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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-ba800-b-pr1-be39-b2001-h2002"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be39-b2001-h2002"],"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":["Periodicals--fast"],"fulltext":"GA \r\n \r\n' ' \r\n \r\nA.800 \r\n \r\nI I ) \r\n \r\nI t ;' \u003c I \r\n'' \r\n \r\n'RI \r\n \r\nEs\"'t \r\n \r\n-;loo 1-:lo a. \r\n \r\n' \r\n \r\n- \r\n \r\n-. -STATE Of. GEORGIA \r\n \r\n--~:DEPARTMENT-OF AUDITS AND- AccouNTS  \r\n \r\n\\ \\, \r\n' \r\n \r\n' \r\n \r\n~ \r\n \r\n' I \r\n \r\nv \r\n \r\n,, ,- \r\n \r\nI ' \r\n \r\n' - \r\n \r\n' ,, r \r\n \r\n' ,- \r\n \r\nI ' \r\n \r\n'--' ' \u003c \r\n,; \r\n \r\nI \r\n \r\n' -' \r\n \r\n' \r\n \r\n,1 \r\n \r\n'; ', \r\n \r\n-' \r\n \r\n) \r\n \r\n' \r\n \r\n-' \r\n \r\n'\u003c \r\n \r\n \r\n \r\n' \r\n \r\n' , \r\n' ' \r\n \r\n-' \r\n \r\n-. \r\n \r\n' \r\n \r\n\\ \r\n \r\n~AST GEORGIA COLLEGE \r\n \r\nI \r\n \r\nSWAINSBORO, GEORGIA \r\n \r\nI  \r\n \r\nREPORT \r\n \r\n' \r\nON \r\n \r\nR' EVIEW \r\n \r\n' r \r\n \r\n,_ - \r\n \r\nOF THE FINANCIAL STATEMENTS \r\n \r\nFOR THE FISCAL Y~AR ENDED JUNE 30, 2002 \r\n \r\nI \r\n \r\n' \r\n \r\n, ' \r\n \r\nI , \r\n \r\n,- \r\n \r\n-' I \r\n' \r\n \r\n,, \r\n-Russell W.,, Hinton State Auditor \r\n \r\n, , - \r\n \r\n. I \r\n \r\ni ' \r\n \r\n7 \r\n \r\n. - \r\n- ',' \r\n' \r\n,, -: \r\nI , \r\nI I \r\n \r\n\\ \r\n \r\nI \r\nr , \r\n \r\nI \r\n \r\n EAST GEORGIA COLLEGE -TABLE OF CONTENTS - \r\n \r\nSECTION! \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPDRT ON REVIEW OF BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\n \r\nREQUIRED SUPPLEMENTARY INFORMATION \r\n \r\nMANAGEMENTS DISCUSSION AND ANALYSIS \r\n \r\n2 \r\n \r\nBASIC FINANCIAL STATEMENTS \r\n \r\nEXHIBITS \r\n \r\nA STATEMENT OF NET ASSETS \r\n \r\nII \r\n \r\nB STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS \r\n \r\n12 \r\n \r\nC STATEMENT OF CASH FLOWS \r\n \r\n13 \r\n \r\nD NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n14 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO \r\n \r\nBUDGET - (NON-GAAP BASIS) \r\n \r\n1 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n31 \r\n \r\n2 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n32 \r\n \r\n3 RECONCILIATION OF SALARIES AND TRAVEL \r\n \r\n33 \r\n \r\nSECTIONII CURRENT YEAR FINDINGS AND QUESTIONED COSTS SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\n \r\n SECTION! FINANCJAL \r\n \r\n llJ',SH L W. Hl~TO\"I \r\nSTATE AUDITOR \\t.04, 6~2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Wshmgton Street !\u003e W !\u003eullc 214 Atlanta, Georgia 30334-841X) \r\nJanuary I 0, 2003 \r\n \r\nHonorable Sonny Perdue, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the Uruvers1ty System of Georgia \r\nand Honorable J. Foster Watkms, Intenm President East Georgia College \r\nINDEPENDENT ACCOUNTANTS COMBINED REPORT ON REVIEW OF BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\nLadies and Gentlemen \r\nWe have reviewed the accompanymg basic financial statements (Exh1b1ts A through D) of East Georgia College, an orgaruzat1onal urut ofthe State ofGeorgia, as ofand for the year ended June 30, 2002, m accordance With Statements on Standards for Accountmg and ReVIew SerVJces issued by the Arnencan lnslltute of Certified Pubhc Accountants. All mformallon mcluded m these financial statements 1s the representallon of the management of East Georgia College \r\nA review consists pnnc1pally ofmqumes ofCollege personnel and analytical procedures apphed to financial data It 1s substanllally less m scope than an audit m accordance with aud1tmg standards generally accepted m the Uruted States of Amenca, the obJecllve ofwluch 1s the expression ofan op1ruon regardmg the financial statements taken as a whole. Accordmgly, we do not express such an opm1on \r\nBased on our review, with the exception of the matters discussed m the fourth and fifth paragraphs, we are not aware of any matenal mochficauons that should be made to the accompanymg financial statements m order for them to be m conformity With accounllng pnnc1ples generally accepted m the Uruted States ofAmenca. \r\nAs descnbed m Note 1 to the financial statements, the College did not recogmze June 30, 2001, encumbrances as expenses m the June 30, 2002, basic financial statements To conform to generally accepted accountmg pnnc1ples, encumbrances should be recogruzed as expenses and hab1hlles m the penod that goods and services are received. The effects on the basic financial statements of this departure from generally accepted accounung pnnc1ples were not reasonably deterrnmable. \r\n02ARL-67X \r\n \r\n The College's Adjusted Balance July I. 2001, for Capital Assets as reflected in Note 6, did not \r\nreconcile with esllmated cost values established by an independent appraisal As a result of this unexplained vanance, we were unable to sallsfy ourselves as to the accuracy of the Capital Assets amounts reflected in the basic financial statements \r\nAs descnbed in Note I, East Georgia College adopted the prov1s1ons of Governmental Accounting Standards Board (GASB) Statement No 35, Basic Fmanczal Statements - and Management's D1scuss1on and Analysis -for Public Colleges and Umversltles, as amended by GASB Statement No 31, Basic Financial Statements - and Management's Discusswn and Ana(vsis - for State and Local Governments, and GASB Statement No 38, Certain Financial Statements Note Dzsc/osures, as of July I, 2001. to implement a new financial reporting model \r\nManagement's D1scuss1on and Analysis 1s not a reqwred part ofthe basic financial statements but 1s supplementary infonnallon required by the GASB We have apphed certam hmued procedures, which consisted pnnc1pally ofinqumes ofmanagement regarding the methods ofmeasurement and presentat10n ofth1s supplementary infonnatlon, and we are not aware ofany matenal modificatlons that should be made thereto \r\nOur review was made for the purpose of expressing hm1ted assurance that there are no matenal mod1fical!ons that should be made to the financial statements in order for them to be in conformity with accounting pnnc1ples generally accepted in the Umted States ofAmenca The accompanying supplementary information (Schedules I through 3) 1s presented for add1t1onal analysis purposes Such informatlon has been subjected to the inqumes and analytical procedures applied m the reVlew ofthe financial statements, and we are not aware of any matenal mod1ficat1ons that should be made to such data \r\n~--R...e.spectfully submitted, \r\n\\.o~ \r\nSta e Auditor \r\nRWHas 02ARL-67X \r\n \r\n REQUIRED SUPPLEMENTARY INFORMATION \r\n-I- \r\n \r\n East Georgia College \r\nManagement's Discussion and Analysis \r\n \r\nIntroduction \r\n \r\nEast Georgia College 1s one ofthe 34 mst1tut10ns ofthe Umvers1ty System of Georgia The College, located m Swamsboro, Georgia, was founded m 1973 and has become known for its state-of-the-art technology, its excellent faculty, and a canng and nurtunng enVIronment for its students The College offers associate degrees m a vanety of subJects This wide range of educational opportumtles attracts a highly quahfied faculty and a student body ofmore than 1,800 students each year The mstJtutlon contmues to grow as shown by the companson numbers that follow \r\n \r\nFaculty \r\n \r\nStudents \r\n \r\nFY2002 FY2001 FY2000 \r\n \r\n35 \r\n \r\n1,948 \r\n \r\n32 \r\n \r\n1,916 \r\n \r\n27 \r\n \r\n1,863 \r\n \r\nOverview ofthe Financial Statements and Financial Analysis \r\n \r\nEast Georgia College 1s proud to present its financial statements for fiscal year 2002 The emphasis of d1scuss1ons about these statements will be on current year data There are three financial statements presented. the Statement of Net Assets, the Statement of Revenues, Expenses and Changes m Net Assets, and, the Statement of Cash Flows Tins d1scuss1on and anaJys1s of the College's financial statements proVJdes an overview of its financial actlVJtles for the year. East Georgia College has elected to not restate pnor penods for purposes of prov1dmg the comparative data for tins Management's D1scuss1on and AnaJys1s. However, m future years, when pnor penod mformatlon 1s available, a comparative analysis will be presented. \r\n \r\nStatement ofNet Assets \r\n \r\nThe Statement ofNet Assets presents the assets, hab1ht1es, and net assets ofthe College as ofthe end of the fiscal year. The Statement ofNet Assets 1s a pomt oftime financial statement The purpose of the Statement ofNet Assets 1s to present to the readers ofthe financ1aJ statements a fiscaJ snapshot of East Georgia College. The Statement of Net Assets presents end-of-year data concemmg Assets (current and non-current), L1ab1ht1es (current and non-current), and Net Assets (assets mmus hab1ht1es) \r\n \r\nFrom the data presented, readers of the Statement of Net Assets are able to determme the assets available to contmue the operations ofthe 1nstJ.tutJ.on. They are aJso able to determme how much the mstltutlon owes vendors, mvestors and lendmg mstltutlons \r\n \r\nFmally, the Statement ofNet Assets provides a picture ofthe net assets (assets mmus hab1ht1es) and their availab1hty for expenditure by the mst1tutJ.on Net assets are d1v1ded mto three maJOr categones The first category, mvested m cap1taJ assets, net ofdebt, provides the 1nstJ.tutlon's eqmty \r\n \r\n-2 - \r\n \r\n in property, plant and equipment owned by the institution The next asset category 1s restncted net assets, which 1s d1v1ded into two categones, nonexpendable and expendable The corpus of nonexpendable restncted resources 1s only available for investment purposes Expendable restncted net assets are avrulable for expenditure by the institution but must be spent for purposes as determined by donors and/or external entitles that have placed time or purpose restnct1ons on the use of the assets The final category 1s unrestncted net assets Unrestncted assets are available to the institution for any lawful purpose of the institution \r\n \r\nStatement of Net Assets, Condensed (thousands of dollars) \r\n \r\nAssets Current Assets Capital Assets, Net Other Assets \r\n \r\n$ 1,858 7,483 41 \r\n \r\nTotal Assets \r\n \r\n$ 9,382 \r\n \r\nLiabilities Current L1ab1ht1es Non-Current L1ab1ht1es \r\n \r\n$ 986 58 \r\n \r\nTotal Liabilities \r\n \r\n$ I 044 \r\n \r\nNet Assets Invested m Capital Assets, Net of Debt Restncted - Nonexpendable Restncted - Expendable Unrestncted \r\n \r\n$ 7,483 36 31 \r\n788 \r\n \r\nTotal Net Assets Statement ofRevenues, Expenses and Changes in Net Assets \r\n \r\nS 8.338 \r\n \r\nChanges m total net assets as presented on the Statement of Net Assets are based on the activity presented m the Statement of Revenues, Expenses and Changes m Net Assets The purpose of the statement 1s to present the revenues received by the mstlt1Jtlon, both operating and nonoperatmg, and the expenses prud by the mstlt1Jtlon, operatmg and nonoperatmg, and any other revenues, expenses, gruns and losses received or spent by the mstlrutlon Generally speakmg operatmg revenues are received for providing goods and services to the vanous customers and const1ruenc1es of the mst1t1Jt1on. Operating expenses are those expenses prud to acqwre or produce the goods and services provided m return for the operatmg revenues, and to carry out the m1ss10n of the 1nst1tut1on. Nonoperatmg revenues are revenues received for which goods and services are not provided For example state appropnatlons are nonoperatmg because they are provided by the Legislature to the mst1t1Jtlon Without the Legislature directly rece1vmg commensurate goods and services for those revenues \r\n \r\n-3- \r\n \r\n Statement of Revenues, Expenses and Changes m Net Assets, Condensed (thousands of dollars) \r\n \r\nOperatmg Revenues Operatmg Expenses \r\n \r\n$ 2,592 -7 749 \r\n \r\nOperatmg Loss \r\n \r\n$ -5,157 \r\n \r\nNonoperatmg Revenues \r\n \r\n5.462 \r\n \r\nIncome (Loss) Before Other Revenues, Expenses, Gains or Losses \r\n \r\n$ 305 \r\n \r\nOther Revenues \r\n \r\n504 \r\n \r\nIncrease m Net Assets \r\n \r\n$ 809 \r\n \r\nNet Assets at Begmrung of Year, as Onginally Reported \r\n \r\n$ 14,472 \r\n \r\nCumulative Effect of Changes m Accountmg Pnnc1ple \r\n \r\n-6.943 \r\n \r\nNet Assets at Begmnmg of Year Restated \r\n \r\n$ 7,529 \r\n \r\nNet Assets at End of Year \r\n \r\n$ 8,338 \r\n \r\nToe Statement of Revenues, Expenses and Changes m Net Assets reflects a positive year with an mcrease m the net assets at the end ofthe year Some lughhghts ofthe mformahon presented on the Statement of Revenues, Expenses and Changes m Net Assets are as follows \r\n \r\n-4- \r\n \r\n Revenue By Source (thousands of dollars) For The Year Ended June 30, 2002 \r\n \r\nOperatmg Revenue Tuition and Fees Grants and Contracts Sales and Services of Educational Departments Aux1hary Other \r\nTotal Operatmg Revenue \r\nNonoperatmg Revenue State Appropnahons Grants and Contracts Investment Income Other \r\nTotal Nonoperatmg Revenue \r\nTotal Revenues \r\n \r\n$ 1,070 1,456 26 24 16 \r\n$ 2.592 \r\n$ 5,307 113 41 504 \r\n$ 5,965 \r\n$ s.~~z \r\n \r\nExpenses (thousands of dollars) For The Year Ended June 30, 2002 \r\n \r\nOperatmg Expenses Instruction Academic Support Student Services Inst1tut1onal Support Plant Operations and Mamtenance Scholarships and Fellowslups Auxihary Enterpnses Unallocated Deprec1auon \r\n \r\n$ 2,959 907 529 \r\n1,159 845 837 11 501 \r\n \r\nTotal Operatmg Expenses \r\n \r\n$ 7,748 \r\n \r\nStatement ofCash Flows \r\n \r\nThe final statement presented by the East Georgia College 1s the Statement of Cash Flows The Statement of Cash Flows presents detaJled mformauon about the cash activity of the mstitutlon dunng the year The statement is d1v1ded mto five parts The first part deals with operatmg cash flows and shows the net cash used by the operatJng acuvitles of the mstltullon The second section reflects cash flows from non-capital financmg act1v1t1es This sect10n reflects the cash received and \r\n \r\n-5- \r\n \r\n spent for nonoperatmg, non-mvestmg, and non-capital financmg purposes The tlurd section reflects the cash flows from mvestmg activities and shows the purchases, proceeds, and mterest received from mvestmg act1v1t1es The fourth section deals with cash flows from capital and related financmg act1vllles This sect10n deals with the cash used for the acqms1t1on and construct10n of capital and related items The fifth sec!Jon reconciles the net cash used to the operatmg mcomc or loss reflected on the Statement of Revenues, Expenses and Changes m Net Assets \r\n \r\nCash Flows for the Year Ended June 30, 2002, Condensed (thousands of dollars) \r\n \r\nCash Provided (Used) By. Operatmg ActJv1ttes Non-Capital Fmancmg Act1v1t1es Investmg ActlVJ!Jes Capital and Related Fmancmg Acliv1t1es \r\nNet Change m Cash Cash, Begmmng of Year \r\n \r\nS -5,397 5,482 23 -68 \r\n$ 40 \r\n518 \r\n \r\nCash, End of Year Capital Assets \r\n \r\n$ 558 \r\n \r\nThe College had one s1gmficant capital asset add1t10n for fac1ht1es m fiscal year 2002 An add!tJonal 19 795 acres was donated to the College to provide a parcel of property for our proposed Georgia \r\nRural Economic Development and Technology Center. Tlus new property 1s adjacent to the Swainsboro/Emanuel County Technology Park and the proposed new fac1hty will serve the dual purpose ofprov1dmg an mstructlonal fac1hty for our Information Technology program and proVId!ng classroom and office space for the Georgia Rural Econonuc Development Center/ICAPP partnership The Georgia State Fmancmg and Investment Comrmss1on (GSFIC) Classroom Add.lb.on and ActIVIty Center construction projects will be completed m Fiscal Year 2003, and the complete cost of the pro3ects will be cap1tahzed at that time Tlus constructJon will be accounted for m the financial statements of GSFIC untd the project 1s completed. \r\n \r\nDue to the budget holdbacks m MRR fundmg for fiscal year 2002, East Georgia College did not \r\ncomplete any major repaus and renovation projects. We did complete the design work for the final phase ofour A/C Improvement project and 1t 1s anllc1pated that fundmg for the construction portion of the project will be remstated m fiscal year 2003 \r\n \r\nFor add11Ional mformallon concermng Capital Assets, see Notes I and 6 m the Notes to the Fmanc1al Statements. \r\nEconomic Outlook \r\nThe College 1s not aware of any currently known facts, dec1s1ons, or cond11Ions that are expected to have a s1gn1ficant effect of the financial pos1t1on or results of operations dunng tlus fiscal year beyond those unknown vanatJons havmg a global effect on virtUally all types ofbusmess operations \r\n \r\n-6- \r\n \r\n The East Georgia College overall financial position 1s strong Even with a relatively flat funded year, the College was able to generate a modest increase m Net Assets The College anticipates the current fiscal year will be much hke last and will mamtam a close watch over resources to mamtam the College's ab1hty to react to unknown mtemal and external issues \r\nJ. Foster Watkins, Intenm President East Georgia College \r\n- 7- \r\n \r\n BASIC FINANCIAL STATEMENTS -9- \r\n \r\n EAST GEORGIA COLLEGE STATEMENT Of NET ASSETS \r\nJUNE 30 2002 \r\nASSETS \r\nCurrent Assets Cash and Gash Equivalents Short-Term lnveslments Accounts Receivable, Net Federal F1nanaal Assistance Other Prepaid Items lnventones \r\nTotel Current Assets \r\nNoncurrenl Assets Investments Notes Receivable \r\nCaprtal Assets, Net /See Note 6) \r\nTatel Noncum,nl Assets \r\nTotal Assets \r\nLIABILmEs \r\nCurrent L1ab1lmes Salanes Payable Payroll Wrthhold1ngs Accounts Payable Deferred Revenue Funds Held for Others Compensated Absences \r\nTotal Current Llablllbes \r\nNoncum,nt l.Jab1hbes Compensa1ed Absences \r\nTatel Llablllbes \r\nNETASSETS \r\nInvested 1n Capital Assets, Net of Relaled Debt Res1ncted for \r\nNonexpendable Expendable Unrestnded \r\nTatel Net Assets \r\nSee Independent Accountant's Combined Report on ReVl8W of Basic Finanaal Sta1ements and Supplementary lnformabon \r\nThe notes to the finanaal sta1ements are an integral part of this ste1ement \r\n- 11 - \r\n \r\nEXHIBIT\"A\" \r\n \r\n$ 557,517 97 827,195 91 \r\n132,069 01 132,574 12 200,24245 \r\n8 67660 \r\n$ 1,858,276 06 \r\n \r\n$ \r\n \r\n35,834 54 \r\n \r\n4 94950 \r\n \r\n7 483 472 47 \r\n \r\n$ 7,524,256 51 \r\n \r\n$ 9,382,532 57 \r\n \r\n$ \r\n \r\n15,576 91 \r\n \r\n3,837 19 \r\n \r\n430 844 07 \r\n \r\n323,333 97 \r\n \r\n78,06519 \r\n \r\n134 631 16 \r\n \r\n$ 986,28849 \r\n \r\n58 377 51 $ 1,044,666 00 \r\n \r\n$ 7,483,472 47 \r\n35,834 54 30,716 96 787 84260 \r\n \r\n EAST GEORGIA COLLEGE STATEMENT OE RE\\/ENUES EXPENSES AND CHANGES IN NET ASSETS \r\nYEAR ENPEP JUNE 30 2002 \r\nOPERATING REVENUES \r\nStudent Tutti.on and Feea Less Sctio1Brsh1p Allowances \r\nGninta and Contnilcts F-.1 Nongovernmental \r\nSales and SeMCes of Educational Department\u0026 Awo~ary Enterpnaes \r\nS-.tore Food SeMCa Other Organlzattons Other Operating Revenues \r\nTotal Operatrng Revenues \r\nOPERATING EXPENSES \r\nSalane.s Faculty Staff \r\nEmployee Beneftta Other Personal Servtces Travel Scholarv,lpo and Fenowshlpa UbibH Supplte1 and Other S.MCel Depreaation \r\nTotal Operatng Expenaea \r\nOperat,ng Income (Lou) \r\nNONOPFRATING REVENUES \r\nState Apprepnallona \r\nGranto and ContJacts \r\nState Nongovernmental lnternt and Other Investment Income \r\nTotal Nonoperabng Revenua \r\ntncome Before Other Revenuea, Expenses, Ga111 er Loue1 \r\nCapital Grant\u0026 and Gifts Stale Nongovernmental \r\nTotal Other Revenues \r\nlncreasel{DecteaH) 1n Net Aueta \r\nNetAnets Net A.aaeta,  Begrnnlng of Year as Ong1nalty Reported Cumulatlve Effect of Change, In Accounting Prlnclpje \r\nNet Aaets - BeglMlng of Year Reatated \r\nNe\\Asaets-EndofYear \r\nSee Independent Aecountanfa Combined Report on Review of Buie: Finanael Statements and Supplementary tnformabon \r\nThe notes to the finlll'ICI.III statements are en integral part of this tttemant  12  \r\n \r\nEXHIBIT \"B\" \r\n \r\n$ 1 652 819 39 -582 612 29 \r\n1 455 1-43 72 1 161 00 \r\n26 402 55 \r\n20 689 93 \"465 7,4 \r\n2 570 61 15 507 06 \r\ns 2 !592 1\"47 71 \r\n \r\ns 166546-185 \r\n2 029,32\"4 12 981 348 1-4 14 960 00 54 420 73 903 067 18 345,732 17 \r\n1,252,813 66 501 \"461 83 \r\ns 7 7,48 592 68 \r\ns -!S 1!58 44,4 97 \r\n \r\ns 5,306,827 23 \r\n \r\n11,ee8 21 35 943 03 .. , 133 95 \r\n \r\ns !S \"81 572 42 \r\n \r\ns \r\n \r\n30!5 127 4'5 \r\n \r\ns \r\n \r\n.C34,542 39 \r\n \r\n69 100 00 \r\n \r\ns \r\n \r\n503842 39 \r\n \r\ns \r\n \r\n808 769 84 \r\n \r\ns 1-4,471 9\"'7 76 \r\n-619421851 03 \r\ns 7 529 096 73 \r\n \r\ns 8 337 666 57 \r\n \r\n EAST GEORGIA COLLEGE \r\nSTATEMENT OE CASH FLOWS VEAR ENPEP JUNE 30 2002 \r\n \r\nCASH FLOWS FROM OPERATING ACTMTIES Turuon and Fees \r\nGrants and Contracts Sates and Servtee8 of Educabonal Departments Payments to Suppliers Payments to Employees Payments for Scholarships and Fel\\owal\"ups Loans Issued to Students and Employees Collecbon of Loans to Students and Employeea Awclkary Enterpnse Charges \r\nBookstore Food Services \r\nOther Org..