \r\n \r\n0.00 $ \r\n \r\n1,813.07 611,266.37 625,448.86 \r\n \r\n0.00 $ \r\n \r\n9081047.33 \r\n \r\nSee accompanying not and lndepel ldent Accountant's Combined Report on \r\nReview of Financial Statements and Supplementary Information. \r\n- 29 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nCOMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND \r\nVEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBIT\"r \r\n \r\n\"A\" DEPARTMENT OF \r\nTECHNICAL AND ADULT EDUCATION \r\n \r\n\"B\" LOTTERY FOR EDUCATION \r\n \r\nFUNDS AVAILABLE \r\n \r\nREVENUES \r\n \r\nSTATE FUNDS Allotment from Georgia Deparbnent of Technical and Adult Education - Administrative Central Office $ \r\n \r\nFEDERAL REVENUES \r\n \r\n$ \r\n \r\nOTHER REVENUES RETAINED \r\n \r\nContracts \r\n \r\nGeorgia Deparbnent of Administrative Services \r\n \r\nDistance Leaming Project \r\n \r\n$ \r\n \r\nGeorgia Deparbnent of Human Resources \r\n \r\nPEACH Project \r\n \r\nGeorgia Institute of Technology \r\n \r\nSatellite Technology Project \r\n \r\nFees \r\n \r\nApplication \r\n \r\nGraduation \r\n \r\nRegistration/Continuing Education \r\n \r\nOther \r\n \r\nInterest Earned \r\n \r\nRents \r\n \r\nSales and Services (Net) \r\n \r\nTuition \r\n \r\nOther Sources \r\n \r\n8?591101.14 $ 11691 1403.67 \r\n59,717.91 \r\n86,853.65 \r\n10,840.26 \r\n38,660.00 17,533.00 575,218.62 \r\n517.50 2,338.19 7,819.49 261,992.86 1,385,268.65 6n4.37 \r\n \r\n6531350.32 $ $ \r\n$ \r\n \r\nTotal Other Revenues Retained \r\n \r\n$ \r\n \r\n214531534.50 \r\n \r\n$ \r\n \r\nTotal Revenues \r\n \r\n$ 1219041039.31 $ \r\n \r\n6531350.32 $ \r\n \r\nCARRY-OVER FROM PRIOR YEAR \r\n \r\nTransfer from Reserved Fund Balance \r\n \r\nLive Work Projects \r\n \r\n$ \r\n \r\n108,416.38 \r\n \r\n$ \r\n \r\nPrior Year Local Funds \r\n \r\n136,364.99 \r\n \r\nState Grants and Contracts \r\n \r\n11.87 \r\n \r\nStudent Services \r\n \r\n3661473.13 \r\n \r\nTotal Carry-Over from Prior Year \r\n \r\n$ \r\n \r\n6111266.37 \r\n \r\n$ \r\n \r\nTOTAL \r\n914121451.46 11691 1403.67 \r\n59,717.91 86,853.65 10,840.26 38,660.00 17,533.00 575,218.62 \r\n517.50 2,338.19 7,819.49 261,992.86 1,385,268.65 6n4.37 214531534.50 1315571389.63 \r\n108,416.38 136,364.99 \r\n11.87 3661473.13 611.266.37 \r\n \r\nTotal Funds Available \r\n \r\n$ 13,515,305.68 $ \r\n \r\n653,350.32 $ 14,168,656.00 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 30 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBIT\"r' \r\n \r\nEXPENDITURES \r\nPERSONAL SERVICES-INSTITUTIONS \r\nSalaries and Wages \r\nEmployer's Contributions for: F.1.C.A Retirement Health Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \r\nOPERATING EXPENSES-INSTITUTIONS \r\nOtherCos1B Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing \r\nTravel Motor Vehicle Purchases Equipment \r\nEquipment Purchases Rental of Equipment Computer Charges Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts \r\nQUICK START PROGRAM \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.1.C.A Retirement Health Insurance \r\n \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\n\"B\" LOTTERY FOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n7,249,204.n \r\n \r\n181,223.84 766,519.36 m,376.03 \r\n4,849.00 181901.00 \r\n \r\n$ \r\n \r\n819981074.00 \r\n \r\n$ \r\n \r\n4,146.28 \r\n \r\n462,367.68 \r\n \r\n149,025.30 \r\n \r\n445,255.13 \r\n \r\n10,882.48 \r\n \r\n48,431.25 \r\n \r\n829,n5.06 \r\n \r\n38,423.53 \r\n \r\n90,696.11 \r\n \r\n12,884.60 \r\n \r\n204,028.31 5,032.54 \r\n \r\n11,257.10 36,085.20 \r\n51.10 \r\n \r\n214,925.45 171562.00 \r\n \r\n$ \r\n \r\n215801829.12 \r\n \r\n$ \r\n \r\n33,402.98 \r\n \r\n1,474.54 2,580.60 2,013.45 \r\n \r\n$ \r\n \r\n7,249,204.n \r\n \r\n181,223.84 766,519.36 m,376.03 \r\n4,849.00 181901.00 \r\n \r\n$ \r\n \r\n819981074.00 \r\n \r\n$ \r\n \r\n4,146.28 \r\n \r\n462,367.68 \r\n \r\n149,025.30 \r\n \r\n445,255.13 \r\n \r\n10,882.48 \r\n \r\n48,431.25 \r\n \r\n829,n5.06 \r\n \r\n38,423.53 \r\n \r\n90,696.11 \r\n \r\n12,884.60 \r\n \r\n204,028.31 5,032.54 \r\n \r\n11,257.10 36,085.20 \r\n51.10 \r\n \r\n214,925.45 171562.00 \r\n \r\n$ \r\n \r\n215801829.12 \r\n \r\n$ \r\n \r\n33,402.98 \r\n \r\n1,474.54 2,580.60 2,013.45 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 31 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nCOMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND \r\nYEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBtrr \r\n \r\nA\" \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\nEXPENDITURES \r\n \r\nQUICK START PROGRAM \r\n \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities Other Operating Expenses \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nSoftware \r\nPer Diem, Fees and Contracts Per Diem and Fees \r\n \r\n$ \r\n \r\n20,030.26 \r\n \r\n2,531.64 \r\n \r\n20,092.98 \r\n \r\n11,340.44 \r\n \r\n1,809.72 \r\n \r\n20,513.92 \r\n \r\n7,289.89 \r\n \r\n4621350.88 \r\n \r\n$ \r\n \r\n5851431.30 \r\n \r\nADULT LITERACY GRANTS \r\n \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.I.C.A Retirement Health Insurance \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities Other Operating Expenses Publications and Printing \r\nTravel Equipment \r\nEquipment Purchases Per Diem, Fees and Contracts \r\nPer Diem and Fees \r\n \r\n$ \r\n \r\n418,763.02 \r\n \r\n16,097.94 35,336.00 31,123.37 \r\n \r\n22,992.58 1,392.71 3,631.28 \r\n45,086.n 519.38 \r\n2,545.92 \r\n \r\n8,736.40 \r\n \r\n21878.70 \r\n \r\n$ \r\n \r\n589.104.07 \r\n \r\nJOB TRAINING PARTNERSHIP ACT \r\n \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.I.C.A Retirement Health Insurance \r\n \r\n$ \r\n \r\n35,071.06 \r\n \r\n579.13 4,118.47 4,254.04 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n \r\n- 32 - \r\n \r\n\"B\" LOTTERY FOR \r\nEDUCATION $ \r\n$ $ \r\n$ $ \r\n \r\nTOTAL \r\n20,030.26 2,531.64 \r\n20,092.98 11,340.44 \r\n1,809.72 20,513.92 7,289.89 462.350.88 585.431.30 \r\n418,763.02 16,097.94 35,336.00 31,123.37 22,992.58 1,392.71 3,631.28 45,086.n 519.38 2,545.92 8,736.40 21878.70 \r\n589.104.07 \r\n35,071.06 579.13 \r\n4,118.47 4,254.04 \r\n \r\n AUGUSTA TECHNICAL ltl!STITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1995 \r\n \r\nEXHIBITr \r\n \r\nNA\" \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\n\"B\" LOTTERY FOR \r\nEDUCATION \r\n \r\nEXPENDITURES \r\n \r\nJOB TRAINING PARTNERSHIP ACT \r\n \r\nOther Costs Supplies and Materials Repairs and Maintenance \r\nTravel \r\nEquipment \r\nRental of Equipment \r\n \r\n$ \r\n \r\n232.24 \r\n \r\n$ \r\n \r\n440.00 \r\n \r\n759.14 \r\n \r\n1,254.35 \r\n \r\n$ \r\n \r\n46,708.43 \r\n \r\n$ \r\n \r\n~OMPUTER LABQRATORIES AND ATELLITE DISHES ADULT LITERACY \r\n \r\nEquipment Equipment Purchases \r\n \r\n$ \r\n \r\n5,318.90 $ \r\n \r\nEQUIPMENT-TECHNICAL INSTITUTES \r\n \r\nOther Costs Other Operating Expenses \r\nComputer Charges Equipment Equipment Purchases \r\nEquipment Equipment Purchases \r\n \r\n$ \r\n \r\n265.98 $ \r\n \r\n185,763.69 307,306.27 \r\n \r\n$ \r\n \r\n493,335.94 $ \r\n \r\nREPAIRS AND RENOVATIONS \r\n \r\nOther Costs Repairs and Maintenance Other Operating Expenses \r\n \r\n$ \r\n \r\n154,429.50 $ \r\n \r\n265.98 \r\n \r\n$ \r\n \r\n154,695.48 $ \r\n \r\nTotal Expenditures \r\n \r\n$ 12,800,146.92 $ \r\n \r\n653,350.32 $ \r\n \r\nExcess of Funds Available over Expenditures \r\n \r\n715,158.76 \r\n \r\n0.00 \r\n \r\nTOTAL \r\n232.24 440.00 759.14 1,254.35 46.708.43 \r\n5,318.90 \r\n265.98 185,763.69 307,306.27 493,335.94 \r\n154,429.50 265.98 \r\n154,695.48 13,453,497.24 \r\n715,158.76 \r\n \r\n$ 13,515,305.68 $ \r\n \r\n653,350.32 $ 14,168,656.00 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 33 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \r\nFIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30 1995 \r\n \r\nEXHIBrrr \r\n \r\nf.UW2 \r\nGeneral Scholarship F\u0026nl HOPE Scholarship Program l.lcenlecl Practical Nurae Examination F._ l.lcenlecl Practical Nurse Insurance Pell Grant Program student Activities F\u0026nl Student Government Fund studentlnaurance student Transpo,tation FNS Supplemental Educational Opportunity \r\nGrants \r\n \r\nASSETS/ LIABILITIES JULY1 1 1994 \r\n \r\ns \r\n \r\n6,092.98 $ \r\n \r\n47,rXJ7.08 \r\n \r\n1,621.n \r\n \r\n781.39 \r\n \r\n850.42 \r\n \r\n1\"9,268.91 \r\n \r\n257.05 \r\n \r\n15,334.59 \r\n \r\n0.00 \r\n \r\nADDITIONS 43,1\"9.29 $ \r\n \r\nDEDUCTIONS 37,375.40 $ \r\n \r\nASSETS/ LIABILITIES JUNE 301 1995 \r\n11,866.87 \r\n \r\n588,473.02 \r\n \r\n635,553.10 \r\n \r\n17.00 \r\n \r\n3,307.20 \r\n \r\n2,636.63 \r\n \r\n2,298.29 \r\n \r\n10,291.25 \r\n \r\n8,465.00 \r\n \r\n2,607.64 \r\n \r\n887,327.87 \r\n \r\n888,755.12 \r\n \r\n-576.83 \r\n \r\n124,5\"9.n \r\n \r\n143,467.72 \r\n \r\n130,350.96 \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n257.05 \r\n \r\n19,088.20 \r\n \r\n15,004.00 \r\n \r\n19,418.79 \r\n \r\n23,038.50 \r\n \r\n13,871.50 \r\n \r\n9,167.00 \r\n \r\n3,322.50 \r\n \r\n43,2\"9.24 \r\n \r\n46,1\"9.32 \r\n \r\n422.42 \r\n \r\ns \r\n \r\n224,632.64 $ \r\n \r\n1,742,474.34 $ \r\n \r\n1,791,2n.79 $ =====1=7=5'=829==.1=9 \r\n \r\nSee accompanying notes and Independent Accountanfs Combined Report on Review of Financial statements and Supplementary Information. \r\n-34- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE CASH AND CASH EQUIVALENTS \r\nJUNE 30, 1995 \r\nNONINTEREST BEARING ACCOUNTS \r\nTruat Company Bank of Augusta, Augua,Georgia \r\nINTEREST BEARING ACCOUNTS \r\nTruat Company Baik of Augusta, Augusta.Georgia \r\nChecking With Interest Account \r\nOTHER Cashon Hand Petty Cash \r\n \r\n$ \r\n \r\n644,518.92 \r\n \r\n102,623.90 1,010.01 \r\n$ ====7=48=l'6=15=2=.83= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-35- \r\n \r\n BUQGETFUNP \r\nTrust Company Bmik of Augusta, Auguata,Georgia \r\nc.tlflcates ot Depoelt No. 530015486 No. 530034750 \r\n \r\nAUGUSTA TECHNICAL INSTITUTE \r\nINVESTMENTS JUNE 30. 