-.zatlona Other Roce,pts (Payments) \r\n \r\nNet Cuh Providod (UNd) by Operetmg ActMbes \r\n \r\nCASH FLOWS FROM NONCAPITAL FINANCING ACTMTIES StateAppropriabons Agonc:y FIA'lds Transacbons Gifts and Grants Rec:etV9d for Other than Capttal Purposes \r\n \r\nNet Cuh Flow\u003e Provided (UIIOd) by Noncapltal Fnonong AdMbea \r\n \r\nCASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTMTIES \r\n \r\n- \r\n \r\nof Capital Aueta \r\n \r\nCASH FLOWS FROM INVESTING ACTMTIES lnterat on lrr.eatments \r\n \r\nNet lncraasel(~) \" Cuh \r\nCash end Cash Eq,,.avalenla - June 30 2001 Lesa Short-Tern, Investments \r\n \r\nCash end Cash Eq,..,valonb - Begjnnlng of Yeer \r\n \r\nCash and Cuh EquMllenta. End ofYr \r\n \r\nRECONCILIATION OF OPERATING LOSS TO NET CASH PROVIDED (USED) BY OPERATING ACTMTIES \r\nOperabng Income (Lou) \r\nAdJUOtments to Reccncde Net lnCOme (L.ou) to Net Cash Prowled UNd by Opera!Jng ActNtllH \r\nDeprwaet,on Change In Aaaeta end L.Jobjbbes \r\nAcccunta Rece,vables, Net lnven1ones Prope,d ltoma Noeea Receivables Net Acco.rrta Payable Salanes Peyable Payroll w;,t,-ng Deferred Rewnue Compensated Abaencee \r\nNet Cuh Providod (Uoed) by Operabng AdMbes \r\nSee lndopendon1 Aca\u003euntant'a Con1b\u003cned Report on R.-w of Buie Fnnclal Stataments and Supplementary tnformabon \r\nThe notes to the finanaal etatementa ...., an Integral pen of ttu statement \r\n 13 - \r\n \r\nEXHIBIT \"C\" \r\n \r\ns 1 128 64e 68 \r\n1,292 880 88 26,402 55 \r\n-3 243 -471 53 -3 740 375 29 \r\n-903,067 18 -1 067 00 1 200 00 \r\n23 352 31 -465 7-4 \r\n2 570 e1 \r\n15 507 oe \r\ns -5 396 953 17 \r\n \r\ns 5,306,827 23 \r\n59 106 35 11596676 \r\ns 5 481 900 3-4 \r\n \r\ns \r\n \r\n-68 383 43 \r\n \r\ns \r\n \r\n23 342 46 \r\n \r\ns \r\n \r\n39 906 20 \r\n \r\ns 1,362 303 91 \r\n-844 692 14 \r\n \r\ns \r\n \r\n517 611 77 \r\n \r\ns \r\n \r\n557 517 97 \r\n \r\n$ -5 156,444 g7 \r\n501,-461 83 \r\n-236,017 -40 942 92 \r\n-58,123 14 133 00 \r\n-557,956 97 2,289 09 ,409,49 \r\n133,697 52 -27 344 54 \r\nS -5,396,953 17 \r\n \r\n EAST GEORGIA COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE l SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nNATURE OF OPERATIONS East Georgia College serves the state, and national commurut1es by proVldmg its students with acadelillc instruction that advances fundamental knowledge, and by d1ssemmat1ng knowledge to the people of Georgia and throughout the country \r\nREPORTING ENTITY East Georgia College 1s one of thirty-four (34) State supported member institutions of higher education m Georgia which compnse the Umvers1ty System ofGeorgia, an orgaruzanonal urut ofthe State of Georgia. The accompanymg financial statements reflect the operations of East Georgia College as a separate reporting entity. \r\nThe Board of Regents has constitutional authonty to govern, control and manage the Umvers1ty System ofGeorgia. This authonty mcludes but 1s not hlillted to the power to designate management, the ab1hty to significantly mfluence operations, the authonty to control mstitullons' budgets, the power to determme allotments of State funds to member mstttutlons and the authonty to prescnbe \r\naccounting systems and admlillstratlve pohc1es for member mstltutlons. East Georgia College does \r\nnot have authority to retain unexpended State appropnations (surplus) for any given fiscal year \r\nAccordingly, East Georgia College 1s considered an organizational urut of the Board of Regents of \r\nthe Umvers1ty System of Georgia reporting entity for financial reporting purposes because of the significance ofits legal, operational, and financial relationships with the Board ofRegents as defined m Section 2100 of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Fmancial Reporting Standards. \r\nFINANCIAL STATEMENT PRESENTATION \r\nIn June 1999, the GASB issued Statement No 34, Basic Financial Statements and Management \r\nDiscusswn and Analysisfor State and Local Governments. This was followed m November 1999 by GASB Statement No 35, Basic Financial Statements and Management's Discusswn and Analysis for Public Colleges and Umvers1t1es. The State of Georgia 1s reqwred to implement GASB Statement No. 34 as of and for the year ended June 30, 2002. As an orgamzat1onal urut ofthe State of Georgia, the College 1s also reqmred to adopt GASB Statements No. 34 and No 35 as amended by GASB Statements No 37 and No. 38. The financial statement presentation required by GASB Statements No. 34 and No. 35 as amended by GASB Statements No 37 and No. 38 proV1des a comprehensive, enllty-wide perspective of the College's assets, hab1ht1es, net assets, revenues, expenses, changes m net assets, cash flows, and replaces the fund group perspective preVJously reqmred. \r\nThe College has elected to not restate its 2001 financial statements to conform with the new financial statement presentation, therefore comparative financial information will not be presented for fiscal year 2002. S1gmficant accounting changes made m order to comply with the new reqmrements include {I) adoption ofdepreciation on capital assets; and (2) recognition ofcompensated absences. \r\n \r\n- 14 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 2002 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nFINANCIAL STATEMENT PRESENTATION Generally Accepted Accountmg Pnnc1ples (GAAP) requires that the report.mg of summer school revenues and expenses be between fiscal years rather than in one fiscal year Due to the lack of matenahty, Insutuuons of the Uruvers1ty System ofGeorgia will contmue to report summer revenues and expenses in the year JO winch the predommate actJv1ty takes place. \r\nAt June 30, 2001, encumbrances (contractual obbgations for goods and services not received at fiscal year end) were recorded as expenditures by the College Jnstead of reservauons of fimd balance as required by generally accepted accountJOg pnnc1ples For fiscal year 2002, the College changed its \r\nmethod ofrecordmg encumbrances such that encumbrances at June 30, 2002 were not recorded as \r\nexpenses This change 1s JO accordance with generally accepted accounung pnnc1ples. \r\nNo adJustments however, have been made on the financial statements to restate the fimd balance at \r\nJuly 1, 2001 for the June 30, 2001 enc\\llllbrances recorded as expenditures in fiscal year 2001. The net effect of the above accounung treatment resulted in an understatement of expenses on the accompanying financial statements for pnor year encumbrances winch should have been reflected as expenses in the penod when goods and services were received. \r\nBASIS OF ACCOUNTING For financial report.mg purposes, the College 1s considered a special-purpose government engaged only m busJOess-type activities. Accordmgly, the College's financial statements have been presented using the economic resources measurement focus and the accrual basis of accountmg, except as noted JO the preceding paragraphs. Under the accrual basis, revenues are recogruzed when earned, and expenses are recorded when an obhgatJon has been incurred All s1gruficant intra-college transactions have been ehminated. \r\nThe College has the option to apply all FJOanc1al Accountmg Standards Board (FASB) pronouncements issued after November 30, 1989, unless FASB conflicts with GASB. The College has elected to not apply FASB pronouncements issued after the applicable date. \r\nRESTATEMENT OF NET ASSETS - BEGINNING OF YEAR As a result of the adopuon ofGASB Statement No 34, the College was also reqwred to make certam changes in accounting pnnc1ples, specifically (1) adopllon of depreciation on capital assets, and (2) recordJOg of compensated absences GASB Statement No 34 reqwres certam summer semester revenues be recogruzed between fiscal years rather than the fiscal year JO winch the semester was predommantly conducted The Umvers1ty System of Georgia has chosen to continue to record summer revenue m the year JO winch the semester was predomJOantly conducted Net assets at July I, 200 I were reduced by $6,942,851 03 for the cumulatlve effect of these changes \r\n \r\n- 15 - \r\n \r\n EAST GEORGIA COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nCASH AND CASH EQUIVALENTS/SHORT-TERM INVESTMENTS Cash and Cash Equivalents consist of petty cash, demand deposits and tune deposits m authonzed financial mstltullons, and cash management pools that have the general charactensllcs of demand depos1 t accoUilts \r\nINVESTMENTS The College acco\\lilts for its investments at fair value in accordance With GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools. Changes in unrealized gain (loss) on the carrying value of investments are reported as a component of investment income in the statements of revenues, expenses, and changes in net assets \r\nACCOUNTS RECEIVABLE AccoUilts receivable consists oftu11ton and fee charges to students and auxiliary enterpnse services proVIded to students, faculty and staff, the maJonty of each res1dmg in the State of Georgia Accounts receivable also include amounts due from the Federal government, state and local governments, or pnvate sources, in conneclion WIth reimbursement ofallowable expemhtures made pursuant to the College's grant and contracts Accounts receivable are recorded net of esllmated uncollecllble amounts. \r\nINVENTORIES Consumable supplies are recorded on the consumption method and are valued at cost usmg the weighted average method. \r\nResale Inventones are valued at cost using the weighted average method \r\nPREPAID ITEMS Prepaid Items are payments made to vendors m advance ofthe receipt of goods and services that Will benefit subsequent penods. \r\nNON-CURRENT CASH AND INVESTMENTS Cash and investments that are externally restncted and cannot be used to pay current l!abilllies are classified as non-current assets m the statements of net assets \r\nCAPITAL ASSETS Capital assets are recorded at cost at the date of acqws111on, or fair market value at the date of donation m the case of gifts. For eqwpment, the College's cap1tahza1Ion policy mcludes all items With a umt cost of $5,000.00 or more, and an es!irnated useful hfe of greater than one year. Renovations to buildmgs, mfrastructure, and land unprovements that exceed $100,000 00 and s1gruficantly mcrease the value or extend the useful hfe of the structure are cap1tal1zed Routine repairs and maintenance are charged to operanng expense m the year in wluch the expense was \r\n \r\n- 16 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 2002 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nCAPITAL ASSETS mcurred. Depreciation 1s computed usmg the straJ.ght-hne method over the estimated useful hves of the assets, generally 40 to 60 years for bwldmgs, 20 to 25 years for mfrastructure and land improvements, IO years for library books, and 3 to 7 years for equipment. \r\nTo obtam the total picture ofplant add1t1ons m the Umvers1ty System, 1t 1s necessary to look at the act1v1lies ofthe Georgia State Fmancmg and Investment Comnuss1on (GSFIC)- an orgamzat1on that 1s external to the System. GSFIC issues bonds for and on behalf ofthe State of Georgia, pursuant to powers granted to 1t m the Conslitulion ofthe State of Georgia and the Act creatmg the GSFIC. The bonds so issued constitute direct and general obhgatlons of the State of Georgia, to the payment of which the full faith, credit and taxmg power of the State are pledged. \r\nEffective July I, 2001, the GSFIC retains construclion m progress on their books throughout the construction penod and transfers the enlire proJect to East Georgia College when complete For the year ended June 30, 2002, GSFIC transferred capital adchtions valued at $434,542.39 to East Georgia College \r\nDEFERRED REVENUES Deferred revenues mclude amounts received for twtlon and fees and certam aux1hary aclIVItles pnor to the end ofthe fiscal year but related to the subsequent accounting penod Deferred revenues also mclude amounts received from grant and contract sponsors that have not yet been earned \r\nCOMPENSATED ABSENCES Employee vacation pay 1s accrued at year-end for financial statement purposes. The hab1hty and expense mcurred are recorded at year-end as accrued vacation payable m the Statement of Net Assets, and as a component of compensalion and benefit expense m the Statements of Revenues, Expenses, and Changes m Net Assets East Georgia College had accrued habihty for compensated absences m the amount of $220,353.21 as ofJuly I, 2001. For Fiscal Year 2002, $160,137.20 was earned III compensated absences and employees were paid $187,481.74, for a net decrease of $27,344 54 \r\nNON-CURRENT LIABILITIES Non-current hab11Itles mclude hab11It1es that WIil not be paid Withm the next fiscal year. \r\nNET ASSETS The College's net assets are classified as follows. \r\nInvested m capital assets. net of related debt Tins represents the College's total mvestment m capital assets, net of outstandmg debt obhganons related to those capital assets To the extent debt has been mcurred but not yet expended for capital assets, such amounts are not mcluded as a component ofmvested m capital assets, net of related debt. (The term \"debt obligations\" as used m tlns defimtlon does not include debt of the GSFIC as discussed above.) \r\n- 17 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nNET ASSETS Restricted net assets - nonexpendable Nonexpendable restncted net assets consist of endowment and s1m1lar type funds m which donors or other outside sources have stipulated, as a condition ofthe gift mstrument, that the pnnc,pal 1s to be mamtamed mv1olate and m perpetmty, and mvested for the purpose of producmg present and future mcome, which may either be expended or added to pnnc1pal. The College may accumulate as much ofthe annual net mcome of an mst1tut1onal fund as 1s prudent under the standard estabhshed by Code Section 44-15-7 of Annotated Code of Georgia \r\nRestricted net assets - expendable Restncted expendable net assets mclude resources m which the College 1s legally or contractually obhgated to spend resources m accordance with restnct1ons imposed by external third parties \r\nUnrestricted net assets Unrestncted net assets represent resources denved from student t1ut1on and fees, state appropnallons, and sales and services of educational departments and aux1hary enterpnses These resources are used for transacllons relatmg to the educational and general operations of the College, and may be used at the discretion of the goverrung board to meet current expenses for those purposes, except for unexpended state appropnauons (surplus) of$89,466 02 Unexpended state appropnatlons must be refunded to the Board ofRegents ofthe Umvers1ty System of Georgia - Achmmstratlve Central Office for reriuttance to the Office of Treasury and Fiscal Services. These resources also mclude aux1hary enterpnses, which are substantially self-supporting act1v1t1es that provide sel'V!ces for students, faculty and staff \r\nWhen an expense 1s mcurred that can be paid usmg either restncted or unrestncted resources, the College's pohcy 1s to first apply the expense towards unrestncted resources, and then towards restncted resources \r\nINCOME TAXES East Georgia College, as a pohtlcal subchv1s1on of the State of Georgia, 1s excluded from Federal mcome taxes under Section I 15(1) of the htternal Revenue Code, as amended \r\nCLASSIFICATION OF REVENUES The College has classified its revenues as either operatmg or non-operatmg revenues m the Statement of Revenues, Expenses, and Changes m Net Assets accordmg to the followmg cntena \r\nOperating revenues Operatmg revenues mclude actlVJtles that have the charactenstlcs ofexchange transactions, such as (I) student tu1t1on and fees, net ofscholarslup allowances, (2) sales and serVJces of aux1hary enterpnses, (3) most Federal, state and local grants and contracts and Federal appropnauons, and (4) mterest on mstltutlonal student loans \r\n \r\n- 18 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1 SUMMARY OF SIGNlFICANT ACCOUNTING POLICIES \r\nCLASSIFICATION OF REVENUES Non-operating revenues Non-operating revenues include act1v1t1es that have the charactenst1cs of non-exchange transactions, such as gifts and contnbutlons, and other revenue sources that are defined as non-operating revenues by GASB No. 9, Reponmg Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting, and GASB No 34, such as state appropnatJons and mvestment income \r\nSCHOLARSHIP ALLOWANCES Student tuition and fee revenues, and certam other revenues from students, are reported at gross with a contra revenue account of scholarship allowances m the Statement of Revenues, Expenses and Changes m Net Assets Scholarship allowances are the difference between the stated charge for goods and seTVJces provided by the College, and the amount that 1s paid by students and/or tlurd parties making payments on the students' behalf. Certain governmental grants, such as Pell grants, and other Federal, state or nongovernmental programs, are recorded as either operating or nonoperating revenues m the College's financial statements. To the extent that revenues from such programs are used to satisfy tuition and fees and other student charges, the College has recorded contra revenue for scholarship allowances. \r\nNOTE 2: CASH AND CASH EQUIVALENTS: OTHER DEPOSITS, AND INVESTMENTS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia (and thus East Georgia College) cannot be placed m a depository paying mterest longer than ten days without the depository proVJding a surety bond to the State In heu of a surety bond, the depository may pledge as collateral any one or more of the following secuntles as enumerated m the Oflic1al Code of Georgia Annotated Section 50-17-59 \r\n1. Bonds, bill, certificates ofmdebtedness, notes, or other drrect obhgatJons ofthe Umted States or of the State of Georgia \r\n2 Bonds, bills, certificates of indebtedness, notes, or other obhgatlons of the counties or mumc1pal1t1es of the State of Georgia \r\n3. Bonds of anypubhc authonty created by the laws of the State of Georgia, providing that the statute that created the authonty authonzed the use of the bonds for this purpose \r\n4 Industnal revenue bonds and bonds of development authontles created by the laws of the State of Georgia \r\n \r\n- I9 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXIITBIT \"D\" \r\n \r\nNOTE 2 CASH AND CASH EOUNALENTS, OTHER DEPOSITS. AND INVESTMENTS \r\n \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES 5 Bonds, bills, certificates of indebtedness, notes, or other obligations of a subs1d1ary corporation ofthe Uruted States government, wluch are fully guaranteed by the Uruted States government both as to pnnc1pal and interest, or debt obhgatlons issued by the Federal Land Bank, the Federal Home Loan Bank, The Federal Intermediate Cred!t Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Assoc1at1on, and the Federal National Mortgage Association. \r\n \r\n6. Guarantee or msurance of accounts provided by the Federal Deposit Insurance Corporation \r\n \r\nAs authonzed in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted pohc1es wluch allow agencies of the State of Georgia (and thus East Georgia College), the option of exempting demand deposits from the collateral reqwrements. \r\n \r\nThe Treasurer ofthe Board ofRegents 1s responsible for all details relative to funushmg the reqwred depository protection for all uruts of the Uruvers1ty System of Georgia. \r\n \r\nCATEGORIZATION OF DEPOSITS The College's cash deposits are categonzed by nsk as follows: \r\n \r\nCategory 1 - Amounts covered by depository msurance or collaterahzed with secuntles (at fau value) held by the College or by its agent in the College's name. \r\n \r\nCategory 2 - Amounts collateralized with secuntles (at fiur value) held by the pledging financial mstttutlon's trust department or agent m the College's name. \r\n \r\nCategory 3 - Amounts collateralized with secunties (at fair value) held by the pledging financial mstttuuon, or by its trust department or agent but not in the College's name, and amounts uncollateral1zed. \r\n \r\nCash Deposits as of June 30, 2002 are as follows: \r\n \r\nCash Deposits \r\n \r\nCanymg \r\nAmount \r\n \r\nBank \r\nBaJances \r\n \r\nRisk Cau:sones \r\n \r\ns 556 242 22 s 939 309 46 s Joo PP9 oo s 8\"9 309 4li s.___o..oo.,. \r\n \r\nCATEGORIZATION OF INVESTMENTS At June 30, 2002, the College's investments consisted of the followmg \r\n \r\n-20- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 2 CASH AND CASH EQUIVALENTS, OTHER DEPOSITS, AND INVESTMENTS \r\n \r\nCATEGORIZATION OF INVESTMENTS Investments Not SubJect to Categonzatlons Board of Regents \r\nBalanced Income Fund Short-Tenn Fund Total Return Fund \r\n \r\n$ I 16,677 34 596,507 61 149,845 50 \r\n \r\nTotal Investments \r\n \r\n$ 863 030.45 \r\n \r\nFunds mvested m an mvestment pool managed by another governmental entity are not requued to be categonzed smce the College did not own any specific, 1dennfiable mvestment secunnes ofthe pool \r\n \r\nNOTE 3 ACCOUNTS RECEIVABLE \r\n \r\nAccounts receivable consisted of the followmg at June 30, 2002 \r\n \r\nStudent Tuition and Fees Auxiliary Enterpnses and Other Operating Act1V1tles FederaJ, State, and Pnvate Funds Other \r\n \r\n$ 86,464.03 58 74 \r\n173,960 34 9,422 38 \r\n \r\n$ 269,905 49 \r\n \r\nLess AJlowance for Doubtful Accounts Net Accounts Receivable \r\n \r\n5,262.36 \r\n$ ,~.~3.JJ \r\n \r\nNOTE 4 INVENTORIES \r\n \r\nInventones consisted of the followmg at June 30, 2002 \r\n \r\nBookstore Other \r\n \r\n$ 4,374 50 4,302 10 \r\n \r\nTotal NOTE 5 NOTES/LOANS RECEIVABLE \r\n \r\n$ 8 676,60 \r\n \r\nNotes/Loans receivable consists ofstudent loans made through the Student Government Association Loan fund This loan program compnses all ofthe loans receivable at June 30, 2001 and 2000 The use ofth1s small loan fund has decreased as students have mcreased their use of Federal and state loan programs such as subsidized and unsubsidized Stafford Loans and Plus Loans to finance their educations \r\n \r\n- 21 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 2002 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 6 CAPITAL ASSETS \r\n \r\nThe balance at July I, 2001 was adjusted for accounting changes reqmred in implementing GASB Statements 34 and 35 as disclosed m Note I Followmg are the changes in capital assets for the year ended June 30, 2002 \r\n \r\nAdJusted Ba1ancc \r\nJul~ I, QQI \r\n \r\nAQQ1t1gns \r\n \r\nB~YC[IO!}~ \r\n \r\nBalance i~ne JO, 20Q2 \r\n \r\nCapital Assets, Not Being Depreciated \r\n \r\nLand and Land Improvements \r\n \r\ns I 52,852 45 s \r\n \r\n62 IQQ QQ \r\n \r\ns 221,952 45 \r\n \r\nCapital Assets, Bemg Depreciated \r\n \r\nInfrastructure \r\n \r\ns 1,444,596 00 \r\n \r\nBu1ldmg and Building Improvements 7,949,681 00 s \r\n \r\nFac1ht1cs and Other Improvements \r\n \r\n421,01700 \r\n \r\nEquipment \r\n \r\n1,164.84041 \r\n \r\nLibrary Collcchans \r\n \r\nI Q31 54600 \r\n \r\ns 12 Qll 68Q,41 s \r\n \r\n434,542 39 SO.OSI 36 \r\n18 3Q2 Q7 s 5Q2 225,82 s \r\n \r\ns 1,444,596 00 \r\n8,384.223 39 421,017 00 \r\n1,214.921 77 547 QQ I Q42.301 07 \r\n547QQ s Ii,s 1~.052 23 \r\n \r\nLess Accumulated Dcprcc1at1on Infrastructure \r\n \r\ns 1.036,772 34 s \r\n \r\nBu1ldmg and Bu1ldmg Improvements 1,910,711 30 \r\n \r\nFac1h11cs and Other Improvements \r\n \r\n346,360 19 \r\n \r\nEquipment \r\n \r\n634,889 55 \r\n \r\nLibrary Collcct1ons \r\n \r\n822,828 QQ \r\n \r\ns 4,751 631 38 s \r\n \r\n63,228 25 \r\n238,047 so \r\n22,911 79 139,859 29 \r\n37.415,00 s \r\n501,461 83 s \r\n \r\n$ \r\n547QQ \r\n \r\n1,100,000 59 2,148,758 80 \r\n369,271 98 774,748 84 \r\n859,766 QO \r\n \r\n5~79:Q s 5,25Z 5~6 I \r\n \r\nTotal Capital Assets, Bemg Depreciated, \r\n \r\nNet \r\n \r\ns 7 26Q 049 Q3 s \r\n \r\nCapital Assets, Net \r\n \r\ns Z412 908 48 s \r\n \r\n1463 22 s 20 563 99 s \r\n \r\nQQQ s 7.,261,513 Q2 000 s 7 463 472 47 \r\n \r\nNOTE 7 DEFERRED REVENUE \r\n \r\nDeferred revenue consisted of the following at June 30, 2002 \r\n \r\nPrepaJd Twtlon and Fees Other Deferred Revenue \r\n \r\n$ 316,411 46 6,922.51 \r\n \r\nTotals NOTE 8. LONG-TERM LIABILITIES \r\n \r\n$ 323.333 97 \r\n \r\nLong-terrn hab1hty actlVJty for the year ended June 30, 2002, was as follows \r\n \r\nOther L1ab1l1t1es Compensated Absences \r\n \r\nBalance \r\nJuly I 2QQI \r\n \r\nAdd1tmns \r\n \r\nRccluctJons \r\n \r\nBalance June 30 2QQ2 \r\n \r\nCurrent \r\nPortion \r\n \r\ns 2~0 J~l ~I s J~llZ~O s UZ4al 74 s J2J QgS ~7 $ IJ4 ~~I I~ \r\n \r\n- 22 - \r\n \r\n EAST GEORGIA COLLEGE \r\nNOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 9 RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nPlan Description East Georgia College part1c1pates in the Teachers Retrrement System of Georgia (TRS), a costshanng multiple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of proVJdmg retuement allowances and other benefits for teachers of the State of Georgia. TRS proVJdes SerVJce retirement, disability retirement, and survivor's benefits for its members m accordance with State statute The Teachers Retirement System ofGeorgia issues a separate stand alone financial aucht report and a copy can be obtamed from the Georgia Department of Audits and Accounts \r\n \r\nFunding Policy Employees of East Georgia College who are covered by TRS are required by State statute to contribute 5% of their gross earnmgs to TRS. East Georgia College makes monthly employer contnbutlons to TRS at rates adopted by the TRS Board ofTrustees in accordance with State statute and as adVJsed by their mdependent actuary. For fiscal year 2002, the employer contribution rate was 9.24% for covered employees. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n \r\nPercentage Contnbuted \r\n \r\nRequired Contnbutlon \r\n \r\n2002 2001 2000 \r\n \r\n100% I 00/o 100% \r\n \r\n$ 224,620 08 $ 271,426 37 $ 246,974 09 \r\n \r\nREGENTS RETIREMENT PLAN \r\n \r\nPlan Description The Regents Retirement Plan, a smgle-employer defined contnbutlon plan, 1s an optional retirement plan estabhshed and adrmrustered by the Board of Regents of the Uruvers1ty System of Georgia, under winch 1t may purchase annmty contracts for the purpose of providing retirement and death benefits for ehgible faculty and pnnc1pal adm1rustrators Benefits depend solely on amounts contnbuted to the plan plus investment earrungs Benefits are payable to part1c1pating employees or their benefic1anes in accordance with the terms of the annmty contracts. \r\n \r\nFunding Policy Member contnbutlon requirements are estabhshed by the Board of Trustees of the Teachers Retirement System. Employer contnbutlons are established by statute and may be amended only by the General Assembly ofthe State of Georgia. The employer contnbutes 9 62% ofthe part1c1pat1ng employee's earnable compensation Employees contnbute 5% of their earnable compensation Amounts attnbutable to all plan contnbutlons are fully vested and non-forfe1table at all times \r\n \r\n- 23 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE9 RETIREMENTPLANS \r\nREGENTS RETIREMENT PLAN \r\nFunding Policy East Georgia College and the covered employees made the reqmred contnbuuons of $96,017 31 (9.62%) and $50,080 49 (5%), respectively \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nPlan Description East Georgia College part.Jc1pates m the Georgia Defined Contnbutton Plan (GDCP) which 1s a smgle-employer defined contnbutlon plan established by the General Assembly of Georgia for the purpose ofproV!dmg retirement coverage for State employees who are temporary, seasonal, and parttime and are not members of a public retirement or pension system GDCP 1s adrnlillstered by the Board of Trustees of the Employees' Retirement System of Georgia. \r\nBenefits A member may retrre and elect to receive penodic payments after attamrnent ofage 65 The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. If a member has less than$ 3,500.00 credited to his/her account, the Board ofTrustees has the option ofrequmng a lump sum distribution to the member m lieu ofmalang penod1c payments. Upon the death of a member, a lump sum distribution equahng the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit prov1S1ons are estabhshed by State statute. \r\nContribntlons and Vesting Member contnbutions are seven and one-halfpercent (7.5%) of gross salary There are no employer contnbutlons Contnbution rates are established by State statute. Earrungs are credited to each member's account m a manner established by the Board of Trustees Upon terrnmauon of employment, the amount of the member's account 1s refundable upon request by the member \r\nTotal contnbutions made by employees dunng fiscal year 2002 amounted to $7,150 13 which represents 7.56% of covered payroll These contributions met the requuements of the plan \r\nNOTE JO RISKMANAGEMENT \r\nEast Georgia College 1s a participant m the Board of Regents of the Uruvers1ty System of Georgia Health Benefits Plan, which 1s a self-Insurance program ofhealth and dental benefits for employees and retirees ofthe Umvers1ty System of Georgia. East Georgia College and part.Jc1patmg employees and retirees pay premiums to the Health Benefits Plan for this health IOSurance coverage. The Health Benefits Plan 1s included m the financial statements of the Board of Regents of the Uruvers1ty System of Georgia -Adrnm1strat1ve Central Office. All uruts of the Uruvers1ty System of Georgia share the nsk ofloss for clauns of the Health Benefits Plan. The Healt)l Benefits Plan 1s considered \r\n- 24- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE I 0: RISK MANAGEMENT \r\na self-sustainmg nsk fund that provides health coverage for its members up to a maximum hfet1me benefit of$2,000,000 00 per person and dental coverage up to an annual maximum of$1,000 00 per person The Board of Regents has contracted With Blue Cross Blue Shield of Georgia to process chums m accordance With the Health Benefits Plan as estabhshed by the Board of Regents. \r\nThe Department ofAdmmistratlve Services (DOAS) has the respons1b1hty for the State of Georgia of makmg and carrying out decisions that WIii m1mm1ze the adverse effects ofacc1dental losses that mvolve State government assets The State believes 11 1s more economical to manage its nsks mtemally and set aside assets for chum settlement Accordmgly, DOAS processes clmms for nsk of loss to which the State 1s exposed, mcludmg general hab1hty, property and casualty, workers' compensation, unemployment compensation, and law eriforcement officers' mdemmficallon Lmuted amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other nsks. East Georgia College, as an organizational urut ofthe Board ofRegents ofthe Umvers1ty System ofGeorgia, 1s part ofthe State ofGeorgia reportmg enllty, and as such, 1s covered by the State of Georgia nsk management program adm1mstered by DOAS Premiums for the nsk management program are charged to the vanous state org3.lllzallons by DOAS to provide clmms servicmg and cl3.lm5 payment. \r\nA self-insured program of professional liability for its employees was established by the Board of Regents of the Umvers1ty System of Georgia under powers authonzed by the Official Code of Georgia Annotated SectJon 45-9-1. The program msures the employees to the extent that they are not immune from hab1hty against personal hab1hty for damages ansmg out of the performance of thelf dulles or m any way connected thereWJth. The program 1s adnumstered by DOAS as a SelfInsurance Fund \r\nNOTE 11  CONTINGENCIES \r\nAmounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. This could result m refunds to the grantor agency for any expenditures which are disallowed under grant terms The amount of expenditures wluch may be disallowed by the grantor cannot be determmed at this lime although East Georgia College expects such amounts, 1fany, to be =atenal to its overall financial pos11Jon \r\nL11Jgat1on, clmms and assessments filed agmnst East Georgia College (an org3.lllzallonal unit ofthe Board ofRegents ofthe Umvers1ty System ofGeorgia), if any, are generally considered to be actions agmnst the State of Georgia Accordmgly, s1gmficant httgatton, clmms and assessments pendmg agmnst the State of Georgia are disclosed m the State of Georgia Comprehensive Annual Fmanc1a\\ Report for the fiscal year ended June 30, 2002. \r\n \r\n- 25 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2002 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 12 POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \r\nPursuant to the general powers conferred by the Official Code ofGeorgia Annotated Section 20-331, the Board of Regents of the Umvers1ty System of Georgia has established group health and hfe msurance programs for regular employees ofthe Umvers1ty System ofGeorgia It 1s the pohcy ofthe Board ofRegents to perrmt employees ofthe Umvers1ty System of Georgia ehgible for retirement or that become permanently and totally disabled to contmue as members of the group health and hfe msurance programs. Employees who are ehg1ble for retirement or d1sab1hty under the cntena estabhshed by the Teachers Retirement System of Georgia and who have at least ten years ofsel'V!Ce with the Uruvers1ty System of Georgia are ehgible for these post-employment health and hfe msurance benefits Orgamzatlonal umts of the Board of Regents of the Umvers1ty System of Georgia pay the employer portion for group msurance for affected md1v1duals \r\nAs of June 30, 2002, there were 17 employees who had retired or were disabled that were rece1vmg these post-employment health and hfe msurance benefits For the year ended June 30, 2002, East Georgia College recogmzed as mcurred $54,488.60 ofexpenditures, wluch was net of$ I9,861.60 of part1c1pant contnbutJons. \r\n \r\n 26  \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30. 2002 \r\n \r\nEXHIBJT\"D\" \r\n \r\nNOTE 13 NATURAL CLASSIFICATIONS WITH FUNCTIONAL CLASSIFICATIONS \r\n \r\nThe College's operatmg expenses by functional class1ficat1on are shown below \r\n \r\n\u003citatcmcnt of Operatmg Expcnsc5 - Natural vs Funchonal Oass1ficanons 1-0I\" the Fiscal Year Ended June 30, 2002 \r\n \r\nNatural Qa.wficabon \r\nSalam.s Faculty Staff \r\nEmployee Benefits Other Personal ServJccs Travel \r\nScholarsh,p, and Fcllowsh1ps \r\nUuhues Supphes and Ollie\u003e \r\nSc:rv,ces Deprecia11on \r\nTotal Operaung Expenses \r\n \r\nlnstruchQD \r\n \r\nEWJ1aum!l Q!U1U!iill!2!l \r\n \r\nAcademJc Sunoo,t \r\n \r\nStudent !,,ry,rn \r\n \r\nlnshhltlonal SJJDOOrt \r\n \r\ns 1,665,464 85 \r\n \r\ns s s 323,432 66 \r\n \r\n462,479 79 \r\n \r\n324,749 87 \r\n \r\n655,456 46 \r\n \r\n482,323 90 \r\n \r\n106,969 38 \r\n \r\n79,917 27 \r\n \r\n2Z9,821 55 \r\n \r\n14,96000 \r\n \r\n10,002 11 \r\n \r\n18,856 21 \r\n \r\n4,315 66 \r\n \r\n20,937 33 \r\n \r\n7,127.26 33,841 64 \r\n \r\n3,441 31 35,340 63 \r\n \r\n4,367 09 9,539 14 \r\n \r\n50,739 81 18,874 66 \r\n \r\n436,713 82 \r\n \r\n279,706 35 \r\n \r\n106,203 35 \r\n \r\n168,679 JO \r\n \r\ns 2958 906 24 s 906 79] 67 s 529 OQ2 JR s I )'-946911 \r\n \r\nNatural Classificat10n \r\nSaiancs Faculty ;talf \r\nEmploy Benefits Other Personal Services Travel \r\nScholarsh\u003eps and \r\nFellowships Ut1ht1es Supplies and Other \r\nServices Dcprcc1at1on \r\nTotal Operatmg Expc:nscs \r\n \r\nPlant ()pennons and \r\nMnmtenu:,cc \r\n \r\nE!.!'lumal Cl~Jfi.ilHm \r\n \r\nScholaBlnps \r\nand Fellowshm, \r\n \r\nAux1hary \r\nEntqprug \r\n \r\nUnallocated \r\nPem:eCiatmn \r\n \r\nTotal \r\nOpenhng \r\nExpenses \r\n \r\ns 263,205 34 \r\n82,31604 \r\n \r\n30942 \r\n \r\ns 837,391 71 \r\n \r\n246,922.29 \r\n \r\ns \r\n \r\n251,922 96 \r\n \r\ns ~ ~z~ 125 s JZ J9l 71 s \r\n \r\ns 1,665,464 85 2,029,324 12 981,348 14 14,960 00 54,420 73 \r\n \r\n1.213 81 \r\n \r\n903,067 18 345,732 17 \r\n \r\n9,587 88 \r\ns !501 ,46) 83 \r\n \r\n1.252,813 66 \r\n501 461 83 \r\n \r\nzz~s 112 121 ~9 s ~I :Kil SJ s \r\n \r\n~~ ~ \r\n \r\n- 27 - \r\n \r\n SUPPLEMENfARY INFORMATION -29- \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO \r\nBUDGET - {NON-GAAP BASIS) \r\nRESIDENT INSTRUCTION YEAR ENDED JUNE 30 2002 \r\n \r\nSCHEDULE \"1\" \r\n \r\nREVENUES \r\nState Appropnabons Other Revenues Retained \r\n \r\nBUDGET \r\n \r\nACTUAL(1) \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ 5,206,563 00 $ 5,206,563 00 S \r\n \r\n3,416,08300 \r\n \r\n3,271,751 07 \r\n \r\n000 -144 331 93 \r\n \r\ns s 816221846 oo \r\n \r\n8,478,314 01 s_ _ _-.:.:144=,33=1..::9,,_3 \r\n \r\nEXPENDITURES \r\n \r\nPersonal Serv\\OeS \r\n \r\nEducation, General end Departmental Services \r\n \r\n$ 4,424,876 00 $ 4,420,604 98 $ \r\n \r\n4,271 02 \r\n \r\nSponsOllld Operabons \r\n \r\nTT,461 00 \r\n \r\n76,831 11 \r\n \r\n62989 \r\n \r\n0pera1:ng Expenses \r\n \r\nEducation, General end Departmental Services \r\n \r\n1,478,932 00 \r\n \r\n1,360,951 86 \r\n \r\n117,980 14 \r\n \r\nSponsored Operabons \r\n \r\n1,475,673 00 \r\n \r\n1,498,644 85 \r\n \r\n-22,971 85 \r\n \r\nCapital Outlay \r\n \r\n138,754 00 \r\n \r\n120,047 15 \r\n \r\n18,706 85 \r\n \r\nSpeaal Fund:ng lnruabve \r\n \r\n1,026,950 00 \r\n \r\n942 571 95 \r\n \r\n84 378 05 \r\n \r\n \r\n \r\n$ 8,622,646 00 $ 8,419,651 90 $ _ __;20=2::.:,994=-'-10=- \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\ns____ 58 662 11 \r\n \r\n5_8.,6_6_2_11_ \r\n \r\n1 \r\n \r\n(1) Actual emourrts were prepared on a prescnbed bes:s of ea:ounbng that demonstrates compl:ance with budgetary statutes and regulabons of the State of Georg:a, winch 18 a comprehens:ve basis of eccounbng other than generally aa:epted accounbng pnnaples \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Bas:c F:nanael Statements and Supplementary lnfom,atJon \r\n- 31 - \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO \r\nBUpGET - INON-GAAP BASIS) \r\nLOTTERY FOR EDUCATION \r\nYEAR ENDED JUNE 30 2002 \r\n \r\nSCHEDULE \"2\" \r\n \r\nREVENUES \r\nState AppropnatJons \r\n \r\nBUDGET \r\n \r\nACTUAL (1) \r\n \r\nVARIANCE FAVORABLE (UNFAVORABLE) \r\n \r\n$ \r\n \r\n103,884 00 $ \r\n \r\n103,884 00 $ _ _ _ _ _.::.0-=0~0 \r\n \r\nEXPENDIJVRES \r\n \r\nEquipment, Technology and Construclton \r\n \r\nTrust Fund \r\n \r\ns \r\n \r\n39,368 00 $ \r\n \r\n39.218 50 $ \r\n \r\nSpeetal Funding lntbatves \r\n \r\n64 516 00 \r\n \r\n59,253 42 \r\n \r\n14950 5,262 58 \r\n \r\n$ \r\n \r\n103,884 00 $ \r\n \r\n- - - - ~ - - 98,471 92 $ \r\n \r\n5,412 08 \r\n \r\n \r\n \r\nExcess of Revenues over Expenditures \r\n \r\ns \r\n \r\n5 412 oa $ _ _ _...,;;5~4_1_2_oa_ \r\n \r\n(1) Actual amounts were prepared on a prescnbed basis of accounbng \\hat demonstrates complance with budgetary stsMes and regulatons of \\he State of Georgia, whch s a comprehensive bass of accounting \r\nother than generally accepted sccountng pnnetples \r\n \r\nSee accompanying notes and Independent Accountant's Combmed Report \r\non Revew of B8Slc Fmanetal Statements and Supplementary lnformat,on \r\n- 32 - \r\n \r\n EAST GEORGIA COLLEGE RECONCIUATION OF SALARIES AND TRAVEL \r\nYEAR ENDED JUNE 30. 