1995 \r\n \r\nPURCHASE DATE \r\n \r\nINTEREST \r\nRATE \r\n \r\nMATURITY DATE \r\n \r\nSCHEDULE\"'Z' AMOUNT \r\n \r\nMarch 24, 1995 May2.1995 \r\n \r\n4.23Cl6 4.47% \r\n \r\nSeptember 22. 1995 $ October 31. 1995 \r\n$ \r\n \r\n10,000.00 10,000.00 \r\n20.000.00 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-36- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FEDERAL RE\\IENUES \r\nYEAR ENDED JUNE 30.1995 \r\n \r\nBUDGET FUND \r\nEducation, U. S. Department of Adult Education - StatB Administered Basic Grant Program Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\nFederal Work-Study Program Dir8ct \r\nVocational Education - Basic Grants to States Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\nVocational Education - Community Based Organizations Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\nHealth and Human Services, U. S. Department of Job Opportunities and Basic Skills Training Through Georgia Department of Human Resources Various Offices of Division of Family and Children Services \r\nLabor, u. s. Department of \r\nJob Training Partnership kt Through East Central Georgia Consortium Through Georgia Department of Labor Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\nThrough Richmond/Burke Job Training Authority \r\n \r\nCFDA NUMBER \r\n84.002 84.033 \r\n84.048 \r\n84.174 \r\n93.561 \r\n17.250 17.250 17.250 17.250 \r\n \r\nSCHEDULE \"3\" \r\n \r\nAMOUNT \r\n \r\n$ \r\n \r\n301,103.69 \r\n \r\n21,896.09 \r\n \r\n612,390.47 \r\n \r\n9,498.35 \r\n \r\n142,986.79 \r\n41,801.33 327,799.89 \r\n46,708.11 187,218.95 \r\n$ ==1=,69====1,==403====.67= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on \r\nReview of Financial Statements and Supplementary lnfoonation. \r\n- 37 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nRECONCILIATION OF SALARIES AND WAGES, AND TRAVEL \r\nYEAR ENDED JUNE 30, 1995 \r\n \r\nSCHEDULE4 \r\n \r\nTotals per Annual Supplerrw,t \r\nAccruals .knt 30, 1995 \r\nAdjustments Coleman, WIiiiam \r\nTotals per Report \r\nSUMMARY BY OBJECT CLASS BUDGET FUND Personal Services-Institutions Operating Cxpa iaes Institutions Quick Start Program Adu!: Litllracy Grants Job Training Partnership Act \r\n \r\nSALARIES ANDWAGES \r\n \r\n$ \r\n \r\n7,717,320.86 $ \r\n \r\nTRAVEL 95,810.89 \r\n \r\n18,627.97 \r\n \r\n\"93.00 \r\n \r\n$ \r\n \r\n7,736,441.83 $ =====95='=81=0=.89= \r\n \r\n$ \r\n \r\n1,249,204.n \r\n \r\n$ \r\n \r\n33,402.98 \r\n \r\n418,763.02 \r\n \r\n35,071.06 \r\n \r\n90,696.11 1,809.72 2,545.92 759.14 \r\n \r\n$ \r\n \r\n7,736,441.83 $ =======95='==81==0=.89= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-38- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE RECONCILIATION OF PER DIEM AND FEES \r\nYEAR ENDED JUNE 30, 1995 \r\n \r\nSCHEDULE s- \r\n \r\nTotals per Annual SupplemelIt \r\nAdjuatments Augusta Appralaal Company \r\n \r\nTYPE PAYMENT \r\n \r\nFEE AMOUNT \r\n \r\nEXPENSE AMOUNT \r\n \r\n$ \r\n \r\n673,680.02 $ \r\n \r\n6,075.01 $ \r\n \r\nTOTAL 679,755.03 \r\n \r\nConsultanl\u0026 - Quick Start \r\n \r\n400.00 \r\n \r\n400.00 \r\n \r\nTotals per Report \r\n \r\n$ \r\n \r\n674,080.02 $ \r\n \r\n6,075.01 $ ===-=680=--155_.03= \r\n \r\nSUMMARY BY OBJECT CLASS \r\nBUDGET FUND Operating Expeiw Institutions Quick Start Program Adult Literacy Grants \r\n \r\n$ \r\n \r\n214,925.45 \r\n \r\n462,350.88 \r\n \r\n2,878.70 \r\n \r\n$ ===-=680=='=155==.03= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n-39- \r\n \r\n SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1995 \r\n \r\nSTATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\nThe status of the findings disclosed in the review report for the year ended June 30, 1994, is summarized below: \r\n \r\nAudit Control Number \r\n \r\nStatus of Finding \r\n \r\n824-94-01 824-94-02 824-94-03 \r\n \r\nSee Audit Control Number 824-95-02 See Audit Control Number 824-95-01 Corrective Action Implemented \r\n \r\nPRIOR YEAR \r\n \r\nGENERAL FIXED ASSETS/PROPERTY MANAGEMENT Inadequate Equipment Inventory Records Financial Statements Audit Control Number 824-95-01 \r\n \r\nThe review report for the year ended June 30, 1994, disclosed instances where two items of equipment were physically located, but were not recorded on the equipment inventory records. For the year under review, these two items were still not included on the Institute's equipment inventory records. \r\n \r\nThe Institute should follow established procedures to ensure that all equipment is recorded on the equipment inventory records. \r\n \r\nPRIOR YEAR/CURRENT YEAR \r\n \r\nREVENUE/RECEIVABLES/RECEIPTS Inadequate Accounting Control Procedures Financial Statements Audit Control Number 824-95-02 \r\n \r\nThe review reports for the years ended June 30, 1991, 1992, 1993 and 1994, disclosed numerous accounting control deficiencies with the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis). For the year under review, the accounts receivable procedures were again deficient as indicated below: \r\n \r\n(I) As of June 30, 1995, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $295.00 in student receivables outstanding from fiscal year 1994, $277.91 in student receivables outstanding from fiscal year 1993, $1,783.65 in student receivables outstanding from fiscal year 1992, $2,551.46 in student receivables outstanding from fiscal year 1991, and $23,665.30 in student receivables outstanding from fiscal year 1990. \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1995 \r\nPRIOR YEAR/CURRENT YEAR \r\nREVENUE/RECEIVABLES/RECEIPTS Inadequate Accounting Control Procedures Financial Statements Audit Control Number 824-95-02 \r\nTests ofthe underlying documentation supporting these receivables disclosed numerous instances where supporting documentation was not adequate to determine if the amounts recorded were actually earned by the Institute. \r\n(2) As of June 30, 1995, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $8,869.61 in checks returned for insufficient funds. Included in this amount were $8,277.98 from fiscal year 1994 or earlier. \r\n(3) As of June 30, 1995 the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $751.39 in accounts receivable for tuition and fees from fiscal year 1993 for which payment was deferred by the Institute under a \"Tuition Work Assistance Agreement\" to enroll and attend classes at the Institute. Under this agreement, students were allowed to enroll and attend classes in exchange for work for the Institute. The \"Tuition Work Assistance\" policy was discontinued as ofJune 30, 1993. \r\n(4) As of June 30, 1995 the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $2,330.59 in accounts receivable for tuition and fees for which payment was deferred by the Institute. These deferments were a result of the Institute's approving a number of students for Pell Grants only later to find out the students were ineligible. \r\nDeferring payment oftuition and fees without approved financial aid is beyond the authority granted to the Institute by the Administrative Central Office ofthe Georgia Department of Technical and Adult Education. This practice by the Institute should be discontinued. \r\nThe Institute should initiate collection procedures in an effort to collect all amounts due to the Institute. Furthermore, the Institute should review all delinquent student accounts receivable to determine ifthe amounts accurately reflect amounts owed to the Institute. \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1993-h94","title":"Review report, state of Georgia, Augusta Technical Institute, Augusta, Georgia, year ended June 30, 1994","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits.","Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Richmond County, Augusta, 33.47097, -81.97484"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1993/1994"],"dcterms_description":["Ceased with: Year ended June 30, 1996.","Report year covers fiscal year.","Year ended June 30, 1994 (online surrogate); title from cover (Georgia Government Publications database, viewed September 13, 2023).","Year ended June 30, 1996 (online surrogate); (Georgia Government Publications database, viewed September 13, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 1994-06-30"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Augusta Technical Institute--Appropriations and expenditures","Education--Auditing--Georgia","Auditors' reports--Georgia"],"dcterms_title":["Review report, state of Georgia, Augusta Technical Institute, Augusta, Georgia, year ended June 30, 1994"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1993-h94"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-bv6-ba9-b1993-h94"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"GA #,\\800 \r\n.Rl \r\nV(o \r\nA9 \r\n\\L103-91f- \r\nSTATE OF GEORGIA DEPARTMENT OF AUDITS \r\n254 WASHINGTON STREET ATLANTA. GEORGIA 30334 \r\n \r\n REVIEW REPORT STATE OF GEORGIA AUGUSTA TECHNICAL INSTITUTE AUGUSTA, GEORGIA YEAR ENDED JUNE 30, 1994 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE - TABLE OF CONTENTS - \r\n \r\nSECTION I \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\n \r\nEXHIBITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET (STATUTORY BASIS) \r\n \r\nALL FUND TYPES AND ACCOUNT GROUPS \r\n \r\n2 \r\n \r\nB STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \r\n \r\nGOVERNMENTAL FUND TYPE \r\n \r\n4 \r\n \r\nC STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nBUDGETFUND \r\n \r\n5 \r\n \r\nSTATEMENTS OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nCOMPARED TO BUDGET \r\n \r\nBUDGET FUND \r\n \r\nD \r\n \r\n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\n9 \r\n \r\nE \r\n \r\n\"B\" LOTTERY FOR EDUCATION \r\n \r\n10 \r\n \r\nF NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n11 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nG COMBINING BALANCE SHEET (STATUTORY BASIS) \r\n \r\nBUDGET FUND \r\n \r\n22 \r\n \r\nH COMBINING STATEMENT OF CHANGES IN FUND BALANCE \r\n \r\n(STATUTORY BASIS). \r\n \r\nBUDGET FUND \r\n \r\n23 \r\n \r\nI COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\n \r\nBUDGET FUND \r\n \r\n24 \r\n \r\nJ COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \r\n \r\nFIDUCIARY FUND TYPE - AGENCY FUNDS \r\n \r\n27 \r\n \r\nSCHEDULES \r\n \r\n1 CASH AND CASH EQUIVALENTS \r\n \r\n28 \r\n \r\n2 INVESTMENTS \r\n \r\n29 \r\n \r\n3 SCHEDULE OF FEDERAL REVENUES \r\n \r\n30 \r\n \r\n AUGUSTA TECHNICAL INSTITUTE - TABLE OF CONTENTS - \r\nSECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n SECTION I FINANCIAL \r\n \r\n CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174 \r\nTAX RATIO (404) 656 04q4 \r\n \r\n~epartment nf /\\ubits \r\n \r\n254 WASHINGTON STREET. SW ROOM 214 \r\n \r\n/\\tlmtht, (tf\u003el'llr~ia 30334-8400 \r\n \r\n. \r\n \r\n~ \r\n \r\nOctober 24, 1994 \r\n \r\nFINANCIAL AUDITS (404\\ 6562180 \r\nPROGRAM AUDITS (404) 656 2006 \r\n \r\nHonorable Zell Miller, Governor Members ofthe General Assembly of Georgia Members of the 'State Board of Technical and Adult Education Members ofthe Local Board ofDirectors \r\nand Honorable Jack B. Patrick, President Augusta Technical Institute \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen: \r\nWe have reviewed the accompanying financial statements (Exhibits A through F) of Augusta Technical Institute as of and for the year ended June 30, 1994, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. As described in Note 1, these financial statements were prepared on a prescribed basis of accounting that demonstrates compliance with the budgetary statutes and regulations of the State of Georgia, which is a comprehensive basis of accounting other than generally accepted accounting principles. All information included in these financial statements is the representation ofthe management ofAugusta Technical Institute. \r\nA review consists principally of inquiries of Institute personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, 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 opinion. \r\nBased on our review, we are not aware of any material modifications that should be made to the accompanying \r\nfinancial statements in order for them to be in conformity with the basis of accounting described in Note I, \r\nOur review was made for the purpose ofexpressing 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 the basis of accounting described in Note 1. The accompanying supplementary information (Exhibits G through J and Schedules 1 through 3) is presented only for supplementary analysis purposes. Such information has been \r\n \r\n94ARL-4T \r\n \r\n subjected to the inquiries and analytical procedures applied in the review of the financial statements, and we are not aware of any material modifications that should be made thereto. \r\nRespectfully submitted, \r\n \r\nCLV:cm 94ARL-4T \r\n \r\nClaude L. Vickers State Auditor \r\n \r\n FINANCIAL STATEMENTS - 1- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINED BALANCE SHEET (STATUTORY BASIS) \r\nALL FUND TYPES AND ACCOUNT GROUPS JUNE 30. 1994 \r\n \r\nEXHIBIT ''A\" Page 1 \r\n \r\nGOVERNMENTAL FIDUCIARY FUND TYPE FUND TYPE \r\n \r\nBUDGET \r\n \r\nAGENCY \r\n \r\nACCOUNT GROUPS \r\n \r\nGENERAL FIXED ASSETS \r\n \r\nGENERAL LONG-TERM \r\nDEBT \r\n \r\nTOTALS (Memorandum Only) \r\nJUNE 30, 1994 JUNE 30, 1993 \r\n \r\nASSETS \r\n \r\nCash and Cash Equivalents (See Schedule) \r\n \r\n$ 719,110.51 $ 212,147.21 \r\n \r\n$ 931,257.72 $ 7B3,150.29 \r\n \r\nInvestments (See Schedule) \r\n \r\n$ 20,000.00 \r\n \r\n$ 20,000.00$ 20,000.00 \r\n \r\nAccounts Receivable State Funds Federal Financial Assistance Other \r\nInventories \r\n \r\n$ 416,623.00 115,288.24 332,278.26$ 12,485.43 \r\n$ 864,189.50$ 12,485.43 \r\n$ 240,841.30 \r\n \r\n$ 416,623.00 $ 54,707.89 115,288.24 100,677.97 344,763.69 128,922.36 \r\n------------- ------------- \r\n$ 876,674.93 $ 284,308.22 \r\n------------- ------------- \r\n$ 240,841.30 $ 271,125.88 \r\n------------- ------------- \r\n \r\nFixed Assets Equipment \r\n \r\n$4,118,338.36 \r\n \r\n$ 4,118,338.36 $ 4,288,281.87 \r\n \r\nAmount to be Provided for Payment of Accrued Compensated Absences \r\n \r\n$ 390,426.19 $ 390,426.19 $ 322,148.96 \r\n \r\nTotal Assets \r\n \r\n$1,844,141.31 $ 224,632.64 $4,118,338.36 $ 390,426.19 $6,577,538.50$ 5,969,015.22 \r\n \r\nSee 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. \r\n- 2- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINED BALANCE SHEET (STATUTORY BASIS) \r\nALL FUND TYPES AND ACCOUNT GROUPS JUNE 30 1 1994 \r\n \r\nEXHIBIT \"A\" Page 2 \r\n \r\nGOVERNMENTAL FIDUCIARY FUND TYPE FUND TYPE \r\n \r\nBUDGET \r\n \r\nAGENCY \r\n \r\nACCOUNT GROUPS \r\n \r\nGENERAL FIXED ASSETS \r\n \r\nGENERAL LONG-TERM \r\nDEBT \r\n \r\nTOTALS (Memorandum Only) \r\nJUNE 30, 1994 JUNE 30, 1993 \r\n \r\nLIABILITIES AND FUND EQUITY \r\n \r\nLiabilities Accounts Payable Deferred Revenue Tuition and Fees Funds Held for Others Compensated Absences \r\n \r\n$ 810,914.23 \r\n215,277.37 $ 224,632.64 \r\n \r\n$ 810,914.23 $ 357,942.12 \r\n \r\n$ 390,426.19 \r\n \r\n215,277.37 224,632.64 390,426.19 \r\n \r\n173,072.95 90,400.10 322,148.96 \r\n \r\nTotal Liabilities \r\n \r\n$1,026,191.60$ 224,632.64 \r\n \r\n$ 390,426.19 $1,641,250.43 $ 943,564.13 \r\n \r\nFund Equity \r\n \r\nInvestment in General Fixed Assets \r\n \r\nFund Balance \r\n \r\nReserved \r\n \r\nFederal Financial Assistance \r\n \r\nFor Refund to Georgia \r\n \r\nDepartment of Technical \r\n \r\nand Adult Education - \r\n \r\nAdministrative Central \r\n \r\nOffice \r\n \r\n$ 1,813.07 \r\n \r\nFor Expired Grant Balances \r\n \r\n0.00 \r\n \r\nInventories \r\n \r\n192,770.13 \r\n \r\nLive Work Projects \r\n \r\n108,416.38 \r\n \r\nPrior Year Local Funds \r\n \r\n136,364.99 \r\n \r\nState Grants and Contracts \r\n \r\n11.87 \r\n \r\nStudent Services \r\n \r\n366,473.13 \r\n \r\nUnreserved \r\n \r\nDesignated \r\n \r\nSurplus \r\n \r\nRegular \r\n \r\n12,100.14 \r\n \r\n$4,118,338.36 \r\n \r\n$ 4,118,338.36 $ 4,288,281.87 \r\n \r\n1,813.07 0.00 \r\n192,770.13 108,416.38 136,364.99 \r\n11.87 366,473.13 \r\n \r\n0.00 48.94 232,708.96 102,499.63 135,226.12 0.00 266,359.77 \r\n \r\n12,100.14 \r\n \r\n325.80 \r\n \r\nTotal Fund Equity \r\n \r\n$ 817,949.71 \r\n \r\n$4,118,338.36 \r\n \r\n$ 4,936,288.07 $ 5,025,451.09 \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$1,844,141.31 $ 224,632.64 $4,118,338.36 $ 390,426.19 $ 6,577,538.50 $ 5,969,015.22 \r\n============ =========== ====-======= =========== ============ ============= \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supp1ementary Information. The notes to the financial statements are an integral part of this statement. \r\n-3- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \r\nGOVERNMENTAL FUND TYPE YEAR ENDED JUNE 30. 1994 \r\n \r\nEXHIBIT \"8\" \r\n \r\nFUND BALANCE - JULY 1 \r\nReserved Unreserved \r\nDesignated Surplus \r\nADDITIONS \r\nAdjustments to Prior Year's Accounts Payable \r\nExcess of Funds Available over Expenditures Exhibit \"C\" \r\nPrior Year's Checks Voided \r\nDEDUCTIONS \r\nUnreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education Administrative Central Office Year Ended June 30, 1992 Year Ended June 30, 1993 \r\nAdjustments to Prior Year's Accounts Receivable \r\nRefunds to Granters Central Savannah River Area Employment and Training Consortium Job Training Partnership Act Georgia Department of Technical and Adult Education - Administrative Central Office Federal Financial Assistance \r\nReserved Fund Balance Carried Over from Prior Year as Funds Available \r\nFUND BALANCE - JUNE 30 \r\n(To Exhibit \"A\") \r\n \r\nBUDGET FUND YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 \r\n \r\n$ 736,843.42 $ 668,193.56 \r\n \r\n325.80 \r\n \r\n12,507.18 \r\n \r\n$ 737,169.22 $ 680,700.74 \r\n \r\n$ \r\n \r\n3,243.42 $ \r\n \r\n803.69 \r\n \r\n582,859.57 741. 46 \r\n \r\n544,656.48 0.00 \r\n \r\n$ 586,844.45 $ 545,460.17 \r\n \r\n$ \r\n \r\n0.00 $ 12,507.18 \r\n \r\n325.80 \r\n \r\n0.00 \r\n \r\n1,530.72 \r\n \r\n85.13 \r\n \r\n48.94 \r\n \r\n0.00 \r\n \r\n72.98 504,085.52 \r\n \r\n466.08 475,933.30 \r\n \r\n$ 506,063.96 $ 488,991.69 \r\n \r\n$ 817,949.71 $ 737,169.22 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n- 4- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1994 \r\n \r\nEXHIBIT \"C'' Page 1 \r\n \r\nFUNDS AVAILABLE \r\nREVENUES \r\nSTATE FUNDS Allotment from Georgia Department of Technical and Adult Education - Administrative Central Office \r\nFEDERAL REVENUES (See Schedule) \r\nOTHER REVENUES RETAINED Contracts Georgia Department of Administrative Services Distance Learning Project Georgia Department of Human Resources PEACH Project Georgia Institute of Technology Satellite Technology Program Donations Fees Application Graduation Registration/Continuing Education Testing Other Interest Earned Rents Sales and Services (Net) Tuition Other Sources \r\nTotal Other Revenues Retained \r\nTotal Revenues \r\nCARRY-OVER FROM PRIOR YEAR \r\nTransfer from Reserved Fund Balance Federal Fiancial Assistance Live Work Projects Prior Year Local Funds Student Services \r\nTotal Carry-Over from Prior Year \r\nTotal Funds Available \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 199-3 \r\n \r\n$ 8,495,375.94 $ 7,311,216.89 $ 1,422,455.22 $ 1,509,916.61 \r\n \r\n$ 16,459.68 $ \r\n \r\n0.00 \r\n \r\n56,290.03 \r\n \r\n13,674.49 \r\n \r\n12,000.00 560.00 \r\n \r\n8,332.00 1,450.00 \r\n \r\n36,100.04 \r\n20,990.50 646,945.60 16,856.00 \r\n18,058.25 2,471.72 7,652.37 \r\n230,379.33 1,285,306.59 \r\n601. 