2002 \r\n \r\nSCHEDULE 3 \r\n \r\nTotals per Annual Supplement \r\nAccruals June 30. 2002 June 30, 2001 \r\nPrepaid Items June 30, 2002 June 30, 2001 \r\nCompensated Absences June 30, 2002 June 30, 2001 \r\n \r\nSALARIES $ 3,734,581 80 $ \r\n \r\nTRAVEL 54,420 73 \r\n \r\n15,576 91 -13,287 82 \r\n \r\n-71,926 41 55,245 83 \r\n \r\n179,292 77 -204 694 11 \r\n \r\ns___ $ 3 694,788 e1 \r\n \r\n54....._4_20_1_3_ \r\n \r\n1 \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on ReV1ew of Basic Fmanaal Statements and Supplementary lnformabon \r\n- 33 - \r\n \r\n SECTIONil CURRENT YEAR FINDINGS AND QUESTIONED COSTS \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2002 \r\nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nACCOUNTING CONTROLS (OVERALL) Inadequate Closmg Procedures Fmdmg Control Number. FS-572-02-01 \r\nDurmg fiscal year 2002, the Board ofRegents ofthe Uruvers1ty System ofGeorgia converted uruts of the Uruvers1ty System from the College Uruvers1ty Fmanc1al Accounting (CUFA) legacy system to the new Georgi.aFIRST System (Financial, Information and Reportmg Systems for Tomorrow) In January of 2002, East Georgia College placed tlus accountmg system mto producllon \r\nThe management of East Georgia College 1s responsible for implementmg procedures to estabhsh and mamtam adequate control over the operallon, ullhzatlon, and mtegnty of their data processed with the Georgi.aFIRST System. We encountered problems wtth the financial data presented by the College. The College's failure to estabhsh and adhere to a final closmg for the year ended June 30, 2002, created a situation where data presented for revu:w was mcomplete Extensive review procedures were necessary to determme the vahdity of the mformatlon proVJded. \r\nTo reduce the nsk ofreportmg mcomplete mforrnatlon, the College should work with the Board of Regents Central Office to develop procedures that will result m complete reporting ofall financial data m a more efficient a!ld timely manner. \r\nCAPITAL ASSETS Inadequate Capital Assets Records Fmding Control Number: FS-572-02-02 \r\nOur review of East Georgia College's accountmg procedures for the Capital Asset Management System determmed that procedures m place were msufficient to proVJde adequate control over the College's capital assets The followmg defic1enc1es were noted. \r\n1) Effective July 1, 2001, the capitalization threshold for equipment was mcreased from $1,000.00 to $5,000.00. The College failed to reconcile the eqwpment component ofthe Asset Ma.J1agement module as of July I, 2001, with the equipment inventory balance as of June 30, 2001 \r\n2) The College's Asset Management module, as of July I, 2001, did not reconcile with estimated cost values estabhshed by an independent appraisal. There were assets m the amount of $38,978 00 for Equipment that were mcluded on the mdependent appraisal report that were not mcluded on the Asset Management module, as well as assets m the amount of$163,47l.00 for Facilities and Other Improvements that were mcluded on the Asset Ma.J1agement module that were not mcluded on the mdependent appraisal report The College was unable to proVJde an explanation or documentation for the vanances. \r\n-I- \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF FINDINGS AND QUESTIONED COSTS \r\nYEAR ENDED JUNE 30, 2002 \r\nFINANCIAL STATEMENT FINDINGS AND QUESTIONED COSTS \r\nCAPITAL ASSETS Inadequate Capital Assets Records Fmdmg Control Number FS-572-02-02 \r\n3) The College's Asset Management module did not reconcile to the Capital Ledger There was an asset mcluded on the Asset Management module that was not added to the Capital Ledger as of June 30, 2002. An aucht adjustment of $434,542 39 was made to record the asset m the Capital Ledger. \r\nThese defic1enc1es are a result of management's failure to implement adequate policies and procedures to ensure that the College's capital assets are properly maintained. The College should establish appropnate procedures to strengthen controls and ensure that assets are properly accounted for and safeguarded. \r\nGENERAL LEDGER Inadequacies m Control Over Subs1chary Ledgers Finchng Control Number FS-572-02-03 \r\nOur exammaUon mcluded a reVJew ofthe procedures uuhzed by East Georgia College m recordmg \r\ntransachons to the vanous modules compnsmg the GeorgiaFIRST accountmg system Our testing \r\nrevealed that, at June 30, 2002, the College's general ledger module did not balance with the subs1chary modules This cond11Ion was pnmarily due to errors m posting subsidiary records durmg the conversion from the old College Uruvers1ty Fmanc1al Accounting (CUFA) legacy accountmg system to the new GeorgiaF/RST accounting System and due to transachons bemg posted to the \r\ngeneral ledger module rather than the appropnate subs1chary modules. The College chd not proVJde a \r\nreconc1hation of the general ledger balances to the subs1d1ary records, which resulted m extensive work by the auditors to identify reconcilmg items at June 30, 2002. \r\nManagement's failure to ensure that subs1chary records are reconciled with the general ledger causes mternal reports to management, generated from the subsidiary modules, to be maccurate and misleadmg. This conchuon can lead to erroneous dec1S1ons by the College's management and result m maccurate reporting of financial mformatlon. \r\nTo ensure accurate and timely reportmg offinanCJal mformation from subs1charyrecords, the College should post transachons correctly to the subs1d1ary ledgers rather than as Journal entnes m the general ledger The College should develop mtcrnal accounting controls and procedures to ensure that reconc1hation of subs1d1ary ledgers and the general ledger are performed on a regular basis. \r\n-2 - \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be39-b2000-h2001","title":"East Georgia College, Swainsboro, Georgia, report on review of the financial statements for the fiscal year ended June 30, 2001","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Emanuel County, Swainsboro, 32.59739, -82.33374"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["2000/2001"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000.","No further issues published after 2011.","Report year covers fiscal year.","For some years, report may be issued instead called: Management report, East Georgia College, Swainsboro, Georgia, an organizational unit of the state of Georgia, year ended June 30, 2005; or: East Georgia College, Swainsboro, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended ...; or: East Georgia College, Swainsboro, Georgia, report on audit of the financial statements for the fiscal year ended ...; or: East Georgia College, Swainsboro, Georgia, management report for fiscal year ended ..., fiscal year ended June 30, 2009-","Fiscal year ended June 30, 2000 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed October 3, 2023).","Fiscal year ended June 30, 2004 (online surrogate); (Georgia Government Publications database, viewed October 3, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2001"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["East Georgia College--Appropriations and expenditures--Periodicals.","Technical education--Georgia--Auditing--Periodicals.","Technical education--Georgia--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["East Georgia College, Swainsboro, Georgia, report on review of the financial statements for the fiscal year ended June 30, 2001"],"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-be39-b2000-h2001"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be39-b2000-h2001"],"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":["Periodicals--fast"],"fulltext":"STATE OF GEORGIA \r\n \r\n' ..., U; Jo' \r\nLJ \r\n \r\n \r\n000000 00 \r\n1776 ,...... \r\nEAST GEORGIA COLLEGE \r\nSWAINSBORO, GEORGIA REPORT ON REVIEW \r\nOF THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2001 \r\nRussell W. Hinton State Auditor \r\n \r\n EAST GEORGIA COLLEGE - TABLE OF CONTENTS - \r\n \r\nPage \r\n \r\nFINANCIAL \r\n \r\nINDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION \r\n \r\nEXHffiITS \r\n \r\nFINANCIAL STATEMENTS \r\n \r\nA COMBINED BALANCE SHEET \r\n \r\nALL FUND GROUPS \r\n \r\n2 \r\n \r\nB COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nALL FUND GROUPS \r\n \r\n4 \r\n \r\nC STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\n7 \r\n \r\nD NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n8 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nE COMBINING BALANCE SHEET \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n20 \r\n \r\nF COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n22 \r\n \r\nG COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\nUNRESTRICTED \r\n \r\n24 \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\n \r\n1 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n26 \r\n \r\n2 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n29 \r\n \r\n3 CHANGES IN INVESTMENT IN PLANT \r\n \r\n30 \r\n \r\n4 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n32 \r\n \r\n5 RECONCILIATION OFSALARIES AND TRAVEL \r\n \r\n34 \r\n \r\n FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street. S.w.. Suite 214 Atlanta. Georgia 30334-X400 \r\nAugust 31, 2001 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the Board of Regents of the University System of Georgia \r\nand Honorable Jeremiah J. Ashcroft, President East Georgia College \r\n \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 D) of East Georgia College as ofand for the year ended June 30, 2001, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute ofCertified Public Accountants. All information included in these financial statements is the representation of the management of East Georgia College. \r\nA review consists principally ofinquiries ofCollege personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opm lOn. \r\nBased on our review, with the exception ofthe matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America. \r\nAs disclosed in Note 1 to the financial statements, accounting principles generally accepted in the United States of America require encumbrances to be recorded as a reservation of fund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from accounting principles generally accepted in the United States of America on the financial statements were not reasonably determinable. \r\n01ARL-67 \r\n \r\n As disclosed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by accounting principles generally accepted in the United States of America. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $220,353.21 as of June 30, 2001, and the net change in fund balance for the year ended June 30, 2001, would be decreased by $29,534.24. \r\nOur review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with accounting principles generally accepted in the United States ofAmerica. The accompanying combining statements (Exhibits E through G) and the financial schedules (Schedules 1 through 5) are presented for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe financial statements, and except for the effects of the matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. \r\n. Respectfully submitted, \r\n \r\nRWH:gp 01ARL-67 \r\n \r\nR sell W. Hinton State Auditor \r\n \r\n  \r\n \r\n \r\nFINANCIAL STATEMENTS \r\n \r\n- 1- \r\n \r\n EAST GEORGIA COLLEGE COMBINED BALANCE SHEET \r\nALL FUND GROUPS \r\nJUNE 30, 2001 \r\n \r\nASSETS \r\n. \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant \r\nTotal Assets \r\nLIABILITIES AND FUND BALANCES \r\nLiabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Deposits Held in Custody for Others Due to Other Fund Groups \r\nTotal Liabilities \r\nFund Balances Institutional Loans - Restricted Endowment Net Investment in Plant Restricted Unrestricted \r\nTotal Fund Balances \r\nTotal Liabilities and Fund Balances \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nLOAN FUNDS \r\n \r\n$ \r\n \r\n930,490.04 $ 20,381.83 $ 2.364.50 \r\n \r\n25,430.94 \r\n \r\n8.719.51 \r\n \r\n5.082.50 \r\n \r\n9.619.52 \r\n \r\n142.119.31 \r\n \r\n94.18 \r\n \r\n$ \r\n \r\n1.107.753.99 $ 2.9..101.34 $ _ ...7..4.4..7;.;,.0.,0... \r\n \r\n$ \r\n \r\n679.153.67 \r\n \r\n13,287.82 \r\n \r\n187.280.93 \r\n \r\n______ $ \r\n \r\n.:::.94.:..:,. :.:18::. . \r\n \r\n$ \r\n \r\n879,722.42 $ _ _---::9:::;.4.:..:..18~ \r\n \r\n$ 7.447.00 \r\n \r\n$ $ _ _..::.2~28~.0~3..:..:1.:::..:57_ \r\n \r\n$ \r\n \r\n228.031.57 $ \r\n \r\n29,007.16 29.007.16 $ _---:...7l..:.44~7:..:..:::.:00::... \r\n \r\n$_......:10,107.753.99 $ 2.9.,101.34 $ _ ...7.!._44.-7.0.,0... \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n \r\nThe notes to the financial statements are an integral part of this statement. \r\n \r\n-2- \r\n \r\n \r\n \r\n EXHIBIT \"A\" \r\n \r\nENDOWMENT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nAGENCY FUNDS \r\n \r\nTOTAL (Memorandum \r\nOnly.L..)_ _ \r\n \r\n$ 36,593.33 $ $ 36,593.33 $ \r\n \r\n238,281.37 $ \r\n \r\n45,330.93 \r\n \r\n______ $ \r\n \r\n$ \r\n14,125,262.87 \r\n'. \r\n \r\n88,861.91 $ \r\n \r\n1,362,303.91 39,232.95 9,619.52 142,119.31 94.18 \r\n14,125,262.87 \r\n \r\n238,281.37 $ \r\n \r\n45,330.93 $ 14,125,262.87 $ 88,861.91 $ 15,678,632.74 \r\n \r\n$ \r\n \r\n238,006.47 \r\n \r\n$ _--=2::::,:38::1.:0':.::::0::::.::6.~47~ \r\n \r\n$ 10,606.42 $ \r\n \r\n927,766.56 13,287.82 \r\n \r\n78,255.49 \r\n \r\n187,280.93 78,255.49 \r\n94.18 \r\n \r\n$ 88,861.91 $ 1,206,684.98 \r\n \r\n$ 36,593.33 \r\n-----$ \r\n$ 36,593.33 $ \r\n \r\n$ 14,125,262.87 \r\n \r\n274.90 $ _ _---'4.=;5,L:.33:.:0:.:;.9~3;... \r\n \r\n274.90 $ \r\n \r\n45,330.93 $ 14,125,262.87 \r\n \r\n$ \r\n \r\n7,447.00 \r\n \r\n36,593.33 \r\n \r\n14,125,262.87 \r\n \r\n29,007.16 \r\n \r\n273,637.40 \r\n \r\n$ 14,471,947.76 \r\n \r\n$ 36,593.33 $ \r\n \r\n238,281.37 $ \r\n \r\n \r\n45,330.93 $ 14,125,262.87 $ 88,861.91 $ 15,678,632.74 \r\n \r\n-3- \r\n \r\n EAST GEORGIA COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\nALL FUND GROUPS YEAR ENDED JUNE 30. 2001 \r\n \r\nREVENUES AND OTHER ADDITIONS \r\n \r\nUnrestricted Current Fund Revenues \r\n \r\nState Appropriations \r\n \r\nRegUlar \r\n \r\nFederal Grants and Contracts \r\n \r\nState Grants and Contracts \r\n \r\nPrivate Gifts, Grants, and Contracts \r\n \r\nInvestment Income \r\n \r\nEndowment \r\n \r\nOther \r\n \r\nNet Decrease in Fair Value of Investments \r\n \r\nAdjustments Prior Years' Expenditures/Accounts Payable \r\n \r\nPrior Years' Checks Voided \r\n \r\nExpended for Plant Facilities \r\n \r\nCurrent Funds \r\n \r\nPlant Funds \r\n \r\n \r\n \r\nUnexpended \r\n \r\nGeorgia State Financing and Investment Commission \r\n \r\nTotal Revenues and Other Additions \r\n \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\n \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (SurplUS) \r\nAdjustments Prior Years' Revenues/Accounts Receivable \r\nExpended for Plant Facilities Capitalized Noncapitalized \r\nDisposalslDeletions/Adjustments \r\n \r\nTotal Expenditures and Other Deductions \r\n \r\nTRANSFERS BETWEEN FUNDS \r\n \r\nNonmandatory Renewals and Replacements \r\n \r\nTotal Transfers Between Funds \r\n \r\nNet Increasel(Decrease) for the Year \r\n \r\nFUND BALANCES JULY 1. 2000 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nLOAN FUNDS \r\n \r\n$ \r\n \r\n6,843,044.37 \r\n \r\n$ 1,231,330.72 735,406.83 27,624.41 $ \r\n3,180.84 \r\n-141.40 \r\n483.50 1,042.77 \r\n \r\n1,200.00 \r\n \r\n \r\n$ \r\n \r\n6,844,570.64 $ 1,997,401.40 $ _....:1:..:,2~0.:::.:0.c:::;00~ \r\n \r\n$ \r\n \r\n6,813,745.99 $ 1,984,914.89 $ \r\n \r\n0.00 \r\n \r\n3,285.79 \r\n \r\n7,527.00 \r\n \r\n645.11 -1,057.08 \r\n \r\n$ \r\n \r\n6,816,619.81 $ 1,992,441.89 $ _ _~O.~OO~ \r\n \r\n$ _ _--:-1.7,..:::3::.:8.::.:67~ \r\n \r\n$ \r\n \r\n-..:.J1,..:..;73::::8~.6::.:,7_ \r\n \r\n$ \r\n \r\n26,212.16 $ \r\n \r\n201,819.41 \r\n \r\n4,959.51 $ 24,047.65 \r\n \r\n1,200.00 6.247.00 \r\n \r\nFUND BALANCES JUNE 30. 2001 \r\n \r\n$ _ _2..2.8.,031.57 $_-=2.9.,007.16 $_..;.7,447.00 \r\n \r\nSee Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n \r\nThe notes to the financial statements are an integral part of this statement. -4- \r\n \r\n EXHIBIT \"B\" \r\n \r\nENDOWMENT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL (Memorandum \r\nOnly.L.)_ _ \r\n \r\n$ \r\n \r\n268,000.00 \r\n \r\n$ \r\n \r\n-253.87 \r\n \r\n84,554.37 $ -900.17 \r\n \r\n \r\n \r\n$ \r\n \r\n-253.87 $ \r\n \r\n351,654.20 $ \r\n \r\n2,651.36 -300.71 \r\n$ \r\n-=2.l.::.3.=;50:.:..6==5~ $ \r\n \r\n$ 6,843,044.37 \r\n \r\n268,000.00 1,231.330.72 \r\n735,406.83 28,824.41 \r\n \r\n3,180.84 87,205.73 -1,596.15 \r\n \r\n483.50 1,042.77 \r\n \r\n523,997.08 \r\n \r\n523,997.08 \r\n \r\n324.522.85 887,025.11 \r\n \r\n324.522.85 887,025.11 \r\n \r\n1,735,545.04 $ 10,932,468.06 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ 8,798.660.88 3,285.79 7.527.00 \r\n \r\n$ \r\n \r\n115.00 \r\n \r\n760.11 \r\n \r\n-1.057.08 \r\n \r\n324.522.85 28,031.07 \r\n \r\n_ _ _ _ _ _ $ _ _4~7:.L.,4.:=5~1.::::.87~ \r\n \r\n324,522.85 28,031.07 47,451.87 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n352,668.92 $ \r\n \r\n0.00 $ \r\n \r\n47,451.87 $ 9,209,182.49 \r\n \r\n$ \r\n \r\n$ \r\n \r\n$ \r\n \r\n-253.87 $ \r\n \r\n-1,014.72 $ \r\n \r\n36,847.20 \r\n \r\n1.289.62 \r\n \r\n. . :.1.17.:. .=;38:.:..6::.:7_ \r\n \r\n$ \r\n \r\n......::.:0..=. :00::,. \r\n \r\n....:.1.1.:.,7.::;38:.:..6::.:7_ \r\n \r\n$ \r\n \r\n......::.:0..=. :00::,. \r\n \r\n4,089.32 $ 1,688.093.17 $ 1,723,285.57 \r\n \r\n41.241.61 \r\n \r\n12,437,169.70 \r\n \r\n12.748,662.19 \r\n \r\n$ \r\n \r\n36.593.33 $ \r\n \r\n274.90 $ _ _.....4.5.,330.93 $ 14,125,262.87 $ 14,471,947.76 \r\n \r\n-5- \r\n \r\n EAST GEORGIA COLLEGE STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES YEAR ENDED JUNE 30, 2001 \r\n \r\nEXHIBIT \"C\" \r\n \r\nUNRESTRICTED RESTRICTED \r\n \r\nTOTAL (Memorandum \r\nOnlyL.)_ _ \r\n \r\nREVENUES \r\nState Appropriations Tuition and Fees Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \r\nTotal Revenues \r\n \r\n$ 5,173,169.00 \r\n \r\n$ 5,173,169.00 \r\n \r\n1,584,063.35 \r\n \r\n1,584,063.35 \r\n \r\n7,527.00 $ 1,223,803.72 \r\n \r\n1,231,330.72 \r\n \r\n735,406.83 \r\n \r\n735,406.83 \r\n \r\n25,704.34 \r\n \r\n25,704.34 \r\n \r\n1,013.10 \r\n \r\n1,013.10 \r\n \r\n22,235.92 \r\n \r\n22,235.92 \r\n \r\n55,036.00. \r\n \r\n55,036.00 \r\n \r\n$ 6,843,044.37 $ 1,984,914.89 $ 8,827,959.26 \r\n \r\nEXPENDITURES \r\n \r\nEducational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises Food Services Stores and Shops \r\nTotal Expenditures \r\n \r\n$ \r\n \r\n3,475,562.99 $ \r\n \r\n14,902.34 $ 3,490,465.33 \r\n \r\n1,005,879.42 \r\n \r\n73,164.83 \r\n \r\n1,079,044.25 \r\n \r\n572,640.15 \r\n \r\n572,640.15 \r\n \r\n1,038,560.74 \r\n \r\n39,434.72 \r\n \r\n1,077,995.46 \r\n \r\n711,280.69 \r\n \r\n711,280.69 \r\n \r\n9,822.00 \r\n \r\n1,857,413.00 \r\n \r\n1,867,235.00 \r\n \r\n809.96 2,475.83 \r\n \r\n809.96 2,475.83 \r\n \r\n$ 6,817,031.78 $ 1,984,914.89 $ 8,801,946.67 \r\n \r\nOTHER TRANSFERS AND ADDITIONS/(DEDUCTIONS) \r\n \r\nExcess of Restricted Receipts over \r\n \r\nTransfers to Revenues \r\n \r\nTransfers for Renewals and Replacements \r\n \r\n$ \r\n \r\nPrior Period Adjustments (Net) \r\n \r\nRemittances to the Board of Regents \r\n \r\nof the University System of Georgia \r\n \r\nPrior Year's Unrestricted Fund \r\n \r\nBalance (Surplus) \r\n \r\nTotal Other Transfers and Additions/(Deductions) $ \r\n \r\n$ \r\n-1,738.67 2,583.35 \r\n \r\n4,959.51 $ \r\n \r\n4,959.51 -1,738.67 2,583.35 \r\n \r\n-645.11 \r\n199.57 $ \r\n \r\n4,959.51 $ \r\n \r\n-645.11 5:::..,..:.:15~9:.:..:0.::,::8:.... \r\n \r\nNet Increase/(Decrease) in Fund Balances \r\n \r\n$ \r\n \r\n26,212.16 $ \r\n \r\n4,959.51 $ =.......:3~1,j\",\\11.:..71.:,;,.6~7= \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 EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 200 I \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE I: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY \r\nEast Georgia College is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System ofGeorgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of East Georgia College as a separate reporting entity. \r\nThe Board of Regents has constitutional authority to govern, control and manage the University System 0 f Georgia. This authority includes butis not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. East Georgia College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. .Accordingly, East Georgia College is considered an organizational unit ofthe Board of Regents of the University System of Georgia reporting entity for financial reporting purposes because of the significance ofits legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \r\nFUND ACCOUNTING \r\nIn order to ensure observance of limitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. \r\nWithin each fund group, the College's fund balance allocations and designations represent those portions ofthe fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. \r\nFund groups and funds presented in the accompanying financial statements are as follows: \r\nCURRENT FUNDS \r\nUNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, e.g., instruction, academic support, etc. \r\nRESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. \r\n-8- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2001 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nFUND ACCOUNTING \r\n \r\nLOAN FUND \r\n \r\nThe fund used to account for resources which have been made available for financial loans to students for the Student Government Association Loan fund. \r\n \r\nENDOWMENT FUNDS \r\n \r\nThe fund used to account for gifts that are subject to the restriction by the donors requiring that the principal be invested in perpetuity and income only be utilized. \r\n \r\nPLANT FUNDS \r\n \r\n \r\n \r\nUNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. \r\n \r\nRENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement of institutional properties. \r\n \r\nINVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value of physical properties belonging to the College less the amount of any indebtedness to others. \r\n \r\nAGENCY FUNDS \r\n \r\nThe fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staffmembers, and organizations. \r\n \r\nBASIS OF ACCOUNTING \r\nExcept as otherwise disclosed in these notes, the financial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method ofaccounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. \r\n \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 \r\n \r\n- 9 \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2001 \r\n \r\nEXHIBIT liD\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in conformity with accounting practices prescribed or permitted by statutes and regulations of the State of Georgia, but is not consistent with accounting principles generally accepted in the United States ofAmerica, which provide for the recording ofencumbrances as a reservation of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures determined in accordance with accounting principles generally accepted in the United States of America. \r\nCompensated absences represent obligations of the College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of $220,353.21 and a related net current year expenditure of $29,534.24 have not been reported in the current funds as required by accounting principles generally accepted in the United States of America. \r\nPrior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but differs from accounting principles generally accepted in the United States ofAmerica in that immaterial adjustments should be reported as current period revenues and expenditures. The effect ofthis departure is deemed to be immaterial to the fair presentation ofthe financial statements. \r\nTo the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf of the College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. \r\nThe Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. \r\nBUDGET \r\nThe Board ofRegents ofthe University System ofGeorgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of2000-2001. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The \r\n- 10- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 200 I \r\n \r\nEXHIBIT liD\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nBUDGET \r\nallocation ofthe appropriated budget is made to the College by the Administrative Central Office. In addition, the College receives Federal funds and other funds directly and includes these funds in the budget filed with the Administrative Central Office. . \r\n \r\nA comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object class was overspent by the amount identified below: \r\n \r\nResident Instruction Personal Services: Sponsored Operations \r\n \r\nThis overexpenditure of budget constitutes a violation of Board of Regents policy, but does not constitute a statutory violation of budget authority. Statutory violations of budget authority are reported at the Board object class level. \r\n \r\nCASH AND CASH EQUIVALENTS \r\n \r\nCash and Cash Equivalents consist ofpetty cash, demand deposits and cash management pools that \r\n \r\nhave the general characteristics of demand deposit accounts. \r\n \r\n. \r\n \r\nACCOUNTS RECEIVABLE \r\nAccounts receivable consist ofreimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying financial statements. \r\n \r\nINVENTORIES \r\nInventories ofconsumable supplies are,recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the weighted-average cost method. \r\n \r\nInventories of goods for resale are valued at cost using the first-in, first-out method. \r\n \r\nPREPAID ITEMS \r\nPrepaid items are payments made to vendors in advance ofthe receipt ofgoods and services that will benefit periods subsequent to the balance sheet date. \r\n \r\nMEMORANDUM ONLY - TOTAL COLUMNS \r\n \r\nThe total columns on the financial statements are captioned \"Memorandum Only\" because they do \r\n \r\nnot represent consolidated financial information and are presented only to facilitate fmancial \r\n \r\nanalysis. The columns do not present information that reflects financial position or changes in \r\n \r\nfinancial position in conformity with generally accepted accounting principles. Neither are such data \r\n \r\n \r\n \r\ncomparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis \r\n \r\n \r\n \r\ndata. \r\n \r\n- 11 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2001 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES \r\nFunds 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(l) Bonds, bills, certificates of indebtedness, notes, or other direct obligations ofthe United States or of the State of Georgia. \r\n(2) Bonds, bills, certificates of indebtedness, notes, 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 ofthe State ofGeorgia, 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 ofdevelopment authorities created by the laws ofthe 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 includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. \r\nThe treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \r\nCATEGORIZATION OF DEPOSITS \r\nFor purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. The bank balances as ofJune 30, 2001, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \r\n- 12- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2001 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\n \r\nCATEGORIZATION OF DEPOSITS \r\nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at fair value) held by the College or by its agent in the College's name. \r\n \r\nCategory 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the College's nam, e. \r\n \r\nCategory 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. \r\n \r\nCash Deposits \r\n \r\nCarrying Amount \r\n \r\nBank Balances \r\n \r\nRisk Categories \r\n \r\nI \r\n \r\n2 \r\n \r\n3 \r\n \r\n$ 5! 7.036,77 $-.J.01 9,52Q.1l $ ! 05,1 52,55 $ 91j:.374....lQ $'==.\".g,O.gjiOQ \r\n \r\nCATEGORIZATION OF INVESTMENTS The carrying amounts of investment balances as of June 30, 2001, are categorized below: \r\n \r\nCarrying Amount \r\n \r\nBoard ofRegents Balanced Income Fund Short-Term Fund Total Return Fund \r\n \r\n$ 115,793.78 571,602.80 157,295.56 \r\n \r\nTotal Investments \r\n \r\n$ 844.692.14 \r\n \r\nFunds invested in an investment pool managed by another governmental entity are not required to be categorized since the College did not own any specific, identifiable investment securities ofthe pool. \r\n \r\nNOTE 3: INVESTMENT IN PLANT \r\n \r\nThe following is a summary of Investment in Plant fixed assets as of June 30, 2001: \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\n$ 152,859.45 7,375,958.97 2,519,691.60 2,935,278.30 1,141,474.55 \r\n \r\nTotal Investment in Plant \r\n \r\n- 13- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2001 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 4: RISK MANAGEMENT \r\nEast Georgia College is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program ofhealth and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the financial statements of the Board of Regents of the University System of Georgia - Administrative Central Office. All units of the University System of Georgia share the risk ofloss for claims ofthe Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of$2,000,000.00 per person and dental coverage up to an amlual maximum of$l ,000.00 per person. Blue Cross Blue Shield ofGeorgia processes medical and dental claims in accordance with the Health Benefits Plan as established by the Board of Regents. As of January 1, 2001, Express Scripts, Incorporated was contracted with to process pharmacy drug claims in accordance with the Pharmacy Benefit Program portion ofthe Health Benefits Plan. \r\nThe Department ofAdministrative Services (DOAS) has the responsibility for the State ofGeorgia ofmaking and carrying out decisions that will minimize the adverse effects ofaccidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \r\nA self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a SelfInsurance Fund. \r\nNOTES: RETmEMENTPLANS \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\nPlan Description East Georgia College participates in the Teachers Retirement System of Georgia (TRS), a costsharing multiple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the \r\n- 14- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2001 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 5: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nPlan Description \r\nState of Georgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System of Georgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nFunding Policy \r\nEmployees ofthe College who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2001, the employer contribution rate was 11.29% for covered employees. In addition, the College contributed 2.33% to the TRS on behalfofemployees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n2001 2000 1999 \r\n \r\nPercentage Contributed \r\n100% 100% 100% \r\n \r\nRequired Contribution \r\n$ 271,426.37 $ 246,974.09 $ 266,293.73 \r\n \r\nREGENTS RETIREMENT PLAN \r\n \r\nPlan Description \r\nThe Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the purpose of providing retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms ofthe annuity contracts. \r\n \r\nFunding Policy \r\nMember contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State ofGeorgia. The employer contributes 8.81 % ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. \r\n \r\nThe College and the covered employees made the required contributions of$74,830.35 (8.81 %) and $42,471.59 (5%), respectively. \r\n \r\n- 15 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2001 \r\n \r\nEXHIDIT \"D\" \r\n \r\nNOTE 5: RETffiEMENTPLANS \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nPlan Description East Georgia College participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and parttime and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. \r\nBenefits A member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. Ifa member has less than $ 3,500.00 credited to his/her account, the Board ofTrustees has the option ofrequiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. \r\nContributions and Vesting Member contributions are seven and one-halfpercent (7.5%) ofgross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. \r\nTotal contributions made by employees during fiscal year 2001 amounted to $10,075.97 which represents 7.50% of covered payroll. These contributions met the requirements of the plan. \r\nNOTE 6: LEAVEPOUCrnS \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 of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Basis of Accounting (Compensated Absences) \r\nEmployees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph. \r\nCertain employees who retire with a minimum of three months of unused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia. \r\n \r\n- 16- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2001 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 7: CONTINGENCIES \r\n \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 ofexpenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position. \r\n \r\nLitigation, claims and assessments filed against East Georgia College (an organizational unit ofthe Board ofRegents ofthe University System ofGeorgia), ifany, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State ofGeorgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 2001. \r\n \r\nNOTE 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \r\n \r\nPursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-331, the Board ofRegents ofthe University System of Georgia has established group health and life insurance programs for regular employees ofthe University System ofGeorgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally disabled to continue as members of the group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System ofGeorgia and who have at least ten years ofservice with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. \r\n \r\nAs ofJune 30, 2001, there were 16 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 2001, East Georgia College recognized as incurred $36,106.86 ofexpenditures, which was net of$13,792.77 of participant contributions. \r\n \r\nNOTE 9: ENROLLMENT \r\n \r\nThe equivalent full-time student enrollment of East Georgia College was as follows: \r\n \r\nRegular Term \r\n \r\nFall Semester, 2000 \r\n \r\n907 \r\n \r\nSpring Semester, 2001 \r\n \r\n820 \r\n \r\nAverage \r\n \r\nSummer School, 2000 \r\n \r\n- 17 - \r\n \r\n  \r\nSUPPLEMENTARY INFORMATION \r\n- 19- \r\n \r\n EAST GEORGIA COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED \r\nJUNE 30, 2001 \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups \r\nTotal Assets \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n$ 651,682.06 $ 22,709.82 3,205.89 142,119.31 94.18 \r\n \r\n36,165.15 \r\n \r\n$ \r\n \r\n819,811.26 $ = ........3=6\"\"\".1~65;;;,;..=15= \r\n \r\nLIABILITIES AND FUND BALANCES \r\nLiabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees \r\n. Total Liabilities \r\nFund Balances Unrestricted \r\nTotal Liabilities and Fund Balances \r\n \r\n$ 642,904.68 $ 13,287.82 \r\n158.719.73 \r\n$ 814,912.23 $ \r\n \r\n36,164.53 36,164.53 \r\n \r\n4,899.03 \r\n \r\n0.62 \r\n \r\n$ 819.811.26 $ ===-,3=6.,1:.;;;6;;;.;5..:.;15;;.. \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 20- \r\n \r\n EXHIBIT \"E\" \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n193,618.96 $ 49,023.87 $ 930,490.04 \r\n \r\n2,721.12 \r\n \r\n25,430.94 \r\n \r\n6,413.63 \r\n \r\n9,619.52 \r\n \r\n142,119.31 \r\n \r\n94.18 \r\n \r\n$ \r\n \r\n202,753.71 $ 49,023.87 $ 1,107?53.99 \r\n \r\n$ \r\n \r\n84.46 \r\n \r\n$ \r\n \r\n______ $ 28,561.20 \r\n \r\n$ \r\n \r\n84.46 $ 28,561.20 $ \r\n \r\n679,153.67 13,287.82 \r\n187,280.93 \r\n879,722.42 \r\n \r\n202,669.25 \r\n \r\n20,462.67 \r\n \r\n228,031.57 \r\n \r\n$ \r\n \r\n202,753.71 $ 49,023.87 $ 1!107,753.99 \r\n \r\n- 21 - \r\n \r\n EAST GEORGIA COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\nCURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30, 2001 \r\n \r\nREVENUES AND OTHER ADDITIONS \r\nUnrestricted Current Fund Revenues Adjustments \r\nPrior Years' Expenditures/Accounts Payable Prior Years' Checks Voided \r\nTotal Revenues and Other Additions \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nAdjustments Prior Years' Revenues/Accounts Receivable \r\nTotal Expenditures and Other Deductions \r\nTRANSFERS BETWEEN FUNDS \r\nNonmandatory Renewals and Replacements \r\nNet Increase/(Decrease) for the Year \r\nFUND BALANCES JULY 1, 2000 \r\nFUND BALANCES JUNE 30, 2001 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n$ 6,661,846.77 $ \r\n \r\n118,742.00 \r\n \r\n483,50 1,042.77 \r\n \r\n$ 6,663,373.04 $ _--..:...11.:,.::8:..L.:,7...:::4:,:2..::.,:00:.. \r\n \r\n$ 6,663,728.87 $ \r\n \r\n118,741.38 \r\n \r\n644,08 \r\n \r\n1.03 \r\n \r\n-1,121.02 \r\n \r\n$ 6,663,251 .93 $ _--..:...11.:,.::8:..L.7:.'..:::42:,:.4~1:-. \r\n \r\n$ \r\n \r\n121.11 $ \r\n \r\n4,777.92 \r\n \r\n-0.41 1.03 \r\n \r\n$ \r\n \r\n4,899.03 $ ==-=====.....