50 \r\n------------- \r\n \r\n29,738.36 6,856.50 487,317, 17 16,483.78 23,991.76 3,305.52 1,897.00 \r\n196,555.50 1,292,599.54 \r\n16,688.02 \r\n------------- \r\n \r\n$ 2,350,671.61 $ 2,098,889.64 \r\n \r\n$12,268,502.77 $10,920,023.14 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n48.94 \r\n \r\n102,499.63 \r\n \r\n87,300.80 \r\n \r\n135,226.12 \r\n \r\n159,984.01 \r\n \r\n266,359.77 \r\n \r\n228,599.55 \r\n \r\n------------- ------------- \r\n \r\n$ 504,085.52 \r\n------------- \r\n \r\n$ 475,933.30 \r\n------------- \r\n \r\n$12,772,588.29 $11,395,956.44 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n- 5- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nSTATEMENT OF FUNDS AVAILABLE ANO EXPENDITURES BUDGET FUND \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nEXHIBIT \"C\" \r\nPage 2  \r\n \r\nEXPENDITURES \r\nPERSONAL SERVICES-INSTITUTIONS \r\nSalaries and Wages Employer's Contributions for: \r\nF.I.C.A. Retirement Health Insurance Liability Insurance Unemployment Compensation Insurance Workers' Compensation Insurance \r\nOPERATING EXPENSES-INSTITUTIONS \r\nOther Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Uti 1ities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing \r\nTravel Motor Vehicle Purchases Equipment \r\nEquipment Purchases Lease/Purchase of Equipment Rental of Equipment Computer Charges Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees Contracts \r\nQUICK START PROGRAM \r\nPersona 1 Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Health Insurance \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 \r\n \r\n$ 6,761,905.80 $ 6,213,879.95 \r\n \r\n164,106.00 716,462.87 713,871.77 \r\n0.00 4,881.00 18,556.00 \r\n------------- \r\n \r\n149,927.47 \r\n664,200.59 666,076.69 \r\n16,150.00 3,483.00 9,009.00 \r\n------------- \r\n \r\n$8,379,783.44$ 7,722,726.70 \r\n \r\n$ 11,845.60 $ \r\n \r\n6,477.74 \r\n \r\n562,311.00 \r\n \r\n471,032.30 \r\n \r\n261,188.80 \r\n \r\n147,503.63 \r\n \r\n417,247.28 \r\n \r\n378,641.71 \r\n \r\n16,283.39 \r\n \r\n0.00 \r\n \r\n31,869.43 \r\n \r\n16,787.00 \r\n \r\n416,380.49 \r\n \r\n579,201.08 \r\n \r\n52,425.91 \r\n \r\n43,024.87 \r\n \r\n99,156.64 \r\n \r\n63,889.52 \r\n \r\n28,340.50 \r\n \r\n0.00 \r\n \r\n388,373.58 \r\n1,163.51 9,289.94 \r\n \r\n358,915.62 \r\n0.00 6,202.62 \r\n \r\n23,223.12 \r\n12,483.49 315.64 \r\n \r\n23,878.77 15,340.03 \r\n296.06 \r\n \r\n154,364.77 \r\n \r\n23,361.11 \r\n \r\n0.00 \r\n \r\n4,785.70 \r\n \r\n------------- ------------- \r\n \r\n$ 2,486,263.09 $ 2,139,337.76 \r\n------------- ------------- \r\n \r\n$ 18,451.69 $ 31,569.51 \r\n \r\n1,395.40 3,108.84 2,306.52 \r\n \r\n2,287.04 4,955.10 \r\n3,802.48 \r\n \r\nSee l11dependent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n- 6- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30. 1994 \r\n \r\nEXHIBIT C 11 11 Page 3 \r\n \r\nEXPENDITURES \r\n-----------Q--U-IC-K---ST-A-R-T---PR-O-G-R-A-M- \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities Other Operating Expenses Publications and Printing \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nOther Costs Supplies and Materials \r\nPer Diem, Fees and Contracts Per Diem and Fees \r\nADULT LITERACY GRANTS \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Health Insurance \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities Grants to Counties, Cities and Civil Divisions Rents (Other than Real Estate) Other Operating Expenses Publications and Printing \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nSoftware Real Estate Rentals \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 \r\n \r\n$ 17,146.21 $ 14,964.38 \r\n \r\n347.37 \r\n \r\n7,781.47 \r\n \r\n17,802.43 \r\n \r\n13,522.14 \r\n \r\n6,735.29 \r\n \r\n0.00 \r\n \r\n9,991.32 \r\n \r\n6,670.25 \r\n \r\n2,057.95 \r\n \r\n665.30 \r\n \r\n10,085.38 \r\n \r\n8,354.80 \r\n \r\n801.16 \r\n \r\n0.00 \r\n \r\n292,307.28 310,356.03 \r\n------------- ------------- \r\n \r\n$ 382,536.84 $ 404,928.50 \r\n------------- ------------- \r\n \r\n$ 372,799.08$ 337,977.61 \r\n \r\n13,101.13 25,559.47 21,050.14 \r\n \r\n11,819.39 19,280.47 \r\n14,953.73 \r\n \r\n15,470.51 2,394.61 \r\n4,589.67 0.00 \r\n400.00 70,273.07 \r\n0.00 11,599.28 \r\n \r\n13,309.27 \r\n3,155.76 \r\n2,826.17 44,464.73 \r\n0.00 899.57 119 .13 8,311.40 \r\n \r\n449.90 3,250.00 1,284.95 \r\n \r\n1,179,42 \r\no.oo \r\n1,010,35 \r\n \r\n$ 542,221,81 $ 459,307,00 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\nThe notes to the financial statements are an integral part of this statement. \r\n- 7- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1994 \r\n \r\nEXHIBIT \"Cl' Page 4 \r\n \r\nEXPENDITURES \r\nJOB TRAINING PARTNERSHIP ACT \r\nPersonal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Health Insurance \r\nOther Costs Supplies and Materials \r\nTravel \r\nCAP IT AL OUTLAY \r\nPer Diem, Fees and Contracts Contracts \r\n \r\nTOTALS YEAR ENDED JUNE 30, 1994 JUNE 30, 1993 \r\n \r\n$ 34,056.00 $ \r\n \r\n0.00 \r\n \r\n481.90 \r\n \r\n0.00 \r\n \r\n4,022.04 \r\n \r\n0.00 \r\n \r\n4,257.00 \r\n \r\no.oo \r\n \r\n55.92 \r\n \r\n0.00 \r\n \r\n802.68 \r\n \r\n0.00 \r\n \r\n------------- ------------ \r\n \r\n$ 43,675.54 $ \r\n \r\n0.00 \r\n \r\n------------- ------------- \r\n \r\n$ \r\n \r\n0.00 $ 125,000.00 \r\n \r\nEQUIPMENT - STATE SCHOOLS Equipment Equipment Purchases Total Expenditures \r\nExcess of Funds Available over Expenditures \r\n \r\n$ 355,248.00$ \r\n \r\n0.00 \r\n \r\n$12,189,728.72 $10,851,299.96 \r\n \r\n582,859.57 \r\n \r\n544,656.48 \r\n \r\n------------~ \r\n \r\n$12,772,588.29 $11,395,956.44 \r\n============= ============= \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement. \r\n- 8- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nCOMPARED TO BUDGET BUDGET FUND \r\n\"A\" DEPARTMENT OF TECHNICAL AND ADULT EDUCATION YEAR ENDED JUNE 30, 1994 \r\n \r\nEXHIBIT \"Ott \r\n \r\nFUNDS AVAILABLE REVENUES \r\nState Funds Federal Revenues Other Revenues Retained \r\nCARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ 8,140,139.00 $ 8,140,127.94 $ \r\n \r\n-11. 06 \r\n \r\n1,610,541.00 1,422,455.22 -188,085.78 \r\n \r\n3,187,236.00 2,350,671.61 -836,564.39 \r\n------------- ------------- ------------- \r\n \r\n$12,937,916.00 $11,913,254.77 $-1,024,661.23 \r\n \r\n50,000.00 \r\n \r\n504,085.52 \r\n \r\n454,085.52 \r\n \r\nEXPENDITURES \r\nPersonal Services-Institutions Operating Expenses-Institutions Quick Start Program Adult Literacy Grants Job Training Partnership Act \r\n \r\n$12,987,916.00 $12,417,340.29 $ -570,575.71 \r\n \r\n$ 8,706,842.00 $ 8,379,783.44 $ 327,058.56 \r\n \r\n3,312,585.00 2,486,263.09 \r\n \r\n826,321.91 \r\n \r\n382,548.00 382,536.84 \r\n \r\n11.16 \r\n \r\n541,805.00 542,221.81 \r\n \r\n-416.81 \r\n \r\n44,136.00 \r\n \r\n43,675.54 \r\n \r\n460.46 \r\n \r\n------------- ------------- ------------- \r\n \r\n$12,987,916.00 $11,834,480.72 $ 1,153,435.28 \r\n \r\nExcess of Funds Available over Expenditures \r\n \r\n$ 582,859.57 $ 582,859.57 \r\n============= ============= \r\n \r\nSee 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. \r\n- 9- \r\n \r\n AUGUSTA TECHNICAL INSTITUTE STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nCOMPARED TD BUDGET BUDGET FUND  \r\n\"B\" LOTTERY FOR EDUCATION YEAR ENDED JUNE 30. 1994 \r\n \r\nEXHIBIT \"\" \r\n \r\nFUNDS AVAILABLE REVENUES \r\nState Funds \r\nEXPENDITURES Equipment - State Schools \r\nExcess of Funds Available over Expenditures \r\n \r\nBUDGET \r\n \r\nACTUAL \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ 355,251.00$ 355,248.00$ \r\n \r\n-3.00 \r\n \r\n============= ------------- ------------- \r\n \r\n$ 355,251.00$ 355,248.00$ \r\n \r\n3.00 \r\n \r\n============= ------------- \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n0.00 \r\n \r\n============= =========c \r\n \r\nSee 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. \r\n- 10 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY Augusta Technical Institute is one of twenty-eight (28) State supported member institutes of postsecondary education in Georgia which comprise the Georgia Department of Technical and Adult Education, an organiz.ational unit of the State of Georgia. The accompanying financial statements reflect the operations of Augusta Technical Institute as a separate reporting entity. \r\nThe Institute's Local Board of Directors is composed of thirteen (13) members serving staggered three-year terms who are appointed by the State Board of Technical and Adult Education. Appropriation of State funds is made to the Georgia Department of Technical and Adult Education by the General Assembly of Georgia. The Department's Administrative Central Office determines the amount of State funds to be received by Augusta Technical Institute. The Institute does not have authority to retain unexpended State funds (surplus) for any given fiscal year. Accordingly, Augusta Technical Institute is considered an organizational unit ofthe Georgia Department of Technical and Adult Education for financial reporting purposes because of the significance ofits legal, operational, and financial relationships as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \r\nFUND ACCOUNTING Augusta Technical Institute uses funds and account groups to report on its financial position and the results ofits operations determined in conformity with the accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide,accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. \r\nFunds and account groups presented in the accompanying financial statements are as follows: \r\nGOVERNMENTAL FUND TYPE \r\nBUDGET FUND - The fund used to account for activities and functions as set forth in the Amended Appropriations Act of 1993-1994. This fund also includes operations from various institutional services . provided to students, faculty, and/or staff which are funded by fees charged to participants that are directly related to, but not necessarily equal to, the cost of service. The Budget Fund is similar in nature to a General Fund as identified in generally accepted accounting principles in that the Budget Fund is used to account for all activities except those required to be accounted for in some other fund. \r\nFIDUCIARY FUND TYPE \r\nAGENCY FUNDS - The funds used to account for assets held for use by other funds, governments, or individuals. \r\n \r\n- 11 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATE\"MENTS \r\nJUNE 30, 1994 \r\n \r\nEXIIlBIT \"F\" \r\n \r\nNOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nFUND ACCOUNTING \r\nACCOUNT GROUPS \r\nGENERAL FIXED ASSETS - The account group used to account for fixed assets used in governmental fund type operations. Fixed assets purchased are recorded at historical cost. 