=0:;;,;.,;;;;62= \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 EXHIBIT \"F\" \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n31,818.59 $ 30,637.01 $ 6,843,044.37 \r\n \r\n483.50 1,042.77 \r\n \r\n$ \r\n \r\n31,818.59 $ 30,637.01 $ 6,844,570.64 \r\n \r\n$ 31,275.74 $ 6,813,745.99 \r\n \r\n$ \r\n \r\n3,285.79 \r\n \r\n3,285.79 \r\n \r\n63.94 \r\n \r\n645.11 -1 ,057.08 \r\n \r\n$ \r\n \r\n3,349.73 $ 31,275.74 $ 6,816,619.81 \r\n \r\n$ \r\n \r\n-..;.1L:.,7..:;.38:;.;.;;..67,-- \r\n \r\n$ _ _-..;.11.:.,7.:;.;38:.:,.6:;.;7_ \r\n \r\n$ \r\n \r\n26,730.19 $ \r\n \r\n-638.73 $ 26,212.16 \r\n \r\n175,939.06 \r\n \r\n21,101.40 \r\n \r\n201,819.41 \r\n \r\n$ \r\n \r\n202,669.25 $ 20,462.67 $ 228,031.57 \r\n \r\n- 23- \r\n \r\n EAST GEORGIA COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES UNRESTRICTED \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nREVENUES \r\nState Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \r\nTotal Revenues \r\nEXPENDITURES \r\nEducational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises Food Services Stores and Shops \r\nTotal Expenditures \r\nOTHER TRANSFERS AND ADDITIONS/{DEDUCTIONS) \r\nTransfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents \r\nof the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nTotal Other Transfers and Additions/(Deductions) \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n$ 5,054,427.00 $ 1,554,209.68 7,527.00 1,013.10 \r\n \r\n118,742.00 \r\n \r\n44,669.99 \r\n \r\n$ 6,661 ,846.77 $ _.--:..11.:.::8:.L:7'~4.::.:2.~OO:::... \r\n \r\n$ 3,475,562.99 887,138.04 $ 541,364.41 \r\n1,038,560.74 711,280.69 9,822.00 \r\n \r\n118,741.38 \r\n \r\n$ 6,663,728.87$ _.--:..11.:.::8:.z..:,7~4..:.:.1.~38:::... \r\n \r\n$ \r\n \r\n2,647.29 \r\n \r\n-644.08 $ \r\n \r\n$ \r\n \r\n2,003.21 $ \r\n \r\n-.:..:1.~03~ -..:.:.1.~03:::... \r\n \r\nNet Increase/(Decrease) in Fund Balances \r\n \r\n$ \r\n \r\n121.11 $ =======-.0'..;.41= \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  \r\nEXHIBIT \"G\" \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n $ 5,173,169.00 \r\n \r\n$ 29,853.67 \r\n \r\n1,584,063.35 \r\n \r\n7,527.00 \r\n \r\n1,013.10 \r\n \r\n$ \r\n \r\n22,235.92 \r\n \r\n22,235.92 \r\n \r\n9,582.67 \r\n \r\n783.34 \r\n \r\n55,036.00 \r\n \r\n.. \r\n \r\n$ \r\n \r\n31,818.59 $ 30,637.01 $ 6,843,044.37 \r\n \r\n$ 3,475,562.99 \r\n \r\n1,005,879.42 \r\n \r\n$ 31,275.74 \r\n \r\n572,640.15 \r\n \r\n1,038,560.74 \r\n \r\n711,280.69 \r\n \r\n9,822.00 \r\n \r\n$ \r\n \r\n809.96 \r\n \r\n2,475.83 \r\n \r\n809.96 2,475.83 \r\n \r\n$ \r\n \r\n3,285.79 $ 31,275.74 $ 6,817,031.78 \r\n \r\n$ \r\n \r\n-1,738.67 \r\n \r\n-63.94 \r\n \r\n$ \r\n \r\n-1,738.67 \r\n \r\n2,583.35 \r\n \r\n$ \r\n \r\n-....;.1=,8\"\"'02:,.:.:;.61.:- \r\n \r\n-645.11 $ _ _---=1..::.99;::.:.=-57:.... \r\n \r\n$ \r\n \r\n26,730.19 $ -638.73 $ ..........;;2=06,212.16 \r\n \r\n- 25- \r\n \r\n  \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nRESIDENT INSTRUCTION YEAR ENDED JUNE 30, 2001 \r\n \r\nREVENUES \r\nState Appropriations Other Revenues Retained \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nPLANT FUNDS RENEWALS AND \r\nUNEXPENDED REPLACEMENTS \r\n \r\n$ \r\n \r\n5,054,427.00 \r\n \r\n$ \r\n \r\n268,000.00 \r\n \r\n1,607,419.77 $ 1,984,914.89 \r\n \r\n84,554.37 $ \r\n \r\n...:2:.L:,6~5:..:.1.::::3~6 \r\n \r\n$ \r\n \r\n6,661,846.77 $ 1,984,914.89 $ \r\n \r\n352,554.37 $ \r\n \r\n-=2:!.;,6;.:5:.:.1.:.;:3.::.-6 \r\n \r\nEXPENDITURES \r\nPersonal Services: \r\nEducation, General and Departmental Services $ \r\nSponsored Operations Operating Expenses: \r\nEducation, General and Department.al Services Sponsored Operations Capital Outlay Special Funding Initiative \r\n \r\n4,026,411.23 \r\n$ \r\n \r\n73,257.63 \r\n \r\n1,410,017.32 1,227,300.32 \r\n \r\n1,911,657.26 \r\n$ \r\n \r\n352,553.92 \r\n$ \r\n \r\n$ \r\n \r\n6,663,728.87 $ 1,984,914.89 $ \r\n \r\n352,553.92 $ \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\n-1,882.10 $ \r\n \r\n0.00 $ \r\n \r\n0.45 $ \r\n \r\n \r\n0.00 ---=-0.;.;.00\"2;,:,;,6;;;:5.1..;,;;;3.6.. \r\n \r\n(1) To eliminate tuition waivers not bUdgeted. \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 SCHEDULE \"1\" \r\n \r\nTOTAL \r\n \r\nADJUSTMENTS \r\n \r\nTOTAL \r\n \r\n_----'Wl....__ _(Budget BasisL \r\n \r\nBUDGET \r\n \r\nVARIANCE FAVORABLE _(UNFAVORABLE) \r\n \r\n$ 5.322,427.00 3,679.540.39 $ \r\n \r\n$ 5.322,427.00 $ 5.322,427.00 $ \r\n \r\n-\"\"9.\",,82=:2:.:.;0' :.,:0,- \r\n \r\n3.669.718.39 3,859,203.00 \r\n \r\n0.00 -189,484.61 \r\n \r\n$ 9,001.967.39 $ \r\n \r\n-9.822.00 $ 8.992.145.39 $ 9.181.630.00 $ \r\n \r\n-1;.;:8\"\"9\"\"\",4.::. 84.:.:. 6:. .;1:. . \r\n \r\n$ 4.026,411.23 73.257.63 \r\n1,410,017.32 $ 1,911,657.26 \r\n352,553.92 1.227.300.32 \r\n \r\n$ 4.026,411.23 $ 4.043.181.00 $ \r\n \r\n73.257.63 \r\n \r\n72,039.00 \r\n \r\n-9.822.00 \r\n \r\n1,400,195.32 1.911,657.26 \r\n352,553.92 1.227.300.32 \r\n \r\n1,527,906.00 1,928,209.00 \r\n382,975.00 1.227.320.00 \r\n \r\n16,769.77 -1.218.63 \r\n127,710.68 16.551.74 30,421.08 19.68 \r\n \r\n$ 9.001.197.68 $ \r\n \r\n-9,822.00 $ 8.991,375.68 $ 9.181,630.00 $ _ _...;1.;;,90,;;,.:.2:;,;54:..:.;,;;.3,;::.2 \r\n \r\n$ \r\n \r\n769.71 $ \r\n \r\n0.00 $ _ _--.;7:.;;:6~9._71.:... \r\n \r\n$ \r\n \r\n76~9~.7_1 \r\n \r\n- 27- \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nLOTIERY FOR EDUCATION YEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE \"2\" \r\n \r\nREVENUES State Appropriations \r\n \r\nCURRENT FUNDS UNRESTRICTED \r\n \r\nBUDGET \r\n \r\nVARIANCE FAVORABLE jUNFAVORABLE) \r\n \r\n$ \r\n \r\n118,742.00 $ 118!742.00 $ \r\n \r\n-.:0:..:...0::...::0:.... \r\n \r\nEXPENDITURES \r\n \r\nEquipment, Technology and Construction \r\n \r\nTrust Fund \r\n \r\n$ \r\n \r\nSpecial Funding Initiatives \r\n \r\n$ \r\n \r\n. \r\n \r\n \r\n43,741.85 $ 74,999.53 \r\n \r\n43,742.00 $ 75,000.00 \r\n \r\n118,741.38 $ 118,742.00 $ \r\n \r\n0.15 0.47 \r\n \r\n....:0:..:..6=2~ \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ = =.......=====0.=62= \r\n \r\n$ =-===~0.~62= \r\n \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 EAST GEORGIA COLLEGE CHANGES IN INVESTMENT IN PLANT \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\nBALANCE JULY 1, 2000 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\n$ \r\n \r\n152,859.45 \r\n \r\n6,353,299.66 \r\n \r\n2,546,769.20 \r\n \r\n2,291,837.41 $ \r\n \r\n469,447.47 $ \r\n \r\n4,839.54 \r\n \r\n. 1,092,403.98 \r\n \r\n49,710.07 \r\n \r\n$ 12,437,169.70 $ \r\n \r\n519,157.54 $===4=,8,;;;;39=.,;;.,54;\"\" \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 30- \r\n \r\n SCHEDULE \"3\" \r\n \r\nADDITIONS \r\nPLANT FUNDS UNEXPENDED \r\n \r\nGEORGIA STATE FINANCING AND \r\nINVESTMENT COMMISSION \r\n \r\nDEDUCTIONS DISPOSALS/ DELETIONS/ ADJUSTMENTS \r\n \r\nBALANCE JUNE 30, 2001 \r\n \r\n$ \r\n \r\n152,859.45 \r\n \r\n$ \r\n \r\n264,000.00 $ \r\n \r\n758,659.31 \r\n \r\n7,375,958.97 \r\n \r\n22,922.40 \r\n \r\n$ \r\n \r\n50,000.00 \r\n \r\n2,519,691.60 \r\n \r\n37,600.45 \r\n \r\n128,365.80 \r\n \r\n-3,187.63 \r\n \r\n2,935,278.30 \r\n \r\n639.50 \r\n \r\n1,141,474.55 \r\n \r\n$ \r\n \r\n324,522.85 $ \r\n \r\n47,451.87 $ 14,125,262.87 \r\n \r\n- 31 - \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS \r\nJUNE 30, 2001 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nCURRENT FUNDS \r\n \r\nUNRESTRICTED \r\n \r\nLOTIERY FOR \r\n \r\nAUXILIARY \r\n \r\nEDUCATION ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nNET INVESTMENT IN PLANT Investment in Plant Facilities \r\n \r\nRESTRICTED Designated for Subsequent Years' Expenditures \r\n \r\nUNRESTRICTED \r\n \r\nDesignated \r\n \r\nFor Capital Projects (GSFIC) For Inventory Reserve \r\n \r\n$ \r\n \r\n3,000.00 \r\n \r\nFor Renewals and Replacements Reserve \r\n \r\nFor Subsequent Years' Expenditures For Uncollectible Accounts For Unrealized Loss on Investment \r\n \r\n5,262.36 -6,982.03 \r\n \r\n$ \r\n \r\n6,000.00 \r\n \r\n \r\n \r\n196,669.25 $ \r\n \r\n20,462.67 \r\n \r\nSurplus Regular Lottery for Education \r\n \r\n3,618.70 \r\n \r\n_____ $ \r\n \r\n$ \r\n \r\n4,899.03 $ \r\n \r\n~0.~62~ \r\n0.62 $ \r\n \r\n202,669.25 $ _---=::20~,4~6::2.~67~ \r\n \r\n$ \r\n \r\n4,899.03 $ \r\n \r\n0.62 $ \r\n \r\n202,669.25 $ _~20~,4~6::=2~.67::, \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 32- \r\n \r\n SCHEDULE \"4\" \r\n \r\nRESTRICTED \r\n \r\nUNEXPENDED REGULAR \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL \r\n \r\n$ 14,125,262.87 $ 14,125,262.87 \r\n \r\n$ _--=2;.:;.9,=0\",-,07;...;..1.;..:6,- \r\n \r\n$ \r\n \r\n2,203.60 \r\n \r\n \r\n \r\n$ \r\n \r\n45,330.93 \r\n \r\n-1,929.15 \r\n \r\n$ _ _.::2~9,~00:::.;7c.:..1.:.::6:.... \r\n \r\n. \r\n \r\n \r\n$ \r\n \r\n2,203.60 \r\n \r\n9,000.00 \r\n \r\n45,330.93 \r\n \r\n217,131.92 \r\n \r\n5,262.36 \r\n \r\n-8,911.18 \r\n \r\n$ $ 29,007.16 $ \r\n \r\n0.45 274.90 $ _ _~4.:\u003cJ5,.:::33::,::0;.:.::.9;.:::..3 \r\n \r\n3,619.15 0.62 \r\n$ _--=2.:..:73::.\u003e;,6::,::3.:..:7.\"\"'40\"- \r\n \r\n274.90 $ \r\n \r\n45,330.93 $ 14,125,262.87 $ 14,427,907.43 \r\n \r\n  \r\n \r\n- 33- \r\n \r\n EAST GEORGIA COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \r\nYEAR ENDED JUNE 30, 2001 \r\n \r\nSCHEDULE \"5\" \r\n \r\nTotals per Annual Supplement \r\nAccruals June 30, 2001 June 30, 2000 \r\nPrepaid Items June 30, 2001 \r\n \r\nSALARIES \r\n$ 3,467,323.32 $ \r\n \r\nTRAVEL 51,247.23 \r\n \r\n13,287.82 -12,365.35 \r\n \r\n-55,245.83 \r\n \r\n$ 3,412,999.96 $ =~5~1:\u0026,2;;.;4.:.;7.;;;23;;;;.. \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- 34 \r\n \r\n "},{"id":"dlg_ggpd_y-ga-ba800-b-pr1-be39-b1999-h2000","title":"East Georgia College, Swainsboro, Georgia, report on review of the financial statements for the fiscal year ended June 30, 2000","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Department of Audits and Accounts."],"dcterms_spatial":["United States, Georgia, Emanuel County, Swainsboro, 32.59739, -82.33374"],"dcterms_creator":["Georgia. Department of Audits and Accounts"],"dc_date":["1999/2000"],"dcterms_description":["Began with: Fiscal year ended June 30, 2000.","No further issues published after 2011.","Report year covers fiscal year.","For some years, report may be issued instead called: Management report, East Georgia College, Swainsboro, Georgia, an organizational unit of the state of Georgia, year ended June 30, 2005; or: East Georgia College, Swainsboro, Georgia, independent accountant's report on applying agreed-upon procedures for the fiscal year ended ...; or: East Georgia College, Swainsboro, Georgia, report on audit of the financial statements for the fiscal year ended ...; or: East Georgia College, Swainsboro, Georgia, management report for fiscal year ended ..., fiscal year ended June 30, 2009-","Fiscal year ended June 30, 2000 (online surrogate); title from PDF cover (Georgia Government Publications database, viewed October 3, 2023).","Fiscal year ended June 30, 2004 (online surrogate); (Georgia Government Publications database, viewed October 3, 2023)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, GA : Georgia. Dept. of Audits and Accounts, 2000"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["East Georgia College--Appropriations and expenditures--Periodicals.","Technical education--Georgia--Auditing--Periodicals.","Technical education--Georgia--Finance--Statistics--Periodicals.","Georgia Government Documents--Serial"],"dcterms_title":["East Georgia College, Swainsboro, Georgia, report on review of the financial statements for the fiscal year ended June 30, 2000"],"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-be39-b1999-h2000"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-ba800-b-pr1-be39-b1999-h2000"],"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":["Periodicals--fast"],"fulltext":" EAST GEORGIA COLLEGE - TABLE OF CONTENTS - \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 \r\n \r\nALL FUND GROUPS \r\n \r\n2 \r\n \r\nB COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nALL FUND GROUPS \r\n \r\n4 \r\n \r\nC STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\n6 \r\n \r\nD NOTES TO THE FINANCIAL STATEMENTS \r\n \r\n7 \r\n \r\nSUPPLEMENTARY INFORMATION \r\n \r\nE COMBINING BALANCE SHEET \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n20 \r\n \r\nF COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\n \r\nCURRENT FUNDS - UNRESTRICTED \r\n \r\n22 \r\n \r\nG COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\n \r\nAND OTHER CHANGES \r\n \r\nUNRESTRICTED \r\n \r\n24 \r\n \r\nSCHEDULES \r\n \r\nSCHEDULES OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\n \r\n1 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\n26 \r\n \r\n2 \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n29 \r\n \r\n3 CHANGES IN INVESTMENT IN PLANT \r\n \r\n30 \r\n \r\n4 SCHEDULE OF FUND BALANCES \r\n \r\nCURRENT FUNDS AND PLANT FUNDS \r\n \r\n32 \r\n \r\n5 RECONCTI.-IATION OF SALARIES AND TRAVEL \r\n \r\n34 \r\n \r\n FINANCIAL \r\n \r\n RUSSELL W. HINTON \r\nSTATE AUDITOR \r\n(404) 656-2174 \r\n \r\nDEPARTMENT OF AUDITS AND ACCOUNTS \r\n254 Washington Street. S.W.. Suite 214 Atlanta, Georgia 30334-8400 \r\nNovember 17, 2000 \r\n \r\nHonorable Roy E. Barnes, Governor Members of the General Assembly of Georgia Members of the Board of Regents ofthe University System of Georgia \r\nand Honorable Jeremiah J. Ashcroft, President East Georgia College \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 D) ofEast Georgia College as of and for the year ended June 30, 2000, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute ofCertified Public Accountants. All information included in these financial statements is the representation of the management of East Georgia College. \r\nA review consists principally ofinquiries ofCollege personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with 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, with the exception ofthe matters described in the fourth and fifth paragraphs, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. \r\nAs disclosed in Note 1 to the financial statements, generally accepted accounting principles require encumbrances to be recorded as a reservation offund balance. However, in accordance with Georgia Law and State budgetary policy, management recorded encumbrances as expenditures and liabilities. The effects of this departure from generally accepted accounting principles on the financial statements were not reasonably determinable. \r\n \r\n00ARL-67 \r\n \r\n As disclosed in Note 1 to the financial statements, the College did not report the liability and related expenditure for compensated absences in the current funds as required by generally accepted accounting principles. If compensated absences were reported, liabilities would be increased and fund balance would be decreased by $190,818.97 as of June 30, 2000, and the net change in fund balance for the year ended June 30, 2000, would be decreased by $10,804.44. \r\nOur review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The accompanying combining statements (Exhibits E through G) and the financial schedules (Schedules 1 through 5) are presented for supplementary analysis purposes. Such information has been subjected to the inquiries and analytical procedures applied in the review ofthe financial statements, and except for the effects ofthe matters discussed in the fourth and fifth paragraphs, we are not aware of any material modifications which should be made thereto. \r\nRespectfully submitted, \r\n \r\nRWH:gp OOARL-67 \r\n \r\nR ssell W. Hinton State Auditor \r\n \r\n FINANCIAL STATEMENTS - 1- \r\n \r\n EAST GEORGIA COLLEGE COMBINED BALANCE SHEET \r\nALL FUND GROUPS JUNE 30, 2000 \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups Investment in Plant \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nLOAN FUNDS \r\n \r\n$ \r\n \r\n855,020.27 $ \r\n \r\n17,454.00 $ \r\n \r\n1,688.50 \r\n \r\n14,861.47 \r\n \r\n26,827.64 \r\n \r\n4,558.50 \r\n \r\n14,061,28 \r\n \r\n84,969.39 \r\n \r\n1,150.43 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n970,062.84 $ \r\n \r\n44,281.64 $ ==6=,2=4=7.=00== \r\n \r\nLIABILITIES AND FUND BALANCES \r\n \r\nLiabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Other Deposits Held in Custody for Others Due to Other Fund Groups \r\n \r\n$ \r\n \r\n570,332.81 \r\n \r\n12,365.35 \r\n \r\n164,746.07 20,799.20 \r\n \r\n$ \r\n \r\n20,233.99 \r\n \r\nTotal Liabilities \r\n \r\n$ \r\n \r\n768,243.43 $ \r\n \r\n20,233.99 \r\n \r\nFund Balances \r\n \r\nInstitutional Loans - Restricted \r\n \r\nEndowment \r\n \r\n~ \r\n \r\nNet Investment in Plant \r\n \r\nRestricted \r\n \r\nUnrestricted \r\n \r\nTotal Fund Balances \r\n \r\n$ 6,247.00 \r\n \r\n$ \r\n \r\n24,047.65 \r\n \r\n$ \r\n \r\n201,819.41 \r\n \r\n$ \r\n \r\n201,819.41 $ \r\n \r\n24,047.65 $ 6,247.00 \r\n \r\nTotal Liabilities and Fund Balances \r\n \r\n$ \r\n \r\n970,062.84 $ \r\n \r\n44,281.64 $ ==6=,2;;;,,;4=7.=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. -2- \r\n \r\n EXHIBIT\"A\" \r\n \r\nENDOWMENT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nAGENCY FUNDS \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ \r\n \r\n36,847.20 $ 171,276.59 $ \r\n \r\n47,994.00 \r\n \r\n$ 63,623.64 $ 1,193,904.20 \r\n \r\n46,247.61 \r\n \r\n14,061.28 \r\n \r\n84,969.39 \r\n \r\n47,773.09 \r\n \r\n48,923.52 \r\n \r\n_ _ _ _ _ _ $ 12,437,169.70 \r\n \r\n12,437,169.70 \r\n \r\n$ \r\n \r\n36,847.20 $ 171,276.59 $ \r\n \r\n47,994.00 $ 12,437,169.70 $ 111,396.73 $ 13,825,275.70 \r\n \r\n$ 148,049.83 \r\n \r\n21,937.14 $ $ 169,986.97 $ \r\n \r\n$ \r\n \r\n36,847.20 \r\n \r\n$ \r\n \r\n$ \r\n \r\n36,847.20 $ \r\n \r\n1,289.62 $ 1,289.62 $ \r\n \r\n$ \r\n \r\n36,847.20 $ 171,276.59 $ \r\n \r\n6,752.39 6,752.39 \r\n \r\n$ 7,241.58 $ \r\n104,155.15 $ 111 ,396.73 $ \r\n \r\n725,624.22 12,365.35 \r\n164,746.07 20,799.20 104,155.15 48,923.52 \r\n1,076,613.51 \r\n \r\n$ 12,437,169.70 41,241.61 41,241.61 $ 12,437,169.70 \r\n \r\n$ \r\n \r\n6,247.00 \r\n \r\n36,847.20 \r\n \r\n12,437,169.70 \r\n \r\n24,047.65 \r\n \r\n244,350.64 \r\n \r\n$ 12,748,662.19 \r\n \r\n47,994.00 $ 12,437,169.70 $ 111,396.73 $ 13,825,275.70 \r\n \r\n-3- \r\n \r\n EAST GEORGIA COLLEGE COMBINED STATEMENT OF CHANGES IN FUND BALANCES \r\nALL FUND GROUPS YEAR ENDED JUNE 30. 2000 \r\n \r\nREVENUES AND OTHER ADDITIONS \r\nUnrestricted Current Fund Revenues State Appropriations \r\nRegular Federal Grants and Contracts State Grants and Contracts Private Gifts, Grants, and Contracts Investment Income \r\nEndowment Other Net Decrease in Fair Value of Investments Adjustments Prior Years' Expenditures/Accounts Payable Prior Years' Checks Voided Expended for Plant Facilities Current Funds Plant Funds \r\nUnexpended Renewals and Replacements Georgia State Financing and Investment Commission \r\nTotal Revenues and Other Additions \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures Indirect Costs Recovered Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nAdjustments Prior Years' Revenues/Accounts Receivable \r\nExpended for Plant Facilities Capitalized Noncapitalized \r\nDisposals/Deletions/Adjustments \r\nTotal Expenditures and Other Deductions \r\nTRANSFERS BETWEEN FUNDS \r\nMandatory Investment Income for Principal \r\nNonmandatory Renewals and Replacements \r\nTotal Transfers Between Funds \r\nNet Increase/(Decrease) for the Year \r\nFUND BALANCES JULY 1. 1999 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nLOAN FUNDS \r\n \r\n$ 5,696,175.59 \r\n$ 1,042,271.05 \r\n430,054.96 \r\n-3,453.79 $ \r\n3,695.38 \r\n-115.99 \r\n2,496.30 15,015.00 \r\n \r\n1,000.00 \r\n \r\n$ 5,713,686.89 $ 1,472,451.61 $ \r\n \r\n1,000.00 \r\n \r\n$ 5,693,348.65 $ 1,482,737.41 $ \r\n \r\n0.00 \r\n \r\n4,222.19 \r\n \r\n6,144.12 \r\n \r\n520.67 16,016.27 \r\n \r\n$ 5,714,107.78 $ 1,488,881.53 $ \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n-4,600.00 \r\n \r\n$ \r\n \r\n-1,784.44 \r\n \r\n$ \r\n \r\n-1,784.44 $ \r\n \r\n-4,600.00 \r\n \r\n$ \r\n \r\n-2,205.33 $ \r\n \r\n-21,029.92 $ \r\n \r\n1,000.00 \r\n \r\n204,024.74 \r\n \r\n45,077.57 \r\n \r\n5,247.00 \r\n \r\nFUND BALANCES JUNE 30. 2000 \r\n \r\n$ \r\n \r\n201,819.41 $ \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 \r\n-4- \r\n \r\n24,047.65 $ \r\n \r\n6,247.00 \r\n \r\n EXHIBIT \"B\" \r\n \r\nENDOWMENT FUNDS \r\n \r\nUNEXPENDED \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL (Memorandum \r\nOnly) \r\n \r\n$ \r\n \r\n225,000.00 \r\n \r\n$ \r\n \r\n-244.87 \r\n \r\n55,360.68 $ -1,138.23 \r\n115.00 \r\n \r\n$ \r\n \r\n-244.87 $ \r\n \r\n279,337.45 $ \r\n \r\n4,776.30 -318.95 200.00 \r\n$ \r\n4,657.35 $ \r\n \r\n$ 5,696,175.59 \r\n \r\n225,000.00 1,042,271.05 \r\n430,054.96 -2,453.79 \r\n \r\n3,695.38 60,136.98 -1,818.04 \r\n \r\n2,811.30 15,015.00 \r\n \r\n395,403.26 \r\n \r\n395,403.26 \r\n \r\n280,360.68 14,389.15 \r\n2,038,166.23 \r\n \r\n280,360.68 14,389.15 \r\n2,038,166.23 \r\n \r\n2,728,319.32 $ 10,199,207.75 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n$ 7,176,086.06 4,222.19 6,144.12 \r\n \r\n520.67 \r\n \r\n16,016.27 \r\n \r\n$ \r\n \r\n280,360.68 $ \r\n \r\n14,389.15 3,597.46 \r\n$ \r\n \r\n121,254.13 \r\n \r\n294,749.83 3,597.46 \r\n121,254.13 \r\n \r\n$ \r\n \r\n0.00 $ \r\n \r\n280,360.68 $ \r\n \r\n17,986.61 $ \r\n \r\n121,254.13 $ 7,622,590.73 \r\n \r\n$ \r\n \r\n4,600.00 \r\n \r\n$ \r\n \r\n4,600.00 \r\n \r\n$ \r\n \r\n4,355.13 $ \r\n \r\n32,492.07 \r\n \r\n$ $ -1,023.23 $ 2,312.85 \r\n \r\n1,784.44 1,784.44 -11,544.82 $ 52,786.43 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n0.00 \r\n \r\n$ \r\n \r\n0.00 \r\n \r\n2,607,065.19 $ 2,576,617.02 \r\n \r\n9,830,104.51 \r\n \r\n10,172,045.17 \r\n \r\n$ \r\n \r\n36,847.20 $ \r\n \r\n1,289.62 $ \r\n \r\n41,241.61 $ 12,437,169.70 $ 12,748,662.19 \r\n \r\n-5- \r\n \r\n EAST GEORGIA COLLEGE STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES YEAR ENDED JUNE 30, 2000 \r\n \r\nEXHIBIT nco \r\n \r\nNet Increase/(Decrease) in Fund Balances \r\n \r\n$ \r\n \r\n-2,205.33 $ \r\n \r\n-21,029.92 $ ====-2=3=,2=3=5,=25== \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-6- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nREPORTING ENTITY East Georgia College is one of thirty-four (34) State supported member institutions of higher education in Georgia which comprise the University System ofGeorgia, an organizational unit ofthe State of Georgia. The accompanying financial statements reflect the operations of East Georgia College as a separate reporting entity. \r\nThe Board of Regents has constitutional authority to govern, control and manage the University System ofGeorgia. This authority includes but is not limited to the power to designate management, the ability to significantly influence operations, the authority to control institutions' budgets, the power to determine allotments of State funds to member institutions and the authority to prescribe accounting systems and administrative policies for member institutions. East Georgia College does not have authority to retain unexpended State appropriations (surplus) for any given fiscal year. Accordingly, East Georgia College is considered an organizational unit ofthe Board ofRegents of the University System of Georgia reporting entity for financial reporting purposes because of the significance ofits legal, operational, and financial relationships with the Board ofRegents as defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards. \r\nFUND ACCOUNTING In order to ensure observance of limitations and restrictions placed on the use of the resources available to the College, the accounts ofthe College are maintained in accordance with the principles offund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transactions have been recorded and reported by fund group. \r\nWithin each fund group, the College's fund balance allocations and designations represent those portions ofthe fund balances that are reserved, restricted and/or designated for specific future use by legal covenants, State policies, or institutional policies. \r\nFund groups and funds presented in the accompanying financial statements are as follows: \r\nCURRENT FUNDS \r\nUNRESTRICTED - The fund used to account for those economic resources over which the College retains full control to use for purposes of performing the primary functions of the College, e.g., instruction, academic support, etc. \r\nRESTRICTED - The fund used to record externally restricted funds which may only be utilized in accordance with the purposes established by their source. Restricted current funds are recorded as revenues and expenditures when expended for current operating purposes. \r\n-7- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nFUND ACCOUNTING \r\nLOAN FUND \r\nThe fund used to account for resources which have been made available for financial loans to students for the Student Government Association Loan fund. \r\nENDOWMENT FUNDS \r\nThe fund used to account for gifts that are subject to the restriction by the donors requiring that the principal be invested in perpetuity and income only be utilized. \r\nPLANT FUNDS \r\nUNEXPENDED - The fund used to account for financial resources utilized to acquire or to construct physical properties for institutional purposes. \r\nRENEWALS AND REPLACEMENTS - The fund used to account for resources set aside for the renewal and replacement of institutional properties. \r\nINVESTMENT IN PLANT - The fund which shows the total amounts representing the book value of all physical properties owned by the College. Net Investment in Plant is an equity account showing the total book value of physical properties belonging to the College less the anlount of any indebtedness to others. \r\nAGENCY FUNDS \r\nThe fund used to account for resources held by the College as custodian or fiscal agent for individual students, faculty, staff members, and organizations. \r\nBASIS OF ACCOUNTING Except as otherwise disclosed in these notes, the fmancial statements are prepared on the modified accrual basis of accounting, which is materially the same as the accrual basis of accounting applicable to colleges and universities prescribed in the American Institute of Certified Public Accountants' audit guide reporting model. The modified accrual basis ofaccounting is defined as that method ofaccounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred and revenues are recorded when available and measurable to finance expenditures of the fiscal period. \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 \r\n-8- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nBASIS OF ACCOUNTING unexecuted portion of contracts for goods and services. The recognition of encumbrances as expenditures and liabilities is in confonnity with accounting practices prescribed or pennitted 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 of fund balance. Further, revenue recognition for expenditure-driven grants should be based upon expenditures detennined in accordance with generally accepted accounting principles. \r\nCompensated absences represent obligations ofthe College relating to employees' rights to receive compensation for future absences based upon services already rendered. This obligation relates only to vesting accumulated annual leave in which payment is probable and can be reasonably estimated. The compensated absences liability of $190,818.97 and a related net current year expenditure of $10,804.44 have not been reported in the current funds as required by generally accepted accounting principles. \r\nPrior period adjustments and certain other items are reported as additions to and deductions from fund balances of current funds in the accompanying financial statements. This presentation is in accordance with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia, but differs from generally accepted accounting principles in that immaterial adjustments should be reported as current period revenues and expenditures. The effect of this departure is deemed to be immaterial to the fair presentation of the financial statements. \r\nTo the extent that Current Funds and Plant Funds are used to finance plant assets, the amounts so provided are accounted for as expenditures. The balances shown on the Combined Balance Sheet as Net Investment in Plant reflect the accumulated expenditures made for plant facilities through Current Funds and Plant Funds and also include expenditures made for plant facilities expended by the Georgia State Financing and Investment Commission on behalf ofthe College. Donated fixed assets are recorded at fair market value on the date donated. Disposals are deleted at recorded values. No depreciation has been provided on physical plant and equipment. \r\nThe Statement of Current Funds Revenues, Expenditures, and Other Changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of income or a statement of revenues and expenses. \r\nBUDGET The Board ofRegents ofthe University System ofGeorgia - Administrative Central Office receives State appropriation allotments for units of the University System of Georgia. The appropriated budget is adopted at the Board level and represents appropriations provided by the Amended Appropriations Act of 1999-2000. The appropriated budget covers current funds and plant funds, except for Auxiliary Enterprises and Student Activities which are not subject to appropriation. The allocation ofthe appropriated budget is made to the College by the Administrative Central Office. In \r\n- 9- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\n \r\nBUDGET addition, the College receives Federal funds and other funds directly and includes these funds in the budget filed with the Administrative Central Office. \r\n \r\nA comparison of anticipated funds available and budgeted expenditures by budget unit object class indicates that the following object classes were overspent by the amounts identified below: \r\n \r\nResident Instruction Operating Expenses: Education, General and Departmental Services Sponsored Operations Capital Outlay \r\n \r\n$ 16.188.06 $ 69.465.90 $ 73.347.29 \r\n \r\nThese overexpenditures of budget constitute a violation of Board of Regents policy, but do not constitute statutory violations of budget authority. Statutory violations of budget authority are reported at the Board object class level. \r\n \r\nCASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist ofpetty cash, demand deposits and cash management pools that have the general characteristics of demand deposit accounts. \r\n \r\nACCOUNTS RECEIVABLE Accounts receivable consist ofreimbursements due from Federal, State, local, and private grants and contracts, and other receivables disclosed from information available. No provision has been made for an allowance for doubtful accounts within the accompanying fmancial statements. \r\n \r\nINVENTORIES Inventories ofconsumable supplies are recorded on the consumption method and are valued at cost on the Combined Balance Sheet using the weighted-average cost method. \r\n \r\nInventories of goods for resale are valued at cost using the first-in, first-out method. \r\n \r\nPREPAID ITEMS Prepaid items are payments made to vendors in advance ofthe receipt ofgoods and services that will benefit periods subsequent to the balance sheet date. \r\n \r\nMEMORANDUM ONLY - TOTAL COLUMNS The total columns on the financial statements are captioned \"Memorandum Only\" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position or changes in financial position in conformity with generally accepted accounting principles. Neither are such data \r\n \r\n- 10- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \r\nMEMORANDUM ONLY - TOTAL COLUMNS comparable to a consolidation. Interfund eliminations have not been made in the aggregation ofthis data. \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\nSTATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds belonging to the State of Georgia 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(1) Bonds, bills, certificates ofindebtedness, notes, or other direct obligations ofthe United States or of the State of Georgia. \r\n(2) Bonds, bills, certificates of indebtedness, notes, 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 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 ofdevelopment authorities created by the laws ofthe 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 includes organizational units of the Board of Regents of the University System of Georgia) the option of exempting demand deposits from the collateral requirements. \r\nThe treasurer ofthe Board ofRegents is responsible for all details relative to furnishing the required depository protection for all units of the University System of Georgia. \r\n- 11 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS AND INVESTMENTS \r\n \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, 2000, are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk: \r\n \r\nCategory 1 - Amounts covered by depository insurance or collateralized with securities (at fair value) held by the College or by its agent in the College's name. \r\n \r\nCategory 2 - Amounts collateralized with securities (at fair value) held by the pledging financial institution's trust department or agent in the College's name. \r\n \r\nCategory 3 - Amounts collateralized with securities (at fair value) held by the pledging financial institution, or by its trust department or agent but not in the College's name, and amounts uncollateralized. \r\n \r\nCash Deposits \r\n \r\nCarrying Amount \r\n \r\nBank Balances \r\n \r\nRisk Categories \r\n \r\n2 \r\n \r\n3 \r\n \r\n$ 83 409,96 $ 420 931.42 $ 100001.00 $ 320.930.42 $==~0!=l!ofgO \r\n \r\nCATEGORIZATION OF INVESTMENTS The carrying amounts of investment balances as of June 30, 2000, are categorized below: \r\n \r\nCarrying Amount \r\n \r\nBoard of Regents Balanced Income Fund Short-Term Fund Total Return \r\n \r\n$ 108,811.24 847,288.23 153,819.77 \r\n \r\nTotal Investments \r\n \r\n$ 1.109.919.24 \r\n \r\nFunds invested in an investment pool managed by another governmental entity are not required to be categorized since the College did not own any specific, identifiable investment securities ofthe pool. \r\n \r\nNOTE 3: INVESTMENT IN PLANT \r\n \r\nThe following is a summary of Investment in Plant fixed assets as of June 30, 2000: \r\n \r\n- 12- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 3: INVESTMENT IN PLANT \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\n$ 152,859.45 6,353,299.66 2,546,769.20 2,291,837.41 1,092,403.98 \r\n \r\nTotal Investment in Plant \r\n \r\n$12.437,169.70 \r\n \r\nNOTE 4: RISK MANAGEMENT \r\n \r\nEast Georgia College is a participant in the Board of Regents of the University System of Georgia Health Benefits Plan, which is a self-insurance program ofhealth and dental benefits for employees and retirees of the University System of Georgia. The College and participating employees and retirees pay premiums to the Health Benefits Plan for this health insurance coverage. The Health Benefits Plan is included in the financial statements of the Board of Regents of the University System of Georgia - Administrative Central Office. All units of the University System of Georgia share the risk ofloss for claims ofthe Health Benefits Plan. The Health Benefits Plan is considered a self-sustaining risk fund that provides health coverage for its members up to a maximum lifetime benefit of$l,OOO,OOO.OO per person and dental coverage up to an annual maximum of$l,OOO.OOper person. The Board of Regents has contracted with Blue Cross Blue Shield of Georgia to process claims in accordance with the Health Benefits Plan as established by the Board of Regents. \r\n \r\nThe Department of Administrative Services (DOAS) has the responsibility for the State of Georgia ofmaking and carrying out decisions that will minimize the adverse effects ofaccidental losses that involve State government assets. The State believes it is more economical to manage its risks internally and set aside assets for claim settlement. Accordingly, DOAS processes claims for risk of loss to which the State is exposed, including general liability, property and casualty, workers' compensation, unemployment compensation, and law enforcement officers' indemnification. Limited amounts of commercial insurance are purchased applicable to property, employee and automobile liability, fidelity and certain other risks. The College, as an organizational unit of the Board of Regents of the University System of Georgia, is part of the State of Georgia reporting entity, and as such, is covered by the State of Georgia risk management program administered by DOAS. Premiums for the risk management program are charged to the various state organizations by DOAS to provide claims servicing and claims payment. \r\n \r\nA self-insured program of professional liability for its employees was established by the Board of Regents of the University System of Georgia under powers authorized by the Official Code of Georgia Annotated Section 45-9-1. The program insures the employees to the extent that they are not immune from liability against personal liability for damages arising out of the performance of their duties or in any way connected therewith. The program is administered by DOAS as a SelfInsurance Fund. \r\n \r\n- 13- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 5: RETIREMENT PLANS \r\n \r\nTEACHERS RETIREMENT SYSTEM OF GEORGIA \r\n \r\nPlan Description East Georgia College participates in the Teachers Retirement System of Georgia (TRS), a costsharing multiple-employer defined benefit pension plan established by the General Assembly of Georgia for the purpose of providing retirement allowances and other benefits for teachers of the State ofGeorgia. TRS provides service retirement, disability retirement, and survivor's benefits for its members in accordance with State statute. The Teachers Retirement System ofGeorgia issues a separate stand alone financial audit report and a copy can be obtained from the Georgia Department of Audits and Accounts. \r\n \r\nFunding Policy Employees ofthe College who are covered by TRS are required by State statute to contribute 5% of their gross earnings to TRS. The College makes monthly employer contributions to TRS at rates adopted by the TRS Board of Trustees in accordance with State statute and as advised by their independent actuary. For fiscal year 2000, the employer contribution rate was 11.29% for covered employees. In addition, the College contributed 2.35% to the TRS on behalfofemployees electing to participate in the Regents Retirement Plan. Employer contributions for the current fiscal year and the preceding two fiscal years are as follows: \r\n \r\nFiscal Year \r\n2000 1999 1998 \r\n \r\nPercentage Contributed \r\n100% 100% 100% \r\n \r\nRequired Contribution \r\n$ 246,974.09 $ 266,293.73 $ 239,370.48 \r\n \r\nREGENTS RETIREMENT PLAN \r\n \r\nPlan Description The Regents Retirement Plan, a single-employer defined contribution plan, is an optional retirement plan established and administered by the Board of Regents of the University System of Georgia, under which it may purchase annuity contracts for the purpose of providing retirement and death benefits for eligible faculty and principal administrators. Benefits depend solely on amounts contributed to the plan plus investment earnings. Benefits are payable to participating employees or their beneficiaries in accordance with the terms of the annuity contracts. \r\n \r\nFunding Policy Member contribution requirements are established by the Board of Trustees of the Teachers Retirement System. Employer contributions are established by statute and may be amended only by the General Assembly ofthe State ofGeorgia. The employer contributes 8.79% ofthe participating employee's earnable compensation. Employees contribute 5% of their earnable compensation. Amounts attributable to all plan contributions are fully vested and non-forfeitable at all times. \r\n \r\n- 14- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT\"D\" \r\n \r\nNOTE 5: RETIREMENT PLANS \r\nREGENTS RETIREMENT PLAN \r\nFunding Policy The College and the covered employees made the required contributions of$60,754.90 (8.79%) and $34,559.05 (5%), respectively. \r\nGEORGIA DEFINED CONTRIBUTION PLAN \r\nPlan Description East Georgia College participates in the Georgia Defined Contribution Plan (GDCP) which is a single-employer defined contribution plan established by the General Assembly of Georgia for the purpose ofproviding retirement coverage for State employees who are temporary, seasonal, and parttime and are not members of a public retirement or pension system. GDCP is administered by the Board of Trustees of the Employees' Retirement System of Georgia. \r\nBenefits A member may retire and elect to receive periodic payments after attainment ofage 65. The payment will be based upon mortality tables and interest assumptions to be adopted by the Board ofTrustees. If a member has less than $ 3,500.00 credited to his/her account, the Board ofTrustees has the option ofrequiring a lump sum distribution to the member in lieu ofmaking periodic payments. Upon the death of a member, a lump sum distribution equaling the amount credited to his/her account will be paid to the member's designated beneficiary. Benefit provisions are established by State statute. \r\nContributions and Vesting Member contributions are seven and one-halfpercent (7.5%) ofgross salary. There are no employer contributions. Contribution rates are established by State statute. Earnings are credited to each member's account in a manner established by the Board of Trustees. Upon termination of employment, the amount of the member's account is refundable upon request by the member. \r\nTotal contributions made by employees during fiscal year 2000 amounted to $12,924.47 which represents 7.50% of covered payroll. These contributions met the requirements of the plan. \r\nNOTE 6: LEAVEPOUCffiS \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 of continuous State service with maximum accumulation of forty-five days. Employees are paid for unused accumulated annual leave upon retirement or termination of employment. See Note 1 - Basis of Accounting (Compensated Absences) \r\n \r\n- 15 - \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 6: LEAVE POLICIES \r\nEmployees earn one day of sick leave each month with no maximum accumulation established. Unused accumulated sick leave does not vest with the employee and is forfeited upon retirement or termination of employment, except as noted in the subsequent paragraph. \r\nCertain employees who retire with a minimum of three months of unused sick leave are entitled to additional service credit in the Teachers Retirement System of Georgia. \r\nNOTE?: 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 ofexpenditures which may be disallowed by the grantor cannot be determined at this time although the College expects such amounts, if any, to be immaterial to its overall financial position. \r\nLitigation, claims and assessments filed against East Georgia College (an organizational unit ofthe Board ofRegents ofthe University System ofGeorgia), ifany, are generally considered to be actions against the State of Georgia. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 2000. \r\nNOTE 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS \r\nPursuant to the general powers conferred by the Official Code of Georgia Annotated Section 20-331, the Board ofRegents ofthe University System of Georgia has established group health and life insurance programs for regular employees ofthe University System ofGeorgia. It is the policy ofthe Board ofRegents to permit employees ofthe University System ofGeorgia eligible for retirement or that become permanently and totally disabled to continue- as members of the group health and life insurance programs. Employees who are eligible for retirement or disability under the criteria established by the Teachers Retirement System ofGeorgia and who have at least ten years ofservice with the University System of Georgia are eligible for these postemployment health and life insurance benefits. Organizational units of the Board of Regents of the University System of Georgia pay the employer portion for group insurance for affected individuals. \r\nAs of June 30, 2000, there were 15 employees who had retired or were disabled that were receiving these postemployment health and life insurance benefits. For the year ended June 30, 2000, East Georgia College recognized as incurred $30,633.95 ofexpenditures, which was net of$1 0,936.09 of participant contributions. \r\n \r\n- 16- \r\n \r\n EAST GEORGIA COLLEGE NOTES TO THE FINANCIAL STATEMENTS \r\nJUNE 30, 2000 \r\n \r\nEXHIBIT \"D\" \r\n \r\nNOTE 9: ENROLLMENT \r\n \r\nThe equivalent full-time student enrollment of East Georgia College was as follows: \r\n \r\nRegular Term \r\n \r\nFall Semester, 1999 \r\n \r\n826 \r\n \r\nSpring Semester, 2000 \r\n \r\n829 \r\n \r\nAverage \r\n \r\nSummer School, 1999 \r\n \r\n- 17 - \r\n \r\n SUPPLEMENTARY INFORMATION - 19- \r\n \r\n EAST GEORGIA COLLEGE COMBINING BALANCE SHEET CURRENT FUNDS - UNRESTRICTED \r\nJUNE 30, 2000 \r\n \r\nASSETS \r\nCash and Cash Equivalents Accounts Receivable Inventories Prepaid Items Due from Other Fund Groups \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n$ \r\n \r\n642,179.03 $ \r\n \r\n12,410.85 \r\n \r\n5,377.20 \r\n \r\n84,969.39 \r\n \r\n49,327.32 \r\n \r\nTotal Assets \r\n \r\n$ \r\n \r\n744,936.47 $ ==4=9:0:,3=2:;.;7.;;;;;32= \r\n \r\nLIABILITIES AND FUND BALANCES \r\nLiabilities Accounts Payable Salaries Payable Deferred Revenue Tuition and Fees Other Due to Other Fund Groups \r\nTotal Liabilities \r\nFund Balances Unrestricted \r\nTotal Liabilities and Fund Balances \r\n \r\n$ \r\n \r\n520,759.54 $ \r\n \r\n12,365.35 \r\n \r\n159,260.57 \r\n \r\n47,773.09 \r\n \r\n$ \r\n \r\n740,158.55 $ \r\n \r\n49,326.29 49,326.29 \r\n \r\n4,777.92 \r\n \r\n1.03 \r\n \r\n$ \r\n \r\n744,936.47 $ ===4=9==,3=27:=.:=32= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 20- \r\n \r\n EXHIBIT\"E\" \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n144,817.35 $ 18,696.57 $ 855,020.27 \r\n \r\n2,450.62 \r\n \r\n14,861.47 \r\n \r\n8,684.08 \r\n \r\n14,061.28 \r\n \r\n84,969.39 \r\n \r\n20,233.99 \r\n \r\n28,689.53 \r\n \r\n48,923.52 \r\n \r\n$ \r\n \r\n176,186.04 $ 47,386.10 $ 1,017,835.93 \r\n \r\n$ \r\n \r\n246.98 \r\n \r\n$ 570,332.81 12,365.35 \r\n \r\n$ 5,485.50 20,799.20 \r\n \r\n164,746.07 20,799.20 47,773.09 \r\n \r\n$ \r\n \r\n246.98 $ 26,284.70 $ 816,016.52 \r\n \r\n175,939.06 \r\n \r\n21,101.40 \r\n \r\n201,819.41 \r\n \r\n$ \r\n \r\n176,186.04 $ 47,386.10 $ 1,017,835.93 \r\n \r\n- 21 - \r\n \r\n EAST GEORGIA COLLEGE COMBINING STATEMENT OF CHANGES IN FUND BALANCES \r\nCURRENT FUNDS - UNRESTRICTED YEAR ENDED JUNE 30. 2000 \r\n \r\nREVENUES AND OTHER ADDITIONS \r\nUnrestricted Current Fund Revenues Adjustments \r\nPrior Years' Expenditures/Accounts Payable Prior Years' Checks Voided \r\nTotal Revenues and Other Additions \r\nEXPENDITURES AND OTHER DEDUCTIONS \r\nEducational and General Expenditures Auxiliary Enterprises Expenditures Remittances to the Board of Regents of the \r\nUniversity System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nAdjustments Prior Years' Revenues/Accounts Receivable \r\nTotal Expenditures and Other Deductions \r\nTRANSFERS BETWEEN FUNDS \r\nNonmandatory Renewals and Replacements \r\nNet Increase/(Decrease) for the Year \r\nFUND BALANCES JULY 1. 1999 \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n$ 5,517,090.24 $ \r\n2,496.30 15,015.00 \r\n$ 5,534,601.54 $ \r\n \r\n148,466.00 148,466.00 \r\n \r\n$ 5,518,439.21 $ \r\n \r\n148,464.97 \r\n \r\n520.67 15,529.06 \r\n \r\n$ 5,534,488.94 $ \r\n \r\n148,464.97 \r\n \r\n$ \r\n \r\n112.60 $ \r\n \r\n4,665.32 \r\n \r\n1.03 0.00 \r\n \r\nFUND BALANCES JUNE 30. 2000 \r\n \r\n$ \r\n \r\n4,777.92 $=======1.=03= \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 22- \r\n \r\n EXHIBIT\"F\" \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ \r\n \r\n-4,677.34 $ 35,296.69 $ 5,696,175.59 \r\n \r\n2,496.30 15,015.00 \r\n \r\n$ \r\n \r\n-4,677.34 $ 35,296.69 $ 5,713,686.89 \r\n \r\n$ 26,444.47 $ 5,693,348.65 \r\n \r\n$ \r\n \r\n4,222.19 \r\n \r\n4,222.19 \r\n \r\n487.21 \r\n \r\n520.67 16,016.27 \r\n \r\n$ \r\n \r\n4,709.40 $ 26,444.47 $ 5,714,107.78 \r\n \r\n$ \r\n \r\n-1,784.44 \r\n \r\n$ _ _-....;..1\"\"-,7.;:;.84.:.:..44~ \r\n \r\n$ \r\n \r\n-11,171.18 $ 8,852.22 $ \r\n \r\n-2,205.33 \r\n \r\n187,110.24 \r\n \r\n12,249.18 \r\n \r\n204,024.74 \r\n \r\n$ \r\n \r\n175,939.06 $ 21,101.40 $ 201,819.41 \r\n \r\n- 23- \r\n \r\n EAST GEORGIA COLLEGE COMBINING STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES, \r\nAND OTHER CHANGES UNRESTRICTED \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nREVENUES \r\nState Appropriations Tuition and Fees Federal Grants and Contracts Sales and Services of Educational Activities Sales and Services of Auxiliary Enterprises Other Sources \r\nTotal Revenues \r\nEXPENDITURES \r\nEducational and General Instruction Academic Support Student Services Institutional Support Operation and Maintenance of Plant Scholarships and Fellowships \r\nAuxiliary Enterprises Food Services Stores and Shops \r\nTotal Expenditures \r\nOTHER TRANSFERS AND ADDITIONS/(DEDUCTIONSl \r\nTransfers for Renewals and Replacements Prior Period Adjustments (Net) Remittances to the Board of Regents \r\nof the University System of Georgia Prior Year's Unrestricted Fund Balance (Surplus) \r\nTotal Other Transfers and Additions/{Deductions) \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nLOTTERY FOR EDUCATION \r\n \r\n$ 4,049,356.00 $ 1,394,975.80 6,144.12 1,982.50 \r\n64,631.82 \r\n$ 5,517,090.24 $ \r\n \r\n148,466.00 148,466.00 \r\n \r\n$ 2,330,169.52 718,741.92 $ 450,228.33 \r\n1,429,213.88 584,612.56 5,473.00 \r\n \r\n148,464.97 \r\n \r\n$ 5,518,439.21 $ \r\n \r\n148,464.97 \r\n \r\n$ \r\n \r\n1,982.24 \r\n \r\n-520.67 \r\n \r\n$ \r\n \r\n1,461.57 \r\n \r\nNet Increase/(Decrease) in \r\n \r\nFund Balances \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- 24- \r\n \r\n112.60 $ =======1.=03== \r\n \r\n EXHIBIT\"G\" \r\n \r\nAUXILIARY ENTERPRISES \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nTOTAL \r\n \r\n$ 4,197,822.00 \r\n \r\n$ 33,940.55 \r\n \r\n1,428,916.35 \r\n \r\n6,144.12 \r\n \r\n1,982.50 \r\n \r\n$ \r\n \r\n-17,396.43 \r\n \r\n-17,396.43 \r\n \r\n12,719.09 \r\n \r\n1,356.14 \r\n \r\n78,707.05 \r\n \r\n$ \r\n \r\n-4,677.34 $ 35,296.69 $ 5,696,175.59 \r\n \r\n$ 2,330,169.52 \r\n \r\n867,206.89 \r\n \r\n$ 26,444.47 \r\n \r\n476,672.80 \r\n \r\n1,429,213.88 \r\n \r\n584,612.56 \r\n \r\n5,473.00 \r\n \r\n$ \r\n \r\n1,861.89 \r\n \r\n2,360.30 \r\n \r\n1,861.89 2,360.30 \r\n \r\n$ \r\n \r\n4,222.19 $ 26,444.47 $ 5,697,570.84 \r\n \r\n$ \r\n \r\n-1,784.44 \r\n \r\n-487.21 \r\n \r\n$ \r\n \r\n-1,784.44 \r\n \r\n1,495.03 \r\n \r\n$ \r\n \r\n-2,271.65 \r\n \r\n-520.67 \r\n \r\n$ \r\n \r\n-...:::8..;..10;;..:..0.:;.;:8~ \r\n \r\n$ \r\n \r\n-11,171.18 $ 8,852.22 $==-=2==,2=05:=.3=:3= \r\n \r\n- 25- \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nRESIDENT INSTRUCTION YEAR ENDED JUNE 30. 2000 \r\n \r\nREVENUES \r\nState Appropriations Other Revenues Retained \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nPLANT FUNDS RENEWALS AND \r\nUNEXPENDED REPLACEMENTS \r\n \r\n$ 4,049,356.00 \r\n \r\n$ 225,000.00 \r\n \r\n1,467,734.24 $ 1,482,737.41 \r\n \r\n55,360.68 $ \r\n \r\n4:.!.:,7..;.7.::;6':.::,30=-. \r\n \r\n$ 5,517,090.24 $ 1,482,737.41 $ 280,360.68 $ \r\n \r\n4..:..,7_7..;..6'..;..30,,- \r\n \r\nEXPENDITURES \r\n \r\nPersonal Services: \r\n \r\nEducation, General and Departmental Services $ 3,700,034.95 \r\n \r\nSponsored Operations \r\n \r\n$ 67,531.51 \r\n \r\nOperating Expenses: \r\n \r\nEducation, General and Departmental Services \r\n \r\n1,353,460.06 \r\n \r\nSponsored Operations \r\n \r\n1,415,205.90 \r\n \r\nCapital Outlay \r\n \r\n$ 280,360.68 $ \r\n \r\nSpecial Funding Initiative \r\n \r\n464,944.20 \r\n \r\n17,986.61 \r\n \r\n$ 5,518,439.21 $ 1,482,737.41 $ 280,360.68 $ \r\n \r\n1.:....:7.!.:,9:..::8.::;6.;;;;.61~ \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\n-1,348.97 $ \r\n \r\n(1) To eliminate tuition waivers not budgeted and to reclassify prior year fund balances budgeted as revenues. \r\n \r\n0.00 $ \r\n \r\n0.00 $ ===-1=30!:,2;,,;1=0.=31= \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 SCHEDULE \"1\" \r\n \r\nTOTAL \r\n \r\nADJUSTMENTS (1 ) \r\n \r\nTOTAL (Budget Basis) \r\n \r\nBUDGET \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ 4,274.356.00 3,010.608.63 $ \r\n \r\n$ 4,274,356.00 $ 4.274.356.00 $ \r\n \r\n7.737.31 \r\n \r\n3,018,345.94 2.927,858.00 \r\n \r\n0.00 90,487.94 \r\n \r\n$ 7.284,964.63 $ \r\n \r\n7,737.31 $ 7,292,701.94 $ 7.202,214.00 $ _ _--=.;90:..:.,4.;.:8:..:..7.:,.=.94.;... \r\n \r\n$ 3.700.034.95 67,531.51 \r\n1,353,460.06 $ 1,415.205.90 \r\n298.347.29 464.944.20 \r\n \r\n$ 3,700.034.95 $ 3,754,921.00 $ \r\n \r\n67.531.51 \r\n \r\n79,417.00 \r\n \r\n-5,473.00 \r\n \r\n1.347.987.06 1,415.205.90 \r\n298.347.29 464.944.20 \r\n \r\n1.331,799.00 1.345.740.00 \r\n225.000.00 465.337.00 \r\n \r\n54.886.05 11.885.49 \r\n-16.188.06 -69,465.90 -73.347.29 \r\n392.80 \r\n \r\n$ 7.299,523.91 $ \r\n \r\n-5,473.00 $ 7.294.050.91 $ 7.202,214.00 $ \r\n \r\n-.;...91;.:.;.8\"\"3.;;.;6.;...91,;.... \r\n \r\n$ -14.559.28 $ \r\n \r\n13.210.31 $=====-1~.34;,,;,8~.9=7= \r\n \r\n$=~~-1~.3~4=8.=97= \r\n \r\n- 27- \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF REVENUES AND EXPENDITURES COMPARED TO BUDGET \r\nLOTIERY FOR EDUCATION YEAR ENDED JUNE 3D, 2000 \r\n \r\nSCHEDULE \"2\" \r\n \r\nREVENUES State Appropriations \r\nEXPENDITURES Equipment, Technology and Construction \r\nTrust Fund Special Funding Initiatives \r\n \r\nCURRENT FUNDS UNRESTRICTED \r\n \r\nBUDGET \r\n \r\nVARIANCEFAVORABLE (UNFAVORABLE) \r\n \r\n$ \r\n \r\n148,466.00 $ 148,466.00 $ -----;...,.;\"0..0.0'- \r\n \r\n$ \r\n \r\n83,464.97 $ 83,466.00 $ \r\n \r\n1.03 \r\n \r\n65,000.00 \r\n \r\n65,000.00 \r\n \r\n0.00 \r\n \r\nExcess of Revenues over Expenditures \r\n \r\n$ \r\n \r\n148,464.97 $ 148,466.00 $ - - - - - -1.0-3 \r\n \r\n$ ======1.=0==3 \r\n \r\n$ ========1=.0:=3 \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 EAST GEORGIA COLLEGE CHANGES IN INVESTMENT IN PLANT \r\nYEAR ENDED JUNE 30. 2000 \r\n \r\nLand Buildings Improvements Other Than Buildings Equipment Library Books and Collections \r\n \r\nADDITIONS \r\n \r\nBALANCE JULY 1,1999 \r\n \r\nCURRENT FUNDS UNRESTRICTED RESTRICTED \r\n \r\nPLANT UNEXPENDED \r\n \r\n$ \r\n \r\n152,859.45 \r\n \r\n4,224,602.28 \r\n \r\n$ \r\n \r\n84,530.00 \r\n \r\n2,395,707.20 \r\n \r\n151,062.00 \r\n \r\n2,035,726.65 $ \r\n \r\n320,638.31 $ \r\n \r\n1,562.00 \r\n \r\n44,768.68 \r\n \r\n1,021,208.93 \r\n \r\n73,202.95 \r\n \r\n$ 9,830,104.51 $ \r\n \r\n393,841.26 $ \r\n \r\n1,562.00 $ 280,360.68 \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 SCHEDULE \"3\" \r\n \r\nFUNDS RENEWALS AND REPLACEMENTS \r\n \r\nGEORGIA STATE FINANCING AND \r\nINVESTMENT COMMISSION \r\n \r\nDEDUCTIONS DISPOSALS! DELETIONS! ADJUSTMENTS \r\n \r\nBALANCE JUNE 30, 2000 \r\n \r\n$ \r\n \r\n152,859.45 \r\n \r\n$ \r\n \r\n6,001.15 $ \r\n \r\n2,038,166.23 \r\n \r\n6,353,299.66 \r\n \r\n2,546,769.20 \r\n \r\n8,388.00 \r\n \r\n$ \r\n \r\n119,246.23 \r\n \r\n2,291,837.41 \r\n \r\n2,007.90 \r\n \r\n1,092,403.98 \r\n \r\n$ \r\n \r\n14,389.15 $ \r\n \r\n2,038,166.23 $ \r\n \r\n121,254.13 $ 12,437,169.70 \r\n \r\n- 31 - \r\n \r\n EAST GEORGIA COLLEGE SCHEDULE OF FUND BALANCES CURRENT FUNDS AND PLANT FUNDS \r\nJUNE 30, 2000 \r\n \r\nNET INVESTMENT IN PLANT Investment in Plant Facilities \r\nRESTRICTED Designated for Subsequent Years' Expenditures \r\nUNRESTRICTED Designated For Capital Projects (GSFIC) For Inventory Reserve For Renewals and Replacements Reserve For Subsequent Years' Expenditures For Uncollectible Accounts For Unrealized Loss on Investment SurplUS Regular Lottery for Education \r\n \r\nRESIDENT INSTRUCTION \r\n \r\nCURRENT FUNDS \r\n \r\nUNRESTRICTED \r\n \r\nLOTTERY FOR \r\n \r\nAUXILIARY \r\n \r\nEDUCATION \r\n \r\nENTERPRISES \r\n \r\n$ \r\n \r\n5,000,00 \r\n \r\n3.253,00 -4,119.16 \r\n \r\n644,08 ______ $ \r\n \r\n$ \r\n \r\n4.777.92 $ \r\n \r\n$ \r\n \r\n4,777,92 $ \r\n \r\n$ \r\n \r\n8,000.00 \r\n \r\n167,939.06 \r\n \r\n1.:..:;,O~3::.... \r\n1.03 $ \r\n \r\n1.:.,:7..::5ct,::.9;.::::3=.;9,\"'-06::.... \r\n \r\n1.03 $ ===1=7~5~.9~3~9,=06== \r\n \r\nSee accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. \r\n- 32- \r\n \r\n SCHEDULE \"4\" \r\n \r\nSTUDENT ACTIVITIES \r\n \r\nRESTRICTED \r\n \r\nUNEXPENDED REGULAR \r\n \r\nPLANT FUNDS RENEWALS AND REPLACEMENTS \r\n \r\nINVESTMENT IN PLANT \r\n \r\nTOTAL \r\n \r\n$ 12,437,169.70 $ 12,437,169.70 \r\n \r\n$ _---=2:..:4J.::,O~47:....:..6:::5~ \r\n \r\n$ _---=2::..;4\"\"\",0:....:.4.:...:7..=;65::.... \r\n \r\n$ \r\n \r\n21,101.40 \r\n \r\n$ \r\n \r\n2,203.60 \r\n \r\n$ \r\n \r\n41,241.61 \r\n \r\n-1,028.98 \r\n \r\n$ \r\n \r\n2,203.60 \r\n \r\n13,000.00 \r\n \r\n41,241.61 \r\n \r\n189,040.46 \r\n \r\n3,253.00 \r\n \r\n-5,148.14 \r\n \r\n$ _ _....:2:..:1:J..,1:.;::0-:.;1.:.;:,40:::..... \r\n \r\n115.00 \r\n \r\n$ \r\n \r\n1,289.62 $ _ _---=4'-'-1'L:24..:..1:.:.;.6:..:1~ \r\n \r\n759.08 1.03 \r\n$ _---=.244.:....:..L::!3:.:::5.=;0.~64.:.... \r\n \r\n$ \r\n \r\n21,101.40 $ \r\n \r\n24,047.65 $ \r\n \r\n1,289.62 $ \r\n \r\n41,241.61 $ 12,437,169.70 $ 12,705,567.99 \r\n \r\n- 33- \r\n \r\n EAST GEORGIA COLLEGE RECONCILIATION OF SALARIES AND TRAVEL \r\nYEAR ENDED JUNE 30, 2000 \r\n \r\nSCHEDULE \"5\" \r\n \r\nTotals per Annual Supplement \r\n \r\nAccruals June 30, 2000 \r\n \r\nAdjustments \r\n \r\nShared Services on Jointly Staffed Personnel \r\n \r\nGeorgia Institute of Technology \r\n \r\nStracher, \r\n \r\nGlenn B. \r\n \r\nAugusta State University \r\n \r\nDallas, \r\n \r\nWilliam Mark \r\n \r\nSALARIES \r\n$ 3,063,300.13 $ \r\n \r\nTRAVEL 37,532.73 \r\n \r\n12,365.35 \r\n \r\n-5,950.00 -125.00 \r\n$ 3,069,590.48 $ ===3:=7::1::,5:=32:=.7==:3= \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 "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":5,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":5}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. 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