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 general fixed assets. \r\nGENERAL LONG-TERM DEBT - The account group used to report the noncurrent portions ofcertain \r\ngovernmental long-term liabilities, such as claims, judgments, and compensated absences, which will be paid \r\nfrom future resources. \r\nBASIS OF ACCOUNTING MEASUREMENT FOCUS \r\nThe accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Governmental funds should be accounted for using the current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements ofthese funds present increases (i.e., revenues) and decreases (i.e.,expenditures) in net current assets. \r\nGOVERNMENTAL FUND TYPE BUDGET FUND \r\nExcept as disclosed in the following paragraphs, units of government of the State of Georgia record their Budget Fund revenues and expenditures in accordance with the modified accrual basis of accounting. Under the modified accrual basis ofaccounting, revenues are recognized when susceptible to accrual (i.e.,when they become both measurable and available). \"Measurable\" means the amount ofthe transaction can be determined and \"available\" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Revenues that are accrued include primarily State funds, Federal grants and entitlements, and certain amounts earned under operating agreements with other parties. Further, the modified accrual basis ofaccounting calls for expenditures, other than accrued interest of general long-term debt, to be recorded when the related fund liability is incurred. \r\nContractual obligations for services which have not been performed and for goods which have not been delivered at the end of the 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 \r\nin part on the unexecuted portion of contracts for goods and services. The recognition of encumbrances as \r\nexpenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but is not consistent with generally accepted accounting principles, 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 generally accepted accounting principles. \r\n._ 12 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING GOVERNMENTAL FUND TYPE BUDGET FUND \r\nContractual terms of certain Federal grant agreements received by the Institute for vocational training services require that grant funds earned be recorded as Federal revenues rather than as revenues from tuition and fees. Accordingly, it is the Institute's policy to record certain Federal grant funds as Federal revenues and also as other revenues retained with offsetting expenditures for student expenses charged to the other operating expenses expenditure account. This accounting policy results in an overstatement of both revenues and expenditures in the financial statements for such Federal grants. This policy is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with generally accepted accounting principles. \r\nPrior period adjustments are reported as additions to and deductions from fund balance ofthe Budget Fund in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State of Georgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. \r\nFIDUCIARY FUND TYPE AGENCY FUNDS \r\nAgency Funds are custodial in nature in that assets are equally offset by liabilities to other funds, governmental units, or individuals. The modified accrual basis of accounting is utilized for recognizing assets and liabilities. \r\nBUDGET The Georgia Department of Technical and Adult Education - Administrative Central Office receives State appropriated funds and certain Federal funds for the various technical institutes throughout the State. The appropriated budget is adopted at the departmental level and represents appropriations provided by the Amended Appropriations Act of 1993-1994. The budget allocation and disbursement of these funds is made to the various technical institutes by the Administrative Central Office. In addition, the technical institutes receive certain Federal funds and other funds directly and include these funds in the budget filed with the Administrative Central Office. \r\nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents include currency on hand and demand deposits with banks and other authorized financial institutions. \r\nINVESTMENTS Investments are defined as those financial instruments with terms of three months or more from the date of purchase held for the production of revenue. Investments are stated at cost. \r\n \r\n- 13 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXJilBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nACCOUNTS RECEIVABLE Accounts receivable consist of allotments due from the Administrative Central Office of the Department of Technical and Adult Education, reimbursements due from Federal, State, local and private grants and contracts, and other receivables disclosed from information available. \r\n \r\nINVENTORIES Expendable supplies are recorded as expenditures at the time of purchase and are not reflected on the Combined Balance Sheet (Statutory Basis). \r\n \r\nInventories of goods for resale are recorded as assets at cost at the time of purchase. The Institute uses the weighted average method in costing-out inventories based on sales. \r\n \r\nRESERVED FUND BALANCE Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. The following is a brief description of the reserves reflected in the accompanying financial statements:: \r\n \r\nFEDERAL FINANCIAL ASSISTANCE REFUND TO GEORGIA DEPARTMENT OF TECHNICAL AND ADULT EDUCATION ADMINISTRATIVE CENTRAL OFFICE \r\nAugusta Technical Institute receives Federal funds for the Adult Education Act and the Job Training Partnership Act through the Georgia Department ofTechnical and Adult Education - Administrative Central Office. As provided by the respective budget allocation to the Institute, these funds were required to be expended by June 30, 1994. At June 30, 1994, the following programs had unexpended Federal funds which should be refunded to the Administrative Central Office: \r\n \r\nAdult Education Act Adult Education \r\nJob Training Partnership Act \r\n \r\n$ 1,812.75 .32 \r\n \r\n$ 1,813.07 \r\n \r\nINVENTORIES Reported inventories (resale), under the consumption method, are offset by a portion of local funds equal to the average quarterly inventories on hand for the fiscal year. This reservation of fund balance was established to provide working capital for managing a reasonable level of inventories for resale. \r\n \r\nLIVE WORK PROJECTS The accumulated balance of unexpended funds derived from student live work projects. This amount is restricted to expenditures for live work projects in subsequent fiscal years. \r\n \r\n- 14 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nRESERVED FUND BALANCE \r\nPRIOR YEAR LOCAL FUNDS Effective July 1, 1987, Augusta Technical Institute became a part of the Georgia Department of Technical and Adult Education. The Official Code of Georgia Annotated Section 20-4-23 provides the Institute may retain for future operations \"...any unexpended nonstate funds that have been collected by, appropriated for, or otherwise earmarked for use by said postsecondary technical school operated by a local board of education or an area board... \". These unexpended local funds are available for use in subsequent fiscal years. \r\nSTATE GRANTS AND CONTRACTS The unexpended balance ofstate grants and contracts, other than through the Administrative Central Office, remaining after the expiration ofthe program/contract. This amount is refundable to the applicable grantors. \r\nSTUDENT SERVICES The unexpended balance of student services provided through the Institute's bookstore operations. These funds are restricted for bookstore operations in subsequent fiscal years. \r\nCOMPENSATED ABSENCES Compensated absences represent obligations of the Institute relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated leave in which payment is probable and can be reasonably estimated. No liability has been recorded in the Budget Fund for the current portion ofthis obligation as this amount will not be liquidated with expendable available financial resources. Funds are provided in the allotment of State funds each year to the Institute to cover the cost of annual leave paid to terminated employees. \r\nThe liability for compensated absences at year-end is reported in the General Long-Term Debt Account Group for governmental funds. \r\nMEMORANDUM ONLY -TOTAL COLUMNS Total columns on the Combined Balance Sheet (Statutory Basis) are captioned \"Memorandum Only\" to indicate that they are presented only to facilitate :financial analysis. Data in these columns do not present 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 of this data. \r\nCOMPARATIVE DATA Comparative total data for the prior year have been presented in the accompanying :financial statements in order to provide an understanding of changes in the Institute's :financial position and operations. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. \r\nCertain reclassifications have been made to the comparative data in order to provide comparability with the current year classifications. \r\n- 15 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 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; \r\n(1) Bonds, bills, notes, certificates of indebtedness, or other direct obligations of the United States or of the State of Georgia. \r\n(2) Bonds, bills, notes, certificates of indebtedness, or other obligations of the counties or municipalities of the State of Georgia., \r\n(3) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use of the bonds for this purpose. \r\n(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia. \r\n(5) Bonds, bills, notes, certificates of indebtedness, or other obligations of a subsidiary corporation ofthe United States government, which are fully guaranteed by the United States government both as to principal and interest and debt obligations issued by the Federal Land Banlc, the Federal Home Loan Bank, the Federal Intermediate Credit Banlc, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association. \r\n(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation. \r\nAs 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 include technical institutes) the option of exempting demand deposits from the collateral requirements. \r\nCOLLATERALIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consists of all bank balances which include demand deposits and/or interest bearing accounts. These bank balances are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \r\nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Institute or by its agent in the Institute's name. \r\nCategory 2 - Amounts collateralized with securities (at market value) held by the financial institution's trust department or agent in the Institute's name. \r\n- 16 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS \r\n \r\nCOLLATERALIZATION OF DEPOSITS Category 3 - Amounts collateralized with securities (at market value) held by the financial institution or by its trust department or agent, but not in the Institute's name, and amounts uncollateralized. \r\n \r\nCash Deposits \r\n \r\nCarrying Amount \r\n \r\nBanlc Balances \r\n \r\nRisk Categories 2 \r\n \r\n$ 950 189 71 $ 1 854 300 60 $ 200 000 00 $ l 654,300 60 $ \r\n \r\n3 \r\n000 \r\n \r\nNOTE 3: CHANGES IN GENERAL FIXED ASSETS \r\n \r\nIn accordance with the statutory definition of moveable personal property (Official Code of Georgia Annotated Section 50-16-161), only those items with an acquisition cost of $1,000.00 or greater are reflected in the General Fixed Assets Account Group. \r\n \r\nThe following is a summary ofchanges of equipment for the General Fixed Assets Account Group during the fiscal year: \r\n \r\nBalance July 1, 1993 Additions Deductions Balance June 30, 1994 \r\n \r\n$ 4,288,281.87 519,997.36 689,940.87 \r\n$4,118,338.36 \r\n \r\nNOTE 4: GENERAL LONG-TERM DEBT \r\n \r\nCHANGES IN GENERAL LONG-TERM DEBT  During the year ended June 30, 1994, the following changes occurred in the compensated absences liability reported in the General Long-Term Debt Account Group: \r\n \r\nBalance July 1, 1993 \r\nAdditions Annual Leave Earned and Utilized (Net) Salaries and Wages Salary-Related Fringe Benefits(*) \r\nBalance June 30, 1994 \r\n \r\n$ 322,148.96 \r\n58,479.10 9,798.13 $ 390,426.19 \r\n \r\n(*) Includes salary-related fringe benefits applicable to compensated absences at July 1, 1993. \r\n \r\n- 17 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXIIlBIT \"F\" \r\n \r\nNOTE 5: DEFERRED COMPENSATION PLAN \r\nThe State of Georgia offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participation in the plan is optional. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amount's, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights of the State of Georgia subject only to the claims of the State's general creditors. Participant's rights under the plan are equal to those of a general creditor of the State of Georgia in an amount equal to the fair market value of the deferred account of each participant. Financial information relative to the plan is presented in the financial report of the State Personnel Board Merit System of Personnel Administration for the year ended June 30, 1994. \r\nNOTE6: RETIREMENTPLANS \r\nEMPLOYEES' RETIREMENT SYSTEM OF GEORGIA TEACHERS RETIREMENT SYSTEM OF GEORGIA Substantially all employees are members of the Employees' Retirement System of Georgia or the Teachers Retirement System of Georgia. The Employees' Retirement System of Georgia is a single-employer, defined benefit pension plan, while the Teachers Retirement System of Georgia is a cost-sharing multiple-employer public employee retirement system. \r\nThese Retirement Systems were established by the General Assembly of Georgia for the purpose of providing retirement allowances for employees of the State of Georgia. Both Retirement Systems are funded through a combination of employee and employer contributions. Employees are required to contribute a graduated percentage of annual compensation. Employer contributions are for a specified percentage of active member payroll determined annually by an actuarial valuation. During the year ended June 30, 1994, the Institute contributed $205,974.26 to the Employees' Retirement System of Georgia and $543,178.96 to the Teachers Retirement System of Georgia. Participation in either Retirement System is not segregated by employee groups of individual governmental units and the Institute has no further liability under either Retirement System other than future employer contributions as established for each fiscal year. Information relative to each plan's description, funding status, and historical trends is presented in the financial reports of the Employees' Retirement System ofGeorgia and the Teachers Retirement System of Georgia for the year ended June 30, 1994. \r\nGEORGIA DEFINED CONTRIBUTION PLAN The State ofGeorgia provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Retirement Systems referred to above through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of. the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% of their gross salary, with no matching contribution by \r\n- 18 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXIIlBIT \"F\" \r\n \r\nNOTE6: RETIREMENTPLANS \r\nGEORGIA DEFINED CONTRIBUTION PLAN the employer. A member who terminates employment may apply for a refund of contributions and interest. Benefits are based solely on the amount contributed by the employee plus investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of 65 with the option ofreceiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board of Trustees of the Employees' Retirement System of Georgia. Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994. \r\nNOTE 7: LEAVE POLICIES \r\nEmployees earn annual leave ranging from one and one-quarter days to one and three-quarter days each month depending upon the employees' length ofcontinuous State service with a maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Compensated Absences \r\nEmployees earn one and one-quarter days of sick leave each month with a maximum accumulation of ninety days. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment. \r\nNOTE 8: NONMONETARY TRANSACTIONS \r\nThe Administrative Central Office of the Georgia Department of Technical and Adult Education used lottery proceeds to purchase $246,315.01 of equipment for Augusta Technical Institute during the fiscal year ended June 30, 1994. Those items with an acquisition cost of$1,000.00 or greater will be reflected as received in the General Fixed Assets Account Group in the accompanying financial statements. However, revenues and expenditures for these lottery proceeds are not reflected in these financial statements. \r\nThe Georgia State Financing and Investment Commission (GSFIC), a unit of State government, is responsible for the issuance of state debt and for the investment and accounting for proceeds derived from the issuance of state debt. In addition, GSFIC is authorized to acquire and construct projects for the benefit of units of State government or to contract with units of State government for the construction or acquisition of capital outlay projects. During the fiscal year ended June 30, 1994, the Georgia State Financing and Investment Commission paid $717,918.74 to various vendors for approved projects related to Augusta Technical Institute. \r\nNOTE 9: CONTINGENCIES \r\nAmounts 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 disallowed by the grantor cannot be determined at this time although the Institute expects such amounts, if any, to be immaterial to its overall financial position. \r\n- 19 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"F\" \r\n \r\nNOTE 9: CONTINGENCIES \r\nLitigation, claims and assessments filed against Augusta Technical Institute (as a unit of the Department of Technical and Adult Education), if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self-insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, 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, 1994. \r\nNOTE 10: BONDING INFORMATION \r\nThe President and all employees ofAugusta Technical Institute are bonded under a Public Employees Blanket Bond written by the Employers Insurance ofWausau, their Bond No.1450-00-110723, on which the premium was paid to October 1, 1994. Under this agreement, the public employee dishonesty coverage insures Augusta Technical Institute to a maximum of$1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The faithful performance of duty coverage insures the Institute to a maximum ()f $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment. \r\nAll employees of Augusta Technical Institute are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626011675 2, on which the premium was paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the Institute to a maximum of$4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. \r\n \r\n- 20 - \r\n \r\n SUPPLEMENTARY INFORMATION - 21 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nCOMBINING BALANCE SHEET (STATUTORY BASIS) BUDGET FUND \r\nJUNE 30, 1994 \r\n \r\nEXHIBIT \"G'l \r\n \r\nASSETS Cash and Cash Equivalents Investments Accounts Receivable \r\nState Funds Federal Financial Assistance Other \r\nInventories \r\n \r\n\"A\" DEPARTMENT OF \r\nTECHNICAL AND ADULT EDUCATION \r\n \r\n\"B\" LOTTERY FOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ ----7-3-2-,-8-9-7-.3--3 $-----2-0-,0--0-0-.0--0 \r\n \r\n$ ----7-3-2-,-8-9-7-.3--3 $-----2-0-,-0-0-0-.0--0 \r\n \r\n$ 61,375.00 $ 355,248.00 $ 416,623.00 \r\n \r\n115,288.24 \r\n \r\n115,288.24 \r\n \r\n----3-3-2-,-2-7-8-.-2-6 ------------- ----3-3-2-,2--7-8-.2--6 \r\n \r\n$----5-0-8-,-9-4-1-.-5-0 $----3-5-5-,-2-4-8-.0--0 $----8-6-4-,-1-8-9-.-5-0 \r\n \r\n$ ----2-4-0-,-8-4-1-.3--0 \r\n \r\n$ ----2-4-0-,-8-4-1-.3--0 \r\n \r\nTotal Assets \r\n \r\n$==1=,5=0==2=,6=8==0=.1==3 $====3=5=5=,=2=4=8=.0==0 $--1-,8--5-7-,-9-2.8-.1-3- \r\n \r\nLIABILITIES AND FUND EQUITY Liabilities \r\nCash Overdraft Accounts Payable Deferred Revenue \r\nTuition and Fees Total Liabilities \r\nFund Equity Fund Balance Reserved Federal Financial Assistance For Refund to Georgia Department of Technical and Adult Education - Administrative Central Office Inventories Live Work Projects Prior Year Local Funds State Grants and Contracts Student Services Unreserved Designated Surplus Regular Lottery for Education Total Fund Equity \r\n \r\n$ 13,786.82 $ 13,786.82 \r\n \r\n$ 469,453.05 \r\n \r\n341,461.18 \r\n \r\n810,914.23 \r\n \r\n----2-1-5-,-2-7-7-.-3-7 ------------- ----2-1-5-,-2-7-7-.3--7 \r\n \r\n$----6-8-4-,7--3-0-.4--2 $----3-5-5-,-2-4-8-.-0-0 $__1_,0__3_9_,9__7_8_._42,.. \r\n \r\n$ \r\n \r\n1,813.07 \r\n \r\n192,770.13 \r\n \r\n108,416.38 \r\n \r\n136,364.99 \r\n \r\n11. 87 \r\n \r\n366,473.13 \r\n \r\n$ \r\n \r\n1,813.07 \r\n \r\n192,770.13 \r\n \r\n108,416.38 \r\n \r\n136,364.99 \r\n \r\n11.87 \r\n \r\n366,473.13 \r\n \r\n12,100.14 \r\n \r\n12,100.14 \r\n \r\n------------- $----------0-.0--0 ----------0-.-0-0 \r\n \r\n$---8--1-7-,9--4-9-.7-1- $----------0-.0--0 $---8--1-7-,9--4-9-.7-1- \r\n \r\nTotal Liabilities and Fund Equity \r\n \r\n$1,502,680.13 $ 355,248.00$ 1,857,928.13 \r\n============= ============= ============= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 22 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN FUND BALANCE (STATUTORY BASIS) \r\nBUDGET FUND \r\nYEAR ENDED JUNE 30. 1994 \r\n \r\nEXHIBIT \"H'' \r\n \r\nFUND BALANCE - JULY 1 \r\nReserved Unreserved \r\nDesignated Surplus \r\nADDITIONS \r\nAdjustments to Prior Year's Accounts Payable \r\nExcess of Funds Available over Expenditures Exhibit \"I\" \r\nPrior Year's Checks Voided \r\nDEDUCTIONS \r\nUnreserved Fund Balance (Surplus) Returned to Georgia Department of Technical and Adult Education - Administrative Central Office Year Ended June 30, 1993 \r\nAdjustments to Prior Year's Accounts Receivable \r\nRefunds to Granters Central Savannah River Area Training and Employment Consortium Job Training Partnership Act Georgia Department of Technical and Adult Education - Administrative Central Office Federal Financial Assistance \r\nReserved Fund Balance Carried Over from Prior Year as Funds Available \r\nFUND BALANCE - JUNE 30 \r\n(To Exhibit \"G\") \r\n \r\n\"A\" \r\nDEPARTMENT OF \r\nTECHNICAL AND ADULT \r\nEDUCATION \r\n \r\n\"B\" LOTTERY FOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ 736,843.42 325.80 $ \r\n$ 737,169.22 $ \r\n \r\n$ 736,843.42 \r\n \r\n0.00 \r\n \r\n325.80 \r\n \r\n0.00 $ 737,169.22 \r\n \r\n$ \r\n \r\n3,243.42 \r\n \r\n582,859.57 $ 741.46 \r\n \r\n$ 586,844.45 $ \r\n \r\n$ 0.00 \r\n \r\n3,243.42 \r\n582,859.57 741.46 \r\n \r\n0.00 $ 586,844.45 \r\n \r\n$ \r\n \r\n325.80 $ \r\n \r\n1,530.72 \r\n \r\n48.94 72.98 504,085.52 $ 506,063.96 $ \r\n \r\n0.00 $ \r\n \r\n325.80 1,530.72 \r\n \r\n48.94 72.98 504,085.52 0.00 $ 506,063.96 \r\n \r\n$ 817,949.71 $ \r\n \r\n0.00 $ 817,949.71 \r\n \r\n============= ============= ============= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 23 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE \r\nCOMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES BUDGET FUND \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nEXHIBIT \"I\" Page 1 \r\n \r\nFUNDS AVAILABLE REVENUES \r\nSTATE FUNDS Allotment from Georgia Department of Technical and Adult Education - Administrative Central Office \r\nFEDERAL REVENUES OTHER REVENUES RETAINED \r\nContract Georgia Department of Administrative Services Distance Learning Project Georgia Department of Human Resources PEACH Project Georgia Institute of Technology Satellite Technology Program \r\nDonations Fees \r\nApplication Graduation Registration/Continuing Education Testing Other Interest Earned Rents Sales and Services (Net) Tuition Other Sources \r\nTotal Other Revenues Retained Total Revenues CARRY-OVER FROM PRIOR YEAR Transfer from Reserved Fund Balance Live Work Projects Prior Year Local Funds Student Services Total Carry-Over from Prior Year \r\nTotal Funds Available \r\n \r\n\"A\" DEPARTMENT OF \r\nTECHNICAL AND ADULT EDUCATION \r\n \r\n\"B\" LOTTERY FOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ 8,140,127.94 $ 355,248.00$ 8,495,375.94 \r\n \r\n$1,422,455.22 \r\n \r\n$ 1,422,455.22 \r\n \r\n$ 16,459.68 56,290.03 12,000.00 560.00 36,100.04 20,990.50 \r\n646,945.60 16,856.00 18,058.25 2,471.72 7,652.37 \r\n230,379.33 1,285,306.59 \r\n--------6-0-1-.-5-0 $--2-,3-5--0-,6-7--1-.6-1- \r\n$11,913,254.77 $ \r\n \r\n$ 16,459.68 56,290.03 12,000.00 560.00 \r\n36,100.04 20,990.50 646,945.60 16,856.00 18,058.25 \r\n2,471.72 7,652.37 230,379.33 1,285,306.59 \r\n--------6-0-1-. -5-0 $--2-,3-5--0-,6-7--1-.6--1 \r\n355,248.00 $12,268,502.77 \r\n \r\n$ 102,499.63 135,226.12 \r\n----2-6-6-,3--5-9-. -7-7 $ ----5-0-4-,0--8-5-.5--2 \r\n \r\n$ 102,499.63 135,226.12 \r\n----2-6-6-,-3-5-9-.-7-7 \r\n$----5-0-4-,0--8-5-.5-2,, \r\n \r\n$12,417,340.29 $ 355,248.00 $12,772,588.29 \r\n \r\nPERSONAL SERVICES-INSTITUTIONS Salaries and Wages Employer's Contributions for: F. I. C. A. Retirement Health Insurance Unemplorment Compensation Insurance Workers Compensation Insurance \r\n \r\n$ 6,761,905.80 164,106.00 716,462.87 713,871.77 4,881.00 18,556.00 \r\n$ 8,379,783.44 \r\n \r\n$ 6,761,905.80 164,106.00 716,462.87 713,871.77 4,881.00 18,556.00 \r\n$ 8,379,783.44 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 24 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30, 1994 \r\n \r\nEXHIBIT 1 11 11 Page 2 \r\n \r\nEXPENDITURES OPERATING EXPENSES-INSTITUTIONS \r\nOther Costs Motor Vehicle Expenses Supplies and Materials Repairs and Maintenance Utilities Rents (Other than Real Estate) Insurance and Bonding Other Operating Expenses Publications and Printing \r\nTravel Motor Vehicle Purchases Equipment \r\nEquipment Purchases Lease/Purchase of Equipment Rental of Equipment Computer Charges Software Real Estate Rentals Telecommunications Per Diem, Fees and Contracts Per Diem and Fees \r\nQ--U-IC-K---ST-A-R-T---PR-O-G-R-A-M- \r\nPersonal Services Salaries and Wages Em~loyer's Contributions for: . I. C.A. Retirement Health Insurance \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities Other O~erating Expenses Publica ions and Printing \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nOther Costs Supplies and Materials \r\nPer Diem, Fees and Contracts Per Diem and Fees \r\nA-D--U-LT---L-IT-E-R-A-C-Y---G-R-A-N-T-S \r\nPersonal Services Salaries and Wages Em~loyer's Contributions for: . I.C.A. Retirement Health Insurance \r\nOther Costs Supplies and Materials Repairs and Maintenance Utilities Rents bother Than Real Estate) Other perating Expenses \r\n \r\n\"A\" \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\n\"B\" LOTTERY FOR \r\nEDUCATION \r\n \r\nTOTAL \r\n \r\n$ 11,845.60 562,311.00 261,188.80 417,247.28 16,283.39 31 869.43 416:380.49 52,425.91 99,156.64 28,340.50 388,373.58 1,163.51 9,289.94 23,223.12 12,483.49 315.64 \r\n----1-5-4-,-3-6-4-.-7-7 $--2-,4-8--6-,2--6-3-.0--9 \r\n$ 18,451.69 1,395.40 3,108.84 2,306.52 17,146.21 347.37 \r\n17,802.43 6,735.29 9,991.32 2,057.95 \r\n10,085.38 \r\n801.16 \r\n----2-9-2-,-3-0-7-.-2-8 $----3-8-2-,-5-3-6-.-8-4 \r\n$ 372,799.08 13,101.13 25,559.47 21,050.14 15,470.51 2,394.61 4,589.67 400.00 70,273.07 \r\n \r\n$ 11,845.60 562,311.00 261,188.80 417,247.28 16,283.39 31,869.43 416,380.49 52,425.91 99,156.64 28,340.50 388,373.58 1,163.51 9,289.94 23,223.12 12,483.49 315.64 \r\n----1-5-4-,-3-6-4-.-7-7 $--2-,4-8--6-,2--6-3-.0--9 \r\n$ 18,451.69 1,395.40 3,108.84 2,306.52 17,146.21 347.37 \r\n17,802.43 6,735.29 9,991.32 2,057.95 10,085.38 \r\n801.16 292,307.28 \r\n------------- \r\n$ 382,536.84 \r\n------------'\"!\" \r\n$ 372,799.08 13,101.13 25,559.47 21,050.14 15,470.51 2,394.61 4,589.67 400.00 70,273.07 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 25 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF FUNDS AVAILABLE AND EXPENDITURES \r\nBUDGET FUND YEAR ENDED JUNE 30 1 1994 \r\n \r\nEXHIBIT \"1'1 Page 3 \r\n \r\nEXPENDITURES ADULT LITERACY GRANTS \r\nTravel Equipment \r\nEquipment Purchases Computer Charges \r\nSoftware Real Estate Rentals \r\nJOB TRAINING PARTNERSHIP ACT Personal Services Salaries and Wages Employer's Contributions for: F.I.C.A. Retirement Hea1th Insurance Other Costs Supplies and Materials Travel \r\nEQUIPMENT - STATE SCHOOLS Equipment Equipment Purchases Total Expenditures \r\nExcess of Funds Available over Expenditures \r\n \r\n\"A\" \r\nDEPARTMENT OF TECHNICAL AND ADULT EDUCATION \r\n \r\n\"B\" \r\nLOTTERY FOR EDUCATION \r\n \r\nTOTAL \r\n \r\n$ 11,599.28 \r\n449.90 \r\n3,250.00 \r\n------1-,2--8-4-.9--5 $----5-4-2-,2--2-1-.8-1- \r\n \r\n$ 11,599.28 \r\n449.90 3,250.00 \r\n------1-,2--8-4-.9--5 $----5-4-2-,-2-2-1-.8--1 \r\n \r\n$ 34,056.00 481.90 \r\n4,022.04 4,257.00 \r\n55.92 \r\n--------8-0-2-.6--8 $-----4-3-,6--7-5-.-5-4 \r\n \r\n$ 34,056.00 481. 90 \r\n4,022.04 4,257.00 \r\n55.92 \r\n--------8-0-2-.-6-8 $-----4-3-,6--7-5-.5--4 \r\n \r\n$ 355,248.00$ 355,248.00 \r\n \r\n$11,834,480.72 $ 355,248.00 $12,189,728.72 \r\n \r\n582,859.57 \r\n \r\n0.00 \r\n \r\n582,859.57 \r\n \r\n$12,417,340.29 \r\n============= \r\n \r\n$ 355,248.00 \r\n============= \r\n \r\n$=1=2=,7==7=2=,5==8=8=.2=9= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 26 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES \r\nFIDUCIARY FUND TYPE - AGENCY FUNDS YEAR ENDED JUNE 30. 1994 \r\n \r\nEXHIBIT \"J'! \r\n \r\nFUND \r\nGeneral Scholarship Fund HOPE Program Licensed Practical Nurse Examination Fees Licensed Practical Nurse Insurance Pell Grant Program Student Activities Fund Student Government Fund Student Insurance Supplemental Educational Opportunity \r\nGrants \r\n \r\nASSETS/ LIABILITIES \r\nJ-U-L-Y---1-'--1-9-9-3 \r\n \r\nADDITIONS \r\n--------- \r\n \r\nDELETIONS \r\n--------- \r\n \r\nASSETS/ \r\nLIABILITIES JUNE 30, 1994 \r\n------------- \r\n \r\n$ \r\n \r\n2,119.64 $ 23,184.64 $ 19,211.30 $ \r\n \r\n6,092.98 \r\n \r\n0.00 \r\n \r\n208,085.08 \r\n \r\n160,988.00 \r\n \r\n47,097.08 \r\n \r\n1,065.54 \r\n \r\n4,774.29 \r\n \r\n4,212.11 \r\n \r\n1,627.72 \r\n \r\n0.00 \r\n \r\n5,739.39 \r\n \r\n4,958.00 \r\n \r\n781.39 \r\n \r\n0.00 \r\n \r\n864,370.08 \r\n \r\n863,519.66 \r\n \r\n850.42 \r\n \r\n86,953.37 \r\n \r\n192,037.85 \r\n \r\n129,722.31 \r\n \r\n149,268.91 \r\n \r\n257.05 \r\n \r\n257.05 \r\n \r\n4.50 \r\n \r\n19,565.61 \r\n \r\n4,235.52 \r\n \r\n15,334.59 \r\n \r\n0.00 \r\n \r\n53,134.50 \r\n \r\n49,812.00 \r\n \r\n3,322.50 \r\n \r\n------------- ------------- ------------- ------------- \r\n \r\n$ 90,400.10 $1,370,891.44 $1,236,658.90$ 224,632.64 \r\n============= ============= ============= ============= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 27 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE CASH AND CASH EQUIVALENTS JUNE 30 1 1994 \r\nNONINTEREST BEARING ACCOUNTS \r\nTrust Company Bank of Augusta, Augusta, Georgia INTEREST BEARING ACCOUNTS \r\nTrust Company Bank of Augusta, Augusta, Georgia \r\nChecking-With-Interest Account (Variable Rate) OTHER \r\nPetty Cash \r\n \r\nSCHEDULE \"1\" \r\n$ 829,395.10 100,794.61 1,068.01 \r\n$ 931,257.72 \r\n============= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 28 - \r\n \r\n BUDGET FUND \r\n------------ \r\nTrust CCJTipany Bank of Augusta, Augusta, Georgia \r\nCertificates of Deposit No. 530015486 No. 530034750 \r\n \r\nAUGUSTA TECHNICAL INSTITUTE INVESTMENTS \r\nJUNE 30 1 1994 \r\n \r\nSCHEDULE \"2\" \r\n \r\nPURCHASE DATE \r\n------------- \r\n \r\nINTEREST RATE MATURITY DATE \r\n------------- ------------- \r\n \r\nAMOUNT \r\n \r\nMarch 25, 1994 Hay 3, 1994 \r\n \r\n3.00% 3.05% \r\n \r\nSeptenber 23, 1994 Noverrt\u003eer 1, 1994 \r\n \r\n$ 10,000.00 10,000.00 \r\n------------- \r\n \r\n$ 20,000.00 \r\n============= \r\n \r\nSee accCJTipanying notes and Independent Accountant's CCJTibined Report on Review of Financial Statements and Supplementary Infonnation. \r\n- 29 - \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FEDERAL REVENUES \r\nYEAR ENDED JUNE 30. 1994 \r\n \r\nSCHEDULE \"3\" \r\n \r\nBUDGET FUND \r\nEducation, U. S. Department of Adult Education - State Administered Basic Grant Program Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\nFederal Work-Study Program Direct \r\nVocational Education - Basic Grants to States Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\nVocational Education - Community Based Organizations Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\nEnergy, U. S. Department of State Energy Conservation Stripper Well Oil Violation Funds Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\nHealth and Human Services, U. S. Department of Job Opportunities and Basic Skills Training Through Georgia Department of Human Resources Various Offices of Department of Family and Children Services \r\nLabor, U. S. Department of Job Training Partnership Act Through Central Savannah River Area Employment and Training Consortium Through Georgia Department of Technical and Adult Education - Administrative Central Office \r\n \r\nCFDA NUMBER \r\n \r\nAMOUNT \r\n \r\n84.002 84.033 84.048 84.174 \r\n \r\n$ 300,782.44 25,366.37 \r\n761,191.38 9,958.10 \r\n \r\n81.041 \r\n \r\n18,312.55 \r\n \r\n93.561 \r\n17.250 17.250 \r\n \r\n118,635.49 \r\n144,533.03 43,675.86 \r\n$1,422,455.22 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 30 - \r\n \r\n SECTION II FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1994 \r\n \r\nSTATUS OF PRIOR YEAR FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\n \r\nThe status of the findings disclosed in the review report for the year ended June 30, 1993, is summarized below: \r\n \r\nAudit Control Number \r\n \r\nStatus of Finding \r\n \r\n824-93-01 824-93-02 824-93-03 824-93-04 824-93-05 \r\n \r\nCorrective Action Implemented See Audit Control Number 824-94-01 Corrective Action Irplemented Corrective Action Implemented See Audit Control Number 824-94-02 \r\n \r\nPRIOR YEAR/CURRENT YEAR \r\n \r\nREVENUE/RECEIVABLES/RECEIPTS Inadequate Accounting Control Procedures Financial Statements Audit Control Number 824-94-01 \r\n \r\nThe review reports for the years ended June 30, 1991, 1992 and 1993, disclosed numerous accounting control deficiencies with the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis). For the year under review, the accounts receivable procedures were again deficient as indicated below: \r\n \r\n(I) As of June 30, 1994, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $372.62 in student receivables outstanding from fiscal year 1993, $1,832.53 in student receivables outstanding from fiscal year 1992, $2,634.91 in student receivables outstanding from fiscal year 1991, and $23,710.67 in student receivables outstanding from fiscal year 1990. \r\n \r\nTests of the student receivables from prior years disclosed numerous instances where supporting documentation was not adequate to determine if the amounts recorded were actually earned by the Institute. \r\n \r\n(2) As of June 30, 1994, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $8,516.98 in checks returned for insufficient funds. Included in this amount were $8,324.98 from fiscal year 1993 or earlier. \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1994 \r\nPRIOR YEAR/CURRENT YEAR \r\nREVENUE/RECEIVABLES/RECEIPTS Inadequate Accounting Control Procedures Financial Statements Audit Control Number 824-94-01 \r\n(3) As of June 30, 1994, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $1,221.39 in accounts receivable for tuition and fees from fiscal year 1993 for which payment was deferred by the Institute. These deferments were a result of the Institute not enforcing a policy which allowed students to sign a \"Tuition Work Assistance Agreement\" to enroll and attend classes at the Institute. Under this agreement, students were allowed to enroll and attend classes in exchange for work for the Institute. The \"Tuition Work Assistance\" policy was discontinued as of June 30, 1993. \r\n(4) As of June 30, 1994, the \"Other\" accounts receivable category shown on the Combined Balance Sheet (Statutory Basis) included $2,031.61 in accounts receivable for tuition and fees for which payment was deferred by the Institute. These deferments were a result of the Institute's approving a number of students for Pell Grants only later to find out the students were ineligible. \r\nDeferring payment oftuition and fees without approved financial aid is beyond the authority granted to the Institute by the Administrative Central Office of the Georgia Department of Technical and Adult Education. This practice by the Institute should be discontinued. \r\nThe Institute should initiate collection procedures in an effort to collect all amounts due to the Institute. Furthermore, the Institute should review all delinquent student accounts receivable to determine if the accounts accurately reflect amounts owed to the Institute. \r\nGENERAL FIXED ASSETS/PROPERTY MANAGEMENT Financial Statements Inadequate Equipment Inventory Records Audit Control Number 824-94-02 \r\nThe review report for the year ended June 30, 1993, disclosed instances where items of equipment were not recorded on the equipment inventory records. For the year under review, additional testing was performed on the Institute's equipment inventory records. From a sample of twenty items, two items were physically located but were not recorded on the equipment inventory records. \r\nThe Institute should follow established procedures to ensure that all equipment is recorded on the equipment inventory records. \r\n \r\n AUGUSTA TECHNICAL INSTITUTE SCHEDULE OF FINDINGS AND IMPROPER OR QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 1994 \r\nCURRENT YEAR \r\nBUDGET PREPARATION/EXECUTION Overexpenditure of Budget Financial Statements \r\nThe total approved budget for \"A\" Budget, Department of Technical and Adult Education, of Augusta Technical Institute provided for expenditures totaling $12,987,916.00. A comparison of anticipated funds available and budgeted expenditures to actual funds available and expenditures by object class is summarized on Exhibit \"D\" of this report. This comparison indicates that actual expenditures for Adult Literacy Grants exceeded budgeted expenditures by $416.81. \r\nAUDIT DISTRIBUTION/RESOLUTION Report Not Submitted to Grantor Agency Federal Financial Assistance Other Federal Assistance (CFDA 12.0FA) Audit Control Number 824-94-03 \r\nOur review of the fiscal year 1993 financial statements of Augusta Technical Institute, an organizational unit ofthe State ofGeorgia reporting entity, was performed in conjunction with the Statewide Single Audit of the State of Georgia. This review report was not distributed to Oak Ridge Associated Universities, Incorporated which provided Federal financial assistance to the Institute. \r\nThe Institute should ensure that reports and corrective action plans, if applicable, are submitted to grantor agencies in accordance with report distribution requirements. \r\n \r\n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":3,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":3}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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